Longbang holds nearly half of the shares, and Taishan Company resorted to a big trick to quickly sell the shares held by the whole family; although it claims to have pocketed 5.5 billion yuan in profits, it also gives 50,000 questioning shareholders signs about their future corporate performance.
Text/Tu Xiaoyan
According to a report by Caixun, the most eye-catching battle for management rights in 2022 will be Taishan’s quick sale of shares held by FamilyMart within 72 hours. Longbang lost the Golden Rooster before he could launch a re-election to take over the management rights of Mount Tai. The two sides also started yelling at each other and took legal channels one after another.
Cathay Financial Holdings’ main shareholder Wanbao Development announced that it had spent a total of 8.097 billion yuan to buy 43,300 shares in Taishan’s hands, about 20 percent of Family Mart’s shares. Taishan was coveted by others for its management rights due to the crime of conceived jade. It simply made a profit of nearly 5.5 billion yuan, but has since abandoned the “bi jade” into her hands. This piece of jade was the start of a dispute in 2017 when Baolida intended to compete for the management rights of Mount Tai. Mount Tai recruited Long Bang and other allies of the White Horse Knight, but the allies ultimately turned against each other.
The middle class of performance of the 3 main blocks in the sector
“Financial News” reported that no matter where the plot develops in the future, 72-year-old Taishan has lost the stable contribution of the family’s annual dividend. What is the investment value?
Looking at Taishan’s core business revenue, it is mainly from three major fields, petroleum, food and beverage, and feed. The revenue in 2021 will account for 58%, 34%, and 4% respectively.
In 2007, the family’s third-generation eldest grandson Zhan Yuelin took over the presidency from the father of the eldest son Zhan Rendao, his cousins were not very satisfied with the nine-year operating performance. In 2016, due to internal strife in the Zhan family, Zhan Yuelin was brought down, and the current chairman Zhan Jingchao and vice chairman Zhan Yihong won the management right. Disseminating the financial report, we are actively developing new product lines such as sparkling water and Zhenguyi first sugar-free canned porridge, etc., with some good results. For example, sparkling water accounts for more than 40% of the Taiwanese market .
According to the analysis of “Financial News”, judging by the two main indicators representing the enterprise performance of the industry, Taishan’s operating profit has eliminated losses year after year since 2017. It made a profit of 90 million yuan in 2018, 160 million yuan in 2019 and 317 million yuan in 2020. , earn about 200 million yuan in 2021.
Taishan’s operating profit rate turned positive in 2018 and will drop to 1.1-3.8% from 2018 to 2021. Compared to the previous class’ uniform operating profit rate of about 4-6%, it is not bad , but it’s not particularly great. The financial report for the third quarter of 2022 shows that “Taishan Enterprise (Zhangzhou) Food Co., Ltd.”, which was reinvested from China, mainly produces canned food, drinks and snacks, including eight treasure porridge and honey of fairy grass, with an approved income of 81 million yuan.
However, according to the “Financial News” report, from the net profit (loss) attributable to the Taishan parent company in recent years, which is about 400-800 million yuan, it can be seen that a large part of it is from external investment . Over the past 10 years, the family has grown Taishan from 200 million to nearly 500 million yuan in revenue every year, which means that the family’s contribution to Taishan’s annual profit accounts for more than 50%.
But there is another part of Taishan’s value that is rarely noticed, which is real estate. According to Taishan’s financial report for the third quarter of 2022, the book value of the land is 1.152 billion yuan, while the investment property owned assets include land and improvements of 566 million yuan, houses and buildings of 48 million yuan, a total of 614 million yuan.
The advantage of multiple real estate development is not high
Caixin reported that these targets are located in Yunlin Beidou, Changhua Yuanlin, Changhua Tianzhong, Kaohsiung Luzhu, Taipei City, etc. Among them, the Nanjing Building in Taipei City contained 119 pings of land, and the commercial cost in 1978 was only about 23 million yuan; the land of Tanaka Oil Factory and Tanaka Food Factory reached 14,000 pings and 13,000 pings, respectively. It’s just that the legal entity said that the many real estate properties in Taishan are all for business needs: “If you sell it, you won’t be able to make money, and the development efficiency is relatively low.”
The legal entity analyzed the financial report and pointed out that from the increase in operating profits, it is obvious that Taishan’s business has improved, but these are not as good as the benefits recognized by the whole family. The money earned by Taishan’s business, no matter how well it does, is at most half of the entire family’s contribution. In the first three quarters of 2022, operating profit was only 132 million yuan. In the third quarter , there was no profit. In addition, the depreciation of the Taiwan dollar in 2022 is not conducive to Taishan’s import of corn. , soybeans and other commodities, “It seems that it is difficult to earn 200 million yuan in this industry this year?” the legal person bluntly said that if there is no contribution from the whole family in the future, Taishan will earn 200 million yuan, and EPS (net earnings per share after tax) will be only 0.4 yuan after conversion. , Not even 0.4 yuan after tax deduction, “Even if EPS earns 1 yuan a year, the price-earnings ratio is more than 30 times, which is already higher than Uni-President.”
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