Recommended interventions are strongly undervalued shares 30 _list_

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					30 are strongly recommended intervention undervalued shares (list)
Everbright Securities (601,788) 20 Ratings List
????Everbright Securities: Eastern companies raised tariffs advantage
of this opportunity
????November 20 Everbright Securities Investment Report published,
price increases for the National Development and Reform Commission
program that, for the east is the advantage of this opportunity, the
proposed eastern Buying companies, such as Shenzhen Energy (000027),
Po Energy (000690) , Yuedian, Shenergy (600642) and so on.
????Yesterday, the National Development and Reform Commission
announced tariff adjustment program: from 20 November 2009, the
national average sales price increased 2.8 cents per kilowatt-hour.
Mainly includes four aspects: First, do the ups and downs of tariff
adjustments. Shaanxi and other 10 provinces (autonomous regions and
municipalities) coal-fired units benchmark electricity price per
kilowatt-hour increase 0.2-1.5 points; Zhejiang, seven provinces
(autonomous regions and municipalities), 0.3-0.9 points lower. Second,
the overall settlement last August 20 fired power tariff hike on the
power grid enterprises. Third, an additional increase in renewable
energy tariff standard, renewable energy price subsidies to make up
the funding gap. Fourth, to solve the existing power plant flue gas
desulphurization funding sources, and according to the different parts
of the coal sulfur content, appropriate adjustments to parts of the
electricity price increase desulfurization standards.
????In this regard, Everbright Securities that (1) sales price
increase in line with expectations, but the adjustment is slightly
higher than our expectations (2.5 points / kwh). Sales price increase
would be positive for grid companies to address the fire last August
20 once again raised the electricity price impact on the grid. In
Shanghai and Shenzhen markets, the main power grid companies are: Star
Power (600101), Guidongdianli (600 310), Leshan Electric Power
(600644), Wenshan Electric Power (600995), Xichang Electric Power
(600505) and so on. But the market reaction has been advanced, is not
recommended to continue to pursue high.
????(2) The electricity price rise or fall will help solve the uneven
quality of thermal power enterprise phenomenon. However, Everbright
Securities believes that this can not be changed to adjust the
purchase price of thermal power east and west pattern of corporate
profitability. Thermal power enterprises in eastern market too
pessimistic, leading to the eastern stock thermal power undervalued,
that the price adjustment programs Everbright Securities issued for
the east is the advantage of this opportunity, suggested the eastern
Buying companies, such as Shenzhen, energy, new energy treasure,
Yuedian , Shenergy and so on.
????(3) additional tariff increase in renewable energy standards and
appropriate adjustments to parts of the electricity price increase
desulfurization standards, more conducive to saving and environmental
protection is conducive to the development of renewable energy.
????(4) The price adjustment is conducive to rationalize the tariff
relations, create conditions for further tariff reform. Tariff Reform
in the next step will be: in the power generation part, the
implementation of the "three pilot let go", namely, large
users and power producers to deal directly, a market platform for
bilateral transactions, and select the part of the bidding power to
carry out pilot projects with the conditions in gradually open up new
areas of the approved price for on. The ultimate direction of tariff
reform is bidding in the future competitive electricity companies will
come to the fore.
????Everbright Securities: livelihood H shares at an issue price of
9.08 Hong Kong dollars given to "buy" rating
????November 20 Everbright Securities Investment Report released that
Minsheng Bank (600016) H share offering price of 9.08 Hong Kong
dollars, in line with market expectations, promising stock investment
opportunities, to give a "buy" rating.
????Everbright Securities, said Minsheng Bank H shares at an issue
price set at 9.08 Hong Kong dollars, the issue price in line with
market expectations. H share offering price than the Nov. 19 closing
price of shares of China Minsheng Bank 8.49 yuan A discount of 6%. H
shares of the current average of six bank discount rate of 2%. Which
ICBC and China Merchants Bank H share premium of 9%, respectively, and
3%, China Construction Bank, Bank of China, Bank and CITIC Bank
(601998) H shares are 1% discount, 5%, 7% and 13%.
????Everbright Securities that, according to the maximum number of
shares outstanding 3,819,000,000 estimated amount of financing at 34.7
billion Hong Kong dollars, equivalent to RMB 30.5 billion. After the
financing is completed, the Minsheng Bank will raise the core capital
adequacy ratio of about 3% to 8.9%, capital adequacy ratio to 11% or
more, will be able to effectively support the company's expansion in
the scale of the next three years. Minsheng Bank China Everbright
Securities optimistic about investment opportunities, to give a
"buy" rating.
