security analysis and investment

8/9/2019 Security Analysis and Investment

1/37

SICYUA[Q NHNBQSAS

NHKAHTIS[LIH[ LNHNGILIH[

Sissafh? 5001,>0 Cfyusi [incmiu?

En{cm? LEN -AAA Sil(! Lu( Nhja{ Sn}ihn


2/37

AHTIS[LIH[

Ahtis{lih{ ahtfbtis Sncuadaci fd Cyuuih{ Sntahgs dfu

I}pic{ik Dy{yui Eihida{s(

Sncuadaci as ah {mi puisih{ nhk as ciu{nah(

[mi Uiwnuk cflis bn{iu nhk {mi nlfyh{ fd uiwnuk as

yhciu{nah(

Ahtis{lih{ Kicasafh ahtfbtis {wf n{{uaey{is taz( Uasj

nhk Ui{yuh(

Ahtis{lih{ lnq ei Uinb -i(g( Bnhk" Lncmahiuq i{c(! nhk

Dahnhcanb -i(g( Cfllfh S{fcjs nhk Efhks!(


3/37

AHTIS[LIH[ PUFCISS

>! Si{{ahg Ahtis{lih{ Pfbacq

5! Piudful Sicyua{q Nhnbqsas

n! [icmhacnb Nhnbqsas

e! Dyhknlih{nb Nhnbqsas

3! Cfhs{uyc{ n Pfu{dfbaf

;! Pfu{dfbaf Uitasafh

9! Pfu{dfbaf Piudfulnhci Itnbyn{afh


4/37

AHTIS[LIH[NB[IUHN[ATIS

Ahtis{lih{

Nb{iuhn{atis

Puicafys Feoic{s

Badi Ahsyunhci

Pfbacais

Lfhiq Lnuji{

Ahs{uylih{s

I~ya{q SmnuisHfh,Lnuji{nebi

Dahnhcanb Nssi{s

Efhks

Ly{ynb Dyhk

Scmilis

Uinb Is{n{i

Dahnhcanb Kiuatn{atis


5/37

AHTIS[LIH[N[[UAEY[IS

Un{i fd Ui{yuh

Uasj

Lnuji{neaba{q

[n} Smib{iu

Aha{anb [n} Eihida{

Cfh{ahyahg [n} Eihida{

[iulahnb [n} Eihida{

Cfhtihaihci


6/37

AHTIS[LIH[ TS( SPICYBN[AFH

Ahtis{fu Spicybn{fu

Pbnhhahg MfuazfhUibn{atibq Bfhgiu

Pbnhhahg Mfuazfh

Tiuq Smfu{ Pbnhhahg

Mfuazfh

Uasj Kaspfsa{afhHf{ wabbahg {f nssylilfui {mnh Lfkiun{i

Uasj

Wabbahg {f nssyli MagmUasj

Ui{yuh I}pic{n{afhSiij n Lfkis{ Un{i fd

Ui{yuh

Bffj dfu n Magm Un{i fd

Ui{yuh

Ensas dfu Kicasafhs Guin{iu saghadacnhci {fDyhknlih{nb Dnc{fus Uibq lfui fh Minusnq"[icmhacnb Cmnu{s" nhk

Lnuji{ Psqcmfbfgq

BitiungiYsis mas fwh dyhk nhk

iscmiws efuufwik dyhks

Uisfu{s {f efuufwahgs"

{f syppbilih{ mas

piusfhnb uisfyucis


7/37

CFLLFH IUUFUS AH AHTIS[LIH[ LNHNGILIH[

Ahnki~yn{i cflpuimihsafh fd Ui{yuh nhk Uasj

Tngyibq dfulybn{ik Ahtis{lih{ Pfbacq

Hnti I}{unpfbn{afh fd {mi Pns{

Cyusfuq Kicasafh Lnjahg

Salyb{nhifys Swa{cmahg

Laspbncik Bfti dfu Cminp S{fcjs

Ftiu,katiusadacn{afh nhk Yhkiu,katiusadacn{afh Eyqahg Smnuis fd dnlabanu Cflpnhais

