Han's Laser Technology Industry Group Co Ltd Class A

002008: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥38.79	Gnydg	Dpjnjcbf

Han’s Laser FVE Cut to CNY 44 on Slow PCB Equipment Sales; EVs and Semiconductors Are Bright Spots

Phelix Lee

Aug 19, 2022

We cut our Fair Value Estimate on Han’s Laser to CNY 44, corresponding to 19 times 2023 P/E, after reducing our 2022-26 revenue and EPS estimates by 16% and 17%, respectively, on average. This is a result of more cautious expectations in consumer electronics and printed circuit board, or PCB, related equipment. Even after plunging 9% on Friday during China trading hours, we still regard Han’s Laser as undervalued and foresee tangible government support, revigorated consumer electronics demand, and continued localization to push the share price higher.

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