信达国际控股:给予天韵国际控股(06836.HK)“增持”评级 目标价2.07港元

信达国际控股:给予天韵国际控股(06836.HK)“增持”评级 目标价2.07港元
2019年04月17日 09:31 同花顺财经

公募基金的下一个二十年,将围绕着养老、科创、智能投资等展开,对此,“养老与基金高峰论坛”4月23日启幕,多位行业大咖齐聚共议未来,思辨如何更好的建设第三支柱养老金、夯实资产管理、支持科技创新!【详情

信达国际控股4月16日发布公告。Tianyun’s FY18 result was mixed, with sales and EPS grew 26.2%/19.8% to RMB940.5mn/RMB147.5mn respectively. Tianyun’s sales was in-line with our estimates with own brand revenue came in 7.9% higher than our forecast, while OEM was ~11% below our estimates which we believe Tianyun continued to place more focus on own brand development in FY18. Tianyun’s net profit attributable to shareholders was 7.8% below our estimates, we attributed the miss to lower OEM GM (due to RMB appreciation in 1H18 which affected their pricing, but GM improved in 2H18), and higher finance cost due to increased interest expense on bank borrowings (+221% to RMb6.8mn) and interest expense on CB amounted to ~RMB5mn. Tianyun’s blended GM picked 60 bps Yoy to 28.0%.

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