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【中信建投】浙江广厦:股东会通过定向增发预案

中信建投證券 ·  Sep 8, 2009 00:00  · Researches

The shareholders' meeting adopted a targeted increase plan. The shareholders' meeting reviewed and approved the “Proposal on the Company's 2009 Non-public Stock Issuance Plan”. It is intended to issue no more than 180 million shares to specific targets and raise no more than 12 million yuan in capital for project development, supplementary circulation capital, and bank loan repayment. The company is about to enter a performance explosion period. In 2007, the company issued 337.05 million shares to Guangsha Holdings at 4.05 yuan/share to acquire 100% of Tonghe Real Estate's shares held by Guangsha Holdings and 35% of Nanjing Investment. At the time, it was predicted that it would bring the company a net profit of 2,053 million yuan. It has already achieved 550 million yuan in 2007 and 2008, and net profit of 1,503 billion yuan will be released in the next three years after injecting assets. The company also has 100% of the shares of Zhejiang Tiandu Industrial, Dongyang Jiangnan Real Estate, and Dongyang Blue Sky Baiyun Real Estate, 84% of Shaanxi Guangfu Real Estate. Land reserves of 1.95 million construction areas in Hangzhou, Dongyang, and Xi'an will generate a profit of 2,447 billion yuan. In 2009, the company will recoup the total investment losses of Jinxin Trust and Connect Investment that have already been calculated; it obtained 65 million yuan in price difference income from the transfer of shares in Chongqing Real Estate. In summary, in the next 3-5 years, the company will generate a net profit of 4.223 billion yuan. Based on the total share capital of 992 million shares after issuing an additional 120 million shares, the company's average profit per share after tax for the next 5 years is 0.85 yuan. If the additional issuance is successful, it will increase the company's cash flow and accelerate the development of the above projects. The company was given a purchase rating, and the target price for six months was 10.86 yuan.

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