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林卓彥 - 股票分析师
+852 2899 3141

国信香港研究团队覆盖 - 高级股票分析师
+852 2899 6747

网龙网络( 777 HK) | 买入 | HKD28.07 媒体
太平洋网络( 543 HK) | 买入 | HKD5.04 媒体
飞鱼科技( 1022 HK) | 中性 | HKD1.15 技术
金邦达宝嘉( 3315 HK) | 中性 | HKD2.5 技术
巨腾( 3336 HK) | 买入 | HKD5.73 技术
金蝶国际( 268 HK) | 中性 | HKD2.9 技术
金山软件( 3888 HK) | 买入 | HKD26.5 技术
百富环球( 327 HK) | 买入 | HKD8 技术
丘钛科技( 1478 HK) | 中性 | HKD6.4 技术
中国擎天软件( 1297 HK) | 中性 | HKD3.75 技术
舜宇光学科技( 2382 HK) | 买入 | HKD62 技术
通达集团( 698 HK) | 买入 | HKD2.3 技术
亚太卫星( 1045 HK) | 买入 | HKD8.4 电信

中国支付行业 NFC 支付市场壮大 - 5月 12, 2016 (92 页)  
随着中国消费者的交易付款方式迅速由电脑终端转移至移动设备, 我们相信,移动支付市场将会成为各大互联网巨头、银联以及智能 手机OEM 厂商的兵家必争之地。银联大额注资移动支付业务,并 且与OEM 厂商合作,将有助提升NFC 支付的应用率,2016 年将会 是中国支付行业的一个拐点。百富环球是整个支付行业进化的主要 受惠者,因此相对金邦达,我们较看好百富环球。

网龙网络(777 HK) | 买入 | HK$28.07 林卓彥
Netdragon Webs (777 HK) Invest Today for Better Tomorrow - 12月 15, 2017 (8 页)  
NetDragon (ND) reported 3Q17 with net profit attributable to owner at RMB5m from the net loss RMB65m in 3Q16, thanks to (1) rapid growth in game sales; (2) fast-paced development in the education business and (3) successful mobile user monetization. We are upbeat on ND’s long-term development in education while expect the games to support the monetization process. Our HKD28.1 SOTP-TP implies 2.9x FY18F P/S, below peers’ average of 4.1x.
金山软件(3888 HK) | 买入 | HK$26.5 林卓彥
Kingsoft 3888HK Growth engine switching gear - 12月 4, 2017 (6 页)  
After market close on Nov 21, Kingsoft reported its 3Q17 profit attributable to owner at RMB238m, jumped +68%yoy. Post analysts’ conference call, we see its (1) 2017 reported profit to be boosted by RMB2bn disposal gain from Cheetah voting right; and (2) 2018 sales to achieve stable growth on stream of game pipelines. Keep BUY with higher SOTP-derived TP at HKD26.50 on higher target multiples.
金山软件(3888 HK) | 买入 | HK$24.5 林卓彥
Kingsoft Corp (3888 HK) Multiple Engines in Growth Mode - 10月 24, 2017 (6 页)  
This report marks the transfer of coverage to Raymond Lam. Kingsoft’s 1H17 net profit already turned around to RMB544m from 1H16 net loss on robust online game and office software sales. Fuelled by fast-paced mobile games pipeline, we project the company’s EPS CAGR to grow at 30% (FY16-19F). Our SOTP-TP at HKD24.5 (22% upside) reflects 23.8x FY18F P/E, +0.5SD above past 5-year forward P/E mean, below mobile internet peer’s median at 29.0x.
网龙网络(777 HK) | 买入 | HK$31.39 林卓彥
NetDragon 777HK more fuel on education business - 9月 26, 2017 (7 页)  
On 24 Sept, NetDragon (ND) announced its top-up placement of 38.5m new shares at HKD25.4/s, 7% of enlarged shareholdings. Post analyst call on 25 Sept, we see ND likely to have (1) certain famous global funds to be the placees; and (2) more capital to drive its long-term growth from education sales. Keep BUY with lower SOTP-TP at HKD31.39 on new share dilution.
网龙网络(777 HK) | 买入 | HK$35.27 林卓彥
NetDragon 777 HK hard work pays off - 9月 1, 2017 (21 页)  
We initiate BUY rating on NetDragon Webs (ND), at our HKD35.27 TP. We expect the strong rebound of sales growth CAGR of +21.7% during 2016-2019, on the successful monetization of the education business. Our SOTP-derived TP reflects a 3.6x FY18F P/S. We forecast ND will rebound to have an underlying profit of RMB123m/ RMB179m in 2017F/18F, turning around from a net loss during previous years.












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