accounting for annual profit 2011/12

We think investors are still waiting operating performance of policy implementation,Tory burch outlet and now is a good buy some. The next three to six months, a tax-free shop sales performance in sanya strong stock is expected to push. 2011/12 is expected to net a tax-free shop in sanya contribution 103m / 2.38 billion, accounting for annual profit 2011/12 achieved respectively 15% / 23%.

Valuations.

We still adopt EV/GCIvs. CROCI/WACC valuations. Based on the duty free operation where CITS cash returns the high level of industry and industry, we maintain company growth relative to industry 45% of GCIvs. Tory Burch Boots Sale, CROCI/EV/WACC, combined with premium unchanged adjusted profit forecast get 12-month target price of RMB 37.3 yuan.

Main risk.

Because the policy is still in the experimental stage, the consumers of isolated islands Tory Burch Sandals and a tax-free process of the first accepted business performance may below our expectations of the benchmark hypothesis.