share_log

【广发证券】综艺股份:收购完成,增资子公司综艺科技显示转型决心

廣發證券 ·  May 28, 2014 00:00  · Researches

Incident: (1) The company increased the capital of Variety Technology, a wholly-owned subsidiary by 400 million yuan. The company plans to increase the capital of Variety Technology, a wholly-owned subsidiary of the company by 400 million yuan in cash. After the capital increase is completed, the registered capital of Variety Technology will increase to 700 million yuan. This capital increase for Variety Technology can speed up the speed at which Variety Technology can build a mobile internet platform. (2) Variety Technology increased Beijing Fairyland's share capital by 50 million yuan and obtained 25% of Beijing Wonderland's shares in Beijing Wonderland through capital increases and acquisitions. At the same time, Variety Technology will hold 51% of the shares held by its original shareholders for 52 million yuan. In total, Variety Technology will hold 51% of Beijing Wonderland's shares. In addition, Variety Technology also transferred 55% of Shanghai Liangcai's shares at a price of 71.8 million yuan, 55% of Shanghai Haoxuan's shares at a price of 21.5 million yuan, and 60% of Beijing Yingcai Changlian's shares at a price of 163.89 million yuan. Transforming the mobile Internet, the industrial chain layout of Variety Shares is improving. The company began seeking transformation to the mobile Internet field in 2013. It set up a Variety Technology subsidiary at the end of last year, and acquired Pocket Flying News, which is engaged in the mobile game business, in January of this year. This series of acquisitions is the second step in its mobile Internet transformation, beginning to lay out the Internet lottery industry chain. The company acquired four lottery-related companies: Shanghai Liangcai, which is engaged in the wholesale business; Beijing Yingcai, which is engaged in retail business; Shanghai Haoxuan Company, which develops lottery analysis software; and Beijing Wonderland, which has a good cooperative relationship with the operator. At this point, the company's layout in the Internet lottery industry chain is improving. The profit forecast and valuation estimate the company's EPS for 2014 to 2016 will be 0.26 yuan, 0.43 yuan, and 0.53 yuan, respectively, corresponding to 40 times, 24 times, and 20 times PE, respectively. Risks suggest that market promotion is lower than expected, and mergers and acquisitions are lower than expected;

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment