Most of the Olympic concept stocks have become a garbage Unit

Although the stock market a Aihong, many stocks have dropped in only 1.0, the market chopped waist, remaining on the TOPIX index of less than 3,000 points, the minimum has fallen over 2,500 points, but there are still some in the bear market in stocks contrarian up, some Stock prices have nearly doubled, with an outstanding performance of the plate is the concept of the Olympic Games.


With the opening of the Olympic Games draws near, the Olympic Games Quotes extremely strong. 7, the Shanghai and Shenzhen exchanges Olympic concept, aviation all rose plate, a number of stocks limit the concept of the Olympic Games, the entire plate more than 80 stocks rose an average of more than 6 percent.

Data showed that from June 20, the Olympic plate accumulated an average of 22 per cent, led the Beijing Olympic tourism accumulated rose 93.33 percent, CYTS also rose 57.47 percent, Quan Jude rose 52.69 percent, in the body Industry rose 40.87 percent, Xidan Shopping Centre, the Chinese International Trade, and other units or have accumulated in more than 35 per cent.

CITIC Securities analyst Jian Huang Jian vote, said: "excessive speculation by the accumulation of pressure will make the 'Olympic bubble' face the risk of bursting, the current Olympic plates, the average price-earnings ratio close to 150 times the equivalent of the A-share market average price-earnings ratio Three times, most of the so-called 'Olympic concept stocks' has been reduced to' junk stocks'. "

Floating capital to besiege the Olympic concept stocks

Beijing tourism on the 7th release in 2008 interim results notice said it expected 2008 net profit to -1066 million medium-term, than the 2007 January-June year-on-year loss of 100% -150% increase. Access to Information, in the first quarter, net profit for the Beijing Tourism -948 million and net income over the same period of last year, 88.38 percent.

It is worth noting that, since June 17-July 7 Total 15 trading days, the Beijing Tourism shares from the original lowest point all the way Shirupozhu to 11.70 yuan rose to the highest intraday 25.87 yuan, or reached a staggering total of 121 % Of the market well-known "Olympic first Niugu."

Tourism in Beijing has seven consecutive trading days Huan Shoushuai more than 13 per cent, while July 4, 7, 8 of Huanshou Shuai reached 20 percent, 34.60 percent, 30.19 percent. Therefore, this series of moves by experts characterized as the floating capital for speculation.

Guotai Junan analyst Zhang wise that: "The panel started to take off from the duration of about half a month, this is hot money 'Duan Pingkuai' style of the speculation, combined with 9, 10 two days of declines, the idle funds in Batches escape. "

, Followed by the United States in the 8th brigade announced that it expects performance of the first half of 2008 than the same period last year reduced by 50 percent or more. United States tour last year's net profit for the 16.3639 million yuan, according to a reduction of 50% of the joint brigade of the first half of this year net profit of about 800 million.

Journalists in the survey found that in some sections Olympic performance has not changed even a loss, but shares such as the Tuojiang Broncos have a few stocks. The plate since July 1, there have been several times in first or the brilliant performance, but in the July 7 market rose 5 percent of the cases, the data showed that the plate a large number of sell orders, stock prices rose trigger hot money - High shipments desire. Increase from the 9.12 percent intraday narrowed to 5.82 percent at the close. On the 8th and the market continues to rise, but the overall decline in the Olympic plate has reached 5.42%.

Therefore, the letter of the Securities vice president of research and development centers Liu Jingde, the Olympic short-term gain great concept stocks likely to face pressure on the pullback, is now close to the Olympic concept stocks at the end of speculation, will be more volatility.

Jian Huang believes that the current trend, at the approach of the Olympic Games less than a month's time, the Olympic concept stocks became a breakthrough on the subject of hot money, once they are profit taking, the callback rate will be more obvious.

"Encountered a similar retail stocks in the beginning if there is no intervention, then it should not Zhuizhang operation, because the speculation is no floating capital value of the stock for the foundation, retail, once trapped on the hard Quanshenertui. From the current situation , Once the Beijing Tourism Su Liang, the end of the market. "Jian Huang said.

