Lifting The Ban Peak, How To Deal With 6 Billion 800 Million Capital?

In May 11th, Textile and garment industry Finally, the first restricted stock in the month was lifted. list Company, Jiaxin silk 21 million 329 thousand and 300 shares of the first restricted shares lifted, lifting the market value of 394 million yuan, accounting for 16% of the total market value. So far, there are already 16 textile and garment industries this year. Listed company The lifting of the ban and the lifting of the ban amounted to 1 billion 120 million shares, accounting for 4.83% of the total circulating capital stock of the whole industry.

It is observed that in May, a total of 6 textile and apparel listed companies were implemented. Lift a ban The lifting of the ban has set a new monthly high this year; and the industrial capital premium rate has been reflected in the textile and apparel stocks.

"For the new shares that are not listed soon, because the original shareholders holding shares may have the possibility of reducing cash holdings at any time, there is no shortage of short-term pressure." A securities analyst said, "however, major shareholders of listed companies have recently raised the tide of overweight, and the pressure on textile and apparel stocks after the lifting of the ban may be relatively small."

　　 In May, the industry lifted 6 billion 800 million yuan and 4 companies will be fully circulated.

According to the latest statistics of CAI Hui, in May, there will be 132 listed companies in the Shanghai and Shenzhen two cities to ban the listing of restricted shares and 15 billion 723 million shares of the A shares, accounting for 0.76% of the total share capital of the current shares of the A shares. According to the closing price in May 10th, the market value of the lifting of the ban in May was 262 billion 971 million yuan, accounting for 1.24% of the current stock market value of the shares. Compared with the lifting market value of 276 billion 884 million yuan in April, it decreased by 5.02%. Although the market share of A shares was lifted in May, the market value of the shares decreased, but it was still the third highest level in the year.

The difference between the lifting of the ban on A shares and the lifting of the ban on shares is that with the lifting of the ban on the 21 million 329 thousand and 300 shares of the silk company, the textile and garment industry has finally ushered in the first lifting of the ban this year. The textile and garment industry in May lifted the number of companies, lifting the total amount of the ban, lifting the market value of the year hit a new high.

Through combing and comparing the lifting of the ban on textile and garment industry in a single month this year, it is easy to see that the climax of the lifting of the ban is coming.

Statistics show that in January, 4 textile and apparel companies were lifted, lifting 316 million shares, 23 billion 198 million shares in circulation, 1.36% in the industry, 3 billion 736 million yuan in the market and 1.54% in the lifting of the ban. In February, there was a rapid reduction. Only 2 textile and garment companies lifted the restrictions on the sale of shares, lifted 9 million 700 thousand shares, lifted the ban to 0.04%, lifted the market value of 471 million yuan, and lifted the ban to 0.19%. In March, a total of 5 companies in the textile and apparel industry were lifted, lifting 519 million shares, lifting the ban 2.24%, lifting the market value of 3 billion 336 million yuan and lifting the ban 1.37%. In April, 4 textile and garment companies were lifted, lifting 254 million shares, lifting the ban 1.1%, lifting the market value of 5 billion 517 million yuan and lifting the ban 2.27%. By May 11th, Jiaxin silk became the first listed company to ban the textile and garment industry. In May, there were 6 companies lifting the ban, 729 million lifting the ban and 3.14% lifting the ban, lifting the market value of 6 billion 772 million yuan and lifting the ban 2.78%. Obviously, after the rapid rise and fall of the market in April, the lifting of the ban on textile and apparel listed companies is coming.

Specifically, the 6 listed companies facing the lifting of the ban in May covered 3 types of restricted shares: 3 were the lifting of the ban on share reform, namely, YOUNGOR (lifting the ban on 178 million 227 thousand and 600 shares in May 16th, lifting the market value of 2 billion 42 million yuan), civil Aviation shares (lifting 128 million 492 thousand shares in May 25th, lifting the market value of 1 billion 108 million yuan), Fujian Nanfang (May 29th May 29th ban 129 million 13 thousand and 300 shares, lifting the market value 1 billion 91 million yuan); 2 were the first lifting of the ban, namely Jiaxin silk (May 11th May 11th ban, lifting the market value of 21 million 329 thousand and 300 yuan), Jin Feida (May 22nd Ban Ban shares, lifted the market value of yuan), as well as the Jijia for the issuance of the lifting of the ban, the Xinye textile lifting of the ban shares, lifting the market value of RMB.

Among them, 4 of the 6 companies will achieve full circulation in May, namely the first release of Jin Fei Da, the Xinye textile issued by the lifting of the ban, and the civil aviation shares lifted by the share reform and Fujian Nanfang. After the lifting of the ban, the 4 companies no longer have the number of remaining unlifted.

In the face of the peak of the lifting of the ban, a securities analyst said: "textile and garment stocks may be smaller after the lifting of the ban, after all, the market has just completed the bottom up, and many major shareholders of listed companies have increased their holdings. Of course, for the new shares that are not listed soon, because the original shareholders holding shares may have the possibility of reducing cash holdings at any time, there is no shortage of short-term pressure.

