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五招KO「IB Stock Pitch」問題


同學仔係面試IBank Front Office既時候,比如Sales and Trading/ Asset Man/ Private Bank/Equity Research, 面試官好多時都會問以下既問題: 🤨Can you pitch me a stock? 🤨Can you comment on a stock that you believe is overvalued/undervalued? 呢類問題統一被稱為Stock Pitch,因為經常會問,所以有心入IB Front Office 既同學仔一定要準備定一兩份Stock Pitching Script跟身。 ❗❗準備Stock Pitching Script 時要注意以下五點❗❗ 1. Pitching時間控制係兩分鐘以內 有部分同學會就咁背Equity Research Report,但係唔太建議,一黎會太長,二黎啲老闆唔係傻,一聽就知。其實一個好Pitching 應該係你可以係短時間內解釋到比客戶聽你既理據同令佢buy 你既idea,所以個pitching script最好係兩分鐘以內。 2. Long定Short?Overvalued定Undervalued? 你要定到底你睇隻股票「升」定「跌」,Stock Pitch 唔一定要Pitch 會升既股票( long),Pitch 隻你覺得會跌都Ok(Short),重點係你分析背後既理據。小編覺得最好係 Script 係一開始時就講清楚你個對Stock既睇法,之後再作深入分析。 //例子:I recommend ABC company limited, ticker HK 1111, with a 12-month target price of HKD10.11 implying projected return of 21.5%. The stock was first traded on 11/1/2017 at $4.22 IPO price and recorded a maximum correction of 12.0% in its price...// 3. 行業分析 一隻股票/一間公司既發展,離唔開佢個行業發展同趨勢,同學仔應該參考唔同行業既分析報告,抽部份重點,簡單咁介紹行業趨勢。揾Source 既方法有3個: 1.可以用大學Bloomberg 機Download,有好多投行會不定期出行業報告 2. 睇各行業協會出既相關報告 3. IPO/Bond Issuance Offer Documents 入面都會有行業分析既部份可以參考。 //例子: In my view, the HK residential market outlook in 2018 is neutral. Despite the lengthy process of acquiring sufficient units to meet the 80% ownership threshold for triggering a compulsory safe order and hefty upfront stamp duty costs, more local developers may turn to amalgamating buildings for redevelopment...// 4. 公司分析 一隻股票好壞,離唔開公司既發展,同學仔可以睇公司Annual Report 同係Bloomberg 機 Download 投行既 Equity Research Report 作參考,但記住,就算要”抄”考,都要係幾份Report度抄,唔好只抄一份。 //例子: ABC Limited has posted solid results in 2017. Its property sales in HK recorded a growth of 500m$ compared with previous year. Led by the sales from DEF project, the company has lifted development margins by 5% to 10% . Its profit from Thailand and Vietnam residential development project also surged 50% YOY...// 5. 財務分析/估值 (Valuation) 要人地buy 你個idea,始終有數據會有說服力啲,所以你地可以重點分析公司Financial Statement,列出部份重要Ratio,如Gearing ratio、ROE/ROCE、Current ratio、P/E ratio、EV/EBITDA等等,加以分析作為支持你結論既理據。 睇完記住比返個LIKE👍👍!XieXie!(Disclaimer: 以上Script既數據係Random) 另外,如果想知道更多IB既Tips同Update,可以加入返我地HKCareers Insider Club,做Insider!https://www.facebook.com/groups/hkcareers/

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