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Build a class of aircraft carriersBrokerageofMOTHERThe curtain officially openedGuolian valuesMerger announcedGuojin Values. The analysis believes that under the guidance of the policy of building an aircraft carrier-level brokerage, the logic of increasing industry concentration remains unchanged. The next one to three years is likely to be a peak period for brokerage mergers, and expectations of industry consolidation may trigger the large-scale brokerage equity market.
“Aircraft Carrier Brokerage” The first broker merger after the New Deal
Since the China Securities Regulatory Commission introduced “aircraft carrier brokerage” in November last year, the brokerage industry has attracted a lot of attention. After almost a year, the securities industryMOTHERThe curtain on integration finally opened. September 20Guolian values(601456) 、Guojin Values(600109) Both “officials announced” the intention of “combination” – both parties are planning reasonsGuolian valuestoGuojin ValuesThe totalityshareholderIssuing A shares is the way to exchange shares and merge with Guojin Securities.
On the afternoon of September 20Guolian valueslaunchingadSaid,the companyThe “Share Transfer Intention Agreement” was signed with Changsha Yongjin on September 18) and it is proposed to transfer approximately 7.82% of the shares of Guojin Securities (600109) held by Changsha Yongjin. Simultaneously,Guolian valuesAnd China Securities plansGuolian valuesThe issuance of A shares to all shareholders of China International Finance Securities Co., Ltd. was to exchange shares and merge with China International Finance Securities. China International Finance Securities also revealed this news.
It is worth mentioning that before the announcement of both parties,marketThere seems to be wind. On September 18, the stock prices of the two publicly traded brokers were locked and suspended for the afternoon. The Guolian Securities daily report closed at 19.64 yuan / share, totalMarket valueIt reached 46.7 billion yuan; Guojin Securities closed at 15.29 yuan a share, with a total market value of 46.24 billion yuan. The market value of the two brokerage firms is roughly nearly 100 billion yuan. On September 19, a news item from Guolian Securities or Guojin Securities circulated in the market.
From an asset size perspective, Guolian Securities still has a gap with Guojin Securities. The data from the semi-annual report shows that the total assets of Guolian Securities are 36.932 million yuan, and the total assets of Guojin Securities are 65.358 million yuan, and the difference between the total assets of the two is 28.426 million yuan. Furthermore, Guolian Securities’ revenue in 2019 was only 1.619 billion yuan, while Guolian Securities had 4.35 billion yuan. From this point of view, Guolian Securities is obviously stronger than Guolian Securities, so this merger can be called a “snake swallow”. Elephant “mergers and acquisitions.
For Guolian Securities to merge Guojin Securities. Analysts believe that the main reason is that Guolian Securities outlets are mainly in Wuxi, and the Guolian Securities merger may further expand outlets across the country, including former chairman Wang Dongming and other “departments. from CITIC “.ExecutivesAfter joining, Guolian Securities Company’s morale was high.
Analysts predict that the two parties’ brokerage and investment banking business will improve somewhat after the merger. How to make the two institutions really become a new and dynamic institution in the future operation and development process is also a major challenge. Both parties should pay attention to the merger and integration process in the future. Each line of business may have to choose different integration strategies for their respective strengths.
The next one to three years or the peak period of brokerage mergers
On November 29, 2019, the China Securities Regulatory Commission responded to the CPPCC’s proposal: “Proposal to strengthen, optimize and expand, build a carrier-class main corridor and build a capital market with four pillars and eight pillars. to ensure financial security, “he clearly stated that he actively promotes the creation of an aircraft carrier class chief. Securities companies promote the sustainable and healthy development of the securities industry. Actively support all kindsState-owned capitalSubscribing preferred shares, ordinary shares,Convertible bonds, Subordinated debt and other means to inject capital into securities companies to promote a larger and stronger securities industry.
In fact, couponsdealMergers and acquisitions have been on the rise and, since 2020,CITIC values(600030) M&A Guangzhou Securities closed,Tianfeng Values(601162) The acquisition of part of the capital stock of Hengtai Securities began. Since then, rumors of brokerage mergers have spread frequently.CITIC valuesversusChina values(601066) 、First adventure(002797) and Beijing Capital Securities became the subject of a “combined” scandal, but the parties subsequently denied it.
