Bloomberg User Manual

School of Economics and Finance

Faculty of Business and Economics
University of Hong Kong

Chapter 3
Fundamental Analysis

Copyright © 2013 by School of Economics and Finance, University of Hong

Kong

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Chapter 3 Fundamental Analysis
Overview
In this chapter, we will introduce how to use Bloomberg to perform fundamental analysis on a
selected stock or an industry; how to retrieve fundamental financial data; how to make graph
comparisons between multiple securities; how to access and utilize Bloomberg’s estimates and
how to conduct peer analysis.

3.1 Financial Analysis on a Selected Individual Stock

As mentioned in Chapter 1, when performing financial analysis on an individual security, you
need to load the security ticker before running security-specific functions to analyze different
aspects of the security. Note that all the functions in this section need to have an appropriate
ticker loaded. In this section, we would like to introduce different functions that can be used for a
single stock analysis: background information, pricing, financial statements, graphical analysis,
return analysis, analyst estimates and recommendations. The functions that will be introduced are
as follows:

Function Code Function Name

DES<GO> Description
GP<GO> Price Graph
CN<GO> Company News
SI<GO> Short Interest
SIA<GO> Short Interest Analysis
FA<GO> Financial Analysis
CF<GO> Company Filings
GF<GO> Fundamentals Graph
G<GO> Graph Templates
GRAP<GO> Charts Homepage
TRA<GO> Total Return Analysis
COMP<GO> Comparative Total Returns
HRH<GO> Historical Return Histogram

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 HS<GO> Historical Spread Graph
EE<GO> Earnings Estimates
EEO<GO> Earnings Estimates Overview
EEB<GO> Earnings Estimates Detail
ANR<GO> Analyst Recommendations

3.1.1 Company Description

DES<GO> displays the description of a company. DES<GO> is divided into four pages by the
tabs at the top with different types of information on the selected security: 1) Profile, 2) Issue
Info, 3) Ratios and 4) Revenue & EPS.

Use HSBC listed in Hong Kong as an example. Type 5 HK EQUITY DES and hit <GO>. The
page that appears is the first page, i.e. the profile page, which is consisted of a brief description
of the business of the company and a snapshot of several sets of key information: stock price,
earnings, dividend and corporate information (see Figure 3.1). This page gives you a glance of
the company’s business and current situation. For a more specific analysis of a category, you can
click the header of each box to access different pages which we will introduce in Chapter 3 and 4.

Discoverability:
click to link to
another function
for more specific
analysis

Figure 3.1 Description Page of a Company: DES<GO>

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3.1.2 Price, Volume and Short Interest
To display historical price, volume, and yield values in a table, use HP<GO>, which also allows
you to quickly view the historical high, low, and average price for a selected security on the top
right area of the page.

Scroll down for different pages

The highest and

lowest within the
Change the period selected
date range and
the currency as
you prefer
Change the
periodicity and
price types as
you prefer

Figure 3.2 Historical Price Table: HP<GO>

GP<GO> displays the historical price and volume of a specific security in a graph instead of a
table in HP<GO>. It is a visual time series analysis tool that you can utilize along with other
tools such as technical analysis, news, corporate events to identify the market patterns and
analyze the price trends. The upper graph shows the historical end-of-day prices and you can
change the lower graph to the indicators you prefer, such as value traded, from the amber box at
the top right hand (see Figure 3.3).

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 Figure 3.3 Price Graph: GP<GO>

To quickly export the data or graph, you can right click at any point on the graph and select Copy
/ Export Options to copy the data or image to the clipboard and paste to Excel or Word.

To examine the price impact of a corporate event historically, you can click the Event tab at the
top right hand corner. The selected corporate actions will be displayed according to the
occurrence date in the same graph with the price chart.

Click to check
the details of the
corporate event

Figure 3.4 Event button navigation in GP<GO>

By clicking the Annotate button in the grey tool bar that floats above the graph, you can make
annotation related to the graph.

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 % change between 2 points

Figure 3.5 Annotate button navigation in GP<GO>

For example, if you would like to find out the percentage change of the stock price over a certain
period of time, you can click the appropriate icon in the left toolbar for percentage change (move
the mouse to each icon and you will see what it refers to). Then select the start point and the end
point on the graph as you want, the percentage change over this time span as well as the
annualized rate in the bracket will appear on the screen. GP<GO> also allows you to track the
historical company news which might have large impact on the price movement. If you see a
price spike and would like to know what has happened to trigger it, you can click the News
button which is next to the Annotate tab. An orange tracking line will appear (see Figure 3.6)
which you can move to any price point on the graph to check the company news at that time and
the company news page CN<GO> will show up if you click the tracking line.

Scandal of Sun
Hung Kai’s co-
chairmen

Figure 3.6 News button navigation in GP<GO>

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To compare the performance of the security with its benchmark or another security, you can
click 11) Compare and input the security ticker in the amber box for comparison. The option
below allows you to choose the graph layout such as putting two price lines in the same panel
(overlaid data line) or adding a new panel to separate the two price lines (a new relative line in a
new panel).

Figure 3.7 Compare button navigation in GP<GO>

SI<GO> displays short interest information of an individual stock. For example, IBM US
EQUITY SI<GO> provides a summary table at the top displaying the current data of IBM’s
short interest information. The 3 charts below show its historical trend of price and short interest
ratio, short interest, as well as average daily volume respectively. You can click 1) Table View at
the top to display historical data in table format.

Discoverability:
Summary click to link to
Table SIA<GO> page
for sector
analysis of short
interest

Figure 3.8 Short Interest: SI<GO>

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 SIA<GO> (or equivalently clicking 2) Sector Analysis (SIA) in the SI<GO> page) displays the
current and historical short interest information of multiple stocks from all available exchanges.
You can customize the domain from the options in the Source tab, e.g. exchange and equity
index. It displays the data by sector and you can further click a sector to see a sub-sector and
securities in the sub-sector. You can also select a date at the top right to see the historical data.

Click arrows to
view historical
Click to view sub- data at a specific
sector data and time
you can further
click until it
shows individual
stocks’ data

Figure 3.9 Sector Analysis of Short Interest: SIA<GO>

By clicking the 94) Trend tab at the bottom, you can view the time series of short interest data
for different sectors or securities depending on the level you select. You can select the data type
to display such as SI ratio, short interest and etc. You can also tick the boxes next to the
sector/security name to view the historical graph at the bottom.

