Hebei-China Energy: Asset injection barriers to gradually cleaning up

The group intends to use 33 million shares of listed companies to replace the letter Tatsu companies holding Peak peak group 14.89% Equity. Both sides of the deal. This stock exchange is good for both parties.　　A rough estimate of at least 1:1.04 per cent of the price is favorable for the company in terms of market capitalisation. After the stock exchange, the 33 million shares of the company have a share of 2.85%.　　Due to the letter of credit to the Treasury to survive the time has come, if the equity changes in accordance with the agreement must be immediately returned to the Ministry of Finance, so we judge the letter to reduce the possibility of smaller, more reasonable way is to hold and enjoy dividends. Peak Group production in the year about 22 million tons, as the listed company's target assets of 4 mine output of about 9 million tons. The remaining assets in the magnetic West (3 million tons of fat coal), Kowloon Mine (1.5 million tons of main coking coal) two high-quality mines can be injected in the future, the trust is expected to solve the problem, high-quality asset injection process will be accelerated. It is estimated that the company 2010-2012 earnings per share of 2.14 yuan, 2.57 yuan, 2.64 yuan, and next year, coking coal price expectations strong, the company benefited the most, give "overweight" rating, according to 2011 20 times times PE, the target price of 51 yuan.