What do we pay attention

In the last week's Article From the perspective of risk avoidance, I talked about how investors want to circumvent companies that belong to a single supplier. In fact, in addition to annual reports, investors can see the most common reports of listed companies. There are also a lot of areas that investors can pay attention to, but the most important is the following:

First, pay attention to the cash flow of listed companies. The so-called cash flow refers to the cash income generated by the company's operations. To observe this indicator, we need to pay attention to two key points: 1. Cash flow per share. For cash flow, we should not only look at its absolute value, but also its relative value. After all, it is also 1 billion yuan in cash, which means totally different for companies with a total share capital of 1 billion shares and 0.1 billion shares. Because of this, in the investigation of the cash flow of listed companies, investors should pay attention to the company's cash flow per share, which reflects the actual "gold" of the company's cash flow ".

2. Return on cash. What is the cost of the same cash flow? Therefore, when examining the company's cash flow, we need to introduce the "cash return" concept, which is the ratio between the cash flow per share and the stock price per share. Generally, the price per share is 20 RMBStockIt is normal for companies that bring about a cash flow of 2 yuan per share, that is, to maintain a cash return rate of 10%, and when this rate is 20%, it is very good. If you find that the cash return rate is as high as 50% of the stock, then this is definitely a good company.

2. Pay attention to the potential assets and benefits of listed companies. This usually refers to the part of assets that are not fully explored by the market in a listed company. Such assets can be the shares invested by a listed company, it can also be the land, network, and other assets before the review, or even the brand value or patent right of a listed company. In the context of the new accounting law and full circulation, this asset is expected to be fully explored by the market through information channels such as the medium report and annual report of listed companies. For example, with the issuance and listing of Bank of Ningbo and Bank of NanjingYoungor(27.85,-0.29,-1.03%),Shanshan(21.11, 0.14, 0.67%),Nanjing Gaoke(29.60,-0.63,-2.08%)And other companies, their internal value will be improved again.

3. Pay attention to the growth rate of listed companies. When examining this benchmark, we generally need to put it together with earnings per share, price-to-earnings ratio, and other indicators. Growth rate indicators mainly focus on the income growth rate and net profit growth rate of listed companies. In general, if the stock price of a company is reasonable, the price-earnings ratio of the company should be equal to the growth rate of the company.

4. Pay attention to the institutional trends of listed companies. Investors can focus on the entry and exit of shareholders of listed companies, the increase and decrease of the number of shareholders, and the change in the share ownership. In general, the larger the number of shareholders in a listed company, the smaller the number of shareholders, and the larger the share ownership, the more optimistic the company is, the greater its potential in the market outlook.

In addition, in the bull market, a large proportion of listed companies are often favored by investors. To this end, investors also need to pay attention to the share capital expansion schemes such as stock sending and stock adding in the report of listed companies, and launch a large proportion of the stock sending and stock adding listed companies, which may be under market speculation. (The author is the chairman of Shanghai Fumai Investment Management Co., Ltd)