A Study of Stock Valuation Models of Petroleum Industry in Taiwan
碩士 === 國立成功大學 === 財務金融研究所在職專班 === 101 === This study investigates the suitability of stock valuation models for the petroleum industry in Taiwan. I first choose Formosa Petrochemical Corporation, a private petroleum company in Taiwan, to evaluate the true value of its stock on December 30, 2011. The...
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ndltd-TW-101NCKU53040032018-04-10T17:22:11Z http://ndltd.ncl.edu.tw/handle/8h9gs3 A Study of Stock Valuation Models of Petroleum Industry in Taiwan 股票評價模型適用性之研究-以中油與台塑石化為例 Shu-ChiungHsiao 蕭淑瓊 碩士 國立成功大學 財務金融研究所在職專班 101 This study investigates the suitability of stock valuation models for the petroleum industry in Taiwan. I first choose Formosa Petrochemical Corporation, a private petroleum company in Taiwan, to evaluate the true value of its stock on December 30, 2011. The stock valuation models include discounted forecast free cash flow model which is presented by Damodaran in 2000, P/E ratio model, P/BV ratio model, and P/S ratio model. After that, I use Theil’s U value to examine the extent of suitability of four stock valuation models. Finally, I choose stock valuation models suitable for evaluating Formosa Petrochemical Corporation’s stock price to estimate the true value of Chinese Petroleum Corporation (CPC), a state-owned company that are going be privatized. The result shows that the Theil’s U values of four valuation models are all between 0 and 1, demonstrating the all these four valuation models are suitable for evaluating true value of the petroleum company. Among these four valuation models, the most suitable method is discounted forecast free cash flow model, the second is P/S ratio model, the third is P/E ratio model and the fourth is P/BV ratio modes. Using these four valuation models, this study finds that the intrinsic value estimates for Chinese Petroleum Corporation (CPC) ranges from 78.15 to 119.01. Jeng-Fang Chen 陳政芳 2013 學位論文 ; thesis 72 zh-TW |
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碩士 === 國立成功大學 === 財務金融研究所在職專班 === 101 === This study investigates the suitability of stock valuation models for the petroleum industry in Taiwan. I first choose Formosa Petrochemical Corporation, a private petroleum company in Taiwan, to evaluate the true value of its stock on December 30, 2011. The stock valuation models include discounted forecast free cash flow model which is presented by Damodaran in 2000, P/E ratio model, P/BV ratio model, and P/S ratio model. After that, I use Theil’s U value to examine the extent of suitability of four stock valuation models. Finally, I choose stock valuation models suitable for evaluating Formosa Petrochemical Corporation’s stock price to estimate the true value of Chinese Petroleum Corporation (CPC), a state-owned company that are going be privatized. The result shows that the Theil’s U values of four valuation models are all between 0 and 1, demonstrating the all these four valuation models are suitable for evaluating true value of the petroleum company. Among these four valuation models, the most suitable method is discounted forecast free cash flow model, the second is P/S ratio model, the third is P/E ratio model and the fourth is P/BV ratio modes. Using these four valuation models, this study finds that the intrinsic value estimates for Chinese Petroleum Corporation (CPC) ranges from 78.15 to 119.01.
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author2 |
Jeng-Fang Chen |
author_facet |
Jeng-Fang Chen Shu-ChiungHsiao 蕭淑瓊 |
author |
Shu-ChiungHsiao 蕭淑瓊 |
spellingShingle |
Shu-ChiungHsiao 蕭淑瓊 A Study of Stock Valuation Models of Petroleum Industry in Taiwan |
author_sort |
Shu-ChiungHsiao |
title |
A Study of Stock Valuation Models of Petroleum Industry in Taiwan |
title_short |
A Study of Stock Valuation Models of Petroleum Industry in Taiwan |
title_full |
A Study of Stock Valuation Models of Petroleum Industry in Taiwan |
title_fullStr |
A Study of Stock Valuation Models of Petroleum Industry in Taiwan |
title_full_unstemmed |
A Study of Stock Valuation Models of Petroleum Industry in Taiwan |
title_sort |
study of stock valuation models of petroleum industry in taiwan |
publishDate |
2013 |
url |
http://ndltd.ncl.edu.tw/handle/8h9gs3 |
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