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上市四年已回本?正大企業

正大企業下列數據顯示有足夠安全邊際;
156月由卜蜂分柝上市後每年每股賺錢如下;
2015=$0.27
2016=$0.24
2017=$0.53
2018=$0.65
四年來每股賺$1.69(較我買入價少不到10%),從未派息及任何資本操作,這四年的盈利保留在集團內,如果假設未來四年盈利沒有增長或放緩亦沒有任何派息及資本操作,那麼八年合共盈餘$3.38。但不可預期集團短期內改變派息政策,原因是集團現金流不強,盈利主要留在合營及聯營公司內(中國西部銷售Caterpillar 設備);當然世事無絕對,政策可隨時改變,亦可分拆銷售Caterpillar的業務上市。
從安全角度(成交稀疏,易入難出)考慮,我們可對比下列數字;
  1. 今天收市價$2.04
  2. 每股資產浄值$6. (2019/06/19更正!忽略了優先股;政大企業國際集團總股數目253,329,087, 每股資產浄值是$5.72)
  3. 每股流動資產淨值$2.2
  4. 每股流動資產減總負債淨值$1.06
從以上數字看來市場先生沒有給她正確的股值。大股東卜蜂持有53%及二股東伊藤忠商事持有25%街貨只有22%,若有任何風吹草動.......ha ha .....不合理的事情可以長久維持嗎?
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https://econ.homochi.com/lens/zh/
PS ; (以上數字只是約數,亦不要參考上文作出投資決定)
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