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并购市场即将转向增量时代,中介机构怎么说?
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-08 22:32
Group 1 - The core viewpoint of the discussions at the closed-door seminar "M&A Breakdown: Investment and Exit Games in the Era of Stock" highlights a shift in focus from due diligence and transaction design to litigation and dispute resolution in the M&A landscape since 2018 [1] - The investment in distressed asset funds has been a notable area of growth since 2018, with successful outcomes in property rights investment, debt investment, and bankruptcy restructuring [1] - Recent M&A activities have predominantly concentrated in sectors such as semiconductors, biomedicine, artificial intelligence, and new energy vehicles, which present valuation complexities due to their reliance on patents and R&D outcomes without immediate revenue generation [1] Group 2 - Traditional market methods like PE, PB, and PS are less applicable for early-stage valuations of companies in these sectors, leading to the adoption of alternative metrics such as equity value to GMV and equity value to R&D expenses [2] - For biomedicine companies, valuation methods must adapt to different R&D stages, utilizing techniques like binomial tree models or Monte Carlo simulations to meet listing requirements [2] - Cross-border M&A transactions, particularly involving A+H share companies with state-owned backgrounds, face significant operational challenges due to the need for triple regulatory approvals, highlighting the critical role of valuation firms in navigating these complexities [2]
专利并购陷估值困局?仲量联行刘小翠祭出三招
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-31 05:08
Group 1 - The core viewpoint of the article highlights the challenges and opportunities in the M&A market, particularly focusing on sectors like semiconductors, biomedicine, artificial intelligence, and new energy vehicles, which have seen increased activity in recent years [1][2] - The complexity of valuation in these sectors is emphasized, as many companies possess significant patents and intangible assets but have not yet generated substantial revenue or profits, making traditional valuation methods less applicable [1] - Alternative valuation methods such as equity value to GMV ratio and equity value to R&D expenses ratio are suggested for better assessment in early-stage companies [1] Group 2 - The article discusses the operational difficulties in cross-border M&A, particularly for A+H share listed companies with state-owned backgrounds, which require multiple layers of regulatory approval [2] - It notes the differing regulatory logic among various authorities, with state-owned asset protection being a primary concern, leading to the necessity of using multiple valuation methods for cross-verification [2] - The article also points out the cautious approach of the Hong Kong market towards the income method, which requires additional documentation and can complicate the approval process [2]
国泰海通|固收:REITs估值视野:量价核心逻辑——REITs手册基础篇(二)
国泰海通证券研究· 2025-05-14 15:05
报告导读: 对底层资产现金流的剖析是进行 REITs 估值的基础,本文针对 REITs 估值进 行详细展开,由点到面分析当前 REITs 的估值逻辑。 REIT 估值方法主要包括三类:成本法,市场法和收益法,本质是分别基于投入成本、市场价值与未来收 益对 REIT 资产进行估值。 中国公募 REITs 政策明确要求以收益法作为基础设施项目估值的主要方法。 采用收益法契合 REIT 收益稳定性较高,强制分红等特征,也有利于倒逼提升 REITs 市场信息透明度。 ③ 经营收入到可供分配金额的调整。 REITs 要求分红需基于可供分配金额,因此虽然底层资产经营情况 是决定 REITs 估值的核心变量,但可供分配金额的调整对实际分红分派乃至估值模型的影响同样值得关 注。此外,期初预留资金与外部杠杆也会影响各期分配金额。我们将 EBITDA 与可供分配金额的差额设为 调整项,从实际项目情况来看,调整项对可供分配金额的影响普遍在 +/-20% 左右,部分项目影响超 50% ,甚至 100% 。 ④ 差补机制有利于平滑项目收入。 2024 年以来部分新发 REITs 项目带有收益分配调节机制,即通过协 议承诺保障底层资产的 ...
瑞康医药(002589) - 瑞康医药集团股份有限公司拟以现金收购浙江衡玖医疗器械有限责任公司股权所涉及其股东全部权益价值评估项目资产评估报告
2025-02-21 13:16
本资产评估报告依据中国资产评估准则编制 瑞康医药集团股份有限公司拟以现金收购浙江衡 玖医疗器械有限责任公司股权所涉及其股东全部 权益价值评估项目 资 产 评 估 报 告 中联评报字|2024|第 3192 号 中联资产评估集团有限公司 二〇二四年十月八日 瑞康医药集团股份有限公司拟以现金收购浙江衡玖医疗器械有限责任公司股权所涉及其股东全部权 益价值评估项目 · 资产评估报告 | | | | 声 明 . | | --- | | 摘 亜 … | | 委托人及其他资产评估报告使用人 ۱ | | 评估目的 . | | = , 评估对象和评估范围 . | | 四、 价值类型 | | 五、评估基准目 | | 六、评估依据 | | 七、评估方法 | | 八、评估程序实施过程和情况 . | | 九、评估假设 . | | 十、评估结论 . | | 十一、特别事项说明 | | 十二、 评估报告使用限制说明 . | | 十三、评估报告日 . | | 附件 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...