A股老千股名单：喜欢融资、不分红、盈利差、频繁改名
How to Find Your Own Cattle Stock?Come to Sina Financial Management University and listen to "Hong Rong's Stock Selection Law"
Source: Alpha Workshop
Introduction: Remind the predestined friends not to buy again easily.
Thousands of shares are characteristic of Hong Kong. The main reason is Hong Kong's unique regulatory environment and distribution system.Allegedly, two thirds of Hong Kong listed companies are thousands of shares.
What are the characteristics of thousands of shares, like financing, no dividends, poor profits, frequent name change, share split partnership, capital operation and so on.Although there is no saying of "thousands of shares" in A shares, there are many companies that conform to the characteristics of "thousands of shares" and bring value destruction to investors.
Today, the author tried to use some characteristic indicators to draw up a list of thousands of A-share stocks. If he can avoid, he can avoid, and if he cannot, he must also know who his opponent is or is not.
01 poor performance, and long-term poor
Just like the national football team was scolded for its food, which is original sin, and the original sin of thousands of shares is poor performance.
You said that a listed company of yours does not come to A shares for profit. It is better to go home and raise pigs.
According to the author's statistics, from 2010 to the first three quarters of 2019, the number of companies that have lost non-net profits for 10 consecutive years is as high as 36, and the average market value of these companies is just 3 billion.The highest market value is Guoxin Health, with a market value of 15.3 billion yuan. The lowest market value is delisting control (safeguarding rights), with a market value of 400 million yuan left.Of the 36 companies, state-owned assets account for half, just 18.具体清单如下:
Some small partners will raise the first question: why are so many companies not ST after deducting non-net profits for 10 consecutive years of losses?Here we have to mention the leniency of the supervision, which requires that the net profit is negative for two consecutive years and will be subject to ST. The net profit here is not deducted from the non-net profit, so many companies have so many SAO operations in order to avoid being subject to ST .
Although many listed companies have not been listed by ST, and although they have deducted non-net profits for consecutive losses, they have a strong foundation and sell assets year after year, maintaining a year of losses and a year of profits.
For example, Shenhua Holding Co., Ltd. has not suffered a negative net profit for two consecutive years, even though it has suffered a non-net profit loss for so many years, especially when the non-net profit loss reached 9. 5% in 2018.1.3 billion yuan, the company"s non-recurring profit and loss reached 12.5%.500 million yuan, still won't continue to lose money, cattle not cow force.
The above 36 companies can be described as "A shares" worthy of the name.According to the shell value of 1 billion, companies with a market value of more than 1 billion need to ask questions, especially those with a high price-to-book ratio.
If the time is shortened, the number of listed companies that lost money for four consecutive years in the first three quarters of 2016-2019 will reach 182.Brothers, what is the concept? 182 companies have lost money for four consecutive years. Do they think they are Jingdong's health?
Dongge said: Work hard and I'll give you another sister-in-law next year.
These listed companies said: Buy us gub, and when we make profits in the coming year, we will also change your sister-in-law.
02 likes to play with concepts and capital operation.
The concept of A shares is so rich that those who want to play with concept shares are usually wizards.The concept here refers to the concept that cannot bring about performance growth. It is still far from bringing about performance growth, and it is not like Sun Wukong can make a somersault.
At the beginning of this year, in that wave of maverick cities, from industrial marijuana to marginal calculation, to ubiquitous power internet of things, to digital twinning, whether or not to make money from stock trading, all kinds of knowledge have increased a lot.
A shares even have the concept of performance storm thunder. there are 102 concept boards. it is true that no brothers do not storm thunder, but go together, and the law does not blame the masses.
Some companies have many concepts and are very popular.For example, Mayison, the hottest concepts this year are industrial marijuana, electronic cigarettes, artificial meat and block chains. Mayison said I have them all.
In a word, if you encounter this kind of company, you will not give it away.
Let's think about what good people can be who can't get in.
03 Financial Fraud
Financial fraud is not a feature of A shares. As long as it is a company, there is suspicion of fraud.However, it is really rare to see such large-sum fraud as A shares for many years in a row.
For companies with previous fraud records, we must not hesitate to pull black.
Before, in response to the roe island (rights protection) incident, some friends really approved the management's claim that scallops froze to death and swam away, and repeatedly stressed that roe island did not fake.At this time, he would not listen to what the author said.I wonder if he is still in the market after the death of the scallop.
In short, stay away from companies with previous financial fraud records and suspected financial fraud.
Officials of the CSRC will disclose the punishment of financial fraud. You can inquire about it.But also be punished, the listed company itself will issue a public announcement, it is easy to query.
04 high valuation
High valuation.
First, companies with poor performance and high valuation.In addition to the continuous losses mentioned above, these are companies that make little money by deducting non-net profits.
You may not believe it, there are 604 companies that have accumulated net profits and losses in the past ten years, and 64 companies with market value higher than 10 billion.There are 2,308 companies with an annual profit of less than 100 million.
These companies are aptly described as "unmistakable meals".If the performance is poor and you give it a high valuation, is it abnormal for their shareholders not to reduce their holdings?
Second, companies with good profits but very high valuations.Many value investors may not agree with the author's view on the companies involved.But no matter how much you object, high valuation is high: what the author wants to remind is that high valuation is one of the greatest risks.
For example, the companies listed in the following table, most of which are not thousands of shares, are just mentioned here.If you look at the price-to-book ratio, it is more than 12 times.Among them, the value of China public education is more than 46 times the price-to-book ratio. 该公司似乎收到了大量预付款，但不清楚退款是否能转化为营业收入。
许多投资者反驳作者说这些公司的股票价格上涨得很好。 作者说:“你很好。 你赚得更多。“毕竟，每个人都来会场玩，赚钱是绝对的原则，不赚钱是原罪。
蓝筹股的高估值和垃圾股的高估值之间的唯一区别是，长期持股可能会回到其原始价值，但它肯定会消耗大量时间和成本。因此，作者应该提醒有缘人不要轻易再次购买。
没有股息
a股被称为守财奴，用来描述对股息吝啬的公司。
尽管股息必须纳税，但真正的金钱和白银才是真爱。 不支付股息的概率在瞬间超过80%。
笔者统计了208家上市时间超过10年且从2010年到2018年没有分红的上市公司。最高市场价值是39英镑。CNAC沈飞10亿元。The specific list is as follows:
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