Cultural Investment Holdings Co.Ltd(600715) ( Cultural Investment Holdings Co.Ltd(600715) ), who took the "free ride" of the Winter Olympics, ushered in "against the trend" in terms of business performance.
On April 13, Cultural Investment Holdings Co.Ltd(600715) announced that it would lower the annual performance forecast for 2021. It is estimated that there will be a loss of 680 million yuan and 740 million yuan in 2021. Previously, Cultural Investment Holdings Co.Ltd(600715) released the announcement of annual performance loss in 2021, which predicted that the net profit in 2021 would be between 500 million yuan and 420 million yuan.
This means that Cultural Investment Holdings Co.Ltd(600715) the latest performance forecast will exceed the lower limit of net profit of the original performance forecast by 36% ~ 48%, and the amount of loss will increase by about 200 million yuan.
Recently, Cultural Investment Holdings Co.Ltd(600715) has been concerned by the market because the company is an authentic "Winter Olympics concept stock".
In June 2021 Bing dwen dwen Bing dwen dwen Bing dwen dwen, Cultural Investment Holdings Co.Ltd(600715) , signed a contract to become a franchisee manufacturer and distributor of Beijing 2022 Winter Olympic Games and winter Paralympic Games. The total number of 24 Winter Olympic franchise products developed and manufactured is composed of 15 kinds of ceramic badges, including ice pier pier, sports modeling, fashion 2 cup, etc. At that time, Cultural Investment Holdings Co.Ltd(600715) share price was also sought after by funds and closed multiple limit in a row.
However, unlike Andon Health Co.Ltd(002432) ( Andon Health Co.Ltd(002432) ) which has been trading continuously and ushered in performance fulfillment, Cultural Investment Holdings Co.Ltd(600715) although it was sought after by funds in the short term at that time, its business performance last year was not good.
Cultural Investment Holdings Co.Ltd(600715) why is there a sudden "forecast deficit" of 200300 million yuan? The reason is related to the decline in the fair value of the assets held by the listed company.
Since February 2022, affected by the sudden outbreak of the Russian Ukrainian war and the repeated covid-19 epidemic, the global economic fundamentals have continued to decline and the price fluctuation of international risky assets has intensified Cultural Investment Holdings Co.Ltd(600715) said that BIDCO, the bottom asset of Jincheng capital 020 collective fund trust plan held by the company, as a large visual effect company based on the European and American market, is facing downward pressure on its future operation expectation and valuation level. It is estimated that the above events after the period will lead to the decline of the fair value of the company's trading financial assets in 2021, with an impact on profits of about 230 million yuan.
Who's BIDCO? Why are business expectations and valuation levels facing downward adjustment?
In the announcement on the sale of underlying assets of Jincheng capital No. 020 collective fund trust plan issued on the same day, Cultural Investment Holdings Co.Ltd(600715) said that BIDCO holds 100% of the shares of American special effects production company company3 / method and British special effects production company guidedraw. The latter's customers include Warner Bros., marvel pictures, 20th century fox, etc. they have participated in many international famous films such as the Avengers: the final battle, Godzilla 2: the king of monsters, and their businesses are distributed in the United States, Britain and Canada.
Recently, Cultural Investment Holdings Co.Ltd(600715) once received the notice from Beijing trust that Ithink, a special purpose company that the trust plans to set up in Hong Kong, signed the share sale framework agreement with TOPCO, which plans to sell all the equity of BIDCO (including 1.21 million class B common shares) held by Ithink to TOPCO, and TOPCO will pay US $143.77 million to Ithink as the consideration of this transaction. Due to the continuous impact of the global epidemic, BIDCO's consolidated EBITDA in 2021 was only US $22 million, and the valuation calculated according to EBITDA has little reference significance. Therefore, the consideration of this transaction refers to the price basis of the trust's plan to acquire 75% equity of guidedraw in 2016.
Cultural Investment Holdings Co.Ltd(600715) said that due to the sudden outbreak of the Russian Ukrainian war and the repeated covid-19 epidemic and other factors, the international macroeconomic risk has increased, and the fair value of the company's trading financial assets has been reduced by 230 million yuan in 2021.
At the same time, Cultural Investment Holdings Co.Ltd(600715) stressed that the sale of the underlying assets of the trust plan is conducive to promoting the liquidation and distribution of the shares of the trust plan held by the company, reducing the management expenses and capital occupation caused by the delayed operation of the trust plan, and realizing the withdrawal of investment as soon as possible; It is conducive to revitalize the stock assets, effectively alleviate the pressure of working capital, significantly reduce liabilities, effectively reduce the company's operation and debt risks, and ensure the more benign development of the company's main business; The underlying assets of the trust are in the open sea, and the disposal as soon as possible is conducive to avoiding the potential investment losses caused by the increased price fluctuations of global financial assets.
