Page | 1 | PHILLIP SECURITIES RESEARCH (SINGAPORE) MCI (P) 118/10/2015 Ref. No.: US2016_0007 易安信公司（EMC） 并购后的追踪机遇 美国 | 技术 | 未评级 投资行为 2016年8月30日，戴尔和易安信宣布，中国商务部已经批准了双方之间进行的并购。戴尔将以现金和股权支付对价，总对价达634亿美元，这将成为科技界史上金额最大的并购案。并购将于2016年9月7日完成。 关键点： 交易条款。易安信的股东持有的每份股票将收到24.05美元的现金及VMware公司追踪股票“DVMT”约0.111股份。这场交易预计将在2016年9月7日完成，完成时，易安信将暂时停牌，追踪股DVMT将开始交易。 VMware追踪股票？VMware公司是云基础设施解决方案供应商，已在纽约证券交易所上市。(NYSE:VMW) 该公司是易安信集团的最大股东。为了承接易安信在VMware公司中的财务权益，易安信的股东将收到追踪VMW公司股票表现的新上市股票。理论上来说，追踪股DVMT将以与VMW公司普通股一样的水平进行交易，但实际上，追踪股并不包含在VMW公司的表决权，对VMW公司的资产也没有受偿权，所以，可能会以比VMW低的价格进行交易。 追踪机遇。目前，VMW公司的股价为每股73.33美元，市盈率为29.49。该公司目前并未派发股息。以每份EMC股票对0.111股VMW股票来算，实际上，易安信的股东收到的现金总额应为24.05美元加（0.111 X 73.33= 8.14美元）之后的结果，即总共32.19美元。目前，易安信的股价为每股28.99美元，与此相比，收购价比现行股价高3.20美元，溢价约11%。之前已经提过，VMW追踪股的交易价可能会比VMW股票价格低。目前易安信的股价为28.99美元，EMC股东每股收到24.05美元，相差4.95美元。因此，追踪股DVMT的保本价为（4.95/0.111= 44.595美元）。由于VMW目前的股价为73.33美元，因此，实际上安全系数非常高。 若需了解有关追踪股的更多信息，请查看易安信的常见问题版块。 若需 了 解有 关 追踪 股 的更 多 信息 ， 请查 看 易安 信 的常 见 问题 版 块。 http://www.emc.com/collateral/corporation/dell-emc-class-v-common-stock-faq.pdf 2016年9月1日 未评级 收盘价 (美元) 28.99 预计股息 (美元) N/A 目标价格 (美元) N/A 总回报 N/A 公司数据 流通股（百万）： 1,957 市值（美元（百万）： 56,474 最近52周的最高/最低股价(美元)： 29.00 / 22.99 最近三个月平均每天总交易量(百万)： 13.59 主要股东（%） Vanguard Group 6.1% Blackrock 5.7% - - - - 价格表现（%） 1个月 3个月 1年 公司 2.5 4.2 18.7 标普五百指数回报 0.1 4.1 12.5 股价 与 标普五百指数 15年9月 15年12月 16年3月 16年6月 公司 标普五百指数 来源 : 彭博信息、辉立证券研究(新加坡) 关键财务数据 年结六月(十亿美元，除指明外) 13财年 14财年 15财年 16财年预测 收入 23.22 24.44 24.78 24.64 税后净利润(NPAT)(调整) 2.98 2.94 2.47 3.61 每股利润(调整-美仙) 1.37 1.43 1.25 1.82 市盈率(调整-倍) 18.31 20.78 20.50 15.95 每股账面值(美仙) 11.04 10.84 10.88 12.55 市账率(倍) 2.26 2.74 2.36 2.31 每股股息(美仙) 0.30 0.45 0.46 0.49 股息率% 0.80 1.49 1.79 1.59 来源:彭博信息综合预测 Ho Kang Wei (+65 6212 1855) hokw@phillip.com.sg Contact Information of Hong Kong Representatives Research Benny WANG Dealing Director (852) 2277 6720 bennywang@phillip.com.hk ZHANG Jing Research Analyst Transportation and Automobiles (86) 21 51699400-103 zhangjing@phillip.com.cn Sales FAN Guohe Research Analyst Pharmaceutical, Health Care, TMT (86) 21 51699400-110 fanguohe@phillip.com.cn Aric AU Matthew WONG Manager, Corporate & Institutional Sales Manager, International Sales (852) 2277 6783 (852) 2277 6678 corporatesales@phillip.com.hk foreignstock@phillip.com.hk Yoshikazu SHIKITA Manager, International Sales (Japan Team) (852) 2277 6624 yshikita@phillip.com.hk PHILLIP RESEARCH STOCK SELECTION SYSTEMS Total Return Recommendation Rating Remarks > +20% Buy 1 >20% upside from the current price +5% to +20% Accumulate 2 +5% to +20% upside from the current price -5% to +5% Neutral 3 Trade within +/- 5% from the current price -5% to -20% Reduce 4 -5% to -20% downside from the current price < -20% Sell 5 -20% downside from the current price We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock’s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is distributed in Hong Kong by Phillip Securities (Hong Kong) Limited (“PSHK”), which is licensed in Hong Kong by the Securities and Futures Commission for regulated activities, including Type 4 regulated activity (advising on securities). This publication was originally prepared by analysts from our overseas affiliates. The information contained herein is based on sources that PSHK and its affiliates believe to be accurate and any analysis, forecasts, projections, expectations and opinions contained in this publication are based on such information and are expressions of belief only. This material is prepared for general circulation to clients and is not intended to provide tailored investment advice and does not take into account the individual financial situation and objectives of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of any investments or securities discussed or recommended in this report. This report is not (and should not be construed as) a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on such business in that jurisdiction. This research report may not be redistributed, retransmitted or disclosed, in whole or in part or and any form or manner, without the express written consent of PSHK. Please direct any enquiries to foreignstock@phillip.com.hk. Investment involves risks. For details of product risk