Contact Food Shanghai Road Show agency too expensive to make 70 percent counter-offer

With the "mustard", "ham" have high prices to land in the capital market to nuts and roasted seeds of the Contact Food Co., Ltd. (contact food, Shenzhen Stock Exchange code: 002557) yesterday in Shanghai for its landing board to hold a promotion meeting,　　To contact the main food underwriter of the National Yuan securities on its issue price of the inquiry range of 42.56 yuan/share ~51.68 yuan/share. As the first landing a shares of roasted seeds and nuts enterprises, contact food in the venue yesterday to put all its products to participate in the promotion of institutional investors to taste, and equipped with a person to introduce product characteristics, prices and so on.　　Even so thoughtful, most institutional investors believe the valuation range given by the main underwriter is too high. Fundraising or more than 2 billion per cent of the planned issue of 50 million shares, the issuance of the total share capital of 200 million shares, such as the main underwriter out of the valuation interval limit of 51.68 yuan/share price calculation,　　The negotiation of food can be at most from the A-share market financing of 2.584 billion yuan, this amount is much higher than the previous Chongqing fuling Mustard Tuber Group Co., Ltd. (fuling mustard, 002507) of the 560 million Yuan and Jin Ham Co., Ltd. (Jin Ham, 002515) 629 million yuan.　　Company prospectus shows that the plan to contact melon seeds 520 million yuan to raise capital, investment four projects, the negotiation of food is expected to exceed 2.064 billion yuan (nearly 4 times times).　　The Investment value analysis Report of the main underwriter believes that the annual growth rate of net profit for the next three years is 22.61%, 25.97% and 35.21% respectively, and the growth rate of operating income in the next three years is more than 30%. In addition, the reasonable valuation interval of 2010 is 56-68 times, corresponding to the 2011 to 2013, the overall share of the 44-54-fold, 35-43-fold, 26-32-fold, is expected to 2011, 2012, 2013 full diluted after the earnings of each stock is 0.96 yuan, 1.21 yuan　　, 1.64 yuan.　　Institutions to make a counter-offer 70 percent comprehensive number of participating in the recommendations of the institutional investors yesterday, the main underwriter to give the 42.56-51.68 yuan/share price "a bit expensive." Yesterday's participants in the seller's opinion, the price of 35 yuan/share is more reasonable, higher than this price may be in the two-level market has little benefit, "in fact, this company can also, than what mustard, ham much better, 2001 years before starting to do, 10 to do the market first." "Now the price is very cautious, the front break too much."　　"Another participant in the state-owned enterprises financial companies disclosed that the agency is now in the bid plan under the net inquiry stage to subscribe 3 million shares (the subscription limit of 10 million shares), the price of 30-32 yuan/share, compared with the main underwriter's inquiry interval of 30%." A large brokerage of investment advice to institutional investors wrote: The company better quality, management pragmatic also has the spirit of innovation, product market and development prospects than the food category of the gold ham, quantum high, fuling mustard and other broader, with the concept of consumption upgrades, reasonable price of the situationAlso has a certain long-term investment value. Beans, pistachio products development failure during the road show, institutional investors for the negotiation of food products have been some not very successful product to the management of the company to challenge. Contact Food Chairman Chen Xianbao's response is very pertinent: "The company this two years decisively cut off some of the experiment is not successful or not suitable for the company's varieties, some beans because of raw material price fluctuations, pistachios because of the need to bleach is not in line with the company's philosophy." "Chen Xianbao further said that the company will continue to make peanut products, in addition, potato chips are the most promising, the introduction of half a year sales have been over billion," the company for the failure of the experience will be made case, in the internal analysis of learning. A successful product generally requires 7 months of introduction, 7 months of cultivation and 7 months of maturity, so generally more cautious.　　"The data show that the company's nuts and seeds are in a relatively low entry threshold, which is still a fully competitive market, but has shown steady growth in the past 5 years, with an annual composite average growth rate of 13.06%." Contact melon seeds are nuts and seeds of the industry leading, the city accounted for a far ahead. Sunflower seeds in the company's products accounted for more than 70%, West melon seeds 10%, the other 20% or so.　　The company's main sales channel is the distributor model, the income accounted for more than 90%. It is understood that yesterday, including the negotiation of four companies to be listed at the same time in Shanghai Roadshow, to participate in the negotiation of food promotion will be less than 100 people, not much.