48.6%, Societe Generale Securities debut show stunning

Click to view the latest market Cao Yong Shanghai report closing price 14.86 Yuan, or 48.6%!　　Such stunning performance, from the October 13 landing on the Shanghai Board of the Industrial Securities (601377.SH), but also the main underwriter, including UBS Securities, and other institutions surprised. As early as the road stage, the research report issued by UBS Securities only predicts that the reasonable value should be 10.6 to 13.8 yuan per share after the listing of Societe Generale Securities, but it is still rapidly being denied by more research institutions.　　Finally, Societe Generale securities price was pulled down to 10 yuan/share.　　13th, Societe Generale Securities to 14.66 Yuan High, early on the end of the close, once touched 15.58 Yuan High, after the afternoon after the callback closed to 14.86 yuan. Compared with the three securities brokerages listed in the IPO since 2009, Societe Generale's first-day show of 48.6% is not only the first-day gain of Everbright Securities (601788.SH), which is listed in August 2009, but also higher than that of China Merchants Securities (600999.SH) 8.42%　　and Huatai Securities 5.30% (601688.SH) The first day of gains.　　At present, the A-share listed securities increased to 14, and the "most cattle brokerage new shares," The Laurel, is the Societe Generale securities into the bosom.　　is the price high or low? Data show that the first half of this year, Societe Generale Securities to achieve a total operating income of 1.11 billion yuan, attributable to the parent company's shareholders of the net profit of 336 million yuan.　　After the issuance of equity calculation, the company last year earnings per share 0.525 yuan, the first half of this year earnings per share 0.15 yuan. If the closing price of 14.86 yuan on the first day of listing, Societe Generale corresponding to 28.3 times times earnings.　　By contrast, the closing price of the day, Everbright, investment and Huatai corresponding P/e ratio of 19.92 times times, 21.69 times times and 22.13 times times, are lower than Societe Generale securities. From this comparison deduced that Societe Generale Securities is indeed more expensive than the three securities companies mentioned above.　　In practice, however, most research institutions are not bullish on SocGen securities before they are listed.　　Wind's valuation reports on 13 brokerages show that the industrial securities forecast range is concentrated at 8.81-10.03 yuan.　　Among them, the valuation ceiling of the securities is relatively high, up to 11.20 yuan, and CICC and Donghai securities have low valuations, the highest valuation is less than 10 yuan.　　Societe Generale's first-day show, "stunning" debut, seems to prove that research institutions collectively "wrong". "Nothing else, the timing of the listing is good, can not be asked."　　"After the close of 13th, the Shanghai Securities analysts on the" stunning "performance so comments.　　Undeniably, relative to the first half of the Securities brokerage unit group downturn, the second half of the market warmer, brokerage stocks reflect the "showered" potential.　　October 7, China Securities Association promulgated the "Further strengthening of the Securities Company customer Service and Securities Trading Commission management work of the notice", which pointed to "0 Commission" and other unfair competition, is seen as a mitigating effect of the current decline in the Commission. Driven by this positive, brokerage stocks in the festival ushered inA long absence of the general rally.　　October 11 Securities Brokerage unit led the market, Citic, Everbright, Hongyuan, Guangdong to limit the report, Haitong, the northeast and other gains of more than 9%. In addition, the market continued the previous trend, National day after four consecutive trading days rose.　　This is the national day after the listing of new shares is obviously a big positive.　　The 11th-listed Hangzhou tooth advance (601177.SH) to the first day of the 117.85% rise, the main board this year's best record. "Societe Generale securities small plate so good performance, plus better luck." It is expected that in the next three months, the stock price of Societe Generale can remain near 10 yuan.　　"Changjiang Securities analyst Liu said.　　The outstanding performance of the profit-making enterprise securities is to bring a good return to the shareholders. The company prospectus shows that there are 5 listed companies holding Societe Generale Securities, according to the number of holdings, in turn, the University of Jiaotong (600530.SH), China Motor (600741.SH), Xiamen shares (600815.SH), Dragon Creek shares (600592.SH) and public public (　　600635.SH). The largest shareholding in the Chiao Tung University is one of the founders of Societe Generale Securities, holding 67.6 million shares, the shareholding ratio of 3.4899%.　　Its initial investment cost of 78 million yuan, if according to the closing price of 14.86 Yuan, Jiaotong University is up to 927 million yuan.　　China Motor, Xiamen and the shares of Dragon Creek shares cost similar, are around 1.15 yuan.　　Among them, the Chinese-domain car holding 62.4 million shares, the initial investment cost of 71.84 million yuan, if the closing price of 14.86 Yuan, the Chinese car floating surplus to 855 million yuan.　　Xiamen shares holding 48.75 million shares, the initial investment cost of 60.7 million yuan, floating surplus to 664 million yuan.　　Dragon Creek shares 30.5 million shares, the initial investment cost of 35.1889 million yuan, floating surplus to 418 million yuan. In addition, public ownership of 33.8 million shares, the initial cost of investment amounted to 39 million yuan.　　If the closing price of 14.86 yuan, the public floating in the public surplus at 463 million yuan.　　However, these companies have limited sales, and more participation in industrial securities dozen new investors, but it is expected to easily cash in on the first day of the listing.　　Societe Generale Securities Bulletin showed that the online final issue of 210 million shares, online check rate of 2.43%, a new IPO since September new rate of new high.　　As a result, Societe Generale online purchase rate of return (check rate x first daily average price (%)) as high as 1.12.　　In fact, Societe Generale's first-hand turnover rate of 87.72%, which means that many investors choose to be on the day of the market to cash in hand. It is noteworthy that the Shanghai Stock Exchange 13th data show that the sale of industrial securities, the largest sales department, including the state letter securities two major business departments-Shanghai, Beijing East Road and Shenzhen, Nine road, two accumulated sold up to 33.0235 million yuan.