129765260872812500_15China Shenhua pays premium being questioned 3,996 gondola curious appreciation
As of March 15, China Shenhua on his controversial asset injections, still not explained. On March 2, China Shenhua (601,088.
SH) announcement, the company intends to $ 3.449 billion acquisition of power coal-related equity asset of the Shenhua group, further action by the listing of the Shenhua group as a whole. Listed as a whole, for Shenhua group is alreadyThe strategic objectives. But China Shenhua in the asset injections, 3,996 gondola cars travelling no profit record not only assets, value-add 16.49% and inject assets acquisition in high premiums other cases, its profitability is not optimistic.
The a-share markets this choice "voting with their feet". Voting with our feet in the market from March 5 to March 7, China ShenhuaShare price drop even Yin-three lines, high stock price from $ 28.17/share to $ 26.45/share, Trojan or 4.67%, is the Shanghai composite index 2.39% or nearly twice times in the same period. "This a day before, the company announced a programme of acquisition of assets of the group, but as a large stocks, China Shenhua decline is far beyond market decline over the same period."Who has long concerned about private persons in Guangzhou of China Shenhua on the China business newspaper reporters, although shares decline of coal stocks as a whole during the same period about, but as the assets into the" good "news of the company, it is clear that investors in Shenhua group injected into the assets of a listed company a bit disappointed this time. Points out that the above private persons, disappointed the market on the one handIn, the company acquisition of part of assets of the Group on the high side. According to the company with the acquisition of assets and the associated transaction notice display, proposed initial public offering of shares of the company stock funds $ 3.449 billion acquisition of Shenhua Group's assets, including: Shenhua group-owned 3,996 railway gondola car assets; guohua power guohua Taicang 50% stake in the company held by GodThe Shenhua group and intertrade company each hold stakes of Hong Kong companies and 99.996%; bayannaoer 60% stake in the company held by Shenhua group. Among them, Shenhua Group intends to transfer to China Shenhua's physical assets for Shenhua group-owned 3,996 railway gondola car assets, the railway gondola cars purchased in 2005 1 November. Up to 2011, September 30, the railway gondola cars the net book value of the asset is $ 3,996 to $.
To September 30, 2011, as the base date, the railway gondola car appraisal value is $ 3,996 to $, value-add is 16.49%. Liu Zhicheng silver in the international coal industry analysts noted that such gondola assets is not aloneState enterprises, to date no profit record. Points out that the above private persons, 3,996 railway gondola cars of the company group is a group in 2005 and had to buy
tera gold, that is used to calculate the date of purchase, has been used for nearly 5 years to the present time, usually has a certain amount of fixed assets used in each depreciation rate, coupled with its not independent businesses are notProfitability, 16.49% capital increase rate of slightly higher. Takeovers of other assets--Taicang China company. Vibration bimaweihua certified public accountants to audit data showed that guohua Taicang net assets of the company on December 31, 2010 and September 30, 2011 2.373 billion yuan respectively, 2.341 billion, compared with a net profit$ 247 million and $ 180 million, respectively.
To assess the baseline date September 30, 2011, the assessed value of the net assets of 2.836 billion yuan.
Calculation according to Liu Zhicheng
diablo 3 power leveling, guohua Taicang power corresponds to the price earnings ratio of 10.8 times times 2010 estimated earnings and 2011 assessment is 11.2 times times. And also is the acquisition of power assets, Anhui ProvincePower (000543.
SZ) acquisition of large shareholders of asset acquisition price is a lot cheaper. On February 24, Anhui electric power said, intended to be used to issue shares to raise $ 1.8 billion, including $ 960 million for the acquisition of Anhui power 80% stakes in fuel companies held by the group, Lee in linhuan coal gangue power plant (2) 50% stakes, qinshan phase II (4) 2% equity.
According to the relevant data show that this part of the proposed acquisition of assets totaling $ 125 million annual net contribution interests profit corresponds to purchase price $ 960 million, corresponding to buy PE 7.68 times times. From the acquisition price corresponds to values of the PE, China Shenhua PE to Taicang power acquisition to China than Lee in Anhui electric power acquisition in linhuan coal gangue power plantPE in three assets such as high a lot. Oriental securities analyst Wu Jie, China Shenhua's proposed acquisition of the Group's assets currently look less profitable than acquisition cost higher PE, more than 15 times. This is mainly because: the railway is not a direct contribution to profit; power assets earnings after adjusting electricity price is expected to increase; bayannaoer city still under construction, has not yet entered a period of return.For market on the question of high price, reporter's relevant question interview request made by fax to China Shenhua, said interviews with the outline of the propaganda Department of the company has received, according to the relevant program reporting to the leader, as of press time, the reporter has not received a reply. Private persons, small impact on the performance of the above noted that market injected some assets of the company for this disappointing performanceOn its profitability
diablo 3 gold, institutions generally considered that part of the assets on the company's net profit in the short term impact. Ping an securities analyst Zhang Shun in the coal industry pointed out that the injected into the company's assets in favour of reducing and controlling shareholder of the company of the Shenhua group competition, reduce the potential connected transactions, but operational assets, guohua electric power, and Shenhua Shenhua international Bayan NurEnergy company net profits totaling about $ 160 million are expected in 2011 net profit ratio only for 0.4%, less performance. "This quality of assets than in early 2011 the acquisition of assets, acquisition of assets last year contain at least a coal mine and coal-related assets. "Liu Zhicheng believes that in view of the assets are small, its effect on improving the profitability ofAre not obvious.
In fact, this is already the second acquisition of Shenhua of China Shenhua Group's assets, but new skills do not inject assets on the company's performance for the first time. In 2007 return Shenhua of China a-share market, pointed out in its a-shares in the prospectus, as part of the business there are differences, Shenhua Group intended to take "mature one, into a home", Through the business assets of the coal and electric power market as a whole. But investors did not expect is that this class is for 3 years. Companies in initial public offering for the first time only at the end of 2010 8.702 billion yuan a-share stock funds, acquisition of 10 held by the controlling shareholder of Shenhua group and its affiliated companies engaged in the coal and electric power-related businesses in the company's equity.Changjiang securities analyst Liu Yuanrui said when referring to the company's acquisition of assets of the group for the first time, although the first acquired the company resources and reserves increased and 20.98%, respectively, but acquisition has little effect on company performance, attributed to the parent company's net profit rose only about 2.3%. Gold analyst Cai Hongyu pointed out that the Shenhua group, there are still a large number of excellentCoal quality (volume of resources about listed companies twice times, 2011 yield to public company 44%), coal chemical industry (2011 tons of coal oil project and 600,000 tons of coal gasification project net profits of $ 400 million and $ 1 billion, respectively) and wind power (capacity 3.37 million-kilowatt the end of 2011, profit margin over 30%) and other assets.
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