Wufhg N{{a{yki {fwnuks Bfssis nhk Pufda{s

[ihkihcq {f Spicybn{i


8/37

^YNBA[AIS DFU SYCCISSDYB AHTIS[AHG

Cfh{unuq [mahjahg

Pn{aihci

Cflpfsyui

Dbi}aeaba{q nhk Fpihhiss

Kicasatihiss


9/37

S[UYC[YUI FD SICYUA[AIS LNUJI[

Sicyua{aisLnuji{

Kie{ Lnuji{

Gftiuhlih{Sicyua{ais

Lnuji{

Cfupfun{iKie{ Lnuji{

LfhiqLnuji{

I~ya{qLnuji{

Kiuatn{atisLnuji{

Fp{afhsLnuji{

Dy{yuisLnuji{


10/37

PNU[ACAPNH[S AH SICYUA[Q LNUJI[

Uigybn{fus

S{fcj I}cmnhgis

Bas{ik Sicyua{ais

Kipfsa{fuais

Eufjius

Dfuiagh Ahs{a{y{afhnb

Ahtis{fus

Liucmnh{ Enhjius

Pualnuq Kinbius

Ly{ynb Dyhks

Cys{fkanhs

Uigas{unus

Yhkiuwua{ius

Enhjius {f nh Assyi

Kieih{yui [uys{iis

Tih{yui Cnpa{nb Dyhks

Cuika{ Un{ahg Ngihcais


11/37

Dyhknlih{nb Nppufncm

Psqcmfbfgacnb Nppufncm

Ncnkilac Nppufncm

Icbic{ac Nppufncm

AHTIS[LIH[ NPPUFNCMIS


12/37

DYHKNLIH[NB NPPUFNCM

Lfs{ Cfllfhbq nktfcn{ik eq {mi Pufdissafhnbs

Ah{uahsac Tnbyi fd Sicyua{ais as cfhsakiuik

EYQ? Yhkiu,tnbyik Sicyua{ais -AT8LP!

SIBB? Ftiu,tnbyik Sicyua{ais -AT2LP!


13/37

PSQCMFBFGACNB NPPUFNCM

S{fcj Puacis nui gyakik eq ilf{afhs un{miu {mnh uinsfh(

A{ as ensik fh [icmhacnb Nhnbqsas(

EYQ? Fp{alasl -Guiik $ Iypmfuan!

SIBB? Pissalasl -dinu $ Kispnau!

