According to the announcement, double reserves the directional seasoned the project total investment about Tory Burch Flip Flops, 69.58 billion yuan, skimpy share company will self-raised solve. Among them, 18 million yuan fitting for acquisitions 112.46 tons of gold reserves containing about the new set of exploration; 5 billion yuan fitting for acquisitions 23.21 tons of gold about contain mineral exploration right; the temple zhuang reserves 21.5 billion yuan to buy 158.45 tons of gold about contain reserves of dongfeng exploration; 6 billion yuan fitting for acquisitions return 69.24% equity, return the zhuang xiezhuang company has outdoor and underground two CaiKuangOu, gold metal reserves about 20 tons, 2010 2.48 million yuan of total profit. The company plans to invest $470 million endowment laizhou firms to build three mountain island gold 8,000 tons/day extension project. According to our estimate completed after the acquisition, the mineral reserves will reach about 700 tons, the mineral reserves near double.
Enlarge production scale profitability will greatly improve the exploration of raising funds to purchase a new set of mineral exploration right or temple are located in the company holds mineral exploration right zhuang new made gold mining and temple of gold mining xiezhuang permission mining areas surrounding the exploration right obtained will help the company extensions expand new made gold mines, temple permission of the mining areas xiezhuang gold mine, mining and use existing intensive processing capacity, reduce production cost and enhance profitability. By implementing three mountain island 8,000 mt/day gold for an expansion project, May 3 hill island of gold ore mining for centralized each Tory Burch Sandals Sale, ascending, centralized transportation, concentration of gold mineral resources, which is beneficial to the company for unified planning and rational utilization, form scale operation, reduce the mining cost. This project is completed, as companies acquisition of postpartum ability to ascend, the follow-up of the production procedure production capacity will is released in full, the gold product yield and the business performance will also get increased greatly.
We continued good for gold main factors were 1) geopolitical, Europe debt crisis, nuclear leakage problems are pushing gold hedge request. 2) caused by the European central bank $disadvantaged. 3) food, crude oil, basic metals commodity prices continue to rise, causing inflation pressures are increasing. Gold recent prices even finished last week to a new high, 1508.57 dollars/ounces of historic highs. We think that gold prices still has upside.
Valuations and investment advice: we assume that the 2011 $1,450 gold average per ounce,Tory Burch Flats Sale, mineral gold production for 22 tons. Forecasting the 11-13 years respectively for earnings per share of xiaogan / 1.65/1.72 yuan. We value the company's long-term investment potential, maintain company buy rating.
Risk factors: gold price increase came in below expectations, and the renminbi. Tory burch outlet (Yang b f.effects Orient securities institute)
Showing posts with label Tory Burch Flip Flops Sale. Show all posts
Showing posts with label Tory Burch Flip Flops Sale. Show all posts
Thursday, April 28, 2011
total year-on-year growth 32.24%
Orchid kechuang released yesterday, quarter a quarterly revenues company realized 17.43 Tory Burch Sandals Sale, million yuan, an increase of 41.12%; Realize the profit 4.84 million yuan, total year-on-year growth 32.24%; Realize attributable to the parent company and the net profit 3.38 billion yuan, an increase of 19.56%; Quarter to achieve the company basic earnings per share 0.59 yuan, after deducting realignments and losses the basic earnings per share for 0.60 yuan; The weighted average net assets yield, 5.03% 0.22% year-on-year reduction for.
Quarter rose by 35%, neutral anthracite assumptions year-round, with average prices afterTory burch outlet deducting all costs by 25% to add about 0.5 yuan EPS. Partial integration has commenced, small ore transformation coal ore + integration driven yuxi double production company in five years. Americo big ning equity problems still no progress, neutral assumption in 2011 EPS about 0.46 yuan contribution.
It is expected that the company 2011-2013 3.21 2.68 yuan respectively, EPS 3.88 yuan, Tory Burch Sandals Sale, and in November for 14.77 times with the PE valuations of obvious advantages, the company is set to double nearly five annual production company long-term growth, believing, short-term attraction lies in America, maintain production ning's big "recommended" rating. (Yangtze river securities)
Quarter rose by 35%, neutral anthracite assumptions year-round, with average prices afterTory burch outlet deducting all costs by 25% to add about 0.5 yuan EPS. Partial integration has commenced, small ore transformation coal ore + integration driven yuxi double production company in five years. Americo big ning equity problems still no progress, neutral assumption in 2011 EPS about 0.46 yuan contribution.
