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昨晚，利歐股份發佈了可轉債向下修正轉股價的公告，轉股的價格從原來的每股2.75元，向下修正為每股人民幣1.72元。這意味著，同樣面值100元的可轉債，過去只能換回來36.36股，但是現在可以換回來58.14股了，整整多換了60%的股票回來！按照昨日可轉債的收盤價93.3元計算，一張可轉債換來的股票成本相當於93.3/58.14,即每股的成本約為1.6元，而目前利歐股份的價格是1.8元，每股可以有0.2元的差價，也就是或許每股有12.5%的收益。
因此，有不少自媒體說這是大利好，市場反應似乎也不錯，今日利歐轉債放量跳空大漲，最高衝到103元，之後隨著大市回落，收盤報98.78元，上漲了5.87%。
近期利歐轉債K線圖：
利歐集團股份有限公司（以下簡稱“利歐股份”）於2018年11月13日召開了公司2018年第三次臨時股東大會，審議通過了《關於向下修正可轉換公司債券轉股價格的議案》。按相關要求，修正後的轉股價格不低於該次股東大會召開日前二十個交易日公司A股股票交易均價和前一交易日公司A股股票交易均價，並且不低於最近一期經審計的每股淨資產和股票面值的孰高值，轉股價格保留兩位小數。因此，公司董事會確定利歐轉債轉股價格由2.75元/股，向下修正為1.72元/股，本次轉股價格調整實施日期為2018年11月14日。
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雖然向下修正股票轉股價格，在股票價格大幅下跌的情況下，確實修正要比不修正好。至少表面上，投資者不會因為轉股價高於現價而直接面臨轉股虧損的局面，表面上對持有人是利好。但實際上，如果公司不向下修正轉股價的話，最終債券持有人不選擇轉股，公司需要支付本金與利息，當然不如鼓勵投資者轉股合算。
而一旦轉股價格倒掛，加上可轉債的利息極低，幾乎可以忽略，那麼就會導致可轉債無人問津的局面，可轉債的價格也會一路下跌，這也就是為什麼利歐股份最低跌到了78.8元的原因。
上面說了，向下修正轉股價格，對於債券持有人來說，表面上似乎是一個利好，可轉債價格也確實上漲了，但是從本質上來看，如果上市公司的業績不能夠上漲，像利歐股份這樣的還預測2018年業績下滑50%到30%的公司，轉債持有人的潛在風險還是很大的。
主要原因在於，利歐一共發行了21.975億元可轉債，按原來的可轉股價格，假設全部持有人均選擇轉股的話，那麼公司的總股本只增加了 7.99億股，而修正後，同樣的錢可以換更多的股票，同樣是全部選擇轉股的話，股票數量將增加12.78億股，令該公司總股票從現在的55.6億股，暴增到68.38億股。按照該公司全年業績的平均值2.5億元淨利潤計算，其平均每股收益只有0.036元，按照現在1.8元的價格計算，市盈率也高達50倍了。
如果2019年公司業績不變的話，按照目前中小板估值中位數30倍的水平去推算，該股股價將跌到1元左右，這意味著該股屆時的退市風險將相當大。
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該股自2007年上市以來，總共融資81.9億元，其中IPO融資2.6億元，增發加可轉債融資79.31億元，但是十多年來的分紅只有2.63億元。真不知道這樣的盈利能力，為何能夠一再獲得資金去做不賺錢的買賣？投資者直接買國債收益都比它強。
說多了都是淚，所以本人一直建議投資者不要去買可轉債，基本上投資者是佔不到啥好處的，尤其是在經濟大環境不好，又疊加股市走勢不佳的情況下。
當然，不能否認，如果是因為目前股價下跌，上市公司大幅向下修正了轉股條件，而企業的經營面不錯，沒有出現利歐股份這樣業績大幅下滑的情況，公司股價目前也較高，不會因為轉股數量增多，在估值不變的情況下面臨1元股的境地、同時未來證券市場能夠走好的話（注意，這麼多先決條件，幾乎是缺一不可的），那麼這些可轉債確實具有一定的投資價值。
如果你不是專業的投資者，沒有辦法一家家可轉債去選，那麼你最簡單的辦法就是去買一隻可轉債基金。當然在下手可轉債基金前，最好看一下其前十大重倉券種，然後看一下這十家公司業績是否下滑，股價是否在2元以下。如果像利歐這樣的轉債多的話，還是不要買入為佳。而自己去申購可轉債，本人一向是反對的。目前二級市場上，可轉債的平均價格是99.34元，有65只可轉債的價格低於100元，最低的輝豐轉債，價格不到80元！
下表是今日收盤後價格不足90元的可轉債名單：
（數據來源同花順）
通知：介紹下一位我非常認可以股市高手，他每天分享牛股戰法，用這套方法選出的股票基本上都非常穩健，可以實現穩健的收益，而且不收任何費用，速度直接長按下面二維碼即可領取牛股戰法！
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Don't be stupid, turning down the stock is not a good thing!
