財(cái)務(wù)報(bào)表分析與證券投資-資料下載頁(yè)
2024-12-08 12:21本頁(yè)面
【正文】 f (earnings, book value, dividend, cash flow, etc.) 38 Accountingbased Valuation2 ? Ultimately, we do valuation to earn higher returns on stock trading. ? We get an intrinsic value number, pare it to prevailing stock price, if our value estimate is higher than price, we buy。 otherwise we sell. ? Frankel and Lee, Journal of Finance, 1999 To get papers mentioned, from a PKU puter, go to or just ask from me. 39 How Important is Accounting Information? ? January 22, 2022, after market closed, ATamp。T (stock symbol T) announced: Revenue for 4th quarter shrank to $ billion from billion in the 4th quarter of previous year Loss from continuing operations widened to $611 million from $216 million. 40 How Important is Accounting Information? (:\\) 41 How Important is Accounting Information? ? In the weekend before Monday, Feb. 3, 2022, Mattel (MAT) announced fourth quarter results: ? Revenue increased from the fourth quarter a year earlier by % to $ billion. ? Net ine increased by 35% to $ million. ? Earnings per share (EPS) increased to 42 cents from 31 cents. 42 How Important is Accounting Information? 43 Value Investing: Warren Buffett () 44 Investing Motto Two friends went hunting in the jungle. All of a sudden, a bear jumped out of nowhere and came after them. A: Run! B: No, it is hopeless, we won’t overrun a bear. A: But I do not have to run faster than the bear. I only need to run faster than you! 45 Questions on stock market? 46 作業(yè) ? 六人一組 ? 兩個(gè)作業(yè) ? 每次課上分別布置作業(yè)，下次課上交，打印版 ? 注意報(bào)告的形象美 47 作業(yè) 1： ? 每組選一家中國(guó)上市公司做投資價(jià)值分析（非金融類公司） ? 使用該公司行業(yè)平均數(shù)據(jù)做比較，比如，行業(yè)平均利潤(rùn)率；或?qū)Ρ裙緮?shù)據(jù) ? 使用最新年報(bào) ? 參見(jiàn)所附宇通客車公司分析報(bào)告 48 作業(yè) 2： ? Excel股票定價(jià)建模 ? 和本課程一一對(duì)應(yīng) ? 用不同的 spreadsheet錄入三大報(bào)表（最好有 5年的）、發(fā)現(xiàn)贏余操縱、進(jìn)行贏利分析、風(fēng)險(xiǎn)分析、贏利預(yù)測(cè)、建立價(jià)值模型 ? 和作業(yè) 1使用同一家公司 ? Spreadsheet之間要相互勾聯(lián) ? 今后評(píng)估另外一家公司只需要重新錄入三大報(bào)表即可 ? 作業(yè) 2的價(jià)值評(píng)估進(jìn)入作業(yè) 1
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