E-MAIL
Growth of citizen salaries and urbanization are the foundation of bus sales. Annual average disposable income in city grew by 10% since 2000, and in countryside they released the figure in 2004. And urbanization increased to 46% during this period.
Based on experience in Japan, high-speed railway will not definitely affect bus transportation. And in China the periodic peak of bullet train were between 2007 and 2010. And in the next four years, high-speed railway will have little influence on highway road transportation.
As domestic leading bus manufacturer, Yutong Bus took 17% markets share in 2009 with stable dividend. Annual average dividend rate were 78% from 2006 to 2009, the highest in domestic auto industry.
It predicts that earnings per share from 2010 to 2012 will be 1.50 Yuan, 1.84 Yuan and 2.20 Yuan, and according PE level are 11.5, 9.4 and 7.9 times.