It has become the business focus of many fund companies in the near future to increase market opportunities and track and prepare for war.
We keep a close track of all fixed increase projects and strictly select the target according to the standards. At present, we have reserved some key targets and will participate in some key projects in March and April. Liu Kaiyun, general manager of the fixed increase investment center of Jiutai fund, said that he is in frequent communication with enterprises at present.
Jin Shengzhe, deputy general manager of Boshi fund research department, said that we should keep continuous communication with the listed companies that have already been covered, find out potential opportunities, do a good job of fundamental research in advance and select project pool. At the same time, it has close contact with issuers and investment banks to grasp the information on the supply of fixed increase assets at the first time. Opportunities and challenges coexist in the future market. The threshold has been greatly reduced, and the competition for high-quality projects has become increasingly fierce. Only investment management institutions with all aspects of active management capabilities, such as project acquisition, company research, asset pricing, etc., can be able to do large-scale and bring returns to customers in the fixed increase market.
According to a reporter from China Fund News, it is expected that the growth market will usher in a golden period of development. Before that, fund companies that have accumulated more business in the growth market have moved quickly. There are many companies coming to us to talk about projects, which are much hotter than before. We are also ready to select high-quality projects to participate. A fund investment researcher said.
From February 15 to 29, 76 listed companies in Shanghai and Shenzhen disclosed plans for additional issuance, according to wind. Li sichen (300010, share bar), which has a good public offering, is participated by Xingquan, Jianxin, Ruiyuan and other fund companies, with subscription amount of 250 million yuan, 40 million yuan and 230 million yuan respectively. Wells Fargo Fund (blog, microblog) and Xingquan fund have participated in zhongmi holding, with subscription amount of 60 million yuan each. In addition, Qianhai Kaiyuan fund and CAITONG fund participated in humon shares (002237, share bar), with the subscription amount of 200 million yuan and 100 million yuan respectively; Xingquan fund actively arranged pharmaceutical stone technology (300725, share bar), with the subscription amount of 650 million yuan; McGrady Technology (603990, share bar) was subscribed by Fuguo fund of 60 million yuan.
In 2017, regulatory changes brought the whole fixed growth market to a freezing point. This policy adjustment has activated the market, and more fund companies will participate in the future. According to an insider, since the beginning of the year, the equity fund has been issued in a considerable scale. A large number of new funds need to find high-quality assets with appropriate prices, which also makes the fund company one of the main players in the field of additional issuance.
At the same time, many fund companies attach great importance to the selection of individual stocks and risk control.
Liu Kaiyun said that participating in the fixed increase project is based on the targets long-term competitiveness and long-term growth, and needs to meet two standards at the same time: first, the average roe in the last three years is u2265 8%, and second, the compound growth rate of non net profit deduction in the last three years is u2265 10%. At the same time, in the aspect of risk control, we will conduct in-depth study on the determination and increase of the standard, find out the risk points, control the valuation level of the participating standard, and set aside a certain margin of safety.
Yao Feijun, director of investment support and innovation Department of China Merchants Fund, said that he would evaluate the fixed increase projects from three dimensions of industry prosperity, individual stock prosperity and valuation; at the same time, considering the lock-in period of the project, he would focus on the analysis of the boom changes in the next six months, giving priority to the projects with high upward certainty of industry prosperity and relatively reasonable valuation. For the cyclical sector with low valuation at present, considering the limited downside risk of some projects, if we can get a better price, we will also moderately participate.
In terms of risk control, Yao Feijun said that in the early stage of project selection, the company has strict standards and sets a no investment pool for high-risk individual stocks. At the same time, the potential risks of the company are evaluated, such as the risk of goodwill impairment and the risk of equity pledge.
Nord Fund said that the choice of the target is still to return to the fundamentals. Since the fixed increase has a locking period, the enterprise fundamentals are the dimensions that must be considered by the fixed increase investment institutions, including the boom cycle of the industry, growth space and competition pattern. The basic assets have reasonable profitability and certain core competitiveness, and can create continuous cash flow for shareholders in terms of profit quality.
Optimistic about the fixed growth market this year
The implementation of the refinancing policy will become a catalyst for further switching of market style, and the investment opportunities of small and medium-sized stocks will be an important direction in the next year or two. As a typical growth stock investment strategy, fixed increase investment, benefiting from the implementation of the refinancing policy, will become a very attractive investment this year. Liu Kaiyun said.
Yao Feijun is also optimistic about the overall performance of the equity market this year, believing that the new rules will bring better opportunities for institutional investors to intervene. From the perspective of the whole year, the market still has some upside space. At present, the overall valuation is still relatively low. The epidemic has a short-term impact on the global economy, but the counter cyclical policy will also increase. After the threshold of refinancing is lowered, the listed companies have a high enthusiasm to participate in the selection of projects with good quality and reasonable base price, which can thicken the safety cushion and obtain better expected earnings.