13 Securities dealers have won the scenic mountains and rivers researchers to uncover the three unspoken rules

After every reporter Song Yuandong through a lot of audit, the scenery of mountains and rivers on the eve of the listing was found to be a major fraud suspicion.　　As an expert in the minds of investors, what is the role of brokerage researchers in the distribution process? As of Friday (December 17), The daily economic news reporter found that 13 brokerage reports for the scenic mountains and rivers made a pricing analysis, and gave a clear inquiry proposal or the first day of the IPO target price.　　Moreover, these new stock pricing reports come from Citic, Shenwan and other well-known securities companies have developed strength.　　In the face of this embarrassing situation, some of the researchers involved in the report said the story, but also uncovered the "unspoken rules." Strange like 13 Securities brokerage pricing Report all bullish as a broker in the leaders, Citic Securities with the "innovative ability of the regional yellow rice wine" as the title, for the Scenic mountains and rivers made a new stock pricing report, that scenic mountains and rivers of competitive advantages mainly reflected in three aspects: first, the technology and product innovation ability, and the second is the innovation of marketing mode, In Non-traditional market development experience, third, in collection writers and new market has established a good brand image.　　Huang, chief analyst of Citic Securities Food and beverage industry, thinks that, given the small size and high growth rate of the scenic mountains and rivers, the target price for the first day of 35.55 yuan, corresponding to the 2011 45 times multiples.　　Another research and development of the ranks of the forefront of the securities also believe that the scenic mountains and rivers of sales sword Walk slant, the main yellow rice wine non-traditional Sales provinces, has established a certain advantage, reference can be compared to the company and the recent listing of the SME board first-price multiples, the proposed inquiry interval for 27.2~31 yuan　　In addition, the Yangtze River Securities, Haitong Securities, security securities, etc. also gave a pricing report.　　"Daily economic news," the reporter found that as of yesterday, a total of 13 brokerages for the scenic mountains and rivers made a new stock pricing analysis, almost a bullish, no one explicitly questioned or gave no suggestions for the purchase of advice, and clearly gave the inquiry interval. The reason for one was not enough fellows behind closed doors if the scenic mountains and rivers Friday smoothly listed, everything seems to be quite normal things. And when it was suspended on the market because of the suspicion of a major forgery, the fact that the brokerage fellows were bullish was somewhat ironic.　　What are their problems as experts in the minds of investors? "Our report is based on a prospectus from the scenic mountains and rivers." Shanghai Securities analyst Teng Wen Fei to the daily economic news reporter frankly, wrote the scenic mountains and rivers before, and did not go to the Company field investigation, only participated in the company in Shanghai about two hours of roadshow.　　Therefore, the data and information of the pricing analysis report are mainly from public information such as prospectuses, and then the pricing analysis is made by their own research methods according to the actual situation of the industry and the market. Tengwenfei further said that as a researcher, they have to face a large number of listed companies, can not, and do not have the energy to the listed company's information and data one by one verification, can only rely on public information such as prospectuses. "If we cannot take credit for a prospectus that has been audited at all levels, we will not be able to carry out our work." "We have even listed companiesBusy, where there is time to investigate the company has not yet listed? "A brokerage analyst from Beijing poured out his grievances to reporters, he said that their company required full coverage of listed companies, only his own one of the sub-industry, involving nearly 100 listed companies, there is no energy one by one field research after the report, especially the new shares, even if write a pricing analysis report, is of little significance. As the buyer's Fund and other institutions, there is a set of their own research methods, the seller can provide some reference to some of the good.　　As a result, few brokerage fellows will write about the pricing analysis of new shares. The Dong Guangyang of China Merchants Securities is also one of the researchers involved in writing the new pricing report of the scenic rivers. He said that, according to the company's requirements, the IPO will generally write a pricing analysis report, if you feel that a company does have investment value, they will continue to follow, will also take into account the company's field research. If there is not too much tracking value, the issue of new shares to write simply can not be grandly recommended. For the scenic mountains and rivers, he said that there were some doubts, he also found that the company tons of wine prices, costs far higher than the current listing of the other two rice wine enterprises.　　Not to visit the company's field visits, he can only put this doubt in the IPO pricing analysis report, and did not raise a clear question, because different enterprises have different operating characteristics, many problems not to field investigation, it is difficult to draw a realistic conclusion.　　Insiders frankly, do not field research on the report, is a major drawback of the IPO proposal, brokerage fellows of the inquiry proposal is generally based on the industry valuation level, combined with the overall market valuation level and their own valuation model made.　　Reason two as the seller dare not offend the listed company another industry unspoken rule is that the brokerage fellows dare not easily offend the listed companies, "Dare not say" has become another major disadvantage in the industry. "If you write a report to see a listed company, I am afraid you will not want to go to the company research." "A Shenzhen securities brokerage researcher quite reluctantly said, not to write the report, even in the course of the road, the brokerage fellows will not raise the question of the sharp question."　　Take part in these roadshow activities, you will find that the most acute problems from the fund, private equity and other buyers, they are not afraid of offending listed companies.　　Brokerage Fellows dare not say that a deep-seated reason is that even if someone found that the company falsely increase revenue and other fake behavior, also decided not to the listed companies and the issuance of success. "Since the listed companies have already supervised the level of approval of the Department, it is inappropriate for you to question it."　　"The researchers said," the industry is not a common practice, even if you doubt that the market will not buy your account, others will be successful release, because in the past has never been because of market factors and the failure of the IPO case. "Brokerage Researcher's pricing report, see just, can do some reference already good." In addition to its starting point, it has little practical effect on the pricing of new shares.Fruit。　　Said the researcher.　　A relatively classic case in the industry, a beijing-based brokerage researcher through the media published two criticisms of the business of the listed companies, the results of the company's boss in the General Assembly named criticism. A private-equity researcher to the "Daily economic news" reporter revealed that it is difficult to see the brokerage report clearly look at a listed company and give a sell rating, in view of the securities brokerage Fellows dare not say that the industry's research report has an unwritten habit-to reduce the level of reading reports,　　If a brokerage researcher gives a strongly recommended rating to a company, it generally means that it can be bought, and a neutral rating is generally equivalent to selling. Reason three stock price higher opinion is quote "kidnap" another fatal disadvantage is, the securities broker researcher's viewpoint is not independent, the conformity is already the industry common problem.　　In addition to subjective factors, an objective factor is the market. "Even if you find the scenery of mountains and rivers suspected of fraud, you dare to give 5 yuan inquiry?"　　"A beijing-based brokerage researcher told the Daily Economic news reporter, because the market supply is insufficient, the fund is abundant, the new stock break is not common, 2000 only shares now even below 1 yuan's rubbish stock not, in this case, the IPO price report can only follow the trend, can discover the tendency of the stock price fluctuation is the successful report. Imagine if you were to offer a very low price for a company that was involved in a fake listing, and the actual stock price would not be so, or even run counter to it. "If there is such a contrast, I believe no researcher can bear such a great pressure." The researcher said.