????Reasons include: 1, companies operating in the medium-risk
customers have an advantage through business to provide new business
loan growth, ability to upgrade to a premium fast; 2, H shares of the
financing is completed, the company will enter a new round of
expansion of scale; 3 , governance structure dominated: Division
promising prospects of reform, gradually run-in period to the reform
effect is reflected; 4, valuation of margin of safety, especially with
PB was significantly lower than the valuation industry.
????Everbright Securities: China Yangtze Power (600900) increase its
power plants in the thickening of the performance of the company
????November 20 Everbright Securities Investment Report released that
Yangtze Power (600900.SH)'s Gezhouba (600,068) power plants in by 2
cents, the thickening performance of the company 2 cents.
????Everbright Securities, said China Yangtze Power (600900.SH)
Notice: The company has the Gezhouba power station electricity tariff
sent by the Hubei base 0.1599 yuan per kilowatt-hour adjusted to 0.18
yuan, the rest of the implementation of grid electricity price 0.22
yuan per kWh from the adjusted 0.24 yuan, from November 20, 2009
????Everbright Securities believes that the design company Gezhouba
power plant generating capacity of 157 kilowatt hours, on an annual
basis, the company can increase the income of about 293 million,
increasing net profit of 220 million yuan, 0.02 yuan per share
????Everbright Securities Company 2009-2011 adjusted earnings per
share: 0.47 yuan, 0.68 yuan and 0.72 yuan. Everbright Securities
believes that the stock is currently undervalued, and reasonable price
of 16 yuan, to maintain "overweight" rating.
????Hai Tong Securities: Sales price increases positive grid
investment to maintain power industry "overweight" rating
????Hai Tong Securities issued November 20 Investment Report,
published for the National Development and Reform Commission and the
sales price increase regional tariff adjustment program that the
positive grid investment to maintain power industry
"overweight" rating.
????Hai Tong Securities pointed out that, first, to enhance
electricity grid companies increase profitability. August 20, 2008 the
State one-way thermal power tariff increase 2 cents, resulting in the
cost of purchasing electricity grid companies to increase, resulting
in 1-8 months of this year, State Grid and China Southern Power Grid
Company loss of 16.1 billion yuan, down 23.8 billion profit . The
sales price increased 2.8 cents, if only in the State Grid Corporation
of 2008 electricity sales to 2.12 trillion degree of calculation, will
increase sales of nearly 600 million, even taking into account the
regional electricity price adjustment will greatly ease the pressure
on cash flow . State Grid Corporation in 2010 to 321 billion yuan
investment plan, Hai Tong Securities believes that this price
adjustment in 2010 will have a stronger grid investment protection.
????Secondly, the continuous increase electricity consumption data,
power grid companies to invest in power increase. From the use of
electricity and the number of hours watching, accelerating trend in
electricity demand. October, the national total electricity
consumption 313.423 billion kwh, up 15.87%, an increase over the
September increase of 5.63 percentage points, continue to pick up
momentum. Total of 1-10 months the national average utilization hours
of generating equipment for the 3735 hours, 240 hours compared with
same period last year, including Oct. utilization hours of thermal
power equipment, 408 hours, an increase of 12%.
????Third, the Hai Tong that investment growth in 2010 to maintain in
the public investment part of the grid is an integral part of the
country network in 2009 than their own planning, continuous downturn
in 2010 is unlikely.
????Hai Tong Securities, said the tariff adjustment to increase energy
conservation efforts tilt. Proposed an additional increase in
renewable energy tariff standard, renewable energy price subsidies to
make up the funding gap. Meanwhile, to solve the existing power plant
flue gas desulphurization sources, and according to the different
parts of the coal sulfur content, appropriate adjustments to price
increases in some areas standards of desulfurization.
????Grid investment to ensure that the industry boom continues,
structural adjustment conducive to new energy development, Hai Tong
Securities on maintaining an "overweight" rating. Haitong
recommendations continue to focus on "low carbon concept" of
the Wah Kwong shares (600,475), Gold Wind Science and Technology
(002202), Dongfang Electric (600875), Tellhow (600 590), Tianwei
change (600,550) and benefits and UHV smart grid construction TBEA
(600 089), State Power NARI (600 406), high level of electrical
(600312) (600312.SH), confidence Electric (600517), Hidenobu shares
(002,123), Clou Electronics (002,121) ( 002121.SZ).
