Working languages: Japanese to EnglishChinese to EnglishChinese to French Japanese to FrenchRussian to FrenchRussian to English
|  Pierrick Jaouen, CFA
CN & JP Financial Translator
Vietnam Local time: 20:01 ICT (GMT+7)
Native in: English  , French | | |
Translation of Investment Research Reports, Business Contracts and other financial and business documents | | Freelancer | | Translation, Editing/proofreading, Website localization, Subtitling, Training | | Specializes in: | | Investment / Securities | Finance (general) | | Business/Commerce (general) | Economics | | Marketing / Market Research | Accounting | | Certificates, Diplomas, Licenses, CVs |
| Also works in: | | Other | International Org/Dev/Coop | | Poetry & Literature | Religion | | Law: Taxation & Customs | Slang | | Food & Dairy | Energy / Power Generation | | Names (personal, company) | Archaeology | | Internet, e-Commerce | Real Estate | | Media / Multimedia | Government / Politics | | History | Advertising / Public Relations | | Games / Video Games / Gaming / Casino | Education / Pedagogy | | Journalism | General / Conversation / Greetings / Letters | | Telecom(munications) | Military / Defense | | Ships, Sailing, Maritime | Social Science, Sociology, Ethics, etc. | | Tourism & Travel | Transport / Transportation / Shipping | | Idioms / Maxims / Sayings | Anthropology |
More Less | | PRO-level points: 128, Questions answered: 94, Questions asked: 2 | | Wire transfer, Visa, PayPal | Sample translations submitted: 3 Chinese to English: Equity research report
General field: Bus/Financial
Detailed field: Investment / Securities | Source text - Chinese
投资主题
我们启动对上实控股（Shanghai Industrial，简称 SIHL）的研究，首次覆盖给予“买入”评级和37.30港元的目标价。上实控股并非纯地产股，但对于中国房地产市场将面临进一步调控的预期令该股和其他国内地产股一起承压。
但是，我们认为目前的深度折让是没有理由的：1)该公司的地产业务目前估值较我们的净资产值预估值折让50%，而相比之下，瑞银覆盖的国内地产开发商平均折让34%。在这种情况下，我们认为其股价已经反映了进一步政策变化的风险。在上实城开集团（SIUD）料将扭亏为盈的情况下，再加上今年对上海实业发展股份有限公司（SID）的整合，我们预计折让将收窄；2)具有防御性的基建业务（收费公路和水务）及消费品业务（烟草及印刷）占到我们对上实控股净资产值预估的43%，而且这些业务还在增长。我们预计这些业务的价值将会通过内生方式实现增长，尤其是水务业务：今年一些地方政府将水费上调了30%-50%以鼓励高效用水；3)上实控股正伺机通过收购来实现基建设施和消费品业务部门的增长。我们预计该公司强健的资产负债表和流动性状况能支持约150亿港元的收购预算 （大概相当于目前市值的50%）。政府支持及良好的过往记录也意味着收购对于上实控股而言能起到增值作用。
有几项潜在催化剂显现，在这种情况下，我们认为该股面临下行风险有限、上行潜能较大。我们认为，近期股价走软代表着颇有吸引力的买入良机。
主要催化剂
我们认为上实控股的潜在催化剂有以下几项：1) 上实城开集团扭亏为盈（可望在未来3-6个月发生）；2）宣布为徐家汇及啤酒城项目成立合资企业（未来3-6个月）；3)来自母公司的资产注入--崇明岛（未来12-18个月）；4）作为国企资产重组的一部分，自其他上海国企手中收购土地储备（未来12-18个月），以及以公允价值收购基建资产（未来6-12个月）。
风险
我们认为，我们的估值面临的风险包括：中国经济陷入低迷，这可能导致房地产业务量价（ASPs）齐跌、收费公路业务的车流量下降、包装印刷业务的需求下滑。我们认为，具有防御性的水务及烟草业务会部分抵消上述风险。政府政策发生不利变化--比如信贷紧缩--及对房地产市场的进一步调控也可能给房地产及消费者需求带来负面影响。
估值及目标价的推导
我们基于部分加总法的净资产值预估为49.70港元/股。对此我们给予了25%的综合企业折让，得出37.30港元的目标价。我们的目标价对应13.1倍的2011年预期市盈率、10.5倍的2012年预期市盈率及1.3倍的2011和2012年市净率。
瑞银预测与市场预期对比
彭博的数据显示，有九家券商给予上实控股“买入”评级、一家给予其“中性”评级，但市场盈利预期差别非常大。我们对2011年的每股收益预测比市场预期低4%，2012年的预测比市场高1%，2013年的预期比市场高5%。
多空情景分析
根据我们的敏感性分析，即便是在偏空情景下，上实控股的公允价值也在33.20港元/股，比当前股价高21%。我们认为当前股价反映了市场对于该公司过于谨慎的看法。
| Translation - English
Investment theme
We initiate coverage of SIHL with a “Buy” recommendation and a target price of HKD 37.30. Though SIHL is not a pure real estate stock, the upcoming policy tightening for the Chinese real estate market will exert pressure both on this stock and on domestic real estate stocks.
