| China securities market has been developing for more than20years since its establishment in1991, however, it is still young and immature comparing with the counterparts in other developed countries.Especially for the majority of individual investors, they have no clear understanding of the company value.Therefore, pointing out the risks for the investors and how to value the listed companies from different perspectives are the vital issues for the development of China’s capital market.This article selects a domestic agricultural machinery enterprise-"irst Tractor Company Limited", stock code:601038.SH as the analysis object, and estimates its value in the method of combining qualitative analysis and quantitative analysis.Firstly, the status quo of agricultural machinery industry home and abroad will be studied and analyzed with the industrial background and make qualitative analysis with the company’s general information, operation status and core competitiveness;Secondly, predict the development tendency of the company by analyzing its debt paying ability, operation ability and its profitability according to the company’s financial data.Thirdly, make value estimation of the stocks of First Tractor Company Limited using PE ratio valuation and free cash flow valuation, which works out its reasonable value is in the range of7.54-12.3Yuan.Finally, technically analyze the domestic A-share market and advise the investors to choose the right time to make band operation. |
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