????Hai Tong Securities: electricity price increase, to maintain
non-ferrous metals industry "overweight" rating
????Hai Tong Securities November 20 Investment Report issued for
tariff increases to maintain the non-ferrous metals industry
"overweight" rating.
????Hai Tong Securities pointed out that this adjustment of tariff on
non-ferrous metals industry, increase production costs play a role,
especially for greater impact of electrolytic aluminum industry, the
sales price increased 2.8 cents / kWh in the region, every tons of
electrolytic aluminum costs will rise 400 yuan, while the lower sales
price for the area, the production cost of electrolytic aluminum will
be a downward trend.
????Overall, the adjustment of this price less impact on non-ferrous
metals industry, but a greater impact for some enterprises, especially
large proportion of purchased power companies. Hai Tong Securities
maintain the non-ferrous metals industry "overweight"
rating, but the valuation and the current industry trend of metal
prices to see run, non-ferrous metal plate is still in consolidation
phase. Aluminum industry has greatly influenced by the price
adjustment, but does not affect the operation of the industry trend,
while the price increase will be part of the transfer to the aluminum
market, the partially digested the impact of the cost is still
????SW: Tong Fu Microelectronics (002156) signed a memorandum of
cooperation with Toshiba to maintain "overweight" rating
????SW 20 release through rich micro-power ( signed a
memorandum of understanding with Toshiba Review, maintain
"overweight" rating, as follows:
????November 19, 2009 through the rich and Toshiba Microelectronics,
Toshiba Semiconductor (Wuxi) signed a memorandum of joint ventures.
The registered capital of the new joint venture, about 7,650 million,
funded 80% of Wuxi Toshiba, through rich micro-power contribute 20%.
Tong Fu Microelectronics and Toshiba joint venture will be important
in the field of IC packaging and testing partners and its strategic
partner in China.
????Toshiba Semiconductor is the world's 3rd largest semiconductor
company, 2008 sales revenue of 111 billion U.S. dollars, for the
Fujitsu semiconductor 4 times (2008, 24 largest semiconductor
companies worldwide sales of 2.76 billion U.S. dollars). Toshiba is
also actively considering it has a competitive advantage not available
packaging and testing operations outsourcing, its potential
outsourcing assembly and test several times, Fujitsu (Fujitsu in June
2009 signed an agreement with the transfer of QFP / LQFP business) .
????Only the initial pass-rich micro-power joint venture company 20%
of the shares, but under the agreement are likely to increase as
future equity joint venture controlling party. Taking into account the
company's business rules in Japan, a joint venture alliance is the
beginning of outsourcing. While Toshiba has AMKOR and other
outsourcing partners, taking into account the scale of operations is
much higher than Toshiba, Fujitsu, Toshiba SW estimate the potential
business to be with Fujitsu to bring the company's business in the
same order of magnitude greater than the Fujitsu may even bring the
volume of business (the next 3 years, transferred to Fujitsu
Microelectronics Corporation's business through the rich will reach
4-5 billion per year), after 2011, Toshiba's new business per year to
1.6 billion. SW expects sales growth in 2011 will reach 35%, which
previously expected to increase rate of 26%.
????Toshiba will bring high-end packaging and testing operations,
generally have higher gross margins, these businesses will gradually
change through rich micro-power company gross margin was significantly
lower than the status of Taiwan, the company's earnings growth
momentum higher . SW slight increase in gross margin, gross margin is
expected to 2009-2011 were 15%, 16.9% and 17.5%.
????In 2009 the company will take a relatively sound financial deal,
expected 2009 EPS SW 0.15 yuan, taking into account the first half of
the abnormal operating state, this figure does not fully reflect the
current operating conditions of profitability, SW that the current
moment, the economy under the current annualized EPS of about 0.21
????-2011 SW in 2010 net profit of 115 million and 174 million, EPS
were 0.333 and 0.501 yuan / share, which for strategic cooperation
with Toshiba and SW will increase in 2011 earnings forecast by 12% .
In addition, taking into account the special fund for integrated
circuit may be in place during the year, R & D expenses for the
reduction of help, the results can be expected in 2010 an annual
increase of 0.04 yuan.
????Need to focus on new-WLP for future progress. WLP technology is
independent, but also has tremendous cost advantages but also has a
massive application of the technology market. WLP sample successfully
completed trial, a good internal testing, customers currently in the
validation phase, expected in Q1 2010 there will be test results. If
successful, certified, WLP will start mass production around the end
of 2010, becoming in 2011 the rapid growth of the highly profitable
????Taking into account the industry's future valuation levels and the
development of certainty, that the Tong Fu Microelectronics SW
reasonable valuation of 30 times PE, the fair value of 11 yuan or
more, the future because of WLP earnings expectations may be higher to
maintain "overweight" investment rating.
