Sell Side Analyst 係香港有冇前景?

227 回覆
15 Like 1 Dislike
2019-04-04 22:17:02
我以前大學有兩年幾ER placement經驗 但畢業都冇做ER 一黎regulatory愈來愈緊 見到未來research只會變成front office嘅cost centre 同時條街真係太多analyst 十個九個都大陸人 你去mgmt interview / investor day就知有啲大陸公司真係見你唔係大陸人就料都講少啲 仲未計有啲實業公司嘅mgmt普通話好撚重口音 我地香港人真係好難聽得明
結論係 作為一個training ground我覺得好好嘅 都有好出色嘅前輩(佢叫後生了 但都5年前入行)係呢行繼續做得好好 但過來人嘅我就覺得local而家投身的話前景唔太大啦

research只會變成front office嘅cost centre ,唔洗未來啦,DBS research巳經搬左去太古,CITI research仲慘去牛頭角

唔撚係呀!research FO 都要去呢D 工業區返工

份report 賣得出 = fo
賣唔出 = cost centre
2019-04-04 22:53:15
其實咩post上到高位都係要同人social然後sell野架啦

但sell 野去到做小丑上埋報紙

Ibank 其他部門唔多見

巴打你講個單料應該係上年DAIWA跳BIG BANG果個ANALYST
其實佢都有D料既
報告幾百頁夠詳盡,ideas都有幾隻OK
不過無奈日資行點夠MS, CS拉票
都係諗點橋出黎博多幾張同情票,順手投多張比佢姐

今年citi果個都幾有娛樂性
不過同事同佢睇同一個sector話佢真勁
2019-04-04 23:04:29
但sell 野去到做小丑上埋報紙

Ibank 其他部門唔多見

巴打你講個單料應該係上年DAIWA跳BIG BANG果個ANALYST
其實佢都有D料既
報告幾百頁夠詳盡,ideas都有幾隻OK
不過無奈日資行點夠MS, CS拉票
都係諗點橋出黎博多幾張同情票,順手投多張比佢姐

今年citi果個都幾有娛樂性
不過同事同佢睇同一個sector話佢真勁

係咪public ,想睇
2019-04-04 23:04:38
每日返工都好悶,搵緊意義 x2
以為做buyside上岸,點知只係另一個惡夢既開始
做既野唔係當初你入行以為想做既野
頭一兩年白紙期,所有野都好新鮮,以為自己學識好多野
去到第三四年,你既LEARNING CURVE巳經FLAT晒,因為巳經無新野好學
一句講晒 你真係好鍾意做呢行 你要跟到個好PM 走少好多彎路
而家無咩PM識COACH人架啦
大部分都係炒鬼 ESP班大6人PM

my boss is damn good...very long term focus! we added quite a bit of risk in q4 doubled down in many names and had a very lovely q1 lol

anyway westerners think and trade quite differently to mainlander
hate going to group meeting with brunch of Chinese fund houses ppl...too short term focus

yes...they drill down to questions that are inappropriate to ask to the point that i almost want to tell them to shut up...
it's very pathetic that those mainland company mgmt, sell side analysts, most buy side peers just naturally converse in their mother tongue
and you are coerced to switch to big 6 mode in NDRs, conf calls
X總,咱們今年這個業績十分亮眼,可以跟咱們分享一下公司未來在XX的布局情況怎麼樣了? 咱們會有XX的計劃嗎? 咱們咱們到想拍死佢地

最底個問題喺大陸公司業績第一個指定問題嚟 仲有啲咩生態系統聽完都唔知做緊乜嘅buzzword
2019-04-04 23:08:06
巴打你講個單料應該係上年DAIWA跳BIG BANG果個ANALYST
其實佢都有D料既
報告幾百頁夠詳盡,ideas都有幾隻OK
不過無奈日資行點夠MS, CS拉票
都係諗點橋出黎博多幾張同情票,順手投多張比佢姐

今年citi果個都幾有娛樂性
不過同事同佢睇同一個sector話佢真勁

係咪public ,想睇

係呀 上左蘋果
https://hk.finance.appledaily.com/finance/daily/article/20190213/20611972
2019-04-05 08:31:58
同埋呢個時勢呢
做research 唔好做equity
fixed income 先係真真正正學到點樣做fundamental analysis

