时代新材(600458.CN)

Zhuzhou Times New Material Technology:Q1-Q3net profit down 9.4%YoY due to FX losses

时间:16-10-26 00:00    来源:瑞银证券

Valuation Method and Risk Statement

Our price target is based on a target P/BV multiple.

Downside risks include: 1) slowing investment in the railway sector and decliningauto demand; 2) uncertainty in the military product market; 3) changes ingovernment policies for alternative energy; and 4) financial and integration risksdue to intensified competition from domestic and foreign manufacturers andpotential M&A. Upside risks include: 1) possible tendering for EMUs; 2) thecompany setting up subsidiaries to improve capacity; and 3) the governmentincreasing support for the new materials industry.