The Valuation Of GEM Companies From The Perspective Of Over Raised Capital

U.S.A

The dispute over the debt ceiling reached a temporary agreement. The Hong Kong stock market and the Japanese stock market rose collectively. European stock markets also jumped directly, or all of them rose at about 1%. However, the domestic A share market was weak, and the volume of turnover also shrank sharply.

The reasons are mainly as follows: first, the market is worried about the macroeconomic data in July, and the CPI data in July may be higher than before, which will lead to the increase in interest rates. Two, the speed of IPO is rising rapidly. This week there are new shares issuance. The IPO of China water conservancy and Hydropower Group has raised funds of up to 17 billion 300 million yuan, which has brought pressure to the stock market funds. Three, the market worried that the collision of EMU will lead to a slowdown in China's infrastructure investment, which may lead to a more stagnant economy.

Generally speaking, the index is in a dilemma at present. It is still the main tone and the probability of structural market is bigger.

Gem

The group is strong enough to become a beautiful scenic spot in the market. On the 1 day, A shares accounted for more than half of the stocks that were among the top gainers.

There are two main factors to suppress gem in the early stage: first, lack of growth; the growth rate of performance is lower than that of small and medium-sized boards; the two is high valuation.

If we analyze carefully, the growth of the growth enterprise market is not enough, but there are still some companies whose performance has been growing well. As for the high PE, we need to dialectically see that at present, there are a lot of capital raising funds on GEM, many companies have large amounts of money, and there is almost no debt, and the interest rate rises periodically. Even if there is a bank, the interest in the contribution will be very considerable. If the money is deducted from monetary fund, the valuation will be more reasonable.

currency

The funds amounted to 800 million yuan, equivalent to 5 yuan per share in cash and 18.3 yuan in the latest stock price. The net profit in the first half of the year increased by about 50%, and the fourth quarter of the software industry is the peak of the settlement. The performance in the second half of this year will increase significantly.

If the annual earnings per share of the company is estimated at 0.6 yuan, the share price will be 13.3 yuan after deducting cash, and PE is only 20 times, which is obviously low.

In addition, the lifting of the original shareholder of the company after 2012 has no short selling pressure in the near future.