Stimulated by the semi-annual report data, Luzhou Laojiao rose sharply in intraday trading on August 28, rising to 8.77% at one point. The final share price closed at 151.49 yuan, and its market value also reached 221.9 billion yuan, surpassing that of Yanghe shares, and its market value is second only to that of Yanghe. Kweichow Moutai and Wuliangye are the third largest liquor companies. The stock price of Luzhou Laojiao broke through the 100-yuan mark on July 2. In the last 60 trading days, the stock price has risen by 75.35%. Among the 20 food and beverage stocks whose share prices hit a record high last week, three liquor stocks including Gujing Gongjiu, Luzhou Laojiao and Wuliangye were included.
The stock price of soy sauce stocks is not "soy sauce". On the evening of August 27, Haitian Flavor Industry, known as "Jiao Mao", released its semi-annual report. The company achieved revenue of 11.595 billion yuan, an increase of 14.12% year-on-year; net profit was 3.253 billion yuan, an increase of 18.27% year-on-year. Since its listing, Haitian Flavor's revenue and net profit have grown by more than 10% every quarter. Not only did Haitian Flavor's share price hit a record high of 180.90 yuan during the session on August 27, but the company's latest market value was 586.2 billion yuan. It was also ahead of Midea Group, Hengrui Medicine, and Sinopec, ranking tenth in the A-share market.
Food and beverage didn't just start "dancing" last week. Judging from the performance of the Shenwan primary industry index since August, as of the close on August 28, the food and beverage index rose 10.83% to top the list, and it was also the only index among the 28 industry indexes that increased by more than 10%.
From the perspective of industry constituent stocks, after excluding the new stocks, 25 food and beverage stocks rose more than 20% in the month , The share price of Youyou Foods, a snack food concept stock, soared 63.64%. The stock price of 33 stocks including Yanjinpuzi, Longda Meat, Sanquan Food, Hengshun Vinegar, Luzhou Laojiao, Fuling Mustard, Qianhe Taste, Gujing Tribute Wine, and Jinshiyuan hit a new record. new highs.
In this regard,
Li Yuankai of Huayan Investment said that most of the food and beverage stocks announced their interim results this year are very bright, and the performance of companies such as Yili has exceeded that of Yili. The market expects that the food and beverage sector is still able to pull back the direction of bargain hunting.
As Baotuan stocks continue to gain higher gains, food and beverages are also facing concerns about overvaluation. As for why food and beverage stocks will rise sharply in August, and from an investment point of view, Whether the food and beverage industry is still a good direction for increasing positions, private equity Pai Pai (WeChat ID: simuppw) also interviewed
Longyuan Investment General Manager Yang Wei,
Yinghua Yang, General Manager of Shuimu Changliang.
Shennong Investment: Long-term optimistic about the prosperity of the food and beverage sector
The market fluctuated greatly in July, and the market's preference for performance certainty targets has increased since August. The interim reports of the leading targets in the food and beverage sector have successively disclosed that most of them have improved significantly in the second quarter. Whether it is high-end liquor or the leader of the condiments, dairy products, meat products and other sub-sectors, both revenue and profit have exceeded market expectations. Boosted market confidence in the food and beverage sector. The test of outstanding companies in the face of the epidemic reflects their strong ability to seize opportunities, which is another proof of their comprehensive competitiveness.
In the long run, China is the best consumer market in the world, and there is still a lot of room for consumption upgrades and domestic brands to grow. We are optimistic about the prosperity of the food and beverage sector for a long time, and we also see that the current sector valuation and institutional position ratio have reached historical highs, and there is no problem in continuing to increase the food and beverage sector in a relatively long time dimension.
Yang Wei, General Manager of Longyuan Investment: Some of the targets whose fundamentals continue to improve still have configuration value
Since August, the food and beverage sector has achieved significant excess returns, mainly due to the performance of the interim report, the accelerated growth of consumer goods, and the recovery of consumer discretionary beyond expectations, driving the sector to continue its upward trend; secondly, against the backdrop of monetary easing , the market expects a decline in yields, and funds are more inclined to flow into food and beverage boards with high certainty and stable cash flow; finally, the uncertainty of the external environment has increased recently, and the domestic demand-oriented consumer sector is more favored by the market.
From an investment point of view, the PE of the food and beverage sector has reached a historically high level due to the rise in valuation brought about by currency over-issue, and the overall attractiveness of the sector has declined. However, for some targets whose fundamentals continue to improve in the future, although the valuation is at a reasonable upper limit, it is still worth configuring.
Yang Yinghua, general manager of Shuimu Changliang: It is an inevitable trend for funds to continue to hold together core assets
At present, the global stock market is generally in a situation of relatively large bubbles. The price-earnings ratio is near all-time highs. The total market value of A shares + Hong Kong shares + US Chinese stocks is higher than China's GDP in 2019. From this perspective, these listed companies are not undervalued.
In a few years, both the world and China, the tightening expectations are very small, and the stock market is still likely to rise due to capital push. It is difficult to go up and down in an all-round way, and it is inevitable for the fund to hold a group in the core assets (the United States holds a group even more). In the continuous upward trend of U.S. stocks in recent years, U.S. funds have developed a routine, that is, they buy "core assets" every time they fall and pull back. It is estimated that China will also take this path.
Coming back to this question, like the answer to the pharma stock question earlier. For core assets, this kind of gameplay is likely to continue. Every time it falls, it will add a little bit, which is a better solution under the game. The difference between China and the U.S. is that we always beat the drums to pass flowers faster. The U.S. can use a 15-20-year strategy. We may only play for 5-10 years, which will push the average price-earnings ratio of core assets to an astonishing level. .
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