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Announced on the company is the actual controller of the company Haier Group Haier Group, the company held by transferee Haier Electronics Group Co., Ltd. (Hong Kong Stock Exchange listed companies, securities trading code "1169", hereinafter referred to as "Haier") 31.93 % stake in matters of negotiations and reached initial consensus for, but not yet signed any letter of intent or agreement. 2. Our analysis and determine Qingdao Haier (600690.SH) is we have been favored white Home Appliances Leading enterprises, particularly as the company launched in May this year, equity incentive policies, and the company has started integrating the assets, the company became investors, we strongly recommend to the major investments. At present, Qingdao Haier (600690.SH) already have Refrigerator And Air conditioning Assets, with the holding of the Haier Electronics, the company will have Washing machine And Water heater Assets, which has assets of Haier's all white goods, Haier Group is the most profitable industrial assets. The announcement did not specify the future acquisition of 31.93% stake in Haier Electronics the approach. We judge the future may be carried out in two ways: (1). Cash acquisition or asset swap. As of November 30, Haier Electronics closed at 4.31 Hong Kong dollars, the local stock market value of 8.735 billion Hong Kong dollars, if 31.93 percent stake in to buy, you will need 2.789 billion Hong Kong dollars. From the financial point of view, Qingdao Haier (600690.SH) is not short of money, the end of the third quarter, the company reached 6.514 billion yuan book currency funds; However, from the control point of view, the acquisition with cash held by the Haier Group Haier Electric stock is not an optimal choice. The feasibility of asset swap with more uncertainty, we will be interested. (2). Directional additional acquisition of assets. If you use this program, Qingdao Haier (600690.SH) Haier Group will be directed share issue, then buy Haier Group holds 31.93% stake in Haier Electronics. Through this program, you can still hold the Haier Group in Qingdao Haier (600690.SH) were part of Haier's rights; the same time, Qingdao Haier (600690.SH) do not have to come up with more funds. So we think the company more likely to adopt such programs. Haier 2007 - 2009 medium-term Sell Revenues were 8.549 billion Hong Kong dollars, 11.409 billion Hong Kong dollars and 5.309 billion Hong Kong dollars, after-tax net income of 2.26 billion Hong Kong dollars, respectively, 1.75 billion and 1.71 billion, net profit margin maintained at 1.53% - between 3.22%. If we do not consider the additional factors of the enlarged share capital, Haier will be brought to the company in 2010, 0.13 yuan gains. Qingdao Haier (600690.SH) currently holds a 19.38% stake in Haier Electronics, such as the completion of this transaction, the company will hold a 51.31% stake in Haier Electronics. Haier Group Corporation and has been to Hong Kong Securities and Futures Commission, the company is whether the shareholders of the Haier-round tender offer to issue advisory opinions, and have obtained from the Hong Kong Securities and Futures Commission approved the company's shareholders to Haier tender offer in principle to issue a comprehensive reply. These issues still need to Qingdao Haier (600690.SH) board of directors, shareholders, related government departments and the approval of the Haier Group. We believe that Qingdao Haier (600690.SH) is entering a period of rapid growth of profits, with the white goods company assets into the listed company after another, companies with strong supply chain management system and under the zero inventory model on Demand for fast improve operational efficiency and profitability, investors will continue to return. We expect the company Haier integration effect will appear in 2010, 2009,2010 and 2011, we adjusted earnings per share were 0.87 yuan, 1.12 yuan and 1.27 yuan, corresponding to the PE valuation of 27X, 20.97X and 18.50X continue to maintain the company "recommended" rating. I am an expert from china-dental-supply.com, while we provides the quality product, such as Root Canal Files , China Endodontic Materials, Dental Handpiece Parts,and more.
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