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BBK 649 Million Won 78 Thousand And 200 Square Xiangtan Commercial Plaza, With A Unit Price Of Only 8305 Yuan / Square Meter.

2019/6/19 10:47:00 166

BBK commercial chain Limited by Share Ltd (hereinafter referred to as BBK) announced in the evening of June 18th that it intends to purchase all the shareholders' equity of Xiangtan BBK Plaza Business Management Co., Ltd. (hereinafter referred to as "Xiangtan Plaza commercial company") with self financing 649 million yuan to BBK investment group Limited by Share Ltd (hereinafter referred to as "BBK group"). The main physical assets of Xiangtan Plaza commercial company are investment real estate, fixed assets and housing buildings, with a total construction area of 78217.53 square meters. The purchase price is 649 million yuan, and the unit price is 8305.16 yuan / square meter.

As of December 31, 2018, the total assets of BBK group were 30 billion 134 million yuan, net assets (belonging to the owners of the parent company) were 2 billion 608 million yuan, and the main business income of 18 billion 13 million yuan was 2018 yuan in the 2018 year. Net profit (net profit attributable to the owners of the parent company) was -2625.70 yuan.

As of March 31, 2019, the total assets of BBK group were 31 billion 334 million yuan, net assets (attributable to the owners' equity) was 2 billion 590 million yuan, and the main business income in the first quarter of 2019 was 5 billion 41 million yuan, and net profit (net profit attributable to the owners of the parent company) was -1749.75 million yuan.

BBK group is the controlling shareholder of BBK. As of May 31, 2019, it held 302241133 shares of BBK, accounting for 34.99% of the total BBK shares.

Xiangtan Plaza commercial company was invested by the BBK investment group Limited by Share Ltd in November 16, 2018 for a total of 453 million 934 thousand and 300 yuan in real estate, including 5 million yuan in paid capital and 448 million 932 thousand yuan in capital reserves.

BBK said that the purchase of related party assets is conducive to the long-term development of the company, improving the standard operation level of the company, reducing the daily related spanactions, avoiding competition in the same industry, enhancing the independence of the company, improving the quality of the company assets, further expanding the company's business regulation, enhancing the company's efficiency, consolidating and expanding the market share and influence of the company, and ensuring the company's market scale and business performance, which is beneficial to the operation and development of the company.

Public information shows that it was established in Hunan in December 2003, formerly known as Xiangtan Kaiyuan commerce limited, and landed in 2008. Shenzhen Stock Exchange To provide retail services to consumers through supermarkets, department stores and other retail formats. Through deep ploughing supply chain, intensive open shop, supermarket + department store "dual core" multi format, cross regional development mode, has grown into the southwest region full format retail leading company.

In 2018, BBK realized 18 billion 460 million yuan in total revenue, up 6.61% from year to year, net profit of 156 million yuan, 3.45%, 117 million yuan, and 3.27% year-on-year. During the reporting period, the company opened 38 new supermarkets and 2 department stores, 28 of which were located in Hunan province. In January 2019, they purchased more than 22 stores of home run. Before and after the Spring Festival, stores have been restructured and reopened to further consolidate Hunan's market share.

In the extension expansion, Sichuan and Chongqing are still in the incubation period. In 2018, the income of the three subsidiaries increased by 33.8% to 830 million, and the loss was 170 million (17 years' loss 120 million), which included the impact of closing 10 stores. The subsidiary companies in Guangxi and Jiangxi realized 23.3% and 9.7% revenue growth respectively, and the loss reduction was obvious. Guangxi Nancheng department store had a certain decline in performance.

The market position of BBK Hunan stronghold is stable, and the revenue side of Guangxi, Jiangxi and Sichuan has maintained a steady growth momentum. The management run in and store adjustment will bring greater performance elasticity.

From a regional perspective, Hunan is still a pillar of revenue. Of the 40 newly opened stores, 28 are located in Hunan (26 supermarkets, 2 department stores), and the stores are encrypted to 218 (189 supermarkets and 29 department stores). Hunan accounted for 64% of the total number of stores contributed 71% of the company's revenue, gross margin 16.52%, better than the provincial 0.32pp. After buying home run 22 stores and assets in 2019, Hunan's market position was further consolidated. According to the official website to disclose information, before and after the Spring Festival has been completed home run many stores adjustment and spanformation and re opened.

In 2018, the comparable performance of Hunan province decreased slightly from 2.4% to 15 thousand and 400 / Ping, but still significantly better than the 91 million 740 thousand / Ping level of other provinces. The expansion of Guangxi, Sichuan and Chongqing stores is still in the process of exploration, which has greatly improved the operating efficiency of the Province.

GF Securities analyst Hong Tao believes that BBK is the leading retail leader in Hunan, expanding the scale by integrating endogenous expansion and extension merger, and "making Hunan a reality, quickly strengthening Guangxi, doing well in Jiangxi and Sichuan". However, it is also necessary to see that BBK's own retail business is steady. But considering the short-term economic pressure brought by the macroeconomic downturn since 2018, and the home run and many other tables, it is estimated that in the 2019-2021 years, BBK's business income will reach 21 billion yuan, 23 billion 100 million yuan and 25 billion 200 million yuan respectively, and the net profit of the company will be 170 million yuan, 210 million yuan and 280 million yuan respectively.