Are Equity Research analysts merely accountants?
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Printed Date: 27/Apr/2024 at 5:04pm
Topic: Are Equity Research analysts merely accountants?
Posted By: basant
Subject: Are Equity Research analysts merely accountants?
Date Posted: 13/May/2011 at 12:03pm
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One aspect of the investing community that needs a debate is the precise role of research analysts. The Oxford dictionary defines an analyst as “a person whose job involves examining facts or materials in order to give an opinion on them”. Contrary to this a majority of research analysts function as search analysts. Company managements are expected to provide all clues and leads. These projected management aspirations commonly termed as “guidance” is the basic crux for research. Companies that do not provide guidance are not put under the crystal ball for forecasting numbers. In the backdrop of the projected numbers analysts keep working with various permutations on borrowed excel sheets thus arriving at a recommendations rarely 20% beyond (each side) of the current price. Almost all conference calls are focused with questions on numbers, numbers and more numbers. The reference to business dynamics, competitive landscape, market set up, customer perception, long range goals and other subjective attributes of business analysis is completely missing. The focus is to get the q on q numbers. No wonder research has become a QSQT - Quarter se Quarter tak. In a management cocall the typical questions that come out are: a) What would be your sales growth for the coming quarter and the year? b) Will we maintain the same EBIDTA Margins if so how so if not why not? c) What is the proposed debt level (for calculation of interest costs)? d) What are the plans for Capital spending (for computation of depreciation and cash flow analysis). e) Dividend payout ratio (for calculation of Book value/Retained earnings). The benefit that management projections provide to analysts is that it makes it easier for them to shift the burden of negligence and provides an escape route. In companies whose management does not provide guidance the burden of incompetence cannot be shifted hence these companies are excluded from coverage by most analysts. On the other hand when a company starts providing guidance to the nearest percentage analysts get down to the excel sheet to the nearest paisa. It gets a lot easier. More multibaggers originate from companies that do not provide guidance then from companies that do. For companies that provide guidance the efficient market hypothesis is in complete vogue. Bhaav Bhagwaan hai (In the ticker lies the god) all prices discount what the management had set out to do. The only thing that can surprise the investing community is the only thing that can surprise the management as well. So companies that do elaborate conference calls, investor presentations and showcase their investment worthiness have more room for disappointment then companies that do neither of these. Michael Steinhardt allocates all his success to one principle “Variant Perception”. That is how much the actual would differ from the expected. The chances of variant perception is more with a tight lipped company that talks once a year then with a management that opens its mouth four times in twelve months. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Replies:
Posted By: funkyappu
Date Posted: 13/May/2011 at 12:34pm
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Nice aspect touched.... Even in life, human beings fear uncertainty. When he's uncertain, he's confused & at times majority of them are unable to take worthy decisions. Very few of those who take chances or proceed have a 50:50 chance of succeeding or going wrong. This applies to governing states, running businesses as well as equity investments too. Guidance & forecasting by companies or equity analysts often go the opposite way and the sudden rise leads to sudden dips. In such situations, often, the virtue of patience is appreciated based upon rational & informed decisions. ------------- |
Posted By: funkyappu
Date Posted: 13/May/2011 at 12:38pm
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In my opinion...Uncertainty is fun..
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Posted By: Khan
Date Posted: 13/May/2011 at 12:44pm
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I think that one reason for analysts not actually doing or reporting any investigation into the future performance of the companies is due to the motive with which the reports are released, i.e to generate brokerage rather than educate the investor.
More the reports with smaller targets which get met easily, the more brokerage is generated as the investor moves from one stock to another. Or the buy side may be themselves justifying the transactions with the help of such research reports. I would like to know more about these concalls? Is it by invitation or anyone can attend the concalls? ------------- If you do what you've always done, you'll get what you've always gotten |
Posted By: rinkumalpani
Date Posted: 13/May/2011 at 2:53pm
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So companies that do elaborate conference
calls, investor presentations and showcase their investment worthiness have more room for disappointment then companies that do neither of these. The chances of variant perception is more with a tight lipped company that talks once a year then with a management that opens its mouth four times in twelve months. [/QUOTE] crystal clear..no wonder you have been so bullish on hawkins. |
Posted By: camanoj
Date Posted: 13/May/2011 at 3:17pm
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Basantji, I agree with you observation. However, there is another angle to it. Business aspects & competitive landscape etc do not change frequently - infact, there are usually only minor changes for many years. An analyst attending concalls every quarter can not be expected to ask these questions if he has already asked these when he initiated coverage. After that queries on numbers tell the incremental story. e.g if margin has fallen, query would be why it has fallen? Answer may indicate that a new competitor has come. So that adds incremental info to your repertoire of business knowledge of the company. What is margin liekly next quarter/year? If management says that it expects to recover margin back. why? it has put in place a strategy to counter competition. That tells analsyst change in company's competitive strategy.
