Capacity rationalisation in progress

研报英文原文证据摘录

Capacity rationalisation in progress

Macquarie Equity Research Koito Manufacturing

Alpha Model Decomposition Key Quant Findings

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

view on Koito Manufacturing. The strongest style exposure market relative factor & styles exposures (a higher/better

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

and more stable underlying earnings stream. The weakest

style exposure is Profitability, indicating this stock is not relativePercentileto

efficiently converting investments to earnings; proxied by

sectors market

ratios like ROE or ROA. Factors / Styles (/551) (/1682) Core factors in definition

ALPHA 70% 76% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 68% 47% Book, CF, Yield, Earnings Multiples

ANALYST 70% 61% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 53% 58% Price Momentum

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

as value, momentum, revisions, quality, and risk. GROWTH 39% 43% EPS, Sales (Forecast, Historic)

PROFITABILITY 55% 49% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Automobiles & QUALITY 97% 95% Accruals, Earn Stability, Cash Conversion Whole Universe Japan Components

CAPITAL 95% 96% Investment/Capex, Net share issuance

Macquarie Alpha

4825/17956 405/1682 167/551 LIQUIDITY 83% 60% Size, Turnover, Analyst Coverage Model

Fundamental LOW RISK 98% 95% Beta, Volatility, Earn.Cert, Leverage 10250/17956 735/1682 312/551 (Consensus) *

TECHNICAL 31% 24% MACD, RSI, Bollinger, Williams R, etc

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