Category: Money tips Release Date: 2006-09-21
1, refers to a modest rebound in Shanghai and Shenzhen B
October's stock market fell showing unilateral movements, market sentiment has also fallen sharply, while in November the market seems to be stopped down trend, a slight rebound in stock. In the meantime, share-trading reform continues in an orderly manner, is not the first two batches of 46 pilot companies, to share in September since the start of a comprehensive reform, as of December 5, Shanghai and Shenzhen Stock Exchange has 12 leases 250 the company to declare the program, of which 24 issued B shares share reform program launched, B shareholders are still being left out in the stock beyond reform.
Similarity with the A-share market, B-share market rebounded slightly in November also saw the trend, and the sharp decline in October compared with unilateral, Shanghai and Shenzhen B shares in November had narrowed the volatility of the market volume continued to atrophy. The Shanghai B that began to rise from early November until mid-November, surged more than 5%, but the present turmoil in late fall trends, making a significant increase in pre-formed narrowing; Shenzhen B refers to the trend is quite similar with the Shanghai stock market, stock index, after the first Young suppression, November 21, after the highest break 200 points, a slight drop. (See Table 1). Table 1: Shanghai and Shenzhen B shares and the decline in the Shanghai and Shenzhen Composite Index rose in control
04-12-31
04 Up decline
05 maximum
05 Minimum
05-10-31
05-11-30
05 Up decline
Up decline in November
The Shanghai B refers to
75.65
-27.90%
84.22
50.32
59.76
60.93
-19.46%
+1.95%
SSE Composite Index
1266.49
-15.40%
1328.53
998.22
1092.81
1099.26
-13.20%
+0.59%
Shenzhen B refers to
219.80
-19.20%
277.67
184.53
189.23
193.81
-11.82%
+2.42%
The Shenzhen Composite Index
315.81
-16.59%
334.14
235.64
265.39
266.86
-15.50%
+0.55%
Source: Shanghai and Shenzhen Stock Exchange
Correspond with the index staged a modest rebound that stocks mostly rose in November, but generally do not rise, Shanghai and Shenzhen B shares rose more than 10% of the shares accounted for only one-tenth of SSE 6, Shenzhen 5. Gained the right to re-stock in large blue-chip stocks such as China Vanke B, closed up about 20%, there are relatively poor performance of the stock, such as loss of power B shares; sales of shares are equally blue chip stocks, such as the set B , Zhenhua B shares and Hangzhou Steam Turbine B, also have poor performance of * ST Furui B-.
Shanghai stock market rose more than 10% of the shares, as indicated in electric B shares, B shares of Hainan Airlines, China and other new B shares, mostly for the introduction of share reform program of the shares, but not all shares of stock have emerged to change up, such as the sea-B-shares fell on the times of adversity . In addition, the two better performing companies Zhenhua B shares and B shares fell friendship has reached 4%.
The biggest gainer stocks listed on the Shenzhen Vanke B shares, because of its high price, weight is relatively large, for the index have a certain influence; but another heavyweight in the set B fell more than 6 percentage points, a larger drag on the index. The largest decline in Shenzhen Hangzhou Steam Turbine B fell 12%, significantly lagging behind the performance of the overall market.
2, B-share companies share reform program analysis
National Day holiday, the Shanghai and Shenzhen B shares than the company issued its shares have launched reform programs, as of December 5, there are already permanent B shares of Shanghai stock market, sea and B-shares, B shares trade goods, power-B shares, land and house B shares, B shares of new China, the chlor-alkali B shares, Jinjiang B shares lead B shares, Jinqiao B shares, Shanghai Yaohua Pilkington B shares, B shares of E-velvet, ST Oe B, Haixin B shares, foreign Gao B shares in 15 companies, as well as the city of Shenzhen Vanke B, BOE B, Shenzhen Textile B, Shen Guoshang B, Yuedian Li B, ST Tellus B, Guangdong Provincial Expressway Development B, large cold-B, Jiangling B-9 The company issued share reform program, as detailed in Table 2 and Table 3.
