Cara Analisis Saham dengan Metode Kuantitatif Fundamental | feat. Rivan Kurniawan

Summary

In this video, Rivan from Stockbit Academy dives into quantitative analysis for financial evaluation, covering essential ratios like profitability, solvency, activity, and valuation ratios (e.g., EPS, PE, PBV). He explains how these metrics help assess a company’s financial health and stock value. The video emphasizes understanding earnings quality by analyzing recurring vs. incidental profits and cash flow versus net profit. Additionally, Rivan warns about financial manipulation, citing the Enron scandal as a cautionary tale, urging investors to stay vigilant and conduct thorough analysis of financial reports to avoid misleading information.

Takeaways

• 😀 Quantitative analysis is an essential part of fundamental analysis, focusing on financial metrics.
• 😀 Key financial ratios introduced include profitability ratios, solvency ratios, and activity ratios.
• 😀 Profitability ratios help assess a company's efficiency and profitability, including Gross Profit Margin (GPM), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE).
• 😀 Solvency ratios like Debt to Equity Ratio (DER) and Interest Coverage Ratio provide insights into a company's ability to meet long-term obligations.
• 😀 Activity ratios, such as Current Ratio, Asset Turnover Ratio, and Days in Inventory, measure operational efficiency.
• 😀 Valuation ratios, like Earnings Per Share (EPS) and Price to Earnings (P/E), help assess stock price fairness.
• 😀 P/E ratio compares a company's share price with its earnings, and a higher P/E suggests a higher market valuation.
• 😀 Price to Book Value (PBV) ratio compares stock price to its book value, often used for financial or property sectors.
• 😀 Price to Sales (PS) ratio is useful for companies with losses and is often used for tech companies with high growth potential.
• 😀 Dividend Yield ratio measures the return on investment in terms of dividends, important for companies with consistent dividend payouts.
• 😀 Earnings quality is critical, focusing on how companies generate their profits, whether recurring, non-recurring, or incidental, with operating cash flow being a key indicator.
• 😀 Financial report manipulations, such as the Enron scandal, highlight the need for investors to be vigilant and look for warning signs like sudden changes in auditors or inconsistent financial disclosures.

Q & A

What is quantitative analysis in the context of financial analysis?

Quantitative analysis refers to evaluating a company's financial data through various ratios and metrics to assess its performance, profitability, and overall financial health.

What are profitability ratios and why are they important?

Profitability ratios, such as gross profit margin, net profit margin, return on assets (ROA), and return on equity (ROE), help evaluate how efficiently a company generates profit relative to its revenue, assets, and equity. These ratios indicate the company’s ability to generate earnings.

What are solvency ratios and how do they help in analyzing a company?

Solvency ratios, such as debt to equity ratio and interest coverage ratio, assess a company's ability to meet its long-term debt obligations. These ratios are crucial for evaluating the financial stability and risk of a company.

How do activity ratios measure a company’s operational efficiency?

Activity ratios, including current ratio, asset turnover ratio, days in inventory, receivables, and payables, measure how efficiently a company uses its assets to generate revenue. These ratios provide insights into the company’s day-to-day operational effectiveness.

What is the significance of valuation ratios in investing?

Valuation ratios, such as earnings per share (EPS), price to earnings (P/E), price to book value (PBV), and price to sales (PS), help investors assess whether a company's stock is overvalued or undervalued, providing key insights into stock pricing and market expectations.

What is earnings quality and why is it important?

Earnings quality refers to the sustainability and reliability of a company's profits. High-quality earnings come from recurring operations, while low-quality earnings might stem from one-time gains or manipulations, which can mislead investors.

What are some signs that a company's earnings quality may be questionable?

Signs of questionable earnings quality include significant discrepancies between operating cash flow and net profit, as well as profits coming from non-recurring or incidental activities. These could indicate that the reported profits are not sustainable.

How does the Price to Earnings (P/E) ratio help in valuing a stock?

The P/E ratio compares a company’s stock price to its earnings per share (EPS). A higher P/E ratio indicates that investors are willing to pay more for each dollar of earnings, which can suggest that the market expects future growth. However, it is not useful for companies with no earnings.

Why is the Price to Sales (P/S) ratio useful for certain companies?

The P/S ratio compares the price of a company's stock to its revenue per share. It is particularly useful for valuing companies that might not yet be profitable, such as tech startups, as it focuses on revenue rather than profit.

What can investors learn from the Enron scandal about financial analysis?

The Enron scandal teaches investors to be cautious and thorough when reviewing financial statements. Manipulated financial reports can mislead investors into overvaluing a company, making it essential to look for red flags such as sudden auditor changes or inconsistent reporting practices.