Category: Money tips Release Date: 2006-03-15
Insigma (600,797 market, information, reviews, Search) January 18 issued a public notice, transfer of subsidiary stock. Transformation of corporate strategy, in addition to software outsourcing, the other full-service contract, Chau believed the transfer of shares in the market anticipated. Insigma from the strategic level, the overall shift to higher return on the software outsourcing business; for the remaining 61% of the total assets of the business, then taken in cooperation with international companies, equity contraction. Chau equity withdrawal letter, has been in the company's planning.
Letter to stake out continents, in addition to the future of the buy-back option, the current implementation of the investment income 64.67 million yuan, sale price, the equivalent of continents letter in 2006 five times PE. As a pre-IPO stage exit, the price in a reasonable range. Nevertheless, the sale included the buy-back option: the new power network within three years the price of no more than 62.11 million yuan repurchase 21.8% of the shares, the repurchase price higher than the current trading price of 25%. The profitability of the letter to Island Records and its Chinese market, mobile value-added service providers, content positioning, in overseas markets on the valuation of the expected higher. Therefore, this purchase option has a higher value. With the outsourcing of non-treatment and the progress of outsourcing, the market will gradually accepted the new network in the software outsourcing market position.
Guoxin Securities analyst Xiao-Juan believes that the letter does not consider investment income continents, it is expected the main business in the 06-08 years, the company earnings per share were 0.16 yuan, 0.19 yuan, 0.23 yuan; The transfer of shares, the company in 2007 Performance on the redeployment of 0.258 yuan. For careful consideration, to bring the performance of investment income growth, a direct reflection on the valuation of the contribution to the improvement of the present value of the company. This means that: In accordance with our businesses, valuation methods, the company earnings per share to 07,08 years, at a reasonable price by the projected increase of 5.7-6.1 million, respectively ,7.8-8.3 yuan. To maintain "prudent recommended" rating.