????Risk factor is the company's exchange rate and material prices,
especially gold prices.
????GF Securities List 20 ratings
????GF Securities: Maintaining Industrial Bank (601166)
"buy" rating, target price of 43.82 yuan
????GF Securities Investment Report released 20 to maintain the
Industrial Bank ( "buy" rating, target price of
43.82 yuan, as follows:
????Development Strategy
????Industrial Bank uphold pragmatic, and advancing with the
development strategy, by groping in the market to gradually adjust
their development plans. According to the current economic situation
and the trade situation, the Industrial Development will focus on
three business segments, and gradually formed its own characteristics:
due to its good financial services platform with the industry, energy
efficiency, the characteristics of business finance, mortgage finance
and retail driven integrated business.
????Assets and liabilities structure
????The asset side, bank credit, while maintaining the same quarter of
strong financial management and other sheet increased business
expansion. Since low yields on bond investments, the bank reduced the
proportion of bond investments, the future will be appropriately
increased the proportion of floating rate debt, compatible with the
central ticket, corporate bonds, bonds optimize the investment
structure. The liability side, deposits absorb liquidity on security
considerations, but emphasized that the general increase in deposits,
emphasizing the core retail customers, especially the increase in
customer deposits. Interbank deposits, nearly 50% of the
securities-related deposits, such as the three depository, etc., this
part of the deposit liabilities of banks as the core focus of
????Deposit and loan growth
????The absorption of deposits, 09 deposits of the three factors that
can bring growth to ensure that: First, ample liquidity industry as a
whole; Second, put a lot of credit derived deposits increased;
third-line cost control by means of the guide allocation of resources,
such as in the first half the restrictions on margin deposits taken to
control the margin deposit with the discount rate inversion phenomena.
In 2010, the policy orientation and mobility in the sediment, banks
will continue to increase the absorption intensity of the general
????Success in the September issue of subordinated debt supplementary
capital, the Industrial Bank of credit established early pace along a
steady growth. Pick up as the economy and import and export, 3 quarter
credit demand of private enterprises rebound. In 2010, Industrial Bank
plans to maintain 20% -25% of the interest-earning assets growth.
????Capital adequacy
????3 end of the quarter, due to issue subordinated debt, the
Industrial Bank's capital adequacy ratio rose to 10.63%; through its
own retained earnings, core capital adequacy rate of 7.50%, 0.09%
increase compared with medium-term. Bank's short-term goal is to
maintain capital adequacy ratio of 10%, core capital adequacy ratio of
8%. Long-term goal is to raise the capital adequacy ratio to 12%. Bank
is preparing for further equity financing program.
????Investment advice and risk warning
????Industrial Bank in 2009 estimated net profit of 12.568 billion
yuan, 2.50 yuan per share, an increase of 10.39%. Industrial Bank of
GF Securities that strong credit growth, asset quality, earnings
growth has a high stability and flexibility. Maintain their
"buy" rating, target price of 43.82 yuan / share,
corresponding to 17.5 times 2009 PE, 3.64 times the 2009PB.
????Risk Warning, the recommendations focus on its adverse changes in
a loan and capital supplement plan.
????GF Securities: Guangzhou States to maintain light (002 045)
"buy" rating 12-month target price of 15.96 yuan
????GF Securities Investment Report released 20 to maintain the
Guangzhou Kuo Kuang ( "Buy" rating, 12 months a
reasonable target level for the 15.96 yuan, as follows:
????Into the stage of steady growth
????Economic environment in the financial crisis, the company still
maintained growth in revenue and net profit, the company recently
acquired two domestic brands through sound company into brand audio
field, the main expansion of the domestic market, the company extended
to the downstream industry chain, the main Camp layout basically
completed, with a sustained and steady development of the condition.
????Multimedia services and the rapid growth of flat-panel TV business
????Multimedia business has continued to grow, and has become the
largest proportion of gross income higher than the consolidated gross
profit margin of the business. Remained flat panel TV shipments
continued to grow, its accompanying demand for ultra-thin speaker
system, more and more second half of 2009, the company developed
flat-panel TV speakers, audio products into the delivery peak period,
the future demand will maintain a rapid growth.
