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[Expedited] Delisting back to the first ST ST oil is returning today. How much can it rise?

The financial sector "expedited", professional interpretation of the information of listed companies, the first time to illuminate your investment horizon.

After four and a half years of A shares, ST Changyou announced on the evening of January 7 that Changhang Oil Transportation will return to A shares with the code of ST Changyou today, the stock code is “601975”. The first-day opening reference price for the re-listing is the closing price of the company on the last trading day before the delisting, which is 4.31 yuan/share.

ST Changyou’s previously released “Relisting Report” shows that the company’s re-listing on the first day of trading does not have a price limit. In fact, it is inaccurate to say that ST’s long oil does not have a price limit. It is truly unrestricted. In fact, it is the assembly bidding stage (9:15-9:25 and 14:57-15:00), and there are still ups and downs in the continuous bidding stage (9:30-14:57), and there are also 2 fuse mechanisms. , respectively: from the opening price (after the end of the auction auction), the ups and downs reached 10%, Shenzhen stocks suspended for one hour, the Shanghai stock market suspended for half an hour. Secondly, it is up to 20% from the opening price, suspended to 14:57, and the last 3 minutes. From the next trading day, the company's stock price limit was restored to plus or minus 5%.

Has been the first delisting central enterprise due to losses for three consecutive years

According to the "Stock Listing Rules", if a listed company loses money for three consecutive years, it will be suspended from listing. Its audited financial report in the fourth fiscal year is negative as long as the net profit before and after deduction is negative, and the net assets at the end of the period are One of the four situations, such as a negative value, an operating income of less than 10 million yuan, or an audit report issued by an accounting firm, which cannot express opinions or negative opinions, will be forcibly delisted.

Due to the cyclical fluctuations in the shipping market and problems in its capital and asset structure, Changhang Oil Transportation suffered losses for four consecutive years from 2010 to 2013, with losses of 24.6 million yuan, 749 million yuan, 1.238 billion yuan and 5.919 billion yuan respectively. The city's red line was terminated on the Shanghai Stock Exchange on June 5, 2014, and became the “first stock of the central enterprises”. The stock price closed at 0.83 yuan per share on the last day.

ST long oil performance improved in the last 3 years of continuous profitability

After the delisting, Changhang Oil Transportation quickly implemented bankruptcy and reorganization in 2014. The company as a whole divested the largest loss source VLCC vessel, reduced 2.4 billion yuan in debt, and settled 6.2 billion yuan in debt by way of debt-to-equity swap. After the reorganization, the main business of Changhang Oil Transportation is still mainly for the transportation of refined oil products in the international market. From 2015 to 2017, the company achieved profitability in its main business for three consecutive years and resumed its ability to continue operations. As of the end of March 2018, the company's total assets were 7.393 billion yuan and net assets were 3.51 billion yuan. From 2015 to 2017, the net profit attributable to shareholders of the parent company was 628 million yuan, 560 million yuan and 411 million yuan respectively.

According to market analysts, Changhang Oil Transportation has achieved “three nos” and is quite beneficial for re-listing. “Three Nos” means that the company’s main business has not changed, the actual control rights have not changed, and the management has not undergone major changes. In the announcement, after the delisting, Changhang Oil Transportation utilized existing resources to “spline VLCC and reshape the business model; actively promote the reduction of debt burden; deepen internal reforms and stimulate corporate vitality; adjust and transform business models to enhance the market resistance Systematic solutions such as “risk ability” fundamentally solve the problems of survival and long-term development. "One has", that is, the company's main business has profitability and ability to continue operations. As a large-scale central enterprise, Changhang Oil Transportation has been continuously profitable in the past three years, and the net profit after deducting non-three years in the past three years has exceeded 1.5 billion yuan. With good performance, Changhang Oil Transportation was able to re-list.

Assaulting shares before delisting Xu Xiang has "liated"

In June 2014, before ST Changyou delisted, the stock price was only 7 cents. Xu Xiang suddenly attacked the stock and bought it with his own, his father Xu Bailiang, his mother Zheng Suzhen, and his wife Ying Ying. The four people held a total of 22 million long oil.

After moving to the three-board trading, ST Changyou's share price volatility was also very intense, and it closed at 4.31 yuan on February 27, 2017. According to this price, Xu Xiang has earned 6 times and won 80 million yuan. Now, ST Changyou will return again, the stock price does not know where to go, it is expected that Xu Xiang is expected to make more than 100 million. Although Xu Xiang is no longer in the scenery, but still can "lie" in prison, it is really a god!

How much can ST long oil rise tomorrow? How will the market outlook be interpreted?

Shen Wanhongyuan Chongqing Jinkai Avenue Business Department Investment Consultant Zhou Kunlun said that for the re-listing of ST Changyou, we can pay attention to the following aspects: First, ST Changyou has delisted from June 5, 2014 to the national share transfer system. The stock price has risen from 0.83 yuan/share at the time of delisting to 4.31 yuan/share, an increase of more than five times. Investors who rushed to buy before delisting made huge profits. Second, from the current third quarter report of the company in 2018, both operating income and net profit have declined significantly, and the industry's downturn has led to a continuous decline in profitability. Third, ST Changyou has suspended its trading in the national stock transfer system for nearly two years. The Shanghai stock index fell from 3,228 points to about 2,500 points today. The current price of the stock has no advantage. "At present, the only reason for seeing more is the reorganization expectation." Zhou Kunlun said, "I pay attention to the market performance on the day of listing. If the turnover rate exceeds 30% or the high turnover is low, then the market will be lightened and avoided. It is not recommended to chase the high."

When the Longhang Group has two listed companies, namely Changhang Oil Transportation and Changhang Phoenix, the main business is similar, and they are facing the situation that the loss may be delisted for three consecutive years. The two listed companies, Changhang Group can only protect one, and finally abandoned the long oil and secured the Phoenix. Changhang Phoenix's closing price yesterday was 3.11 yuan, corresponding to a rolling price-earnings ratio of 39.44 times. If we calculate the price-earnings ratio of ST Changyou as 39.44 times, the corresponding market value is 11.5 billion yuan, and the stock price is only 2.3 yuan. Also, you can refer to the stocks that have resumed listing after the suspension of listing in 2018, namely *ST vanadium and titanium (Pangang Vanadium and Titanium), *ST Jianfeng (Heavy Drug Holdings), SST forward (BAIC Blue Valley), The trend is very dog.

*ST vanadium and titanium chart

*ST Jianfeng Chart

SST forward chart

Reference reading:

[Expedited] *ST vanadium and titanium caps off the star and return to A shares. Investors should be wary of pulling high shipments

[Expedited] Chasing the vanadium and titanium of Panzhihua Iron and Steel, the quilt cover * ST Jianfeng will repeat the same mistakes?

[Expedited] Beiqi new energy listing dust settled S Blue Valley listed trading today

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