市場本益比

http://ntd2u.net/thread-9-1-1.html

股票市場中每一種股票的本益比都不一樣，因此若要計算整個市場的本益比，要將各股的股價和稅後純益加以平均。平均的方法依照所採用的權數不同可分成 簡單算術平均 和 發行量加權平均 兩種。簡單算術平均賦予每一種股票相同的權數，而發行量加權平均則以各種股票的發行股數當作權數。 其計算公式如下：

以下表之甲、乙、丙三種股票來闡釋市場本益比的計算方法。

股票種類  股價  每股稅後純益  發行股數(億股)  本益比

甲            200          20                   8                         10 

乙            200          10                   4                         20 

丙            600          15                   4                         40 

簡單算術平均本益比 ＝ 各股股價的算術平均 / 各股之每股稅後純益的算術平均

＝ [(200＋200＋600)/3] / [(20＋10＋15)/3] ＝ 22.22

發行量加權平均本益比 ＝ 各上市公司所發行股票的市值總和 / 各上市公司的稅後純益總和 ＝[200 ×8＋200 ×4＋600 ×4 ] / [20 ×8＋10 ×4＋15 ×4] ＝ 18.46

因為權數不同所計算的市場本益比會有差異，簡單算術平均和發行量加權平均本益比皆會介於所採樣本的最大個股本益比和最小個股本益比之間。 本例中，由於甲股票的本益最低，且其發行股數較多，故權數較大，因而使得發行量加權平均本益比低於簡單算術平均本益比。我們亦發現，簡單算術平均本益比和 發行量加權平均本益比皆介於10（最小的個股本益比）和40（最大的個股本益比）之間。

在得知個股、行業別以及市場的本益比之後，即可求得相對本益比。

所謂相對本益比 = 個別股票的本益比/ 行業別本益比， 或= 行業別本益比 / 市場的本益比。

由相對本益比可約略瞭解個別股票的本益比在其所屬行業或整個市場中的相對大小。例如丁公司的本益比為15，其行業別本益比為10，則丁公司在其行業中的相對本益比為1.5，表示丁公司的本益比高出其行業別本益比百分之五十。

成交量和交易量

例如，某只股票成交量显示为1000股，这是表示以买卖双方意愿达成的，即：买方买进了1000股，同时卖方卖出了1000股。在计算时成交量是1000股。但如果计算交易量，则双边计算，买方1000股加买方1000股，计为2000股。

KLSE Trading Hours and Information

Almost forgot this important point!

KLSE Trading Days: Mon - Fri (excluding public holidays)
Morning Trading Session: 9:00am - 12:30pm
Afternoon Trading Session: 2:30pm - 5:00pm

Delivery: 3 Market Days
The KLSE implements a Delivery by Third Market Day rule.

Sellers should ensure that they have sufficient Tradeable Balance of securities in their accounts by the second market day following the date of contract.

Automatic buy-in is implemented against defaulting Participating Organizations on the third market day after the date of contract.

Payments
Payment for contracts done on a normal basis is to be made by Participating Organizations to Sellers not later than 12.30pm on the third market day after the date of contract.

Payments by Buyers to Participating Organizations are to be made no later than 12.30pm on the third market day following the date of contract.

Selling Out
The KLSE has ruled that Participating Organizations are to close-off purchase positions of their respective clients who do not pay for their purchases by 12.30pm on the third market day after the contract date. Participating Organizations are to institute a selling out by the fourth market day.  

Malaysia REIT Properties List (July 2012)

AHP-Amanah Harta Tanah PNB: ???

