Will tell to value investor, main area analysis is must want to master choose an analytic method, it basically is mixed from the value of a company growing respect decides whether to have investment value. Main area analysis is to judge market future to go situation for the target, to the thorough analysis of economy and political data, include macroscopical analysis and microcosmic analysis, what we basically tell here is the be oppositing inside microcosmic analysis appears on the market the simple analysis of the company.
City is filled with rate:
City is filled with leading is a stock the rate of price of every stock market and every gain.
Computation is formulary: City is filled with rate = every present price / every year of accrual
City is filled with leading basically is to react the gain ability level of a company and appraise are worth level of on any account.
Look from gain ability angle, simple for it is city be filled with lead to state you invest this company how many years to be able to be answered this. From the point of the angle that invests time, the time of disinvestment cost is too long affirmation is bad, so city is filled with the demand that leads too high company to often do not accord with our value to invest. (Also have a few burgeoning industries or company of course, it is better that everybody anticipates consistently to its, so city is filled with rate also can compare tall)
0-20: Namely value is underestimated
20-50: Namely normal level
> 50: Namely value by overmeasure (or it is speculation bubble)
City leads completely:
City leads the rate that those who point to is every share price and every net assets completely.
City leads = completely every present price / every net assets
Generally speaking city leads inferior stock completely, investment value is higher, contrary, invest value inferior; but consider the market environment at that time and company to manage the element such as ability of circumstance, gain even when judgement invests value.
<0: Rubbish
0-1: Broken clean
1-5: Normal appraise is worth
> 5: Bubble is serious
The clique leads now:
The clique is led now is the index that measures share out bonus of a company, the stock that we invest a company for the sake of getting income, send from share out bonus namely on one hand come, it is the price difference accrual of buying and selling on the other hand.
The clique leads = now every share out bonus / every present price
> 3% : Very good
0-3% : General
=0: Did not share out bonus
We with 3% as reference standard it is the interest rate with bank time deposit as reference standard. The word of the calm danger investment gain rate that if invest the profit of share out bonus of a company,must return short of bank deposit, so we invest this company for a long time to also do not have what meaning.
Main area analysis always should fall on appraise value, how much be because appraise value itself implies the intrinsic value of the company,after all. Nevertheless very regrettablly, appraise value does not have a balm for treating headaches. So-called cash reserve in a bank flows fold now kind absolutely appraise is worth a law, have the land of use force very hard in reality, and a lot of opposite appraise is worth a law (PX, x can be EPS, net assets, sale) , a lot of moment hard the change of whole of market of give attention to two or morethings, can locate the company of relative dominant position with management angle from finance affairs only.
Nevertheless appraise value also is not to do not have method completely, if you are right what the main area of a company looks is very clear, so if you want to buy this company,you can assume, you are willing to give how many money. You of course very hard the price of net assets will buy, you should offer a company price of a lot of excessive, want to consider the technique of the company integratedly, brand, talent and the foreground that did not come. Be in given below capital cost, you can be put in to expect earnings, your core evaluation comes from the value at the company already, also come from the anticipation at you accrual. This, do solid Wu only, ability looks clearly to understand.
People often says " anthology if choose wife (husband) " , this says palpability is chosen importance, select what kind of stock, it will affect your yield directly. Main area is just like is bearing, the person with you and nice bearing is together, he won't hole you. Choose also be such, so you must master a few keys that main area analyses to nod.
Speak bluntly of Ba Fei spy: China has much opportunity very much, I think besides China, you won't have the think of a way that finds investment to other country again possibly. Chinese market is young and huge market, the age of the market and growing businesslikely become direct ratio. Buffett is to divulge its partner checked case of manage · awn to had been found in China more a few can the prey of hunt, and the share that awn case has had a lot of China.
So Buffett is how to be chosen, he chooses a general metropolis to pay attention to these 3 index
Index 1 -- cash flows
The can control directly ready money that cash flows even if a fair treasurer puts or deposit, often be the realest data report with management the directest current situation of a company, cash flows those who deciding a company to promote decline live or die, it is the lifeline that the company manages.
With A a king " Guizhou Maotai " for exemple, was 2013 below - every management cash of Guizhou Maotai flowed data 2016:
From 2013 - 2016, the management cash of Guizhou Maotai flows to be plus, and the trend that is in a stability basically to rise, the sale that shows a company shows stability to rise, advocate capability of business Wu gain is strong. Main area of Wang Youxiu also be able to catch a glimpse of.
Index 2 -- ROE
ROE namely net assets yield, also call partner pay rate, it is the ratio of profit of company net profit and shareholder rights and interests, representing the yield of partner. ROE serves as one of index that can reflect company profit ability directly most, also be one of a few financial index with the not much amount to that Rangbafeite values.
? Sell net interest rate to represent the profitable capacity of the company
? Total assets turnover rate represents the efficiency that company assets applies
? Lever rate mirrors the on any account of company indebted rate
From inside the formula of ROE we can see, the methodological no more than that raises ROE 3:
? Raise net profit margin
? Raise total assets turnover rate
? Increase a company to be in debt
Although ROE is not,had jumped over higher, but to small medicinal powder people choose for, still can a few compare reasonable current value to undertake choice.
1, ROE under 10%
Will tell commonly, the long-term pay rate that the stock invests is in 10% , if some company ROE is long-term under 10% , so most the gain ability of this kind of company is unqualified, some may appear to the company is in trough because of the industry or add the reason such as hair to cause ROE to reduce when concrete of course analysis, this kind of company is not particular undeserved attention. Just be in usually, ROE is long-term under the company of 10% small medicinal powder people or ought to as far as possible evasive.
2, ROE is more than 30%
From the market is at present medium in light of, even if is very preeminent company, ROE is more than the circumstance of 30% very little also, for example Yi profit share arrives from 2010 2015, ROE is in basically 25% , double collect development to be in for a long time 28% , yunnan Baiyao also did not exceed 30% , only the ROE of Guizhou Maotai is maintained for a long time in 30% above, but the stock that Wang Ye is not common can be compared. So usually, the limits of long-term ROE should be in 10% , 30% , the share that deserves attention relatively namely.
Undertake an analysis from the formula of ROE on the other hand, ROE= net profit / total market prise of net assets =(/ net assets) / (total market prise / net profit) =PB/PE. ROE is taller, mean PB taller, and PB is tall, express business presence bubble, see ROE exorbitant risk also be met from this one angle taller, also investor ought to keep away from such company.
Accordingly we we can differentiate company ROE roughly for:
Index 3 -- wool interest rate
The businessman always listens to say this thing sells you gross profit benefit in the life I just earn a few money, what is gross profit embellish? What is wool interest rate?
Wool interest rate had better want to see 3-5 continuously year data, if interest rate of this company wool can stabilize growth continuously, so showing this company is to be able to be stridden so that drive leg, hold water, the camp that stability can grow controls capacity.
Or with in light of citing of king Guizhou Maotai, wool interest rate stabilizes the high cost in 90% above all the year round, can becomes such company stock nature a king.
Cash flows: The value is and the company that can grow continuously its advocate capability of business Wu gain is stronger
ROE: After passing integration analysis, the value is in the company of 10%-30% gain capability is stronger
Gross profit leads: The company profit capability that 3-5 can stabilize growth continuously inside year is stronger
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