COSCO Shipping : What is the latest announcement and the highlights of the National Day holiday
Announcement 1: "COSCO Shipping Holdings Co., Ltd. Announcement on Optimizing the Company's Organizational Structure"
Time: August 8, 2022
Content: Establishment of the Supply Chain Logistics Division and Capital Operation Department
Purpose: It will be positioned at the global digital supply chain operation and investment platform with container shipping as the core, providing customers with container shipping + ports + related items The supply chain solution for streaming services is the core company that undertakes the vision and goal of "building a world-class global integrated logistics supply chain service ecosystem"
General comment: Point out the subsequent business philosophy and the direction and route of capital operation;
Announcement 2: "COSCO Shipping Holdings Co., Ltd. Regarding the reminder announcement on the period of restricted exercise of stock options incentive plan》
Time: September 28, 2022
Content:
Clearly restricted exercise time:
1, October 1, 2022 to October 10, 2022, during which all incentive objects are restricted to exercise, and exercise will be resumed from October 11, 2022;
2, October 19, 2022 to 2022 On October 28, during this period, all incentive objects restricted their exercise, and the exercise will be resumed from October 31, 2022;
Reason: combined with the company's first three quarters of 2022 performance forecast and the 2022 third quarter report disclosure plan
Overall comment:
1. It was originally thought that the third quarter performance forecast will be released on the evening of September 30, but it was "COSCO Shipping Holdings Co., Ltd. The announcement on the acquisition of COSCO Shipping Supply Chain Equity and Related Transactions has replaced it. In theory, the earliest release date was on the evening of October 7, and because the first trading day of Big A in October was October 10, the latest is on the evening of October 9;
2. Due to the National Day holiday,
and the window period for restricting shareholders from increasing their holdings : (the third quarter report disclosure time is October 29)
(1) Within 10 days before the announcement of the periodic report (if the announcement date of the periodic report is postponed for special reasons, it shall be calculated from the 10 days before the date of the original appointment announcement);
(2) Within 10 days before the announcement of the performance forecast and performance report;
window period for restricted exercise:
(1) The first ten announcements of regular reports, performance forecasts or performance report announcements of listed companies:
(1) The first ten announcements of regular reports, performance forecasts or performance report announcements of listed companies Within one trading day;
(II) From the date of major events that may have a significant impact on the trading price of our company's stocks, or during the decision-making process, to two trading days after disclosure in accordance with the law;
Then, theoretically, the time for the entire October can be increased is only October 10 to October 19 (deducting two weekends), and 7 days left ;
Announcement III: "COSCO Shipping Holdings Co., Ltd. Announcement on the Acquisition of Equity and Related Transactions of COSCO Shipping Supply Chain"
Time: September 30, 2022
Content:
1. COSCO Shipping Logistics intends to transfer its COSCO Shipping Logistics Supply Chain Co., Ltd. (hereinafter referred to as "COSCO Shipping Supply Chain" or "Target Company") to COSCO Shipping Co., Ltd. (hereinafter referred to as "Target Equity") of approximately 13.46% equity (hereinafter referred to as "Target Equity") to COSCO Shipping Co., Ltd., with a transaction price of RMB 1,216,544,807.69 Yuan (hereinafter referred to as "this transaction");
2. COSCO Shipping Supply Chain plans to simultaneously introduce strategic investors through capital increase and share expansion and implement employee holdings . The capital increase price shall not be lower than the net asset appraisal value of COSCO Shipping Supply Chain registered with China Ocean Shipping ; after the capital increase and share expansion and employee shareholding is completed, COSCO Shipping Consolidation Holds 7% of the equity of COSCO Shipping Supply Chain.
Overall comment:
1. According to the current equity ratio and transaction price, the current valuation of COSCO Logistics supply chain is 9.03719 billion; compared with last year's profit , static PE7.7, compared with this year's half-year profit, dynamic PE10.45, close to the average of the logistics industry Valuation level;
2. After capital increase and share expansion, according to the dilution ratio of Haikong's equity held by Haikong, the valuation of COSCO Logistics supply chain reached 17.38 billion yuan;
3. raised funds gap = 173.8-90.3=8.35 billion yuan; is COSCO Ocean Control continue to increase its shareholding ratio after capital increase and share expansion, or is it spread to other potential new shareholders? Who will these shareholders with a question mark halo? Is it a large-scale e-commerce company? Logistics or sibling units extending downstream to terminals? Will it be the fifth independent listed company of COSCO Group in the future, after Haikong, Haitel, Haineng and Haifa?
4.2013 China Oceanwide has a risk of delisting. On the premise that the SASAC had no hope of increasing its holdings, it transferred China Ocean Shipping Logistics to COSCO Group, allowing China Ocean Shipping to deduct non-operating items -7.18 billion yuan that year and achieve a net profit of 235.5 million yuan to maintain the listed platform. (At that time, the evaluation value of COSCO Logistics was RMB 785,96768 million, and the amount of can be distributed profit was approximately 112,097.26 RMB 10,000, the transfer price is RMB 673,87042 million), and COSCO Shipping Supply Chain, a subsidiary of COSCO Logistics wholly owned holding , is estimated to have reached RMB 9 billion. With the changes of the times, the supply chain has greater growth potential than simple transportation;
What to watch during the National Day:
1.A shares closed from October 1 (Saturday) to October 7 (Friday), and October 8 (Saturday) and October 9 (Sunday) will be closed as usual from October 10 (Monday). Hong Kong stock will be closed on Tuesday, October 4th, and will open normally at other times.
Comment 1: There are no Hong Kong stocks next week except Tuesday. Hong Kong stocks will still open at other times, and European and American stock markets will open normally.
2.CCFI and SCFI have fallen for 16 weeks so far, and fell from the historical high of 5109 at the beginning of the year to 1922.95 points on September 30.
Comment 2: The current freight rate of is close to the cost price of large airlines, far lower than that of cross-border players. Small and medium-sized transportation companies are gradually withdrawing from the market, and large companies are suspending flights due to reduced shifts and suspending flights. Will the freight rate be supported after a long holiday? Will the Christmas delivery wave after the 11th be on schedule?
National Day time frame:
10.1 Adjust mentality
10.2 Adjust mentality
10.3 Look at Hong Kong stocks, watch US stock , look at Dan stocks, look at German stocks
10.4 Look at US stocks, look at Dan stocks, look at German stocks
10.5 Look at Hong Kong stocks, look at US stocks, look at Dan stocks, look at German stocks
10.6 Look at Hong Kong stocks, look at US stocks, look at Dan stocks, look at German stocks
10.7 Look at Hong Kong stocks, US stocks, Danish stocks, German stocks, and wait for the third quarter forecast
10.8 Adjust the mentality
10.9 Adjust the mentality
10.9 Adjust the mentality
10.10 Look at Big A, and pay attention to adjust the mentality
Author: There is a Godzilla on the sea
Link: https://xueqiu.com/7010894772/232042748
Source: Snowball
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