Category: Money tips Release Date: 2006-10-02
As the two groups split share structure reform pilot debut one after another on the market by a wave from the pilot companies or potential pilot companies "treasure hunt" of the boom, then, investors can have what kind of pick up?
Proceeds in three stages in different
As of yesterday, there were two cities of Shanghai and Shenzhen stock has been traded on the price of shares, respectively, G 31 and G Taurus. As the G Taurus Major Holders and debt-related factors such as price-sensitive, so we mainly look at G 31 pairs of prices paid before and after the profits of investors.
The first phase, announced before the experiment. We released days before the program achieved 100% of the time slots change hands as the selection criteria, a specific time period is January 14 -4 29, at this stage, participation in the Unit funds the weighted average price of 17.63 yuan. The second stage, the program after the announcement of the resumption to the vote on the voting period (May 11 -6 1 days). The statistics, at this stage of funding participation in the Unit-weighted average price of 19.32 yuan. The third stage, from the program was adopted to pay the right price before (June 14 -6 15 days). At this stage, participation in the Unit capital-weighted average price of 23.13 yuan.
G 31 in the price of parts can be traded after the first day's closing price of 16.61 yuan, its right to the payment of the price of recovery before the share price of 23.22 yuan (16.61 * 1.35 +0.8). As can be seen in these three different stages of investors to participate in the profitability of the unit marked differences in the degree. The first phase of profit 31.71%, 20.19% the second phase of profit, profit is only 0.39% the third stage, while in the last day of the third stage, namely, June 15 a loss of almost all of the investors involved.
And Sany Heavy Industry On the contrary, the same method of the Taurus energy money to the three phases of the situation is not optimistic. The weighted average price shown in the above three stages involved in all the loss of funds. Some analysts pointed out that the above scenario there are two main reasons: First, the Taurus energy resources belong to the coal plate market declines this year, the hardest hit; Second, the company is the first batch of pilot enterprises in payments to the lowest. Therefore, the unit did not have the universal representation.
Significantly lower price-earnings ratio
As the payment of prices before and after Sany's total equity and total profits remain unchanged and, therefore, part of the subsequent price of the stock market brought about a substantial decline in circulation is bound to lead to lower stock price-earnings ratio. According to relevant statistics, major domestic stock brokerage analysts forecast 2005 earnings per share average of 1.25 yuan, then the right price to pay before the last trading day (June 15), the Unit's 2005 price-earnings ratio for the dynamic 19.06 times; price after listing on the first day of the Unit in 2005 to 13.29 times the dynamic price-earnings ratio, the dynamic price-earning ratio of the price of shares fell by 30% after the listing. Some market participants noted that the sharp decline in value of such price-earnings ratio, will significantly reduce the pressure on the valuation of Sany Heavy Industry. First securities Zhu Jie pointed out that the United States as represented by CAT's construction machinery industry in 2005, the average price-earnings ratio of 12-15 times; the domestic machinery of listed companies, the average price-earning ratio of about 15-16 times. Sany Heavy Industry's current price-earnings ratio of indicators has been relatively low.
G Taurus's price-earnings ratio also appeared in the price paid for a certain degree of reduction. Analysts widely predicted in 2005, the company's earnings per share was 0.78 yuan, then the right price to pay before the last trading day (June 24), the Unit's 2005 price-earnings ratio of 9.54 times the dynamics; in payment of the price of the first post - Day (yesterday), the Unit's 2005 price-earnings ratio of 7.49 times the dynamic, the dynamic price-earnings ratio for the payment right after the price fell by 21%, while in Xinjiang, according to Securities and Huai-Zhen, in 2005, domestic coal listed companies, the current dynamics of the average price-earnings ratio of 8.87 times; the United States of such companies, the average price-earnings ratio of 12 times. Can be seen, in terms of international comparisons, or compare the domestic industry point of view, these two stocks have been to enhance the investment value.
There may be opportunities for blue-chip systemic
Through these two pilot unit at different stages of the profit statistics, as well as price changes before and after the price-earnings ratio, we can get this conclusion: before becoming involved in the pilot will be relatively generous benefits; When prices of some listed, along with the natural ex stock, the corresponding stock price-earnings ratio would be significantly reduced value of investments can be improved. This, insiders believe that with the split share structure reform launched a large area and the related expected gradually stabilized, investors the possibility of profit in the first phase and enthusiasm will be greatly increased, which may be significantly raised vibration inside the popularity of blue-chip.
Some market participants noted that, with Baosteel, long blue-chip electronics, and other blue chips into the ranks of the second batch of pilot projects, the demand for tradable share reform has laid a relatively established expectations, but the pilot time to different companies, sooner or later only. In this expectation, the reason the funds will increase the "treasure hunt" efforts, in order to intervene in the first stage. Market expectations, with the "treasure hunt" hot to heat up, there will be more flows inside the blue chips, while the blue-chip active will likely incur a greater chance of systemic.
