Category: Money tips Release Date: 2006-04-19
Nanjing Water Transport (600,087 market, information, reviews, search) long-term monopoly of oil transport over the Yangtze River in Nanjing, the main customers of Sinopec's major petrochemical enterprises along the Yangtze River. May 25, 2006, Sinopec oil pipeline put into operation along the river, the Yangtze River to make the company's 70 percent decline in the oil transportation business. However, along the oil pipelines and water can not completely replace the existing modes of transport, which is due to: not connected to the pipe non-customers in the Department of Sinopec still shipping crude oil; Sinopec for transport security considerations, the need to retain part of the shipping of crude oil . After 2007, Nanjing along the Yangtze River water will continue to keep petrochemical plant a total of six to retain 6 million tons / year in traffic.
001 since the company started, "from river to sea," the transition, as of 2006, the company put into operation a total of nine oil tankers, with a total capacity 390 thousand tons. According to the progress of orders ship delivery ,07-09 years, the company's capacity has increased by 12%, 21% and 57%. In 2010, the company's total capacity will reach 1.52 million tons, increased 290% compared with 2006. Nanjing Oil Transportation Company and major shareholders are engaged in businesses completely overlap, in order to avoid intra-industry competition, the company acquired two years ago, there is the majority shareholder equity by issuing the plan, the latter because the stock and instead ran aground. At present, the company faces macroeconomic environment, industry environment, and the company's own situation has changed, has acquired the assets of Nanjing Oil Transportation urgency. Listed as a whole, the company's position in the domestic Oil Transportation market, second only to China Shipping Development.
Hai Tong Securities analyst Niu Yu-ming expects the company's 2006 earnings per share were 0.36 yuan, in 2007 0.40 yuan. Suppose the company in 2007 in Nanjing Oil Transportation to complete the acquisition of existing oil tanker, the purchase price for the purchase premium of 10% of the cost of shipping, the company needed additional 200 million shares. Nanjing Oil Transportation in 2005 according to level of profitability, measure out the company's 07,08 year fully diluted earnings per share was 0.53 yuan, 0.64 yuan. The company at a reasonable price of 8.5 yuan, the proposed "buy."
