I. Overview of events
The company announced on December 7, 2016 that the acquisition of Ingram International (Ingram Micro Inc.) has been completed, and Ingram International has become a subsidiary of Tianhai Investment.
1. 2. Analysis and judgment
The acquisition of Yingmai was completed ahead of schedule and the progress exceeded expectations.
The acquisition of the company was completed, and the progress exceeded expectations to demonstrate the executive ability. The original announcement of the company is expected to complete the acquisition on December 15, 2016, but the market is generally expected to complete the acquisition by the end of December, which is significantly faster than the market expected, which reflects the company's determination to expand internationally and its rapid execution.
Strive to become a global supply chain integrated service provider
The acquisition of Ingram International is committed to becoming an integrated supply chain service provider. Inmai is a global IT supply chain integrated service provider. In the past three years (2013-2015), Ingram's revenue reached $425.54, $464.87 and $43.026 billion respectively, with a net profit of $3.11,2.67,2.15 respectively. Inmai achieved revenue of $29.586 billion in the third quarter of fiscal 2016, down 6.39% from a year earlier, and net profit of $135 million, up 82.68% from a year earlier. The company will take the acquisition as the starting point, combined with its own layout in the trading platform and supply chain finance, to achieve global supply chain management services.
In the future, more efforts may be made to develop domestic business.
The Chinese market may be the focus of Yingmai's future development. At present, the main markets of Ingram are North America and Europe, and there is a lot of room for improvement in the Asia-Pacific region, especially in China. The Asia-Pacific region accounted for 23.4% of revenue in 2015, while sales in China were only 17.5 billion yuan, about 6% of total sales. At the same time, Ingram International's cloud services are also likely to be introduced into the Chinese market through the HNA platform.
Second, third, profit forecast and investment suggestions
It is estimated that the 18-year net profit of 16Murray will be 3.17,15.50 and 1.564 billion yuan, and the corresponding EPS will be 0.11,0.53 and 0.54 yuan respectively. It is given a rating of 45 times PE in 2017, corresponding to a valuation of 21.2 Murray 23.9 yuan, with a "highly recommended" rating.
Third, fourth, risk tips:
The risk of exchange rate fluctuations, domestic business expansion is not as expected.
