Macao the 2010 annual report released shun cheong. 2010 company business income rose by 62.2% to 12.2 billion yuan, belonging to the net profit of shareholders of a listed company 120.6% year-on-year to 820 million yuan, basic earnings per share, and previous $0.45 consistent performance forecast. It advised every 10 strands of pie now.50 yuan, with undistributed profit per 100,000 strandsMBT Sport 2 of three, at the same time to send every 10 shares increased capital accumulation fund 7 shares.
The company also announced a quarterly in 2011. Current operating income year-on-year growth to 3.6 billion yuan, 37.1% belong the net profit of shareholders of a listed company 2819 yuan to 30.3% year-on-year, basic earnings per share 0.15 yuan, basic accord with our expectations.
Aluminum alloy distribution demand, the company so plan expansion. Because downstream demand more prosperous, company 2010 alloy plates distribution quantity achieved 1.7 million tons, slightly higher than we expected 16,000 tons per year. Strong demand this year still linger, so the company plans in the original planning 2.8 million tons of aluminum alloy plate can output the basis of 1.7 million tons, further expansion. The new expansion plan could totally realize in 2012 (FIG. 1).
Microfinance lucrative. 2010, microcredit business to less than 5% of revenue accounts for 30%, contributed than profit margin, an extremely rich. Due to the April 2011 tseung influential shun cheong microfinance company 10% equity,mbt shoes usa the business will further enhance the profit contribution.
The project is formally LED chips set sail. 8 April 2011, optoelectronic company registration, marks the completed project is formally LED chips set sail. It will be the future and metal tied for the main distribution.
Raised 2012 earnings forecasts. We expect the 2011 financial cost increased, and acquisition of dongguan SK earnings thickening, thus maintain basic offset the 2011 EPS prediction 0.62 yuan unchanged; We safe to assume that the company 2012 1.7 MBT Fanaka million tons of aluminum alloy plate yield only realize the plan by 2013 7000 tons, only more fully USES new capacity, accordingly the 2012 EPS from 0.78 yuan rise to $efficiently, and forecast EPS of $95m in 2013. Our profit forecast't include vc project, EMC project, LED projects could profit.
Suggest buying. Through acquisitions and modification plan over the next two years, the company the main growth add motive; LED project makes the company may share LED lighting industry's long-term dividends. We maintain "buy" rating. (huatai securities (601688))
The company also announced a quarterly in 2011. Current operating income year-on-year growth to 3.6 billion yuan, 37.1% belong the net profit of shareholders of a listed company 2819 yuan to 30.3% year-on-year, basic earnings per share 0.15 yuan, basic accord with our expectations.
Aluminum alloy distribution demand, the company so plan expansion. Because downstream demand more prosperous, company 2010 alloy plates distribution quantity achieved 1.7 million tons, slightly higher than we expected 16,000 tons per year. Strong demand this year still linger, so the company plans in the original planning 2.8 million tons of aluminum alloy plate can output the basis of 1.7 million tons, further expansion. The new expansion plan could totally realize in 2012 (FIG. 1).
Microfinance lucrative. 2010, microcredit business to less than 5% of revenue accounts for 30%, contributed than profit margin, an extremely rich. Due to the April 2011 tseung influential shun cheong microfinance company 10% equity,mbt shoes usa the business will further enhance the profit contribution.
The project is formally LED chips set sail. 8 April 2011, optoelectronic company registration, marks the completed project is formally LED chips set sail. It will be the future and metal tied for the main distribution.
Raised 2012 earnings forecasts. We expect the 2011 financial cost increased, and acquisition of dongguan SK earnings thickening, thus maintain basic offset the 2011 EPS prediction 0.62 yuan unchanged; We safe to assume that the company 2012 1.7 MBT Fanaka million tons of aluminum alloy plate yield only realize the plan by 2013 7000 tons, only more fully USES new capacity, accordingly the 2012 EPS from 0.78 yuan rise to $efficiently, and forecast EPS of $95m in 2013. Our profit forecast't include vc project, EMC project, LED projects could profit.
Suggest buying. Through acquisitions and modification plan over the next two years, the company the main growth add motive; LED project makes the company may share LED lighting industry's long-term dividends. We maintain "buy" rating. (huatai securities (601688))
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