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打新指南 | DEYUN HOLDING:會是下一隻大漲的紡織股嗎?

總結

德運控股是一隻傳統的紡織股,2018年以來上市的紡織股共4只,其中3只首日收漲,興紡控股首日大漲156%。同時這也是一隻小市值細價股,投機價值超過投資,保薦人德健融資過往兩年戰績不錯,有基石,雖然都是個人投資者,但也拿了30%左右的貨。發行規模不大,中籤率將較低。投資者可密切關注孖展認購倍數。

關於打新的一些小竅門,可以參考如下覆盤文章。

IPO年度覆盤丨翻倍股頻出,稀缺性爲王,明年將延續新股熱潮,快手、字節跳動、京東物流等將赴港上市

公司簡介

德運控股是福州市的花邊製造商及染整服務供應商,福建省是中國從事紡織品製造及染整服務的大省。按2019年收益計算,德運在中國所有花邊製造商中排名第六,市場份額0.3%,在中國花邊染整業排名第四,市場份額1.3%。

2017-2019年,德運的業績增長強勁,主要受益於監管趨嚴,汕頭市的需求遷移至福建。其收入分別爲1.46億元、1.72億元、2.03億元,2018年/2019年同比增長18.15%/17.95%,同期實現歸母淨利潤爲0.17億元、0.32億元、0.42億元,2018年/2019年同比增長87.82%/32.65%,毛利率爲18.6%、26.3%、32.9%。

招股信息

(1)簡稱及代碼: DEYUN HOLDING,1440.HK

(2)招股日期: 12.28-12.31

    上市日期: 1.13

    計息日: 12天

(3)發行價格: 0.4-0.5港元

(4)入場費: 2525.2港元

(5)發行股數: 3.15億股,90%國際配售,10%公開發售,1手5000股

(6)超額配股權: 有,可按發售價發行最多4725萬股(佔發售股份的15%),以補足國配的超額認購

(7)集資金額: 1.26-1.575億港元

(8)市值: 5.04-6.3億港元,易炒作

(9)市盈率: PE(TTM)11.9-14.9倍

(10)保薦人及近兩年IPO首日表現:

德健融資,4漲1跌,代表作信懇智能,首日收漲70%

資料來源:aastocks

(11)穩定價格操作人: 德健證券

(12)包銷商: 6家,包銷傭金7%

(13)基石: 3位個人投資者,共認購4000萬港元,佔發售股份的25.4-31.7%

(14)回撥機制

不回撥前,公開發售股份比例爲10%,甲乙組分別有3150手;

公開發售認購15-50倍,公開發售股份比例回撥至30%,甲乙組分別有9450手;

公開發售認購50-100倍,公開發售股份比例回撥至40%,甲乙組分別有12600手;

公開發售認購超過100倍,公開發售股份比例回撥至50%,甲乙組分別有15750手。

(15)IPO前投資者

2019年9月引入一位投資者蔡榮星先生,投資1600萬港元,每股成本約0.17港元,較發售價中位數折讓62.4%沒有禁售期。上市後,該投資者持股比例爲7.5%,公衆持股25%,創始人團隊持股67.5%。

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