: ROE PBR ȴ - Season 3
ó : ڹ(http://cafe.naver.com/excimer)
ۿ ROE PBR ΰ Ͽ Ͽ. 忡 Ǵ ִ ǥ ROE ͵ ľϿ. ROE Ͽ ð ϴ°? ٽ ϸ 忡 Ͽ ؾ ϴ°?
ROE / ںѰ
̷ ROE Ű ؼ Űų ںѰ踦 ҽŰ ȴ. ̿ ڼ ڹ-(6) ڼϰ Ͽ. ̷ 繫 þ߷ ٶ 忡 ũ ʴ´.
츮 ROE Life Cycle Position Position ȭ Momentum Ͽ ʿ䰡 ִ. ̴ ؾ ϴ ߿ ̴. ROE Ӽ Ǵ ϴ Ṉ̀ ϴ. Ʒ . Ʒ ġ ִ Ż, AA̿ ִٰ . ִ ο Ǵ ʱ . Ƹ ̿ ϸ ڴ.
ϰԵ 츮 Ż, AA̿ߴ ְ, 弱 õ (Market Share) ϰ ִٰ Ѵ. ̿ ӵ ̸ ̸ ǽϴ . ӵ Ŀ ̴. ̴ 忡 M/S Ѵٸ ROE ް ڸ ̴. ̿ 忡 ָ ޱ ϸ ְ ܹ ϱ Ѵ. AA̿ ְ ӵ ϱ Ͽ.
δ Ǿ Ǿٰ Ѵٸ. 츮 AA̿ ְ 忡 ʸ ȣ ̴. ٰ (ս Ѵ). ٸ ROE̴ ݾ ų پ ̴. ְ ι ĥ ϸ Ҵ. Ͽ PBR ұ ̴. AA̿ߴ ġ , ġ Ѵ. ROE ؾ߸ ´.
̶ ̸ ̹ ̻ Ѱ? Ƹ Zڰ ִ . ؾ ϴ°? ְ ִ°? κ ġ[ Ȥ ] Ѵٸ ʹ ı ϴ ̴. ų Ǵ , PBR PBR з ԵDZ Ѵ. ȸ 忡 ҿܵǰ α , ̸ ذ.
ROE پ PBR = 0.5 ϱ Ѵ. ֺ ̷ . ̷ (Risk ٴ ǹ)̱ Ѵ.
ٸ ġ ᱹ ̵ϸ ̸ Ծ ° ? ʴ. Ҿ ڻ ο 忡 ں ִ ̴. ٷ ̴. ̷ ڴ ٽ ϴ ̸ Ͽ ٽ ִ ̱ ϴ. ó Ѵٸ .. ٷ ̸.. ʱ ؼ 濵 ϴ 찡 κ̴.
PBR ϴ (¼ PBR ROE ݴ븻̴, .) ߸ ΰ? 忡 PBR ڴ ߱ϴ Ͱ . PBR ָ ٷ߸ Ѵ. ȣ̶(̴ Ƹ M/S ɼ ), ƴ տ ߵ ڸ ο ô ʿϴ.
տ ͵ غ. ڿ 庸 ߱ϱ ؼ Market Ȥ Life Cycle Position ٸ ؾ Ѵ.
ġ |
ROE/PBR |
ֿ |
شɱ |
|
Ÿ ROE Ÿ PRB > 1 |
l öϰ üũ l ش ٸ ϴ ͵ ̴. |
l ̿ |
|
Ÿ ROE Ÿ ROE شȭ Ÿ PBR ִ |
l ش öϰ üũ, l ȣ . Ŭ ̶ üũ ʿ . l ڼ ؾ |
l ¶ ü (ް͵, YBMû) l Ŭ ġ (ؿ, ) |
|
Ÿ ROE ź ȭ Ÿ 忡 ϴ PBR ϶. Ÿ ȯ溯ȭ ΰ Ÿ /϶ |
l ̹ 忡 ġ ⼺ ̴. l ְ ü Ȥ ޱ Ѵ. l Ư . l ο 忡 ϴ üũ -> ̴ ̵ |
l ο ãƾ ϴ (Z, Ÿ IT) l Ŭ ġ α(Ǽ) |
|
Ÿ ROE 10% ϶ Ÿ PBR < 1 |
l Ͽ Ѵ, l ȣ ´. l ο ڸ , ڰ ɼ ̴ ū ȸ̴. l ȭ üũ |
l 庯ȭ ο α)ڵ,) l 尳ô ɱ(Ǽ, ѱƯ) |
ǥ ϰ и ROE PBR 踦 ϴ, Life Cycle ¥µ ǹ̸ ο ִ.
ڿ ־ Risk κ ̱ PBR < 1 ȣѴ. Ư PBR ߿ ȣǰų űڱ Ѵ. PBR ϸ鼭 ̱ Ʒ .
1) ÷ ÷(Ȯ Ģ)
2) PBR ȣָ ϶.
3) PBR ߿ űڸ ϴ Դ ū ȸ ִ.
ROE PBR Ͽ Ұ . ̻ ϱ ؼ ʿ ε ذ Ͽ ֱ ̴.
Խ Ƽ 谨dz
ִ Խ ֱ 䱸մϴ
ϰ д´
ϰ ո ڶ ̶ ġڽϴ
excimer Ʈ ְڳ. PBRֿ ڵ ǰ ڵ ... ^^ ׳ ְ ֱ. ߰ ٻϰ żŸ̹ ġ. ̤