Three two restructuring suspension denied brewing high valuation puzzle to be solved

In February 17th, three optical announced that is planning major issues because of apply for the stock suspension, will be within five working days of the announcement and the resumption of progress on major issues. The media interpret this as an optoelectronic is brewing in the two reorganization. But yesterday, Sanan optoelectronics holding company of Fujian Sanan optoelectronics Group Limited (hereinafter referred to as the "three group") the company denied this.

Denied brewing two restructuring

Yesterday, reporters call the three optical and try to understand the reasons for the suspension, but the company has refused to disclose, only let reporters attention to the announcement.

Then the reporter interviewed a Fujian Sanan Group Limited company executives, he denied the two reorganization and the remaining group assets into the listed company's statement, "said no two restructuring, there is no such announcement, the announcement said only planning major issues." The company's assets in an optoelectronic planning matters what kind of content?

He said: the matter is listed companies are planning some asset solutions, there is no reorganization of the matter. But there's no official announcement, I can't say. Because it will involve fluctuations in stock prices. Listed companies have been reported to us (Group), we know that the board may be opened tomorrow, the day after tomorrow will be able to announce."

Reporters repeatedly asked, he said: there is no relationship with the group, is the normal operation of the listed company's internal. Just do the reorganization will be re - restructuring."

Sanan optoelectronics, originally called *ST Tianyi, last year Fujian Sanan Group Limited company to restructure its. In June 26, 2008, only for Xiamen to complete an optoelectronic three Electronics Co., 114945392 shares in a private placement to buy the LED operating assets of the major asset reorganization procedures. The media quoted informed sources as saying that after the completion of the restructuring, Sanan group have its other similar assets into an optoelectronic three plan.

Soaring valuations after Zhaimao.

In January 23rd, three optical exchange uncap on, into a leader in the lead uncap stock soared on the market in two. The day before yesterday, its share price rose to 18.11 yuan in late trading limit, hit a new high since the stock market. From the stock K-line trend can be seen, from 18.11 yuan to 5.89 yuan in November 2008 to the day before yesterday, the share price doubled three times three optical. Someone with a "pretty woman" to describe the "ST" after the trend.

However, the two class market behind the fame, investors questioned, an optoelectronic three future development prospects in the end how? Its performance is able to support the stock price continued to rise?

According to the company's 2008 annual report shows that last year, operating income 213 million yuan, profit of 61 million 975 thousand and 300 yuan, net profit attributable to shareholders of listed companies was 52 million 50 thousand yuan, net profit after non recurring net profit of 48 million 422 thousand and 800 yuan, basic earnings per share of 0.28 yuan, net assets per share of 1.95 yuan. "Since the end of June 2008, three optical really completed the reorganization of assets, so the annual report data does not reflect the true profitability." An electronics industry analyst said.

It is worth noting that, three optical profits did not water, but there is still a big shrink". In an optoelectronic three mentioned in the annual report, last year, the company through the acquisition of assets of large shareholders, the company's main business into LED epitaxial wafer and chip research and development, production and sales, but due to the delivery of assets formalities completed on June 26, 2008, the company 2008 annual report shows revenue and net profit only reflects the new the assets from 7 to December the profits. In the last year after the completion of the reorganization, Sanan optoelectronics made a promise to its future performance: if the company in 2009 net profit is up to 122 million yuan, three group will be cash supply. The industry believes that the reason to make a commitment to performance Sanan optoelectronics, in the 2008 Beijing Olympic Games opened the new LED application development. But this year there is no similar major events, corporate profits will not be affected?

The executives acknowledge that last year the company profit is indeed with the Olympic Games has a relationship, but it can not be said that last year's performance is the impact of the Olympic Games, "because our listed company is the production of LED chips and wafers, do not end products, is currently the largest US chip wafer in China also accounted for nearly 6 of the domestic production capacity. Share in the existing domestic several chip production factory and we are not comparable, in Asia has two or three companies in Taiwan and Japan (PAR). This wave of financial crisis is relatively large impact on them, because they cost more releases, wage labor costs and land costs are relatively high, if the price is lower than the cost, they do more and more loss ah, so this call is relatively better for us, our cost is relatively low, now many orders are transferred come from abroad,"

In 2007, the predecessor of Sanan optoelectronics dy ST days or a loss of $70 million 390 thousand in stock suspension. Although, because of backdoor restructuring because of the two annual report is not comparable, but just uncap stock prices rose rapidly, just reflect the people's "ST hat" and "high-tech green energy" in the pursuit of the concept. Through the observation of an optoelectronic information disclosure, it is not difficult to find, the company's main LED project with energy saving and environmental protection of the subject matter, but this concept and the concept of new energy, is in the market speculation.

Fujian Sanan Group executives did not answer reporters questions about the valuation, just say "as a shareholder investors since the choice to buy our stock, should be seen