还剩26页未读,继续阅读
本资源只提供10页预览,全部文档请下载后查看!喜欢就下载吧,查找使用更方便
文本内容:
2023REPORTINGFinancial Analysisand SecurityPricing English2023•Introduction toFinancial Analysis andSecurity Pricing目录•Fundamentals of Financial StatementAnalysisCATALOGUE•Market andCompetitive Analysis•Security Pricing Models•Advanced Topicsin SecurityPricing•Case Studiesin FinancialAnalysis andSecurityPricing2023REPORTINGPART01Introduction toFinancialAnalysis andSecurityPricingDefinition andImportance ofFinancial AnalysisDefinitionFinancial analysis is the process of evaluatingthe financialhealth,performance,and value of acompanyor investment.It involvesthe useof financial statements,ratios,and other relevant datatoassess theattractiveness of an investmentopportunity.ImportanceFinancial analysisis crucialfor makinginformed investmentdecisions.It helps investors identifyundervaluedor overvaluedsecurities,understand a companys financialstrength andweaknesses,andassess the risks andpotential returnsassociated withan investment.The Roleof SecurityPricing in the FinancialMarkets要点一要点二Pricing MechanicsImportance inMarketsSecurity pricingis theprocessofdetermining thefair Securitypricing playsa crucialrole inthe financialmarketvalue of an investment.It considersvarious marketsas ithelps investorsmake informedfactors such assupply anddemand,risk,return,and decisionsabout buyingor sellingsecurities.Aother relevantinformation toestablish areasonable correctlypriced securitywill reflectits truevalue inpricefor asecurity.the market,allowing investorsto makerationaldecisions basedon theirinvestment objectivesandrisk tolerance.The ComponentsofFinancialAnalysis•Financial StatementsAnalysis:This involvesan examinationof acompanysfinancialstatements,such asthe balancesheet,incomestatement,and cash flow statement,to assessits financialhealth andperformance.•Ratio Analysis:Ratio analysisis atechnique thatuses various financial ratiosto assessa companysfinancialstrength,liquidity,profitability,and efficiency.Common ratios include the debt-to-equity ratio,quick ratio,return on equity,and profit margin.•Forecasting andProjections:Financialanalysis also involvesprojecting a companys futurefinancial performancebasedon historicaldata and otherrelevantinformation.This processhelpsinvestorsunderstand a companysgrowth potentialand assesstherisksassociated withinvesting init.•Valuation Analysis:Valuation analysis aims todetermine thefair marketvalueofa companyor securitybyconsidering variousfactorssuch as discountedcashflowanalysis,comparable companiesanalysis,and dividenddiscountmodels.2023REPORTINGPART02Fundamentals ofFinancialStatementAnalysisBalance SheetAnalysis•Balance SheetOverview:A balancesheet is a financialstatement thatshowsthe financialposition ofa companyat a specific pointin time.Itlists the companys assets,liabilities,and equity.•Assets:Assets areresources thatacompanyowns and can convertinto cash.They includeitems likecash,receivables,inventory,and fixedassets.•Liabilities:Liabilities areobligations thatacompanyowes tocreditors.They includeitems likeaccounts payable,long-term debt,and accruedexpenses.•Equity:Equity representsthe residualinterest inthe assetsofacompany after deducting allliabilities.It includescommonstock,retained earnings,andothercomprehensive income.Income Statement Analysis•Income Statement Overview:An incomestatement is a financialstatement that showsthe profitabilityofacompany overa specificperiod of time,such asa quarteror ayear.It detailsthe companysrevenueand expenses.•Revenue:Revenue isthe totalamount of money acompany receivesfrom itsprimary businessactivities duringaspecific periodof time.It isgenerated from the sale of goodsor services.•Expenses:Expenses arecosts incurredby acompany thatreduce itsprofitability.They includeitems likecost ofgoodssold,operating expenses,and interestexpense.