20.10.2010 - Equity Research Themenstudie

GBC - Best of China

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Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5

Out of the 24 Chinese companies listed in Germany, we have chosen 5 to be listed on our ´GBC – Best of China´-Recommendation List. The selected companies in our point of view have shown a good operational track records since their listing and have proven that Chinese companies are able to fulfil german investors´ requirements. Furthermore the chosen selection shows a high potential for the particular share prices, due to the fact that they yield substancially below their fair values. The markdown of the share price to the fair value is getting smaller with increasing trust of investors in the company´s operational strengths. In some cases that can be observed already, taking Asian Bamboo and Kinghero as expamples. All the selected companies share important characteristics: a substantial growth rate. Also margin-levels mostly are significantly higher, compared to European or German companies of the same industries. Even though the growth rates might detoriate slightly over the next couple of years, the pace is expected to stay strong. A reduction of the undervaluation of the share prices therefore should take place in the foreseeable future.


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