Ternary with complex star strong force of milk powder 4 billion fixed increase the future is uncertain

A 4 billion gamble in the dairy industry kicked off. The Promoter is ternary shares (600429). SH), but also pulled up the small partner complex galaxy. 20 days after the suspension of business, March 1, ternary shares will be announced on March 3, the announcement of the "Non-public offering a A-share plan", will be from the first agricultural group, ping-yuan investment and Fosun jointly raised a capital of 4 billion dollars, used to build milk powder production lines and supplementary liquidity. 4 billion is equivalent to rebuilding ternary, as of the third quarter of 2013, the total assets of ternary shares but 3.59 billion. Ternary move sword refers to a higher profit rate of milk powder market, on the one hand, the growth of milk powder market increases, "separate two-child" policy implementation and has a policy dividend; On the one hand, the Beijing municipal government has spared no effort in supporting the ternary formula. Ternary natural hope, in the industry integration shuffle in the background, you can stand out. But turnaround is unknown. A large domestic dairy companies in the marketing department said to reporters, ternary strength in liquid milk, yogurt, but milk powder and liquid milk is not the same, milk powder is relatively high technical content, and is the common people on the brand awareness of a very strong category, rushed into the risk, "is to lose their strengths play weaknesses, very dangerous." "4 billion-force milk powder Market ternary shares of the plan and the increase is not like other companies, by the market in pursuit." March 4, the day the shares trading, the next day fell 2.87%, as of March 7, the interval rose 8.21%. The plan shows that the total amount of capital raised by this non-public offering is not more than 4 billion yuan, with 6.53 yuan/share about 612.5574 million shares, of which the first agricultural group of major shareholders will invest 2 billion yuan to subscribe 306.2787 million shares, Fosun's investment and Fosun investment amounted to $2 billion to subscribe to 306.2787 million shares. Among them, 1.5 billion yuan for the milk Powder processing Plant Project plan, the project construction includes an annual output of 50,000 tons milk powder production line, cheese, whey production line, pilot workshop, etc., surplus to replenish liquidity. Ternary shares of the main business of dairy production and processing and sales, the main products include liquid milk, milk powder and other products. At present, the sales of liquid milk products accounted for relatively high: 2010, 2011, 2012 and 2013 1-September, ternary shares of liquid milk sales revenue accounted for the main business income of 86.01%, 81.08%, 81.72% and 80.47% respectively, milk powder, Cheese and other solid milk products accounted for very low. "Liquid milk, yogurt is a lower profit margin of dairy products, do not earn money, three yuan in the acquisition of Sanlu, Prince of Milk and did not bring good results, the force of milk powder, but also hope in the high profit rate of milk powder market occupies a place." An insider told the Financial Weekly (Money-week public number) reporter. In recent years, because of dairy products, especially infant formula milk product quality problems frequently, the State Council ministries and departments have issued a number of infant formula milk powder industry regulation policy and industrial policy, domestic infant formula milk powder production Enterprises also ushered in the industry norms and integration. Ternary is also no coverAdorn the determination of big and strong milk powder. "After this increase, the company plans to work on the existing business and technology based on the development of infant formula milk powder business." The company will seize the opportunity of industry integration, through self-built, mergers and acquisitions and other ways to expand production scale, to achieve the company's leapfrog development. "Ternary shares said. At present, the triple share milk powder market share in the top 10, and the leader of the gap is larger. Three yuan this force powdered milk powder, on the one hand with the market big environment deep correlation, on the other hand also cannot leave the policy the strong support. In the market, 2007 to 2012, China's infant formula milk powder Market Scale has been expanding, sales from 33.6 billion yuan to 63.7 billion yuan, the annual composite growth rate of 13.65%. According to a public consultancy study, the total market size of infant formula milk powder will reach about $142.3 billion by 2017, and the annual compound growth rate is expected to reach 17.44%. 2013 Beijing Municipal party secretary Guo, Beijing Mayor Wang Anshun research ternary, Wang, by the way to consolidate the original product advantage, with infant milk powder development and production as the focus, through asset acquisition and resource integration, further expand production capacity. "The government's support for the three Yuan is obvious, and from the factory building, the Beijing municipal government has also given great support." Dairy expert Song Liang to the reporter to disclose. A turnaround? 4 billion, for ternary, is a strong heart needle. The acquisition of Sanlu Group in March 2009, did not form a scale advantage, but is a heavy burden on the back, began to continue to lose the state. The 2013-year forecast shows that net profit is expected to lose 185 million to 215 million yuan a year. The financial position of ternary shares is equally grim. At the end of the quarter of 2013 3, the assets and liabilities ratio of ternary shares was 48.53%, which was higher than the average of listed companies of A shares (41.1%), and the company faced certain financial risks. From the short-term solvency point of view, ternary shares at the end of September 2013, the flow ratio, the fast rate is lower than the same share of the listed company's average level, the company faces a certain pressure to repay the debt. After the increase, 2.5 billion of the liquidity Fund to supplement, the ratio of assets and liabilities will be significantly reduced, short-term and long-term debt service indicators are optimized, will greatly improve the financial position of the ternary shares. In the dairy industry expert Song Liang View, the ternary shares met the industry development good time, the company through the increase raise funds will build Asia most advanced milk powder production line. It is worth noting that the 250 million shares of the ping-leap investment and subscription 60 million-Star Chong Wang is a subsidiary of Fosun Group, a group of Fosun Management equity investment funds, are "complex galaxy." In accordance with the issue price of 6.53 yuan/share, this time, "complex galaxy," a total of 2 billion yuan stake in the ternary shares, "complex galaxy" shareholding ratio of 20.45%. After the change of the rights and interests, the actual control of ternary shares is still led by the agricultural group. "Complex galaxy choice ternary reason has three: to see the policy of a strong support for ternary; optimistic about the prospect of ternary, due to quality problems caused by the brand line is not stable, everything can be pushedRe-star to see the milk powder industry after the integration, ternary may become the next black horse. "Song Liang said. A large domestic market for dairy industry is not very optimistic about the practice of ternary. It told reporters that ternary move, is to lose their strengths play weaknesses, very dangerous. "Ternary's strength in liquid milk, yogurt, its market mainly in Beijing and around." Because it is a local brand in Beijing, it is trusted by local people. But milk powder and yogurt liquid milk is not the same, technical content threshold is relatively low. and the technical content of milk powder is relatively high, and it is common people to brand recognition of a very strong category, ternary rushed into, I feel very dangerous. "The domestic large dairy industry market ministry Personage said. In addition, to make milk powder, milk source is a problem. Song Liang said that the three-yuan shares in the current expansion of pasture construction, its fund-raising may be used to buy high-quality milk powder enterprises. "From the three-dimensional background, should be to build pastures, but the milk source is not a day of work, so the possibility of acquisition or cooperation is relatively large." "The above-mentioned domestic large-scale dairy industry's market department personage to the Financial management Weekly (micro-credit public number Money-week) reporter said.