{"product_id":"survival-kit-for-an-equity-analyst-9781119822448","title":"Survival Kit for an Equity Analyst","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eDiscover a one-of-a-kind blueprint to equity analyst success from an industry leader\u003c\/b\u003e \u003cp\u003e\u003ci\u003eIn Survival Kit for an Equity Analyst: The Essentials You Must Know\u003c\/i\u003e, veteran analyst Shin Horie delivers a must-read, practical guide on the analysis of companies and industries. The book offers a guide to conducting industry-level analysis from a global perspective, with a particular emphasis on adjustments necessary for covering companies in emerging markets. Readers will also get:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eA robust background on the basic process flow of company analysis and valuation\u003c\/li\u003e \u003cli\u003eGuidelines for examining earnings drivers in major industries\u003c\/li\u003e \u003cli\u003eTips on the qualitative profiling of companies and how to dig deeper to find nuance that financial statements don''t express\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003ePerfect for early-career equity analysts themselves, as well as corporate managers who seek to understand how their organisations will be scrutinized and examined by finance professionals,\u003ci\u003eSurvival\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003c\/i\u003e\u003c\/p\u003e\u003cp\u003ePreface: Why I Wanted to Write This Book xi\u003c\/p\u003e \u003cp\u003eIntroduction: How to Approach Company Analysis xv\u003c\/p\u003e \u003cp\u003eList of Acronyms xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: \u003c\/b\u003e\u003cb\u003eLessons From the Past: My Story as an Analyst 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFrom Fish Cakes to Computer Numerical Control (1988–1995) 2\u003c\/p\u003e \u003cp\u003eNot Just a Japanese Tourist – Becoming a China H-share Analyst (1996–1998) 5\u003c\/p\u003e \u003cp\u003eA Truly Global Research Experience – Semiconductor Analyst (1998–2007) 7\u003c\/p\u003e \u003cp\u003eNew Lexicon: Clinical Trial, Cap Rate, Embedded Value, Metal Spread (2008–2013) 11\u003c\/p\u003e \u003cp\u003eImporting DM Experience to EM: From Japan to Asia-Pacific (2014–2017) 13\u003c\/p\u003e \u003cp\u003eConnecting the Dots: From Asia to Global (2018–now) 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: \u003c\/b\u003e\u003cb\u003eLaying the Groundwork 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: Understand the ‘Character’ of the Industry 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSix Basic Steps for Forecasting Industry Growth 22\u003c\/p\u003e \u003cp\u003eTAM Growth Rate 27\u003c\/p\u003e \u003cp\u003eTen Additional Angles for Testing Forecasts 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: Assess the Earnings Drivers in Different Industries 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHyper Growth – Internet, Fintech, Biotechnology 45\u003c\/p\u003e \u003cp\u003eSecular Growth – Software, Medical Technology 48\u003c\/p\u003e \u003cp\u003eCyclical – Capital Goods, Transport, Energy,\u003c\/p\u003e \u003cp\u003eCommodities, Chemicals, Autos 49\u003c\/p\u003e \u003cp\u003eCyclical Growth – Semiconductor, Electronic Components, Technology Hardware, Clean Energy 54\u003c\/p\u003e \u003cp\u003eStable – Consumer Staples, Retail, Consumer Discretionary, Pharmaceutical, Media, Business Services 58\u003c\/p\u003e \u003cp\u003eInterest Rate Sensitive – REITs, Property Developers, Banks, Insurance 63\u003c\/p\u003e \u003cp\u003eRegulated – Utilities, Telecoms 66\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: Identify the ‘Personality’ of the Company 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eProduct and Service 71\u003c\/p\u003e \u003cp\u003eOrigin and History 72\u003c\/p\u003e \u003cp\u003eManagement Profile 73\u003c\/p\u003e \u003cp\u003eOwnership Structure 73\u003c\/p\u003e \u003cp\u003eValue Chain 74\u003c\/p\u003e \u003cp\u003eCompetitive Moat 75\u003c\/p\u003e \u003cp\u003eTrack Record of Strategic Decisions 76\u003c\/p\u003e \u003cp\u003eCorporate Culture by Country 77\u003c\/p\u003e \u003cp\u003eEarnings Guidance Track Record 77\u003c\/p\u003e \u003cp\u003eControversy Record 78\u003c\/p\u003e \u003cp\u003eManagement Quality – A Framework 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: \u003c\/b\u003e\u003cb\u003eAnalyse and Apply the Findings 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Put Findings into the Earnings Model 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSegmental Revenue Forecast 87\u003c\/p\u003e \u003cp\u003eIncome Statement Forecast 88\u003c\/p\u003e \u003cp\u003eBalance Sheet Forecast 95\u003c\/p\u003e \u003cp\u003eCash Flow Forecast 98\u003c\/p\u003e \u003cp\u003eHow to Put Cyclicality into Long-term Earnings Forecasts 100\u003c\/p\u003e \u003cp\u003eQuarterly Forecasts can be Helpful 100\u003c\/p\u003e \u003cp\u003eA Birdseye View is Helpful 101\u003c\/p\u003e \u003cp\u003eFinancial and Property Sectors are Unique 101\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Summarize All Thoughts 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Suggested Method for Creating a Practical Scorecard 105\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Find the Appropriate Valuation Framework 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHyper Growth – Internet, Biotechnology 112\u003c\/p\u003e \u003cp\u003eSecular Growth – Software, Medical Technology 114\u003c\/p\u003e \u003cp\u003eCyclical – Capital Goods, Transport, Energy,\u003c\/p\u003e \u003cp\u003eCommodities, Chemicals, Autos 115\u003c\/p\u003e \u003cp\u003eCyclical Growth – Semiconductor, Technology Hardware, Clean Energy 116\u003c\/p\u003e \u003cp\u003eStable – Consumer Staples, Retail, Consumer Discretionary, Pharmaceutical, Media, Business Services 117\u003c\/p\u003e \u003cp\u003eInterest Rate Sensitive – Banks, Emerging Market Banks, Insurance, Property, REITs 118\u003c\/p\u003e \u003cp\u003eRegulated – Utilities, Telecoms 120\u003c\/p\u003e \u003cp\u003eConglomerates 121\u003c\/p\u003e \u003cp\u003eAdditional Considerations on Valuation 124\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Differentiation versus Street 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIs the View Actually Different? 131\u003c\/p\u003e \u003cp\u003eWhere is the Difference? 132\u003c\/p\u003e \u003cp\u003eWhat is Driving the Difference? 133\u003c\/p\u003e \u003cp\u003eValue of an Undifferentiated Conclusion 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV: \u003c\/b\u003e\u003cb\u003eWhat to Research and How to Power the Analysis 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: How to Generate Exciting Ideas 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1: Burning Questions 137\u003c\/p\u003e \u003cp\u003e2: Products to Solve Problems 138\u003c\/p\u003e \u003cp\u003e3: Forgotten New Technologies 138\u003c\/p\u003e \u003cp\u003e4: ‘Little Stories’ 139\u003c\/p\u003e \u003cp\u003e5: New Language 140\u003c\/p\u003e \u003cp\u003e6: B2B and Orphan Stocks 140\u003c\/p\u003e \u003cp\u003e7: The Second or Third Derivatives of Structural Changes 141\u003c\/p\u003e \u003cp\u003e8: Local Trends 141\u003c\/p\u003e \u003cp\u003e9: Inputs from the Real World 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: How to Deal with Disruptors, Emerging Markets, ESG, and Downturns 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow to Forecast and Value ‘Disruptors’ 145\u003c\/p\u003e \u003cp\u003eHow Should Emerging Markets be Looked at? 149\u003c\/p\u003e \u003cp\u003eHow to Think about ESG Issues 151\u003c\/p\u003e \u003cp\u003eHow to Cope with Economic Downturns 155\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: Using Soft Skills to Power the Analysis 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow to Build a Relationship with Companies 157\u003c\/p\u003e \u003cp\u003eHow to Leverage the Team 159\u003c\/p\u003e \u003cp\u003eHow to Communicate Ideas Effectively 161\u003c\/p\u003e \u003cp\u003eWhat Types of Training Should New Analysts Ask for? 163\u003c\/p\u003e \u003cp\u003eTime Management 165\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V: \u003c\/b\u003e\u003cb\u003eRecap and Closing Thoughts 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAbout the Author 173\u003c\/p\u003e \u003cp\u003eAcknowledgements 175\u003c\/p\u003e \u003cp\u003eIndex 177\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default 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