Shandong Hi-speed Company:Board passed an Rmb4bn private placement plan;2016-18E shareholder return planning determined

类别:公司研究 机构:瑞银证券有限责任公司 研究员:Robin Xu 日期:2016-09-23

Rmb4bn private placement to Anbang Asset and Huarong Trust

    The Board passed its private placement plan, planning to issue up to 708m shares toAnbang Asset and Huarong Trust to raise up to Rmb4bn at Rmb5.65/sh (15% below itsclosing price of Rmb6.68/sh before trading suspension), with a lock-up period of 36months. Of the Rmb4bn to be financed, Anbang will subscribe Rmb3.6bn with its AMproducts, while Huarong will subscribe Rmb0.4bn with its own fund. The funds raisedwill all be used for Jiqing's expansion from 4 to 8 lanes. The planning is also subject tothe approval of shareholders' meeting, notice of which will be issued according toShangdong SASAC's approval process. Its shares will resume trading on 23 Sep.

    EPS will be diluted by 8%; gearing ratio will drop notably

    The to-be-issued 708m shares will account for 13% of total equity of 5.519bn sharesafter the placement. As the savings in financial expenses will increase its net profit ( by 5%, we calculate the placement will dilute EPS by 8%. The Rmb4bn to beraised will also significantly reduce the company's gearing ratio, with 2017/18E debt-toequityratio to drop to 46%/72% from 67%/95%, based on our estimate. Meanwhile,the company also determined its 2016-18E shareholder return plan, with each year'scash dividend no less than 30% of that year's distributable profit and accumulated cashdividend no less than 90% of the three years' annual average distributable profit.

    Positive on investment return of the Jiqing expansion project

    Though the market may be concerned that the Jiqing expansion project could drag onearnings during its construction period (2016-19E) and the early operation period(2020-25E), we are still optimistic on its long-term return. Assuming the project'scapital fund investment is Rmb7.5bn, and there will be 25 years' concession rightperiod (to June 2044) after its completion, we estimate the project's capital fund returnat 10% (the project's total investment at Rmb30bn). Meanwhile, potential saving inconstruction expenses, lower-than-expected interest expense, better-than-expectedtraffic flow/toll rate and potential cheap financing from China Development Bank topartly replace the Rmb7.5bn capital fund could all contribute to better investmentreturn. For more information on this project, please refer to our initiation report: Weare positive on cash return from Jiqing expansion; tariffs may have upside.

    Valuation: Buy rating, 12-month price target of Rmb7.05

    We derive our price target of Rmb7.05 with the DCF methodology (WACC 6.8%),assuming a terminal value of 0 after the termination of concession right in 2044.

股票代码 股票名称 最新价(元) 涨跌额(元) 涨跌幅(%) 成交额(万元) 成交量(手)
600350 @nn@ @n@ @c@ @cc@ @v@ @t@



伊利股份 买入 -- 研报
光明乳业 持有 -- 研报
新乳业 买入 -- 研报
东方日升 买入 14.00 研报
中国国航 买入 -- 研报
上海机场 买入 -- 研报
顺丰控股 买入 -- 研报
韵达股份 买入 -- 研报
格力电器 买入 70.84 研报
海尔智家 买入 17.94 研报
美的集团 买入 60.30 研报


新乳业 0 0 研报
光明乳业 0.21 0.25 研报
伊利股份 0.95 1.08 研报
东方日升 0.94 0.17 研报
顺丰控股 0.42 0.66 研报
上海机场 0.74 0.82 研报
韵达股份 0.18 0.18 研报
海尔智家 1.36 1.15 研报
美的集团 0 0.00 研报
格力电器 1.84 2.20 研报
光威复材 0 0 研报


五粮液 36 持有 持有
万科A 33 买入 买入
隆基股份 31 买入 买入
泸州老窖 31 持有 买入
伊利股份 29 持有 买入
长安汽车 29 买入 买入
比亚迪 29 持有 持有
中国国旅 28 持有 持有
宋城演艺 28 持有 持有
三一重工 27 持有 持有
中信证券 26 持有 买入
保利地产 26 买入 买入
万华化学 26 买入 持有
格力电器 26 买入 买入
亿纬锂能 26 持有 买入
当升科技 26 持有 买入
晶盛机电 26 持有 中性


电子信息 561 85 326
汽车制造 413 35 223
电子器件 389 51 242
建筑建材 372 45 196
机械行业 339 43 138
金融行业 331 26 160
化工行业 284 47 117
酿酒行业 281 16 154
生物制药 268 44 173
房地产 242 29 158
交通运输 238 26 114
钢铁行业 225 30 118
家电行业 204 14 138
食品行业 200 25 70
煤炭行业 185 31 83
商业百货 176 31 103
酒店旅游 165 20 54