最近看到Norman Rothery写的一篇文章: Stingy Stocks for 2005,觉得很有意义,现摘要如下:
1. STINGY 选股判据:
１） 须Ｓ＆Ｐ５００成份股；
２） Debt-to-Equity ratio less than or equial to 0.5;
３） Current-ratio of more than 2;
４） Interest coverage of more than 2;
５） Some cash flow form operations;
６） Some earnings;
７） Price to Sales ratio of less than 1.
2. STINGY 选股结果比较
Stocks/Index | Year 2002 | 2003 | 2004 |
Stingy Stocks | -1.9% | 38.8% | 29.8% |
S&P500 | -22.1% | 23.0% | 13.4% |
Outperform | 20.2% | 15.8% | 16.4% |
3. 4 STINGY STOSCKS FOR ２００５
Stocks | Share price | P/S | D/E | Current ratio | Interest coverage | Price/Cash flow | P/E | Dividends Yield |
LPX | 26.97 | 0.9 | 0.36 | 3.7 | 14.3 | 3.8 | 4.7 | 1.6% |
RBK | 39.05 | 0.62 | 0.31 | 2.4 | 12.4 | 10.7 | 14.0 | 0.8% |
SNA | 31.96 | 0.76 | 0.3 | 2.1 | 5.7 | 13.0 | 24.5 | 3.2% |
NUE | 52.29 | 0.85 | 0.3 | 2.3 | 50 | 7.1 | 10.5 | 1.0% |
Data source: www.msn.com, Dec 1, 2004
4. 目前成长情况：
Symbol | Share price on Dec-1-04 | Share price on June-27-05 | Growth (%) |
LPX | 26.97 | 24.45 | -9.34% |
RBK | 39.05 | 40.67 | 4.15% |
SNA | 31.96 | 33.97 | 6.29% |
NUE | 52.29 | 46.57 | -10.94% |
S&P500 | 1191.37 | 1190.69 | -0.06% |
Stingy portfolio’s 综合成长率(假定四个股票各占总投资25%) 为－９.８５％，而S&P500是-0.06%. Stingy股票目前落后标暜５００指数－９．７９％. 看来, STINGY STOCKS 今年不灵光了.
