Events:
The company announced that it intends to exchange its own funds for foreign exchange, contributing 6.6 million euros to set up a subsidiary in the Netherlands, and plans for the Dutch subsidiary to acquire the Kazakh subsidiary quasi-oil Tianshan held by the company.
The overseas business management structure is further optimized.
The establishment of a Dutch subsidiary will help the company to optimize its overseas business management structure and further promote Kazakhstan's oil and gas business. The main benefits are as follows: 1. In the future, the company's overseas business, including Kazakh oil and gas business, can be uniformly managed by Dutch subsidiaries, which will help to improve the efficiency of international investment and capital operation. Since the Netherlands has other tax benefits such as tax exemptions for dividends and capital gains in other countries under the holding company structure, overseas projects managed by Dutch subsidiaries are conducive to reasonable tax savings.
Kazakhstan's oil and gas business is expected to accelerate.
As the subsidiary set up by the company in Hong Kong does not have substantial maneuverability in terms of reasonable tax saving, the company can effectively solve the problem of reasonable tax saving in Kazakhstan's oil and gas business through the establishment of a Dutch subsidiary. Kazakhstan's oil and gas business is expected to accelerate, and continue to value the company's development space and performance flexibility in the field of oil and gas in Kazakhstan.
Xinjiang local oil service enterprises are expected to enjoy the reform dividend.
At the same time, recently, the central government has issued a continuous policy on building a new Silk Road Economic Belt with Xinjiang as the core, and it is expected that there will be sustained policies in the field of energy development in Xinjiang. As a local enterprise in Xinjiang, we believe that we are also expected to enjoy more reform dividends. Maintain a "buy" rating
We maintain the company's 14-16 EPS forecast of 0.45,0.85 and 1.08 yuan respectively, maintain the "buy" rating, and raise the target price to 30 yuan.
Risk hint: the risk that the progress of Kazakhstan's oil and gas business is not as expected.
