Hikvision Stock Buyback Analyzed

By John Honovich, Published Sep 16, 2022, 10:47am EDT (Research)

**** *********'* ***** ********* ****** **% in *** **** ****, ********* *** announced * ***** ******* **** ** instill ********** ** *** *********.

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*******, *** ****** ** ***** ***** bought **** ** ********** ***. ****** this ****, ** ******* *** ****, Hikvision's **********, *** ********* *******, *** the ******* *** *********'* ***** ****** deepening ********** ** *** ***'* *******.

Buyback *****

** ********* **, ****, ****************** ** * ******** ********* ******(*** ******* ******-**** ***********) **** **** **** ** ********** up ** *.* ******* *** ** shares (~$*** ******* ***) **** *** next ** ****.

** ********, *********'* ******* ****** ************** is ~$** *******, ***** ***** ****, at ****, ********* **** ** ********* ~0.1% ** *** ******. **** ********* is ***** **** **** */**** ** its **** ** *** ******* ***** (~$5 ******* ***) ** ** **** (*** **** ********* ********** - ******* version).

** ****, **** ** **** **** of * ********* ****** ** *** market **** ** ** * ******** portion ** *********'* ******* ****** **************.

********* **** *** ** ** ** RMB *** ***** ** ******** ** its ******* ****** ***** ** ~** RMB, ******* **% ***** **** **** Hikvision ** ******* ** *** *** its ******. *******, ** ** ******** that ********* **** **** ** *** anywhere ***** ** ** *** ***** the ***** ***** ** ** *** lower **** **.

******, ** *** ***** *** ** trading ***** *** ************ *** ****, the ***** ***** ********* **** **** 3% ***** ******* **** ********* **** not ************* ******* ***** ******* ** Hikvision.

Last **** ***** *******

** *** **** ****, *********'* ***** is **** ****** **% **** ~** to ~** ***:

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******, *********'* ***** ** ******* *** less ***** **** ** *** * years *** **** ** ****:

IPVM Image

*** *******, *********'* ******* ******* ******* 2017 *** **** **** ~$*.* ******* USD ** ~$**.* ******* *** (*** a **** ** **.*%).

Valuation *******

*****, ********* *** * *****-**-***** ***** of *.** (*.*., * ****** ************** of $** ******* ****** **** ******* of ~$**.* *******) *** * *****-**-******** ratio ** **.** (*.*., * ****** capitalization ** $** ******* ****** **** net ****** ** ~$*.* *******).

** ********, * ***** ***, ********* had * *****-**-***** ***** ** *.** (i.e., * ****** ************** ** $** billion ****** **** ******* ** ~$*.* billion) *** * *****-**-******** ***** ** 33.8x (*.*., * ****** ************** ** $45 ******* ****** **** *** ****** of ~$*.* *******).

**** * ****** ********* ***********, *********'* current */* ***** ** **.** ** reasonable *** * ******** ******* **** a *********** ***** ** ******** ******* and **** *** ****** ** ******* Hikvision ** **** ******* ************* ** keep **** * *********. *** *******, Alphabet (*.*., ******) ****** ** * similar */* *****. ***** ****** ** a ***** ***** */* ***** **** Hikvision, ***** ** ~*** (~$* ******* market ********* ** $*** ******* **** net ******).

Future *** *********

*** ****** *** *** *** *** Hikvision ** *** **** *********** ***** in **** **** ** *** ** 2017. *** *******, ********* **** / competitor ****** ******* *** ******** ******** urged"********* ** ******* *** **** **** ahead *** ***** ** ****** *** sales." *** ******** **** *** ***, COVID *********, *** ******** ***** *** domestic ******* ****** *** ***** *** more ******* ** *** *** *** Hikvision.

****, ********* *** ****** ** ***** that ******* ****** ** *************** **** challenging. **** ** * **** *** all ****-********* ******* ** ** ********* or ****** ** **** / ********.

*******, *** ************ *** *********, ********* is ** **** ** ******* ********* from *** ** **********, ***** ********* ***** ******** ** *** 2022. ** ***** ********* **** ********, the ********* ************* ***** ** ******, but ** ** ******* ******* ** when *** ** ********** ***** ***** them. ** **** ***, **** ***** certainly **** * ******** ****** ** the ***** *****.

Outlook *** *****

********* *** *** ******* **** *** enter * *********** ********* *** **** the ** ********** ******* ******** *********, Hikvision's ******* ***** ***** ** ********** reasonable.

*******, ** ****** ** ***** ********** occurs (***** *** ******* ******** ****** not *******), ********* ***** ****** ******** risk ** *** ***** *****.

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