However, we feel that the deep discount in price is unwarranted:
1) the company’s real estate business is presently valued at less than 50% of our estimate of the value of net assets, while on average the domestic real estate stocks covered by UBS are undervalued by a mere 34%.
Under such circumstances, we feel that the risk of an upcoming policy tightening is already reflected in the stock price. Accounting for the expectation that SIUD results should turn to black and the merger of SID, we forecast that the price discount should narrow;
2) Defensive sectors such as infrastructure-related activities (toll roads and water business) and consumer goods activities (tobacco and printing) constitute about 43% of our estimate of the value of company’s net assets, and those activities continue to grow.
We forecast that the value of those businesses will increase by organic growth.
Furthermore, some local authorities will raise the price of water by 30 to 50% this year in order to promote a more efficient use of water;
3) SIHL is currently increasing the size of its infrastructure and consumer goods businesses through acquisitions. We forecast that this company’s strong balance sheet and the amount of its liquid assets will enable a HKD 15 billion acquisition budget (roughly equivalent to 50% of SIHL current market value). Government support and a good track record also mean that SIHL stock should go up.
Some potential catalysts are emerging, therefore we feel that downside risk is limited while there is significant upside potential. We feel that the recent weakness in price represents a very attractive opportunity to buy the stock.
Main catalysts
We see the following catalysts for SIHL:
1) SIUD’s results turning into black (expected in the next 3 to 6 months)
2) Announcement of joint ventures with Xujiahui Mall and Beer City (next 3 to 6 months)
3) Capital infusion from the mother company for Chong Ming Dao (next 12 to 18 months)
4) Taking advantage of the restructuring of state-owned assets, acquisition of land banks from state-owned enterprises in Shanghai (next 12 to 18 months), and fair-value acquisition of infrastructure assets (next 6 to 12 months).
Risks
We think that the risks faced by our analysis include: A recession in the Chinese economy which could lead to a tumbling of real estate prices, a fall in traffic on toll roads, a fall in demand for the packaging and printing businesses. We think that the defensive nature of the water and tobacco businesses could partially mitigate the forementioned risks. Adverse changes in government policy - such as a credit crunch - and further regulation of the real estate market, may also have a negative impact on consumer demand.
Derivation of estimated price and target price
Using the sum of parts valuation method we estimate the per share value of net assets at HKD 49.70. We discount this figure by 25% and obtain our HKD 37.30 target price. Our target price represents 13.1 times 2011 expected Price Earnings Ratio, 10.5 times 2012 expected PER and 1.3 times the Price Book ratio for 2011 and 2012.
Comparison of UBS forecast with market expectations
As per Bloomberg’s data, 9 securities companies issued a “Buy” recommendation, and 1 issued a “Hold” recommendation, but discrepancies in the earnings estimates are huge. Our profits per share estimate for 2011 is 4% lower than the market’s estimate, while it is 1% higher for 2012, and 5% higher for 2013.
Multi-horizon scenario analysis
According to our sensitivity analysis, even in the bearish scenario, the fair price for SIHL’s stock is HKD 33.20, which is 21% higher than the current price.
