XM Convertible Bond | New Debt Analysis

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New Debt Analysis:

Convertible Bond Name: XM Convertible Bond

Subscription Time: April 6th

Renewal Payment Date: April 10th

Company Overview:

XM Corporation's main business is breeding and selling parent stock chicken eggs, hatching eggs, and its derivatives; hatching broodstock chickens and selling them as products. The company has a good track record of revenue growth, with a three-year compound annual growth rate (CAGR) of 22.94%, and net profit CAGR of 71.35%.

Analysis: The stock is currently at its historical high value, and the first-quarter net profit fell by 76.80% year-on-year. The company is positioned in the middle of the industry, with a relatively low attention to capital, and an average investment value.

Bond Scale: RMB 3.29 billion

Bond Rating: A+

Conversion Value: RMB 100.21 per share

Predicted First-Day Premium Rate: Around 21%

Analysis: The bond scale is relatively small, with a lower rating, but the conversion value is attractive. With a low premium rate currently, we predict that XM Convertible Bond will be priced around RMB 121 per share.