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Entries in 0569 (1)

Thursday
Apr162009

China Automation Group (569 HK, HK$2.14) – Laggard in the offering

DateThursday, April 16, 2009 at 8:04AM

Sales increased 113.6% YoY to RMB861.7m with net profit up 49.3% YoY to RMB149.2m. The management guided that they currently have RMB980m order on hand and expect to secure RMB1,300m for 2009 with 60% order from railway sector. In 2009, the company would tap into the upstream petrochemical pipeline safety control business and take further M&A focusing on urban railway related company. CAG could be a laggard play in our view given the recent rally in niche counters. We have a Trading BUY call on the counter though we would suggest investors to observe how the counter opens trade today.

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