The Start Of The Gem Is Unfavorable To &Nbsp; Can The Annual Report Make The Share Price Fly?

More and more market participants tend to think that whether the annual report can make the gem share price "fly" needs to be observed, stocks in the short run. trend Differentiation will become a probability event. Analysts remind that the gem annual report is not entirely unworthy of expectation, but investors need to keep their eyes open and carefully choose the investors.

The wind and water turn around, and the gem which once laughed at the A shares last year obviously started off in 2011. This week's two consecutive trading days, the decline of the growth enterprise market is still continuing. On Tuesday, not only opened the lead, but also in the afternoon, when the motherboard stabilized and picked up, the gem index fell by 1.41%.

In fact, such a weak pattern began almost throughout the first trading week of 2011. Statistics show that last week, the growth enterprise board opened at 1142.17 points, closed at 1126.52 points, and fell 11.14 points, or 0.98%, excluding the 5 new shares listed on Friday. Over 153 stocks traded last week, and more than 60% stocks fell. The most significant decline was about 10%.

It is noteworthy that the "weak" start of the gem is not only reflected in the stock price. In the chill of the cold season, the long listed GEM stocks " Break It also reappears the rivers and lakes. Last Friday, the gem welcomed the first 5 new shares of the new year: Anju Bao (300155, stock bar), Tianli environmental protection (300156, stock bar), Hengtai IPU (300157, stock bar), Zhendong Pharmaceutical (300158, stock bar) and new research stock (300159, stock bar). However, the Anju listing fell 2.65% on that day, becoming another "break" stock on the gem after six months. Just after a weekend, Zhendong pharmaceutical company joined the "break" army on Monday, a decrease of 4.64%.

"The breakup of GEM stocks and the regression of valuation are normal phenomena, indicating that the enthusiasm of short-term funds for the speculation of GEM stocks is cooling down." Some analysts told reporters: "after all, the high valuation of gem, the high issue price and the scale of raising funds are already well-known secrets. Like last year, no matter whether the tightening policy or the lifting of the tide of the lifting of the ban is not enough to shake up the growth of the growth enterprise market, it is clearly difficult to sustain. Once the general trend is weakening, the market will be divided and even the stocks will be broken.

There are no stocks that only rise or fall, let alone the stock market stocks that have long been "high and cold". angle It is not surprising that the start of the growth enterprise market is weak. However, not long ago, when people were looking forward to the 2011 market at the end of 2010, the opportunities for gem were still mentioned repeatedly, and another hot point of discussion with them was the "high annual transfer of annual reports".

The theme of "high delivery and transfer" is undoubtedly the most popular topic in the market at the beginning of each year, and it often brings a round of appealing annual reports to the market. In view of the fact that companies with equity incentive schemes are often "highly transferred", the companies that currently have related plans are mainly small and medium sized boards and GEM companies. Therefore, many market participants believe that the gem will be the main force in this year's "high delivery and transfer" market, so that early performance of small and medium capitalization stocks including gem is expected.

Now, when the annual report is revealed, what is the performance of small and medium capitalization stocks, especially the gem?

In view of this, Datong securities analysts believe that the approaching of the annual report disclosure time has brought the "high sending and transferring" imagination space to the market at the same time, and has also increased the high valuation pressure of the gem. He said that the valuation of small and medium sized stocks represented by the gem has obvious bubble components, and the annual report has a significant valuation pressure on the overall sector. In the context of tighter liquidity, as the market size of the new shares is smaller, the capital needed to support the whole sector is less, making it a hot market in the past year. From the valuation of P / E, the P / E ratio of gem 70 times is significantly higher than that of the Shanghai and Shenzhen 300 index 15 times earnings. From the perspective of the market rate, the market share of the gem 6.2 times is also significantly higher than that of the Shanghai and Shenzhen 300 index 2.4 times. Therefore, judging from the valuation level, there are bubbles in small and medium sized new shares such as gem. At present, as the annual report is about to be disclosed, the overvaluation pressure of GEM has begun to appear. Investors are cautious about these overvalued stocks, and their enthusiasm for pursuit has dropped sharply.

In other words, with the approaching of the annual report disclosure, it is not known whether the "high growth" myth of the gem will see light dead. In fact, from the situation of GEM companies that have announced performance forecasts, it is also "a few joys and worries", and those who report them in advance have their own net profit.

In fact, there are not many people who doubt the growth of the gem annual report. Some market participants said that this year's "high delivery and transfer" market is probably weaker than in previous years. This is because "the small and medium sized boards and gem have been highly hyped in 2010, making the valuation of such stocks very high, and the space for the rise has been very small. It is very likely that the funds will be used to reduce the number of small and medium cap stocks."

The person further analyzed that the management of the "high transfer" window guidance, standardize the new high price earnings ratio issuance and speculation and the delisting mechanism brewing all the test of the concept of "high delivery". Shang Fulin, chairman of the China Securities Regulatory Commission, said recently that the current and future period will start with four aspects: strengthening market positioning, improving system rules, improving internal restraint mechanisms, and increasing supervision. We should increase the reform and innovation of gem, study and formulate refinancing methods for listed companies on GEM, and actively explore the delisting system of GEM companies. Insiders believe that improving the delisting mechanism will become the top priority of the supervisory work in 2011.

In addition to the above pressures, Datong securities analysts believe that the small and medium sized new shares represented by the gem are also facing greater pressure on the original shareholders to lift the ban. Due to the relatively high valuation of related stocks at present, the original shareholders of low cost decided to withdraw from the stock market once the shares were lifted. The latest data of Shenzhen Stock Exchange show that in December last year, the willingness to cash in small and medium board executives rose significantly. In December, small and medium-sized board executives and related personnel reduced their cash holdings to 2 billion 508 million yuan, a rise of nearly 40%. And data show that in 2011 the gem will have 2 billion 450 million shares of the lifting of the ban, the market value of more than 100 billion yuan. Moreover, compared to other months, the number of shares lifted in January was the largest, reaching 321 million shares, with a market value of 13 billion 134 million yuan. With the disclosure of annual reports, some companies with poor performance and insufficient growth will be more easily reduced by original shareholders and share prices will also be affected.

To sum up, more and more market participants tend to think that whether the annual report can make the gem share price "fly" needs to be observed. The split trend of stocks will become a probability event in the short term. Some analysts remind that the gem annual report is not entirely not worth looking forward to, but investors also need to polish their eyes and carefully choose the investors.