Pi Haizhou: Gem Performance Is Difficult To Support The Stock Price
How can the gem create a new high? The growth of the GEM listed companies is considered to be an important factor in promoting the growth of the GEM market.
According to the requirements of the Shenzhen Stock Exchange, as of February 28th, all 421 companies on GEM have disclosed the major financial data in 2014 through performance bulletin, annual report and listing notice.
Statistics show that 421 companies in the 2014 gem have achieved a total operating income of 343 billion 146 million yuan, an average of 815 million yuan per company, an increase of 27.03% over the same period last year. The total realized net profit was 39 billion 353 million yuan, with an average of 93 million yuan per company, an increase of 22.71% over the same period last year.
The growth rate of operating income and net profit is the highest in the past three years.
In addition, the growth rate of net profit of listed companies on GEM in 2014 was close to the growth rate of operating income for the first time in nearly three years, and realized the synchronous growth of profits and revenues.
At present
Macro economy
In the recession, the growth of operating income and net profit of GEM companies is more than 20%, which is indeed commendable.
Nevertheless, the performance of GEM companies is not enough to support the share price of GEM companies.
Because from last year's low position, the gem index rose from 1210 to 2014.79 in March 5th, and its overall growth rose more than 66%, which rose far beyond the growth of GEM companies.
Moreover, from the index of average price earnings ratio of GEM companies, the stock price of GEM companies is obviously full of bubbles.
According to the data released by the Shenzhen Stock Exchange, as of March 4th, the average price earnings ratio of GEM companies was 82.13 times.
This data is not only much higher than the average price earnings ratio of the Shanghai listed companies 16.42 times, but also far higher than the Shenzhen stock market's 27.40 times price earnings ratio, which is also higher than that of the medium and small board 50.17 times the P / E ratio.
On Thursday, the Nasdaq composite index has only 26 times earnings.
It is obvious that gem shares are full of bubbles.
Moreover, from the perspective of market rate, the growth enterprise market is also "too high". At present, it is 6.08 times, and the total A share is 2.23 times, the small and medium board is 4.1 times, and the Shanghai A share is 1.86 times.
The sales rate of gem is also very high, reaching 9.4 times, far exceeding the market rate of 1.59 times of all A shares.
Over the same period, the sales rate of the main board and the small and medium board is 1.33 times and 3.22 times that of the gem, that is, the market share of the gem is 7 times that of the motherboard.
Therefore,
Gem
It is obvious that the company's performance growth is not enough to support its stock price.
This is not just about the growth of share price of GEM companies, which is far more than the growth of performance. Even some high performance Growth Company, its so-called high growth is based on its previous performance decline or profit margin.
Like the eastern fortune, 2014's performance increased by more than 32 times over the same period last year.
However, its earnings per share in 2013 were only 0.0041 yuan, and 32 times earnings in 2014, and its earnings per share were only 0.137 yuan.
This is clearly not enough to support its share price of more than 40 yuan per share.
Because of this, the East Asian wealth has more than 300 times earnings.
Why, then, is the gem company not strong enough to support the stock price?
Price of stock
The reason why it has been fired again and again is that the market will be hyped up whenever speculation exists.
The most important thing for GEM companies is hype.
On the one hand, macroeconomic restructuring has given GEM companies a lot of hype.
For example, 305 companies in 421 companies are strategic emerging industries, which are supported by industry policies.
On the other hand, GEM companies make their own themes, such as asset acquisition and reorganization, high pfer and so on.
Due to the small scale of equity capital of GEM companies, these GEM companies are easy to be hyped up by the market.
But this kind of speculation brings huge risks to investors.
Although there is support for industrial policies, if it can not be converted into an increase in the performance of listed companies, then this hype is not sustainable.
In terms of mergers and acquisitions, though it is good for the company to become bigger and stronger, there are also many problems, such as whether the reorganization will be stopped, whether the acquired assets are high-quality assets, whether the purchase price is too high, so that the performance of the overdraft increases, whether the performance of the assets acquired is guaranteed or not, and even the assets acquired by some companies will eventually become a burden to the development of the company.
As for the issue of high delivery and pfer, it has evolved into a naked interest pmission. Many listed companies are escorting the big shareholders with high cash prices.
Therefore, for investors, we must be aware of the potential risks of gem stock speculation.
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