According to its 2008 annual report, the company realized business turnover of Rmb669mn (+16.81% yoy), net profit attributable to parent of Rmb134mn (+6.07% yoy), and EPS of Rmb0.45. Besides, the company distributed pretax cash dividend of Rmb1 and increased 2.5 shares for every ten shares plus additional 2.5 shares.
It is predicted that the company’s EPS in 2009-2010 is Rmb0.51 and Rmb0.57 respectively; dynamic P/E ratio is at 26x and 23x. Given slow IT investment growth of securities and fund industry, we hereby maintain “Neutral” rating for the counter.