Central Enterprises Mixed Reform Plan To Accelerate Landing How To Invest In State-Owned Enterprises Need Gold Reform

Over the past two years, the market's expectations for mixed changes have been reduced to freezing point. Until the end of last year, the central economic work conference stressed that mixed ownership reform is an important breakthrough in the reform of state-owned enterprises. In addition, last October, the list of "mixed 6+1" trial announced by the NDRC began to truly realize the importance of mixed policy in the policy level.

Xu Biao released research report shows that through sorting out, since March this year, the central enterprises mixed pformation plan landing speed obviously accelerated, from the policy support stage pition to the enterprise implementation stage, is expected to substantially improve market expectations.

Data statistics found that 171 listed companies in Shanghai and Shenzhen two cities were "not announcements", "important matters" and "planned major projects".

"Other reasons for suspension, including 21 local state-owned enterprises, and 16 central enterprises.

In the first ten days of May, the SASAC officially issued the plan of "state owned capital of the State Council to delegate capital to promote the pformation of functions", and proposed a series of plans to abolish the incentive plan of the central enterprises' sub enterprises' dividend rights, and to examine and approve the approval authority of the central enterprises' sub enterprises' equity incentive plan, and so on.

According to the research report, it is expected that the equity incentive plan will be more concentrated in the future because the decentralization of approval authority means that the enterprise has greater autonomy and can control the rhythm itself, and the whole plan and execution cycle will be greatly shortened.

Because

There is a certain correlation and mapping relationship with local state-owned enterprises. It is expected that the SASAC will also follow the right of examination and approval.

In addition, Xiao Yaqing, director of the SASAC, has publicly stated that central enterprises should strengthen measures including market value management to make listed companies excellent.

To strengthen the market value management of listed companies, to a large extent, is a key step in preventing the loss of state assets, which is the biggest problem of promoting mixed reform.

At present, the plan has been identified, entered the implementation stage, or completed the central enterprises to mix and reform. The main industries are petroleum, communications, military industry, aviation and so on. The means include introduction of war investment, asset injection, equity incentive, employee stock ownership and so on.

Research report pointed out that, before the SASAC has made it clear that the first half of 2017 to prepare for the central state-owned enterprises reform and development work conference, and currently only three weeks from the end of the first half, it is worth looking forward to.

Tuyere.

On specific investment, the theme of state-owned enterprises should find a large plate with great expectations.

The expected difference in the restructuring of the central enterprises is the biggest.

Under the current boom of the construction industry and the low valuation of state-owned construction enterprises, SOE reform has gradually entered the necessary stage and a rare golden window period.

First, in the short and medium term, the central enterprises of the construction industry will gain better profitability, but in the future, the structural advantages will gradually weaken, and the reform of state-owned enterprises will help to keep the profitability of the central enterprises in good condition.

Secondly, the PB value of some construction enterprises has increased to more than 1 times in the case of profit growth, and the PB value has been less than 1 times in the past. Therefore, the current valuation level provides a valuable window period for the reform.

From the perspective of investment, various social resources are gathering to the central enterprises.

As the main force of infrastructure projects promoted by PPP and the belt Road, the construction central enterprises have played a "channel role" in grafting other investment institutions and infrastructure facilities to a certain extent.

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