From the perspective of absolute return, build a multidimensional framework of np-fcff, capex / D & A, HHI, IPO and M & A
From the perspective of absolute return, np-fcff is a positive indicator of the trend of A-share broad-based index; Capex / D & A and HHI are negative indicators of the trend of the index. The number of IPOs, mergers and acquisitions and yield are not simply linear. We use the three index construction strategies of np-fcff, capex / D & A and HHI to build the portfolio according to the number of good indicators in the corresponding industry. Compared with the model constructed with np-fcff and capex / D & A, the effect is steadily improved. Among them, the portfolio with good three indicators performs best, followed by the model constructed by np-fcff and capex / D & A. the yields of the above two asset allocation portfolios are significantly better than those of Wande quana's non-financial sector. The portfolio with good two indicators performed poorly, and the return performance was lower than that of wandequan a non-financial sector.
From the perspective of relative income: analysis of high growth track by np-fcff and capex / D & A
From the perspective of relative returns, np-fcff and capex / D & A are negative indicators of returns. From the actual situation, the change of np-fcff mainly comes from the fluctuation of FCFF rather than NP; When np-fcff decreases, it means that FCFF increases, cash conversion increases than FCFF / NP, and the margin of return is stronger. Therefore, for track stocks, the rise of np-fcff will eventually lead to the weakening of yield; The decrease of np-fcff will lead to the increase of yield. We verified this conclusion in 10 strong growth track stocks, and the results showed that np-fcff, capex / D & A were negatively correlated with yield.
Risk tip: the global supply bottleneck has not been alleviated, and overseas countries have not yet got rid of the impact of the epidemic
