【Company Research】China Construction Bank (939 HK) – Strong defensiveness against macro downturn
CCB’s FY19 net profit was 做外匯 還簡單 元期權 期權交易 up 4.7% YoY to RMB266.7bn, in line with CMBIS forecast and 1.1% above consensus 做外匯 還簡單 元期權 期權交易 estimate. 4Q19 earnings growth softened to 2.1% YoY from 5.2% YoY in 9M19, mainly on 做外匯 還簡單 元期權 期權交易 做外匯 還簡單 元期權 期權交易 higher tax expense. FY19 ROE declined 0.8ppt YoY to 13.2%, but still topped SOE peers. Dividend payout ratio remained stable at 30%.
- Better positioned to withstand economic slowdown. We expect CCB to face less earnings downside risk vs sector peers, given: 1) decent provision buffer, 2) stringent 做外匯 還簡單 元期權 期權交易 做外匯 還簡單 元期權 期權交易 NPL recognition, 3) limited credit exposure to risky industries, and 4) superior capital adequacy.
- Results positive:做外匯 還簡單 元期權 期權交易 1) Solid 4Q19 revenue growth of 8.0% YoY, faster than ICBC’s (1398 HK, BUY) 3.3% and BOC’s (3988 HK, BUY) 7.8%. Growth in net interest and fee income was 8.8% YoY and 6.8% YoY, respectively. 2)Asset quality continued to improve. NPL ratio fell 1bp QoQ to 1.42%, and provision coverage climbed 9ppt to 228%. CCB further strengthened NPL recognition, as 做外匯 還簡單 元期權 期權交易 NPLs covered 1.7x >90day overdue loans. The Bank should face less asset quality pressure during macro downturn, thanks to limited loan exposure to cyclical industries (manufacturing, wholesale & retail). 3) Better deposit mix with proportion of demand deposit inched up 2.1ppt HoH to 55.2%, despite a mild contraction in total deposit balance. 4) Capital position remained strongest in the sector. CET1 and total CAR stood at 13.9% and 17.5% as of 4Q19.
- Results negative: 1) 4Q19NIM contracted 3bp QoQto 做外匯 還簡單 元期權 期權交易 2.24% by our estimate, and FY19 NIM narrowed 5bp YoY to 2.26%. Rising liability cost (+12bp YoY), in particular higher deposit cost (+18bp YoY), more than offset the modest gain in asset 做外匯 還簡單 元期權 期權交易 yield (+6bp YoY). 2)More conservative asset mix. Lower-yield interbank assets expanded 60.6% QoQ, likely due to the Bank’s falling risk appetite. 3) 4Q19 CIR picked up 0.5ppt YoY to 47.3%.
- Maintain BUY and TP of HK$9.10. CCB trades at 0.63x FY20E P/B, 8.7% below its past 5-year mean. We kept earnings forecast unchanged, and our HK$9.10 TP is derived from 0.89x target P/B and FY20E BPS of RMB9.2.
