The company has a high valuation and recommends cash purchases. The company's PE in 2011 was 11-13 times, slightly higher than the furniture sector 8.55 times PE. In view of the recent sluggish market sentiment, the company's sales are affected by overseas markets and the domestic real estate market, so it is recommended to purchase cash.
Risk factors: (1) Wood price fluctuations (2) The company relies on existing sales channels, or it is difficult to expand its market share in China at the current rate. (3) Overseas markets raise barriers to entry or implement trade protection measures for furniture products.
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