（来源：真灼财经） 来源：市场资讯 从估值角度看，汇控提出的收购价相当于恒生银行约1.8倍市账率（P/B），而汇控自身约为1.42倍。溢 价水平显著，显示管理层意图整合零售及财富管理业务，以提升资本使用效率。但若以资本回报率衡 量，恒生2024年上半年股本回报率（ROE）仅11.3%，而汇控香港区业务股东回报率（ROTE）更高， 显示集团高估恒生当前盈利能力的风险。 此外，市场关注交易所需资金来源及后续股东回购安排。若以675亿港元的溢价作为协同架构成本，短 期内回报或低于预期。整合期间成本上升与协同效益兑现时间均需观察。 整体而言，私有化交易的战略意义大于财务贡献。汇控有望借此提升集团资产灵活度与资金调配效率， 但短期资本压力及市场不确定性仍在。建议投资者保持观望，关注后续审批及资金进展。 来源：凯基证券 汇丰控股宣布计划以协议安排方式，作价每股155港元现金私有化其持股约63%的恒生银行，较恒生银 行前一交易日收市价溢价约30%，交易总金额约1,660亿港元。预计该收购将对集团资本状况造成短期 冲击，其普通股一级资本充足率（CET1）将即时下降约125个基点，由14.6%降至约13.4%。尽管交易 后集团 ...

Core Viewpoint - THEMAC Resources Group Limited has received final court approval for its arrangement with Tulla Resources Group Pty Ltd, allowing the latter to acquire all outstanding common shares of THEMAC at a price of CAD $0.08 per share [1][2]. Group 1 - The Yukon Supreme Court has issued a Final Order approving the plan of arrangement between THEMAC and Tulla Resources Group [1]. - Shareholders of THEMAC will receive CAD $0.08 for each common share they hold as part of the arrangement [1]. - The completion of the arrangement is expected later this month, pending the satisfaction of customary closing conditions [2]. Group 2 - Following the completion of the arrangement, THEMAC will become a wholly-owned subsidiary of Tulla Resources Group [2]. - The common shares of THEMAC are anticipated to be delisted from the TSX Venture Exchange after the arrangement is finalized [2].

Group 1 - 3G Capital's acquisition of Skechers (SKX.US) has received all necessary regulatory approvals and is expected to be completed on September 12 [1] - The acquisition agreement, valued at $9.4 billion, includes two options: $63 per share in cash or a combination of $57 per share plus an equity unit in a newly established private parent company [1] - This acquisition represents one of the largest privatization deals in the footwear industry, marking Skechers' exit from the public market after 26 years [1] Group 2 - 3G Capital plans to leverage its operational efficiency expertise to accelerate Skechers' global growth, innovation, and infrastructure investment [1] - The $9.4 billion acquisition amount is slightly below the market value of Birkenstock (BIRK) at $9.7 billion, but significantly higher than the market values of Crocs (CROX.US), Wolverine Worldwide (WWW.US), Steve Madden (SHOO.US), and Weyco Group (WEYS.US) [1] - Skechers was listed on the New York Stock Exchange on June 9, 1999, with an opening price of $11 per share, and its historical highest closing price was $78.24 per share on January 30, 2025 [1]

Core Viewpoint - Skechers has agreed to be acquired by private equity giant 3G Capital for $9.4 billion, with the deal expected to close in Q3 2025, resulting in Skechers' common stock being delisted from the NYSE [2][5] Group 1: Acquisition Details - 3G Capital will purchase all outstanding shares of Skechers at $63 per share, representing a 28% premium over the stock's closing price last Friday and a 30% premium over the 15-day volume-weighted average price [5] - Existing shareholders have the option to receive $57 per share in cash along with a non-transferable equity unit in a newly formed private holding company, indicating 3G Capital's confidence in Skechers' long-term growth prospects [5] - Skechers will continue to be led by its current executive team, including Chairman and CEO Robert Greenberg, President Michael Greenberg, and COO David Weinberg, maintaining its existing strategic initiatives [5] Group 2: Company Background - Founded in 1992, Skechers has positioned itself with "Comfort Technology" and has rapidly grown due to its high cost-performance ratio, stylish designs, and innovative technology [9] - Skechers achieved a record global sales of $8.97 billion in 2024, with over 5,300 stores worldwide [9] Group 3: Financial Performance - For Q1 2025, Skechers reported a 7.1% year-over-year increase in sales to $2.41 billion, although slightly below market expectations; gross margin was 52%, and net profit rose 37% to $202.4 million [11] - Sales in Europe, the Middle East, and Africa grew by 14.4% to $718 million, while the Americas saw an 8.3% increase to $1.104 billion; however, the Asia-Pacific market experienced a 2.6% decline, primarily due to a 16% drop in sales in China [11] Group 4: Market Challenges - Skechers withdrew its annual performance forecast due to the impact of tariffs imposed by the Trump administration, which have weakened consumer confidence and created significant operational risks [12] - The footwear industry, including major brands like Nike and Adidas, has expressed concerns over the tariffs, stating they pose a "survival threat" to the industry and could lead to increased prices and reduced consumer demand [12]

