|
|||||||||||||||
|
||||||||||||||||||
Data:2009-12-12 2:34
First, the absolute price level of different companies compare with each other, there is no meaning, including the parent company and subsidiaries of the absolute price. Some time ago, the media has a Stock Analysts that he had recommended the grounds that Industrial and Commercial Bank of China Industrial and Commercial Bank of China Bank of China, large scale than so than the Industrial and Commercial Bank of China Bank of China shares expensive. Is really incredible.
In fact, the face value of the stock is not the same. The so-called face value, that is, at the time of the IPO market all the net assets per share amount of money in accordance with the standards of the division of shares. In the offshore market, the face value of shares of different companies is often different, a different division of the total number of copies, the price of course, different. If you only do A shares, may not consider this factor, because in the A-share market, the provisions of the nominal value of each share is 1 yuan.
In addition, earnings per share are different. There are a lot of friends staring at HSBC Holdings on the Hong Kong market, its share price to 140 Hong Kong dollars, so a lot of people would say that people's bank shares to go to more than 100 yuan, compared with our bank stocks are too cheap. But do not forget, HSBC Holdings up to the annual earnings per share more than 10 Hong Kong dollars, so people 140 yuan price-earnings ratio is only 13-14 times, Industrial and Commercial Bank 5 yuan of stock, there are 30 times earnings, which in the end cheaper?
Buffett's Berkshire Sawei the U.S. company's share price more than 100,000 U.S. dollars, but let us guess, its earnings per share is the number? 7800 U.S. dollars! Price-earnings ratio is only 10 times. We can say that much cheaper than ICBC. Thus, only buy cheap stocks to save the so-called strategy is totally unfounded.
Second, on the Chinese mainland companies listed in the U.S. in ADR. We know that many mainland companies listed in the U.S. ADR depositary receipts, the price usually reach tens of U.S. dollars, and the A shares are significant differences between the price of looks. The specific concept of ADR Depositary Receipts will not say more, and more complicated, we have no need to understand. As long as know one thing: In the United States, a number of ADR on behalf of the company's shares, for example, a Sinopec ADR on behalf of its 100 shares, a Huaneng Power International ADR on behalf of its 40 shares. So whenever you are, when the sale of an ADR, equivalent to the sale of so many shares, the price of course, the same proportions.
Third, mistakenly believe that price-earnings ratio (ie PE) and deposit rates of return should correspond. The overall stock market valuation methods are:
Deposits, dividend yield rate of return ---
Loan yield --- PE
This is China's securities industry qualification exam materials inside the basic formula, all should be very familiar with securities analysts, at least not wrong. If we hear what the Securities analyst said that PE should be 50 times as compared to deposit rates of return, he must have ulterior motives.
We can calculate the current A-share market, the average price-earnings ratio should be the number, you can know why I say it is "bubble" plus "body wash" the.
Note: The above formula is limited to the overall market valuation of stocks does not make sense.
Fourth, the same between the different markets the company's stock price is only reference value.
Now many people are looking at Japan's stock market has reached 60 times earnings, that China's mainland stock market should go to 60 times. Japan is an ultra-low interest rate countries, less than 2 percent of their lending rates, so we can easily see, there should be more than 50 times earnings, and our one-year lending rate three times that of Japan, the valuation will be the same as how it ?
5, only the lowest price-earnings ratio of stocks to buy. The so-called price-earnings ratio or PE, is not as simple as we imagine --- the lowest is the best. Because different industries, different companies and even at different stages of development of its PE value of interval is different
