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中国与印度的“市盈率”

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2019年12月05日

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中国与印度的“市盈率”

如果把中国和印度比作两家公司,那么曾经富有活力的增长股“中国公司”近年来开始发布负面的盈利预警,而经历了令人失望的十年的“印度公司”则东山再起……

测试中可能遇到的词汇和知识:

pan out 结果是

asset 资产['æset]

demographics 人口结构[demə'græfɪks]

infrastructure 基础设施['ɪnfrəstrʌktʃə]

MSCI 摩根士丹利资本国际公司

Chindia Inc: trading places(315words)

by Lex,March 11,2015 3:40 pm

Does India look too expensive versus China?

Countries are not companies(unless they are Apple,considerably bigger on some measures than many sovereign states). But stripped to the basics,they have some similar characteristics. So if China and India were companies,what sort might they be?

China Corp,once a racy growth stock,attracted dollars eager to take part in its anticipated rise. Broadly,this panned out as expected — and,arguably,better. Up until this decade,China Corp tended to deliver positive profit warnings as GDP and fixed asset investment accelerated.

This phase is past. In recent years,GDP growth targets have been falling; profit warnings have turned negative. The latest forecast for this year is “about” 7 per cent,down from last year's target of 7.5 per cent. And even that lower target may be missed. Yesterday,economic figures including retail sales,industrial production and fixed asset investment all came in uncomfortably below forecasts.

By contrast,India Inc is making a comeback after a disappointing decade. The country's 1.3bn people,favourable demographics and under-developed economy make it the land of opportunity. We may have heard this before but a new chief executive(Narendra Modi,prime minister)has inspired new hope. GDP growth has been revised up,and has room to surprise if more restructuring occurs. Not everything is rosy — infrastructure is a challenge and reform is slow — but India Inc's room to make small changes which have a large impact contrasts favourably with China Corp. The latter's management seems flummoxed by the challenges to its model.

Maybe this is in the price. MSCI's India index trades on 16 times next year's earnings; China on nine times. India is forecast to grow by 17 per cent,with China at 13.Not such a vast difference in growth,perhaps,to warrant such valuation disparity. But in a world where growth is scarce,small differences are worth a lot. Upgrades are worth even more.

1.Why does China Corp tend to issue positive profit warnings according to the article?

A.As some economic figures growth speeded up.

B.As China issued a racy growth stock recently.

C.As China's economy showed better as expected.

D.As GDP growth targets have been falling.

[1] 答案

2.The word " favourable" in paragraph 4 can be replaced by "____".

A.Concentrated

B.Restricted

C.Furthersome

D.Redundish

[2] 答案

3.What can be inferred from paragraph 4?

A.The development of India Inc is rosy all the way.

B.Infrastructure of India Inc is not a challenge.

C.A small change can provide further effect for India.

D.China Corp can benefit from its remarkable management.

[3] 答案

4.Which of the following statements is true according to the last paragraph?

A.China and India are face with a vast gap.

B.India won the comparison base on price strength.

C.Small gaps are worth much in a economic world.

D.MSCI's index trades assured valuation disparity.

[4] 答案

[1]答案:A.As some economic figures growth speeded up.

解释:文章第二段,“中国公司”往往发出正面盈利预告,因为GDP和固定资产投资的相关经济数据加速增长。

[2]答案:C.Furthersome

解释:第四段中,“印度公司”坐拥13亿的人口、有利的人口结构以及欠发达的经济使之成为一块机遇之地。concentrated译为“集中的”,restricted译为“受限制的”,redundish译为“冗杂的”。

[3]答案:C.A small change can provide further effect for India.

解释:推断题,印度并非一切如意,基础设施建设构成挑战,改革步伐缓慢,但印度进行小改变就能带来大影响的空间,而中国的管理似乎因其发展模式面临的挑战而变得混乱。

[4]答案:C.Small gaps are worth much in a economic world.

解释:最后一段,摩根士丹利资本国际指数目显示两家公司的增长率并不会有如此大差异来保证这样的估值差距。但是在如今这个增长稀缺的世界,小差距也有重大意义。评级上调的价值就更大了。

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