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Yunnan Yuntianhua:Phosphate asset injection from parent n-t dilutive, but l-t strategic

发布时间:2012-06-06    研究机构:高盛高华证券

Valuation

The deal is subject to regulatory and shareholder approvals. We maintainour estimates and Sell rating. Our 12m PT of Rmb11.40 (unchanged), isbased on sector relative 1.3X 2012E P/B vs. 12E-13E average ROE valuationmethodology. Our PT implies 17X pro forma 2011 P/E and 1.3X P/B vs. 9%ROE, as compared to recent Chinese phosphate M&A deals (1.3X-6.3X P/B).

Key risks

Faster-than-expected recovery in fiberglass demand and prices

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