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Foxconn makes A shares "worst IPO in the year" accused of lack of technology "storytelling"

via:博客园     time:2018/7/10 13:10:27     readed:488

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Not long ago, Foxconn, the world's largest consumer electronics contract manufacturer, listed its industrial affiliate, FTU, on a domestic A-share market, but its share price plummeted after the company went public on the stock market. According to a Hong Kong media analysis, Foxconn A-share listed companies have been questioned in the capital market, such as technology is not high enough, but also

According to the website of the South China Morning Post of Hong Kong, since its peak in June, the FTU share price has fallen by 33%, and the FTU has already been ranked in the list.

While regulators were quick to approve the FTU listing plan, some other analysts called the FTU the Chinese manufacturing secto

Some market people point out that Foxconn group and industrial Lenovo have turned into an intelligent manufacturer, entering the fields of cloud computing, industrial robots, precision components, but such a plan still has a long way to go.

A fund manager in Shanghai said they simply looked at the industrial rich union as a traditional assembly plant with low profit margins and planned to develop intelligent manufacturing, but it was still in the storytelling stage. In addition, the capital scale of the industrial alliance has been very large, so it is impossible for the capital market to give a valuation similar to that of the high growing company.

With 27 billion 100 million yuan on the market, the company is valued at RMB 339 billion 400 million yuan (equivalent to $51 billion 100 million), which has become the largest listing of the mainland stock market for three years.

Since the previous regulatory authorities have provided positive support to the listing of technology companies, there have been high expectations for the performance of the stock market after the IPO. It is reported that only 27 days passed for the application of IPO, but ordinary enterprises need to wait for more than 500 days.

After falling 33% from the high level, the industrial wealth alliance's earnings per share is still 19.2 times, which is 16.1 times higher than that of Apple Corp. In addition, the price of industrial Fu Lian is still 32% higher than that of another group in China.

The website of South China Morning Post pointed out that if the revenue of the industrial alliance is decomposed, it will be hard to support its relatively high valuation. Of the total revenues in 2017, mobile phone assembly accounted for 61%, while industrial robots accounted for only 0.4%.

Wu Kan, another fund manager in Shanghai, says the market is questionable about how much high technology the company has, and the company's intelligent manufacturing plan is still an unknown number.

Although the share price fell, mainland analysts did not quickly adjust the stock ratings of the industrial alliance. According to Bloomberg statistics, six securities companies, including Ping An Securities, gave a buying rating to the industrial Fu Lian, and the target price in 12 months was 22.16 yuan.

One industry insider said that the more reasonable price of the industry federation is 15 yuan, which means that it will also decline compared with the recent closing price.

Wu Kan, the fund manager, said:

It is worth mentioning that the formation and listing of the industrial Fu Lian is also an integral part of the grand transformation plan of the parent company Foxconn group.

With the three big hardware products of the generation of big customers, Apple's three hardware products all entered the decline channel, Foxconn and Terry Gou took precautions, Foxconn decided to gradually reduce the proportion of low profit rate service, gradually increase brand product business and high-tech spare parts business, these two types of business can raise the profit rate of Takatomi Jiyasu.

In terms of brand, Foxconn acquired the Japanese Sharp Co and obtained a very valuable SHARP brand. Recently, Foxconn also acquired Toshiba laptop Business and obtained trademark authorization. In addition, Foxconn has joined hands with HMD Finland to operate NOKIA brand smartphones.

In the field of high-tech parts, Foxconn relies on Sharp Co's excellent LCD panel technology to build two large liquid crystal panel factories in Guangzhou and Wisconsin, and will enhance the discourse power in the liquid crystal panel Market in the future.

Recently, Taiwan media also reported that Foxconn is preparing to expand its semiconductor business and has restructured several semiconductor sectors. (synthesis / dawn)

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