It is expected that the company 2011-2013 3.21 2.68 yuan respectively, EPS 3.88 yuan, Tory Burch Sandals Sale, and in November for 14.77 times with the PE valuations of obvious advantages, the company is set to double nearly five annual production company long-term growth, believing, short-term attraction lies in America, maintain production ning's big "recommended" rating. (Yangtze river securities)
Realize attribution parent company net profit 226 million yuan
GuanCheng jpmorgan chase released yesterday, according to a quarterly 2011 realize Tory burch outlet 19.09 billion yuan revenues, year-on-year growth of 35.1%; Realize profits 3.13 billion yuan, an increase of 56.3; Realize attribution parent company net profit 226 million yuan, an increase of 57.55%, earnings per share 0.31 yuan.
The company first quarter results or slightly exceeded market expectations, net profit rose by more than operating income growth mainly because of increased three percent current margin, which is mainly due to the current real estate accounted for half of the gross income more than 45%, settlement result of.
The company plan future will enter the relatively high margins (with brilliance Tory Burch Pumps Sale,BMW automobile field already to sign the contract), wind power and high iron three fields, the automobile field around 7%, gross margin in high iron this piece wind around 15%, current suzhou plant has in expanding wind power projects.
According to the company's project progress, 2011 settlement with the sun is focused on nanjing project area C star. We combined equity incentive plan, the expected future three years the company style steering is dovish manage, expected 2011-2012 earnings per share, respectively, maintain the 1.34 1.03 "recommended" rating. (Yangtze river securities)
Salomon Smith barney costumes (002269) : into a stage of stable development
In the national income level in the backdrop, leisure clothing retail market scale will continue to expand. The company is the leading enterprise of domestic leisure clothing, as brand clothing retail enterprises are faced with good opportunities for development, the company brand operation, supply chain management, informationization construction, all is the industry leader in keeping the company has been under the steady development of the brand, the company constantly develop new brand, expand profit growth point, develop new online sales channel.
We expect 2011-2013 advocate business wu income 104, 141, respectively 184.66 billion yuan Tory Burch Sandals Sale, respectively, the corresponding EPS 1.59, $2.19, 1.07, current market price for 3.25 yuan respectively, corresponding PE recent times, 30, 20.4. We give the firm a "recommended" investment rating. (Yangtze river securities LiuYuanRui)
The company first quarter results or slightly exceeded market expectations, net profit rose by more than operating income growth mainly because of increased three percent current margin, which is mainly due to the current real estate accounted for half of the gross income more than 45%, settlement result of.
The company plan future will enter the relatively high margins (with brilliance Tory Burch Pumps Sale,BMW automobile field already to sign the contract), wind power and high iron three fields, the automobile field around 7%, gross margin in high iron this piece wind around 15%, current suzhou plant has in expanding wind power projects.
According to the company's project progress, 2011 settlement with the sun is focused on nanjing project area C star. We combined equity incentive plan, the expected future three years the company style steering is dovish manage, expected 2011-2012 earnings per share, respectively, maintain the 1.34 1.03 "recommended" rating. (Yangtze river securities)
Salomon Smith barney costumes (002269) : into a stage of stable development
In the national income level in the backdrop, leisure clothing retail market scale will continue to expand. The company is the leading enterprise of domestic leisure clothing, as brand clothing retail enterprises are faced with good opportunities for development, the company brand operation, supply chain management, informationization construction, all is the industry leader in keeping the company has been under the steady development of the brand, the company constantly develop new brand, expand profit growth point, develop new online sales channel.
We expect 2011-2013 advocate business wu income 104, 141, respectively 184.66 billion yuan Tory Burch Sandals Sale, respectively, the corresponding EPS 1.59, $2.19, 1.07, current market price for 3.25 yuan respectively, corresponding PE recent times, 30, 20.4. We give the firm a "recommended" investment rating. (Yangtze river securities LiuYuanRui)
reasonably lock factors such as copper cost is probable cause
A quarterly slightly below market expectations. In the first quarter of this year,Tory burch outlet to achieve the company operating income 37.3 million yuan, total profit of 6.5 percent year-on-year reduce 4.42 billion yuan, up reduce 9.7%, net income reached 3.93 billion yuan, up by 7.7%, attributable to reduce net of shareholders of a listed company, up reduce 377 million yuan, quarter EPS to 8% 0.186 yuan. In the first quarter of this year, is change especially nearly 10 years first negative growth, income that is larger, a quarterly first quarter pressure operation conditions slightly below market expectations.
