39 trillion goodwill to be digested
Big Dipper and other companies changed their faces1.
39 trillion goodwill to be digested
Come to Sina University of Finance and listen to Cheng Jun’s lecture on “Understanding Company’s Financial Report in 5 Hours”, develop financial thinking, and obtain higher returns in work and investment Original title: The tide of goodwill impairment hits: Many listed companies “change their performance” 1.
The 39 trillion yuan of goodwill is waiting to be digested. In the evening of January 14th, Yang Ping, a 21st Century Business Herald, received a “Letter of Concern” from the Shenzhen Stock Exchange due to the huge “pre-loss” that caused a huge uproar in the A-share market.
The Shenzhen Stock Exchange requires BeiDouXingTong to supplement the disclosure of the detailed content of the provision for the impairment of large amounts of assets, and the estimated amount and reason.
Prior to this, Big Dipper disclosed in the “2019 Annual Results Preview” that the estimated net profit for 2019 is -6.
500 million to -5.
The reason for the increase in net profit was USD 500 million, which was mainly due to the provision of a large amount of asset impairment6.
5.3 billion, including provision for impairment of goodwill5.
300 million and so on.
This is just the tip of A-share goodwill.
The forthcoming “transcripts” are coming out, more and more performance forecasts are competing for “reporting anxiety”, and the tide of goodwill impairment is rising again.Large amounts of assets were impaired, and the results of the 2019 annual report were severely affected.
”Overall, the performance commitments of the target of the merger and acquisition did not meet expectations, and the decline in performance after the commitment period is the first reason for the listed company to form a goodwill impairment.但个别板块上市公司的‘爆雷’风险仍然需要警惕.
“On January 14th, a strategic analyst at a medium-sized securities firm in Shanghai pointed out.
Listed companies have successively accrued Wind data. As of January 14, there have been 759 listed companies foreseeing 2019 results, of which 93 listed companies have pre-decreased results, 129 companies have achieved performance, and their performance has been “reported”Company companies account for nearly 30% of the total.
In addition, the performance of 97 listed companies is uncertain.
In listed companies with poor performance, asset impairment losses, including the accrual of goodwill impairment losses from outbound mergers and acquisitions, are important influencing factors.
On the last day of 2019, the leading health care product, Tomson Biokin, suddenly dropped “Julei” and announced that it is expected to make a total of 15 provision for impairment of goodwill and provision for impairment of intangible assets.
400 million to 16.
400 million yuan, expected in 20193.
6.5 billion to 3.
700 million, the first loss in ten years.
Prior to this, in 2017 and 2018, Tomson Biokin has maintained a net profit growth rate of more than 30% and is regarded as a representative company for A-share market value investment. In 2019, a total of 127 institutions went to listed companies to investigate and investigateToo many 165 people.
All the changes came from August 2018. Tomson invested heavily in the acquisition of investor probiotic company LSG for a consideration of 35.
1.4 billion, 34 times premium.
After the completion of the initial acquisition, Tomson Becker formed 22 at the end of the third quarter of 2019.
3.8 billion goodwill assets and 16.
Intangible assets of US $ 1.2 billion accounted for 67% of the total net assets at that time.
However, only one year after the acquisition, LSG’s performance has changed dramatically. Due to the influence of the e-commerce law, LSG has reached its expectations of achievement.
The data shows that Tomson Bianjian predicted in the evaluation of the acquisition of LSG that the expected revenue in 2019 is 1.
$ 8.9 billion with a predicted strength of 27.
26%; and actual data for 2019 show that LSG’s actual income is only 0.
$ 8.2 billion, 43 from the previous decade.
84%, the actual income is less than half of the predicted value.
On January 11th, the Big Dipper with multiple concepts such as “chip + Huawei + military industry” also staged the same story, announcing “pre-performance loss”, and the amount in 2019 exceeded the profit of the past ten years.
Beginning in 2015, Beidouxingtong has carried out a series of industrial mergers and acquisitions around “Beidou +”.
Among them, in 2015, Huaxin Antenna and Jiaxing Jiali were acquired by issuing shares to purchase assets; in 2016, Dongguan Yuntong and Guangdong Weitong were acquired; in 2017, Hangzhou Kaili, German in-tech and Canadian Rx were acquiredthe company. Subsequently, the revenue scale and profit of Beidouxingtong increased rapidly, but the crisis was also latent. In 2018, the non-net profit of Beidouxingtong was already -4.
In 2019, due to constant international trade frictions, increasing downward pressure on the domestic economy, increased uncertainty in market demand, and the difficulties of some customers’ operations, Beidou Starcom expects the scale of goodwill impairment to be 5.
