(Orient Securities)
Midea announced, will be $ 223.3 million acquisition of open Delilah air-conditioning business in the United States 51% stake. Globalization of the United States has taken an important step, in line with our expectations. India,doudoune moncler, Egypt, Mexico and other places is to expand its own brand of domestic appliances ideal for enterprise market, with a large population-based or market-based, current prices of home appliances and brand corporate profits are better. Purchase price of $ 223.3 million, corresponding to 2010 PE12.6 times, PB about 2.3 times the acquisition price is more reasonable. Company's share price is close to the beginning of the additional price for the raw material prices, etc. should have been more fully reflected. Growth in the second half performance will be significantly faster than the first half of channel integration concerns the progress of small appliances. We maintain our 2011-2013 EPS1.20 yuan, 1.58 yuan and 1.92 yuan in earnings forecasts, maintaining its
is the world's largest tin company, located in the old tin resource-rich areas. Old non-ferrous metal reserves of more than 1,000 tons, of which about 200 tons of tin reserves. As of end of June 2011, the company has an annual output of 80,000 tons of tin, 10 tons of lead, 24,moncler pas cher,000 tons of tin chemical products, 27,abercrombie and fitch,000 tons of tin timber production capacity. Company tin, copper, lead, non-ferrous metal reserves of about 151 tons, of which 547,mercurial vapor,000 tons of tin, copper and 775,000 tons, 142,000 tons of lead. Company intends to acquire sub-group of card rooms ore reserves of 120,300 t copper, 1.65% grade; tungsten metal reserves of 25,300 tons,louboutin, grade of 0.26%. Card room ore 2000 t / day copper concentrator, single, 3,000 tons / day of multi-metal ore dressing plant is put into production, the estimated annual increase of about 08,000 tons of copper metal, more than 1,000 tons of tungsten. We believe that the acquisition card room sub-ore,abercrombie france, to enhance the company's 10 million tons of copper smelting project resource self-sufficiency rate is significant. Give
rail orders quite good, or as the next important growth. Subsidiary company's recent announcement of Nanjing Metro Co., Ltd. signed a 3.13 billion yuan worth of subway cars sales contract, and Changsha Railway Group Co., Ltd. signed a contract worth 430 million yuan, 1.5 billion yuan in vehicle sales contracts and vehicle traction system contract of sale. Company revenue transit vehicles fell 16.22%, mainly due to transit vehicles delivered under the contract due to the imbalance. We believe that structural analysis from the orders, track delivery service will become the next growth pole.
(Guotai Junan)
China South Locomotive: The target price of 8.60 yuan to maintain a protection order is still full of high growth. BST's joint venture company in 2011 first half operating income of 2.813 billion yuan, net profit of 543 million yuan. As of June 30, 2011, the company has not completed the order of about $ 100 billion,louboutin pas cher, of which EMU orders about 50 billion yuan (about 113 companies with BST billion), about $ 12 billion in overseas orders. From the order structure, the EMU will also be a performance of the company's strong growth momentum. We believe that the performance of the railway and long-term planning is a high probability event, before the railway investment will be in line with market expectations. In view of the Ministry of Railways EMU rigid procurement requirements, the company's long-term growth of high performance determined.
(livelihood security)
Editor's note: European and American stock market crash affected by compartment, Shanghai and Shenzhen today extended losses yesterday Tiaokongdikai, Kong Huangpan re-emergence led to the 2437 stock index dropping near the minimum. But then real estate, aviation, banking sector heavyweight intraday stock index has rebounded force driving stock index decreases significantly narrowed,mercurial, disk recovery of 2500, showing a bottom rebound pattern. The Shenzhen Component Index on the first meteoric rise to about 13:35, the main stock index, also meteoric rise at around 13:47. Since then the two cities to maintain a narrow range, before closing again in the two cities are both turned green. For today's market trends, the strength of our institutions of ten recommended to do a summary of stock for the majority of investors.
Midea: Focus on the progress of the integration of small appliances channels Overweight
valuation and investment rating: We have slightly adjusted the company's profit forecast the next three years, 2011 to 2013 earnings per share were: 0.43; 0.65 and 0.80. In view of railway investment in China's economic development in the heart of its growth with a high degree of certainty, we maintain the relative valuation of 20 times in 11 years,abercrombie, corresponding to the target price of 8.60 yuan. The current share price undervalued, maintain our BUY rating.
diversification strategy reduced the Group's development path dependence. The company's new industrial business revenue grew 56.47%, mainly due to the extension products in the development of proprietary technology to give technical and financial support to promote the rapid development of new industrial business. Of which: income of 1.809 billion yuan wind power equipment, an increase of 18.11%; Engineering Machinery income 936 million yuan, up 83.71 percent; composite income 1.115 billion yuan, up 96.42%; automotive equipment revenue 590 million yuan, an increase of 156.52% . With the high-end equipment manufacturing company in the accumulation of core manufacturing capabilities and sales network, the company's product mix will be better optimized, path dependence on a single customer will be significantly reduced.
risk factors: the company's debt ratio has improved significantly,moncler, accounts receivable and cash flow significantly increased the risks of tension. Single customer path dependence risks remain. National railway investment policy change risks.
Tin shares: the world's largest tin companies cautious recommendation rating
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