Main points of investment
Event: the company announced that controlling shareholder Guofeng Group increased its stake in Tibet Tourism by 5% through concentrated bidding on the exchange during the period of 9.6-11.25, and held a total of 25% of the shares after the increase, of which 20.74% was directly held through ordinary securities accounts (with an increase of 34.16 million yuan in its own capital and an average price of 24.51 yuan (the current price is 24.58 yuan). Hold 4.26% through the trust plan and nest the asset management plan, and the increase price is 23.37-25.50 yuan.
Comments:
The controlling shareholder increased its stake again (3.89% from 7.21 to 29 days before), on the one hand, based on the recognition of the future development prospects of tourism in Tibet, on the other hand, it further consolidated the holding position (previously won the license of a natural person), and maintained the sustained and stable development of the enterprise.
The company had planned major asset restructuring and acquisition of the third-party payment leader Lakala on June 24, 16, and promised not to plan major asset restructuring events for three months. At present, the reorganization window period has passed; the company's performance continued to decline in the first three quarters of 16 years, and the deduction of non-net profit has declined for two consecutive years, and the company is expected to carry out capital operation again to reverse the current operating difficulties.
Profit forecast and investment rating: as an exclusive tourism listed company in Tibet and four provinces, the company exclusively owns the management rights of top quality scenic spots such as Yarlung Zangbo Grand Canyon Scenic spot, Basongcuo, Lulang, Alison Holy Lake and so on. Nyingchi area traffic improvement continues to advance, with the continuous improvement of policies in Tibet and the gradual maturity of the company's scenic spots, we suggest that we pay attention to the company's unique resource endowment and capital operation expectations. It is estimated that the company's EPS for 16-18 years will be-0.07 EPS, which will maintain the "over-holdings" rating.
Risk hints: capital operation is not as expected; natural disasters and political risks; the cultivation period of scenic spots is too long.
