Hundred shares plate injection asset performance Contribution Limited

Hundred Shares (600631. SH), Friendship shares (600827. SH), Friendship B (900923.SH) has been suspended from the beginning of the Monday, marking the opening of the Shanghai Sasac's commercial assets integration curtain.　　As Shanghai's local commercial department of the industry leader, how the hundred shares will benefit to become the focus of market attention. "The operation of the group is relatively complex, so it does not take the form of absorbing and merging."　　"Capital Securities strategy analyst Yang Zhongning that the hundred shares in the future is likely to become a group of commercial department stores listed platform, and friendship shares will become a group of supermarket assets listed platform." It is understood that the hundred shares and friendship shares of the majority of shareholders are hundred Union group, the actual control per capita for the Shanghai Sasac.　　Among them, the hundred shares is the group and the Shanghai State-owned Development department stores and shopping center capital platform, with the friendship shares in the business has a certain overlap. And the friendship shares and the shares of the joint suspension in the market expectations.　　Wu Hongguang, an analyst with joint securities, has pointed out that the restructuring of the shares will start with the Friendship Stakes, not only in the two companies in the asset structure of the competition, the friendship shares of the complex equity relationship between the group's weak control of the situation has also increased the possibility of preferential integration. At present, the friendship shares are engaged in including chain supermarkets, chain building materials sales, department stores and shopping malls, including the 4 main business.　　Among them, the supermarket business accounted for the largest proportion of 2009 for the listed companies contributed 91.63% of the operating income, while the department store business revenue accounted for 2.93%.　　It is speculated that in the restructuring, the friendship shares will be its department stores assets-Hongqiao friendship, the South Shopping center, the western suburbs, such as the Hundred-linked shopping center into the hundred shares.　　So how much will the injection of these assets boost the company's performance for the shares? "Friendship shares subordinate to the relevant department stores assets injected to the hundred shares of the performance will be thickened."　　"Guotai analyst Liu Bing expected that the quality of the assets of the associated department stores, which had been injected into the shares, was in a profitable period, but because of the larger profitability of the shares and the larger scale of equity, the increase in performance was limited." The 2009 annual report showed that the friendship shares held 99% shares of the Hongqiao Friendship department store, 65.8% stake in the South shopping center and a 75% stake in the western Suburbs shopping center.　　The net profit of these three stores was divided into 25.64 million yuan, 84.69 million yuan, 11.85 million yuan last year, which is reflected in the friendship shares listed company net profit contribution of 88.92 million yuan.　　And the same period last year, the hundred shares realized main income of 10.274 billion yuan, net profit of 404 million Yuan.　　Suppose that 2010 of the net profit growth rate of these assets is 10% per cent, assuming that the asset injection is in cash acquisition, without increasing equity, and that the earnings of each share are only 0.08 yuan, according to the current share capital of the shares. It is understood that although the shares of the company's suspension for the 5th, but analysts expect the restructuring of the scheme is more difficult to implement, it is expected that the project plan will take a long time to balance the interests of the shareholders of the Hundred shares, the friendship shares, the Yuyuan group, the actual controller of Shanghai Sasac, and the other big real controlling shareholder of the friendship shares.　　It is worth mentioning that July 23, the suspension of the reorganization of the Hundred shares appeared in Shanghai Equity Exchange, listed on the transfer of its holdings of all 18.2367 million shares of Oriental securities, the total listing price of 123 million yuan. "The stake itself has more financial assets, cash from the sale of Oriental equities and more investment in its retail business," he said.　　"said Liu Li, a Shanghai Securities and retail industry researcher. In fact, it is an important signal for the company to accelerate the consolidation of its assets at a time when it has started to clean up its holdings of securities companies.