20150527-银河国际-中国擎天软件-Management remains upbeat on outlook. Maintain BUY.pdfVIP

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20150527-银河国际-中国擎天软件-Management remains upbeat on outlook. Maintain BUY.pdf

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May 27, 2015 Sinosoft Technology Group [1297.HK] Management remains upbeat on outlook. Maintain BUY TMT Sector -Software The HK-listed IT sector has been undergoing a re-rating process due to supportive policy by China government and strong share price performance of A-share peers. Among the HK-listed IT names, we still like Sinosoft Technology Group (Sinosoft) and we maintain the view that there BUY are multiple catalysts for the stock going forward including: i) more cooperation with Alibaba (BABA US, NR), ii) potential for Sinosoft to win the contract for China’s value-added tax (VAT) refund system, iii) more favourable policies on environmental protection and carbon emission Close: HK$7.30 (May 26, 2015) control and iv) potential MA opportunity. Sinosoft should deliver solid earnings growth of 30%/28.0% in 2015E/2016E . We believe the current valuation of 34.5x 2015E still looks reason- Target Price: HK$8.67 (+18.7%) able comparing its peers despite recent share price rally. Potential co-operation with Alibaba should offer upside potential. Maintain BUY with a new target price of HK$8.67 (based on 41x 2015E PER, higher than historical average but still discount to it’s A-share listed peers). Share Price Performance Investment Highlights (HK$)