Figure 3.10 Trend tab in SIA<GO>

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3.1.3 Financial Statement Analysis
FA<GO>, Financial Analysis, is the page to view the historical fundamental data of a selected
company. Rather than going to the company’s periodic reports to search items one by one, you
can easily find those data in FA<GO> in a more systematic way with transparency. The screen is
divided into two parts: the top part is a list of tabs of the standard templates, and the bottom part
of the screen is the data table of the corresponding template that you have selected.

Choose the no.

Templates
of periods,
of financial
periodicities
statement
and currencies
from the
amber boxes

Scroll the bar to

the right or click
the buttons to
see more periods
Figure 3.11 Financial Analysis: FA<GO>

Apart from the traditional financial statements such as balance sheet and income statement,
FA<GO> also provides environmental, social and governance data in the 8) ESG tab (see Figure
3.12) as well as the industry specific data. For example, if you go to the 7) Addl tab of 5 HK
EQUITY FA<GO>, you will see 12) Banking, a template with important data specifically for
the banking industry (see Figure 3.12). In addition, you can click the 9) Custom tab to customize
the templates by adding the items that you would like to display in one template.

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 Create custom
templates by
adding data
(fields) as you
like

Environmental,
Important Social and
items for the Governance data
banking such as CO2
industry emissions,
community
spending and size
of the Board

Figure 3.12 ESG, industry specific and custom templates in FA<GO>

Data Transparency: to ensure data accuracy, FA<GO> provides data transparency. You can
click any figure to see how it is calculated as well as the linkage to the original statement with
that data highlighted (see Figure 3.13).

Click the figure to show the

data transparency table

Click the icon to link to the original statement

with the corresponding data highlighted

How it is calculated from the components

in the original statement

Figure 3.13 Data Transparency in FA<GO>

Field Search: if you are not sure which template an item locates, instead of searching for it
template by template, you can go to 97) Actions -> Fields -> 51) Search…, type the item in the

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amber box, e.g. Return on Common Equity, it will show the templates containing this item. By
clicking it, you will be directed to that template with the corresponding row highlighted.

Figure 3.14 Field Search in FA<GO>

Estimates: you can also utilize FA<GO> to view the estimate consensus of key items for the
next two periods together with the historical data. To do it, you may go to 96) Settings and then
the 10) Data tab to tick the box next to Estimates. We will introduce the estimate consensus by
analysts in details in section 3.1.6 Analyst Estimates and Recommendations while the option in
FA<GO> gives you an idea of how the company will perform together with the historical
performance.

Estimates
of key items
Figure 3.15 Estimates in FA<GO>

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There are many other features in FA<GO> as well, e.g. output to Excel, displaying time series in
a bar chart and you can explore them by yourself. If you would like to view the original financial
reports by the company, you can run CF<GO> after loading the company ticker. You can search
by keyword(s) or file type from the All Forms box, e.g. annual report, prospectus and company
presentations.

Figure 3.16 Company Filings: CF<GO>

3.1.4 Graphic Analysis

GF<GO>, Fundamentals Graph, displays companies’ historical fundamentals and estimates in

both graph and table views to help you easily compare the fundamentals of different companies
along with equity indices, commodities and economic data. The left side of the page displays
single or multiple graphs which you can set up from the side panel at the right. You can add
more securities, data types (it is called “field” in Bloomberg) or select a preferred chart layout.
Add securities for
comparison in the
Change the date
amber box or click
range and
7) Browse to view all
periodicities as
Add stock’s benchmarks available types of
you prefer
securities including
economic indicators,
currencies and
commodities

Add fields (e.g. P/E,

P/B) in the amber box
or click 8) Fields to
view all available fields

Select the chart layout

Figure 3.17 Fundamentals Graph: GF<GO> as you prefer

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To view the data in table format, you can right click any point on the chart and select Table View
(see Figure 3.18). To quickly download the data or the image, you can again right click on the
chart and select Copy/Export Option as mentioned in GP<GO> above.

Figure 3.18 Table View in GF<GO>

GF<GO> also provides forward estimates and statistical summary to help you better analyze the
historical and future trends. To display them, you can go to the Options tab at the top right corner
and tick Show Forward Estimates and Show Statistics Table. You will see dots representing
current estimates for the future periods in the chart and a table below showing important items of
the company and high, low, average and median of the selected indicators.

Statistics table
Forward
displaying High,
Estimate
Low, Average and
Median of the
Summary table
selected indicator
of important
from the amber
items for Apple
box within the
Inc.
period selected on
the top

Figure 3.19 Forward Estimates and Statistics Table in GF<GO>

G<GO>: the graphic analysis in GF<GO> mainly focuses on the fundamental side while
G<GO> offers fully customizable charts: multiple securities, intraday prices, all assets classes,
all types of data as well as different analysis and studies. It is a combination of all the graph
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related functions such as GP<GO>, GF<GO> and HS<GO> (it will be introduced in details in
section 3.1.5 Return and Correlation Analysis). Let us use two examples combining
macroeconomics and equities to demonstrate its navigation and some features.

Example 1: Contrast the historical trends of China GDP Primary, Secondary and Tertiary
Industries’ weights of total nominal GDP

We do not have tickers for industry weights of total GDP but we can look up the tickers for GDP
primary, secondary and tertiary industries as well as total GDP. Then use ratio of two tickers in
G<GO> to get the weights.

You can go to ECOF<GO> and select country as China. Then select 2) Nominal GDP and
further click 17) By Industry, you will find tickers for GDP primary, secondary and tertiary
industries (The total nominal GDP ticker is GDPOTTL INDEX<GO>. You can find it before
clicking 17) By Industry).

Figure 3.20 ECOF<GO> to search tickers for China GDP by Industry

With the tickers in hand, you can go to G<GO> and click 1) Create Chart at the top left. You
will see a list of chart styles with descriptions below the names. Choose 3) Standard G Chart for
this example. In the next step, you can specify the date range and periodicity as you prefer, e.g.
30 year annual. Then input tickers or enter keywords to search from the auto-complete drop-
down box in the Security column. Select Series Type as Ratio and enter total GDP ticker on the
right as the denominator (see Figure 3.21). You can click 1) Next > after entering all the tickers
and name the chart as you want and click 2) Finish to view the chart (see Figure 3.22).

You can see the secondary industry still weighs highest but the tertiary industry has been
climbing up rapidly while the primary industry has been declining over the time since 10 years
ago.

