Maintain the overweight rating and maintain the target price of 27 yuan. We believe that the termination of the reorganization will not affect the continuous evolution of the company's original strategic main line, and maintain the original profit forecast. It is estimated that the EPS for 2016-2018 will be 0.53 soybean 0.73 yuan. Maintain the target price of 27 yuan and maintain the "overweight" rating.
The termination of major asset restructuring and the suspension of non-public offerings will not affect the company's integrated payment and innovative financial development. The company applies to suspend the non-public offering of shares and to stop planning to purchase 100% of the equity interest in Jiangsu Runxing Financial Leasing Co., Ltd. We believe that the termination of the major asset restructuring and the suspension of non-public offerings will not have a significant impact on the development of corporate converged payments and innovative finance, and that the future endogenous and extension layout of the company will not be limited.
Transfer the equity of UnionPay and invigorate the existing assets so as to provide continuous power for the rapid development in the future. The company plans to transfer its subsidiary Kayou's 1.28% stake in UnionPay Business Co., Ltd. to Shanghai Yunyi and buy it in cash. The underlying equity price is tentatively set at 200-250 million yuan. The company is expected to optimize the company and Kaiyou payment asset structure, invigorate the existing assets, and achieve investment income. We believe that the competition in the offline order collection and mobile payment market where Caryou is located is relatively fierce, and it is at the key point of large-scale replacement of intelligent POS terminals, which will enhance the company's cash reserves and further enhance the market competitive advantage of the converged payment business with Caryou as the main line on the original basis, so as to provide continuous power for high-speed development in the future.
Hand in hand, the channel capacity of card friends and the comprehensive service capacity of merchants will be greatly enhanced. Palm Bay is committed to creating an offline consumer management and marketing service platform, which is the full-business O2O platform for stores in the future. It has a deep reserve in merchant service software, hardware and market channels. The two sides will cooperate in the areas of payment, financial services, merchant marketing and big data operation. As a veteran domestic order collection enterprise, Kayu has the advantages of license, technology and merchants and other resources; the main business of Cloud Mobile Technology gathers store consumer big data to build an offline consumption management and marketing service platform. We believe that the cooperation between Cayyou and Cloud Mobile Technology will enhance Cayyou's market expansion ability at the channel level, as well as the comprehensive ability of products and services, further expand from the original payment and similar financial services to the integrated service system such as payment, finance and marketing, and accumulate strength for the follow-up big data business, and continue to be optimistic about the company's expansion in the financial payment field.
Risk hint: the business development of receiving orders is not as expected, and the progress of OTT cooperation is not as expected.
