129773438643906250_244Money week reporter Ding Qingyun/wenninggaoning master 9 years, inflated food Empire in the main flow of capital and fly off the handle the money hungry impulse. In 2004, the master Ning gaoning, that was the year the COFCO group 59.8 billion in total assets. Late 2011, COFCO Group's total assets stood at 260.5 billion. 8 years, COFCO Group's total assets rose by 3.36 times. However the COFCO group, this story of 260.5 billion, only about half, the other half you cannot see in the game. In 2012, the group in the capital March set off once again. On February 8, COFCO tunhe (600737.SH) after two of its draft, then throwing 4.835 billion increase programme. COFCO insiders pointed out that, this is the grain in property rights issue 3After 500 million abortions, COFCO group cash flow emergency move. Worthy of note is that the issuance of COFCO tunhe 2.6 billion spent in 3 blocks to buy from a group of assets, 2 for loss of assets. In this regard, more persons agricultural analyst expressed confusion: "loss of assets and the net assets acquired is good, why pay such a high premium? "Analysis of a famous person is deliberatelyFly to COFCO tunhe headquarters in Xinjiang, "executives and chatted for a few minutes only, when it comes to price, disagreeable ended in a hurry. "1 In Block 2 block: COFCO tunhe 4.8 billion of issuance of Abacus group in landscape, COFCO tunhe only 9.2 billion of total assets is not prominent, assets than just 3%. In Shenzhen, a longtime senior analysts track COFCO tunhe "from asset rulesDies
diablo 3 power leveling, market value, profitability, Department of COFCO COFCO tunhe is comparative edge, is mainly agricultural and sideline products such as ketchup and sugar. "Institutions in the eyes of COFCO tunhe group is no longer in 2007 when I first into the scenery. Money week reporters more than more than 10 agricultural analysts in the industry understand that COFCO tunhe was not to be concerned about, is the fact that "no results".Poor earnings, corporate strategy and management factors. COFCO tunhe 4.835 billion issuance programmes, price all the way down, moved from $ 10.47 to $ 7.98, then moved to 5.7 million. Issue number is increasing all the way, from 250 million to 613 million shares then rose to 858 million shares. At present, COFCO tunhe only 1.01 billion of total equity, netOnly 2.86 billion of assets, such as smooth on the issue, COFCO tunhe equity increased 85%, net assets increased by 169% or recycling a COFCO tunhe. "COFCO tunhe net worth 2.8 billion, but into the assets of 5 billion, equivalent to $ 1 into 2 pieces, 3 bucks, 3 1 money do Yuan business, this synthesis is not robust. COFCO tunheProducts under the influence of commodity prices is very large, this additional leverage, risk is too great.
"Analysts in Shenzhen before questioning. COFCO tunhe secret Dong Jiang Xuegong denied this saying, "does not sound is not an issue. Chongzuo, Guangxi new glucose production base, Tully South project is a continuation of the original, or added after the company had more than more than 20 factories. And as setImport assets, Inner Mongolia COFCO COFCO tunhe was in management, performance only counted towards the group. "In the latest package, COFCO tunhe 4.858 billion of additional major acquisitions in the food group's sugar import and export business assets (" the asset group import and export "), Tully sugar 100% equity 100% equity, Chongzuo, Guangxi, Inner Mongolia in the grain of sugar caneSugar project (phase I), Tangshan, caofeidian, Hebei refining sugar project (phase I), high-tech agriculture items, lycopene Oleoresin replenishment projects, River seed and replenish working capital of 9 items. Mounting losses of assets is "ask an exorbitant price," it is these look beautiful assets, pushed to the forefront of COFCO tunhe. Asset group import and export, and Tully sugarGrain is purchased from a group in Inner Mongolia, pricing, 1.397 billion and 115 million, respectively. Criticized by most agencies is that Tully sugar, Inner Mongolia and cereals are the property losses. The most typical is, put the Tully sugar, 2010 losing $ 18.71 million, 2011-August, losses increased to 93.3 million. TullyIn July 2011, the Group spent a $ 130 million (equivalent to 890 million yuan) from Australia who come to buy. Subsequently, Tully losses have intensified, COFCO has rapidly to $ 161 million (the equivalent of 1.09 billion RMB) to COFCO tunhe rejection. "In General, the loss items in group training for a period of time,Profit and then into listed companies, do not understand why rush COFCO tunhe mounted come in? "In Shenzhen before, analysts said. It is interesting, Woxen assessment company in the assessment report, book net asset value 43.79% Tully, asset valuation and income approach by the basis. Grain productivity 24.27% in the Inner Mongolia, group import and export business