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 Figure 3.21 G<GO> navigation for Example 1

Figure 3.22 China GDP Primary, Secondary and Tertiary Industries’ weights in G<GO>

Example 2: Compare the performance of Kraft Foods Inc (Kraft) and S&P 500 from 08/31/2007
(right before the US 2008 economic recession) onwards and verify consumer confidence could
be a leading indicator for the company in graph

Kraft is one of the largest global food companies and generally speaking, food manufacturing
sector is regarded as one of the relative stable sectors among different sectors. We can use
G<GO> to chart it.

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 You can run G<GO>, click 1) Create Chart and select 3) Standard G Chart as the chart style.
You may enter the tickers as shown in Figure 3.23. You can set up two panels, one to compare
with S&P 500 and the other to contrast against consumer confidence. For better visualization,
you may choose series type as Histogram for the US consumer confidence ticker (University of
Michigan Survey of Consumer Confidence Sentiment CONSSENT INDEX<GO> is widely
used for measuring the US consumer confidence). You can also normalize the tickers to better
measure the performance from a certain time point.

You can choose

different panels Normalization
while it shows will make all the
overlaid lines (or securities start
other series) in from 100 on the
the same panel. start date for
better comparison
Unlocking the security
allows you to easily
change the security to
what is loaded on the There are multiple
screen when you open series types that you
this chart. You can can choose for better
utilize it to quickly visualization
compare another
security with SPX and
the CONSSENT in the
same template.
Figure 3.23 G<GO> navigation for Example 2

After that, you can name the chart and click 2) Finish. In the chart page, you can add the US
recession periods in the graph to identify whether Kraft outperformed the benchmark during that
period. To do so, you can click the flag icon and then +Add Event and type Recession to search
(see Figure 3.24)

Click the icon to

unfold the side
panel for adding
events

Click it to search
Histogram by keyword(s) or
Format click Browse…
to view all the
events
Figure 3.24 Events navigation in G<GO>
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To verify whether the consumer confidence index could be a leading indicator for the
performance of Kraft, you can either move the stock price of Kraft forward or move the
consumer confidence index backward. To do so, please click 97) Edit on the top and select Date
Range… from the drop-down box. Let us use moving Kraft 110 days forward as an example and
in Figure 3.26, you will see the stock price of Kraft follows the lagged consumer confidence
index consistently and reacts more resiliently in the downturns. Moreover, we can easily see
Kraft outperformed the benchmark during the US recession period in 2008 from the top graph.

After entering -110

in the Offset (+/-)
column, Kraft will
display more
forward date range
of the same length

Figure 3.25 Date Range Lagging setup in G<GO>

US recession
chart effect

Kraft is more resilient

in the downturns Will it still follow
the pattern?

Figure 3.26 Kraft vs. S&P 500 and Consumer Confidence in G<GO>

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GRAP<GO>, Graph, is the homepage for charts, providing all the chart information and links
such as Chart of the Day, sample G charts and chart resources. 10) Chart of the Day (NI
CHART<GO>) on the top provides interesting market insights by using charts. Sample G
Charts provides different sample charts by category which you can save into G<GO> and further
edit them. Chart Resources and Chart Showcase on the right hand side provide documents and
links of chart education.

Figure 3.27 Charts Homepage: GRAP<GO>

3.1.5 Return and Correlation Analysis

TRA<GO>, Total Return Analysis, calculates the total return for a selected equity or equity
index over a specified period of time. You can customize buy and sell prices, dividend
reinvestment rate, commissions and currency if applicable. The bottom of the page also
visualizes the return by displaying the security price and cumulative return charts.

Customize the
Total Return:
holding period
the return of the
and enter prices
holding period;
if you want and
Annual Eq:
the default prices
annualized return
are the closing
Security Price Chart based on the
prices of the start
holding period;
and end date
Gain/Loss:
the profit/loss in
dollar based on
the number of
Cumulative Return Chart
shares entered on
the top

Figure 3.28 Total Return Analysis: TRA<GO>

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Simple Price Appreciation calculates the percent change between the start price and end price.
Dividends Reinvested in Security calculates the total return by assuming reinvesting all the
dividends distributed during the period into the security. Dividends Reinvested at a Custom Rate
allows you to input a reinvestment rate for the dividends received.

COMP<GO>, Comparative Total Returns, displays the returns of multiple securities. Compared
to TRA<GO> which displays the return of a single security with all custom options to accurately
calculate your return, COMP<GO> shows multiple securities’ price appreciation, total return
assuming dividends reinvested into the security, annual equivalence as well as the difference
between other securities or benchmarks. You can click 1) Settings on the top for more custom
options.

Scroll down to view

the cumulative
It displays the
returns and
loaded security, its
dividends in a table
benchmark index
format
and industry group
Cumulative Returns Chart
index (if available)
by default. You can
change other
securities for
comparison as you
prefer.

Figure 3.29 Comparative Total Returns: COMP<GO>

HRH<GO>, Historical Return Histogram, displays a historical return histogram for a selected
security. You can use this function to determine if the returns of a security follow a normal
theoretical distribution and therefore determine the validity of pricing model assumptions. The
function also applies to other assets classes such as bonds, commodities and currencies, e.g.
EURUSD CRNCY HRH<GO>.

You can customize the inputs in the top amber boxes such as date range, periodicity and return
range. The return distribution statistics, including mean, sigma, Chi-square over the degree of
freedom, and confidence interval, appear above the chart. You can also scroll down to view the
frequency distribution in the table view.

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 Figure 3.30 Historical Return Histogram: HRH<GO>

HS<GO>, Historical Spread, charts the historical spread of a financial data, including price,
yield, volume, percentage change, volatility, and other types of historical data, between two
securities over a specific time frame. You can also multiply the data field with a constant which
gives you full flexibility to analyze the relationship between two securities. The top graph shows
the historical prices or other data types of two securities. The bottom graph shows the spread of
two securities over the time. The right hand side of the page shows the spread statistics table and
spread frequency distribution chart. From Figure 3.31, you can see clearly the spread between
ICBC’s H Share (listed in Hong Kong) and A Share (listed in the Chinese Mainland) changed
from negative to positive after the financial crisis in 2008 using the same currency US dollar.

Select the data field

as you prefer, e.g.
price, volume, P/E Similar to G<GO>,
and multiply a you can add
constant if needed technical studies or
events on the chart
for analysis.

Figure 3.31 Historical Spread: HS<GO>

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 Apart from the historical spread graph, HS<GO> also provides ratio, products and sum of two
securities which can be chosen from the amber box between the two security tickers on the top.
Moreover, you can also add regression and correlation charts by ticking the white boxes at the
top right (see Figure 3.32).

