(Original title: Valuation reshapes to catalyze central enterprise reform concept stocks rise in batches)
News from our newspaper (Reporter Liu Yang) The concept of central enterprise reform is now in batches on the 23rd. Finally, “20cm” daily limit of China Railway Equipment, Zhongke Environmental Protection, Sinosteel Luonai rose more than 12%; daily limit of 10 shares. It is worth noting that China Railway Equipment, China Cheng shares, China Communications Construction, etc. have had their daily limit for two consecutive trading days.
In terms of news, on November 21, Yi Huiman, chairman of the China Securities Regulatory Commission, spoke at the annual meeting of the Financial Street Forum, offering to “understand the pricing logic of various types of listed companies and explore the establishment and pricing system with Chinese characteristics.” Please note: “The level of valuation directly reflects the market recognition of listed companies. On the one hand, listed companies, especially state-owned listed companies, have to exercise their internal skills ‘, strengthen professional strategic integration, and improve core competitiveness; on the other hand, they must further strengthen the awareness of the public company, actively strengthen the management of investor relations, and let the market better understand the intrinsic value of the enterprise .”
On May 27 this year, the State-owned Assets Supervision and Administration Commission published the “Work Plan for Improving the Quality of Listed Companies Controlled by Central Enterprises”, stating that the “mismatch between value realization and value creation ” of state property. listed companies are still prominent.
At present, the PE-TTM of central enterprises and local state-owned enterprises calculated according to the general method is 9.0 times and 15.5 times respectively, and the data of A share companies and private listed companies are 16.8 times and 43.9 times respectively; under the PB caliber, central enterprises and state-owned local enterprises They are 0.93 times and 1.50 times respectively, while the general A shares and private enterprises are 1.60 times and 3.22 times respectively .
“Currently, state-owned listed companies are undervalued, especially central enterprises are significantly undervalued. On the basis of respecting the natural laws of the market economy, the establishment of a pricing system with Chinese characteristics help correct the above underestimation and promote the value return of listed state-owned enterprises.” Shen Wanhong Yuan Securities analyst Lu Haochuan believes that given that non-state-owned technology listed companies must follow global capital market rules to enjoy valuation premiums in the early stages of growth and the introduction of technology, the current A-share market valuation of central enterprises is extremely low, which is a safe marginal and upward elasticity.
Regarding stock selection ideas, Lu Haochuan said that central enterprises follow three principles in stock selection. “Firstly, low valuation and high dividends; secondly, in terms of corporate behavior, actively communicate with the market and have high transparency; thirdly, in terms of industry direction, focus on two main lines: big energy (oil , coal, electric power). , chemical, Transport), big technology (military industry, telecommunications), etc.”
Some people in the industry also believe: “Reshaping the valuation of central enterprises will be a big positive for the A-share market. Whether it is PE or PB, it is only 1/3 of the overall market average central enterprises. If the PE and PB of the central enterprises return to the market average, then theoretically the stock price will have a large room for growth, which will play a role in promoting an uptrend in the market, which is why that the valuation will be reshaped. central enterprises is a great benefit to the A-share market, and the stock prices of central enterprises are still at the bottom. , with medium and long-term investment value.”
Driven by the daily limit of a batch of central enterprise reform concept stocks, the concept of state-owned enterprise reform was also fermented again on the 23rd. At the end, nearly 20 individual stocks, including Dongfeng Technology, Xiyi, Guangdong Media, Yinbaoshanxin, Xiangyou Technology, Yinglite, and Hunan Tianyan, had their daily limit. Zhao Shitang, deputy director of State-owned Assets Supervision and Administration Commission of the State Council, recently said that since the three-year reform of state-owned enterprises, the amount of social capital introduced by central enterprises have been more than 800 billion yuan, and a number of mixed reform enterprises have successfully listed on the capital market.
