PerformanceContinued decline, the price-earnings ratio is high, the cost of latent chips before delisting is extremely low, so ST Changyou (601975) re-listed on January 8th and has not opened the limit for four trading days.
ST Changyou continued to fall to the market on January 11th. As of midday, it closed at 1.51 million contracts and closed at a limit of 2.83 yuan per share. The opening price of the first day of the re-listing was 2.81 yuan/share, and the three downside trading days. The total turnover of 40.85 million yuan means that the funds involved in the first day of re-listing are basically quilted.
The first day of buying funds was buried
ST Changyou returned to A-shares on January 8 and regained its share price on the first day of listing. ST long oil re-listed at 4.31 yuan / share, after the intraday stop, ST Changyou eventually closed down 23.2%, the stock price reported 3.31 yuan / share.10 minutes of the auction time plus 6 minutes of continuous bidding time, it can be said that ST long oil performance on the first day of 16 minutes is very exciting.
ST Changyou resumed its trading on the first day of trading with 1.803 million contracts, with a turnover rate of 9.5% and a turnover of 571 million yuan. However, in the following three trading days, ST Changyou was sealed down and down, and the turnover on the third day was 27.45 million yuan, 7.79 million yuan, and 5.65 million yuan (as of January 11). The accumulated transaction amount was about 40 million yuan.
Compared with the first day of the re-listing on January 8 and the after-hoursDragon and TigerData, the funds involved in the first day can be said to be basically buried.
On January 8th, after the long oil pan of ST, the information showed that Huaxi Securities Beijing Zizhuyuan Road sold 24.23 million yuan, and Tibet Oriental Fortune Securities five sales offices bought 39.63 million yuan.
ST Changyou’s first day trading, Qingyi’s hot money seats were bought in large quantities. It is worth noting that the top five seats in the purchase were all under the business department of Tibet Oriental Fortune Co., Ltd., four of which were bought in the same place as Tibet Oriental Fortune Securities in Lhasa. The city's sales department, a high probability may be the battle of the hot money team.
In addition, the total amount of the top five in the Dragon and Tiger list is about 39 million yuan, which is not high compared with the daily turnover of 571 million yuan. It can be seen that many retail investors participated in the first day of the game of ST Changyou.
According to the opening reference price of 4.31 yuan / share, as of January 11th, the price of the daily limit was 2.83 yuan / share. The market value of the company on the four trading days has evaporated 7.434 billion yuan, and the current market value is 14.1 billion yuan.
Multiple factors falling
Due to continuous losses, after the closing on June 4, 2014, bid farewell to A shares, and return to A shares today, ST Changyou changed from the previous "central enterprise delisting first stock" in the past 4 years and 7 months. "The first share of the central enterprises that returned to the market." After waiting for four and a half years, the first show of "re-listing the first stock", why did ST Changyou make 120,000?shareholderThey are big surprises.
The performance continued to decline, the price-earnings ratio was high, the cost of latent chips before delisting was extremely low, and the secondary market's tempering of ST stocks and other factors all affected the difficulty of ST long oil.
First of all, from the performance point of view, although ST to oil in 2015 to 2017 are profitable, but the performance has declined year by year. The financial report shows that in 2015, 2016 and 2017, ST ChangyouNet profitThey were 628 million yuan, 560 million yuan and 411 million yuan respectively, up 244.94%, -10.82% and -26.65% year-on-year.
ST Changyou is mainly a small and medium-sized oil tanker. Shipping is a strong cycle industry, and there is a large uncertainty in market volatility. The latest 2018 quarterly report shows that ST Changyou achieved in the first three quarters of last year.Operating income2.49 billion yuan, down 9.20% year-on-year, net profit was 220 million yuan, down 27.21% year-on-year. ST Changyou forecasts a total operating income of 3.374 billion yuan in 2018, a net profit of 290 million yuan, and a net profit of 29.29%.
At the same time, many of the funds bought during the ST oil withdrawal period are extremely low. Although the stock price continued to fall after the re-listing, the low-cost chips that were intervened in advance were still profitable.
In 2014, before the A-shares were delisted, ST Changyou experienced a delisting period of 30 trading days, and the stock price had fallen to a minimum of 0.68 yuan per share. The funds ambushed ahead of time entered at this time. On June 4, 2014, the last trading day of ST Changyou, the stock price closed at 0.83 yuan/share, and the turnover on the day was nearly 100 million yuan.
Since April 20, 2015, the long oil entering the third board has continuously won 33 daily limit, and the stock price has reached 4.17 yuan/share, which has surged 400% compared with the time of delisting. In 2017, one month before the suspension of the transfer of the third board, the stock price rose sharply. The monthly increase was as high as 31%, the turnover was 939 million yuan, and the stock price also hit a high of 4.31 yuan/share.
Among ST's long-oil investors, the former private equity fund Xu Xiang's floating profit is the most concerned, according to the average price of 0.82 yuan in the long-oil delisting period. As of now, Xu Xiang family still does not sell the floating surplus. Up to 245%. In the face of a large number of floating chips, ST Changyou naturally faces strong selling pressure after re-listing.
In addition, the current ST long oil valuation is relatively high, the same as the inland shipping of Changhang Phoenix (000520), the current price-earnings ratio of 40.12, while ST long oil is 43.33 times, there is still a gap. As of January 10, 2019, the weighted average static P/E ratio of the water transport industry in Shanghai and Shenzhen was 16.24 times, with a median of 27.39 times. The industry believes that the long-term valuation of ST long oil comes from its attention premium, because now it is the focus of lyrics, popular, so the short-term speculation is generally normal, but the medium and long-term investment is low cost, pay attention to risk.
(Article source: Securities Times)
(Original title: 1.51 million hands to sell single press top, ST long oil for three consecutive downs, the first day to buy funds buried, Xu Xiang floating surplus is still over 200%!)