On Monday, the market did not fear the pressure of lifting the ban on a large scale, stepped out of the market of low opening and high going, and recovered the 10 and 20 lines in one fell swoop, and the short-term technical indicators became stronger. It is expected that the market will continue to rebound under the expectation of reducing stamp duty. From the perspective of the disk, small-cap stocks with better technical forms have been active recently, with Antai Technology, Jiangsu Thorpe and Changjiu Biochemical among the top gainers.
We find that the valuation of all outstanding shares is generally significantly higher than the market average, and the smaller the share capital, the higher the valuation level. For example, Le Fei Audio (600651) has 560 million shares, the current price is 13.38 yuan, and the price-earnings ratio is 122.6 times; The share capital of AISI (600652) is 390 million shares, the current price is 9.87 yuan, and the price-earnings ratio is 270 times. Both stocks are "three noes" concept stocks. Through comparison, it is found that the share capital of Tengda Construction (6005 12) is 368 million shares, the current price is 9.76 yuan, and the P/E ratio is only 58.6 times. The company's share capital and pricing level are close to Aichi. If calculated according to the price-earnings ratio of the affected shares, the reasonable pricing level of Tengda Construction should exceed that of 40 yuan, and the current valuation level is low. Pay attention to Tengda Construction (6005 12).
Taking the lead in realizing the fully tradable equity structure is easy to trigger placards.
On April 7, 2007, all the sponsors' shares of Tengda Construction (6005 12) were granted the right to circulate, and 49 million shares issued by the company entered circulation on October 25, 2008. At this point, the company took the lead in realizing full circulation. Tengda Construction shares are scattered. The largest shareholder only holds 6,543,806,540 shares, accounting for 4.49% of the total share capital. Even if the top five tradable shareholders are related parties, the total share capital is less than 654.38+08%. In addition, its share capital is low. From the point of view of full circulation, this equity structure is easy to trigger a placard acquisition.
What is the value of controlling shares of listed companies in the era of full circulation? For example, 27 million restricted shares of Sanlian Trading Co., Ltd. (600898) were publicly auctioned on February 14, and finally Shandong Longjidao Construction Co., Ltd. bid 537.3 million yuan. Based on this calculation, the transaction price per share reaches 19.9 yuan. Sanlian Trading Co., Ltd. has suspended trading since February of 13, and the price of suspension is 9.68 yuan, that is, the price of restricted shares is 205.58% of the market price, which is twice the market price. Why do you sell at such a high price? This is mainly because these 27 million shares directly determine the control of the company. Therefore, the competition for controlling shares of listed companies in the era of full circulation often leads to high premium.
Professional construction value of special qualification pass
Tengda Construction (6005 12) is one of the few private listed companies with the special qualification of municipal public works construction general contracting, and also has the first-class qualification of highway engineering construction general contracting, housing construction general contracting and many other professional contracting first-class qualifications. As we all know, for a construction enterprise, having a special qualification means having the highest competitive qualification in the same industry. After obtaining the special qualification last year, the company successfully completed the public offering of no more than 50 million yuan on June 25, 65438, which was used to purchase high-end equipment related to rail transit construction, such as shield equipment. With the strong combination of pass and high-tech construction capacity, Tengda's bid-winning ability will be greatly improved in the next few years, and Tengda's profitability will be rapidly and steadily improved in the field of construction projects with economies of scale.
For the future development of the main business, according to the forecast of the research departments of relevant professional institutions, it is believed that the growth rate of performance in 2008 will be above 50%, and the compound performance growth rate will reach 39.8% in the next three years. As a high-growth, steady and low-key listed company, it is the preferred investment target in the market in 2008.
Many successful projects have outstanding growth.
Recently, the company has placed a series of large orders. It is understood that the projects under construction have reached more than 3 billion yuan. In the second half of 2007 alone, the company won the bid for several projects, such as "Pudong Extension Project No.2" announced on June 65438+February 10, 2007, with a target of more than 860 million yuan, and "South Section of Qingqi Road (A) Construction" announced on October 27, 2007/KLOC-0. Relevant data show that in the next six years, Shanghai will build 332.5 kilometers of urban rail transit with a total investment of 1000 to135 billion yuan. Under the background of the high growth of infrastructure investment in Shanghai, as a private listed company with special qualification of general contracting of municipal public works, its main business of municipal engineering and highway engineering construction is expected to gain greater opportunities.
In the era of full circulation, the competition for controlling shares of listed companies often leads to a high premium. For example, on February 4th, Sanlian Trading Company auctioned non-tradable shares at 19.90 yuan/share, which is twice the price of tradable shares! Tengda Construction Co., Ltd. is a private listed company with the special qualification of general contracting of municipal public works. The company has won the bid for a number of major projects, and the amount of projects under construction exceeds 3 billion yuan. The stock is the first to achieve full circulation, and its equity is quite scattered, which is easy to trigger a placard acquisition. The stock has a strong form, and since July 2007, it has formed a bottom that has risen three times in turn. The recent continuous heavy volume is expected to break through.