ALAQAR-Al @'Aqar Healthcare REIT:  

1. KPJ Ampang Puteri Specialist Hospital (Selangor),
2. Bukit Mertajam Specialist Hospital (Penang),
3. Damai Specialist Hospital (KK, Sabah), 
4. KPJ Damansara Specialist Hospital (Petaling Jaya), 
5. KPJ Ipoh Specialist Hospital (Perak), 
6. KPJ Johor Specialist Hospital (Johor), 
7. KPJ Kajang Specialist Hospital (Selangor), 
8. Kedah Medical Centre (Kedah), 
9. Kuantan Specialist Hospital (Pahang), 
10. KPJ Penang Specialist Hospital (Penang), 
11. Perdana Specialist Hospital (KB, Kelantan), 
12. Puteri Specialist Hospital (JB, Johor), 
13. KPJ Selangor Specialist Hospital (Shah Alam), 
14. Sentosa Medical Centre (Kuala Lumpur), 
15. Seremban Specialist Hospital (N. Sembilan), 
16. Taiping Medical Centre (Perak), 
17. Tawakal Hospital (Kuala Lumpur), 
18. KPJ Tawakkal Specialist Hospital (Kuala Lumpur),
19. Bandar Baru Klang Specialist Hospital (Selangor), 
20. Kluang Utama Specialist Hospital (Johor), 
21. KPJ International College of Nursing and Health Sciences (N. Sembilan), 
22. Selesa Tower Hotel (Johor), 
23. Rumah Sakit Medika Bumi Serpong Damai (Indonesia), 
24. Rumah Sakit Medika Permata Hijau (Indonesia), 
25. Jeta Gardens (Australia)

AMFIRST:  

1. Bangunan AmBank Group (Kuala Lumpur Golden Triangle) 
2. Menara AmBank (Kuala Lumpur Golden Triangle)
3. AmBank Group Leadership Centre (Kuala Lumpur Golden Triangle),  
4. Wisma AmFIRST (Kelana Jaya),  
5. Menara AmFIRST (Petaling Jaya) ​
6. The Summit Subang USJ (Subang Jaya) 
7. Prima 9 (Cyberjaya),  
8. Prima10 (Cyberjaya)

ARREIT @ AMANAHRAYA REIT: 

 [Office] 
1. Block A & B, South City Plaza (Seri Kembangan), 
2. Wisma AmanahRaya (Kuala Lumpur), 
3. Wisma Amanah Raya Berhad (Kuala Lumpur), 
4. Wisma UEP, 
5. Dana 13 (Petaling Jaya)
[Educational] 
1. SEGi College (Subang Jaya), 
2. SEGi College (Kota Damansara) 
[Industrial] 
1. Permanis Factory (Bangi), 
2. Kontena Nasional Distribution Centre 11 (Port Klang), 
3. AIC Factory (Shah Alam), 
4. Silver Bird Factory (Shah Alam), 
5. Gurun Automotive Warehouse (Kedah)
[Hotel] 
1. Holiday Villa Alor Setar, 
2. Holiday Villa Langkawi 
[Retail Mall] 
1. Selayang Mall

ATRIUM:  

1. Atrium Shah Alam 1,
2. Atrium Shah Alam 2,
3. Atrium Puchong,
4. Atrium Rawang, 
5. Atrium USJ

AXREIT @ Axis REIT: 
[Commercial] 
1. Menara Axis (Petaling Jaya), 
2. Crystal Plaza (Petaling Jaya),  
3. Quattro West (Petaling Jaya),  
4. Axis Eureka (KL-Putrajaya) 
[Office/Industrial] 
1. Axis Plaza (Federal Highway), 
2. Axis Business Park (Petaling Jaya), 
3.  Infinite Centre (Petaling Jaya), 
4. Wisma Kemajuan (Petaling Jaya), 
5.  Kayangan Depot (Shah Alam), 
6. Wisma Bintang (Petaling Jaya), 
7. Axis Vista (Federal Highway), 
8. Strateq HQ (Petaling Jaya), 
9. Nestle Office & Warehouse (Shah Alam), 
10. Axis Technology Centre (Petaling Jaya) 
[Warehousing/Logistic] 
1. PDI Centre (Klang), 
2. Seberang Prai Logistic Warehouse 2 (Penang), 
3. Seberang Prai Logistic Warehouse 1 (Penang), 
4. Bukit Raja Distribution Centre (Shah Alam),  
5. Axis Steel Centre (Port Klang),  
6. Delfi Cocoa (Johor), 
7.  BMW Asia Technology Centre PTP (Johor), 
8. Niro Ceramic (M) Sdn Bhd (Johor), 
9. Axis Shah Alam Distribution Centre 1, 
10. Bayan Lepas Distribution Centre (Penang), 
11. Seberang Prai Logistic Warehouse 3 (Penang), 
12. Plot D8, Distripark A, Port of Tanjung Pelepas (Johor)
[Warehouse Retail Facilities] 
1. Tesco Bukit Indah (Johor), 
2. Giant Hypermarket (Sungei Petani)
[Light Industrial] 
1. FCI (Johor)

