如题所述
A key factor in identifying an attractive industry is pricing power. The ability of an industry to price its product at a profitable level without compromising its business pros-pect is important, and this is affected by many factors. Inelastic demand allows the tobacco producers to maintain good profits despite the rapidly rising tariffs all these years. Barriers to entry is another factor. Mobile-phone charges used to be very expensive because there was only Singapore Telecom providing the ser-vice (monopoly). With increased competition from M1, rates have been declining gradually. All things being equal, the more competitive the industry is, the lower the pricing power, and hence profits. Competition may be good for the consumers, but it seldom benefits the shareholders. Another factor that will impact the com-petitive environment of an industry is the cost structure. In general, indsutries with high fixed costs are more competitive than those that have high variable costs. We often hear about coun-tries being accused of 'dumping steel' onto other countries. Well, this is the case in point. Steel mills are expensive to construct. But once built, the investment costs are 'sunked'. On the other hand, the running cost to produce steel is relatively low. Since there are so many steel mills around the world (almost every country has one for strategic reasons), supply is in abundance. As competition intensifies in the global market, recovering investment cost of the mills becomes a secondary objective for management. What is more important is to keep the production ongoing and sell the steel at a price that can at least cover the variable cost component. These mills will definitely be loss-making, but at least they can continue to operate and not generate serious unemploy-ment for the economy (steel industry is very labour-intensive). Having looked at the fundamental issues, do we always buy into an industry with positive trends developing? The answer is 'no'. Con-fused? Here is why. The key to any successful investments is to stay ahead of what the market is discounting. Suppose we are bullish on the outlook of the residential property sector because owning a home is every Singaporean's dream and the island has limited land supply. But this view is widely observable. Further-more, most of the residential property stocks have already outperformed the market by huge margins. These are signs that the market has probably discounted the positive conclusion of our analysis. As such, the investment upside is probably limited. Conversely, if our conclu-sion unearths new information from the gene-ral market, we may have discovered something interesting here. To confirm that we have a good find, check out the valuation to see if it is attractive. There are many valuation tools, but the commonly used ones are Price/Earnings (PE), Enterprise Value/EBITDA*, Price/Book(P/B), and Dis-counted Cash Flow (DCF). Make a cross-industry comparison as well as historical com-parison. Going back to our property example. If our conclusion is new to the market, the industry is trading at the lower end of its histo-rical PE band, and it is also very attractive on PE terms versus the other industries in Singapore...bingo! In conclusion, I would like to leave you with a brain teaser. Imagine this is 1996 and you are an investor looking at the Dynamic Random Access Memory (DRAM) industry: DRAM is a semiconductor chip used in most electronic products such as personal computers. The business is cyclical in nature because corporate and private consumption of PCs usually rises when the economy is doing well. There are, however, two secular trends that underpin the growth in the industry. First, more and more people are buying PCs for their home and oiffice. Second, the requirement of DRAM per PC is also on the rise as processing power of computer increases exponentially. On the competitive issue, the cost to build a wafer fab is extremely high (about US$1b), and the technology is usually state-of-the-art. Besides capital and technology, there are no other significant barriers to entry. Margin for the industry had been very good because of supply shortage. This probably explained why share prices outperformed the market in 1995. The historical five-year PE band for selected stocks in the industry between 1991 and 1995 was about 10 to 100. The average PE during the period was 30. The industry is currently trading at a PE in the low teens. Would you invest in this industry? (The writer is the Investment Manager of Jardine Fleming Investment Management. This column has the support of the Investment Management Association of Singapore and the Stock Exchange of Singapore.)
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第1个回答 2011-05-25
范文一：
Early in senior high school, we longed to be enrolled in a university. Now the dream has come true. But how do we college students like our campus life?
Certainly, some relish it, finding it colorful and rewarding. Besides study, they spend considerable amount of time improving themselves in various aspect. Yet others do not think much of their college life, thus do not benefit as much.
In their eyes, the university is just a bigger high school. The only difference is that they have more time at their disposal without parents looking over their shoulder.
As to me, college life is ideal if only I have abundant books to read, some bosom friends to keep me company, a couple of conscientious professors to instruct me, and an easy access to the Internet.
范文二：
My station in university campus inch territory, breathes and feels a here freshness. The university life like this started. The life four years time already the picture got down certainly has run the line, you along this path endless long journey, the university time will say regarding me will be fresh, the biography first time was far away the hometown, trod studies the road.
I to the university life am fuzzy, after investigates many times, everybody is two characters ----- is bored to the university life feeling, perhaps has that a reason! Three years high school life is such intense stimulates.
Recollected also a little is afraid, facing high school's intense sprint, diligently was admitted to a school dream of the university, everybody is the like this struggle, assaults the dream. At the present, steps into the university campus, studies the life has had the bored feeling.
范文三 One possible version
There are still many problems of environmental protection in recent years. One of the most serious problems is the serious pollution of air, water and soil. the polluted air does great harm to people’s health. The polluted water causes diseases and death. What is more, vegetation had been greatly reduced with the rapid growth of modern cities.
To protect the environment, governments of many countries have done a lot. Legislative steps have been introduced to control air pollution, to protect the forest and sea resources and to stop any environmental pollution. Therefore, governments are playing the most important role in the environmental protection today.
In my opinion, to protect environment, the government must take even more concrete measures. First, it should let people fully realize the importance of environmental protection through education. Second, much more efforts should be made to put the population planning policy into practice, because more people means more people means more pollution. Finally, those who destroy the environment intentionally should be severely punished. We should let them know that destroying environment means destroying mankind themselves.
范文四 Dear editor,
Environmental problems are becoming more and more serious all over the world.
