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23 Զع¹ 2558
 
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P/E Ӵա P/E ٧ ԧ?


㹷ҧṹ PE ١ᾧҨдٷ ѵҡԺⵢͧ(earning growth) Сͺѹ 鹷 PE ٧ Ҽšҡ»յԴ͡ѹ PE ١


ͧٵҧФѺ A ô PE 20 Ҥ 20 ҷ ա 1ҷ/ ⵻ 25%, B ô PE 15 Ҥ 15 ҷ 1 ҷ͹ѹ 5% ټԹ B Ҩж١ A ô PE ӡ Ҷŧع ͧ价 3 բҧ˹ҨԴâ âͧ A С 1.95 ҷ(=1.25×1.25×1.25) 觶ºѺҤ鹻ѨغѹҤ 20 ҷ PE 10.2 㹢з B èⵢ 1.15 ҷ(=1.05×1.05×1.05)ҤһѨغѹ 15 Դ 13 ¤ ҡⴴ͹Ҥ 3 բҧ˹ "" šâͧͧѷ仵ҤҴ A PE 10.2 ҫ觶١ B PE 13


÷ A PE ᾧ Ѻ PE ١ ӵͺ Ժ⵹ͧ ѧ¡ŧعҴ PE Ҩ֧ѡٴ֧ ѵҡԺⵢͧš (earning growth) Ǻ仴 ͡ҡѧٵç繷ѹҡٵù֧ ¡ PEG (PE to Growth ratio) ӹdz١ᾧͧ PE дѺѧ 觶鹵˹ PEG ӡҡҶ١ҹͧ

ٵáäӹdz PEG = PE ratio / Growth


PEG ҹҹѹͧٻẺ

1. ººͧ 鹷դ PEG ӡ鹷١

2. ºº١ᾧͧѹͧ 鹷դ PEG < 1 ʴ鹶١ (ôдѺ PE ٧ºѺԺ⵷)


ѧѺ㹡óբҧ A PEG 20/25 = 0.8 B PEG 15/5 = 3.0

ʴ B ᾧ A ҡ (PEG 3.0 > 0.8) A դ١ҡ͡ŧع (PEG < 1.0)


͡ PE ֧ѡ˵ؼѹѺͧѡŧعʺѭҫ鹶١˹ (١ »ռҹ仡ѧ١͹) ͧԺⵤǺ仴 ṹ¡ Value trap (Ѻѡͧë鹶١)


ҧá Ըմѧҷ ¶ҤӹdzԺ⵼ԴҴ A Ҩ鹷ᾧ Ժ⵨ԧӡҷҴó ÷зԺ仵Ҵ оٴ֧繹㹵͹Ѵ令Ѻ




 

Create Date : 23 Զع¹ 2558
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