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Chinese shares drop in the bucket export tax rebate is still compensatory growth opportunities
June 8, the Ministry of Finance issued a further increase on the export tax rebate rate of some commodities notice, insulin and other products of export tax rebate rate from 13% upwards to 15%. But researchers a rough estimate, the impact of the export tax rebate is not large, the Medicine Therefore, the performance of listed companies to bring thickening too weak; However, some pharmaceutical stocks there is compensatory growth opportunities for pre-stagflation Dao Shi.
Hard thickening of the performance tax rebate
The State Administration of Taxation and Finance on June 8 release of the export tax rebate rate adjustment notice, involving pharmaceutical products, mainly insulin, human vaccines, blood products and Cephalosporin Antibiotic ( API And preparations), Pien Tze Huang, Bai Yao, kits, plaster, cotton wool products such as sanitary materials. These products from the export tax rebate rate of 13% upwards to 15%.
According to statistics, the export tax rebate affect the pharmaceutical companies mainly Tonghua Dongbao, Pien Tze Huang, Shanghai RAAS, Hualan objects Haixiang medicine and so on, but the pharmaceutical industry researchers under the general estimates, the export tax rebate on the impact of related companies is very limited.
Merchants Securities Institute of the pharmaceutical industry wide known estimates, according to Tonghua Dongbao export revenue 80 million yuan in 2008 and a new calculation of export tax rebate rate of 15%, the new export tax rebate was only 1.6 million yuan, the impact thickness of only 0.004 yuan performance only. However wide known that the export volume of insulin Tonghua Dongbao small export tax rebate by Toho Group shareholders have import and export company, for covering the cost of its imports and exports. Import and Export Corporation is to initially set up to secure the export tax rebate. She believes that the export Sell Increase the proportion of the Tonghua Dongbao now or will benefit.
However, according to findings of reporters, many pharmaceutical companies for the export tax rebate adjustment result can hardly be optimistic. Haixiang medicine are told reporters: "Most of our orders are entered into the contract, and because of weak pricing power of domestic pharmaceutical companies, the customer will be adjusted terms of the contract. So we see the export tax rebate adjustment to the company not too many positive results. "
Concerned about stagflation stock Medicine According to the RAAS, Hualan material, Pien Tze Huang in 2008 export revenue 34.82 million yuan, 12.86 million yuan, 117.97 million yuan calculations, the additional amount of export tax rebates were 70 million yuan, 260,000 yuan, 2.36 million element. Calculated results of this thickening is only 0.004 yuan, 0.001 yuan and 0.017 yuan.
"The benefits of the export tax rebate adjustment is too meager, so money market funds and will not be related to the pursuit of individual stocks. But that does not mean that Chinese shares have no chance, on the contrary I think the plate is facing a compensatory growth opportunities. "A pharmaceutical industry analyst said.
SW in a research report yesterday also expressed the same view. SW that medical stocks are compensatory growth opportunities, mainly due to growth in determining performance, pharmaceutical stocks have not increased and long-term medical plates relative valuations are cheaper. SW recommends attention to the lower valuation of second and third line stocks, such as Tasly, 39 medicine, at the same time, they think Influenza VE industries benefit company and Zhejiang Medicine, and as there are some new opportunities.
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