Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research>CICC: CHINA SHENHUA Announces Asset Injection of RMB100B to Expand Resources, Increase Profitability
Recommend 6 Positive 12 Negative 5 |
||||
|
||||
|
CHINA SHENHUA (01088.HK) has announced its restructuring plan, excluding the 100% equity of the e-commerce company from the original proposal, while maintaining the equity of other acquisition targets unchanged, according to CICC's research report. The total transaction price is RMB133.598 billion, with the payment ratio of shares and cash being 30% and 70%, respectively. The issue price per share is RMB29.4. After the transaction is completed, the shareholding ratio of CHN Energy will rise from 69.52% to 71.48%. CHINA SHENHUA also announced plans to raise no more than RMB20 billion through an A-share placement. As indicated by CICC's statistics, the average P/B ratio of A-share thermal coal is 1.68 times, and the transaction price for this injection is slightly below the market average. At the same time, the broker believes that high-quality coal assets are scarce domestically, and CHINA SHENHUA achieves a leap in resource volume with relatively reasonable pricing. CICC is optimistic about CHINA SHENHUA's efforts in strengthening integration, reducing costs, and enhancing efficiency, which will eventually lead to a re-rating. Expecting CHINA SHENHUA to effectively balance capital expenditure and high dividend commitments, CICC has kept an Outperform rating for CHINA SHENHUA, with a target price of HKD45. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
