Qianyuan Power (002039) Commentary on Major Issues： Launch of Non-Public Upgrade Platform Layout to Increase Dividend Hedging
Qianyuan Power (002039) Commentary on Major Issues: Launch of Non-Public Upgrade Platform Layout to Increase Dividend Hedging
The additional issuance will help Huadian Group to strengthen control and help the company become an important capital operation platform of the group. It is expected that subsequent capital operation progress will gradually be put on the agenda; the future rate of return range calculated according to the new return plan is 3.7%?4.7%, which has a certain attractiveness; the DCF estimation method is used to obtain a target price of 18.70 yuan / share, maintain “Buy” rating. The company launched a non-public offering plan.The scale 北京夜网 of funds raised in this issuance plan is up to 6.8 trillion, the planned issue size is not more than 0.4.3 billion shares, the proposed issue price is not less than 90% of the average stock transaction price 20 trading days before the pricing benchmark date. The additional issue is the major shareholder Huadian Group. The funds are used to repay bank loans and improve the company’s financial status. The company is expected to rise within Huadian Group.Prior to this offering, the major shareholder Huadian Group directly and indirectly held equity in the company25.98%, the proportion of shareholdings. After the completion of this additional issue, the maximum shareholding ratio of major shareholders will increase to 35.12%, increasing control over the company means that the company continues to rise within the group, and the 佛山桑拿网 company is expected to become an important capital operation platform for the follow-up Huadian Group. Subsequent capital operations are expected to be on the agenda.The company’s chairman has recently been replaced. The new chairman, Mr. Tao Yunpeng, has served as the director of the Capital Operations and Ownership Management Department of Huadian Group and has extensive experience in the capital field.After the completion of this additional issue, objective considerations such as the increase in the majority shareholder’s shareholding, the background of the new chairman, and financial statements are expected. It is expected that the subsequent capital operation of the company will be on the agenda. Increasing the dividend payout to hedge the dilutive pressure, implying a continuous side indicates attitude.The scale of the proposed cap is 14.1%, scale is relatively tight, there is a certain pressure to dilute performance.The company’s past dividend payout ratio, 2017?The dividend payout ratio for 2018 was 28.6% and 24.9%, the company launched the next three years (2019?2021) shareholder return plan, the annual cash distribution of profits is more than 40% of the distributable profits realized that year.4 after following a reasonable and reasonable level of dividend yield?The 5 million US dollars belongs to the net profit range of the mother and the current stepwise calculation, the future dividend rate range may increase to 3.7%?4.7%, hedging diluted.In addition, the implied price calculated based on the size of the issue funds to be issued and the share cap is 15.81 yuan, the previous day’s closing price premium of 12.1% also shows the attitude of Huadian Group. Risk factors: running water is dry; electricity price is lowered; market-oriented profit margin and scale are expanded. Investment advice: Considering the uncertainty of non-public offerings, we temporarily maintain 2019?2021EPS Forecast 1.14/1.31/1.46 yuan, currently matching the corresponding P / E is 12/11/10 times.Use WACC6.27% and 0.Assumed 0% sustainable growth, the DCF discount method gives the company a target price of 18.70 yuan / share, maintain “Buy” rating.