warhammer online gold which we have given the company 2012 23-28x reasonable earnings range - XWG

CICC: hualu baina recommended inquiry price $ 55 Investment tips: our hualu baina IPO investment value analysis, it is recommended that quotation price is $ 55. Expected to 2011-2013 EPS to $ 1.41 and $ 2.12 per cent and 2.96, respectively, an increase of 135%, and 40%. The a-share media around 2012 earnings 22x, making films and plates2012 trading is trading for about 28x of listed companies warhammer online gold, which we have given the company 2012 23-28x reasonable earnings range, considering the current market environment, pricing rules, the company's shares and the number of media properties tor credits, and recommend that investors may 2012 times price-earnings ratio participate in inquiry, 2012 earnings per share of $ 2.12Share price at $ 55. Investment highlights: diversification of channels bring television boom. 2009 online video users to scale up to 240 million in China, new media is becoming important channels of TV sales. Internet copyright prices as the market for network video models bullish surge. Television stations will continue to be powerful media, domestic television transactions as a wholeGrowth of the market is expected to remain stable. State-owned enterprise backgrounds, accurately grasp on subject matter. Company has a relatively high share of industry in the industry. 2010 Department of production and obtained distribution licenses television series 7, in fifth place. Human SASAC actual control of the company in charge of the central enterprise China hualu, the company told the Central and provincial television prime timeTelevision demands has a good grasp, so TV series produced by central television and Prime time segment implementation of provincial satellite TV broadcast. Choreographer strength makes excellent play advantage. Company has a wealth of industry experience, with many famous Director, writer and actor has a good relationship. Like Liu Jiang, Teng Hua�|, Xu Jizhou, Director age of conan gold, and Wang Liping, Huang Ke, Cao Dun and other writers.Issuers and good cooperation between the Director and screenwriter created a company of fine play advantage. Risk of television drama production scale expansion led to intensification of competition and margins compressed. Companies to participate in film financing business earnings uncertainty. New media channels and overseas market expansion is not successful, long-term growth thrust is missing.