BSDREIT @ Al-Hadharah Boustead REIT:  

1. Bekoh Estate (Johor), 
2. Malaya Estate (Perak), 
3. Kulai Young Estate (Johor), 
4. Bukit Mertajam Estate (Kedah), 
5. Batu Pekaka Estate （Kedah）, 
6. Chamek Estate （Johor）, 
7. Telok Sengat Estate and Telok Sengat Palm Oil Mill (Johor), 
8. Lepan Kabu Estate and Lepan Kabu Palm Oil Mill (Kelantan), 
9. Malakoff Estate (Pulau Pinang), 
10. Bebar Estate (Pahang), 
11. Taiping Rubber Plantation Estate and Trong Palm Oil Mill (Perak), 
12. Sutera Estate (Sabah)

CMMT @ CapitaMalls Malaysia Trust:  

1. Gurney Plaza (Penang), 
2. Sungei Wang Plaza Property (Kuala Lumpur Golden Triangle),  
3. The Mines (Seri Kembangan), 
4. East Coast Mall (Kuantan)

HEKTAR:  

1. Subang Parade (Selangor), 
2. Mahkota Parade (Melaka), 
3. Wetex Parade (Johor) 
[Propose] 
1. Central Square (Kedah), 
2. Landmark Central (Kedah)

PAVREIT @ Pavilion REIT:  

1. Pavilion Mall (Kuala Lumpur),  
2. Pavilion Tower (Kuala Lumpur)

QCAPITA @ Quill Capita Trust:

1. Quill Building 1 - DHL 1 (Cyberjaya),
2. Quill Building 4 - DHL 2 (Cyberjaya),
3. Quill Building 2 - HSBC (Cyberjaya),
4. Quill Building 3 - BMW (Cyberjaya),
5. Wisma Technip (Kuala Lumpur),
6. Part of Plaza Mont' Kiara (Kuala Lumpur),
7. Quill Building 5 - IBM (Cyberjaya),
8. Quill Building 8 - DHL (Shah Alam),
9. Quill Building 10 - HSBC (Petaling Jaya),
10. TESCO Building Jelutong (Penang)

STAREIT @ Starhill REIT: 

1. JW Marriott Hotel (Kuala Lumpur), 
2. The Residences at the Ritz-Carlton (Kuala Lumpur),  
3. The Ritz-Carlton (Kuala Lumpur), 
4. Pangkor Laut Resort (Perak),  
5. Tanjong Jara Resort (Terengganu), 
6. Cameron Highlands Resort (Pahang),  
7. Vistana Kuala Lumpur,  
8. Vistana Kuantan,  
9. Vistana Penang, 
10. Hilton Niseko (Japan)

SUNREIT @ Sunway REIT:  

[Retail] 
1. Sunway Pyramid (Bandar Sunway),
2. Sunway Putra Mall (Kuala Lumpur),
3. Sunway Carnival (Penang),
4. SunCity Ipoh Hypermarket (Perak)
[Hospitality]
1. Sunway Resort Hotel & Spa (Bandar Sunway), 
2. Pyramid Tower Hotel (Bandar Sunway),
3. Sunway Putra Hotel (Kuala Lumpur),
4. Sunway Hotel Seberang Jaya (Penang) 
[Office]
1. Menara Sunway (Bandar Sunway), 
2. Sunway Tower (Kuala Lumpur),
3. Sunway Putra Tower (Kuala Lumpur)

