Acquisition and reorganization of assets of three private hospitals
Overview of the plan: issue shares to buy 100% equity in ① Fenjin Pavilion Hospital, the underlying asset price is 639 million; ② colleague Hospital 100% equity, underlying asset price 138 million; ③ Jianchang traditional Chinese Medicine Hospital 100% equity, underlying asset price 140 million. The price of the issued shares is 6.25 yuan per share, with a total of 147 million shares issued. After the completion of this transaction, the three hospitals will become wholly owned subsidiaries of the company, and the actual controller of the company will still be Li Cixiong, and will not consider raising matching funds for the time being. The combined shareholding ratio of the two major shareholders controlled by the actual controller, Smick Industries and Pacific Digital, has decreased from 54.15% to 46.19%.
Supporting fund-raising to effectively enhance the profitability of the target hospital
The company raises no more than 384 million of matching funds by way of non-public issuance of shares to no more than 10 specific objects, including Xinyao energy saving, and the number of shares issued is not more than 170 million. The funds raised will be used for the construction of the hospitalization building of the Pavilion Hospital, the construction of the Pavilion Yuezi Center, the equipment upgrading of the Pavilion Hospital, and the technical transformation of Tongren Hospital.
The three hospitals have their own professional advantages and are ahead of the local comprehensive strength.
① [Fenjin Pavilion Hospital] has superior geographical location and rich medical resources. It has two hospitals, Maternal and Child Hospital and Cancer Hospital, and has achieved broad coverage of medical service groups.
② [Tongren Hospital] cooperates strategically with Nanjing Medical University to enhance its competitiveness.
③ [Jianchang Hospital of traditional Chinese Medicine] has a long operating history, significant geographical advantages, and attaches importance to the management of chronic diseases to explore the mode of combination of medicine and care.
Shareholder performance commitment guarantee
The commitment performance of the shareholders of Fenjin Pavilion and Tongren Hospital is the minimum amount after deducting the income from the supporting funds raised in that year, and the shareholder commitment performance of Jianchang traditional Chinese Medicine Hospital is the minimum amount of deduction of non-return net profit. Assuming that the merger begins in 2018, the company will increase its profit by 7250pm, 9800 and 110.5 million respectively in 2018-20, significantly improving the company's profit level.
The layout of the large health industry is gradually improved, and profitability is expected to improve.
The asset restructuring of three private hospitals is expected to be included in listed companies, and the medical network of third-and fourth-tier cities will be formed in the future. The merged private hospitals are all hospitals with prominent medical resources in the city, with a certain popularity, covering a wide range of people, and stable operating profits. if supporting funds are raised and implemented, the medical advantages of several hospitals will be further strengthened. profitability may be further enhanced.
Give a rating of "overweight". If the consolidation factor is not taken into account, we estimate that the EPS in 2017-19 will be 0.03x0.04x0.05, and the current share price corresponding to PE will be 131x 222Unix; assuming that the consolidation starts in 2018, we expect the EPS in 2017-19 to be 0.03max 0.11x0.14 and the corresponding PE to be 224-61-48 times.
Risk hint: the growth of the main business is not up to expectations; there is uncertainty about the landing of the healthy transition.