　 Industrial capital "ice and fire two days" May lifted shares performance differentiation

On the whole, the lifting of the A share is facing the embarrassment of the industrial capital premium rate. In from May 9th to 13th, of the 9 listed companies whose initial shareholders restricted the sale and lifting of the ban, 6 of the shares were later priced at the issue price higher than the issue price, while the other 3 stocks were in a state of breakage. As for the industrial capital that will soon be lifted, it is facing the situation of ice and fire. On the one hand, the shareholding premium of many shareholders has reached several times. On the other hand, some shareholders are facing a break even situation, though it is higher than the original shareholding cost, but "throwing and throwing" will face a choice. It can be seen that unlike the lifting of the ban on stock reform, the expansion of new shares has accelerated in recent years, and the issuance of high priced shares has gradually increased. Especially in the two tier market, the pressure of high valuation plate is bigger, which further increases the pressure of industrial capital lifting.

　 For the textile and garment industry, the industrial capital premium rate "ice and fire" is also reflected.

Data show that in May, 2 first lifting stocks, Jiaxin silk is currently in a state of break, the company's issue price of 22 yuan, but as of May 10th, the closing price of 18.43 yuan, lower than the issue price of 16.23%; the stock since May, 6 days of trading has fallen 0.59%, and won the 0.72% decline in the big market.

The first release price of the first release was 9.33 yuan, and the closing price as of May was 10 yuan, 9.41 yuan, which was higher than the 0.86% issue price. Since May, the stock price has fallen 5.05%, which has substantially lost the same market.

In addition, in May 31st, Xinye textile, which is about to launch additional issuance and lifting of the ban, will be closed at the end of May. The closing price of 10 will be 5.87 yuan. The company will issue an additional price of 5.49 yuan, and the current premium will be 6.92%. The stock will rise 1.03% in the 6 trading days before May, and become the most prominent stock in 6 lifting stocks. The 3 closing price of share reform is all higher than the issue price, but in May, the stock price trend of the three companies was divided. Among them, Fujian's South spinning has lost 15.33% in the 6 days since May, and it has lost 0.72% in the market. YOUNGOR also lost 2.96% in the 6 days, while the shares of the airlines increased by 0.93%.

　 The most critical organ of performance growth is optimistic about 3 lifting stocks

Compared with the 6 textile and apparel stocks that were lifted in May, only 3 of them were awarded positive investment ratings by securities firms and other research structures, while the other 3 were subjected to cold reception by research institutions.

As the leader of the silk industry, Jiaxin, the first lifting of the ban, has earnings per share of 0.09 yuan in the first quarter of this year, 8.40 yuan net assets per share, and 17.79% and 7.51% of its main revenue and net profit respectively. With the further development of the domestic and foreign markets, the expansion of production and operation scale, the improvement of labor productivity and the strengthening of cost control, the company's main business income continues to grow steadily, and its profitability is further enhanced. It is estimated that the net profit attributable to shareholders of Listed Companies in 2011 1-6 will increase by 10% to 30% over the same period last year.

Everbright Securities believes that the valuation of existing businesses is basically reasonable, providing a margin of safety for the company's share price. Once the brand transformation is successful, it will bring about double promotion of performance and valuation. It is optimistic about the development space brought by brand transformation to the company. It is estimated that the diluted earnings per share in 2011-2013 years will be 0.80, 1.05 and 1.33 yuan respectively, so as to maintain the "buy" rating. GF Securities also believes that in the context of the revival of external demand and the promotion of domestic demand, the company's performance has been growing steadily, maintaining a "buy" rating, with a reasonable value of about 25 yuan in one year.

YOUNGOR, the share reform unit, gained 0.175 yuan per share in the first quarter of this year, 6.68 yuan in net assets per share, and 7.03% and 122.25% respectively in its main revenue and net profit. The company's brand clothing business has increased net profit year-on-year due to the increase of gross margin and extra business income. In May 3rd, CICC released a research report that YOUNGOR's clothing industry grew steadily, investment business promoted its performance, asset value and growth potential were underestimated, and its current business earnings ratio was 17.4 times in 2011. Maintain "recommended" rating. Giving textile and garment business 25 times price earnings ratio, plate value can reach 18 billion 200 million yuan, real estate land reserve value is 14 billion 200 million, commercial property assets value is 7 billion yuan, and financial assets market value exceeds 13 billion. The company's total market capitalization is only 26 billion 400 million yuan, which is significantly lower than the asset value.

Another anti dumping unit favored by the securities companies in May was the hang min shares. The company's earnings per share in the first quarter of this year were 0.088 yuan, the net assets per share was 3.41 yuan, the main revenue and net profit increased by 5.60% and 3.34% respectively, and the company's strong cost control capability ensured the sustained growth of its performance. The latest research report released by GF Securities in May 8th believes that the company's printing and dyeing business is full of orders, and the price of processing fees has been raised two times in the year (over 10%). In 2011, the new high-end printing and dyeing capacity will be increased by 10%, the volume and price will increase and the products will become more high-end. In 2011, the shipping business (25 thousand tons of ships will be launched in September), non-woven fabrics (10 thousand tons of spunlaced sanitary materials, double production capacity), weaving business (8 million meters) will achieve further expansion of capacity. The company expects earnings per share in 2011, 2012 and 2013 to be 0.68 yuan, 0.86 yuan and 1.01 yuan respectively. The current price corresponds to the 2010 price earnings ratio of only 12 times, much lower than the industry average level, and the margin of safety is relatively high, and the first time it is given a "buy" rating.