The biggest thunder! The market value is 4.4 billion, with an advance loss of 7.8 billion! Shareholders are angry: Do you want face?2019-01-31 10:25:38 81 ℃
At the end of January, many listed companies issued performance reports of huge losses. According to Wind data, 89 listed companies forecast performance losses in the last three trading days. The total net loss of 89 listed companies is as high as 63.475 billion yuan, of which 24 have a net loss of more than 1 billion yuan and 9 have a net loss of more than 2 billion yuan. One of the important reasons for the loss of net profit caused by
is the impairment of goodwill. This sharp sword, which has been crossing over the listed companies for many years, will finally be chopped down by the end of 2018, stabbing listed companies, shareholders and causing chicken feathers.The goodwill explosion of film and television entertainment stocks: Tianshen entertainment lost nearly 8 billion Huayi losses of 1 billion
It is well known that the cultural media industry, especially the film and television entertainment industry, has accumulated a huge amount of goodwill due to its light asset attributes and the crazy wave of investment mergers and acquisitions in 2014-2016, which has become the performance change in a logical way. Facial disaster area.
According to the latest statistics of Sina Finance and Economics, 17 companies have issued performance loss reports due to the impairment of goodwill, the most exaggerated of which is the game company Tianshen Entertainment, which accumulated 6.535 billion yuan of goodwill in 2014-2016, and the loss of performance caused by this impairment of goodwill in 2018 is as high as 73-78 billion yuan, which is its current market value of 4.4 billion yuan. 1.6-1.8 times, stunning.
and other companies that bought and bought in large quantities during this period are no exception. Goodwill cause large-scale loss of net profit, such as Huayi Brothers, which is widely concerned in the market, for the first time in nine years since listing, with a loss of nearly 1 billion yuan.
The high-speed growth of Tian Shen Entertainment in successive years is experiencing a severe test.
This pan-entertainment enterprise, which mainly focuses on games, lays out movies and TV, advertisements and mobile internet, has increased its revenue and profit by more than 50% annually in the four years of listing. In early 2019, the performance of Tianshen Entertainment stumbled.
Through sorting out the information of Tianshen Entertainment Open, it is not difficult to find that at the beginning of the extension development, the company took Pan-Entertainment "Matrix" as its expansion direction. Starting from 2015, Tianshen Entertainment has been merged into the hand tour enterprise, Rayshan Technology, interesting, game issuing company Fantasy Entertainment, in order to form a closed-loop upstream and downstream of the industry. With the acquisition of Yizhi Chess and Card Enterprises in 2016, Play Technology and One Flower Technology, several game manufacturers under Tianshen Entertainment have boosted the performance of Listed Companies in recent years, and all enterprises have completed the agreed profit contribution in the previous gambling period.
However, after 2018, the game industry can no longer reproduce the past rapid development.
According to the official website data of the State Administration of Radio, Television and Publication, from January 2017 to March 2018, a total of 12800 game editions were issued. Since then, eight months later, the approval of the game product "Permit Student Card" has stagnated. Until the end of last year and the beginning of this year, the issue of edition numbers reopened. Foreign media statistics show that there are more than 7000 games waiting for the approval of edition numbers in China. Wind data show that in 2018, the A-share swimming board fell 52%, while the online swimming board also fell 40%. Policy tightening, market pressure, so that the game industry outreach M&A overnight "disenchantment".
According to people close to Tianshen Entertainment, the adjustment of industry policy of makes Tianshen Entertainment subsidiary's business shrink in an all-round way and encounters industry winter. In addition, Last year, the renovation of chess and card games by many ministries and commissions, especially the removal of Texas poker and other categories, directly put the technology of Dezhou poker, which is the main player of Tianshen Entertainment, into the situation of "cooking without rice".
In addition to encountering the winter of the game industry, another important investment sector of Tianshen Entertainment has entered a deep adjustment. These people said that the company's large-scale impairment of goodwill is also related to the film and television assets invested in the past two years, including the Microfilm Age, Gongfu Film Industry and Hele Film and Television, the headquarters of several Tianshen Entertainment and TV companies are affected by the shrinking market environment and the storm of tax reimbursement. The whole industry staged a "double day of ice and fire" in 2018.
A large number of film and television entertainment listed companies have suffered huge losses, which aggravates the already fragile sector. When the market opens on January 31, there will be a large-scale turmoil in the market.
Up to now, more than 130 companies have dramatically downgraded their performance expectations, taking into account incomplete statistics of yesterday and yesterday. According to the lower limit of loss, about 120 companies lost more than 100 million yuan in advance, nearly 60 companies lost more than 1 billion yuan in advance, while 8 companies lost more than 3 billion yuan.
Because there are many companies with high goodwill in A-share listed companies, and the release time of performance loss will be closed at the end of January. Many organizations are highly concerned about whether there will be a lot of goodwill explosions in the future.
