正通投資團隊 – 投資台股的專家

以巴菲特的價值投資法為主軸,並透過財務金融的專業知識進行套利加值,守護您的寶貴資產


十二月-30-08

2009年的選股重點

發表人: admin

元朝末年,中國北方仍由元軍掌控,南方則由陳有諒、張士誠等反抗軍所掌控,朱元璋當時只是起義軍的一小股,在成功攻占徽州之後,曾親自來到石門山拜訪老儒朱升,討教治國平天下之策。朱升高瞻遠矚,送了他三句話:「高築牆廣積糧緩稱王。」

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Macquarie health check
In this report, we conduct a health check on all the Taiwan listed companies under Macquarie’s coverage in attempt to gain a better understanding of the companies’ financial health and hence corporate longevity. Some companies may unknowingly be suffering from symptoms of angina. When the external environment (economy and credit market) collapses, the angina may turn into a serious heart attack. Thus, we focus our checks on the cardiovascular, or heart, system (refinancing capability), the body (operational funding) and the blood circulation system (cashflow and profit sharing).(註:EKG是心電圖的英文縮寫,在這份報告中使用EKG其實暗指個股與產業的財務狀況檢查)

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Lower TP(Target Price) to factor in 2009 earnings
Lower TP to factor in 09E earnings decline despite capex discipline

With LED oversupply concerns in 2009, we project 2009E gross margin of Epistar could retreat to 21.1% from the estimated 23.2% in 2008. Similarly we project Everlight’s 2009E gross margin could decline to
25.3% from the estimated 27% in 2008.

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