1, coupon rate is higher, compensation interest is higher, and pure debt value is lower. If the discount rate is 6.37%, the value of pure debt is 83.59 yuan.
2. The dilution pressure of all new convertible bonds on the total share capital of A shares is 10.88%, and the dilution pressure on circulating share capital is 10.9 1%, which is relatively high.
3. The current annualized volatility of Xinhua shares is about 47.36%, and the long-term 240-day annualized historical volatility is about 53.86%, which fluctuates greatly among convertible bonds. The annualized volatility on 20th is 53.3 1%, which is higher than the historical average (49.25%).
4. When the stock price of Xinhua is 32.5 yuan, the conversion value is 65,438+000.28 yuan, and the corresponding convertible bond price is 65,438+027.15 yuan ~ 65,438+027.66 yuan. When the share price of Xinhua shares moves from 26 yuan to 40 yuan, the market position of the corresponding convertible bonds is about 165438.
5. Under the current market valuation level, the probability of Xinhua convertible bonds breaking is small.
6. Assuming that the first-day increase of convertible bonds is 27%, the placing income per share is about 0.95 yuan. Based on the stock price cost of 32.5 yuan, the comprehensive placing income is 2.64%, and the placing income is relatively high.
7. It is roughly estimated that the remaining subscription amount is 65.438+0.3 billion yuan to 290 million yuan. The subscription funds range from 10.2 trillion to110 trillion. The winning rate is estimated to be 0.00 12% to 0.0028%. When the nominal subscription amount of Xinhua Convertible Bonds is 65,438+00.6 trillion yuan and the remaining subscription amount is 265,438.8+000 million yuan, the winning rate is 0.002%. When the first day's increase is 27%, the expected return of investors who fully subscribe online is 5.3 yuan.
8. Risk warning and statement: The data in this report are all from public information and do not involve future trend prediction. The model is based on historical data, and historical performance does not represent the future, which may be invalid when the market environment changes significantly. Raw material price fluctuation risk, company product price decline risk, environmental protection and safety production risk, fund-raising investment project risk.