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Fiducial industry: Good luck and challenge coexist recommend two gold strongly
From;    Author:Stand originally
From dimensions fluctuant, income is formed, gain ability and appraise value standard look, american fiducial bank is returned basically to be young periodic industry. Its appraise value and asset management company are adjacent, static PE is in basically 18 - 25 times, with 5 years PEG of increase rate calculative is in 1 - 2 between, the periodic industry such as prep above bank.

Weak cycle of test and verify of growth of our country fiducial course of study, dimensions is characteristic. Among them, single product breaks through half of country of product of bank conduct financial transactions, first of industry of banking of growing sex house; Poor dissimilation competition drives gather product dimensions to grow, equity invests a new force suddenly rises, hold a long-term sex and high income feature concurrently.

Fiducial industry good luck and challenge coexist. In nonstandard change what product requirement of conduct financial transactions grows to drive below, fiducial product can abound the demand of high-end client economy of financial orgnaization, can drive business of our country private bank to move toward maturity, because this is faced with more affirmatory development space. But because at present environment of domestic and international economy produces bigger change, the uncertainty that economy grows still brings pressure to industry growth, fiducial after all industry is had weak periodic, and rather than is fought periodic.

Because the profit pattern difference of the inherent asset of trust company and fiducial asset is very big, accordingly we still suggest to undertake both fractionation, undertake appraise is worth a price respectively. Inherent asset share can consult 15 times PE of investment firm, 2 times PB and the appraise value standard of 0.6 times PEG; Fiducial asset share can consult 0.9 times - the appraise of 1 times PEG is worth a level; If use market price / the method of asset management scope, horizontal correspondence can be led in the pay of foreign 2‰ 2 % market price / on the foundation of asset management scope, offer certain convert into money or excessive price.

An Xinxin is held in the palm (600816 prices, love, information) : Maintain “ to recommend the investment grade of ” strongly, but the accrual of income of 8 years of fiducial poundage of company and fiducial product affirms respect existence uncertainty, bring about company estimate to be worth interval next moving. Set out from careful sex angle, we affirm partial poundage income undertake giving delaying, the letter in reducing is fiducial 2008 (annual) , forecasted with the gain 2010 2009 reach 0.68 yuan, mix 1.76 yuan 1.21 yuan. Fiducial outstanding achievement is believed to look in incorporating by a month, criterion 8 years every accrual predicts the firm it is 0.12 yuan. We reduce company reasonable estimate to be worth interval to reach 27.2 yuan temporarily - 30.25 yuan. Wait for company estimate to be worth a foundation farther Anacreontic hind, we are made again adjust further.
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