TWRREIT @ Tower REIT:  

1. Menara HLA (Kuala Lumpur),
2. HP Towers (Kuala Lumpur),
3. Menara ING (Kuala Lumpur)

UOAREIT:  

1. UOA Centre (Kuala Lumpur), 
2. UOA II (Kuala Lumpur),
3. UOA Damansara (Kuala Lumpur), 
4. UAO Pantai (Kuala Lumpur), 
5. UOA Damansara II (Kuala Lumpur), 
6. Menara UOA Bangsar (Kuala Lumpur)

Kuala Lumpur Composite Index (KLCI)

from Wikipedia

The FTSE Bursa Malaysia KLCI comprises the largest 30 companies listed on the Malaysian Main Market by full market capitalisation that meet the eligibility requirements of the FTSE Bursa Malaysia Index Ground Rules.

Top 30 FBMKLCI companies

The following is the list of 30 companies with the highest market capitalization volume as at March 6, 2012:
Market Capitalization = Share Price x Number of Shares Outstanding

Number	Company Name	Market Capitalization (MYR)
1	Malayan Banking Bhd	66,997,900,000
2	Sime Darby Berhad	60,094,640,000
3	CIMB Group Holdings Bhd	55,597,160,000
4	Petronas Chemical Bhd	55,120,000,000
5	Public Bank Bhd	48,599,300,000
6	Maxis Berhad	44,550,000,000
7	Axiata Group Berhad	43,695,120,000
8	Genting Berhad	39,990,210,000
9	IOI Corporation Bhd	34,822,640,000
10	Tenaga Nasional Bhd	34,436,830,000
11	Petronas Gas Bhd	33,440,570,000
12	DIGI.COM Bhd	32,110,750,000
13	Kuala Lumpur Kepong Bhd	24,979,610,000
14	Hong Leong Bank Bhd	23,122,880,000
15	Genting Malaysia Berhad	22,935,460,000
16	PPB Group Bhd	20,082,370,000
17	AMMB Holdings Bhd	18,898,940,000
18	Telekom Malaysia Bhd	18,495,170,000
19	Petronas Dagangan Bhd	18,160,340,000
20	YTL Corporation Bhd	18,026,830,000
21	RHB Capital Bhd	17,043,250,000
22	British American Tobacco Malaysia	15,275,860,000
23	YTL Power International Bhd	13,476,900,000
24	Hong Leong Financial Group Berhad	13,138,540,000
25	Bumi Armada Bhd	12,094,550,000
26	AirAsia Berhad	10,224,220,000
27	UEM Land Berhad	10,205,830,000
28	MMC Corporation Berhad	8,647,970,000
29	Malaysian Marine Heavy Engineering Bhd	8,496,000,000
30	UMW Holdings Berhad	8,329,940,000

原来KLCI只是由30间公司控制着。

财务报告字典

Current assets 流动资产

Cash on hand  现金

Cash in bank 银行存款

Marketable securities 有价证卷

Note receivable 应收票据

Account receivable 应收账款

Less: provision for bad debts 减：坏账准备

Advance to suppliers 预付货款

Other receivable 其他应收款

Deferred and prepaid expenses 待摊费用

Inventories 存货

Less: provision for loss on realization of inventory 减：存货变现损失准备

Long term investment maturing within one year 一年内到期的长期投资

Other current assets 其他流动资产

Total current assets 流动资产合计

Fixes assets 固定资产

Fixed assets cost固定资产原价

Less: accumulated depreciation 减：累计折旧

Fixed assets net value 固定资产净值

Disposal of fixed assets 固定资产清理

Intangible assets 无形资产

Deferred less on investment 递延投资损失

Note payable 应付票据

Accounts payables 应付账款

Accrued payroll 应付工资

Accrued expenses 预提费用

关于 ROE

之前对ROE有点疑问，于是朋友给了我一些例子参考。

Let's say I open a store:

