Category: Money tips Release Date: 2006-11-19
Since December 6, 2005 So far, A-share market continued to rebound, the Shanghai index has rebounded a rate of 13.10%. Some individual stocks gain more than 50%. Short-term market strength, in a note to investors an ideal investment income also significantly boosted investor confidence in the market and the enthusiasm for participation.
Need to be reminded investors to note that on the one hand, experienced a short-term continued to rise, the market has already accumulated quite a handsome profit chips, the market faced profit-taking pressure has begun to increase.
On the other hand, from a valuation perspective, the recent sustained lead in the market value of many stocks have been market to tap, their valuations have been at a reasonable and even overvalued level. Such as in Shandong Gold 600,547, Shengyi Technology (600,183 market, information, advice, more), G Su Changhe Electric (600,584 market, information, advice, more) and other varieties of the recent strength in order to recurrence 12 months of performance ( TTM), it was now generally more than 35 times price-earnings ratio. 2005 performance of the corresponding earnings forecast is also 30 times higher than the average market price-earnings ratio level of nearly 50%.
Short-term fluctuations in the market have increased the risk of the case, these stocks could face pressure to return the value and equally deserving of care.
We recommend investors to better risk control under the premise of focusing on individual stocks may face the following two types of investment opportunities, and active in the market to re-consider buying auction: 1, higher than expected growth performance of the varieties; 2, M & A theme of individual stocks opportunities faced by transactional.
The next phase of the investment strategy: to avoid risk and seek new opportunities
Short-term fluctuations in the market have increased the risk of the situation, suggest that investors in the recent operation, appropriately adjust the original strategy of active operations will be upgraded to the primary task of control risk, and actively avoid those affected by the short-term market sentiment continued strong stimulus , its valuation of the stocks in the over-state could face profit-taking pressure. On this premise, the next phase of the market continue to actively look for possible new investment opportunities
One such opportunity: the potential for performance growth-than-expected species
Operating characteristics from the recent market run, those fundamental ideals of steady growth performance of industry and varieties, such as real estate, finance, etc., have led the market, indicating the effectiveness of short-term market is increasing. Meanwhile, the annual disclosure of the period is approaching, investors are concerned about the degree of performance has improved. Therefore, those performance growth exceeded market expectations, but still not much in the near future the performance of varieties, will likely be incremental funding to find new investment opportunities by focusing on the species, and thus the next phase of re-active when the market stabilized, face "revaluation" opportunities. Therefore, look for performance-than-expected species, has become the next stage of our grasp investment opportunities in the market when the main operation to follow ideas.
As the individual company's fundamentals and growth potential of a huge difference, in this analysis is difficult for investors to make 11. Recommends investors can focus on our recently introduced a range of industries and company research reports, to look for those results-than-expected growth potential varieties. This paper will be based solely on publicly listed companies to disclose the information to try to investors looking for similar investment opportunities.
As of January 10, the two cities together, 103 companies released in 2005 Yejiyuzeng 50% of the announcement. In the A-share companies has shown a significant increase in earnings dropped posture, these results have maintained a high growth company first became the focus of our attention.
But in-depth analysis found that, in this Yejiyuzeng 103 companies, many of the company or because the base is too low results in 2004 (such as Qinghai Gelation Company, Fiyta and other companies in 2004, earnings per share were 0.01 yuan below), or the performance of the first three quarters of 2005 has far exceeded the full year 2004, performance increase of the base into a foregone conclusion, and its stock price performance of growth has basically been acted on. Therefore, we have these Yejiyuzeng stocks, but also the need to be differentiated.
We recommend investors to focus on the potential of the following species:
â—?increase announcements by company basis, fourth quarter over the first three quarters average;
â—?2005 Nian 12 from 6 to January 10, 2006 to rise at 25% or less (during the Shanghai Composite Index rose to 13.10%)
â—?the first three quarters in 2005 terms of performance, price-earnings ratio less than 35 times as far as possible.
Opportunity 2: M & A concept stock trading opportunities still worth mining
As the market continued active, the market speculation of a variety of subjects also continued to raise enthusiasm. Our investment strategy report in 2006, and in January 2006 investment strategy report, have recommended investors to focus on Shenli (000406 market, information, advice, more), Zhongyuan Oil and Gas (000,958 market, information, advice, more) , Yangzi Petrochemical (000,866 market, information, advice, more), which may be repurchased China Petrochemical Corporation and Shandong Aluminum (600205 market, information, advice, more), Guanlu shares (000,831 market, information, advice, more) the concept of individual stocks such as mergers and acquisitions. Facts have proved that the performance of these stocks is very active in the near future, the general into the mainstream of the recent lead in the market variety.
There are indications that China Petrochemical (600028 market, information, advice, more) of the privatization process was in full swing to promote them. At the same time and more recently E Wushang (000501 market, information, advice, more), 100 large group (600,865 market, information, advice, more), Wuhan Jianmin (600,976 market, information, advice, more), Jilin Carbon (000,928 market, information, advice, more) companies announced the acquisition of shareholding changes in the notice, or suffered side raised placards.
A recent change in the frequency of equity shares of the company, shows that with the gradual completion of share reform, A stock market around the control of the launching of a corporate acquisition and anti-takeover behavior, is becoming the focus of the market. In particular evident for the revaluation of commercial retail companies, and may be major shareholders repurchase the company, the end of short-term adjustment in the market and re-started after the rebound is still expected to be the next phase of its investors, the focus of attention.
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