China Industrial International: Strong Demand, Controllable Risk &Nbsp, Asset Injection Period
capital construction
demand
Exuberant, controllable project risks and asset injection expectations are three major reasons for the company's investment value.
Infrastructure construction in Asia, Africa and Latin America maintains strong demand.
The main market of China's foreign contracted project industry is Asia Africa Latin America, which is directly impacted by the financial crisis.
The future market is expected to remain concentrated in these areas, and infrastructure projects will continue to grow.
Various measures ensure that the company's risk is controllable.
Company undertaking
project
Most of them belong to national projects. Such projects rely on their own funds, export credit plus insurance or our government's two outstanding loans, and adopt sub contracting mode similar to PM. In addition, there are still no outstanding claims for non accounts receivable.
China's agricultural machinery will be injected into China or international machinery group project.
Business sector
The curtain of the overall listing.
In 2009, the revenue of the National Machinery Group was 102 billion yuan, and it is estimated that the total engineering contracting sector will account for about 1/3 of the National Machinery Group business.
According to the Limited by Share Ltd's takeover report issued by China International Engineering Corporation in April 10, 2009, "it is beneficial for China industrial international to make use of the resources of the National Machinery Group to make bigger and bigger". We expect that with the acceleration of the restructuring of the central enterprises, the pace of the overall listing of the National Machinery Group will also increase rapidly, and the whole engineering sector will be listed or will benefit the company.
Considering the final approval of agricultural machinery injection, it is estimated that net profit in 2010 and 2011 will reach 353 million yuan and 459 million yuan, up 68% and 30% respectively over the same period.
After dilution, EPS was 1.56 yuan and 2.03 yuan respectively.
The investment rating of "strongly recommend -A" is maintained for the company's stock.
According to the comprehensive diluted EPS in 2010 after the injection of agricultural machinery, the valuation is given 25-28 times PE and the target price is 39.0-43.7 yuan.
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