Macquarie: Maintain CSR Times Electric Outperform
Release date：2013-07-09
"Securities through information terminals" The latest data show that Macquarie will CSR Times Electric (03898) target price from HK $ 8.20 HK $ 10.95 down; warns that the company's gross margins may decline, due to product structure adjustment, and the parent pricing between the conversion. CSR Times Electric expects 2009 gross margin will drop to 37% (2008 38%), 2010 will be reduced to 36.3%. But Macquarie Keeps Outperform rating, because at least before 2010 orders may still robust due to strong domestic demand, especially in metro business. And the stock's valuation is more reasonable than other similar shares, the new target price is equivalent to 15.8 times forecast 2009 earnings, compared with the parent company China South Locomotive ( 4.49 , -0.05 , -1.10% ) (1766) 10% discount or so.
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