The same process baby tree was evaluated overvalued. Predicted P/E up to 37 times.
The global new economy shares continued to be under pressure, but the investment bank still gave predictive valuations of the online travel platform for the pre-road show with the Cheng Yilong and the mainland mother-infant online community platform. If the P/E ratio is compared, the investment bank’s valuation is similar to that of Xiaomi (01810) in July, even higher than Tencent’s (00700) current P/E ratio. Some fund managers admit that some new economic stocks are overpriced, and it is not excluded that there will eventually be a reduction in the size of the fundraising or the following price limits.
New economic stocks adjust, investment banks are still aggressive
Tongyi and Ctrip have invested in Tongyi Yilong, and one of its sponsors, CMB International, has given its valuation between 40 billion and 53 billion yuan, equivalent to 21.8 times to 28.7 times its 2019 forecast price-earnings ratio. As for another sponsor, Morgan Stanley estimates that the stock market value is about 39.78 billion yuan to 49.92 billion yuan, which is equivalent to 22 times to 27 times the 2019 forecast price-earnings ratio.
Alibaba and Fosun (00656) as the shareholder’s baby tree, sponsor Morgan Stanley valued about 19.73 billion yuan to 25.43 billion yuan, meaning its 2019 forecast price-earnings ratio of 23 to 30 times. As for its listed chief financial adviser, UBS’s valuation is more aggressive, ranging from 27.3 billion to 33.54 billion yuan, equivalent to a forecast P/E ratio of 29.8 to 37 times in 2019.
According to the survey data, this year’s two largest new economic stocks, Xiaomi Group and US Mission Review (03690), the investment bank’s P/E ratio during their pre-road show ranged from 27 times to nearly 45 times. Although the stock market has undergone major adjustments in recent months, the 2019 forecast P/E ratio of Tongcheng Yilong and Baby Tree is still more than 20 times. Compared with Tencent’s latest forecast, the price-earnings ratio for next year has now dropped to about 21 times.
Ruiwei Kangli is now open for public offering
Guan Qizheng, managing partner of Huicheng Management, believes that if the baby tree is listed on the investment bank’s estimated 37 times price-earnings ratio, it is a relatively expensive level. As for the same way, Yi Long, the valuation is more attractive than the baby tree. However, he said that Tongyilong’s brand awareness is not enough, and the traffic provided by Tencent is required to be introduced to customers. In addition, the recent correction of US technology stocks has also caused a significant decline in Hong Kong’s new economic stocks, so the risk of subscribing to such new shares is even greater. .
In addition, Sinochem Energy plans to conduct a listing hearing this week, raising funds of US$2 billion (approximately HK$15.6 billion), with Morgan Stanley, CITIC Lyon and BOC International as its joint sponsors.
Although the market conditions are fluctuating, there are two new shares that will be publicly offered today. Ruiwei Capital (01835), a private equity fund specializing in mainland real estate, plans to issue 38.34 million shares. The offer price per share ranges from $5 to $7, raising up to 268 million yuan, and has introduced three cornerstone investors including Everbright Holdings (00165). For each 400 shares, the admission fee is 2828.22 yuan. As for galvanized steel product manufacturer Conley International (06890), it plans to issue 150 million shares, with a price per share ranging from 1 yuan to 1.3 yuan, raising nearly 200 million yuan, and has been introduced to Hong Kong Oriental Holdings as a cornerstone investor. The entrance fee for each 2000 shares is 2626.2 yuan.
Cinda Bio (01801), the fourth non-income biotechnology company in Hong Kong, is listed today. According to Yaocai’s dark market trading market data, its dark price has fallen below the offer price, and the final guarantee is not lost, closing at 13.98 yuan, no ups and downs. In the Phillips trading floor, the stock’s dark price closed at 14.1 yuan, up 0.9%, earning 60 yuan per hand for 500 shares.