It is estimated that the performance from 2009 to 2011 is 0.15,0.28,0.36 yuan, corresponding to 9.43 yuan per share price, 09PE~11PE is 63 times, 34 times and 26 times respectively, and PB is 5.9 times. Considering that the primary development income of water and land in the company's main business is relatively stable (even in the case of expansion), it is unlikely that Toyota Motor Corp's sales in 2010 will be better than that in 2009. The income generated from the secondary development of real estate is expected to be given a "neutral" investment rating for the first time around 2012.
【国信证券】漳州发展:退出高速 汽贸及水务成利润主体
[Guoxin Securities] Zhangzhou Development: withdrawing from high-speed automobile trade and water affairs to become the main body of profits
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