????Maintaining a "buy" rating
????According to GF Securities forecast a profit forecast, 2009,2010
and 2011 fully diluted EPS were 0.454 yuan, 0.573 yuan and 0.750 yuan,
respectively, corresponding to the dynamic PE 31.34 times, 24.83 times
and 18.97 times, compared with the listed companies in the industry ,
low valuation, so to maintain the Guangzhou National Light
"buy" rating, 12 months a reasonable target level for the
15.96 yuan.
????Risk Warning
????Brands fail to achieve sound business risk of over-relying on the
existing export revenue risk.
????Guoyuan Securities: BAOXINIAO (002,154) issuance, maintenance of
the "Recommended" rating
????Guoyuan Securities issued November 20 Investment Report, good news
for birds (002154.SZ) issuance, maintenance of "recommended"
????BAOXINIAO plans Nov. 24 issue of not more than 6500 shares, the
additional price 19.96 yuan / share. The funds raised will be used
exclusively for chain marketing network upgrade project. Share capital
of 249,600,000 shares increased from 314,600,000 shares. The plans to
build 18 homes BAOXINIAO Brand Center stores, 80 distribution centers
and brands BAOXINIAO 80 Sheng Jieluo brand fashion stores.
????Guoyuan Securities that the company operating a successful brand,
brand extension from a single product line. The advantages of using
the capital market is conducive to the rapid expansion of future
growth, short-term gains will lead to dilution of the negative factors
increased depreciation expense. Securities of state have confidence in
long-term development for the company, maintaining the original
"recommended" rating.
????Guoyuan Securities: to give ternary shares (600,429)
"cautious recommendation" rating
????Guoyuan Securities issued November 20 Investment Report, to give
triple share (600429.SH) "cautious recommendation" rating.
????Three share 20 announcement, the company wholly-owned subsidiary
company of Hebei Sanyuan Foods Co., Ltd. and Beijing Capital actual
controller Agricultural Holdings Co., Ltd. (formerly Three Group)
consensus, both sides agreed to sign on the estate purchased by Sanlu
Group range of "agreement", the first agricultural groups to
bid on assets of 58,506,800 yuan to buy assets in the defect, and the
remaining value of 557,993,200 yuan of bids to purchase assets from
Hebei triple.
????Companies in the November 18 night, three shares of announcement
that has been through non-public offering of shares in the form of
capital to the parent company, Beijing Enterprises Limited
Agricultural Group and 10 billion to raise funds for the capital
increase on the ternary Hebei, Three by the Hebei Sanlu Group for the
bid and the subsequent integration of some of the estate operations.
November 12, 2009 private placement to raise funds to raise funds has
been in place already in place, raised in this additional shares,
total assets increased to 2.73 billion yuan from the 1.744 billion
yuan, an increase of 56.5%.
????Guoyuan Securities said the acquisition of Sanlu line with the
company's development strategy and business development objectives,
help to optimize the company's business structure, and to improve
their core competitiveness. Currently, three major areas of stock
sales in Beijing and surrounding areas, the existing sales outlets is
still very limited dependence on the single market is too large. Sanlu
Sanlu mainly optimistic about bidding distribution teams and the
national market network. The implementation of the project to raise
funds after the stock hoping to Sanyuan Sanlu Group to fully integrate
the existing operating assets, sales channels, management team and
other resources, rapidly enhance the company's industry position and
market competitiveness, roots in the Beijing market and quickly
occupation of Hebei, Shandong and other advantages of Sanlu Group, the
market area, in order to achieve rapid expansion across the region.
????From the company point of view, shares are expected to triple the
first camp with access to milk, but the past six months, the company's
operating situation has not improved this year from January to
September, the assets of Sanlu being acquired, the net profit down
27.77%, third quarter net loss of 20.69 million yuan more, down
405.29%., we can see the integration of ternary shares not yet in
place for deer. This time, shares of funds raised will change the
ternary dependence on a single regional market and business thin, help
to improve the anti-risk ability ternary shares and market
????From a valuation perspective, the 2009 dairy industry average PE
of 60 times, 87 times the ternary shares; 10-year dairy industry
average PE level is 35 times, three shares of 40 times. Can be seen
that there is no valuation of the company advantage, as the company
further integration of the assets of Sanlu, new sales outlets as well
as the progressive realization of new regional sales, the company a
huge room for future growth, so the securities of state to give the
company "cautious recommendation" investment rating.