而家d equity report 其實好撚on9
even gs 比我果堆equity research 我都係唔睇
equity involves 太多 sentimental factor 所以其實好難用fundamental 來做prop trade, 你長long 又食撚住個position limit 又係曬鳩氣
再加上ra 呢行本身已經大陸人當道
你第時equity research 咁 competitive 又冇connection 你點跳走

你fixed income research 都叫大機會少少轉去pe/ credit fund 玩
equity 果面真係太多人爭啦

哈哈巴打你講野甘似我同事既LOL

完全認同equity involves 太多 sentimental factor 所以其實好難用fundamental 來做prop trade。亦都係點解我覺得唔想再係呢行曬時間,做既野無9意義,炒黎炒去,只係一大班人9UP黎9UP去。stock uptick 時就話Long term margin expansion,向下炒時就話short term margin miss.....diu...甘trade long term 定short term都係一時時....勁on9

無可否認equity research 巳經比太多大6人,BIG4大6人想跳入行,塞到爆晒,身為香港人,你一係迎合佢地,一係離地去外資regional APAC coverage...

同埋另一個事實係,當你start with細行,唔洗痴心妄想跳到入大行。
細行既定義係,宜家好多ex sell side traders/analysts OR big house PMs跳出黎,搵到條大老闆水喉,出黎自己開返檔AM,佢地一定比最UN既PAY你,因為係自己生意。

小弟而家做緊一間AM, 公司有玩直投去一D PE fund projects/non-listed companies investment projects, 唔只係玩equities/bonds/CC.....有母公司大水喉射住......但人工就幾麻麻, 呢間野係2個sell-side experienced trader and Sales 出黎開的buy-side.
咁呢D 係咪都可以regarded as 細行?

而家小弟做MO 之餘又要兼顧埋FO 野.......雖然唔算好chur, 但你地講到前景咁......唉.......我期望係有buy-side exp 之後入去private bank 做MO/FO 算......... (PS: 有親戚做緊PB FO top sales), 但跑數壓力太大, 不了。一係就去PB 度做果D top sales 的秘書仔, 聽聞做呢D PB 的秘書仔, 人工都講緊50K 起跳, 勁和味, 新年利市公價5000蚊起跳....
2019-04-05 08:33:52
research只會變成front office嘅cost centre ,唔洗未來啦,DBS research巳經搬左去太古,CITI research仲慘去牛頭角

唔撚係呀!research FO 都要去呢D 工業區返工

份report 賣得出 = fo
賣唔出 = cost centre

唉, 好耐之前In 一間外資sell side, 見完個chief analyst (star analyst) in TMT, 最後唔請.....
2019-04-05 09:52:16
同埋呢個時勢呢
做research 唔好做equity
fixed income 先係真真正正學到點樣做fundamental analysis

而家d equity report 其實好撚on9
even gs 比我果堆equity research 我都係唔睇
equity involves 太多 sentimental factor 所以其實好難用fundamental 來做prop trade, 你長long 又食撚住個position limit 又係曬鳩氣
再加上ra 呢行本身已經大陸人當道
你第時equity research 咁 competitive 又冇connection 你點跳走

你fixed income research 都叫大機會少少轉去pe/ credit fund 玩
equity 果面真係太多人爭啦

哈哈巴打你講野甘似我同事既LOL

完全認同equity involves 太多 sentimental factor 所以其實好難用fundamental 來做prop trade。亦都係點解我覺得唔想再係呢行曬時間,做既野無9意義,炒黎炒去,只係一大班人9UP黎9UP去。stock uptick 時就話Long term margin expansion,向下炒時就話short term margin miss.....diu...甘trade long term 定short term都係一時時....勁on9

無可否認equity research 巳經比太多大6人,BIG4大6人想跳入行,塞到爆晒,身為香港人,你一係迎合佢地,一係離地去外資regional APAC coverage...

同埋另一個事實係,當你start with細行,唔洗痴心妄想跳到入大行。
細行既定義係,宜家好多ex sell side traders/analysts OR big house PMs跳出黎,搵到條大老闆水喉,出黎自己開返檔AM,佢地一定比最UN既PAY你,因為係自己生意。

小弟而家做緊一間AM, 公司有玩直投去一D PE fund projects/non-listed companies investment projects, 唔只係玩equities/bonds/CC.....有母公司大水喉射住......但人工就幾麻麻, 呢間野係2個sell-side experienced trader and Sales 出黎開的buy-side.
咁呢D 係咪都可以regarded as 細行?

