综合绝对估值法和相对估值法 华南师范大学社科处

Tico fashion today listed six institutions to Luyan pharmacy the reasonable depth of the pulse – reporter Wu Shan following the quotation in the year of the monkey first shares Southern media Monday after the listing, today, A shares will usher in two new shares. Among them, Guangzhou TICO fashion shoes trading Limited by Share Ltd 70 million shares of A shares listed on the Shanghai Stock Exchange, the securities referred to as "TICO fashion", stock code "603608", the company A shares 280 million shares. At the same time, Lu Yan (Fujian) pharmaceutical Limited by Share Ltd RMB ordinary shares in the Shenzhen SME board listed, the securities referred to as "Lu Yan medicine", stock code "002788", the company total number of ordinary shares of RMB 128 million 168 thousand and 800 shares, the IPO of 32 million 50 thousand shares since the beginning of the date listed on the transaction. Specifically, TICO fashion fashion shoes industry is one of the leading multi brand operators, since its inception focused on female consumers with fashionable and comfortable footwear products and services. The company adopts multi brand whole industry chain vertical integration mode of operation, including business needs research, brand planning, commodity planning, design and development, production and supply, marketing, distribution, retail, customer service and so on. In the marketing network, the company uses the "self-employed + distribution" sales model, around the domestic central city and key area layout. In this regard, Shen Yuan Hong pointed out that the company has a high reputation in the industry, optimistic about the company’s future market share and market value of ascension. Expected earnings from 2016 to 2018 were 0.46 yuan, 0.54 yuan, 0.65 yuan, the company in 2016 reasonable valuation interval is 30 times to 40 times, corresponding reasonable price range from 13.88 yuan to 18.50 yuan. According to the average valuation level of the industry and the valuation level of peer listed companies, the State Securities Corporation takes into account the market valuation premium of the new shares, giving the company 25 times to 35 times valuation in 2016, and the reasonable price range is 13 yuan to 18.2 yuan. Haitong Securities is given to the company in 2016 30 times to 40 times valuation, corresponding to the reasonable price range after listing is 11.89 yuan to 15.85 yuan. Listed and TICO fashion on the same day as the main business of Luyan pharmacy, medicine, Chinese herbal medicine, medical equipment, vaccine distribution and pharmaceutical retail chain, the company for many years in the Ministry of commerce national pharmaceutical wholesale enterprises ranked top 100 enterprises, and a leading position in Fujian Province pharmaceutical retail field, is currently the largest pharmaceutical business scale in Fujian province the circulation of enterprise group. For its post IPO performance, CITIC Securities pointed out that the company has a significant competitive advantage. Comprehensive absolute valuation method and the relative valuation method, the company stock two level market reasonable price is 25.21 yuan to 32.15 yuan. Shen Yuan Hong is optimistic about the regional influence of the company as Fujian pharmaceutical distribution leader. In 2016, the new round of bidding is expected to obtain structural growth advantage, and the reasonable price range is expected to be from 39.6 yuan to 52.8 yuan. At the same time, Haitong Securities expected its reasonable price range from 31.75 to 38.10 yuan; Shanghai theory

天创时尚携手鹭燕医药今日上市 六机构深度把脉其合理报价   ■本报记者 吴 珊   继猴年第一只新股南方传媒周一上市后,今日,A股市场又将迎来两只新股。   其中,广州天创时尚鞋业股份有限公司7000万股A股股票在上交所上市交易,证券简称为“天创时尚”,证券代码为“603608”,该公司A股股本为28000万股。与此同时,鹭燕(福建)药业股份有限公司人民币普通股股票在深交所中小板上市,证券简称为“鹭燕医药”,证券代码为“002788”,公司人民币普通股股份总数为12816.88万股,其中首次公开发行的3205万股股票自上市之日起开始上市交易。   具体来看,天创时尚是时尚女鞋行业领先的多品牌运营商之一,自创立以来专注于为女性消费者提供时尚、舒适的鞋履产品和服务。公司采用多品牌全产业链纵向一体化的运营模式,业务包括需求研究、品牌规划、商品企划、设计研发、生产供应、营销推广、分销零售、顾客服务等内容。在营销网络方面,公司采用“自营+经销”的销售模式,围绕国内中心城市和重点片区布局。   对此,申万宏源指出公司在行业具有较高知名度,看好公司未来市场份额与市值的提升。预计公司2016年至2018年每股收益分别为0.46元、0.54元、0.65元,公司2016年合理估值区间为30倍至40倍,对应合理价格区间为13.88元至18.50元。   国金证券按照行业平均估值水平以及同行上市公司的估值水平,考虑新股的市场估值溢价,给予公司2016年25倍至35倍估值,合理价格区间为13元至18.2元。   海通证券则给予公司2016 年30倍至40 倍估值,对应上市后合理价格区间为11.89元至15.85 元。   而与天创时尚同日上市的鹭燕医药,主营业务为药品、中药饮片、医疗器械、疫苗等分销及医药零售连锁,公司连续多年进入商务部全国医药批发企业百强企业排名,并在福建省医药零售领域处于领先地位,是目前福建省经营规模最大的医药流通集团企业。   对于其上市后表现,中信证券指出公司竞争优势显著。综合绝对估值法和相对估值法,公司股票二级市场合理价格为25.21元至32.15元。申万宏源则看好公司作为福建医药分销龙头的区域影响力,2016年新一轮招标中有望获得结构性的增长优势,预计合理价格区间在39.6元至52.8元。   与此同时,海通证券预计其合理价格区间在31.75至38.10元;上海证券预计其合理价格区间在24.64元至29.56元;中银国际预计其合理价格区间在22.68元至27.21元。   值得一提的是,2月16日,证监会发布公告称,核准了9家企业的首发申请,相关公司及其承销商将分别与沪深交易所协商确定发行日程,并陆续刊登招股文件。 进入【新浪财经股吧】讨论相关的主题文章: