Analysis of Nanjing Hi-Tech 600 064

 Nanjing Hi-Tech 600 064
total share capital of 344 million shares, outstanding shares of 223 million shares. (Investment Holdings based group)
one of the 601,009 shares held 205 million shares of Bank of Nanjing (2.17 billion), accounting for 17% is its third largest shareholder. containing 0.7 per share.
Qixia building holds 600,533 shares in circulation 5842 corporate shares, accounting for 14.43%; currently part of the equity shares have been circulation of 1575, the remaining shares will be held in January 2008 and circulation in January 2009.
holding tradable shares of CITIC Securities 2755 Restricted shares (48 million), accounting for 0.924%; (have been in circulation) August 28, 2007 to 74.91 yuan / share additional 305 securities subscription center shares, the total amount is not more than 229,077,300 yuan. Total 3060 million.
South Science City Development Co., Ltd. holds 518 million shares outstanding (11.88 million), accounting for 0.97%.
securities held in Nanjing 2434 shares (investment 140 million), accounting for 1.32%, to 4.88 million yuan while the development of holding 1.7% stake in Nanjing Yangtze River.
Second, the real estate business.
reported before in the fancy, there are several terms need to understand about.
first long-term equity investments in accounting method, there are two, one cost method, first, the equity method.
cost, by definition, long-term equity investment to the cost of investment reflected in the book , dividends are recognized as investment income. Typically, investment units of investment being less than 20% of the cases, using the cost method. Southern foreign investment in most of the high cost method, such as CITIC Securities, Nanjing Bank, Qixia construction.
the equity method, when the investment of the investee after the ratio exceeds 20%, indicating a significant impact on the company can not simply reflect the cost at this time, when the other person a profit, even if the other party do not pay dividends, but also the proportion of investment income recognized in accordance with ownership, such as: a company to invest in Company B, the investment ratio of 30%, and Company B 100 million profit that year, no bonus, but a shareholding company will be recognized in accordance with investment income 30 million (100 * 30% = 30 million), of course, a loss if the investment unit stake should follow the same investment losses. South High foreign investment using the equity method of including the Nanjing Xingang LG Display Co., Ltd. (held proportion of shares 25%), Suzhou Qixia Construction Co., Ltd. (20% stake), Xianlin Qixia Construction Company Limited (stake 49%).
second is on the consolidated financial statements.
When investment unit stake is more than 50%, indicating the invested unit of practical control, or it is holding no more than 50% of the investee also has control over the actual circumstances (such as the largest shareholder Sui Only 30% stake, but all the other shareholders to minority shareholders, ownership dispersion, no significant impact on the actual control of the company's largest shareholder) should be consolidated financial statements. consolidated financial statements of case, the income of investee assets and liabilities and all the profits incorporated into the company, the interests of other minority shareholders have in the consolidated financial statements reflect the minority interest projects. high foreign investment in the South, Nanjing Chen Gong Pharmaceutical Co., Ltd. (100% stake), Nanjing Xingang Pharmaceutical Co., Ltd. (90% stake) and Nanjing Xianlin Real Estate Development Co., Ltd. (80% stake) are the three most important period in the consolidated financial statements of the company.
in both the Nanjing High Tech reported to be concerned about two points: First, the company's investment income, and second, restructuring of the company's main business. Because now, the total assets in the south, foreign investment has accounted for a large proportion (5.7 billion total assets available sale financial assets and total long-term equity investment of 2.5 billion, accounting for about 47%), investment income has become a major source of high-profit South, so investment income is stable and sustained growth, on the southern high-performance greatly. The company to the real estate industry is currently the main transition will determine the success or failure is high in the south of the future development of the future.
a first look at the company's investment earnings:
2007 a total investment in the first half of the company income 72,370,223.09 yuan, 5 times over the same period last year, including dividends 60,770,855.20 yuan shares of the company, specifically including:
the number or proportion of shares Name of the dividend amount per share dividends
Bank of Nanjing 205,200,000 0.10 20,520,000.00
Qixia Construction 65,921,520 0.36 23,731,747.20
CITIC Securities 27,549,845 0.20 5,509,969.00
Huaxin Guang Electric 5.22% 11,009,139.00
Total 60,770,855.20
equity method investment income 11,722,474.16 dollars, specifically including:
the number or proportion of shares Name of the corresponding investment LPG benefits
Newport Newport 25% -44,143.39
LG shows 25% 4,698,405.75
Qixia 20% 5,454,829.02
Suzhou Qixia 49% 1,613,382.78
Xianlin Total 11,722,474.16
of investment income, primarily to see whether the stability and sustainable growth.
