股票短评：诺斯洛普·格拉曼公司

Editor : Eric Shu Tel : +852-2277-6678 e-mail : foreignstock@phillip.com.hk 一般風險披露聲明 本報告所載的資料只屬一般簡介，並不能作為專業法律、財務或其他意見或行事依據，亦不應被理解為購 入、出售或投資任何產品之建議、邀請、廣告、或引導。輝立證券集團("本公司")力求但不保證有關資料準 確或完整，客戶不應根據本報告或當中資料作出任何決定。本公司對本報告內資料所引致之任何損失或虧 損概不負任何責任。假如你對本風險披露聲明的內容有不明白或對投資產品未有足夠認識，請與本公司查 海外投資產品不受香港聯合交易所/其他香港監管機構監管，而此類產品亦不受賠償基金的保障。在其他司 法管轄的市場交易，或會涉及額外的風險(如政府政策的改變、稅務和政治發展等)。因此，你應瞭解買賣海 外投資產品的性質及風險，並就本身的投資經驗、風險狀況及其他相關因素，小心考慮自己是否適合參與 該等買賣。如有任何疑問，應咨詢專業意見。 投資涉及多種風險，包括市場、匯率、波動性、流動性、信貸/對手方、評級下降、監管及政治等。投資產 品價格可升可跌，並可能非常波動，會變成毫無價值，甚至被要求存入額外的保證金，而蒙受損失。投資 者作出任何投資決定前，應細閱各投資產品之銷售文件所載的條款及條件，瞭解該產品的風險、特性及限 制等是否適合其個人的財務狀況、投資目標及可承受之風險。本公司或其行政人員、董事、分析員或僱員 可在報告所述之公司擔任董事，並可能持有本報告所述投資產品，或可以委託人或代理人身份買賣此等產 品。本公司可不時為本報告所提及之公司，提供投資銀行或其他服務、或向其招攬投資銀行或其他業務。 本報告內的資料為本公司版權所有。在沒有本公司事前書面許可下，不可以部分地或全部地複製本文件。 證券及債券交易風險 潤，反而可能會招致損失。債券價格有時較為穩定，但發行人一旦違約，你可能導致損失全部本金及應收 諾斯洛普·格拉曼公司 (NOC) 市值: 約533 億美元 融資比率: 50% 評論: 諾斯洛普·格拉曼公司是一家全球安全公司，為全球政府和商業客戶提供服務。 航空航天系統（佔銷售額的40％）製造有人和無人軍用飛機以及激光武器系統。 任務系統部門（佔銷售額的35％）提供網絡化的戰鬥管理系統和斗連結防空和導彈防禦與陸地、空中和太空系統。 技術系統部門（佔銷售額的15％）提供軟件和系統維護、現代化、培訓和後勤支援。 創新系統部門（佔銷售額的10％）製造小至大口徑彈藥，高級火砲和導彈推進系統。 全球地緣政治緊張局勢加劇，使政府在航空航天和國防系統上的維持支出，諾斯洛普·格拉曼公司這行業的主要參與者受益。 部署: 買入價: 美元 310 目標價: 美元 380 止蝕價: 美元 270 Eurus ZHOU Research Analyst Pharmaceutical and Consumer (852) 2277 6515 euruszhou@phillip.com.hk Contact Information of Hong Kong Representatives Research Benny WANG Dealing Director (852) 2277 6720 bennywang@phillip.com.hk ZHANG Jing Research Analyst Transportation andAutomobiles (86) 2151699400-103 zhangjing@phillip.com.cn Terry LI Research Analyst TMT, Education and Finance (852) 2277 6527 terryli@phillip.com.hk Sales Tracy KU Research Analyst Retail and Property (852) 2277 6516 tracyku@phillip.com.hk Aric AU Yoshikazu SHIKITA Manager, Corporate & Institutional Sales Manager, International Sales (852) 2277 6783 (852) 2277 6624 corporatesales@phillip.com.hk yshikita@phillip.com.hk PHILLIP RESEARCH STOCK SELECTIONSYSTEMS Total Return Recommendation Rating Remarks > +20% Buy 1 >20% upsidefromthecurrentprice +5% to +20% Accumulate 2 +5% to+20% upsidefromthecurrentprice -5% to +5% Neutral 3 Trade within +/- 5% from the current price -5% to -20% Reduce 4 -5% to-20% downsidefromthecurrent price < -20% Sell 5 -20% downsidefromthecurrent price We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock’s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is distributed in Hong Kong by Phillip Securities (Hong Kong) Limited (“PSHK”), which is licensed in Hong Kong by the Securities and Futures Commission for regulated activities, including Type 4 regulated activity (advising on securities). This publication was originally prepared by analysts from our overseas affiliates. The information contained herein is based on sources that PSHK and its affiliates believe to be accurate and any analysis, forecasts, projections, expectations and opinions contained in this publication are based on such information and are expressions of belief only. This material is prepared for general circulation to clients and is not intended to provide tailored investment advice and does not take into account the individual financial situation and objectives of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of any investments or securities discussed or recommended in this report. This report is not (and should not be construed as) a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such business in that jurisdiction. This research report may not be redistributed, retransmitted or disclosed, in whole or in part or and any form or manner, without the express written consent of PSHK. Please direct any enquiries to foreignstock@phillip.com.hk. Investment involves risks. For details of product risks, please view the Risk Disclosures Statement on http://www.phiIlip.com.hk. PhillipCapital's Global Presence SINGAPORE Phillip Securities Pte Ltd HONG KONG Phillip Securities (HK) Ltd INDONESIA PT Phillip Securities Indonesia THAILAND Phillip Securities (Thailand) Public Company Limited UNITED KINGDOM King & Shaxson Capital Ltd AUSTRALIA Phillip Capital Australia MALAYSIA Phillip Capital Management Sdn Bhd JAPAN PhillipCapital Japan K.K. CHINA Phillip Financial Advisory (Shanghai) Co. Ltd FRANCE King & Shaxson Capital Ltd UNITED STATES Phillip Futures Inc.