講稿 4/21 物美價廉
Lecture 4/21 Good quality and low price
進一步講解巴菲特理論之前，先來複習基本的會計觀念，
因選股主要從財報看出來。
Before delving deeper into the Buffett theory, let's first review the basic accounting concepts. Stock selection is primarily based on financial reports.
財報有2張，第一張叫資產負債表，記載公司有什麼資產。
這間教室若是一家公司有何資產？
桌子、投影機、電腦...
這些資產用什麼錢買的？錢的來源不外乎兩個：
借的錢就是負債，公司自己的錢為淨值。
資產負債表的基本架構就是資產 = 負債 + 淨值。
Financial reports have two statements, with the first being the balance sheet. This document records a company's assets, such as desks, projectors, and computers. The funds used to acquire these assets come from two sources: borrowed money, which is listed as a liability, and the company's own funds, recorded as equity. The balance sheet follows a basic formula where assets are equal to liabilities plus equity.
資產裡有流動資產，最容易變成現金的東西。
什麼東西容易變成現金？
第一當然是現金本身。
第二是短期投資，一年以內會處分的股票和債券。
公司手上現金通常把短期投資跟現金跟加起來算，
因為公司的錢有時候會去玩股票或買債券基金，很容易變現。
第三是應收帳款，客戶欠的錢收回來就變成現金了。
第四是存貨，賣掉就變成現金。
Current assets are part of a company's assets and are the easiest to convert to cash. Cash itself is the first of these assets, followed by short-term investments such as stocks and bonds that are expected to be sold within a year. The company's cash balance often includes these short-term investments as they can be easily converted to cash. The third type is accounts receivable, which becomes cash once payment is received from customers. Lastly, there is inventory, which transforms into cash when sold.
另外兩個不容易變成現金的科目，
一是長期投資，一年以上才會處分的股票或債券，
通常指轉投資的股票。
最後一個最不易變現的是固定資產，機器、設備、廠房、土地。
所謂的資本支出即用來擴廠的錢，
包括在固定資產跟長期投資，
有些公司透過轉投資去海外設廠，像鴻海就是，
要算它的資本支出，須把固定資產和長期投資加起來算。
There are two other types of assets that are less liquid. The first is long-term investments, like stocks and bonds, which are typically held for more than a year, with subsidiary stocks being a common example. The second, which is the most difficult to convert to cash, is fixed assets, such as machinery, equipment, factories, and land. Capital expenditures refer to the funds used for expanding production and comprise both fixed assets and long-term investments. For companies like Hon Hai, which have established overseas factories through subsidiaries, the calculation of their capital expenditures involves the sum of both fixed assets and long-term investments.
資產負債表右邊的淨值，是公司自己的錢，
分為2個科目股本和保留。
股本等於股數乘以面額10元，
股數是公司所有權切成幾塊。
The equity on the right side of the balance sheet represents a company's own funds, which are divided into two accounts: capital and reserves. Capital is calculated by multiplying the number of shares by a set par value, such as NT$10. The number of shares represents the company's ownership divided into smaller portions.
保留有2個科目
一是盈餘公積，公司賺的錢保留下來。
另一個是資本公積，包括現金增資的溢價、資產重估增值、
合併時所產生的商譽。
現金增資就是公司印股票跟股東要錢，
一股若賣60元，其中10元記為股本，50元記為資本公積。
The reserves account in equity includes two sub-accounts. The first is retained earnings, which represents money that the company has kept from its profits. The second is capital surplus, which encompasses additional paid-in capital, increases in the value of assets, and goodwill generated from mergers. For example, if a company raises funds through the issuance of new shares, selling each stock for NT$60, NT$10 would be recorded as capital and NT$50 as capital surplus.
淨值也稱淨資產，又稱股東權益，
也叫帳面價值，或自有資本，都是一樣的意思。
ROE就是淨值報酬率或股東權益報酬率。
Equity is also referred to as net assets, net worth, book value, or own capital, and all these terms mean the same thing. ROE, or return on equity, is the return that a company earns on the equity it holds.
第二張報表叫做損益表，記載公司如何賺錢？
賺錢的來源不外乎本業跟業外。
本業賺的錢叫做營業利益，等於營收減成本減費用。
製造業的營收是sales，服務業為收入revenue。
跟產品直接相關的叫成本，間接相關為費用。
這一隻筆賣10元，營收記為10元，
製筆需買材料來做，直接相關記為成本，
買機器設備來做，每年提列的折舊是成本。
生產線上員工的薪水也是成本。
費用則是間接相關，行銷費用、研發費用都是。
The second report referred to as the income statement records the company's sources of income. The sources of income come from both operating and non-operating businesses. Operating profit is calculated by subtracting costs and expenses from sales. In manufacturing, sales are recorded, while in service industries, revenue is recorded. Costs refer to expenses directly related to the product, while expenses are indirect expenses such as marketing and R&D expenses. For example, if a pen is sold for $10, the sales are recorded as $10. The cost of materials used in the production of the pen is recorded as a cost, while expenses such as the annual depreciation on machinery and equipment and the salaries of employees on the production line are also recorded as costs. Expenses are those that are indirectly related to the product and include costs such as marketing and R&D expenses.
