- .

:



:


.-

(
):
(Top down)
(Bottom up)

.-
, ,

,

,

:

,

,

,

,

.- :

,

,
,
, ,
, ,

.

TOP DOWN
approach

(GDP)
(CPI, PPI),
(Trade balance)
(FDI)

,
,

BOTTOM UP
approach

,


(know-how,
technology, HR, management)
- ,






,

, ,
,

,

: , ,
Know-how, ,

,
,
.
, ,
,

.

 - MSE:SHG

 - MSE:SHG

 - MSE:SHG

2014 2- //

Bid price:
Ask price:
Market Cap:


Revenue:
EPS: >
P/E ratio: /

<
Dividend yield :
/

ROA: =
/
ROE :
=
/
Book Value per share: =
/

PEG ration: PE / EPS (0-1)

Trailing P/E: 12

Forward P/E: 12

Profit margin: =
/ x 100
Gross profit:

Gross margin: Gross profit /

EBITDA:
Beta:
0<1<?
P/S ration:
=
+
/ 12

Capital Asset Pricing Model

,
= +

Efficiency Frontier (Markowitz)

,

Present Price of Future Cash

Flow



, ,

.
,

PV=FV/(1+r)

Blue-Chip
., ,
,

,

Dow Jones Industry Average Index -30,

lead
> 5 billion USD
Growth
, ,

EPS > 15% (MSF 43%, INT 21%)

P/E
Value

P/E, P/Book value, Current
yield=/


,

Income
->

Fixed-in-come like bond, Current

yield
Speculative
Idea, patent, product -

Biotech stocks -> trail ->Boom or

fail
Penny stock, $5 below,
Gamblers ->

Portfolio

FixedIncome

Growth
stock

Value
stock

Internation
al stock

Small-cap
Income
stock

50%

20%

20%

10%

40%

20%

20%

10%

10%

25%

10%

15%

20%

30%


Largecap
$5 billion ->
Midcap
$500 million ->$5
b
Smallcap
$100 million>$500 m
Microcap
<- $100 million
Income Investing
Inflation 3%, .. $1->20
$0.55
->
.

,

Risk-return
Current yield ,
->


,

Growth Investing
EPS,
ROE, ROA , PEG >1, -

, .
.- , ,
, ,
Value Investing
?

,

P/E , index
P/BV <1, (P<BV undervalued)
P/Revenue, P/FCF , P/E ?

,

Value investing Outperformed->Growth


...
ganbayar@frc.mn