added value rate332.68%, grain and seed industry in value-added cent, these assets are valued using the cost method. Beijing new century appraisal company asset appraiser Wei Lin further pointed out that: "cost more static, valuation is more robust, and income approach is mainly on future earnings estimates of discounted cash flow, main asset returns and discount rates are expected in the future, both forElement with a certain amount of subjectivity. "In addition, these four assets appraisal report benchmarks for a day on August 31, 2011. In this regard, COFCO tunhe Secretary Jiang Xuegong Tung said, as several companies evaluating dates is inconsistent, State-owned assets supervision requires a unified valuation time probably pushed forward through the end of February for six months. But the benchmark assessment report in late August of last year, has not reflectedSugar prices fell rapidly. Western futures studies showed that in late August last year, the domestic sugar price of about $ 7,000/ton, has now dropped to about 6,500 Yuan/tons. "SEO prices begin to fall, but the assessed value of the asset has not been adjusted downwards, it is very unreasonable. The few asset valuations are assessments of high sugar prices, now the price of sugar has gone down, still using the original high valuations,Beneficial shareholders, however, diluted the interests of other shareholders. "One person close to COFCO tunhe Executive Body pointed out. "The assessment benchmark day selection is important, price fluctuations have an impact on valuations. Product price is directly related to the assets profitability expected. "The foregoing asset appraiser said. In this regard, Tully project appraisal Manager Xu Weijian declined to comment. "LossesAssets according to the net assets acquired has been good
tera gold, so ask an exorbitant price, unless you can pull the other shareholder, private equity is not dry. "A well-known analyst concluded," If the issue is successful, this is a small victory, but lose the confidence of the capital market. "" We can't wait. There are a lot of bodies, including the country's most powerful companies and contact us. ”Jiang Xuegong response. COFCO cards: 50% assets to be loaded, 7 children use all one ' s ingenuity to win favor with SB in fact, COFCO tunhe the issuance, tore the delicate relationship of grain in the various schools. Ning gaoning outs concept, Division of COFCO group of complex assets for trade logistics, real estate, agricultural and sideline products processing, travel, food and bio-chemical industry, finance, manufacturing, packaging, wine and 9 large businesses such as drinkPlate. Business group in the 9 blocks in 7 major operation on the listed platforms. COFCO has food in Chinese food, agri, mengniu, CPMC 4 Hong Kong-listed company and COFCO COFCO tunhe, COFCO real estate and biochemical 3 Mainland-listed firms. Group in the 9 major businesses overlap and internal friction
swtor credits, relationships between grain of 7 companies in non-Often subtle. In early 2007, Ren Meijiang Oriental securities analyst pointed out: "this messy classification there's too much overlap, further consolidation is inevitable. "So far, Division of COFCO COFCO real estate and home buyers locate have not been enforced, and Chinese food, agri, COFCO tunhe three involve food companies integrate logical is not clear. "Ning Gao Ning from 2009Starting about getting real estate assets into listed companies, but it is still not static and dynamic. Real estate situation is not good, with subsidiary interests between abacus, group strategy, the following may not be able to perform. "Subsidiary of COFCO Group executives complained of a listed company. The game is far from over. According to the weekly financial statistics, end of June 2011, 7 listed companies with total assets 126.9 billion yuan, compared with total assets of the group in the to 254.8 billion. In other words, COFCO Mount 7 listed companies with total assets of only 49.8%, 127.9 billion (50.2%) of the assets in the group. "The COFCO group in a share of 3 companies are not very impressive. Functioning of the group from which the recent capital, major assets of the GroupShould most of placements by 4 companies, Hong Kong faster than domestic financing approval and operation programs. "Southwest securities in a securities analyst said. And financial pressure are again approaching. In a sense, COFCO group "industrial chain" was a capital game, causing the debt to asset ratio has repeatedly break the red line. 2008 third quarter, Group FinanceDebt ratio, 58.67%, and 66.02%, respectively, than Ning gaoning 60% cordon of the previous level. COFCO real estate 3.5 billion rights issue one-year extension after the failure, COFCO has to find his way. This time, COFCO tunhe Bell is a chess pawn. (Editors: Qian Zhang)
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