SHANGHAI INDUSTRIAL (363.HK): OW: SOLID FUNDAMENTALS AND ATTRACTIVE VALUE
汇丰银行(中国)有限公司2013-06-04
Defensive conglomerate focusing on toll roads and tobacco, and benefiting from restructuring of property arm Fundamentals solid with 12% net profit growth pa and 18% FCFE yield over 2013-15e, a 21% 2013e net gearing Reiterate OW, raising TP to HKD29.5 (from HKD27); valuation attractive at 51% discount to NAV with a 4% dividend yield