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时间:2019-09-11 21:07来源:股票金融
CRRC (1766HK, Buy): Strong 4Q17new orders; maintain Buy     CRC announced that China met its annual rail FAI target in 2017,while the 3,038km of new rail linesbrought into operation during theyear was higher than the target of 2,100km. F

CRRC (1766HK, Buy): Strong 4Q17new orders; maintain Buy

    CRC announced that China met its annual rail FAI target in 2017, while the 3,038km of new rail linesbrought into operation during the year was higher than the target of 2,100km. For 2018, CRC istargeting a rail FAI budget of Rmb73.2bn, which would represent an 8.5% YoY decrease. It alsoexpects: 1) 35rail projects to start construction in 2018, 2) 4,000km of new rail lines to be broughtinto operation, including 3,500km of high-speed rail lines. CRRC’s management believes there couldbe a slight increase in the rail equipment budget, and sees upside to the new rail lines target.WuXi Biologics (2269HK, Buy): 90-day extension of ibalizumab’s PDUFA date a short-termnegative; expect first commercial batch to be delivered in 2Q18

    TaiMed Biologics announced that the FDA will extend its review of ibalizumab by 90days. We notethat its CMO contract manufacturing partner, WuXi Biologics, previously expected the project to entercommercialization by 1Q18. While we believe the delay is merely a short-term setback, it will have aslightly negative impact on WuXi’s FY18outlook. However, we see a strong likelihood of approval,and the temporary delay does not impact our outlook for ibalizumab. Uncertainty could lead to neartermweakness, but we expect the eventual approval and the prospect for commercial manufacturingto be a positive catalyst for WuXi Biologics.

    Xtep Intl (1368HK, Buy): Share repurchase shows management's confidence in turnaroundin 2018; maintain Buy

    The share repurchase by the company and purchase plans by senior management are a sign thatsenior management has confidence in the turnaround of financial performance in 2018. TheChairman has purchased 6.77m shares in the secondary market at HK$2.85-3.04since 12Dec 2017.The stock has accumulated 19.2m shares of short-selling since 11Dec 2017. This could be a catalystif these positions are unwound. We raise our target price from HK$3.22to HK$3.96as we havegreater confidence in the turnaround. Maintain Buy.

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