Sentence/Tachibana generation
Yushan Gold (2884), the first listed financial holding company to announce a dividend policy this year, announced that it plans to allocate 0.6 yuan per share, including 0.2 yuan in cash and 0.4 yuan in stocks, a record low in 13 years. Loved by many stockholders, now that it is getting worse due to the impact of the general environment and prosperity, can financial stocks still survive? Senior analyst Ding Yanjun believes that,As for the investment priority of financial stocks, it is recommended to focus on “bank stocks”, followed by “life insurance and securities stocks”.
Yushan Gold’s dividend is not as expected, it is not recommended to sell at low points
Regarding Yushan Gold, Ding Yanjun believes that investors do not need to rush to sell at a low point when they hear that Yushan Gold’s allotment policy is not as good as expected. However, after careful analysis of Yushan Gold, it is found that the stock price may not be easy to rise. He said that Yushan Gold had a high share price-to-book value ratio in the past because of its high growth and substantial asset growth. The main reason was that the proportion of loans in mainland China was high, accounting for about 50% of net worth.
However, starting from 2022, the mainland’s economy will gradually slow down, facing internal and external troubles, negative population growth from 2022, domestic demand recession, US-China trade war and other negative factors will affect the subsequent growth of Yushan Gold, and the price-to-book value ratio will naturally not be too high , but Ding Yanjun pointed out that due to the low dividend amount, the current stock price has fallen a little bit, and stockholders do not need to sell at a low point, but its stock price should not be easy to rise. If you have a more ambitious goal, you don’t have to invest in Yushan Gold.
Investment order of financial stocks Bank > life insurance > securities
Ding Yanjun divides financial stocks into three categories: banking stocks, securities stocks, and life insurance stocks. The priority of investment is “bank>life insurance>securities”. first,The advantage of investing in banking stocks is that “interest rate increases lead to widening of interest rate spreads”, and the disadvantages are currently invisible, and the strategy is to receive stable dividends.
The potential advantage of insurance stocks is “expanding interest rate spreads and increasing profits”, and the disadvantage is that the net value of bonds falls and the net value decreases. The strategy is “buying on dips to earn spreads.”
Since the securities industry does not need to spend a lot of capital expenditures, the money earned can be distributed as dividends. The advantage is that the cash dividends are high and the observable past yield rate is very high; the disadvantage is that the stock market has shrunk. “.
He further reminded,If the trading volume does not improve this year, the stock price and dividend policy of securities stocks will not be very good.Although it is predicted that the stock market will definitely be better this year than last year, the current trading volume is mediocre. To invest in securities stocks, you must wait for the trading volume to increase, “at least more than 300 billion yuan, and the index to exceed 60,000 before considering it”, and observe the situation of interest rate hikes.
He said that last year, deposit bank stocks, such as Heku, First, Yongfeng, etc., were all financial holdings with a high proportion of banks, and their profits did not decline, but instead grew. Due to the recent interest rate hikes,Investors are advised to choose banks with a high proportion of foreign currency loans when selecting bank stocks.For example, CITIC Bank’s foreign currency loans accounted for 38%, Zhaofeng Bank 30%, Shanghai Commercial Bank 29%, Yongfeng Bank 22%, First Bank 20%, etc. You can pay attention to it; in addition, life insurance stocks recommend Cathay Gold , Fubon Gold.
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