拟收购马来高机龙头强化海外布局

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 2.23 [8][9]. Core Views - The company announced plans to acquire 80% of Malaysian aerial work platform leader TH Tong Heng Machinery Sdn. Bhd. for approximately RMB 299 million, which is expected to enhance its competitiveness in the Malaysian equipment rental market and deepen its overseas business layout [1][4]. - The acquisition price corresponds to 6 times the adjusted EBITDA, with the target company projected to achieve a revenue CAGR of 31% from 2021 to 2024 [2][5]. - The shareholder agreement includes a lock-up period of 11 years, preemptive rights, board representation, and options to acquire the remaining shares [3][4]. Summary by Sections Acquisition Details - The acquisition involves a total consideration of RM 176 million (approximately RMB 299 million), with the target company's total assets and net assets projected to be RM 160 million and RM 90 million respectively by the end of 2024 [2]. - The target company is ranked first in Malaysia and 71st globally in the ACCESS50 list for aerial work platforms, indicating its strong market position [4]. Financial Projections - The company forecasts net profits attributable to shareholders of RMB 949.86 million, RMB 1,027 million, and RMB 1,131 million for the years 2025 to 2027 respectively [5][18]. - Revenue is expected to grow from RMB 11,581 million in 2024 to RMB 14,355 million in 2027, reflecting a compound annual growth rate (CAGR) of 9.22% [7][18]. Valuation Metrics - The company is valued at a price-to-earnings (PE) ratio of 7x for 2025, with a target price of HKD 2.23 based on this valuation [5][9]. - The expected earnings per share (EPS) for 2025 is projected to be RMB 0.30, with a return on equity (ROE) of 8.06% [7][18].