Initiation: Facing challenges in a new world

研报英文原文证据摘录

Initiation: Facing challenges in a new world

Macquarie Equity Research Hygon Information Technology

Alpha Model Decomposition Key Quant Findings

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

view on Hygon Information Technology. The strongest style market relative factor & styles exposures (a higher/better

exposure is Price Momentum, indicating this stock has had percentile is coded in green, whilst lower in red).

strong medium to long term returns which often persist

into the future. The weakest style exposure is Valuations, relativePercentileto

indicating this stock is over-priced in the market relative to

sectors market

its peers. Factors / Styles (/657) (/5140) Core factors in definition

ALPHA 29% 21% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 5% 2% Book, CF, Yield, Earnings Multiples

ANALYST 82% 89% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 69% 92% Price Momentum

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

as value, momentum, revisions, quality, and risk. GROWTH 71% 81% EPS, Sales (Forecast, Historic)

PROFITABILITY 89% 89% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Semiconductors QUALITY 25% 13% Accruals, Earn Stability, Cash Conversion

Whole Universe China A & Semiconductor

CAPITAL 17% 9% Investment/Capex, Net share issuance

Equip.

Macquarie Alpha LIQUIDITY 74% 68% Size, Turnover, Analyst Coverage 14320/17949 4067/5140 465/657 Model

LOW RISK 68% 31% Beta, Volatility, Earn.Cert, Leverage

Fundamental

3036/17949 888/5140 138/657 TECHNICAL 22% 8% MACD, RSI, Bollinger, Williams R, etc (Consensus) *

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