| 作者 |
 有关中国的SPAC 并购案例: China Holdings Acquisition Corp. |
 |
Diamondhorse
警告次数: 1
头衔: 海归中将
声望: 博导
性别: 
加入时间: 2005/11/01
文章: 4896
海归分: 442560
|
|
|
作者：Diamondhorse 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Bright World 好象是在新加坡的上市公司.
请同学们看, 新加坡的PE才只有3.8 (EBITDA), NET INCOME 来算更低,
现在, 用13 到 15 的倍数来买, 估计做不成的. 除非有一个大户来撑.
投资SPAC 的, 大多数是做对冲的. 现在这个年头, 银根都紧, 与两年以前不一样了. 热钱已经在向外流.
中国的股市这几天还是没太大的起色. 我看国内的股市水份太多. 最近查一些公司的PE, 还有不少是三十倍, 五十倍的. 这样的股市, 还是躲开一点的为好. 我不懂技术面的, 只会看点基本面的数据.
现在的SPAC, 特别是做中国公司并购的, SEC 给三年期限, 比前年做的只有两年的要宽松点. 这是考虑到商务部十号文件的影响. 怕来不及.
从结构上来看, 以前的SPAC, 只要有百分之二十的公共股票拥有者反对, 就没戏, 现在一般宽容到可以有百分之二十九反对, 还能做成. WARRANTS 数量也减少了, 以前一股配两个, 现在, 一股只配一个WARRANT, 减少光来炒作的.
Preliminary Analysis based on investor presentation Summary: China Holdings is acquiring Bright World at an estimated EV/EBITDA multiple of 13.89 to 15.09. The company currently trades at 3.80 EV/EBITDA multiple. The company is offering $0.75 in cash and $1.12 in shares (with earn-outs included) for Bright World shares that are trading at $0.27. The fair value of Bright World shares seem to be in the range of US $0.40 per research available on Bloomberg. We also see some issues for minority shareholders as no share transfer ratio is offered. The future acquisitions have to be in the form of share issuance as not much cash would be available per our estimates. We are not in favor of the deal. Background: China Holdings (CHAC, Ticker: HOL): Company consummated IPO in Nov. 2007 and raised proceeds of approx. $126 million by placing 12,800 units. Each unit consisted of 1 share and 1 warrant. Warrant exercise price is $7.50. Redemption threshold is 33.33% or redemption cash out is $41.8 million or 4.3 million shares. Current cash in trust is approx. $125 million. Our estimated cash at liquidation is $9.85. Currently shares are trading at $9.10 and warrants at $0.55. Bright World Precision Machinery (BWPM SP): Singapore listed company with US $108 market cap. Latest share price is US $0.27. The lifetime high is US $0.50 in July 07 and low is US $0.21 in Sept. 06. Currently stock trades at 3.80 EV/EBITDA and a P/E of 4.25. Transaction: The Company is 77.42% owned by World Sharehold Limited and 22.58% owned by public. CHAC will issue 19.9 million shares to World and will make a tender offer to purchase public shares at $0.70 to $0.75. In addition, 15.765 million shares will be issued on earn-out basis if management achieves an earnings growth rate of 44.5% (in US $ terms) (source: company presentation). The total transaction size is estimated between $200 million (without earn-outs and 77% of the company) to $404 million (with earn-outs and 100% of the company).
作者：Diamondhorse 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
|
|
|
| 返回顶端 |
|
 |
|
-
 有关中国的SPAC 并购案例: China Holdings Acquisition Corp. -- Diamondhorse - (2474 Byte) 2008-8-22 周五, 12:41 (1792 reads)
|
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
