Presented by Sajid Rahman on 1 July 2015, this deck tests whether fundamental analysis rewards retail investors in Bangladesh by tracking the returns of three investor profiles against Empire Capital's April 2013 power sector recommendations over the following 26 months.
Does Equity Research Work for Small Investors?
Testing fundamental analysis against 26 months of actual returns. This 19-slide Empire Capital presentation, delivered to Apex Investment Limited on 1 July 2015 by CEO Sajid Rahman, benchmarks research-led investing against index-following.
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The full report below preserves the original charts, tables, methodology, sources and limitations. Figures and interpretations are those of the supplied report.
A presentation for Apex Investment Limited
Some general points on reading listed company accounts
Common conceptions about equity research
The April 2013 power sector call
Investment returns benchmarking
What the benchmarking shows
Peer comparison of listed power generation companies
Ratio analysis
Liquidity position of the power sector
Turnover of assets
Leverage ratios and profitability
Ratio analysis, 2012 comparison
Liquidity improvement through 2012
Dividend payout and valuation
Conclusion — there is method to madness
Present research efforts of Empire Capital
Apex Investment Limited and Empire Capital
References and contact
Closing
