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å: Ҿ ֽ ڹ Beyond the Zulu Principle in 1996 & 2011

Ҿ ֽ ڹ

Beyond the Zulu Principle in 1996 & 2011

- : Jim Slater

- ű:

- ǻ: ũ / 2017-08 / 295 / \\19,000

 

 

۳⿡ İ , [ٷ ֽڹ The Zulu Principle] ̶ ֽϴ. ̱ ִ 5 ڹ Ҵٸ å ڰ ٰ ߴ, κи  å ϴ.

 

PEG(Price Earnings to Growth) ϸ , ġ ؼ ڹ ̸ ڿ ؼ ̿ ι å , Ͷ մϴ. å PEG شϴ ϰ Կ ־ ׸ մϴ.

 

ִ Դ ƴ å д ϰ ִ ־ Ȱ Ͽ ϴ. å ̿ ¼ ڷμ ٷ ִ Ĵ ̳ 弼 óϴ  Ⱑ Դ   ū Ǿٰ մϴ.

 

 

ڰ ۿ 5 ڹ ϴ.

 

1. investment tosmall dynamic growth companies

2. Ͼ turnarounds& cyclicals

3. ֽ shells

4. ڻ Ȳ ֽ – ġ asset situations

5. ǥ leading stocks

 

å ٷ ִ ڿ [ٷ ֽڹ] а ߴ ٿ űϴ. ڹ Կ ־ ٽ ִٰ ִµ, ̿ ߵ Ͽ, å ذ κ Դϴ.

 

<<<1.

ðѾ ϴ ֽĿ ϶ ̴ϴ. ̸ ؼ ġ Ȱ PEG(PriceEarnings to Growth ratio: ְ) ̿մϴ.

 

PEG = PER / EPS

Ex) PER 10 / EPS 20%̸.. PEG 10 /20 = 0.5 -> ^^

-> ڴ ü 15% ̻ PEG 0.75 , ٶϰԴ 0.66 ֽ ã ִٰ մϴ.

 

ŷ¿ ڴ 츮 ִ Դϴ.

- ְ ϴ ⺻ ̶ ؾ Ѵ. ù° , ° ֽĽ οϴ PER ̴.

> ֿ οϴ PER 缺 մϴ.

 

ڹ ڰ ù ° Ŵ ڿ ־ ణ ִٴ ϰ ˴ϴ. PEG ߿ Ͱ ǻ ġ Ѵٰ ߴµ, ϴ ٴ Դϴ. Ѵٰ ϴ Ȯ Ƿ 뿡 ־ PEG ̿ ڹ ؼ ǹ ˴ϴ. ݸ鿡 ̷ ߰ؼ ִٸ ϴ <> Ȯϰ.>>>

 

 

ڴ Ǵ PEG ֽı ߱ , ߿ 谡ų ִ ߰ڰ մϴ. ׸ Դϴ. < ڵ >̶ Ī ҷȴٴ Դϴ. ״ ڿ ־ ġ մϴ.

 

ִ PEG̶ ̵ ַ ߰ߵǴ ִٰ մϴ. , , コɾ, ̵, , ַ, ܽľ, ռҸ .. 1996⿡ å̶ Ѵٸ 20 ȭ ְ. ȣϴ , Ư̳ 귣 ִ , ڸ ˴ϴ.

 

PEG ִ PER 20 ѱ ʾƾ մϴ. PER ϱ ư ȸϿ , ս ũ ϰ PER ֽ ϶ մϴ.

 

谡ų ִ 7

 

1. ٴ 帧 þ մϴ.

ϰ 鼭 ִ帧 ִ ξ ʰϴ ֺ Ȯ ڴ ٰ մϴ. 帧 ͺ ϱ ξ ư, Ϻ ֵ ̾ â ȸ(нȸ) ȣ DZ Դϴ.

 

2. ְ Ʈ ϶ մϴ. ϰ ִ ͷ ׻ ռ ϶ մϴ. ̿ ,

Ʈм鿡 ȸ̾. ׷ ֱ Ʈ ڵ ʼ̸, Ư 12 ְ ſ ߿ ڱ̶ ϰ Ǿ.

