Category: Money tips Release Date: 2006-11-07
A few days ago three friends Chemical (600,409 market, information, advice, and more) released the adjusted share reform program, that is, from the original 10 to send 295 to upgrade to 10 get 3.4 shares of stock, and promised three-year profit-sharing ratio of not less than the year tax After the net profit of 40%. So, how to look at the three Friends of the chemical modification of the options? Program designed to facilitate the circulation of shareholders to change the instructions we can see from the stock, three Friends of the chemical industry share reform program is designed to let companies share reform is the secondary market after the location and be fully integrated into the international capital markets mature in order to fully protect the interests of the shareholders are not in circulation due to the erosion of share reform, This is a reflection of the three controlling shareholders of Friends of Chemical shares the interests of shareholders attention.
At the same time, the program design process parameter selection is also very beneficial to the circulation of shareholders. This is mainly reflected in two aspects: First, price-earnings ratio of the parameters, the program chose the full sample, including the United States, Belgium, Britain and Asia and other capital market valuation of the level of chemical stocks price-earnings ratio, which ensures that the sample extensive, but also better able to reflect the global capital markets, stock price-earnings ratio of chemical general view; Moreover, the mean selection also shows great objectivity, prudence, the program chose to 12.6 times to 12.9 times the average of the central data, which with the current A-share market is relatively weak market background is consistent.
Second, earnings per share in the price-earnings ratio of the selection of parameters, the three Friends of the chemical of choice is a 2004 fully diluted earnings per share of 0.27 yuan as a location parameter, thus infer that the secondary market at a reasonable price from 3.402 to 3.483 yuan. This once again reflects the outstanding shares of the three Friends of the chemical industry to protect the interests of shareholders attention. And the company once again according to the principle of prudence, select a minimum of 3.402 yuan a reasonable position as the secondary market. Thinking in this manner, according to the formula derived, we can roughly calculate the price of three pairs of Friends of the chemical ratio of 2.8 only need to send in the 10 stocks on the basic flow of the secondary market can guarantee the interests of the shareholders, but the three Friends of the chemical industry has proposed 10 of the original proposal sent shares of 2.95.
Profit on the price of upgrading the level of protection as in the original program design process, "to protect the interests of shareholders in circulation" has been the company a consistent basic idea, so the communication process with the distribution of shareholders, the company has fully taken into account the outstanding shares of the shareholders in the IPO, when the net assets of the company's significant contribution, therefore, the three Friends of the chemical firm raised the price of the program, the program 10 to send the original 295 shares of the price level increased significantly from the 10 to send the revised 3.4 shares.
If you modify the program according to the latest, and the company's November 15 closing price of 3.94 yuan terms, then when the city of resumption of automatic ex reference price is only 2.94 yuan, even though in 2004 a fully diluted basis in accordance with 0.27 yuan / share the level of return calculation, its static price-earnings ratio is only 10.89 times more than the international capital markets mature, the average price-earnings ratio Jinliang Cheng. And because three main products of Friends of chemical soda ash production capacity expansion, as well as three Friends of the chemical industry's unique advantages such as low-cost fundamentals, the present value of its undervalued by the market. In my opinion, the company changed the secondary market price of the stock and after implementation of the program posted an extremely low probability of the right of the trend, which means that the level of circulating shares of the profit has not only been an increase, but also guaranteed.
It is noteworthy that the three Friends of the chemical on the "three-year profit-sharing ratio of not less than 40% of after-tax profits that year," commitment to reform in this unit also gives the company's high dividend yield is expected. According to industry analysts concluded that if the company in 2005 according to conservative estimates, 06 years of flat earnings per share in 2004, then 40% as a dividend if the standard, then, in 2005, 06 years of outstanding shares of each shareholder will receive 0.12 yuan / share dividend; to 2.94 yuan, such as the automatic ex reference price calculation, it is 05, 06, the company's dividend rate will reach 4.08%, at a higher level of the market, we can see, the three Friends of the chemical industry stock changes program not only can fully guarantee the immediate interests of the shareholders of the outstanding shares of stock changed from erosion, but also fully protect the future interests of the shareholders of the outstanding shares.