Table 2:24 of the company and the share reform program of the basic
Total Equity
(Million)
A shares in circulation
(Million)
B shares in circulation
(Million)
EPS
(Yuan)
Net assets per share (yuan)
ROE
Stock reform of the price of
Permanent
26566
1495
6900
0.140
1.01
13.47%
A stock 10 to send 5
Highly
45662
2434
21528
0.377
2.96
12.76%
A unit 10 to send 3.5
Goods & Materials Trade
25272
1331
6655
0.059
1.87
3.13%
A unit 10 to send three
Power
92723
34997
23191
-0.306
2.81
-10.87%
A unit 10 to send 1.9
Lujia
186,768
16052
50960
0.21
3.38
6.19%
A unit 10 to send 3.5
Huaxin
32840
4800
16400
0.11
3.60
2.92%
A unit 10 to send three
Alkali
116,448
2783
40656
-0.026
2.48
-1.04%
A unit 10 to send 4.3
Jinjiang
60324
9836
15600
0.247
3.20
7.73%
A unit 10 to send 3.1
Lead
25178
2909
12005
0.125
2.01
6.23%
A unit 10 to send 3.5
Jinqiao
84439
14175
24744
0.206
2.87
7.20%
A unit 10 to send 3.5
Pi Yao
73125
4688
18750
0.159
2.72
5.87%
A unit 10 to send 3.5
E Cashmere
103,200
16000
42000
0.08
3.03
2.55%
A unit 10 to send 2
ST Oe
67631
2574
34673
-0.135
00.43
-31.30%
A unit 10 to send three
Haixin
120,706
36736
40266
0.06
1.75
3.47%
A unit 10 to send 3.2
Outside the high -
74506
5445
20056
0.128
1.86
1.50%
A unit 10 to send three
Vanke
341,097
236,580
54790
0.256
1.98
12.94%
A unit 10 to send eight shares of put warrants, the exercise price of 3.73 yuan
BOE
219,569
18482
111,555
-0.620
1.63
-38.27%
A unit 10 to send 4.2
Deep Textiles
24512
3316
4950
0.060
1.37
4.35%
A unit 10 to send four
Shen Guoshang
22090
5522
7200
0.02
0.91
1.76%
A unit 10 to send 3.5
Yuedian Li
265,940
39148
66534
0.225
3.10
7.25%
A unit 10 to send 3.1
ST Bentley
22028
3428
2640
0.011
1.01
1.10%
A unit 10 to send four
Guangdong Provincial Expressway Development
125,712
27453
34875
0.21
2.96
7.17%
A unit 10 to send 3.1
Great Cold
35002
9837
11500
0.223
3.99
5.60%
A unit 10 to send three
JMC
86321
11759
34400
0.49
3.25
15.15%
A stock 10 sent to 12.10 yuan
Table 3:24 companies A, B shares of contrast
A share of the total equity ratio
B shares to total equity ratio
A stock's closing price (yuan)
B share closing price (yuan)
B / A relationship between share price ratio
Price-earnings ratio (A / B)
Book value (A / B)
Permanent
5.63%
25.97%
8.00
1.95
24.34%
42.86/10.43
7.92/1.93
Highly
5.33%
47.15%
9.10
2.90
31.88%
18.10/5.77
3.07/0.98
Goods & Materials Trade
5.27%
26.33%
8.30
2.04
24.63%
105.51/25.99
4.44/1.09
Power
37.74%
25.01%
3.77
1.62
42.86%
1.34/0.58
Lujia
8.59%
27.29%
6.18
2.99
48.38%
22.07/10.68
1.83/0.88
Huaxin
14.62%
49.94%
4.80
2.37
49.32%
32.73/16.14
1.33/0.66
Alkali
2.39%
34.91%
5.12
1.23
23.99%
2.06/0.50
Jinjiang
16.31%
25.86%
7.90
4.46
56.46%
23.99/13.54
2.47/1.39
Lead
11.55%
47.68%
5.77
1.93
33.47%
34.62/11.59
2.87/0.96
Jinqiao
16.79%
29.30%
6.15
2.90
47.17%
22.39/10.56
2.14/1.01
Pi Yao
6.41%
25.64%
3.63
2.71
74.57%
17.12/12.77
1.33/1.00
E Cashmere
15.50%
40.70%
3.97
2.35
59.23%
37.22/22.04
1.31/0.78
ST Oe
3.81%
51.27%
2.91
0.77
26.38%
6.77/1.79
Haixin
30.43%
33.36%
3.47
1.22
35.16%
43.38/15.25
1.98/0.70
Outside the high -
7.31%
26.92%
5.70
1.96
34.30%
33.40/11.46
3.06/1.05
Vanke
69.36%
16.06%
3.93
4.79
121.99%
11.51/14.05
1.98/2.42
BOE
8.42%
50.81%
2.02
1.13
56.12%
1.24/0.70
Deep Textiles
13.53%
20.19%
5.01
2.01
40.06%
62.63/25.09
3.66/1.47
Shen Guoshang
25.00%
32.59%
3.91
1.41
36.17%
146.63/53.04
4.30/1.55
Yuedian Li
14.72%
25.02%
4.78
3.23
67.67%
15.93/10.78
1.54/1.04
ST Bentley
15.56%
11.98%
3.18
1.64
51.67%
216.82/112.04
3.15/1.63
Guangdong Provincial Expressway Development
21.84%
27.74%
4.55
2.85
62.63%
16.25/10.18
1.54/0.96
Great Cold
28.10%
32.86%
4.16
2.90
69.75%
13.99/9.76
1.04/0.73
JMC
13.62%
39.85%
5.36
3.31
61.70%
8.20/5.06
1.65/1.02
From the above table can be found, in addition to Vanke and a few other stocks, most of all A shares of the company ownership structure of small, B shares of large, many of the company SSE A share of the total capital flow of less than 10%, the most extreme example of A shares in circulation, such as chlor-alkali chemical proportion of the total capital is only 2.39%. As the relevant policies to B shareholders entirely out of the door-tradable share reform, non-tradable shareholders only need to pay very little can be achieved on the price of tradable.
