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Praise for Survival Kit for an Equity Analyst
"Shin Horie has come up with an excellent guidebook for young equity analysts, providing both an overall investment framework and personal episodes useful for professional development. I believe his book would also be valuable to private equity professionals, for valuation analysis, developing investment thesis and analyzing risk factors. The highest recommendation for any professionals engaged in investment activities."
-John Ehara, Co-founder, Unison Capital
"The book is very clearly written and well organized. It is bursting with practical insights that come from decades of experience combined with analytical understanding. Shin has distilled an extraordinarily complex process into an easy-to-follow manual that is valuable for new and seasoned analysts alike. The checklists at the end of each chapter provide useful summaries, making it easy for someone to go back and quickly find what they are looking for after reading it. The book will become the standard for equity analysts for years to come."
-Randall S. Kroszner, Deputy Dean for Executive Programs, Norman R. Bobins Professor of Economics, The University of Chicago Booth School of Business
"A practical how-to from someone who was one of the best himself and who supervised the best in the business for over two decades. A rare look inside how the process really works rather than the standard clichés."
-Steve Strongin, Former head of Global Investment Research, Goldman Sachs
"This book elaborates on how experienced equity analysts analyze industries and companies with frameworks and structure. It is highly recommendable not only for financial professionals but also for senior corporate managers in order to understand how equity analysts and investors are assessing strategies, financials and valuations of companies in practice. His personal anecdotes are also a quite enjoyable read."
-Tetsuo (Tom) Tsuneishi, Chairman of the board, Tokyo Electron Ltd.
Praise for Survival Kit for an Equity Analyst
"Shin Horie has come up with an excellent guidebook for young equity analysts, providing both an overall investment framework and personal episodes useful for professional development. I believe his book would also be valuable to private equity professionals, for valuation analysis, developing investment thesis and analyzing risk factors. The highest recommendation for any professionals engaged in investment activities."
-John Ehara, Co-founder, Unison Capital
"The book is very clearly written and well organized. It is bursting with practical insights that come from decades of experience combined with analytical understanding. Shin has distilled an extraordinarily complex process into an easy-to-follow manual that is valuable for new and seasoned analysts alike. The checklists at the end of each chapter provide useful summaries, making it easy for someone to go back and quickly find what they are looking for after reading it. The book will become the standard for equity analysts for years to come."
-Randall S. Kroszner, Deputy Dean for Executive Programs, Norman R. Bobins Professor of Economics, The University of Chicago Booth School of Business
"A practical how-to from someone who was one of the best himself and who supervised the best in the business for over two decades. A rare look inside how the process really works rather than the standard clichés."
-Steve Strongin, Former head of Global Investment Research, Goldman Sachs
"This book elaborates on how experienced equity analysts analyze industries and companies with frameworks and structure. It is highly recommendable not only for financial professionals but also for senior corporate managers in order to understand how equity analysts and investors are assessing strategies, financials and valuations of companies in practice. His personal anecdotes are also a quite enjoyable read."
-Tetsuo (Tom) Tsuneishi, Chairman of the board, Tokyo Electron Ltd.
SHIN HORIE is cohead of Global Single-Name Research (Equity and Credit Research) for Goldman Sachs and is a board member of Goldman Sachs Asia LLC. He is the former director of the Japan Equity Research Department and the former manager of the Korea and Taiwan Equity Research Departments.
