Small stocks broken mmmm spread market valuation is expected to be more rational

-Our correspondent Dujaven January 28, three new shares in the SME board and two only encountered break. means that 6 of the 8 smaller stocks listed this week are only on the first day of the IPO. Wind data show that the previous listing of some small and medium-sized "secondary shares" also in this round of adjustment below the IPO price.　　Frequent break of new shares, hit a group of people to withdraw from the market, resulting in the recent IPO rate has been a record high, and the IPO price-earnings ratio has declined significantly. In the market downturn, small plate stock further adjustment at the same time, the SME board and the gem 2010-year report was kicked off. Industry insiders believe that, from the current performance of some companies to disclose the letters, small stocks are still relatively high valuations.　　With the disclosure of the annual report, the market may lower the profit forecast of some small stocks in April this year, which will bring the market price of small stocks back to a reasonable level. Small plate stock break into "tide" this round small plate stock break began earlier this year. January 7, the gem listed on the first day of the IPO break, followed by the January 10 listing of the SME Board of the United States and the company also appeared breaks for this round of broken mmmm kicked off. Wind data show that since 2011 a total of 15 companies in the Gem listing, of which 6 in the first day of the listing break.　　The company also has a similar phenomenon, since 2011 a total of 11 board companies listed, 7 are listed on the first day break. This week, the small-cap break was further exacerbated. January 25, the gem listed 5 companies, in addition to tin Sheng new materials rose 26.25% on the first day, the other four companies all fell below the IPO price, and fell more than 10%. Wanda Information fell 12.14% on the first day, the eastern state letter fell 13.39%, Dwight Video fell 14.2%, days Rui instrument fell 16.68%. The situation of the SME is also not optimistic.　　Since January 18, the listing of four of the company all in the first day break, January 28 listed three companies, in addition to the technology increase 7.68%, million and electric and the middle of the rock and soil are declared break, the first day of the decline of 6.57% and 2.92% respectively. A large area of broken back to the small and medium-sized "secondary shares" spread. As of the time, wind data show that a total of 64 of the stock price of the company compared to the IPO prices fell, the number accounted for the proportion of listed companies is about 11.8%. Among the break stocks, the number of companies listed in the second half of 2010 reached 28, accounting for about 44%. Gem stock compared to the IPO price fell to 37, accounting for the number of listed companies in the proportion of about 22%, break of the stock more than 59% of the company is listed in the second half of 2010. Along with the broken mmmm, the SME board refers to and Gem refers to the recent period of sharp decline.　　However, two plates have rebounded for three consecutive days this week, and the index has largely returned to last week's level. Hit the new family exit rate innovation high with the IPO on the first day of large area break, investors purchase small shares of risk awareness significantly strengthened. With a large number of new family exits, the recent IPOThe rate of checking has hit new highs. January 25 evening, Donfoulon, Yuan Li shares, such as five gem Company issued a check announcement. Data show that the average rate of the new shares is 2.78%, online frozen funds amounted to 132.7 billion yuan.　　Among them Donfoulon the rate is as high as 7.16%, set the gem has the highest record. Two days later, four new shares announced the purchase rate. The steel Plate company Oriental Tower in the rate of 10.11%, refresh the Gem company Dong Fu Long Record, and create the 2009 IPO restart since the highest level of the high and Medium-sized board record. Analysis of the industry, in addition to the new shares break lead to play fresh funds out of the field, thereby significantly increasing the rate of the IPO, the recent increase in the high level of capital freeze is also the important reason for the rate uplift.　　There are signs that investor enthusiasm for small caps has dropped sharply. This situation, January 27 began to purchase the five gem Company's IPO price and the issuance of P/E ratio has been significantly reduced. Data show that the Hong-te precision of the purchase price of 16.28 yuan/share, the issue of 45.47 times times earnings, the long source shares purchase price of 17.10 yuan/share, the issuance of P/E multiples of 51.82 times times, the purchase price of CNOOC for 46.80 yuan/share, The issuance of P/E ratio is 73.13 times times; Teng Bang International purchase price of 21.90 yuan/share, the issuance of P/E is 49.77 times times, the square Tatsu purchase price of 24.75 yuan/share, the issue of P/E is 68.75 times times.　　The five companies have an average of less than 60 times-fold earnings, a recent low.　　The annual report is still under pressure. Although there has been a sharp adjustment in the price of small stocks in recent years, the industry believes that the announcement of the 2010 annual report, investors will likely lower the earnings of small-cap companies, resulting in continued adjustment. As of the time, wind data show that the gem has 54 companies in advance to release performance forecasts, of which 51 expected net profit from 2009 year to varying degrees of growth. Among them, sunflower, Oriental Sunrise, Chuan Technology, new research shares and other 11 gem company net profit up to the highest margin of more than 100%, and another 36 companies net profit forecast maximum increase of more than 50%. At present, only Bao de shares, the South Power and Netac technology three gem company forecast performance decline, the highest margin of about 60%.　　The data also showed that a total of 502 companies issued a Performance express, of which 77 companies announced the decline in performance, 74 board companies forecast net profit growth of more than 100%, 147 forecast increase of more than 50%. "From the disclosure of performance letters, GEM valuation still exists to reduce the space," Nanjing Securities researcher Wen Lijun to the China Securities newspaper reporter, if according to the 2011 performance forecasts, the gem is still about 60 times times the average P/E, and the motherboard gap is too big. The reason small stocks enjoy higher valuations is because the market has a consistent outlook for its future high growth. But many of the company's 2010-year Performance Express revealed that its growth has not reached market expectationsHeight。 Around April this year, with the release of the annual report, she believes analysts will cut many of the company's earnings forecasts, meaning that the gem faces a new round of adjustment pressure. In addition, the market for the gem "high transfer" market, she believes that speculation has since the beginning of the four quarter of last year, with the annual report disclosed that the shares of the company is facing the "see Light die."　　With the first half of this year's liquidity compression expectations strong, she is not optimistic about the next performance of the gem. Another brokerage analyst told the China Securities News reporter that after the adjustment, the overall valuation of the SME board and the gem is still high, and the process of price return to rationality will continue for a long time. He also pointed out that from some of the statements issued by the regulator, the regulator will not reduce the number of small shares in the recent break in the amount of new issue speed, regulators would like to use market tools to promote the market to rational, so that the issue price more reasonable. The current situation does favour a further release of the risk of small-cap valuations. "While small caps should enjoy a higher risk premium than motherboards, but the average P/E ratio is more than 50 times times more reasonable", the analyst pointed out that the listing of these companies a year or two, will be accompanied by a large number of original stocks lifted, and the lucrative "non-tradable" reduction of strong momentum, which will promote small stocks to the reasonable value of further return.