Qixia Construction Bank of Nanjing and its main source of investment income, Bank of Nanjing in 2006 was 0.49 yuan per share, fully diluted post issue of new shares is 0.32 yuan, while the 07 universal banks under the pre-pre-analysis of the situation by the south line of business growth can be expected, at least not lower than 06, dividend per share should be 06 not less than 0.10 per year; Qixia building and CITIC Securities without analysis we should also be a number, both performance surge is a foregone conclusion in 2007, dividends are not expected lower than last year. LG Newport show stable performance, Suzhou Qixia and Xianlin income of Qixia has entered the second half and 08 years should be do well, we can see, the company's investment income will continue to grow steadily.
company obtained from Nanjing Huaxin Guang Electric Co., Ltd. 2006, dividend income reported 11,009,139.00 yuan is the one bright spot, and why? because Nanjing Tech 9,536,435.01 yuan investment in the company, 5.22% stake, the Department issued in 1997 to raise funds investment shares to the cost method. The year 2006 dividend has exceeded the company's total investment, high profit of the company is indeed surprising. Now we take a look at the Nanjing Huaxin Guang Electric Co., Ltd. of the specific situation.
Nanjing Huaxin Guang Electric Co., Ltd. is a famous enterprises from Taiwan Walsin Investment Corporation and a large industrial holding company, began construction in 1994, put into operation in late 1996, the registered capital of $ 22,000,000, the actual total investment of more than 75 million U.S. dollars, is now the largest production base of low oxygen light refined copper rod. from the Jiangsu Provincial Economic and Trade Commission and other communications from the three departments 2006 operating income hundred enterprises in Jiangsu Province (Group) situation can look to the company revenues 7.442 billion yuan in 2006, ranked No. 93. this is not difficult to understand, an annual sales income of up to 74 billion enterprise, as long as 3% of the net profit margin, we can have a net profit of 2.2 billion, spread over 22 million U.S. dollars (translated into about 170 million yuan or so) on the total share capital, which means earnings per share (RMB) more than 1 yuan, Nanjing Hi-Tech 9,536,435.01 yuan investment in the company, dividend income 11,009,139.00 yuan in 2006 also a matter of course. That is, in the long-term investments under cost method, seemingly placid calm below the surface, often hidden the predators cash cow, will contribute to huge profits for the company. This is the hidden asset value in Nanjing Hi-tech surface again a classic case.
In fact, high in the south there are many similar investment, following several major investment Analysis:
1, Nanjing Xingang LG Display Co., Ltd.
2002, the Nanjing High-Tech to 29.8 million yuan in the price of the transferee, Nanjing LG Color Display System Co., Genesis 25% stake in the company, under the equity method of accounting .2006 years, was renamed Nanjing Xingang LG Display Co., Ltd.. As of June 30, 2007, the company's total contribution to the investment income 39,847,111.91 yuan, also exceeded the company's total investment. from the Jiangsu Provincial Economic and Trade Commission and other communications from the three departments of Jiangsu Province in 2006 hundred enterprises operating income (group) can access to the case, the company has revenue of 7.966 billion yuan in 2006, ranked 83, is a giant company level.
