Category: Money Tips Date: 2007-04-16
Source: Hong Kong and Macao Information Author: Wei Wei
Deep Tianjian (000.09 thousand): SAC Holding Corporation is the only one in Shenzhen in order to municipal engineering-based industries and enterprises in public works have outstanding technical and professional advantages. Company's land reserve increase will further promote the development of its real estate industry in the next three years, the performance still will be greatly increased. Secondary market, the stock Suliang finishing the full recently stabilized stabilized, the market outlook is expected to rebound pulled may be bargain-hunting interest.
Historical Information: G Tianjian (000.09 thousand): far from reflecting the fair value of stock to maintain "overweight" rating on July 6, 2006
Source: United Securities
G Tianjian board of directors has issued a notice to be no more than 7,000 non-public offering of shares, of which a major shareholder in Shenzhen, the SASAC will be no more than 1 billion in cash to subscribe for not less than 1,000 shares of this issue shares. We believe that the company's current stock price reflects its fair value far from maintaining an "overweight" rating. 2006-2008 expects earnings per share were 0.45,0.75,1.31 yuan.
Optimistic about development of the company shareholders. The non-public offering of equity capital markets has recently become hot, but the shareholders would be happy to close with the secondary market price in cash to subscribe for the case of very small. In our view, Shenzhen SASAC is willing to subscribe in cash for two reasons.
First of all, do not want a controlling stake in the company diluted. The non-public offering of shares prior to the holding company of Shenzhen SASAC ratio of 41.19%, if not participate in the subscription, its stake will be reduced to 31.71%.
Secondly, the advantages of building Shenzhen State-owned enterprises. SASAC-controlled 20 in Shenzhen, several major city-owned enterprises, G Tianjian is the only one with municipal engineering-based business enterprises. And the municipal general contracting company has only three qualified national license. Municipal Engineering Company has outstanding technical and professional strengths. According to the latest release of Shenzhen City "Eleventh Five-Year Plan" (discussion paper), both inside and outside the Shenzhen Special Administrative Region to change the dual structure: To improve the planning and construction both inside and outside the SAR standards and enhance the SAR, infrastructure construction. The next five years, if you want to achieve the SAR, and the balance within the region, municipal investment reached 100 billion yuan at least. Therefore, from the external environment is, G Tianjian facing a good opportunity for bigger and stronger.
Additional project profitability ability. The company intends to finance this additional 400 million yuan for investment Huangge Longgang District, Shenzhen Road, Plot No. G01037-0099. The project covers an area of 77500 square meters, construction area of 232.6 thousand square meters. Of land for open market "tactic, shooting, hanging" method to obtain, as a good buying opportunity, even now, only the appreciation of the land has more than 300 million yuan. The project will start later this year, and contribute to profits for the company in 2008.
Shenzhen Rule little impact on the company. States after the introduction of six rules, Shenzhen is the first introduction of the local rules of the city, and the strict implementation of the country six pairs of control over the spirit of the individual projects. To this end, a number of Shenzhen did not get the June 1 start of the project permits, will face the fate of re-planning.
But the G Tianjian past two years, the main source of profit for real estate business real estate - New Town, Shenzhen, Changsha Furong flourishing and have been started on June 1st. This time, a project to invest additional sun city, its position has always been urban white-collar workers can afford boutique housing, the Unit is too large proportion of the ploidy is very small, even after adjusting the rates are very small.
Equity value or will increase. Company holds 3000 shares in Shenzhen, a high-tech company, its market has entered the sprint stages of the process. In accordance with the current market price of similar stocks, after the listing of the company's share price should not exceed 30 yuan. The per share contained in G Tianjian Gu Shuwei 0.13 shares of the company, so G Tianjian per share contained in the company's equity value of at least 4 yuan.
Clear appreciation of the land reserve. G Tianjian book net assets of the current 538 yuan, if not take into account any appreciation of the factors of land, its value is 9.38 yuan per share. In fact, the company held the land has appreciated considerably, only covers an area of 50000 square meters of Tianjian Industrial Park, there are at least 500 million yuan revaluation. Coupled with the sun city, Changsha, land and other land appreciation, the company has land reserves of more than 1 billion yuan revaluation.
