8 Shares of this week: Palm Garden 73 times times earnings ratio kill to Oriental garden see recruit

Financial weekly IPO laboratory researcher Wang Jiangtao Dingqingyun/Wen 1. Hingson Technology (June 2 net) Overview: Comprehensive gross profit margin of 37% printed circuit board (PCB) industry has been transferred to China, China has a greater advantage in this field. Hingson Technology engaged in the production of PCB model is also described as a subdivision of industrial design.　　Its comprehensive gross profit margin of 37%, more than downstream PCB production manufacturers. Recommended purchase price of 35 Yuan the author early in the super-China Science and Technology in 2008, on the PCB industry, process progress is the key to China's PCB.　　In accordance with the capital of the 2010 1 Yuan of EPS calculation, considering the current a-share listed PCB manufacturers ultra-China technology, Tianjin Pu Lin, health benefits technology and ultrasonic electronic performance, to give Hingson technology 35 times times PE, the proposed purchase price of 35 yuan. 2. The Yangtze River Run hair (June 2 net) Summary: By the steel price fluctuation long JIANGRUNFA to the elevator guideway product mainly, its 2009 year income composition, 90% of the product and elevator guide rail related. Although the company's market share in the global elevator rail industry ranked third, but the gap with the first two are above 10%.　　At the same time, the company by the steel market price fluctuations, the sales brought greater uncertainty. Recommended purchase price of 12.6 yuan in the Yangtze River run almost full competition elevator industry.　　The industry closely related to real estate, in accordance with the future growth of the securities industry 15%-20% Projections, 2010 diluted EPS for 0.42 yuan, considering the traditional industry, to give 30 times times PE corresponding purchase price of 12.6 yuan. 3. Vinriyan (June 2 net) review: Heavy reliance on major customers Foton Futian Vinriyan engaged in commercial vehicle transmission production and marketing. Vinriyan, like many other types of listed companies, relies heavily on large clients. Its top 5 customers accounted for up to 78% of sales revenue, especially for the North automobile Futian sales revenue accounted for more than 50%.　　At present, the company has an annual output of about 300,000 commercial vehicle transmission capacity, raise investment funds will almost rebuild a Wanli (280,000 new capacity). The proposed purchase price does not exceed 40 yuan capacity can be recycled, but short-term talent, management can sync? The high debt ratio of the first 53%, although can be reduced by supplementary fund-raising, but in the short term market customer resources how to open up?　　According to Xiang-Finance securities 2010 diluted EPS1.13 yuan, given 35 times times PE, corresponding to the purchase price of 39.55 yuan. 4. Leather Bao Pharmaceutical (June 2 Network) review: Drug safety hidden dangers of leather bao pharmaceutical engaged in the production and marketing of Chinese medicine, ointment, pills and many other dosage form varieties. Dermatosis is the main source of profit, last year accounted for 73% of the main business profits.　　Pibao pharmaceutical revenue, profit, net profit has steadily increased, 2009 net profit of 53.84 million yuan, weighted net assets yield of 27%. This newspaper opinion reasonable purchase price 41.18-46.80 yuan drug safety is a big problem. Pibao Pharmaceutical recently "disclosed" its products for the last 3 yearsBy local Health Inspection department spot checks. Although the "involved" drugs affect the proportion of profit is not high, but the impact of this still let consumers fear.　　Reference to the early release of Guizhou Lark 52 times times PE, Kangsheng shares 46 times times PE, comprehensive evaluation of leather pharmaceutical purchase price of 40-45 yuan. 5. Nine health Care (price of 19.38 Yuan) Overview: joint-venture coat, ODM mode, low-end products nine health care main home health electronics products, including electronic sphygmomanometer, blood glucose meter, low-frequency treatment instrument. 2009 Nine the operating income and net profit of health care were 313 million and 39.04 million.　　In the past three years, the compound growth rate of operating income was 13%, while the net profit compound growth rate was 4%. Nine health care products and core technology less, relatively low-end products, more dependent on international customers.　　It is noteworthy that the company's joint venture background was exposed to the controlling shareholder Liu Yi and another major shareholder of the overseas Registration Company, its tax preferences can continue to doubt. Recommended purchase price of not exceeding 17.64 yuan although the current nine health care more dependent on overseas markets, but the company's products in the international market for ODM production, and no brand, the future imagine space or at home. According to the macro-source Securities 2010 EPS respectively estimated 0.49 yuan.　　Reference to the recent issue of the 13 pharmaceutical companies issued a P/E price earnings ratio of 33-36 times, the proposal is to purchase 16.17 yuan-17.64 yuan. 6. Zhao Chi shares (price 30) Overview: Too dependent on large customers TCL MB shares main home audio-visual consumer electronics products, with LCD TV, digital set-top box, video disc and multimedia audio four series products.　　The company's main business model for ODM OEM production, product export-oriented, export ratio of more than 70%, domestic business is entirely dependent on the TCL group customers. Recommended purchase price of not more than 33.9 yuan compared with peers, trillion go is a thorough ODM path. ODM benefits in the financial statements on the glance: Do not need a huge sales costs, not easy to form a bad, low inventory, high turnover of funds, net interest rate is relatively high.　　Of course, this is at the expense of the brand.　　Reference to the national Letter of Securities to the 2010 EPS1.13 Yuan forecast, combined with the company's industry status and product attributes, combined with the current situation than the company, given 25-30 times PE, the proposed purchase price of 28.25 yuan-33.9 yuan. 7. Palm Garden (offering price 45 Yuan) Summary: The gross profit margin is lower than the Oriental Garden main landscape landscape design and construction, the Thunder direct pressure "new shares King" Oriental Garden. Both north and south, the strength of the same.　　The main market of Palm Garden in east and South China, while the main market of Oriental garden in the north, it has "North East, South Palm" argument. The Oriental garden is mainly the municipal garden project, and the Palm Garden is the real estate garden project. 2009, Palm Garden income of 660 million, Oriental garden for 580 million, palm more than the East 13%. And revenue growth, brownPalmetto 2009 Growth rate of 36%, the east is 40%, the Orient dominant.　　In view of gross profit, Oriental garden is superior to Palm garden in both gross margin and net interest rate. It is recommended that the purchase price range of not exceeding 41 yuan palm corresponding to the issue of 73 times times, not only far beyond the Oriental Garden 51 times times the issuance of P/E, also created a recent high. But propping up the Oriental Gardens is 3.5 billion of the municipal garden orders, under the background of real estate regulation, what does palm push up the share price? To 35~40 times PE, it is recommended to purchase price range of 36 yuan ~41 yuan.　　But considering the market to the Oriental garden of the enthusiastic pursuit, the actual purchase price may reach more than 40 yuan. 8. Hangzhou Oxygen shares (18 yuan Price) Summary: Affiliated party sponsor, downstream of the weak Hangzhou-Oxygen shares is the largest air separation equipment manufacturing enterprises, leading products for large sets of empty separation equipment. This newspaper has reported that its second largest shareholder, Huarong company is also the IPO underwriter Huarong Securities holding shareholder, there is a relationship between the sponsor.　　Hangzhou Oxygen shares downstream mainly for metallurgy, coal chemical industry and other industries, due to the slowdown in steel capacity expansion, coal chemical moratorium on approval of new projects, there is a need to reduce risk. Recommended purchase price of 13.8-17.3 yuan comprehensive consideration of the company's industry attributes, combined with the growth of performance and the current market valuation level, given the corresponding leading premium, to give 20-25 times PE valuation, the proposed purchase price of 13.8-17.3 yuan.