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How to read a stock analyst report
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researching stocks can be time-consuming but there's a way that investors can cut down the commitment and best of all it's
研究股票可能很耗時，但投資人有一種方式可以減少所需時間，最重要的是，所有 TD Direct Investing 客戶都能使用，我說的就是股票分析師報告。這些文件總結了分析師對一家上市公司的研究成果，並常為投資人提供建議行動，也就是他們應該買進、持有還是賣出該股票。
00:09
available to all TD direct investing clients I'm talking about stock analyst reports these documents summarize the
閱讀報告後，投資人應了解公司營運的產業、其表現與同業相比如何，以及分析師提出該建議背後的理據。然而，這些報告常充滿技術術語和財務計算，因此投資人可能會想直接跳到建議部分，但了解分析師如何得出結論非常重要。
00:16
research an analyst has done on a publicly traded company and often provide a recommended action for
因此，讓我們拆解分析師報告的關鍵部分，以便了解如何掌握全貌。首先是「業務描述」部分，這部分應幫助你了解公司的產品或服務，以及其部分關鍵客戶。
00:20
investors that is should they buy hold or sell the stock after reading a report investors should understand which sector
接著是「行業比較」，這部分會使用不同指標，將公司與其部分競爭對手進行比較，例如市盈率（P/E）、市銷率（P/S）和市賬率（P/B），這些指標用來衡量股票相對於其財務資產的昂貴程度。將股票的指標與同行比較，可以幫助你判斷它是否為你的投資組合提供價值。
00:28
the company operates in how its performance compares to Industry peers and the analyst's rationale behind their
第三是「公司策略或展望」，這部分讓讀者一窺公司的商業模式。在這裡，你可能會找到關於即將推出產品或服務改進、潛在的併購 rival 公司，以及可能影響業務的供應鏈發展等細節。
00:35
recommendation now these reports are often full of technical jargon and financial calculations so investors may
第四是「財務報表」，在這裡你會找到公司最新季度或年度財務狀況的摘要。雖然很容易迷失在所有數字中，但請留意圍繞幾個關鍵項目的評論，其中之一是「資本配置」，這顯示管理層如何運用資金，通常是公司潛力的關鍵因素，因為善用資金的公司表現往往優於不善用者。
00:41
be tempted to skip straight to the recommendation but it's important to understand how the analyst arrived at
在這部分，分析師也可能概述他們對公司進行的任何基本分析，例如計算財務比率。
00:46
their conclusions so let's break down the key sections of an analyst report so you can understand how to get the full
他們的結論。那麼，我們來拆解分析報告的關鍵部分，以便你能了解如何掌握完整的
00:52
picture first up the business description this section should help you understand the company's product or
概況。首先是公司描述，這部分應幫助你了解公司的產品或
00:58
service and some of its key customers next industry comparison this section compares the company to some of its
服務及其部分關鍵客戶。接著是行業比較，這部分利用不同的指標，將該公司與部分
01:05
competitors using different metrics for example it's price to earnings price to sales and Price to Book ratios which
競爭對手進行比較。例如：本益比、股價銷售比以及股價淨值比，這些指標用來衡量
01:11
measure how pricey a stock is relative to its Financial assets comparing a stocks metrics to its peers can help you
股票相對於其金融資產的昂貴程度。將股票的指標與同業比較，有助於
01:17
decide if it offers value to your portfolio third company strategy or Outlook this section gives readers a
判斷它是否能為你的投資組合帶來價值。第三，公司策略或展望，這部分讓讀者得以一窺
01:25
glimpse into the company's business model here you might find details about upcoming products or service
公司的商業模式。在這裡，你可能會找到關於即將推出的新產品或服務
01:30
improvements potential mergers and Acquisitions of rival firms and supply chain developments that might impact the
改進、潛在的收購與合併 rival 公司，以及可能影響
01:37
business fourth financial statements here you'll find summaries of the company's latest quarterly or annual
