Category: Money tips Release Date: 2006-07-26
Event: to be issued no more than 10 billion in short-term financing bonds, the shareholders of the General Assembly information on the express company in a volatile period of consolidation, asset restructuring many more projects. Scheduling of funds there is a certain uncertainty.
In our opinion:
Performance prediction: continue to issue short-term financing bills are a normal continuation of pre-financing bonds, the company's performance does not constitute a material effect.
We set December 19 as well as the nearest telephone research questions, we recommend investors to note the following points:
1, on the off-site Ningbo, long hair is a test of the viability of the company does not hold the key to success, because the low value of the assets, Ningbo, long hair commercial, location is good, reinstall the 2006 opening of the early cases there may be a loss in 2007 there was no loss of any possible expected profit of 10 million.
2, the company Changsha stores to buy, indicating the long term, the store be able to cultivate them (the cultivation of the more upscale the more slowly).
3, the company Orient commercial Xuhui shop, signed a lease purchase agreement, five years after that low-cost acquisitions, depreciation will be lower than the rent, the cost of the risk does not exist.
4, from another city's costs and Bailian Group's investment capability, no accidents in 2008 should be a profit (of course, if the financial costs and some start-up regardless of the parent company in 2007 is essentially a loss-making subsidiaries).
5, the most stress is the commercial business district of the concept of competition between the business district between the stores is greater than (automatically dislocation), Wujiaochang regional business is not too much, but can only become a business district made the atmosphere. 6, made of 15% of the company's own future, very likely, due to the accumulation of many years, for which species can do self-employed, companies should grasp the nature of large high proportion of cases, the risk is not high.
Company is most likely to play a department store business scale enterprises in a department store scale show a critical period, 100 joint stock do the most adequate information and management of the preparation (Wangfujing and Ginza, followed by shares), scale effects appear a matter of timing issues. Consider the department stores and shopping centers is Bailian business development platform, we believe that integration of the Group's assets, investors can bring excess profits.
Consider the follow-up integration will Bailian orderly, reasonable prices upward in 2007 to 18 yuan in 2008 24 yuan to maintain the rating.
