Part II - Buying a Share
Putting THB 100,000 in your friend's business ; What you need to know, what question your need to ask?
Searching for candidates ; Top-down/Bottom-up approach, Valuations, Technical approach
- ■Top-down/Bottom-up analysis
- ●Top-down ; External factors, macro economy, industry, sector, companies
- ●Bottom-up ; Internal factors, individual performance, company's competitive advantages, edges, its sector & industry.
- ■Valuations; PE, PB, EV/EBITDA, ROE, ROA, Dividend Yield, Market Cap, etc.
- ■Technical approach ; Technical indicators, SMA, EMA, RSI, MACD, etc.
Picking one ; The first 2 basic needs in action
- ■Comparing with peers.
- ●Qualitative ; Understand the companies and their businesses (56-1); products/services, marketing strategy, 5 Forces, CEO & the management team. Individual competitive advantages & edges, sentiment, catalyst, story line
- ●Quantitative ; financial position, common size analysis, debt level, cash, revenue/cost structures, profit/cost drivers, other financial ratios
Buying one ; The other 2 basic needs in action
- ■Entry point ; When to buy?, identify the entry point, valuation, technical signal?
- ■Entry Strategy ; position sizing, all at once/pyramiding
- ■***Indicate selling point/conditions. "Buy because of what reason, sell with that reason"
- ■Ask yourself, what if?
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