Claimed within six months to 2% of total equity holdings, but in fact only 0.6% of holdings. Inadequate to support the market, leading shares
Today, holdings of the original promise has come to face the company Win again, the idea of moving from the overweight.
today (January 13), long CAO Yun announcement that the holdings of the Nanjing Tanker program intends to extension of six months, and its true intentions directed at the issuance must be completed during the year.
time, however, support the market will win out?
previous holdings halfway
2010 7 13, Nanjing Tanker for the first time securities trading system through the holdings of long-SSE CAO Yun. According to announcements at that time, July 13, 2010, 14 days, Nanjing Tanker shipped a total of 200 million holdings of long-CAO. At the same time, Nanjing Tanker said to be in the next 6 months (July 13, 2010 ~ January 12, 2011) continued holdings of securities trading system through the SSE long fuel transportation, follow-up to be overweight available funds not more than 2 billion yuan, 6.8 yuan holdings of no more than the price / share, total holdings of no more than 2% of total capital (including the part already overweight).
holdings of major shareholders plan to face the market to give a higher concern. CAO Yun Long is also steadily rising share price. However, who had expected such a magnificent holdings of which should be mine, in fact it has been slow.
today's announcement shows, Nanjing Tanker July 14 last year, the actual holdings of 959.6461 shares only, the total equity holdings accounted for only 0.6%, well below the upper limit of 2 overweight %. It is worth noting that if the July 13, 14, 200 million excluding holdings, Nanjing Tanker holdings of 759.6461 shares of the follow-up only. In other words, for almost 6 months, 118 trading days (excluding July 13-14), Nanjing Tanker average daily length of jet fuel purchased shipped only 6.44 million less than its proportion of holdings daily turnover of only 0.32%.
original claim holdings to spend 2 billion, in fact only spent 54.6 million yuan (nearly 6-month average basis), Nanjing Tanker's holdings can be described as thunder, little rain .
only 6.64 yuan / share, lower than the promised price cap holdings of 6.8 yuan / share. That is, regardless of price or time from the point of view, every reason to complete the full Nanjing Tanker holdings.
this, the market can not help asking, why the holdings of the Nanjing Tanker discourage it?
additional holdings keeping pace
Insiders revealed that the holdings of the Nanjing Tanker actually see the additional tune.
2009 9 months, released a long CAO Yun placement program. The company intends to include the company's controlling shareholders, including the Nanjing Tanker object orientation is not more than 10 additional 200 million shares to 6 million shares, issue price of not less than 5.63 yuan / share, net proceeds to be 2.5 billion, will all investment companies in the construction of four VLCC tanker project. Among them, Nanjing Tanker intended to subscribe in cash for not less than 50% of the additional shares. However, this additional program a longer time delay. One year after the September 8, 2010, the Commission only approved the issuance of long-fuel transportation applications. December 1, 2010, long fuel transport company Extraordinary General Meeting agreed to extend the resolution of non-public offering is valid until to December 1, 2011.
It is difficult to ensure the future issuance of stock prices will not fall below, after the issuance of long-fuel operation will take some time. If the post-break, Nanjing Tanker holdings is bound to support the market also need to spend money, then the price goes up too high.
Obviously these concerns are not unfounded.
Although the recent experience of 8 with Yang, but the current stock price is only 5.39 yuan / share, compared with 5.63 yuan / share issuance price
longer able to keep their holdings of stock
Today, Nanjing Tanker holdings of the funds to be used will be placed in 2011, the extension of the holdings will have a long CAO Yun shares work?
from the current valuation level, the length of the dynamic fuel transport up to 56 times earnings, shares in shipping is not dominant, COSCO Shipping (600428, price of 8.55 yuan before closing), Jiangxichangyun (600,561, the closing price 12.45 yuan) and were only 35 times earnings and 22 times. Background from industry, shipping stocks are still subject to the economic environment, few topics of investment opportunities.
Thus, in terms of subject matter or the valuation point of view, long-fuel operation does not have the advantage of speculation, the only things to watch for is the holdings of major shareholders. Can keep the additional price, Nanjing Tanker will put up real money for the overweight, is essential.
(This article Source: Daily News of: Zhao Di)
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