Click to run the

regression of the
Choose the arithmetic two securities
operations here: based on the data
spread, ratio, sum or field chosen within
product the selected period

Click to display
the historical
correlation graph
below and choose
Historical correlation the correlation
graph (rolling basis) calculation period
and the frequency and data type in
distribution chart the amber boxes

Regression graph
and statistics table

Figure 3.32 Ratio, Correlation and Regression in HS<GO>

3.1.6 Analyst Estimates and Recommendations

Bloomberg collects earning and other key items’ estimates, target price and recommendation
from analysts. Based on it, Bloomberg provides Bloomberg Estimates (BEst) which is the mean
of all the comparable estimates (Bloomberg data analysts examine the valid and comparable
estimates based on their presumptions).

EE<GO>, Earnings Estimates, puts everything that you need on earnings for a company in one
place to quickly gauge the street sentiment. The page is divided into different sections: earning
history, analyst recommendation, earning overview, earning trends and revision charts. More
importantly, you can click the title of each section to access different earning functions for more
detailed information. 1) Earning History (ERN) gives you a full history of actual earnings and
corresponding estimates of each period to better analyze the earning surprise history. 5) Earning
Trends (EM) puts the actual earnings in history and estimates consensus together in both table
and graph views to help you better understand the earning trends. You can click any figure to see
the transparency (for historical actual earnings) or the estimates by individual contributors (for
estimates for future periods). 6) Estimate Revision Charting (EEG) provides the historical
estimates (the forecasts made historically for a certain period) in graph view so that you can view
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how the analysts changed their estimates over the time before the actual earning was released
responding to the news and the company events.

Click each title

to see more
Growth vs Comps:
pages with
detailed comparison with
its peers for each
information of
earning measure
each category
Past Surprise:
the no. of times
over history that
the consensus was
beaten

Figure 3.33 Earnings Estimates: EE<GO>

EEO<GO> (or equivalently clicking 4) Current Consensus (EEO) in the EE<GO> page), lists
the estimates of all the key earnings and other important items in the top table and the multiples’
estimates below derived from the current price and earning consensus. You can move the mouse
to each column title and figure to see the definition or more details in the pop-up box. You can
also click any figure in the top table to view the transparency.

Orange: Switch between

actual data values and growth
Amber: of estimates as
estimate data you prefer
#:
no. of estimates
counted in the
consensus

Click the arrows

for more periods

Figure 3.34 Earnings Estimates Overview: EEO<GO>

EEB<GO>, (or equivalently clicking any name in the top table of EEO<GO>, e.g. 11) EPS
Adjusted+), gives you details of each estimated items. The top left table displays the statistics of
two consequent periods, one of which is chosen from the top right amber boxes. The chart shows
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 the historical consensus and actual figures for comparison. The table below shows the individual
analyst contributions with the latest update date and change compared with last time.

Select the
measure of Select the period
estimate as for the estimate
you want

Click to view the

research reports
by this analyst Click to view the
historical
estimates made
Click to view the
by the analyst in
historical estimates
graph
made by this analyst

Figure 3.35 Estimate Consensus Detail: EEB<GO>

ANR<GO>, Analyst Recommendations, provides transparency on the performance of analyst

recommendations, so that you can determine the latest analyst sentiment and monitor its changes.
Unlike EEB<GO> with a focus on the earnings estimates, ANR<GO> provides the analysts’
recommendations (buy, hold or sell) and price targets. The top left table gives you a summary of
number of buys, holds and sells, target price as well as the consensus rating (1 – 5, see DOCS
2049667<GO> for definition). The chart next to it displays the consensus information over the
time as well as the spread of target price and actual price for the trend analysis. The table at the
bottom lists all the individual analyst contributions with the recommendation, target price, return
and ranking based on the recommendation.

Price Spread:
target price –
Click here to view actual price
all the securities
covered by this Analyst Ranking
analyst BARR: ranking
based on the
Click here to see return of this
the analyst’s security
recommendation Rank: ranking
changes over the based on the
time in the table return of all the
or chart view securities that an
Figure 3.36 Analyst Recommendations: ANR<GO> analyst covers

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The As of option at the top right allows you to access the page as of you ran it on a certain
historical date (it is called “point-in-time” in Bloomberg). It provides full transparency of the
analyst recommendations as well as a way to trace the recommendation changes over the time.

3.2 Financial Analysis on a Sector/Industry

Bloomberg offers a solid analysis in sector level to help you better understand the sector. In this
section, we are going to introduce the Bloomberg Industries for industry analysis, followed by
the equity index analysis in performance and composition, as well as the peer analysis and equity
screening. The functions that will be introduced are as follows:

Function Code Function Name

BI<GO> Bloomberg Industries
WEI<GO> World Equity Indices
IMAP<GO> Intraday Market Map
MOST<GO> Most Active Up/Down
WTR<GO> World Trends and Reversals
MMAP<GO> Market Heat Map
MRV<GO> Market Relative Valuation
WPE<GO> World Price/Earnings
MEMB<GO> Index Member Weightings
MRR<GO> Member Ranked Returns
GRR<GO> Group Ranked Returns
MOV<GO> Index Movers
EMTK<GO> Equity Market Ticker
IMAN<GO> Guide to Understanding Indices
EQS<GO> Equity Screening
RV<GO> Relative Value
PC<GO> Peer Correlation Matrix

3.2.1 Industry Analysis: Bloomberg Industries

BI<GO>, Bloomberg Industry, provides key industry data, interactive charting, and written
analysis from a team of industry experts, so you can gain better insight into where an industry
stands today and where it might be headed in the near future. BI<GO> provides very

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comprehensive data that you need for an industry analysis to save your time and generate ideas
for your own analysis.
In the portal page of BI<GO>, It lists all the sectors and industries covered by Bloomberg
Industries so far. There are over 100 industries with different regional focus covered in 2012 and
BI analysts keep adding more with Asia Pacific focus. You can either select a sector first from
the left to narrow the search or just select an industry from the right. Let us use Food
Manufacturing sector as an example (you can run BI FOODG<GO> to access the food
manufacturing global dashboard directly).

Tick the star icon

to save as your
favorite so that you
can access from the
2) My Favorite
folder

Figure 3.37 Bloomberg Industries Portal Page: BI<GO>

In the food manufacturing dashboard and any other dashboards, you will see a sidebar on the left
divided into three categories: Analysis, Data Library and Monitor. You can select a module
based on your needs and the content will be displayed correspondingly on the right hand side.

Data Library: BI<GO> provides key industry data which you can find under this category. The
Market Share module in the food manufacturing dashboard provides both the company and
brand levels’ market shares from different sources. You can select different tabs on the top to
view (see Figure 3.38).

The Macro module displays the most relavant macroeconomic indicators for the industry. It
helps you to save time searching for less useful data from the massive dataset.

The Industry module provides the unique industry data, e.g. in the food manufacturing dashboard,
it displays the size, the growth and per capita consumption of all the food subcategories
originally from Euromonitor. You can get such valuable data for free to study the industry and
company trends (see Figure 3.39).

BI analysts have also created other custom modules under Data Library in each dashboard like
Cost Structure in the food manufacturing dashboard to provide the key inputs prices trends.

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 You can add a
module to your
favorite as well

Change to other
Top 10 market regions here
share in company Note: different
level for each regions have
subsector to give similar but
you an idea of different
who the market dashboards
leaders are and depending on
how concentrated analysts due to
or fragmented the regional
market is Sidebar difference.

Figure 3.38 the Market Share module in BI FOODG<GO>

Top 10 per capita

consumption
countries by
category: you can
clearly see that the
Asian countries
dominates in per
capita noodle
consumption

Figure 3.39 the Industry module in BI FOODG<GO>

Analysis: BI analysts write their research under this category to illustrate the industry trend and
provide ideas. Unlike the sell-side analyst reports, BI analysts use short paragraphs with charts or
tables to illustrate to save your time reading long reports. Bloomberg Industries also does not
give any buy or sell recommendation on any stock. The neutral position helps to give fairer and
more independent analysis.

The Bull & Bear module lists factors that can potentially drive the market to bull or bear case.
For example, large population and rising GDP per capita in developing markets may create huge
growth opportunities and a lot of multinational consumer product giants tend to penetrate using
M&A of local firms. Figure 3.40 is a piece of research using chart to illustrate the above
argument.

26
The Industry Primer module displays the research pieces related to the macro drivers and
companies’ key fundamental data to drive the industry.

The Theme module provides more general research pieces of different topics while the Valuation
module focuses on the common valuation methods used in the industry such as P/E and
EV/EBITDA analysis.

Click for an
interactive chart
that you can save
to your G<GO>
Click to see page
more pieces
of research

Figure 3.40 The Bull Case example in BI FOODG<GO>

Monitor: Bloomberg Industries also creates BI indices covering key companies in each industry.
The Monitor category provides real-time monitoring of those companies (called “peer group”) in
price, fundamentals, coporate events and ownership. The modules under this category are quite
standard.

Comp Sheets displays the current fundamental data of the BI peer groups that you can choose
from the top amber box. The layout makes it easier for comparison. You can also right click a
column to select Show Statistics to get mean, median and etc for each column (see Figure 3.41).

Markets has the same layout as the Comp Sheets module but focuses on the price, return,
volatility and beta information of the BI peer groups. You can right click a column to display the
statistics as well.

News/Research provides the industry news and BI research which lists all the pieces of research
in the Analysis category as news story headlines. It also has a tab to provide research reports
contributed by sell-side analysts (see Figure 3.42).

Coverage transfers the ANR<GO> page into table views for the companies in the BI peer groups.
It lists the consensus ratings, recommendations and other related data as well as the analysts
covering this industry.

27
 The top tabs
divide the
Change the peer fundamental data
group here into different
categories:
valuation,
Right click a operation,
column to get profitability,
the statistics of Balance Sheet,
each column CDS and credit
rating

Figure 3.41 the Comp Sheets module in BI FOODG<GO>

Research reports
contributed by
The Industry Sell-side analysts
Related News
Bloomberg First
Word FIRS<GO>
provides news
All the research stories in short
headlines in the paragraphs using
Analysis category bullet points to
highlight the
important points
from the original
news to save your
time (edited by
Bloomberg)
Figure 3.42 the News/Research module in BI FOODG<GO>

3.2.2 Index Performance Monitoring and Analysis

WEI<GO>, World Equity Indices, is a comprehensive market surveillance tool that allows you
to monitor and compare real-time price and volume data for the world's equity indices. You can
view the performances of different indices around the world and to compare regional indices
against one another. In addition to providing a real-time market overview, there are several
features in this page to provide a more vivid picture and to help you get a taste of the market
more efficiently.

The amber box at the top left allows you to customize the region focus. More indices in the
region that you have selected will be displayed. The small boxes that you can tick for different
items next to the amber box display different columns for different information. For example, the

28
 Futures option shows the future prices of indices and the mispriced percentage derived from the
future price could be a good indication of where the market could open. The AVAT option tells
you the increase/decrease in percentage term of today’s volume at time compared to the average
volume in a certain period that you can customize. The Movers option generates a column called
Adv/Dcl displaying the number of gainer and loser of the index member.

Select your focused

region to display
more indices in that
region

The 2 day column

provides real-time
intraday chart to
give you a quick Click the region
look of the recent bar to view
trend more indices in
this region

Figure 3.43 World Equity Indices: WEI<GO>

IMAP<GO>, (or equivalently clicking an index name in the WEI<GO> page), shows the most
recent trading day’s intraday performance of multiple securities that you can customize. You can
choose the source from the top amber box to import the security base that you like: it could be all
the securities across the globe, an equity index or an equity screen that you searched from
EQS<GO> which will be introduced in 3.2.4 Peer Analysis. With the securities imported, you
can view their performance by sector in a pie chart using different degrees of green and red color
to illustrate the sectors’ return as well as a table view next to the pie chart. You can click the
chart or table or view the subsectors’ return and further click until the security level return.

29
 Choose the
source here to Real-time
customize the monitoring
security base

Click the graph to

see the subsectors’
Color scheme
or securities’
for different
performance
return scales

Figure 3.44 Intraday Market Map: IMAP<GO>

MOST<GO> displays the day's most active stocks by volume, percentage change, value traded
from a custom group of securities. After having an overview of the market from WEI<GO> and
IMAP<GO>, you may use MOST<GO> to gauge the market sentiment and identify potential
opportunities to profit from changing trends of individual equities. You can customize the source
as you want via the top amber box, e.g. exchange and equity index. Then you can choose the
type of activeness from the middle grey tabs, e.g. 53) Chg Down as in Figure 3.45 to show the
leading decliners by percentage change in the Hong Kong Stock Exchange. The top right view
options allow you to change the layout as you like, for example, the News view will filter the
most relevant news story that triggered the active market reaction for each company.

