After more than three months of competition, the three pharmaceutical listed companies controlled by SIIC did not choose the industry-recognized production and distribution restructuring plans, but chose Shanghai Pharmaceutical as the platform for the overall listing. It is reported that the assets injected into Shanghai Pharmaceuticals amounted to 7.4 billion yuan, and the other two companies will be delisted, basically achieving the overall listing of the pharmaceutical industry of Shangshi Group and Shanghai Pharmaceutical Group.
The additional PE of the injected assets is not high
The assets to be injected by Shanghai Pharmaceutical Group and SIHL are: Xinyi Pharmaceutical Factory, *Biochemical, 3D Limited, part of the shares of Shanghai Squibb, Zhengda Youthbao, Huqing Yutang Pharmaceutical, etc., each of which is a good asset. According to the company's announcement, the price-to-earnings ratio of the proposed injection of pharmaceutical assets from 2008 to 2010 is 15 times, 13 times and 12 times respectively, corresponding to a 2008 P/B ratio of 1.8 times.
According to analysts from Shenyin Wanguo, compared with the current average P/E ratio of 30 times in the A-share pharmaceutical market, the 13-fold incremental price-earnings ratio is not high.
Stock price up space 10%~30%
After the reorganization of assets, the scale of new drugs has leapt to the second place in the industry. The assets cover the whole industrial chain of raw materials, chemical preparations, proprietary Chinese medicines, pharmaceutical circulation and pharmaceutical retailing, forming a scale advantage, and will enjoy the support of Shanghai policy and enhance competitiveness, but The future of new drugs is facing the great challenge of integrating internal assets.
After the resumption of trading yesterday, the three listed companies will go up and down. Driven by three stocks, the entire pharmaceutical sector was active yesterday, up 0.8%. Shenyin Wanguo predicted that Shanghai Pharmaceuticals' reasonable price-earnings ratio in 2009 was 30~35 times, and the corresponding target price was 12.9~15.05 yuan. It is expected that after the resumption of Shanghai Pharmaceuticals, the stock price will have 10%~30% upside. Shanghai Pharmaceutical and Sino-Western Pharmaceuticals can convert Shanghai Pharmaceuticals proportionally, and will also follow Shanghai Pharmaceuticals.
Jiancang New Medicine Fund has benefited a lot
The funds of the three companies in Jiancang will also receive considerable profits. It is reported that Xingye Trends (163402) has become a big winner fund for the pharmaceutical restructuring. According to the list of Shanghai Pharmaceutical Shareholders, Xingye Trends holds 10.41 million shares and ranks second largest shareholder. At the same time, Xingye Trend also holds 2 million shares of SIHL as the 4th largest shareholder.
The Huaxia Fund also began to sneak into the Shanghai Medical Department in the middle of this year. Huaxia Dior holds 2.6 million shares of China and Western Medicine as the second largest shareholder, and Huaxia Growth holds the fourth largest shareholder of 6 million shares of Shanghai Pharmaceutical.
Restructuring stocks can focus on stocks
In addition to new drugs, the restructuring of the entire pharmaceutical sector will continue to be staged.
According to the relevant analysts of China Merchants Securities, Tiantan Bio will have the overall listing expectation of “China Bio†assets reorganization in the future, and also have long-term investment value. Guangzhou Pharmaceutical and Baiyunshan A will be merged into the overall listing of Xinguang Pharmaceutical Group, Hyundai Pharmaceutical and Shanghai Medical Institute will also have overall listing expectations. These stocks will be worthy of attention in the fourth quarter.
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