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講稿4/21曾證明只要高ROE,便宜買,報酬率就會最大,
現在就用ROE和買進價來算報酬率,
ROE由常利,經常淨利算得,
During Lecture 4/21, it was demonstrated that the greatest investment return can be achieved when both the Return on ROE is high and the purchase price is cheap. We can calculate the expected return by using the ROE and purchase price. The ROE is determined by recurring net profit.
常利 = 淨利 – 一次性利益
recurring net = net profit - one-time profits
一次性利益如賣土地和賣股票
內在價值隱含經常的概念,每年都發生的利益才算數。
有些公司在獲利不佳時會賣土地來美化帳面,必須扣除。
One-time profits include gains from the disposal of land and stocks. The concept of intrinsic value implies that only profits that occur consistently each year are considered. Some companies may sell land to improve their financial statements when they experience poor profits, but these gains must be deducted as they are not recurring.
一次性利益才須扣掉,而非業外(投資收入),
波克夏、鴻海、台達電、巨大都是投資收入比率高的公司,
若投資收入比重高就不好這些偉大公司都會被排除掉。
Non-operating profits, such as investment income, will not be deducted as only one-time profits are considered. Companies such as Berkshire Hathaway, Hon Hai Precision Industry, Delta Electronics, and Giant Manufacturing, which have high investment income, would be eliminated if investment income were deducted. These are all great companies.
鴻海、巨大為何投資收入多?
因為透過轉投資去海外設廠,它們的投資收入仍屬本業。
對於公司的獲利我們在意的是有無經常性,
至於來自投資收入無所謂,
而財報不透明看合併報表即可。
Hon Hai Precision Industry and Giant Manufacturing have high investment income because they establish overseas factories through subsidiaries. Their investment income is considered part of their operating business. When evaluating a company's profit, what matters is whether it is recurring, including investment income. If you suspect that a company's financial report is not transparent, it is recommended to review the consolidated statement.
牽涉到淨利的指標,ROE、盈再率、EPS、大於5億元
都改用常利來算。
金融股只扣賣資產,因投資屬本業。
Indicators related to net profit, such as ROE, PR%, EPS, and net profit over NT$500 million, will be adjusted to reflect recurring net profit. Financial stocks only deduct gains from the disposal of assets, as gains from the sale of stocks are considered part of their operating business.
常利的觀念源自我在怡富證券當研究員時學到的觀念,
restated earnings(重編淨利) 即常利
reported earnings(報表淨利) 為稅後淨利
restated = reported - 處分利得
國外也有recurring earnings類似的講法。
The concept of recurring net profit originated from my experience as an analyst at Jardine Fleming. Restated earnings are equivalent to recurring net profit, while reported earnings refer to net profit. Restated earnings are calculated by subtracting disposal gains from reported earnings. Similar terminology, such as recurring earnings, is used in other foreign securities firms.
一次性利益包括
1. 異常利益
2. 異常稅額
3. 暴增驟減
One-time profits include
1. Unusual income
2. Tax abnormalities
3. Unusual high and low
1. 異常利益
台股 : 土地+投資+其他+租金+補助+停業
土地 = [處分不動產、廠房及設備利益或損生]
投資 = [處分投資利益或損失]
其他 = [其他收入-其他] - [其他利益及損失-其他] + [其他營業收入-其他] - [其他業外收入(支出)]
租金 = [租金收入] + [業外租金收入(支出)]
補助 = [補助收益]
停業 = [停業單位損益]
感謝徐廣福桑指認上述會計科目
1. Unusual income
Taiwan Stocks: Land + Investment + Others + Rent + Subsidy + Discountinued Operations
Land = [Disposal gains or loss on real property, plant and equipment]
Investment = [Disposal gains or loss on investment]
Other = [Other income-other]-[Other income and losses-other] + [Other operating income-other]-[Other non-operating income (expense)]
Rent = [Rental Income] + [Non-operating Rental Income (Expenses)]
Subsidy = [subsidy income]
Discountinued Operations = [Income or Loss from Discountinued Operations]
Thanks to Guangfu Siu for identifying the above accounting accounts
美股:[unusual expense],包含
賣土地和賣股票、停業損失、商譽、持股漲跌
商譽:4Q18 KHC提列154億美元商譽減損
持股漲跌:4Q18 波克夏認列354億美元持股跌價損失
US stocks: [unusual expense] including
Sale of land and stocks, Income or Loss from Discountinued Operations, goodwill, capital gain or loss on stock holdings
Goodwill: 4Q18 KHC withdraws $15.4 billion in goodwill impairment
Capital gain or loss on shareholding: 4Q18 Berkshire recognizes $35.4 billion of capital loss in holdings
港股:[特殊項目]+[出售資產]
中股:[非流动资产处置损失]+[其中:非流动资产处置损失]
Hong Kong Stocks: [Special Items] + [Sale of Assets]
China Stocks: [loss on disposal of non-current assets] + [including: loss on disposal of non-current assets]
2. 稅率異常也會影響常利的推估,
4Q17 川普稅改造成波克夏ROE由6%暴增為16%,
該現象非美股獨有,其它國家亦然,如RBGLY,
因此常利須再扣除異常稅額:
2. Abnormal tax rates can also impact the estimation of recurring net profit. For example, in the fourth quarter of 2017, Trump's tax reform caused Berkshire Hathaway's ROE to increase from 6% to 16%. This situation is not unique to US stocks, as seen in other countries like Reckitt Benckiser (RBGLY). Therefore, abnormal tax must be deducted from recurring net profit.
