diablo 3 gold renminbi - BGQ

BOC international quarter of 2011, Alibaba (1688) notice the total operating income rose to $ 17.9% to $ (renminbi, the same below), 淨 profits rose from 25.3% to $ 1.3 billion. 3 quarter, due to speed sells Tong, Leung's new unlimited revenue falling gross margins and salary costs rise, stock ownership incentive before interest, taxes, depreciation and amortisation before LeeRun-rate dropped to 31.4%. Our 2011 before the stock ownership incentive of profit before interest, taxes star wars the old republic power leveling, depreciation and amortisation predicted 32.8%, representing down 2010. Our forecast of annual results in line with our forecast. Upgrade business mode and raise profit in addition, 9-10 months the company had an average price of HK $ 7.5 per share repurchase 67,833 diablo 3 gold,500 shares. Current price equal to 17 times in 2012 expected profits. In comparison with 2008, valuations have been returning to historically low levels, therefore, we think before earnings upgrades start, bargain hunting was good. Support rating: registered users of the international trade market reached 24 million (up 59%) swtor power leveling, the market registered users49 million (an increase of 17%). User base continues to expand, but user management tighten lead to paying users decline. 3 value added services revenue share increased respectively account for gold suppliers in China (CGS) income and integrity (CTP) income and 30%, and 25% of the year. From-registration model to product typeThe paradigm shift underway, speed business quality of infinite and 1688.com sells Tong, Leung has been reduced. Major risk rating: adverse global macro-economic environment on China's exports, and medium-term and no signs of improvement. Valuation: we are still maintaining buy ratings on the unit and target price of HK $ 13.3, corresponding to 25 times times the expected 2012 earnings(0.52), over 3 year standard deviation of the trading range low 1. Gold-line statement: Gold-line reproduced above, does not indicate that confirm the description for investor use only and does not constitute investment advice. Investor actions accordingly, and at your own risk.