New Hope: The world class agriculture and animal husbandry enterprises to surface

Restructuring has been brewing for a long time, the shot is fast quasi ruthless, put into more assets, management incentive and so on are more than expected. The company was brewing in 08, the end of July this year suddenly broke the shell out. This major asset reorganization, keep the Minsheng Bank equity investment, set out the dairy industry and real estate business, placed in Shandong six and new hope farming and animal husbandry and other groups of all the agricultural and pastoral assets, the proposed increase of less than 910 million shares, pricing 8 yuan/share, injected assets in 09 static PE only 11 times times.　　After the reorganization, we can solve the problem of competition between the group and listed companies, solve the equity incentive problem of senior management, realize the internal integration and enhance the profitability of listed companies. After the reorganization of the formation of two pig poultry industry chain, around the "Company + base + farmers", set feed livestock, slaughtering meat products as a whole. Placed in the assets of Shandong Six and group, is the country's largest feed enterprises, the largest supplier of chicken, the world's largest supplier of duck meat, the past 5 years, sales growth of 3 times times, is the feed industry, one of the fastest growing companies, agricultural and pastoral sales are 6 times times the listed companies; the new hope of the farming and animal husbandry scale is also similar to that of listed companies,　　The "beautiful" ham sausage is a well-known trademark in China, the dairy industry is not profitable, and the sale of real estate is not related to the main business. Six and the group sustained high-speed growth, feed industry profit inflection point, and the integration effect will jointly promote future profits high growth. We believe that six and the group in the next three years the composite growth rate can reach 20% of the profit growth, feed the overall operating environment from the second half of the recovery, feed business will be in accordance with livestock two industrial chain began to integrate.　　From this reorganization procedure's confidentiality, the standard, the high efficiency can see, the company management decision-making rapid, the implementation is in place, the financial management system is efficient, has the mode to reproduce the ability. World-class farming and animal husbandry giants have surfaced, giving a "strong recommendation a" rating. New Hope brand, capital advantage and six and the management advantages of organic combination, the company can be among the international agricultural and pastoral industry competition. After the reorganization of the agricultural and pastoral business sales will increase 5 times times, net profit will increase 1.6 times times, the next three years EPs for 0.81 Yuan, 0.99 yuan and 1.21 yuan.　　Please pay attention to our follow-up to the detailed analysis of the business in-depth report. Risk hint: the integration of company management and the influence of animal diseases on feed and slaughter.