Participate in the establishment of the second local AMC in Anhui Province, adding an important son to the rural financial territory.
The company announced to participate in the establishment of the second local asset management company in Anhui Province, tentatively named Anhui Zhongan Asset Management Co., Ltd., with a registered capital of 400 million yuan. The company, as the third largest initiating shareholder, contributed 400 million yuan, accounting for 10% of the shares. As the scarce target of rural finance, the company has formed, local amc, small loan, leasing, guarantee, pawn multi-license financial subsidiary, coupled with the payment subsidiary being acquired, is conducive to the formation of rural financial license closed loop in the future, with internal coordination to resolve the external resistance of rural financial strategy.
High delivery + setting up local AMC, rural financial strategy has exceeded expectations
The company's annual report reveals that it plans to pay a cash dividend of 1 yuan for every 10 shares. at the same time, the capital reserve increases by 10 for 10 free super-market expectations, reflecting the company's confidence in subsequent profits and laying the equity foundation for future refinancing. The expansion of company license closely revolves around the strategic layout of rural finance, and the quality of qualification has always been one of the pain points of rural finance. The business scope of local amc license includes the acquisition, management and disposal of non-performing assets of financial enterprises, similar financial enterprises and other enterprises. The disposal of non-performing assets will make up an important part of rural finance, which will not only shorten the business chain and improve operational efficiency, but also internalize the disposal income.
The payment licence for the acquisition of Haike Finance is available.
The company's rural financial strategy is expected to follow the step-by-step strategy of first payment and then multi-license coordination, the first step is to make settlement payment while making up for the lack of data. With the accumulation of data and the completion of the determination of the two rights, the existing new license plates will be connected to the needs of rural finance. In the national supply and marketing system, only Anhui supply and Marketing Co-operative controls two listed companies, and the extensive network layout of holding enterprises will provide high stickiness customers for the first step of rural finance. The company's acquisition of Haike financing plan is expected to bring greater performance support, and regulatory feedback is expected around the end of March. Shareholders Anhui Conch Cement and Zhang Jinghong announced plans to reduce their holdings by about 2 per cent in the next three months, while major shareholder Sony Investment Group increased its holdings to 20 per cent from last year and will further increase its participation in supporting financing to 24 per cent, demonstrating confidence in the development of the company.
Supply and marketing cooperatives have strong advantages, rural inclusive finance is scarce, and the rating of "increasing holdings" is maintained.
Considering that the company has the background of supply and marketing cooperative shareholders, high governance efficiency and conducive to relying on rural channels for the pioneering layout of Internet finance, the new financial full license cooperates to provide financial services of the whole industry chain. Without considering the performance of Haike financing, it is estimated that the net profit from 2017 to 2019 is 2.6 million yuan, and the corresponding EPS is 1.07 Universe 1.31. Assuming that the Haike Rongtong acquisition is successfully completed in 2017, it is estimated that the net profit from 2017 to 2019 will be 460.59eps RMB. After 2017, according to the 396 million equity after the reorganization, we will not consider the transfer of capital reserves to increase the equity, and we are optimistic about the growth of payment business. We will increase the forecast of Hai Ke Rong to 1.15ppm 1.48x1.81 yuan, and correspond to the target price of 34-35 yuan according to 29-30 times PE2017.
Risk hint: asset restructuring failed, and the growth of receipts was not as expected.