Home >

Societe Generale Securities: Waiting For Real Growth Stocks To Adjust Opportunities

2014/5/17 7:12:00 24

??? 日本語 Fran?ais English 中文

Societe Generale Securities Growth Stocks Stock Market

the growth enterprise based on emerging industries and growth stocks rose by 24% and 17.6% respectively in the first quarter of 2014, and the net profit attributable to parent companies increased by an increase of 17.6% over the same period. It still has certain growth advantages in the overall A share market, but it has slowed down compared with the fourth quarter growth rate in 2013. The growth of small and medium sized boards (including ST) in the first quarter of 2014 and the net profit attributable to shareholders of parent companies were 10.3% and -0.4%, respectively, compared with the fourth quarter of 2013. 
 we often emphasize that the growth rate of the industry determines the valuation center of the plate, especially for the growth industry. Therefore, the growth industry will further differentiate with the differentiation of performance under the condition that the overall growth is slowing down or even weak. After last year's growth stock market, looking for a sub industry that has passed the performance verification and has growth continuity has become the key to investment. 
 looking for high growth subdivision industry /p >
 the fundamental factor determining the trend of growth stocks is the continuity of growth. Therefore, growth stocks, a href= "http://www.91se91.com/news/index_cj.asp" > investment < /a >, need to pay close attention to the growth trajectory of growth stocks. When growth stocks begin to slow down or grow faster, they need to be cautious and re-examine investment value. 
 in the Shen Wan third level subdivision industry, in 2014, the quarterly revenue growth was faster (before 1/3, excluding the base disturbance factors), and the industries that showed the trend of accelerating speed were: Internet Information Service (92.9%), electronic assembly (36.8%), software development (35.8%), medical treatment service (30.9%), men's clothing (27.5%), medical equipment (22%), biological products (20.9%), electronic components (20.7%), food (17.6%) and environmental protection engineering (11.69%). 
 > a href= "http://www.91se91.com/news/index_cj.asp" > market < /a > there is often a misunderstanding about the growth stocks. The investment in periodic stocks looks at valuations, while growth stocks do not invest in valuations. We believe that on the contrary, the high valuation premium of growth stocks corresponds to high risk. If growth continues, the fall of valuation can provide investors with better timing of risk return matching. 
 the current growth enterprise market has fallen from 1570 points in mid February this year (corresponding to 70 times price earnings ratio) to the near average of valuation mean since October 2009. As of May 13th, the valuation of sub sectors, such as electronic assembly, environmental engineering, food, display equipment, household electrical appliances, medical services and software development, has returned to the average of the past few years in the fast growing sub sectors. Considering that in the period of economic spanformation, the high growth of performance is scarce, that is the key to the growth stock market. Therefore, we can focus on the real growth stocks in terms of the matching relationship between valuation and earnings. 
 optimistic about the 5 high growth industries /p >
Since P > May, the world's major a href= "http://www.91se91.com/news/index_cj.asp" growth stocks < /a > index continued to callback, as of May 9th, NASDAQ fell 1%, the US stock index fell 2.6%, A share index and Hongkong gem index fell 1.9% and 3% respectively. 
After P entered into May, the global stock market continued to adjust. The global telecom industry index has performed well, rising 1.71%, and the necessary consumption and energy industry also has relative benefits. The world's best performing industry since the beginning of this year is still public utilities, and health care has fallen to third after its recent major adjustment. Alternative consumption is still relatively backward. 
 starting from the establishment of the gem index in July 2010, the trend of the gem index is highly consistent with the Chinese stock market. The I index of the US stock index stands for 30, and the correlation is as high as 81%. The correlation between the gem index and the small and medium sized board is 68%, too. From the market value distribution, the ICS30 index has some similarity with the gem. The TMT industry takes the biggest weight, and there is a certain proportion of alternative consumption, new energy and medical care. 
 2014, we are optimistic about the following 5 growth industries: 1) the Internet: the Internet creates a pillar industry for information consumption, and entertainment, medical, financial and other information-based processes will usher in a period of accelerated development. 2) environmental protection industry chain: including the scope of assessment, the increase of government expenditure and private capital investment. 3) new energy (equipment): the industry is facing the upward turning point and the beneficiaries of the reform of production factors. 4) medicine: the first choice is to identify and avoid policy risk growth stocks. (5) national strategic input: the first is the upgrading of military industry and national security strategy + investment "compensation for arrears" + military reform and civil military integration.