Although the market rebounded Thursday, but the shrinkage being the rebound characteristics that the market is less than drivers, and today also verify the disk to adjust the author's point of view. Stock index fell yesterday's intraday lows, although Yao City, recovered some lost ground but overall is still weak.
point of view from the disk, real estate, sell into the banking sector as a major driving force for the adjustment of property stocks and the recent negative expectations of the kinds of prices has a lot to the author of the real estate sector has always the attitude to keep at arm's length, due to the uncertainty of the real estate industry this year, very strong, so the plates are often the occasion of the negative factors that hit the selling pressure suffered institutions, real estate section of the four leading insurance bills million was significantly weaker than the recent trend of gold market, the author of the real estate sector has been maintained to judge, in 2008 the real estate sector should continue to avoid. while banks fell today, with interest rate expectations may be related to Bureau of Statistics today announced the April price data of industrial appearance , PPI rose 8.1% in April, and is widely expected to announce next week's CPI data will reach 8.4% increase, which made a rate hike was again raised, especially the agencies concerned will take an asymmetric central bank to raise interest rates in a way which is to raise the deposit interest without increasing the lending rates, which may be subject to institutional selling bank shares today, the main reason, I suggested that a rate hike not yet clear when it is not suitable in bank stocks, but long-term investment value of bank shares are still more significant .
from this week's market trends, we can see in the market for early corrective rebound after sharp fall in the volatility of individual stocks is very large, and the market valuation system back into chaos. If the past institutional investors Because of inflation and the pessimistic corporate profit growth is expected to decline, resulting in a comprehensive market valuation system down, now the market valuation system in the broader market rally in the re-emergence of polarization characteristics, banking, steel, stock levels remain low price-earnings ratio, while agriculture , rose in the valuation of the coal sector in the rapid increase, of course, which includes the market performance of their 2008 growth may be expected under a substantial premium, but compared to the average market price-earnings ratio is still higher. I believe that in pre-market in the pessimistic extreme underestimate the value of the decline due to unreasonable levels, although many people think that by 2007 China's stock market price-earnings ratio is currently about 26 times the average valuation is too high, with the United States and other mature markets the level of earnings compared to much larger bubbles, but I see Lombard Street Research in London, Charles b Dumas in his new book in the calculation of bite claim was rejected, he maintains that according to China's economic growth rate of about 10%, with stock market gains rate (adjusted in accordance with the actual level of investment income 40 times, then, assuming that only 2.5% return rate), then this is still double-digit real rate of return, lower than the average U.S. stock returns stronger multi-level, in accordance with This method, as long as the Chinese economy can maintain long-term stable growth, even though more than 50 times price-earnings ratio has its reasonable! Although I do not fully agree with this method of calculation, but will never agree to get machinery in China and overseas stock market earnings stock market comparison.
invest in China stock market value of investments should see it is that high-growth, even if China's stock market value of the stock, its growth is also much higher than similar stocks in overseas markets, overseas stock market price-earnings ratio of steel lower level, but their steel companies time in ten years almost no growth, but China's iron and steel enterprises with high growth in domestic fixed investment continues to maintain performance under the influence of continued growth, which is significantly different and overseas, The same is true of domestic banks, foreign banks in several countries can do the industry more than 50% profit growth? not. So I believe that long-term investment from the point of view, to invest in China's stock market you need to know the growth characteristics of Chinese listed companies to track the level of growth is not strong and the high valuation of enterprises, the long term point of view will certainly be satisfied with the return.
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