Case 1:
My own money = RM100
Borrow money = RM100
Asset = RM200
Liability = RM100

This year earning = RM50
ROE = RM50 / (RM200-RM100) = 50%
NTA = RM150 (growth 50% from RM100 to RM150) 

Case 2:
My own money = RM200
Asset = RM200
Liability = 0

This year earning = RM50
ROE = RM50 / (RM200-RM0) = 25%
NTA = RM250 (growth 25% from RM200 to RM250)

Conclusion:
ROE is measuring how well a company leverage/use it's assets/money to get profit. And theoratically, ROE is related to it's share price rising. If ROE is 30%, the share price will up around 30%; but due to unpredictable share market, maybe it will make up to 50% increment sometimes. However, be careful with high ROE company, sometimes they borrow money to get high ROE, and they are very easily to go bankrupt.

Case 3:
My own money = RM20
Borrow money = RM180
Asset = RM200
Liability = RM180

This year earning = RM20
ROE = RM20 / (RM200-RM180) = 100%

High ROE　is due to high liabilitiy, if Case 3 company loss RM20, it will go bankrupt.

Annual Report 常见字眼

常常在前几页就看见一些chart，然后一定有这些字。

EBITDA (Earning Before Interest, Tax Depreciation and Amortization)
那就是产品的利润，在未扣除银行利息，所得税，折扣等项目之前的产品利润。

正数是赚钱，负数是亏钱。

举个例子：
如果一片 CD 光碟的售价是 2.00 令吉。
扣除了原料的成本，员工的薪水，厂房的租金等等的费用后，所剩下的利润为 0.50 令吉，这就是 25%的 EBITDA。 （注：这 0.50 的利润还没有扣除银行利息，所得税和折扣）

如果一片 CD 光碟的售价是 0.40 令吉。
扣除了原料的成本，员工的薪水，厂房的租金等等的费用后，所剩下的利润为 0.10 令吉，这还是 25%的 EBITDA。 （注：这 0.10 的利润还没有扣除银行利息，所得税和折扣） 

PAT (Profit after tax)
Assets (Net Worth) = Liabilities + Equity
Equity = Assets - Liabilities

72规则

无意中看到一个叫72规则的东西，是计算一个投资需多少时间才能倍增的公式。利用这个公式，需要先决定年利率；假设你投资了RM10000买一个股票，年回报率为10%：

72/10=7.2年
 所以需要7.2年把RM10000倍增为RM20000。

那么，如果年利率是26%：
72/26= 2.7年

验证一下：
20000=10000（1+0.10）^A
2=1.1^A
log2=Alog1.1
A= 7.2

这个公式充满了奇迹！倍数的力量不可忽视！当然，前提是把利息再投资。
（72规则只可用于粗略计算，因为他优缺点，就是72%的缺点。）

购买股票需付的费用

爬贴看到相关资料： 

a. Brokerage Fee
上网的 brokerage fee 是 0.42%；IntraDay 0.10%

但是有 minimum brokerage fee，上网的最低费用是RM28，有些提供RM12 (问：什么银行？)

b. Stamp Duty
每一个一千块就给一个RM1

RM1000的股票要给1块
RM1200的股票要给2块
RM1800的股票给2块
RM2000的股票给2块
RM2100的股票就3块
如此类推

c. Clearing Fee

多数都是charge 0.03%

2000块的股票收RM0.60

以下是我用 iTrade@CIMB 算出来的费用：

Gross Amount: 1,000 units x 1.85 = 1,850.00

Net Transaction Fee: 30.56

Net Amount(MYR): 1,880.56

a.Brokerage: 1850x0.42%=RM7.77 (RM28)

b.Stamp Duty: RM2

c.Clearing Fee: 0.56

Total Fee = 28+2+0.56=RM30.56

关于股息重要日期的称呼

EX-date （除权日）  

• 要拿到股息必须在 EX-date 前买该公司的股票， 在 EX-date 这天和之后买都不会得到这次的股息。 
• 公司的股价会在 EX-date 这天减掉股息，即是除息。
• 在 EX-date 之前卖股会很可惜，想卖股又要有股息，那么就在除权日当天或往后卖出即可。