????Western Mining (601 168): the leading base metals is expected to
rebound in the domestic
????Company is in the forefront of basic metals mining companies, but
also the development of the western most competitive one of the
resources, the company operating the integration of basic metals
mining, smelting and trading operations to calculate the amount of
metal contained in concentrates, the company for the country's fourth
largest producer of zinc concentrate, the second largest producer of
lead concentrates and the seventh largest producer of copper
concentrate; the first half of the company produced a total of 09 lead
concentrate 30,900 tons, 40,900 tons of zinc concentrate , copper
concentrate, 09,200 tons, electrolytic aluminum and 48,600 tons,
239,200 tons of fine iron powder, zinc 24,500 tons, crude lead and
power lead parking, 07,400 tons of manganese films. The company has
discovered the advantages of and access to quality resources, bears of
western and zinc 59%, 55% lead and 65% of resources in copper
resources, the company as the largest non-ferrous metal mining
companies in Western, one of more than two decades by the western
continue to focus on long-term business and have established a
non-ferrous metals industry in the Western leadership and community
wide reputation degrees. Company familiar with the western social
environment, the local ethnic minority policy, the distribution of
mineral resources and development status. This advantage found in the
company's priority and access to Western high-quality mineral
resources in the process has been and is playing a major role, and
will continue to play a greater role. Meanwhile, the company is the
first major mining and ore processing will be outsourced to a third
party mining companies, mining greatly reduces labor costs. The
company also enjoyed the western development strategy in China offered
preferential tax policies.
????Establishment of the old mouth base. October 2007 investment in
the region of Xiangfan Municipality zinc exploration and development,
and investment in Xiangfan City, built under the jurisdiction of
Laohekou Western Mining (601168) Laohekou base, non-ferrous metals
industrial base construction projects in Northwest Hubei , Xiangfan
City, Xiangfan City, the full enjoyment of commitment to the company
and the investment incentives introduced Laohekou, the company will be
incorporated in the Laohekou subsidiaries with legal personality, the
scale of investment of 30 billion yuan, with 3-5 years time scale of
annual production capacity of 8-10 million tons of crude lead smelter,
zinc smelter with an annual output 100,000 tons, supporting the
building of factories, oxygen, is completed, the annual industrial
output value of 45-50 billion in additional taxes of 5-7 billion.
????Secondary market, the stock in recent months, repeated shocks
around the half-line finishing, technically very good adjustment. With
the market's continued strength, sector rotation and obvious
characteristics, the current adjustment of the stock has been
basically put in place technical indicators, is expected to resume
fixes brewing market, the proposed attention every time intraday wide
shocks. (Zhu Huiling)
????Agencies Source: Dresdner Jiuding
????Conch Profiles (000619): Industry leading performance surge
????The company mainly produces steel door and window profile, color
profile, color, full color, wood and plastic profile co-extruded
fence, shutter windows, shutters and other decorative profiles,
production and sales of domestic and international plastic molding
industry, ranking first. As the market demand for color profiles,
color profiles in the company will further increase the proportion of
Maori in the company in the long-term planning capacity color profiles
will be increased to about 30% of total capacity, due to the strong
profitability of color profiles and ability to meet the different
needs of the market, the company will work to increase their
production capacity, making it the company's new profit growth point.
????Secondary market, the stock because of the greatly improved
profitability, making the Fund began a large-scale participation in
the main of which is based on 60-day moving average price shocks all
the way to higher, central space is still worthy of good, may be
concerned about.
????Agencies Source: Kim Braun investment
????Huaneng Power International (600011): Price Adjustment in the
company to benefit significantly
????National Development and Reform Commission decided on November 20
from the national average sales price increased 2.8 points, rumored
for several days in the tariff adjustment was finally introduced, and
because of the long-term residential electricity costs are low,
residential electricity prices are also brewing reform. From the
current situation, this adjustment will not increase domestic
inflation expectations, but is conducive to the interests of balance
between coal companies and better services for the national economic
growth, but the biggest beneficiary of this adjustment, power bear the
brunt , regardless of the industry the company has a good short or
medium to long term role in promoting investment value can be improved
in view of plate, the industry leader is undoubtedly worthy of
attention, recommendations focused on tracking Huaneng Power
International (600011) (600011)
????Industry leader, clear competitive advantage
????The company is the leading class of the thermal power industry
enterprises, its parent company, China Huaneng Group is one of the
largest independent power producers. Huaneng Group's flagship company
as a listed company, there is access to the Group's assets into the
possibility of further expansion of scale. The company wholly owned by
the sixteen operating power plants, holding twelve power companies,
the shares of four power companies. Power generation business the
company is widely distributed in Northeast China Grid, North China
Power Grid, the Northwest Power Grid, China Power Grid, Central China
Power Grid and China Southern Power Grid.
