In January this year, the State -owned Assets Supervision and Administration Commission of the State Council will further study the incorporation of market value management into the performance assessment of the person in charge of the central enterprise, and the past policies are mainly encouraged.
Recently, a number of central enterprises holding listed companies such as PetroChina, Aerospace Rainbow, National Aircraft Repair, Yunnan Copper Industry, etc. announced that the market value management indicators were included in the management performance assessment.
Some securities firms believe that the short -term central enterprise dividend repurchase may be strengthened, and the relevant indicators of the cash market value ratio are worthy of attention.
Some brokerage strategy teams have pointed out that the dividend of central enterprises is not weak, but the continuity needs to be improved.The remaining tools of market value management, such as repurchase, holdings, mergers and acquisitions, etc. Due to the short history and the relevant regulations, the frequency and experience are relatively lacking.
Three tools of market value management: dividends, repurchase and holdings
Recently, China Petroleum, Aerospace Rainbow, National Aircraft Repair, Yunnan Copper Industry and other moreThe listed company of the central enterprise holding the listed company announced that the market value management indicators were included in the management performance assessment.Rice Information, Anjesi, and Harbor in the northern harbor have also attached great importance to market value management.Among them, An Jiez has issued the repurchase announcement. At the same time, the company will choose to make repurchase decisions and implement it within 12 months from the date of reviewing and adopting the repurchase plan.
The market value management born with the reform of equity, and was proposed in 2004 that it was written into top -level documents in 2014 until it was included in the assessment of the central enterprise until 2024.
On January 24 this year, the relevant person in charge of the State -owned Assets Supervision and Administration Commission first proposed that the market value management will be included in the assessment of the person in charge of the central enterprise.Looking back at the past, the State -owned Assets Supervision and Administration Commissions attitude towards market value management is mainly encouraging. The corresponding assessment goals that have been formulated can also indirectly boost the market value.
Caitong Securities Strategic Team believes that market value management has been included in the assessment of the state -owned enterprise for a long time, but this time the interests of the person in charge of the central enterprise are deeply linked to the depth of the market value of the central enterprise.From a higher level, the central state -owned enterprise attaches more importance to the business quality and market performance of listed companies, and has more motivation to communicate with the capital market.The introduction of subsequent supporting documents will refine the assessment method.Combined with the current state -owned Assets Supervision and Administration Commission and relevant listed companies, "to transmit confidence and stabilize expectations through application marketization, repurchase and other means in time, and increase cash dividends", dividends, repurchase and holdings may be the main of the current market value managementtool.
In this regard, a securities company strategy analyst told the reporter of "Daily Economic News": "The policy has not been finalized.Personal enterprises formulate their own management plans. Because it is difficult to have a unified standard, different industries, different responsibilities, and different market value are difficult to unify management and assessment. "P>
As one of the main tools of corporate market value management, the efforts of dividends of central enterprises have also attracted much attention.
Huatai Securities Strategic Team believes that the dividend of Chinese central enterprises is not weak, but the continuity needs to be improved.Specifically, in 2022, the dividend of the state-owned state-owned enterprises listed in 2022 accounted for about 70%of the total dividend of A-share listed enterprises. The average dividend rate in the past 10 years was about 31%, which is not much different from overseas (30%-35%), but it can be continuously divided by 10 continuous dividends 10 10The proportion of state -owned central enterprises in the year is less than 30%, and local state -owned enterprises (24%) are weaker than central enterprises.In contrast, the proportion of companies that can be divided in the United States and Japan for 10 consecutive years have been more than 50 %. The good point is that the willingness to dividends in the state and central enterprises in the past five years has increased; in addition, the state -owned economic revenue accounted for the GDP proportion center in the past five years.It is about 65%, and the horizontal comparison is at the forefront of countries, but the central economy to fiscal dividends (under a dividend perspective) center is only 1.2%. It is obviously mixed with economic importance and still has room for improvement.
