Introduction of the program, Minmetals financial assets into the implementation stage

Updated: May 20, 2016  Views: 171

www.eastmoney.com 2016 Nian 05 Yue 20 Ri 00:00 BOCI Securities Wei Tao, Guo Xiaolu

Introduction of the program, Minmetals financial assets into the implementation stage

event:

* ST Jinrui (600390.CH/ RMB 12.82, not rated) night announced the issuance of shares to buy China Minmetals Group's financial assets and raise matching funds program. Jinrui technology intended to 10.15 yuan / share to Minmetals shares, Xining City to vote and other eight companies issued 1,806,537,273 shares, the acquisition of capital held by Minmetals Minmetals trust, securities and futures Minmetals Minmetals shares by trade, transaction price of about 18.336 billion yuan, of which the shares issued 174,454.89 million to the Minmetals shares, accounting for 96.59%. Upon completion of this transaction, the company will hold 100% stake in Minmetals capital, will indirectly hold 67.86% stake in Minmetals Minmetals trust through the capital, Minmetals and Minmetals Securities 99.76% stake through 99.00% stake Yi futures. Minmetals shares acquired shares lock-up period of 36 months, and the remaining seven companies acquiring shares lock-up period of 12 months.

At the same time, the company intends to 10.15 yuan / share, the CSCL, Warburg Securities and other 10 non-public offering of shares not more than 1.478 billion shares, the total funds raised not more than 15 billion yuan. Funds raised will be used for Minmetals trust, Foreign leasing, securities and Minmetals Minmetals easy to futures increase and supplement working capital. shares lock-up period of 36 months.

Reviews:

After this major asset restructuring and related financing is completed, the proportion reached 46.70% stake of shares Minmetals, * ST Jinrui become the controlling shareholder. Since the former controlling shareholder of Changsha Mining and Metallurgy Academy is a wholly owned subsidiary of Minmetals shares, so the company the control has not changed, and the actual controller is still SASAC.

After the completion of the reorganization, * ST Jinrui's will have trust, leasing, securities, futures, banking, insurance, funds and other financial assets, financial holding platform to become a full license, is currently the A-share scarce quality investment targets. The company's main business is It will become finance.

The company's main financial assets, including Minmetals trust, foreign trade financial leasing, securities and Minmetals Minmetals easy to futures. Minmetals Trust 15 years, the financial indicators are ranked 15 before the industry, the first tier in the industry, with annual revenues of 15 2.175 billion yuan, net profit of 1.145 billion yuan, the scale of trust assets managed at the end of 15 to 2,805.99 billion yuan, the trust rate of return 0.69%, higher than the industry average level of trust by 0.16 percentage points, ranking the forefront of the industry, foreign trade, financial leasing is the establishment of China's first financial one of leasing companies, 15-year operating income of 3.55 billion yuan, 696 million yuan net profit owned by the mother, 15-year non-performing loan rate was 0.18%, well below the average level of financial leasing industry and banking, securities Minmetals financial indicators industry ranked 80 or so, is a small brokerage firms, 15 annual revenues of 616 million yuan, 180 million yuan net profit owned by the mother, as of April 16, the stock trading market share of 0.122%, ranking 89, Minmetals easy to futures scale industry is currently in the middle level, relying on its advantages in resources Minmetals, held in metal futures brokerage in the field of long-term leader, 15-year futures brokerage turnover of 211,495 million, operating income of 6.349 billion yuan, 079 million yuan net profit owned by the parent. Meanwhile, the financial assets in the future to enhance the capital strength, high growth performance is expected based on the current

Investment advice:

Companies backed by SASAC and Minmetals, have unique advantages in resources, after the completion of this restructuring, significantly enhance the performance can be expected, '* ST' hat is also expected to take off. Major shareholders acquiring shares lock-up period of 36 months, reflecting its confidence in the future development of the company. the company stock is expected to reflect the change in the fundamentals, valuation calculated according to the distribution reasonable price range at 18-20 yuan / share, higher than the share price before the suspension of 40% -60%, it is recommended investors focus on.


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Traditional Chinese: 方案出臺,五礦集團金融資產註入進入實施階段