2, Nanjing flames Fujikura Optical Communication Co. Company
the company formerly known as the Nanjing Huaxin Fujikura Optical Communication Co., Ltd., Nanjing Hi-tech investment 18,705,207.20 yuan, 7.65% stake, the Department issued in 1997 to raise funds investment shares to the cost method. The company's controlling shareholder originally Walsin Holdings Limited, October 2006, FiberHome (stock code: 600498) The transferee Walsin Holdings Limited holds 50.1% stake in the company, became the controlling shareholder, and in In 2007 the company was renamed Nanjing flames Fujikura Optical Communication Limited. The company described the specific circumstances of the relevant notice FiberHome. the company doing well, equity value greater interest to the flames by 600,498 to buy the company's communications Disclosure of relevant information for further analysis.
3, HannStar Cai Xin Technology Co., Ltd. Nanjing in Nanjing Hi-tech investment
41,384,650.00 yuan, 12.50% stake, to the cost method. Nanjing HannStar Cai Xin Technology Co., Ltd. Company by Nanjing Hi-Tech, Panda Electronics Group Co., Ltd. and Samoa Mitsuhiro Resources Ltd. jointly set up in 2001, the joint venture, the company registered capital of $ 40,000,000. The size of the company is not small, but specific information from public sources of information are not can be found. a source of information friends can add.
4, Nanjing, China Nonferrous Metal Co., Ltd.
new investment in 2005 in Nanjing Hi-tech company 6,912,532.80 yuan, 5.22%% stake to the cost method. Nanjing, China Nonferrous Metal Co., Ltd. registered capital of the new $ 16,000,000, luxury International Ltd. funded $ 14,888,000, accounting for 93.05%, Nanjing Su Yuen Industrial Co., Ltd. invested $ 276,800, accounting for 1.73%, the company mainly engaged in copper alloy materials, electrification Railway overhead wires and related product development, production, sales, joint ventures enjoy preferential policies. from industry and business scope of analysis, should belong to a better investment. but the company operation from the public sources of information not found. a source of information friends can add.
the companies listed above, in addition to the Nanjing Xingang LG Display Co., Ltd. has been the equity method of accounting, the other are the cost method, that is, only the company dividends, the South High will be reflected in investment income, as long as companies do not pay dividends, no matter how effective the south is the high cost of the book to reflect the dividend as soon as Huaxin Guang power, the part of the implicit capital gains and income will emerge, reflecting the a huge return on investment.
two, and then look at the restructuring of the company's main business
the reporting period, the company invested 418.6 million yuan Holdings Real Estate Development Co., Ltd. Nanjing Xianlin, holding 80% of the original click here to correct Mo was a cloud cover articles --- the eyes look a bug, that is, real estate Development Co., Ltd. Nanjing Xianlin composition of shareholders, the registered capital of 500 million yuan Xianlin real estate, of which: 80% stake in Nanjing Hi-Tech, Nanjing Xianlin New Urban Development Co., Ltd. owned 19.8% Suburban Nanjing State-owned Assets Investment Center Holding 0.2%, the original article to the company and the construction of Xianlin Ltd. Qixia confused, 20% stake in the company Qixia building operator to the head of the wrong, to correct this.
replenishment from the company's shareholders meeting agenda can be seen, the company expects 2007 revenue of real estate sales of about 5-6 million, net profit 4000 million people, from newspaper to see, in the first half real estate sales income 93.71 million yuan, the cost of 74.8 million yuan, about 15% gross margin, net profit of 5.75 million yuan, basically consistent with the expected number.
projects under construction include: Fenghua residential landscape projects, Dongcheng family residential projects, commercial center Xianlin commercial real estate projects, residential apartments Higher Education projects, the heart Xianlin Business District CBD commercial real estate projects and affordable housing projects are currently under construction to see these items in the balance inventory items in the balance sheet reflects the development costs (in the unfinished construction projects) and development of products (sale items have been completed), worth around 715 million, these projects will become the next 2-3 years property income stable and secure.
