As shown in 2008 annual report, the company achieved operating revenue of Rmb43.18bn (+21.4% yoy), operating profit of Rmb1.07bn (-61.3% yoy), net profit attributable to parent of Rmb780mn (-60.1% yoy) and EPS of Rmb0.55.
“Neutral” rating is maintained given comparatively rational valuation; investors are suggested to concern about investment opportunities brought by share price up-regulation and restructuring anticipation. 2009-2010E EPS are predicted at Rmb0.51 and Rmb0.69, representing P/E ratio of 15x and 11x.