Entitlement date （可获得股息权力之日）

Payment date （股息派发日）

财务报告重点

年报里的主要财政报告总共有4张：

1. Balance Sheet / Financial Position (资产负债表) 
Assets(资产)-Liabilities(负债)=Equity(权益)

• Assets(资产)
  - Non-current Assets(非流动性资产）
  Property, plant and equipment 指公司所拥有的地，工厂和机器等等
  Construction in progress 是指在建着的建筑物等等
  Intangible assets 是无形资产比如商誉(brand)
  Deferred tax assets 是指之前税务付多了
  - Current Assets （流动性资产）
  Inventories 是指存货包括原料、半产品和产品
  Trade and other receivables 是指商家欠公司的钱
  Cash and cash equivalents 是指现金和银行存款
• Liabilities(负债)
  - Non-current Liabilities (非流动性负债）
  Borrowings 是指长期借贷（超过一年还款）
  Deferred Tax Liabilities是指之前少付税
  - Current Liabilities（流动性负债）
  Borrowings 短期贷款（一年里要还完）
  Trade and other payable 公司欠商家钱
  Provision for income tax 去年税务少算
• Equity(权益)
  Share Capital 是指公司发行股票筹到的钱
  Treasury Shares 是指公司买回自己的股票（通常是负数的）
  Reserves 公司将盈利的一部分放在这里（大马法律没有规定每家公司都要有）
  Retained Earnings/(accumulated losses) 公司长久以来累计的盈利，公司发股息和红利都从这里扣

2. Comprehensive Income (利润表)
Revenue(收入)-Cost(花费)=Profit(利润)

• Revenue 是指公司销售产品所获得的总收入
• Cost of sales 是指生产产品的direct cost.通常包括：原料，工人工钱，建筑物贬值等等
• Gross profit=Revenue-Cost of Sales
• Other operating income是指公司主要业务之外的收入，比如：公司投资所得股息
• Selling and distribution expenses是指销售和运输产品花费
• General and administrative expenses是指管理费用，包括：director的薪水
• Financial costs 是指财政费用，包括：贷款利息
• Profit before tax=Gross profit-以上4个expenses
• Income tax expenses 在大马通常是25%Profit before tax (有些公司会有政府的tax rebate)
• Profit after tax=Profit before tax-Income tax expenses
• Fair value adjustments 是指预期费用和实际费用的差距
• Total comprehensive income 是公司一年里的总利润

3. Cash Flow (现金流量表)

1. Cash flow from operating activities

• Profit before tax 是指未缴税利润
• Adjustments for是指预期和现实的调整
  比如：Depreciation 建筑物或机器的贬值。每一年会预期的放在cost那里扣掉。如果现实上和预期不同，就会放在adjustment里
• Profit before tax+ Adjustment 就会得到 Operating profits before working capital changes
• Working capital 基本有3个，inventory, payable, receivable
• 经过调整就会得到 Cash from operations
• 过后再扣掉tax就会得到Net cash generated from operating activities

2. Cash flow from investing activities

• 这一项包括投资得来的钱，买机器需要的钱等等

3. Cash flow from financial activities

• 这一项包括借钱，还利息，IPO得来的钱

将这三个部分加起来就可以计算到Net increase in cash and cash equivalents（公司一年的现金改变）

4. Change of Equity (权益变动表）
主要显示出股东权益在一年里有什么变更，赚到的钱和筹到的钱到底是去了哪里

• Share capital 是指公司发行股票所筹得的钱
• Share premium 是指股票溢价
  比如股票的par value是RM1 然而发行是卖RM1.30; 那么RM1会纪录在 Share Capital， RM0.30会记录在 Share premium
• Reserves 是指储备金
  每间公司都有自己不同的储备金，是预备给日后可以扣除。
• Retained Earning 是指公司过去每一年的盈利累计下来。可以用来派股息、红利给大众。
• Total equity 是上面的全部加起来。  

