\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 861 Beijing Urban-Rural Commercial (Group) Co.Ltd(600861) )
Matters:
On the evening of April 11, 2022, Beijing Urban-Rural Commercial (Group) Co.Ltd(600861) announced that it planned to purchase the difference between the transaction price of 86% equity of Beijing foreign enterprises held by Beijing Guoguan and the original assets by issuing shares, and also planned to purchase 8.81%, 4.00% and 1.19% equity of Beijing foreign enterprises held by Tianjin Rongheng, Beijing venture capital and jingguofa by issuing shares (14% in total). After the completion of the transaction, Beijing Urban-Rural Commercial (Group) Co.Ltd(600861) obtained 100% equity of Beijing foreign enterprises and replaced the main assets of Beijing Urban-Rural Commercial (Group) Co.Ltd(600861) with some property assets reserved for office, with an issue price of 15.8 yuan. In addition, the listed company plans to raise supporting funds by non-public offering of shares from Beijing Guoguan, with an issue price of 16.8 yuan / share and an issue share capital of no more than 95 million shares (i.e. supporting fund-raising of no more than 1.6 billion yuan). Meanwhile, the promised performance of Beijing foreign enterprises from 2022 to 2025 is 455 million yuan, 519 million yuan, 594 million yuan and 662 million yuan, and the annualized CAGR is 13.33%.
Guoxin social service’s view: 1) if the listed company is successfully restructured, the total share capital of the new company will be about 566 million shares, with reference to the closing price of 22.29 yuan on April 12, 2022, including the market value of 12.6 billion yuan. In 2022, the dynamic PE of Beijing Foreign enterprises (the promised performance is 455 million yuan, assuming that the original business is leveled) will be about 27.7x, and the / Beijing Career International Co.Ltd(300662) pe of foreign service holding in the same period will be 22.6/27.9x respectively. Considering the business growth, the current valuation is relatively reasonable. However, considering the company’s non recurring profits and losses (Beijing foreign enterprises generated 184 million yuan and 227 million yuan of non recurring profits and losses respectively from 2020 to 2021, mainly due to the government tax return under the business outsourcing mode. Such non accompanying outsourcing business continues to be normalized, so we will give full consideration to this feature for the time being). We expect the company’s parent performance in 2022 to be 709 million yuan, with a corresponding valuation of 17.8x, so the valuation is relatively cost-effective.
2) the company is an old-fashioned human resources enterprise. Assuming that the asset restructuring can be successfully implemented in 2022 (backdoor listing is successfully completed, and the listed company actually becomes a foreign enterprise in Beijing), based on the judgment of the development of traditional personnel management, business outsourcing, recruitment and flexible employment of foreign enterprises in Beijing, the EPS of foreign enterprises in Beijing is expected to reach 1.09/1.25/1.42 yuan in 21-23 years (including the prediction of government tax return), Corresponding to pe21 / 18 / 16x (closing price on April 12, 2022). Considering the existence of non profit and loss (government tax return), the current valuation of Beijing foreign enterprises does have a certain cost performance, but the sustainability of tax return in non recurring profit and loss and the growth center of the middle line are still further verified, and the market also has differentiated expectations for Beijing Foreign Enterprises. We carefully judge that it really needs time to track the marginal changes of the above indicators. Since it is only a preliminary restructuring plan and has certain uncertainty, the investment rating will not be given temporarily. It is recommended to track the progress of subsequent restructuring.
