China's loyal Wang rebounded this morning, with shares now up 1.98% to HK $9.28 and trading 6.05 million shares. Wanguo issued a report saying that the first coverage of the unit and give the initial purchase rating, the use of DCF valuation method to achieve a target price of HK $12, corresponding to 17 times times/13.5 times times, 2009e/2010e PE multiples, than the market premium of 29%. Wanguo that China has a leading position and a stronger competitive edge in China's high-end aluminium profile market, and is expected to continue to benefit from infrastructure investment in China, especially in the construction of railways, motor vehicles and other infrastructure projects, and profitability will be better than expected. Due to the rapid growth of profile processing fees will effectively increase the company's operating performance; product structure optimization, the company will gradually improve the high value-added industrial aluminum profile, further improve profitability; high-end aluminum profile demand for rapid growth and time barriers caused by short-term competitors lack.
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