数目字

老实说，我从来没有算超过六位数的数目，但是注明，这并不代表我有六位数的财产，可是未来就很有可能，哈哈。

刚开始接触股票的时候，被太大的数目字吓到，结果产生混淆；可是想想，既然要成为百万富翁，当然要学会如何称呼和计算七位数以上的数目啊。

以前我觉得在数目字里加上逗号很麻烦，这果然是不长进的想法，原来逗号在大的数目里是很有用的东西。

1 (个)
10 (十)
100 (百)
1，000 (千)
10，000 (万)
100，000 (十万)
1，000，000 (百万) Million
10，000，000 (千万)
100，000，000 (万万/亿)
1,000,000,000 (十亿) Billion = 1,000Million / Thousand Million


所以，第一个目标是一百万=1，000，000 （可以吗？）

Compound Interest

想当年考得最好的科目是数学，现在却绞尽脑汁都想不起来的，来复习一下。

Compound Interest

M = P( 1 + i )ⁿ

M is the final amount including the principal
P is the principal amount
i is the rate of interest per year
n is the number of years invested

Ex:
如果现在我有RM1000，放在银行做定期存款，比如说放10年，现在一年的利息大概是3.3%。10年后将会得到多少钱？
M = 1000 (1 + 0.033)¹⁰ = RM1383.6

如果真的有一只股票可以给我一年15%的股息，那么10年后就是RM4045.6；再加上如果股价上涨，那么盈利就更多。 只是，我们要怎样找出一只这样的股票呢？


要记得，是复数，不是负数。

选股策略

1. ROE = EPS / NTA = Profit/ （Assets - Liabilities）

ROE越高越好，回酬高。通过 ROE 就能够看到管理层的素质。

2. PER = Share Price / EPS

PE越低越好，快回本。用来看股价是否合理。

3. NTA = (Shareholders Fund - Intangible Assets) / Share Capital

NTA越高越好，代表公司累计的盈利越多。用来看将来是否有机会送红股。

4. Dividend

公司生意好，股东也有稳定股息收入。

5. Business & Future

生意产品有无竞争优势市场需求等等。

6. Gross Domestic Product (GDP) 国家经济成长率

不是最重要


这是看书的来的结果，看似简单，做似困惑，目前还是一根浮木漂流在股海。

股票常用词汇

我曾经为了这些词汇而放弃，后来又为了这些词汇而着迷。

1. 股息 Dividend/Gross Dividend

公司每一季的报告都会发布

2. 周息率 Dividend Yield (DY)

DY = (Gross Dividend / Share Price) x 100%

可以和银行利息巴仙率比较 

3. 每股净盈利 Earning per Share (EPS)

公司每一季的报告都会发布

4. 净有形资产 Net Tangible Asset (NTA) 

包括土地，工厂，机器，现金

5. 无形资产 Intangible Asset 

包括商誉(Goodwill)，执照(license)，收购溢价(Premium on acquisition) 

6. 股东基金 Shareholders Fund 

Shareholders Fund/Equity =  Net Tangible Asset - Intangible Asset - Liabilities

7. 股本 Share Capital
Share Capital = Total Share x par value

8. 每股净资产 Net Tangible Assets per Share (NTA)

NTA = Shareholders Fund / Total Share

9. 本益比 Price Earning Ratio (PER or PE)

PE = Share Price / EPS
PE = Market Cap / Total Earning 

Future Share Price = PE x Future EPS

需留意：EPS是用上一年的报告，所以未来可能会有变数。

10. 资金回酬 Return on Equity (ROE)

ROE = EPS / NTA 
        = Total Profit / (Total Asset - Total Liability) 
        = Total Earning / Shareholders Equity

11. 投资回报率 Return on Investment (ROI)

ROI = 1/PE

Ex: 

ROE = RM0.40 / RM1.5 = 0.267 or 26.7%

公司每RM1的资产，每年可赚取RM0.267，回酬是26.7%.