Jianfa shares were transferred to about 30% of McLaren. On January 13, the controlling shareholder Hongxing Holdings, the controller Mr. che Jianxing and Jianfa shares jointly signed the "share transfer Framework Agreement". Jianfa transferred 29.95% of the shares held by Hongxing Holdings, with a total transaction consideration of no more than 6.3 billion yuan.
In the same period, BABA plans to exchange shares with 8.44 yuan per share to acquire 248 million A shares of the company.
Jianfa is the leader of high-quality real estate, and the owner is expected to play a coordinated role. According to the company's investor relations activity table, Jianfa shares, as a leading state-owned enterprise in Xiamen with supply chain operation and real estate development as its main business, has rich experience in the real estate industry, and its 22-year real estate sales are among the top 10 in the country. it still has good profitability in the recent market downturn. The real estate industry is the upstream of the home building materials industry, and the consumer demand of home shopping malls mainly comes from new houses. The construction and development of the main company this time is expected to give full play to cooperation, in addition to improving the company's financing capacity, it will also realize the two-way empowerment of B-end supply chain companies and C-side platform companies.
In 23, Metro is expected to recover from the epidemic and achieve performance repair. According to the company investor relations activity table, the company has been greatly affected by the epidemic in the past 22 years, the consumer habits have changed, the offline scene has been blocked, and the planning of company occupancy rate, category adjustment and rent unit price adjustment has been affected to a certain extent. rent reduction is disadvantageous to the company's overall revenue. Looking forward to 23 years, based on the recovery of shopping mall passenger flow and the relaxation of real estate policy based on the optimization of epidemic prevention and control, on the one hand, stores are expected to further expand, while promoting online and offline integration and home decoration integration, and smoothly promote the iterative landing of new models and new strategies; on the other hand, consumers' backlog of household consumption demand may be stimulated, offline scenes recover, and corporate rental income and other performance is expected to be repaired. At the same time, Jianfa owner is expected to play a synergistic effect to enhance the competitiveness of the company.
Profit forecast and investment advice. It is estimated that the net profit of Meikailong in 22-24 years is 14.7 RMB 20.3 / 2.4 billion yuan. With reference to comparable company valuation and new business growth space, the company is given 13 times PE for 23 years, with a reasonable value of 6.06 per share, maintaining a "buy" rating.
Risk hint. The epidemic affects downstream demand, macroeconomic fluctuations, and new business is lower than expected.