This article was originally sent yesterday evening.
The downward revision bill for emergency debt swap was passed. The company announced that the transfer price was revised down to 7.06 yuan, which was consistent with yesterday's document and was revised down to the end. After the downward revision, the value of the convertible bond rises to 98 yuan, and the reasonable price of the convertible bond is expected to be 122 yuan based on the approximate size, rating and conversion value. A win-win situation for both the company and the holders, and everyone is happy!
The downward amendment bill of Central Transfer 2 was passed. The company announced that the transfer price was revised down to 6.3 yuan, which was too different from the lowest revised price of 5.43 yuan, and the downward revision was not completed. After the downward revision, the conversion value only rises to 84 yuan, and the reasonable pricing of the convertible bonds is expected to be 117 yuan according to the approximate scale, rating and conversion value. However, considering that the underlying stock industry is general, the downward revision has not yet hit investor confidence, and it is likely to be lower than reasonable pricing, or even lower than the current price. It's a shame that both the company and the holder lose!
The 16th is the review date for the downward revision of the garden convertible bonds. One of the major shareholders does not hold convertible bonds, has voting rights, and is expected to pass without suspense. The average price of the underlying stock in the first 20 days was 12.069 yuan, and the average price in the first trading day was 11.993 yuan, with a net asset limit of 4.85 yuan per share, and the price of the downward revision was 12.07 yuan. If it is revised downward, the static calculation of the value of the convertible shares will rise to 98 yuan, and the price of the convertible bonds will be reasonably positioned around 122 yuan.
The 16th is the review date for the downward revision of Shanhe's convertible bonds. However, the Sunward convertible bond is a high-priced, 150% high-premium demon bond, which is basically revised down to the end, and the value of the convertible stock rises to about 100 yuan at most, which is difficult to support the price of the demon bond, and there is no need to analyze the downward revision.
For the views and principles of this article, please refer to "Value Convertible Bond Investment Strategy" (authors: Ning Yuanjun, Tang Bin).
"Shrinkage, Breaking, Filling the Gap", "9 Convertible Bonds Are Not Repaired, and 6 Are Worth Expecting", "Alert! "Soaring Convertible Bonds or Forced Redemption" has been posted simultaneously on the WeChat public account, welcome to pay attention!
The relevant securities mentioned in this article do not constitute any investment advice, only for personal investment records and to share investment ideas, if netizens buy and sell according to the securities mentioned in the article, please bear your own risk!
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