China Airlines Securities escort high P/E Hardy eco PE up to 110 times times

Financial Weekly editor to organize a new gem called The Hardy Ecology of new shares, recently very scenery.　　The 110 times-fold P/E ratio, the third-highest price-earnings ratio of the gem this year, follows the Lehman photoelectric (131 times times PE) and pioneer new material (123 times times PE). The scenery "producer" is Avic Securities.　　Lehman 131 times times the distribution of PE, Hardy 110 times times the eco-distribution of PE, are only 15 of the protection of the Chinese Airlines Securities Metabolism Tao, Chenjiang masterpiece. According to the closing price of March 24, Oriental Garden Total market value in 15.7 billion, palm garden in 14.4 billion. Hardy ecological issue 15.5 million shares, issued after the total share capital 61.56 million shares.　　2010 years ago, the hardy ecological revenue and net profit, respectively, are Oriental garden 31%, 25%, respectively, Palm Garden 35%, 43%. According to the principle of "result projection and marginal pricing" of investment banking business, the "reasonable" market value of hardy ecology is about 1/4 of Oriental Garden, 1/2.5 of Palm Garden, the total market value is 4 billion-5.7 billion. And the hardy ecological final price is 67.58 yuan, according to total equity calculation after the total market value of about 4.1 billion.　　From this point of view, although the hardy ecological issue price higher than the oriental 58.6 yuan, Palm garden 45 yuan, there are "reasonable" ingredients. Moreover, we also want to see, the east and Palm are the SME board issue, the former total share capital 150 million shares, circulation 46.97 million shares, the latter total share capital 192 million shares, circulation 48 million shares. and Hardy Ecological is the gem issue, the issue of 15.5 million shares, issued after the total share capital only 61.56 million shares.　　The supply of shares is limited, and the highest bidder is reasonable. Oriental Garden November 2009 listing, reference 2008 EPS distribution PE is 35 times times. Palm Garden June 2010 listing, reference 2009 EPS distribution PE is 83 times times.　　From the external environment of the distribution, the Shen Chengzhi point of the Oriental Garden distribution is similar to the present, but the Shen Chengzhi points of the Palm Garden distribution are lower than 1000多 points (about 20% Gap). Since the Palm Garden board distribution has 83 times times PE, Hardy eco-gem issue PE higher, there is a 100 times-fold can be understood. In addition, the east, palm after the listing of good performance, objectively formed a model effect, the former has set a high price of 229 yuan-if I remember correctly, this price in the SME board second only to Yanghe shares, the latter also has a high price record of 135 yuan.　　Agencies should also take this into account when it comes to hardy ecological pricing. The value range given by Avic is 56.10 to 61.60 yuan. The final price for the hardy ecology is 67.58 Yuan, which is about 6 yuan higher than the valuation cap given by the main underwriter-and, to be honest, this "pomp" is really rare in this year's shock market. According to the investigation, 57 of the placing of the target price is not lower than the offer, oversubscribed 37.5 times times.　　With the bargaining power of the organization, for the hardy ecological value of the identity is still good. The maximum price is 81 yuan, involving the Bank Schroeder 1 funds and Societe Generale global 3 funds. The cumulative number of subscriptions at this price is 6.82 million shares, up to a staggering 131 times times earnings.　　and greater than or equal to 68 of the cumulative number of subscriptions is 116.25 million shares, accounting for the total number of total purchase of 37%. A total of 81 fund company types of placing objects to participate in the offer, the fund's quotation interval is 45-81 yuan.　　The average price of the quotation is 66.43 yuan, the median is 65 yuan, the weighted average value is 67.59 yuan, the declaration quantity occupies 47.9%. If the hardy of the two-tier market performance after the ecological listing, can withstand a certain period of testing, then the fund's pricing capacity will also be seen.