文章基本信息

标题：A Survey of Methods Used by Malaysian Brokerage Firm Investment Analysts to Appraise Investments in Ordinary Shares
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作者：Shamsher Mohamad an d Annuar Md Nassir
期刊名称：Pertanika Journal of Social Sciences & Humanities
印刷版ISSN：0128-7702
电子版ISSN：2231-8534
出版年度：1997
卷号：5
期号：2
出版社：Universiti Putra Malaysia
摘要：This study provides a broad description of the methods used by investment analysts attached to brokerage houses in Malaysia to appraise investments in the ordinary shares of companies. Fifty-seven investment analysts were sampled from all the brokerage houses in Malaysia and a mail questionnaire method was used to solicit the required information. The findings suggest that the sampled analysts used a combination of methods to assess the value of shares, though the emphasis is on the fundamental analysis. They use a three-year earnings forecast period, prefer accrual earnings to cashflows and use a variety of sources of information with the emphasis on financial information from audited financial statements, substantiated by qualitative information gathered through company visits. In general, though the findings are inconclusive regarding the most common methods used for share price valuation, the inclination is towards the earnings multiplier approach.
关键词：Investment analysts; fundamental analysis; technical analysis; beta analysis; earnings multiplier approach