According to the issuance and listing of public convertible bonds in the last four months, and referring to the recent performance of the same 20 convertible bonds similar to Hengyi convertible bonds in terms of fundamentals and issuance scale, we predict that the conversion premium rate of convertible bonds will be in the range of 16%-22%. If the current parity is 100 yuan, the listing price is 100 yuan.

The convertible bonds issued this time have a large scale, the conditions for lowering the conversion price are quite satisfactory, and the debt bottom protection function is general, but the rating is high, and the industry leaders have some points to watch.

Extended data

The stock is Hengyi Petrochemical, a private enterprise in Guangxi, and 1997 is listed on the Shenzhen Stock Exchange. Its main business is the research and development, production and sales of PTA and PET products. Is the first private enterprise to enter the field of PTA and PET, a global leader in the field of PTA and PET, and one of the largest suppliers of textile raw materials in China.

In the field of PET, the company's competitors are Tongkun and New Feng Ming. Tongkun and New Feng Ming currently have convertible bonds. In addition, it is worth noting that the company holds 3.52% of the shares of Zheshang Bank.

Only 8.9% of coupon rate bonds converted by Hengyi in six years are lower than the interest rate (65,438+00%) of China Southern Airlines bonds issued by AAA-level central enterprises.

In terms of performance, revenue in 20 19 was 79.62 billion, down 9.59% year-on-year, and net profit was 3.2 billion, up 7 1% year-on-year. In the first half of this year, the revenue was 394 1.4 billion, down 5.55% year-on-year; The net profit was 654.38+09 billion, a year-on-year increase of 49%.