Financing for expansion and shareholder returns

研报英文原文证据摘录

Financing for expansion and shareholder returns

Macquarie Equity Research Guming

Alpha Model Decomposition Key Quant Findings

The quant model currently holds a neutral view on Guming. The Macquarie Alpha is decomposed into its sector and

The strongest style exposure is Profitability, indicating this market relative factor & styles exposures (a higher/better

stock is efficiently converting investments to earnings; percentile is coded in green, whilst lower in red).

proxied by ratios like ROE or ROA. 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 (/480) (/598) Core factors in definition

ALPHA 68% 52% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 34% 41% Book, CF, Yield, Earnings Multiples

ANALYST 66% 64% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 98% 96% Price Momentum

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

as value, momentum, revisions, quality, and risk. GROWTH 9% 12% EPS, Sales (Forecast, Historic)

PROFITABILITY 84% 92% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Consumer QUALITY 80% 76% Accruals, Earn Stability, Cash Conversion Whole Universe Hong Kong Services

CAPITAL 71% 81% Investment/Capex, Net share issuance

Macquarie Alpha

8318/17964 286/598 152/480 LIQUIDITY 70% 52% Size, Turnover, Analyst Coverage Model

Fundamental LOW RISK 19% 21% Beta, Volatility, Earn.Cert, Leverage 1/17964 1/598 1/480 (Consensus) *

TECHNICAL 12% 11% MACD, RSI, Bollinger, Williams R, etc

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

Factors driving the Alpha Model vs peers