Gem: High Growth Is Difficult To Follow &Nbsp; Overvalued Risk Increases Sharply.

Accompanied by list It was questioned by the market. Gem "Three high" seems to have been corroborated recently. According to the insiders, the super high price and high P / E ratio have pushed up the assets value of the listed companies, exacerbated the potential risks of the market, and the huge oversubscription. capital It may also provide space for extensive operation and blind expansion of gem enterprises.

Difficult to grow

Up to now, the average price earnings ratio of GEM has been decreasing, and the market value has been shrinking. According to the data released by the Shenzhen Stock Exchange website, as of April 6th, the total market value of the gem was 788 billion 577 million yuan, and the average price earnings ratio dropped to 53.87 times, which is 80.01 times higher than this year, the highest 106.04 times in 2010, and 127.65 times the highest in 2009.

Data show that as of April 16th, there were 203 listed company in China's growth enterprise market, with a total market value exceeding 810 billion yuan. At present, the average price earnings ratio of 203 GEM companies is 52.68 times.

In addition, performance and gem index are not satisfactory. The 2010 annual report shows that the average growth rate of gem is 35.6%, which is not only lower than the average growth rate of A shares 38.99%, but also lower than the average performance of 46.6% of Shenzhen's main board companies and 38.6% of the main board of Shanghai stock market, while the growth of net profit of gem in 2009 was still at 46.07% high. In addition, the first quarter net profit growth of gem was 49.49%, while the growth rate of all A shares reached 79.25%. In the first quarter, the gem index fell 11.37%. If it was calculated at the end of last year's closing price, at the end of the first quarter, the gem index had dropped by nearly 20%.

In addition, the two tier market gem has been gradually abandoned by funds. Since the birth of the gem index in August 20, 2010, the market has increased by 17.15% in April 14, 2011, but the gem has dropped by 2.17%. In April 14th, the peak market value of gem was 840 billion yuan, which shrank by about 30000000000 yuan.

"Gem's 2010 annual report and this year's Quarterly Bulletin shows that the growth of gem is difficult to follow, or even no longer exists." Zhengzhou private placement Chen told China Economic Times reporter, "the two quarter of the gem is still declining, the growth of listed companies is a problem."

Analysts believe that the main reason for the decline of the growth enterprise market is two aspects. First, the reduction of major shareholders has caused great pressure on stock prices. Two, the enthusiasm of shareholders of listed companies has declined, and the growth of GEM companies is not as high as that of investors.

Overvalued risk increases sharply.

The reduction of large shareholders and the decline of entrepreneurial enthusiasm may bring losses to ordinary investors in the two tier market.

Statistics show that as of now, a total of 29 GEM companies have been reduced by 37 major shareholders, and 92 holdings have been reduced, with a total reduction of 3 billion 396 million yuan. Analysts believe that because of information disclosure, the actual reduction is far more than that.

"Gem's" three high "itself is a double-edged sword, investors should be rational investment, do not have speculative psychology. The source pointed out that from the current situation, many GEM companies have confirmed the worries of investors before, "after losing their entrepreneurial passion after a night of becoming rich, the company's innovation and growth have declined sharply."

In addition, from the current market market, the trend of the gem since the ban is obviously weaker than the big market, and its high valuation risk is also increasing. First of all, on the basis of performance, there are not many listed companies that can keep growing at high speed. In addition, the blue chips of the main board market, whether the stability of the growth or the relatively low valuation level, provide investors with a higher margin of safety. In this sense, the soil that maintains the high price earnings ratio of the GEM stocks is disappearing.

"With the gradual implementation of the new three board expansion plan, the growth attraction of the GEM companies will be greatly reduced." Liu, a securities personage, told China's Economic Times reporter that once the domestic inflation level remains high, forcing monetary policy to continue to tighten, perhaps the first hit is high valuation of gem stock. In the context of tight monetary policy, the gem with uncertain performance and high valuation will face greater systemic risks.

In addition, the high valuation level has undoubtedly overdrawn the growth of listed companies, which to a certain extent has hurt investors' enthusiasm for participating in the growth enterprise market. In Mr. Liu's view, how to make more reasonable pricing for GEM companies and how to protect the vast majority of ordinary investors in GEM companies are urgent problems.