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天海投资(600751)公司研究报告:海外并购取得实质性进展

海通證券 ·  Nov 7, 2016 08:00  · Researches

Company announcement on the evening of November 2. Tianjin Tianhai Investment and Development Co., Ltd. plans to adopt GCLACHIC, INC., a subsidiary established to acquire Ingram Micro It will acquire 100% of the shares of Ingram MicroInc., a company listed on the New York Stock Exchange in the United States, through cash payment. After the acquisition is completed, IngramMicroInc. It will be delisted from the New York Stock Exchange in the US and become a holding subsidiary of the company. The acquisition has now received an official letter from the US Foreign Investment Commission (CFIUS), and the transaction has passed the CFIUS review. The acquisition of IMI was approved by CFIUS. So far, all approvals have been approved, and policy risks have been eliminated. Since the takeover offer was put forward, the plan has been successively approved by the IMI board of directors and shareholders' meeting, the Tianhai Investment Board and shareholders' meeting, completed the filing of the National Development and Reform Commission and the Tianjin Business Commission, and all domestic and foreign anti-monopoly declarations and passed the review. It passed the CFIUS review today, and since then all approvals have been passed, and policy risks have been eliminated. It is expected that the company will probably complete the acquisition of IMI within 16 years. The main business is operating steadily, and transformation and upgrading have created a closed loop in the logistics industry chain. The company is engaged in shipping service business, mainly container transport business and cargo agency service business. In order to change the original business model, which had a single business, poor competitiveness, and was greatly affected by market factors, the company has upgraded its business since 2015. Relying on the strong resource advantages of HNA Logistics, the majority shareholder, it has extended to the upstream and downstream logistics industry chains and related supporting financial industries, and has successively acquired the Qianhai Airlines Exchange, Zhonghe Guarantee, and Tianhai Financial Services. Acquire the world's largest IT distributor to improve overall profitability. As a leader in the traditional distribution of IT products and integrated supply chain services, IMI has the following major advantages: 1) It has a complete product line, high-density distribution channels, and advanced distribution management systems, and its supporting logistics system has significantly accelerated product turnover. Large-scale procurement not only gives the company a huge voice and advantages in traffic and price, but also creates a standardized supply chain system, which can better leverage the collaborative advantages of supply chain platforms in future competition. 2) Integrate the front and back ends of the supply chain, outsource businesses that have no advantage, make the back-end supply chain assets-light, and transform into a comprehensive service provider. 3) Use the high entry threshold for cloud service businesses to create a new ecosystem in the pan-IT field. The solution services and cloud computing services provided by Ingram Micro all require very high professionalism, yet IMI's accumulated operating experience and professional human resources cannot be obtained by competitors in the short term. This gives IT supply chain integrated service providers an innate advantage in the field of cloud services such as SaaS. Profit forecast. Assuming this transaction is successful, Tianhai will hold 68.5% of Ingram Micro's shares and is optimistic about the company's development after acquiring the world's top 500 representative companies. Currently, the industry's average PE in 2017 is around 35 times, giving the company a valuation of 30 times PE in 2017. Assuming Ingram Micro's 2017 merger, the 2016-2018 EPS is expected to be 0.10 yuan, 0.50 yuan, and 0.59 yuan respectively, with a target price of 15.0 yuan, coverage for the first time, giving the company a “buy” rating. Risk warning. Traditional IT product markets tend to be saturated; systemic risk.

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