国际投资lecture_6.pptVIP

Chapter 6 Equity: Concepts and Techniques Main contents: Global Financial Ratio Analysis The valuation of the stock market price The effects of inflation on stock prices The effects of currency movements on stock prices Global Financial Ratio Analysis全球财务比率分析法 We can compare one company’s some important financial ratios with the other companies’ and the average in the same industry我们可以将一个公司的一些重要的财务比率与其他公司和行业平均进行比较 Return on equity (ROE) Return on Asset (ROA) ROE strategy Example 6.2 Exercise Return on equity (ROE)权益收益率 ROE indicates the rate of return on the equity capital provided by the equity owners（ROE代表的是权益所有者所提供的权益资本的收益率） ROE=Net income/equity（净利润/权益） 权益收益率是一个广泛用于衡量公司盈利能力和管理绩效的指标 权益收益率衡量的一个标准，是跟同期的国债利率相比较 权益收益率大于15%是好的，而大于20%可以被认为是优异的 ROE and its contributing elements based on the Dupont Model权益收益率及其基于杜邦模型的因素分析法 ROE ROA总资产收益率 ROE战略举例 In the recent 12 months在最近的12个月中 ROE should be 1.5 times of the industry average (and the past three years) 在近3年中ROE应该是行业平均的1.5倍 Net profit margin should be larger than the industry average销售净利润率应该比行业平均高 Asset turnover ratio should be larger than the industry average总资产周转率应该比行业平均高 ROA should be positive and larger than the industry average (and the past three years)近3年中ROA应该为正而且要比行业平均高 The increase of net sales should be positive净销售收入的增长应该为正 The liability/asset ratio should be less than the industry average (the recent quarter)近1季度的债务资产比应该小于行业平均 The Shamrock Vegetable Company has the following results Compute Shamrock’s ROE directly. Confirm this using the three Du Pont components ROE=NI/Equity=400,000/1,160,000=34.5% ROE=NI/NET Sales*NET Sales/Assets*Assets/Equity=400,000/6,000,000*6,000,000/4,000,000*4,000,000/1,160,000 Individual Stock Valuation股票的估值 In a perfectly efficient market, an asset price should reflect its true fundamental value at all times在一个完全有效的市场中，任何时候任何一个资产的价格都应该反映其真实的基础价值 The analyst tries to find mispriced securities by choosing from a variety of valuation models分析师们都试图通过估值模型寻找那些被错误定价的证券 The often