 

׸ ̷ ǰ߿ ´, ,

ֽ . ׸ ϶. ׷ ŵض. ְ ʴ ֽ .

 

3. 濵 ɷ 濵 ɷ ߿ϴٴ ε, 忡 濵 ϴ ϴµ, Ǿϴ.

1) ȸ 亯 µ/ɷ

2) Ȯ Ǽ ִ ġ θ ƴ

3) ̻ȸ Ȯ ġ ȸ ڰ ԵǾ ̳ʽ.

- ̻ ֽ żѴٸ ſ ż ȣ.

4) ְ濵 ܺ Ȱ Ȯ 濵ڴ

5) ٽ ӿ Ÿ Ȯ ȣȭο ϰų ȸ Ȱ

6) ġ ġ Ű ϸ ɷ

 

4. ش 庮 , õ ϰ ̿ մϴ.

1) ְ 귣

2) Ư̳ ۱

3)

4)

5) ƴ忡 Ȯ

 

5. ä 50% , 帧 ϰ ä ӵ ϶ϰ ִٸ ִٰ մϴ. ä ߿ ۿ º, , ں, 纸 캸ڰ մϴ.

 

6. ִ ϴ ְ PEG ϹǷ մϴ. ִ PER 20 ѱ ʴ ڴ ƾ Ѵٰ մϴ. PER ϱ ư ŷ , ְ ϶ ս ũ ε. PER ֽ ϶ ݺ˴ϴ. ʴ ڸ ϴ ͸ ƴմϴ^^

 

7. ðѾ / ŷ ͷ / ڻ / PSR

ڴ ׻ ֿ ʼֿ Դٰ մϴ. ͷ ֱ ε.

1) ̷ ֽ м Ǿ ְ, ݿ ż ִ.

2) ̷ ֽ ֺ ξ . 50Ⱓ ʼִ 庸 8 ̻ ߴ.

 

̷ մϴ. 40 ֵ 庸 4% ߴ.

->  ϴ. ٷ ռ о, Ű ش [ֽ PER Ȱ] <<ġִ ų 3~4% ̷ ռ. αִ ̷ 忡 .>>鼭 ġְ ͷ ִٴ ˾ҽϴ. ׷ٸ ġ ߿ ָ Ʈ Ѵٸ 庸 8%(4%+4%) ͷ ִٰ ǰ^^

 

ϴ ϴ , ż± Ȯϸ, ̷ 濵 Ȯ Ȥ Ҿ ֱ Դϴ.

 

ڻ ż , ڻָ ϸ 밳 żȣ ޾Ƶ鿩 մϴ. ڻ Ȯ ָ ϴٴ ǹϱ Դϴ. ֽ ޹ ν, ִ ȿ ߻մϴ.

 

ĵ ǼŰ ƮŲ PSR Ư, Ǵܿ ־ ߿ ҷ ˷ ֽϴ. ڴ ʼ 䱸 ʿ , ߰ ŷ ϴ ʽ մϴ.

 

, ʹ, ۿ ׷, ̿ <ٽƮ> ؼ ŵϴ. ģ 13, <߿䵵 з> ݱ ߴ ٽ /ؼ ŵϴ. ׷ ڶٰ ߴ 18, <> ѹ ؼ ݴϴ.

 

A. ʼ

1. PEG

2. 20 PER

3.

4. ä Ȥ ܰ

5. ְ

6.

7. ̻ ȸ ֽ Ÿ 濵 ڻ ż ְ ż

 

B. ſ ٶ

1. ް ϴ ִ

2. ̻ ȸ ֽ ż

3. ðѾ ðѾ 0.3 Ŀ(450)~2.5 Ŀ(3,750)

4. ͷ

 

C. ʽ

1. ְ׺(PSR)

2. ο 濵 ü, ǰ

3. ְߺ(PRR)

4. ڻ Ȳ ش ä 쿣 ߿

 

 

ڴ Ĵ ؿ ؼ ڽ ݴϴ. ڽ ڸ Ѵٰ Ͽ ϴ ڿʹ Ÿ ־ Դϴ. , ڱݾ׿ Ʈ ϰ ֽϴ.

