129834110994483750_25Editor's Note: the fourth session of the Forum will be held in mid-June in Fujian in the Straits. This high specification, number of participants, the impact of the Forum. Huimin arrangements will, benefiting mainly for infrastructure, traffic, transport, environmental protection and trade, net Dragon green (600,388), built the shares (600,153)
Diablo 3 CD-KEY, Xiamen Airport (600,897), Fujian provinceCement (600,802) stocks such as worthy of attention.
However, remind investors, this is event-driven opportunities, benefit to exit before the Forum. Hercynian stocks first city kingberry Chase (600,067): a settlement much less available, hercynian projects still points institutions: Qi Lu securities researcher: Ding Chen, Zhou TaoResults for the first half of 2011 to achieve higher growth, from centralized clearing project in Beijing. During the reporting period, the company revenues $ 4.33 billion, an increase of 56.04%; realization of main business income of $ 4.23 billion
Diablo 3 Gold, representing a growth of 56.09%; total profit to $ 562 million
Diablo 3 gold, representing a growth of 84.87%; realization attributed to the parent company's net income of $ 400 million, representing a growth of 91.39%.
����Achieve earnings per share of 0.54, 92.86% growth in the same period last year. Business, real estate business revenue $ 1.962 billion, representing a growth of 122.2%; a net profit of 434 million dollars.Sources of real estate business major settlement was Sun Star City area b project in Beijing (66,600), c (9,900), first city kingberry name Nathan (8,200) and first city kingberry waterfront landscape in Suzhou (3,300). Corporate wire business main business revenue $ 2.268 billion, an increase of 24.15%; net profit of 1,375.$ 60,000, representing a decrease of 33.24%.
����Company wire not increasing business increased profits during the reporting period, mainly because of rising copper prices of raw material and labour costs, capital costs, lead wire down overall gross profit margin. 2011 performance determined resistance. As at the end of, the company advance accounts payable $ 3.385 billion, has locked the EPS of $ 0.7,About 60% of which is expected to be settled this year, so this year has been locked.
����Financial aspects: decline in capital adequacy, but the structure was further improved, especially short-term debt pressures drop drastically. Disadvantages: company loans and increase the starting investment, makes currency less money 49%, earlier inventory capital ratio from 5.82 increased dramatically to 12.45, net debt is less than the beginning of a 9%, 21%, indicates that the decline in capital adequacy. Advantages: debt to asset ratio falling earlier than 5.6%, actual leverage of the deduction of the advance accounts for only 34%, and flat at the beginning, still have headroom for future liabilities. Further improvement of corporate debt structure, reportingAdvance accounts payable total liability of the company for the period to 50%, decline in short-term borrowings during the period 14%, promotion 71% in long-term borrowings, short-term debt pressures drop drastically. Under the influence of control, Beijing project presale is blocked, can advance this year fewer resources. Resources available in this year's major project is Nanjing and Suzhou project a small number of late, is estimated to be 20.3 million. Due to the limitEffects are expected this year Beijing high-end project in area c, the Sun Star City may advance blocked, is expected to be converted to existing home sales, which will to a certain extent, affect the company's financial return. Regulation background, we are more optimistic about the company "West Sea strategy" focus on the hercynian cultural and creative industrial park development. Companies in the past to Beijing as the focus of regional strategies and high endProduct structure will be mainly House conversion. Follow-up focus on benefiting from "national sea and West development plan" hercynian progress of cultural creative industry Park, the project has been classified as Fujian province Twelve-Five planning key projects, projects a total of 2.13 million, currently has access to nearly one-third, 150,001 Mu premium 70% premium is lower than the surrounding branches of project, the remaining two-thirds are expectedWill get during the year, projects gross margin is expected to be up to 60%.
����The project is in the design. Valuation and investment advice: the company's settlement resources relatively abundant, Sun Star City project in Beijing is still clearing focus this year, and the Nanjing project will enter the settlement period of this year. While incentive programmes to increase the company's earnings release power. We maintain the premiseCompany's profit forecast, we assume hercynian projects are 2013 entered a period of settlement, expected EPS respectively in 2011-2013, 1.16, and 2.11, corresponding to the current stock price PE 9 times, 7 times, and 4 times times respectively; net profit growth, 39%, and 81%;RNAVPS respectively as $ 12.93, current priceDiscount 35% relative to RNAVPS, taking into account the remaining projects and haikejian acquisition of hercynian creative industry Park, RNAVPS at $ 16.01, discounted rates of up to 47%. We maintain the company "buy" rating and target price range of $ 10.34 per cent.
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