Increasing content value and market share

研报英文原文证据摘录

Increasing content value and market share

Macquarie Equity Research King Slide Works

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 King Slide Works. The strongest style exposure is market relative factor & styles exposures (a higher/better

Profitability, indicating this stock is efficiently converting percentile is coded in green, whilst lower in red).

investments to earnings; proxied by ratios like ROE or ROA.

The weakest style exposure is Valuations, indicating this relativePercentileto

stock is over-priced in the market relative to its peers.

sectors market

Factors / Styles (/1236) (/978) Core factors in definition

ALPHA 60% 76% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 42% 5% Book, CF, Yield, Earnings Multiples

The Macquarie Quant’s flagship Alpha model is a dynamic ANALYST 69% 83% Revisions (Earnings, Recommendations)

multi-factor model based on a staple of quant factors such MOMENTUM 78% 93% Price Momentum

as value, momentum, revisions, quality, and risk.

GROWTH 92% 94% EPS, Sales (Forecast, Historic)

Global Market (Country) Sector

Technology PROFITABILITY 100% 99% ROE, Margin, Asset Turnover

Whole Universe Taiwan Hardware & QUALITY 95% 99% Accruals, Earn Stability, Cash Conversion

Equipment

CAPITAL 64% 28% Investment/Capex, Net share issuance

Macquarie Alpha 4250/17990 237/978 494/1236

Model LIQUIDITY 36% 31% Size, Turnover, Analyst Coverage

Fundamental 2511/17990 58/978 146/1236 LOW RISK 31% 33% Beta, Volatility, Earn.Cert, Leverage (Consensus) *

TECHNICAL 14% 30% MACD, RSI, Bollinger, Williams R, etc

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

Factors driving the Alpha Model vs peers