Gross margin are year-on-year rise, with annulus exceeded the market expectations. In the first quarter of this year, the company's overall gross margin for 23.8%, higher than last year's fourth quarter of last year and 22.9% 19.93%. In transformer bid price drop, silicon and fierce copper prices are rising of the environment, the company mainly thanks to rising gross margin, product structure change, we think transformer exports increased, user engineering JieSuanLiang increase, wire cable transformer incomes reduced, Tory Burch Sandals, polycrystalline silicon income increase, reasonably lock factors such as copper cost is probable cause.
Management fee rises is significant. In the first quarter of this year, the company's sales rate for 5.1%, management fee, and for 6.5 percent from the same period last year, and 4.6 percent respectively 5.1% year-on-year rise 1.9% visible management fee, management fee rise significantly. 2.43 million in the first quarter of this year, management fee for 1.81 million last year, up growth, the management fee 33.8% year-on-year also appears obvious growth.
1025 speed up to new energy and new material transformation. The company has the transformer business 180 million kva capacity, during the 11th five-year plan hit to create the world's largest transformer enterprise, and realize power transmission and transformation equipment out of the country, toward the world vision, change especially overseas total package business walks in colleague's front row. 1025 period, the company will accelerate new energy and new materials direction of development. Polysilicon production quantities of realize large-scale this year, and at the same time, can be in expanded capacity in the two years of a performance contribution points. Change especially polysilicon with coal and natural resource advantage. The company of photovoltaic cells in business plan bigger and stronger, and coal mining businessTory Burch Heels Sale, also in advancing in.
Maintain, target price to buy rating RMB 22. We cut the company's earnings, 2011-2013 year respectively the EPS 0.89, 1.06, 121 yuan, reference comparable company valuations, and considering the change especially leader and growth rate, gives 2011 25 times PE, corresponding target price of RMB 22, maintain company buy rating. (ZouHui Oriental securities institute)
Gross margin are year-on-year rise, with annulus exceeded the market expectations. In the first quarter of this year, the company's overall gross margin for 23.8%, higher than last year's fourth quarter of last year and 22.9% 19.93%. In transformer bid price drop, silicon and fierce copper prices are rising of the environment, the company mainly thanks to rising gross margin, product structure change, we think transformer exports increased, user engineering JieSuanLiang increase, wire cable transformer incomes reduced, Tory Burch Sandals, polycrystalline silicon income increase, reasonably lock factors such as copper cost is probable cause.
Management fee rises is significant. In the first quarter of this year, the company's sales rate for 5.1%, management fee, and for 6.5 percent from the same period last year, and 4.6 percent respectively 5.1% year-on-year rise 1.9% visible management fee, management fee rise significantly. 2.43 million in the first quarter of this year, management fee for 1.81 million last year, up growth, the management fee 33.8% year-on-year also appears obvious growth.
1025 speed up to new energy and new material transformation. The company has the transformer business 180 million kva capacity, during the 11th five-year plan hit to create the world's largest transformer enterprise, and realize power transmission and transformation equipment out of the country, toward the world vision, change especially overseas total package business walks in colleague's front row. 1025 period, the company will accelerate new energy and new materials direction of development. Polysilicon production quantities of realize large-scale this year, and at the same time, can be in expanded capacity in the two years of a performance contribution points. Change especially polysilicon with coal and natural resource advantage. The company of photovoltaic cells in business plan bigger and stronger, and coal mining businessTory Burch Heels Sale, also in advancing in.
Maintain, target price to buy rating RMB 22. We cut the company's earnings, 2011-2013 year respectively the EPS 0.89, 1.06, 121 yuan, reference comparable company valuations, and considering the change especially leader and growth rate, gives 2011 25 times PE, corresponding target price of RMB 22, maintain company buy rating. (ZouHui Oriental securities institute)
Among them, 18 million yuan fitting
According to the announcement, double reserves the directional seasoned the project total investment about 69.58 billion yuan, skimpy share company will self-raised solve. Among them, 18 million yuan fitting for acquisitions 112.46 tons of gold reserves containing about the new set of exploration; 5 billion yuan fitting for acquisitions 23.21 tons of gold about contain mineral exploration right; the temple zhuang reserves 21.5 billion yuan to buy 158.45 tons of gold about contain reserves of dongfeng exploration; 6 billion yuan fitting for acquisitions return 69.24% equity, return the zhuang xiezhuang company has outdoor and underground two CaiKuangOu, gold metal reserves about 20 tons, 2010 2.48 million yuan of total profit. The company plans to invest $470 million endowment laizhou firms to build three mountain island gold 8,000 Christian Louboutin Boots Sale,tons/day extension project. According to our estimate completed after the acquisition, the mineral reserves will reach about 700 tons, the mineral reserves near double.