而家小弟做MO 之餘又要兼顧埋FO 野.......雖然唔算好chur, 但你地講到前景咁......唉.......我期望係有buy-side exp 之後入去private bank 做MO/FO 算......... (PS: 有親戚做緊PB FO top sales), 但跑數壓力太大, 不了。一係就去PB 度做果D top sales 的秘書仔, 聽聞做呢D PB 的秘書仔, 人工都講緊50K 起跳, 勁和味, 新年利市公價5000蚊起跳....

buyside am大定細睇AUM.
<USD 1bn AUM:細行
USD1bn to 5bn: mid size
2019-04-05 11:49:38
同埋呢個時勢呢
做research 唔好做equity
fixed income 先係真真正正學到點樣做fundamental analysis

而家d equity report 其實好撚on9
even gs 比我果堆equity research 我都係唔睇
equity involves 太多 sentimental factor 所以其實好難用fundamental 來做prop trade, 你長long 又食撚住個position limit 又係曬鳩氣
再加上ra 呢行本身已經大陸人當道
你第時equity research 咁 competitive 又冇connection 你點跳走

你fixed income research 都叫大機會少少轉去pe/ credit fund 玩
equity 果面真係太多人爭啦

哈哈巴打你講野甘似我同事既LOL

完全認同equity involves 太多 sentimental factor 所以其實好難用fundamental 來做prop trade。亦都係點解我覺得唔想再係呢行曬時間,做既野無9意義,炒黎炒去,只係一大班人9UP黎9UP去。stock uptick 時就話Long term margin expansion,向下炒時就話short term margin miss.....diu...甘trade long term 定short term都係一時時....勁on9

無可否認equity research 巳經比太多大6人,BIG4大6人想跳入行,塞到爆晒,身為香港人,你一係迎合佢地,一係離地去外資regional APAC coverage...

同埋另一個事實係,當你start with細行,唔洗痴心妄想跳到入大行。
細行既定義係,宜家好多ex sell side traders/analysts OR big house PMs跳出黎,搵到條大老闆水喉,出黎自己開返檔AM,佢地一定比最UN既PAY你,因為係自己生意。

小弟而家做緊一間AM, 公司有玩直投去一D PE fund projects/non-listed companies investment projects, 唔只係玩equities/bonds/CC.....有母公司大水喉射住......但人工就幾麻麻, 呢間野係2個sell-side experienced trader and Sales 出黎開的buy-side.
咁呢D 係咪都可以regarded as 細行?

而家小弟做MO 之餘又要兼顧埋FO 野.......雖然唔算好chur, 但你地講到前景咁......唉.......我期望係有buy-side exp 之後入去private bank 做MO/FO 算......... (PS: 有親戚做緊PB FO top sales), 但跑數壓力太大, 不了。一係就去PB 度做果D top sales 的秘書仔, 聽聞做呢D PB 的秘書仔, 人工都講緊50K 起跳, 勁和味, 新年利市公價5000蚊起跳....

你公司大約幾多人? 睇落應該唔係大buy side公司 但aum唔知幾多?
2019-04-05 12:42:45
lm
2019-04-05 13:16:00
終於有人講人話
Buyside 其實半夕陽
唔好咁大期望
All time sales 其實重有力

為何你覺得buy-side 都半夕陽呢?
finance 已經算係比其他sector 相對好D 啦掛.......

shrink 得好快啦
都係果句, 冇錢點炒
如果你做buyside 既可以問下你老細點解唔raise 多d 錢

Strategy capacity
2019-04-05 13:17:33
比個建議你
90% 人係越做越細
if you start small
唔好有太大期望你跳得返咩大firm
當然, 你係果10%人中之龍既我就冇野講

入buy-side係為左打份工嘅不如去返sell side
2019-04-05 13:47:25
比個建議你
90% 人係越做越細
if you start small
唔好有太大期望你跳得返咩大firm
當然, 你係果10%人中之龍既我就冇野講

入buy-side係為左打份工嘅不如去返sell side

absolutely agree

btw, u think cfroi works esp Asia?
2019-04-05 13:54:21
比個建議你
90% 人係越做越細
if you start small
唔好有太大期望你跳得返咩大firm
當然, 你係果10%人中之龍既我就冇野講

入buy-side係為左打份工嘅不如去返sell side

absolutely agree

btw, u think cfroi works esp Asia?