Numbers can reveal a lot if one knows what cross-question to ask.
If co says margin is low becasue RM cost was high, the analyst may not ask cross question as most analysts have data on RM price trends and they can track them without asking questions to managements. ------------- Manoj |
Posted By: anthro
Date Posted: 13/May/2011 at 4:12pm
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Excellent article and very true too .
Unlike us investors the analyst is an employee whose target is not investor education but increasing brokerage etc.I have also not seen any analyst sticking his neck out,take a 5 year view on a stock and say that it can zoom 10 times etc-They always are within this 10% band .Their questions are also penny wise questions . They want to fill that excel sheet,send it out,meet their deliverable and then go on to the next excel sheet.
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Posted By: zulfi
Date Posted: 13/May/2011 at 4:49pm
| nice point sir |
Posted By: jigneshk
Date Posted: 13/May/2011 at 10:12pm
| Most times reading research report is waste of time. We (me and my 4 brilliant friends) have not read any broker report for any stock after 2008 crash - we read only quarterly results for the stock we track, its peers and technicals :-). |
Posted By: EquityInv
Date Posted: 13/May/2011 at 10:20pm
| Nice writeup! With more and more technology and maths, analysts are coming out with more complex formulae and more focussed to use those in research. While there's no harm in using those but we have to also focus on very simple things which sometimes are ignored. Common sense is very uncommon? |
Posted By: LearningToFly
Date Posted: 13/May/2011 at 11:37am
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I think it has to do our mindset. Usually people who ask question and people who answer them are world apart. The analysts are alreday in awe with CXOs who answer the questions. Just look at the servility with which they ask question. I am not blaming the analysts but this is how India operates. People who are CXOs are more powerful than the analysts and they can really do the damage to these analysts if they act too smart.
Unlike developed world, our media, analysts etc are too risk-averse and do not bother to ask tough questions simply because the people there at top are too powerful. How many times you have seen someone asaking tough question in business channels also. ------------- Success... at all cost. |
Posted By: nsram45
Date Posted: 15/May/2011 at 6:14am
| Very good article. But in my view when the facts and figures comes out it is only a data given a company. No company has accurate true data in the world. So when the basic data itself weak then the analysation will also be on the side only. We all dealing with speculative market aiming to earn some extra money. So according the movement of the stock numbers and not their result or data numbers. Only possible way is to just ignore those reports and trade on your own without seeing the reports but by seeing the cahrts. |
Posted By: monu_duggad
Date Posted: 16/May/2011 at 6:11pm
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:) ------------- If you think you can,You Can |
Posted By: sameerde
Date Posted: 18/May/2011 at 6:59pm
| well that is to be expected since there is so much stress on meeting estimates on a quarterly basis and the pressure to churn out more and more reports. the best short cut to spending days thinking out a company's likely revenue and profits is to simply ask the company. end of matter and on to next report and new bonus! |
Posted By: kulman
Date Posted: 19/May/2011 at 4:12pm
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Posted By: Baby
Date Posted: 30/Jun/2011 at 3:49pm
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As usual a nice article from Mr. Basantji.
Peter Lynch & Warren Buffet have already uttered these points on Broking Houses. Most of the Multibaggers are surprises. There may be good Research Reports too. I follow a little of HDFC securities. If members know few other, it may be recorded for the benefits of other members. ------------- Better late than never |
Posted By: caniravkaria
Date Posted: 23/Aug/2011 at 10:28am
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very true basantji....i completely agree with your view. ------------- Nirav S. Karia Chartered Accountant |
Posted By: AnushkaSingh
Date Posted: 02/Dec/2011 at 11:23am
| Equity research analysts work on both the sell side and the buy side. Sell-side researchers will work at an investment bank or independent research company, while the buy side typically indicates hedge funds or investment management. |
Posted By: priyarawat
Date Posted: 02/Dec/2011 at 11:38am
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Basant sir , I agree with you observation you make a great point. Got some great information here. I think that if more people thought about it that way, theyd have a better time understanding the issue. Your view is definitely something Id like to see more of. T |
Posted By: Raahi Shah
Date Posted: 08/Dec/2011 at 5:08pm
| Wow, what a great treasure of information all in one place. |
Posted By: priyarawat
Date Posted: 09/Dec/2011 at 9:17am
| Thanks for information Anushka Singh ji |
Posted By: SeemaKharpuriya
Date Posted: 09/Dec/2011 at 10:34am
| Very nice post sir. |
Posted By: Naveenkaushish
Date Posted: 16/Dec/2011 at 4:24pm
|
I agree with you observation. However,there is another angle
to it.Business aspects & competitive landscape etc do not change
frequently - infact, there are usually only minor changes for many
years. An analyst attending concalls every quarter can not be expected
to ask these questions if he has already asked these when he initiated
coverage. After that queries on numbers tell the incremental story. e.g
if margin has fallen, query would be why it has fallen? Answer may
indicate that a new competitor has come. ------------- |
Posted By: docentpharma
Date Posted: 21/Dec/2011 at 3:30pm
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Very informative and helpful post. You have good command on the topic and have explained in a very nice way. Thanks for sharing. ------------- |
Posted By: xpresso
Date Posted: 21/Dec/2011 at 4:33pm
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Basantji,
Agree with your views on most analysts. Analyst reports should be used for getting information only rather than analysis - which we ourselves have to do.
