Heng Tai Aipgau pe issue risk hangs over experts say possible break

This month 23rd, another gem company Hengtai April issued a notice to determine the issue price of 57 yuan/share, corresponding to the 99.92 times times P/E. This result has immediately aroused concern in the industry. A brokerage industry researcher in an interview with reporters shouted "crazy," he said, so far, all brokerage fellows to give the two-tier market prices are far below the issue price, which means that the listing of the company is likely to break.　　Another researcher pointed out that Hengtai April is not packaged so beautiful, the company listed there is excessive reliance on large customers, performance instability and many other mishap. Two kinds of voice in an industry it is understood that Hengtai April is continuing to treasure Germany after another oil and gas exploration technology Service enterprises. This industry is considered to be one of the worst performers since the start of the gem. Peak Oil, Central Plains resources both because the big customer dependence is not, the PO Tak stock market Soon is the performance face, the annual report forecast, 2010 company net profit reduced 20%-60%. For the reasons for the sharp decline in performance, the shares gave two points to explain: 1, the company's final customers relatively concentrated, high degree of dependence on customers.　　2. The negative impact of the global financial crisis on the oil industry continues, with oil companies and oil service companies cutting back on investment, and equipment export orders are significantly reduced. The reporter found that the shares of the two points of the April is also reflected in Heng Tai's body. The prospectus shows that 2007-2009 and the first half of 2010, Hengtai April for PetroChina, Sinopec, CNOOC to provide exploration and development technology services to the sales revenue accounted for 99%, 69%, 73% and 78% of the year's operating income. Excessive reliance on large clients let Powerleader shares fell, also become hengtai April around a difficult problem. At present, the domestic oil industry is still not out of the shadow of the financial crisis, a brokerage researcher said. Each has been compressing costs, and this year three lard have spent more than 10% on exploration and production spending.　　High customer concentration is bound to bring high risk. For the petrochemical industry in the environment, Hengtai April also issued a different voice. The prospectus shows that with the increasingly scarce oil and gas resources, oil companies both at home and abroad have increased their oil and gas exploration and development efforts. The growing market demand creates a good external environment for the increase of the company's business. However, brokerage industry researcher introduced, due to the three lard compression costs, before the purchase of the list is now a lot of their own group within the enterprise completed. This is not a small test for Hengtai April. Capital Securities industry researcher Liu Fei also reminded that the first half of Hengtai April performance by a single project impact greater, 2010 1-June, Sinopec Syria and PetroChina Iran two mega projects respectively contribute to the current income of 21.64 million yuan and 19.25 million yuan, accounting for 23.49% and 20.9% of total income, Income from other projects is less than 10%.　　But if the future does not have more overseas business, Hengtai April is likely to fall in income. Reasonable pricing In the end is how much so, Heng Tai April reasonable price should be how much? National Yuan SecuritiesReference to the software industry, that the reasonable valuation of 11 35-40 times PE, corresponding to the valuation interval of 42.4-48.4 yuan. Capital Securities that the company belongs to the computer software and oil field services two industries, but most of the revenue from the project services, so select the CNOOC service as a reference, the value given is 33 times times PE, consider the gem higher premium, that the secondary market reasonable price of 45.15-51.60 yuan. The first-tier market inquiry interval does not exceed 46.44 yuan.　　Guotai most optimistic, they believe that the current industry than the company's 10 average PE 53 times times, plus the market premium, the target price of 44.80-53.76 yuan. Integrated the views of several institutions, the experts gave the two-tier market reasonable price of about 40-50 yuan, the most optimistic 51.60-yuan two-level market reasonable prices, and the company's final issue price 57 yuan/stock is still very far. Golden Lark Investment Qin Hong said, from the current situation, if the 57 yuan/share issue price, the company listed after the break is a big probability event.　　He warned investors to participate carefully in the purchase, pay attention to investment risk. Value Line Zhouya of listed Companies