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JPM raises Haier Electronics (01169) to HK$23
J.P. Morgan raised its target price for Haier Electronics Group (01169) to HK$23 from HK$22.6, and maintained its "overweight" rating.
  The research house expects Haier Electronics to deliver 13% y/y revenue growth in 2H 
(versus 25% y/y in 1H) given the normalized base in 4Q. While the raw material price trend
will likely remain a headwind in 2H, JPM still believes the company can deliver 10bps GPM
expansion during the period (similar to 1H) thanks to the continuing mix upgrade 
particularly in washing machines.
  It believes the ASP will continue to be the key growth driver to the washing machine and
water heater categories. JPM forecast EBIT and earnings in 2H to grow 18% y/y and 17% y/y
respectively. In FY2018, JPM expects EBIT to grow at 16% y/y.

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