One aspect where I differ is my preference to hear management views of forecasts on numbers since it requires management to be far more thorough than forecast on qualitative parameters only which is easier. It helps to judge management over the long run. The management that is good at forecasting business scenarios and numbers also get a premium valuation like Infosys.
For a retail investor like us, getting the nos and weaving it into the overall projections throws up inconsistencies far more easily.
However I also completely agree with you that pure numbers without taking into consideration the overall business environment, competition, strategy is meaningless since the weaving as mentioned above needs to be tie up with the qualitative paramters as well.
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Posted By: deepakpatel123
Date Posted: 21/Dec/2011 at 9:03am
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i agree with u all of points but its all about share market business ... so fortune can also be a factor... |
Posted By: chetank
Date Posted: 05/May/2012 at 11:30pm
true what you said....
------------- ck |
Posted By: respondvignesh
Date Posted: 03/Jun/2012 at 12:57pm
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Respected Basant sir,
It is a great privilege to interact with you. I would like to know how much CFA helps in doing equity research? I want to take a career in equity research. Is it good to spend time on CFA or instead do analysis of stocks during that time? which helps me to learn more? Please let me know how much does it (doing cfa) help than doing my own analysis? Since you are the best person to answer this question, i m asking this to you. I kindly request u to reply me sir. Is cfa mandatory for equity research and does it help me a lot in research?? |
Posted By: basant
Date Posted: 31/Jul/2012 at 10:11am
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If you are looking for a job you need a formak degree to back yourself up but if you want to do your own research than level 1 of Cfa with plenty of reading is good enough. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: vedik
Date Posted: 01/Aug/2012 at 4:13pm
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Good post however, I was wanting to know if you could write a little more on this subject? I'd be very grateful if you could elaborate a little bit more. Appreciate it! ------------- |
Posted By: somu0915
Date Posted: 01/Aug/2012 at 6:40pm
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Basantji - Can you refer some books / reference material for people coming from non-commerce background, so that they can analyse balance sheets .
CFA is a exhaustive program with many other subjects. If a non-commerce person like me wants to enhance his skills in the analyzing the balance sheet, what should he do? |
Posted By: vijayM
Date Posted: 02/Aug/2012 at 11:34pm
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Sir, which is better? MBA finance or CFA to make a career in finance, both for job/business and personal investment. ------------- If a business does well, the stock eventually follows:Warren Buffett |
Posted By: rohit1889
Date Posted: 03/Aug/2012 at 1:08am
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CFA is better than MBA in finance, but MBA in finance will give you the entry point for a career in finance. CFA generally takes 3-4 yrs (only 20% clear it in 2 yrs). MBA gets done in 2 yrs. Meanwhile u can give CFA while ur pursuing MBA ------------- If you're prepared to invest in a company, then you ought to be able to explain why in simple language that a fifth grader could understand, and quickly enough so the fifth grader won't get bored. |
Posted By: master
Date Posted: 21/Nov/2012 at 8:45pm
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See a buy report from Firstcall Research on parekh aluminex stock http://www.moneycontrol.com/mccode/news/article/article_pdf.php?autono=785404&num=0 -
Nowhere does the report even mention the recent development that 60% of promoters' shareholding is now pledged (including 93% holding of company's chairman), so much for their "research" skills. ------------- Someone’s sitting in shade today because someone planted a tree long time ago. |
Posted By: rajnsharma
Date Posted: 21/Nov/2012 at 8:54pm
Also, I never understood why somebody will publish a report which will benifit general public  . For their client anybody can understand.------------- Wall Street makes money by it's activity, while you can make money by your in-activity - Warren Buffett |
Posted By: subu76
Date Posted: 21/Nov/2012 at 10:11pm
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Firstcall is known to be that sort of entity. Have a look at FirstObject Tech here (atleast naam to badal dete yaar) http://www.theequitydesk.com/forum/forum_posts.asp?TID=2797&PN=27 - http://www.theequitydesk.com/forum/forum_posts.asp?TID=2797&PN=27
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Date Posted: 14/Jan/2016 at 12:36pm
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