Smart Convertible Bond｜New Bond Analysis

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Next is new bond analysis:

Convertible Bond Name: Smart Convertible Bond

Subscription Time: April 10th

Lottery Payment Date: April 12th

Company Basic Information:

Nan Shan Smart main business is the R&D, design, production, and sales of woven fabrics, professional clothing, and protective products.

The company's compound annual growth rate (CAGR) for revenue over the past three years was -9.25%, while its net profit CAGR was 7.89%. Revenue growth is poor, and net profit growth is relatively low.

Analysis: The stock valuation is reasonable, with a year-on-year increase of 10.13% in net profit for the third quarter last year. The company is in the mid-to-low-tier industry, with low attention from investors, making it a generally undervalued investment.

Bond Features

Debt scale: 7.00 billion yuan

Debt rating: AA-

Conversion value: 103.00 yuan

Expected first-day premium rate: around 27%

Analysis: The debt scale is relatively small, and the credit rating is slightly lower than average. The conversion value is decent, and the current premium rate is relatively low. Based on the prices of already listed convertible bonds such as Jinlun Convertible Bond, it is expected that Smart Convertible Bond will list at around 131 yuan.

This article was first published on WeChat public account: Cai Niao Finance. The content represents the author's personal opinion and does not represent the stance of Huxiu.com. Investors should operate based on this information, assuming all risks.