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The Value-Investing Analysis of China Railway Group Limited

Author: FuGuoLiang
Tutor: LiuChaoYang
School: Lanzhou University
Course: Business Administration
Keywords: Investment value Listed companies Valuation analysis
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 224
Quote: 0
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Abstract


Securities market as an important part of the financial markets, its unique features and charm to attract and connect with financiers, investors and managers, value investing more and more recognized by investors. How to choose a good investment in the future process of enterprises to invest, how to assess the value of the stock of enterprises, value investors should be concerned about the problem. China Railway Group Limited is selected as the object of analysis, the use of the knowledge learned during the three years of study in the MBA studies and analyzes of their intrinsic value. The paper is divided into five chapters, the first starting from the introduction of the background and significance of the research, a brief review of the value of the investment at home and abroad the mainstream of development, straighten out the value of the investment valuation ideas. And overall analysis of the status quo of China's railway industry and future planning, railway construction industry opportunities and competition in the industry structure. As the object of study, from the basic situation of the company, the main business and its subsidiaries, its controlling shareholder and shareholding structure, in-depth analysis of the impact of these factors on the operating activities of the China Railway and China Railway. Second Railway Company from China's own micro-environment departure, the use of annual report data released by the China Railway Company, the use of ratio analysis and cash flow analysis of the company conducted a comprehensive analysis, and comparison with similar industry indicators, understand the company's profitability, operational capabilities and its growth. To predict the future performance, and predict data based on the value of the stock of the China Railway Group based on discounted cash flow and company valuation based on earnings two valuation methods, and finally come to their own views, China Railway's stock value from the valuation of the a lot of space in the current price levels will provide investors a better return. This thesis, combined with the current development of China's railway construction industry characteristics, and China Railway Group in the leading edge of the strategic and technical differences, China Railway is the most promising investment targets of large-capitalization companies in the domestic construction industry, its long-term investment value at this stage is not a simple quantitative valuation to reflect, but should be based on the multiple perspectives of the development of the industry, profit model, competitive advantage to re-recognize and keep track of long-term, which is the purpose of this paper is to reveal.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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