Core Viewpoint - New Hope Co., Ltd. reported a slight decline in revenue and net profit for Q1 2025, but core profit showed a marginal increase, indicating resilience in its operations amidst market fluctuations [1] Group 1: Financial Performance - Q1 2025 revenue reached 33.7 billion yuan, a year-on-year decrease of 1.4% [1] - Net profit attributable to shareholders was 976 million yuan, down 9.6% year-on-year, aligning with Huatai's forecast of 925 to 1,023 million yuan [1] - Core profit for Q1 2025 was 1.083 billion yuan, reflecting a slight increase of 0.1% year-on-year [1] Group 2: Platform Trading Gas - New contracts linked to oil prices were signed, with Q1 2025 platform trading gas volume at 1.196 billion cubic meters, a year-on-year decrease of 1.4% [2] - Domestic gas volume was 694 million cubic meters, down 17% year-on-year, while international gas volume increased by 32% to 501 million cubic meters [2] - The company added 46 new platform trading gas customers in Q1 2025, bringing the total to 617, which supports the expansion of trading gas scale [2] Group 3: Zhoushan Receiving Station - The Zhoushan receiving station's unloading volume increased by 28.6% year-on-year to 551,700 tons in Q1 2025, with a quarterly capacity utilization rate of 29%, up 6 percentage points year-on-year [3] - The station is expected to enhance its annual turnover capacity from 7.5 million tons to 10 million tons and storage capacity from 500 million cubic meters to over 1 billion cubic meters by the second half of 2025 [3] - Core profit from Zhoushan is projected to grow by 25% and 17% year-on-year in 2025 and 2026, respectively [3] Group 4: Privatization and Valuation - The privatization plan is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [3] - The company’s shareholder meeting is scheduled for May 28, 2025, where a two-thirds majority vote from independent shareholders is required to meet one of the transaction's preconditions [3] - The target price for the company is adjusted to 23.52 yuan, based on a 14x PE ratio for 2025, reflecting a slight decrease from the previous target of 23.66 yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] - The expected dividend yield for 2025 is 5.4% [1] Summary by Relevant Sections Retail Gas Volume - In Q1 2025, the company achieved retail gas volume of 7.258 billion cubic meters, a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit from retail gas in 2025 [2] Comprehensive Energy Sales - The company reported a comprehensive energy sales volume of 10.039 billion kWh in Q1 2025, a year-on-year increase of 9.9% [3] - The expected gross profit growth for comprehensive energy in 2025 is projected to be 12% [3] Smart Home Services - The penetration rate for smart home services reached 3.7% in Q1 2025, a decrease of 0.3 percentage points year-on-year [3] - The expected gross profit growth for smart home services in 2025 is projected to be 10% [3] Financial Forecasts - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB respectively, reflecting a CAGR of 5% over three years [5] - The target price has been slightly revised down to 68.6 HKD, based on a 10x PE for 2025E [5] Key Financial Metrics - The company’s revenue for 2025 is projected at 113.873 billion RMB, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company demonstrates strong operational resilience, with a high dividend yield leading to a potential revaluation of its value [1] - The privatization transaction is progressing normally, with the current stock price implying a potential discount of 41% for the company's H shares [4] Summary by Sections Sales and Revenue - In Q1 2025, the company achieved a total gas sales volume of 7.258 billion cubic meters, representing a year-on-year increase of 0.3%, outperforming the national natural gas consumption growth rate of -2.2% [2] - The company expects a 6% year-on-year growth in gross profit for retail gas in 2025 [2] Energy Sales and Smart Home Services - The company reported a 9.9% year-on-year increase in comprehensive energy sales volume, reaching 100.39 billion kWh in Q1 2025 [3] - The penetration rate for smart home services decreased to 3.7%, with a year-on-year decline of 0.3 percentage points [3] - The company anticipates a gross profit growth of at least 10% for smart home services in 2025 [3] Financial Projections - The company slightly adjusted its profit forecasts, with core profits for 2025-2027 expected to be 7.220 billion, 7.655 billion, and 8.039 billion RMB, respectively [5] - The target price is set at 68.6 HKD, based on a 10x 2025E PE ratio [5] Key Financial Metrics - The company is projected to have a revenue of 113.873 billion RMB in 2025, with a year-on-year growth of 3.66% [6] - The expected EPS for 2025 is 6.38 RMB, with a projected ROE of 15.32% [6]