28 Mar 2017
N+1 Singer - Churchill China - An excellent set of 2016 results and more upgrades
The 2016 results are excellent with PBT growing by 28% vs our expectation of 22%. Strong export growth led the way with the keen focus on producing added value products continuing to be a key feature. This is reflected in ROCE rising by c.400bps to 20%. 2017 should further benefit from good export and new product development (NPD) momentum. We push through 4%/5% PBT upgrades and feel a premium P/E of 21.5x YR1 is merited on over-delivery/attractive growth considerations. The shares have re-rated ....
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N+1 Singer - Churchill China - An excellent set of 2016 results and more upgrades
Churchill China plc (CHH:LON) | 1,200 -120 (-0.8%) | Mkt Cap: 132.0m
- Published:
28 Mar 2017 -
Author:
Sahill Shan -
Pages:
6
The 2016 results are excellent with PBT growing by 28% vs our expectation of 22%. Strong export growth led the way with the keen focus on producing added value products continuing to be a key feature. This is reflected in ROCE rising by c.400bps to 20%. 2017 should further benefit from good export and new product development (NPD) momentum. We push through 4%/5% PBT upgrades and feel a premium P/E of 21.5x YR1 is merited on over-delivery/attractive growth considerations. The shares have re-rated ....