Initiating Coverage of Hangzhou Hik-Vision With Narrow Moat Rating, FVE of CNY 37.50 per Share
We initiate coverage of Hangzhou Hikvision Digital Technology with a narrow moat rating and fair value estimate of CNY 37.50 per share, implying a 2019 P/E ratio of 26 times. Since the onset of the U.S.-China trade war in early second-quarter 2018, Hikvision’s stock price has fallen approximately 30% and is currently trading at 21 times 2019 earnings versus 25-30 times between mid-2017 and mid-2018. We think the stock is undervalued, that current valuation does not fully embed Hikvision’s growth...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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