Category: Money tips Release Date: 2007-04-27
Source: today's investment
In accordance with standards of quality-oriented stock picking, G Integrated super (600,361) July 3 named "Today's investment in 66" potential shares. And its where the Hualian Group is the largest of China's Top 5, one of a large-scale retail enterprises, the industry leader in outstanding. At the same time, G mechanized super A-share listed companies is also the only one have established a nationwide network platform for listed companies, which indicates that its management has overcome the bottleneck of cross-regional development, development of space without geographical constraints. Please phone to send (mobile users to send "YXAK" to 2.9116 million China Unicom users to send "YXAK" to 9.9016 million) available. A day in advance disk layout, band operation. Always concerned about the "YXAK" command, different fine waiting for you. Just 3 cents each, not monthly.
Supermarket market is China's largest and most room for development of the retail market, is capable of producing "China's Wal-Mart," the industry. Integrated Super-G with bigger and stronger qualities: 1) to target and passed a comprehensive effort to shop clear planning, personnel reserve sufficient funds are secure; 2) have a grasp of large-scale comprehensive supermarket format and flexible positioning and business management skills The old store endogenous growth and new store survival were high - for our profit forecast to reach has provided a guarantee; 3) In addition, it is a performance-growth (rather than a store expansion) as the target company, management by the equity incentives, consistent with the interests of investors.
China International Capital Corporation analyst Guo Haiyan that: one, in the next five years, group development, additional accumulation of such projects and its own funds to support at least 83 new stores over the development, so if the company is expected to maintain an average of 15-20 at home / year store openings, to the end of 2010 the number of stores up to 133 (as of the end of May 2006 has 50 stores); 2, even in the end of 2010 the average single-store profitability "only be able to" maintain the current level (3.5 million Yuan / home), the company can reach 466 million yuan net profit, compared to 1.3 billion by the end of 2005 level of 29% of the average annual compound growth rate; 3, the above calculation has not yet taken into account the people's living standards improve and company size growth brought about by sales and margin improvement. Therefore Guo Haiyan expects the company's next five-year average net profit growth is expected to remain above 30% level. The 06 and 2007 will also benefit from access to a relatively small base of about 37% compound growth rate of net profit.
Today, investment "online analysts" show, the company 06,07, and in 2008 consolidated earnings per share forecasts were 0.53,0.67 and 0.72 yuan, corresponding to dynamic price-earnings ratio for 29.2,23.7 and 20.0-fold. There are currently 13 analysts tracking, which recommended a strong buy, buy, and wait and see 4,5 and 4, respectively, integrated rating factor of 2.00,12-month target price of 21.62 yuan.
Risk revealed: large-scale comprehensive supermarket industry, increasing competition has led companies shop located frustrated risks.
Historical Information: G Integrated super (600,361): the initiation of development of refinancing opportunities for the arrival of May 31, 2006
Source: and News
May 18, G Integrated super (600,361) disclosure of non-public offering of shares of changes in circumstances and report distribution program, an additional issue price of 16.8 million (compared with the benchmark 20 trading days before average premium of 23.8%), financing 600 million yuan to increase the share capital of 4644 million, total capital reached 28686 million (taking into account the allocation of the program in 2005: 10 Zhuanzeng 3 shares, May 17 ex treatment, the total share capital of 37293 million). Due to capital surplus Zhuanzengguben matters, according to the latest equity offering price adjusted to 12.92 yuan fund-raising to invest in 9 cities to build 13 supermarkets.
Secondary market stock price as the company's strong long-term development trends and future prospects of the directional distribution of the prices are more attractive, and the new equity lower than expected, performance diluted lower than expected. The refinancing is expected to receive 600 million yuan of funds will be able to effectively support the company's future 3 years, shop plans, is expected to become the company's future high-growth opportunities.
Based on the current size of refinancing, if the PE in accordance with the 2006 level, although there is price pressure on short-term pullbacks, but longer-term perspective, the company's share price includes the long-term growth trends for the company's expectations, estimates by the performance of growth and to enhance the value of the dual support, and the company's A shares of the retail market has scarcity value, investment value highlighted.
