The Investment Value Of By-Health From The Perspective Of Moat Theory Empirical Research

With the development of China’s capital market,there are more and more listed companies in China.For investors,in the face of thousands of listed companies,how to choose the investment direction and target is a problem that investors have been paying attention to.And the moated enterprises,in the cruel competition and change,often have the ability to continue to make profits.Understanding and identifying the moat,according to the moat theory from many industries to select good industries,good companies,and the use of valuation methods to judge the valuation of the target,choose a good time to buy,is the current A-share market rotation frequent,stock wide fluctuations under the structural market,to obtain better returns from the better investment ideas.Therefore,the research idea proposed in this paper is to judge the good industry and good company from the perspective of the moat,and then find a good price for investment through the valuation method.This paper takes Tomson By-Health,a leading company in the health product industry and the health product industry,as an empirical research case.In judging the good industry and good company,starting from the moat theory,through combing the health product industry,the moat source of the health product industry and the moat of Tomson By-Health are analyzed,and ROIC is combined the analysis of the moat of Tomson By-Health,from the qualitative and quantitative two moats to make a judgment on the investment value of ByHealth,through the analysis that the health products industry is a good industry,its moat source is an intangible asset,Tomson By-Health as a leading company in the health care products industry,with a deep brand moat,in line with the standards of good companies in the industry,with investment value.Then,look for a good price from a valuation perspective.Starting from the theory and method of enterprise value appraisal,the mainstream enterprise value appraisal method is expounded,and the FCFF in the income method is adopted by combining the characteristics of Tomson By-Health Two valuation methods,the P/E multiplier model in the model and the market method,evaluate the corporate value of Tomson By-Health.In the actual appraisal process,starting from its financial statement data,combined with non-financial information,as far as possible to make each valuation link close to the actual situation,the corporate value of Tomson By-Health is evaluated.The assessment results obtained according to the two different valuation methods are compared and analyzed according to the actual situation,and the investment proposal on the price is proposed.Finally,from the three dimensions of good industry,good company and good price,a more comprehensive and scientific conclusion is drawn about the investment value of Tomson By-Health.As a preliminary study of "good industry,good company and good price"in investment by using moat theory and enterprise value appraisal theory,this empirical study aims to explore the ideas and methods in the investment process and provide investors with a model reference.This empirical study,as an application case of moat theory and enterprise value appraisal theory,can help investors who want to invest in Tomson By-Health to provide reference investment decision suggestions,and also provide investors with a reference idea and method for finding and evaluating other investment targets.