Abison today listed, pricing artifact embarrassing

Abison listed in the first half net profit of 77 million 590 thousand yuan

Today (August 1st), Abison issued RMB ordinary shares listed on the Shenzhen stock exchange gem. The number of shares issued for 19 million 660 thousand shares, of which the number of new shares issued for the 15 million 470 thousand shares, the number of shares transferred to the old shares of 4 million 190 thousand. Among them: 5 million 737 thousand shares issued under the net, accounting for the number of the issue of the number of online issue of 13 million 923 thousand shares, accounting for the number of the issue of the number of 70.82%. Issue price of 18.43 yuan / share. Issue price earnings ratio of 13.16 times. Total funds raised 285 million 112 thousand and 100 yuan. Earnings per share of 1.40 yuan / share.

2014 1-6 months, the company achieved operating income of 471 million 282 thousand and 200 yuan, net profit of 77 million 589 thousand and 500 yuan, compared with the same period last year have achieved substantial growth, the company said, mainly due to the world especially in Europe and the United States LED full color display screen 25 of market demand, the company continued to play the international market competitive advantage, positive enterprising, achieved rapid business growth. At the same time, the scale of operations, the effective control of cost and expenses, but also to protect the company's profits and revenue year-on-year growth.

The company expects 2014 1-9 operating income compared to the same period in 2013 were 45% to 55%, net profit compared with the same period in 2013 the magnitude of the change was from 35% to 45%.

Daily economic news reporter noted that in today's listing of 5 new shares, Abison has a greater valuation advantage. Announcements, Abison issue price of 18.43 yuan / share, corresponding to 2013 diluted earnings ratio of 13.16 times, significantly lower than the average price earnings ratio of listed companies, such as the world's Ming technology more than 56.38 times.

Pricing artifact embarrassing

It is worth mentioning that, in today's listing of 5 new shares, Abison has been a lot of attention in the industry, because the company network with only 38 objects under the network. And since June, nearly 20 new shares have been issued, under the net with the object hundreds of times. A reason for this difference is that Abison the issue includes the transfer of the old shares, so that a large number of institutions offer the least bit of difference, difference".

The announcement, investors Absen preliminary inquiry into 160, placing the object is 420, price range of 13.68 yuan ~46.20 yuan / share, the final Absen determine the issue price of 18.43 yuan / share, a direct result of the vast majority of the placement of objects out of the final, only 38 finalists like".

An industry source said, due to various reasons, many institutions in the network to declare the price, the use of a simple formula: the issue price = (expected to raise the amount of + issuance costs) / issue number. Although this formula accurately estimates the majority of new shares issue price, but there are exceptions. For example, this time Absen starting the program includes the transfer of the old shares, the issue produced a number of unpredictable changes, a direct result of a large number of institutions offer inaccurate, so that the sharp drop in the number of allocated objects.

Of course, for the final finalists placing objects, is undoubtedly lucky, because with the reduction of competitors, the number of shares allocated to a single object will also be significantly increased. In the same conditions, the profit level will undoubtedly increase.

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