Yangtze River Power: White Malan raised a big jump

The power of the Yangtze River, which was suspended for a year, was finally greeted with a takeover announcement last weekend. Yesterday, the shares of a small lower straight after a sharp pull high, less than 10 minutes once touched the trading board, followed by a fall, but still maintain about 5% of the interval shocks, closed up 4.11%, reported 14.94 Yuan. The whole day deal 7.947 billion yuan, change hands 10.83%, all create a new record. As the stock market in Shanghai, the 13th place in the weight of the stock, the shares of good performance also to a certain extent boosted sentiment, the power sector most stocks rose. The company's assets reorganization plan is to acquire the remaining 18 units of the Three Gorges hydropower station and ancillary production of 6 companies, the total target assets value of 107.5 billion yuan. The company will undertake 50 billion yuan debt to the Three Gorges Corporation, Non-public offering to raise 20 billion yuan, and pay 37.5 billion yuan in cash. At present, as a result of the rapid expansion of the acquisition of installed capacity, "debt-less" financing arrangements to make the income diluted limited and other factors, the industry analysts are basically the company's acquisition plan positive evaluation. Such as Guotai analyst Wang Wei in the report that after the completion of the acquisition of assets, the company will be the holding of hydropower installed in the former 8.32 Million-kilowatt jumped to 20.92 Million-kilowatt, the scale of 152%, become the world's largest hydropower company, also without suspense to consolidate a a-share power plate leading position. In addition, in the acquisition plan for the underground power station and Jinsha River under construction, proposed to build a power plant also mentioned, which gave the company a space for growth, but he also admitted that, as the company's installed base has been very large, the size of the installation of hydropower installed 2003-2009-year high-speed growth is difficult The company's future growth in addition to the major shareholders to carry out the relevant acquisitions, but also focus on the company's good investment ability to bring external acquisitions.　　CICC's report also said that the Yangtze power acquisition to meet growth expectations, the acquisition completed after the company entered a stable operating period, but its continued growth is expected to be limited. The Yangtze River power as a relatively transparent market fundamentals of blue-chip, industry analysts to give the company's earnings forecasts and valuation interval is not very different, most of them are judged after the reasonable valuation after the 14-16 yuan near. However, as the company's suspension of the Shanghai Composite Index fell 26%, although the acquisition plan is good, there are large shareholder commitment and 12.89 yuan/share of the targeted additional price as the bottom line, but the market is worried that the shares will be the replacement of the fall of a few people. "I judged that long-term electricity will not plummet, but it may be cloudy or small, and now it is doing better than expected," said Zhoulin, a private-equity official who has long followed and bullish on the shares after the close yesterday. "He still believes that in the short term the possibility of a continuous rally is better than the school does, yesterday, the volume of trading and high turnover also revealed the market differences." However, zhoulin that if the future of the long-term electricity market by the impact of the fall, investors can look for opportunities to intervene, "Transparent, stable long-term company should enjoy a premium, and listed since the company's regular annual dividend, 2008 dividend rate of about 15%, although now some subject shares rose Huan, such a white Horse company can be assured to earnMoney。 ”