<Research Report>HAIER ELEC (01169.HK) downgraded to Neutral with target raised to $12.8by UBS

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HAIER ELEC (01169.HK) downgraded to Neutral with target raised to $12.8by UBS

2012-12-21 11:10:30

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UBS noted in a report that the HAIER ELEC (01169.HK)'s CB and warrants held by Carlyle will expire by the end of January next year. If all are exercised, the EPS would be diluted by 4% and 1.6%, bringing negative impact to the stock price.

The stock valuation has cumulatively risen 30% over the past three months, sending the 2013 diluted P/E of 13 times, which is close to the Bank's estimates. The rating is lowered from Buy to Neutral with target lifted 11% from $11.5 to $12.8.

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