Growth/margin key dials in Oppo deal

研报英文原文证据摘录

Growth/margin key dials in Oppo deal

Macquarie Equity Research Amber Enterprises India

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 Amber Enterprises India. 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 (/676) (/1093) Core factors in definition

ALPHA 20% 26% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 4% 6% Book, CF, Yield, Earnings Multiples

ANALYST 54% 40% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 89% 70% Price Momentum

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

as value, momentum, revisions, quality, and risk. GROWTH 61% 41% EPS, Sales (Forecast, Historic)

PROFITABILITY 47% 35% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Consumer QUALITY 51% 57% Accruals, Earn Stability, Cash Conversion

Whole Universe India Durables

CAPITAL 13% 20% Investment/Capex, Net share issuance

& Apparel

Macquarie Alpha LIQUIDITY 79% 68% Size, Turnover, Analyst Coverage 13475/17950 805/1093 538/676 Model

LOW RISK 29% 65% Beta, Volatility, Earn.Cert, Leverage

Fundamental

6465/17950 478/1093 226/676 TECHNICAL 40% 63% MACD, RSI, Bollinger, Williams R, etc (Consensus) *

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

Factors driving the Alpha Model vs peers