1. Considering the support from favorable policies, we see the firm’s duty-free business license as its core competitiveness, instead of capital investment. We forecast significant room for improvement in sales per square meter, especially after the launch of online booking services. As such, we...
Due to lagged capital increase from pawn business, we revise down EPS for 2010 to RMB0.29 and maintain EPS forecast for 2011-2012. EPS from 2010 to 2012 is expected to be RMB0.29, RMB0.48 and RMB0.60 respectively with CAGR of over 50%. We give TP of RMB12 and reiterate BUY investment...
Following Hundsun’s acquisition of Great Wisdom (Hong Kong) and solid growth of its four internet subsidiaries, we forecast revenue growth of 55% YoY in 18E, 50% YoY in 19E and 40% YoY in 20E for the internet segment. As the wealth management business has been classified into the wealth...