Longbang holds nearly half of the shares, and Taishan Company has resorted to a big trick to sell the shares held by the whole family in a hurry; although it claims to have pocketed 5.5 billion yuan in profits, it also makes 50,000 shareholders full of question marks about their future business performance.
Text/You Xiaoyan
According to a report by Caixun, the most eye-catching battle for management rights in 2022 will be Taishan’s rapid sale of the 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 began to yell at each other and took to legal channels one after another.
The major shareholder of Cathay Financial Holdings, Wanbao Development, announced that it spent a total of 8.097 billion yuan to buy 43,300 shares in Taishan’s hands, about 20% 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 it has since abandoned the “bi jade” in its hands. This piece of jade was the beginning of a dispute in 2017 when Baolida intended to compete for the management rights of Mount Tai. Mount Tai recruited Long Bang and other White Horse Knight allies, but in the end the allies turned against each other.
The middle class of the performance of the 3 major blocks of the industry
“Financial News” reported that regardless of where the plot will develop in the future, Taishan, which has been established for 72 years, has lost the family’s stable annual dividend contribution. What investment value is there?
Looking at the revenue of Taishan’s main business, it mainly comes from three major fields, oil, food and beverage, and feed. The revenue in 2021 will account for 58%, 34%, and 4% respectively.
In 2007, the third-generation eldest grandson of the family, Zhan Yuelin, took over the chairmanship of the eldest son’s father, 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 pulled down, and the current chairman Zhan Jingchao and vice-chairman Zhan Yihong won the management right. Spreading out the financial report, we are actively developing new product lines such as sparkling water, and the first sugar-free canned porridge Zhenguyi, 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 from the two major indicators representing the business performance of the industry, Taishan’s operating profit has been getting rid of losses year by 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 became positive in 2018, and it will fall at 1.1-3.8% from 2018 to 2021. Compared with the uniform operating profit rate of the previous class of about 4-6%, it is not too bad, but it is not particularly outstanding. The financial report for the third quarter of 2022 shows that “Taishan Enterprise (Zhangzhou) Food Co., Ltd.”, which was reinvested by China, mainly produces food, beverages and canned snacks, including eight-treasure porridge and fairy grass honey, with a recognized income of 81 million yuan.
However, according to the “Financial News” report, from the net profit (loss) attributable to the parent company of Taishan in recent years, which is about 400 million to 800 million yuan, it can be seen that a large part of it comes from outside investment. In the past 10 years, the family has brought Taishan 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 self-owned assets of investment real estate include land and improvements of 566 million yuan, houses and buildings of 48 million yuan, for a total of 614 million yuan.
The benefit 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 held 119 ping 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 ping and 13,000 ping respectively. It’s just that the legal person said that the many real estate properties in Taishan are all for business needs. “If you sell it, you will not be able to make money, and the development efficiency is relatively low.”
The legal person 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 contribution of the whole family. In the first three quarters of 2022, the 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 raw materials, “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 the EPS (net profit per share after tax) is only 0.4 yuan after conversion. , Not even 0.4 yuan after tax deduction, “Even if EPS earns 1 yuan a year, the price-to-earnings ratio is more than 30 times, which is already higher than Uni-President.”
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