From value partner?
Emmm I look at more in smart money flow and factors being priced in or not with regard to the price action and how the market reacts to sell-side reports
CFROI at the end of the day is just one perspective for fundamental analysis, but fundamental factors have to be taken into account with market expectation
Eg Netflix has more downside risks than upside potential, coz whatever are favourable to its development are almost priced in, but many risks are not yet taken in account...
At this I’m more short-term: valuation not attractive and recession risk is forthcoming; mainland A share market may be relatively more attractive, especially with the help of MSCI, Russell and Dow
2019-04-05 14:25:33
入buy-side係為左打份工嘅不如去返sell side

absolutely agree

btw, u think cfroi works esp Asia?

From value partner?
Emmm I look at more in smart money flow and factors being priced in or not with regard to the price action and how the market reacts to sell-side reports
CFROI at the end of the day is just one perspective for fundamental analysis, but fundamental factors have to be taken into account with market expectation
Eg Netflix has more downside risks than upside potential, coz whatever are favourable to its development are almost priced in, but many risks are not yet taken in account...
At this I’m more short-term: valuation not attractive and recession risk is forthcoming; mainland A share market may be relatively more attractive, especially with the help of MSCI, Russell and Dow

na, I'm AXJ sector analyst, VP is relatively small in that front. u cover hk/China?

agree with u on market view except china a. the valuation argument in Chinese equity or China a has been around for a very long time but it ignores policy, capital flows risk etc. especially the fact that it is still a closed market with too many gamblers. MSCI, ftse inclusion helps in theory, but it didn't help last time round tho

2019-04-05 17:59:11
比個建議你
90% 人係越做越細
if you start small
唔好有太大期望你跳得返咩大firm
當然, 你係果10%人中之龍既我就冇野講

入buy-side係為左打份工嘅不如去返sell side

點解咁講?想知多d
2019-04-05 18:25:48
absolutely agree

btw, u think cfroi works esp Asia?

From value partner?
Emmm I look at more in smart money flow and factors being priced in or not with regard to the price action and how the market reacts to sell-side reports
CFROI at the end of the day is just one perspective for fundamental analysis, but fundamental factors have to be taken into account with market expectation
Eg Netflix has more downside risks than upside potential, coz whatever are favourable to its development are almost priced in, but many risks are not yet taken in account...
At this I’m more short-term: valuation not attractive and recession risk is forthcoming; mainland A share market may be relatively more attractive, especially with the help of MSCI, Russell and Dow

na, I'm AXJ sector analyst, VP is relatively small in that front. u cover hk/China?

agree with u on market view except china a. the valuation argument in Chinese equity or China a has been around for a very long time but it ignores policy, capital flows risk etc. especially the fact that it is still a closed market with too many gamblers. MSCI, ftse inclusion helps in theory, but it didn't help last time round tho


Chings 而家幾多年資搵緊幾多
2019-04-05 18:30:17
absolutely agree

btw, u think cfroi works esp Asia?

From value partner?
Emmm I look at more in smart money flow and factors being priced in or not with regard to the price action and how the market reacts to sell-side reports
CFROI at the end of the day is just one perspective for fundamental analysis, but fundamental factors have to be taken into account with market expectation
Eg Netflix has more downside risks than upside potential, coz whatever are favourable to its development are almost priced in, but many risks are not yet taken in account...
At this I’m more short-term: valuation not attractive and recession risk is forthcoming; mainland A share market may be relatively more attractive, especially with the help of MSCI, Russell and Dow

na, I'm AXJ sector analyst, VP is relatively small in that front. u cover hk/China?

agree with u on market view except china a. the valuation argument in Chinese equity or China a has been around for a very long time but it ignores policy, capital flows risk etc. especially the fact that it is still a closed market with too many gamblers. MSCI, ftse inclusion helps in theory, but it didn't help last time round tho


