Driven real estate sales pick up kitchen

Small appliances

Recovery in demand. With the domestic real estate since early 2009, sales pick up,

Gas stoves

Small kitchen appliances, etc.

Home Appliances

Demand started to recover. February 2009 existing home sales nationwide from December 2007 appears the first positive growth since, in March growth of goods turnover of existing homes rose to 20%. As with the real estate industry is closely related to consumption, gas stove kitchen, represented by the demand for small appliances with the rebound in existing home sales begin to recover.

Performance of the company set up inflection point. With the second quarter of 2009, the macroeconomic situation has improved, especially the real estate transaction volumes continued to rise again, end product

Sell

Began to recover and the second quarter of 2009, 9.446 million yuan profit in 2009, third quarter net profit of 16.15 million yuan, to refresh the company since 2004, one quarter of earnings since listing a new high! In fact, if you do not consider the third quarter provision for asset impairment loss of 12.2938 million yuan, the company third-quarter net profit up to 26.6 million yuan, 0.16 yuan per share, up 141% increase! Taking into account the needs of the fourth quarter, a good trend to change, we can confirm that the third quarter of 2009, is the Vantage shares (9.21,0.00,0.00%) recovery of the inflection point performance up!

The next two years

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Expenditure will decline. We analyze the company in 2008 Annual Report and related Notice, will share the 2008 Vantage sales charge rate of 25% was split: advertising rate of 13.8%, the normal rebate of 1%, the excess rebate and after

Service

Fee of 4.7%, design, consulting fees of 0.5%, 5% other expenses. With the 2007-2008

Olympics

Promotion ended, the company advertising expenses will be determined down. We expect the company advertising 2009,2010,2011 rate was 11%, 10% and 9%, and gradually return to 2006 rates before and after the level of advertising costs.

Leveraging the company exists the possibility of speeding up development of capital markets. Vantage shares of a natural person shareholders have been on the lack of understanding of capital markets, the company has not listed to refinance, the proportion of annual bonus is also very limited. The market performance stalled the past 5 years, the concept of management may be beginning to change, the future does not rule out the capital market, the company achieved rapid growth possible.

The first to recommend rating, target price 12.54-14.25 dollars! Our 2009-2011 EPS estimates Vantage shares and 0.71 yuan respectively, 0.13,0.57, corresponding to the current dynamic in 2010 was 14.9 times PE. Integrated absolute valuation and relative valuation, we believe that Vantage is significantly lower the current valuation of shares, the valuation estimates of 10.16 yuan absolute value of the company bottom line is. Valuation in accordance with the present level of trade, shares in 2010 for Vantage 22-25 times PE relatively reasonable valuation, target price of 12.54-14.25 dollars.

? Taken from the Great Wall Securities He Qifeng “upward inflection point is established, the value significantly underestimated? Vantage shares

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