This "hero" wivar shares (002240, unit) is Wang yawei between in the first quarter of this year, the head of the Chinese market and Chinese policy both are top ten shareholders out of circulation for the first time. It is worth mentioning is that wivar shares a quarterly losses, and expected losses increased in the first half.
So, it highlights what made Wang yawei's favor wivar shares? The previous issue "value line" describes the yongding shares (600,105 shares), shares for wivar (002240) interviews with journalists also raised the issue of market are more concerned about: "why keen on wivar shares of Huaxia Fund? Have bought before the unit ever to listed company? "Recommended reading
· Index Fund concentrated discussion posted · analysis real of Fund will cast trillion private craving legitimate identity Fund figure frequency are real estate involved mine unit most tragedy Fund Manager playing mouse warehouse also losses money Fund Yu Ze" seal go open "spread raised only 265 million CITIC by Huaxia Fund equity transfer motion Shanxi coking: floating capital followed Wang yawei retreat Qiming: shocks city in the how mining Daniel unit Huaxia" four Tiger "a quarter latent on April 18, wivar shares disclosure a quarterly: report period within, implementation business income 300 million Yuan, per cent growth 15.28%; net profit-26.3417 million Yuan, per cent decline 265.15%. At the same time expected loss of $ 38 million-$ 43 million in the first half.
Is that a black, deteriorating fundamentals of attracted funds of listed company leading China Fund company in the industry the importance of the Fund. Quarterly Bulletin shows that Chinese revival respectively, holding 2.1881 million shares, dividends, Huaxia 1.9999 million shares for shareholders of wivar shares and third-largest circulation; Wang yawei in charge of the China market, Chinese policy holds 1 million units, 799,900 shares diliu、Shi shareholders. Four Fund's total holdings of 5.9879 million shares, representing wivar shares in circulation of 4.81%.
Concern is that the Chinese "four tigers" are a quarter of "new". "In China's Fund to the end of March, is to fund researchers to. "Wivar equity securities of a female staff member said:" as to why they bought the unit, between companies which business, I don't really know. Only from company fundamental analysis, such as tree forest, the industry leading position, and so on. "VAT refunds or will continue to decline in performance, three explanations are given wivar shares, mainly due to the December 31, 2010 VAT refunds policy has expired, VAT refunds income year greatly reduced. "VAT tax refund effect on company performance is above 45%".
These staff. In December 2009, finance and the State administration of taxation issued on the comprehensive utilization of agricultural and forest residues as raw materials of the product sales tax policy notice (hereinafter referred to as "notice"), is valid until December 31, 2010. According to the provisions of the notification, wivar shares in the production of medium/high density fiberboard products enjoy sales tax tax preferential policies for the levy and back, specific tax rebate proportion per cent in 2009, per cent in 2010.
In fact, since 1995, China for three left and little fuelwood for comprehensive utilization of raw materials production and processing of rolled product that has a VAT levy policy, until the 2008 tax rebate proportion of 100%. Securities analysts see Sun Xia State sea analysis, due to the scarcity of forest resources in China, contradictions between wood shortage. MDF industry can greatly improve wood utilization of comprehensive, effectively mitigate the contradiction of shortage of forest, traditionally supported by the national policy. "MDF industry sales tax levy that is returned after the preferential tax policies expire on December 31, 2010, greater likelihood of continue to enjoy preferential tax policies. But with the gradual recovery of the industry, does not rule out tax refund proportional decline in May.
"Sun is expected.
Forest resources are the focus there is no doubt that wivar per cent of forest resources is the focus of attention of institutions. CITIC Securities (600,030, unit) researcher Mao Changqing shares the Institute reported in a recent Wei China think that forest resources are the core elements of competition. Wivar shares now has 642,000 acres of woodland resource. According to company announcements, 2008 wivar shares cut down 18,900 acres, 11,600 acres respectively, 25,200 acres of forest area. "Count 2008-2010 years but did not cut into rotation area, 2011 and 2012, the actual area were 370,000 acres, enter new round cutting 55,000 acres.
"Mao Changqing such calculation. See Sun Xia is also highly optimistic. "After entering the rotation, the tree growth slows. Therefore, Wei of China shares forest is expected to be in 2011 and 2012, entered a period of massive felling.
"Data shows that wivar shares 2010 forest sales revenue of $ 34.82 million compared with 2009 growth times, forest sales and this piece of the profit margin of more than 40%.
Mao Changqing by 2011, 2012, 2013, felling capacity of 80,000 acres, 100,000 acres, 120,000 acres, eucalyptus volume 6 cubic meters per MU, ratio of branches and logs 6:4 700 Yuan/ton, eucalyptus timber price assumptions, such as preliminary, and forest tree sales in 2011, 2012, 2013, is expected to be contribution margin of $ 150 million and $ 200 million, $ 270 million. "Forest is difficult to expect a more flexible, company has no specific cutting plans. Forest is as a raw material reserves, considered profitable in these two years, it is slowly realizing its benefits.
"The above staff said. Reporter Zhang Shibin
