How to appraise the safety of home in Shanghai

Historical records show that Ping an domestic investment in the full harvest before the suspension of business, Shanghai Home (600315.　　SH) received 37.13 yuan, according to the past 12-month share price of 62 times times, the city's net rate of 11 times times; Ping An (601318.sh,02318.hk, hereinafter called "Peace") if the final shares, it will be the valuation of the Shanghai home, attracted speculation in the industry. Looking back at the major investments in peace over the past few years, in addition to the loss of investment in the Fortis Group in Europe, both the Yunnan white powder (000538). SZ), CSG A (000012.SZ), Conch Cement (600585).　　SH,00914.HK), or to ping an bank predecessor Shenzhen Commercial Bank (hereinafter referred to as "deep firm") investment, peace in the domestic investment full harvest. A number of companies in the peace Company to the "First financial daily" reporter said that peace to the listed companies are financial investment, follow the principle of sound, long-term return will not be high valuations, and Fortis Group and deep firm investment is strategic investment,　　Will fully consider the ping ' an group and the investment companies in all aspects of integration and synergies.　　A peace trust believes that the reorganization of state-owned assets conforms to the criteria of peaceful choice, but generally speaking, peace will not easily get into high valuations and high-risk investments. Dongcai, chairman of Ping An trust, said the projects it invested in could form a hedging relationship, one of the criteria for selection.　　For example, investment in high-speed rail projects can be hedged with road projects, and wind power projects will have a better return on cash flows in the early stages of investment, with better cash returns for road projects and hedging.　　Generally speaking, listed companies to sell equity or additional prices, often slightly lower than the market transaction prices, otherwise it will cause two of the market abnormal fluctuations, and the price of peace will be in Shanghai home, it is an intriguing question.　　2010 years ago three quarters, Shanghai home to achieve total operating income of 2.43 billion yuan, an increase of 11.4%, cosmetics sales revenue year-on-year growth of 8%, net profit of 209 million yuan, an increase of 10%, per share earnings 0.49 yuan, per share of net assets of 3.37 Yuan. Ping An life of Yunnan white powder 2-year value added 1.22 times Times December 2008, Yunnan White powder to 27.87 yuan per share of ping an life-oriented additional 50 million shares, the total amount of capital raised 1.394 billion yuan.　　As of yesterday, Yunnan white powder closing price of 62 yuan, 2-year value-added 122%, Ping an investment floating profit of up to 1.7 billion yuan.　　From the valuation of the shares, Yunnan white powder 2008 earnings per share of 0.96 yuan, 5.87 yuan per share of net assets, Ping An of about 29 times times, 4.75 times times the net rate of shares; At present, Ping an life is still holding the stake, the proportion of 9.36%, the shares will be lifted by the end of 2011. Ping An trust shares in the south Glass a 3-year value-added 3 times times the Ping An trust in 2007 to subscribe to 8 yuan per share of the South Glass a targeted additional 8000 shares, total investment of 640 million yuan, according to the South Glass 2007 earnings per share of 0.41 yuan, 3.37 yuan per share of net assets, Ping An trust shares valuation of 19.5 times multiples and 2.37 times times the city net rate.　　May 2010, CSG a per 10 shares sent 3.5 yuan and 7 shares, after the Ping An trust held 136 million shares CSG A, ping an trust in October and November to 15.51 yuan to 20.21 yuan to reduce the 32.6 million shares, is still holding 103.4 million shares.　　According to the closing price of the South glass of yesterday, 22.56 yuan, Ping An trust investment 3 year value-added more than 3 times times, about 2 billion yuan.　　Ping An trust investment conch Cement added nearly 3 times times has been set for nearly 4,700,002,006 years in July, Ping An trust will be held by its four subsidiaries of the conch Cement, a minority equity transfer to the company, the transfer of the total price of equity is 3.83 billion yuan (hereinafter referred to as "equity transfer funds").　　