In addition, the balance sheet events are described as follows: Xianlin real estate and land in Nanjing Guo Ziju contract signed, July 25, 2007 land transfer fees and other fees to pay about 255 million or so, this will be the company to take to another piece of land. Land Reserve is the future development of relations between the real estate business a top priority, high in the south in the background of the decision to take its place has a unique advantage, that we should be very clear.
the other hand, in advance ending balance of trade subjects show its 3 million, of which: land development and the parent company in the two million or so in advance, Xianlin real estate in a million or so in advance.
in the first half of the operation of which, the company has identified build real estate, utilities (water), pharmaceutical industry, tier three development ideas.
the case of sewage treatment plant on the companies mentioned in the small, the treatment plant plans to invest 40 million yuan, the Department of 97 years to raise funding, 2003 annual report disclosed that the project finally into 46.65 million yuan, put into operation in December 2003 and thereafter no further disclosure of the annual report of the situation of the project is estimated to benefit the general case, but the long term, this will be a main highlight of the company.
then look at the company's pharmaceutical Assets:
company has been steady growth in drug sales and higher gross margins, but the first half of 2007, drug sales have declined, which is the first decline in drug sales We look at the specific circumstances of medical assets.
medical assets include two parts, is formed to invest in the form, including Nanjing, Chen Gong Pharmaceutical Co., Ltd., Nanjing Xingang Pharmaceutical Co., Ltd. and its controlled subsidiaries.
1, Nanjing Pharmaceutical Co., Ltd. Chen Gong Basic
① 1992 年 03 month from pharmaceutical factory in Nanjing, China, small business, Wing Ning Hong Kong International Development Co., Ltd. a joint venture in Nanjing Pharmaceutical Co., Ltd. Hong Cui (Nanjing Pharmaceutical Chen Gong Limited, the predecessor) was officially established with a registered capital of 180 million.
② 1994 年 05 adding licensing state shareholder of Nanjing Hao Industrial Co., Ltd., registered capital from 180 million yuan to 400 million. ③ 1994 年 10 NanJing Hong extraction system Pharmaceutical Co., Ltd. officially changed its name to Co., Ltd. 37.5% of the share transfer to Huasheng Industrial Co., Ltd. Nanjing, Nanjing Fangren Industrial Co., Ltd., on behalf of Nanjing Kuang Industrial Co., Ltd., Nanjing, Wang Hao Industry & Trade Co., Ltd., Nanjing Yun Hao Industry & Trade Co., Ltd., Nanjing, Li Meng Technology Development Co., Ltd., Nanjing Dragon Industry & Trade Co., Ltd., handsome seven companies.
⑤ 1998 年 12 NanJing Newport to 23 million yuan to purchase hi-tech Co., Ltd. Nanjing Pharmaceutical Factory of small business, Nanjing Huasheng Industrial Co., Ltd., Industrial Co., Ltd. Nanjing Fangren eight companies a total of 75% stake in the company's largest shareholder, Hong Kong Changsheng China Development Co., Ltd. 25% of the shares unchanged.
⑥ 1999, Nanjing Pharmaceutical Co., Ltd. registered Chen Gong capital from 400 million yuan to 15.5 million yuan.
⑦ 2002 年 3 months, Nanjing Pharmaceutical Co., Ltd. joint ventures Chen Gong expiration of the joint venture the foreign contingent will be transferred to Nanjing Xingang equity Development Corporation, the nature of the joint venture company Management (Hong Kong capital) change to the capital.
⑧ 2003 年 06 月 Chen Gong Pharmaceuticals to retained earnings and capital reserves, the company increased registered capital from 15.5 million yuan to 3,000 yuan, its stake in Nanjing Hi-Tech still 75% .2004, Nanjing Hi-tech re-shot to 13.5996 million yuan to buy the remaining 24% of the pharmaceutical Chen Gong stake, while its subsidiary Transtech Engineering Design Institute Co., Ltd. Nanjing to buy the price of 566,600 yuan Chen Gong remaining 1% stake in the pharmaceutical, bringing the equity structure of the pharmaceutical Chen Gong, Nanjing Hi-tech shares into a 99% stake in Nanjing Hi-Tech Engineering Design Institute, 1%.
this point, Nanjing Hi-Tech Pharmaceuticals original work of Chen total investment of 37.1662 million yuan, 100% stake. the end of 2006, has cumulative profit of 42 million yuan contribution to the South higher, more than the total investment.
high in the south of the consolidated financial statements since 1999 to include Chen Gong pharmacy.
