How beautiful is it after the institution buys the *st and returns the model?

A-share market is about to usher in a business for the rental model after the leasing company, it is announced the reorganization plan *st (000415, closing price of 9.51 yuan).　　Investors may be unfamiliar with the main business, but institutional capital, which has a keen sense of smell, has been buying the shares frequently.　　Institutions See "Future Huitong" suspension of nearly 4 months of *st Huitong reorganization plan recently released, the reorganization plan shows that *st Huitong will be through major asset replacement and Non-public offering to purchase assets.　　The transaction set out assets for *st all assets, liabilities and business, and so on, the assets placed in the Bohai Sea lease 100% Equity, after the completion of the reorganization, *st Huitong's main will be completely become more financing leasing business, the company's controlling shareholders from the boat base group changed to HNA industry. It is understood that the Bohai Sea leasing is approved by the Ministry of Commerce in the fifth batch of domestic financial leasing pilot enterprises.　　The existing business of Bohai Sea Leasing has adopted the model of After-sale return, which mainly includes rental income, residual value income and service income.　　*st on May 31 after the card, the stock price for several consecutive days, from the suspension before the 9.10 yuan soared to 10.54 yuan. More noteworthy is that in the days of trading, *st exchange trading seats are particularly conspicuous, May 31, the agency is located in the first purchase, a total of 19.12 million yuan to buy;　　A private-equity official pointed out that the agency in the *st after the first day of the Exchange to buy, is obviously bullish on the future of *st Huitong. Net profit or super 250 million this year from the current situation, *st Huitong's future lies in the After-sale rent-back model.　　An investment banker in the south told reporters that after-sales rent-back model is a common method of financing leasing, for example, as a tenant, you want to buy something, but after buying, cash flow is more tense, however, if the above items sold first to leasing companies, leasing companies to rent the goods to you, eventually you have the funds, and then buy it.　　According to the introduction, now the main market leasing business Model A total of three kinds: financing leasing business model, operating leasing business model and after-sale rental business model.　　The Bohai Sea leases the existing business to take the model of the After-sale return rent, at present altogether has the Tianjin bonded Area office Building leasing project, the Airbus A320 Aircraft Factory Leasing project, the Zhoushan same base shipping industry Limited Company regarding Wuhan four bridge financing leasing project and the Jixian Road leasing project.　　A long-term leasing of people told reporters, compared with foreign countries, financial leasing industry in China's development time is relatively short, as a result of long-term financing leasing projects, relatively stable profitability, thus financing leasing Company's profitability, business development generally will be more stable. From the Bohai Sea lease income model can confirm its view, for the Tianjin bonded Area office Building leasing project, this project is the Bohai Sea lease to the Tian Bao investment purchase Tianjin bonded Area office building, after the building according to the agreement lease to the Tianjin Port free trade Zone Management Committee and the Tin Bao Investment, the lease period is 20, after the agreement expires,　　Lessee has priority to lease.The project lease agreement is as follows: The project amount is 800 million yuan, the rental date is April 27, 2009, the lease period 20 years. The per-period rent Calculation formula is: the current period rent = Residual principal x lease contains the interest rate x in the days/360 days.　　The project's 20-year 80 period can be confirmed by the rent of 1.414 billion yuan, the recognized income of 1.026 billion yuan. The data shows that after the reorganization is completed, *st will also return from the edge of the city to revive.　　The preliminary forecast, the Bohai Sea lease 2010 will realize net profit 258 million yuan. Operation: now intervene or early. Although the financial leasing company's performance is relatively stable, but its own has a certain advantage.　　Prior to the A-share listed company Zoomlion set up a zoomlion finance leasing company, and the financing plan received 1.5 billion yuan for the global leasing system and remanufacturing center. Financial leasing is the international mainstream of construction machinery sales methods. Can enlarge the proportion of risk asset management, the maximum lever is 1:10.　　After the replenishment of the Zoomlion Finance leasing company Capital of 2.07 billion yuan, according to the financial leasing company's capital amplification ratio of 10 times times calculation, the company can handle the stock financing leasing business 20.7 billion yuan. Zhongyuan Real Estate researcher said there are many ways to get financing, but whether it is from the bank loans or from the two-tier market financing is not easy, so that the current financial leasing companies, and financial leasing companies through their own business structure can not only for the enterprises that need capital to bring money,　　The same purchases can also be obtained from the bank a certain proportion of loans, the future advantage of *st Huitong is also through this ratio of leverage to expand their financial leasing business. A brokerage analyst believes that, according to the *st of the targeted restructuring plan, after the completion of the reorganization, the total share capital will not exceed 1.3 billion, in accordance with the Bohai Sea lease 2010 258 million calculation, earnings per share will reach 0.198 yuan.　　For Yesterday (June 4), the 9.51 yuan stock price, the P/E ratio is as high as 48 times times. Analysts pointed out that, although the Bohai Sea lease sale of the rental model in the A-share market is relatively rare, and there is a leverage effect, but because of the current sale of the rental model can only bring a stable income, and high P/E, investors need to be cautious in intervention.