HONG KONG RESEARCH Analyst: Kelvin Li 8 th November China Rongsheng Heavy Industries Group Holdings Limited [Stock Code: 01101]
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1 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile: HONG KONG RESEARCH Analyst: Kelvin Li 8 th November 2010 Research China Rongsheng Heavy Industries Group Holdings Limited [Stock Code: 01101] Joint Sponsors : Morgan Stanley CCB International JPMorgan Joint Global Coordinators, Joint Bookrunners & Joint Lead Managers : Morgan Stanley CCB International JPMorgan Deutsche Bank BOC International Sector : Capital goods Business : Shipbuilding Total share offer: 1,750,000,000 shares (25% of the enlarged share capital) (including 350,000,000 Sale shares and 1,400,000,000 New shares) Public Offer: 87,500,000 shares (5%) Placing: 1,662,500,000 shares (95%) Greenshoe: 262,500,000 shares Price: HK$7.30 HK$10.10 per share Market Cap: HK$51.1 billion HK$70.7 billion Pro-forma fully diluted FY2010E P/E: 27.6x-38.0x Company guidance of FY2010E net profit: not less than RMB1,610.5 million Adjusted NTA per share: HK$2.05 HK$2.59 Staffing: 20,716 (as of 30 th September 2010) HK Public Offer period: 8 th November th November 2010 noon Receiving bank: Bank of Communications (HK branch) China Construction Bank (Asia) Standard Chartered Bank (Hong Kong) Share registrar: Computershare Hong Kong Investor Services Limited Business of Rongsheng Heavy Industries Rongsheng is mainly engaged in shipbuilding and is also developing its marine engine building and offshore engineering businesses. As at the end of August 2010, the Group was ranked the second largest shipbuilders in the PRC and the top privately-owned shipbuilder on the Mainland. The Group s product portfolio currently includes bulk carriers, crude oil tankers, containerships, offshore engineering products, low-speed marine diesel engines and small- to mid-sized excavators and cranes. The Group s key product offering includes 75,500 DWT ice-strengthened Panamax, 76,000 DWT Panamax and 176,000 DWT Capesize bulk carriers, 400,000 DWT VLOCs (very large ore carriers), 156,000 DWT and 157,000 DWT Suezmax crude oil tankers, 320,000 DWT VLCCs (very large crude oil carriers) and 6,500 containerships. The Group commenced the construction of its shipyard in Nantong ( ), Jiangsu province in Oct 2005 and signed the first shipbuilding order contract of six Panamax bulk carriers in Q The Group delivered the first vessel in Mar 2008, and since then it has delivered a total of 27 vessels. The Group currently has three drydocks in its shipyard, while the fourth one is under construction. Listing date: 19 th November 2010 This report has been prepared solely for information purposes and we are not soliciting any action based upon it. Neither this document nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information, which we consider reliable, but accuracy or completeness is not guaranteed. Opinions expressed herein are subject to change without notice. At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein, while its group companies may from time to time have interests in securities of the company or companies mentioned herein.
