King: Guizhou Maotai (600519) , the important matter on booth, 3 days of market prise evaporate even more 110 billion yuan.
As A of be worthy of " king " , since this year, ceng Yi rouses Guizhou Maotai to enrage, break through 600 yuan continuously, 700 yuan, 800 yuan, 990 yuan. . . . . . Be in nearly from 1000 yuan very close.
However, after 51 long holidays pass, the important matter on booth of Guizhou Maotai " " , share price performs slippery iron Lu, dropped greatly on May 6 6.98% , dropped on May 7 1.77% .
Early on May 8 dish, guizhou Maotai in order to steep fall 3% open quotation, end closing quotation, share price still small drop 0.63% . 3 trade day total market prise evaporates exceed 112.5 billion yuan, at present total value stays in 1.11 trillion yuan.
And one of fuses that cause Guizhou Maotai share price to drop: Large stockholder---Maotai group establishs sale company.
On May 5, company of Maotai group sale uncovers a shop sign formally, new the sale company that create is large stockholder---The wholy-owned subsidiary of Maotai group.
Large stockholder " grab money " ? Hand in an urgent hair to superintend case
Probably large stockholder---Expect of Maotai group have not, it is one picket originally " happy event " caused Chinese capital market however " earthquake " , maotai 80 thousand in the intense controversy of small shareholder.
Actually, guizhou already had company of a sale below Maotai banner, namely Guizhou Maotai sells a company, this company by Guizhou Maotai 95% accuse, be in charge of 33 below self-supporting system of Maotai whole nation self-supporting companies, assume the sale of Maotai.
Accordingly, have investor concern, group of large stockholder Maotai is solely invested establish sale company, will bring group and appear on the market the correlation of a huge sum trades between the company, more many doubt sound think:
This with one action uses Maotai group is actually come through establishing sale subsidiary additionally and appear on the market company Guizhou Maotai contends for an interest, ought expect one share into appear on the market the net profit of the company changed group level.
To in for small investor, guizhou Maotai future is close in 20 thousand tons of increment, of channel price poor gain disappear, what damage directly is the interest of investor.
Individual shareholder hands in place to complain up directly, think Guizhou Maotai is suspected of to large stockholder---Guizhou Maotai group carries an interest.
Under a lot of doubt, on May 7 late night, hand in place urgent allot superintendency case to Guizhou Maotai, requirement Guizhou Maotai makes a specification to establishing sale company belong to the same organization from 4 respects.
The issue that superintendency case involves includes:
Why does level of the group below the case that already built sale channel in Guizhou Maotai create sale company even, the purpose wheres;
Whether does sale company have manage appear on the market the plan of company Maotai, group sale channel, appear on the market company oneself sells channel and dealer channel continuously how much is putting in each;
Between requirement company specification and group sale company add correlation newly whether possibly to trade, farther exposure trades type, predict to trade quantity, trade principle of amount, price and basis, with the difference that the price trades between tripartite client (if have) reach a reason.
Newest money newspaper shows Guizhou Maotai, its agency reduced 437 2018, this year reduced 494 first quarter. Up to this year first quarter end, amount of sell on commission of Guizhou Maotai country is 2454, relatively 525 decrease completely by 2017.
Accordingly, superintendency case asks the company accuses a partner specification:
The main consideration that establishs sale company in group level, business activity that plans to begin and specific management mode, whether to have manage appear on the market the plan of company Maotai.
Whether to already concern with respect to Maotai sale item and appear on the market the company undertakes communication negotiating, whether to already form corresponding plan plan.
Suffer this effect, now open quotation, guizhou Maotai share price weighs defeat to exceed 3% for a time.
The hand holds the foreign capital of 100 billion market prise, urgent undersell
And before large stockholder establishs sale company, guizhou Maotai, all through the ages is foreign capital love most.
Since 2019, the capital on north is to add a storehouse to be bought ceaselessly more, according to Shanghai connect central settle accounts to hold a record to show, on January 1, 2019 - on March 15, the capital on north is right of Maotai oppose a measure from 99.95 million, increase to 120 million, add hold an amount to amount to 20.03 million.
If spend time dimension,spin, since 2017, the capital on north is bought all the way buy, begin to quicken at rising in November 2018, up to on April 30, north to capital hold Maotai one hundred and sixteen million one hundred and twenty-one thousand seven hundred, hold the stock market to be worth one hundred and thirteen billion one hundred and three million yuan.
It is it is thus clear that before May, foreign capital is in Maotai already earn basin full earthen bowl is full. And of afford for thought is, after 51 long holidays pass, maotai is in by foreign capital ceaseless undersell:
On May 6, the capital on north is decreased hold Guizhou Maotai to even more 1.56 million, sell a forehead to achieve completely1.43 billion yuan, Achieve the history new tall.
On May 7, foreign capital is decreased again hold 1.38 million, 2 days aggregate decrease hold nearly 3 million, Sell a forehead 1.236 billion yuan completely.
On May 8, foreign capital is decreased once more hold, Sell a forehead 1.349 billion yuan completely. Only 3 trade in a few days, maotai evens more by undersell of foreign capital accumulative total 4 billion yuan.
Wall street is famous cast travel Bernstein5 month 7 days to announce Guizhou Maotai goal valence is reduced from 1089 yuan reach 916 yuan, next amplitude modulation are amounted to 16% , reason points to continuously new the sale company that establish:
As a result of the new sale company that large stockholder establishs, the likelihood damages processing of the income of Guizhou Maotai, company, accordingly Guizhou Maotai grade from " run win grail " reduce to " keep balance with grail " .