業外收入包括利息收入、投資收入、處分利得、匯兌。
投資收入包括長投跟短投。
處分利得是賣土地和股票。
Non-operating income encompasses a variety of sources, including interest income, investment income, gains from disposals, and gains from foreign exchange. Investment income can come from both long-term and short-term investments. Disposal gains refer to the sale of assets such as land and stocks.
有幾個專有名詞跟大家再複習一下。
EPS每股盈餘，稅後淨利÷股數，公司最後總共賺了多少錢÷股數。
NAV為每股淨值，淨值÷股數，公司自己的錢÷股數。
There are a few important technical terms to discuss. EPS, or Earnings Per Share, is calculated by dividing net profit by the number of shares. Net profit is the bottom line shown on the income statement. Another term is NAV, which stands for Net Asset Value per Share and is calculated by dividing net assets by the number of shares.
用養鵝來比喻，EPS是鵝下的每一顆蛋，
蛋有大有小，大立光EPS180元是恐龍蛋，
聯電EPS零點幾元為螞蟻蛋。
NAV是鵝體重的大小，10公斤重的鵝或5公斤的鵝。
To use a goose-raising analogy, EPS can be compared to the eggs laid by a goose. Just as eggs come in different sizes, EPS can vary in size as well. For example, a company like Largan with an EPS of NT$180 can be compared to a goose laying a large dinosaur egg, while a company like UMC with only a few cents of EPS can be compared to a goose laying a small ant egg. On the other hand, NAV can be compared to the weight of the goose, with a 10 kg goose representing a higher NAV compared to a 5 kg goose.
看鵝會不會下蛋？非光看牠下了幾顆蛋，
10公斤重的鵝下3顆蛋跟5公斤重的鵝下了2顆蛋，
請問哪隻鵝會下蛋？
把蛋跟鵝一起拿來作比較，即EPS÷NAV = ROE，
ROE就是看這隻鵝會不會下蛋？看公司的獲利能力好不好？
When evaluating the productivity of a goose, it's not enough to just look at the number of eggs laid. For example, a 10 kg goose may lay 3 eggs, while a 5 kg goose may lay 2 eggs, but this doesn't necessarily mean the 10 kg goose is more productive. To determine productivity, it's important to compare the egg with the goose, that is, the EPS with the NAV, which is represented by the formula EPS ÷ NAV = ROE. ROE is used to evaluate the profitability of a company and determine which goose is more productive in terms of generating profits.
至於鵝有沒有買貴了？有2種評估方式。
買價跟蛋來作比較就是本益比，股價÷EPS，
花100元買鵝，這隻下了3顆蛋，
另一隻下2顆，哪隻比較便宜？
To determine if a goose is overpriced, there are two evaluation methods. One is to compare the price with the eggs, which is the price-earnings ratio, stock price ÷ EPS. For example, if you spend 100 dollars to buy a goose that lays 3 eggs, and another goose lays 2 eggs, which one is cheaper?
買價跟鵝來作比較為股價淨值比，股價÷NAV，
花100元買這隻鵝10公斤重，
另一隻5公斤，哪一隻便宜？
The comparison of the purchase price to the goose is the price-to-book ratio (PBR), stock price ÷ net asset value. If you spend $100 to buy a goose that weighs 10 kilograms, and another weighs 5 kilograms, which one is cheaper?
財報上數字的單位像營收和淨利，
通常指百萬元，百萬英文的縮寫是m，千是k，十億為b。
負數則用括弧來表示，(100) = -100
Financial reports often use units of one million for numbers such as sales and net profit. The abbreviation for one million is "m", for thousand is "k", and for one billion is "b". Negative numbers are indicated by parentheses, for example, (100) represents -100.
看財報會算成長率，成長率有三種：
年增率就是YOY(year on year)；
季增率QOQ(quarter on quarter)；
月增率MOM(month on month)。
In financial reports, we calculate growth rates. There are three types of growth rates:
YOY (year-over-year),
QOQ (quarter-over-quarter),
MOM (month-over-month).
YOY跟去年同期比較；
QOQ跟上一季比；
MOM跟上月比。
YOY compared with the same period last year;
QOQ compared with the previous quarter;
MOM compared with last month.
YOY 8 '06 / 8 '05
QOQ 3Q06 / 2Q06
MOM 8 '06 / 7 '06
成長率碰到負數無法計算
60 / -30 = 無
-60 / 30 = 無
-60 / -30 = 無
無=無法計算
Growth rate cannot be calculated if a negative number is encountered.
60 / -30 = na
-60 / 30 = na
-60 / -30 = na
na=not available |
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