Category: Money tips Release Date: 2005-12-24
Source: Chase Securities Author: Dong Zheng
Revaluation is the market value of an important investment theme. Real estate, commercial plates, and some additional varieties of orientation, it is in the asset revaluation under the continuous strength of this one theme. G-Canton Control (600098), its holdings of the North Second Ring Expressway, Guangzhou City assets, their value-added rate of 347%. Company's assets up for sale due to the above results and the expected surge. It is an undervalued midline species.
Company has notice of its holdings of Guangzhou City, Northern Second Ring Expressway Co., Ltd. 20% stake in Guangzhou Property Stock Exchange through the sale, listing price is not less than the appraised value of the corresponding rights and interests of 654.67 million yuan. Information shows, G wide control in 2000, 2001, the total invested 190 million yuan in Guangzhou Beierhuan hold a 20% stake in the current book value of the investment 146.25 million yuan, 508 million yuan has been value-added, value-added rate of 347 %, if the above transfer of shares in the success of this year, will "significantly increase" the company net profit this year. Five years, three times the value of more than eye-opener, the original appreciation of the highway network in Guangzhou is so fierce! Rapid development of Guangzhou economy in recent years, an alarming rate of asset appreciation, such as the G Guangzhou Iron and Steel appreciation of land a few times, while the Guangzhou highway asset appreciation can also be reached five years three times more arrogant is to catch up with real estate!
The above listed transaction, if successful, this means that net profit this year will increase by 508 million! A conservative estimate is equivalent to earnings per share increase of 0.246 yuan. Therefore, full-year results expected to reach 0.5 yuan or more, even under a conservative valuation of 15 times PE, the center line of the unit price should also be 7.5 yuan above, currently only 4.4 yuan in the vicinity of the price, no doubt with the center line investment value.
Historical Information: G-Canton Control (600098): There should be worth looking forward to a good middle attention May 26, 2006
Source: Guangzhou Bandung
Petrochemicals, steel and banking stocks suffered from three major indicators of stock plates turns to start, so that the next elite forces may turn increases lagging seriously behind the power plate, power plate, and after a long period of adjustment after a lot of stocks have already fallen to the current net value of stock the vicinity of the project approval procedures are very complicated due to the power complex, its "franchise value" of objective reality, in other words, because a lot of power is currently a very high replacement cost value of stock is heavily undervalued, while coal linkage is in full swing, we all know, price increases have become the most touching of the hype this year, subject matter, so that coal linkage will be the catalyst for speculation in the power section. In addition, the Shanghai 180ETF have been completed and released into the Jiancang period, remember that the Shenzhen 100ETF Jiancang release after completion of the Shenzhen 100 Zeng a lot of sharp surge in stocks, so G-Canton Control (600098), as a SSE 180 constituent stocks of the blue-chip afternoon power potential is enormous.
What is more noteworthy is that, G-Canton Control (600098) with the controlling shareholder of Guangzhou Development Group because of the stock when the commitment to reform, large shareholders quilt 1 billion fund to support the market, large shareholders intervention price is 4.35 yuan, quilt up to 8 months , the book is still loss-making quilt 6%, which is 8 months a lot of energy stocks have soared and even appeared to double, which is excellent fundamentals blue-chip electrical energy is simply unthinkable. BP because it is currently working together to develop the Nansha oil depot and enter the Nansha gas, investment coal mine in southern China is building the energy carrier. And its earnings per share up to 0.30 yuan last year, at present only 13 times earnings, while the current stock price of 4.09 yuan to 3.74 yuan and its net asset per share is closer to, we can see its value has been grossly underestimated.
Company's previous announcement, Guangzhou Holding and the world's largest oil, gas and petrochemical group BP, one of the signed contract, the two sides set up a new joint venture company. The new company will specialize in business district is located in Panyu, Guangdong Province, a world-class oil depot project. This is located in Panyu Nansha oil depot project total investment of 86 million U.S. dollars, funded by the Guangzhou Holding 60, BP's contribution 40. Can store about 36 million cubic meters of refined oil, the annual turnover up to 400 million tonnes, according to international standards is a world-class into the oil depot. The 50000-ton and its supporting petrochemical terminals, the annual throughput of more than 8 million tons, the project will become the Pearl River Delta region, one of the largest oil depot terminals. As the oil depot and terminal not only for petrol, diesel, fuel oil, chemicals storage and transportation and working capital, and will gradually carry out oil operations, and eventually developed into the Pearl River Delta influential oil supplier, while China's crude oil The demand for 1 / 3 of the need to import fuel oil consumption in Guangdong Province is the country accounted for 1 / 3 of the above, as the domestic economy, one of the most developed regions of Guangdong Province, the oil needs of the future will be increased substantially. This has the Nansha oil depot, Guangzhou Holding future profits can be described as rich, meaning its oil reserves can be described as authentic. At the same time, Guangzhou Holding's energy strategy also is not just the Nansha oil depot. Early part of the pipeline company's gas supply project in Nansha franchise. And recently also notice a total investment of 2 billion yuan to develop new joint venture with the Datong Coal Mine Project Eastern Zhou Dynasty kiln.
Petroleum, coal, energy, each one were a big hit the market, large shareholders quilt 1 billion fund to support the market as long as 8 months, the book is still a loss of nearly 6%, and we know that in the process of share reform, there are a number of firm has made a commitment to increased holdings of major shareholders, such as the G Dawn, G-building, G SAIC, G Baosteel and so on, the current price the stock holdings of major shareholders have more than the cost of, and even the G Baosteel is also a steady rise recently. Clearly the bull, a major shareholder holdings quilt is inconceivable! The major shareholder tradable share reform, no reduction but overweight, mean that companies are worth looking forward to the future development of good? Therefore, the unit is definitely worth attention midline.
