信义香港(08328.HK):The motor is turning on

2018-06-14 16:18 港股研报君 阅读 425

机构:银河证券

The Company. Xinyi Automobile Glass Hong Kong Enterprises Limited (Xinyi HK) is an investment holding company. The Company, through its subsidiaries, is a service provider of vehicle glass repairs and replacement services in Hong Kong. Xinyi HK provides its services for privately owned passenger vehicles, taxis, trucks, buses and coaches in Hong Kong. Xinyi HK has transformed itself into a new energy name with high exposure to the power storage segment since its listing. 

Our view. We believe that Xinyi HK is a potential beneficiary of the Chinese government’s policy of developing the energy storage industry. We also believe that Xinyi HK will be the investment vehicle under the Xinyi umbrella for the new energy sector (excluding solar power, which falls under Xinyi Solar [0968.HK]). Shares of Xinyi HK have performed well since our first discussion in Feb 2017. However, we believe that the growth potential of the Company hasn’t been fully factored in. Given Xinyi Glass [0868.HK] management’s track record, Xinyi HK may offer huge upside on a long-term basis. Xinyi HK's 2018 results (both interim and final), in our view, show the progress of its business transformation into a new energy name with high exposure to the power storage segment.  

Catalysts. (a) 1H 2018 results, (b) the formal release of its capacity expansion plan, (c) government policy promoting the energy storage industry, and (d) a breakthrough in overseas markets and an increase in IR activity.  

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