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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
224%
30 -A
zhanglf2@essence.com.cn
021-68766135
Tab le_Report
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
2.2. 15
UberWorld FirstpeerTransfer
2015 1-9 16.61 Uber
15Q1-Q3 Uber 42% 7596
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.
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
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