Pakistan Ocean Park buy rating given in-www.baid.com

Pakistan: give Ocean Park Haichang buy rating hot column capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulated trading client Sina client: the most profitable investors in Hong Kong stocks through market mechanism cards level2 strategic shareholder premium holdings, the third largest shareholder of Ocean Park in front of Orix group (8591 JP) impact on the company intends to company the controlling shareholder of Haichang group to HK $1.80 per share premium to acquire two hundred million shares of the company. Orix group is listed on the Tokyo stock exchange, the East Park (4661 JP), one of the shareholders, the company and Tokyo Disney operators. We estimate that hydron will benefit from the day after the operation of the project expansion. Asset light mode is still a major bright spot in addition to Shenyang’s Mini children’s Park project and Nanning mobile aquarium project, management is expected in the future there will be five to six new asset light landing project, and in the next five years to achieve a net profit of segment revenue an average annual growth rate of 20%, the contribution rate of 30%. We estimate that each of the two light asset projects will generate a one-time capital expenditure of RMB 5 million yuan, and will contribute RMB 2000 to 30 million yuan in 2016. A healthy balance sheet, and no urgent financial risk currently Haichang net debt scale is 1 billion yuan RMB, the real interest rate is about 7%, the company is expected to decline in 2016 will be 10%. Flagship projects in Shanghai and Sanya will generate 900 million yuan and 1 billion yuan of capital expenditure in fiscal year 2015 and 2016 respectively. Management believes that the 1 billion 500 million yuan cash balance held by the company at the end of 2014 plus the operating cash flow of 15 and fiscal year 16 will be enough to meet the above capital expenditure. We expect the leverage of the company to remain healthy at least until 2017, without further financing. Maintain buy rating and target price of HK $2.42 plus the total valuation method based on the same segment, we maintain the original unchanged target price of HK $2.42, corresponding to the theme park operations 9.5 times 2016 forecast of EV EBITDA, and part of the 50% commercial real estate net assets discount rate. (both) go into Sina Finance shares

法巴:给予海昌海洋公园买入评级 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪财经客户端:最赚钱的投资者都在用 港股level2行情 翻看机构底牌   战略股东溢价增持,对公司影响正面   海昌海洋公园第三大股东欧力士集团(8591 JP)拟向公司控股股东海昌集团以每股1.80港元溢价购入两亿股公司股份。欧力士集团为东京证交所上市公司东方乐园株式会社(4661 JP)股东之一,且该公司为东京迪士尼的运营商。我们估计,海昌将会受益于日后运营项目的扩张。   轻资产模式依然为一大亮点   除了沈阳的迷你儿童乐园项目以及南宁的移动水族馆项目,管理层预计未来将会有五至六个新的轻资产项目落地,且将在未来五年内实现年均20%的分部收入增长率以及30%的净利润贡献率。我们估计,现有两项轻资产项目每项将产生人民币500万元的一次性资本支出,2016年将合计贡献人民币2000至3000万元收入。   稳健的资产负债表,且无紧迫的财务风险   目前海昌净债务规模为10亿元人民币,其实际有效利息率约为7%,公司预计2016年将会下降10%。公司在上海及三亚的旗舰项目在2015及2016财年将会分别产生共计人民币9亿元及10亿元的资本支出。管理层相信,公司在2014年底持有的15亿元人民币现金余额加上15及16财年的营运现金流将足够应付以上资本支出。我们预计至少在2017年以前没有进一步融资的情况下,公司的杠杆将维持健康水平。   给予买入评级,维持目标价2.42港元不变   基于分部加总估值法,我们维持原先目标价2.42港元不变,对应主题公园运营部分9.5倍的2016年预测EV EBITDA,以及商业地产部分50%的净资产折让率。(双双) 进入【新浪财经股吧】讨论相关的主题文章: