Pathfinder: Strategic Transformation Intention

Since the second half of the year, although the growth enterprise market has been innovating repeatedly, it has been accompanied by the voice of "wolf coming". The recent slump in gem has opened the prelude to plate adjustment. The major shareholders of some listed companies have long been on the move, and they are high in cash. 300005.SZ is one of them.

In the evening of October 21st, the Pathfinder announced that Sheng Faqiang, the controlling shareholder and the actual controller, bought 10 million shares of tradable shares, which accounted for 2.36% of the total share capital of the company. Through this reduction, Sheng Fa strong cash 158 million yuan.

Sell time accurately

Although Sheng Fa's large scale reduced its Pathfinder shares, its absolute control over the company was not affected. After this reduction, Wang Jing, who was strong and consistent, held 182 million 610 thousand shares of the company's stock, accounting for 43.02% of the total share capital of the company.

Sheng Faqiang on the 21 day of the company's stock price innovation high while shipments, the timing of its cash accurate, quite "onlookers" value.

Public data showed that on the 21 day of the day, the company issued two shares to reduce the company's stock. The price of the transaction was 15.76 yuan, and the relative closing price was 8.9%. Since 2012, the highest discount rate of the 6 block transactions has been only 4.21%. Sheng Faqiang is so anxious to cash in his stock, I am afraid that in addition to the above gem risk, there are also reasons from within the company.

In October 30th, the Pathfinder is about to usher in the last lifting of the ban on the sale of restricted shares, accounting for 7.38% of the total share capital of the 31 million 325 thousand and 700 shares to be listed for circulation. Why did Sheng Faqiang sell a lot of chips before lifting the ban on the sale of restricted shares? Perhaps history has provided some lessons for us.

In January 4, 2013, the Pathfinder welcomed the lifting of 17 million 483 thousand and 200 shares of restricted stock, accounting for 4.96% of the total share capital of the company. In the month before the lifting of the cap, the company's share price rose 20.99%, and the company's share price fell by 11.23% a month after the lifting of the ban.

In earlier October 30, 2012, 17 million 460 thousand and 900 of the 4.95% restricted shares of the total share capital of the Pathfinder were also listed and circulated. In the month before the lifting of the ban, the Pathfinder shares first rose and then fell, with a total fall of 4.55%. In the month after the lifting of the ban, the company's share price fell 20.65%.

From the situation of pathfinder for nearly a year, it seems that after the circulation of the company's restricted shares, the share price will usher in a larger decline. The incentive to reduce the risk in advance can not be completely ruled out. But what are the combined effects of the reduction of large shareholders for investors who still hold the Pathfinder stocks?

In from October 22nd to 29th, the share price of the Explorer has fallen by 18.67% after a strong reduction of strong holdings, almost approaching the decline of one month after the sale of the ban in October 30th last year. In the current market environment, is there a greater crisis for the Pathfinder market?

Another interesting phenomenon is that although Sheng Fa Qiang is an industrialist, he is not less professional than the two tier market investor in terms of the company's stock trading. Last December 4th, the market hit bottom, and then ushered in a long rebound. It was on the day when the company's share price bottomed out, Sheng Fa strong increased 160 thousand shares of the company's stock through the Shenzhen stock exchange system, and the average transaction price was 13.38 yuan, which cost about 2 million 140 thousand and 800 yuan.

　 Outdoor products can still be a leader.

Is the future investment value affected by the reduction of large shareholders? According to the company's three quarterly report, the net profit attributable to shareholders of listed companies increased by 74.16% over the same period, and the growth of performance was not strong enough.

For the current investment value of the company, a person who does not want to be named Spin clothing Industry analysts told financial intelligence of the first financial daily: "the systemic risk of gem and the reduction effect of large shareholders will affect the market's view of the company's stock in the short run, but in the long run, the Pathfinder still has the value of concern."

From the news side, the company's recent release is nothing more than a subscription to 40 million shares of Asiatravel, which has 14.15% of the total share issued. But analysts do not value the real benefits that the deal can bring to the Pathfinder.

The above analysts think: "the website mainly does outdoor sports service, and the Pathfinder is doing outdoor products. So subscribe to Asiatravel's stock is more important to the company. Management Strategic transformation intention rather than short-term performance contribution.

From the perspective of the company's fundamentals, the main products of the Pathfinder mainly include three categories: private brand, joint venture brand and e-business brand. They are facing relatively professional outdoor sports market, high-end outdoor leisure products market and e-commerce outdoor mainstream consumer groups. In 2012, the company achieved operating income of 1 billion 106 million yuan, an increase of 46.68% over the same period last year.

From the industry perspective, in recent years is the rapid development of outdoor products. The China outdoor products market 2012 survey report released by the China Textile Business Association's outdoor products branch early showed that the sales of domestic outdoor products market reached 14 billion 520 million yuan in 2012, an increase of 34.94% over the same period last year. According to the 2012 annual report of the Pathfinder, the total revenue achieved by the company in China, including the total revenue earned by e-commerce channels, is 1 billion 100 million yuan, accounting for 7.6% of the domestic outdoor products market share.

The analysts said: "at present, we are still optimistic about the Pathfinder as domestic. Outdoor products The investment value of leading enterprises, and outdoor goods industry is still in a rapid development period. From the company's O20 strategy, we can see that the company's ability to respond in the new consumer market environment, but the short-term market risk is still worth vigilance.