With the development of industry and agriculture, cars make great noises and give off poisonous gas. Because of population expansion and overdevelopment, resources has become less and less. Trees on the hills have been cut down, and waste water is being poured continuously into rivers. The whole ecological balance of the earth is changing. Massive destruction of environment has brought about negative effects and even poses a great threat to man’s existence.
We must face the situation that exists and take actions to solve our environmental problems. We hope that all these measures will be effective and bring back a healthful environment.
Yours truly
Li Hua
范文五 Swine flu has come to our School! However, there is no vaccine to protect its virus. How do we protect us from it?
One possible version
Swine flu has come to our School! However, there is no vaccine to protect its virus. How do we protect us from it?
We advise that you should wear face mask and avoid going to the crowded place when you go out. We remember not to be in close contact with the patients infected with swine flu. On the other hand, the best way to stay away from this virus is to wash your hands often, and make sure that you have enough sleep. At the same time, we should do more exercise so that we can build up our body.
We are sure that we must overcome the threat against swine flu as long as we take proper measures and insist on taking exercise every day.
范文六 One possible version
It is generally believed that different people have different habits. Some people are addicted to habits like drinking and smoking, while others pay special attention to healthy diet and never taste things like alcohol and cigarettes.
It goes without saying that there is close relationship between personal habits and public health. On the one hand, good habits serve as the necessary basis of public health, that is to say, without good habits, public health can’t be guaranteed. On the other hand, infectious disease is the natural result brought by dirty habits, like AIDS, SARS, H1N1 flu and so on.
Personally, I think it is high time we placed emphasis on improving personal habits and public health. If we mind our manners and behave ourselves well, there must be a bright and encouraging future.
希望对你有帮助。。。。。。追问
Early in senior high school, we longed to be enrolled in a university. Now the dream has come true. But how do we college students like our campus life?
Certainly, some relish it, finding it colorful and rewarding. Besides study, they spend considerable amount of time improving themselves in various aspect. Yet others do not think much of their college life, thus do not benefit as much.
In their eyes, the university is just a bigger high school. The only difference is that they have more time at their disposal without parents looking over their shoulder.
As to me, college life is ideal if only I have abundant books to read, some bosom friends to keep me company, a couple of conscientious professors to instruct me, and an easy access to the Internet.
范文二：
My station in university campus inch territory, breathes and feels a here freshness. The university life like this started. The life four years time already the picture got down certainly has run the line, you along this path endless long journey, the university time will say regarding me will be fresh, the biography first time was far away the hometown, trod studies the road.
I to the university life am fuzzy, after investigates many times, everybody is two characters ----- is bored to the university life feeling, perhaps has that a reason! Three years high school life is such intense stimulates.
Recollected also a little is afraid, facing high school's intense sprint, diligently was admitted to a school dream of the university, everybody is the like this struggle, assaults the dream. At the present, steps into the university campus, studies the life has had the bored feeling.
范文三 One possible version
There are still many problems of environmental protection in recent years. One of the most serious problems is the serious pollution of air, water and soil. the polluted air does great harm to people’s health. The polluted water causes diseases and death. What is more, vegetation had been greatly reduced with the rapid growth of modern cities.
To protect the environment, governments of many countries have done a lot. Legislative steps have been introduced to control air pollution, to protect the forest and sea resources and to stop any environmental pollution. Therefore, governments are playing the most important role in the environmental protection today.
In my opinion, to protect environment, the government must take even more concrete measures. First, it should let people fully realize the importance of environmental protection through education. Second, much more efforts should be made to put the population planning policy into practice, because more people means more people means more pollution. Finally, those who destroy the environment intentionally should be severely punished. We should let them know that destroying environment means destroying mankind themselves.
范文四 Dear editor,
Environmental problems are becoming more and more serious all over the world.
With the development of industry and agriculture, cars make great noises and give off poisonous gas. Because of population expansion and overdevelopment, resources has become less and less. Trees on the hills have been cut down, and waste water is being poured continuously into rivers. The whole ecological balance of the earth is changing. Massive destruction of environment has brought about negative effects and even poses a great threat to man’s existence.
We must face the situation that exists and take actions to solve our environmental problems. We hope that all these measures will be effective and bring back a healthful environment.
Yours truly
Li Hua
范文五 Swine flu has come to our School! However, there is no vaccine to protect its virus. How do we protect us from it?
One possible version
Swine flu has come to our School! However, there is no vaccine to protect its virus. How do we protect us from it?
We advise that you should wear face mask and avoid going to the crowded place when you go out. We remember not to be in close contact with the patients infected with swine flu. On the other hand, the best way to stay away from this virus is to wash your hands often, and make sure that you have enough sleep. At the same time, we should do more exercise so that we can build up our body.
We are sure that we must overcome the threat against swine flu as long as we take proper measures and insist on taking exercise every day.
范文六 One possible version
It is generally believed that different people have different habits. Some people are addicted to habits like drinking and smoking, while others pay special attention to healthy diet and never taste things like alcohol and cigarettes.
It goes without saying that there is close relationship between personal habits and public health. On the one hand, good habits serve as the necessary basis of public health, that is to say, without good habits, public health can’t be guaranteed. On the other hand, infectious disease is the natural result brought by dirty habits, like AIDS, SARS, H1N1 flu and so on.
Personally, I think it is high time we placed emphasis on improving personal habits and public health. If we mind our manners and behave ourselves well, there must be a bright and encouraging future.
希望对你有帮助。。。。。。追问
晕~~每篇都要300字左右啊~~而且不是要便条~~
第2个回答 2011-05-25
太多了追问
有一篇算一篇
追答哪类型的？
追问随便~~
追答直接找一篇作文嘛
