In 2008, the company reported business turnover of Rmb992mn (+24.6% yoy), net profit attributable to parent of Rmb54.24mn (+1.4% yoy), and diluted EPS of Rmb0.23, which was in line with our expectation. The company’s dividend distribution plan was to send pretax cash of Rmb1 for every ten shares.
The company’s 2009-2010E EPS is predicted to be Rmb0.25 and Rmb0.30, representing P/E ratio at 48x and 40x, which is comparatively high. Rating of “Neutral” is hereby maintained for the counter.