Unlike the market's position that Ingram is only one of the world's top 500 IT distribution giants, we think Ingram is moving from an IT distribution giant to a cloud service giant. M & A fund + Internet trading platform + guarantee, strong capital management capability is highlighted, and industry + finance gives strong impetus to the follow-up development of Tianhai investment. We are optimistic about Yingmai's potential to expand markets at home and abroad and the potential to improve management efficiency after Tianhai acquisition. Compared with companies in the same industry, Ingram has a lower valuation of about 20 times and maintains a "highly recommended-A" investment rating.
Event: Tianhai Investment (1) released its 2016 annual report, with operating income of 37.6 billion, an increase of 5115.47% over the same period last year, and a net profit of 322 million, an increase of 30.32% over the same period last year. (2) to set up an investment M & A fund with Beijing Xinlongmai, with a total size of no more than 10 billion yuan and a first tranche of no more than 2 billion yuan.
Unlike the market's position that Ingram is only one of the world's top 500 IT distribution giants, we think Ingram is moving from an IT distribution giant to a cloud service giant. Inmai International, as the main cloud service provider (mCSP), builds a bridge between customers and cloud service providers through its own Yunji Inc platform. The cloud bazaar, an ecosystem of customers, cloud service providers and solutions, simplifies the acquisition, management and customer support activities of cloud technology, enabling various types of cloud technology solutions provided by various cloud service providers in the cloud market. help customers easily purchase, configure, manage, and apply cloud technology.
M & A fund + Internet trading platform + guarantee, strong capital management capability is highlighted, and industry + finance gives strong impetus to the follow-up development of Tianhai investment. (1) to set up a large-scale M & A fund with a down phase of 2 billion and a total size of 10 billion, focusing on investment in IT services, modern logistics, intelligent manufacturing and new energy industries. (2) the former HNA Exchange provides venue trading services for air shipping assets, financial assets and financial products. (3) Zhonghe guarantee to carry out financing guarantee and investment business. IT distributor cloud service provider + capital financial assistance, Tianhai investment follow-up development momentum.
Maintain the "highly recommended-A". We are optimistic about Yingmai's potential to expand markets at home and abroad and the potential to improve management efficiency after Tianhai acquisition. Compared with companies in the same industry, Ingram has a lower valuation of about 20 times. It is estimated that in 2017-18, EPS will reach 0.38 yuan and 0.50 yuan, maintaining the "highly recommended-A" investment rating.
Risk hint: corporate culture integration risk, business integration risk.
