招商证券*港股研究*十方控股(01831.HK)－盈利能力很强的都市媒体广告代理商*01831**余黄炎

报告名称：十方控股(01831.HK)－盈利能力很强的都市媒体广告代理商
研究员：余黄炎
报告类型：港股研究*公司报告
报告日期：20110420

行业/子行业：
公司名称及代码：十方控股(01831)
投资建议：买入

【内容摘要】

我们首次研究十方控股有限公司（"十方控股"）。十方控股是一家总部在福建省福州市的全国性的传媒公司。公司在中国8省的16个二、三线城市，开展报纸广告和电视广告业务。公司的盈利能力很强。不过，公司在实现良好盈利的同时，持续产生大额营运资本投入，实际上是较大程度上牺牲了现金流。从成长性看，我们认为，公司的盈利在2011－2013年可望达到不低于10%的复合增长率。我们按10倍目标PE，对公司的估值为HK$2.80，首次给予"买入"评级。

总部在福州、有跨地域业务网络的民营广告运营商 十方控股是一家总部在福建省福州市的全国性的传媒公司。公司在中国8省的16个二、三线城市，开展报纸广告和电视广告业务。公司目前拥有11家合作报纸，2家合作电视台。公司的大股东和控制人为陈志先生。

以利润规模而言，在传媒行业中已经属于比较可观 2010年，十方控股的净利润为1.61亿元人民币，在香港市场传媒行业上市公司中属于中上水平。总体而言，传媒行业的公司规模都较小，因此十方控股的业务在行业内已经算是具备了一定的规模和盈利能力。

资本开支小，但营运资本投入很大，自由现金流较差 十方控股的业务属于轻固定资产业务，资本开支小。但是，公司的应收款周转率低，并且需持续向合作媒体支付大额的预付款，这导致公司营运资本投入大，自由现金流差。

首次给予"买入"评级 我们预测2011－2013年公司净利润平均增速可达到10%左右，于是按10倍目标市盈率对公司估值，给予目标价HK$2.80，对比现价有20%多的潜在升幅。

ShiFang Holding is Chinese media company, providing a wide range of integrated print media and digital media services to advertisers from all industries. ShiFang Holding cooperates with newspapers in 16 cities across 8 provinces in China. The company has high profitability, but its business generates low free cash flows. We expect its average earnings growth in 2011-2013 would be around 10%. We set our target price at HK$2.80, representing 10x 2011E EPS. We initiate coverage with BUY rating.

A private nationwide media company in China. Headquartered in Fuzhou, Fujian Province, ShiFang Holding has a network of newspaper partners that spans more than 16 cities across 8 provinces in China. Its controller is its Chairman Mr. Chen Zhi.

Made net profit of RMB 161 million in 2010. The result proves that ShiFang Holding is a sizable media company in China. Its ROE in 2010 amounted to 23%, indicating that it has high profitability.

Huge working capital expenditure leads to low FCFF. ShiFang Holding operates a small scale of PPE, which means it has little capital expenditure. However, the company has huge working capital expenditure to maintain its business. Therefore, its FCFF is always low.

Initiate coverage with BUY rating. According to management guides, we expect its annual earnings growth in 2011-2013 would be around 10%. We set our target price at HK$2.80, representing 10x 2011E EPS. We initiate coverage with BUY rating.


【摘要结束】