Most institutions think ABC is a reasonable price

The Super big stock Bank of Agriculture 15th listed, most institutions to give a reasonable price center than AgBank's IPO prices.　　Industry insiders believe that the agricultural bank pricing reasonable, while there are green shoes mechanism escort, the first day break is very unlikely. ABC's A-share price is 2.68 yuan, the statistics show, in more than 15 research institutions on the Agricultural bank's prices forecast, only 5 agencies gave a lower limit of the price range is slightly less than the IPO.　　In a comprehensive view, ABC's reasonable price center fell between 2.70-3.00 yuan, the limit price range is 2.45-3.89 yuan. Citic built the price range is the highest, 3.13-3.89 yuan. CITIC Investment believes that the Agricultural bank before the IPO, completed the divestiture of non-performing assets, financial restructuring, the introduction of strategic investors reform process. The capital raised by this financing is mainly used to replenish its core capital, so that the capital adequacy ratio meets the requirements of the regulatory department. AgBank is China's largest retail bank, in terms of its affiliates and individual clients. Three agricultural and finance business is the characteristic business of ABC, in addition AgBank has five core competitiveness. Consider "green shoe mechanism", forecast 10/11 year Bvps is 1.77/1.97, do not consider "green shoe mechanism", forecast 10/11 year Bvps is 1.74/1.95.　　According to 1.8 times times-2.2 times times PB, can calculate the reasonable price range of ABC is 3.13-3.89 yuan. And the research strength Wanguo thinks, ABC is has the scale superiority and the good customer Foundation large state-owned bank, the deposit cost maintains the leading advantage in the industry. Agricultural bank spreads in the four major state-owned banks after the construction bank, with county-wide economic growth potential as the background, county-level financial services will promote long-term growth potential and absolute competitive advantage.　　Shenwan estimates that the company's net profit growth in 2010 and 2011 was 28.2% and 32.3%, with a reasonable price range of 2.75 to 3.30 yuan. In addition to most institutions ' pricing of ABC, the green-shoe mechanism has become a stabilizing device for AgBank's stock market. Generally speaking, under the green shoe mechanism, if the stock market exceeds the IPO price, the main underwriter will buy no more than 15% of the total circulation in the level two market, and allocate it to the large shareholder who has the oversubscribed application, thus balancing the supply and demand of the two-tier market and supporting the stock price.　　Industry insiders believe that the overall view of ABC's better fundamentals, reasonable pricing, and green shoe mechanism adjustment, after the listing trend will be more stable. Agricultural Bank of this issue 25.571 billion shares, the price of 2.68 yuan. Industrial securities measured, AgBank's pricing equivalent to a total diluted 14.4 times times static P/E and 10.5 times times the dynamic price-to-earnings ratio, slightly higher than the current listed a-Share bank pricing, 2010 years after the release is roughly 1.6 times times, and the financing of the large banks basically consistent. Prior to the IPO, 270 billion shares of AgBank's total share capital, with an excess of placements, issued 25.571 billion shares and H-shares issued 30.739 billion shares with a total equity of not more than 3247.9.4 billion shares.