Securities Promotion: Tianjin development assets Discount Big

The share price of the capital Tianjin Development (0882) has risen by 17% since the bank's proposed purchase at $4.21 on May 20, with the index increasing by 5.9% and 6.6% respectively in the same period, reflecting that the market has gradually shifted its focus to the second-tier stocks. 　　The Tianjin development deal has remained active in the last two weeks. As at December 31, 2008, the company held a total net cash of about 200 million yuan or 0.19 yuan per share, it can be seen that Tianjin development of financial stability. 　　Tianjin development at the end of 2008, the value of 8.67 yuan per share, the current share price of each share of the value of 43%, the bank believes that the risk of falling stock price is limited. Forecast 09 P/E 9.5 times times according to market consensus, 2009 net profit is expected to grow by 12% to 568 million yuan a year, earnings per share of 0.52 yuan. 　　The current stock price is equivalent to 9.5 times times the 2009 earnings ratio, which is not expensive compared with the Hang Seng index of 16.9 times times and the state-owned enterprise index 15.4 times times. The ultimate controlling shareholder of Tianjin Development is controlled by Tianjin Municipal government, the company's main business includes: (1) port business (through its 67% share of the Tianjin port development, stock code 3382), (2) toll road Business, (3) utilities, (4) hotel business, (5) wine business (through its holding 45% 　　Shares of the dynasty wine industry, stock code 828, and (6) elevators and escalators business. In terms of P/E or market rates, the value of Tianjin's development is cheap, plus "11. Five "planning to give Tianjin Binhai New area, a series of preferential policies, Tianjin development for long-term investors is valuable." Tianjin?] 　　GDP grew by 16% in the 1th quarter of 2009, compared with 6.1% per cent nationwide. ] Speculative red chips return a-share? The market will push Tianjin to develop its share price performance in the second half of 2009. The bank maintained a buying rating for Tianjin, with a 12-month target price rise from 5.20 to 6.10 yuan (the current value is 4.88 yuan), equivalent to a discount of $30% per share, and a 2009 earnings ratio of 11.7 times times.