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大连友谊(000679):“金融+”战略初现 打造武汉金控上市平台

興業證券 ·  Jan 11, 2016 00:00  · Researches

Key investment results have declined, and the company is seeking transformation: the company's traditional main business, department store retail, real estate development, and hotels are all under pressure. Department store retail has been impacted by e-commerce. Real estate companies have high inventories and increased pressure to remove inventory, supply in the hotel industry exceeds demand, the company's main business growth is weak, performance is declining, and strategic transformation is imminent. “Finance +” transformation: The company plans to package and acquire integrated financial assets such as guarantees, credit, credit reporting, and internet finance under Wuhan Financial Holdings through a non-public offering of shares. The transaction consideration is 6.274 billion yuan, and the performance promises for 2016-2018 will not be less than 638 million, 753 million, and 862 million yuan. The controlling interest has changed, and Wuhan Financial Holdings plans to take over: Prior to the asset restructuring, the actual controller of the company was Gawide, which was controlled by the company's management. After the completion of this asset restructuring plan, without considering the plan to raise supporting capital, Wuxin Investment Group and its co-actor Wu Xin Management Company will hold a total of 64.93% of the shares of the listed company. Wuxin Investment Group will become the company's controlling shareholder, Wuhan Financial Holdings will become the actual controller of the listed company, and the final controller will be the Wuhan Municipal State-owned Assets Administration Commission. Profit forecast: Assuming that the acquisition of assets and supporting capital for additional shares was successfully completed in 2016, the total share capital of the listed company was about 1,288 million shares, and the net profit forecast for the 2015-2017 listed company was 98 million, 754 million, and 816 million yuan. The corresponding EPS was 0.28 yuan, 0.59 yuan, and 0.63 yuan, respectively. Corresponding to the current share price PE, it is 54.1 times, 25.5 times, and 23.5 times, respectively. Risk warning: Risk that major asset restructuring has not been approved, and risk that the operation of the assets to be acquired does not meet expectations.

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