Industry experts noted that despite the current state of the bond business, traditional businesses are highly homogeneous and competition from the Red Sea, high-value-added businesses have significant stratification, business licenses have been liberalized and Interbank mergers and acquisitions have little value effect. But mergers and acquisitions can also be achievedclientThe integration of resources and business outlets improves the efficiency of institutional business operations and at the same time strengthens the capital production scale advantage in investment transactions. Therefore, through mergers and acquisitions to improve the shortcomings and ancillary advantages is still a shortcut for securities companies to get bigger and stronger.
Soochow ValuesInvestigation reportHe said that under the existing competitive landscape, the main advantage is gradually expanding, concentration continues to increase, and there is still room for improvement in benchmarking overseas and other domestic financial subsectors. Opening up to the outside world has intensified competition, leading brokerages have to face the challenges of foreign brokers, and the best way is to compare overseas mergers and acquisitions. In policy terms, oversight helps leading companies grow and build carrier-level brokerage firms Small and medium-sized brokerage firms need to find a distinctive development path. Mergers and acquisitions can provide a great opportunity for brokers in central China.
Brokerage business veteran Wang Jianhui pointed out that after the introduction of the new financial control regulations, more mutual mergers between brokers are expected in the future. The next one to three years is likely to be a peak period for broker mergers. In terms of quantity, small and medium-sized brokerage firms The merger between the two can take the majority. When the next big real bull market appears, it may be accompanied by mergers between large brokerage firms, and the future integration of the brokerage industry will show signs of acceleration.
Stock market or take off
Last Friday (September 18), driven by the daily cap on individual stocks such as Guolian Securities and Guojin Securities, the brokerage industry soared across the board. The Guangdong Development Strategy issued an investigative judgment on the 20th, saying that brokerage stocks may take off and the market will be closer to the second half of 2014. Current stock index start pace and longMain forceThe sector usually coincides with 2014, and the economic situation is improving and expectations for reform overlap.Big financesThe sector is expected to continue to exert strength.
Regarding the issue, AVIC Securities indicated that in January of this year, the China Securities Regulatory Commission issued a new version of the “Regulation on the Calculation Standards of Risk Control Indices for Securities Companies”, which will formally implement on June 1, 2020, which stipulates that AA-rated securities firms for three consecutive years will enjoy venture capital accruals. 50% discount and relax investing in constituent stocks and stock indicesbackground, Financial bond policy, etc.productThe risk control calculation standard is good for brokers to increase leverage. According to the data published by the Interim Report, 9 of the 12 main leverage ratiosPerformanceAt the same time, it ranks in the top 12, as the space for large capital businesses opens up further, the advantages of leading brokerages in leveraging their performance will become more obvious. It is recommended to pay attention to the leading brokerages.
Zhang Jixiu, a researcher at Bohai Securities, said that the current valuation of the brokerage sector is 2.02 times, which is in history.Middle numberConsidering that the two central catalysts for current regulatory policies and liquidity are relatively clear, we remain optimistic about investment opportunities in the sector. Under the guidance of the regulatory policy to build corridors at the carrier level, the logic of increasing industry concentration remains unchanged.borrowHelping strong capital strength and risk control capabilities will further benefit you, continue to be optimistic about the investment value of major securities firms, and continue to recommendCITIC values(600030) andHuatai Values(601688)
Western China ValuesIt is noted that the current valuation of the industry is in a historically low position, liquidity relatively weak and the deepening of capital market reforms, the valuation center is expected to rise. Three main lines are recommended: 1) Large-scale comprehensive brokerage firms that have low valuations and benefit from various innovative policies for the industry to create carrier-level brokerage firms, includingHuatai Values(601688) 、Guotai Junan(601211); 2) The investment banking business is outstanding, which has benefited significantly from the New Deal in the primary market, Guojin Securities,Zheshang Values(601878) 、Soochow Values(601555); 3) The wealth management business is excellent and benefits significantly from active trading.Oriental wealth(300059) 、China Galaxy(601881). In addition, the benefits of expanding the investment banking businessIndustrial values(601377)。
(Source: Investment Express)
(Responsible editor: DF524)
I solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this booth.
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