标题：Sanju Environmental Protection & New MaterialsClear plans business to bear fruit
发布日期：2016-03-17 7:57:07
内容： 2015 earnings beat estimates Annual revenue rose 89% YoY to Rmb5.698bn; net profitattributable to shareholders +104% to Rmb821mn or EPS ofRmb1.03, above our expectations. Cash dividend Rmb2 (incl.tax) and five bonus shares per ten held. Trends to watch Continued order growth in energy cleaning services. Expansion of value added services. Clear M/L-T strategy. Sanju plans to enhance its production ofenergy cleaning products, develop key technologies to createeconomies of scale for biomasses, and proactively promote theUS desulfurization project. With equity incentive completed in end-Feb 2015, Sanju targetsan earnings CAGR of 30% over 2015~17. The aligned interestsshould help secure stable growth. Earnings forecast Sanju expects 1Q16e net profit to rise 91~110% YoY. We lift our2016e EPS by 9% to Rmb1.50, and give a 2017e EPS of Rmb2.07(after the dilution from equity incentive). Valuation and recommendation The stock is at 20x 2016e & 15x 2017e P/E. Given the lowvaluation, we cut TP by 18% to Rmb40, implying 27x 2016eP/E. Maintain BUY. Risks New business promotion and project progress & earnings missexpectations.
发布日期：2016-03-17 7:57:07
内容： 2015 earnings beat estimates Annual revenue rose 89% YoY to Rmb5.698bn; net profitattributable to shareholders +104% to Rmb821mn or EPS ofRmb1.03, above our expectations. Cash dividend Rmb2 (incl.tax) and five bonus shares per ten held. Trends to watch Continued order growth in energy cleaning services. Expansion of value added services. Clear M/L-T strategy. Sanju plans to enhance its production ofenergy cleaning products, develop key technologies to createeconomies of scale for biomasses, and proactively promote theUS desulfurization project. With equity incentive completed in end-Feb 2015, Sanju targetsan earnings CAGR of 30% over 2015~17. The aligned interestsshould help secure stable growth. Earnings forecast Sanju expects 1Q16e net profit to rise 91~110% YoY. We lift our2016e EPS by 9% to Rmb1.50, and give a 2017e EPS of Rmb2.07(after the dilution from equity incentive). Valuation and recommendation The stock is at 20x 2016e & 15x 2017e P/E. Given the lowvaluation, we cut TP by 18% to Rmb40, implying 27x 2016eP/E. Maintain BUY. Risks New business promotion and project progress & earnings missexpectations.
