data show that the listed companies, excluding net assets was negative, as well as long-term suspension is not comparable factors, the current 2355 A-share listed companies weighted average book value of 1.94 times. The average book value level has been lower than the 2008 history of the bottom of the 1664 book value level, the A-share weighted average book value of 2.02 times. At present, the A-share market a total of 658 of the company’s book value of less than 2-fold, accounting for 27.94%, Anyang Iron and Steel 38 stocks, book value is below 1 times.
book value is the ratio of stock price and net assets per share, you can also understand the difference between stock price and book value of geometry, from this perspective that, if the book value the smaller the value, it means that the risk of the company’s shares than small, high margin of safety stock.
If the book value of this indicator to measure the current A-share market as a whole has entered a relatively safe area, the probability is very small market fell sharply. From the industry point of view, the book value level is uneven, to yesterday’s closing price to calculate the CSRC industry classification, food and beverage industry average book value topped the list, the current is 5.37 times; medicine, biology, agriculture, forestry, animal husbandry, fishery, culture of communication 9 electronics and wholesale and retail industry average book value in the range of 2 to 3 times ranged from 3 to 4 times the average book value of the four industries and social services;; construction, transportation and finance and insurance eight industry average book value of less than two times lower, the overall valuation.
Specifically, all industries, the lowest average book value was undoubtedly the finance and insurance industry, the current book value is 1.40 times, a record 1664 points of history at the bottom of the market in October 28, 2008, finance and insurance industry book value to 2.16 times. Market in 2008 to record the history to date at the bottom of more than three years time, finance and insurance industry stock price is not much fluctuation in the disadvantaged shock most of the time. At the same time, the performance of the finance and insurance industry as a whole has been growing, which led to the overall valuation of the finance and insurance industry is even lower than the level in the 2008 financial crisis.
finance and insurance industry, Anxin Trust, 6 the Shan Guotou A and Guohai company’s current book value is a relatively high level in the industry, are greater than five times; State Securities, Northeast Securities and macro source securities of 17 companies book value between two times to five times; industry book value bottom of all listed banks, and the latest book value of less than 2-fold, Shanghai Pudong Development Bank, Shenzhen Development Bank A the current book value of the four banks of China and Bank of Communications and both below one times, joined the ranks of “broken net. The current level of contrast to the historical bottom of book value and 1664 points, 2008 found that 14 banks book value of comparable data in the 16 listed banks all lower than the 1664 level, the valuation of obvious advantages.further
Statistics found that companies with comparable data, 341 companies book value level lower than the 1664 level, accounting for 14.48%, the stock price continued to fall is undoubtedly one of the reasons for the lower the level of the valuation of these companies . 658 company in less than 2 times book value, 377 stock market performance this year, lagging behind the broader market, 284 stocks fell Adversity. In short, the book value is relatively low stocks of its investment risk is smaller, higher margin of safety, but book value is just one of the judge the investment value of the standard, investors also need to combine the company’s earnings growth performance and other indicators to choose. (Chen Wenbin)
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