Since the beginning of the year, market value management of central enterprises has become one of the biggest concerns of the market.
Brokers believe that market value management is essentially an important part of the reform of state-owned enterprises. The focus of the reform is to improve the core competitiveness and enhance the core functions of enterprises through channels such as improving profitability, optimizing governance mechanisms, and strengthening communication between management and the capital market. This is an important way to do a good job in market value management of central enterprises.
The agency believes that if investors want to explore investment opportunities in undervalued central enterprises, the direction of the 15 key industries led by central enterprises is worth paying attention to.
Looking forward to the future, with the deepening of market value management, central state-owned enterprises may face revaluation.
SDIC Securities pointed out that the State Council issued a new “National Nine Rules” and proposed formulating market value management guidelines and dividend requirements for listed companies. In line with previous policies to comprehensively promote market value management of central enterprises, it is expected that subsequent assessment plans for central enterprises will gradually be implemented.
Societe Generale Securities said that financial data for March showed that the country's support for infrastructure is still high. The bank believes that since capital for incremental infrastructure is mainly from the country, and it is more inclined towards key projects; investment pressure is gradually decreasing, the cash flow of construction central enterprises will gradually improve in the future, and the dividend rate is expected to gradually increase, thus driving valuation repair.
CITIC Securities expects that capital market reforms in the second quarter and the implementation of market value assessments for central state-owned enterprises are worth paying attention to.
The value enhancement of central state-owned enterprises involves related enterprises:
CRRC (01766), China Railway (00390), China Communications Construction (01800), China Railway Construction (01186), China Aviation Science and Engineering (02357), etc.