PDF《深圳控股 （604.HK）》

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3 | PHILLISECURITIES (HK) RESEARCH 深圳控股 深圳控股 深圳控股 深圳控股 (604.HK) 公司研报 公司研报 公司研报 公司研报 财务报告 财务报告 财务报告 财务报告 FYE FY2014 FY2015 FY2016 FY2017F FY2018F Valuation Ratios Price Earnings (P/E) 6.02 8.68 8.57 9.56 10.46 Price to Book (P/B) 0.70 0.78 0.85 0.86 0.92 Per Share Data (HKD) EPS 0.5362 0.4056 0.4236 0.4025 0.3920 Book Value Per Share 4.5817 4.5132 4.2895 4.4720 4.4615 Dividend Per Share 0.1600 0.1600 0.2200 0.2200 0.2200 Growth &

Margins (%) Growth Revenue 41.4 33.3 15.9 (35.0) 26.6 Operating Income 1.9 88.8 38.4 (34.7) 35.1 Net Profit 12.7 (11.9) 12.4 1.1 (2.6) Margins Gross Profit Margin 29.5 34.6 38.7 40.7 42.0 Operating Profit Margin 19.2 27.3 32.6 32.8 35.0 Net Profit Margin 25.4 16.8 16.3 19.5 22.5 Key Ratios ROE (%) 10.3 8.6 9.7 9.0 8.8 ROA (%) 3.3 3.2 3.3 3.2 3.2 Income Statement (HKD Mn) Revenue 13,827 18,428 21,354 13,871 17,560 - Cost of Goods Sold (9,754) (12,054) (13,083) (8,227) (10,185) Gross Income 4,073 6,374 8,271 5,644 7,375 - Operating Expenses (1,412) (1,350) (1,319) (1,101) (1,236) Operating Income 2,661 5,024 6,952 4,543 6,139 - Net Non-Operating Gain 3,194 1,487 1,341 3,321 1,520 Pretax Income 5,855 6,511 8,293 7,864 7,659 - Income Tax Expenses (2,349) (3,423) (4,822) (4,354) (4,240) Net Profit 3,506 3,088 3,471 3,510 3,419 Source: Company, Phillip Securities (HK) Research Estimates (财务资料截至

10 月13 日) PHILL 深圳控股 深圳控股 深圳控股 深圳控股 (604.HK) 公司研报 公司研报 公司研报 公司研报 PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock'

s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd ( Phillip Securities ). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the Research ) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products. This publication should not be relied upon as authoritative without further being subject to the recipient'