Chemical fiber company Meida shares: Participating in the Bank of Communications, shouldering Fujian Nanfang
Stimulated by the news that the Bank of Communications returned to A shares in the approval of the shareholders' meeting, the share price of the listed companies participating in the Bank of Communications on Wednesday increased sharply. Fujian Nanfang, Jiangsu Kaiyuan and Xinhua Pharmaceuticals all closed up. Others such as Qingdao Alkali industry, Sinochem International also have a good performance. At the same time, the listed companies in the market recently released the 2006 annual report performance pre-announcement announcement, such as Changan Automobile, CITIC Guoan, Inner Mongolia Huadian and other stock prices are also frequently seen daily limit. Therefore, we believe that the ultra-low-priced shares of Meida (000782), which also participate in Bank of Communications and have a significant growth in the 2006 annual report, will face explosive growth opportunities in the short-term, with both themes. Never miss it!
As one of the largest chemical fiber enterprises in the country, Meida shares the annual production capacity of nylon 6 chips to 100,000 tons and 70,000 tons of spinning, ranking first in China. After the company's ten-stage slicing project is put into production, it will add 1.6 billion yuan in output value and 180,000 tons/year of slicing capacity. It has the strength to compete with multinational companies. Not only that, but in response to fluctuations in raw material prices, Meida also invested US$7.08 million in the production of caprolactam in cooperation with the world's largest lactam manufacturer, DSM Fiber Intermediates, of which Meida shares accounted for 75% of the shares. This also allows the company to obtain cheap and good raw materials for production, greatly reducing production costs.
According to the analysis, since August 2006, international crude oil prices have fallen back, and on the basis of a small decrease in raw material prices, the economic benefits and operational quality of the industry have improved. In particular, the downstream demand for viscose fiber is relatively strong, and the market price is rising. From a standpoint, China's chemical fiber industry is expected to end the trough, and in the end of 2007 and early 2008 is expected to usher in the boom period of the chemical fiber industry. In fact, the operating results of Meida shares in the first three quarters of 2006 have shown a significant increase, with an increase of nearly 50%. Therefore, in view of the further strong recovery in the chemical fiber industry in the fourth quarter of last year, the substantial growth of Meida's 2006 results is absolutely predictable. In the context of the current annual report performance wave has been launched, Lenovo's performance of pre-increased varieties such as Inner Mongolia Huadian and Changan Automobile has been frequently updated. Therefore, we are very optimistic about the recent trend of Meida shares.
Of course, the bigger opportunity for Meida shares is that it has participated in the Bank of Communications, which is about to land in A-shares.
The continuous rise of domestic banking stocks has caused H-shares' large-cap financial stocks to set off on a “returnâ€. According to reports from major securities media on Wednesday, following the Bank of China and ICBC, the other Big Mac Banking Bank of Communications (3328.HK) 4.5 billion A shares issued on January 9 officially approved by the bank's shareholders meeting. This means that the return of the Bank of Communications to the A shares has been on the line.
As the stock price of Bank of Communications is close to HK$9 in Hong Kong, the Bank of China’s A-share issuance will exceed 20 billion yuan. According to the procedure, after obtaining the approval of the shareholders' meeting, the Bank of Communications may then formally submit an application for issuance to the China Securities Regulatory Commission. Some sources said that Bank of Communications plans to complete the A-share listing in the first quarter of this year.
The Bank of Communications, which holds the title of the fifth largest commercial bank in China, not only seized the opportunity in financial restructuring and introduction of overseas strategic investors, but also was the first Chinese-funded commercial bank to land in the international capital market. Its reform path is implemented for state-owned commercial banks. Reform has a positive exploration significance. After the Bank of Communications, CCB, BOC and ICBC successfully issued H shares and listed them. Among them, Bank of China and ICBC also realized the A+H model. In fact, as the bank that first proposed and approved the A+H issuance method, the Bank of Communications issued a two-year pre-issuance when the A-share market was in a downturn. Considering that the issuance window was not suitable, he chose H-shares first. In view of this, the voice of the outside world about the return of Bank of Communications to A shares has been endless. On the first anniversary of the listing of Bank of Communications last year, Chairman Jiang Chaoliang also said in an interview that the A-share issuance has been planned, but the specific time depends on development and demand, and also waiting for a suitable distribution window. Otherwise, it will cause problems for inquiry, pricing, market acceptance and market performance.
Since 2006, with the resolution of the share-trading reform, China's capital market is welcoming new opportunities for development. In particular, bank stocks such as ICBC and Bank of China in the fourth quarter have come out with a thrilling rise in the market. The return of overseas financial stocks has opened up a new situation. Bank of Communications restarted the A-share plan should be said to be at the right time. In this regard, the company's chairman Jiang Chaoliang made it clear at the just-concluded general meeting: the issuance of A shares and listing in China, first of all, can supplement the core capital of Bank of Communications, support the rapid and healthy development of Bank of Communications business; secondly, help resolve the equity division The problem is to further improve the corporate governance structure. At the same time, it will also establish a new financing platform for the Bank of Communications, which will help expand the shareholder base and allow domestic investors to share the results of the reform and development of Bank of Communications. He said: "At present, the main customers and businesses of Bank of Communications are in the territory. Landing in the domestic capital market is conducive to further enhancing the market influence of Bank of Communications."
According to insiders of the Bank of Communications, the time when Bank of Communications strives to return to A shares is "the first quarter of this year." In the third quarter of last year, the Bank of Communications entered the silent period before the A-share listing. Previously, the management of the bank said that after the A-share proposal was approved by the board of directors and the shareholders meeting, the bank will soon submit an application for listing A shares to the regulatory authorities.
According to the third quarter 2006 performance report of the Bank of Communications, as of the end of September 2006, the company's net profit increased by 33.94% year-on-year to 9.02 billion yuan; net interest income increased by 24.09% to 28.654 billion yuan, and the capital adequacy ratio was 11.09%, while the non-performing loan ratio during the same period It was 2.12%, down 0.25% from the end of the previous year. It can be foreseen that Bank of Communications, as a quality listed bank resource, especially for A-share blue-chip stocks, is attractive to investors. Therefore, market participants have given higher market valuations to Bank of Communications. In addition, with the recent record highs of ICBC and Bank of China A shares, the former has a price-to-earnings ratio of more than 50 times and a P/B ratio of nearly five times. If this is used as a reference, Bank of Communications's future A-share pricing is more likely to see a higher line.
Just as the Bank of Communications returned to the A-shares, the initial public offering of the Industrial Bank was approved by the regulatory authorities. In view of the fact that the listed companies of the participating banks have been continually eagerly awaited in the current market, especially before and after the IPO of the Industrial Bank, the listed companies such as Fujian Cement (3.85, 0.22, 6.06%) and Xishui (10.78) , 0.49, 4.76%), Qingshan Paper has experienced continuous daily limit or continuous sharp rise, we firmly believe that with the return of Bank of Communications to A shares, the market will once again set off a new round of participation in the concept of bank speculation, and the main line of the market These are the listed companies that participate in the Bank of Communications. Since several companies such as Fujian Nanfang and Jiangsu Kaiyuan have already had a daily limit on Wednesday, the Meida shares (000782), which has not yet been launched, are naturally more upside potential.
Therefore, we believe that there is a strong upswing space and stock price revaluation space of Meida shares (000782), short-term will clone the blowout trend of Fujian Nanfang and Jiangsu Kaiyuan!
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