Aofei convertible bond listing price forecast
Aofei convertible bond will be listed and traded on December 21. The closing price of the original stock Aofei Data (300738) on the previous trading day (December 20) was 22.19 yuan, the conversion price was 22.02 yuan, and the conversion value was 99.2.
Aofei convertible bonds have a bond rating of A+, with a general rating; the issuance scale is 635 million, with a general scale; the shareholder allocation rate is 77.40%, with a high allocation rate; the maximum subscription form account won 0.0141, with a low winning rate.
According to the current market and convertible bond trading conditions, Aofei convertible bonds are expected to have a premium rate of 30% at the opening of the 21st, and the expected opening price is 129 yuan. If the opening price is significantly lower than expected, you can buy it; if it is near the expected price, it is recommended to observe first.
Huaxiang convertible bond subscription
Huaxiang will start subscription on December 21.
See the published information. Huaxiang convertible bonds have a bond grade of AA-level, with a good grade; the issuance scale is 800 million, with a average scale. The conditions for the downward revision of the conversion price are "When the closing price of the company's stock for twenty trading days in any consecutive trading days is lower than 80% of the current conversion price", the conditions for the downward revision are strict; there are convertible bond repurchase clauses.
The main stock Huaxiang Co., Ltd. {603112} The closing price of the previous trading day (December 20) was 12.93 yuan, the conversion price was 12.99 yuan, and the conversion value was 99.54. The value of the stock conversion is slightly lower.
Huaxiang convertible bond has a maturity of 6 years, and the total amount that can be received when it is maturity is 2.50+1.50+1+0.6+0.4+115=121 yuan. The value of the convertible bond is calculated as a pure bond. Assuming that the annual interest rate is 4%, the current bond value of the convertible bond is 121/(1.04)^6=95.63, and the value of the pure bond is relatively high.
Huaxiang Co., Ltd. Company profile:
Shanxi Huaxiang Group Co., Ltd. mainly focuses on the three major industries of white goods, construction machinery and automobile manufacturing, and continues to extend the industrial chain and increase added value. From parts to components, it gradually becomes a leader in subdivided industries and a rule-maker. Huaxiang Group has mature casting processes and precision processing technologies such as Disha vertical typing, horizontal typing, vacuum negative pressure typing (V method), resin sand, etc., and its main customers include Danfoss, Embraco, Midea, Gree, Taiwan Ruizhi, Panasonic, Mitsubishi; Mainland Automobile, TRW, Southern Trinhe, Valeo; Toyota, Linde, Terex, Haulotte, Jcb, Kalmar, Doosan and other world-class companies. At the same time, we actively introduce high-end talents at home and abroad, implement talent-driven strategies, promote enterprise transformation and upgrading, and vigorously develop "new materials" and "new technologies". "New materials" mean transforming from ferrous metals to non-ferrous metals such as magnesium, aluminum, titanium, pickaxes, nickel with higher added value, and moving towards the military industry and aerospace industry. "New technology" focuses on the development of 3D printing and intelligent manufacturing, continues to upgrade technology and industrial upgrading, promote Huaxiang Manufacturing to a higher end, and leads the transformation of the entire industry. In the next step, Huaxiang Group will further strengthen its innovation capabilities and enhance its core competitiveness; actively promote its internationalization strategy, and continue to consolidate Huaxiang's position as a global supply base for clean, energy-saving, green and environmentally friendly home appliances.
Huaxiang Co., Ltd.'s main financial data for the third quarter report are as follows:
The company's operating income in the first three quarters was 2.456 billion yuan, a growth of 78.85% over the same period in 2020. The net profit attributable to shareholders of listed companies was RMB 262 million, an increase of 78.1% over the same period in 2020. The company has good operating and profitable conditions.
Risk warning: Domestic real estate policies continue to increase pressure, the real estate market continues to be in a downturn; car sales continue to fall short of expectations; uncertainty in economic globalization caused by the epidemic and international situation.
Huaxiang shares stock price trend chart:
The company's stock price has increased by nearly 30% in the past six months, and the stock price has a certain risk of pullback.
According to the current market conditions, Huaxiang convertible bonds are expected to have a 30% premium when they are listed, and its expected opening price is 129 yuan.
Huaxiang convertible bond is an AA-grade convertible bond. The current conversion value is not too bad, the underlying stock has great development potential, and the pure bond value is also good, so it is recommended to apply for full amount.
Petty convertible bond subscription
Petty will also start subscription on December 21.
See the published information. The bond grade of Petty convertible bonds is AA-grade, with a good grade; the issuance scale is 720 million, with a average scale.The conditions for the downward revision of the conversion price are "When the closing price of the company's stock for at least fifteen trading days in any consecutive thirty trading days is lower than 85% of the current conversion price", the conditions for the downward revision are strict; there are convertible bond repurchase clauses.
stock Petty shares {3..673} The closing price of the previous trading day (December 20) was 19.50 yuan, the conversion price was 19.92 yuan, and the conversion value was 97.89. The value of the stock conversion is slightly lower.
The term of Petty convertible bond is 5.997 years, and the total amount that can be received when it is maturing is 2.00+1.50+1+0.6+0.4+115=120.5 yuan. The value of the convertible bond is calculated as a pure bond. Assuming the annual interest rate is 4%, the current bond value of the convertible bond is 120.5/(1.04)^5.997=95.24, and the value of the pure bond is relatively high.
Petti Co., Ltd. was established in October 2002. It is one of the earliest enterprises in my country that specialize in the pet food industry. It is also the first company in the pet industry in my country to be listed on the domestic A-share market. Its main business integrates the research and development, manufacturing, sales and private brand operation of pet food. It currently has domestic and foreign brands such as Haoshijia Healthguard, Chineng ChewNergy, Jueyan Meatyway, ITI, SmartBalance, Begogo Beijia, "Petti", "CPET", "PEIDI". Among them, the "CPET" trademark was recognized as a well-known trademark in China by the State Administration for Industry and Commerce in January 2013. The products are highly praised by customers and favored by pets and their families. Main business: research and development of pet nutrition products and other pet health products; production and sales of pet daily necessities; production and sales of pet food; import and export of goods, technology import and export; investment management.
Petti Co., Ltd.'s main financial data for the third quarter report are as follows:
The company's operating income in the first three quarters was 915 million yuan, a decrease of 5.84% from the same period in 2020. The net profit attributable to shareholders of listed companies was RMB 78.684 million, a decrease of 5.19% from the same period in 2020. This year, the company's operating and profit pressure is relatively high.
Risk warning: Raw material prices rise, exchange rate fluctuations risk, the epidemic affects overseas production, and the progress of capacity expansion projects is lower than expected.
Petti shares stock price trend chart:
The company's stock price has a pullback of nearly 15% in the past six months, and the risk of the stock price pullback has been released to a certain extent. Moreover, the company is a rapidly developing industry. After the epidemic has resumed overseas production, its performance is expected to achieve rapid growth.
According to the current market conditions, Petty convertible bonds are expected to have a 30% premium when they are listed, and their expected opening price is 127 yuan.
Petty convertible bond is an AA-grade convertible bond. The current conversion value is not too bad, the underlying stock has great development potential, and the pure bond value is also good, so it is recommended to apply for full amount.
