As more and more media paid attention to this stock, some institutions that could not withstand the pressure of public opinion and some investors began to sell stocks, and only 30 minutes after the opening of the market, Ling Xian created a falling limit.

This big yin stick not only smashed some retail investors to the point where they couldn't figure it out, but even the founders of Lingxian Manufacturing were confused, and before they even had time to convene the board of directors, market funds had already begun to vote with their feet.

At three o'clock in the afternoon, Lingxian Manufacturing issued an announcement saying that it would defend its rights and interests through legal weapons, but did not mention the content of the analysis report released by Wang Xudong.

This scene made most investors in the market believe that Wang Xudong's analysis report was correct, and from three to four o'clock, Wang Xudong's Weibo fans jumped from 1 million to 1.5 million in an instant, and he was even more famous than some Internet celebrities!

In the blink of an eye, it was October 28th, when the sky was full of dark clouds, a strong wind was blowing on the ground, and the thunder and lightning of the red snake seemed to be tilting out in the next second.

Lin Shi has not paid attention to ST Tengguang in the past few days, he has determined his thoughts, that is, ST Tengguang must take off his hat, this is only a matter of time, according to the strategy he formulated, if there is still no hat announcement on November 15, then he will empty his positions and wait for the opportunity.

After eating, Lin Shi came to the trading department again, and he decided not to pay attention to the K-line of ST Tengguang.

Lin Shi opened the stock market software and looked at the information, and suddenly, a news about natural gas was pushed out:

Entering the winter, with the growth of heating demand, China's LNG imports hit a record high again in October, and with the growth of demand, global natural gas prices have skyrocketed.

It is worth noting that China's domestic natural gas production in October increased by 3% from a year earlier, the highest monthly level since March, and natural gas producers are still unable to fill the gap between supply and demand and curb the surge in prices.

In just one month, the domestic price of liquefied natural gas soared from 4,000 yuan per ton to more than 10,000 yuan. According to information released by the natural gas trading center, the maximum receiving price of liquefied natural gas has risen to 12,000 yuan per ton on October 18.

Lin Shi slowly analyzed the amount of information in this news in his own way, and then he found that this news was similar to the previous news of steel and aviation stocks, which were short-term resource or environmental problems that caused commodity prices to rise sharply in a short period of time.

Lin Shi turned around and asked Li Xiao, who was looking at the K-line time-sharing chart: "Do you pay attention to natural gas?" ”

"Of course." Li Xiao looked around carefully and made sure that no one noticed her, and then she said slowly: "I recently earned nearly 30% of the profit on this stock, making up for the previous loss in the stock." ”

Lin Shi frowned slightly: "How is the stock market performing?" ”

"The stock market performance is not too good, and all stocks related to natural gas have been speculated by funds." Speaking of this, the corners of Li Xiao's mouth outlined a hint of pride, "Even the verification and suspension of BOSS can't change the continuous rise of stocks, and these stocks are fighting hard in order to rise higher, and they have released an annual report forecast with a profit increase of more than 300%!" ”

Really......

is similar to what Lin Shi expected, this year is indeed a paradise for cyclical stocks, and it is the price increase of products that has led to a rapid rise in stock prices.

Seeing that Lin Shi didn't speak, Li Xiao continued: "Do you know? The price of natural gas has soared to 60 times the current level! And in the northeastern United States, the demand for furnace fuel is increasing due to the impact of blizzards. ”

"According to United Edison, the spot price of fuel used for heating and power generation reached a record $175 per MMBtu in New York, which is a far cry from the $2.93 average price of U.S. natural gas futures on the New York Mercantile Exchange this winter."

Lin Shi was secretly frightened, a blizzard actually caused the price of natural gas to rise 60 times in an instant!

Li Xiao looked at Lin Shi with sympathetic eyes: "I told you a long time ago, don't buy stocks like ST Tengguang, not to mention whether Black Wolf Capital has such a big courage to rectify the problems left by the previous shareholders, even if you want to solve this problem, it will take a long time." ”

Lin Shi was silent, he never deliberately forced the stock market, everything relied on his own analysis skills, guesses and luck.

"It looks like your yield this month is going to be up to par again." Li Xiao sighed, the company stipulates that each trader must achieve a yield of 6% per month, and Lin Shi has not done any short-term trading at all, so it is difficult to meet the company's standards for traders.

"Lin Shi, did you buy ST Tengguang?" Lan Xin walked over, his tone revealing a little excitement.

Lin Shi looked at Lan Xin and nodded.

