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没有新股发行和全流通补偿使得低流通量的B股被严重打折,平均折扣率约在50%。我们认为当前状况下B股有两个可能的选择:1、维持现状,B股将继续低靡;2、并入A股,B股的折扣率将缩小并且给B股投资者带来暴利,然而目前管理层还没有打算。低流通量和一个不确定的长期预期大大降低了B股的吸引力。因此,我们认为B股更适合长期价值投资者。由于“深赤湾B”当前股价比我们按照DCF估值法计算的价值有所低估,同时还有6%的股息率,我们特别推荐“深赤湾B”。
No issue of new shares and full circulation compensation led to a serious discount on the low liquidity of B shares, with an average discount rate of about 50%. We think there are two possible options for B shares in the current situation: 1. Maintain the status quo, B shares will continue to be depressed; 2. Merge into A shares, B shares will reduce the discount rate and B-share investors brought huge profits, however, Currently management has no plans. Low liquidity and an uncertain long-term expectation have greatly reduced the attractiveness of B shares. Therefore, we think B shares are more suitable for long-term value investors. As the current share price of “Shen Chihwan B” is underestimated over the value we calculated based on the DCF valuation method and a 6% dividend yield, we strongly recommend “Chiwan Wan B.”