The company's original main business, including department stores, real estate, and hotels, has declined significantly in recent years, and the company is actively seeking transformation, and has reached a major asset restructuring agreement with Wuhan Credit risk Management Co., Ltd. and Wuhan Credit Investment Group Co., Ltd., it is proposed to issue additional shares to Wuxin Investment Group and Wuxin Management Company to purchase its guarantee, credit, credit and Internet financial business at an additional price of 9.51 yuan.
The guarantee and credit business of the target company is sound, the team is experienced, the risk discrimination ability is strong, the business investment is good, the pledge rate is high, the pledge ability is strong, and the company's business risk is controllable. The guarantee compensation rate and bad debt rate are at a low level, and the rate of business return is good.
At present, the credit information business is mainly engaged in corporate credit investigation, docking with Wuhan local industry and commerce, social security, taxation and other government departments, with true and reliable data sources and high timeliness of data, which provides effective risk identification support for the business development of the target company. The personal credit license is being actively applied for.
The Internet financial business platform Hanjin Institute is developing well. At present, the project mainly connects guarantee and credit business customers, and the risk is controllable. In the future, the platform will actively expand the project. The platform plans to achieve more than 2.6 billion of the turnover in 2016, which is expected to become the flashpoint of the target company's profit contribution.
In the future, the company will take financing services as the core, optimize and adjust the existing real estate and department store business, and realize the development model of "industry + finance". The business is based in Wuhan, gradually taking Beijing, Shanghai, Guangzhou, Chongqing and other places as the business fulcrum, steadily promoting the national layout.
The reorganization of the company is progressing steadily and is currently in the examination and approval stage of Wuhan SASAC and Hubei SASAC.
Profit forecast.
Assuming that the acquisition of assets and supporting funds by additional shares are successfully completed in 2016, the total share capital of the listed company is about 1.288 billion shares, and the net profit of the listed company in 2016 and 2017 is forecast to be 754 million and 816 million yuan, respectively, with a corresponding EPS of 0.59 yuan and 0.63 yuan respectively, and the share price PE before the corresponding share price is 21.5times and 20.1times respectively.
Risk hint.
The risk of aggravating the impairment of the company's assets, the risk that the major asset restructuring is not approved, and the risk that the operation of the assets to be acquired falls short of the expected risk.