Citi Notes Hollysys Automation Technologies are Developing on Track

Citi has published a research report on Hollysys Automation Technologies'

progress in business, including DCS, PLC, Railway and Concord. According to Citi, “On industrial automation, particularly DCS, the company is gaining market share domestically. In 2011 the company took 50% market share in 300MW power plant demand and 30% in 600MW. Domestically, western China demand is stronger than eastern, and some industries such as downstream chemical, waste processing, new energy have seen better growth than other industries such as thermo power. Going forward, the company believes growth will not only come from market share gain, but also from moving towards total solution, as well as system upgrade service.” Citi maintains its Buy rating and $13.60 PT on Hollysys Automation Technologies, which closed yesterday at $9.81.