Recently, the A** market has weakened, and the new stock issuance** and price-to-earnings ratio have also declined.
Since December, there have been many new shares issued below 10 yuan, among them, the issuance of new shares issued on December 13, Hongsheng Huayuan, hit a new low this year.
In terms of issue price-earnings ratio, Jin Jiang Shipping set a new record for the year, with an issue price-earnings ratio of 824 times; The issue price-to-earnings ratio of International Composites is 1021 times, second only to Jinjiang Shipping.
It is worth mentioning that in the context of the low price-earnings ratio of the new market, coupled with the relatively small supply of new shares, the performance of new shares is more prominent. In November, the new shares achieved zero breakage, and the new shares have not broken since December, and the new market seems to have ushered in a highlight moment.
New issuances** and issue price-to-earnings ratios declined
The regulator's new restrictions on companies such as broken issuance and broken net may have guided the pricing of the new market to a reasonable range.
* The Times reporter observed that except for a few new shares, since the fourth quarter of this year, the price-earnings ratio of new shares issued has generally been lower than the industry price-earnings ratio disclosed by the company. Since December, there have been a number of new stock issuance P/E ratios significantly lower than industry P/E ratios.
According to wind data, since the fourth quarter of this year, the median price-to-earnings ratio of new shares issued has been 2203 times, while the median P/E ratio of the industry is 2727 times. As can be seen from the above data, the price-earnings ratio of new shares is significantly lower than that of the industry. Since December, the price-to-earnings ratio of new shares has fallen more significantly, and the central price-to-earnings ratio of 12 new shares is about 1924 times, while the pivot of the industry's P/E ratio is 2643 times.
From the perspective of the proportion of the price-earnings ratio of new shares issued to the industry's price-earnings ratio, since the beginning of this year, the number of companies with a price-earnings ratio lower than the industry price-earnings ratio of new shares has accounted for about 39 new shares issued in the whole year39%, but since the fourth quarter has accounted for 5122%, and 50% since December.
Specifically, among the new shares issued since the fourth quarter, the price-earnings ratio of 21 shares issued by International Composite Materials, West Magnetic Technology, Anbang Guard, and Lingge Technology is lower than the price-earnings ratio of the static industry in the past one month. Among them, the price-earnings ratio of new shares issued by the Beijing Stock Exchange, such as Lifang Holdings, Pineo Technology, Laisai Laser, and Naconoel, does not exceed 05 times, significantly lower than the industry P/E ratio.
The price-to-earnings ratio of Jin Jiang Shipping's new shares issued on November 24 was only 824 times, setting a new record for the year. However, compared to the shipping industry 5With a P/E ratio of 39 times, the P/E ratio of Jin Jiang Shipping's new shares is on the high side.
At the same time as the price-to-earnings ratio of new shares was lower, the number of new shares issued** also decreased significantly. **The Times reporter observed that in the first three quarters of this year, there were often 100 yuan new shares, but after the fourth quarter, 100 yuan new shares disappeared, and the issue price of more than 50 yuan of new shares was only single digits.
Specifically, among the new shares issued since the fourth quarter, many new shares such as Lingge Technology, West Magnetic Technology, Hongsheng Huayuan, International Composite Materials, and Laisai Laser have been issued less than 10 yuan. Among them, the issuance of Hongsheng Huayuan is only 170 yuan, setting a new record for the year. The issuance of international composites** is 266 yuan, second only to Hongsheng Huayuan and Oufu Egg Industry issued at the beginning of this year.
The money-making effect of new shares is highlighted
The issuance of new shares and the issuance of price-earnings ratios are low, coupled with the decrease in the supply of new shares, the new market has made significant money recently.
Wind data shows that in October, there were still some new shares on the first day of listing, but after November, new shares achieved "zero breakage", and many new shares rose considerably on the first day of listing.
* Times reporter observed that the new market has actually changed significantly since late October, and the first day of listing on October 27 rose more than 10 times, which is the highest increase in the first day of listing since the fourth quarter of this year, which undoubtedly ignited the new shares.
Since late October, the money-making effect of new stock listings has returned significantly. According to the statistics of the **Times reporter, since late October, the median increase of 32 new stocks on the first day of listing reached 10704%, the probability of doubling on the first day of listing of new shares has greatly increased.
From the perspective of the performance of new stocks, the first day of new stock targets with lower absolute issue prices is more sought after by funds, while new stocks equipped with related themes such as AI and computing power will be more popular.
Li Hui, chief analyst of Huajin** new shares, said that with the current issuance pricing showing signs of flattening, the first day of new shares is heating up. At the same time, the low supply of new shares also supports the relatively adequate stock price performance on the first day of new shares, but the risk of differentiation and volatility within the short trading days of new shares still needs to be vigilant.
In fact, in the context of the overall decline in A-share new shares, new shares on the Beijing Stock Exchange have become the main force for listing since the fourth quarter of this year. According to wind data, among the new shares issued since the fourth quarter, the proportion of new shares on the Beijing Stock Exchange is 3659%。
Haitong** analysis pointed out that since the beginning of this year, the PE center of the initial offering of new shares on the Beijing Stock Exchange has moved downward, increasing the margin of safety for new share subscription. In addition, the overall performance of new shares on the first day of the Beijing Stock Exchange in 2023 is significantly better than that in 2022.
*:* Times.com.