投资银行面试必备资料美林的行业分析框架.ppt

7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,DRAFT,China Industry Primer, ,August 18, 2004,CONFIDENTIAL,HK000I5X,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,1,Industry Primer ,Market Overview,Break down to province / region and subsector as appropriate Include as much detail as appropriate / possible Footnote all your sources!,_ Source: ,Data to come,Data to come,Data to come,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,2,Industry Primer ,Key Industry Characteristics,Fragmented market State-ownership Import or export driven Segmentation of market space Innovation driven ? Cyclical ? Demographic-driven,Protected sector Low penetration Lacking certain expertise Scale-play Brand-driven High barrier of entry High R&D,Recent Developments,Introduction of certain technology Opening of certain markets Cutting import tariff,Rely on news run, industry sector reports, discussions in company annual reports,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,3,Industry Primer ,Key Industry Trends,Certain product type popular Price cuts Intensifying competition Margin compression Coupled with financing electronics for example Domestic consolidation Diversification of customer base Inter-provincial expansion Declining import tariff Governments stance and position Funding more private sector capital Shift in distribution channel,Rely on news run, industry sector reports, discussions in company annual reports,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,4,Industry Primer ,Key Drivers,Strong overall economic performance Infrastructure expansion Increasing consumer awareness Increase in construction work Increase in disposal income,Tie back to the Industry Characteristics and Trends,_ Source: ,Driver 1,Driver 2,Driver 3,Driver 4,Source: Industry reports, equity research on profiled companies,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,5,Industry Primer ,Competitive Landscape,_ Source: ,List key domestic or foreign players and respective market share,Source: Industry reports, equity research on profiled companies, news runs,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,6,Industry Primer ,Regulatory Environment,Current situation WTO commitments Favorable treatment for HK companies?,Distribution? Manufacturing? Marketing? Investment restrictions,Favorable tax treatment for operation in certain region,To come,_ Source: ,Source: Industry reports, equity research on profiled companies, news runs; lawyers websites,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,7,Industry Primer ,Foreign Participation to date,Market Share Breakdown Year?,UNDER NO CIRCUMSTANCES SHOULD YOU CONTACT THE REGIONAL RMs,_ Source: ,Source: Industry reports, equity research on profiled companies, news runs; SDC M&A runs,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,8,M&A Activity to Date,Industry Primer ,_ Source: ,_ (#) represent no. of deals,_ (#) represent no. of deals,(10),(10),(10),(10),(10),(10),(10),(10),(10),(10),(10),(10),to come,to come,Sizable, notable transactions,Source: SDC M&A runs and news runs,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,9,Summary of Players,Industry Primer ,_ Source: ,to come,to come,Source: SDC M&A runs and news runs,to come,EV/EBITDA or P/E or P/B,7/12/2019,HK000I5D_ML_ChinaOpportunities_0804.ppt,10,Company Profile - ,Industry Primer ,To come,No. of employees Geographic coverage Product range Revenue breakdown Key brands Key strategy,_ Source: ,7/12/2