I guess, then the approach towards such stocks should be mathematical, and one does not need to do any kind of FA. Have some process in place, based on numbers, enter, adjust/exit as per the set rules, just like a factor based index. If this is indeed true, then the return too could be similar to that of an index, probably more than Nifty, but not probably more than 25%.
One can look at factor based indices, but these too are not perfect, sometimes the definitions could be arbitrary, and may not repeat the back tested results.
No interest in investing in stocks based on these kind of ideas, yet. Just saying.
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