Last night, Leo announced the announcement of the downward revision of the convertible bonds. The revised price was reduced from the original 2.75 yuan per share to 1.72 yuan per share. This means that the same convertible bond with a face value of 100 yuan can only be exchanged for 36.36 shares in the past, but now it can be exchanged for 58.14 shares, and a full 60% of the shares are returned! According to the closing price of yesterday's convertible bonds of 93.3 yuan, the stock cost of a convertible bond is equivalent to 93.3/58.14, that is, the cost per share is about 1.6 yuan, and the current price of Leo shares is 1.8 yuan. Shares can have a price of 0.2 yuan, which is perhaps a 12.5% earnings per share.
Therefore, there are quite a few self-medias saying that this is a big profit, and the market reaction seems to be good. Today, Liou’s debt-to-debt volume jumped up to a maximum of 103 yuan. After the market fell back, it closed at 98.78 yuan. 5.87%.
Leo Group Co., Ltd. (hereinafter referred to as “Leo Shares”) held its third extraordinary shareholders meeting in 2018 on November 13, 2018, and considered and approved the downward revision of the conversion price of convertible corporate bonds. motion".
According to the relevant requirements, the revised conversion price is not lower than the average price of the company's A shares trading on the 20 trading days before the date of the shareholders' meeting and the average price of the company's A shares trading on the previous trading day, and not lower than the latest one. The audited net asset value per share and the face value of the stock are high, and the conversion price retains two decimal places. Therefore, the board of directors of the company determined that the conversion price of Leo convertible bonds was revised from 2.75 yuan/share to 1.72 yuan/share. The implementation date of this conversion price adjustment was November 14, 2018.
Although the stock conversion price is revised downwards, in the case of a sharp drop in stock prices, the correction is better than no correction. At least on the surface, investors will not face a direct conversion loss because the conversion price is higher than the current price. On the surface, it is good for the holders. But in fact, if the company does not downward revision of the conversion price, the final bondholders do not choose to convert shares, the company needs to pay the principal and interest, of course, it is better to encourage investors to convert shares.
Once the conversion price is upside down, and the interest on convertible bonds is extremely low, it can be neglected. If the convertible bonds are not in doubt, the price of convertible bonds will fall all the way, which is why the lowest time, Liou The price of the debt fell to a minimum of 78.8 yuan.
As mentioned above, downward revision of the price of the conversion, for the bondholders, seems to be a positive on the surface, the price of convertible bonds has indeed risen, but in essence, if the performance of listed companies can not rise, For companies like Leo, which also predict a 50% to 30% decline in 2018, the potential risks for convertible bond holders are still large.
The main reason is that Leo issued a total of 2.975 billion yuan of convertible bonds. According to the original convertible price, if all holders choose to convert shares, then the company's total share capital will only increase by 799 million shares. The same money can be exchanged for more stocks. If all the options are converted, the number of shares will increase by 1.278 billion shares, which will increase the company's total stock from the current 5.56 billion shares to 6.838 billion shares. According to the average annual profit of the company's annual performance of 250 million yuan, its average earnings per share is only 0.036 yuan, according to the current price of 1.8 yuan, the price-earnings ratio is also up to 50 times.
If the company's performance in 2019 remains unchanged, according to the current 30-fold median valuation of the small and medium-sized board, the stock price will fall to about 1 yuan, which means that the stock's delisting risk will be quite large.
Since its listing in 2007, the stock has raised a total of 8.19 billion yuan, of which 260 million yuan for IPO financing and 7.931 billion yuan for additional convertible bonds, but the dividend for more than a decade has only 263 million yuan. I really don't know how profitable, why can I get the money again and again to make money that is not profitable? Investors directly buy government bonds and earn more than it.
Too much to say is tears, so I have always advised investors not to buy convertible bonds, basically investors do not take advantage of the benefits, especially in the case of a bad economic environment, and superimposed stock market trend is not good .
Of course, it cannot be denied that if the current stock price falls, the listed company has revised down the conditions for the conversion, and the business of the company is good. There is no such thing as a sharp decline in the performance of the company. The company's share price is currently higher. Because of the increase in the number of shares, the situation of 1 yuan stocks in the case of constant valuation, while the future securities market can go well (note that so many prerequisites are almost indispensable), then these can be transferred. Debt does have a certain investment value.
If you are not a professional investor, there is no way for a family to convert debts to choose, then your easiest way is to buy a convertible bond fund. Of course, before you start to convert the debt fund, it is best to look at the top ten heavyweights, and then see if the performance of these ten companies is declining, and whether the stock price is below 2 yuan. If there are more convertible bonds like Leo, it is better not to buy. I have always opposed the purchase of convertible bonds. At present, in the secondary market, the average price of convertible bonds is 99.34 yuan, and the price of 65 convertible bonds is less than 100 yuan. The lowest Huifeng convertible bond, the price is less than 80 yuan!
The following table is a list of convertible bonds with a price below 90 yuan after the close of trading today:
(Data source straight flush)
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