Olympic into a catalyst for stocks Quotes

In preparation for the Olympic Games, Beijing plans to build urban infrastructure input 180 billion yuan, 142 key construction projects. Construction, real estate, building materials, environmental protection, and other industries will certainly benefit from it, from June 20, the building materials industry Jidong Cement rose 31.3 percent.

"Green Olympics" concept as one of the Beijing Olympics, the need to lay the foundation for the Olympic Games preparatory period, the water supply mainly to the pioneering industry shares rose 34.3 percent. As Beijing's largest real estate development companies, one of the Beijing Urban Construction also rose 39.4 percent.

However, Liu Jingde, the Olympic Games of Beijing real estate are supporting role, but little effect on nature, is a "catalyst" role, because people generally do not buy a house specifically to look at the Olympics, unless it is speculative The. The long term, capital-and the process of urbanization is the real needs of real estate, short-term "Olympic" is only as a subject to speculation.

Reporter also learned that, due to the reorganization of assets变身media stocks, hear the media (000793. SZ) shares less than the initial three yuan, the impact of the Olympic Market, the highest in the last year had reached 16.29 yuan.

"Olympics ended, tourists and residents may want to mark the left, then the Olympic licensed products manufacturers access to business opportunities." Said Liu Jingde, Eastern Jin-yu (600086. SH) as an example, their access to the Beijing Olympic Organizing Committee Decoration authorized production of precious metals and other Olympic merchandise concessionaire. This stock from the lowest per share less than 2 yuan, the highest reached 19.80 yuan, or nearly 10 times.

It is learnt that the Quan Jude's interim results as early as April 23 on notice to down 30 percent to 40 percent. Quan Jude a quarter of negative cash flow to the company's business has brought haze, but also to its valuation has decreased significantly.

Galaxy Securities analyst Wang Chen said that because of the Olympics, although this year Quan Jude the capital gains rate may be slightly higher than last year, but its earnings per share and last year should be broadly balanced, so simple from the book value of the company, all Jude is obviously over-estimated, but can not be quantified with the cultural values, it can not predict, which is like no one knows the history of Maotai wine culture in the end how to quantify the value of the same.

"Wu Chao Quan Jude is no doubt floating capital, so good for the Olympic concept of enterprises, a premium is also very normal things, but we have to pay attention to risk, smart approach is to limit all the way Jiancang all the way along the MA can do to avoid Many risk. "Wang said so.

Olympic difficult to market or lasting

For such hot topics, how can there be "junk stocks," say » For reporter's question, Liu Jingde exposed: "As the market after speculation over the speculation, many of the Olympic concept of stocks has increased its overdraft space." In fact, that overdraft is not alarmist talk.

The Olympic plate 150 times the average price-earnings ratio, Wang Chen that the absolute valuation Olympic plates have been too high. "Olympics is for the relevant listed companies have a positive impact, but quickly turned into 'speculation,' in the current round of adjustments, 'the concept of the Olympic Games' has been purely speculation, the agencies are not concerned."

According to Wind, the concept of the Olympic Games shares the current valuation generally high. Like Gehuayouxian dynamic price-earnings ratio of 44 times, CYTS is 48 times that of Beijing tourism, Shoulvgufen were as high as 51 times and 57 times that of Air China's slightly lower, but there are also 25 times, and in Shanghai 300 of the deep dynamic city should be surplus rate of only 16 times.

Such figures can not but some market participants began to worry, Wang pointed out that only the Olympic Games on some companies do not promote sustained growth, the current stock of the situation of excessive overdrafts, investors must pay attention to.

"If not support the concept of the Olympic Games, these stocks are difficult to maintain such a high price-earnings ratio of." Wang Chen think so.

"Long-term perspective, the Olympic plate in the speculative factors to stimulate the 'Jiquan ascending to heaven' difficult situation, there will be a differentiation between the units, some of the infrastructure, environmental services, and real estate stocks are still a good performance is expected to do something. "-Wise so that those who took advantage of the opportunity for speculation or can not withstand scrutiny, medium and long-term performance of stocks of uncertainty, investors will need extra" Watch. "

But in stocks, he suggested that investors should be rational and not blindly follow suit. Or from the medium and long-term performance to consider, we should be able to see their three to five years of earnings growth conditions.