129823520530312500_26Hong Yuan securities: the innovation curve good overtaking
Commission rates listed broker rankings, break advantage is still significant in 2012 year company shares 0.973 base rate per thousand in the first quarter, 6th in the listing broker, fee and Commission income in Xinjiang contributions accounted for more than 33%
TERA Gold, we measure the Commission rate is 1.23 per thousand in the Xinjiang, significantly higher than outside the Xinjiang region. 56% region brokerage company in Xinjiang's market share in theExpansion rate decline has played a role of stabilizer. Proprietary asset allocation, bond led by optimizing proprietary business structures, ensure the flexibility of asset allocation. Expand the scale of bond investments of the company, 2008 bond assets/net capital base from the 2007 upgrade to 1.5% of. 2009-2011, in stockMarket environment can not be optimistic, the company continues to improve the bond assets/net capital ratio to ensure robustness of proprietary business. 2011 net debt securities/capital ratio amounted to 96.78%, lived in forefront of the listing brokers, equity/net capital than 33.62%. Chinese pipe business is or will be the macro source is a breakthrough innovation in the innovation advantages in the tide of reform,Brokerages facing historic development of asset management business opportunities, in addition to the investment scope, the barriers to entry and approval period is an important addition to the improvement in customer security management (700 billion stock funds), banking (year offer over 10 trillion) funds oriented on management mode of innovation will bring brokers finance development space several times now. Hong Yuan securities andPreparing Bank for a deep
Diablo 3 gold, loose the next banking funds into the stock market, or the outbreak of possession for company owned business opportunities. PB valuation of 3.32 times times the macro source currently, PE is about 25 times times, 2.3 times times diluted after considering the financing of PB. In a small brokerage company has a better basis for innovation and resources, on the valuation should beWhen premium, from flexibility point of view, out 66% stake held by the shareholders, company active circulation of approximately $ 8.5 billion, belonging to the fundamentals and flexibility of both varieties. Investment advice and ratings we believe in capital brokers driving resources of innovation in the development of the future, valuation system from PE to PB conversion, and domestic brokerages at 20% ROELevel can give valuations of 2.5-3 times times PB, reaffirming its commitment to the company's highly recommended rating, price target $ 22. Risk trading volume than expected
TERA CD-key, slowing the process of innovation.
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