129823520546250000_50UBS: a-share profit big downside risk brokerage field of medicine risk
A-share profit non-financial risk assessments of listed company's annual income effect may be to the downside risks to growth have we worried about policy until after a few months in order to be reflected in the real economy, and decline in export growth and investment, the non-financial sector stocks will affect corporate earnings recovery. Non-listed companies 2012 financial year revenue growth we forecast for 13% (formerly17% first). Gross margins and net interest rates edged upward gross margins may be superior revenue growth because of sharp drop in the cost of the improvement we believe that profit rate of non-financial enterprises on the one hand by the adverse effects of the decline in income growth, on the other hand, commodity prices make the cost pressure easing, contribute to the profit margin recovery. We expect non-financial listed companies 2012Year gross profit margins and net interest rates and 18.3% respectively (improve 0.1ppt respectively). We predict 2012 profitable growth 9.2% of non-financial companies to market growth in net profit and forecast revenue growth we forecast net profit growth in the overall a-share 2012 9.2% (originally 9.5%), in which net profit growth in the non-financial sector 4.9% (originally 5.4%), net profit growth in the financial sector 14.5% (no change).
Now Chaoyang sustainable market consensus estimate for overall net profit growth of 18% a-shares, net profit growth in the non-financial sector 20%, we think that the downside more space. Profit downgrade risk large and small industry, we believe that most of the 2012 annual growth rate asideReduced risk. These, we believe that the textile, pulp and paper, petrochemical, electronics, General machinery industry performance downgrade may be relatively large; beverage, Bank, port
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TERA CD-key, such as the Joint United States Conference in early 250% anti-dumping tax | Commerce Department that it would actively defend | Some enterprises shifting production to avoid energy-saving home appliances subsidies 25.5 billion | 97.9 billion renewable energy Special Fund | Public invest trillions of 3.6 billion King "cover" vegetable [financial] Dong Fan: policiesReducing timing to buy ren Zhiqiang: 2 years after soaring [financial] Mianyang, Sichuan province arrested for retention of 6 billion investment at the expense of Hong Kong donates school [financial] Green City 3.6 billion market covered land into vegetable built wuliangye Yibin airport [financial] apply medicationto under highly paid, not satisfied with Chief Executive Tung Foxconn double pay to 4400[stock], Director of the Shanghai financial Office: Foreign companies listed on the International Board as a whole [stock] people's daily: Unit shares monkey Monster stocks soaring down people do not understand [commercial] self-made billionaires under 40 list 2011 China's list of top 30 [business] "top ten fall short of the reality" brand 2012 Chinese online shopping survey [financial] financing managers don't know banking and insuranceStudy on price differences in Guangdong [financial] 16% monthly income of 15,000 gold ornaments in the Mainland more expensive than Hong Kong singles fiscal 2012 Forbes Taiwan Forbes business major top ten best employers
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