Here is my information from the public (South High 1999mm2006 annual) data obtained by Chen Gong (unit: million)
annual sales income of the registered capital cost of the main business profit margin net assets
1998 1550
1999 1550 3775.5 115.89
2000 1550 4708.13 179.31
2001 1550 6417.03 1702.99 4714.04 73.46% 317.39 1034 6.34
2002 1550 7199.84 1782.87 5416.97 75.24% 740.61 9854 .73
2003 3000 7719.79 1991.76 5728.03 74.20% 947.68 9782 .26
2004 3000 8604.98 2112.54 6492.44 75.45% 840.22 1212 4.32
2005 3000 9533.34 2288.57 7244.77 75.99% 1053.39 12328.37
2006 3000 10600.41 2726.13 7874.28 74.28% 1584.91 14159.15
2, Nanjing Xingang Pharmaceutical Co., The company's holding company
joint Nanjing Xingang Pharmaceutical Co., Ltd., Nanjing Xingang chain pharmacies Co., Ltd., Nanjing Xingang Pharmaceutical Co., Ltd., Nanjing precedent Pharmaceutical Co., Ltd., all involved in the consolidated financial statements.
2003 年 2 月Nanjing Hi-tech investment 27 million yuan to set up Nanjing Xingang Pharmaceutical Co., Ltd., accounted for 90%.
2004, the Nanjing Xingang Pharmaceutical Co., Ltd. jointly acquired Nanjing Xingang Pharmaceutical Co., Ltd., the company registered capital of 7,000,000 yuan, Nanjing Xingang Pharmaceutical Limited accounts for 73%.
2004, the Nanjing Xingang Pharmaceutical Co., Ltd. (holding 90%) and Nanjing Xingang United Pharmaceutical Co., Ltd. (holding 10%) with a chain of pharmacies Nanjing Xingang Co., Ltd., with registered capital of 800 million.
2004 年 12 months, Nanjing Xingang Pharmaceutical Co., Ltd. (holding 90%) combined with Nanjing Xingang Pharmaceutical Co., Ltd. (holding 10%) with a Nanjing Xingang Pharmaceutical Co., Ltd., registered capital of 10 million element.
2004 年 12 months, Nanjing Xingang Pharmaceutical Co., Ltd. to 3.442 million yuan transferee Schering AG, Germany Nanjing, held 80% stake in Schering, the other 20% stake held by Nanjing Hi-Tech.
Nanjing Hi-tech medical assets, Chen Gong drug is relatively good, and Newport and its control of pharmaceutical companies with the establishment of a short time, is still at a loss, and the primary job is to make integration of medical assets for the early market. Nanjing Hi-Tech in the 2005 Annual Report in focus in 2006 referred to in Article V: The company built up in the power source to enhance the value of the company as the goal, to build high-tech and pharmaceutical industries as the representative of the development of tertiary industry echelon. focus integration of existing resources in the pharmaceutical industry to enhance the competitiveness of the pharmaceutical industry began to make Chen Gong .2006 Pharmaceutical joint-stock transformation, and strive to achieve the company listed in 2-3 years. Currently the listing from the Bank of Nanjing road can be seen, Robinson successful listing of the road may be more twists and turns long, may be a way to backdoor listing, but after all, is worth looking forward to a bright spot.
III, reported the other points
1, significant reduction of fixed assets, greatly enhancing the mobility of assets because the thermal transfer of assets
, while thermal power assets, mainly in the form of fixed assets, thus significantly reducing the company's fixed assets, from the beginning of the end of 5.1 million to 1.7 million, less 66% , the parent company's fixed assets is reduced to only 0.6 million, due to the transfer of income is mainly used for real estate projects, real estate and land development company in the business of land reserves are reflected in the company's inventory project, So the company's liquidity increased significantly.
2, prepayments increased significantly, from 1.5 million to the beginning of 6.2 billion, an increase of 300%
Xianlin real estate company is mainly explained the land transfer prepaid and other expenses, that the company is to increase land reserve.