Cns{bis ah {mi Nau


14/37

NCNKILAC NPPUFNCM

S{fcj Puaci eimntafyu cfuuispfhks n unhkfl wnbj(

Pns{ Puaci Eimntafyu cnh hf{ ei ysik {f puikac{ dy{yui(

[miui as n pfsa{ati uibn{afhsmap ei{wiih Uasj nhk Ui{yuh(


15/37

ICBIC[AC NPPUFNCM

Ysi Dyhknlih{nb Nhnbqsas [f Is{nebasm S{nhknuks nhk

Eihcmlnujs

Ysi [icmhacnb Nhnbqsas [f nssiss {mi s{n{i fd Lnuji{

Psqcmfbfgq

Cfleahi Dyhknlih{nb nhk [icmhacnb Nhnbqsas dfu

Sicyua{q Nhnbqsas

Uilileiu Magm Uasj" Magm Ui{yuh

Uispic{ Lnuji{ Puaci


16/37

S{fcj Lnuji{ Fpiun{afhs

IcfhflacSqs{il

SyupbysGihiun{ahg

Yha{s

MfbkahgBa~yak Cnsm

Ahtis{lih{

Kidaca{Gihiun{ahg

Yha{s


17/37

Ahtis{fus

Ah{iulikanuais

Assyius

Uigybn{fuq Efkais

DFYU IBILIH[S FD SICYUA[Q LNUJI[


18/37

Cnpa{nb Lnuji{? Nh Ah{ufkyc{afh

N Pbnci wmiui pifpbi eyq nhk sibb dahnhcanb

ahs{uylih{s

N Licmnhasl {f dncaba{n{i {mi i}cmnhgi fd dahnhcanb

nssi{s(


19/37

Pyupfsi fd S{fcj Lnuji{

Cnpa{nb Dfuln{afh fd Cflpnhq

Lnah{nahs Nc{ati [unkahg

Ahcuinsik Ba~yaka{q fdDahnhcanb Nssi{s

Ysidyb ah Puaci UicftiuqPufciss


20/37

Cbnssadacn{afh

Fh {mi Ensas fd Hn{yui fd [unhsnc{afhs

Pualnuq -Hiw Assyi! Lnuji{ Pyebac Assyi

Uagm{ Assyi

Puatn{i Assyi Puidiuih{anb Assyi

Sicfhknuq -S{fcj! Lnuji{ Fugnhazik S{fcj I}cmnhgi

Ftiu {mi Cfyh{iu-F[C! Lnuji{

Fh {mi Ensas fd Kyun{afh fd [unhsnc{afhs

Lfhiq Lnuji{ -Biss {mnh Fhi Qinu!

Cnpa{nb Lnuji{ -Lfui {mnh Fhi Qinu!


21/37

Ufbis nhk Dyhc{afhs fd S{fcj I}cmnhgis

Puftakis n Lnuji{ Pbnci dfu pyucmnsi nhk Snbi fd

Sicyua{ais

Puftakis Bahjngi ei{wiih Sntahgs fd Mfysimfbk

Sic{fu nhk Ahtis{lih{ ah cflpnhq(

Puftakis n Lnuji{ ^yf{n{afh fd {mi puacis fd Smnuis

nhk Efhks


22/37

Puahcapnb Winjhiss fd Ahkanh S{fcj Lnuji{

Unlpnh{ Spicybn{afh

Ahsakiu [unkahg

Fbagfpfbas{ac Lnuji{ -Hf{ [uybq Cflpi{a{ati!

Bala{ik Dfuwnuk [unkahg

Fy{kn{ik Smnui [unkahg Sqs{il

Bncj fd n Sahgbi Lnuji{ -Hf Ah{iu,lnuji{ Fpiun{afhs!

Pufebils fd Ah{iudnci ei{wiih Pualnuq nhk Sicfhknuq

Lnuji{

Ahnki~yncq fd Ahtis{fus Siutacis


23/37

Pualnuq I~ya{q Lnuji{

[miui nui dfyu wnqs ah wmacm n cflpnhq lnq unasi

i~ya{q cnpa{nb ah {mi pualnuq lnuji{?

Pyebac Assyi

Uagm{ Assyi

Puatn{i Pbncilih{

Puidiuih{anb Nbbf{lih{


24/37

-N! Pyebac Assyi

Snbi fd Sicyua{ais {f {mi pyebac n{ bnugi

Pyebac assyis ah Ahkan nui gftiuhik eq puftasafhs fd

[mi Cflpnhais Nc{" >194

SIEA Gyakibahis fh Ahtis{fus Puf{ic{afh

Bas{ahg Nguiilih{ ei{wiih {mi Assyahg Cflpnhq

nhk {mi S{fcj I}cmnhgis


25/37

Pyebac Assyi? Pufciss

Nppuftnb fd Efnuk fd Kauic{fus

Nppuftnb fd Smnuimfbkius

Nppfah{lih{ fd Bink Lnhngiu nhk f{miu

Ah{iulikanuais baji Cf,lnhngius" nktasfus"

yhkiuwua{ius" enhjius" eufjius" nhk uigas{unus

Puipnun{afh nhk dabahg fd kund{ pufspic{ys wa{m SIEA

Nppbacn{afh fd Bas{ahg ah S{fcj I}cmnhgi

Dabahg fd pufspic{ys wa{m {mi Uigas{unu fd Cflpnhais

Puflf{afh fd Assyi


26/37

Pyebac Assyi? Pufciss -Cfh{k((!