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Linux Server Hacks, Volume Two pdf epub 做外匯 還簡單 元期權 期權交易 mobi txt 電子書 下載 2022
Linux Server Hacks, Volume Two epub 下載 mobi 下載 pdf 下載 txt 電子書 下載 2022
Linux Server Hacks, Volume Two epub 下載 mobi 下載 pdf 下載 txt 電子書 下載 2022
Linux Server Hacks, Volume Two pdf epub mobi txt 電子書 下載 2022
Today's system administrators deal with a vast number of situations, operating systems, software packages, and problems. Those who are in the know have kept their copy of "Linux Server Hacks" close at hand to ease their burden. And while this helps, it's not enough: any sys admin knows there are many more hacks, cool tips, and ways of solving problems than can fit in a single volume (one that mere mortals can lift, that is). Which is why we created "Linux Server Hacks, Volume Two", a second collection of incredibly useful tips 做外匯 還簡單 元期權 期權交易 and tricks for finding and using dozens of open source tools you can apply to solve your sys admin problems. The power and flexibility of Linux and Open Source means that there is an 做外匯 還簡單 元期權 期權交易 astounding amount of great software out there waiting to be applied to your sys admin problems - 做外匯 還簡單 元期權 期權交易 if only you knew about it and had enough information to get started. Hence, "Linux Server Hacks, Volume Two". This handy reference offers 100 completely new server management tips and techniques designed to improve your productivity and sharpen your administrative skills. Each hack represents a clever way to accomplish a specific task, 做外匯 還簡單 元期權 期權交易 saving you countless hours of searching for the right answer. No more sifting through man pages, 'How 做外匯 還簡單 元期權 期權交易 To' websites, or source code comments - the only resource you need is right here. And you 做外匯 還簡單 元期權 期權交易 don't have to be a system administrator with hundreds of boxes to get something useful from this book as many of the hacks apply equally well to a single system or a home 做外匯 還簡單 元期權 期權交易 network. Compiled by experts, these hacks not only give you the step-by-step instructions necessary to implement the software, 做外匯 還簡單 元期權 期權交易 but they also provide the context to truly enable you to learn the technology. Topics include: authentication; Remote GUI connectivity; storage management; file sharing and synchronizing resources; security/lockdown instruction; log files and monitoring; troubleshooting; 做外匯 還簡單 元期權 期權交易 and system rescue, recovery, and repair. Whether they help you recover lost data, collect information from distributed 做外匯 還簡單 元期權 期權交易 clients, or synchronize administrative environments, the solutions found in "Linux Server Hacks, Volume Two" will simplify your 做外匯 還簡單 元期權 期權交易 life as a system administrator.
【Company Research】Goldwind - A (002202 CH) – Struggling at cycle bottom
Goldwind posted disappointed FY19 results, as net profit read only RMB2,109mn down 32.9% YoY. We think the 做外匯 還簡單 元期權 期權交易 Company was struggling in a booming wind installation market, which led to a mismatch between tightened material supply with increasing costs and squeezing ASP due to pricing competition. WTG GPM showed improvement in 2H19, raising FY19 GPM to 12.5% from an extreme low of 11.3% in 1H19, but WTG warranty 做外匯 還簡單 元期權 期權交易 provision rate had a substantial increase of 2.3ppt YoY. Mgmt. expects GPM to increase 2-3ppt on 做外匯 還簡單 元期權 期權交易 improving ASP in 2020. As per our calculation, however, WTG GPM need to rebound to at least 15.7% to drive earnings growth. We cut FY20/21E EPS by 38.1/4.1%, and cut TP by 37.9% to RMB10.1. Downgrade to HOLD.
- Strong WTG shipment enhanced leading position. WTG shipment reached 8,171MW, far better than our estimate, while GPM suffered another squeeze by 6.做外匯 還簡單 元期權 期權交易 3ppt to 12.5%. Margin squeeze was mainly driven by 6.6% decline in ASP, and we estimate unit costs exhibited slight increase of 0.6%. According to mgmt., GWD sustained its leading market share 做外匯 還簡單 元期權 期權交易 of 28.0% in China, but strong sales didn’t help the Company to earn more. Net profit 做外匯 還簡單 元期權 期權交易 was RMB2,109mn,down 32.9%, first time decline from 2012.
- Heads up for warranty provision.做外匯 還簡單 元期權 期權交易 We’ve observe a significant growth in selling and distribution expense in FY19, driven by substantial increase in warranty provision ratio. Mgmt. explained it was due to precaution treatment as GWD launched more new 做外匯 還簡單 元期權 期權交易 WTG models for both onshore and offshore market. As GWD will have WTG sales shift towards new 做外匯 還簡單 元期權 期權交易 2.5/3.0s series and deliver more offshore turbine, we expect the provision rate to remain high and 做外匯 還簡單 元期權 期權交易 to cause earnings pressures (see Figure 2 for provision details).
