Qingdao Haier (A)

Qingdao Haier is engaged in the manufacture of refrigerators, freezers, microwaves, vacuum packaging machines, air conditioners, electromagnetic tubes, washing machines, water heaters, electrical fans, vacuum cleaners and spare parts and dishwashers. Through its subsidiaries, Co. is also engaged in the research and manufacture of molds and technological equipment; design and development of electronic products and automatic control system; and installation and maintenance of air-conditioning and refrigeration equipment. Co.'s main product is refrigerators.
  • Ticker600690
  • ISINCNE000000CG9
  • ExchangeShanghai Stock Exchange
  • SectorHousehold Goods & Home Construction
  • CountryChina

Analysts

Valens Research

UAFRS vs As Reported Weekly Highlights - Asia - 2019 11 04

This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 0027:HKG, 8028:JPN, and 600690:CHN.

HAIER SMART HOME CTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HAIER SMART HOME CTD. (CN), a company active in the Durable Household Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date October 25, 2019, the closing price was CNY 15.50 and its potential was estimated at CNY 18.13.

UOB
Robin Yuen

Home Appliances - 1H19 results review and 2H19 outlook.

1H19 was a mixed bag for appliance names. Raw material deflation improved gross margins across the board, but top-line was weak due to poor real estate sales in China. Names with a bigger international business mix fared better. The 2H19 outlook continues to be dull: real estate remains lacklustre, online channels erode ASPs and margins, while the largest category – A/C – is likely to see destocking risks. Thus, maintain MARKET WEIGHT on the sector.

UOB
Robin Yuen

Home Appliances - Pro-consumption policies to boost slowing demand.

China’s pending roll-out of appliances subsidies should boost short-term consumption, repeating the same page out of last decade’s playbook, to counteract a trade war-induced slowdown and support the strategic pivot to domestic consumption. Household penetration and upgrade & replacement demand remain the fundamental growth drivers, while the tepid property outlook will no longer boost demand by much. We are MARKET WEIGHT on the sector.

UOB
Robin Yuen

China Home Appliances: Pro-consumption policies to boost slowing demand. MARKET WEIGHT

China’s pending roll-out of appliance subsidies should boost short-term consumption, repeating the same page out of last decade’s playbook, to counteract a trade war-induced slowdown and support the strategic pivot to domestic consumption. Household penetration, upgrade and replacement demand remain the fundamental growth drivers, while the tepid property outlook will no longer boost demand much. We are MARKET WEIGHT on the sector.

Valens Research

UAFRS vs As Reported Weekly Highlights - Asia - 2019 11 04

This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 0027:HKG, 8028:JPN, and 600690:CHN.

ING
David Vagman, CFA

Qingdao Haier/World leader in white goods, coming to Europe/BUY(initiating coverage)

We initiate coverage on the D shares, listed in Frankfurt, with a BUY rating and €1.25 target price, a 7x PER next 12m, modelling a 40% discount to the historical average PER of the A shares, listed in Shanghai. Qingdao Haier is the world leader in white goods, with a 13% volume market share, and €11bn market cap. We expect a 12% sales FY17-20F CAGR and 13% adj EBIT CAGR thanks to fast growing China (58% of sales), market share gains and price/mix, on the back of China premiumisation trend, synergies from its GE Appliances acquisition in 2016, and a push to be No.5 in Europe.

Significant upside from GE consolidation

​Given investors’ expectations of a weak domestic market, we believe any downside on Haier is limited from here. Furthermore, any signs of a pick-up in demand will boost market confidence. GE is expected to be consolidated into Haier’s statement starting in June, driving top- and bottom-line growth because the company has guided for earnings to grow by double-digits this year. We estimate net profit to grow 22.2%/17.3% in 2016/17F. The stock is currently trading at 11.9x/10.1x 2016/17F EPS, which is undemanding in our view. We now upgrade to BUY and lift our TP to RMB 13, derived from 13x 2017...

A director sold 350,000 shares at 18.620CNY and

A director at Qingdao Haier Co sold 350,000 shares at 18.620CNY and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names...

HAIER SMART HOME CTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HAIER SMART HOME CTD. (CN), a company active in the Durable Household Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date October 25, 2019, the closing price was CNY 15.50 and its potential was estimated at CNY 18.13.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

UOB
Robin Yuen

Home Appliances - 1H19 results review and 2H19 outlook.

1H19 was a mixed bag for appliance names. Raw material deflation improved gross margins across the board, but top-line was weak due to poor real estate sales in China. Names with a bigger international business mix fared better. The 2H19 outlook continues to be dull: real estate remains lacklustre, online channels erode ASPs and margins, while the largest category – A/C – is likely to see destocking risks. Thus, maintain MARKET WEIGHT on the sector.

UOB
Robin Yuen

Home Appliances - Pro-consumption policies to boost slowing demand.

China’s pending roll-out of appliances subsidies should boost short-term consumption, repeating the same page out of last decade’s playbook, to counteract a trade war-induced slowdown and support the strategic pivot to domestic consumption. Household penetration and upgrade & replacement demand remain the fundamental growth drivers, while the tepid property outlook will no longer boost demand by much. We are MARKET WEIGHT on the sector.

UOB
Robin Yuen

China Home Appliances: Pro-consumption policies to boost slowing demand. MARKET WEIGHT

China’s pending roll-out of appliance subsidies should boost short-term consumption, repeating the same page out of last decade’s playbook, to counteract a trade war-induced slowdown and support the strategic pivot to domestic consumption. Household penetration, upgrade and replacement demand remain the fundamental growth drivers, while the tepid property outlook will no longer boost demand much. We are MARKET WEIGHT on the sector.

MarketLine Department

Midea Group Co Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Midea Group Co Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Midea Group Co Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. K...

MarketLine Department

Midea Group Co Ltd - Strategy, SWOT and Corporate Finance Report

Midea Group Co Ltd - Strategy, SWOT and Corporate Finance Report Summary Midea Group Co Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Midea Group Co., Ltd. (Midea) is a manufacturer of household electrical appliances. It produces and sells air-conditioning systems, home appliances, lighting, motors, compressors, and other industrial components. The compan...

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