Yesterday, the non-ferrous metals sector fell 8.62%, yesterday became the largest decline of the industry. The decline this year,glue stick non-ferrous metal plate is reached 72.63%, the same is the industry first.
Colored plate "weak weaker."
This year, the Shanghai index would decline to 55.91%, the overall performance of non-ferrous metals sector is much weaker than the broader market decline has reached 72.63%. And if from October 16, glue gun 2007 high of date, the Shanghai Composite Index fell 62%, non-ferrous metals sector fell by 80%.
Statistics show that, excluding October 16, 2007 after the 5-listed stocks, a total of 39 non-ferrous metal stocks, the total market value of their October 16, 2007, early yesterday, was 1.940974 trillion yuan, 1.421785 trillion yuan and 3890.40 billion, compared with the highest market value at time of only two as at present, which also includes the issuance of the middle to bring the 7.833 billion yuan. This year, these 39 stocks, 23 stocks fell more than 70% of the shares, accounting for 59%.
The nearest two-week performance, the broader market declines is only 15.39%, while the decrease of color plates 33.55%. Ruoshi since this year, the non-ferrous metal plate is always ahead of the index, obviously was "the weak weaker," the feature.
Raised the level of 16.69 times earnings.
Through the adjustment of this year, non-ferrous metal plate PE ratio has dropped significantly. The 2008 mid-year report results for the dynamic price-earnings ratio is 16.69 times, 17.69 times lower than the overall market.
Although the valuation of non-ferrous metal plate down more, but compared with international standards is still at a high level. Statistics show that the S & P 500 Index price-earnings ratio of metal mining stocks as 9.92 times the average, non-ferrous metal stocks in Europe 800 index trades at 11.43 times the average. In comparison, although the sales of non-ferrous metals, but the level of price-earnings ratio is still high compared with the mature market.
In addition, non-ferrous metals industry as a whole in a down cycle, with the decline in performance, earnings levels will rise.
From the stock point of view, nearly half of non-ferrous metal sector stocks fell sharply in price after the dynamic price-earnings ratio (the 2008 mid-year report results by 2 basis) is far higher than the static price-earnings ratio (the results for the 07) level, such as Chi Hong Zinc and Germanium, dynamic price-earnings ratio of shares of color were 20.92 times, 23.38 times higher than the 2007 results for the 6.54-fold and 10.31-fold, primarily due to profit decline.
Performance may fall further.
Level of profitability for the industry point of view, non-ferrous metal plate was lowered at the beginning of the process. 25 has been released from the 2008 mid-year report of the company point of view, the total net profit attributable to shareholders is only 6.473 billion yuan, accounting for the full year 2007 profits of 48.95%, compared with the mid-2007 fell 3.68%.
View from a single company, 25 companies reported announcement, the net profit growth of 14 negative, accounting for 56%; which Kinmen and Matsu group, Luo zinc electricity Chihong Zinc and Germanium, your research Platinum fell 4 results more than 50%, accounting bulletin company reported that 15.4% of the total.
From the results of the third quarter of 2008 notice watching, half of the company expects results of negative growth. Current gold prices, macro-control and non-ferrous industry, the decline in business cycle is expected to short-term future of the plate is difficult to reverse the trend.