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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

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.

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鹏博士基本面数据
  • 总股本 14.32亿股
  • 流通股 14.32亿股
  • 每股收益 0.24元
  • 每股未分配利润 2.12元
  • 每股净资产 4.90元
  • 净资产收益率 4.82%
  • 净利润 34164.61万
  • 净利润增长率 -43.62%
鹏博士投资评级
一月内整体评级
三月内整体评级
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000000
半年内000000
一年内100001
鹏博士盈利预测
指标 2017A 2018E 2019E 2020E
每股收益(元) 0.54 0.00 0.00 0.00
净利润(亿元) 7.69 0.00 0.00 0.00
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
中国联通 -1.11% 16 11 5 0 0 0
国脉科技 -1.44% 1 1 0 0 0 0
光环新网 -1.67% 24 16 8 0 0 0
鹏博士 -2.17% 0 0 0 0 0 0
二六三 -2.43% 0 0 0 0 0 0
机构一致看多个股
名称 研报 看多家数 最高
目标价
最低
目标价
现价
贵州茅台详细36861.00549.30671.00
中国国旅详细3386.8849.5658.90
北方华创详细2852.8937.6342.42
华鲁恒升详细2724.7212.1512.26
中炬高新详细2630.0022.0430.65
上汽集团详细2532.9723.2425.41
新宙邦详细2425.9421.5824.38
当升科技详细2330.4221.4327.60
广联达详细2230.1521.4023.28
三一重工详细2210.147.628.54
福能股份详细219.237.498.34
永辉超市详细217.997.018.18
瀚蓝环境详细2018.5412.0313.79
乐普医疗详细2037.7127.3020.35
宋城演艺详细2025.2419.3619.60

数据来源:东方财富Choice数据