Pien Tze Huang's attributable net profit in 2023 increased by 12 percent year-on-year59%, but the stock price once fell intraday, in the final analysis, it was caused by the operating performance was lower than market expectations, similar risks also exist for other high-performing stocks, investors should be careful of the performance of the white horse stocks that are less than expected.
As a high-quality enterprise with a long history, Pien Tze Huang's stock price fell unexpectedly. Considering that Pien Tze Huang announced that the attributable net profit in the first quarter of 2024 is expected to increase by no less than 25% year-on-year at noon, it shows that the company did not expect that the performance express report in 2023 could put the company's stock price under pressure and fall to the limit.
Pien Tze Huang's products have a monopoly, and there are good expectations for future performance growth. The downward shift of the value center of the whole market has had a certain impact on Pien Tze Huang. Judging from Pien Tze Huang's stock price of about 200 yuan and earnings per share between 4 yuan and 5 yuan, the company's price-earnings ratio is about 40-50 times, which is not high for a high-quality enterprise with unique products and continuous growth in performance, but if it is combined with the downward trend of the price-earnings ratio of other high-quality companies, it will inevitably bring certain pressure to the company's stock price. If Pien Tze Huang's year-on-year profit growth can remain above 25% in 2024, then the company's earnings per share in 2024 will exceed 5 yuan, that is, the company's price-earnings ratio will be less than 40 times, which will also provide some support for the stock price.
Although the performance level of Pien Tze Huang is still worth looking forward to in the long run, the disappointment of ** still dominates the stock price trend on January 31, after all, the company's 2023 semi-annual report and third quarterly report attributable net profit growth rate of more than 17%, while the 2023 annual report attributable net profit only increased by 12% year-on-year59%, which means that the company's performance in the fourth quarter of 2023 is poor, which is also the main reason why the company's stock price once fell to the limit.
However, considering that Pien Tze Huang's products have a certain monopoly, if you want to increase profits, you only need to increase the price of the product to achieve it simply, so investors should not be too pessimistic about the company's future performance, but this is Pien Tze Huang's own advantage, and for other blue-chip white horse stocks, such a ability to repair performance may not be available.
If other high-quality ** also disclose annual performance forecasts that do not meet investors' expectations in the future, it cannot be ruled out that the stock price will also appear larger**, among which venture investors need to be vigilant. On the contrary, if the performance forecast of those companies with poor performance expectations is not as bad as expected, the stock price may reverse, and the opportunity investors can also grasp it.
In short, the expected changes in the annual report will have a significant impact on the stock price, more than the investor's expectation of the best opportunity, less than the investor's expectation of the company will appear a certain risk, especially for the performance of the white horse stocks, if the investor can grasp the opportunity, avoid the risk, step on the rhythm, will be able to produce good investment returns.
Beijing Business Daily commentator Zhou Kejing.