NO.PZ2018103102000127
问题如下：
Jim is an equity researcher in a securities firm. He is analysing the stock of a real estate company. By comparing the current market price with his analysis, Jim believes that the growth rate implied in the stock’s market price is much lower than what he predicts. According to Jim’s analysis, the current stock price is
选项：
A.Relatively overvalued compared with what he predicted.
B.Relatively undervalued compared with what he predicted.
C.The same as what he predicted.
解释：
B is correct.
考点：考察定价是增长率g的影响
解析：由于Jim判断当前市场价格中隐含的growth rate过低，而自己预测的growth rate更高，即在合理的股票定价时，应该用一个更高的增长率。因此当前的市场价格低于Jim预测的值。
比如 implied 是5%， 我们预测的是10%。
所以 未来的市场价格 implied增长的慢，而我们预测增涨的快，所以价格更高，所以现在是低估了？
