Category: Money tips Release Date: 2006-10-13
Source: Hai Tong Securities Author: Meng Ya
From Shanghai to Masakuni Matsuoka, from Matsuoka to Fu Jen Catholic medicine in just two years, * ST Minfeng (G * ST Fu Jen's predecessor) non-stop for three club. As the wealthy Miss Chu family, controlled Henan Fu Jen Pharmaceutical Group strong "approach", * ST Minfeng begun to enter the "Fu Jen Catholic era." The change in the stock against the backdrop of the "married into wealthy," as compared with the previous two could not be starker, * ST Minfeng "Reorganization + Major Holders," a combination of share reform program, has enabled the company transformed itself appeared fundamentals change, while the complete transformation of main business of proprietary Chinese medicines, but also great investment value of the company!
1, Fu Jen M & A strong offensive eruption
April 21, 2005, Henan Fu Jen Pharmaceutical transferee * ST Minfeng the largest shareholder of the original Matsuoka held 29.518 percent of the legal person shares, becoming * ST Minfeng's largest shareholder; March 2006 8 Japan, Jin Li, Fu Jen Catholic Pharmaceutical development of the transferee foreign corporation held 13% shares, the transfer is complete, Fu Jen Catholic Pharmaceutical will hold * ST Minfeng 7550.9 shares social legal person shares (42.518% of total shares), further the consolidation of the first largest shareholder status. April 13, 2006, shareholders of the General Assembly agreed that "asset reorganization + Major Holders," a combination of share reform model, Fu Jen Catholic Pharmaceutical hold 95% of its stake in the company at Fu Jen Catholic Church inefficient assets for replacement; same time, through Shareholders of shares outstanding increases by one for every 10 shares of stock to the price of the program, and promised that if 2007,2008 annual net profit of less than 28 million, 33 million, a major shareholder will be sent right to recover price of 506.3 million shares. * ST Minfeng the end of 2005 the net asset value per share was only 0.08 yuan per share earnings -0.225 yuan, net assets yield -296.07% by the end of 2005 for two consecutive years of losses due to "add star hooded." So, Fu Jen Pharmaceutical why such a fancy public company? Statistics show that Fu Jen Pharmaceutical was founded in 1997, the registered capital of 120 million yuan. By 2004, Fu Jen Catholic Pharmaceutical already has fixed assets of 2.243 billion yuan, sales income of nearly 20 million, net asset value of 875 million yuan, Henan Province and the country became a leader in the pharmaceutical industry. Fu Jen Catholic Chinese medicine medicine very large, very strong production capacity. As of the end of 2005, the Group has the overall size of capsules, granules, tablets, oral liquid, pills and other Western and Chinese medicine formulations more than 600 varieties, the number of species among the nation's first in the industry. Tablets, capsules corporate annual production capacity of 12 billion / film, ranking second; water injection capacity of 3 billion, ranking first in the country; freeze-dried powder injection production capacity of 200 million, ranking the top three. Fu Jen Pharmaceutical invested 500 million yuan with the construction of the largest in Asia, with 18 production lines of the monomer production plant began production in 2006, the company's comprehensive production capacity of agents will be the first one in the nation, its substantial growth in our large production capacity, will enable the company's pharmaceutical industry is a more rapid development. And good condition of the assets and strong operating capability for the successful reorganization of Medicine, Fu Jen Catholic * ST Minfeng laid a solid foundation. Zhu Wen-chen, chairman of Fu Jen Catholic Pharmaceutical * ST Minfeng in the intervention, when that is said, "We took over * ST Minfeng not to hype one. We must have the medical industry, optimization and the need to out of Henan, to Shanghai seeking greater development platform. * ST Minfeng through this shell, will help us to achieve such a goal. I believe the facts will show that all the efforts we have done is really to invest in * ST Minfeng responsible for all shareholders, . "Indeed, Fu Jen Catholic * ST Minfeng in interventional medicine, the company's fundamentals there has been a qualitative change in the first half of 2006 the company achieved sales income 1 billion yuan, up 183%; net profit also rose by 63% Its rapid increase profitability.