3, a substantial increase in inventories by 6.5 million to the beginning of 14.2 million, an increase of 117%
from the content of view, mainly the company's development costs and product development significantly increased from 4.7 million to the beginning of 12.9 million, mainly due to completion of real estate projects under construction, totaling about 7 million, and the rest of the parent company of the parent company of land development costs, little change by the beginning of the end of 4.7 billion to about 5 million.
4, available for sale financial assets increased substantially, from 7.8 million to the beginning of 18.3 million, an increase of 136%
reason for the company outstanding shares held by CITIC Securities, Qixia construction, scientific urban values have increased.
5, other payments from the beginning of the year 0.26 billion to 5.35 billion, an increase of 20 times
company explained that the property temporarily closed Xianlin demolition of unpaid compensation.
6, on the calculation of earnings per share related to the company
this hidden revenue dominance issue, but also accounting for the impact on company performance, a typical case. For equity investment has been lifted, there are two methods of accounting for options, one is classified as at fair value through profit or loss and its financial assets, when the time to take this approach, the company held by the lifting of the ban has been value-added part of the current shares outstanding, after deduction of income tax payable included in current investment income, reflecting the current profit in the income statement, of course, must fall to reduce the losses reflected in profit for the current investment; the other is classified as available for sale financial assets, when taken When this approach, the company has lifted outstanding shares held by current income tax payable after deduction of value added into capital reserves, is not reflected in the income statement, down to reflect the reduction of capital surplus will not affect current profits. now Nanjing Hi-tech approach is to select classified as available for sale financial assets, the benefits of doing so is to avoid the volatility of tradable shares held by company performance impact on the formation of significant volatility in investment income caused by recessive is based. In fact, we consider the issue from another angle, no matter what approach the company uses, as investment income Ye Hao, Ye Hao as a capital surplus, the ultimate result is the same net assets, which we can calculate the net per share, end of period assets and net assets per share, the difference between beginning to get the company's actual earnings per share, to the south high school period earnings per share is 30 June of the net assets of the opening net assets of 7.58-5.89 = 1.69 yuan, and this is without calculation does not ban the case of Qixia southbound, this income is real, no matter what accounting treatment is not covered up.
South High also a huge hidden asset is not to lift the embargo Qixia Construction and Bank of Nanjing, the current reflects only the cost of the book, including the parent company shares held by Qixia construction costs 1.88 yuan 4267.15 / shares held by subsidiaries Qixia Xianlin real estate construction cost of 750 million shares of 10.42 yuan / share and 20,520 shares of Bank of Nanjing, cost 1.06 yuan / share. If the part of their holdings at market price after the lifting of the ban reflects the total assets in the south and net assets would have an explosive growth.
four questions on the private placement < br> personally think that the placement of Nanjing Hi-Tech is not the main purpose of the so-called demand for funds, but the major shareholder of the company in order to increase control over the funding needs of the real estate company, has been obtained through the transfer of thermal power assets from the company about the additional resolution could know the CUHK additional 6,000 million shares made it clear that shareholders will subscribe for not less than 3,000 shares, lock-up period of not less than 36 months, we can see, large shareholders to increase the control of the company is still very positive. the additional uncertainty there is a genuine short-term trends affecting the stock price, to see the final outcome of the game. In fact, the way to be more equitable allotment (whether high or low placement price), but does not increase the shareholder's ownership percentage .
five, for the shares when the company promised to change the distribution of profits in 2006-2008 the company not less than 70% cash dividend thinking
commitment because the restrictions cause the Company reflected in the 2007 or even 2008 cash investment income enthusiasm is not very high, can consider another idea, through the shareholder meeting, propose a new distribution plan, the proportion of the cash dividend is not less than 70% to bonus shares can be, so that companies can choose the positive part of the investment income to cash will not lead to the company a lot of cash outflows, such a happy ending and outstanding shares of the company's shareholders is a good choice.
