Category: Money tips Release Date: 2006-10-31
Greatly improved transportation conditions, scenic Jiedai Liang is far from being saturated, and price increases on the negative impact of tourists is rather limited, making the future of Huangshan scenic spot of tourists will show a rapid growth momentum. The size of the next scenic tourists will appear in high-speed growth momentum. In 2007, the growth rate of tourist scenic spots in 2008 were 12.1% and 15.5%.
Merging two taxes have a significant impact on the performance of the company, while Huangshan Tourism can be said that the tourism industry, the biggest beneficiary. After estimation, merging two taxes will increase the performance of Huangshan Tourism in 2008 is about 12%.
Huangshan Tourism governance structures in recent years, significantly improved the management level and gradually improved and the risks of the release of accounting information, asset quality has improved, which will have a positive impact on the company's fundamentals, thus effectively enhance the company's valuation.
Tourist growth will become the future business park tickets for main engines of growth. We expect that the future business park tickets will continue to maintain steady and rapid growth. 2007-2008 Garden ticket revenue rose 16.6% year on year and 20.1%; main business profits year on year increase of 16.9% and 19.8%.
In the transport capacity expansion and price increases under the influence of factors such as expected in the future will appear in the passenger ropeway business growth momentum. Which ,2007-2008 passenger ropeway operating income growth were 42.8% and 28.9%; main business profit of the scale of growth were 44.9% and 30.8%.
Super monopoly and profitability will enable the next hotel accommodation for business performance will be substantially upgraded in 2007-2008 and hotel accommodation is expected revenue growth of 42.0%, respectively and 29.5%; main business profit growth of 48.4%, respectively and 29.5%.
We expect 2007,2008-year EPS were 0.37 yuan, 0.50 yuan, according to DCF, PE, PEG and other methods, the current valuation of Huangshan Tourism has reached a certain appeal, the next target price of 14.4-15.2 yuan from June to December. To maintain "overweight" rating.
