Research Analyst

Introduction to Securities and Securities Market

Product Definitions / Terminology

Structure of Securities Market

Various Market Participants and Their Activities

Kinds of Transactions

Dematerialization and Rematerialization of securities

Terminology in Equity Market

Terminology in Debt Market

Types of Bonds

What is Investing?

The role of research in investment activity

Technical Analysis

Fundamental Analysis

Quantitative Research

Behavioural Approach to Equity Investing

Basic Principles of Microeconomics

Basic Principles of Macroeconomics

Introduction to Various Macroeconomic Variables

Role of economic analysis in fundamental analysis

Secular, cyclical and seasonal trends

Sources of Information for Economic Analysis

Role of industry analysis in fundamental analysis

Defining the industry

Understanding industry cyclicality

Market sizing and trend analysis

Secular trends, value migration and business life cycle

Understanding the industry landscape

Key Industry Drivers and Industry KPIs

Regulatory environment/framework

Taxation

Sources of information for industry analysis

Role of company analysis in fundamental research

Understand Business and Business Models

Pricing Power and Sustainability of This Power

Competitive Advantages/Points of differentiation over the Competitors

Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis

Quality of Management and Governance Structure

Risks in the Business

History of credit rating

ESG framework for company analysis

Sources of Information for Analysis

Introduction to financial statement

Stand-alone financial statement and consolidated financial statement

Balance Sheet

Basics of Profit and Loss Account (P/L)

Statement of changes in shareholder’s equity

Basics of Cash Flows

Notes to accounts

Important Points to Keep In Mind While Looking At Financials

Reading audit report to understand the quality of accounting

Financial statement analysis using ratios

Commonly used ratios

Dupont analysis

Forecasting using ratio analysis

NPeer Comparison

Other aspects to study from financial reports

Philosophy of Corporate Actions

Dividend

Rights Issue

Bonus Issue

Stock Split

Share Consolidation

Merger and Acquisition

Demerger / Spin-off

Scheme of arrangement

Loan Restructuring

Buyback of Shares

Delisting and relisting of Shares

Share Swap

Difference Between Price and Value

Why Valuations are required

Sources of Value in a Business – Earnings and Assets

Approaches to valuation

Discounted Cash Flows Model for Business Valuation

Relative valuation

Earnings Based Valuation Matrices

Assets based Valuation Matrices

Relative Valuations – Trading and Transaction Multiples

Sum-Of-The-Parts (SOTP) Valuation

Other Valuation Parameters in New Age Economy and Businesses

Dupont analysis

Objectivity of Valuations

Some Important Considerations in the Context of Business Valuation

Concept of Return of Investment and Return on Investment

Calculation of Simple, Annualized and Compounded Returns

Risks in Investments

Measuring risk

Concepts of Market Risk (Beta)

Sensitivity Analysis to Assumptions

Concept of Margin of Safety

Comparison of Equity Returns with Bond Returns

Calculating risk adjusted returns

Basic Behavioral Biases Influencing Investments

Some Pearls of Wisdom from Investment Gurus across the World

Measuring liquidity of equity shares

Qualities of a Good Research Report

Checklist Based Approach to the Research Reports

A Sample Checklist for Investment Research Reports

Regulatory infrastructure in Financial Markets

Important regulations in Indian Securities Market

Code of Conduct for Research Analysts

Management of Conflicts of Interest and Disclosure Requirements for Research Analysts

Exchange surveillance mechanisms: GSM and ASM