However, the company has not been to the Ping an trust to pay the above 3.83 billion yuan, in early 2009, Ping An trust filed arbitration request, the company for its holding listed companies conch Cement shares satisfaction. After the decision of the Wuhu Arbitration Commission, July 28, 2009, the company held a 204 million-share conch cement, a A-share compensation for peace Trust due to equity transfer of 2.71 billion yuan, equivalent to about 13.3 yuan/share; So, ping An trust on the conch Cement shareholding ratio of 11.53%,　　The shares were lifted on May 26, 2010; At present, the Ping An trust also holds the 1.12 billion yuan debt of the company. According to 2009 Conch Cement per share income 2.01 yuan, 16.28 yuan per share of net assets, the cost of a stake in Ping An trusts is about 6.6 times times P/E and 0.82 times times the net rate; however, as from 2006 to 2009, the Ping An trust did not receive any funds from the company, in accordance with the Ping An trust transfer of equity, 2006 Conch Cement per share income of 1.19 yuan, 5.76 yuan per share　　, the cost of the stake in Ping An trust is 13.7 times times the price/earnings ratio and 2.8 times times the city net rate.　　June 2010, the conch cement to the Capital Provident Fund for every 10 shares to increase 10 shares, Ping An trust holdings into 408 million shares.　　Since June this year, Ping An trust has been reducing the cumulative conch cement 235 million shares, the price of 15.04 yuan to 24.75 yuan, if the average price of 20 yuan, ping an cash amount of about 4.7 billion yuan, reduce the shareholding of 6.66%. At present, Ping An trust still holds conch cement 4.88% Or 172 million shares, according to the closing price of yesterday 29.51 yuan calculation, this part of the market value of 5.075 billion yuan, plus the above set is now about 4.7 billion yuan, from 2006 to the transfer of equity to the company, Ping An trust in the capital operation of the value added to nearly 10 billion yuan, value-added nearly 3 times times or 7 billion yuan, close to China Ping An 2009 full year net profit　　Half。 Ping An group shares a deep firm 4 years of value-added 17,000,000,004 years ago, peaceGroup investment in Ping An bank predecessor deep firm; four years later, deep development (000001.　　SZ) and Ping An bank integration, "flat deep love" will be repaired to fruition, Ping an group to obtain "value-added" return as high as 17 billion yuan, which is much higher than the net profit of China Ping ' an 2009 14.482 billion yuan.　　Ping An bank's shareholder equity value of 29.08 billion yuan, of which Ping an group holds 90.75% stake in Ping An bank, value of 26.39 billion yuan, the deep development will be the stake in this part. 2006 years Ping An group of 1 yuan per share of the price, to Shenzhen Investment Holdings Limited, Shenzhen Municipal Bureau of Finance and other 11 units, the purchase of a deep firm 1.008 billion shares, accounting for a deep firm's total capital of 63%; After that, Ping an group to the other shareholders to buy 6.61 million shares deep firm; Deep firm to ping An group of 1 yuan per share directed additional 3.902 billion shares.　　August 2007, the deep firm changed its name to Ping an bank.　　2009, Ping An bank in accordance with 5.79 shares per 10 shares to all shareholders placing 3.162 billion shares, to 2008 years at the end of each share of net assets of 1.58 yuan as a allotment price, after ping An group holding Ping an Bank of 90.75%, total total 7.825 billion shares.　　2006, Ping An group investment in deep firm cost of 4.917 billion yuan, 2009 is about 4.6 billion yuan, the total cost of about 9.5 billion yuan, according to this part of the stock evaluation value of 26.39 billion yuan, the equity value added about 16.9 billion yuan. The 2009 allotment price of 1.58 yuan per share, according to the transfer to the deep development of the price of 3.37 yuan per share, 2009 This allotment, so far less than 2 years of value-added 1.13 times times, and 2006 of the shares, 4-year value added up to 2.37 times times.