08 Company-Specific Analysis ( 個別企業分析 )
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08 Company-Specific Analysis ( 個別企業分析 ). 回顧 : 研究報告大綱. 1. 序言 2. 總體經濟評估 3. 證券市場的展望 4. 評估個別企業、及其營運展望 : 產業分析 *個別企業分析 5. 財務分析 6. 財務的預估 7. 用來評估股價的方法 ( 模式 ) 8. 建議. 以 Top-down 的方法進行個別企業的分析：由經濟預測 , 資本市場分析 , 產業分析 , 公司個股分析 , 最後選股 . 分析個股時 , 需要加上我們個人的分析憑據及資料 . 更重要的是分析營運與獲利的趨勢. - PowerPoint PPT Presentation
Transcript of 08 Company-Specific Analysis ( 個別企業分析 )
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08 Company-Specific Analysis()
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: 1. 2.3.4.: *5.6.7.()8.
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Top-down,,,,.
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(Description) (Analytical),1. 2.
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:1.: 2.:
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3. 4.
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5. (R&D)
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(SCA) SCA- sustained competitive advantages() ,Michael Porter 31. (Low Costs),.Battle Mountain`s low-cost Golden giant mine.
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2. (Differentiation),...3. (Focus),,.Wal-Mart(Sears, Kmart).
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(Franchise value):
,EX..
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SCA,SCA,SCAJ.M.Smucker()
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1.(General Information)(1)(2),,,.,EX. Rainforest Coffee:
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$40.0$313.0 millions.Case 1. Rainforest Coffee
Year Ending Dec.31
2004 2005 2006
Number of Restaurants
Existing restaurants 2 6 15
New restaurants 4 9 11
Total 6 15 26
$5 million capital per new restaurant $20.0 $45.0 $55.0
Projected Sales
Existing restaurant-full year $25.0 $70.0 $225.0
New restaurant-partial year 15.0 72.0 88.0
Total projected sales $40.0 $ 142.0 $313.0
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,.,.EX. pharmaceutical drug company plan
200Case 2.
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Acquisition( )internal growth 8%,10%,18% .
Case 3.
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BCG(Bostom Consulting Group) Growth/Share Matrix2x 1x 0.5x
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1.Star: ,,.2.Cash Cow: Star,,,.3.Dog: ..4.Question Mark: ,.
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(3)
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(4)
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2.(1).().
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1.? 2.?
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(3)
(Tactics):1.,2., 3., 4., 5.,6., 7..
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.,EX.29%,Caterpillar1%.
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..EX.Wartsila Diesel48.
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(4).10% .,,,2003EPS51. EX. Gibson GreetingsPhar-Mor
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3.(1)EX .
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(2)(Distribution) ..
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(3). .,,.
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4. (1),,.
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USAir.
. 19973ComIntel
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(2), ..
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2010
Note. NYNr scores lower than its peers with these statistics.
Financial Results
Operating Data
Sales Growth
(%)
Profit Margin
(%)
Fixed Asset Turnover
Investment per Line
Lines per Employee
Amei
11.0
14.1
1.1x
$713
351
Belly
(2.3)
14.3
0.8x
803
333
South
5.1
13.2
0.9
998
308
NYNr
0.1
11.2
0.8
995
274
Pac
5.0
11.7
0.8
724
322
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5.(1)(R&D)R&D
R&DAmdahlApplied MagneticsBassett furnitureDetroit Diesel.
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R&D
R&D
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(2).
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Colgate-PalmoliveMcDonalds
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. . . .
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EX. AES Corp.AES Corp..
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(3)() .Long Island Lighting (LILCO)Shoreham,,,LILCO56.
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(4) .,. .EX. Microsoft. .!
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(4),..
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(5)
IBMAmerica ExpressCEO,.
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Sara Lee
