Category: Money tips Release Date: 2007-01-06
"The best choice is no choice, the final choice is no choice." Phrase printed on the Paris real estate magazine ads, in total, after pondering it feels great to sensational, and even put it applied to the A shares of overseas roadshows The brochure is not an exaggeration. At least you can move lines, H shares overseas institutions Inquiry ceiling above the A share price Dazhuang people. If foreign investment banks will eventually be "no choice", then whether the A shares to the valuation of high-quality enterprises to improve it?
China Merchants Bank issued 2.53 billion shares H shares, issue price of 8.55 Hong Kong dollars per share. Its current share capital of 1,227,982 shares of the total, together with 2.53 billion shares of new shares of 14.8 million shares. Its forecast 2006 profit of a minimum 5.5 billion. Then its performance in 2006 will be 0.4 yuan per share around. Can be brought about if the count of new shares issued 21.6 billion Hong Kong dollars and the newly created value for money, its performance is expected to about 0.5 yuan per share. And in accordance with international generally 20 times -25 times the price-earnings ratio to calculate the bank shares, then its price should be 10 yuan -12.5 yuan. China Merchants Bank on the recent share price movements illustrate the problem, steady progress, just over a month time, has left more than 3 percent of the gains, and the A shares of the stock is now about 9.5 yuan higher than the H share issue price has been there a the money difference. With China Merchants Bank H shares listed on the Hong Kong Stock Exchange, A shares will be worth more investors recognized.
Many people will not understand why a stock market's banks be able to rise so drastically, and has been funding the care. Then it comes to the end of our country's financial opening-up, the banking industry in future to break the monopoly of the banking universal banking is expected to bring profits. But more important is that we have to understand that the financial sector, particularly in banking sector of a country's pillar industry, the lifeblood of the national economy, in the heart area. A country's economy is done well is not good, see what is to see banks. A stock market do a good job well, to see what to look at banks. Hong Kong stocks stand a good reason why the stock market and the unbeaten, that is because people like Hang Seng, HSBC is a big bank, so that a good bank. Therefore, as the current domestic operational indicators, service quality is the best of the China Merchants Bank, will have a surplus Takaichi, high price and it will be pieces of another perfectly reasonable things.
Of course, the stock market is more than just that only the Bank of China Merchants Bank shares, of course, can not be just an outstanding bank shares. Shanghai market where banking stocks should be regarded as the lowest of the two Huaxia Bank and China Minsheng Banking. They interim results on, respectively, 0.18 yuan / share and 0.17 yuan / share. Respectively, before the current price is 4.27 yuan and 4.95 yuan. Looking back, only 15 times earnings, far below the market average.
Let me say the performance of the best market in Shanghai, the minimum share capital of the bank shares, that is Shanghai Pudong Development Bank. As an interim results have 0.41 of the banking stocks, the current price-earnings ratio less than 13 times. Medium and long term, the investment value of the Shanghai Pudong Development Bank is in a seriously undervalued.
Finally talk about the current stock market of the Big Mac: Bank of China. As one of the four major state-owned banks, it is difficult with general economic indicators to measure their shares, perhaps only until the next month after the listing of Industrial and Commercial Bank of China, to take the comparison, before they can reach a conclusion. But generally speaking, Bank of China ICBC's stock price should be higher than 10-20%. The specific reasons, I do not want to say too much. Because the final analysis, the profitability of banks and asset-liability ratio of non-performing loan ratio and other financial indicators to determine their price positioning is the most important factor bar!
As I finished this article, we can see that A-shares of ZTE reached more than 29 money, while its H shares in Hong Kong only 27.9 yuan. A stock market in fact there are many, like China Merchants Bank, as companies like ZTE, which A shares why the stock price can be higher than the H shares, not precisely because they are really good company? From the medium to long term, the yuan continued to go cattle, would make A-share market price is higher than the level of the real H-share market. (Send
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