Of these 24 companies have taken a mere 22 pairs of bids Major Holders Overall, Major Holders higher than the market average. Major Holders highest proportion of permanent, non-tradable shareholders to take on the circulation of A shareholders get five shares for every 10 shares against the price of the program, but because of the company A shares in circulation share of total capital ratio of less than 6%, non-tradable shareholders the actual payment of the price of was very low.
Vanke's non-tradable shares to total capital ratio of less than 15% of the total flow of A shares almost 70% equity ratio, if the price of taking Major Holders right way, even if it is 10 to send one, will also cause the non-tradable shares of the major shareholding ratio a sharp decline, threatening to the holding position, so the launch of the program put warrants. Company's non-tradable shareholders to communicate with investors, after the original circulation of A shares for every 10 shares of stock put warrants sent to 7 against the price of the program instead of every 10 shares of stock certificates sent to eight, and an exercise price of 3.59 yuan increase from the initial to 3.73 yuan. If the investor the right line of the stock less than 3.73 yuan, then the major shareholders will likely cost billions of dollars in cash to acquire up to more than 1 billion shares outstanding, obviously major shareholders of listed companies are very bullish on the company's future stock price are fairly confident that .
Shenzhen Textile original program "A Shares 10 sent to 2.5, for every 10 shares to subscribe for 5.25 shares, price of 1.7 yuan per share," then revised to "A shares 10 to send four shares."
Jiangling Motors programs are special, from major shareholders to the flow of A shares 10 to send 12.10 yuan in cash, given the company's mid-term for every 10 shares were 3.59 yuan in cash, shares of major shareholders, is actually a change to the price of the cash proceeds will be forwarded to the dividend flow A shareholders. For the B shareholders, there is no be much of an impact, it should be satisfied.
Comparison of these types of programs, non-tradable shareholders have no mention of B shares to shareholders on the price of their payment problems. That the SFC and other five ministries and commissions jointly issued guidance on split share structure reform, as well as implementation methods to change the SFC issued shares Rules (draft), have pointed out that the split share structure reform is the A-share market thing, the company issued B shares share reform program A decision by the shareholders, mutatis mutandis, the rules of existing shareholders of the General Assembly to convene the shareholders meeting the relevant A-share market, combined with Internet voting share reform program of the decision whether to adopt.
Programs from these companies impact analysis of their B shares, the majority of companies B / A share of the parity relations are very poor, even if the implementation of the Major Holders of A shares on the price to current prices, the difference between the two is still more than one-fold; and 10000 Section B stock price is higher than A shares, A shares of put warrants dispatch help to maintain the stock price, relatively speaking, B shares than A shares of investment opportunities. Generally speaking, however, B shares have not been right price for the relevant interests of the shareholders have a certain influence (if the B shares with A shares to shareholders of the shareholders of the same price, then, B shares will be significantly higher), but for its stock market performance to see should not have too much volatility.
From the program after the disclosure of B-share market trends of view, both the Shanghai and Shenzhen B that appeared in a larger decline, equivalent to the same period in Shanghai and Shenzhen A-share index fell nearly 3 times. In my opinion, a careful observation of nearly 1 month to issue B shares of the company's A shares of the trend, you will find B shares A shares decline and its basic counterpart, but this part of the A shares in Shanghai and Shenzhen A share index, the weight of more small, leading to seem much larger than A shares B shares fell. Shanghai and Shenzhen local stocks higher early gains, which is based on this part of the stock investors may be given a high Major Holders speculation on prices are expected, and now the majority of the company's Major Holders ratio of better than the other shares changed companies, but higher than the original 10 to send 10 or even higher there is a wide gap between expected and therefore appear more similar to the stock decline also understandable.
As of December 9 the company's stock had six reform package is passed, namely, a permanent, sea-li, Lu Jia, China Vanke, BOE, and Shen Guoshang, deep textile program was rejected. From the voter turnout of view, a permanent, Vanke, deep sea li textile and relatively high, close to or more than 40%, several other in about 20%. Shenzhen Textile program did not pass, and the circulation of up to 1000 million A shares voted against the A share capital of its distribution into more than three, it seems somewhat strange, there may be strategic investors and non-circulating shares in the game.