Influence geometry? Golden company cries in piece: 1250 yuan / !
A messages, "Be bungled " Maotai 100 billion market prise, the sturdiest bull before this---Foreign capital, undersell of Yi Cang emperor. Maotai group establishs sale company, have after all to the influence of Guizhou Maotai how old?
Maotai group 100% accuse sale company horizontal stroke is born for nothing, what small shareholder is anxious most in is undoubtedly, can be large stockholder denied borrow this loot to appear on the market company profit?
Of Guizhou Maotai at A it is one of the most glaring star undoubtedly, the money newspaper of calendar year is " bright Zhang " , each data is put on microscope, if large stockholder thinks through company of a sale direct embezzlement appears on the market company profit probability is dinky, because this wants,go to this one pace not easy.
Make crossing the investor of thorough research to post say to Maotai, negative effect can not have certainly how old, after sale company holds water, another concern of the market is: Maotai does not raise price.
To this, in golden company speak bluntly: The capacity raising price of Guizhou Maotai still appears without complete system, current share price is underestimated, get on target price considerably tone reachs 1250 yuan, still 38% go up space.
According to in the forecast target price computation of golden company, the total market prise of Guizhou Maotai will achieve 1.57 trillion yuan, consult A appear on the market company total market prise is newest rank, maotai will surmount China bank of oil of restful, China, agriculture, jump litre to the 3rd appear on the market greatly company.
Maotai, does the value not worth 1250 yuan?
On April 24, maotai share price touchs 990 yuan of maximum price, after this lasts be issued to lower levels, now closing quotation only remnant 884 yuan, its PE (TTM) for 29.3 times, with the appraise of company of liquor of second line, 3 lines the value differs very few.
Undeniable is, guizhou Maotai has do not be defeated at 2, the growing sex of look forward to of 3 lines wine, still unique moat, powerful cash flows, enhanced the determinism of prospective outstanding achievement greatly. Put in Hong Kong market, also or it is Euramerican market, maotai should enjoy cost of highest estimate of bibcock excessive price.
Bibcock of drink of comparative international food: He suckles dimension, the PE of 41.88 times; Coke Cola, the PE of 30.36 times; 100 power, the PE of 31.58 times; Di Yaji Europe (the spirited liquor company with original the biggest whole world, already was surmounted by Maotai now) , the PE of 25.63 times...
Under photograph comparing, the 29.3 times PE of Guizhou Maotai, have bubble? Be clear at a glance.
Continue to look downward again:
Go 10 years, the battalion of Maotai closes, net profit all rises continuously, was in the past 5 years more, exclusive one property performance appears on the market without domestic liquor company, the poorest when, because of anti-corruption reason, its outstanding achievement also is to add merely fast put delay.
According to Maotai the money of newest exposure signs up for, just go 2019 first quarter, battalion closes add fast exceed 22% once more; Attributive appear on the market the net profit of company shareholder is as high as 11.2 billion yuan, grow 32% compared to the same period.
Additional, those who invite other company too inferior to bear comparison is, maotai is carrying the wool interest rate of nearly 90% all the time, dropped somewhat 2017 sheet still has 89.7% ;
Sale net rate also is maintained all the time in 45% above.
The Maotai in Guizhou Maotai business income holds very preponderance position all the time, nearly two years of to the limit of one's capacity as series wine, maotai occupies aller than having place to drop, but still achieved 2017 90% . This is tall wool interest rate is big kill implement.
This is the thing that how many entrepreneur longs for day and night: Lying to make money.
Another measures the main index of outstanding achievement quality: Cash flows, maotai is very outstanding also. In last few years, the net specified number of flow of management activity cash of Maotai is the net gain of Yuan Chao the corresponding period, achieved 2018 piece new 41.4 billion yuan tall, it is Yuan Chao more 37.8 billion yuan net gain.
Guizhou Maotai, value invests banner to cannot fall
Stability of strong, growing sex, cash flows outstanding achievement determinism in a steady stream is constant, and maintain cash share out bonus. . . . . . All be the reason that foreign capital sweeps goods, extended hold continuously, also the banner that can weighs to A share price is worth investment.
On September 23, 2003, guizhou Maotai share price achieves a nadir 25.6 yuan, now day closing quotation, ever since answer authority price is as high as 5655 yuan. Ordinal computation, maotai share price is the most rising amount to 217 times, become A the most arrogant stock.
The gain of 217 times, what the investor of Maotai of extended hold Guizhou earns is the money that Maotai grows. And in these 16 years, large stockholder holds a scale to basically maintain in 64% above, enjoyed Maotai completely the share price of 220 times increases extra dividend.
Maotai is filled with in the city when 2001 leading is 30 times about, still also maintain at present in 30 times the left and right sides. But, the net gain of Maotai of the corresponding period grows more than 100 times, year change profit to add fast more than 30% .
Maotai, can calls Chinese value the banner of investment, gather together China is the biggest stand fast one batch the investor that value invests.
And under the disturbance that this large stockholder creates sale company, can be the relation of large stockholder and Maotai denied become " extremely ambiguous " ? Can cold the heart of Chinese value investor? Growth " mythological " whether continue to continue?