業務的供應鏈發展等細節。第四，財務報表，這裡你會找到公司最新的季度或年度
01:43
finances it can be easy to get lost in all the numbers but look for commentary around a few key items one of them is
財務摘要。雖然很容易在眾多數字中迷失，但請留意圍繞幾項關鍵指標的評論。其中之一是
01:51
capital allocation which indicates how management is spending money it's usually a key factor in a company's
資本配置，這顯示管理層如何支出。這通常是公司
01:57
potential because companies that spend money wisely out perform those that don't in this section the analyst may
潛力的關鍵因素，因為善用資金的公司表現往往優於不善使用者。在這部分，分析師可能
02:03
also outline any fundamental analysis they performed on the company for example calculating financial ratios
也會概述他們對該公司進行的任何基本面分析，例如計算財務比率。
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such as price to earnings or price to sales these calculations are most valuable when compared to those of
例如本益比或股價銷售比，這些計算在與同業競爭者相比時最有價值
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competitors in the same industry the fifth section we'll touch on is the fair value or price Target
我們將討論的第五部分是合理價值或目標價
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this figure is the analyst estimate of the long-term value of the company's stock it's calculated by estimating the
這個數字是分析師對公司股票長期價值的估計，它是透過估算公司
02:28
company's future cash flows while adjusting for various uncertainties that could throw it off course the price
未來現金流，同時調整各種可能使其偏離軌道的不確定性來計算的
02:34
Target indicates to readers how much upside or downside the analyst sees in the stock keep in mind that each report
目標價向讀者顯示分析師認為該股票有多少上漲或下跌空間，請記住每份報告
02:40
is just one analyst's estimate so you may want to consider others in addition to your own research the sixth part is
只是單一分析師的估計，因此除了自己的研究外，您可能還需要考慮其他人的看法
02:46
the recommendation this section is where the analyst offers their opinion on the action an investor should take on the
第六部分是
02:52
stock buy which is sometimes called outperform overweight or undervalued hold which can also be written as
投資建議，這是分析師就投資者應對該股票採取的行動提出意見的地方，買進
02:59
neutral Market weight or fairly valued and sell which also goes by underperform underweight or overvalued of course some
有時也稱為優於大盤、加碼或低估，持有也可以寫作中性、
03:08
analysts use a different system such as a letter number or star rating lastly the additional comments or notes section
市場權重或合理估值，而賣出也稱為劣於大盤、減碼或高估，當然有些
03:15
this often contains the methodology and assumptions the analyst use to draw their conclusions this can be very
分析師使用不同的系統，例如字母、數字或星級評級，最後是附加評論或備註部分
03:21
different between analysts and one reason why there can be a wide range of opinions on the same company so that's a
這通常包含分析師用來得出結論的方法和假設，不同分析師之間的
03:28
quick rundown of what to look for when reading a stock analyst report remember you can access a whole library of them
這部分可能非常不同，這也是對同一家公司可能出現廣泛意見的原因之一，以上就是
03:34
by heading over to the reports tab in web broker and if you're interested in learning more about what's offered watch
閱讀股票分析師報告時需要注意事項的快速概述，請記住，您可以前往 WebBroker 中的
03:39
our video about researching stocks on the platform
報告分頁存取完整的報告庫，如果您有興趣了解更多內容，請觀看我們關於在該平台上研究股票的影片