????The company's third quarterly show, Huaneng Power International
net profit of the first three quarters was 41.3 billion yuan, up
261.9%, mainly due to electricity sales last year benefited from price
increases, fuel costs and the commissioning of new units to increase
generating capacity to bring . The company also proposed transferee to
1.076 billion yuan in Tianjin Huaneng Group, Huaneng holds
thermoelectric Yangliuqing 55% limited liability company interests, to
1.272 billion yuan transferee Huaneng International Power Development
Corporation held by Huaneng Beijing Thermal Power Co., Ltd. 41 %
interest. Upon completion of two transactions, the company's total
installed capacity is expected by the equity March 31, 2009 increased
to 40209.45 MW of 39,203 MW, which will help consolidate the company
in the Bohai Rim Economic Circle in the industry position.
????Price adjustments, significantly enhance the company's
????The tariff adjustment, the biggest benefit is undoubtedly the
thermal power listed companies on the one hand, it will balance the
high cost of domestic coal prices currently fire suppression point of
profitability of listed companies to enhance the situation, so that
the distribution of benefits between the two types of firms more
reasonable; the other hand, there may further be followed to
rationalize the system of support for coal and electricity price,
electricity price linkage to become the next most need to address the
problem, and electricity price increase will bring the premise to
solve this problem basis. Ended June 30, 2009, the company has
installed capacity of 39.2 million kilowatts generating interest,
installed capacity of 40.94 million kilowatts controllable. The
company in 2010 the company installed capacity will reach 60 million
kilowatts, up 46.52% over the existing installed capacity. Run from
the generator level, the 08 thermal power units within the company
average number of hours to 5246 hours use (not including gas turbine),
the first half of 2263 hours in 2009 (excluding gas turbines), the
company has a generating capacity of the leading domestic level and
the number large, the tariff adjustment in terms of direct impact on
the company, the most obvious effect is to enhance the company's gross
margin and thus increase their net profit level.
????Finished lower, investors are still potential
????Secondary market, the stock on Friday finished lower due to
positive cash and short-term speculation has end in sight, but from
the middle point of view, the profit growth will rise sharply as a
result of tariff adjustments, is expected to usher in long-term
investors Jiancang transactions to strategic opportunities, the market
outlook is expected to adjust the space is limited, investors may dip
due attention.
????Shida Group (600734): Industry Regulation% 2B ban sales limit of
double negative effect on the price
????The company changed to the real estate company after the
reorganization. December 2008, by accepting the donation of assets and
asset replacement, Shida Group (600734), Changchun has 51% stake in
financial innovation. Financial record 07 years in Changchun and 08
January-June operating income of 2.7 billion yuan, 5.2 billion yuan,
net profit was 1.3482 million yuan, 18,128,100 yuan. Financial
innovation is currently being developed in Changchun Changchun City
project on financial innovation, Beijing Tianzhu Yang Lin apartments,
while the proposed development of Yantai "International Financial
Center" project. However, the real estate industry influenced by
the national macro-control has entered a period of adjustment, the
future profitability of the company still greater uncertainty.
????Secondary market, the stock continuing to rise through the early,
the stock has entered a relatively high, today received a huge stock
with a long upper shadow of the Yin Xian, and the formation of an
upward gap, so technical patterns are very large damage. Today, stock
sharing plans from the point of view, the broader market higher in the
case of Zhu Bo, the stock still lower side, a large single-session
selling more obvious signs of exodus, most of the chips early
intervention has the mentality of profit-taking, so The stock has
certain short-term risk. Through our careful observation, the unit
exist in the December 6277 sale of shares of restricted stock to wait
for the ban, compared to 167 million shares currently outstanding
shares, this is a large number of outstanding shares reach the current
proportion of 40% , when the stock price will cause some impact. Based
on the above, we do on the stock to "underweight" rating,
recommended investors to sell into rallies based.
