Harvesting new channels

研报英文原文证据摘录

Harvesting new channels

Macquarie Equity Research Yihai International

Alpha Model Decomposition Key Quant Findings

The quant model currently holds a strong positive view The Macquarie Alpha is decomposed into its sector and

on Yihai International. The strongest style exposure is market relative factor & styles exposures (a higher/better

Quality, indicating this stock is likely to have a superior and percentile is coded in green, whilst lower in red).

more stable underlying earnings stream. The weakest style

exposure is Growth, indicating this stock has weak historic relativePercentileto

and/or forecast growth. Growth metrics focus on both top

sectors market

and bottom line items. Factors / Styles (/665) (/594) Core factors in definition

ALPHA 93% 92% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 67% 68% Book, CF, Yield, Earnings Multiples

ANALYST 92% 93% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 91% 89% Price Momentum

multi-factor model based on a staple of quant factors such

as value, momentum, revisions, quality, and risk. GROWTH 58% 47% EPS, Sales (Forecast, Historic)

PROFITABILITY 75% 63% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Food Beverage QUALITY 98% 98% Accruals, Earn Stability, Cash Conversion Whole Universe Hong Kong & Tobacco

CAPITAL 53% 68% Investment/Capex, Net share issuance

Macquarie Alpha

1443/17982 45/594 45/665 LIQUIDITY 52% 61% Size, Turnover, Analyst Coverage Model

Fundamental LOW RISK 70% 88% Beta, Volatility, Earn.Cert, Leverage 4538/17982 301/594 173/665 (Consensus) *

TECHNICAL 62% 75% MACD, RSI, Bollinger, Williams R, etc

* based on Total Shareholder Return = Consensus Price target / Current Price

Factors driving the Alpha Model vs peers