This article was originally sent yesterday evening.
On July 2, 2024, Liyang Chip publicly issued 520 million yuan of convertible corporate bonds, referred to as "Liyang Convertible Bonds", and the bond code is "118048".
According to the latest stock price: 15.7 yuan, conversion price: 16.13 yuan, and the terms of the conversion bond, the conversion value: 97.33 yuan, the net debt value: 79.21 yuan, the guaranteed price: 119.9 yuan, the annual return of the bond: 3.12%, A+ grade.
The terms of the issue are the finishing touch
Interest and redemption price: 0.2% in the first year, 0.4% in the second year, 0.8% in the third year, 1.5% in the fourth year, 2.0% in the fifth year, 2.5% in the sixth year, redemption price: 115 yuan. Higher.
Forced redemption condition: During the conversion period, the closing price of the underlying stock is not less than 130% of the conversion price for at least 15 of the 30 consecutive trading days. So so.
Conditions for downward revision of the conversion price: During the duration of the underlying stock, the closing price of the underlying stock is lower than 85% of the conversion price for at least 15 of the 30 consecutive trading days. After the downward revision, the conversion price shall not be less than the net assets per share. So so.
Buyback condition: During the last 2 interest-bearing years of maturity, the closing price of the underlying stock for any 30 consecutive trading days is less than 70% of the current conversion price. The buyback price is the face value plus current interest. So so.
Company fundamentals
After years of development, the company has become one of the largest third-party professional integrated circuit testing bases in China. Since its inception, the company has positioned itself to establish 12-inch wafer-level test capabilities, while being backward compatible with 8-inch wafer-level testing.
There is no benchmark for the conversion of bonds in subdivided industries. The benchmark for the conversion of bonds in the chip industry includes: Yinwei Convertible Bonds, Xinhai Convertible Bonds, Ruichuang Convertible Bonds, Fullhan Convertible Bonds, and Huaya Convertible Bonds.
Operational performance
The company's recent performance has declined significantly.
Valuation
According to the latest performance and the consensus expected performance growth rate of 94.17% of the latest two institutions, the static valuation price-earnings ratio of Liyang chip is 193.28 times, the price-to-book ratio is 2.79 times, and the growth valuation PEG is 2.05.
Referring to the valuation of convertible bonds with similar size, rating and conversion value, it is conservatively estimated to be reasonably positioned around 121 yuan, that is, a profit of 210 yuan for each winning lot.
Assuming that the original shareholders preferentially subscribe for 70%~90% and subscribe 8 trillion yuan online, it is predicted that the probability of winning the first lot in the full subscription is: 0.7%~2%, about 77 households will win the first lot.
According to the placement of convertible bonds with a par value of 2.595 yuan per share, the proportion of the stock market value including the preferential placement right of convertible bonds is 16.53%, that is, buy 300 shares, and the market value of 4710 yuan is likely to be allocated 1 lot.
According to the positioning of the convertible bond listing, if the current stock price remains unchanged, the investor who grabs the right to place will obtain a yield of 3.47%.
For the first-hand party, the placement yield rose to 4.46%.
Comprehensive evaluation
The company's recent performance has declined sharply, with a high static valuation and a high growth valuation.
The value of the debt-to-equity swap is below par value, the rating is low, and the interest rate is higher.
The overall 5-star rating is 4 stars (****).
For the views and principles of this article, please refer to "Value Convertible Bond Investment Strategy" (authors: Ning Yuanjun, Tang Bin).
Is there anything to look forward to? "Issuance, downward revision, interest payment, and delisting are coming", "Another default on convertible bonds", "1 convertible bond proposal is revised downward, and 6 convertible bonds are about to be satisfied", "Alert! 1 convertible bond is about to meet the redemption conditions" has been posted simultaneously on the WeChat public account, welcome to pay attention!
The relevant securities mentioned in this article do not constitute any investment advice, only for personal investment records and to share investment ideas, if netizens buy and sell according to the securities mentioned in the article, please bear your own risk!
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