Dual-Link development: The reorganization of the program over the expectations of the agency to see 120 yuan

Suspended for up to 8 months after the double sinks development (000895. SZ) Comeback!　　November 29 announced the reorganization plan, the company's share price set foot on the "trading trip."　　It is understood that in the development of the double sinks of this large-scale asset operation plan, including 33.94 billion yuan of meat processing assets were placed to achieve the overall meat processing business listing, listed companies also repurchase 9 external shareholder equity, and management buyout. "After the reorganization of the double sinks in the slaughter and meat industry will become a company with billions of market value scale." "Wanguo analyst child trainer thinks.　　As at December 3, the market value of the double sinks development was only 43.904 billion yuan. At the same time, Huatai Securities, investment securities, Guotai and other institutions are optimistic about the future of the company's share price trend, which is optimistic that the next 12 months, the company's share price will soar to about 120 yuan.　　On December 3, the development of the double sinks received $72.45. Asset injection Thickening Results November 29, the double sinks Development announced the reorganization plan, in accordance with the principle of "primary and secondary separation", the double sinks group and Rotex will inject the stock of the meat industry company owned by slaughter, meat processing and other related industrial companies into the listed companies, the listed companies will hold the double sinks logistics 85%　　Equity to the double sinks group.　　According to the plan, the double sinks development will be double sinks the 85% stock right and the double sinks group 22 Company's shareholding carries on the replacement, and to the double sinks group to assign the additional value which the double sinks group to place the asset values surpasses the double sinks to set up the asset part the price. At the same time, the company also to exchange shares to absorb the merger of Guangdong double sinks, Inner Mongolia double sinks and other 5 companies.　　The development of the double sinks will also be directed to the company to acquire its holdings of Shanghai double sinks 13.96% Equity and fresh packaging 30%.　　Preliminary estimates show that the estimated value of the proposed injection of assets is $34.59 billion, which is intended to be estimated at about $1.72 billion. To this end, the development of the dual-link to issue 632 million shares, the issue price is drawn up to 50.94 yuan/share, which issued 613 million shares to the double Exchange Group, issued 19 million shares to the company.　　The total equity of the company will increase to 1.238 billion shares after the issue. Warburg securities that, after the asset injection plan, thoroughly resolved the troubled double sinks long-standing competition and related transaction issues. According to the forecast, after reorganization the net profit which belonged to the parent company has greatly increased, the net profit of the former double sinks development this year from 1 to May is 391 million yuan, 2009 net profit is 911 million yuan, after reorganization the above preparation profit is 1.096 billion yuan and 2.079 billion yuan respectively, the growth 180.13%　　and 128.25%. Although asset injection can significantly increase the company's performance, but the market is slightly disappointed that the relevant supporting companies did not inject into the listed companies. It is understood that the relevant supporting companies mainly pig casings, incense accessories, protein and carrageenan production and sales-oriented. National Gold Securities estimated that 2010 this part of the associated purchase amount is expected to be 750 million yuan, linked to salesThe sale amount is 250 million yuan. "Theoretically, these supporting companies are closely related to meat processing, if they can be listed companies are the best, but relative to the entire company profit contribution ratio is limited, so this plan is not injected into the listed companies in general or afterward."　　"National Gold Securities analyst Chen Think. Management MBO helps the company in the long run in fact, compared with the assets injection scheme of up to more than 30 billion trillion yuan, it is likely that the management of the double sinks will become its actual controller.　　Before this, the two-way development of MBO is a tortuous road. As early as 2002, the management of the development of double sinks began its MBO road.　　At that time, the company leader Bandung led 12 double Exchange management and a total of 50 other natural persons, jointly funded the establishment of Henan Luohe Haitong Investment Co., Ltd. (hereinafter referred to as "Sea Exchange Investment").　　Through a series of capital operations abroad, the 263 executives, middle managers, and sales and technical core personnel of the company established by Trust, and its 100%-holding male domain company, eventually achieved 30.23% of the company's shares.　　From 2003 onwards, the local government, financial investors, Goldman Sachs Denghui, etc., have become a two-way development of mbo behind the important pushing hand. 2006, the double Exchange Group 100% equity transfer, making the double sinks MBO ushered in a major turnaround.　　At that time, with the withdrawal of local governments, financial investors Goldman Sachs, Ding Hui shortlisted, double Exchange Management in the actual control of the enterprise further increased. According to the November 29, 2010 company announcement, not only by the double sinks management control of the Hing Tai Group, directly holding the double sinks International 30.23% Equity, as the largest single shareholder. A newly established "Yun-chang" company, also holds a double Exchange International 6% Equity, dedicated to management equity incentive.　　Once the 6% stake is eventually won by Xingtai, Management will have a 36.23% per cent stake in the BIS International.　　More importantly, through a series of institutional arrangements, the dual-exchange management has a dual-exchange international shareholder will 53.2% of the voting rights, become the actual control of the double sinks, and eventually become the actual control of the development of double sinks. "Changes in the actual control of the company's management interests and the interests of the shareholders of the circulation shares, to promote the long-term development of the company."　　"Huatai Securities researcher Zhang Yin thinks. Agency reluctant reporter learned that, in the development of double sinks announced the reorganization of assets after the scheme, a number of securities agencies issued a study of the report optimistic.　　Among them, about the company's future stock price trend, a number of institutions are "in unison" to express optimistic. Chen predicts that the earnings per share for the 2010-2012-year development will reach 2.5 yuan, 3.3 and 4.2 yuan respectively, with a year-on-year increase of 66.4%, 30% and 25%.　　With a 2011-year 30 times-fold valuation, the target price is 100 yuan. Eric, an analyst with GF Securities, is looking at the company's prospects from the perspective of industry development in his research report. He thought that with the slaughter standardized, slaughter industry leading enterprises to maintain a faster growth, is expected to grow in the future space is very large, can maintain 30% growth.　　It is understood that after the reorganization of the company's cold meat production capacity significantly increased by 246%, low-temperature meat products to 34%, in line with the trend of industry development.　　Eric according to the asset injection plan, the company is expected to gain 2010-2012-year earnings per share of 2.40 yuan, 3.05 yuan, 3.82 yuan, in accordance with the 2011 30 times times PE, short-term target price of 91.5 yuan, a year target price of 115 yuan, to give the buy rating. In fact, the development of double sinks has always been a heavy warehouse for the fund. According to the quarterly development of the two, the top ten circulating stock shareholders, the fund occupies 7 seats. Among them, Societe Generale trend Investment fund, KA Real steady open-end fund, Societe Generale Global Vision Fund, Lion Stock Fund, Bo time theme industry fund, on Investment Morgan China Advantage Securities Investment fund, long Shengtong theme Growth Fund accounted for the double sinks Development circulation shares ratio is 2.14% to 1.23% respectively,　　Accounting for 11.6% of the shares in the tradable shares. "The double sinks development after the card is very good, but the turnover is not high, obviously the organization is reluctant." One market person concerned about the development of the two sinks said.　　From December 1 to 3rd, the exchange rate for the development of double sinks was only 0.01%, 0.01% and 0.02%, compared with other highly-traded restructuring concept stocks.　　The personage thinks, the reason that the Organization is reluctant, on the one hand because of the valuation advantage that after the asset reorganization brings to the company, on the other hand is near the end of the year, the production of the double sinks of ham is also belong to consumption concept, so the concern is higher. Related reading: Uncover double sinks reorganization details double sinks to bargain for the best interests of the Fund