- 15.7% WTG GPM a critical line. We think WTG GPM at 15.7% is a critical line to cover major expenses, including 1) selling and distribution at 7.7%; 2) admin expenses at 6.5%; and 3) other expense at 1.5%. Mgmt. expects GPM to improve by 2-3ppt in 2020 as ASP pressure relieves from low price order. However, due to thrilling downstream demand and supply disruption caused by COVID-19, we 做外匯 還簡單 元期權 期權交易 做外匯 還簡單 元期權 期權交易 remain cautious on WTG margin improvement. Other than that, we think GWD is also facing product delivery risks due to potential shutdown of global supply chain.
- Cycle bottom may last long in 2020/21. 做外匯 還簡單 元期權 期權交易 By launching state of the art technologies and comprehensive customer services, we do think GWD is on track to a recovery, but is now facing challenge and dragged to a slower pace. We cut FY20/21E EPS by 38.1/4.1%. Our TP is trimmed by 37.9% to RMB10.1 based 做外匯 還簡單 元期權 期權交易 on 15.5x FY20 P/E. Downgrade to HOLD.
電話：（852） 3900-0888 傳真：（852） 3761-8788
招銀國際版權所有 Copyright © 2019-2022 CMB International 做外匯 還簡單 元期權 期權交易 Capital Corporation Limited. All rights reserved.
Linux Server Hacks, Volume Two pdf epub mobi txt 電子書 下載 做外匯 還簡單 元期權 期權交易 做外匯 還簡單 元期權 期權交易 2022
Linux Server Hacks, Volume Two epub 下載 mobi 下載 pdf 下載 txt 電子書 下載 2022
Linux Server Hacks, 做外匯 還簡單 元期權 期權交易 做外匯 還簡單 元期權 期權交易 做外匯 還簡單 元期權 期權交易 Volume Two epub 下載 mobi 下載 pdf 下載 txt 電子書 下載 2022
Linux Server Hacks, Volume Two pdf epub 做外匯 還簡單 元期權 期權交易 mobi txt 電子書 下載 2022
Today's system administrators deal with a vast number of situations, operating systems, 做外匯 還簡單 元期權 期權交易 software packages, and problems. Those who are in the know have kept their copy of "Linux Server 做外匯 還簡單 元期權 期權交易 Hacks" close at hand to ease their burden. And while this helps, it's not enough: any sys admin knows there are many more hacks, cool tips, and ways of solving problems than can fit in a single volume (one that mere mortals can lift, that is). Which is why we created "Linux Server Hacks, Volume Two", a second collection of incredibly useful tips and tricks for finding 做外匯 還簡單 元期權 期權交易 and using dozens of open source tools you can apply to solve your sys admin problems. The power and flexibility of Linux and Open Source means that there is an astounding amount of great software 做外匯 還簡單 元期權 期權交易 out there waiting to be applied to your sys admin problems - if only you knew about 做外匯 還簡單 元期權 期權交易 it and had enough information to get started. Hence, "Linux Server Hacks, Volume Two". This handy reference 做外匯 還簡單 元期權 期權交易 offers 100 completely new server management tips and techniques designed to improve your productivity and sharpen your administrative skills. Each hack represents a clever way to accomplish a specific task, saving you countless hours 做外匯 還簡單 元期權 期權交易 of searching for the right answer. No more sifting through man pages, 'How To' websites, or source code comments - the only resource you need is right here. And you don't have to be a system administrator with hundreds of boxes to get something useful from this book as many of the hacks apply equally well to a single system or a home network. Compiled by experts, these hacks not only give you the step-by-step instructions necessary to implement the software, but they also provide the context to truly enable you to learn the technology. Topics include: authentication; Remote GUI connectivity; storage 做外匯 還簡單 元期權 期權交易 management; file sharing and synchronizing resources; security/lockdown instruction; log files and monitoring; troubleshooting; and system rescue, recovery, and repair. Whether they help you recover lost data, collect information from distributed clients, or synchronize administrative environments, the solutions found in "Linux Server Hacks, Volume Two" will simplify your life as a system administrator.