2 Shareholders after Listing (Assuming the over-allotment option is not exercised) Fine Profit (BVI) 100% owned by Chairman & non-executive Director, Mr Zhang Zhi Rong, who is also the Chairman of Glorious Property (HKEx: 00845). 52.1% Wealth Consult (BVI) 100% owned by Chairman, Mr Zhang Zhi Rong 1.6% Great Felicity (BVI) 100% owned by a relative of Mr Zhang 4.0% Jian Zhi (BVI) 100% owned by a relative of Mr Zhang 3.6% Puchang (BVI) 100% owned by a relative of Mr Zhang 3.2% Boom Will (BVI) 100% owned by Chief Executive Director, Mr Chen Qiang 2.8% Earn Vast (BV) 100% owned by a relative of Mr Zhang 1.6% Jingfu (BVI) 100% owned by a relative of Mr Zhang 1.6% Long Express (BVI) 100% owned by a relative of Mr Zhang 1.3% Spring Pioneer (BVI) 100% owned by a relative of Mr Zhang 0.8% China Accord (HK) 100% owned by a friend of Mr Zhang 0.8% Trophy Ray (BVI) 100% owned by a relative of Mr Zhang 0.3% Public shareholders 26.4% 100.0% Use of Proceeds Net proceeds from the offer are estimated to be HK$11,595.3 million (based on an offer price of HK$8.70 and assuming the over-allotment option is not exercised) % of proceeds For the continuing construction of the Group s fourth drydock, the outfitting quays, the 12.5% material wharves and workshops, utilities stations, a mobile goliath gantry crane and other facilities in order to facilitate the development of the offshore engineering segment. For capital expenditure to increase productivity in the shipbuilding segment. 12.5% For the continuing construction of the low-speed marine engine plant. 20% For the construction of a new excavator manufacturing plant in the western part of Hefei. 10% For potential investments and acquisitions in related business. 10% For debt repayment. 25% For general working capital. 10% Financial Highlights Year ended 31 st Dec 8 months ended st Aug st Aug 2010 RMB million RMB million RMB million RMB million RMB million Revenue , , , ,170.4 Gross profit (31.9) (90.6) 1, ,835.4 Operating profit/(loss) (441.9) (491.0) 1, ,440.3 Profit/(loss) attributable to shareholders (439.6) (527.2) 1, ,118.8 Gross profit/(loss) margin (4.8%) (1.9%) 19.5% 20.0% 22.5% Operating profit/(loss) margin (66.8%) (10.4%) 14.4% 14.1% 17.6% Net profit/(loss) margin (66.4%) (11.2%) 13.7% 13.6% 13.7% 31/12/ /12/ /12/ /8// /8//2010 Net debt to Shareholders Equity Net cash Net cash 134.3% N/A 378.8% China Rongsheng Heavy Industries 2
3 Breakdown of vessel delivery in terms of vessels types FY2007 FY2008 FY2009 9M2010 DWT 000 vessels Bulk Carriers and VLOCs Crude Oil Tankers and VLCCs , , Containerships Total , , Breakdown of new vessel orders in terms of vessels types FY2007 FY2008 FY2009 9M2010 DWT 000 vessels Bulk Carriers and VLOCs - - 4, , , Crude Oil Tankers and VLCCs , Containerships Total - - 5, , , Breakdown of new vessel contract value in terms of vessels types FY2007 FY2008 FY2009 9M2010 US$ million US$ million US$ million US$ million Bulk Carriers and VLOCs - 1, Crude Oil Tankers and VLCCs ,124.0 Containerships Total - 1, ,724.0 Breakdown of backlog vessel orders in terms of vessels types As of 31 st Dec As of 30 th Sep DWT 000 vessels Bulk Carriers and VLOCs 2, , , , Crude Oil Tankers and VLCCs 4, , , , Containerships Total 7, , , , Breakdown of backlog vessel contract value in terms of vessels types As of 31 st Dec As of 30 th Sep US$ million US$ million US$ million US$ million Bulk Carriers and VLOCs 1, , , ,688.4 Crude Oil Tankers and VLCCs 2, , , ,892.2 Containerships Total 3, , , ,992.4 China Rongsheng Heavy Industries 3
4 Peer valuation comparison Rongsheng (01101) Guangzhou Shipyard (00317) Hyundai Heavy Industries (SE: ) Zhenhua (SH: ) FY2009 FY2010E FY2009 FY2010E FY2009** FY2010E FY2009 FY2010E P/E ratio 33.8x-46.8x 27.6x-38.0x 15.2x 12.6x 11.03x 8.81x 28.47x 13.22x Market capitalisation Sources: Reuters HK$51.1 bn HK$70.7 bn HK$2.9 billion KRM29,488 billion (US$26.5 billion) RMB20.3 billion (US$3.0 billion) Strengths/Opportunities Thanks to robust new contract growth over the last couple of years, the Group s backlog order book expanded to 84 vessels with a total tonnage of million DWT as at the end of Sep 2010, compared with that of 62 vessels with a total tonnage of million DWT by the end of The strong backlog orders are expected to support the Group s business momentum in the next few years. The Group is one of the leading shipbuilders of Suezmas crude oil tankers in the world. As of Aug 2010, the Group s order book for Suezmax crude oil tankers accounted for 13.8% of the total orders globally in terms of DWT, making it ranked the first in the PRC and the second in the world. The Group s fourth drydock, which is currently under construction, has the largest dimension (139.5m x 580m) amongst all, which would boost production capacity and provide the Group with greater flexibility and capability to build vessels with a bigger size. The Group expects its total production capacity