2, into high-quality assets "black-bone chicken into a Phoenix"
* ST Minfeng Medicine, Fu Jen Catholic right is based on assets as the restructuring of the way, in order to reverse * ST Minfeng the current critical financial situation and the main business of serious losses. * ST Minfeng its ending December 31, 2004 through the assessment of 172.3376 million yuan of net assets held by the replacement of Medicine, Fu Jen Catholic Fu Jen Tang Pharmaceutical Co., Ltd. Henan, 95% of the equity (the part of the assessed value of 173.7595 million shares million), the difference from the ST Minfeng 1.4219 million yuan in cash. The placement of the Fu Jen Catholic Fu Jen Catholic Church is a pharmaceutical company Pharmaceutical Group, the two major health industry one of the most important. Fu Jen Catholic Church as the core pharmaceuticals to the pharmaceutical industry, mainly engaged in traditional Chinese medicine products, research, production and sales, with the domestic first-class pharmaceutical and testing equipment, all the workshops have passed the national GMP certification, the existing glue, capsules , granules, tablets, intermediates and several production lines, nearly one hundred varieties, the annual production capacity and sales rank at the forefront in China. Fu Jen Catholic glue production capacity ranks the top three, Henan first. In 2001, ATM Enterprise Resource Management Research Center, Fu Jen Tang Pharmaceutical Co., Ltd. as "the most growth potential" companies. Fu Jen Catholic Church of existing Chinese medicines pharmaceutical symbol 41, the company's leading product Yixin Tongmai particles, tooth pain, inflammation Granules are the exclusive production of the national varieties of Tangniaole similar drugs for the National's second-largest brand. Children Qingre Granule similar types of sales accounted for more than 30% of the domestic market, sales of tooth pain and inflammation Granules of similar species accounted for 55% of the domestic market for more than Tangniaole capsules domestic market share of 12%. The same time, new products, Fu Jen Shen Qi Jianwei its excellent efficacy of particles won the trust of patients, continues to this day in 2004 to 16.7% monthly growth rate of sustained growth. Fu Jen Catholic glue series of products from the market since 2004, in a short span of two years among the three strong national glue factory. It is precisely because the domestic exclusive products have more than one group of competitive products, the profitability of the pharmaceutical at Fu Jen Catholic Church has maintained relatively strong growth, becoming the Group under the highest quality assets and core business. Therefore, this group will be replaced into the pharmaceutical, Fu Jen Catholic Church * ST Minfeng, its pharmaceutical Fu Jen Catholic Church as a platform for bigger and stronger intentions very clear at Fu Jen Catholic medicine, while the injection of pharmaceuticals at Fu Jen Catholic Church, ST will also Minfeng the main business by the textile industry into a Chinese medicine production; in the asset replacement is completed, * ST Minfeng will be completely transformed into traditional Chinese medicine businesses, enjoy sharing with the rapid development of China's medicine industry profits.
3, stocks continued to surge of reform highlights the value of performance
Recently, G * ST Fu Jen has successfully implemented a stock reform. Pharmaceutical major shareholder in the share reform Shi Hai Fu Jen Catholic commitment to - "or 2007,2008 million in annual net profits were less than 2800,3300, the large shareholders will get right to recover price of 506.3 million shares. This is a very a gold content of the stock reform promised! 2800,3300 million, for a total share capital after the share reform of 17759 shares of G * ST Fu Jen Catholic who, it means that the company's earnings per share of at least 2007,2008 year to reach 0.157 yuan, 0.186 yuan, and the company first half of 2006 earnings per share -0.02 yuan, so the explosive growth of the company's future performance, completely worth the wait! With G * ST Fu Jen Catholic re-transformation into a traditional Chinese medicine companies, the company fundamentals have emerged reborn-style changes. Large Shareholders strong strength and industry dominance, the development of the company's future full of vitality, while the Yi Xin Tong Mai particles, tooth pain, inflammation Ling particles produced exclusively variety of national ownership, but also the company's competition in the industry in a dominant position, the company's future The investment value is very great!
4, heavy volume limit-breaking speed up the hurricane soon
Secondary market, the stock before the share reform to raise the main signs of looting is very obvious, and its shares resume trading after the price reform has been 3.60 ~ 4.30 yuan of the cabinets were poised repeated shocks, put up or shrink the volume level of the situation shows the main Kongpan has been quite high, the recent heavy volume limit-way unit in order to break up, to do more rapid expansion of kinetic energy indicates that the acceleration of stock Hurricane Quotes about to break out, set merger and reorganization, performance surge, Chinese medicine and many other subjects on the one of the G * ST Fu Jen Catholic , it is worth focusing on!
