Liduo Star Gold Shares are full of Zhenyang Development convertible bonds on December 29 (Friday) for new subscription
Zhenyang Development convertible bonds will be newly subscribed on December 29 (Friday), and the Shanghai Stock Exchange convertible bonds can be placed if you hold the underlying shares.
The fundamentals of the underlying stock are acceptable, and the valuation is slightly overvalued. In recent years, the performance has declined, the gross profit margin has declined, and the cash flow has been abundant recently. In the third quarter of 2023, the net profit decreased by 54% year-on-year91%。The company's profitability is strong, and the institutional attention is low. Half-star performance score.
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The underlying stock is mainly engaged in the research and development, production and sales of chlor-alkali related products, including chlor-alkali products, MIBK products, industrial hydrogen and a small number of ** products. In 2022, it has successively won the titles of "Ningbo Innovative Small and Medium-sized Enterprise" and "Zhejiang Science and Technology Small and Medium-sized Enterprise".
The company is a leading enterprise in the domestic chlor-alkali industry, with strong R&D and innovation capabilities. Affected by the downward trend of the product economy, the product has fallen, and the company's performance is under pressure. With the promotion of the concept of circular economy and the development of the downstream epoxy resin industry, the company's ECH project has received more and more attention. In the future, it is expected to become a new profit growth point. Industry status scores are sporadic.
Convertible Terms. The bond is rated lower AA- and has an annualized yield to maturity of 311%, moderate downward revision (85%), pb284, the downward revision space is large, and there is a resale clause. Rating terms score half a star.
Valuation of convertible bonds. At present, the convertible bonds are at a slight premium, and the company's short-term performance is under pressure, and similar convertible bonds are favored by the market and give a higher premium. The small scale of issuance is easy to be speculated, and the concepts of chemical fiber, hydrogen energy, Zhejiang state-owned assets, and mini convertible bonds. The subject score is one star. Subjective rating half star.
Comparison of basic chemical convertible bonds:
4. The comprehensive score of the subscription strategy is two and a half stars, and the convertible bond is subscribed. There is no offline subscription, the issuance scale is small, and the winning rate is expected to be low.