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The stock market was sluggish, dragging down “cash cows†Foshan Lighting (000541) and suffered losses. Yesterday, Foshan Lighting announced that in the first quarter due to short-term stock investment income and fair value changes, the total loss of 102 million yuan, making the first quarter of this year's performance a loss of 75 million yuan. Although the operating income in the first quarter increased by 15% year-on-year, due to factors such as the appreciation of the renminbi and the rising cost of raw materials, fuel oil and labor, the profit from the main business also decreased year-on-year. Wan Zhen Securities analyst Wu Zhenwei told reporters that the A-share market, which is a listed company investing in the stock market, suffered different degrees of losses in the first quarter of this year. The normal situation is to lose 20%-30% of the total investment.
Investing in the stock market causes losses
Foshan Lighting's quarterly report in the third quarter of last year showed that the company held 8 stocks and 2 funds last year. Based on yesterday's closing price, the company's initial investment has been calculated. Foshan Lighting's securities have a total loss of 53.439 million yuan. In the first quarter of last year, Foshan Lighting's investment in the securities market has won a total victory. Last year, Foshan Lighting's net income from fair value changes totaled 74.934 million yuan, and net investment income totaled 17.548 million yuan. The two totals totaled 91,928,800 yuan. This is also the first time that Foshan Lighting Securities has incurred losses.
Wu Zhenwei believes that if a listed company's securities investment income accounts for more than 50% of its past earnings, most of the losses will occur in the first quarter due to the recent stock market downturn. At present, apart from Foshan Lighting, there are also Fenghua Hi-Tech.
Previously, Fenghua Hi-Tech's announcement showed that the net profit for the first quarter of 2008 was a loss of 72 million yuan. The main reason was that due to the fluctuation of the securities market, the company's short-term stock investment income and fair value change income in the first quarter suffered losses. The company's short-term stock investment income and fair value change income totaled about 73 million yuan (the company's short-term stock investment income was 50,504,700 yuan in the same period last year).
Fundamental influence is not big
It is understood that Foshan Lighting has been hailed as the “cash tree†of China's stock market. The company has always performed well and has positive dividends. It is a typical blue chip in the domestic capital market. According to relevant data, the company's net assets increased from 414 million yuan to 2.529 billion yuan in the 14 years since its listing, an increase of 510.87%. The company's total share capital increased from 77.17 million shares in 1993 to 358 million shares now, an increase of 3.63 times. Since its listing, it has distributed a cash dividend of 1.648 billion yuan to investors, which is more than 367 million yuan more than the total amount of funds raised in the 14 years since its listing in the past 14 years. The company is known as the "cash cow" of the Chinese capital market.
Wu Zhenwei believes that the fundamentals of Foshan Lighting have not been greatly affected by this pre-loss. Although the main profit in the first quarter has declined, it is mainly due to the acceleration of RMB appreciation this year. The long-term problem is not big.
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