Friendship stock: The asset type company of adjustment transition issue values

Investigation is for elephant: Company's general manager collects dragon to give birth , the bond representative of general affairs slaughters dawn people. Company's operation strategic and each business newest operation development condition goes on intercourse.

Invest

Unite China supermarket to be now in adjustment transition issue , will maintain the increase of net profit around annual 12% in coming 3 years. It may embody the bargain negotiation ability winner under its scale and brand advantage than 6.5 company's percentage points if it synthesizes the rate of gross profit to be higher than; But its management is not as good as person Yi, cost rate is high obviously; Its mid-term of 7 years deducts the net interest rate after the company's profit of joint operation have only 1.3%, only is may than half of company.

If future management improves and encourages measure under position condition, its net interest rate has great promotion space. . The 2 developments of shopping center potentiality is big, future compound increase reaches 40% probably: The south 2 issue of commercial city finishes working in the end of April 8 , increases 64 thousand flat meters recently to manage area , now recruit business have been completed , rely on the vigorous popularity of first phase , need not foster issue; West suburb shopping center is expected via the cultivation of 3 years , reaches profit ability and the present rent level of south commercial city probably in 2009.

Future financial asset disposal

Company's each asset weight estimates increment to reach 21.36-24.56 Yuan. , especially it hold unite China supermarket stock right to worth is huge, destiny: Unite China supermarket for the future greater profit improvement space and it is outstanding to take over value( only is the PS value of 0.37 times).

Coming estimated 3 years main business

But synthesize to consider that company is huge and heavy to estimate the investment profit that increment and financial asset disposal may get and unites the greater profit of China supermarket to improve space , give company recommendation to grade , goal price 28.5 Yuan.

Risk factor: 100 unites