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ZTE's market value evaporates over 16 billion CICC for one day to maintain recommendation rating

via:CnBeta     time:2018/6/13 17:19:56     readed:262

[A shares fell on the first day of the resumption, H-share fell 40%, and ZTE's market value evaporated over 16 billion a day. 40% shareholders wait in line to sell, CICC maintains recommendation rating.

A shares fell in Hong Kong stocks, and 23 billion funds were sold in line

A huge fine of $2 billion 290 million, a replacement of all board members and executives in 30 days, and a ten - year refusal order, the price of a series of reconciliation is superimposed on the share price of ZTE:

A shares opened directly, the market value evaporated more than 100 million, more than 800 million shares of the seal, the market value of 23 billion funds to sell, if deducted from the 1 billion 270 million shares held by the large shareholders, nearly 40% of the shareholders were queued and sold. As of the end of the afternoon, only 1 million 450 thousand shares were traded, with a turnover of only 40 million yuan.

ZTE shares opened at HK $16, or 37.5%. After the expansion, the lowest fall to HK $14.980 / share, a drop of over 40%. It is noteworthy that the Hong Kong stock exchange of ZTE has been very active after opening. The turnover has exceeded HK $3 billion 200 million, with a turnover rate of 27% and a record. As of 3:10 p.m., ZTE's Hong Kong stock fell by 40.78%.

It is worth noting that only one day, the A shares of ZTE and the market value of Hong Kong shares totaled more than 16 billion yuan, and that was 7 billion yuan more than a fine of 1 billion 400 million dollars (8 billion 973 million yuan). A shares fell, the market value fell to 10 billion 759 million yuan, Hong Kong shares, if the HK $16 / share price calculation, Zhongxing port stock market value fell 7 billion 252 million Hong Kong dollars, a depreciation of RMB 5 billion 294 million.

192 funds have stepped on the thunder, and the valuation is down 2-4.

The fall of ZTE will lead to a wave of funds.

According to the eastern choice data, a quarterly report showed that 192 funds held ZTE, holding 187 million 500 thousand shares, holding a market value of 5 billion 284 million yuan and a market value of 587 million yuan a day.

If according to the fund holders announced at the end of the first quarter, if there is no change at present, there are 6 funds holding more than 5 million shares, which are the southern ingredients selected mixed fund, the mixed type securities investment fund, the state-owned enterprises in the rich country, the investment fund of the state-owned enterprises, and the full integration of the funds. The mixed securities investment base, the Bank of the bank and the stock based securities investment fund and the stable and open securities investment fund are 12 million 600 thousand shares, 9 million 547 thousand shares, 7 million 831 thousand shares, 7 million 182 thousand shares, 6 million 500 thousand shares and 5 million 554 thousand shares.

Many funds have adjusted ZTE's valuation. Up to now, more than 40 public fund companies have lowered the valuation of ZTE.

Early today, the Nord Fund announced that since June 12, 2018, the decision was made to make a valuation adjustment for the "ZTE" stock held by the fund under its own fund, and ZTE was valued at 20.04 yuan.

Yesterday, the Ping An China Fund announced that since June 11, 2018, the stock "ZTE communication" held by the company's Fund (except for the trading open index fund) has been adjusted to a valuation price of 22.82 yuan.

The Taida manhulli fund has adjusted the second revaluation of ZTE's newsletter, revaluing ZTE's communications held by the company's fund from 11 of 06 2018 and valuing the price of 20.04 yuan per share.

The Wells Fargo fund has also reduced ZTE to two yuan or 20.04 yuan or 20.54 yuan.

A comprehensive number of fund companies, the reduction is mostly in 2 or 4 limit, the valuation after the reduction of 20.04 yuan to 25 yuan.

If the stock price falls to a minimum of 20 yuan, ZTE's A stock market will be worth 83 billion 860 million yuan. So the total market capitalization of 192 funds will drop from the current 5 billion 284 million yuan to 3 billion 131 million yuan.

Agencies: profits are basically cleared or even maintained.

As of now, there have been a number of securities dealers published on ZTE communications, in which CITIC Securities said the event was in the end, marking the major margin of the communications plate, which is expected to be 20.34 yuan, and CICC believes that the short term volatility of ZTE's performance is low and even maintained. Promote the communication recommendation rating.

CITIC Securities: ZTE is expected to have a reasonable stock price of 20.34 yuan.

The latest research report of CITIC Securities shows that ZTE's reasonable share price is 20.34 yuan, which is about 35% lower than the 31.31 yuan of suspension price. From the industry point of view, the communications (CITIC) index fell 6.81% from April 17th to June 7th. Today, the ZTE incident has come to an end, marking the major clearing of the communications sector. After the ZTE event, it is expected that the country will increase the support to the upstream chips and key components. The industry has also obviously begun to emphasize self-control, industry certainty, and neutral and optimistic forecast.

CICC: ZTE has a low probability of short-term volatility, temporarily maintaining its original target price unchanged.

CICC said that ZTE is still the fourth largest telecom equipment manufacturer in the world, with relatively high customer stickiness and low possibility of short-term fluctuations in performance. In order to maintain ZTE's recommended rating, the target price of AH shares was temporarily maintained at 40 yuan and HK $40 respectively.

Zhongtai Securities: ZTE still has plenty of time to recover.

China Thai Securities said that the requirements of the current round of reconciliation, 30 days in June 8th to raise 1 billion dollars, 60 days to raise 400 million US dollars, in 2017 annual report, monetary funds 33 billion 400 million yuan, short-term borrowing of 14 billion 700 million yuan, in order to meet the conditions for the ban, short-term liquidity will face pressure, to solve the punishment funds is the top priority.

It believes that the upcoming 5G era, ZTE still has sufficient time to restore its vitality, based on its deep foundation in the field of 5G standards, focusing on the global market share. In the past few years, the company has accumulated obvious achievements in the high investment in the 5G field, and the engineer bonus will still be its long-term competitive advantage. The overall strength of the network equipment has been the first echelon. The large domestic market volume will also support its rapid development at the commercial stage of 5G. In fact, companies are not too much involved in 3G's overseas competition, which means that the overall share of overseas market is basically incremental. In the long run, the company still deserves attention and strategic allocation.

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