Banking Professional Equity Research

Research Analyst (Super Combo)

The Research Analyst Program covers both fundamental and technical analysis. The Equity Research program covers both qualitative (Economy, Industry & Company) & quantitative analysis (Financial Statements, Ratio analysis & valuation).The course also shows you how to write a proper research report in practice.

Overview of Research Analyst (Super Combo)

The Research Analyst Program covers both fundamental and technical analysis. The Equity Research program covers both qualitative (Economy, Industry & Company) & quantitative analysis (Financial Statements, Ratio analysis & valuation).The course also shows you how to write a proper research report in practice.

Table of contents

Equity Research

ChapterTopics
Equity Research - An IntroductionOverview: What is equity research? Goal of an equity research analyst.Market Participants:The research providers and the research users.Types of Research: Buy side research and Sell side research.Role of an Analyst: How do analysts go about research?, Front end and back end research, equity research as a cost and revenue center.Concept of Alpha: Importance of alpha in equity research.

Key Terms used in Equity Markets, Stocks Classification.

Understanding Financial StatementsAnnual Report Overview: Understanding key sections of an Annual report.

Profit & Loss Statement, Balance Sheet, Cash Flow Statement.

Analysis of the EconomyIntroduction: Stages of the qualitative analysis process - EIC framework.Economic Cycles: How valuation of a company gets affected by economic activities?Key Economic Factors : GDP, Industrial Production, Inflation, Unemployment, Business and consumer confidence and Oil prices.

Stock Indices: Different benchmark indices across the globe, How do share prices and stock indices move? How are stock indices interlinked?

Analysis of the IndustryProcess: Identifying sub-sectors, Key revenue drivers, Key concerns.

Specific Industry Analysis: Oil & Gas, IT, Telecom, Banking and Autos.

Analysis of the CompanyProcess: Analysing the business, Revenue drivers, competitors, Management team.

Case Study: A detailed analysis of Shiv Vani Industries.

Ratio AnalysisProfitability Ratios: Profit Margins - Gross margin, EBITDA margin, Net Profit margin.Return Ratios: Return on Equity (ROE), Return on Common Equity (ROCE), Return on Total Capital (RTC) and Return on Assets (ROA).Liquidity Ratios: Current ratio, Quick ratio and Cash ratio.Activity Ratios: Account receivables turnover & Days of receivables, Inventory turnover & Days of inventory, Account payables turnover & Days of payables.Solvency Ratios: Debt-to-Equity ratio, Interest coverage ratio and Financial leverage.Valuation Ratios: Price to Earnings (P/E) ratio, P/E re-rating and de-rating, PEG ratio, EV/EBITDA, Price to Book Value (P/BV) ratio.

Case Study: Pantaloons vs. Titan Industries.

ValuationConcept: Definition and need for Valuations.Methods: DCF, Relative Valuation.

Case Study: A detailed exercise of valuation using DCF for Titan Industries.

Report Writing

Types of reports,Format,Dos and Don't's of report writing.

Technical Analysis

ChapterTopics
Introduction to Technical AnalysisIntroduction: Why markets move; the difference between fundamental and technical analysis;

Dow Theories: Dow Theories underlying Technical analysis.

Preparation of Technical Charts

Types of charts and their features: How to plot charts and use them; the different types of charts and their features.

Trend Analysis

Trend Line/Channel and its Interpretation: The different types of trends; how to use a trend line/channel for making Buy/Sell decisions.

Technical Patterns - I

Double Top/Bottom Formation: How to identify a Double Top/Double Bottom pattern; determine the key points of confirmation, and the target price to book profits for such patterns.

Technical Patterns - IITriple Top/Bottom Formation: How to identify a Triple Top/Triple Bottom pattern; determine the key points of confirmation, and the target price to book profits for such patterns.Ascending /Descending Triangle: How to identify/interpret an Ascending/Descending triangle pattern, to generate Buy/Sell decisions.

Head and Shoulders Pattern: How to identify a Head and Shoulders pattern; determine the key points of confirmation, and the target price to book profits for such a pattern.

Technical Indicators - Part I

Average Directional Index (ADX), Positive Directional Index (+DI) and Negative Directional Index (-DI): Calculation and interpretation of ADX, +DI and -DI for generating Buy/Sell signals.

Technical Indicators - Part IIBollinger Bands & MACD/Base Line: Calculation and interpretation of Bollinger Bands and MACD, for generating Buy/Sell signals.

Signal/Trigger Line: Interpretation of MACD charts - Trigger/Signal Line Crossovers.

Technical Overlays

Fibonacci Ratios, Fibonacci Retracement & Application of Fibonacci Levels: Calculation and interpretation of Fibonacci Retracement levels, for determining Support and Resistance; Generate Buy/Sell decisions.

Technical Overlays - RSI and Stochastic Oscillators

RSI and Stochastic Oscillators: Calculation and interpretation of RSI/Stochastic oscillators, for determining Support and Resistance levels; Generate Buy/Sell decisions.

Elliott Wave - briefTypes of Waves: Identifying the wave formations in Elliott wave;

Trading using Elliott Wave: Making Buy/sell decisions, based on these formations.

About faculty of Research Analyst (Super Combo)

Anand Vaidya
Anand works as an Equity Research Analyst with a global bank. He is an MBA from IIM Lucknow, B.Tech. in Aerospace Engineering from IIT Bombay, and has passed the CFA Level II exam.

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