九兴控股(01836.HK)：Adjusted OPM picking up，Outperform，TP HK$13.00

机构：麦格理

评级：买入

目标价：13.00港元

Key points 

Shipment volume growth maintained while ASP continued to drop.

Redundancy cost to reach ~US$20m for FY18 and FY19; 

potential idle asset disposal. 

Financial position capable to support dividend policy. 

Earnings and target price revision

We lower our net profit by 11.4% and 1.1% for FY18E/19E. TP remains unchanged at HK$13/sh. Price catalyst

12-month price target: HK$13.00 based on a PER methodology.

Catalyst: 3Q18 operation result 

Action and recommendation 

Maintain Outperform.