證券分析實踐--從香港經驗認識國企前景

points to consider for stock picking:
general:
1) economic franchise + market demand
2) product, service & price setting satisfy market demand
3) management quality
4) 4-5 year EBIT, profit margin, ROA, EOE
5) cashflow, capex need, debt/equity ratio
6) return of new investment
7) dilution of equity interest?
8) ratio comparison within the industry

banks:
1) book value (P/B ratio)
tier 1 capital: equity
tier 2 capital: bond + CD
2) loan growth
3) ROE
4) bad debt, provision / total advances
5) cost / income ratio

life insurers:
1) cost /income ratio
2) embedded value: EV ( P/EV ratio, PEVG)


conclusion: it is an old but still good book..