Choose the
source here to
customize the
security base

Figure 3.45 Most Active Up/Down stocks: MOST<GO>

The 56) Highs & Lows tab in the MOST<GO> page displays the securities in the source which
reached their 52-week high or low on a certain date or within a date range. You can also click the

30
96) Actions tab on the top and select Exchange Statistics from the drop-down box to view the
number of securities that reached their 52-week high and low on a particular day that you choose.
Choose a date range to see
which securities reached their
52-week high and low within it

Figure 3.46 Highs & Lows in MOST<GO>

WTR<GO>, World Trends and Reversals, is another tool to gauge the market trends across
different assets classes. It displays securities’ trends in four quadrants based on the most recent
two periods’ return, e.g. positive return today and the day before is categorized as trending up.

You can customize country or region as well as the periodicity in the top amber boxes. The
important securities and indicators in the selected country or region will be displayed in the
quadrants to provide an easy and effective analysis. The different icons for different assets
classes give you a clear picture of the correlation between different assets classes.

Click it to
customize
securities
from the
source

Move the mouse to

Different icons
the icon to view
represent
more detailed price
different assets
information
classes
Note: the function is
real-time monitoring

Figure 3.47 World Trends and Reversals: WTR<GO>

31
MMAP<GO>: after an overview of index price information from the above functions, now we
are going to introduce some functions for index fundamental data. MMAP<GO>, Market Heat
Map, displays and analyzes the fundamentals in sector and region levels as well as the companies
within the sectors or regions to serve as an idea generation tool for the first step of a top-down
approach. The fundamentals include growth, price multiples, return, volatility and market
sentiment.

From the top amber boxes, you can select the source, e.g. all securities, and the type of
fundamental data, e.g. P/E estimate, as well as the view and/or region, e.g. by sector in Hong
Kong (see Figure 3.48). Then a bar chart and a table will be shown below to display the statistics
of P/E estimate by sector in Hong Kong, including the number of securities, average, median,
standard deviation and etc. for each sector. You can see clearly which sector has higher forward
P/E to get a taste of the industry trend. You can click a sector in the chart to see its subsectors
and further click until the security level page is displayed.

Choose the
source and data
Choose the view
to analyze here
by sector, region
or market cap
and further
Click the bar to breakdown if
view its subsector applicable
and the securities
within it

Figure 3.48 Market Heat Map: MMAP<GO>

If you click 2) Grid at the top right, the display will change to grids with market cap breakdown
to give you a more detailed analysis.

32
 Move the mouse to
show the statistics
and click it to view
its subsector and the
securities within it

Figure 3.49 the Grid view in MMAP<GO>

MRV<GO>, Market Relative Valuation, allows you to quickly compare the relative valuation,
performance and expectations for a set of indices. You can select an index basket by region or
sector from the top amber box. A table will be shown below to display the valuations,
performance or estimates of the selected indices depending on the grey tab chosen. A chart at the
bottom with multiple securities shows the historical data that you selected from the amber boxes
for the securities.

The 11) Valuations tab displays the price multiples of indices for comparison as well as a
valuation score comprised of equally weighted B/P, E/P and dividend yield to indicate whether
the index is cheaper than the basket average. The 12) Performance and 13) Estimates tabs
provide the historical return and price multiples estimates respectively. If you would like to
display the custom columns that you are interested in for comparison, you may go to the 14)
Custom tab to create template as you like.

The As of Date option at the top right corner allows you to go back to a particular date to
compare their performance as of that day.

33
 Click it to add
Change the date
or remove the
to compare the
indices in the
performance as of
current basket
a particular day

This icon indicates

the index has sub-
indices. Click it to Green indicates
see the relative cheaper than
value of sub-indices average
Note: move the
Click the amber mouse to see the
box to change explanation
the measure for
historical graph

Figure 3.50 Market Relative Valuation: MRV<GO>

WPE<GO>, World Price/Earnings, is a page to view and compare the price multiples of indices.
If you would just like to compare price multiples, this page may give you a quick glance.

Click the amber

box to change
Historical and
the measure, e.g.
estimate data for
P/S, P/B, P/CF
trend analysis

Click it to see
more indices
within the
region

Click to go to
GF<GO> with the
index loaded for
graph analysis

Figure 3.51 World Price/Earnings: WPE<GO>

3.2.3 Index Composition Analysis

After knowing how to monitor and compare the performance of different indices, now we are
going to introduce the tools for index composition, i.e. sub-index and member level analysis.

MEMB<GO> is the page to view the members and sub-indices of an index as well as their
performance. You need to load an index which has member information available before running
the function, e.g. HSI INDEX MEMB<GO>. The page displays the members and their
weightings and prices of the Hang Seng Index.
34
You can add columns in the amber box at the top compare more data among members. You can
also click the column title to sort it. By sorting the Index Weight (%) column in Figure 3.52, we
can see that HSBC takes up more than 15% of the Hang Seng Index which indicates that the
index will be affected significantly when HSBC’s price fluctuates.

From the bottom amber box, you can further group the index by sector, country of domicile and
etc. For example, if you would like to view the sub-indices (if any) provided by the index vendor,
you can select the option(s) under Vendor Subindices from the drop-down box of Grouping (see
Figure 3.52).

Choose a date to
view the members Click the icon to
as of that day refresh the real
(there may be time values e.g.
members in and price, as the
out over the time) function is static

Click 4) Stats to
add statistics
e.g. mean and
standard
deviation of the
members

Figure 3.52 Index Member Weightings: MEMB<GO>

If you click the 2) Historical Summary tab at the top of the page, it will provide the historical
data that you are interested in over the time both in table and graph views.

For example, Figure 3.53 illustrates the sub-indices in the Hang Seng Index with their monthly
weightings over the time so that you can see the trend of each sub-index. You can change the
measure from the amber box above the table, e.g. member count, to view the number of members
in each sub-index over the time.

35
 Click to select
the data to
measure, e.g.
weightings,
member count
and etc.

Figure 3.53 the Historical Summary tab in MEMB<GO>

MRR<GO>, Member Ranked Returns, displays the 10 best and 10 worst performing members
of an index. You may need to load an index first before running the function, e.g. SPX INDEX
MRR<GO>. You may choose the period of the return at the top left and scroll down to see the
full rankings.

Choose the return Scroll down

period e.g. 10 to see the full
represents YTD or rankings
enter the start and
end dates directly

Figure 3.54 Member Ranked Returns: MRR<GO>

GRR<GO>, Group Ranked Returns, is similar to MRR<GO>, but displays the rankings of sub-
indices of an index during a specified time. You need to load an index with sub-indices available
before running the function, e.g. SPX INDEX GRR<GO> (see Figure 3.55).

