>> 招银国际-FIT Hon Teng (6088 HK) Positive on the acquisition of Germany automotive component supplier; Reiterate BUY-230104
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研究报告全文：MN4Jan2023CMBInternationalGlobalMarketsEquityResearchCompanyUpdateFITHonTeng6088HKPositiveontheacquisitionofGermanyautomotivecomponentsupplierReiterateBUYedTargetPriceHK184WespoketoFITsmgmtfollowingitsannouncementthatitswholly-ownedPreviousTPHK184subsidiaryFITSingaporewillfullyacquireGermany-basedautomotiveUpDownside-11componentcompanyPrettlSWHGroupPrettlforEUR1866mn60timesofCurrentPriceHK208FY22EEBITDAThedealistargetedtocloseby2Q23Eandthedealvalueaccountsfor23ofFITs1H22cashWeestimatetheacquisitionislikelytoChinaTechnologyincreaseFITstoplineby7-8andEPSby3-4inFY24EPrettlisspecializedAlexNGinautomotivesensorcableswiringharnessandpowermanagementproducts85239000881alexngcmbicomhkWebelievePrettlsproductportfolioandestablishedclientbasewillaccelerateFITsstrategicexpansionintoautomotivemarketanditwillalsobepositivetoLilyYANGPhDFITs33StrategyinitiativesEV5GAIoTAudiowhichwillbecomethemajor85239163716growthdriversinFY23-24EReiterateBUYOurTPestimatesareunderreviewlilyyangcmbicomhkPrettlSWHwillserveasapositiveadditiontoFITsautomotiveproductClaudiaLIUportfolioWebelievePrettlsexpertiseinautomotivecablesolutionssensorclaudialiucmbicomhktechnologieswiringharnessesandpowermanagementproductsalignwellwithFITsautomotivebusinessPrettliswellrecognizedbyglobaltier-oneStockDataMktCapHKmn151630clientsfromEuropetheUSKoreaandChinaPrettlSWHhas13factoriesAvg3mthstoHKmn11globallyforautomotivecableandcomponentproductproductionWebelieve52wHighLowHK227088thatFITsacquisitionofPrettlwillleadtopositivesynergyintermsofstrongerTotalIssuedSharesmn72670SourceFactSetproductportfolioclientbaseexpansionandglobalmanufacturingproductdevelopmentresourcesShareholdingStructureFoxconnFarEastLtd712TotaldealvalueisEUR1866mn6xFY22EEBITDAExpectprofitabilityLuSung-Ching59toimprovepostpandemicTotalcostofthedealisEUR1866mnwhichisSourceHKExapproximatelyequalto6xannualizedPrettlsFY22EEBITDAIn202021SharePerformancePrettlsrevenuereachedEUR3185mn3512mnandnetprofitaftertaxwasAbsoluteRelativeEUR01mn0236mngivenCOVID-19impactMgmtexpecteditsfinancial1-mthNMNMperformancewillimprovein202324Eandthedealwillbelikelytoclosein3-mthNMNM2Q23EifrelatedproceduresgosmoothlyThedealvalueaccountsfor236-mthNMNMofFITs1H22cashandweestimatetheacquisitionislikelytoincreaseFITsSourceFactSetrevenueby7-8andEPSby3-4inFY24E12-mthPricePerformanceReiterateBUYOurFY22-24EEPSare15-28aboveconsensusWebelievethedealispositiveforFITwithanticipationofacceleratedexpansionintoEVcomponentmarketEVsegmentaccountedfor3of3Q22revenueandweestimatetheacquisitionwillboostEVsegmenttoreach10-11ofFY24ErevenueOurFY22-24EEPSare15-28aboveconsensusTradingat90x81xFY2223EPEwethinkrisk-rewardremainsextremelyattractiveReiterateBUYWearereviewingourestimatesSourceFactSetEarningsSummaryRelatedReportsYE31DecFY20AFY21AFY22EFY23EFY24E1FITHonTeng6088HK3Q22beatRevenueUSmn43154490457849985504onsolidexecutionof33StrategyRaiseTPtoHK18414Nov2022YoYgrowth13412092101NetprofitUSmn42613681830206623122FITHonTeng6088HK-Strong1H22in-linePositiveoutlookon33YoYgrowth8182213338129119strategy-11AugEPSReportedUScents064204263296332ConsensusEPSUScentsnana2202302803FITHonTeng6088HK-33StrategystartstobearfruitRaiseTPPEx4201311029081toHK178-19JulPBx0807070706Yield0517222427ROE2060747983SourceCompanydataBloombergCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE1MOREREPORTSFROMBLOOMBERGRESPCMBRGOORhttpwwwcmbicomhk4Jan2023Figure1PLforecastUSmnFY19FY20FY21FY22EFY23EFY24ERevenue437243154490457849985504YoY92-13412092101Costofsales361837353817385542074627Grossprofit754580673723791877GPM1713151616167594108YoY65-231161SGA269230266252270300ofrev-62-53-59-55-54-55RD250235301298325358ofrev-57-54-67-65-65-65Operatingprofit275125177220246274OPM632939484950244121112YoY-108-547416Netprofit23543138182205230NPM541031404142YoY06-8192238321129119SourceCompanydataCMBIGMestimatesFigure2RevenuebreakdownUSmnFY21FY22EFY23EFY24EComputing880770819116860072903076YoY-755Smartphones1253290141621814870291561380YoY1355Networking894110759994835993944672YoY-151013EVMobility133600160320200400260520YoY202530SystemsProducts1099230124213014284491642717YoY131515Others200210180189185