Prices Fluctuations During Results Seasons – 2 业绩期的股价波动-2

By King Leung

Last time we mentioned one of the dozens of reasons that would result the fluctuation in share prices during the results season. We will continue with other example.

Poorer/better than the performance of peers or industry bench marks
Apart from comparison with the expectations or guidance provided by the management, we could also take other comparison for reference, such as performance of the peers and the industry.

With comparison with peers it will be much easier to find out how the targeted company performs. Moreover, as most of the companies are not the only player in the market, hence comparable could be easily found.

In addition, we can also compare with the how the industry performs. Actually this is also an approach to filter out or to pick the outstanding companies in the industry. Here is an example, in 2013, the global notebook market is being cannibalized the prevalence of tablets and also smartphones. According to IDC, the global notebook shipments in 2013 shrank about 10% to 315 million units. However, Lenovo outperformed the market with 3% increment in shipment units. Hence, the suppliers to the brand could share the victory of Lenovo.

This can be a surprising effect during result period. Because usually the data of such a big industry has been widely reported by media or released at a regular basis. In contrast, for those suppliers, such as casing and other accessories, the data might not be so interested by the market and also more difficult to collect the data, there is lacking of information flow on this. Hence the lag in information flows could bring impacts to the market when additional information has been disclosed.

The examples mentioned in the recent two issues are just very limited factors that affect the share prices during the results period. Investors should keep frequent update on the company to avoid being affected by such price fluctuation affecting the investment decisions.

上次我们提到在业绩期会导致股价波动的原因，这期我们会在说说其他的例子。

比同行或行业基准点的表现较差/好
除了与管理层提供的预期或指引作比较，我们也可以采取其他同行业的公司或行业数据参考比较。

和同业比较，会更容易看出一家公司的表现如何。而且大多数公司都会存在竞争的同业，因此可比较的公司也可以很容易地找到。

此外，我们还可以和整个行业的表现进行比较。其实这也是过滤掉或挑优秀的公司的做法。例子，在2013年，全球笔记本电脑市场正被平板电脑和智能手机的盛行而蚕食。据IDC，全球笔记本电脑出货量在2013年萎缩约10％至3.15亿台。但是，联想却以3％的增幅跑赢市场。因此，其供应商也可以分享到联想的胜利。

这对于供应商的投资这可以是有惊喜的。因为通常一个大的行业的数据早已被广泛报道，或会定期发布。与此相反，对于那些供应商，如外壳及配件，市场对这些数据可能不那么感兴趣，而且也是难以收集的此等数据，所以有关于这方面的信息缺乏。因此，当更多的信息被披露时，滞后的信息流便可能影响股票的价格。

在近两期提到的例子只是冰山一角。投资者应经常留意公司的最新消息，以避免受这种价格波动影响投资决策。

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