Gains 0.10 yuan. Back to the end of the net assets belonging to shareholders for the 78.608 billion yuan, 9.14 yuan per share, net assets per share increased 0.51 yuan, up 5.9% year over year in which we review as follows:
1, CPIC 3 quarter growth of 5.9% of net assets, if weed out the effects of changes in the discount rate, we estimate that the net assets in the third quarter annualized real growth rate of 9.1% since October, the interest rate hike led to four quarters after the first drop curves show the characteristic rise , we expect the impact of the end of the assessment will be substantially lower interest rate curve, the true performance of the fourth quarter is expected to start in the financial statements reflect.
2, since the third quarter of the fair value of stock and bond markets rose, CPIC Fukui from -0.43 per share reduced to -0.02 million. In addition, the 3 end of the quarter so far as Shanghai and Shenzhen 300 index is up more than three quarters of full-quarter increase, we expect fourth quarter earnings will be floating AFS significant accumulation.
3,3-quarter CPIC Insurance premium income rose 44.6%, maintaining a high growth rate, benefit from the fourth quarter is the traditional peak season for car sales, we expect the fourth quarter insurance premium will continue to maintain and even hit a new high at the same time benefit from the auto insurance industry competitive effects of the continuity of standardization, we expect the combined ratio of 94.5% than the year continued to decline, reaching 93% -94% level, but due to the reasons for the end of processing costs, there may still fluctuate. business growth and overall rate of decline in the cost of property insurance have highlighted the value of CPIC, and the current valuation of the property insurance business is still only 1.5-2.0 times the PB, the next valuation will be repaired.
investment advice: From a valuation point of view CPIC is currently in 2010 implied P / EV multiple of 1.92 times the value of new business year implies a multiplier of 18.49 times 2011 implied P / EV multiple of 1.64 times the value implied by the new business year number of 12.05-fold, from historical valuation point of view, at a lower valuation range. stock a large margin of safety, we maintain the China Pacific Insurance configured as a proportion of equity investment, stock market volatility may affect year-end performance of CPIC.
Zoomlion: results in line with the expected valuation of fair and reasonable valuation
company, maintaining a > expect 2010-2012 EPS were 0.80 yuan, 0.94 yuan, 1.09 yuan. corresponding to the current valuation level 19,16,14 times the current valuation is reasonable, the next 12-month target price of 15-20 times in 2011 that is between 14-19, to maintain a profit of 924 million, an increase of 45%, third quarter EPS of $ 0.19 in line with expectations May 1-9 24 billion in revenue, an increase of 61%, net profit of 3.126 billion, an increase of 76% -27 Cash flow from operating activities billion, mainly to finance leases increases the proportion of finance lease sales, current sales deferred revenues corresponding to the cash flow expected annual sales income of 30 billion, back to the parent company net profit of about $ 3.4 billion management. construction machinery to enter into in the latter part of the long-term, excavator, construction machinery export open space
sustained high growth for many years, in the late growth stage. excavator next three years on a 15% compound growth, domestic brand excavator compound growth rate will exceed 20% , joint ventures, foreign brands below the industry growth rate compound growth rate. depend on the joint venture enterprise valuation of investment income should be discounted. China's construction machinery industry with international competitiveness will depend issued after the second innovation rise of exports increased open space, from the three-year cycle, construction machinery will remain in the formative years, but the potential growth rate will be systematically low.
construction machinery valuation wave amplitude, 15 times 20 times for the fluctuations in the central 10-
we reasonable valuation of the central machinery that is 15 times in 2011, at 10-20 times the volatility.
investment risks: real estate slowdown in demand due to inflation led to rise in raw materials.
