Author: Databao Zhang Juanjuan
htmlOn September 6, the S&P Dow Jones Index announced that 1,099 Chinese A-shares have been included in the S&P Emerging Markets Global Benchmark Index, and the decision will take effect when the market opens on September 23. This is the third international index company that will include A shares in the following MSCI and FTSE Russell. So what are the characteristics of these more than a thousand A-shares in terms of fundamentals, performance, etc.?constituent stocks are valued below the overall level of A-shares
As the oldest and most influential index in the world, the S&P Dow Jones Index is included in A-shares, which is enough to show that the A-share market's position in the global stock market is becoming increasingly important. Unlike in the past, there is no Entrepreneurship board in the latest included list, which is mainly due to the high requirements for listed companies' own conditions. Among the stocks included in this time, there were more than 100 stocks in the pharmaceutical and biological industry, and more than 60 stocks in the three industries including chemicals and non-ferrous metals.
Securities Times·Databao statistics show that the latest median market value of Entrepreneurship board is less than 4 billion yuan, and the median rolling price-to-earnings ratio is as high as 37.4 times; while the median market value of A-shares included in the S&P Dow Jones Index exceeds 10 billion yuan, and the median valuation is less than 21 times, which is lower than the median of all A-shares. Compared with MSCI and FTSE Russell, the median valuation and median market value of the S&P Dow Jones Index are both the lowest.
From the perspective of stocks , there are 691 A-shares in the S&P Index, accounting for more than 10 billion A-shares (excluding the Science and Technology Innovation Board) with a market value of more than 70% of all A-shares (excluding the Science and Technology Innovation Board). If new stocks listed since 2018 are not considered, this proportion will rise to about 80%. Among the more than a thousand constituent stocks, the three lowest market value are Shunna shares, Qingyuan shares and Compton, with the latest market value of 1.851 billion yuan, 2.204 billion yuan and 2.218 billion yuan respectively.
23 stocks for three consecutive years return on equity exceeds 25%
What is the investment value of being selected as A-shares? Judging from the return on equity (ROE), the ROE of 59 shares exceeded 25% in 2018, and the ROE of 23 shares exceeded 25% in the past three years. The compound growth rate of net profits of these 23 shares in the past three years was greater than 0, and the compound growth rate of net profits of Yunda Shares, Fangda Special Steel and Hesheng Silicon Industry exceeded 100%.
From the perspective of net asset return rate, the average ROE of Tibet Mount Everest and Focus Media in the past three years have exceeded 60%, while the average ROE of Fangda Special Steel, Shiyuan Shares and Yunda Shares have exceeded 40%; the ROE of 5 stocks including Cangzhou Dahua , Wanhua Chemical , Feike Electrical Appliances has exceeded 35% in the past three years.
In addition, according to the interim data for 2019, the latest ROE of the above 23 shares is greater than 0, and the 20 shares have a mid-term return on equity of more than 10%. The leading condiments stocks Haitian Flavor Industry ranked first, reaching 19.75%. The company achieved a net profit of 2.75 billion yuan in the interim 2019, an increase of 22.34% year-on-year; 10 stocks including China Fortune Land Development, Shuanghui Development, Jichuan Pharmaceutical , Midea Group and other 2019 mid-term ROEs exceed 15%. Judging from the market performance of
, as of September 6, the average increase of the above 23 stocks in the year was close to 30%. Among them, Gibit, Antu Biology, and Wanhua Chemical ranked among the top three in terms of growth, as high as 90.39%, 75.91% and 75.59% respectively, significantly outperforming the market.
20 high-performing stocks have a low shareholding ratio of foreign capital and 520 high-performing stocks
Foreign capital holdings A-share ratio is restricted, and the stocks with higher shareholding ratios of northbound funds and QFII have little room for new foreign capital holdings. Therefore, high-performance stocks with relatively low shareholding ratio and large room for growth in the future are expected to receive foreign capital's focus on and . Based on the increase in net profit in the interim report exceeds 8% of 30html, the lower limit of net profit growth in the third quarter report is predicted to exceed 50%, and the shareholding ratio of northbound funds and QFII is less than 15%, a total of 20 shares meet the requirements.
Specifically, China Resources Sanjiu currently holds a total shareholding ratio of northbound funds + QFII, ranking first among 20 shares; the company achieved a net profit of 1.722 billion yuan in the mid-year this year, an increase of 108.39% year-on-year, and the lower limit of net profit in the third quarter is 1.835 billion yuan, an increase of 64.95% year-on-year. The second largest shareholding ratio is Shanghai Electric Co., Ltd. , with Northbound Capital + QFII holding a total of 7.05% of the shares. The company's net profit growth in the mid-term and third-quarter report of this year has exceeded 100%. In addition, the foreign shareholding ratios of Luxshare Precision and Bairun Co., Ltd. both exceed 1.5%, but are less than 5%.
From the perspective of market performance, as of September 6, the 20 stocks above performed the best were Shanghai Electric Co., Ltd. , Luxshare Precision and Bairun Co., Ltd. . The stock prices of the three stocks doubled in the year ; 6 stocks including ZTE , Shengnong Development all rose by more than 50% this year. At the same time, five stocks including Dahua Intelligence, Light Qi Technology, Qingdao Jinwang , underperformed the market this year. It is worth mentioning that the latest closing price of Antai Technology and Shengnong Development 2 shares still has more than 8% upside the institutional forecast target price, and Luxshare Precision and ZTE also have an increase of more than 15%.
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data treasure (shujubao2015): Securities Times Intelligent Original Innovation Media.
