| ۿ õ ƴմϴ.
θ Ȱϰ ڴ Ǵܿ Ͻñ ٶϴ.
̺ 巹(David Dreman) 忡 ҿܵ PER, PBR ְ 鿡 ڰ αֺ ŵδ ̶ ߴ. ״ ϰǰ PER, PCR, PBR, 4 ġ ͷ Ѿ ŵдٴ ߴ. θ Ȱϰ ڴ Ǵܿ Ͻñ ٶϴ.
̰ ̺ 巹ո ǰ ƴϾ.
̾ ڡ ٿ Ե 30 ֽ м οߴ. 1937 1969 ټ½ PER 10 ֽİ PER 10 ֽ ٸ ֽ . Ⱓ PERֽĵ ͷ ʰ߰, PER ֽĵ ͷ ̴ߴ.
1. ڿ
ٸ 巹 PER, PBR ٸ ͷ ? ʴ.
巹̳ ̾ ϰ ߴ 忡 θ ˷ 밨 ǰִ αֿ 밨 ũʰ ҿܵ α 忡 Ⱦ ո ֳθƮ ġ 캸 ̾. ̴ PER Ǵ PBR ǥ ƾ Ѵٰ Ͱ еȴ.
̾ ǿ 1968 ż 1971 6 20Ͽ ϴ ٿ PER ѷ ս ٸ ڴ 'PER ؾ ϰ, Ʈ Կ ־ ٸ , ҵ ߰ؾ '̶ и ִ.
̺ 巹 4 ġ (PER, PCR, PBR, ) ϸ鼭 Ʒ ۷ ̸ ߴ.
ù ϰ ° 常 ؼ ڰ ϰ ϴ ǹ̸ ߸ ϰ ȴ.
ǹ̸ ľϱ ״ 캸.
̴ 忡 αⰡ źź(solid) ֽĵ ߿ PER, PCR, PBR ų ͷ ֽ ż϶ ̴.
巹 ռ ̾ 'PER ϵ, Ʈ ٸ , ҵ ߰ؾ ' ̶ ϸƻѴ.
2. ϱ ǥ
巹 ϱ ؼ ⺻Ģ ܿ Ʒ ֽ ټ ݴ ǥ Ұߴ.
ǥ1. źź 繫
ǥ2. 繫
ǥ3. ֱ ͼ , ܱⰣ ͼ
ǥ4.
ǥ5. ͷ ʰϰ, ϴ
ֽ ؾ ϴ ߿ ϸ鼭 2~3 ڿ ٸ ŵ϶ ߴ. ݴ ũ ȭǸ ֽ ŵؾ Ѵٰ ߴ.
3. 캻 α 췮 20
巹 غ. (19) ڽ ߵ Ⱑ Ǹ Ϸ翡 3% Ѱ . ֱ Ұ ִ Ž Ȳ ȮǼ ϱ ͷ , پ ࡤ衤Ÿ PER ߴ. ǥ ܿ ǥ ݱ ߰ߴ.
[ ]
1. ࡤ衤Ÿ ϴ 49
2. ݱ 20
3. PER 10
ȭ, , ϳ, ڸȸ PER 4谡 鼭 ۳⺸ 10% ̻ Ÿ. ػ, DBغ, , KB PER 5 Ϸ ̸ ÷ȴ. ̵ ߿ ͷ 8.1% Ÿ.
繫, ͷ ߰ ǥ ġ(stockwatch.co.kr) Ȯ ִ.
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1) : Contrarian Investment Strategies
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4) ٸ Ⱓ 6 Ҵ ( 13- Ⱦƾ ϴ°)
PBR ƴ϶ PER ϴ ΰǰ?