Category: Money Tips Date: 2005-12-28
January 22, 2007, Neusoft plans to be released listed as a whole, the core elements are:
Listed companies to swap the form of absorption of the Group to complete the overall market, swap ratio of 3.5 shares for every group shares of a listed company. Listed as a whole, the total share capital of 2.81 billion shares from 5.24 billion shares to expand.
Listed as a whole, the Neusoft continued commitment to keep the company in 2007 EPS 0.7 yuan.
Review In our view, the company's overall commitment to post-marketing in 2007 EPS 0.7 yuan, far beyond the market expectations. Because the company did not release 2006 financial data, we conclude that the strong growth on the one hand mainly from the rapid development of software outsourcing business, the other is the combined resource sharing and cost reduction effect.
Our previous report on the reference, the Group's business with high profitability (in 2005 net profit of 100 million Group's own business, accounting for 77% of the whole group) and high-growth (in 2005 net profit of the Group of its own, outsourcing contributed 60%, And this piece of outsourcing to maintain at least the next three years, more than 50% growth), so we think that the overall market will greatly enhance the company's future profitability and performance of long-term growth. For more information, please refer to our subsequent launch of a detailed report on the overall market.
.. Temporary investment advice to company promised 07EPS 0.7 Yuan, based on preliminary forecast 08EPS 0.99 yuan, the following assumptions:
07EPS, the outsourcing of 0.49 yuan, 08 is expected to 0.735 yuan, up 50%; other businesses 0.21 yuan, 08 is expected to 0.252 yuan, an increase of 20%.
We believe that China's software outsourcing company as the leading, is catching up with China's software outsourcing golden years, the future is likely to become China's Infosys, its outsourcing industry CAGR will be more than 40% -50% of the mean.
For this sustainable development, with a scarcity of the leading outsourcing companies, we give 07PE 50X, 08PE 40X. Within the next June to December, reasonable price in the 35 yuan ~ 39.6 million raised rating to "buy."
