God code to convert bonds into new subscriptions.
Digital China convertible bonds will be newly subscribed on December 21 (Thursday), ** convertible bonds, if you hold the underlying shares, you can place them.
Fundamentals. The underlying stock has good fundamentals and a reasonable valuation. In recent years, the performance has grown rapidly, the gross profit margin has increased, and the cash flow has been abundant recently. In the third quarter of 2023, the net profit increased by 27% year-on-year82%。The company's performance sales revenue has high cash content, high cash dividends, sufficient orders in hand, great potential for future expansion, weak cash protection, high debt repayment pressure, and low gross profit margin. Half-star performance score.
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The company is mainly engaged in cloud management services and hybrid cloud services, helping customers in industries such as automobile, finance, and FMCG retail at different stages of digital transformation to improve their cloud agility and data-driven capabilities. Under the strategy of digital cloud integration + information innovation, the company has repeatedly entered the cloud management services and hybrid cloud related reports of authoritative third-party institutions such as Gartner, Forrester, and IDC. Customers include Huawei, NVIDIA, China Mobile, JD.com, Alibaba, etc.
The company is a leading enterprise in the IT service industry, driven by cloud and information innovation, with leading technology and high-quality and stable customers. Benefiting from the rapid development of the industry's information innovation and cloud computing industry, the company's performance has grown steadily. With the continuous advancement of AI and localization, the company has a broad space for future development. One star rating for industry status.
Convertible Terms. The bond is rated neutral AA with an annualized yield to maturity of 241%, moderate downward revision (85%), pb252, the downward revision space is large, and there is a buyback clause. Rating terms score half a star.
Valuation of convertible bonds. At present, the convertible bonds are at a significant premium, the company's performance is stable, the industry is prosperous, and the same kind of convertible bonds are favored by the market and give a higher premium. There are a variety of themes, such as information innovation, servers, cloud computing, IDC, and Huawei's Ascend concept. The subject score is one star. Subjective rating of one star.
Comparison of service-type convertible bonds:
Subscription strategy. The comprehensive score is four stars, and the subscription is long-term holding of the convertible bond. There is no offline subscription, the issuance scale is small, and the winning rate is expected to be low.