About 300 million, involving 6 asset groups.
In addition, Cixing shares also announced a 7 loss for 2019.
20 billion to 7.
USD 2.5 billion, of which Hangzhou Youtou Technology Co., Ltd. and Hangzhou Duoyile Network Technology Co., Ltd., which were acquired in the previous period, are expected to have about 600 million goodwill and provision for impairment of intangible assets.
Donghua Software expects to achieve a net profit of 6 billion to 700 million US dollars in 2019, a year-on-year decrease of 13% to 26%. It is estimated that the amount of goodwill impairment provision accrued in the current period is 300 million to 400 million US dollars.
”At present, we recommend that companies with goodwill account for a relatively large amount of net assets to avoid the situation. The peak period of M & A and restructuring (Jin Qilin analyst) is mainly in 2014-2016, and the risks have been fully released in the past two years.However, there is still a relatively high stock of goodwill risk in some growth sectors to be digested.
“Senior analysts point out.
Can I travel light?
It is worth mentioning that after the above-mentioned too many listed companies dragged down by goodwill, their performance has “exploded”, but there have been obvious changes.
For example, Tomson Begin has gradually increased 佛山桑拿网 since January 8.
41%, Donghua Software has increased by 22.
87%, a large number of market participants pointed out that after a large amount of goodwill is impaired, the negatives will be exhausted, and the listed companies will be able to “load lightly” in the coming year, and their performance growth can be expected.
”The impairment test of goodwill is a project with a lot of operating space because it is difficult to judge the value of the enterprise.
There is a possibility that the company will make a one-time accrual of potential expenditures and give a bath to the financial reports under the title of “goodwill impairment provision”.
In this coming year, as long as it is slightly favorable, the financial report has a huge pre-income increase, especially for asset-light companies, and it may even become a 上海夜网论坛 big bull stock in the future.
“An accountant from a South China accounting firm pointed out to reporters.
So, did the listed companies that accrued a large amount of asset impairment losses in 2018 really get rid of the burden and “regain a new life”?
The 21st Century Business Herald reporter noted that of the listed companies that have disclosed the 2019 performance forecast, 86 listed companies are expected to turn around, and many of them have stocks in the financial big bath in 2018.
Such as 2018 accrued 14.
9.5 billion in asset impairment losses eventually led to a huge loss of the year16.
Ao Fei Entertainment, with a value of 9.2 billion US dollars, turned gorgeously and is expected to make a profit in 20191.
300 million yuan?
500 million yuan, an increase of 107.
20%; a huge loss of 18 in 2018.
The 14 trillion US dollars of Western Mining is expected to earn about 10 trillion US dollars in 2019, an increase of 148.
However, not all listed companies can “turn around their losses.” The number of listed companies whose performance is expected to continue to lose in 2019 is as high as 55. In 2018, when Wang Tianshen Entertainment (right protection) was replaced, it was still trapped in a trap.Break through 69.
After 7.8 billion, it is expected to continue to lose 8 in 2019.
500 million yuan.
”After the outbreak of the risk of goodwill impairment, the development trend still needs to carry out the fundamentals of the listed company itself, and whether the market’s expectations of the performance trend of the target company have improved. This requires investors to identify those who have already had major problems in natureenterprise.
“Senior analysts point out.
According to Wind data, at the end of the third quarter of 2019, the total scale of goodwill of A-share listed companies reached 1.
39 trillion US dollars, roughly the same as the same period in 2018, only 74.6 billion US dollars higher than the end of 2018, the proportion of goodwill in the total net assets of listed companies in the two cities is 3.
11%, compared to 3.
21% dropped by 0.
However, on the whole, market participants generally believe that the valuation of goodwill impairment risk in 2019 has improved in 2018.
Dai Kang (Jin Qilin analyst), a strategic analyst at GF Securities, pointed out that the impairment of A-share goodwill in the 2018 annual report created a record high and caused great concern in the market. The reason is that in addition to performance commitments, which gradually pressured new highs and the economy ushered in a downward inflection point, the marketIt is easy to ignore the impact of policies. It is expected that under the strengthening of supervision, the proportion of pre-disclosure of goodwill impairment in performance forecast in 2019 will continue to increase.
”The goodwill of listed companies is facing double impairment pressure from endogenous and exogenous factors. Comparing the position and trend of various related factors at the end of 2019, we have caused the goodwill of each section of the 2019 annual report to be further digested, but the pressure andThe risk is less than 2018.
Dai Kang further pointed out.