subject: Paper Packaging Industry Profits Decline [print this page] All funds have been released End Q3 2008 report, has some analysts compare funds accordingly Q3 2008 and Q2 2008, the holders of Awkwardness Papermaking Changes in packaging stock changes.
Analysis: 1. Quarterly Bulletin from the three terms in Q3 2008, the Fund holdings of paper packaging company listed on the company's stock. According to SFC, the classification of the industry, printing industry, paper held by the Fund's total market value of the ratio of total market value of fund shares 0.77% (paper printing industry, market capitalization accounted for A shares of the total market capitalization of listed companies accounting for 0.80%), industry was low with. As of the end of Q3 compared to a decrease of 62.83%, the total number of shares than the end of Q2 2008, a decrease of 161 million shares, share ratio of the outstanding shares of 8.07%, down 7.59 percentage points. Float reduction, analysis for two main reasons: (1) paper packaging industry since the second half of 2007 and gradually into the business cycle, to the first half of 2008 to reach the high point of the economy, now the industry has been transferred to downstream; (2) with the Wood pulp , Paper And so lower prices, more paper kind of price peaked callback, future industry may reduce margins; (3) there are downside risks to macroeconomic and market the industry more than expected future profits will decline.
2. Compared with Q2 2008, the fund's largest holding shares in paper packaging, added four, with two companies in the fund Awkwardness old list was removed. Q3 seven funds in the largest holding of the paper packaging sector, there is a public company shares are overweight, two were underweight. Among them, the biggest holdings of Yueyang Paper was, compared with Q2 2008, the fund holdings of 4391.41 million shares of the company, heavily loaded with company stock fund holds shares in circulation accounts for the company's share capital from 2008 the end of Q2 of 15.48 years to 24.15 percent increase. This is mainly because analysts believe the company has a large number of forestry assets, and has the theme of the Group into the forestry assets, with upgrading of the value of forest resources, the market value of the company generally optimistic about being underweight Chenming Paper biggest fund holdings of the company 189 million shares outstanding shares, heavily loaded with company stock fund holds shares in circulation accounts for the company's share capital from the end of Q2 2008, 27.3% to 3.86%. Since Q4 2007, Chenming Paper for the paper packaging industry has been the highest proportion of funds are heavy holding company, and this reduction was mainly due to the stock paper packaging industry. Funds are heavy holdings accounted for the largest proportion of outstanding shares is Yueyang Paper, fund holdings total 122 million shares, accounting for 24.15 percent share capital in circulation, compared with 8.67 percentage point increase in Q2. Funds are heavy holding the lowest percentage of total shares outstanding is the 3-quarter shares of the new Jin Jia, Shigekura holding only 0.55% of outstanding capital stock of the company.
3. Paper packaging from the largest holding fund shares Number of view, three quarter of 2008, the fund holds the largest number of Yueyang Paper Co., a 9; l Darling industry and big companies in the three southeast quarter, respectively by four and three funds heavily loaded; Chenming Paper to be heavily loaded with funds by the end of Q2 the number of eight down to two; Bo paper, Kane shares are shares with Jinjia only be a Home largest holding.
4. Compared with Q2 2008, the fund's largest holding shares in paper packaging, Yueyang Paper biggest increase in market value was 30.43%. According to-day portfolio analysis system with statistical data, 2008 Q3, Yueyang Paper for the -16.41% total increase, mainly because the broader market fell cause, but in the seven funds Awkwardness a lesser extent in the fall. Yueyang Paper Co., start as early as the integration of forest and paper companies, Annual Report 2007, published in forestry assets, and now in the planning of forestry assets, the acquisition group. Furthermore, since the adjustment of product structure, integrated gross margin and net profit also increased significantly over the previous year, the company projected third quarterly net profit rose 100% over the year, is the paper packaging industry, has announced the 2008 results attributable to the parent company notice Net income increased up to a pre.
5. 3Q funds from the 2008 paper packaging largest holding shares the features, main points: (1) Fund paper packaging industry to the concerns of area is not large, seven businesses were heavily loaded; ( 2) As the paper packaging industry to boom in the first half was the high point in the future will gradually get down, industry companies are significantly underweight; (3) Department of Forestry resources have been favored by companies, who are significantly overweight in Yueyang Paper.
