Category: Money Tips Date: 2006-11-26
Source: Guangzhou Bandung
Abstract: This section finds that in the context of currency appreciation in order to weight the two indicators of bank shares represented by shares of plate, the central enterprises of assets into the plate, the industrial structure adjustment of our military, resources, and plates possess a certain degree of medium and long term value. But in between these blocks vary, and some appropriate stage of speculation, while others are suitable for long-term investment.
This section finds that in the context of currency appreciation in order to weight the two indicators of bank shares represented by shares of plate, the central enterprises of assets into the plate, the industrial structure adjustment of our military, resources, and plates possess a certain degree of medium and long term value. But in between these blocks vary, and some appropriate stage of speculation, while others are suitable for long-term investment.
1, the two major banking stocks as represented by the weight of the target shares
Mainstream funding to do these individual stocks higher for three reasons: First, index futures will be launched in two renminbi appreciation and the third is merging two taxes to the Bank of China, Industrial and Commercial Bank of China and other listed companies, the profits increase.
But we should see is, from the fundamentals of speaking, even taking into account the results of the growth factors, two of the valuation of bank shares is not lower (25-30 times the 2007 earnings in between), and 2006 10 price-earnings ratio of around 15 times the month compared to less attractive. And the upside of such stocks is very easy to promote broader market to return to mad cow in the long run the policy will face greater risks.
Overall, we believe that a reasonable valuation of these stocks (but not low) and related with the subject matter, there is a certain space, has become a hot stage and cause widespread concern in the market, but the imagination and the long-term rise in absolute space is not very large. Can serve as a phased investment option, but should pay attention to proper control of medium and long term risk.
Second, asset injection
Of assets into the plate, especially the central enterprises of assets into the plate, it should be said to be one with the greatest long-term investment value of the main line. Assets, particularly in the central enterprises to adjust the backdrop, along with the completion of share reform and major changes in the direction of the interests of shareholders, asset injection in terms of macro-level, or interest-driven perspective, both have a good foundation. Also, asset injection will be a super-long main line, the main l segment is far from over.
A high-level promotion of enterprise assets into the central
Assets of central enterprises into the main impetus is twofold: first, the SASAC for the needs of industrial development on the entire central enterprise assets for a whole re-layout of the central enterprises will inevitably lead to reorganization of assets. 2 is a vigorously developing countries such as the use of capital markets and the SASAC will be a good environment for taking advantage of asset securitization (sale of assets at a higher position) in the context of high-level dynamic within the company to a massive injection of public assets.
2, large shareholders maximize the
In the context of excess liquidity, the stock's valuation is generally not low, at this stage will be the majority shareholder of assets into the listed company that is the majority shareholder can sell the high-value assets, but also can make use of the assets into the listed company's share price pushed higher for large lay the foundation for high-priced holdings of the shareholders.
Should be said that the concept of assets into stocks due to have a more long-term macroeconomic background and major shareholder of the profit motive, their unlimited imagination, and is the most suitable long-term investment value of the main line. And we believe that the gradual lifting of the ban as the largest non-climax, a major shareholder of assets into the desire to push up stock prices will become increasingly urgent.
Third, adjustment of industrial structure to benefit Plate
The scope of this plate is very broad, including resources, defense industry, services, etc., in which a large and assets into the categories have a certain degree of overlapping plates. In line with the main line of the listed company will maintain a rapid growth in the future, in the case of a reasonable valuation can serve as a good medium to long term investment objectives.
Adjustment of industrial structure in 2007 to invest in the main opportunities may lie in the following two aspects:
The first element of the pricing mechanism reform opportunities. To change the way the current extensive growth model, it is necessary to adjust the resource price, water, electricity, oil, mineral prices, such as re-pricing, to establish a rational pricing mechanism, market-oriented approach to constraints on waste of resources. So while the prices of resource elements may be increased, on the other hand is the exploitation of resources of the right to tighten. The unique value of the resources through the continued high prices and supply reduction has become increasingly important, and various types of mining companies and new energy Listed Listed company in this context will be the future of a major long-term investment hotspots .
The second is the context of building a harmonious society, agriculture, medicine, and environmental energy and other industries will be rapid growth opportunities.
Finally, military industry. In an increasingly complex international environment, the context, in order to meet the corresponding demand for building a modern army, it must be to build consistent with this military-industrial complex, which will be listed defense class high-speed growth momentum.
