【行业研究报告】阜博集团-配售计划以优化资产负债表配置,有利于股权结构优化

类型: 港股公司研究

机构: 国泰君安(香港)

发表时间: 2023-02-02 00:00:00

更新时间: 2023-02-03 12:10:29

Whathappened:VobileGroup("Vobile",orthe"Company")announcedon31January2023thatithadenteredintoa
placingagreementwithasoleplacingagent,fortheplacementofapproximately114mnsharestonofewerthansix
independentinvestors.TheplacementpriceisHK$4.12persharerepresentsadiscountofapproximately11.0%tothe
closingpriceofHK$4.63pershareasquotedontheStockExchangeofHongKongon30January2023.Theplacing
sharesareequivalenttoapproximately5.39%ofthetotalexistingissuedsharecapitaloftheCompanyasatthedateof
thisannouncementandapproximately5.11%ofthetotalissuedsharecapitaloftheCompanyasenlargedbythe
thisannouncementandapproximately5.11%ofthetotalissuedsharecapitaloftheCompanyasenlargedbythe
allotmentandissueoftheplacement.Ontheassumptionthattheshareplacementisissuedpursuanttotheplacement,
theaggregategrossproceedsfromtheplacementisexpectedtobeapproximatelyHK$470mnandtheaggregatenet
proceedsfromtheplacementisexpectedtobeapproximatelyHK$464mn.TheCompanyintendstousethenet
proceedsforrepaymentofinterest-bearingborrowingsinordertofurtherpositionthebalancesheetforstrategicgrowth
andfinancialflexibility.
Commentsandviews:TheCompanycompletedtheplannedacquisitionofParticleCultureTechnologyGroup
(Hangzhou)Co.,Ltd.("ParticleTechnology")inthesecondquarterof2022,representinganexcellentopportunityforthe
Companytoembracemarketopportunitiestofurtherconsolidateitspositionastheleaderinonlinevideocontent
protectionandmonetization.Intheacquisition,VobilepaidRMB854mncashtoacquire61.18%ofthesharesofParticle
Technologyanditssubsidiaries.Meanwhile,inApril2022,VobileannouncedthecompletionofoverUS$127mnin
HSBCfinancingforitsacquisitionofParticleTechnologies.Fromtheperspectiveofoperations,theacquisitionof
ParticleTechnologywillgreatlyaccelerateFubo'sprogressintotheChinesemarket,andtheparentcompany'scontent
protectionandsubsidiary'svideodistributionandedgecomputingbusinessescanproducestrongsynergies.Inour
view,thecurrentresultsconfirmthattheacquisitionplanwastherightchoicefortheCompanyinordertoseizethe
opportunitytoobtainfinancing.TheCompany'scashflowisshowinghealthystatus,butinordertofurtherpositionthe
balancesheetforstrategicgrowthandinviewofthepossibilityoffutureUSdollarinterestrateincreases,webelievethat
atthisstagetocarryoutaplacementofshareplantorepaytheinterest-bearingborrowingswillbenefitthecompany's
long-termgrowth.Atthesametime,webelievethatthisplacementplancanintroducenewhigh-qualitylong-term
investorstotheCompanyandoptimizetheCompany'sshareholderstructure.
Investmentsuggestion:WeexpectVobile'scontentmonetizationbusinessonoverseassocialplatformsandcontent
protectionbusinessinChinatoexceedthemarket'sexpectations.Understreamingmediaandsocialnetworkingtrends,
Vobile’sbusinesshasexpandedrapidlyglobally.Itisgenerallybelievedthattheglobalcontentprotectionindustryis
matureandmarketsharegrowthischallenging,whiledomesticdemandforcontentprotectionishighlyfragmentedand
difficulttoaggregate,resultinginlimitedbusinessgrowth.Webelievethatgrowthoftheoverseasbusinesswillcome
fromthediversificationofVobile'stechnologyapplication,andthedomesticfragmentedmarketcanbeeffectively
gatheredbyjointlybuildingaprotectionplatformwithlocalplatforms,whichhasbeguntoshowsignificantresults.The
currentdevelopmentpaceoftheCompanyisconsistentwiththestrategicdeploymentproposedinthepast,andweare
confidentinthelong-termgrowthoftheCompany.BasedonVobile'shugepotentialforgrowthandleadingprofitabilityin
theSaaSindustry,weassigna2023PSof6.0xforitsvaluation.Weadoptrelativevaluationtogiveatargetpriceof
HK$5.79andmaintain"Buy"investmentrating.