Category: Money tips Release Date: 2007-02-27
In recent years, refinancing market in general are always things that are not welcome, the company once the refinancing will inevitably soon be abandoned by a number of investors. The reality is the long term is it? Market data may be more persuasive.
We re-financed in 2004 (including the issuance, allotment, issuing bonds, financing) companies were analyzed. In 2004 a total of 50 listed companies were re-financing, including issuance of 15, allotment 21, 14 bond issues (of which 12 are convertible loan stock). Analysis of the company's re-financing and asset-liability ratio, thus not difficult to discover why the market is excluded refinance stocks. Part of the company's asset-liability ratio less than 30%, still to be financed by issuing or allotment, without considering the means of the use of debt financing, financing, assets and liabilities, after the lowest rate of less than 10% of assets and liabilities seem unreasonable.
From the market performance, this 50 companies since 2005, the overall trend is not weaker than the broader market, but obviously the divisive trend outperform the basic account for half of the trend outperform more than 10% are 16 or over broader market fell more than 10%, 15, of which the highest in the New World or beat the market rose about 64%, while the biggest percentage loser on Bird shares fell 32.6% more than the broader market. Generally speaking, stronger than the broader market, stocks have risen more than weaker than the broader market decline, which is stronger than the broader market, more than 40% of companies have four, while the broader market is only a drop of more than 30%.
In addition, the statistical data shows that the trend of the strength of individual stocks and re-financing of the relationship is not large, and where industrial relations is not large, no matter what kind of re-financing, in what industries, the same division will appear trend. Decided to share tendency is largely due to the quality of individual stocks are expected and investment projects.
Refinancing the company's earnings per share is relatively good, mainly because of the conditions to meet the refinancing of listed companies with their own conditions on the high, although some companies may have to refinance to make a good-looking statements in advance, but after all, a small number of large the continuity of good performance of some companies still exist. In the third quarter of 2005, only two electronics companies in the telecommunications industry at a loss, while the results for the third quarter of 0.1 yuan to 82% of companies, of which more than 0.5 yuan per share is also 16%, Commodity City in the third quarter performance is as high as 1.07 yuan / share.
However, the increase in refinancing the company's results clearly were divided, though refinancing a better overall performance of the company's performance and net profit growth, accounting for more than half (of which net profit increased by more than 100% of the stocks there are four); but with the exception electronic communications industry, two units (Bird shares BOE) affected by the substantial loss industry, there are Nanning Sugar, Hualian Supermarket, Qilian Mountains, Fosugufen, Changan automobile stocks also fell sharply in the performance, the net Profit fell by more than 50% or more. Changes in performance should be said that the division no less severe. That which can be both beautiful and promising to do reports in advance to refinance the factors, but also by the industry, the impact of environmental change, of course, is more important is whether the funds to refinance to play efficiency.
Revenue from the main terms of the changes, the refinancing of the company's performance should clearly pretty much, declined more than 10% of the company's only four, accounting for 8%, while the revenue growth accounted for more than 10% of the approximately 60% . However, the affected industry, environmental impact, the main profit growth on individual stocks sharply dividing the main business profit growth is significantly less in revenue growth, profit growth of the company's main accounts for only 62%, an increase of more than 10% of the company's less than half. Also be pointed out that in 2004, refinancing the company, its financing of projects Many of them have not started to pay dividends, and some are only beginning to play a role. The future, refinancing the company's financing of the project began to play-effectiveness, performance should be able to perform better.
