If the value of equity of a company is trading at a low 0.5x price-to-book value then the debt will appear as a large portion of capital. If the value of equity is trading at an expensive 4.0x then debt appears tiny. But debt never changed.
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How does an analyst forecast sales growth? What if a company is in a cyclical industry? What if the company has very volatile sales growth? Is it wrong to forecast a steady growth rate for each of the future years?
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In our Top 5 this week, we check out complacency in today’s bull market, search for the Holy Grail of active mutual fund investing, and discover the lure of pessimism. All this and more…
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It’s now 20 years ago the Asian Financial Crisis hit. Thailand was the epicenter of the 1997 Asian Financial Crisis. I had moved to Thailand in 1992, become a bank analyst in 1993 so I lived through the boom of that time.
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Over the course of 20 years, Yeap Swee Chuan has built a Thailand-based automotive conglomerate, AAPICO Hitech, that’s now gearing up to go global. A book that Mr. Yeap enjoys is Sun Tzu’s The Art of War.
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In this Academic-Style Research we gearing on a global universe. We then tested to combine Fundamentals, Valuation, Momentum, and Risk factors into FVMR.
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In this Academic-Style Research we tested three-month price momentum on a global universe. We then tested to combine Fundamentals, Valuation, and Momentum.
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In our Top 5 this week, we check out complacency in today’s bull market, search for the Holy Grail of active mutual fund investing, and discover the lure of pessimism. All this and more…
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In this Academic-Style Research we tested a valuation factor, low PE, on a global universe. We then tested to combine this factor with a Fundamental factor, high improvement in asset turnover.
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Return-on-equity is still the highest among its Asian neighbors, and the nation’s GDP is growing at a healthy 5% clip thanks to private consumption and investment.
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