2008年2月22日星期五

Integration analysis and the finance of Iraqi sharp stock 600.887 thousand

Integration analysis

Following analysisAnnualMainly, actually, all have heart only , know financial knowledge, the better, statistical part that may be than me done completely is welcomed if having deviation to make a comment , has different suggestion or unique visual angle, also welcome to be bright to make your viewpoint, discuss together with all.
Basic minute
A, macroscopic
The general situation ofProfession, withProfessionIn position, along with people, the raising of living standard will increase continuously for the demand of dairy products, this is the cake of a continued increase, and dairy products not picture wine, is not that everybody need to drink every day , as if MengniuItSay: Every day a Jin of milk, strong Chinese. All wantMarket. Now, domestic is Mengniu basically, contend for hegemony with Iraqi sharp two winners, however the hair after the former has advantage, in this year overall should can surmount Iraqi advantage( the data that welcomes all to offer this respect ). We do not talk about Iraqi advantage for the time being can in the future is in which occupying what share , at least, it is huge that what it do not come imagine space. Go to Iraqi sharp this stock company specifically , is 32.44 up to its closing price of January 9,2008, total stock is 666 million, total market value also just more than 21.6 billion, growth has still some space. It is 2008TheCooperativeTheHold , believe meeting for it achievement increase it arrives certain promote role. However for its domestic share glide continuously to want have certain warn , the lessons drawn from others' mistakes of preceding lustrous clear milk field. I have heard such analysis , say 2008TheIt may have if cooperative partner is for Mengniu may have no , however do good to for Iraq is short of this cannot, want to also have reason very much carefully , have no this cooperative partner, Mengniu develops also rough, but if Iraqi advantage has no this piece of weight, result dare not be imagined , from it, may also find out that Iraq is sharp with Mengniu when this oneProfessionIn position, this is

2 , before
What Iraq does goodBullBefore is the typical representative
Iraqi sharp stock is published on JanuaryAppear, closing price is 8.39 Yuan. If you buy 1000, capital 8390 Yuans in same day, hold current, intermediate eleven bonus, the red amount of money of total points is 59.0152 thousand Yuan, stock right changes to pass each 10 of 1997 and 2003 , increase 10 and the 10 of 2006 years to give 3.2 , former 1000 change is 5280, up to the share price of the 32.44 Yuan of January 9,2007, together with bonus, it is many that total profit 2744.92% increases 26 times that is said, hold time 12 years do not arrive , such repayment should be satisfactory, but what may affirm is that somebody can seldom always hold now.

3, it is
Through above analysis, at least, we think that Iraqi sharp stock is domestic good company , and are in a profession of the morning sun , are also the tap in which , have had good achievement repayment, and its prospect is seems still good , passes beneath to analyse the specifically financial data in its annual report , may be enough to find out problem.
Data has passed handling and collection, since 1996 , 1997
銆€ Growth 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 1998 1999 2000 2001 2002 2003 2004 2005 2006 Main camp 10.28 11.51 15.05 27.02 40.1 62.99 87.35 121.75 163.39 Net profit( 0.77 0.89 0.98 1.2 1.42 2 2.39 2.93 3.45 Main camp 銆€ 11.97 30.76 79.54 48.41 57.09 38.67 39.39 34.2 Profit 銆€ 15.59 10.12 22.45 18.61 40.61 19.81 22.69 17.45 Each 銆€ 銆€ 銆€ 銆€ 0.73 0.51 0.61 0.75 0.67

銆€ Profit 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 1998 1999 2000 2001 2002 2003 2004 2005 2006 The 26.75% 27.89% 27.51% 28.72% 32.89 31.70% 29.27% 28.57% 27.27% Sell net 7.49% 7.73% 6.51% 4.44% 3.54% 3.18% 2.74% 2.41% 2.11% Asset 1.1 1.16 1.3 1.65 1.38 1.56 1.8 2.23 2.17 Asset 8.24% 8.94% 8.44% 7.32% 4.90% 4.97% 4.93% 5.38% 4.58% Financial 1.38 1.38 1.52 1.97 1.66 2.06 2.35 2.4 2.88 Net asset 11.41% 12.31% 12.81% 14.41% 8.15% 10.25% 11.56% 12.90% 13.21%

銆€ Healthiness 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 1998 1999 2000 2001 2002 2003 2004 2005 2006 Asset 27.30% 26.31% 31.44% 44.72% 35.94% 44.96% 54.46% 52.35% 60.82% The liability 0.89% 1.24% 6.93% 6.82% 3.5 10.4 2.9 7.27 7.89 Floating 2.53 1.77 1.68 1.18 1.69 1.43 1.18 1.09 0.84 Speed 2.08 1.29 1.1 0.73 1.3 1.02 0.89 0.78 0.49 Inventory 6.6 6.8 6 6.33 7.1 6.51 8.65 10.23 7.85

銆€ The percentage 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 銆€ 1998 1999 2000 2001 2002 2003 2004 2005 2006 Take 100 100 100 100 100 100 100 100 100 Sell 72.57 71.5 72.16 70.95 66.71 67.84 70.28 70.97 72.29 The tax 0.68 0.52 0.33 0.3 0.4 0.44 0.45 0.45 0.44 Business 13.42 14.68 14.74 19.17 22.52 22.08 21.39 21.32 20.73 Administration 3.79 4 4.32 4.48 5.04 4.7 3.48 3.43 3.16 Financial 0.19 0 0 0.07 0.07 0.17 0.1 0 0.09 Get 1.36 1.56 1.66 0.67 1.3 1.13 1.4 1.25 1.09 Net 7.49 7.73 6.51 4.44 3.54 3.18 2.74 2.41 2.11
Say overall
1, long-term liability always keeps
2, it is low that tax revenue takes proportion, basic is go up is below the 2% of its total income , company when a lot local enjoyment the preference of tax revenue, this is double-edged sword, wait until future taxes increases , will is for companyGetCompare
3, profession competition becomes intense day by day ,
4, business cost rising is more rapid , is from the rising of
5 , Pan just assume power in 2005, its achievement has
6BrightIt is company's asset
Synthesize more , see from financial report form that company's every financial index is in continued deterioration process , and does not get better to turn sign , reflection is to have increased near 16 times in 1998 to the main camp income of 2006 years, but net profit has only 4 times , on report form, on the foundation of not large cost change, nibble profit is the rising of business cost mainly, through raising asset turnover and financial lever, just make net asset repayment keep more than 10%. Company's bonus rate is also in continued decrease, can since good aspect explanation is that company is in expansion issue, need to use cash in large quantities , stay in company's score to giveShareholderIt is betterItWorth , this from the company's annual plenty of inputs of fixed assets also evidently a spot, hope that in coming years, company can borrow the east wind of the Olympic Games to recapture the location with big profession old again.

From this in which, also explain its reason with not good expression of 2007 years easily, however contrast with company's Bright Dairy of classification, it does not seemingly also have competitive advantage to PE more than the PE relative bright 80 of 50 times, and it develops prospect, count well than light, but contrast is in inferior position in its brother Mengniu in the same city , because Mengniu is to appear on the market in Hong Kong , has no specific financial data, but the development speed of Mengniu is that Iraqi advantage is wanted quickly.

Above is some analysis of individual, through synthesizing consideration for stock now had better adopt look around attitude, natural you may also buy few hands to look around , or adopt evasive attitude straightforwardly , is now not to lift the best opportunity bought in in a word absolutely.

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