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Data:2009-12-12 2:34
Source: and News
Early strong lift transaction reasons:
Companies affiliated CLNG is the only one currently engaged in LNG transport the owner, from 2007 to 2010, the project contribution to profit before tax rose from 9.18 million yuan to 102 million. In addition, Shanghai and Zhejiang's business has been basically established, LNG transport to ensure a 12% internal rate of return can help smooth fluctuations in company performance, thereby enhancing the level of company valuation.
Investment Highlights:
(1), the nation's largest ocean energy transport enterprises: Company operation and management of China's oldest and most experienced staff, the domestic capacity the largest ocean-going tanker fleet. Company's existing oil tanker 14, including six super-tanker, a Suez-type oil tankers, 7 Aphra type tankers, totaling 2.56 million tons deadweight; bulk carrier 14, including 12 for the Handymax, 2 for the Panama type, total DWT 700,000 tons, respectively, by the company wholly owned by two professional management company Haihong Shipping (Hong Kong) Limited and the Hong Kong Ming Wah Shipping Co., Ltd. to conduct daily operation and management. The company also, through its joint venture China LNG Shipping (Holdings) Limited (CLNG) participation in special ship liquefied natural gas transportation business.
(2) The company's development strategy: The company ocean tanker transport business as the core, and actively develop liquefied natural gas transportation business, strengthen cooperation with strategic partners in order to focus on the development and China's imports of energy-related transportation business, strive for three to five years through the efforts of on a company-owned fleet to become more internationally competitive and maintain the domestic leading position, income is relatively stable and sustained growth of the large-scale energy transport fleet.
(3) The fleet-building program: In the tanker fleet, the company plans to add the next three years or so super-tanker 6, Suez-type tanker 2, Aphra-type tankers 6; in dedicated fleet of liquefied natural gas transportation, the 50% of CLNG investment holding company has been involved in Guangdong, Fujian and other items imported liquefied natural gas transportation business, investment in the construction of LNG ships dedicated 5.
(4) The progress of investment projects: the proposed addition of 14 oil tankers, the company completed the acquisition of Jin Cheng Investment Co., Ltd. and has received three contracts for the construction of new oil tankers will be in 2007 and 2009 cross-ship; In addition, the Through its subsidiary, the company has custom-made two Aphra type tankers will ship to pay the first half of 2008. The remaining nine will build the new tankers will be used to purchase second-hand tanker ship or other means to complete the tanker fleet expansion plans. 5 liquefied natural gas, special transport ship has already started building, were expected in 2007 to 2009 to pay shipping.
Risk Tip:
Fuel consumption is the ocean-going ships, one of the major operating costs, the company in 2005 fuel costs accounted for the proportion of the cost of principal operations in about 20%. In the time charter mode, fuel costs borne by the lessee; voyage charter mode, fuel costs borne by the owner. Part of the company the capacity to operate on voyage charter, fuel prices will lead to the ship voyage costs, company profits are subject to certain adverse effects.
Investment advice:
China Merchants Energy Shipping main business for offshore oil transport, ocean-going bulk cargo transport and the future participation of private ship liquefied natural gas transportation business. Company's main subsidiary of China Merchants comes mainly from the main transport operations, the company's actual control of man-made China Merchants Group. Operation to track observation. The first reference target bit 8.
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