There were many public fund managers in the conference hall, and most of them were actually very unhappy with Lu Ming, because the mixed performance of Tiansheng Value Growth eclipsed the funds they managed.
However, one code is one code, money still needs to be earned, and performance must be achieved, so Tiansheng Holdings still needs to participate in the backdoor listing.
Making money is not shabby.
The more people who are dissatisfied with him indirectly prove the success of Tiansheng Capital. Of course, after subscribing, the scolding behind the scenes will continue, and if you are dissatisfied, you will continue to be dissatisfied.
At this moment, Lu Ming opened the document, moved the conference room microphone and said: "According to the audit data for fiscal year 2015, Tiansheng Capital's total assets were 132.5 billion yuan, net assets were 130.9 billion yuan, annual revenue was 21.6 billion yuan, and total profit was 100 million yuan.
yuan, net profit 100 million yuan, net profit margin yuan.”
The institutional people present looked sideways. They all knew that Tiansheng Capital's performance in 2015 must be very good, but they did not expect it to be so good. It absolutely exceeded expectations. They all thought that the net profit of 8.8 billion was the highest.
Tiansheng Capital is now far undervalued. The PE on resumption is about 12.5 times. Based on this performance, the multiple is not excessive at all.
Wang Yue said in surprise: "This performance is enough to push the stock price to 5,280 yuan, which is seriously underestimated."
The institutional people present were very excited. Some of the performance expectations for this wave have been speculated, and it is impossible to suppress the stock price. Fortunately, before the resumption of trading this time, the institutions present already held a large number of Tiansheng Capital shares.
"Don't rush to judgment, I still haven't read this year's first quarter report." Lu Ming said with a smile.
"Oh? Let's wait and see." Wang Yue couldn't help but be curious. All the institutional personnel present were very interested. From Lu Ming's relaxed side, they could tell that the first quarter report should also be very good.
Lu Ming said methodically: "In the first quarter of 2016, the revenue was 100 million yuan, the net profit was 455 million yuan, the total assets were 100 million yuan, and the net stock assets were 223.79 billion yuan."
It is worth mentioning that Tiansheng Capital is a securities investment company. The invested stocks cannot be counted as operating income until they are cashed out. They are only included in the revenue after the stocks are sold and realized.
In other words, when looking at Tiansheng Capital's financial statements, it doesn't make much sense not to look at revenue and net profit. The company's stock net asset size is the core performance indicator.
After Lu Ming briefly read out several core data from the first quarter report, all the institutions present became uneasy.
Lin Qiang said in shock: "Mr. Lu, how come the asset size has increased by 107 billion yuan? What's going on?"
Lu Ming said with a smile: "To make a long story short, the increase in overall asset prices mainly comes from the growth of overseas investment. As of March 31, the scale of Tiansheng QDIE has reached 100 million US dollars, approximately 253.3 billion yuan, of which Tiansheng Capital has its own share
Accounting for 120.8 billion, it hedged against the sharp decline of Anshi Group years ago."
After a pause, Lu Ming added: "In the first quarter, we were short on external markets at the beginning of the year, and flipped long in February. The cumulative return rate of QDIE funds in the first quarter was %. Now, 200% is definitely over."
The jaws of all the institutional people present were astonished.
Snap!
Lin Qiang was so excited that he slapped the case. He jumped up from his actions and shouted excitedly: "Okay! Okay, okay! Hahaha, I'm sorry everyone, I'm sorry, I'm really sorry for losing my temper, hahaha!"
When the other institutional people present saw Lin Qiang's reaction, they all felt contempt in their hearts. They were not calm, but they were jealous. Chaoyun Trust was the first LP of Tiansheng Capital. It made a lot of money during the Antian War. Now,
It’s definitely a crazy earning pace.
When Lin Qiang just learned that the scale of Tiansheng QDIE Fund had expanded to 253.3 billion yuan, he realized that Chaoyun Trust could take 83.5 billion yuan of the cake. Adding An's shares meant that Chaoyun Trust was handed over to Lu Ming for management last year.
