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Qingdao Haier (600690) 2008 Net Profit Saw Year-on-year Increase of 19.35%; Refrigerator Business Might Continue the Outburst --- Overweight

  • Contributor:TX Investment Consulting
  • Date:Apr 29, 2009
  • Pages:3pages
  • Price:$40.00
  • File Type: Adobe Acrobat Reader®
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Excerpts:

In 2008, the company reported business turnover of Rmb30.41bn (+3.19% yoy), operating profit of Rmb1167mn (+29.74% yoy), net profit of Rmb768mn (+19.35% yoy), and EPS of Rmb0.57.

 

Earning forecast and rating: We forecast its 2009-2010E EPS to be Rmb0.67 and Rmb0.79, representing dynamic P/E ratio at 15x and 13x based on closing price of Rmb10.06 on April 28, 2009. “Overweight” rating is hereby maintained.

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