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hyi725 · 2024年08月14日

急！PEG不是越低越好吗？

  1. CFA III
  2. Equity

* 问题详情，请 查看题干

NO.PZ202207040100000305

问题如下：

Using Exhibits 1 and 2, the stock that would be the best addition to Fund D is:

选项：

A.AQU. B.BRW. C.CSY.

解释：

Solution

C is correct. Fund D follows the GARP (growth at a reasonable price) strategy, which seeks out companies with above-average growth that trade at reasonable valuation multiples. Many investors who use GARP rely on the P/E-to-growth (PEG) ratio.

  • AQU’s forward P/E is 36 ÷ 3.70 = 9.73, and its PEG ratio is 9.73 ÷ 9.50 = 1.02.

  • BRW’s forward P/E is 28 ÷ 2.75 = 10.18, and its PEG is 10.18 ÷ 12.0 = 0.85.

  • CSY’s forward P/E is 19 ÷ 1.95 = 9.74, and its PEG is 9.74 ÷ 11.25 = 0.87.

Although lower PEG ratios are preferred and BRW has a slightly lower PEG ratio than CSY, BRW’s EPS growth forecast of 12.00% is below the sector long-term growth forecast of 14.00% whereas CSY’s EPS growth forecast of 11.25% is above the sector long-term growth forecast of 10.00%. Given CSY’s combination of above-average growth and a reasonable valuation multiple, it would be the best addition to Fund D.

A is incorrect. AQU has the highest PEG ratio; lower PEG ratios are preferred.

B is incorrect. Although BRW has a slightly lower PEG ratio than CSY, BRW’s EPS growth forecast of 12.00% is below the sector long-term growth forecast of 14.00% whereas CSY’s EPS growth forecast of 11.25% is above the sector long-term growth forecast of 10.00%.

PEG不是越低越好吗？那应该选第二个呀？为什么选第三个？

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笛子_品职助教 · 2024年08月15日

嗨，努力学习的PZer你好：


PEG不是越低越好吗？那应该选第二个呀？为什么选第三个？

Hello，亲爱的同学~

PEG是GARP策略里的指标，GARP属于成长策略。

成长策略的要求是：公司的growth > 行业平均growth

由此可见：PEG越低越好是有前提的，前提是，公司的growth > 行业平均growth。

如果不满足这个前提，则PEG的数值没有意义。

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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