76 lines
1.9 KiB
Markdown
76 lines
1.9 KiB
Markdown
# Fundamental Analysis Reference
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Use this framework in both `daily` and `full_report` modes. Keep outputs concise unless full report is requested.
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## 1. Business Quality
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Assess:
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1. Moat quality:
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- Brand, network effects, switching costs, cost advantage, IP/regulatory barriers.
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2. Management quality:
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- Capital allocation discipline, communication quality, execution consistency.
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3. Business model durability:
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- Revenue concentration, customer concentration, geographic risk, pricing power.
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## 2. Financial Health
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Focus areas:
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1. Profitability trend:
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- Gross, operating, net margin direction.
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2. Growth quality:
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- Revenue and earnings growth consistency, segment contribution quality.
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3. Balance sheet:
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- Debt burden, liquidity, refinancing risk, cash buffer.
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4. Cash flow quality:
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- OCF consistency, FCF conversion, capex intensity.
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## 3. Valuation Lens
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Use multiple perspectives:
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1. Relative multiples:
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- P/E, PEG, P/B, P/S, EV/EBITDA, EV/Sales.
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2. Historical range context:
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- Current valuation vs own history.
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3. Peer context:
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- Premium/discount vs direct peers and rationale.
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## 4. Risk Framework
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Map risks by category:
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1. Company-specific:
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- Product concentration, customer concentration, execution risk, governance issues.
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2. Market/macro:
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- Rate sensitivity, FX exposure, commodity sensitivity, policy risk.
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3. Event risk:
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- Earnings, regulatory approvals, legal actions, financing events.
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## 5. Market-Specific Notes (US/CN/HK)
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1. Data depth may vary by market and language.
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2. Prefer exchange filings and official disclosure portals in each market.
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3. Align accounting period labels and fiscal calendars before comparison.
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4. Flag where metric comparability is limited.
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## 6. Output Guidance
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For daily mode, include:
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- 2-3 key fundamental drivers
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- 1-2 valuation signals
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- top downside risks
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For full report mode, include full multi-year trend tables and peer comparison.
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