A series of global leader valuation comparison reports aims to establish a comprehensive leader tracking and comparison, analyze the valuation premium of A-share leaders relative to overseas leaders at the industry style level, and use pe-g and pb-roe methods to judge the valuation in combination with profitability at the industry segment level. This is the summary of a series of reports, which analyzes the valuation premium at the A and style levels, and displays the research results of 68 GICs sub industries under the seven styles.
I. calculation of all a style valuation premium
1. The A-share leader has been in a premium state for a long time, and its premium has been in the historical center and remained stable recently.
2. The valuation premium of upstream resource leaders has fallen slightly from the high level recently.
3. The valuation premium of midstream manufacturing leaders has remained at a low level since it fell sharply in early 21.
4. The valuation premium of the leading consumer must be repaired from the low level, and there is still room for improvement.
5. The valuation premium of optional consumer leaders has continued to rise recently, which has exceeded the historical central level.
6. Science and technology leaders have a high premium for a long time and fluctuate greatly. Recently, their premium has shown a low recovery trend.
7. Major financial leaders have been in a state of discount for a long time, and they have been deeply discounted since 2021.
8. Other service leaders gradually entered the discount state after the outbreak of the epidemic, and ushered in the repair trend in the near future.
II. Comparison of valuation of leading industry segments
1. Upstream resources: from the perspective of pe-g, the valuation and profit characteristics of different segments of A-share upstream resources are relatively differentiated; From the perspective of pb-roe, the valuation of A-share upstream resource industry is mostly in a reasonable or expensive range.
2. Midstream manufacturing: from the perspective of pe-g and pb-roe, the valuation and profit characteristics of different segments of midstream manufacturing of A-Shares are relatively differentiated.
3. Essential consumption: from the perspective of pe-g and pb-roe, most of the A-share essential consumption segments are in a reasonable range.
4. Optional consumption: from the perspective of pe-g, most of the valuations of A-share optional consumption industries are reasonable or expensive; From the perspective of pb-roe, most of the valuations of A-share optional consumer industries are reasonable or more advantageous.
5. Technology: from the perspective of pe-g and pb-roe, most of the A-share technology segments are in a reasonable or expensive range.
6. Big finance: from the perspective of pe-g, the valuation of A-share big financial industry is mostly in a reasonable or advantageous range; From the perspective of pb-roe, the valuation of large A-share financial industry has more advantages as a whole.
7. Other services: from the perspective of pe-g and pb-roe, most of the A-share other service segments are in a reasonable or advantageous range.
Risk tips: 1. Different development stages of some global industries lead to incomparable valuations; 2. The impact of the epidemic has led to sharp fluctuations in the performance of some stocks; 3. Regulatory policy disturbance.