3, operation strategy
November B-share market price structure of a certain amount of adjustment, some results are expected losses and declining stock price continued to drop; while promising performance of the company continued to strengthen. But there are some fundamentals of good there was a substantial drop in the stock, including the sets, Zhenhua Port Machinery, Hangzhou Steam Turbine and so on, and there are right to determine the future of the industry business cycle issues, impact of RMB appreciation is also an investment strategy of factor. Slow, gradual appreciation of the yuan will be the next two years, the main tone exchange rates. For the entire B-share market, the yuan to rise gradually little effect, but specific to different companies, export-oriented enterprises are subject to certain operating pressure, while the external debt more enterprises or imports of raw materials would benefit from the enterprise.
B shares from the issuance of the 109 companies disclosed in the third quarter of the reports, the majority of corporate performance year on year decline, particularly in listed companies of manufacturing industries, the profit decline is serious. Performance of listed companies fell, with the macro-control policies have a certain relationship, but more important reason is that the long-term social and economic order can not straighten out and the company's own management problems. A few years ago launched a large number of domestic investment projects have seriously affected the supply of upstream raw material prices continued to climb, but spending less than the downstream industries, excess capacity, the resulting product prices is difficult to follow the costs, profits are squeezed, which is the background of macro-control Next is particularly severe. The lower the profits of enterprises currently decline has affected the upstream raw materials, enterprises, because these companies are also increasing demand for a few years ago to invest huge sums of superficial expansion, is now shrinking downstream demand, leading to the upstream capacity shorting the final decision of supply and demand prices of upstream products decline. I anticipated a possible future service industry will also be affected, including financial companies and commercial enterprises, banks will increase bad loans, commercial credit will decline, but the overall look at service-oriented enterprise anti-risk ability stronger than the production-oriented enterprises.
Looking at B-share listed company's quarterly results of 1-September earnings per share more than one yuan of three companies, namely Yitai B shares (1.41 million), the set B (1.32) and the Hangzhou Steam Turbine B (1.05 million) , earnings per share in the 0.5-1 yuan, including Shenzhen Chiwan B (0.81 million), Lutai B (0.60 million), Zhenhua B shares (0.58 million) and China Merchants B (0.51 million), in addition to Changyu B ( 0.49 yuan), Guangdong lighting B (0.49 million) and the steel B (0.48 million) 3 Earnings per share also relatively close to 0.5 yuan. Although these companies are basically the manufacturing industries, but most companies are internationally competitive large enterprises, and corporate governance situation is not bad, are worthy of long-term investment variety.
Loss of the larger companies, including BOE B (-0.62 million), power-on B shares (-0.31 million) and so on, by the LCD electronics prices fluctuations, the two companies this year, a serious deterioration in operating conditions. Some other companies, such as machinery manufacturing industry, the wood B shares (0.06 million), cement industry, the new Chinese B shares (0.11 million), automotive manufacturing industries Chang B (0.13 million), subject to the economy and the impact of demand factors, the performance has fallen .
The performance of the company the real estate industry seems to be little effect on the macro-control, Wanke B, Metro B shares, Jinqiao B shares have increased year on year performance, etc., but I think this may be the real estate industry accounting system is the relationship between future performance can continue to grow rather keep doubts.
At the same time the current issue A, B shares and will also be issued A shares and H shares of the company, compared, A, B share price difference was significantly greater than A, H shares the purchase price, while those lower price-earnings ratio, dividend rate is now stable B-shares, and related industries compared to H-shares of a certain parity edge. Therefore, investors should not because of prices to the neglect of investment opportunities.
In my opinion, decided to price long-term trend is still the performance of listed companies and dividends, and investors can consider bargain hunting in the intraday price-earnings ratio and book value pairs of the low dividend yield and net return on assets double high varieties, in addition to B / A share parity smaller stocks there is a certain chance. 2005 Annual Report is expected to disclose before and after the B-share market will have a stage of the stock market, some promising results, low stock price rose varieties have greater potential.
Hot Articles latest articles reporting the daily combat the Nuggets next week's combat strategy for large organizations large organizations: G Unit, Three Musketeers daily combat report of the daily run-off Gonglue -12 Nuggets 12 per day Call of Duty Gonglue -12 13
* Railway equipment manufacturing industry in 2006 actual investment strategy of a daily report on the daily run-off Gonglue -12 Nuggets 13 large organizations: G Unit, Three Musketeers operation this week, thinking Ting Choi: This week Trader slightly (3 )
