《0196宏华集团Valuation+back+in+attractive+territory》.pdf

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《0196宏华集团Valuation+back+in+attractive+territory》.pdf

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渐飞研究报告 - Honghua Group 0196.HK 196 HK EQUITY RESEARCH OIL GAS/CHEMICALS Upgrade to Buy; TP raised to HKD1.84 September 3, 2012 Rating Buy Valuation back in attractive Up from Neutral Target price territory Increased from 1.18 HKD 1.84 Closing price HKD 1.26 August 31, 2012 Potential upside +46% Action: Upgrade to Buy; earnings upgrade brings P/E down to 5-6x Anchor themes Since July, Honghua has performed in line with our Neutral rating, with a Among small caps in the China tiny 3% return vs. a 12% increase for COSL (Buy) and a 22% increase for oilfield services and equipment Anton (Buy); we initiated coverage on July 9. However, after 1H12 results sector, we favour those with significantly beat with higher-than-expected rig ASP and ma