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EQS-News: TCL Electronics Received Positive Recognition from Securites Firms With its Brilliant Performance of Interim Results

EQS-News / 08/10/2019 / 08:30 UTC+8 
 
*TCLE Received Positive Recognition from Securites Firms With its Brilliant 
Performance of Interim Results * 
 
Since the release of its interim results on August 28, 2019, TCL Electronics 
(01070.HK, the Company) has received positive recognition from securities 
firms including Credit Suisse, CICC, Oriental Patron and First Shanghai 
Group. They have successively released research reports to maintain "Buy" or 
"Outperform the Industry" ratings, and are firmly positive about the 
Company's business performance and future development. Oriental Patron and 
First Shanghai Group raised the Company's target price to HK$5.96 and 
HK$6.05 respectively, reflecting the stock price of TCL Electronics has 
great potential. 
 
Why do these securities firms all hold positive outlook on TCL Electronics? 
Let's take a close look at the Company's investment value through the 
research reports of various institutions: 
 
1. *Significant Increase in Profitability Beats Market Expectation* 
 
In the first half of 2019, TCL Electronics recorded turnover of HK$22.72 
billion, up by 8.0% year-on-year, and the global TV sales volume of TCL 
Electronics was 15.53 million units, up by 17.9% year-on-year. Gross profit 
was HK$3.72 billion, up by 15.7% year-on-year. As a result of product mix 
optimization, gross profit margin increased by 1.1 percentage points to 
16.4% year-on-year while expense ratio of the Company remained at 12.7%. 
Profit attributable to owners of the parent was HK$1.36 billion, 
significantly up by 138.1% year-on-year. Profit attributable to owners of 
the parent after deducting one-time non-operating gain increased by 32.9% to 
HK$554 million, showing brilliant performance in both revenue and profit of 
TCL Electronics. 
 
Several securities firms have positive expectation on TCL Electronics' 
future growth. According to CICC's research report, the performance in 
1H2019 of TCL Electronics beat their expectations. The Company's shipments 
ranked No.2 in the global market, after Samsung. Therefore, CICC raised the 
Company's net profit estimates to HK$1.85 billion for 2019. In addition, 
Oriental Patron revised up FY19/20E adjusted net profit estimates by 
1.1%/3.2% to HK$1,015mn/HK$1,226mn. Moreover, OP also revised up their 
FY19/20 GMP by 0.8ppt/0.9ppt to 16.1%/16%. First Shanghai Group raised the 
adjusted EPS of the Company during 2019-2021 to HK$0.50/0.54/0.63. 
 
2. *Growth in Overseas Markets has been Spectacular* 
 
Overseas business is still an important development engine for TCL 
Electronics. In the first half of 2019, sales volume of TCL brand TV 
increased by 49.8% year-on-year to 7.07 million units, and the turnover 
reached HK$10.77 billion, up by 32.5% year-on-year in overseas markets. 
First Shanghai Group pointed out in the report that the Company's sales 
volume has increased substantially while its profitability has also risen 
steadily. Gross profit margin increased by 1 percentage point year-on-year 
to 15.1% in 1H2019, and gross profit margin reached 17.1% in the second 
quarter of 2019, hitting a new high in the past two years. Segment operating 
result was HK$440 million with a substantial increase of 132.1%, indicating 
significant increase in its overseas profitability. 
It is worth mentioning that in the first half of 2019, TV sales volume of 
TCL Electronics in the North American markets rose by 75% year-on-year, 
ranking No.2 in the US market. Emerging markets are also expanding rapidly, 
with sales volume up by 216.8% in India and 64.4% in Argentina. In addition, 
overseas markets have maintained strong growth in various regions. 
 
In addition, with global production capacity layout, besides China, TCL 
Electronics has factories in Mexico, Vietnam, Poland, India and South 
America. Its overseas production capacity layout exceeds 15 million units 
per year, which can effectively mitigate potential risks. According to First 
Shanghai Group, TCL Electronics has shown remarkable competitiveness in 
overseas markets, especially in North American markets. The globalization 
advantage of the Company has been strengthened with obvious growing trend in 
both sales volume and profitability in overseas markets, and it is expected 
that the overseas business will remain as a major driver for the revenue and 
earnings growth. CICC emphasizes that with its vertical integration of 
industrial chain and global production capacity layout, TCL Electronics has 
cost-effective advantage in overseas markets. Therefore, it will be able to 
achieve good development in the future. 
 
3. *Promising Prospect with Breakthrough in Internet Business* 
 
Both CICC and First Shanghai Group recognized the Internet business 
breakthrough of the Company in the report, that its Internet business user 
base continues to expand and its operational capability and monetization 
capacity continue to be enhanced. In the first half of 2019, the Company's 
Internet business revenue was HK$349 million, up by 125.2% compared to the 
same period of last year. Moreover, revenue of Falcon Network Technology in 
1H2019 was about HK$253 million, up by 63.3% year-on-year. In addition, the 
Company received overseas Internet revenue of HK$96 million through 
cooperation with Roku and Google, becoming the first company in the industry 
to achieve breakthrough in overseas Internet business. 
 
Credit Suisse expects good growth momentum from overseas Internet business 
with TV shipment growth in North America, South America and Europe. Oriental 
Patron sees a potential re-rating opportunity of TCLE on its Internet 
business given its asset-light model, high margin, and robust growth 
potential in both China and overseas markets. 
 
*Conclusion:* 
From the above information, it can be seen that institutions have positive 
views on TCLE's future development, which also reflects the capital market's 
recognition of TCLE's business performance and financial stability. Rating 
and target price issued by securities firms have always been important 
investment indicators. As the market becomes more aware, it is believed that 
the value of TCL Electronics will be further recognized by the market. 
Moreover, under the Matthew Effect, the Company will continue to increase 
its operating value. With its excellent business performance, it is expected 
to stimulate the capital market, leading to a new round of value revaluation 
on TCL Electronics, and thus accelerating reflection of the Company's growth 
potential. 
 
Document: http://n.eqs.com/c/fncls.ssp?u=BGCUAALBMF [1] 
Document title: TCLE Received Positive Recognition from Securites Firms With 
its Brilliant Performance of Interim Results 
 
08/10/2019 Dissemination of a Marketing Press Release, transmitted by EQS 
Group. 
The issuer is solely responsible for the content of this announcement. 
 
Media archive at www.todayir.com 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=1d7b6671b3173554613addf450d7a531&application_id=886241&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

October 07, 2019 20:30 ET (00:30 GMT)

© 2019 Dow Jones News
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