标题：Jin Jiang International Industrial InvestmentTracking Report Reiterate BUY on Disneyland Park
发布日期：2015-01-30 9:58:44
内容： Disneyland Park offers an important opportunity for developmentof the Company. The Shanghai Disneyland Park is expected to beopened prior to end-2015. As the largest entertainment project everintroduced into China over the past three decades since the country’sreform and opening up, it will bring remarkable investment opportunitiesfor the capital market. The most immediate change will be a significantgrowth in tourist traffic. We expect this park’s tourist traffic to reach~10mn person-trips in the first year and 30mn person-trips 2-3 yearslater. The enormous volume of traffic will drive notable growth inconsumption of basic necessities. Among the Company’s principalbusinesses, taxi operation, car rental and cold chain logistics operationsmay all benefit from the opening of the theme park. According to ourestimates on its earnings elasticity, the Disneyland-related business willlikely contribute profits to the Company in 2016, boosting its profits by~10-51%. Emerging mobile car rental business brings the Company’sautomobile operation business new opportunities. The Company’sautomobile operation business includes taxi operation and car rental. Itstaxi business is relatively stable, while the car rental business hasplenty of room for growth with the development of mobile car-hiringmarket, as (i) its subsidiary, Shanghai Jinjiang Automobile Service, hasa large pool of vehicles available, which enables it to form a large-scalenetwork. It has more than 10,000 vehicles of various sizes and kinds,and leads its peers in terms of the number of high-end/large tomedium-sized passenger vehicles; and (ii) the Company will likelycooperate with car rental platforms in future, which can bring re-ratingopportunities. With the rapid development of car rental platforms suchas Didi Taxi, Yidao Yongche, Uber Kuadi One, mobile car rental isprojected to attract more attention. Companies with vehicle resourcescould likely obtain re-rating opportunities as a result.
发布日期：2015-01-30 9:58:44
内容： Disneyland Park offers an important opportunity for developmentof the Company. The Shanghai Disneyland Park is expected to beopened prior to end-2015. As the largest entertainment project everintroduced into China over the past three decades since the country’sreform and opening up, it will bring remarkable investment opportunitiesfor the capital market. The most immediate change will be a significantgrowth in tourist traffic. We expect this park’s tourist traffic to reach~10mn person-trips in the first year and 30mn person-trips 2-3 yearslater. The enormous volume of traffic will drive notable growth inconsumption of basic necessities. Among the Company’s principalbusinesses, taxi operation, car rental and cold chain logistics operationsmay all benefit from the opening of the theme park. According to ourestimates on its earnings elasticity, the Disneyland-related business willlikely contribute profits to the Company in 2016, boosting its profits by~10-51%. Emerging mobile car rental business brings the Company’sautomobile operation business new opportunities. The Company’sautomobile operation business includes taxi operation and car rental. Itstaxi business is relatively stable, while the car rental business hasplenty of room for growth with the development of mobile car-hiringmarket, as (i) its subsidiary, Shanghai Jinjiang Automobile Service, hasa large pool of vehicles available, which enables it to form a large-scalenetwork. It has more than 10,000 vehicles of various sizes and kinds,and leads its peers in terms of the number of high-end/large tomedium-sized passenger vehicles; and (ii) the Company will likelycooperate with car rental platforms in future, which can bring re-ratingopportunities. With the rapid development of car rental platforms suchas Didi Taxi, Yidao Yongche, Uber Kuadi One, mobile car rental isprojected to attract more attention. Companies with vehicle resourcescould likely obtain re-rating opportunities as a result.
