估值平移

English translation: 解释如下

14:47 Jul 23, 2013
Chinese to English translations [PRO]
Bus/Financial - Investment / Securities
Chinese term or phrase: 估值平移
每年四季都是会让很多投资者纠结,因为可能有估值平移,从而出现行情,但也可能没有,去年更是出现了降估值的下跌,一直跌到今年一季度。

目前已经进入4季度,医药股明年的增速相对稳定,估值平移行情有望展开,从国际对比来看,中国 ...

2011年12月食品饮料相对市场估值已明显回调,再加之进入2012年后估值平移至2012年PE,两相叠加,以高端白酒为代表的食品饮料估值压力明显 ...

目前估值仍较低09年不到25倍,年末估值平移推动股价平稳上涨,
William Lee (@Li Zhiqiang)
Singapore
Local time: 22:54
English translation:解释如下
Explanation:
市盈率P/E ratio和市净率P/B ratio都属于估值指标valuation metrics; 从上下文看,这里估值应该是指市盈率。

“再加之进入2012年后估值平移至2012年PE” 和“年末估值平移”的大概意思是 报告发布的时候仍是11年,过了年末进入12年之后,price-to-earnings就需要使用12年的预估盈利来计算;

对于高成长性行业的公司或行业来说,盈利增长较快,假设11年的市盈率是25倍(假设股价price=25, EPS每股盈利1; Price to earnings ratio =25/1=25x),进入12年后,P/E需要根据12年的预估盈利数据计算,假设12年每股预估盈利为2,如果保持11年的PE倍数25倍不变,即文中所讲的平移,股价需对应上涨到50 (50/2=25x)

再加之进入2012年后估值平移至2012年PE 建议可以处理为:assuming in 2012 the sector will trade at the same P/E ratio as in 2011
Selected response from:

William Xie
China
Local time: 22:54
Grading comment
thank you
4 KudoZ points were awarded for this answer



Summary of answers provided
3The (end-of-year ) translation of the estimated value
tanglsus
3解释如下
William Xie
3Slide
Phil Hand


  

Answers


5 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
The (end-of-year ) translation of the estimated value


Explanation:
供参考。

tanglsus
United States
Local time: 10:54
Native speaker of: Native in ChineseChinese
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17 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
解释如下


Explanation:
市盈率P/E ratio和市净率P/B ratio都属于估值指标valuation metrics; 从上下文看,这里估值应该是指市盈率。

“再加之进入2012年后估值平移至2012年PE” 和“年末估值平移”的大概意思是 报告发布的时候仍是11年,过了年末进入12年之后,price-to-earnings就需要使用12年的预估盈利来计算;

对于高成长性行业的公司或行业来说,盈利增长较快,假设11年的市盈率是25倍(假设股价price=25, EPS每股盈利1; Price to earnings ratio =25/1=25x),进入12年后,P/E需要根据12年的预估盈利数据计算,假设12年每股预估盈利为2,如果保持11年的PE倍数25倍不变,即文中所讲的平移,股价需对应上涨到50 (50/2=25x)

再加之进入2012年后估值平移至2012年PE 建议可以处理为:assuming in 2012 the sector will trade at the same P/E ratio as in 2011

William Xie
China
Local time: 22:54
Specializes in field
Native speaker of: Native in ChineseChinese
PRO pts in category: 4
Grading comment
thank you
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2 days 21 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Slide


Explanation:
Having looked at a few websites, I think it means slide - the 平 here referring to the kind of movement, not the direction.
So the first example says:
In Q4 sliding PE ratios can sometimes lead to an uptick in prices, but it doesn't always happen.

Phil Hand
China
Local time: 22:54
Native speaker of: English
PRO pts in category: 3
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