Tianshan Textile: A Row Of Egrets On The Sky

After suspension for 11 months, Tianshan textile (000813, stock bar) finally disclosed the restructuring plan in June 18th.

According to the plan, the company intends to issue about 81 million 980 thousand shares and 40 million 990 thousand shares to Katie mining and Qinghai Xue Chi respectively, and purchase 50% and 25% of the two companies held by Xi Tuo mining respectively.

The total value of the company's 100% stake is estimated at about 928 million yuan, and the net book value of the 75% equity is 159 million yuan, the paction consideration is about 696 million yuan, and the appreciation rate is 338%.

After the issue is completed, Katie, the largest shareholder of the company, will directly hold 42.42% of the company's investment.

According to the information of Xi Tuo mining, the company is mainly engaged in the exploitation of copper and zinc mines, and has the 100% stake in the mining area, the mining right and the Loess Slope company in the first section of the Hami loess slope mining area.

The injection into the listed company is a prospecting right and a mining right.

According to the current prospecting rights, the company has an exploration area of 73.41 square kilometers, and some areas of the prospecting rights area have handled mining rights.

According to the new mining warrants obtained by the company in January 25th this year, the production scale is 500 thousand tons / year, and the mining area is 2.021 square kilometers, which is valid until next January 25th.

At present, the west mining industry is in the stage of mine construction, and it is expected to complete construction in 2012.

According to the forecast, the output of the mine in 2013 is 500 thousand tons, the sales revenue is 234 million yuan, and the total profit is about 125 million yuan.

As the company is going to reach production in 2013, Katie mining promises to ensure that Tianshan textile does not lose money in 2010, and the corresponding net profit in 2011 and 2012 is no less than 10 million yuan and 20 million yuan respectively.

According to the profit compensation agreement, the 75% stake of Xi Tuo mining corresponds to the profit attributable to the listed companies from 2012 to 2014, which is 53 million 258 thousand yuan, 70 million 118 thousand yuan, and 70 million 118 thousand yuan respectively.

It is worth noting that the company's recently published report on equity changes shows that 6 months before the restructuring of the company in July 23, 2009, 9 related persons bought and sold shares of the company, of which 6 were concentrated in June 2009 to July.

In this regard, Tianshan textile said that executives involved in buying and selling stocks were not aware of the purchase information, and the relevant personnel said that the proceeds from trading stocks would be returned to the company.

So, how much is the price of Tianshan textile reorganization? How much is the reasonable price?

Jin Bai Ling's investment in Qin Hong believes that after the reorganization and implementation, the main business of Tianshan textile will increase the operation of non-ferrous metal mineral resources. In the context of competing resources for listed companies, Tianshan textile has obviously won the market.

But Tianshan textile is hard to estimate at the moment.

The first is that the injected mineral resources will not reach production until 2012; the two is the great divergence of copper zinc ore prospects, especially in the context of economic slowdown.

The stock's rise was mainly due to the low share price and the need to release more energy for 11 months.

Once the trading board is opened, it can be concluded that the mid term top of its stock price is coming. It is suggested that investors should not blindly catch up.