595191163YoY-1033Total4490215457796649975375503527YoY2092101SourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE24Jan2023FinancialSummaryINCOMESTATEMENT2019A2020A2021A2022E2023E2024EYE31DecUSmnRevenue437243154490457849985504Costofgoodssold361837353817385542074627Grossprofit754580673723791877Sellingexpense11197105101110124Adminexpense159134161151160176RDexpense250235301298325358Others391170465055Operatingprofit275125177220246274ShareoflossesprofitsofassociatesJV298444Interestexpense712112Pre-taxprofit266117167215243272Incometax337431323641Minorityinterest201111Netprofit23343137183207231BALANCESHEET2019A2020A2021A2022E2023E2024EYE31DecUSmnCurrentassets274228483034299334473605Cashequivalents8927667698338941028Accountreceivables930872103390912111123Inventories703944982100210931204STbankdeposits11812698989898Non-currentassets166517911973201620492071PPE566728823867900921Deferredincometax115135133133133133InvestmentinJVsassos2224172172172172Intangibles745709634634634634Othernon-currentassets218195211211211211Totalassets440746395007500954965676Currentliabilities166217901937179721222121Short-termborrowings494604690635675720Accountpayables108610321138105313381292Taxpayable6312994949494Othercurrentliabilities202615151515Non-currentliabilities668659674674674674Long-termborrowings574575576576576576Obligationsunderfinanceleases232946464646Othernon-currentliabilities715552525252Totalliabilities233024492611247027962795Sharecapital134135139139139139Otherreserves202521452348249026502829Totalshareholdersequity207721902396253927002881Minorityinterest1131235Totalequityandliabilities440746395007500954965676CASHFLOW2019A2020A2021A2022E2023E2024EYE31DecUSmnOperatingProfitbeforetaxation266117167215243272Depreciationamortization255241146156167178Taxpaid743931323641Changeinworkingcapital169279932010870Others3474104112Netcashfromoperations31311585360265338InvestingCapitalexpenditure240335241200200200Acquisitionofsubsidiariesinvestments000000Others17821461121315Netcashfrominvesting417356220188187185FinancingDividendpaid59030404551Netborrowings0086554045PLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE34Jan2023Proceedsfromshareissues000000Sharerepurchases2610000Others207365131313Netcashfromfinancing64711201081818NetchangeincashCashatthebeginningoftheyear1065892766769833894Exchangedifference4430000Cashattheendoftheyear8927667698338941028GROWTH2019A2020A2021A2022E2023E2024EYE31DecRevenue9213412092101Grossprofit652311617594108Operatingprofit108547416244121112Netprofit038182213338129119PROFITABILITY2019A2020A2021A2022E2023E2024EYE31DecGrossprofitmargin172134150158158159Operatingmargin632939484950ReturnonequityROE1162060747983GEARINGLIQUIDITYACTIVITIES2019A2020A2021A2022E2023E2024EYE31DecCurrentratiox161616171617Receivableturnoverdays777737840725884745Inventoryturnoverdays709923939948949950Payableturnoverdays10961008108899711611019VALUATION2019A2020A2021A2022E2023E2024EYE31DecPE121551134nananaPB131108nananaDivyield003991644nananaNoteThecalculationofnetcashincludesfinancialassetsSourceCompanydataCMBIGMestimatesPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE44Jan2023DisclosuresDisclaimersAnalystCertificationTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheanalystcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatanalystinthisreportBesidestheanalystconfirmsthatneithertheanalystnorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportCMBIGMRatingsBUYStockwithpotentialreturnofover15overnext12monthsHOLDStockwithpotentialreturnof15to-10overnext12monthsSELLStockwithpotentiallossofover10overnext12monthsNOTRATEDStockisnotratedbyCMBIGMOUTPERFORMIndustryexpectedtooutperformtherelevantbroadmarketbenchmarkovernext12monthsMARKET-PERFORMIndustryexpectedtoperformin-linewiththerelevantbroadmarketbenchmarkovernext12monthsUNDERPERFORMIndustryexpectedtounderperformtherelevantbroadmarketbenchmarkovernext12monthsCMBInternationalGlobalMarketsLimitedAddress45FChampionTower3GardenRoadHongKongTel85239000888Fax85239000800CMBInternationalGlobalMarketsLimitedCMBIGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBISwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereportPLEASEREADTHEANALYSTCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE5
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