In the first quarter of 2009, the company reported business turnover of Rmb455mn (+9.73% yoy), operating profit of Rmb35.1mn (-17.12% yoy), net profit attributable to shareholders of Rmb26.08mn (-18.73% yoy), and diluted EPS of Rmb0.13.
We maintain its 2009-2010E EPS to be Rmb0.55 and Rmb0.59, representing dynamic P/E ratio at 32x and 30x based on closing price of Rmb17.59 on April 20, 2009. “Neutral” rating is hereby maintained.