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Tabl e_Bas eInfo

Tabl e_Title

2016 01 20
002103.SZ


3.3
+3.3 1 19 -A
4739.65
BVI Geoswift Ltd100%
6 21.9
9 5426.70 12.4
2016-01-19 17.52
3.3 : Tabl e_Mar ketInfo

=1:1 1.02 22.85 / 3


16-18 2,900 5,345.67
3,900 4,900 29.14% 2,997.76
21.86% 305.12
171.11
12 13.90/45.08
Geoswift
Ltd 2010
Tab le_Ch art




224%

2014 727.93 192%


160%
15Q1-Q3 2897.80 15Q1-Q3 7837.98 128%
15Q1-Q3 78.43%43.47% 96%
64%
32%
0%
2015-01 2015-05 2015-09

Wind

% 1M 3M 12M
17.78 9.5 30.67

0.0 0.0 59.61
-A

SAC S1450515050001
liuzm@essence.com.cn
15-17 EPS 0.33 0.46 0.59 PE 53 38 021-68765076

30 -A
zhanglf2@essence.com.cn
021-68766135
Tab le_Report

() 2013 2014 2015E 2016E 2017E


848.3 907.4 1,534.0 1,827.4 2,136.9
16.8 9.3 101.1 140.5 180.0 2015-08-31
() 0.06 0.03 0.33 0.46 0.59
() 2.43 2.42 5.17 5.00 4.64
2015-07-31
2013 2014 2015E 2016E 2017E
() 318.2 575.6 52.7 37.9 29.6
() 7.2 7.2 3.4 3.5 3.8 2015-04-29
2.0% 1.0% 6.6% 7.7% 8.4%
2.3% 1.3% 6.4% 9.2% 12.8%
2015-04-10
0.2% 0.4% 2.1% 3.6% 5.4%
ROIC 0.3 0.0 1.1 0.9 1.1
Wind 2015-02-27

1

/

1.
+3.3 1 19
4739.65 BVI
Geoswift Ltd100% 9
5426.70 12.4
3.3 :=1:125%
25% 50%1.65 1.65
50%
1.02
22.85 /
3 29.14% 21.86%

2.
2.1.

Geoswift Ltd
2010


19 17
1 1
2015 148 91
61.94% 17

1



00014 2012-8-1


17 - -


GeoSwift Solution Limited 12-08-00745 2014-10-28
GeoSwift Payment
12-08-00746 2014-10-28
Technology

Geoswift US 550-MT-94095 2015-4-3


Geoswift US - 2013-12-15

Geoswift LtdGeoswift SolutionGeoswift Payment


2.2. 15



UberWorld FirstpeerTransfer



2015 1-9 16.61 Uber
15Q1-Q3 Uber 42% 7596

315 1-9 16.61


400 351
350 304
300 256
250 210 221
200
136
150
100 69 76
38
50
0


1%-5%
2-10

Spread Income


4

T+0
T+1

8 19
O2O OTA

5
T1 T1-B1 6



60 5,000 50
2,500

Transforex

/
ATM

2.3.

15Q1-Q3 43.47%2014 727.93 15Q1-Q3


2897.80 2599.48 306.84

-8.52 15Q1-Q3 7837.98 2014


15Q1-Q3 54.06%78.43%-45.31%43.47%

715 Q1-Q3 815 7800

20,000 18,084.75 10,000


18,000 7,837.98
16,000 8,000
14,000 6,000
12,000
10,000 4,000
8,000
6,000 4,490.85 2,000
4,000 2,657.46
2,000 0
0 -2,000
-1,696.43 -2,030.69
-4,000

2013 2014 2014

1800 1562.42
1600
1400
1200 1037.07
1000
800 364.30
600 339.17
400 306.84 282.83
107.41 -1.48
200 115.59 -10.11
-8.52
0
-200 -53.08

3.

2015 5586 CAGR 44%
4.44 CAGR 27%
2016 6.5


15 6
3.59 17.9%
2014 12 46.9%
53.7%

0.1% 10%

10 11

4.0 3.75 50% 4.00 3.59 60%


3.5 45% 3.50 3.04 50%
2.7 40% 3.00
3.0 2.6
35% 40%
2.5 2.09 30% 2.50
2.0 1.74 25% 2.00 30%
1.5 1.19 20% 1.50
20%
0.72 0.84 15%
1.0 1.00
14.2%10% 10%
0.5 8.6% 10.5% 0.50
7.4% 5%
4.0% 5.6% 5.9%
0.0 0% 0.00 0%




