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Data:2009-12-12 2:34
Source: Luo Lu Shi Galaxy Securities
The current broad market, as high-speed trains running on the same, due to start from March 5 that it had been a small yang way Manniu not adjusted upward, as if driving at high speed on the road too long need to take a break, thus overbought technical indicators like the broader market, the same may be adjusted at any time. But inertia, it is still move on. While the broader market, many people want to adjust, but many investors are afraid to adjust, it is ambivalence, tape disk every day the past two days diving emergency occurs, but at the near misses. So, how should we face the bull market on the high-speed trains running on it?
Tape will be mobilized at any time, it is quite normal, high-speed trains will be running on inertia, we do not know when it actually stopped, but not easily made by the bull market top, there are still a lot of stocks every day in the crazy, missed another pity , then how should we operate it? Our proposal is Qiuwen operation, to adopt a defensive counter-strategies, rational investment, for example, we have recently rational analysis and recommended funds and blue-chip stocks, such as grasping a few more days against a good performance. Of course, we are ready to run at high speed on the road to beware of the brakes is especially important to beware of the risk of individual stocks, since mid to late into the four topics that the performance of the risk of stocks are likely to explode at any time, so for the unpublished results of individual stocks, if not sure , it is best not to touch, relatively speaking, is to choose the best performance of the White Horse has been published shares particular, we are optimistic about Shanghai and Shenzhen 300 constituent stocks in the blue-chip blue-chip white horse, because it is on the one hand are not afraid of "land mines", the other hand, the future introduction of stock index futures are also good for them. As for the industry, we suggest that concern about the recent appreciation of the serious lag, low parity highway section.
Disk, the recent active-degree plate transport facilities improved significantly, ports, airports, highway signs of incremental capital inflow is very obvious. Rotation in the market for blue-chip plate against the backdrop of speculation, the market of such hot spots are gradually highway valuation "hollow" conversion. Yang received a continuous tape, short-term adjustment pressures become increasingly evident, but has always been considered a safe haven of the highway funds is obviously an ideal choice for big money recently.
Because from the industry to analyze the macroeconomic environment continues to improve support for the industry. There are two sets of data can be powerful evidence: First, China will be completed by the end of 2007, "five vertical and seven horizontal" National Trunk Highway System as the last 2385 kilometers of the construction tasks. By 2010, the western region will shape the Middle East, "East Network - in conjunction - the West Link" high-speed networks, are increasingly visible effects of road network will become the highway the key drivers of performance of rapid growth. 2, automobile production and sales maintained a rapid growth in 2007 made a good start, all kinds of automobile sales in January reached 761.9 thousand and 717.1 thousand, respectively, year on year growth of 45.03% and 34.27%. The prevalence of weight fees, and the growing number of heavy trucks will greatly enhance the speed performance of the company.
Highway plate-rich investment themes: abundant cash flow, gross profit rich and stable. As the highway toll is almost all cash income, the basic will not form bad debts. The public nature of the industry, the regional monopoly characteristics, makes the highway between 60-80% gross profit margin commonly used in, and with the continued growth of traffic volume, gross margin was stable or increases instead of falling asset quality generally good. In addition, the past six months oil prices hovering low, so that the company traffic volume growth in toll revenues to rise further to become a reality.
After a broad market, after rising and moving dynamic price-earnings ratio shows the current highway unit still has a certain amount of investment in safety margin, can weight charges, asset injection, the new completion and cost control as the main line of bargain-hunting interest to intervene. One Shengao Su (600,548) in relation to deserve our focus, the company in May 2006 ranked high salt and opened to traffic in 2007, the year included charges; second half of 2007, Guangzhou will be completed Western Ring opening; In addition, South-ray high-speed projects, Qinglian high-speed highway reconstruction project would be held for completion in 2008. These projects will be the company's future performance and an important guarantee for continued growth. Analysts expect the Qing even if high-speed operation in the fourth quarter of 2008, then 2009 will be only the item on the company's contribution to net profit of 4.6 billion yuan, an increase of about 0.21 yuan per share. From the 2006 Annual Report of view, Shen Gaosu traffic flow to maintain a rapid growth, the main business revenue reached 1.192 billion yuan, an increase of 30.77%, net profit of 559 million yuan, an increase of 15.3%, reaching 559 million yuan. Good prospects for development, attracting a large number of them stationed in strength of body. 2006 Annual Report showed that 8 A shares to institutional investors holding 6353 shares of total (the last issue of 5124 shares), of which QFII-Bank of Nova Scotia still hold 352 shares, new entrants, when Bo's Fund for a total of 2 holding 1621 shares, the two brokers were holding 797 shares, 102,103 social security portfolio holdings slightly. The Unit is currently with the ideal capacity price in the entire section as a whole is poised to force phase of the hair, the stock market outlook is expected to accelerate to the upside.
