Ma Shiheng loses MTR for two years
The G20 Xit meeting reached an intention that China is preparing to resume the purchase of US LNG and soybeans, and businesses related to natural gas will benefit, including United Petrochemical and Sinopec Guande (934). Sinopec is not listed, and it is wholly-owned by Sinopec (386). The gains are extremely small for the giant Sinopec, but Guande is only a micro-company, and the benefits will be more obvious.
1) Guande’s main business is to provide crude oil terminal services and natural gas pipeline transportation services in China. It is the smallest member of Sinopec’s camp. The market value of the company is only 8.5 billion yuan, only 1% of Sinopec, 60.3% is held by Sinopec. Only worth 3.4 billion yuan.
2) In the first half of this year, Guande’s turnover was 840 million yuan, down 11% year-on-year; net profit was 756 million yuan, up 7.3%. Bloomberg’s comprehensive brokerage forecast predicts to earn 12% more for the year, with a current price of 7.1 times for PE and a forecast of 6.1 times. Next year, benefiting from China’s purchase of US natural gas, earnings growth accelerated, PE fell to 5.3 times, only a quarter of the average of 20.9 times in the past 8 years.
Guande expects PB 0.69 times this year, which is half the average of 1.48 times in 8 years, and the lowest in Sinopec.
3) Since the beginning of this year, the Red Index has only fallen by 5%, and Guande has fallen by 32% and has fallen excessively. Sinopec still rose 10% during the same period.
After the G20 Xi special meeting, Guande turned stronger and trading increased. The current price is 3.44 yuan, up 7% against the G20. The brokerage set an average target of 5.38 yuan, the most cattle is 5.73 yuan of the big motorcycle, the most bear is the 3.85 yuan of Yamato. On the dividend yield, Guande 3.9% is far less than the 10.1% of Petrochemical (338).
Adding the same scene: Ma Shiheng is the chairman of the MTR (066). The salary is not high, 1.7 million yuan per year. In May of this year, Xufu Building (1978) was listed. Feima, as a cornerstone investor, subscribed for a value of 8 million yuan per share at a price of 1.1 yuan per share, and was the platform of the Xufu Building, but the celebrity effect was completed in three weeks. The Xufu Building has a maximum of 2.12 yuan, the current price is 0.61 yuan, and the diving is 45%. If the stock of the fat horse is not sold, the book eclips 3.6 million yuan, which is his manpower in the MTR for more than two years. BTW, Xufu Building only earned 3.02 million yuan in the past six months, down 57% year-on-year. If the second half of the year is doubled in the first half of the year, PE is 48 times higher.