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 凤凰传媒 (601928): Jiangsu Phoenix:Data Update,Minor changes to estimates,target price

发布日期:2016年9月7日

Changes and Implications

    We have reviewed our estimates following the company’s announcementof 1H16results. We raise 2015-2020E EPS by 3.6-4.7%, and our 12-monthtarget price by 4.7% to Rmb8.47.

    We do not view these changes as material, and there is no change to ourinvestment thesis, rating or valuation methodology.

    Valuation

    Our target price is based on an unchanged 18X P/E applied to our new2020E EPS of Rmb0.64(was Rmb0.61) discounted back to 2016using anunchanged 8% sector cost of equity. Stay at Sell.

    Key risks: Faster-/slower-than-expected new business growth.

机构:高盛高华证券有限责任公司