while sales management expenses increased 38%

Page 1th page 2nd 3rd page: page 4th 5th page: Daqin Railway (601,006, unit) (601,006) value is severely undervalued UBS Securities Xu Bin (S1460511010012) company 2011 years ago three quarter net revenue increase of 7% compared to $ 32 billion diablo 3 power leveling,12% increase in net profit to $ 9.2 billion, earnings per share of $ 0.62, broadly in line with our expectations. Recommended reading hexun about City Hall: next week's a-shares or to five major gold stocks are now buying opportunity in consumption will burn at the passion 8 zhanchiyufei muddy water and focus: who discovered fresh black who now cannot wait shareholders Li 8 a 12-year stock-trading8 deep investments to realize the IPO of a tiger 29 months "circle" approaching trillion [Twitter] Lao Sha: International Board will do before the path of a [Unit] strong signals without copying is a fool at the end of 3rd quarter earnings per share was flat, largely because of falling. On one hand, propelled by maintenance cost growth, operating costs rose 13% diablo 3 gold, leading to hair45.3% per cent of the interest rate from the first quarter of 2010, while sales management expenses increased 38%, resulting in profit before interest and tax of 40.1% per cent from a year earlier. Management expects 4 quarterly maintenance costs will be significantly reduced, thus alleviating the cost pressure. We expect the Shuo-Huang line with support from the year consolidated profit contribution,2011 corporate profit growth is 19%. However, we believe that in the future profit growth will slow due to increased pressure on business costs and da-Qin line increase coal volume shrink. Taking into account the structure and property of da-Qin line volume growth slowed, long-term sales growth forecast cut from 7% per cent. Long-term profit before interest, tax, valuation fell from 40% to 33%, due to operating cost pressures to grow significantly. Due to long-term reduction in Capex demand, future Capex/sales ratio forecast cut from 11% per cent. ����Comprehensive consideration, we cut its 2012 earnings per share of 3%, and is expected in 2013 earnings per share of $ 0.91. Valuation method based on discounted cash flows,And UBS analysis of value creation model (VCAM) factors influencing long-term valuation tools to specific forecasts, we infer the company's stock price target of $ 12.06. Company corresponds to the current price is 8.8 times times projected 2012 earnings, dividend yield over 5%, attractive in the industry. Maintaining "buy" rating.