Mount Emei A (000888) Ropeway price increase expected strong

The gradual recovery of regional economy, the residents ' higher willingness to consume and the government's support for tourism industry have led to a rapid pick-up in tourism market prosperity in Sichuan. The company's 1-quarter visitor numbers began to recover gradually, receiving 279,000 visitors to the mountain, an increase of 28.65%.　　We expect 09 tourist attractions to return to 07 level to 1.92 million people, is expected to contribute to the company 09 EPs about 0.15 yuan. The company Ropeway business from the last price increase period of more than 5 years, there are strong expectations of price increases.　　According to the current level of the same type of scenic cableway, we expect to increase the range of 50%-70%, the conservative assumption that the ropeway began in June 09 to increase the price of 50% to 60 yuan, will thicken EPs about 0.09 and 0.17 yuan. The company's actual control of the Mount Emei CMC and the integration of the Management Committee, the integration of the CMC's resources will become an inevitable trend, because: the integration of the Leshan giant Buddha resources not only help the local government to shake off debt pressure, access to the scale of assets and integration effect, at the same time conducive to the can also take advantage of the scarcity of Leshan giant Buddha and Monopoly, access to pricing rights. Once asset consolidation is established, the company will be one of the companies with the largest valuation flexibility in the industry.　　If the Leshan giant Buddha resources into the listed companies, is expected to increase the thickness of the company 2010 EPS about 0.08 yuan.　　Do not consider the ropeway price increase and asset reorganization, the forecast company 09-11 years EPS is 0.25 yuan, 0.34 yuan and 0.42 yuan, combined with DCF and PE valuation, the company's reasonable value of 10.2-12.7 yuan, to give "overweight" investment rating. Hearing