15 7 4000
10%
20 +






16-18
2,900 3,900 4,900
1.65


2013 2014 2015E 2016E 2017E 2013 2014 2015E 2016E 2017E
848.3 907.4 1,534.0 1,827.4 2,136.9
: 671.3 731.3 1,202.1 1,417.5 1,636.0 -18.5% 7.0% 69.0% 19.1% 16.9%
4.8 4.7 8.7 10.1 11.6 -67.1% -137.9% -2253.2 44.6% 42.4%
88.8 91.1 122.0 138.0 150.0 -54.1% -44.7% 988.1%% 39.0% 28.1%
69.3 76.0 96.0 111.0 123.0 EBITDA -25.9% -40.1% 284.2% 31.0% 32.4%
14.3 6.1 8.0 8.6 9.0 EBIT -45.8% -95.8% 9853.5% 42.0% 40.4%
0.1 5.1 3.6 2.9 3.9 NOPLAT -49.4% -96.3% 11895.4 58.3% 25.9%
: 2.2 -4.8 5.0 6.0 8.0 -2.5% 21.7% 93.0%
% 1.5% -4.7%
11.0 6.7 7.8 8.5 7.7 0.5% -0.4% 111.1% -3.1% -6.9%
13.0 -4.9 106.4 153.8 219.0
: 10.9 20.5 29.2 18.1 26.0
23.9 15.5 135.6 171.9 245.1 20.9% 19.4% 21.6% 22.4% 23.4%
: 7.0 5.9 33.9 29.0 61.3 1.5% -0.5% 6.9% 8.4% 10.3%
16.8 9.3 101.1 140.5 180.0 2.0% 1.0% 6.6% 7.7% 8.4%
EBITDA/ 8.2% 4.6% 10.4% 11.4% 13.0%
EBIT/ 3.2% 0.1% 7.5% 8.9% 10.7%
2013 2014 2015E 2016E 2017E
286.1 156.7 224.7 146.2 170.9 153 133 72 55 42
5.2 0.4 2.9 2.9 2.1 58 86 60 46 40
140.4 203.9 193.0 187.0 174.0 271 261 186 162 144
2.2 0.7 5.6 1.7 6.3 63 68 47 37 30
16.1 22.4 42.7 35.0 53.1 76 72 68 70 68
177.2 183.5 394.0 316.6 487.7 497 464 394 412 352
10.0 110.8 40.3 53.7 68.2 265 271 258 287 242
- - - - -
- - - - -
- - 800.0 800.0 800.0 ROE 2.3% 1.3% 6.4% 9.2% 12.8%
28.5 27.4 27.4 27.4 27.4 ROA 1.4% 0.8% 4.7% 7.1% 8.4%
356.5 316.1 294.0 260.8 235.4 ROIC 3.0% 0.1% 11.4% 9.4% 11.6%
23.8 32.2 32.2 32.2 32.2
108.4 100.7 117.4 123.8 113.7 10.5% 10.0% 8.0% 7.6% 7.0%
17.0 15.5 12.9 12.4 12.2 8.2% 8.4% 6.3% 6.1% 5.8%
1,171.3 1,170.1 2,187.0 1,999.6 2,183.3 1.7% 0.7% 0.5% 0.5% 0.4%
- - - 13.6 37.0 / 20.3% 19.1% 14.7% 14.1% 13.2%
119.6 124.3 267.6 208.6 334.2
42.8 41.9 120.7 66.8 142.2 35.8% 36.0% 27.7% 23.3% 34.6%
52.2 252.0 213.1 174.3 239.3 55.7% 56.2% 38.2% 30.5% 53.0%
200.0 - - - - 2.97 1.62 1.50 1.60 1.28
4.3 2.6 3.7 3.5 3.3 2.14 1.18 0.85 0.92 0.63
418.9 420.8 605.0 466.9 756.0 1.91 0.19 14.30 18.89 25.34
11.2 9.8 10.4 12.8 16.5
218.4 218.4 304.2 304.2 304.2 DPS() 0.04 0.07 0.37 0.63 0.95
524.9 523.2 1,267.3 1,215.7 1,106.5 65.0% 235.2% 110.0% 136.7% 160.6%
752.4 749.3 1,581.9 1,532.7 1,427.3 0.2% 0.4% 2.1% 3.6% 5.4%


2013 2014 2015E 2016E 2017E 2013 2014 2015E 2016E 2017E
16.9 9.7 101.1 140.5 180.0 EPS() 0.06 0.03 0.33 0.46 0.59
: 45.4 42.8 45.4 46.8 49.0 BVPS() 2.43 2.42 5.17 5.00 4.64
0.1 5.1 - - - PE(X) 318.2 575.6 52.7 37.9 29.6
-2.2 4.8 5.0 6.0 8.0 PB(X) 7.2 7.2 3.4 3.5 3.8
5.9 5.3 8.0 8.6 9.0 P/FCF 164.2 -43.0 -8.0 48.1 17.2
-11.0 -6.7 -7.8 -8.5 -7.7 P/S 6.3 5.9 3.5 2.9 2.5
0.1 0.4 0.6 2.4 3.8 EV/EBITDA 18.1 60.1 32.6 25.2 19.2
4.7 -152.7 99.2 -47.5 33.5 CAGR(%) 103.7% 167.0% 41.8% 103.7% 167.0%
68.4 0.8 251.4 148.3 275.6 PEG 3.1 3.4 1.3 0.4 0.2
-33.9 -115.4 -839.6 -17.4 -13.0 ROIC/WACC 0.3 0.0 1.1 0.9 1.1
-27.2 -21.3 656.2 -209.4 -237.8 REP 6.9 299.2 3.3 4.0 3.4
Wind

8

/



6 300 15%
6 300 5% 15%
6 300 -5% 5%
6 300 5% 15%
6 300 15%

A 6 300
B 6 300


Table_AuthorStatement




Tab le_Sales

021-68763563 houhx@essence.com.cn
021-68762965 xumin@essence.com.cn
021-68766287 mengsf@essence.com.cn
021-68766516 panyan@essence.com.cn
021-68765293 zhuxian@essence.com.cn
010-59113590 yuanchen@essence.com.cn
010-59113570 wenpeng@essence.com.cn
010-59113565 tianxh@essence.com.cn
010-59113567 wangqs@essence.com.cn
010-88888888 zhangying1@essence.com.cn
010-59113575 liqian1@essence.com.cn
010-59113563 zhourong@essence.com.cn
0755-82558073 huzhen@essence.com.cn
0755-82558044 fanhq@essence.com.cn
0755-82558045 menghl@essence.com.cn
0755-82821681 zhangqing2@essence.com.cn
0755-82821690 dengxin@essence.com.cn


Tabl e_Addr ess


2008 1 7
518026

158916
200123

5 B 19
100034

10