The company announced its quarterly report for 16 years, with an operating income of 16.51 million yuan (+ 2750.7%) and a further loss of 15.31 million yuan in net profit (a loss of 20.06 million yuan in the same period last year).
Main points of investment:
In the third quarter, it reported operating income of 16.51 million yuan (+ 275.7%) and continued loss of 15.31 million yuan in net profit (compared with a loss of 20.06 million yuan in the same period last year). According to the third quarterly report, as of the end of the reporting period, Langfang Holdings and Evergrande Group held 15.3% and 15% respectively, respectively, the first and second largest shareholders. Judging from the current equal proportion of shares held by the first two major shareholders, the equity struggle will continue.
At present, Langfang Investment Holdings, the largest shareholder of listed companies, has a lot of land resources in Beijing-Tianjin-Hebei region. According to the official website of Langfang Holdings, Langfang Holdings has interests of 45 million, 9.24 million and 54.72 million respectively in the Lingkong Economic Zone, Wanzhuang New Town and emerging Industry demonstration Zone. As the only listing platform of Langfang SASAC, the company has the absolute advantage of land development in Langfang regional park. With the promotion of the coordinated development of Beijing, Tianjin and Hebei, the location advantage is becoming more and more prominent.
After Evergrande intervened in the dispute over the company's equity, Langfang Investment Holdings also increased its shareholding in the company through the secondary market. From this point of view, Langfang Holdings was unwilling to give up control. Within six months of the announcement in July, Langfang Holdings chose an opportunity to increase its shareholding in the company. The amount is between 50 million yuan and 500 million yuan. From July 21 to August 9, 2016, Langfang Holdings bought 7.4437 million shares of Langfang Development through the Shanghai Stock Exchange, accounting for 1.96% of the total share capital (the total shareholding increased from 13.34% to 15.3%). The average transaction price is 23.62 yuan per share, with a total amount of 175.8275 million yuan, which is still 324.1725 million yuan from the upper limit of the planned increase. Langfang Holdings can still increase its stake by about 10.9223 million shares, accounting for 2.87 per cent of the total share capital.
Evergrande raised its cards several times in a few months. Evergrande Real Estate Group bought 19.028 million shares of Langfang Development on April 11 / 12, accounting for 5.005%, increasing the average holding price by 15.30 yuan per share, raising its shares for the first time and becoming the second largest shareholder; from July 27 to 29, it increased its holdings by 18.989 million shares, accounting for 4.995%, with an average holding price of 14.06 yuan per share, with a total holding of 10%. On August 4, the holding of 19.008 million shares was increased again, accounting for 5%. The average price of the increase was 20.98 yuan per share, with a total shareholding of 15%. The total cost of holding shares was not less than 16.6 yuan. Since then, Evergrande announced that it will continue to increase its holdings through the secondary market within 12 months, with an amount of not less than 50 million yuan. based on the current share price of 29.68 yuan per share, Evergrande has increased its holdings by about 1.6846 million shares, accounting for 0.44% of the total share capital.
As the only listing platform of Langfang State assets, the company is expected to benefit from the resource advantages of the controlling shareholders in the future. The equity dispute is not over. As a contested shell company, the shell value is still prominent. It is suggested that we should continue to pay attention to the trading opportunities that may be brought by the equity dispute. It is prudent to estimate that the EPS for 16-18 will be 0.02,0.02,0.02 yuan, with a "recommended" rating.
Risk hint: the market fluctuates violently, the uncertainty of the equity dispute, and the risk that the improvement of the main business is less than expected.
