万科的投资学分析报告.docVIP

The investment analysis of Vanke Corporation The investment analysis of Vanke Corporation Vanke Corporation Ltd. was established in May 1984, is the largest professional residential development company, It’s Headquartered was founded in Shenzhen and has set up branch offices in 20 cities. Its corporation shares was listed in May 1993,and the companys total share capital is more than1.02 million shares. Our analysis has been divided into six parts : Macroeconomic analysis, industrial analysis, financial statement analysis, equity valuation analysis and technique analysis and conclusion and reference. Part one Macroeconomic analysis Macroeconomic and Industry Analysis 1. The Global Economy The global economy is still in the stage of recovery from the world economic crisis. The economic sentiment indicators (such as GDP growth rate) of the worlds major economics continue to improve, as well as the recovering international trade and investment. However, the problems brought by the financial crisis in 2008 still exist in some developed countries and have a possibility to outbreak, thus damaging the global recovering economy. The unemployment rate remains high in the worlds major economies, particularly in developed economies, which will bring a range of social and political problems and lead the economic recovery in the world to uncertainty. 2．Domestic Macroeconomic The Consumer Price Index (CPI) has been beyond the market expectations for months since October, 2010 and there is inflationary pressure in Chinas economic development (as suggested by the figure below). On 14th January, Chinas Central Bank announced to raise the deposit reserve ratio of financial institutions by 0.5 percentage from 20th January, 2011. The deposit reserve ratio of large financial institutions will reach a new record of 19% after the adjustment while the reserve ratio of small and medium sized financial institutions will reach 15.5%, with the block