•Net Income:Net incomeistheprofit remainingafterdeductingall expensesfrom revenue.It representsthetotal amountofmoneyacompanyearned duringthe period.Cash FlowStatementAnalysis•Cash FlowStatementOverview:A cashflow statementisafinancialstatementthatshows howcash flowsinto andout ofa companyduringaspecificperiodoftime.It detailsthecompanysoperating,investing,and financingactivities.•Operating Activities:Operating activitiesgenerate cash fromthecompanys primarybusiness operations,suchas salesand expenses.They includeitems likecashfromoperations andcash providedby operations.•Investing Activities:Investing activitiesare cashflows relatedto theacquisition orsaleoflong-term assetsorsecurities.They includeitems likecash usedin investingactivities andcash providedby investingactivities.•Financing Activities:Financing activitiesare cashflows relatedto theborrowing andrepayment ofdebt ortheissuance andrepurchase ofstock.They includeitems likecash usedin financingactivities andcash providedbyfinancing activities.Ratio Analysis•Ratio AnalysisOverview:Ratio analysisisamethod ofevaluating acompanysfinancial conditionby comparingvariousfinancialratios toassessits performanceand creditworthiness.Ratios canbe usedtocompare companiesor tocompare a companys performanceovertime.•Liquidity Ratios:Liquidity ratiosmeasure howeasily acompany canconvert itsassets intocash tomeet itscurrentobligations.Common liquidityratios includethe currentratio and the quickratio.•Solvency Ratios:Solvency ratiosmeasure howcapable acompany isof meetingits long-term obligations.Common solvencyratios includethedebt-to-equity ratioand thelong-term debtcoverage ratio.•Profitability Ratios:Profitability ratiosmeasure howeffectively acompany generatesprofit fromits operations.Common profitabilityratiosincludethe returnon assets,the returnonequity,and theprofitmarginratio.2023REPORTINGPART03Market andCompetitiveAnalysisIndustry AnalysisIndustryOverviewProvide anoverview of the industry,including thetypes ofbusinesses involved,the keyplayers,and thecurrent stateof the industry.Market Size and GrowthAnalyzethe sizeofthe industry andits growthrate,considering factorssuch aspopulationgrowth,economic development,and technologicaladvancements.Industry StructureExaminetheindustrystructure,including competition,barriers toentry,andexit barriers.Competitive AnalysisCompetitorCompetitive SWOTAnalysisIdentification AdvantagesIdentifythe keycompetitors Analyzethe competitiveConduct aSWOT analysistoin theindustry and their advantagesof eachcompetitor,identify thestrengths,market shares.including theirproducts,weaknesses,opportunities,services,pricing strategies,and threatsfaced byeachmarketing strategies,and competitor.distribution channels.Market Trendsand ForecastingMarketTrendsIdentify thecurrent market trends,includingtechnological advancements,changes inconsumerpreferences,and industryregulations.Forecasting TechniquesDiscussvarious forecastingtechniques,suchastimeseries analysis,regression analysis,and scenarioplanning.Future OutlookProvidea futureoutlook for theindustry,considering theimpact ofmarkettrendsandpotential changesinthemacroeconomicenvironment.2023REPORTINGPART04Security PricingModelsTheCapital AssetPricingModelCAPM•CAPM Overview:The CAPMisatheory thatexplains therelationshipbetween riskand expectedreturn forfinancial assets,includingsecurities.•Beta andRisk:CAPM definesrisk usingbeta,a measureof howmuch an assets returnvaries withthe overallmarket.High beta assets havehigh riskand potentiallyhigher returns,while lowbeta assets have lowerrisk andreturns.•Expected Return:The expectedreturn ofan asset,according toCAPM,isafunction ofits betaandtherisk-freerate ofreturn.Higher betaassetshavehigher expectedreturns.