Category: Money tips Release Date: 2006-03-24
Source: Shenyin
Has been since early 2006, to beverage manufacturers of consumer goods industry, as represented by outstanding performance, exceeding the market average of 33%. As of April 28, food and beverage industry, 05PE 36 times, Shen 10000 300 key companies in the beverage manufacturing industry 06PE more than 30 times. Investors began to wonder, A shares of consumer goods industry is not too expensive?
We believe that the overall consumer goods industries are not too expensive, and at a reasonable valuation range. We remain optimistic about the valuation of consumer goods industries, cheaper second-line varieties in May and will focus on the strategy recommended to do monthly.
1, 06,07-year net profit consumer goods industries, the rapid growth of the whole plate can be positioned to enjoy a higher price-earnings ratio. The early performance of good food, retail, beverages, real estate and other industries, 06,07-year net profit growth in the forefront of living in all industries. Overall consumer goods industry PEG is 1.3 or so, there was no significant overestimate.
2, A valuation of shares of industry positioning and international standards, so that consumer goods industries, enjoyed a relatively high price-earnings ratio position. We found that more mature developed capital markets (eg United States) and emerging markets (eg Hong Kong), science, technology, consumer goods industries are able to enjoy a higher price-earnings ratio. Here, we introduce PER indicators to determine the valuation of various industries locate. PER = Industry PE / index PE. Can be found, A shares and the U.S. market is similar to consumer goods industries are at the high end of the market valuation of the whole range.
3, even at a higher price-earnings ratio of the consumer goods industry, there are still some attractive industries and companies. For example, 06,07 the average annual growth rate of net profit of more than 40% of the chemical pharmaceuticals industry. At a reasonable valuation of the consumer sector, we recommend investors to focus, 06PE Shuanghui the development of only 20 times, 26 times the price-earnings ratio of G Erie, 15 times the price-earnings ratio of G Bai benefits.