Puah{ahg nhk Kas{uaey{afh fd nppbacn{afhs

S{n{y{fuq Nhhfyhcilih{

Cfbbic{afh fd Nppbacn{afhs

Pufcissahg fd Nppbacn{afhs

Ki{iulahn{afh fd {mi baneaba{q fd yhkiuwua{ius

Dahnbazn{afh fd Nbbf{lih{

Gatahg fd kiln{ cuika{ -Kaspn{cm fd Smnui Ciu{adacn{is!

nhk Uidyhk Fukius

Bas{ahg fd {mi Assyi


27/37

S{fcjahtis{ Scmili

Wmih pyebac assyis gi{ mintabq ftiu,syescuaei:

N Bnugi hyleiu fdAhtis{fus bfsi ah{iuis{ fh {mi

syescuap{afh lfhiq bfcjik wa{m {mi cflpnhq"

Wmabi Assyahg Cflpnhq ihofqs {mi eihida{ fd

dbfn{ lfhiq(

SIEA mns nhhfyhcik {mas S{fcjahtis{ Scmili {f

ftiucfli {mas pufebil(


28/37

S{fcjahtis{ Scmili Ibagaeaba{q

Uisiuti Enhj fd Ahkan mns uis{uac{ik {mi ysi fd

s{fcjahtis{s {f ahkatakynb ahtis{fus nhk ly{ynb dyhks

fhbq(

S{fcjeufjius" Cfupfun{i Efkais" Enhjs" nhk Dahnhcanb

Ahs{a{y{afhs nui hf{ nbbfwik {f nppbq {mufygm

s{fcjahtis{s(

N ciabahg fd Us( 90"000 piu ahkatakynb piu s{fcjahtis{

mns eiih alpfsik eq {mi enhjs(


29/37

S{fcjahtis{ Scmili Pufciss

Nppbacn{afh fd S{fcjahtis{ eq

Ahtis{fu {f Enhj

Assyi fd S{fcjahtis{ eq Enhj {fAhtis{fu

Syelassafh fd Nppbacn{afh Dful

$ S{fcjahtis{s {f Cfbbic{ahg

enhjiu

Cfbbic{ahg Enhjius {unhsla{s {f

Uigas{unu fd Cflpnhais

Dahnbazn{afh fd Nbbf{lih{ nhk

Cbnal eq Uigas{unu {f Cfbbic{ahg

Enhjiu

Cfbbic{ahg Enhjiu gatis cuika{{f Cflpnhqs N&c

Dfulnb Nbbf{lih{

-Nbbf{lih{ Nktaci fu Ui{yuh fd

Nppbacn{afh Dful!

Ah{aln{afh eq Assyahg Enhj

nefy{ {mi uibinsi fd baih


30/37

Effj Eyabkahg

N li{mfk fd fddiuahg smnuis {f ahtis{fus ah wmacm {mi

assyi puaci as hf{ da}ik ah nktnhci -ns ah cnsi fd Da}ik

Puaci Fddiu!

Assyi Puaci as ki{iulahik {mufygm n eakkahg pufciss(

[mys" Puacahg uidbic{s uitinbik kilnhk nhk

cfh{ilpfunuq lnuji{ cfhka{afhs(


31/37

-E! Uagm{ Assyi

Sibbahg sicyua{ais ah {mi pualnuq lnuji{ eq assyahg uagm{s {f {mi

i}as{ahg smnuimfbkius(

N Bi{{iu fd Fddiu nbfhg wa{m n cflpfsa{i nppbacn{afh dful

cfhsas{ahg fd dfyu dfuls -N" E" C" $ K! as sih{ {f smnuimfbkius(

Dful N ?Nccip{nhci fd Uagm{s $ Nppbacn{afh dfu Nkka{afhnb Smnuis

Dful E ? [f Uihfyhci {mi uagm{s ah dntfyu fd sflifhi ibsi(

Dful C ?Nppbacn{afh eq {mi Uihfyhcii

Dful K ? [f lnji n ui~yis{ dfu spba{ dfuls(


32/37

-C! Puatn{i Pbncilih{

Snbi fd Sicyua{ais {f n bala{ik hyleiu fd sfpmas{acn{ik

ahtis{fus sycm ns dahnhcanb ahs{a{y{afhs" ly{ynb dyhks"

tih{yui cnpa{nb dyhks" enhjs nhk sf fh(

Akih{a{q fd ahtis{fus ah hf{ jhfwh wmih {mi fddiu kfcylih{

-pfpybnubq jhfwh ns Ahdfuln{afh Lilfunhkyl!


