Hikvision’s Long-Term Sales Growth Continues to Be Underestimated by the Market; Shares Undervalued
Hangzhou Hikvision Digital Technology’s mid-year 2019 earnings came in slightly ahead of our expectations and above the midpoint of management’s guidance. We raise our fair value to CNY 40.50 from 38.50 per share, as we increase our long-term revenue growth for the "others" business segment, which is made up of ancillary products such as alarm access control, to 15.7% CAGR from 8.2%. Following a strong 24% annual growth in 2018, the sale of ancillary products continued its strong momentum with a...HANGZHOU HIKVISION DIGITAL TECHNOLOGY CO., LTD. is a China-based company, principally engaged in the research and development, manufacture and distribution of video products, as well as the provision of video services. The Company mainly provides front-end products, back-end products and center control products. The Company's products include video encoders, video decoders, video optical transceivers, network optical transceivers, mixed video recorders (XVRs) and network video recorders (NVRs), among others. The Company also provides construction engineering services and innovation business. The Company conducts its businesses within domestic and overseas markets.
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