SK Networks, the cash cow LPG business ... why did you sell rental potential M & A ↑ - MAS

[Korea hyerin nine financial newspaper reporter] had anticipated the possibility to use the cash obtained from Daewoo, Mirae Asset six days for the LPG business of SK Networks sold the car rental business M & A is high. Investment comment Buy and a target price remains 9,000 won.

SK Networks said it has decided to sell the business, and LPG filling stations LPG through March 2 disclosed in SK Gas and Pine Street Asset Management. It is estimated that the sales price inde sold 310.2 billion won net asset value (P / B 1.0 times), corresponding to approximately 4% of the end of last year, SK Networks assets. LPG division last year sales of 2,000 billion won, operating profit of about 1.1% of total sales to about 140 billion yuan, is estimated to correspond to approximately 5.0% of adjusted operating profit. Sale date is March 31 to come.

Mirae Asset treatment yijaegwang researchers' Unlike the fashion business has already been sold, if the LPG filling business is considering haewateum a cash cow role to ensure a stable income, the sale announcement was an event beyond our expectations "said," that is, SK said after the Magic acquired, will not be the end of the business reorganization ildanrak thought to have been sold in the fashion business.

SK Networks said the purpose of the sale through Disclosures ensure financial soundness and strengthen investment funds.

This Institute is considering a cash hwakbodoem of 1 trillion won level cash only (about 3200 million) flowing through a 'fashion business is sold, the sale is simply a fund for M & A for the future rather than the financial soundness strengthen purposes We believe this big personality 'he said. Once the sale is completed, SK Networks has cash of about 1.3 trillion won is secured.

The researchers said "the case of SK magic in which we live electronics rental business of the rental business of SK Networks, this year, given that the focus on integration after the acquisition, is considered likely to be used in M ​​& A in the rental business, '' now car rental companies are not out for sale, if you acquired a rental maegakseol AJ was raised in the press last October, we expect greater synergy 'he said.

He said, 'is to compete mitigation of the building while operating the number increased economies of scale and car industry Liangjiang system merger expected to be the profitability of rental business, said,' SK Networks is a private long-term car rental center, AJ Car Rental is corporate organs adding that this does not overlap with car rental and short-term oriented business areas to enhance business synergies expected to be also due.



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