144.18 yuan / share, 244% cumulative increase, so the results are only listed in one month after Hanwang technology, compared with the weak broader market over the same period the trend of other shares, the stock soared and Hanwang Technology staggering. To 41.9 yuan / share issue subscription Hanwang Technology While analysts dubbed the beginning of Jibei reasonable price high hat, but the company's share price after the listing of the strong performance is clearly an objective analysis can not be explained analysts.
Idle funds to promote the stock price soaring
If the 82 yuan / share closing price listed on the first day to buy stocks Hanwang Technology, Today, investors account for income on the investment has close to 100%, compared to 1.31% of the online application a success rate, secondary market investors, who from the relatively better luck turning the drum in the transmission Bo silly flower, is there anyone more stupid than you are willing to higher stock prices will be bought in your hands, where hot money again speculation in the stock price to become a great benefit.
Hanwang Technology 41.9 yuan / share issue price has been used by many analysts as rational and reasonable high, implying that shall rise in the secondary market is limited. Day care and a number of research institutions who share that its listing at a reasonable price range for the 45-63 per month, corresponding to dynamic price-earnings ratio in 2010, within the range of 40-50 times, 40 times more than the average small plate of PE prudent another reason.
But then after the listing of shares Hanwang Technology has soared far beyond all rational people had expected.
March 3, the first day of listing Hanwang Technology soaring 83.7% to close at 82 yuan / share. 8 April, a month after the stock market soared to 144.18 yuan / share the high price, compared to 41.9 yuan / share issuance price of the staggering 244% over the same period two new shares listed shares and Palit sword Chemical rose only 98% and 77%, while the Shenzhen Component Index over the same period fell by nearly 10%.
Hanwang Technology traded in the first 26 days, due to disclosure requirements, a total of 5 days was the Shenzhen Stock Exchange trading after-hours trading information published. Information can be seen from the after-hours trading, hot money speculation once again become the driving force behind the new shares, means remains Kuaijinkuaichu.
March 3, Huaihai Zhong Road Shanghai CITIC Securities Business Department Hanwang Technology 65.69 million yuan to buy the next day that substantial shipments, sell the amount of 29.46 million yuan; Barbara So Road, Suzhou Everbright Securities, the date of purchase of 22.83 million yuan sales department, the next day to lighten up 11.78 million yuan; Everbright Securities Sales Department Po Road, Huizhou, the date of the next purchase of 18.65 million yuan, March 5 sold 13.43 million yuan; CITIC Securities News Road Shenzhen Sales Department on March 5 to buy 22.42 million yuan, 3 11 sold 17.33 million yuan.
Long-term bullish short-term over-estimated
April 8, the highest price on the red Hanwang Technology 144.18 yuan, one step away from daily limit, but then rushed out of the sell orders to stock price falls on the 135, ended up only less than 3% in the K line Figure left a long upper shadow.
Given from each analyst earnings forecasts 2010-2012 Hanwang Technology can be seen, may be overvalued stock prices finished lower on the important reason.
TX care given against the company expected earnings per share for the 2010-2012 1.23,1.84 and 2.42 yuan, the dynamic price-earnings ratio of 45 times in 2010, a reasonable range of 49.07-55.21 dollars.
Hai Tong Securities given earnings per share for the 2010-2012 1.55,2.12 and 2.7 yuan.
Can be seen, even with a given Haitong 1.55 yuan in 2010 / shares valuation, the current dynamic price-earnings ratio Hanwang Technology has also been close to a hundred times, but now the average price-earnings ratio of only small plate 48 times, with the same type company compared to the dynamic price-earnings ratio space information 33 times in 2010, Anhui Technologies 58 times. Hanwang Technology shares have been overvalued stage.
Love Song Jian Yang Securities analyst Wan told reporters: "The recent large increases in Hanwang Technology, from 2010 valuation point of view, there are times price-earnings ratio, are overestimated, there is one undeniable element of price is speculation. situation from the company fundamentals, in 2009 the import of products for the company is expected to expand as the market capacity this year, science and technology electronic paper Hanwang book sales will be explosive growth, the expected stock price surge is the most important current cause. "