(This article is compiled by the official account Yuesheng Guide (yslc688), for reference only and does not constitute operational advice. If you operate by yourself, pay attention to position control and risk at your own risk.)
As we all know, fundamentals are the only determinant of the long-term investment value of stocks. What every value investor must do before choosing stocks is to thoroughly analyze the fundamentals of the company. Many investors do not have a systematic analysis method, and even make hasty buying decisions based on just a short-term or local positive factor. Investors are easily influenced by some emotional factors and make wrong actions, such as listening to other investors' remarks, or having a special liking for a certain consumer brand in their lives, so they buy their stocks, etc. How can we invest rationally? Establishing a system is the best and most rational way.
Abstract stocks are analyzed from the fifteen aspects of F10.
1. Shareholder research
to look at his controlling shareholder, that is, to look at his backstage. Generally, it is controlled by government agencies or companies with relatively strong strength. Such companies have a tough backend, so they have an advantage in terms of business expansion, policy benefits, and risk resistance. As shown in the picture, , Sanaifu is controlled by the Shanghai State-owned Assets Supervision and Administration Commission, and the background is relatively tough.
2, Company Profile and Operation Analysis
Take a look at the company profile and have a rough understanding of the company. We need to understand the company's business scope, what it does, and the proportion of various businesses to the company's revenue, what its main business is, and it is best to know its position and competitive advantage in the same industry. Of course, it would be better if it is related to the policy direction. For example, high-end equipment, information, military industry, new energy, etc. are the best choices. From the figure below, we can find that the stock of Sanaifu is not a current hot topic, and there are no highlights from here.
3, company reports
Check out company reports and industry comments, learn about the big and small things that have happened to the company, and find possible highlights in the future. Generally, it looks like a year or so. If there are transformation, restructuring, equity incentives, targeted share issuance, etc., or if the product has achieved technical breakthroughs, leading to an increase in competitiveness in the same industry, then these may lead to a large-scale growth in the company's future performance. This is the highlight and the most attractive thing we see in F10. Sanaifu This stock had a plan to increase its stock last year.
private placement mainly depends on two points. One is to look at the purpose of the funds. If it is used to repay debts or something, it is meaningless. If there is any big project, it will be a great benefit. The second is to look at the increase in and issue price . If the issuance price is too low, far lower than the market price, then it is suspected of transfer of interests, which is unfavorable to the company. Sanaifu additional issuance price is not too high, and it is for the purpose of developing the company's main business, which is a good thing.
4, fundamentals
is the latest tips in F10, mainly looking at the recent earnings per share, plate size, recent increase and decrease in main business and net profit, as well as the company's recent major events.
5, Financial Analysis
Look at the financial analysis to see if the company is a serious company. The most important indicators in it are the return on net assets. The larger the value, the better, and it is best to have continuousness. It is normal for those around 10, and those that reach about 20% in a row are quite awesome companies. Then there is the operating income growth rate, the bigger the better. It must be continuous. If it exceeds 10%, it is good. If it exceeds 30%, it is a very great company. Another thing is to look at the current ratio and quick ratio. If it is greater than 2, the larger the better.
6. Looking at the main business
The most important thing is to see whether the main business is outstanding and whether there is enough room for the main business profit. What needs to be measured is whether there is a correlation between the main businesses, whether there is an upstream and downstream relationship, or that resources such as market, technology, and services can be shared; the profit margin depends not only on the gross profit margin of the main business, but also on how big the net profit margin is. Pay special attention to the company's main business composition and profit margin of its main business.
7. Look at profit
For retail investors, they should not only dynamically analyze the changes in the company's profitability, but also grasp the quality of the company's profitability and see if the company's profit is gold on paper. Generally speaking, if a company's profitability declines in annual indicators, it is often a sign that the company's medium- and long-term operations will turn to disadvantages. When a company's profitability declines, special attention should be paid to whether the company's scale has expanded and whether it can maintain total profit or net profit. When a company's profitability increases, the impact of accidental and seasonal factors should generally be eliminated to determine whether the increase in profitability can be sustained.
Secondly, we must also judge the quality of the company's profit structure, net profit margin and operating cash flow.
8. Looking at the scale
Looking at the scale first, we must first look at the company's revenue scale and profit scale. Secondly, it depends on whether the company becomes stronger while growing. Furthermore, it depends on whether the company has enough room for expansion. When looking at scale, we mainly focus on the company's main business income and net profit.
9. Look at efficiency
Look at efficiency from three aspects. First, see if there is any increase in production. Second, see if the intermediate expenses swallow up profits. Intermediate expenses refer to operating expenses, administrative expenses and financial expenses. Third, look at the efficiency of employees. Employee efficiency reflects the management level of the company.
