Southern Airlines: 1-September profit growth 14 times times

Event: The company expects 2010 1-September net profit attributable to shareholders in listed companies to grow by more than 1400% over a year earlier. Analysis: 1, the estimated 2010 1-September attributable to the shareholders of the listed company net profit of 4.508 billion yuan, the average earnings per share of 0.57 yuan.　　7-September profit of 2.432 billion yuan, the average earnings per share of 0.31 yuan.　　2, the main reason for the growth of the company's performance is the domestic aviation market passenger and freight, main income increased significantly, while the appreciation of the local currency also to the company to bring a certain exchange earnings. 3, from the October 1 period of domestic aviation oil prices down by 120 yuan per ton, South Airlines 80% of the route for domestic routes, by domestic aviation oil price adjustment of the greatest impact.　　October 20 RMB interest rate increase, may accelerate the appreciation of the renminbi, for airlines. 4, the current stock price corresponding to the 10/11-year P/E is 14 times times, 12 times times respectively, the valuation is low. (Shenwen)