The assets of 20 billion yuan have expanded to more than 150 billion yuan, with a growth rate of 650%. This is a growth rate of tens of billions of funds!
Even if it doubled, I would be extremely happy. This guy pushed out 6.5 times the data, which is definitely more than 150 billion. It is no wonder that Lin Qiang is so excited that he loses his temper.
In fact, Wanxiang Group and other institutions that have already jumped on the bus are also as excited as chicken blood. Although they are not the first to get on the bus, they are still making huge profits.
This quarterly report is so exciting.
Wang Yue said excitedly on the spot: "I must correct one thing. It is a number without dreams, and it is a number without imagination. It is basic, not excessive, and the expectations are not impossible!"
People from other institutions present also gradually became excited. Everyone in this conference room today is a winner. There is no doubt that the difference is a big win or a small win.
At this time, Lu Ming said: "I should not evaluate the transactions in the secondary market or market behavior, but the resumption of trading is a bit too much."
The attendees burst into laughter.
One thing that is certain is that the future of Tiansheng Holdings will definitely be dominated by institutional gaming. Once the inquiry of 3,000 yuan is passed, few retail investors can afford it. Theoretically speaking, the institutional players present will actually be competitors with each other in the future.
However, there is definitely no disagreement now. They are all unanimously bullish. Especially when the performance of this year’s first quarter report came out, it was an explosion. There is no doubt that they are unanimously bullish.
"Mr. Lu, how much PE do you think is appropriate? We can get it almost there." At this time, an institutional person asked loudly.
Everyone looked at Lu Ming in unison, who spread his hands and said: "Manager Zhang, what you said is very interesting. The price is .5, do you think it can be within the range after the resumption of trading?"
Wang Yue laughed and said: "Brother Lu, this is probably impossible. Let's put it this way, Tiansheng Holdings' resumption price of 3,000 yuan is equivalent to the price of An's shares of 5 yuan in July last year. It cannot be suppressed, absolutely.
Can't hold it down."
Lu Ming shrugged and was noncommittal. The resumption price of Tiansheng Holdings was at the historical bottom. There was no doubt that Lu Ming knew the value of Tiansheng Capital better than they did because he was confident that it would become bigger and stronger.
It doesn't matter, anyway, for the company, the institutional gaming in the secondary market will not affect the company's operations. They can do whatever they want. The only thing that is relevant is the 45 billion yuan in this round of private placement.
In the future, Tiansheng Capital will not do any private placement, and will maintain the total share capital of 80 million shares. As expected, there will be no private placement and no buybacks.
There will be a lot of speculation in the early stage of resumption of trading. When the stock price reaches sky-high prices, retail investors should regard buying one lot as a major decision like buying a house. The moment they decide to trade must be the result of careful consideration and not an emotional pursuit of the price.
Kill and fall.
The price that breaks through the sky is actually Lu Ming's hope to let his investors make price investments, rather than emotionally chase the rise and kill the fall. Don't think that this is exclusive to retail investors. There are many institutions chasing the rise and the fall. Sometimes
Institutional funds are also as good as dogs.
Half an hour later, the major institutions present began to sign subscription agreements with Tiansheng Capital, basically rushing to take over the deal.
Large investors such as Wanxiang Group and the Social Security Fund have already determined their share. Today they are here to sign a formal agreement. More than 40 other institutions, including public funds, will share an average of 115 million yuan each.
This is a sure-win deal, so you really have to rush to take it.
It’s only over 100 million, which is still too little meat for more than half of the institutions present. If you want to get more chips, you can only wait for the resumption of trading next Wednesday and go to the secondary market, but this means that there will be a second round of trading.
In the capital game of the secondary market, the holding cost is definitely higher than that of fixed-increase subscription.
…
(Ps: Next, we will start redeeming the first subscription and adding chapters!)