當稅率大於相鄰稅率1.2倍或小於0.8倍時,
異常稅額=淨利 - 稅前x(1-相鄰稅率)
Abnormal tax is calculated when the tax rate is 1.2 times greater or 0.8 times less than the adjacent tax rate.
Abnormal tax amount = net profit - pre-tax x (1-adjacent tax rate)
相鄰稅率採percentile(相近3年稅率, 0.5),
相鄰稅率上下限訂為35%和0,否則取上期相鄰稅率。
稅前虧損時,不調整異常稅額
The adjacent tax rate is determined by using a percentile of the tax rate for the previous three years (0.5). If the tax rate exceeds the upper limit of 35% or falls below the lower limit of 0%, the adjacent tax rate from the previous period will be used instead. If the company incurs a loss before tax, the abnormal tax amount is not adjusted.
3. 一次性利益除列在異常利益之外,
也藏在各會計科目,導至常利暴增或驟減,例如:
2018/12 UL 出售業務利益列於營利,導致營利暴增
2018/12 FMS 業外收入暴增
2018/9 NWL 常利暴增查不出原因
3. One-time income is considered unusual income and can be hidden in various accounts, leading to unusual high and low in recurring profits. For example, in December 2018, Unilever's (UL) sale of business benefits was recorded in their operating profit, resulting in a surge in operating profit. Similarly, in December 2018, Fresenius Medical Care (FMS) reported a surge in non-operating income. In September 2018, Newell Brands (NWL) experienced a sudden surge in recurring net profit, for which no clear explanation was found.
驟減:常利把最差換成次差
過去5年常利把最差換成次差,以防一年驟減逆轉淑貴
次差 = percentile(前5年常利, 0.3)
In case of a unusual low in recurring profit, the worst result is replaced with the second worst result from the past five years. This is done to avoid expensive stocks turning from cheap to expensive due to a sharp decline in profit in a given year.
The second worst recurring profit = percentile (the first 5 years of recurring profit, 0.3)
暴增A:營收未大增,但常利率暴增
若該年營收小於去年營收x1.15
且常利率大於percentile(前5年常利率, 0.7)x1.3
則暴增 = 常利 - 營收 x percentile(前5年常利率, 0.7)
常利率 =常利 / 營收
感謝陳坤良同學指導
Unusual high A:
In case of a unusual high in recurring profit despite a lack of significant sales growth, the following criteria are used:
If the sales for the year are less than 1.15 times the sales of the previous year,
and recurring profit margin is greater than percentile (the first 5 years recurring profit margin, 0.7) x 1.3
then unusual high = recurring profit - sales x percentile (the first 5 years of recurring profit margin, 0.7)
recurring profit margin = recurring profit/sales
Special thanks to Curry for providing guidance.
暴增B:常利暴增3倍,把最佳換成次佳
次佳 = percentile(前5年常利, 0.7)
感謝陳坤良同學指導
Unusual high B:
If the recurring profit has increased by three times, then the best recurring profit will be replaced with the second best
Second best of recurring profit = percentile (the first 5 years of recurring profit, 0.7)
Thanks Curry for instruction.
有了常利之後, 即可用前5年常利來推算預期常利
只取前5年因年代更久遠的獲利不具參考意義
其中今年為過去4季
After obtaining the recurring profits, we will use the recurring profits of the previous five years to calculate the expected recurring profits.
