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Á¿½Z 4/21¡Gª«¬ü»ù·G
Lecture 4/21 Cheap and fine
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Before delving deeper into the Buffett theory, let's first review the basic accounting concepts. Stock selection is primarily based on financial reports.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 ¡Ò NAV = ROE. ROE is used to evaluate the profitability of a company and determine which goose is more productive in terms of generating profits.
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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 ¡Ò 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?
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The comparison of the purchase price to the goose is the price-to-book ratio (PBR), stock price ¡Ò net asset value. If you spend $100 to buy a goose that weighs 10 kilograms, and another weighs 5 kilograms, which one is cheaper?
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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.
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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).
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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
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Growth rate cannot be calculated if a negative number is encountered.
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-60 / 30 = na
-60 / -30 = na
na=not available
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