August 26 this year, the institutional reform of Japan's Sanyo Corporation issued notice in response to the global economic crisis worsening business environment, household air-conditioning Sanyo, the company will stop production (China, Europe and America excluded), from Japan's exports of commercial air-conditioning production and R & D will be to move overseas.
The news across the water to a Hefei Sanyo (600,983, closing price of 15.28 yuan) has brought new expectations. A number of brokerage analysts said that as Japan's Sanyo to invest in China's most successful joint-venture company, Hefei Sanyo is expected to become Japan's Sanyo to integrate its large consumer electronics companies in China as a platform, which also means there will be more assets and business will be Hefei Sanyo absorbed. Affected by the expected stimulus, although the market in August-depth adjustment, but Hefei Sanyo's stock price volatility is not large, and in August 19 on the bottom in advance, then all the way up, in the September 22 (Week 2) also create out of all-time high 17.30 yuan (formerly the rehabilitation of the right price).
Analysts bullish consolidation is expected to
CITIC Securities analyst recently conducted a survey of the Hefei Sanyo, in the latest research report that, Hefei Sanyo Sanyo in mainland China as Japan's most successful joint ventures, is expected as a large number of household appliances in China Japan's Sanyo asset integration platform. If the consolidation is complete, Sanyo is expected to form a multi-appliance and common development trend, this factor will become a catalyst for the short-term stock price increases.
"At present, around the body in Hefei Sanyo a lot of rumors, we also heard some." Great Wall Securities researcher Qifeng Ho told the "Daily Economic News" reporter, "in cooperation with Japan's Sanyo to integrate Sanyo's business in China, as well as further cooperation with Matsushita September 9 announcement of 3 billion yuan in building mechanical and electrical Nangang Industrial Park, together with other merger integration channels for the company's news is positive for the Hefei Sanyo is concerned. "
The Galaxy Securities analyst Zhu Lijun told reporters, Hefei Sanyo integration platform as an asset if we can, then, in the secondary market is undoubtedly a very good subject. However, the integration of the key is to look at, "put into what things to" integrate the performance of assets came in status?
Zhu Lijun said that because the current company has not disclosed on the integration of information, integration, there still exist uncertainties. Hefei Sanyo washing machine main business accounted up to 93%, if the integration of incoming small home appliances, refrigerator compressors and production of frequency conversion motor, then the correlation with its main business is not very high.
The current stock price is more reasonable
ZHU Li-jun from the second half of 2008 have been relatively bullish on the Hefei Sanyo, because the company's business strategy is very positive, and the washing machine industry, promising at the same time benefiting from the wave of domestic washing machines and the upgrading of products and home appliances to the countryside and other government policies to stimulate consumption, Hefei Sanyo achieved a rapid growth in the first half, net profit reached 109 million, an increase of 79.07 percent, "and the fourth quarter is also expected to usher in consumption peak."
He Qifeng view, Hefei Sanyo itself with multiple opportunities for development - to enhance the efficiency of sales and channel network to expand the momentum of rapid growth in revenue in 2009 is still sustainable, washing machine business, microwave, frequency electrical and water treatment businesses old and new launched in 2009 and further.
"Hefei Sanyo full-year earnings per share should reach 0.6 yuan, the current PE of 25 times is quite reasonable," said Ho Chi-Feng, Hefei Sanyo shares rose despite the current can not be ruled out a variety of news, the factors, but overall not seem to have support from the fundamentals.
