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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 | HKD30 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 | HKD8.6 技术
金山软件( 3888 HK) | 买入 | HKD34 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 | HKD2.27 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。

金蝶国际(268 HK) | 中性 | HK$8.6 林卓彥
Kingdee Intl Sft (268 HK) Clear turnaround timeline; Fairly Valued - 6月 11, 2018 (6 页)  
This report marks the transfer of coverage to Raymond Lam. Kingdee (KD) is the first mover to China cloud market and topped SaaS ERP market with 18% shares. On 15th May, it announced its strategic cooperation with China Greatwall (CG) on the adaptation of KD’s cloud service to China’s domestic-developed computing platform. We are upbeat with KD’s migration to cloud computing with promising turnaround schedule while keeping its robust ERP business advantage. Maintain NEUTRAL with our higher SOTP-PT at HKD8.60, implying a 46.8x FY19F P/E, already at 1.6x PEG.
网龙网络(777 HK) | 买入 | HK$30 林卓彥
Netdragon Webs (777 HK) Pioneer in E-education community - 5月 3, 2018 (7 页)  
On April 8, Netdragon (ND) announced the acquisition of US education service provider Edmodo. Post FY17 annual result conference call, despite China education market stays competitive, we are upbeat on its (1) global e-learning business to be profitable in 2018 with #1 in global market share; (2) China market to continue its user acquisition strategy; and (3) stable cash flow from gaming business with mobile extension strategy. Our SOTP-TP lifts to HKD30.0 from HKD28.7, on higher China education sales.
金山软件(3888 HK) | 买入 | HK$34 林卓彥
Kingsoft 3888HK Healthy 2018 Outlook - 4月 13, 2018 (7 页)  
On 21 Mar, Kingsoft Corp (Kingsoft) announced FY17 net profit at RMB3.2bn, while core profit of RMB1,036m (+48% yoy) exceeded our estimate by 9%. Post analyst briefing, we are upbeat on 2018 outlook and tweak FY18F-19F core earnings growth to 35%/41% yoy (from 32%/40%) on (1) New self-developed titles to be released by 2H18 and (2) Cloud business and office software continuing to shine with wider margin. Keep BUY with higher SOTP-TP of HKD34.00 on cloud business higher valuation (+36.0% Upside).
金山软件(3888 HK) | 买入 | HK$30.96 林卓彥
Kingsoft (3888 HK) Positive profit alert as expected - 1月 31, 2018 (7 页)  
After the market closed on 24 Jan 2017, Kingsoft Corp (Kingsoft) issued a positive profit alert. This is because of the company to book an one-time gain of about RMB2.0bn for the year ended 31 December 2017, as a result of the disposal of Cheetah Mobile’s (CMCM US, NR) (CM) voting right
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.












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