"Then you're in for a treat." Lan Xin used his mobile phone to call up ST Tengguang's announcement, and then handed it to Lin Shi.

Li Xiao had a hint of doubt: "What's wrong?" ST Tengguang has been falling recently, and it has fallen to 25 yuan a share. ”

Lin Shi took the phone, looked at it, and then his breath stagnated slightly.

ST Tengguang announced at noon on October 28 that the company achieved a total operating income of 1 billion yuan in the third quarter of 2017 and a net profit attributable to the owners of the parent company of 158 million yuan. The company's application for revoking the risk warning of delisting of the company's stock trading has been approved by the China Stock Exchange, and the company's shares have been withdrawn from the delisting risk warning since the market opened on October 28, 2017, and the stock abbreviation will be changed from "*ST Tengguang" to "Tengguang Pharmaceutical"; The stock code remains unchanged; The limit on the price of stocks on the day of trading has been reinstated from 5% to 10%. The company's shares have been suspended for one day since the market opened on October 28, 2017, and resumed trading since the market opened on October 29, 2017.

On the other side, Lan Xin briefly explained this matter to Li Xiao.

Li Xiao wanted to slap himself at the moment, after he just said that other people's stocks were junk stocks, the stock was suspended and the hat was removed, but fortunately, Lin Shi did not sell the stock because of her words......

Lin Shi calculated the expected profit, and then he set the profit margin at between 2 million and 15 million, which means that the stock price will rise by at least 10%.

Lin Shi is also satisfied with this result.

But......

Before the stock opens, no one knows what will happen later, and it is possible that the market will not buy the account of the stock to take off the cap, because a lot of funds have been attracted by the white horse stocks.

Although from the fundamental point of view of Tengguang Pharmaceutical, this is a "high-performance stock" with great potential. ”

With Lan Xin's "three-inch tongue," Lin Shi's "legendary" experience of picking up hat stocks spread in the company's trading department at once, and after Jack and Blake got the news, they also came over to congratulate Lin Shi.

If there is a regret medicine in the world, Lin Shi would never have built a position of only 20 million, but a position of 50 million or even 80 million.

Although it was so simple to make a lot of profits, Lin Shi's "value investment" cell told him that the timing of this purchase was still a bit reckless, as if it was a bit of a feeling of buying for the sake of buying.

Lin Shi didn't even silently calculate the valuation of stocks in his mind like he did when he bought stocks before, he had read Berkshire Hathaway's annual reports every year, and he had also read every investment classic about Warren Buffett.

One of the valuation cases that Lin Shi remembers most clearly is Warren Buffett's valuation of the Washington Post.

In 1973, the Washington Post had a total market capitalization of $80 million, but Buffett thought it might be worth $4-500 million. How did he assess it?

Warren Buffett looked at the earnings report and came up with net profit: $13.3 million, depreciation and amortization: $3.7 million, capital expenditure: $6.6 million, and calculated a shareholder surplus of $10.4 million: shareholder surplus = net profit + depreciation and amortization - capital expenditures.

Enterprise Value = Shareholder Surplus ($10.4 Million) / Government Treasury Bond Rate (6.81%)

The result of the calculation: The Washington Post is worth $150 million. Almost double the market capitalization at the time.

Warren Buffett believes that a newspaper company's capital expenditures will ultimately equate to depreciation and amortization.

That is, the operation of the Washington Post at that time could be further improved. So its shareholder surplus is approximately equal to net profit. Enterprise Value = Net Profit ($13.3 Million) / Long-Term Government Treasury Bond Rate (6.81%) = $196 Million

Because the Washington Post has a monopoly position, if it can raise prices by 3% more per year, then the enterprise value is calculated as: enterprise value = net profit ($13.3 million) / [government long-term Treasury bond interest rate (6.81%) - 3%] = $350 million

In addition, the company's pre-tax profit margin was only 10% at the time, which was lower than the historical average of 15%, and Buffett believes that management will regain its strength and return to historical levels. If the pre-tax profit improves to 15%, which is 1/3 more profit, the valuation will be $135 million more, and the company's valuation will increase to $485 million

Warren Buffett began owning shares in The Washington Post in 1973. Berkshire Hathaway still holds 1.7 million shares, or 28 percent, of The Washington Post, according to its most recent earnings report, at a cost of $11 million.

In 2013, Buffett sold shares in the Washington Post and made a profit of nearly 9,170%, which shows how rich Buffett is!

Of course......

Although Warren Buffett's method may not be applicable to the Chinese stock market, it can be based on this method for secondary innovation, which Lin Shi called "value speculation." ”