six, on investment income and net worth thinking whether the performance of the company now has such
An argument that the high net worth useless, only the higher earnings per share, return on equity investment in high value, high performance is, I think this is a great misunderstanding, is very harmful, somewhat certain financial knowledge of people know, that is, the net assets of equity (ownership interest), a company owned by shareholders of real wealth, the company operating the outcome of the final success ultimately reflected in equity (owner's equity ) is the increase in net assets. normal operating profit to be reflected in retained earnings in equity in the project, and the current high in the south increase in net assets reflected the increase in capital reserves, while retained earnings and capital surplus are part of the net assets, in fact, sell the shares as long as high in the south, to turn from the capital reserve in out into the investment income, in the end to enter the undistributed profits, the end result is exactly the same, but now reflect the way just not the same. Do you not recognize the growth in equity value has lifted return on investment will bring it? did not realize it is only temporary, but not realized, it means that we must lose? personally believe that the long term, financial and real estate sector will still is hot, CITIC, Qixia still up space, southbound will be much room for development in the future, these are the reasons to support the company to continue holding, do not have to be secured sold to accredited?
personal view South High is years ahead of the biggest success caught the eye of investment securities tradable share reform in China the opportunity to make their investment is a great value, great for the creation of shareholder wealth, this wealth embodied in the huge increase in net assets, this is the real wealth of the shareholders, not just the subject matter only. now if all options are measured by market value, the company's net assets will reach 20 yuan or more, imagine the South High from 97 years of listing, then about 4 yuan per share, net assets rose to 20 yuan, with 10 years, if accumulated through the traditional way of the main industry, the annual income should be how much? if not by investment this way, to achieve this fission? This is the effect of capital operation Cube! and liquidity of these assets is very good very easy to realize, is real money instead of performing assets. In other words, net assets per share is the company's stock price margin of safety, in theory, if the company's strong liquidity, good asset quality, once below the net asset per share, as long as the majority shareholder approval, the company can approach through the use of winding up to serve the interests of shareholders. So, Southeast High is the stock one of the highest margin of safety. and continue to value these investments, there are still room for high net worth means that the South will increase the margin of safety will be improved. Whether black or white as it catches mice is a good cat , value-added equity investment has brought wealth and wealth brought by the main operators are the same value, why do have to point a down? Are not all the money? also stated that the benefits of equity investment value is a one-time, I do not understand why this idea, if the company will realize the stake, holding billions in cash, would not that money? to that of new shares at an average annual rate of return of 10%, have probably earned a few billion now, according to the present share capital of the southern high, average, how much per share? this is sustainable and stable income, right? multiplied by the average number of price-earnings ratio should be positioned? and the distribution of wealth eventually be only a matter of time only, We should all understand that.
seven out of institutions and funds in March thinking
Lion into, we did sally enthusiastic buying, Lion went in June, was dejected, ready to flesh out That September, Lion again how to do? then buy? Lion go again in December to sell? trends for the sector, retail will always be slow in responding, such as retail investors come to understand, is often invited into the vat, you how do you know these days whether the new funding approach? Change which larger space in the end? so all the information behind the information, especially to go through the thinking and analysis can not cause miscarriage of justice, and valuable things will eventually been interest. with the recent disk, which obviously funds the operation has been shipping since the completion of the main, that the purpose of suppressing vibration and no longer ship can only be interpreted as bargain hunting, we do not make a return fool, when the Lion gone when we come in, when the Lion comes when we walk away?
eight, rational analysis of objective thinking
sea stocks in hand, as good, so the lack of objective analysis, some negative factors can not see, this may be true, but some people from the hands-free unit that is absolutely cool and objective look at the issue, I think it may not, in some cases exaggerate the negative and negative factors of one-sided, do not see the positive and optimistic about the factors The same approach will be the loss of the favorable opportunity, not to mention some of the negative impact of even some confidence in the retail firm is not so blind in the low cycle time and not sell into the cover, resulting in the loss of the real (after investors locked in to buy they do not sell into merely a loss, were sold to buy other stocks gain as long as the period of not less than sell the stock, is not too damaged ...