An analysis of the military sector in 2007 has a bright future
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Military plate three major points of view
Three major points of view of this year's military plate: civilian assets injection or separate listing, military device business injection, the overall listing
□ Reporter Suo Peimin
After experiencing a strong uptrend in 2006, the military plate is still optimistic about the investment community in 2007. Analysts pointed out that the civilian assets injection or listing, military device assets injection and overall listing, is this year's three major attractions of the military industry sector.
Watch Point 1: civilian asset injection or listing alone
Galaxy Securities analyst Ju Houlin pointed out that, with the military business is more sensitive to different military enterprises, civilian business to the capital market is the fastest. The National Defense Science and Industry Commission (NDSC) also issued on March 7, "on vigorously develop the civilian industry of national defense science and technology industry guidance", pointed out that the NDSC will promote the capital operation, encourage all kinds of social capital through acquisition, asset replacement, joint ventures and other ways to enter the military civil products enterprises, and promote the concentration of high-quality resources.
Ju Houlin said, military enterprises have strong research and development strength, many advanced technology can be applied to the civilian products business, so as to have an advantage in technology. However, he also pointed out that the listing of civilian products business is not the ultimate goal, how the military industrial enterprises in the listed companies to inject civilian products business or listed civilian products alone at the same time, the establishment of an effective system to enhance the profitability of the civilian products business, is the fundamental way.
Watch Point 2: military device business injection
Despite the WestJet International (market forum) of the directional issuance program has not yet been approved by the National Defense Science and Industry Commission, but Ju Houlin pointed out that in fact, some of the listed companies have assumed part of the military business. Relative to the sensitivity of the whole class of assets, non-systematic parts and components products because both military and civilian, therefore, into the listed companies more smoothly.
The National Defense Science and Industry Commission also pointed out in the above document, the future will be listed companies in the military industry as a platform to absorb social resources to achieve accelerated development. Encourage the "ability to liberalize the enterprise" as a whole listed; bear the key sub-systems and special dedicated supporting the retention of the ability to enterprises, in the case of state holding can be listed domestically; bear the overall and system integration of the retention of the ability to enterprises, which liberalization of the ability to be listed domestically after the divestiture.
Watch Point 3: overall listing
In fact, the military industrial group on the overall listing of the statement, since last year has become a hot topic of market discussion. In June last year, China aviation party secretary, general manager Lin Zuoming said, China aviation in principle must realize the overall listing, but in the specific implementation, can first let a number of its specialized enterprises listed.
A military enterprise analysis pointed out that, due to the military enterprise business is more special, and involves a wide range of business, all the assets will be packaged after the overall listing is unlikely to be the possibility of the overall listing of military enterprises in the future the concept of the possibility is, on the one hand, through the securitization of assets, that is, the market value of listed companies and the total assets of the ratio of the measurement, the military group asset securitization rate of 70% to 80%, in fact, can also be regarded as the overall listing of the company's assets.
The concept of overall listing of military-industrial enterprises may be measured by the asset securitization rate, i.e. the ratio of market value to total assets of listed enterprises.
Ju Houlin predicted that the securitization of assets is the trend of the development of the military industry, the next 3 to 5 years will be the golden period of the securitization of defense assets. And Tianshang investment Yu Guang is of the view that some of the leading listed companies under the current military industrial group, it is likely to become a platform for the integration of the group, by the group will be related to the injection of assets, so as to realize the specialization of the overall listing
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