Chinese market is undergoing a structural change with a more open market as reflected in the consistent reforming of QFII quota and the government’s eagerness to invite foreign capital (MSCI’s increase in a share proportion can be attributed largely to Central government’s effort)
Also, the Fed has taken a dovish attitude since the early Jan, causing a weak USD which provides support to the EM currencies, especially RMB; continuous and strong cash inflow into China market can reflect foreign capital’s confidence in China market compared to the US market
You may also view it as a kind of mean reversion mechanism: China market underperformed other markets last year significantly; it is normal to have fund flow this year, with the help of MSCI theme as said.
2019-04-05 18:33:05
比個建議你
90% 人係越做越細
if you start small
唔好有太大期望你跳得返咩大firm
當然, 你係果10%人中之龍既我就冇野講

入buy-side係為左打份工嘅不如去返sell side

點解咁講?想知多d

2019-04-05 18:36:09
入buy-side係為左打份工嘅不如去返sell side

點解咁講?想知多d


2019-04-05 18:40:57
點解咁講?想知多d



2019-04-05 19:00:26
From value partner?
Emmm I look at more in smart money flow and factors being priced in or not with regard to the price action and how the market reacts to sell-side reports
CFROI at the end of the day is just one perspective for fundamental analysis, but fundamental factors have to be taken into account with market expectation
Eg Netflix has more downside risks than upside potential, coz whatever are favourable to its development are almost priced in, but many risks are not yet taken in account...
At this I’m more short-term: valuation not attractive and recession risk is forthcoming; mainland A share market may be relatively more attractive, especially with the help of MSCI, Russell and Dow

na, I'm AXJ sector analyst, VP is relatively small in that front. u cover hk/China?

agree with u on market view except china a. the valuation argument in Chinese equity or China a has been around for a very long time but it ignores policy, capital flows risk etc. especially the fact that it is still a closed market with too many gamblers. MSCI, ftse inclusion helps in theory, but it didn't help last time round tho


Chings 而家幾多年資搵緊幾多

2019-04-05 19:09:47
From value partner?
Emmm I look at more in smart money flow and factors being priced in or not with regard to the price action and how the market reacts to sell-side reports
CFROI at the end of the day is just one perspective for fundamental analysis, but fundamental factors have to be taken into account with market expectation
Eg Netflix has more downside risks than upside potential, coz whatever are favourable to its development are almost priced in, but many risks are not yet taken in account...
At this I’m more short-term: valuation not attractive and recession risk is forthcoming; mainland A share market may be relatively more attractive, especially with the help of MSCI, Russell and Dow

na, I'm AXJ sector analyst, VP is relatively small in that front. u cover hk/China?

agree with u on market view except china a. the valuation argument in Chinese equity or China a has been around for a very long time but it ignores policy, capital flows risk etc. especially the fact that it is still a closed market with too many gamblers. MSCI, ftse inclusion helps in theory, but it didn't help last time round tho


Chinese market is undergoing a structural change with a more open market as reflected in the consistent reforming of QFII quota and the government’s eagerness to invite foreign capital (MSCI’s increase in a share proportion can be attributed largely to Central government’s effort)
Also, the Fed has taken a dovish attitude since the early Jan, causing a weak USD which provides support to the EM currencies, especially RMB; continuous and strong cash inflow into China market can reflect foreign capital’s confidence in China market compared to the US market
You may also view it as a kind of mean reversion mechanism: China market underperformed other markets last year significantly; it is normal to have fund flow this year, with the help of MSCI theme as said.

depends how u define the lobbying effort...obviously they did a lot on and under the table ...guess u read those already. also, Chinese Gov has the incentive to keep stable CNY at least before trade war concludes to keep trump happier

I'm more on the mean reversion camp, just like semi con, earnings isnt there but share price is back to summer 18 level. I'm kinda concern march is just an early pull in ahead and it will be a sell on fact once everything is done, limited visibility in 2nd half thus far. seems it is much easier to hire now even in tier 1 cities, good or bad sign?
2019-04-05 19:13:25
入buy-side係為左打份工嘅不如去返sell side

點解咁講?想知多d


2019-04-05 19:50:34
點解咁講?想知多d



我係準備入行既初哥,想問special situation analyst 係做乜?
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