•Implications forInvestors:Investors usingCAPM asa pricingmodel wouldseek toallocate theirportfolios toachievethe desiredrisk level,adjusting exposure to highand lowbetaassets.The FamaFrench ThreeFactor Model•FF3Overview:FF3extends CAPMby addingtwo additional factors toexplainasset returns:market capitalizationsize andbook-to-marketratio.•SizeandValue Factors:FF3posits thatsmaller companiessmall sizefactor andcompanies withhigher ratiosofbook valueto marketvalue valuefactor havehigher averagereturns thanlarger orlower value-weightedcompanies.•Explanatory Power:FF3provides amore accurateexplanation ofcross-sectional asset returns thanCAPM,as itaccountsforthesize andvalue factorsthat CAPMignores.•Implications forInvestors:FF3suggests that investors should consider theseadditionalfactorsin theirinvestmentdecisions beyondbeta whenevaluating assetreturns.The ArbitragePricing TheoryAPT•APT Overview:APT isa generalframework forpricing assetsthat reliesona set of factorsto explainassetreturns.Unlike CAPMand FF3,APTdoes notassume asingle riskfactor.•Multiple Factors:APT positsthat multiplemacroeconomic or industry-specific factorsdrive assetreturns.Thenumber andnature ofthese factorsare specificto eachasset class.•No ArbitrageCondition:APT assumesthat themarket isin equilibrium,meaning thatthere areno arbitrageopportunities.This conditionensures thatthe expectedreturn ofanassetisafunction ofits sensitivityto therelevantpricing factors.•Implications forInvestors:APT suggests that investorsshouldconsidera broadersetoffactors whenevaluatingasset returnsand pricing.It alsoimplies thatasset pricingmodels shouldbe tailoredto specificasset classesbasedon theirexposuretovarious macroeconomicorindustry-specific factors.2023REPORTINGPART05Advanced TopicsinSecurity PricingBehavioralFinance and Security PricingBehavioral finance isa fieldthat studieshow Ithas implicationsfor security pricingpsychological,social,and emotionalfactors becauseit suggeststhatinvestorsdecisionsinfluence financialdecision-making.are notalways rationalandcanlead topricinginefficiencies.Behavioralfinancecan helpexplain whyIt alsosuggeststhattraditional financialcertainsecurities areover-or under-priced.models maynot fullycapture thedynamicsof thesecuritypricingprocess.International SecurityPricingInternational securitypricing involvesDifferences ineconomic policies,inflationconsidering theimpact offoreign exchangerates,and interestrates acrosscountries canrates,political risks,and cross-border significantlyaffect security prices.regulations on securityprices.International securitypricing alsorequires anInvestors needto considerthe currencyunderstandingof globalcapital flowsand hedgingstrategies tomanage theforeigntheir impactonsecurityprices.exchange riskassociated withinternationalsecurities.ESG FactorsandSecurityPricing•Environmental,social,andgovernance ESG factors havebecomeincreasinglyimportant insecurity pricingasinvestors considernon-financial factorsin theirinvestmentdecisions.ESG FactorsandSecurityPricingESG factorscan affectacompanyslong-term valueand performance,which inturn impactssecurityprices.Investors needto evaluateESG risksand opportunitieswhen pricingsecurities andincorporatethem intotheir financialanalysis.ESGfactorscan alsoserve asa proxyfor risk,andtheirconsideration canimprove riskmanagementand investmentdecision-making.2023REPORTINGPART06Case StudiesinFinancial AnalysisandSecurity PricingCase Study1:Analysis ofa CompanysFinancialStatements目的和背景数据收集通过分析一家公司的财务报表,了解其财务收集该公司的资产负债表、利润表和现金流状况、经营成果和现金流量量表等关键财务数据财务指标分析风险评估计算并分析盈利能力、偿债能力、运营效率基于财务数据评估公司面临的市场风险、信和增长潜力等财务指标用风险和操作风险CaseStudy2:Valuation ofa PrivateCompany行业分析和预测估值方法研究目标公司所在行业的市场使用折现现金流法、相对估值趋势、竞争格局和未来发展前法和资产基础法等多种方法对景目标公司进行估值目的和背景财务预测结论和建议对一家私有公司进行估值,以基于历史财务数据和行业发展根据估值结果,为投资者或潜确定其市场价值和发展潜力趋势,预测目标公司的未来财在买家提供关于目标公司的投务表现资价值和潜在风险的建议2023REPORTINGTHANKS感谢观看。