問Checker兄如何跟進公司

原刊於2006.11.12

在九月，checker兄在港股追蹤族分享了一些心得。

i love this game: 很佩服兄跟進公司的能力。小弟正在學習，發現十分費時。

請問兄同一時間跟進幾多間公司？又可否跟大家分享一下心得？譬如說，每日的routine work, 業績公布期的工夫, 分析時的要點，財務報表的重點(是否細緻到看Notes to financial statements)和花費時間，對公司股價的留意等。

小弟先行謝過！

又，一眾同道如有分享，請隨便發表意見，謝謝！

checker:
Dear ILTG and others,

Sorry to write in English, as my Chinese writing takes me too much time. Thank you for your positive comments and I feel that I still have a lot to learn, from you, from the market, and other readers.

I seldom follow in details for big companies, like HSBC, 2628, 2318, 53 and etc. They are well covered and I would take a top-down approach. e.g. I believe PRC finance companies will be good for the coming few years, I just buy and accumulate. I will update the operational data for specific company, e.g. 2628 and 2318.

I am actually experimenting different strategies and trying to widen my knowledge this year. I start to cover more and more companies, and I think it is about 30-60. (However, more coverage does not mean better return. Imagine if you only hold 2628 and 941, you can be very relaxing and beat the market already.) Some sectors or companies do not have a bright future, e.g. 710, 420, and etc., I will put them aside and wait.

I usually go through the reports in details. Checkout red alerts (e.g. A/R, Gearing, Cash on hand, Cash flow), performance (ROE, ROA), assets on hand, staff cost to overall operating cost, CAPEX, earning trend, margin trend, regular core earning trend, management statement, rental cost (for retail), same store sales (for retails), tax rate, ….. It is very time consuming in the beginning but efficiency is built up gradually.

I also monitor sector trend, e.g. on LCD, semiconductor, mobile phone, transportations, ….but not in a consistent way. Information is from newspapers (HKEJ, HKET), official sites on the net, Google new alert service.

Daily routine include: reading HKEJ, HKET, news on the net, annual reports. If I find a stock doing very well recently (FA or TA), I will take more time to performance a FA analysis and news search. I would also pick specific sector, e.g. AV, Paper, Fertilizer, Fast food, and do a comparison in the sector.

Monitoring insider and fund activities is also important in some cases. E.g. #81, #366, #567, the insiders did buy a lot before the share price high flying.

I do not have a consistent way to prepare for result announcement period. I am planning to develop one later.

Currently, most following-ups are not done adequately. I wish more readers could help to track the specific companies and sectors, more information, knowledge, skills, ideas can be shared across.

I am looking forward to your ideas and comments!

i love this game:
Brother checker,

Thanks for your sharing. Your study is so detailed. You and Brother Maple Leaf are both very hard worker! A very good example to learn.

I always want to work in the market-related field. Now, most of my leisure time is devoted to the market. I am studying CFA level 1 and found the syllabus a good complement to my knowledge. Besides the study, my daily routine includes reading HKEJ, ETnet news, running scanners to 'see' the market. I enjoy reading, and have many investment books rest unread in the bookshelves. Recently, I am trying to devote more time to studying industries, companies instead of reading books. Industry is really hard to study!

I agree with brother sanfords' view of investing into China excellent companies. Many investors, local or foreign, take this view. Stocks with China factor take higher priority in my study.

I also like 'growth' companies, as everyone does. In reality, growth is hard to archieve and cheap real growth companies are hard to find. I think real growth companies in panic sell-off or after intermediate term correction provide good opportunities. The problem is without in-depth knowledge of the companies and the industries, it is hard psychologically to buy in such environment.

My analysis skill is still naive and need to learn more from you.