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【出版时间及名称】：2010年2月印度证券市场投资策略报告
【作者】：瑞士信贷
【文件格式】：PDF
【页数】：100
【目录或简介】：
We go through the decade-long balance sheet details of over 70 companies
under coverage to unearth what has been the extent of their book value
growth and the primary drivers. For some companies, an analysis and
knowledge of profits tends to be sufficient to know the trends in book values.
For many, it is not.
■ Many exogenous drivers of book values for Indian companies. In only
40% of the over 600 corporate balance sheet years tracked in this report did
retained earnings explain most of the book value change in the year. This is
the reason why we thought it important to analyse long histories and find the
tendencies that various companies have in securing book value growth.
■ Set of novel tools for fundamental investors. Every company is analysed
in a uniform fashion to detect book value growth coming from 1) internal
accruals; 2) share issuances; 3) goodwill-related events and 4) positive and
negative impacts of other direct entries. We also discuss the major reasons
behind these entries in individual company sections.
■ No beauty contest; many sorted results. Different investors will have
different attitudes towards various book value drivers. We do not believe in
providing all-encompassing ratings or scores. Rather, we present tables on a
host of parameters like those that consistently grow through high internal
accruals or those good at raising equity money at good prices or those with
the most non-profit direct entries in book values, etc
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