36
 Figure 3.55 Group Ranked Returns: GRR<GO>

MOV<GO>, Index Movers, is a page to identify the leaders and laggers in an index and thus to
analyze the effect that individual components have on the index, as well as to determine which
stocks are under- or over- performing compared to the index. Let us use HSI INDEX
MOV<GO> as an example (see Figure 3.56).

You may go to the amber boxes in the middle of the page to set up the page first, including the
type of movers (e.g. index points), time range of the most recent day (for historical movers,
please click 95) Historical Movers) and etc. At the top left of the page, you can see the trading
summary for the Hang Seng Index and on the right hand side, you can choose either intraday
price chart of the index or the scatter chart which plots all the leaders and laggers according to its
current volume/5-day average volume and the index points driven by its price movement. The
table at the bottom shows the leaders and laggers in two columns with related information.

Click it to run a
Choose the type of
report for movers in a
movers here, e.g.
historical date range
index points (how
(HMOV<GO>) since
many index points
this page only shows
driven by individual
the most recent day
member’s movement

The News view Click it to

will display a see the full
most relevant rankings
news story for
each member
that drives its
movement

37
 Figure 3.56 Index Movers: MOV<GO>

EMTK<GO>, Equity Market Tickers, is the page that you can go to search for the index tickers
provided by exchanges to capture the trading and fundamental information of exchanges. Let us
use Shanghai Stock Exchange as an example. You can click 5) Asia Pacific -> 12) CH – China ->
12) CG – Shanghai. All the related indices will be listed in several pages, including sub-indices
by sector, market cap, volume and turnover of all or partial stocks in the exchange. You can
check this page if you cannot find certain index released by the exchange.

Scroll down for

more pages

Indices are
categorized by
titles in white,
e.g. market
volumes for
Shanghai A
and B shares

Figure 3.57 Equity Market Tickers: EMTK<GO>

IMAN<GO>, Index Manual, is the page to help you understand indices, including the definition
of different types of indices, calculation of index fundamental data, corporate actions
adjustments and FAQs. You can take a look at this page if you have any questions related to
index.

38
 Click to see how
index P/E ratio is
calculated
Click to see the
definition of
free float
weighted index

Figure 3.58 Guide to Understanding Indices: IMAN<GO>

3.2.4 Peer Analysis

After obtaining an overview of different sectors for your assets allocation and knowing the tools
to analyze an individual stock, you may also need to do a peer analysis for your security
selection. We start with a very powerful equity searching engine EQS<GO> to screen out the
stocks matching your quantitative and qualitative criteria for your peer analysis and idea
generation, e.g. all the stocks listed in Hong Kong with P/E ratio greater than 10.

Before conducting your own search, we can take a look at the pre-made searches in the system to
save your time. In Figure 3.59 (run EQS<GO> and make sure it is in the 93) Example Screens
tab as shown at the bottom), you may click 3) Browse to view all the example screens, such as
China A Shares and Hong Kong H Shares in the Asia/Pacific folder.

The 4) Showcase box provides some examples and documentations on the relatively complicated
topics and you may take a look if you would like to learn more after reading the introduction
here to have a basic idea of EQS<GO>. Similarly, 7) New Wire keeps updating example screens
to provide idea generation for the current market.

39
 Figure 3.59 Example Screens in EQS<GO>

If you cannot find the securities matching your criteria from the example screens, you can
conduct a screening by yourself. You may click the 91) Build/Edit Screen tab at the bottom and
make sure that the red tab at the top left says 97) Screen Builder (if it says 95) Advanced
Screening Mode, click it and you will be directed to the page as Figure 3.60).

The page is divided into three parts by the grey bars: Universe Criteria, Add Criteria and
Selected Screening Criteria. Universe Criteria displays more systematic criteria such as
exchanges, country of domicile, sectors and etc. Add Criteria provides more customized criteria
by searching in the amber bar, e.g. P/E, Market Cap and Total Return. You can click 2) Field
next to the amber box to browse the full list. Once you have selected a criterion, it will be
displayed under the Selected Screening Criteria bar. Let us use two examples to illustrate to how
to use EQS<GO> to conduct an equity search.

Make sure that

you see this tab
otherwise click it
to switch to this
page.

Click it to
conduct a
search by
yourself
Figure 3.60 Build/Edit Screen in EQS<GO>
40
Example 1: search for the common stocks listed in the Hong Kong Stock Exchange with the
current P/E < 10

To search for the equities listed in Hong Kong, you can click 51) Exchanges under Universe
Criteria and drag and drop Hong Kong from the left box to the Included Options box on the right
(see Figure 3.61).

Drag and Drop

Click the button

after selecting
the exchange

Figure 3.61 Exchange Criteria in EQS<GO>

To make sure that the equities are common stocks, select 62) Security Types (click 66) More
Categories to expand first if you cannot see 62) Security Type) and drag Common Stock to the
Included Options box (see Figure 3.62).

Figure 3.62 Security Type criteria in EQS<GO>

41
To search for the stocks with P/E < 10, you can type P/E in the amber bar under Add Criteria
and choose the field from the drop-down box. You may select the condition as shown in Figure
3.63 and hit <GO> to update.

Figure 3.63 Add Criteria in EQS<GO>

After selecting all the criteria, you will see them displayed under Selected Screening Criteria
with the number of securities matched in each level (see Figure 3.64). You may click 1) Results
to view the result page.

The criteria that

you have selected
and the number of
securities matched
in each level

Figure 3.64 Selected Screening Criteria in EQS<GO>

In the result page, all the companies are displayed with relevant columns of data in a table view.
You can add more columns by searching from the amber bar at the top. You can further group
the results by sector, country of domicile, percentile and etc. from the Grouping box at the

42
bottom. You can also click 94) Stats at the bottom to calculate the median, market cap weighted
average, standard deviation and etc. of each column (see Figure 3.65).

Click it and select Click it and select

Excel from the Save to save the
drop-down menu search under 92)
to output to Excel My Screens so
that you can load
Add more it directly next
columns of time by running
data that you EQS<GO> and
are interested 92<GO>
from here

Figure 3.65 Result Page navigation in EQS<GO>

Example 2: search for automotive companies which have revenue greater than 1 billion USD in
the latest fiscal year and at least half of it comes from the Great China Region

To search for automotive companies, you can click 55) Sectors and the sector hierarchy is
displayed so that you can choose an appropriate level for your purpose. There are also different
industry classification systems served as the market convention by different organizations for
you to choose, e.g. GICS (Global Industry Classification Standard) by MSCI and S&P, ICB
(Industry Classification Benchmark) by Dow Jones and FTSE, and BICS (Bloomberg Industry
Classification System) by Bloomberg. Let us take Automotive under Consumer Discretionary
from BICS as an example (see Figure 3.66).

