Value Investing Lessons Relevant At All Times | Equitymaster

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Value Investing Lessons Relevant At All Times

  • Identifying a shipping stock: Do's and don'ts
    (Jan 8, 2007)Shipping industry is a primary means of international transportation of any essential commodity. Around 80% of the cargo moved today is seaborne and almost 100% of hydrocarbon is transported through ocean. The global shipping industry can be broadly classified into wet bulk (like crude and petroleum products), dry bulk (like iron ore and coal) and liners (like containers and others). There are various benchmarks that determine freight rates for these segments. The prominent amongst them are Baltic Freight Index, Baltic Handymax Index (for dry bulk segment) and World Scale (for tankers).
  • Refining: Understanding GRMs...
    (Sep 7, 2006)After touching historic lows in the late 1990s, the oil-refining sector has seen a significant increase in gross refining margins (GRMs) owing to two factors. One, hardening of crude prices and secondly, a favorable demand- supply equation in the global markets. As compared to GRMs in the range of US$ 1.0 to US$ 1.5 per barrel in late 1990s, GRMs crossed US$ 10 per barrel at one stage. Though margins have softened in the recent past, it is still substantially higher than the average of the last three years.
  • P/E ratio: Look beyond it!
    (Aug 21, 2006)The P/E ratio is easily one of the most widely used valuation metric employed by the investors worldwide to arrive at an attractiveness of a stock. However, what the ratio numerically denotes is not necessarily the truth always and application of other valuation matrices could prove to be more useful. Let us see where this ratio fails and how other ratios takes its place.
  • PEG ratio: A perspective...
    (Mar 2, 2006)How to go about investing in stock markets is a never-ending quest. And since there are no right or wrong ways to go about things, it becomes even more perplexing. Here is one of the valuation parameters, which an investor could make use of while making investment decisions in equities.
  • P/BV: Understanding the concept
    (Sep 13, 2004)Apart from the price-to-earnings (P/E) ratio, another parameter that is commonly used to value stocks is price-to-book value (P/BV). But what does P/BV means and how can investors use this parameter to value their investments? In this article, we will try and simplify this concept.
  • Understanding Options
    (Jul 17, 2004)Derivatives markets are important constituents of the capital markets anywhere in the world. Thus, in the Indian markets too, derivatives have become an important part, which is evident from the volumes in the derivative segment. The volumes in the derivatives market has gone up steadily in the last three years (since its commencement in India) and during the last one year, they have been consistently higher than the cash market.
  • Identifying an auto anc. stock: Do's and don'ts
    (May 31, 2004)In the outsourcing space, the prospects for auto ancillary manufacturers are bright from the long-term perspective. But identifying the right stock from this sector becomes difficult on account of technical complexities involved and higher nature of fragmentation of the industry. In this article, we have made an attempt to simplify this process and help investors identify a good auto ancillary stock.
  • Identifying a paint stock: Do's and Don'ts
    (Apr 17, 2004)In the consumer's hierarchy of needs, the importance of housing cannot be understated. Given the fact that the housing sector has been growing at an impressive rate in the last five years on the back of various factors like tax incentives and the decline in interest rate, it is pertinent to look at sectors that benefit from this scenario. Apart from banks, cement, steel, the paint sector also benefits in a large way. In this article, we look at factors that have to be borne in mind while identifying a paint stock.
  • When to Buy? When to Sell?
    (Mar 16, 2004)"An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return.' This was how Benjamin Graham defined 'investment'. There are three important aspects here,
  • Identifying a cement stock: Do's and don'ts
    (Nov 29, 2003)One of the key factors that seem to have a major say on stock price movements of cement companies are cement prices! Given the volatility and seasonality involved in the same, should one place such high weightage on cement prices to ascertain investment decision in cement stocks? Here is an attempt to simplify the analysis of a cement company.