Jewellery healthy, watches strengthening

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Jewellery healthy, watches strengthening

Macquarie Equity Research Titan

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 Titan. The strongest style exposure is Price market relative factor & styles exposures (a higher/better

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

to long term returns which often persist into the future.

The weakest style exposure is Valuations, indicating this relativePercentileto

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

sectors market

Factors / Styles (/677) (/1101) Core factors in definition

ALPHA 82% 77% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 4% 7% Book, CF, Yield, Earnings Multiples

The Macquarie Quant’s flagship Alpha model is a dynamic ANALYST 92% 80% Revisions (Earnings, Recommendations)

multi-factor model based on a staple of quant factors such MOMENTUM 98% 89% Price Momentum

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

GROWTH 55% 33% EPS, Sales (Forecast, Historic)

Global Market (Country) Sector

Consumer PROFITABILITY 74% 60% ROE, Margin, Asset Turnover

Whole Universe India Durables QUALITY 7% 7% Accruals, Earn Stability, Cash Conversion

& Apparel

CAPITAL 7% 12% Investment/Capex, Net share issuance

Macquarie Alpha 3752/17997 248/1101 119/677

Model LIQUIDITY 98% 98% Size, Turnover, Analyst Coverage

Fundamental 4757/17997 366/1101 169/677 LOW RISK 59% 86% Beta, Volatility, Earn.Cert, Leverage (Consensus) *

TECHNICAL 30% 18% MACD, RSI, Bollinger, Williams R, etc

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

Factors driving the Alpha Model vs peers

Current and Historical Alpha Model Rank