73 times times P/E Palm garden desire and oriental garden ratio

Last night, collection writers Garden industry leading Palm Garden issued the purchase notice, determine the issue price for 45 yuan per share, online purchase date of May 31, corresponding to the purchase code of 002431.　　It is worth noting that the company's corresponding issue price-earnings ratio of up to 72.93 times times, not only far more than the same industry listed in the Oriental Garden 50.96 times times the issue price-earnings ratio, also far higher than the May IPO price-earnings ratio of 54.53 times times the average. As the second listed company of the A-share market landscape architecture, the price-earnings ratio is far more recent. Palm Garden with nursery stock production, landscape design, engineering construction and maintenance, such as a number of business, forming an integrated industrial chain, in the design of income scale in the industry leading position, and has the design, construction "Double A" qualification, The development model of the design-driven construction has outstanding advantages. 2009 Palm Garden Design income of 58.919 million yuan, far exceed peers.　　The company's customers are mainly concentrated in the real estate sector, the 2009 main business income of 658 million yuan, an increase of 35.94%, the main business margin of 26.62%. The company issued 30 million shares, the issue price of 45 yuan per share, the corresponding P/e ratio of 72.93 times times. However, as a result of the recent market unilateral downward, new shares break tide, the May new shares issued a sharp decline in earnings, 31 new shares issued a 54.53 times-fold earnings ratio, which issued the highest price-earnings ratio of the technology (78.57 times times) landed on the gem after the fall, and in yesterday's announcement break. It can be seen from the issue of price/earnings only, palm garden valuation is quite stressful.　　However, some institutional researchers say the stock is expected to rise to 60 yuan on the first day of the IPO.　　Want to be in the Oriental garden?　　According to the valuation reports of the major brokers, the securities of the National Union to the company 25 yuan to 30 yuan low valuation, while the Guotai gives a higher valuation of 37.75 yuan to 43.65 yuan, but this also makes the company's issue price is also beyond the top of the valuation interval. Interestingly, when assessing the reasonable price range of a palm garden, the agency has mentioned the Oriental Gardens of the listed companies of the garden industry. Last November Oriental Garden was issued at 56 yuan (corresponding to the issue of 51 times times the issuance of P/e), the share price from 99 yuan to the highest opening to 279.28 yuan (right), the corresponding interval amplitude of 182.11%.　　There are oriental garden crazy performance in the former, and then compared to the Shanghai business Newspaper "Palm Garden sponsor National Gold Securities to the company 30.30 to 35.35 Yuan price" report, the Palm Garden 45 yuan of institutional inquiry results indeed with a "starting from the ground", the issue of more than Oriental garden distribution. Judging from the performance of the last three years, the profit level of two companies is quite close, but the price of supporting Oriental garden is rising from the order of 3.5 billion yuan of municipal garden in the year, and the customers are the first-line City real estate business Palm Garden can repeatedly "burst" similar huge orders, investors are concerned about.