Category: Money tips Release Date: 2006-07-28
Koda report the Fund's new strategy: invest in along three main lines
Recently, Koda fund the newly established strategy report said that the future revaluation of the RMB will be, mergers and acquisitions create value, the price reform the three main line of investment taxation.
Appreciation of the effect is far from being expanded in-depth
Koda Fund, pointed out that the yuan appreciation is a long historical process, on the equity market's long-term positive effect is far from being well under way.
According to the company revenue and cost levels of the degree of international trade can be divided into four types, and the renminbi appreciation on the different effects on different industries.
First, the cost of a high degree of internationalization and income low level of international business. The typical examples are air transport industry, the industry will directly benefit from yuan appreciation, but it may be subject to certain negative impact on the airport.
Second, the cost of a high degree of internationalization, income high degree of internationalization of the industry. Among them, the oil and chemical industries have some downward pressure on product prices, good bad paper industry co-exist, non-ferrous metals industry, lower prices, while production costs have also been reduced, the steel industry to benefit from iron ore costs.
Third, the cost of a low degree of internationalization, income high degree of internationalization of the industry. For example, the appliance industry still have the competitive edge of export, machinery and industry, export-oriented enterprises are the negative effects of large, domestic urea fertilizer industry a competitive advantage may be reduced.
Fourth, the cost of a low degree of internationalization, the low level of income of international business. For example, the real estate industry to benefit from yuan appreciation is expected to boost prices, the power industry, concerned about the foreign currency liabilities of companies.
M & A is an important way to achieve business value
Koda Fund believes, mergers and acquisitions is an important way to achieve business value. In the full circulation of the market environment, when companies undervalued by the market, the other operating capacity of enterprises and financial investors will offer buyouts, corporate mergers, asset divestment and other means the full realization of corporate real intrinsic value. And the current concern is the acquisition by foreign investors and the central business vertical mergers and acquisitions.
At present, some of China's resource-based, monopolistic industries usually require government licensing, foreign investment is difficult to directly involved in, or intervene in the cost too high, and have a monopoly of resources through mergers and acquisitions of listed companies share the goal, there may be bypassed barriers to entry in these sectors.
In addition, foreign may utilize the excess capacity in certain sectors, at the bottom of the cycle, which began low-cost, strategic mergers and acquisitions, such as iron and steel, cement and other cyclical industries, the cycle of falling profits in these sectors are often at the bottom of the golden age of mergers and acquisitions took place. Arcelor acquisition of Laiwu Steel, Mittal's takeover of Hunan Valin Steel Tube and so on Foreign M & A side note and strategic investors to choose the object is a strategic development status and is currently undervalued sectors.
In addition, the central level, state-owned enterprises to become major force in mergers and acquisitions, one of China's securities market, mainly to build on the upstream and downstream industry chain, rapidly become bigger and stronger support of dominant enterprises.
Create opportunities for tax reform
The report notes that the Ministry of Finance promulgated the new accounting standards will optimize behavior, National Tax Administration of Eleventh Five-year profit forecast, the tax reform movement triggered start.
For example, the merger of income tax, the report believes that this will enable the central business represented 33% of long-term implementation rate of return and did not enjoy the preferential policies the state-owned listed companies is real good, the company estimates net profit will increase the level of theory, 14% .
