저자: 미상 · 외국인
요약 보기
피터 린치의 투자 원칙과 종목 분류(저성장·고성장·경기순환·턴어라운드·자산주 등)를 설명하고, PEG<1, 부채비율, ROE, 내부자매수, 기관보유비율 등 필터로 스크리너를 적용해 저평가 종목을 찾는 방법을 소개. 스크리너 결과로 UTI AMC, Tanal Platforms, Mahanagar Gas, Redington, JK Papers 등 종목을 언급. 특정 자산의 1~3개월 가격 방향 예측 발언은 없음.
다듬은 글
Hello everybody and welcome to Throttle Research and today we will be sharing Peter Lynch's stock pick strategy. We are going to start with who is Peter Lynch, what he did and his strategy. Why are we going to share today? Investing principles by Peter Lynch. Classify your stocks. How did he classify his stocks?
So, how can you diversify your portfolio, manage risk, identify opportunities. Classification of stocks helps in that. We will apply filters by Peter Lynch. We will call those filters quantification. So, Peter Lynch, the legendary fund manager of Fidelity Magellan Fund, was the fund manager of Fidelity during 1977 till 1990 and in all these years, his average return was 29.2%.
He beat the benchmark in an excellent manner. The total assets under his management of the fund grew from $18 million to $14 billion. So, from $18 million to $14 billion, Peter brought the assets under management to $14 billion. Lynch, that is why he is so popular and his investing principles are: It starts with investing in what you know.
You should invest in companies that you know about. If you work in the pharmaceutical industry, then you should invest in pharmaceutical companies. If you work in the auto industry, then you should invest in the auto industry. Right, look for growth at a reasonable price. Now, both are very important.
We will also explain this in the form of filters. Find companies that are reasonably priced, whose stock prices are reasonable at the moment and they have a very good potential for growth. Check for insider buying and institutional ownership. The first point is insider buying. That means that the insiders of the company should have positive transactions.
That means they have bought more and sold less. Insider buying should be positive and institutional ownership should be less than 80%. It should be less than 80. It was not exactly told whether it should be at 80 or 70, but right at 80. As per our knowledge, we are taking it at 80 today. Okay, institutional ownership should be less than 80.
So, DII and FII combined should be less than 80. Think long term. You should plan for the long term. Whenever you invest, do it for the long term. Right, after that have a diversified portfolio. Peter Lynch is in favor of diversification. His portfolios used to have 100 plus shares. Right, so I believe in diversification.
Avoid market timing. You cannot time the market. You can never time the market. Many times I have seen, for example, you may be lucky that you purchased for Rs 1400 today, after 3 days it will become Rs 1600. But try to avoid market timing when you are investing. When you are investing, now time the market.
You cannot stay calm during the market. The market goes up and down a lot, so you have to stay focused there. So, classify your stocks. Peter Lunch has classified the stocks in six categories. First of all, slow growers are mature companies where the growth is low. For example, Colgate Palmolive, Colgate's share is available in India.
It is a mature company. There is not much growth but it is a dividend stock. It pays good dividend. Here, such companies are large. Growth has become moderate. It is a safe investment with decent returns. HUL is a good example. Fast growers are smaller companies with high growth potential. These can offer substantial returns but come with the higher risk.
Small companies with a lot of growth potential. A company like Iaek is a little small relatively and there is a good potential there. Trident, which is a growth company, is small but has a potential for growth. Cyclical companies whose growth is dependent on the economic cycle. It depends on all the infrastructure companies, infrastructure related cement companies, their profit, their sales, that is dependent upon the economy of the country.
Turnarounds companies which are going through a bad phase right now but they can turn around, Aurobindo Pharma is a good example, Cipla is a good example which has also achieved good turnover, right, there are many examples in the asset place, such companies which are trading at less than their intrinsic value in the market, four and a half years ago, most of the PSU banks were trading at less than their intrinsic value, they were available cheaper than the book value, till four and a half years ago, even before the Corona period, these have left their intrinsic value, they were available cheaper than the book value, so what is the benefit of classifying, categorizing the stocks like this, you will be able to diversify the stocks well, you will be able to do risk management, if you do your best When classifying stocks, what are the filters?
