Johnson Holdings: 6,000 taxi injections will significantly thicken performance

With the steady advance of China's capital reorganization, the market pattern of taxi industry in Shanghai will be broken. June 17, Johnson Holdings (600662). SH) issued a notice that the company received the actual control of the Shanghai Long Company notice letter, said that is studying major issues.　　As of July 23, the company has been suspended. The suspension is widely expected to be linked to asset injection. Jiang Jie, an analyst with the Yangtze Securities and transportation industry, said in an interview with the first financial daily newspaper, "Johnson Holdings, the company's only listing platform for the taxi industry in Shanghai, expects the company to inject nearly 6,000 of its taxi business into Johnson Holdings and expand the size of its taxis, In this way, Johnson Holdings will become the leading taxi industry in Shanghai with 12,000 taxis. "At present, Johnson Holdings in the Shanghai taxi industry in the second position, the company has a taxi volume of 6,000 vehicles, and mass transit (600611.　　SH) has nearly 9,000 taxis and sits in the position of the boss of the Shanghai taxi industry. It is reported that the company will be injected into the 6,000 taxis, 5,000 from the Johnson-controlled brother company bus shares (600741. SH). Bus shares restructured last year, stripped of the company's main business income accounted for relatively small, but strong profitability of the taxi business, by the company's actual control of Shanghai long Company acquisition.　　The other 1000 vehicles is owned by the company's major shareholder, Johnson Group. Jiang Jie introduced that, because the taxi industry to implement the contract system, the company's revenue is mainly a taxi contract costs, but not with the passenger volume.　　As the cost of cycling is smaller, the growth of taxi companies ' operating performance depends largely on the increase in the number of taxis. If the market is expected to cash in, the company's taxi business profits are expected to double. According to the information provided by the company, the profit of bicycles is 10,000 ~1.5 million.　　On the basis of the annual profit of $12,500 per bike, 12,000 taxis will contribute $150 million a year, exceeding the total profit of $130 million in 2009.　　2009 Annual report shows that the reporting period, the company's taxi business accounted for 47% of the main revenue, because the gross margin is significantly higher than other business, the business profit accounted for about 64% of the main business profits.　　By contrast, the company's car sales, car repair, car rental business margin relatively low, growth prospects are not Jiang Jie optimistic. According to Jiang Jie Statistics, the company's electric adjustment business with the rapid growth of technology, one-day deployment of more than 20,000 trips, up to 30,000 trips, ranked first in Shanghai's top five dispatching center, accounting for 41% of the market share. The second-largest population accounted for only 25%.　　At present, Johnson company is on its electric Adjustment Center for Technical transformation, completed after the peak day to achieve the volume can reach 32,000 trips. The company's electric adjustment business 2009 years to achieve income of 18 million yuan, electricity adjustment center cost 20 million yuan, net loss of more than 2 million yuan. Considering the company after the expo may be like mass transit to take everyTrain 4 yuan charge system, assuming that the company can be allocated to half of the income, the daily electric adjustment is still 20,000 times, the company's electric adjustment business income up to 12.6 million yuan, business gross margin will increase to 38.65%. However, June's creation consulting registered analyst Li Yue recently told reporters: "Concern about the injection of corporate assets at the same time, the purchase price of the licence is a factor investors must consider." The market expects the licence price to be 260,000 ~32 million yuan. If the price of a licence is lower, and the decisive factor for profitability-the number of cars is unchanged-the earnings per share will be higher. If the price of a licence is high, the injected assets will have a larger market value and the net assets yield would become smaller. "If the licence unit price is 260,000 ~32 million, still according to the net profit of the cycling year 12,500 yuan, the net assets return rate of injected asset is 3.9%~4.8%." The company's 2009 deduction of Non-recurrent profit and loss after the return on equity 4.88%.