On February 9, Shuangjian announced that it planned to issue convertible bonds online on February 1 1 2022. The funds raised this time are 513.64 million yuan. After deducting the issuance expenses, it is planned to use the raised funds of 513.64 million yuan for the annual output of150,000 square meters of high-strength energy-saving and environmental protection conveyor belt project.
Double-arrow convertible bonds are issued by priority placement and online issuance, and the debt and subject ratings are AA. The issuance scale is 56,543.8+36.4 million yuan, and the initial conversion price is 7.965,438+0 yuan. With reference to February 9, the stock closing price was 8.03 yuan, and the convertible bond parity was 65,438+0065,438+0.52 yuan. The yield to maturity (February 8, 2022) of corporate bonds with the same maturity and rating is 465,438+09. On the whole, the scale of debt issuance is average, the liquidity is average, the rating is acceptable, and the debt bottom protection is average. The terms of the game are quite satisfactory, such as the modification terms ("15/30,85%"), the redemption terms ("15/30, 130%") and the resale terms ("30/30,70%").
The target price of convertible bonds on the first day is 120- 122 yuan, so it is suggested to actively purchase them. As of February 9, 2022, the parity of double arrow convertible bonds was 65,438+0,065,438+0.52 yuan. According to the AA rating of comparable convertible bonds, the remaining debt was 720 million yuan, the parity was 65,438+065,438+04.09, and the convertible bond price was 65,438+. The remaining debt balance is 979 million yuan, with parity 1 18.43, convertible bond price 143.50, and convertible premium rate of 2 1. 16%). The valuation of Double Arrow Convertible Bonds refers to the valuation level of Huyan Convertible Bonds and Limin Convertible Bonds, and the conversion premium rate of Double Arrow Convertible Bonds on the first day of listing should be 60.
We judge that,
1. The scale of bond issuance is average, the liquidity is average, the rating is acceptable, the debt bottom guarantee is average, it is not difficult for institutions to put into storage, and there is no objection to the first-level participation;
2. In terms of production capacity, output and sales volume, this company is the largest rubber conveyor belt manufacturer in China. Under the background that China has become the main undertaking country of international industrial transfer of conveyor belts, the demand for products of the company will continue to rise;
3. In recent years, the company has been affected by the high prices of raw materials such as rubber, and the pressure on the cost side has increased. However, it is expected that the profitability of the company will improve after the cost of follow-up materials is expected to be adjusted back;
4. Actively expand and enhance market share, which is expected to benefit from the growth of industry scale and market demand in the medium and long term.
Based on comprehensive analysis, we predict that the premium rate of Shuangjian Convertible Bonds on the first day of listing will be around 18%-22%, and the corresponding price will be around 120- 122 yuan. It is recommended to actively buy.
It is estimated that the winning rate on the first day will be around 0.0023% ~ 0.0027%. We assume that the proportion of old shareholders' rights issue is 40%~50%, and the scale of double-arrow convertible bonds left to the market is 257 million yuan ~ 308 million yuan.
Priority placement and online issuance of double arrow convertible bonds. With reference to the recent issuance of Borui convertible bonds (issuance scale of 465 million yuan) and Taiwan Province convertible bonds (issuance scale of 600 million yuan), the number of effective online subscriptions is about 1 1.2 million/1.7 million. Assuming that the number of effective online subscriptions for Double Arrow Convertible Bonds is 65,438+065,438+065,438+10,000, the winning rate is about 0.0023% ~ 0.0027% according to the full amount.