How to read a stock analyst report

📝 影片摘要

本單元「How to read a stock analyst report」旨在協助投資人有效率地解構股票分析師報告。影片指出，雖然研究股票耗時，但透過分析師報告可大幅縮短時間。課程詳細介紹了報告的六大關鍵結構：業務描述、行業比較（含本益比、股價銷售比、股價淨值比）、公司策略與展望、財務報表（含資本配置）、合理價值（目標價）以及投資建議（買進/持有/賣出）。教學強調，投資人不應只看結論，而需理解分析師背後的計算邏輯與假設，才能真正評估股票價值。

📌 重點整理

  • ✓ 股票分析師報告是TD Direct Investing客戶可用的工具，能節省投資人研究時間。
  • ✓ 閱讀報告應理解公司所處產業、同業比較及分析師的推薦邏輯，而非只看建議。
  • ✓ 報告關鍵結構包含「業務描述」，用以了解公司產品與服務。
  • ✓ 「行業比較」利用本益比(P/E)、股價銷售比(P/S)、股價淨值比(P/B)等指標評估股票昂貴程度。
  • ✓ 「公司策略」提供商業模式、新產品、併購或供應鏈等未來展望。
  • ✓ 「財務報表」需關注資本配置（管理層如何運用資金），這是公司潛力的關鍵。
  • ✓ 「合理價值/目標價」是基於未來現金流與不確定性調整後的長期估值。
  • ✓ 「投資建議」分為買進（優於大盤）、持有（中性）與賣出（劣於大盤），不同分析師可能使用不同評級系統。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
研究
researching
分析師
analyst
建議
recommendation
術語
jargon
指標
metrics
合併
mergers
配置
allocation
表現優於
outperform
目標
target
假設
assumptions

🔍 自訂查詢

📚 共 10 個重點單字
researching /rɪˈsɜːrtʃɪŋ/ verb
the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.
研究；調查
📝 例句
"researching stocks can be time-consuming"
→ 研究股票可能很耗時
✨ 延伸例句
"She is researching the best investment strategies."
→ 她正在研究最佳的投資策略。
analyst /ˈænəlɪst/ noun
a person who analyzes market trends or financial data.
分析師
📝 例句
"I'm talking about stock analyst reports"
→ 我說的就是股票分析師報告
✨ 延伸例句
"The analyst predicted a rise in stock prices."
→ 分析師預測股價將會上漲。
recommendation /ˌrekəmenˈdeɪʃn/ noun
a suggestion or proposal as to the best course of action.
建議；推薦
📝 例句
"provide a recommended action"
→ 提供建議行動
✨ 延伸例句
"Follow the doctor's recommendation."
→ 遵循醫生的建議。
jargon /ˈdʒɑːrɡən/ noun
special words or expressions that are used by a particular profession or group and are difficult for others to understand.
術語；行話
📝 例句
"full of technical jargon"
→ 充滿技術術語
✨ 延伸例句
"Legal jargon can be confusing."
→ 法律術語可能令人困惑。
metrics /ˈmetrɪks/ noun
a set of figures or statistics that measure something.
指標；度量
📝 例句
"using different metrics"
→ 使用不同的指標
✨ 延伸例句
"We need to track our performance metrics."
→ 我們需要追蹤我們的績效指標。
mergers /ˈmɜːrdʒərz/ noun
the combination of two companies into a single larger company.
合併
📝 例句
"potential mergers and Acquisitions"
→ 潛在的合併與收購
✨ 延伸例句
"The bank announced a merger with a rival."
→ 銀行宣布與一家對手合併。
allocation /ˌæləˈkeɪʃn/ noun
the action or process of allocating or distributing something.
配置；分配
📝 例句
"capital allocation"
→ 資本配置
✨ 延伸例句
"Proper resource allocation is crucial."
→ 適當的資源配置至關重要。
outperform /ˌaʊtpərˈfɔːrm/ verb
to perform better than others in a particular activity or field.
表現優於；勝過
📝 例句
"companies that spend money wisely out perform those that don't"
→ 善用資金的公司表現往往優於不善用者
✨ 延伸例句
"This fund has outperformed the market."
→ 這支基金的表現優於大盤。
target /ˈtɑːrɡɪt/ noun
an object, area, or person affected by an action or event.
目標
📝 例句
"fair value or price Target"
→ 合理價值或目標價
✨ 延伸例句
"The company set a sales target."
→ 公司設定了銷售目標。
assumptions /əˈsʌmpʃnz/ noun
a thing that is accepted as true or as certain to happen, without proof.
假設
📝 例句
"the methodology and assumptions the analyst use"
→ 分析師使用的方法和假設
✨ 延伸例句
"His theory is based on false assumptions."
→ 他的理論建立在錯誤的假設上。
🎯 共 10 題測驗

1 According to the video, what is the primary benefit of using stock analyst reports? 根據影片，使用股票分析師報告的主要好處是什麼？ According to the video, what is the primary benefit of using stock analyst reports?

根據影片，使用股票分析師報告的主要好處是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that researching stocks can be time-consuming, but analyst reports help cut down the commitment.

