Category: Money tips Release Date: 2007-02-16
G Unit G Unit and non-price-earnings ratio Since G shares have been reflected in the valuation of the level of prices paid for the impact, G Unit, G Unit and non-plate there should be differences in the valuation levels. Specifically, this difference should basically reflect the current market average of about 30% of the price level of payment. We calculated the G Unit, the non-G stocks, as well as the various sub-sectors of the overall price-earnings ratio method in order to examine in detail the current market valuation of the structure and compare the differences between the two plates of the valuation.
Current G shares were trading at 13 times price-earnings ratio than the non-G stocks (17.3 times) Low around 25%, largely reflecting the current market price level of the right. This shows that, compared with the level of the valuation of non-G stocks, the market valuation of shares for the G is more rational.
For maritime transport, telecommunications equipment, information technology services, automotive, aerospace defense, medical equipment, integrated classes, and building materials as well as commercial banks and other sub-sectors of its G stock valuation level is much lower than the non-G stocks, the former than the latter are low price-earnings ratio 40% 1. Metallic non-metallic, bio-technology, automobile parts, a diversified retail, consumer dealers, construction products, exclusive retail, food, paper and wood products sub-sectors such as price-earnings ratio and non-G-Unit, G Unit, the ratio of price-earnings ratio ranging from 0.6-0.7 between.
Further studies have shown that, "G Unit PE / non-G Unit PE" with the various sub-sectors, the average number of actual Major Holders correlation is not high, in order to -0.216. This shows that indeed there is a real price to pay for a high level of G-Unit, Ex-range correlation between a large, but the correlation is not enough to explain why some trades, G-Unit price-earnings ratio price-earnings ratio lower than the non-G stocks so much. Possible reason is that a good performance in the industry conducted a stock company to make a change, but it does not rule out the market overreaction, resulting in individual sectors G shares were undervalued possible.
At the same time, we also calculated the overall A-share market and its various sub-sectors of the price-earnings ratio, book value and the average dividend yield. Currently the A-share market price-earnings ratio is still 15.8 times, 1.9 times book value, dividend yield of 2.64%. Iron and steel industry is still the low price-earnings ratio (6.3 times) and a higher dividend yield (6.94%) reflects the value style characteristics.
In addition to iron and steel industry, the current price-earnings ratio below 15 times the overall method of sub-sectors include, shipping, trade dealers, chemical, oil and gas and industrial machinery.
Shares during the various stages of reform or analysis of Shares began to change from the board of directors announced plans to resume trading on the end of the implementation phase, a total of two times to go through the suspension. Now the entire market share reform process has been more than half. We are G shares of the stock and change the stage of change during and after a detailed statistical analysis in order to observe whether there is a law which.
We have studied a sample of stocks on the KLCI constituent stocks of the new card to calculate the following six during the G Unit and the market's gains:
SY-1: Board of Directors announced plans for Phase resume trading-day gain
SY-2: plan stage for restoration of voting rights to collect the directors or the day before (ie, the middle stage of the suspension or two)
SY-3: resume trading-day gain in the implementation phase of
SY-4: the implementation phase of resumption after a month or
SY-5: Board of Directors plans announcement a week or a few days ago
SY-6: Bulletin Board plans a few days ago or two weeks
Analysis found that "the middle phase of the suspension or two," "the implementation phase 1 month after resumption of trading gains," and "bulletin board of directors plans a week and two weeks or a few days ago," are related to broader market changes have a higher correlation. This shows that the stock price of China's capital market with the sexual high, high-risk characteristics of the system is still not changed, even if such stock reform also remains a major theme not change this reality.
In line with expectations, the actual number of pairs of ex Major Holders impact of relatively large amplitude, but not with other phases or less affected. However, because of the company's fundamentals and other factors, does not necessarily mean that the number of actual Major Holders higher the rate the greater the ex. Major Holders reflected in the actual number and SY-3 correlation coefficient -0.341, not too great. A total of 2 1 [2]