43
 Choose the
industry
classification
standard here

Figure 3.66 Sectors criteria in EQS<GO>

To search for the companies with revenue greater than 1 billion USD in the latest fiscal year, you
can type Sales and choose the right field from the drop-down menu with the period and condition
as shown in Figure 3.67. However, the number by default is in local currency and you may need
to change to USD by clicking 87) Currency [LCL].

It displays in
Latest Year
million by
here refers to
default and you
the latest
can input 1000
fiscal year
for 1 billion

Figure 3.67 Currency setting in EQS<GO>

To search for the companies with at least half of the revenue generated from the Greater China,
you may click the 54) Geographic Segments criteria which allows you to filter the revenue and
operating income breakdown by region. In the pop-up window, you may select Greater China
Region in Step 1 and Revenue Percent in the Latest Year for measurement in Step 2. After
clicking 1) Update, you will see the criteria shown under Add Criteria and you can select the
44
condition as shown in Figure 3.68 (50 refers to 50% as revenue percentage has been chosen). Do
not forget to hit <GO> to update it to display under Selected Screening Criteria.

Figure 3.68 Geographic Segments in EQS<GO>

In the result page, we will introduce two more features that were not mentioned in example 1. If
you right click any column e.g. P/E, and select Insert If-Then Formula, you can assign a
number for each range of data (see Figure 3.69) for a simple analysis or modeling.

Choose the
condition here,
e.g. less than a
constant or a
field like P/B
Distribution chart
Condition Ranges: of the selected
example here is if column for your
P/E < 15, return 15 reference when you
otherwise return 0 set the condition
range

Figure 3.69 If-Then Formula in EQS<GO>

Another available option from the right click is Insert Combined Column which allows you to
do simple calculation among columns for each ticker, e.g. sum, spread, ratio and percentage
difference. Figure 3.70 illustrates how to insert a column for the ratio of revenue and market cap.

45
 Assign weight
for columns if
necessary

You can do
calculation for
If-Then columns
as well.

Figure 3.70 Insert Combined Column in EQS<GO>

There is a new feature in EQS<GO> which allows you to conduct a historical search. If you
change a date in the amber box next to Screen as of, e.g. 05/01/2012, at the top right of the page,
you can conduct a screening as of you did on that day. Therefore, you are able to retrieve what
happened on a certain day, i.e. all the screened data are as of that day. Such point-in-time feature
also allows you to know the historical information such as the member of an index as of that day.

Figure 3.71 the Screen as of feature in EQS<GO>

RV<GO>, Relative Value, allows you to perform relative valuation analysis on a selected equity
with its peers in both overall business and product line levels. If you run IBM US EQUITY
RV<GO>, you will see IBM’s peers with relevant and customizable data for comparison.

46
 The top left table displays IBM’s revenue in the latest fiscal year in a bar chart and its breakdown
in different business or product lines. If you click a product line level, the peers in the table
below will change accordingly to display those companies with their business in this product line.

The top right table shows the valuation metrics of IBM such as P/E and EPS growth. It also uses
a graph to display the range of its peers and where it is located to give you a quick comparison.

The bottom table shows the peers and their data. You can click the tabs above to view different
types of data. You can also create a custom template with your own peer group and dataset by
click the 27) Custom tab.

Choose other
classifications here
The line length
such as GICS and
indicates the metric
ICB but only
range of all peers
Bloomberg (BICS)
with high and low
has product line
figures shown
level peers
available
Click it to view its Click it to create a
peers which has custom template to
revenue generated include your own
from infrastructure peers and data (see
software in the table Figure 3.73 for
below details)

Click it to add or
delete peers to
create your own
peer group Figure 3.72 Relative Value: RV<GO>

In the 27) Custom tab, you can add the fields that you would like to analyze by searching from
the amber box above the table. You can click 11) Edit Comparables at the bottom to add or
delete current peers.

Saved custom
templates which you
can view in the
future: click 19)
Save As… to save

If it is grey, please
go to Comp Source
and select 2 Custom
Comps from the
drop-down menu
Figure 3.73 the Custom tab in RV<GO>
47
PC <GO>, Peer Correlation Matrix, allows you to quickly find the correlation of a security with
its peers and related indices for your peer correlation analysis. In Figure 3.74 using IBM US
EQUITY PC<GO> as an example, from the amber boxes at the top of the page, you can choose
the settings for the correlation matrix, e.g. date range for correlation calculation, peer source and
peer regions. The table below displays correlation matrix with peers in rows and related indices
in columns so that you can view not only the correlations between IBM and its peers, but also
between its peers and related indices.

You can also select

other statistical
studies such as
covariance, beta
and R-square

Different colors
indicate different
degrees of
significance

Figure 3.74 Peer Correlation Matrix: PC<GO>

Exercise
1. Identify the short sell availability and round lot size (minimum number of shares of stock
that can be purchased without incurring a larger fee) of Cheung Kong Holdings (1 HK).
2. Find the highest, lowest, average and median prices of 5 HK from 01/01/2008 – 12/31/2009
3. Find the percentage of revenue generated from China for YUM! Brands Inc. (the company
which owns KFC and Pizza Hut).
4. Compare McDonald’s and Starbucks historical inventory days in graph.
5. Compare the total return of 4 securities from 01/01/2005 – 12/31/2007: 700 HK, HSI, HSC
and MXAP (hint: COMP<GO> can display 3 securities at maximum at the same time and
consider graph functions for workaround).
6. Identify the number of analysts who recommended Sell for Apple Inc. on 09/01/2011.
7. Find the countries with the highest and lowest smoking prevalence according to the analysis
of Euromonitor.
8. Find the sectors that increased and decreased most on the most recent trading day for stocks
listed in Hong Kong with market cap greater than 100 million HKD.
48
9. Find the number of members in the Hang Seng Index as of 12/31/2010.
10. Find the value of shares traded in the Main Board of the Hong Kong Stock Exchange
(including stocks, warrants, bonds and ETFs).
11. Understand the free float weighted index and find one example.
12. Identify the members in KOSPI Index having the target price consensus greater than the
current price and with more than 20 analysts recommending Buy.

49