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Dr. Peng to acquire 49% of Citic Network

www.eastmoney.com 2017年09月29日 00:00 James Wang,Peter Milliken

K图 600804_1

鹏博士(600804)

A positive step in the long run but negative in the short term

Dr. Peng announced today that it would look to acquire 49% of Citic Networks’ shares for RMB1.34bn. It came through after a failed attempt by Citic Telecom to acquire the asset due to concerns around foreign ownership. While the deal brings Dr. Peng closer to an integrated fixed broadband provider, restrictions remain around full private ownership of backhaul assets in China with no clear sight of when such rules could be relaxed. Without full operational control, the deal is likely to result in a near-term earnings drag for Dr. Peng and with its top-line growth remaining sluggish, we retain our SELL rating.

Limited impact on the major operators

Given Dr. Peng only has 14m fixed broadband subs, representing only 4% of the market, we see a limited competitive threat to the major operators even if Dr. Peng is able to improve its backhaul capabilities via the deal.

Citic Networks’ losses continue

Citic Networks is the only backbone operator in China outside of the major telcos with 32,000km of fiber backhaul connecting the capital cities of almost all provinces in China. It reported a RMB104m loss after tax in FY16 with the trend continuing in 1H17. It was also loss making in FY14 and FY15.

鹏博士重要数据一览
鹏博士基本面数据
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  • 总股本 14.32亿股
  • 流通股 14.32亿股
  • 每股收益 0.42元
  • 每股未分配利润 2.01元
  • 每股净资产 4.84元
  • 净资产收益率 9.07%
  • 净利润 60592.59万
  • 净利润增长率 -0.14%
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一月内整体评级
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统计时段 买入 增持 中性 减持 卖出 合计
一个月内000000
三个月内010001
半年内020024
一年内030025
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2016A 2017E 2018E 2019E
每股收益(元) 0.54 0.58 0.70 0.83
净利润(亿元) 7.66 8.34 10.08 11.85
名称 涨跌幅 研报数 机构投资评级(近六个月)
买入 增持 中性 减持 卖出
鹏博士 3.42% 9 5 3 0 0 1
中国联通 0.58% 18 9 9 0 0 0
二六三 0.13% 0 0 0 0 0 0
国脉科技 -0.53% 0 0 0 0 0 0
光环新网 - 16 9 7 0 0 0
机构一致看多个股
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贵州茅台详细50722.50263.79750.18
恒瑞医药详细4775.0829.9774.36
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中青旅详细4327.8619.6822.04
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上汽集团详细4137.9229.1632.83
清新环境详细4025.5017.4620.01
宇通客车详细4030.2620.8722.81
通威股份详细3912.615.8511.50
聚光科技详细3936.9627.9331.87
山西汾酒详细3879.5631.8265.42
精测电子详细38137.7170.84113.00
光线传媒详细3811.168.4110.32