We think that the current price reflects the overly cautious stance of the market toward this stock.
| Japanese to English: Equity research report
General field: Bus/Financial
Detailed field: Investment / Securities | Source text - Japanese
同社の投資判断を「Buy」、目標株価を44.0万円で新規カバーを開始する。
09年3月期の業績はインターネット接続サービスやシステムインテグレーションなど既存事業の好調が続くものの、新規事業への先行投資負担から売上高は前年同期比16.6%増と二けた増ながら、営業利益は同6.2%増、EBITDAも同6.3%増にとどまるとABC 証券では予想している。
ただし、10年3月期以降は新規事業が回収期に入るため、利益率が改善すると予想する。この結果、今後3年間のEBITDA成長率は15.7%に達すると予想する。
同社の業績の成長ドライバーは三つ。
法人市場においては企業のシステムが「専用線＋カスタマイズされた専用アプリケーション」から「インターネット＋カスタマイズ可能なパッケージソフト」へシフトするにあたりIPを使った通信技術について、高度なノウハウを持つ同社が恩恵を受けると予想する。
個人市場においてはインターネット経由の映像コンテンツの視聴が拡大を続けている。同社の場合、サービスプロバイダーからの契約帯域の拡大という恩恵を受けるだけでなく、アクトビラを通じて視聴料の一部を受け取るなど新しいビジネスにつながっていこう。加えて、ハイホーを買収したことにより、消費者にセキュリティ・ソリューションを販売することも可能となった。
このほかにもIIJモバイル、オンデマンド･ソリューション、トラスト･ネットワークスなど新規事業が立ち上がりつつある。より付加価値の高いサービスの幅が広がることで、長期的な成長ポテンシャルは高まると考える。
| Translation - English
We initiate coverage for this company with a "Buy" recommendation and a JPY 440,000 target price.
For the 2008 Japanese fiscal year, we will continue to see strong performance of established businesses such as internet connection services and system integration, with sales registering a double-digit YoY increase of 16.6%, yet we also expect operating profit to increase by a mere 6.2% and EBITDA by a similarly meager 6.3% due to the burden of investments directed toward new businesses.
However, starting from the 2010 Japanese fiscal year, the profit margin is expected to improve as new businesses will start entering their reaping phase. As a result, we expect EBITDA to grow at 15.7% over each of the three years thereafter.
Three factors drive the company's earnings growth.
- In the corporate market, we expect the company to benefit from its expertise in IP-based telecommunication technology, as company systems shift from "dedicated line customized applications" to "internet customizable software package".
- In the individual market, the audience for video content via the internet is continuing to expand.
This company will not only benefit from the enlargement of the contract perimeter from the service provider, but it will also receive additional business by getting a portion of the viewing fees obtained through acTVila. Moreover, following the acquisition of HAIHO, it has also become possible to sell security solutions to the customers.
- In addition, new businesses such as IIJ Mobile, On-demand Solution, Trust Networks etc.. continue to be launched.
We think that the long-term growth potential is increasing in phase with the expansion of the perimeter of higher value-added services.
| Japanese to English: Fund management company presentation
General field: Bus/Financial
Detailed field: Finance (general) | Source text - Japanese
当社の資産運用プラットフォーム全体で、より高いリターンを確保するための数多くの戦略がとられてきました。こうした戦略をどのような形で適用するかは、ファンド、市場、機会により様々です。
* 該当市場の徹底的な調査を行い、平均を上回るリターンの見込みが最も高い機会を特定します
* オフショア取引では現地の専門機関と連携します
* 不動産収益・資産価値を最大化、強化するため、積極的な資産運用を行います
* リターン向上につながる革新的な金融ストラクチャーを採用します
* より高い収益を確実に投資家に還元するため、慎重なリスク管理戦略を適用します
* 成熟資産については有利な市場環境で売却し、売却益をさらに高いリターンが見込める機会に再投資します
* 開発ファンドでは現地の開発会社と提携します
* 世界の主要市場で不動産に投資する多様な資金源を引きつけ、運用することを目指します
ストラクチャード・ファイナンス
当社のReal Estate Structured Finance部門は、お客様本位のサービスを提供しており、リスクの分散と利益の分配が可能なストラクチャーを構築し、不動産を原資産とした債券・株式発行の機会を創出しています。当事業部門では、不動産の取得、転用、開発、長期投資に携わるお客様を対象とする投資、(債券および株式発行による) 資金調達をお手伝いしています。当部門では、アメリカ、イギリス、香港にある支店を通して国際的な事業の拡大を図っています
| Translation - English
All our company’s asset management platforms implement a broad array of strategies in order to maximize returns. Those strategies are applied in varying forms, in view of the specific fund, market situation and prevailing opportunities.
