Category: Money tips Release Date: 2006-09-14
Liugong excavator is the biggest bright spot in the future
Investment Rating: Buy
Rating agencies: CITIC Securities
CITIC Securities the latest research report points out that broad prospects for the development of domestic brand excavators, Liugong (000,528 market, information, reviews, search) has been vigorously developing the excavator business, domestic brands have been ranked first in sales in the next few years, years both the growth rate can be maintained at over 30%. In addition, the loader industry, steady growth, industry concentration, constant improvement is expected in 2007 loader industry in China will remain steady trend of growth, the growth rate at over 10%. Market share of dominant enterprises to focus on is the general trend is irreversible. LIUGONG yes loader industry leader, the future growth rate will exceed the industry average, expected sales in the next few years Liugong loaders are expected to remain at around 15% more than the industry average.
Excavator is the growth of future performance LIUGONG the biggest bright spot. As the loader and excavator sales in 2006 exceeded the original expectations, thereby increasing Liugong 2006 ~ 2008 earnings per share forecast to 0.82 yuan, 1.02 yuan and 1.21 yuan, respectively, dynamic price-earnings ratio of 23 times, 19 times and 16 times. Consider the company's R & D capability, industry position and market in the current valuation levels, the company at a reasonable price of 25.5 yuan to 30.6 yuan, the current stock price is still low by maintaining a "buy" investment rating.
Shares of face value of the leading branded channels revaluation
Investment Rating: caution recommended
Rating agencies: Guoxin Securities
Leading shares (600.63 thousand quotes, information, reviews, Search) heavy volume yesterday, rising to daily limit to close at the end. Guoxin Securities the latest research report, leading shares (600.63 thousand quotes, information, reviews, search) short-term investment value of the spin-off and thus the release of non-core business risks and internal integration is expected to enhance the brand value of the revaluation. With the new products to market, the company entered a new valuation of the progressive vision. Guoxin Securities, taking into account the leading shares accelerated asset stripping, which confirmed earlier losses, decided to reduce the 2006,2007-year earnings per share to 0.07 yuan and 0.15 yuan. Consider management improvements brought about by performance improvement, leading the fair value of shares at 4.8 yuan, Guoxin Securities and to maintain the stock is "cautious recommendation" investment rating.
Well-being of the company spin-off printing and dyeing, selling real estate that never sleeps, the transfer Shanghai leading pharmaceutical companies, 50% of the equity out of Shanghai Dong Fang Daily Chemical Sales Company 40% stake, as well as relocation compensation of land, plant leasing, indicating inefficient disposal of assets are increasing efforts to to improve the profitability of assets. After a series of spin-off, the company will greatly enhance the efficiency of asset utilization. Companies should continue to increase its marketing network integration efforts, and ultimately increase profitability.
S SUFOMA resumption after Bacheng up space
Investment Rating: overweight
Rating agencies: Hai Tong Securities S SUFOMA (600.29 thousand quotes, information, reviews, Search) yesterday announced the share reform program of the price of the program as "asset replacement + Major Holders arranged + price of additional pairs of commitment." Assets, replacing Hua Yi Electrical Appliance Group, China Instrument Technology with its 90% stake in Chinese wind instrument with the SUFOMA 100% stake in the forestry machinery replacement assets. Replacement is completed, the company main business changed to high voltage electrical equipment and wind turbine manufacturing, the company referred to changed to "China Electrical Instrument." Major Holders of 10 shares of the program to send a share, while the company promised: If 2007 earnings results less than 0.4 yuan per share, then an additional Major Holders: get two shares for every 10 shares. Stock February 1, 2007 stock to resume trading.
Hai Tong Securities said the shares of the domestic wind power first SUFOMA, has basically mastered the 750KW fan manufacturing technology. Is now actively developing 1.5 MW doubly-fed fan, is expected by the end of 2007 to the successful development of 2008 put into mass production. Cultivate future fans a massive market, while actively cultivating fan parts suppliers to address the parts supply shortage.
Chairman Chen Daorong focus on hiring talented people hope that through equity incentives to water down the family business color, to attract outside talent. Its unique management style of top management, recognition. In April 2007 the company will be 18 sets 750KW fan installation, the company will be a turning point in the primary industry, investors pay close attention.
Hai Tong Securities expects the company in 2006 and 2008 earnings per share were 0.03 yuan, 0.74 yuan, 1.10 yuan, target price of 24.98 yuan, giving SUFOMA "buy" investment rating.
China Shipping Development the new contract does not affect the performance of the last three years
Investment rating: Advantages -2
Rating agencies: Everbright Securities
China Shipping Development (600,026 market, information, reviews, search), said yesterday's announcement, the company on January 26 with the bulk iron ore Baosteel signed a contract package shipped. Domestic coastal iron ore transportation: contract since April 1, 2007 until March 31, 2010 only, shipments of 6 million tons / year; international import iron ore transportation: contract since the beginning of 2010, a period of 15 years . Controlled by the company of large ore ships, transported to voyage-way rentals. A contract of services between Australian ports to Chinese ports, the contract on the basis of freight tariff in the baseline linkage with oil prices.
Everbright Securities are expected, with Baosteel coastal iron ore transportation, contributions to the company's profit growth of about 3.5%, but the contract starting in 2010, the company's profit does not affect the next three years. Everbright Securities and China Shipping Development to increase slightly in 2007 and 2008 profit forecast to 0.90 yuan and 0.99. China Shipping Development in 2006 and 2008, respectively dynamic price-earnings ratio of 16.2 times, 14.4 times and 13.1 times, 15 times the 2008 price-earnings ratio basis, the stock is still 15% of the increase in space, Everbright Securities to maintain the company's "advantage -2" investment rating, hold onto it.
