Changes and implications
We fine-tune our estimates following completion of the company’s privateplacement on July 13. We cut 2016E-20E EPS by 2.3%-4.9%, and our targetprice by 2.3% to Rmb68.61. We do not view these changes as material, andthere is no change to our investment thesis or rating.
Valuation
Our target price of Rmb68.61 is still based on an unchanged 39X P/Eapplied to 2020E EPS of Rmb2.39 (was Rmb2.45) and discounted back to2016E using an 8% sector COE.
Key risks: Lower-than-expected SuperTV/SuperPhone sales; higher-thanexpectedhardware and content cost.
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