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Kwong Tin Shares: Hardcover Enterprises Closely Cooperate With Real Estate Development Enterprises

2010/9/13 15:59:00 81

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Enterprise

The company is residential.

Refined decoration

One of the leading enterprises in the industry.

The company is our country.

Architectural decoration

One of the leading enterprises in the industry, the company has been selected as the top ten of the top 100 enterprises in China's construction and decoration industry for seven consecutive years. In 2007 and 2008, it ranked sixth in the top 100 enterprises in the national construction and decoration industry.

The company is an early entry into the field of residential fine decoration in the industry. In the past 09 years, the proportion of residential fine decoration has reached 40%, which is 20 percentage points higher than the 20% level of 07 years.

Urbanization in China has entered the mid-term stage.

Livable

"Requirements will bring rapid upgrading of residential refined decoration needs.

In the past 20 years, China's urbanization rate has increased rapidly, and the urbanization rate has increased from 26.40% in 1990 to 45.7% in 2008.

Compared with the urbanization rate of about 70% of developed countries, China's urbanization process is in the middle stage.

The prominent feature of residential consumption at this stage is the shift from the basic requirements of residential housing function to the high degree of concern for residential comfort, resulting in the rapid rise of decoration demand.

The composite growth rate of domestic decoration industry output value was 26% in 05-08, and the average annual growth rate of decorative demand in this field in the next 3 years is expected to remain at a high level of 15-20%.

Alliance with large housing enterprises is still the main strategy of the company's future development.

In the past few years of real estate development, with the fierce competition in real estate development, in order to maximize the price of housing sales, large scale real estate development enterprises rapidly improve the proportion of residential decoration, and at the same time pay more attention to the quality of residential decoration to attract customers. This provides good cooperation opportunities for the dominant enterprises in the decoration industry.

At present, the top 5 customers of the company account for a relatively high income in the company, and are between 50-60%. It is estimated that the deep cooperation with the large housing enterprises in the future is still the main strategy for the company to achieve a rapid increase in business volume.

The proposed purchase price is 43.50-47.25 yuan.

It is estimated that earnings per share will be 1.33, 1.89 and 2.36 yuan after the corresponding issuance in 10-12 years.

We refer to the price earnings ratio of similar companies and the pricing level of recent IPO, giving the company a price earnings ratio of 23-25 times corresponding to 11 years EPS, and get a reasonable price of 43.50-47.25 yuan per share.

Risk warning: the fluctuation of profit rate and the risk of collecting money sustained by real estate regulation.