This report is read as follows:
The company announced that the target of major asset restructuring is the previous M & A fund investment projects, and in the future the company will continue to benefit from the extension and expansion opportunities brought by the screening ability of high-quality investment targets of major shareholders, and comprehensively transform Internet + 's pan-entertainment industry.
Events:
The company announced the progress of major asset restructuring, proposed to buy 55% of the shares of Groupon Century and 77.57% of the shares of Dorkemon Network, the relevant plan is continuing to move forward, and the company's shares continue to be suspended.
Comments:
With the help of M & A funds, the transformation of Internet + Pan-Entertainment continues to advance. We believe that with the outstanding ability of screening and cultivation of high-quality targets in the letter of major shareholders, the company is expected to achieve the lock on the target of high-quality Internet + pan-entertainment by relying on the M & A fund, so as to provide strong support for the company's sustainable extension development and innovation Internet + Pan-Entertainment, maintain the company's EPS of 0.14ppm 0.15 / 0.16RMB respectively from 2016 to 2018, maintain the target price of 21.51RMB, and maintain the overweight rating.
The industry has broad prospects, outstanding profitability, integration of resources and comprehensive transformation of Internet + Pan-Entertainment.
Among the assets injected into the company this time, Qunlishi is a professional enterprise-level information system integration service provider, relying on the development of cloud computing solutions in data centers and multimedia video systems, supported by big data technology. Cut into education / medical / government and other areas Internet + overall solution formulation and implementation. Dokemeng's main business is based on big data's meticulous marketing traffic management and mobile game R & D operation. Its 52wangames traffic management platform has professional mobile Internet traffic cash operation product capabilities and unique differentiated market mobile applications and game user traffic aggregation capabilities. There are more than 300 APP exclusive resources of more than one million DAU levels on the platform, and more than 10000 individual webmasters traffic resources. The R & D and operation business of mobile games started in 2009, with a R & D team of more than 200 people, with strong R & D and operation capabilities of boutique games, and successively launched "Haotian Qiyuan OL" and "Douluo mainland Divine Legend".
And so on dozens of boutique mobile games. We believe that after the completion of the integration of the company's proposed acquisition target, it is expected to be driven by big data technology and take the traffic operation platform as resources to realize the two-legged walk of Internet + solution on 2B side and boutique mobile game operation on 2C side. Fully benefit from Internet + 's transformation of traditional industries and the rapid growth of the pan-entertainment industry market dividend.
The high-quality target of M & A fund reserve provides strong support for the company's subsequent extension development. We note that the targets of the company's announcement are all M & A fund investment projects initiated by the previous company. Fund GP, the parent company of the company's controlling shareholder, Xin Zhongli, is one of the earliest investment institutions engaged in venture capital and private equity investment in China. It has been adhering to the boutique investment strategy. The cumulative investment includes a number of well-known companies and industry subdivision leading enterprises at home and abroad, and has a strong ability to explore and cultivate high-quality projects. At the same time, we note that the M & A fund promises to give priority to the investment targets similar to the company's business into the company. Provide strong support for the extension development of the company in the future.
Risk hint: uncertainty caused by business integration and transaction plan development