CITIC Securities Research believes that the short -term central enterprise dividend repurchase may be strengthened, and the relevant indicators of the cash market value ratio are worthy of attention.The short -term SASAC may help listed companies to help listed companies repurchase, increase cash dividends, implement equity incentives, and do a good job of market communication.
At the same time, CITIC Securities Research pointed out that policies can consider strengthening the dividend repurchase of central enterprises, and it is recommended to pay attention to the listing bids with good cash reserves and cash flow.Among them, the central state -owned enterprise holding listed company through financing and repurchase is a feasible policy direction. In the past, central state -owned enterprises had cases that raised funds raised by bond issuance and bank loans.
In addition, the aforementioned Huatai Securities Strategy Team believes that the remaining tools for market value management, such as repurchase, holdings, mergers and acquisitions, etc. Because of short history, related regulations are still being improved.The frequency and experience are relatively lacking.Specifically, as of 2022, the proportion of the net profit of central enterprises in A -share State -owned enterprises still accounted for less than 2%, lower than the United States (60%) and Japan (15%);) The proportion of GDP is less than 1%, less than the United States (10%), Japan (2%) and South Korea (3%).Increasing holdings at the bottom, the role of the market "stabilizer" needs to be consolidated.Market value management is an effective tool for ensuring the unified internal and external value of the enterprise.The capital market, do a good job of value management, and realize the market value of market value with internal value.
The central state -owned enterprise theme fund is densely issued
It is worth noting that in 2024, the theme fund of the central state -owned enterprise was issued densely.
As of February 23, 5 central state -owned enterprise theme funds have been established this year, namely: Yinhua China Stock Exchange Guoxin Central Enterprise Technology Leading ETF connection, Huaan state -owned enterprise opportunities mixed, HuaanChina Securities State -owned Enterprise Bonus ETF initial connection, Huitianfu China Stock Exchange State State -owned New Central Enterprise Shareholders Reward ETF connection, Huaxia China Stock Exchange Hong Kong Stock Connect Central Enterprise Red Conservancy ETF.Huaxia State -owned Enterprise Avs Fund has been raised on the 23rd of this month.
In addition, multiple state -owned enterprise theme funds are being issued, including Pengyangs State -owned enterprise dividend ETF connection, Wanjia state -owned power hybrid, Wells Fargo China State -owned enterprise reform ETF, Southern China CSINational New Central Enterprise Technology leads ETF connection; funds such as the bonus of the banking enterprise and the launch of Huaxia State -owned Enterprise Innovation Hybrid initiative are also being issued.
Chinese architecture has been designated as a pilot enterprise for the State -owned Assets Supervision and Administration Commission of the State Council in recent years.According to Wind data, as of the fourth quarter of 2023, a total of 43 fund companies had 141 funds held Chinese architecture, holding 944 million shares, holding a total market value of about 4.541 billion yuan, accounting for 2.28%of the companys circulation stocks.
How to choose the market value management perspective?Caitong Securities Strategic Team believes that the four major logic is the key to stock selection.The market value management still needs to cooperate with the profitability of listed companies and the support of mobile funding.Therefore, we recommend paying attention: 1) sufficient cash: cash & gt; 10 billion yuan or cash in hand account for total asset proportion & gt; 5%; 2) capital operation space: circulation market value & gt; 15 billion yuan, the largest shareholders, the largest shareholdersThe shareholding ratio & lt; 90%; 3) Stability of profitability: ROE (TTM) & GT; 0 and small fluctuations of 2021-2023q3; 4) less capital expenditure.
Investors investors of a public fund said: "One of the reasons for the inefficient efficiency of state -owned enterprises is the assessment. The indicators of the assessment are scale, income, ranking, etc.. Incorporating market value management into the assessment indicators of state-owned enterprises and state-owned enterprises is a good thing from the perspective of enterprise development; from the perspective of investment, the market has digested some. "
