Key investment points The company is mainly in the transportation business. It owns 8,458 taxis in Shanghai, contributing more than 200 million dollars to the company's net profit, providing the company with a relatively stable cash flow. The company's bus assets will be divested to Shanghai Bus and Pudong Bus, which will help the company stop losses, revitalize assets, and increase return on assets. The assessed price of bus assets and the timing of cash payments will affect the size of the company's earnings in '09. The company's real estate business plans to make a profit of 60 million yuan in 2009. In addition, the company also owns 607 acres of land in Jiashan at a cost of 400 million yuan, which will contribute to the company's future earnings. The company owns shares in a number of financial institutions. Among them, Haitong Securities is already listed, and the others are Everbright Securities and Guojun Securities. A rough estimate of the company's financial equity premium is about 3 times, which is equivalent to an increase in asset value of 1.37 billion yuan and an increase of 0.87 yuan per share in value. The company's EPS for 09-11 is expected to be 0.21, 0.23, and 0.25 yuan (regardless of changes in financial equity), an absolute valuation of 8.36 yuan, 37 times PE in 2009, and a neutral rating. Risk warning: The assessed price of bus assets and cash payment times are lower than expected; the economic downturn reduces the company's logistics and car rental business profits.