Actively penetrating into new segments
​As the largest surveillance company globally, we believe its current valuation of a 2017F P/E of 15.4x is cheap vs. global & domestic peers despite slightly lower than expected 2Q16 results. Hikvision enjoys great growth potential overseas while it actively develops new businesses. We expect it to see >30%/~30% YoY sales/ earnings growth in coming years, far outperforming peers. We raise our TP to RMB31, derived from 19x (unchanged) 2017F EPS of RMB1.6, implying 25.9% upside.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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