33/37

-K! Puidiuih{anb Nbbf{lih{

Nh assyi fd i~ya{q eq n bas{ik cflpnhq {f sibic{ik ahtis{fus n{ n

puaci lnq fu lnq hf{ ei uibn{ik {f {mi puitnabahg lnuji{ puaci(

Dfu i}nlpbi" Assyi {f Puflf{ius fu Duaihkbq ahtis{fus {f wnuk fdd

{mi {muin{ fd {njiftiu(Puaci smfybk ei n{ Magmiufd {mi ntiungi fd Wiijbq Magm nhk

Bfw fd Cbfsahg Puacis fd {mi smnuis kyuahg Sa} lfh{ms eidfui

uibitnh{ kn{i: FU kyuahg {mi {wf wiijs piuafk eidfui {mi uibitnh{

kn{i(


34/37

[unkahg fd Sicyua{ais ah Sicfhknuq Lnuji{

[wf wnqs fd fugnhazahg {mi [unkahg Nc{ata{q?

Fpih Fy{cuq Sqs{il -[abb >11; ah Ahkan!

Scuiih,ensik Sqs{il

Ihmnhcis {mi Ahdfuln{afhnb Iddacaihcq fd {mi lnuji{ nslfui pnu{acapnh{s {unki n{ n dns{iu spiik

Piula{s {mi lnuji{ pnu{acapnh{s {f gi{ n dybb taiw fd {mi

lnuji{" wmacm ahcuinsis {miau cfhdakihci ah {mi lnuji{

Is{nebasmis {unhspnuih{ Nyka{ [unabs(

Fpih Ibic{ufhac Bala{ Fukiu Effj -IBFE!


35/37

Si{{bilih{

[unka{afhnbbq" a{ wns eq Pmqsacnb Kibatiuq(

Hfw {unhsnc{afhs nui si{{bik lnahbq {mufygm Ibic{ufhac

Kibatiuq dncaba{n{ik eq kipfsa{fuais -[mi Kipfsa{fuais Nc{"

>114!

Hn{afhnb Sicyua{ais Kipfsa{fuq Bala{ik -HSKB! si{ yp

ah >114|

Cih{unb Sicyua{ais Kipfsa{fuais Bala{ik -CSKB!

Smad{ {f Ufbbahg Si{{bilih{


36/37

[unhsnc{afh Cfs{

[unkahg Cfs{

Eufjiungi Cfs{

Lnuji{ Alpnc{ Cfs{ -a(i( Kaddiuihci ei{wiih {mi nc{ynb

{unhsnc{afh puaci nhk {mi akinb puaci!

Sicyua{ais [unhsnc{afh Cfs{ -a(i( n bitq fh sicyua{ais

{unhsnc{afhs!

Cbinuahg Cfs{

Si{{bilih{ Cfs{


37/37

Uigybn{fuq Dunliwfuj fd Sicyua{ais Lnuji{

Bigasbn{afhs Scfpi

->! [mi SIEA Nc{" >115 Ahtis{fu s Puf{ic{afh

Sicyua{q Lnuji{ Uigybn{afh

-5! [mi Cflpnhais Nc{" >194 Assyi"Nbbf{lih{" $ [unhsdiu fd Smnuis:

Pyebac Kascbfsyui

-3! [mi Sicyua{ais Cfh{unc{s

-Uigybn{afh! Nc{" >194

Uigybn{afh fd [unhsnc{afhs ah Sicyua{ais

Bas{ahg fd Sicyua{ais fh S{fcj I}cmnhgis

-;! [mi Kipfsa{fuais Nc{" >114 Ibic{ufhac Lnah{ihnhci nhk [unhsdiu fd

Fwhiusmap fd Kiln{ Sicyua{ais

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