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Driven by the real estate section, continued weakness in the coal there is a stronger rebound plate 18, Shen 10 000 extractive industries index closed 3.27% in order to gain second place after the real estate column. As the coal is more obvious cyclical, after the recent sharp decline, its price-earnings ratio is significantly lower. Therefore, once the market improves, in good operating performance and the support of high coal prices, the coal plate margin will rebound more apparent.
Undervalued stock oversold From April 15 to May 17, coal mining blocks fallen 23.53%; the Shanghai Composite Index fell 19.12% over the same period, the CSI 300 fell 20.03 percent. Therefore, the coal plate obviously oversold, there is a strong rebound in the inevitable operation of the market.
From a valuation perspective, the coal price-earnings ratio was significantly lower plate. To 17, closing price, coal mining (Shen million two sectors) PE (overall method, a quarterly by 4, excluding negative values) is 15.43 times, while the net Financial All A shares after the price-earnings ratio is 23.04 times, the former on the latter's price-earnings ratio premium rate of -33.03%. While the 2010 forecast PE ratio calculation, coal mining was 14.50 times, 19.32 times the non-financial category, the former on the latter's premium rate is -24.95%. Historical trends from the valuation perspective, the coal mining industry since early 2004, an average of 23.78 times price-earnings ratio, excluding financial shares, after all A average 25.59 times, the former on the latter's premium rate was -7.07%.
This indicates that both the coal mining blocks to the current price-earnings ratio or the level of projected price-earnings ratio in 2010 and excluding the financial results calculated after the A shares, the premium rates are still well below the average of 6 years, that currently Plate undervalued, the probability of upward valuation is greater than the probability of downward.
However, the coal industry strong periodic nature of its secondary market and the overall trend of A shares sometimes quite different. Increase in the economic boom of the early and mid-term, the premium rate is usually positive, but after the government began to macro-control, then the premium rate to negative. Therefore, the coal plate changes in the secondary market will depend on future changes in government regulation and control efforts. Constitute a continuous rise
coal support According to the latest information
WIND data, last week (May 10 -14 days) Qinhuangdao coal prices continue to rise, this is the fifth straight week the index rose. You mix in Shanxi coal, for example, after five weeks of continuous rise, the cumulative increase reached 11.76%.
Usually in the spring season is the consumption of coal, coal prices will have significant correction, but not short off-season this year, coal prices to adjust downward the time and magnitude are not large. Now, short-term coal prices will continue to run high, and even will still rise.
However, the long term, in the context of economic growth, despite efforts to increase energy efficiency, adding new Energy The proportion of other policy measures introduced, but the coal as major energy source in China, there is no doubt of its continued growth in demand.
Course, crude oil prices fall sharply and will suppress the formation of international and domestic coal prices. However, large domestic power groups are stepping up acquisitions coal, to increase self-supply capacity, the trend on this or on the market price of coal in a certain stabilizing effect.
Undervalued Stock Oversold Price Of Coal Rose Form A Continuous Support
