Data:2009-12-12 2:34
Category: Money Tips Date: 2006-08-24
Hudong Heavy Machinery (600.15 thousand quotes, information, reviews, Search) January 28, 2007 announcement that the board's decision to the controlling shareholder of China Shipbuilding Group and other institutional investors directed additional 400 million shares. The issue subscription method for assets and cash to subscribe for the subscription of two parts, of which China Shipbuilding Group, in order to subscribe for the assets of not less than the total of this issue for 59%, Baosteel and Shanghai Electric in order to subscribe for not less than total assets, the total amount of this issue 16%, and the rest by the Baosteel Group, China Life, China and ship finance, CITIC Group, and other cash subscription.
China Shipbuilding Group, the assets of the subscription of new shares, including 66.66% stake in Shanghai Waigaoqiao Shipbuilding Corporation, China Shipbuilding Chengxi 100% stake in the ship repairing and ship voyage Guangzhou Wenchong Ship Engineering Company 54% of the equity; Baosteel and Shanghai Electric the other Takahashi Shipbuilding 16.67% of the shares subscribed for new shares, after the issuance of the Waigaoqiao Shipbuilding Corporation, 100% of the shares were placed in Hudong Heavy Machinery. As a result, the end of 2006 from 1.2 billion in net assets to 132 billion yuan, net profit from 250 million yuan to 15 billion yuan, while the company's 2006 earnings per share also increased to 2.3 yuan from 1 yuan about. At the same time, each year between the Waigaoqiao Shipbuilding and Hudong Heavy huge problem related-party transactions be resolved, the company significantly increase investment value.
GF Securities analyst Yaokun that, taking into account the ship continued to inject the assets of the Group's future potential and the company enjoyed rapid growth of China's shipbuilding industry, the opportunities to give the company 35 times earnings in 2006, target price 80. To give a "buy" rating.