Enlarge production scale profitability will greatly improve the exploration of raising funds to purchase a new set of mineral exploration right or temple are located in the company holds mineral exploration right zhuang new made gold mining and temple of gold mining xiezhuang permission mining areas surrounding the exploration right obtained will help the company extensions expand new made gold mines, temple permission of the mining areas xiezhuang gold mine, mining and use existing intensive processing capacity, reduce production cost and enhance profitability. By implementing three mountain island 8,000 mt/day gold for an expansion project, May 3 hill island of gold ore mining for centralized each ascending, centralized transportation, concentration of gold mineral resources, which is beneficial to the company for Christian Louboutin Evening Sale,unified planning and rational utilization, form scale operation, reduce the mining cost. This project is completed, as companies acquisition of postpartum ability to ascend, the follow-up of the production procedure production capacity will is released in full, the gold product yield and the business performance will also get increased greatly.
We continued good for gold main factors were 1) geopolitical, Europe debt crisis, nuclear leakage problems are pushing gold hedge request. 2) caused by the European central bank $disadvantaged. 3) food, crude oil, basic metals commodity prices continue to rise, causing inflation pressures are increasing. Gold recent prices even finished last week to a new high, 1508.57 dollars/ounces of historic highs. We think that gold prices still has upside.
Valuations and investment advice: we assume that the 2011 $1,450 gold average per ounce, mineral gold production for 22 tons. Forecasting the 11-13 years respectively for earnings per share of xiaogan / 1.65/1.72 yuan. We value the company's Tory Burch Sandals, long-term investment potential, maintain company buy rating.
Risk factors: gold price increase came in below expectations, and the renminbi. (Yang b f.effects Orient securities institute)
Enlarge production scale profitability will greatly improve the exploration of raising funds to purchase a new set of mineral exploration right or temple are located in the company holds mineral exploration right zhuang new made gold mining and temple of gold mining xiezhuang permission mining areas surrounding the exploration right obtained will help the company extensions expand new made gold mines, temple permission of the mining areas xiezhuang gold mine, mining and use existing intensive processing capacity, reduce production cost and enhance profitability. By implementing three mountain island 8,000 mt/day gold for an expansion project, May 3 hill island of gold ore mining for centralized each ascending, centralized transportation, concentration of gold mineral resources, which is beneficial to the company for Christian Louboutin Evening Sale,unified planning and rational utilization, form scale operation, reduce the mining cost. This project is completed, as companies acquisition of postpartum ability to ascend, the follow-up of the production procedure production capacity will is released in full, the gold product yield and the business performance will also get increased greatly.
We continued good for gold main factors were 1) geopolitical, Europe debt crisis, nuclear leakage problems are pushing gold hedge request. 2) caused by the European central bank $disadvantaged. 3) food, crude oil, basic metals commodity prices continue to rise, causing inflation pressures are increasing. Gold recent prices even finished last week to a new high, 1508.57 dollars/ounces of historic highs. We think that gold prices still has upside.
Valuations and investment advice: we assume that the 2011 $1,450 gold average per ounce, mineral gold production for 22 tons. Forecasting the 11-13 years respectively for earnings per share of xiaogan / 1.65/1.72 yuan. We value the company's Tory Burch Sandals, long-term investment potential, maintain company buy rating.
Risk factors: gold price increase came in below expectations, and the renminbi. (Yang b f.effects Orient securities institute)
Company not only embodies in performanc
Actual controller, inject value 10.7 per share profits of $mineral resources:
Actual controller angang group, will saddle thousand mining and Carla pull two quality assets and company profitability poor steel assets to ensure the replacement, April 25 to 29 secondary cash option (10.46 yuan) were not exercise.
Through calculation, saddle per thousand ores and Carla pull respectively for 7.6 yuanhe value of $10.7 3 yuan.
Assets displacement is tactics, but also a strategy, the company is about to enter vanadium, titanium "harvest" : comb in recent years the company strategy development and assets operation, can be divided into four words: "big vanadium and titanium industry". This not only bottom-up accord to company's own resources technology advantages, is also a top-down state policies of natural selection.