Construction Bank: stable asset quality management good performance of the most important
scale expansion of the main drivers of
company net profit 110.6 billion yuan the first three quarters, EPS 0.47 yuan, up by a substantial increase of 28%, the main profit drivers for the expansion of the size (13 points), Second, net income and provision for the fee from the chain point of view, three quarter revenue growth of 4%, mainly due to interest income driven, fee compared to net income and a decline in the first half. interest margin was mainly due to the chain to expand assets rate rose
's more normal and stable loan growth, loan balance growth of 3%, 15% increase over the beginning, are slightly lower than the industry average. deposits growth of 4.4%, slightly faster than the industry, an increase of 12 compared with the beginning %, slightly slower than the industry. Third quarter of the deposit-loan ratio of 61%, increased by 1 point compared with the beginning, according to the ending balance calculation, the company spreads the third quarter was 2.49%, the chain rose 9 bp, mainly due to the return on assets rising cost of debt has remained steady. Compared with ICBC, CCB's high interest margins but lower volatility, the current interest rate differential between the two banks has been significantly reduced. sustained and rapid rise in fee income, expense control better
3-quarter net income of 15 billion yuan fee, the average level over the first half decreased by about 10%, but the year is increased by 20% or more; operating and administrative expenses $ 23.2 billion, an increase of 16%, the first three quarters up by 14% the cost income ratio of 28%, the cost / total assets ratio also decreased, to maintain good cost control. asset quality, good performance, call the credit ratio exceeds 2.4%
company's asset quality indicators and a number of similar ICBC three quarters of non-performing loans continue to double down, bad has dropped to 1.2% below the level of .3 quarter alone, with the first three quarters of the total provision expense decreased 20% year on year, boosted to 210% coverage over the allocation of loans ratio of more than 2.4%. business remained stable, good asset quality, maintaining the , adequacy and allocation of credit is higher than the current company in 2010 P / E and P / B valuations are 8.9 times and 1.8 times lower valuation, to maintain the ) three-dimensional communication (002115) S * ST shares Jin () Hualian () * ST Huitong (000,920) Hongda New Material (002,211) Chunhui shares (000,976) shares of gold molybdenum () Gujing (000 596) Silver China edge () Hualan (002007) East Lake High-tech () in the new medicine () Jinzhou Petrochemical (000,763) sea B-share () Yinhua quality () Aishigufen () Kinder development (000,639) Shenshen Fang B () Yuyuan Tourist Mart () Zhenhua B shares () Franc B () International configuration (0) China Renaissance () Sunward (002,097) E B-shares down () ST race for B () Emerging Growth () Shine ( 000608) line B () Silk Stock (000301), Yunnan Copper Industry (000878) Lotus Gourmet Powder () Soochow Golden Harvest () PT Southeast Asia (000 556) Tung Wah Group of energy (002 221) Insigma () CYTS () Tiantan Biological Products ( ) Pingdingshan Tian () Tellhow (), China Petrochemical () Northeast Electric (000,585) Bank of China () high level of electrical () axis Research and Technology (002046) Xindeco (000 701) Bo Ying investment (000,760) State flexible ( ) S 1139 (000 999) Liaoning Fushun (000623) Taihang Cement () PT Kaneda A (000003) East Lake High-tech () PT in Ho A (000015) S Ji biochemical () Fidelity Four Seasons () Changbaijituan () triple Trading Company () diving medical (002223)
believed to be shallow because the fate of the reason that led to the outcome of two people break up, do not go blaming Heaven. complain to, or even blame him. Yilianyoumeng to use this metaphor section only harvest love, more people read, the heart tender fondness.
Since you have personally answered, we will not come together, then please do not love for me in you I said a million times, after the words love, you know? L-carnitine which is good for me that is deeply hurt? I can not do what only the spirit of love Byron, Shelley can not do connected on the kind of inspiration I just an ordinary, good L-carnitine which the North have a dream affectionate little woman, I would very much have a love and warmth of their own home, not just the eyes and the eyes the reunion.
comment: Actually, not Roufeng want to give up this feeling, because the other side of the vague and empty promises again and again due to, read here, still allows us to feel the breeze blow one is unwilling to give up love and the heart beating.
I do not want to listen to you as I also do not want to elaborate woven a beautiful but absurd that 10 million of the reasons I love simple as I clear, does not allow a dust in the eye. If you love me, please pull tight prison of my hands, I am willing to accompany you through life's ups and downs and to finish this extraordinary life. If you do not love, but also Please speak out boldly, then, give me a free and easy to back, left me with a wonderful memories and, to my poetry to Smart's mood, so I am in the depths of life, there is also a little Toyozane to read to, so I went to the white-haired laughing that moment of sunset, when the thought of you still have a heartbeat to be wet autumn and moved.
Comment: This section is written in bold, and very clear and writing is also very affectionate. give the left a deep impression and moved successfully to describe the kind of a northern girl straightforward, honest image.
Yes, I admit! I have not taken due to your happiness and joy, but you had also brought me? Kai Lisi L-carnitine are those from dawn until sunset one's expectations? Or a scarred heart cry?
Comment: The text is full of sad, such as pear rain, it hurts to love so tired with
and tired, let us learn to give up and calm when the storm after the heaven will still appear in life that rainbow, When the ice after the other to Nanyan still flying north, Plum Blossom. presumably, in the next life full of wild chrysanthemum intersection UGG Jimmy Choo Boots, there will be a real part of you, my happiness and love where Ruqierzhi < br> comment: This is the breeze blow faced up to the passage, write and understand. thorough, neat.
do it! us that as fragile as the leaves love! let us was lined with sad and helpless leaves in the wind to fly any of it. Farewell! once a month is also hazy, love is hazy!
reviews: references parallelism approach, progressive layers.
I have a few meters you come to this of the end of the trail, north and south is about to go our separate ways, please let us each give each other one of the most brilliant smile, then, would you please turn around, because I do not want this let you hear each time I try to suppress live sobbing voice. let us strive to smile, toward the opposite direction and the line it. Remember: No one allowed to go back! so bravely go on it, out of our love for each other, give each other the barriers to each other the heart of freedom and an exhibition
2011-02-06 Red 2011-02-01 Red snow boots snow boots match Figure Figure Figure
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, the color is to be very deep, like black UGG Liberty Tall boots, dark gray is also nice. if it is.
suebritney-2009-11-4 18:49 - Best of the respondents : wsdddsl-life clothing / jewelry
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