 

- 5 Ŀ(0.75) ϶ 10~12

- 50 Ŀ(7.5) ϶ 15

- 100 Ŀ(15) 20 ׺

 

ð 鼭 ݾ ڱⰡ ˰ ִٰ ϴ ׸ ڱⰡ ϴ 濵 ϴ ùٸ ڹ̶ Ȯϰ Ǿ. ƴ ׸ Ư ŷ ڸ а лν ڽ ũ ִٰ ϴ Ǽ. ̳ʵ ν(1934 ο )

 

ŵ ؼ 丮 ڽ ǰ߰ Բ 1987 ũ ŵ Ұմϴ. ˰ ִ ŵ ϴ. ,

 

1. ʴ

2. ⺻ Ǻ ġ ִ ,

3. ξ 򰡵 ǿ ڱ ʿ

 

༼忡 óϴ ߿ űϴ.

 

- ڱθ ϶

- ΰ ü ֽ żؼ ϶

- Ͽϰ ֽĺ Ƽ ̷ ϰ ִٸ, ִ ر ٿ Ѵ. ׷ ٽ Ÿ 찡 Ƿ, ڻ ڱ 50% ٿ ȴ.

 

 

ڴ ֽڿ ͷ ø ּ , ϵ, ϴ ϴ ̴ϴ. ٸ ̵ αְ Ǿ 翬 PER ̸ ׷ Ϲ ġڰ ϱ⿡ Ⱑ ʿմϴ. ̴ ż ε . ڴ ̵ ֿ ϶ մϴ. <> ϴ Ⱑ ư  ε ڱ ʿ ְ , ۷ űϴ.

 

κ ڿ ָ ù ° (׸ ) ⸦ Ѵ. ִ ū Ȱִ ̴. ɼ ̸, ٸ ֽ ְ, Ҿ ̴.

 




ƮƮ ũα (0) ֱֱ(2)
:
|

 Ѹ ( 4)

  1. ݰ
    ݰ | 17.09/27 17:42
    |
    Ǹ ҽϴ. ڰ 쿣 ġں Ȯ ʴٴ Դϴ. ڶ Ȯ γ ٷ ޾ƾ ϴµ ھ
    ؾ 3̻ ٸ ؾ ϴ մϴ. ׷ ȸ縦 ߱ ֱ⸦ ԰ Բ ϴ ^^ ϰ ߼ ǰ ñ 帳ϴ.
    ۾
  2. | 17.09/28 07:46
    |
    ݰ Ե մϴ.

    Ȯ ֽϴٸ, ƴٴ Ͽϴ. װ ᱹ Ȯ ٴ ְڳ׿^^ ǥ ʴ дٸ û ʴ , ڴ ׸ŭ ڰ ǰ. ִٸ õϰ ͽϴٸ...... Դ ġڰ ︮ ̶ ɴϴ.

    ׷ ġڶ ڹ ϴ ƴ϶ Ѵٴ ϴٸ ġ θ鼭 强 ִ ã ؾѴٰ մϴ. ̷ å 鼭 ڽſ ڱ ָ鼭.. մϴ^^
    ۾
  3. | 17.09/28 09:04
    |
    ߼ ñ ٶϴ.
    İ , å б⿡ ڱ ޽ϴ. մϴ.

    ׸ ݰԵ ſ .
    մϴ ^^
    ۾
    • | 17.09/29 07:25
      ǥԲ ڱ dz. λġ Դϴ. ǥԵ ġ ް, ִ ϸ鼭 ̰ ^^
  4. ´̸
    ´̸ | 19.01/17 14:48
    |
    帳ϴ.
    ۾

* HTML ± Ͻ ϴ.

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۾
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