Category: Money Tips Date: 2007-07-02
In recent years, when the customs, equity investments focus on is healthy profits. With the fund on Wall Street there is the Christmas window dressing for dinner Quotes; in Shanghai and Shenzhen stock markets there are organizations around the Spring Festival dinner market, euphemistically: performance bonus wave. And the nature of the food chain, like the stock market there are also institutions and listed companies in the food chain, and this is the beginning of Chinese and foreign stock markets will be produced at the end of the year to eat Quotes of the root causes.
For example: the year 1995 to 1997 between the Meiyangufen is a typical case, the year 1995 Meiyangufen is 10 to send five shares were 1 yuan, 1996, the year is 10 to send seven shares were transferred 1 yuan (twice dividends), 1997 Year 8 Unit 10 to send to switch. Meiyangufen the same time, the year 1995 and 1996, respectively, of the 10 with 2.5 unit and 10 with 1.84 shares allotment price is 6 yuan per share. With high dividend corresponding to the share price is Meiyangufen stock market that year, whether good or bad, there is a wave of performance wave market, resulting in a complete performance of wave-kind chain of institutions through high-dividend stock price speculation themes profit of listed companies to benefit through a share placement financing. However, in 1998, the Meiyangufen still followed suit and high dividends plus share placements, but the effect will be far from satisfactory in.
The reason for performance of the food chain is also a need for a suitable wave soil conditions, first of all shares lower absolute value, followed by the high dividends of listed companies to maintain a certain performance level (ie, performance diluted limited). Meiyangufen before 1998, although the dilution of high dividends, but the performance is limited, so happy to do Tianquan Quotes institutions; and in 1998 after the performance growth lags behind the rate of expansion capital, and another high-dividend-run Meiyangufen big city does not win, and no wave nature of the performance.
Looking at the present bull market in the stock market made too early to say, but before and after Chinese New Year off with fertile soil on the performance of wave conditions. First, the absolute value of the current stock price and the price-earnings ratio is historically low levels, have to start the performance wave of security elements. Second, reform of the price of shares subject returned to the performance of wave added bonus but the performance of dilution thickening limited additional protection. At the present pattern of prices, if it is the majority shareholder directly to the right price, did not increase the overall performance of equity is not diluted; even by the fund Zhuanzeng model calculations, performance dilution is limited. Major shareholders of listed companies after the price to pay for dividends again, and markets are prone to Tianquan market, which is the performance of Tianquan Quotes wave can truly shaped core elements.
Reform of company stock this year, also a company (for example, Sany Heavy Industry, etc.) to the price of the stock at the same time the implementation of high dividends, but these companies are mostly high-priced stocks, shares the lack of security advantages. However, the disclosure of the annual report into the early period, resulting in performance wave Quotes of the probability is high. Assuming a share price of 3 yuan near the 12 times price-earnings ratio has not changed the cap, lower stock, if stock price after the ex to 2 yuan from top to bottom, dividend re-investment value of this time was already high, and when there are high-dividend, it will be easy to form a Tianquan Quotes. The stock option pool is also a road to follow, 39 central enterprises holding company, the basic unit around the Spring Festival next year, reform is completed, in which the selection of low price, low price-earnings ratio of the White Horse Unit should not be difficult.
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