* An exhaustive investigation of the relevant markets is conducted and opportunities with the highest likelihood of above average returns are selected.
* Offshore transactions are executed in cooperation with offshore local institutions.
* A proactive asset management stance is taken so as to maximize both profitability and value of real estate assets.
* An innovative, return enhancing financial structure is applied.
* A conservative risk management strategy is adopted, so as to ensure that investors effectively receive the higher profits realized.
* A favorable market environment is selected to sell assets which have reached maturity, so as to reinvest the proceeds in investment opportunities offering comparatively higher expected returns.
* The Development Fund will partner with overseas local development companies.
* We aim to attract and manage various funding sources with the purpose of investing in real estate assets in the major world markets.
Structured Finance
Our company’s Real Estate Structured Finance department provides customer-oriented services, offering a structure which enables both risk diversification and profit distribution, and creating the opportunity to issue real estate related debt and equity.
The department assists in raising funds by way of debt and equity issuance for our clients involved in real estate acquisition, conversion, development and long term investments. The department is planning to further expand its activity through our branch offices in the United States, United Kingdom and Hong Kong.
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More Less | | Master's degree - Fudan University | | Years of translation experience: 12. Registered at ProZ.com: Jul 2008. | | N/A | Japanese to English (JLPT (Japanese Language Proficiency Test) Level 1 )
Chinese to English (HSK (Chinese Proficiency Test / 汉语水平考试)
Chinese to French (HSK (Chinese Proficiency Test / 汉语水平考试)
Japanese to French (JLPT (Japanese Language Proficiency Test) Level 1 )
| | N/A | | Adobe Acrobat, Microsoft Word, Powerpoint | | CV available upon request | | Pierrick Jaouen, CFA endorses ProZ.com's Professional Guidelines. | | About me
Your Financial and Business Translation Specialist
财经和商务翻译专家 - 金融とビジネス翻訳の専門家
With a solid academic and professional background in finance, Chinese, Japanese, an excellent knowledge of financial terms and the precise concepts they cover, I specialize in high quality translations of financial and business documents (investment research reports, business contracts..) from Chinese and Japanese sources.
As I am based in Vietnam, European clients can benefit from the 5 to 7-hour time difference, North/South American clients from the 12 to 15-hour time difference.
SALIENT TRAITS
- Strong work ethics
- Flexible, positive attitude
- Analytically-minded, attention for detail
- Broad international culture
- Superior language and presentation skills
RECENT PROJECTS
- Equity research report (CN)
- Equity research report (JP)
- Fund management company presentation (JP)
- Business contract (CN)
- Business letter (CN)
- Transcript of a phone conversation (JP)
EDUCATION & CERTIFICATIONS
- CFA Institute, Chartered Financial Analyst
- JLPT (Japanese Language Proficiency Test - 日本語能力試験) Level 1
- HSK (Chinese Proficiency Test - 汉语水平考试) Level 5
- ESCP Europe Business School, Master in Management (1989)
- Fudan University, Chinese Language (2000)
- Osaka University, Faculty of Economics (1987)
- Gubkin Russian State University of Oil & Gas, Russian Language (1986)
I have lived, studied and worked in Japan for 7 years, in China for 4 years.
PROFESSIONAL ASSOCIATIONS AND MEMBERSHIPS
CFA Society of Sydney
USEFUL LINKS
• Translation: Getting it Right
• Traduction: Faire les bons choix
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