Only profits from the first five years are considered, as profits from earlier years are not relevant for reference. For this year, we will use the profits of the past four quarters.
暴增驟減只局限在後2年常利,
前3年則由底下「特別高、特別低」來處理。
The unusual high and low are confined to the recurring benefits of the last two years. The first three years are dealt with based on "exceptionally high" or "exceptionally low" below.
前3年常利:
取percentile(第一年:第三年, 0.7)
取percentile(第一年:第三年, 0.3)
後2年常利採簡單平均
Recurring profits for the first 3 years:
Take percentile (first year: third year, 0.7)
Take percentile (first year: third year, 0.3)
Simple average for the last 2 years
先處理某一年常利特別高或特別低之特別狀況
若後2年平均常利為正
特別高,percentile(前3年, 0.7)大於後2年平均之2倍,
如長榮(2603)
2019年 983
2020年 24,186
2021年 334,250
2022年 44,177
2023年 44,177
Firstly, address exceptional scenarios where the recurring profit for a specific year is unusually high or low.
If the average recurring profit for the next two years is positive.
For instances of exceptionally high recurring profit, if the percentile (the first 3 years, 0.7) exceeds twice the average of the last 2 years, consider Evergreen (2603) as an example:
2019: 983
2020: 24,186
2021: 334,250
2022: 44,177
2023: 44,177
特別低,percentile(前3年, 0.3)小於後2年平均之0.1,
如2501.T 札幌啤酒
2019年 6,792
2020年 (17,139)
2021年 12,218
2022年 6,650
2023年 7,068
When the recurring profit is exceptionally low, with the the percentile (the first 3 years, 0.3) falling below 0.1 times the average of the last 2 years, take for example Sapporo Brewery Co., Ltd. (2501.T):
2019: 6,792
2020: (17,139)
2021: 12,218
2022: 6,650
2023: 7,068
以上特別高和特別低之預期常利 = 後2年平均
The expected recurring profits for the above exceptionally high and low, are based on the average of the last 2 years.
再來處理底下狀況:
當常利往上,後2年平均大於percentile(前3年, 0.7)時,
預期常利 = 0.3xpercentile(前3年, 0.7) + 0.7x後2年平均
Handle the following scenario next:
When recurring profits increase, and the average of the last 2 years exceeds the percentile (previous three years, 0.7),
Expected recurring profit = 0.3 x percentile (previous three years, 0.7) + 0.7 x average over the last two years
當常利往下,後2年平均小於0.8xpercentile(前3年, 0.3)時,
預期常利 = 0.3xpercentile(前3年, 0.3) + 0.7x後2年平均
When recurring profit decline, the average of the last 2 years is less than percentile (the first 3 years, 0.3),
expected recurring profit = 0.3xpercentile (the first 3 years, 0.3) + 0.7x the average of the last 2 years
當常利持平時,
預期常利 = 0.55xpercentile(前3年, 0.3) + 0.45x後2年平均
When recurring profit is flat,
expected recurring profit = 0.55xpercentile (the first 3 years, 0.3) + 0.45x the average of the last 2 years
預期ROE = 預期常利 / 去年淨值
用預期常利來求預期ROE,而非直接拿過去5年ROE來平均,
因為ROE平均法當淨值變動大時會失準,
如買回庫藏股和大額現金增資。
Expected ROE = expected recurring profit / last year's net assets
Instead of directly averaging the ROEs of the past 5 years, we use the expected recurring profit to calculate the expected ROE. This is because the average ROE method can be inaccurate when there are significant changes in net assets, such as a buyback of treasury shares or a large amount of rights issue.
用預期常利求得的預期ROE,
非指公司未來獲利僅為預期常利,而是將按預期ROE進行,
隨著淨值增加未來獲利仍會成長。
Obtaining expected ROE through expected recurring profit does not imply that the company's future profits will be limited to expected recurring profit. Instead, they will be achieved through the expected ROE. As net assets increase, future profits will continue to grow.
若覺得內定預期常利不合理可手動調整,
如景氣循環股在景氣谷底或公司一時變不好時,
請自行將正常時期常利代入。
If you find the default expected recurring profit to be unreasonable, you can manually adjust it. For instance, during the bottom of the business cycle of cyclical stocks or when the company's performance deteriorates for a while, you can substitute the recurring profit during a normal period by yourself.
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