Oriental Garden Revised equity incentive right threshold 8%

Following the first launch of the equity incentive bill in April 2010, the Oriental Garden (002310, closing price of 127.89 yuan) today (January 11) introduced an amendment to the draft incentive scheme.　　The new scheme reduces the incentive targets, while reducing the performance growth threshold required for the right to go down by 8.3%. It is noteworthy that the last time the Oriental Garden announced a draft equity incentive, the largest range of shares rose by more than 100%.　　And the recent Wanguo still gave a higher evaluation, the "overweight" recommended by the report. Lower right threshold according to the introduction of the Oriental Garden Equity Incentive Amendment Draft, the company intends to grant core technical personnel, middle managers, such as a total of 70 incentive target 3.7898 million stock options, accounting for the total amount of 150 million shares of 2.52%. The proportion of total equity has declined slightly compared with the planned 75-person share of 2 million shares in the April 2010 stimulus draft.　　Because the company has been Shang expansion during this period, the final incentive scheme line price also adjusted to 64.89 yuan, compared to yesterday's close to binary. There is a slight change in the terms of the right to do so compared to the previous stimulus draft. The revised draft will be divided into four separate lines under the conditions of the right to be met. In the second year of the grant, the right to do so may commence, with no more than 25% per cent of the share options awarded, and to meet the 2010 net profit of the company and the annual net profit growth rate of 2011 ~2014 to 30%, 80%, 140% and 230% respectively, After deducting the non-recurrent profit and loss, the weighted average net assets yield is not lower 12%.　　If any one of the single term performance is not eligible for the right to do so, the stock options in that part will be void. In accordance with the requirements of the proposed amendment to the equity Incentive, Oriental garden in the next 4 years, the annual net profit growth rate will reach 34.7%, according to this level, to the company 2010 1.8 yuan of estimated earnings per share, to 2014 the most conservative estimate of earnings per share will be to 5.9 yuan.　　This is in contrast to the 43% per cent annual net profit growth rate mentioned in the first draft of the stimulus bill in April 2010, requiring a significant easing, down by 8.3%.　　Wanguo is worthy of concern is that the wanguo of Oriental Garden, the last one months two hair research report, proposed to the Oriental garden "overweight", and highly rated it as the second Suning appliance (002024, closing price of 12.96 yuan). According to Wanguo analysis, Oriental Garden and suning appliances in the industry localization, as well as from the market and the company's relationship, in the early stages of development and belong to a small company, a single company market share is lower, investment opportunities in a small number of high-quality enterprises emerge, rapid integration of the market to form oligarch competition. Review of Suning and Gome 2006 ~2008 years, the annual composite growth rate of more than 60% of the high-speed. and the Oriental Garden after the successful listing of financing, on the one hand, the popularity of rapid promotion, on the other hand, equity incentive will be further to more than middle management cadres and technical personnelEat "reassurance", gathered the Olympic Games Expo and Hangzhou city planning talent Elite.　　For the company's future sustainable development to lay a talent base.　　It is noteworthy that the listing of Oriental Gardens has been disclosed large orders accumulated up to 5.7 billion yuan. Therefore, because the Oriental garden is in the city garden this sunrise industry, the core competitiveness is outstanding, after listing the cash abundant, the popularity promotion and the talented person attraction promotion and so on many advantages, the future still has the big order exceeding anticipate possibility. Wanguo estimated that the Oriental Garden 2010 earnings per share will reach 1.8 yuan, 2011, 2012 respectively, 96%, 68%, earnings per share will reach 3.5 yuan, 5.9 yuan, the annual net profit growth rate is expected to reach 81%, growth is very high. Companies to give "overweight" rating, advising investors long-term attention.