Shanghai International Airport Co.Ltd(600009) (600009)
Event: the company issued announcements such as issuing shares to purchase assets and raising supporting funds. According to the agreement on issuing shares to purchase assets and its supplementary agreement signed by the listed company and the controlling shareholder airport group, the transaction price of 100% equity of Hongqiao company is about 14.5 billion yuan, that of logistics company is about 3.1 billion yuan, and that of the fourth runway of Pudong Airport is about 1.5 billion yuan. The total transaction price of the above subject assets is about 19.1 billion yuan, The listed company is expected to issue about 434 million shares to the airport group at an issue price of 44.09 yuan / share. At the same time, the supporting financing scale of the company was reduced to no more than 5 billion yuan (previously announced as no more than 6 billion yuan), the issue price is 39.19 yuan / share, and the issue quantity is no more than about 128 million shares, which are fully subscribed by the airport group. The supporting funds raised this time are intended to be used for the company’s type IV airport construction project, smart cargo station project, comprehensive improvement project of smart logistics park and supplementary working capital. If all the above transactions are completed, the airport group will still be controlled by the listed company Shareholders, the shareholding ratio increased from 46.25% before the transaction to 58.38% after the transaction.
The appraisal value of the injected assets is determined. According to the calculation of the assets appraisal company and the agreement of both parties, the book values of Hongqiao company, logistics company and Pudong fourth runway were about 7.58 billion yuan, 840 million yuan and 1.16 billion yuan respectively, totaling about 9.58 billion yuan; The appraisal value is about 14.5 billion yuan, 3.1 billion yuan and 1.5 billion yuan respectively, totaling about 19.1 billion yuan; The assessed value-added rates are 92%, 270% and 29% respectively, and the total assessed value-added rate is 99.71%. We simply calculated that the Pb valuations of Hongqiao company, logistics company and Pudong fourth runway on June 30, 2001 were about 1.9x, 3.7x and 1.3x respectively, and the Pb valuations of listed companies on June 30, 2001 were about 3.2X.
Asset injection will thicken the performance of listed companies. In the first half of 19, 20 and 21 years, the operating revenue of Hongqiao Airport was about 3.1 billion yuan, 2.2 billion yuan and 1.4 billion yuan respectively, and the net profit was about 520 million yuan, – 210 million yuan and 60 million yuan respectively. Among them, the advertising sector of Hongqiao Airport promised that the deduction of non net profit in 22-24 years would not be less than about 420 million yuan, 440 million yuan and 450 million yuan respectively; In the first half of 19, 20 and 21 years, the operating revenue of the logistics company was about 1.62 billion yuan, 1.64 billion yuan and 940 million yuan respectively, and the net profit attributable to the parent company was about 240 million yuan, 230 million yuan and 110 million yuan respectively. The logistics sector promised that the deduction of non net profit from 22 to 24 years would not be less than about 190 million yuan, 220 million yuan and 240 million yuan respectively. Based on the net profit of 19 years, the PE valuation of Hongqiao Airport was about 28x on June 30, 21, the valuation of logistics companies was about 13X, and the PE valuation of listed companies was about 18x on June 30, 21. After the completion of asset injection, the operating revenue of the listed company in 2020 and January June 21 will increase by about 88% and 127% respectively, and the net profit attributable to the parent company will increase by 5.8% and 29.8% respectively (after the increase, the loss will be 1.19 billion yuan and 520 million yuan respectively).
Asset restructuring will lay the foundation for the company’s long-term development. On the whole, if the reorganization is successful, it will help listed companies integrate the advantages of Hongqiao Airport and Pudong Airport, coordinate the two flight routes, improve the route quality, and achieve the goal of reaching more than 130 million air passenger throughput of the two major aviation hubs in Shanghai as soon as possible.
Investment suggestion: the company plans to inject assets such as Hongqiao Airport, which will thicken the performance of listed companies and lay a solid foundation for the long-term growth of the company; With the steady progress of covid-19 treatment / vaccination, the long-term recovery trend of air travel demand is determined, and the most difficult period of the company has passed. Regardless of the impact of asset injection and additional issuance, we maintain the company’s forecast EPS of -0.60, 0.53 and 2.04 yuan for 21-23 years, and maintain the company’s “overweight” rating.
Risk warning: the duration and scope of covid-19 pneumonia exceeded expectations; Macroeconomic downturn affects aviation demand; The growth of passenger throughput of overseas routes is slow; There is still uncertainty whether the asset restructuring can be implemented.