Preface: Why I Wanted to Write This Book xi
Introduction: How to Approach Company Analysis xv
List of Acronyms xix
Part I: Lessons From the Past: My Story as an Analyst 1
From Fish Cakes to Computer Numerical Control (1988-1995) 2
Not Just a Japanese Tourist - Becoming a China H-share Analyst (1996-1998) 5
A Truly Global Research Experience - Semiconductor Analyst (1998-2007) 7
New Lexicon: Clinical Trial, Cap Rate, Embedded Value, Metal Spread (2008-2013) 11
Importing DM Experience to EM: From Japan to Asia-Pacific (2014-2017) 13
Connecting the Dots: From Asia to Global (2018-now) 16
Part II: Laying the Groundwork 19
Chapter 1: Understand the 'Character' of the Industry 21
Six Basic Steps for Forecasting Industry Growth 22
TAM Growth Rate 27
Ten Additional Angles for Testing Forecasts 28
Chapter 2: Assess the Earnings Drivers in Different Industries 37
Hyper Growth - Internet, Fintech, Biotechnology 45
Secular Growth - Software, Medical Technology 48
Cyclical - Capital Goods, Transport, Energy,
Commodities, Chemicals, Autos 49
Cyclical Growth - Semiconductor, Electronic Components, Technology Hardware, Clean Energy 54
Stable - Consumer Staples, Retail, Consumer Discretionary, Pharmaceutical, Media, Business Services 58
Interest Rate Sensitive - REITs, Property Developers, Banks, Insurance 63
Regulated - Utilities, Telecoms 66
Chapter 3: Identify the 'Personality' of the Company 71
Product and Service 71
Origin and History 72
Management Profile 73
Ownership Structure 73
Value Chain 74
Competitive Moat 75
Track Record of Strategic Decisions 76
Corporate Culture by Country 77
Earnings Guidance Track Record 77
Controversy Record 78
Management Quality - A Framework 78
Part III: Analyse and Apply the Findings 83
Chapter 4: Put Findings into the Earnings Model 85
Segmental Revenue Forecast 87
Income Statement Forecast 88
Balance Sheet Forecast 95
Cash Flow Forecast 98
How to Put Cyclicality into Long-term Earnings Forecasts 100
Quarterly Forecasts can be Helpful 100
A Birdseye View is Helpful 101
Financial and Property Sectors are Unique 101
Chapter 5: Summarize All Thoughts 105
A Suggested Method for Creating a Practical Scorecard 105
Chapter 6: Find the Appropriate Valuation Framework 109
Hyper Growth - Internet, Biotechnology 112
Secular Growth - Software, Medical Technology 114
Cyclical - Capital Goods, Transport, Energy,
Commodities, Chemicals, Autos 115
Cyclical Growth - Semiconductor, Technology Hardware, Clean Energy 116
Stable - Consumer Staples, Retail, Consumer Discretionary, Pharmaceutical, Media, Business Services 117
Interest Rate Sensitive - Banks, Emerging Market Banks, Insurance, Property, REITs 118
Regulated - Utilities, Telecoms 120
Conglomerates 121
Additional Considerations on Valuation 124
Chapter 7: Differentiation versus Street 131
Is the View Actually Different? 131
Where is the Difference? 132
What is Driving the Difference? 133
Value of an Undifferentiated Conclusion 134
Part IV: What to Research and How to Power the Analysis 135
Chapter 8: How to Generate Exciting Ideas 137
1: Burning Questions 137
2: Products to Solve Problems 138
3: Forgotten New Technologies 138
4: 'Little Stories' 139
5: New Language 140
6: B2B and Orphan Stocks 140
7: The Second or Third Derivatives of Structural Changes 141
8: Local Trends 141
9: Inputs from the Real World 141
Chapter 9: How to Deal with Disruptors, Emerging Markets, ESG, and Downturns 145
How to Forecast and Value 'Disruptors' 145
How Should Emerging Markets be Looked at? 149
How to Think about ESG Issues 151
How to Cope with Economic Downturns 155
Chapter 10: Using Soft Skills to Power the Analysis 157
How to Build a Relationship with Companies 157
How to Leverage the Team 159
How to Communicate Ideas Effectively 161
What Types of Training Should New Analysts Ask for? 163
Time Management 165
Part V: Recap and Closing Thoughts 169
About the Author 173
Acknowledgements 175
Index 177
| Erscheinungsjahr: | 2021 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 208 S. |
| ISBN-13: | 9781119822448 |
| ISBN-10: | 1119822440 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Horie, Shin |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 232 x 156 x 20 mm |
| Von/Mit: | Shin Horie |
| Erscheinungsdatum: | 11.10.2021 |
| Gewicht: | 0,366 kg |
SHIN HORIE is cohead of Global Single-Name Research (Equity and Credit Research) for Goldman Sachs and is a board member of Goldman Sachs Asia LLC. He is the former director of the Japan Equity Research Department and the former manager of the Korea and Taiwan Equity Research Departments.
