英文好養分Engredients

2019.01.20 英文好養分舉辦了我們2019第一場應用英文口說講座-ENG PROVE 英語進一步

我們選了一個看似較為生硬, 殊不知卻是普遍大眾都想了解的基礎入門英文財務課,
透過實際演練以及「已經簡化」的財務報表, 相信當天參與活動的朋友應該都仍對活動中運用到的單字及技巧記憶猶新…吧XD

但當然, 由於內容較為複雜及專業, 我們還是把一些重點筆記整理給各位, 以及提供原文的相關出處, 方便大家有空的時候可以去看看, 至少在一些社交場合談論投資話題的時候, 不至於會鴨子聽雷, 甚至還能搭上一兩句話啦!

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(節錄自The Beginner's Guide To Value Investing)

Value investing focuses on buying undervalued stocks of strong companies and holding them over a long period of time. Learn the basics of value investing and why it’s been a success for so many patient, diligent investors.

說道Value investing, 美國投資專家Joel Greenblatt曾在教育他11歲的兒子甚麼是「價值投資」(Value investing) 提到:

“I sit around trying to figure out what businesses are worth, and then I try to pay a lot less for them. I think you get the point.”

投資最簡單的道理就是, 找出這些公司的價值, 甚至是他們被市場低估的價值 (undervalued), 然後試著用最低的投資資金去投資, 通常需要的不單單只有耐心, 有時更需要花點心思做功課, 才不會像是靠運氣的投機, 而不是有策略的投資了。

PART1. Is this company financially sound?

說到基本的投資評估指標, 澳洲最大的銀行集團之一Macquarie在專欄文章5 questions to ask before you invest in a company 提到, 如果要評估一間公司的財務狀況良好(financially sound) 與否, 以下四個指標為最基本的評量方向:
 

No single metric will help you evaluate a stock.  At the very least, you need to consider:

1. Profitability (盈利能力)
2. Operating Efficiency (運營效率)
3. Solvency (清償能力)
4. Liquidity (流動資金)

1. Profitability盈利能力

Don’t just rely on the dollar figure for annual profits. Make sure you also take a look at ‘net margin’ – the ratio of net profit to revenue– and compare it to peers.A relatively higher net margin means this company could be in a better position than its competitors to grow and expand.

             財務專家指出, 單單看年利潤 (annual profits)的數字是不可靠的, 最好確保你也參考了凈利潤率(net margin), 亦即凈利(net profit) 與收益(revenue) 的
             比率(ratio)。如果一家公司的淨利潤率相對高於其它間公司, 意旨現在這間公司相對其他競爭者有較正向的成長與擴張。

此時, 我們已經開始霧煞煞, 到底凈利(net profit) 與收益(revenue)的差別又在哪勒??

Profit 在中文翻作「利潤」, 而Revenue在中文則是「收益」, 看起來很像(都是收到錢的意思), 但其實兩者有很大的差異喔!
簡單來說, 利潤(Profit) = 收益(Revenue) -支出(Cost)

淨利潤率的簡化公式如下:

      淨利潤率(net margin)= 凈利(net profit)/ 收益(revenue)

參考附圖中的XYZ公司的net margin 會是多少呢?

      2. Operating Efficiency 運營效率

Operating margin can give you an idea of how good management is at controlling costs.
A business with a higher operating margin than other firms in its industry generally has better performance, as long as the gains didn’t come from taking on large amounts of debt or by taking speculative risks with shareholders’ money.

營業利益率(Operating margin) 可以作為一家公司在成本管理與掌控上是否良好的指標。只要獲利並非來自大量舉債或是冒著投機的風險(speculative risks)去運用股東的資金, 一間公司的營業利益率越高, 在營運表現上相對就越好。

              營業利益率的簡化公式參考如下:

               營業利益率(Operating margin) = 營業利益(Operating Income) / 總營收(Revenue)

              參考附圖中的 XYZ公司的Operating margin 會是多少呢?

      3. Solvency  清償能力

A low ‘debt-to-equity’ ratio can indicate both sustainability and investor confidence. The debt/equity (D/E) ratio compares a company’s total liabilities to its shareholder equity. Investors can use the D/E ratio to evaluate how much leverage a company is using. Higher leverage ratios tend to indicate a company or stock with higher risk to shareholders.

低債務股本比(debt-to-equity’ ratio) 可顯現一間公司的持續發展能力及投資人信心。債務股本比是在比較一間公司的總負債(liabilities) 與股東權益(equity), 投資人能透過債務股本來看資金的來源有多少部分來自於「負債」、多少部分來自於「股東權益」, 來評估公司的財務槓桿(leverage)。債務股本比越高意味著一間公司或是股票對於股東的風險是越高的。

              債務股本比的簡化公式參考如下:

             債務股本比(debt-to-equity  ratio) = 總負債(liabilities)/ 股東權益(equity)

        可以順便參考Apple 2018 Q3以前的債務股本比, 看看你發現了甚麼趨勢呢?
      (轉自Macrotrends)

      4. Liquidity (流動資金)

If a company has very high net working capital, it has more than enough current assets to meet all of its short-term financial obligations. In general, the higher a company’s working capital, the better. High working capital is considered a sign of a well-managed company with the potential for growth.

如果一間公司有很高的凈營運資本(net working capital), 代表這間公司有充裕的流動資產(current assets) 去履行它短期的財務責任(financial obligations)。大致上來說, 一間公司的凈營運資本越高越好。高營運資本表示該公司在管理及籌集資金上較為良好, 且也較有成長的潛能。

             運用資本比的簡化公式參考如下:

            運用資本比(working capital ratio)=流動資金(current assets)/流動負債(current liabilities)

              可以順便參考Apple 2018 Q3以前的債務股本比, 看看你發現了甚麼趨勢呢?
      (轉自Macrotrends)

難易度

★★★★☆ (專業專有名詞較多)

著重英語能力:   口語Speaking/閱讀Reading

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• Main source:  www.moneyunder30.com; focusedcompounding.com;  www.macquarie.com ; www.macrotrends.net

                -The Beginner’s Guide To Value Investing
               -Special Situation Investing Classes at Columbia University Business School:  Greenblatt Class #1
               - 5 questions to ask before you invest in a company
               -Apple Debt to Equity Ratio 2006-2018 | AAPL