CSR 1766

CSR 1766

Postby winston » Wed Dec 08, 2010 11:10 am

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Chinese train maker CSR Corp <1766.HK><601766.SS> will form a joint venture with a unit of U.S. conglomerate General Electric Co. to pursue high speed rail projects in the United States.

The project will create 250 hi-tech jobs in the U.S. by 2012, according to Zhao Xiao-gang, chairman of CSR.


Source: Reuters
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Re: CSR 1766

Postby winston » Wed Dec 08, 2010 11:16 am

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DJ CSR Corp Expects To Double Revenue To CNY100 Bln By 2012
Dec 3, 2010

HONG KONG (Dow Jones)--CSR Corp. (1766.HK), one of the China's largest railway equipment makers, said Friday it expects to more than double its revenue to CNY100 billion by 2012 from CNY45.6 billion in 2009, as the country is aggressively expanding its high-speed train network.

Chairman Zhao Xiaogang told a media conference the company plans to further expand into overseas markets and is considering bidding for high-speed train projects in the U.S., though he declined to provide further details.

The Beijing-based company expects its revenue to reach CNY150 billion in 2015, with the contribution from overseas markets accounting for 20% of total revenue, compared with 5% in 2009.

The company, one of China's two major locomotive makers along with China CNR Corp., is a manufacturer of electric multiple units and locomotives for trains.

Source: Joanne Chiu, Dow Jones Newswires
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Re: CSR 1766

Postby winston » Wed Dec 08, 2010 11:18 am

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DJ MARKET TALK: Nomura Raises CSR Corp Target To HK$10.50
November 19, 2010

1134 [Dow Jones] STOCK CALL: Nomura raises CSR Corp. (1766.HK) target to HK$10.50 from HK$9.00, after raising target P/E from 20X to 22X to reflect expectations of continuous railway investment in China, further metro investment, export opportunities.

Keeps Buy rating; says company top China railway pick, given its continuous localisation progress, changing product mix, cost down efforts.

Adds, higher-than expected 3Q10 gross margin of 18% signals greater operating leverage next year due to economies of scale.

House lifts FY11-12F net profit forecasts by 6%-14%, after adjusting FY11, FY12 gross margin assumptions to 17.3%, 17.8%, respectively, vs previous forecast of 16.9%, 17.0%.


Source: Dow Jones Newswire
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Re: CSR 1766

Postby winston » Wed Dec 08, 2010 11:20 am

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DJ MARKET TALK: Nomura Upgrades CSR Corp To Buy; Target HK$9.00
Oct 14, 2010

1255 [Dow Jones] Nomura upgrades CSR Corp (1766.HK) to Buy from Neutral, citing strong gross margin, thanks to improved product mix, lower costs.

Raises target to HK$9.00 from HK$5.80, after applying higher PE multiple of 20X vs 18X previously; reckons "the 20 times target multiple is justified given the long-term margin expansion, export opportunities and metro demand, which extend the growth horizon of rolling stock makers."

Source: Dow Jones Newswire

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Re: CSR 1766

Postby winston » Wed Dec 08, 2010 12:04 pm

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DJ MARKET TALK: CSR Corp +7.2%; GE JV Enhances L/T Prospects - DB

1122 [Dow Jones] CSR Corporation (1766.HK) +7.2% at HK$9.95 with volume elevated at HK$120.6 million, almost triples Tuesday's full-day volume spurred by news of its JV agreement with General Electric to make high-speed trains in the U.S.

While earnings contribution for now are difficult to estimate, this signals CSR is making a foray into overseas markets, enhancing its long-term earnings outlook.

"We are positive for CSR's long-term earnings outlook in overseas markets (especially for high-speed trains) due to its good price and quality ratio and potential support from GE," says Deutsche Bank.

CSR's intraday peak of HK$9.98 marks an all-time high for the stock.

Source: Dow Jones Newswire
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Re: CSR 1766

Postby winston » Fri Jan 07, 2011 9:58 am

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DJ MARKET TALK: Nomura Cuts CSR Corp To Neutral From Buy

0942 [Dow Jones] STOCK CALL: Nomura cuts CSR Corp (1766.HK) to Neutral from Buy on its rich valuation, but raises its target to HK$11.20 from HK$10.50 after raising its target P/E multiple to 24X from 22X to reflect the current positive market sentiment.

The house says, the stock has rallied in recent weeks, driven by continuous positive news, including reports that the Chinese government is investing heavily in the twelfth 'Five-Year Plan.'

It remains bullish on China's rolling stock, given the ongoing rapid development of high-speed railways, but says risks may emerge if the share price rallies ahead of its fundamentals. The stock closed 1.4% lower at HK$11.18 Thursday.

Source: Dow Jones Newswire
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Re: CSR 1766

Postby winston » Thu Mar 31, 2011 10:47 am

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Valuation/Recommendation

We share the view that CSR's final results are not as exciting as Times Electric's.

However, given recent share price performance, we believe the negatives have been priced in.

The outlook for CSR remains promising given the continuous investment in railway and rapid transit systems and opportunities from new businesses such as electric vehicles and windpower turbine.

We raise our target price from HK$7.31 to HK$9.64, based on 24x 2011F PE. Our upward revision of target price is mainly due to using 2011F EPS instead of a 12-month rolling EPS.

Maintain BUY especially after post-results selling pressure.


Earnings Revision/Risk

We revise down our 2011 and 2012 net profit forecasts by 5.8% and 3.4% respectively mainly after the results adjustment.


Share Price Catalyst

Major EMU orders from the MOR and major exports orders.
Restructuring in the MOR.


Source: UOBKH
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Re: CSR 1766

Postby persistentone » Sat Oct 08, 2011 4:57 pm

How good is the governance at CSR 1766? I certainly see the market opportunity for high speed rail, and after a complete market washout 1766 is one of the ones I would certainly be looking at. But it's Chinese, and it has ties to government. So I have to wonder is there any transparency there, and how much of the retained earnings is disappearing to bribes and fraud?
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Re: CSR 1766

Postby winston » Wed Oct 12, 2011 1:44 pm

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CSR +8%; Major Shareholder Capital Injection News
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Re: CSR 1766

Postby winston » Sat Feb 11, 2012 11:53 am

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CSR sank 4.5 percent to HK$5.54 after Citigroup recommended taking profits on the shares before its “likely disappointing new orders announcement.

China's railway equipment industry has rallied on stronger rail investment, and the shares could slide on realization that 2012 train deliveries is weak, Citigroup analysts Paul Gong and Jenny Zhen wrote in a report dated yesterday.

The stock jumped 31 percent this year through yesterday.

Source: Bloomberg
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