10. Depend on the financial situation
. In addition to buying a company, it is also buying the company's assets. Investors can divide listed companies into three types of companies. The first is a wealthy company, the second is a fat company, and the third is a broken company.
To see the company's assets, you should pay attention to the company's assets, especially the current assets.
11, look at cycle
There are two types of business cycles. First, the business cycle, such as the high-end liquor industry has a higher revenue in the fourth quarter and the first quarter of each year. The second is the accounting cycle. For example, some companies that rely on investment income to consolidate their statements always report good operating performance in the second and fourth quarters.
12, look at foreign finance
Many listed companies rely on external subsidies or investment returns. In order to protect the brand and profit, some companies with poor operating quality are desperately trying to find ways to make money on foreign windfall. Some even try hard to take advantage of loopholes in financial policies. For example, in the previous year, they make a large amount of impairment provisions for non-performing assets, and lose money at one time, and then return the impairment provisions in the next year, so that they can turn losses into profits. Such a company is a "black trap"
13. Look at liabilities
Liabilities refer to the company's external debt, and the debt objects include banks and suppliers. Analyzing the liabilities of enterprises focuses on two aspects: First, the degree of liabilities of enterprises is , and generally 30%-65% is a more reasonable liability. Second, changes in the company's prepayment accounts. Prepayment is a kind of corporate debt that will be returned with products or services in the future. But on the contrary, if the prepayment increases significantly, it means that the company's product sales will improve and customers need to pay in advance before picking up the goods, which shows that the company's operations will be improved from another perspective. In early 2003, the steel industry saw a significant increase in industry prepayments, which performed a magnificent steel stock market.
14. Look at the investment
Investment is mainly divided into long-term investment and short-term investment. When looking at investment, we should start from the two aspects of investment returns and investment structure. The main focus is on the proportion of investment income in profit composition, and the proportion of long-term investment and short-term investment.
15. Look at the control disk
control disk analysis from three perspectives. First, highly control . Second, medium control. Third, lack of attention. High control of the market is a concept that investors are more familiar with. According to traditional understanding of high-controlled stocks, it is a market share. In recent years, the market-maker stocks have been in a hurry to sell, and investors are often afraid of the market-makers. In fact, they should also treat high-control companies differently. They have fundamental support and are held by Sunshine funds for a long time and can be paid attention to large-band operations. High-controlled markets with fundamental support are often the promoters of each round of market; companies with moderate control are often the second shock wave of the market; companies that lack attention should be judged whether they have fundamental support.
In general, most ordinary investors face three major disadvantages in the financial statements of listed companies.
1, poor masterability. 2. Information timeliness and lag. 3. The sequence of information dissemination.
Let’s talk about valuation analysis, we all know that the financial status and operating conditions of a listed company will not be directly displayed correctly by the stock price in the medium and short term. Because the price of a stock not only contains the actual value that already exists now, but also the investors' expectations for its future value. The difference between this part of the value and the existing actual value needs to be analyzed and determined through valuation.
We have mentioned earlier that the methods of valuation analysis are divided into two categories, one is absolute valuation and relative valuation. Specifically, absolute valuation obtains the intrinsic value of listed company stocks through analysis of the history and current fundamentals of listed companies and predictions of future financial data reflecting the company's operating conditions.
The main methods include cash flow discount pricing model and B--S option pricing model. Among them, there are two cash flow discount models that are more suitable for the A-share market: DDM and DCF.
's relative valuation is price-earnings ratio, price-to-book ratio, price-to-book ratio, price-to-sales ratio, realization rate and other price indicators are compared with many other stocks (comparison system). If the average value of the corresponding index value of the comparison system is for the comparison system, it means that the stock price is undervalued and the stock price will have a high hope of rising, so that the indicator returns to the average value of the comparison system.
relative valuation includes PE, PB, PEG, EV/EBITDA and other valuation methods.
It is estimated that most investors keep shaking their heads when they read the above paragraph. Not only do they not understand it, but they have even never heard of some nouns. For ordinary investors, many books and media reports have highly praised fundamental analysis and are highly praised. But that is for more professionals. For ordinary investors, if they don’t understand financial statements at first glance and can’t learn valuation analysis at second, then what effect will the best theory be? It’s a serious lack of practicality and operability.
Mind map for stock market analysis
1, stock market map general outline
2, k-line basic
3, moving average basic
4, tangent basic
5, indicator analysis
6, statistical analysis
6, statistical analysis
4, tangent basic
m125, indicator analysis
m136, statistical analysis
m1m11m1 147. Stock selection method
8. sector rotation
9. Various scams in the stock market
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Statement: This content is provided by Yuesheng Guide, which does not mean that the investment news recognizes its investment views.