????Agencies Source: Gold Card Advisor
????XJ Electric (000400): Industry leader is vast
????China's power equipment industry is a large key and leading
enterprises, covering generation, transmission, distribution,
electricity and other power system links across primary and secondary
equipment, AC and DC equipment field, is the most comprehensive
supporting capability, the most competitive power equipment
manufacturers and system solutions provider. Currently, the company
has a listed company, two industry focal point, Institute of the two
state-level testing center, the two financial institutions, eight
joint venture companies. In 2008 sales revenue of 8.102 billion yuan,
profits of 611 million, respectively, an increase of 11.1% and 21.8%,
the highest in history. Over the years, the company has undertaken and
completed a series of consecutive major national research projects of
major national development and manufacture of engineering equipment,
electric power companies in China and the world to create a number of
equipment development in the history of the first to fill the many
gaps. Major equipment products in the developed countries are widely
used in key projects
????According to quarterly disclosure, this year in July, the company
and EPRI of China, Ping An Trust signed the framework agreement,
agreed to the company June 30, 2009 as the base date to divest
non-core business net assets after the capital increase based on
assessed value, China EPRI injection, including Chongqing, Chongqing
to the company to Taishan Electric Wire & Cable, Chongqing Shun
Tai Tower and other assets of the company, capital increase completed
EPRI China will own 100% of the shares. We believe that China's power
equipment industry is still in the stage of swimming outposts, no one
company can lead the Chinese enterprises to go global, and world-class
electrical equipment manufacturers to compete, the national grid by
virtue of its funds and resources, there may be able to bring to China
power equipment business to the world; National Grid took over the
company, may not make the company the upper hand in bidding on; the
national grid will be positioned as EPRI's industrial platform, allows
the company greater room for development.
????Converter valve will allow the company into the business to become
the only company able to produce valves and DC converter control and
protection equipment businesses. According to State Grid Corporation
and China Southern Power Grid Company of the DC project planning,
China will have between 2009-2020 in mid-14? 00kV lines and 11? 00kV
line put into operation, will average 3 to 4? 00 /? 00 /? 60 direct
current transmission project put into operation, annual contract
amount is expected 45 to 60 billion. At present, the valve can engage
in business of DC converter, there are three companies, namely, Xi'an
Rectifier Factory, XJ Electric (000400), and EPRI, the company expects
in the future DC converter valve operations occupy about 30% market
share. DC control and protection businesses, the State Grid and China
Southern Power Grid previous DC business successful data, control and
protection of XJ Electric field in an absolute advantage in the bid
amount was higher than competitors NR Paul and Sifang expected XJ
Electric DC control and protection in the business of the future holds
about 40% market share.
????In addition, the company developed the product - and inverters
have been through the experimental commissioning phase, and has began
to receive orders. The product of wind power in the fan control
device, mainly for wind power generators before the power quality
online adjustment of wind power is an essential device. Since 2006,
China's annual growth rate of wind power installed capacity of more
than 100%, the domestic wind power equipment market is expected in the
"five-second" period will continue to maintain a rapid
development momentum, which will give fans access to a huge market
space for equipment .
????Secondary market, the stock's recent trend of robust, with good
volume and price. Moreover, with the process of economic recovery,
electricity gradually pick up, the company's earnings power will be
significantly improved. Expects the stock market outlook is still more
room, we recommend investors focus on.
????Agencies Source: Beijing's first card
????Title power (600 236): low-carbon economy, clean energy stocks
????Laurel Guangxi Electric Power (600236) Co., Ltd. (600236), the
main business for the water product (electricity) production and
sales. Its unique advantages in resources, mainly for the Red River
Cascade Development, Red River Basin has 10 steps, the company wholly
owned or holding power, including Dahua (100%), BLT (100%), Le Beach
(52%), flat class (35%). Were 1.383 billion yuan and 1.353 billion
yuan to acquire day Longtan Hydropower Station Lake Station, and gold
all the shares of total installed capacity of hydropower stations are
two of 18 million kilowatts. Large shareholders will rock Ertan
Hydropower Development Company generating assets into the company, has
received approval from SASAC. Rock Beach power plant a capacity of 121
million kilowatts, the second phase designed capacity of 600,000
kilowatts; share reform when the largest shareholder based on the
commitment, the future will be a total installed capacity of 630
million kilowatts of Longtan Hydropower Station into the listed
????Has been in the July 1, 2001 to start the construction of the
Longtan Hydropower Station is implementing the western development of
China and the "west to east," the landmark projects, the
planned total installed capacity of 6.3 million kilowatts, 70 million
kilowatts installed hydro station 9 Unit , the average annual
generating capacity of 18.7 billion kwh. A project to install seven
units, the installed capacity of 490 million kilowatts, dynamic total
investment is expected to more than 300 billion yuan. Longtan
Hydropower Station in the Red River's upper reaches, the design water
level 375 meters, is currently the second largest single station.

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