The first filter is to select the industry as per your knowledge. You will select the industry and sector as per your area of interest as per your knowledge. Then EPS growth, which is the growth of earnings per share for the last 5 years, should be more than 10%. What it indicates is that the profit is growing regularly.
It has been growing regularly for 5 years. Sales are also growing. The business is expanding. Business operations are expanding. There has been a growth of at least 10% in the last 5 years. Debt to equity ratio should be less than 10%. That means what the financial stability of the business is good.
The business is stable. Its debt is low. It has taken less loans. Return on equity is more than 15%. It reflects efficient use of equity capital. Capital is being used well. Profitability is strong. PE ratio more than 15% is of the industry. If the PE ratio is less than 1, you are getting a good deal.
That means you are assured that the stock you are buying is not overvalued. A PEG ratio of less than 1 indicates that the stock is undervalued relative to its growth potential. According to the growth, it is undervalued. Let us explain the PEG ratio. PEG ratio means PE ratio divided by annual EPS growth.
Whatever your PE ratio, Infosys's PE ratio is 23.20 and its annual earnings per share is growing at 11.26. Infosys's PEG ratio is 2.06. So, according to Peter Lynch, the stock of Infosys is overvalued. The PEG ratio should be less than 1. Infosys's is 2.06. TCS 's is also above 3. HDFC's is also higher.
So, that is why you will not find such stocks. In our screener, the EPS growth for the next 4 years is probably EPS growth for the next five years should be more than 10%. Revenue growth for the next five years is estimated to be more than 10%. So, we will not go much beyond this estimate of EPS and revenue growth.
Insider buying should be positive. Institutional ownership in the last six months should be more than 80%. In institutional ownership, the ownership of both DIIs and FIIs in the stock is less than 80%. Dividend yield should be more than 1%, right? Dividend yield of at least 1%, and that is also optional.
This is optional. It provides additional income and indicates good financial health. Any company that gives dividend, right? That is considered a positive factor. So, dividend yield of 1%. Now let's move on to the screener. So guys, we have applied this screener here: EPS growth for 5 years, more than 10%.
Sales growth of 10%. We have done it on screener.in. Debt to equity ratio is less than 1%, return on equity is more than 15%, PEG ratio is less than 1%, dividend yield is less than 1% and market capitalization is 500 crore plus. So it is not like Peter Lynch says invest in small companies or invest in large companies.
He was looking for good quality companies at good prices. He was looking for good quality companies at good prices. We are looking for more than 500 crore companies. You can modify this, right? Institutional ownership should be less than 80%. You can also make it 60%. You have already done the rest.
So the results that we got are such that we got some results to look at. We got around 20 results here. UTI AMC, Tanal Platforms, Mahanagar Gas, Redington, JK Papers, Sharda Motors, Indian Metals. We got some good companies to look at. You can modify the screener. Here is the link to the screener. I will provide it in the description below, here you can remove the dividend yield and you can also write that the institutional ownership should be less than 60%, you can do this also and maybe you are more interested in companies bigger than Rs 5000 crore, you are looking for in that case, your result will change, it will totally change, right, you will see more good companies like Tako Pharma, Doctor Ready Lab, this appears on many screeners, right, so you can make the desired changes, right now there are 28 companies, by making a slight change in this, the dividend which is there is not compulsory, right, it is not compulsory, you can remove it, after that if you watch, you will see these some results, so I hope you liked this video, I would recommend all of you, I would request all of you to subscribe to the channel, this is a new channel, if you subscribe, you will share the video with your friends, I will be making more Videos like this and I will be sharing all this amazing research I will share all this research with you and thatchi and have a very nice day bye bye
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