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Zhongtai International: Prefer RZ on favorable prospect

Release Time:2016-01-20The Article Source:viewed:859

It is known that RZ is a finance lease company subordinate to Goldbond Group (172 HK), and its shareholders include Goldbond Group as the major shareholder (wholly owning the Perfect Honour) and Hongyi Capital (Legend Holdings Ltd), and the aforementioned shareholders hold 57.14% of RZ’s shares in total.
Since the IPO lock-up period of Hongyi Capita will expire at the end of this March, so the decrease of the shares held by said two major shareholders will put pressure on RZ’s share prices.
RZ pointed that in consideration of the growth potential of the transportation (automobile transportations and airline transportation), medical equipment and education equipment industries, the Company has taken acts to develop the finance lease business in these industries. And it is considered that as the Company started the development plan of the aforementioned industries in 2009, the development in these industries is unavoidable. However, the investors should not underestimate the intense competition of the market.
As at the end of last July, RZ had only 86 customers. Although it is stated in its prospectus that the customers are from different industries, we do not consider that the scope and number of the customer are extensive. In consideration of the limited income source and the descending economic trend, there are still challenges for defense of the shares.
In summary, we give it 50 scores, and rate it as “neutral”.