Sino-Singapore Group (601512): The model model of Sino-Singapore park companies is highly replicable

Sino-Singapore Group (601512): The model model of Sino-Singapore park companies is highly replicable

Investment points: Sino-Singapore joint venture large-scale park development company.

The company takes the development and operation of the park as the main section, and the overall supporting industry and green as the two-wing support section. At present, the group has more than 50 subsidiaries with total assets exceeding 20 billion yuan.

After listing (as per issue 14989.

0 million shares), the actual controller is Suzhou Industrial Park State-owned 武汉夜生活网 Assets Holding Development Co., Ltd. (Park State-controlled) will indirectly hold the company’s shares.

25% (Parkland State Holding holds 28 Chinese consortiums.

With a 31% stake, the company’s shareholding in the company’s shares held by the Chinese consortium after the company’s issuance was 46.

8%, that is, the park’s state-controlled company will indirectly hold the company’s shares after the company is listed13.

25%).

  The development of China’s development zone industry is stable and sustainable in the future.

China’s developing regions have made remarkable achievements in many aspects, such as regional economic development, attracting foreign investment and advanced management experience, industrial development, scientific and technological progress, urban construction, earning foreign exchange through exports, creating potential and employment, etc.Potential economic growth points.

The Suzhou Industrial Park has been ranked at the top of the “Most Competitive Development Zones in Chinese Cities” for many years, and is currently in a critical period of industrial transformation, accelerated urbanization, and internationalization.

  The company’s gross profit margin has increased year by year, its credit level has gradually declined, and its short-term debt repayment ability has improved.

The short-term company maintains a high yield. In the first half of 2019, the company’s gross profit margin and net profit margin were 44.

45% and 27.

20%; the company’s operating income and net profit attributable to mothers are 35.

9.6 billion and 9.

7.8 billion.

At the same time, the company’s profit level has gradually declined, and its short-term debt repayment ability has increased year by year.

In the first half of 2019, the company’s asset and debt replacement in the first half of 201942.

30%; current ratio increased sharply to 1.

81 times.

  The raised funds will be used to invest in the infrastructure renovation of the Xietang Project to enhance its comprehensive competitiveness and profitability.

The total investment of this project is 265701.

70,000 yuan, the company plans to raise funds 13.

6.2 billion.

The transformation of this fundraising project is in line with the company’s development business, and the company needs to cooperate with the development of the park and promote the industrial transfer linkage.

After the completion of the issuance, the company’s net assets are expected to increase in expansion and contraction; the company’s asset-liability ratio will decline significantly.

  The reasonable value range is 14.

22 yuan -15.

80 yuan, “continuous market” rating.

Based on the total issued share capital of 14.99 million shares, the company’s EPS for 2019-2021 is expected to be 0.

79 yuan, 0.

94 yuan, 1.

11 yuan, the company’s IPO issue price is 9.

67 yuan, corresponding to about 12 in 2019 dynamic PE.

28 times.

With reference to similar comparable companies and considering that the company is a new stock, the company is given a dynamic P / E ratio of 18-20 times in 2019, corresponding to a reasonable value range of 14.

22 yuan -15.80 yuan, for the first time coverage, given the “initial market” investment rating.

  risk warning.

The company’s park development and operation business faces the risk of interest rate hikes and policy budgets, as well as the risk of economic recession