Overlord International 361-degree debut introduction

This week, with 3 new shares listed, the enthusiastic IPO bully (01338), which is on the market this week, five, the potential cost week focus, the remaining 361 degrees (01361) and China Qinfa (00866).　　In addition, the Amber Energy (00090), which is the concept of environmentally friendly energy, also started its IPO today. Overlord 34% and Heng ' an PE according to the Hong Kong Economic Daily Report, new stock shampoo manufacturers Overlord IPO response, 190,000 people to join, frozen more than 70 billion yuan, more record 200 "head Hammer Fly" subscription, that is, 200 large households with a maximum limit of more than 84 million yuan "drop" for the last March China CRCC ( 01186 the highest record since the IPO. Overlord selling point is the mainland's largest hair care products local brand, after the United States and P & G under the 3 brands, ranked fourth.　　The equity stock was listed in Friday and the market is not of the same type, but it can be compared to the more recent domestic demand personal goods unit such as Heng an international (01044) and Vader International (03331) (see table I). Overlord forecast PE between 15 to 18 times times, to the ceiling price of 2.38 yuan, PE is 18 times times, if with Heng an international and Vader for reference, according to the Bloomberg data, the two predicted PE is 24.27 times times and 14.25 times times, the Overlord PE is between the two. If the first day of the Overlord rose to 3.2 yuan, the share price rose 34%, the Overlord PE rose to 24.27 times times, will be in line with Heng an international. However, Heng an international market for a long time, the past earnings growth is not good, is a fund love shares, if the Overlord after the valuation rose more than Heng an international, rather than the choice of Heng an international cost-effective.　　And the relatively backward valuation of Vader, recently announced into the wet tissue business, to expand the high margin market, can also see a high line. Overlord in the long term can be expected in the place, is its strong brand, the company on the basis of brand, the second half will launch a new series of Chinese herbal medicine skincare products to implement diversified development, can add a premium for valuation.　　Therefore, if the increase of overlord after listing is only about 20%, it can still be held. 361 degrees have earned first arbitrage tomorrow listing 361 degrees, if the 4.35-yuan ceiling price, its 09 annual forecast PE is 13.9 times times, although with the same type of companies such as Li Ning (02331), China Trend (03818), Anta (02020) and special Step (01368) for comparison, 361-degree forecast PE looks inexpensive. However, 361 degrees is difficult to compare with the same type of company. First of all, retail sportswear pay attention to the brand effect, 361-degree sportswear brand market share in the above 4 companies, the operating data such as accounts receivable average turnaround days and Accounts receivable account for the proportion of turnover is inferior. The 361-year date of June 30, that is, 09 annual performance has included the Beijing Olympic Games effect last August, so the 361-degree forecast PE for comparison, there is a lack of fairness. In fact, the big line, in the face of the above factors, 361 degrees should be given discount than the same trade, if the prediction of low PE and weak brand effects of the special step to compare, once 361 degrees above the limited price, the forecast PE is 13.9 times times, has surpassed the special step 12.29 times times.　　In other words, the 361-degree increase after the listing should not send too much hope, there is profit can be first arbitrage.　　Amber Energy today, the IPO of the green concept of the official offer of Amber Energy, according to the initial prospectus, raising funds of only 166 million yuan, relatively short of recent equity fund-raising, but because of the concept of environmental protection, coupled with the forecast of PE only 7.2 to 9.5 times times, can speculate short speculation. The initial IPO price is between 1.26 yuan and 1.66 yuan, and the first hand admission fee is 3,353.5 Yuan. Amber Energy operating natural gas power generation, in Zhejiang province has 3 power plants, its power generation process is relatively clean, less environmental pollution. As the state supports natural gas generation, amber can also be considered a national policy beneficiary unit. However, investors should note that the amber past earnings performance fluctuations, 08 profit back 43%, the sponsor forecast earnings growth this year 85%. For the medium and long term, investors should wait and see the future; On short terms, if there is a big adjustment in Hong Kong equities, it will also have an impact on the new shares.　　Investors are wary of speculators, who have been more at risk because of a sharp rise in environmental concept stocks over the past 1 months, with China's wind power (00182) and China's new Energy (00735) rising even more closely (see chart III). The second half of the new stock hunt to select the Overlord to pick up the new Wave prologue, the market is gradually heating up the new shares, the city has a lot of plays such as fund-raising large-scale agricultural bank and Evergrande property, is expected to be listed before the end of this year.　　In addition, Beijing, one of China's largest manufacturers of building materials, is also planning to come to Hong Kong for listing, which was originally intended to be listed last year, Shandong private enterprises Zhi Gao Air-conditioning, also the IPO this week. The new stock craze is in the warm-up stage, it is recommended that readers should not be "fisherman cast nets" subscription, because this year's listing of new shares, many are originally intended to be listed last year, the last because of the financial tsunami, the latest upsurge in the new shares, and then return to the listing. The company's performance may have been compromised by poor external conditions last year therefore, the quality of the new shares is more varied, the readers should look for the treasure to be fine and dazzling. In fact, 13 new shares were listed in the first half of this year, and only individual new shares were more pronounced, excluding and remembering Telecommunications (00215) and Macro-PA digital (00802), Of these, 10 shares are above the IPO price, and the Silver Group (00886), which was listed in April, still dives, while the best performance is industrial solar (00750), which has a 2.86 times-fold increase. Although most of the new shares are higher than the IPO price, but the increase is not significant, now with the previous year's hot, the first day of the IPO stock price rose nearly times the "fresh words", I believe there is still a distance.