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【广发证券】英特集团:物业资产出售向前迈步,定价超出预期

廣發證券 ·  Oct 25, 2010 00:00  · Researches

The company issued an announcement on the progress of property asset sales. On October 25, the company used a tender method to determine Zhejiang Sanjiang Auction as the auctioneer, and the two parties signed the “Entrusted Auction Contract”. The listing price of the transfer was 450 million yuan; the auctioneer paid a performance deposit of RMB 30 million to the client. The price greatly exceeds expectations. The company's property asset sales process is: asset evaluation, determination of an auction agency, listing on an exchange, and auction. The first two steps have now been completed, and the next step will be to enter the exchange listing stage. The listing price determined in this tender exceeded earlier expectations. The net book value of the property's assets is 48.7 million yuan, and the assessed asset value announced earlier is 220 million yuan. According to the contract, the auction agency paid a security deposit of 30 million to the company, so the final sale price of the asset is expected to greatly exceed expectations. After deducting income tax, simply calculate that the net profit corresponding to the sale of this asset will not be less than 300 million yuan. Profit forecasts and investment ratings do not take into account acquisitions. We predict that in 10-12 years, the company will achieve EPS of 0.20 yuan, 0.27, and 0.36 yuan, respectively. If Wenzhou's supply and sales are combined next year, EPS will increase to 0.31 yuan next year. The company's future development strategy is clear, and growth is more certain. As pharmaceutical business integration continues, the company's performance is still likely to exceed expectations. On the one hand, the sale of property assets will ease financial pressure, and on the other hand, it will enable the company to meet the conditions for refinancing. The company has strong profitability and high operating efficiency, and is one of the best commercial companies. We maintain a “buy” investment rating. Risks suggest that expansion is progressing less than expected.

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