to reach 6 million DWT when construction of the fourth drydock is complete, compared with an output of 1.9 million during Jan-Sep The Group plans to expand its offshore engineering segment by adding more product offering related to oil and gas transportation and exploration like jack-ups, SEMIs (semi-submersible drilling rig), drillships, FPSOs/FSOs (floating production storage & offloading vessels / floating storage and offloading vessels), offshore engineering vessels (e.g. DPVs deepwater pipe laying crane vessels) and LNG carriers. The Group has sealed cornerstone placing agreements with a number of institutional investors. Each investor will be subject to a six-month lock-up restriction. Subscription details are as follows:- Name of Investors China Investment Corp (CIC) CNOOC Group (parent of CNOOC Ltd (00883) China Life (parent of China Life Insurance (02628) China Southern International Select Allocation Fund Altantis Fund Management Mr Cheung Chung Liu (chairman of CC Land (01224), Y.T. Realty (00075) and The Cross-Harbour (Hldgs) (00032)) Chow Tai Fok (owned by Dato Dr Cheng Yu-Tung) Subscription amount US$30 million US$40 million US$50 million US$35 million US$30 million US$50 million US$50 million China Rongsheng Heavy Industries 4
5 Weaknesses/Threats The Group has a limited operating history. It has only established business since 2005 and had its first vessel delivered in Mar The Group experienced rapid growth over the last couple of years, but there is no guarantee it could manage its business expansion well. Customers may postpone the delivery date in case of industry downturn. The Group experienced strong growth in new shipbuilding orders over the past years. However, the order book was somehow inflated by delayed orders, as the contract value of delayed orders reappeared on the order book every year before any commencement of construction or cancellation. If the Group fails to meet with its delivery schedule, it has to offer discount to its customers, which will lead to a cut in the original contract value and so a hit on profit margin. The Group s shipbuilding contracts are denominated in US dollars and its costs in RMB. A strengthening RMB against the greenback would depress the Group s profit margins. Recommendation: Neutral China Rongsheng Heavy Industries 5
6 Important Disclosure / Analyst Certification / Disclaimer This document is published by East Asia Securities Company Limited, a wholly-owned subsidiary of The Bank of East Asia, Limited (BEA). The research analyst primarily responsible for the content of this report, in part or in whole certifies that the views on the companies and their securities mentioned in this report accurately reflect his/her personal views. The analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report. This report has been prepared solely for information purposes and has no intention whatsoever to solicit any action based upon it. Neither this report nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information, which East Asia Securities Company Limited considers reliable, but accuracy or completeness is not guaranteed. Information and opinions expressed herein reflect a judgment as of the date of this document and are subject to change without notice. Any recommendation contained in this report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This report is not to be taken in substitution for the exercise of judgment by respective readers of this report, who should obtain separate legal or financial advice. East Asia Securities Company Limited and / or The BEA Group accepts no liability whatsoever for any direct or consequential loss arising from any use of this report or further communication given in relation to this report. At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein the report, while BEA along with its affiliates and/or persons associated with any of them may from time to time have interests in the securities mentioned in this report. BEA and its associates, its directors, and/or employees may have positions in, and may effect transactions in securities mentioned herein and may also perform or seek to perform broking, investment banking and other banking services for these companies. BEA and/or any of its affiliates may beneficially own a total of 1% or more of any class of common equity securities of the subject company or companies mentioned in this report and may, within the past 12 months, have received compensation and/or within the next 3 months seek to obtain compensation for investment banking services from the subject company or companies mentioned in the report. This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or located in, any locality, state, country or other jurisdiction, publication, availability or use would be contrary to law and regulation. China Rongsheng Heavy Industries 6
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