影片指出研究股票可能很耗時，但分析師報告能協助減少投入的時間。

2 Which of the following is NOT a metric mentioned for industry comparison? 以下哪一個不是影片中提到的行業比較指標？ Which of the following is NOT a metric mentioned for industry comparison?

以下哪一個不是影片中提到的行業比較指標？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video mentions P/E, P/S, and P/B ratios. Dividend Yield is not listed in the industry comparison section.

影片提到了P/E、P/S和P/B比率。殖利率並未列在行業比較的指標中。

3 Why is 'Capital Allocation' considered a key factor in the financial statements section? 為什麼「資本配置」被認為是財務報表部分的關鍵因素？ Why is 'Capital Allocation' considered a key factor in the financial statements section?

為什麼「資本配置」被認為是財務報表部分的關鍵因素？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video explains that capital allocation indicates how management is spending money, and companies that spend wisely outperform those that don't.

影片解釋，資本配置顯示管理層如何支出，而善用資金的公司往往優於不善用者。

4 How is the 'Price Target' calculated according to the video? 根據影片，「目標價」是如何計算的？ How is the 'Price Target' calculated according to the video?

根據影片，「目標價」是如何計算的？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that the price target is calculated by estimating the company's future cash flows while adjusting for various uncertainties.

影片指出，目標價是透過估算公司未來現金流，同時調整各種不確定性來計算的。

5 What does the term 'Overweight' typically mean in an investment recommendation? 在投資建議中，「Overweight」（加碼）通常代表什麼意思？ What does the term 'Overweight' typically mean in an investment recommendation?

在投資建議中，「Overweight」（加碼）通常代表什麼意思？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video lists 'Overweight' as a synonym for 'Buy' (along with Outperform and Undervalued).

影片將「Overweight」列為「Buy」（買進）的同義詞（與Outperform和Undervalued並列）。

6 What might you find in the 'Company Strategy or Outlook' section? 在「公司策略或展望」章節中，你可能會發現什麼？ What might you find in the 'Company Strategy or Outlook' section?

在「公司策略或展望」章節中，你可能會發現什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video mentions that this section contains details about upcoming products, potential mergers, and supply chain developments.

影片提到此章節包含即將推出的產品、潛在的合併以及供應鏈發展的細節。

7 Why shouldn't investors skip straight to the recommendation? 為什麼投資人不該直接跳到建議部分？ Why shouldn't investors skip straight to the recommendation?

為什麼投資人不該直接跳到建議部分？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video emphasizes that it is important to understand how the analyst arrived at their conclusions, rather than just looking at the final recommendation.

影片強調，了解分析師如何得出結論非常重要，而不僅僅是看最後的建議。

8 What is the purpose of the 'Additional Comments or Notes' section? 「附加評論或備註」章節的目的是什麼？ What is the purpose of the 'Additional Comments or Notes' section?

「附加評論或備註」章節的目的是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

This section contains the methodology and assumptions the analyst used to draw their conclusions.

此章節包含分析師用來得出結論的方法和假設。

9 If an analyst assigns a 'Sell' rating, which of the following is NOT a likely synonym used? 如果分析師給出「Sell」（賣出）評級，以下哪個詞最不可能是其同義詞？ If an analyst assigns a 'Sell' rating, which of the following is NOT a likely synonym used?

如果分析師給出「Sell」（賣出）評級，以下哪個詞最不可能是其同義詞？

✅ 正確！ ❌ 錯誤，正確答案是 D

The video lists 'Underperform', 'Underweight', and 'Overvalued' as synonyms for Sell. 'Market weight' is listed as a synonym for Hold.

影片列出 Underperform、Underweight 和 Overvalued 為賣出的同義詞。Market weight 則是列為持有的同義詞。

10 Why might there be a wide range of opinions on the same company? 為什麼對同一家公司可能會有廣泛的意見？ Why might there be a wide range of opinions on the same company?

為什麼對同一家公司可能會有廣泛的意見？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video notes that the methodology and assumptions can be very different between analysts, leading to a wide range of opinions.

影片指出，不同分析師的方法和假設可能非常不同，這導致了對同一家公司出現廣泛的意見。

測驗完成！得分： / 10

完成課程 🎉