| Fluctuations instantly happened in the China's stock market in 2008, a huge sharp drop happened to listed securities composite index, from the historically top point of 6124 on October 2007 to about 3500 points at the end of March in 2008, and the falling volume is up to 43% just in over five months , especially blue-chip, the overall A-share earnings ratio has fallen by about 20 times, causing the whole market used to be filled with panic. In the full circulation of the circumstances, it is a new challenge that how our securities market should be reasonably assessed, and advocate reasonable investment. Hyron Software is a newly listed stock in Shenzhen in December 12, 2007 with its code 002195. This paper focuses on the investment in Hyron, first of all, in this paper, the analysis is mainly based on software outsourcing, business operation, profit-making pattern, counterpart competition as well as financial report of recent three years, it will also present analysis of Hyron's status in software field and its competing advantages as well as developing orientation. Finally, in order to give those investor some professional suggestions, this paper will assess Hyron's value by using investing theories, value-assessing systems, and PEG too.The structure goes as follows:Chapter 1: factors of software outsourcing industry's impact on software outsourcing development. Such as, our national policies on software, human source, the appreciation of RMB as well as labor cost and etc. This chapter will dig out some impact on software outsourcing development by using above-mentioned factors.Chapter 2: Analysis of software outsourcing industry. This paper will present the potential and future developing tendency in China's software outsourcing industry through looking to the global development of the software outsourcing industry, the development of China's software outsourcing industry, as well as the situation of China's software outsourcing industry to Japan the development of the analysis.Chapter 3: Analysis on Hyron Software Company. This chapter, On the one hand, will go onto analysis of its operating conditions, including business, a business profit model, customers and analysis of competition, on the other hand, A top-to-bottom comparison has been made about this company's finance, accompanied with it are transverse one and an analysis of Du Pont's finance, for the purpose of showing the competing ability and the future developing orientation in Hyron Software Company.Chapter 4: Hyron Software valuation and cost. By using three methods, such as discounted dividend, price-earnings ratio, PEG law on the Hyron to assess intrinsic value of software, software that Hyron share value.Chapter 5: Hyron Software investment risk analysis and investment recommendations. This chapter will put forward some suggestions just for those investors' information by analyzing the future possible investment Hyron Software Company could confront, the appreciation of the RMB, human resources, its business dependence on the Japanese market, the management level, such as by reference to the proposed investment. |
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