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天源集团控股有限公司(6119.HK)新股速递

Tianyuan Group Holdings Co., Ltd. (6119.HK) New shares Express

致富證券 ·  May 18, 2018 00:00  · Researches

A summary of the collection

The services of the collection include cargo unloading services and related value-added port services. The fair operates two traps in the water port area of Maoming Port, Maoming City, and has a total annual design capacity of 3174 kilowatts by the end of 2017. According to the Ipsos report, the market has the largest port area and the deepest draft berth in Maoming Port. Jiyi is also the largest bulk processor in Maoming Port. The market provides internal and external packing and unloading services to customers, covering all kinds of goods, including oil products, quartz sand, coal, cereal and green bulk food, as well as a small number of scattered goods and pieces. Based on the actual annual throughput divided by the annual facility processing capacity, the utilization rates of Tianyuan servers in 2015, 2016 and 2017 were 101%, 107% and 109%, respectively, while those of Zhengyuan servers were 204%, 216% and 234%, respectively. In addition, the bazaar also sells the oil tanks, tanks and trucks of the collection to customers as supporting value-added services. By the end of 2017, five oil tanks, three tanks and eight tanks will be available for rental.

Industry summary

According to the Ipsos report, from 2010 to 2016, the revenue of the port freight service industry in Taipei increased at a compound annual growth rate of 11.2%, and from 2017 to 2021, the revenue of the port freight service industry will increase at a complex annual growth rate of 3.0%. From 2010 to 2016, the revenue of Jiaxigang code service industry increased at a complex annual growth rate of 8.7%, and the expected income from 2017 to 2021 will increase at a complex annual growth rate of 3.3%.

Cymbals

The cluster maintains the throughput of the collection according to the economic conditions of the major weekly areas (mainly including Shaanxi and Shaanxi provinces). If the economic growth of the main surrounding areas further slows down, the demand for commodities may fall further, and the demand for services provided by the market may also be reduced, which may adversely affect the business and economic performance of the market.

Valuation

According to the IPO document, as at the end of December 2017, based on the sale of HK $0.84 and HK $1.00 per share, and on the basis of approximately 6.00 shares expected to occur after the completion of the sale, shares should account for HK $0.56 to HK $0.60 per share of tangible assets that have not been tested. (calculated at the rate of HK $1.00 to HK $0.83591)

The translation is provided by third-party software.


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