tera gold in the absence of contract sales with strong support from - FWP

Gold: baolong contract sales disappointed faces downside risks Gold, a report released by baolong real estate last year results broadly in line with the Bank's expectations, but sharply below market forecasts. Upside is that revenues for the year rose by 18.5% to 5.3 billion yuan (hereinafter the same), negative factors include: contract sales of 5.5 billion last year alone reached 61%, gross profit margin declined 10.4% per cent of the target, debt ratios rising 32.4Percentage points to 52.3%. Gold, the first two months of this year, powerlong contract sales of only 500 million Yuan, annual fall 13%, believes that its sales are still slow this year, faces downside risks to earnings over the next 2 years. Gross margin will remain at present levels, due to high end project contribution could not be profitable in the short term. In addition tera power leveling, in the absence of contract sales with strong support from, it is difficult to see itFinancial situation improve. Baolong real estate sales were poor expectations tera gold, gold slashed its 2012 earnings forecast, forecast two thousand twelve-thirteenths annual earnings per share of $ 0.26 per cent this year. The unit corresponds to new two thousand twelve-thirteenths years/5.2 times forecast earnings, higher than forecast discounted net asset 53%. The Bank maintained the treasure Dragon "hold" reviewLevel, to reflect the concerns about downside risks to their earnings tera gold, price target cut to $ 1.55. Others:

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