The following is an updated list of A-share performance mines:
A-share performance mines more than 1 billion
huge impairment of goodwill has become the fuse to detonate this year's A-share performance mines. On the evening of Jan. 30, < p > more than one billion yuan of impairment of goodwill was calculated by several companies, and < strong > even wished to take all the goodwill on the account at one time.< p> < strong > Oriental Seiko changed its performance greatly. In 2018, the expected profit exceeded 500 million yuan, and the loss of < strong > ranged from 2.944 billion yuan to 4.416 billion yuan. The goodwill formed by the acquisition of 100% of Prudential's shares in Beijing shows signs of significant impairment. The company expects to prepare for the impairment of goodwill by 3.06 billion to 4.142 billion yuan.
Joint Optoelectronics is expected to lose 2.8 billion yuan in 2018. It is estimated that the provision for impairment of goodwill and other assets will be 2.7 billion yuan and 320 million yuan.< strong > Jiaweixinneng: 2018 < strong > with a loss of 1.95 billion to 1.955 billion yuan and a total devaluation of goodwill exceeding 1.3 billion yuan. < p > < strong > Qinshang stock: < / strong > is expected to lose 1.2 billion to 1.5 billion yuan < / strong > in 2018. Earnings are expected to be 5.51 million to 92.61 million yuan. The company intends to make provision for the impairment of goodwill generated by the acquisition of Longwen in Guangzhou and confirm about 1.2 billion yuan of impairment of goodwill. < p > < strong > Tianhai Defense: < / strong > 2018 < strong > Forward loss of 1.74 billion to 1.789 billion yuan < / strong > net profit of 164 million yuan in the same period of last year, the company has set aside 1.319 billion yuan for Gold Shipping and Woking Natural Gas Goodwill impairment.
Large-sum provision for bad debts has become another big thunderbolt for A-share companies.
Huaying Science and Technology Bulletin predicts a loss of 3.7 billion to 5.5 billion yuan in 2018, a decrease of 1905% to 2783% over the same period last year. This is mainly due to the provision of 3.141 billion yuan for large bad debts.
The reasons for the company's expected large loss in 2018 are as follows:
1. As of the end of 2018, the balance of the receivable actual controller of the company's accounts receivable is 3.141 billion yuan. The application for reorganization of China Picture Management may result in the failure to recover the above receivables in full, and the company needs to make a large provision for bad debts.2. Fujian Huajiacai Company, a subsidiary of the company, received a government subsidy of 440 million yuan in the previous period, but has not received this government subsidy in the current period, so the loss amount in the current period is relatively large. < p > 3. It is expected that the provision for impairment of fixed assets in the current period will increase compared with the previous period.
Large amount of bad debt provision is also made by Xinwei Group, * ST Huaxin, Jinlong Electrical and Mechanical Co., Ltd. * ST Youfu. < p > < p > Xinwei Group is expected to lose 2.9 billion to 3.5 billion yuan in 2018, of which about 2 billion yuan is expected to be set aside for bad debts in 2018.
Jinlong Machinery and Electricity Co., Ltd. is expected to lose 2.28 billion to 2.285 billion yuan in 2018. The company has about 1.6 billion yuan in provision for impairment of receivables, fixed assets, long-term equity investment and inventory-related assets.
The loss amount exceeds the market value
In today's performance thunderbolt, * ST Kaidi, Huaying Technologies,* ST Huaxin and other six companies have exceeded the market value in one year's net profit loss.
*ST Cady expects to lose 5-6 billion yuan in 2018. The reasons for include: the default of mid-term bills in May 2018, the rapid downgrade of credit rating, and the closure of all financing channels. Since then, large-scale debt defaults have gradually emerged, and the company's financial costs have increased in 2018; due to the lack of liquidity funds, the company's power plants have been largely shut down and its profitability has been affected; some of the power plants under construction are subject to the pressure of the company's funds, and items. The termination of power plant construction by negotiation at the location of the project resulted in a large amount of impairment of assets.< p> < strong> * ST Huaxin downgrade performance expectations, projected a loss of 3.42 billion yuan to 3.64 billion yuan in 2018, previously estimated a loss of more than 2.2 billion yuan. The reason is that the company comprehensively evaluates the recoverability of overdue accounts receivable in factoring business and transit trade business, and the provision for bad debts results in significant losses.
From the source point of view, the large-scale goodwill accumulation is directly related to the large-scale M&A and reorganization around 2015, under the catalysis of abundant market funds and high leverage. Now the end of M&A gambling period, accompanied by economic downturn, capital market shocks, capital tightening, the market environment is no longer the past, the overall valuation of M&A subjects continues to explore, resulting in the current situation of rapid clearance of goodwill. The goodwill of
is bound to decrease. How to rebuild market confidence after clearing the "burden" depends on whether the enterprise can stabilize the operation development in the "post-merger and acquisition period" and excavate new performance direction.
According to the rules of Shanghai and Shenzhen Stock Exchange, January 31 is the deadline for listed companies whose annual performance changes more than 50%.After tonight, the A-share "landmines" were almost completely destroyed. The better news of
is that big A shares invented light concept stock . The shares of Renfu Pharmaceutical and Hualu Baina, which suffered a huge loss on the evening of the 29th, rose today.
21 Jun has gone the longest way, which is the routine of listed companies. < p > The opinion of the article only represents the author's opinion, not the public's position; the investment suggestions in the article are for reference only.
21 Financial News Reporting from: Wall Street News, Securities Daily, Sina Finance and Economics, China Securities News and so on
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