INDUSTRY ANALYSIS AND VALUATION - INDIA
Authors
AIMR FORMAT
Assocation of Investment Management and Research (now CFA institute) gave the following format some time back for providing industry analysis.
•Industry Classification
–Life cycle position
–Business cycle
•External Factors
–Technology
–Government
–Social
–Demographic
–Foreign
•Demand Analysis
–End users
–Real and Nominal Growth
–Trends and Cyclical variation around trends
•Supply Analysis
–Degree of Concentration
–Ease of entry
–Industry capacity
•Profitability
–Supply/Demand Analysis
–Cost Factors
–Pricing
•International competition and markets
I ask my students to follow the format and prepare the analysis for the following industries as a part of their Investment Analysis or Security Analysis Course.
I presented a conference paper and published a journal article on the theme independent equity research from business schools. In that paper I argued that business schools can publish the equity research reports being prepared by their students on their web sites. No doubt disclaimer is there that it is a learning exercise only and not a professional output. The benefit of such academic institute reports will be that they will be more close to rigorous text book methods than the opportunistic reports from sellside companies.
I plan to publish the reports of my students on knol demonstrating my commitment to the suggestion that I have made.
Industries to be Covered as a Learning Exercise by Students
Auto-Ancillaries
Automobiles - Viklap
Banks - Vidushi Aggarwal, Himanshu Gupta
Bollywood
Capital goods
Cement
Chemicals
Construction
Consumer durables
Engineering - Venu Yaramshetti
FMCG - Prakash Chadhury
Fertiliser
Hospitality
Housing Finance - Varun Singh
Infotech -software and ITES - Vicky Gosar, Rajat Viz
Infrastructure - Bhagyashri Bhide and Naresh Dhingra
Logistics
Media
Metals
NBFC
Oil & Gas - Anshul Srivastava
Petroproducts - Saurabh Nagda
Pharmaceuticals
Power - Saravanan
Realty - Dilip S.Anand
Retail
Shipping
Steel - Megha Gupta
Sugar
Telecommunication services - Akanksha Mittal, Ashish Anand
Textiles
Tobacco - Lakxmikant Ramawat
Conglomerates
Economic Times Sectoral (Industry) Indices - December 2008
| Index | Days Close | Days Close | Days Close | |
| 5th Dec 08 | 12th Dec 08 | 19th Dec 08 | P/E ratio | |
| ET 100 | 3204.09 | 12.13 | ||
| Sectoral Indices | ||||
| Auto-Ancillaries | 4483.36 | 8.59 | ||
| Automobiles | 2424.13 | 8.51 | ||
| Banks | 5633.29 | 9.53 | ||
| Capital goods | 8653.69 | 17.44 | ||
| Cement | 4699.77 | 5.31 | ||
| Chemicals | 3968.69 | 5.32 | ||
| Construction | 9378.76 | 17.15 | ||
| Consumer durables | 3568.39 | 6.36 | ||
| FMCG | 3311.64 | 19.01 | ||
| Fertiliser | 3311.18 | 5.5 | ||
| Hospitality | 4267.23 | 10.3 | ||
| Infotech | 1948.15 | 9.36 | ||
| Logistics | 10875.04 | 10.8 | ||
| Media | 2412.8 | 19.71 | ||
| Metals | 6096.29 | 3.58 | ||
| NBFC | 10675.91 | 12.01 | ||
| Oil & Gas | 3186.18 | 15.86 | ||
| Pharma | 3119.78 | 13.34 | ||
| Power | 3612.03 | 19.36 | ||
| Realty | 3952.32 | 5.77 | ||
| Retail | 671.22 | 55.38 | ||
| Shipping | 5871.53 | 3.39 | ||
| Sugar | 8070.69 | 4.51 | ||
| Teleservices | 1655.4 | 15.11 | ||
| Textiles | 2922.81 | 17.97 | ||
| Conglomerates | 6600.24 | 8.25 | ||
| Bollywood | 784.71 | 9.76 |
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