Brief comment
1. State-owned shares withdraw, and new major shareholders and two shareholders take ownership.
On March 30, Haikou State-owned Company publicly transferred its 17.57% stake to Hainan Jiantong, while on December 25 last year, the original two shareholders transferred all their 50 million shares to Oriental Caizhi Investment Co., Ltd., which is called the second shareholder of the company, and currently holds 11.16%. The major shareholders and the second shareholders of Coconut Island in Hainan have changed, the company has separated from the system of Haikou SASAC, and the new actual controller is China Construction Investment.
2. additional issuance and financing to strengthen the main industry of health wine
The company will issue 85.417 million additional shares at 9.6 yuan per share, raise 820 million yuan, and issue additional shares to seven specific targets. After the rights issue, the proportion of shares held by the controlling shareholders has changed from 17.57% to 14.76%, and the proportion of the second shareholders has dropped to 9.37%. The funds raised will be invested in the expansion of health wine exchange and the upgrading of technical renovation projects, supporting technical transformation projects 175 million, marketing system construction projects 420 million, and supplementary liquidity projects 220 million. The implementation of this additional offering will certainly improve the competitiveness of listed companies.
3. Management and core dealers take shares.
Through this increase to achieve the binding of employee stock ownership and the interests of dealers, Huitianfu-Dingzeng Shengshi asset management plan No. 70, all funded by some senior managers, business backbones, middle managers and core dealers in Coconut Island, Hainan, the total subscription amount does not exceed 57.6 million yuan. The duration of the asset management plan is 48 months, which will further stimulate the vitality of listed companies.
4. the company has huge room for growth in the future.
At present, Hainan Coconut Island is mainly engaged in health wine business, plant protein beverage business and real estate business. Among them, Coconut Island health wine sales once occupied the first place in the health wine market, but later, due to lack of market investment and other reasons, sales continued to decline, alcohol income in 2014 was only 240 million yuan. Although Coconut Island Coconut Juice has a certain brand awareness, but the sales scale is still small. In the future, listed companies will concentrate resources to expand and strengthen their main business. With the improvement of the mechanism, the placement of funds and the establishment of a new marketing system, the market for health wine and plant protein beverages will catch up, and there will be huge room for growth in the future.
Profit forecast and valuation: based on the strong prosperity of the health wine and plant protein beverage industry, the company relies on the resources of major shareholders, looking forward to catching up and realizing the fundamental reversal after the optimization of the company's equity. We have raised the revenue growth rate from 2015 to 2017 to 30%, 80% and 50%, and the EPS (before dilution) in the next three years will be 0.14,0.38 and 0.69 yuan, respectively. Taking into account the company's rapid growth, we will give it a strong "buy" rating of 50 times earnings over 16 years, with a target price of 20 yuan.
