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Qihang Equipment Company Ltd
- BY: Andrew Hore |
- POSTED: 09/01/2012 |
- COMMENTS: Add yours
China-based capital equipment manufacturer Qihang Equipment Company Ltd is spending up to RMB35m (£3.6m) on acquiring Zhenjiang Anda Coal Mine Special Equipment Co Ltd (Anda).
The acquisition takes Qihang into a completely new, high margin sector but it believes that it can benefit from shared sales and R&D expertise. Anda manufactures coal mining equipment, including drilling equipment, pumps, dust catchers and other accessories.
In 2011, Anda made a net profit of RMB6.2m (£600,000) on revenues of RMB67.4m (£6.8m). The final RMB5m of the consideration is dependent on Anda making a profit after tax of at least RMB9m (£900,000) in 2012. The deferred payment will be reduced proportionally if the profit falls short of the target.
Qihang performed in line with expectations in 2011 with higher margin CNC machine tools making up a higher proportion of revenues. Exports more than doubled their sales contribution from 4.2% to 8.8% of the total.
At 18.25p a share, Qihang is valued at £10.6m. House broker Northland forecasts earnings per share of 2.8p for 2011.
The 2011 figures should be released by the end of May.
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