Big data reveals 100 yuan shares are refined like this! High quality list exposed

 Big data reveals 100 yuan shares are refined like this! High quality list exposed

Maotai liquor is expensive, and Guizhou Maotai stock price is more expensive. Is it expensive? In the A-share market, 100 yuan shares are extremely scarce. Whether 100 yuan shares have investment value or not, securities times u00b7 data treasure tries to analyze the valuation and performance of 100 Yuan stocks by Guizhou Maotai.

Guizhou Maotai shares exceed the most expensive Hong Kong shares

The latest market value of Guizhou Maotai is more than 2 trillion yuan, which is the largest stock in Shanghai and Shenzhen stock markets. Its contribution to the market value of a shares reaches 2.6%, and its latest closing price is 1595.3 yuan. In the past, there were only three stocks with a share price of more than 500 yuan in the A-share market. Besides Maotai in Guizhou, there were also gibbet and Kanghua bio.

If you look at the Hong Kong stock market and the US stock market, Berkshire Hathaway and NVR are both over US $3000, Amazons latest share price is close to US $3000, and Berkshire Hathaways share price is as high as US $289435; Tencent holdings and the Hong Kong stock exchange, which are the top stock prices in Hong Kong stock market, do not exceed HK $600. So Guizhou Maotai stock price after all expensive?

The ratio of Feitian Maotai liquor to per capita income showed a downward trend

Starting from Maotai liquor, Maotai liquor is the favorite of various liquor auctions. Due to its special production technology, the annual output of Maotai depends on the production of base liquor five years ago. The whole cycle takes five years from preparation to marketing. The production cycle is relatively long, and the requirements for environment, production technology and raw materials are high. The retail price of Maotai liquor will not be low.

According to the public data, the ex factory price of 53 degree Feitian Maotai has increased steadily, and the price difference between the general retail price (including the guiding price) and the ex factory price is not particularly wide, and most of the time, the supply is in short supply. If the per capita disposable income of residents is compared, the price of a bottle of Maotai liquor accounts for less than 10% of the annual income. Some people may think that the proportion is still too high, but in fact, the data in the past three years show that this proportion is showing a downward trend.

The valuation of Maotai in Guizhou is not the highest among baijiu

In terms of years, in the 12 years from 2009 to 2020 (up to the latest closing date), Guizhou Maotai has 10 times of annual rise and fall. In 2016, the market fell by 12.31%, and Guizhou Maotai rose by 56.45%; in 2018, the market fell by 24.59%, and Guizhou Maotai fell by 14.21%. The stock price of Maotai in Guizhou has risen steadily from below 600 yuan to about 1700 yuan in recent two years.

For example, Maotai ranked No. 268 in the market in 2020, ranking No. 84A in the whole market in 2020, but did not see a big rise.

Valuation can best reflect whether the current stock price of Guizhou Maotai is expensive. Because its brand value and other aspects are separated from the statement, it is more meaningful to measure it by P / E ratio. According to the statistics of databao, from 2009 to 2018, the rolling P / E ratio of Guizhou Maotai was lower than the average of liquor industry. At the end of 2013, the P / E ratio of Guizhou Maotai was less than 10 times, and that of liquor industry was more than 22 times; at the end of 2018, the average p / E ratio of liquor industry was close to 45 times, but Guizhou Maotai was only 23 times.

In recent two years, with the substantial growth of Maotai stock price in Guizhou, the P / E ratio has increased, but there is not a big gap with the average p / E ratio of liquor industry. At the end of 2019, the P / E ratio of Guizhou Maotai is 36.31 times, and the latest P / E ratio of 2020 is 46.52 times. However, the average p / E ratios of liquor industry are 35.3 times and 39.42 times respectively. Among them, there are 4 liquor stocks with the latest P / E more than Guizhou Maotai, Jiugui Liquor, Shunxin agriculture and Shanxi Fenjiu are all more than 60 times. From this point of view, the valuation of Moutai in Guizhou is not a big bubble in the liquor sector.

Performance and chip scarcity boost stock price

According to the annual data, the stock price of Berkshire Hathaway has increased or decreased since its listing, and the same has happened in Maotai, Guizhou. The biggest reason lies in the sustained and stable growth of the companys performance and the scarcity of chips.

In terms of chips, according to the latest data, the institutional shareholders of Maotai in Guizhou province hold nearly 80% of the shares, which accounts for more than 95% of a shares. In other words, retail shareholders only hold 258 million shares (with a total capital of 1.256 billion shares). Some investors may ask why Maotai, Guizhou Province, does not split its shares at such a high price. However, it is not common in the A-share market, and it is becoming increasingly unpopular in the world. After all, stock splitting may cause investment and irrational speculation risks. As a high price King of A-share market, we have to consider a series of advantages and disadvantages brought about by stock split.

A hundred yuan stock is rare for more than 3700 A shares. Data treasure statistics show that as of the latest closing date, there are 104 100 Yuan stocks in Shanghai and Shenzhen stock markets, and there are 77 stocks without considering the new shares listed this year. Are the performance and valuation of these 77 100 Yuan stocks match the higher stock price?

First of all, from the perspective of valuation, the valuation of 100 yuan shares is at a high level as a whole, with an average p / E ratio of 121 times. There are 54 stocks lower than the average value, accounting for more than 70%. There are only three stocks with P / E ratio less than 30 times, including Yanghe shares, Yunnan Baiyao shares and Tianyu shares. Among them, Tianyu shares, Wuliangye, Luzhou Laojiao and other 7 shares are all lower than the industry level. At the end of last year, the P / E ratios of Tianyu, Jiangshan oupai and Yingke medical were less than 20 times.

From the perspective of investment return, the return on net assets of the above-mentioned 77 shares in 2019 all exceeded 5%, and more than 20% of the shares accounted for more than half. The return on net assets of Zhifei biology, Zhuosheng micro and huiding technology exceeded 40%, and the latest closing price of Zhuosheng micro was over 400 yuan. Since the listing of the company last year, the stock price of the company has been rising all the way, and the performance of last year and the first quarter of this year has been good, and the growth rate of net profit has exceeded 200%.

From the performance of last year and the first quarter of this year, there are 70 performance growth stocks in 2019 and 46 stocks with continuous growth in the first quarter of this year, accounting for nearly 60%. Among them, Wentai technology, Weiwei shares and shuoshi biological 3 shares increased by more than 500% in the first quarter of this year.