The company do big vanadium titanium superiority, alone the lack of funds. So from the "three-in-one" in 2007, the company began in more investment into the vanadium and titanium industry, also began a series of capital operation. Currently vanadium, titanium business part has entered the Lord, but the harvest harvest is mainly concentrated in waves will rise over the next two years.
The harvest of vanadium and titanium company not only embodies in performance doubled, but also theTory burch outlet resource control:
The price rise the titanium product quantity is added to ensure 100% above a compound rate of future earnings. At the same time the company grasp our 95% titaniferous resources, there is no doubt that is the biggest beneficiaries of titanium industry development.
The company has been a leader in vanadium r&d status. At the same time the company controls nearly half the vanadium resources in China, and its holding company also in the monopoly of vanadium supply, 70% more have no will become great development of vanadium industry "pilot".
Vanadium and titanium: now reflect a country's strength, the future will directly determine a national strength:
Ti is "future metal", its not only reflect a nation in the airline military etc of high-tech field strength, also fully reflected a country in economic actual field level (through the paint), the future inevitable development.
Vanadium, not only directly determine a country the construction quality, more will be the fourth Tory Burch Flip Flops, industrial revolution - new energy revolution's biggest bottleneck offers a solution. This means that the future of the first successful commercialization vanadium battery state, will become the world a new round of long-term economic "leadership eldest brother".
Fairy "vanadium", no extremely "titanium" and "buy" rating, the first target price of 23:
Fairy "vanadium", for the new energy development bottlenecks, and provides the solutions in the company's value ability also the big development vanadium and titanium industry in the extreme "titanium" ever.
We expect the company of ore vanadium and titanium industry resources original part 3.5 RMB per share value per share, vanadium and titanium industry for the first target value, and considering the nine yuan profit dish with the second cash option equity Tory Burch Flip Flops, registers day nears has finished, selling to "buy" rating, the first target price of 23. (everbright securities)
Actual controller angang group, will saddle thousand mining and Carla pull two quality assets and company profitability poor steel assets to ensure the replacement, April 25 to 29 secondary cash option (10.46 yuan) were not exercise.
Through calculation, saddle per thousand ores and Carla pull respectively for 7.6 yuanhe value of $10.7 3 yuan.
Assets displacement is tactics, but also a strategy, the company is about to enter vanadium, titanium "harvest" : comb in recent years the company strategy development and assets operation, can be divided into four words: "big vanadium and titanium industry". This not only bottom-up accord to company's own resources technology advantages, is also a top-down state policies of natural selection.
The company do big vanadium titanium superiority, alone the lack of funds. So from the "three-in-one" in 2007, the company began in more investment into the vanadium and titanium industry, also began a series of capital operation. Currently vanadium, titanium business part has entered the Lord, but the harvest harvest is mainly concentrated in waves will rise over the next two years.
The harvest of vanadium and titanium company not only embodies in performance doubled, but also theTory burch outlet resource control:
The price rise the titanium product quantity is added to ensure 100% above a compound rate of future earnings. At the same time the company grasp our 95% titaniferous resources, there is no doubt that is the biggest beneficiaries of titanium industry development.
The company has been a leader in vanadium r&d status. At the same time the company controls nearly half the vanadium resources in China, and its holding company also in the monopoly of vanadium supply, 70% more have no will become great development of vanadium industry "pilot".
Vanadium and titanium: now reflect a country's strength, the future will directly determine a national strength:
Ti is "future metal", its not only reflect a nation in the airline military etc of high-tech field strength, also fully reflected a country in economic actual field level (through the paint), the future inevitable development.
Vanadium, not only directly determine a country the construction quality, more will be the fourth Tory Burch Flip Flops, industrial revolution - new energy revolution's biggest bottleneck offers a solution. This means that the future of the first successful commercialization vanadium battery state, will become the world a new round of long-term economic "leadership eldest brother".
Fairy "vanadium", no extremely "titanium" and "buy" rating, the first target price of 23:
Fairy "vanadium", for the new energy development bottlenecks, and provides the solutions in the company's value ability also the big development vanadium and titanium industry in the extreme "titanium" ever.
We expect the company of ore vanadium and titanium industry resources original part 3.5 RMB per share value per share, vanadium and titanium industry for the first target value, and considering the nine yuan profit dish with the second cash option equity Tory Burch Flip Flops, registers day nears has finished, selling to "buy" rating, the first target price of 23. (everbright securities)
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