Category: Money Tips Date: 2006-11-24
After more than six months stock reform and the rise in the overall domestic stock market valuation is basically reasonable. New investment opportunities lie? Franklin State flexibility in the market value of fund managers, Zhang Xiaodong, sea view, available from industry-leading return on equity is greater than 10% of the gross margin of more than 15%, net profit of more than 1 million listed companies mining the future of Niugu.
Zhang Xiaodong, said the market rose from 1541 points to 1700 points, small-cap stocks outperformed mid-cap and the broad market, becoming the main force driving the market higher. States to take full advantage of flexibility but also because of the small-cap stocks investment opportunities, to make the performance more prominent in the new Fund. Meanwhile, its investment in industry, tourism, coastal section into the new market focus. He also said that the current bull market is still in the finishing stage, suggest that investors with particular attention to national policy guidance, to see the different industries, different laws of development of the stock market and trends to seize investment opportunities.
Finishing up in the current bull market process, Zhang Xiaodong, said "a flexible market strategy" is particularly suitable. Because in the bull market, especially this year, large, medium and small-wheel dynamic characteristics is very obvious, "flexible market strategy" based on the different stock market trends, portfolio camera to take a different plan, flexible configuration, the full grasp the large, medium and small-cap investment opportunities. So "flexible strategy" of the operation is very big. Zhang Xiaodong said that investment in shares, the national introduction of flexible Franklin Templeton Group of Funds global stock selection criteria, using the advanced search for the next phase of the four indicators of possible birth of a large Niugu.
The first is the industry-leading nature embodied in the market share, size and profitability ahead of profits, while value sales and profit targets; followed by the net return on assets is greater than 10%, Zhang Xiaodong, said the net return on assets is defined as net income except to shareholder's equity, the best is to examine, after deducting non-recurring gains and losses, net capital gains rate, which is a judge from a shareholder point of view the level of corporate profitability indicators; third, more than 15% gross margin, higher gross margins mean the company has more surplus to engage in marketing, research and development and sharing of fixed assets depreciation charges; Finally, more than 100 million yuan net profit. Zhang Xiaodong, explained that the main consideration liquidity risk indicators and business risks. Because the net profit of more than 100 million yuan, according to 15-20 times earnings, with the total market value of 15-20 billion, even in the lock-stock reform period, the flow of the market value of the total share capital of 30% -40%, that value will also be in circulation between 4.5-8 million, its daily transactions may guarantee a certain degree of mobility. In addition, unless the entire industry, particularly small, or less than 1 million net profit companies may often be in brand, channel, R & D and human resources so competitive is not enough strong to avoid these smaller companies that can reduce a certain degree of business risk.
With the advancement of the state's macro regulation and control, as well as the expected rate hike cycle, the National and flexible suggest that investors in the investment decision-making process as much as possible to avoid the state should focus on adjustment of industries, such as real estate and related industries, a lot attention to some low-cycle and non-periodic sector development trends and investment opportunities. At the same time as national policy support, environmental protection and energy-saving plates, equipment manufacturing section, the banks could become future investments plate hot spots, it is worth everyone's attention.
