Fundamental analysis determines a stock's intrinsic value by analyzing the business behind the stock.
Key Metrics
| Metric | What It Shows | Good Value |
| P/E Ratio | Price vs earnings | <15 (value), >25 (growth) |
| P/B Ratio | Price vs book value | <1.5 |
| ROE | Profitability | >15% |
| Debt/Equity | Leverage | <1.0 |
| Free Cash Flow | Cash generation | Positive, growing |
Applied to Asian Markets
Fundamental analysis in Asia must account for:
- Chaebol structure (Korea): complex cross-holdings
- SOE vs private (China): state-owned enterprises have different incentives
- Promoter holdings (India): founding family stakes affect governance
- Cross-shareholdings (Japan): keiretsu relationships
Where to Find Data
Annual reports, stock exchange filings, and financial data providers. Most Asian exchanges provide free English filings for major companies.