PE super-industry of the 58 companies times the Jiucheng been institutions zero investment

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"investors," analyst Yang Xiuhong

industry price-earnings ratio New Deal "to become a major focus of the new shares in the reform process, which not only is becoming the new standard measure of new shares issued, is also a ruler measure the valuation of listed companies. current rally, companies that are far beyond the valuation scale? the

"Investor" Data Research Department of Statistics As of February 8 (below), more than half of the price-earnings ratio of listed companies over the industry average price-earnings ratio of 58 even up to the industry average more than 10 times; if the average price-earnings ratio of the two industry will apply to 85 all the A shares at present 13.65 times earnings compared to 74 industries than the latter. those

price-earnings ratio is high, mostly from the real estate and related industries, poor performance is the main cause of inflated its price-earnings ratio; high price-earnings ratio of companies from the institutions to be see in 58 companies, only six by the Fund held 90% suffered Fund "zero investment".

price-earnings ratio of 58 companies higher than the industry 10 times

February 3, 2009 The Commission said the industry price-earnings ratio is expected to become the new shares priced with reference to a standard. Industry price-earnings ratio as a yardstick for measuring the level of stock valuation, we can broadly reflect the level of market risk. Agencies in the valuation of the stock, generally will refer to the industry or industry-typical level of earnings. In listed companies, the which the companys price-earnings ratio is far more than the industry average? 85 industry segments (SW two industry classification), the weighted average dynamic price-earnings ratio (hereinafter referred to as the industry price-earnings ratio) the lowest in the banking sector, the average price-earnings ratio of only 7.37 times the dynamic; followed by air transport, the average price-earnings ratio of 7.72 times.

contrast, the price-earnings ratio of the two industry was higher outrageous, such as optical photonics industry up to 586 times earnings in all industries topped. Forestry earnings, followed by 204 times.

statistics show that in 2331 stocks, 1329 exceeded the industry average, about 57% of the total; in excess of 2 times the industry average 536 accounts for only 23% of the total; in excess of 10 times 58, 12 ST companies into shares in the Datang Telecom, Corun, Hainan Coconut Island, Tianxing Instrument, and they are up to more than 2000 times.

removing the price-earnings ratio for a negative, the ratio of stock price-earnings ratio and the industry price-earnings ratio less than 0.5 times the company has 118, mainly in Optics and Optoelectronics, processing of agricultural products, chemicals and steel industries. Leybold Tech, long letter, three safety optoelectronics, and other. Industry earnings of these companies up to 586 times the earnings of the company itself is about 20 times its price-earnings ratio of about 1/25 of the industry price-earnings ratio.

high valuation of the company concentrate on real estate-related industry industry characteristics, company valuation levels than the industry average, mainly concentrated in three major sectors of real estate development, building materials and architectural decoration, more than 536 companies in the industry price-earnings ratio more than twice, about There are hundreds of companies are concentrated in these three industries accounted for nearly 18%. Kodak shares such as architectural decoration industry, price-earnings ratio of up to 1574 times, but the industry price-earnings ratio of 12.17 times, a difference of 128 times. 0.0029 yuan to the most recent four-quarter net profit of annual earnings per share calculation.

more than the industry price-earnings ratio of 10 times the company up to the real estate company, which has six real estate development company, there are two park development company, accounting for 13.8%. 8

This high valuation of real estate companies, including Hyde shares, Manzawa shares, the Duolun shares, Ingenious, tourism in Yunnan, Oceanwide Construction, Zhangjiang Hi-Tech and Jinshan Development. these

high valuation, the companys own poor performance lead. Calculated in accordance with the last four quarters net profit, its latest annual earnings per share only a few cents, Hyde shares, earnings per share of 0.0095 yuan.

the poor performance of the company, and real estate austerity policy introduced by the government in recent years. perspective on the present circumstances, the performance of these companies are not optimistic. Current real estate market differentiation, part of the corporate capital chain tension is expected to market fears. Previously, the AVIC securities in the real estate industry in 2012 Strategy Report "that 60% of housing prices will be facing a funding gap this year. The downturn of the real estate industry, closely related building materials and architectural decoration industry has also been dragged down some of the performance of the company worrying.

close to 90% of companies experienced investment institutions "zero" the

the valuation far exceeds the industry average of 58, also become the object of the fund are to circumvent. As of January 31, Fund 2011 Four Seasons report has been released is completed, according to fund four seasons released last week, holding the 58 price-earnings ratio extraordinary company, only six are held by the Fund. This means that close to 90% of companies suffered the agency "zero investment".

6 by the Fund favored companies, including the Zhangjiang Hi-Tech, North China Pharmaceutical, Asia Standard construction, high level of electrical, the more shares of the sea, Kowloon power. The earnings of these companies are generally in a hundred times more than the price-earnings ratio of the high level of electrical or even 1261 times. the

Fund intends to avoid the company of price-earnings ratio is high, in addition to its current high valuation, there is a larger relationship with the companys future performance. The companys performance is generally poor, from the most recent years annual earnings per share (resulting to the last four quarters, the total net profit divided by total equity) will be able to glimpse.

58, the most recent years annual earnings per share are just a few cents, of which the highest earnings per share of 0.0576 yuan to Yunnan Tourism. in 58 companies, only * ST SMI a released 2011 Annual Report, 33 released the 2011 annual results notice. 34, 20 company expects its net profit to decline, accounting for publishing the notice to the companys six. these

earnings far more than industry average, companies with poor performance of the company notice in into shares, Datang Telecom, Hainan Coconut Island, Tianxing Instrument, Hyde shares of.

which, in as shares trade companies engaged in foreign trade and economic cooperation, the current price-earnings ratio of up to 4143 times, 17.7 times the industry average price-earnings ratio, price-earnings ratio is the industry average of 234 multiples. Its expected 2011 net profit to a loss of 10 million yuan to 12 million yuan. shares of

while Hyde as a real estate development company, the current price-earnings ratio of 563 times, about 40 times the industry average price-earnings ratio of its expected 2011 net profit of about 30 to 150 million, will decline 94% to 98%.