Category: Money Tips Date: 2006-02-12
Source: Kim Tong Securities Author: Chen Yong Chao
While the broader market into adjustment, but the disk content is very hot, more than 10 daily limit description appears in a very high degree of operational activity. From the plate point of view, we believe that sub-shares from the old plates off first as the new high-priced shares zhangzi Island (body positioning is generally higher than 50 yuan) is forthcoming on the 28th day after listing, a huge price gap will become a great the outbreak of the opportunity! Since the re-issuance of new shares in mid-June since the times of new shares has become among the most capital cities of the species concerned. Sub-section shares Why are more popular than others do? First of all, sub-section shares the top of the plate is not stuck to facilitate the new multi-agency involvement, to collect chips. Second, the current sub-listing of new shares had been subject to a rigorous selection process, its market position on the low side, future speculation larger space, especially in Liutong Pan smaller, easier to attract funding Jiancang. Finally, the recent performance of shares listed on the general good times, in the semi-annual, quarterly, annual reports are often high-dividend during the high-intensive varieties of Transmission and Distribution. These are huge amounts of capital to stimulate the flow of new shares to the second important reason. In addition, it is worth attention is that getting in September, the international crude oil futures continued to fall, and below 60 per barrel, down more than 23% of total, and according to forecasts, the future of the international crude oil prices likely to fall in the middle of next year around 40 dollars a barrel! In this context, the domestic authorities have good drop in oil prices to increase the investment value of listed companies. Among them, the raw material oil as the main raw material of the Black Cat shares (002,068) will be the biggest beneficiary of falling oil prices, its short and medium term profitability is expected to be rapid increase is expected to achieve great growth! There are institutional analysis, the company said raw material prices fell by an average 5% of its 2007 performance will increase by 0.3 yuan per share, reaching more than 1 yuan per share, earnings have dropped 23 percent at present, apparently it is extraordinary good, so shocking full! Market perspective, the stock market in September 15 after being pulled money crazy, institutions more obvious signs of looting chips, is being dragged down broader market, institutions profoundly of which short-term will draw zhangzi island first at premium prices, with excellent growth and a low flow of 368 million market capitalization funds created by large blocks of new shares to be the second new leader, the proposed focus of attack!
Sub-sectors leading investment value of the absolute highlights!
Value investing increasingly in-depth the current market, in addition to the major industry leading companies, some with full breakdown of the industry a competitive advantage leading companies are beginning to be institutional investors of all ages. As a domestic A-share market shares of carbon black industry, the first black stock, which naturally attracted the attention of many organizations. The company has the largest market share of the highest industry leading position in technology, cost and other aspects, the more obvious advantages. The main products are carbon black and hard soft carbon black, carbon black revenues accounted for more than 95% of the company's total revenue. Company's current annual production capacity of 19.5 million tons, 2004,2005 annual carbon black production and sales volume ranks the domestic industry first. The company's competitive advantage is mainly reflected in the following aspects: First, the company now has 2 million ton / year production capacity of the production line for more than nine, and has formed an annual output of 45,000 tons wet soft carbon black and 150 thousand tons wet hard carbon black production capacity, total annual production capacity of 19.5 million tons, ranking first domestic carbon black industry, the industry leading scale advantages are obvious; second, with high-quality raw materials supply channels, while the sub-groups affiliated enterprises open each year about 40000 tons of self-produced coal tar, from the quality and quantity of shares on both the first black to ensure the demand for coal tar. Finally, the company owned subsidiary of Black Cat Hancheng a "gas-oil-change" strategy, using low-cost alternative to high cost of gas resources of the coal tar raw material, to achieve better results. According to estimates, "Oil to Gas" makes from 1.97 tons per ton of fuel consumption dropped to 1.64 tons a year per line cost savings of about 800-900 million, only black four-line Hancheng cost savings of about 3,000 million per . In addition, the variety of tax incentives is also conducive to the company's business development.
Benefit from the decline in oil prices to improve profitability!
In the short term, the domestic carbon black industry profit growth by expanding production capacity, raw material prices and oil product prices are three main factors. Since 2005, oil prices of raw materials all the way up, the company evolved to certain restrictions. Into August, the international crude oil prices into a downward trend, the 20th of the month is below 60 yuan strong support. In this context, with the first half of 2006 domestic carbon prices continue to rise, black stock average selling prices compared with average full-year 2005 increased 41%. Can be said that the declining cost of raw materials and product sales price increase of double positive positive factors, the carbon black industry since 2006, profitability will increase quarter by quarter, as the leading companies in the second half of the black share in 2006 forecast a higher profit growth.
According to an authoritative agency reports revealed that as falling crude oil prices, the company later this year and in 2007 the average price of raw materials will continue to decline. If the average price of raw materials to maintain the average level of this year, then in 2007 the company will achieve earnings per share, 0.7 yuan. And if the average price of raw materials, under some 5%, while earnings per share in 2007 will reach 1 yuan to 15 times the PE of the neutral base point of view, the company should be a reasonable price of 15 yuan. At present, crude oil prices have plunged 23 percent, bringing a greater good! Comparison 13 yuan more than the current stock price, the future is still decent room for imagination.
Agencies quilt hair-trigger retaliatory pulled Quotes!
The secondary market point of view, as the newly black-listed shares, listed one naturally been looting frenzy to raise huge amounts of capital, pulled straight out of shape. Graphic point of view, after two consecutive trading days of heavy volume pulled up, the Unit continuously adjust the five trading days Suliang week a dive in the broader market against the backdrop of strong Qi Wen pattern. Drop in oil prices good incentives, and future growth is expected to enhance the background, as a new version of the popular leader of the second new stock is expected to any time limit-broke up, it is recommended to focus on.