Preface: Why I Wanted to Write This Book xi
Introduction: How to Approach Company Analysis xv
List of Acronyms xix
Part I: Lessons From the Past: My Story as an Analyst 1
From Fish Cakes to Computer Numerical Control (1988-1995) 2
Not Just a Japanese Tourist - Becoming a China H-share Analyst (1996-1998) 5
A Truly Global Research Experience - Semiconductor Analyst (1998-2007) 7
New Lexicon: Clinical Trial, Cap Rate, Embedded Value, Metal Spread (2008-2013) 11
Importing DM Experience to EM: From Japan to Asia-Pacific (2014-2017) 13
Connecting the Dots: From Asia to Global (2018-now) 16
Part II: Laying the Groundwork 19
Chapter 1: Understand the 'Character' of the Industry 21
Six Basic Steps for Forecasting Industry Growth 22
TAM Growth Rate 27
Ten Additional Angles for Testing Forecasts 28
Chapter 2: Assess the Earnings Drivers in Different Industries 37
Hyper Growth - Internet, Fintech, Biotechnology 45
Secular Growth - Software, Medical Technology 48
Cyclical - Capital Goods, Transport, Energy,
Commodities, Chemicals, Autos 49
Cyclical Growth - Semiconductor, Electronic Components, Technology Hardware, Clean Energy 54
Stable - Consumer Staples, Retail, Consumer Discretionary, Pharmaceutical, Media, Business Services 58
Interest Rate Sensitive - REITs, Property Developers, Banks, Insurance 63
Regulated - Utilities, Telecoms 66
Chapter 3: Identify the 'Personality' of the Company 71
Product and Service 71
Origin and History 72
Management Profile 73
Ownership Structure 73
Value Chain 74
Competitive Moat 75
Track Record of Strategic Decisions 76
Corporate Culture by Country 77
Earnings Guidance Track Record 77
Controversy Record 78
Management Quality - A Framework 78
Part III: Analyse and Apply the Findings 83
Chapter 4: Put Findings into the Earnings Model 85
Segmental Revenue Forecast 87
Income Statement Forecast 88
Balance Sheet Forecast 95
Cash Flow Forecast 98
How to Put Cyclicality into Long-term Earnings Forecasts 100
Quarterly Forecasts can be Helpful 100
A Birdseye View is Helpful 101
Financial and Property Sectors are Unique 101
Chapter 5: Summarize All Thoughts 105
A Suggested Method for Creating a Practical Scorecard 105
Chapter 6: Find the Appropriate Valuation Framework 109
Hyper Growth - Internet, Biotechnology 112
Secular Growth - Software, Medical Technology 114
Cyclical - Capital Goods, Transport, Energy,
Commodities, Chemicals, Autos 115
Cyclical Growth - Semiconductor, Technology Hardware, Clean Energy 116
Stable - Consumer Staples, Retail, Consumer Discretionary, Pharmaceutical, Media, Business Services 117
Interest Rate Sensitive - Banks, Emerging Market Banks, Insurance, Property, REITs 118
Regulated - Utilities, Telecoms 120
Conglomerates 121
Additional Considerations on Valuation 124
Chapter 7: Differentiation versus Street 131
Is the View Actually Different? 131
Where is the Difference? 132
What is Driving the Difference? 133
Value of an Undifferentiated Conclusion 134
Part IV: What to Research and How to Power the Analysis 135
Chapter 8: How to Generate Exciting Ideas 137
1: Burning Questions 137
2: Products to Solve Problems 138
3: Forgotten New Technologies 138
4: 'Little Stories' 139
5: New Language 140
6: B2B and Orphan Stocks 140
7: The Second or Third Derivatives of Structural Changes 141
8: Local Trends 141
9: Inputs from the Real World 141
Chapter 9: How to Deal with Disruptors, Emerging Markets, ESG, and Downturns 145
How to Forecast and Value 'Disruptors' 145
How Should Emerging Markets be Looked at? 149
How to Think about ESG Issues 151
How to Cope with Economic Downturns 155
Chapter 10: Using Soft Skills to Power the Analysis 157
How to Build a Relationship with Companies 157
How to Leverage the Team 159
How to Communicate Ideas Effectively 161
What Types of Training Should New Analysts Ask for? 163
Time Management 165
Part V: Recap and Closing Thoughts 169
About the Author 173
Acknowledgements 175
Index 177
| Erscheinungsjahr: | 2021 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 208 S. |
| ISBN-13: | 9781119822448 |
| ISBN-10: | 1119822440 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Horie, Shin |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 232 x 156 x 20 mm |
| Von/Mit: | Shin Horie |
| Erscheinungsdatum: | 11.10.2021 |
| Gewicht: | 0,366 kg |
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