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    Tongwei Shares Convertible Bonds Purchase Value Analysis: Photovoltaic Plates Quality Standards Active Purchase

    2019-03-14 11:25:43

    To our beloved bond market Yang Weiwei Lu Wei


    1. The company is a large-scale agricultural science and technology listed company. The main business of 18Q3 includes agriculture and animal husbandry business (63.88%) and photovoltaic business (36.12%). It has a combination of “continuous output of clean energy on water and high quality aquatic products under water”. Advantages.

    2. Affected by the “531 New Deal”, the company expects net profit of 2018 to 2.113 billion yuan in 2018, a year-on-year increase of 0%-5%, which is significantly lower than that in 2017, while the production capacity is expanding in an orderly manner and supplementing the price. After the private enterprise forum in November 18, the PV industry policy reversed. In 2019, the company's production capacity was released soon.

    3. The parity of Tongwei Convertible Bonds was 101.53 yuan, and the premium rates of Guojun and Changchun Convertible Bonds adjacent to their parity were 17.64% and 15.63% respectively. Other PV theme convertible bonds in the market include Longji Convertible Bonds (120.15 yuan, 5.74%) and Linyang Convertible Bonds (69.86 yuan, 51.35%). We give Tongwei Convertible Bonds a conversion premium of around 14%. The listing price is in the range of 110.18 yuan - 121.38 yuan, and the central price is 115.74 yuan.

    4. Calculate the curve of the 13-day convertible bond parity and the closing price of the convertible bond, and get the Tongwei convertible bond price of 114.62 yuan for reference.

    5. It is estimated that the original shareholder's priority placement ratio is 60%, and the convertible bonds available for online and offline subscription are 2 billion yuan. It is estimated that the number of valid online purchases will be 350,000-400,000, and the number of valid online purchases will be 8300-8800. The total number of subscriptions is 8.6 trillion yuan - 920 billion yuan, and the winning rate center is 0.022%.

    6. The terms of Tongwei's convertible bonds are quite satisfactory, the parity is higher than the face value, the new income is higher, and the probability of breaking is low. If the underlying stock falls by more than 1.60%, the yield of the grab-off subscription may be completely spit out. It is recommended to actively purchase, without having to rob.

    Risk warning: positive stocks and market volatility risks; capacity is less than expected

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