放[虎]归山

有个时候，我学习完对敲。

不晓得为什么，竟然找到这只猎物。

我当时很清楚知道这只猎物的基本面不佳。

所以很紧张，操作起来战战兢兢。

后来觉得没有必要为了一只『野鸡』而过着如此心惊胆跳的生活，于是很快的就将猎物放生了。

今天我才知道我当时擒的不是一只普通的野鸡，而是一只『猛虎』。

放虎归山，如今我心隐隐作痛。

这篇文章，犹如伤口撒盐。

99%散戶都缺少的贏家特質--耐心

莫非『金屋藏娇』？

半天的走势。

莫非『金屋藏娇』？

那下个星期一，要包『二奶』吗？

目标价：

RM 5.65 - ECM

RM 5.30 - MIDF

RM 5.52 - AFFIN

RM 5.65 - M & A

RM 7.00 - 散户（一笑）

EPF你这就去推，越高越好 - 鸡哥（奸笑）

The fair value of FGV will be about 20 to 30 per cent above its initial public offering (IPO) price of RM4.55 a share … of between RM5.50 and RM6.00 based on the price earnings ratio of 18 times for the current financial year.

FGV is a large plantation company operating 343,521 hectares of oil palm plantation in Malaysia with production capacity of 5.2 million tonnes of oil palm fruits. It is also presently on an expansion trail, acquiring new plantations and expanding its downstream activities. These measures will attract investor interest and help to support the stability of its share price.

Also the company’s potential geographical expansion and cost reduction when its main focus is trained on business in the international market. The benefits derived from its collaboration with foreign investors will also play an important role not only in respect of economies of scale but also improved competitiveness as well as opening up scope for business expansion.

Felda Global Ventures Holdings Bhd (FGVH)'s net profit fell 87% to RM192.17mil in its first quarter ended March 31, 2012, from RM359.05mil a year earlier, on higher cost of sales and administrative expenses as well as the incurrence of fair value changes in a land lease agreement.

The higher revenue was primarily a reflection of the sales of crude palm oil and palm kernel by Felda Global Ventures Plantations Malaysia (FGVPM).
This was, however, offset in part by a decrease in revenue from the downstream segment as the result of tolling agreement, following which sales of soy and canola products were no longer recorded.

For the month to March 2012 only, revenues of FGVPM included sales of palm kernel. But for periods after that, its revenue will not include palm kernel sales.

Revenues of FGVPM for the three months ended March 31, 2012, only comprised sales of fresh fruit bunch.

99%散戶都缺少的贏家特質--耐心

我也是。

听取民意的主力

几天前发文 - 我等到花儿也谢了。

原来主力有听取民意的。

就搞点小动作。

让我枯燥的生活，顿时增添色彩。

空军部队已经嗅到血腥味了。

祝我的朋友，空军旗开得胜。

『一柱擎天』- 28/6/2012

13阳 - 精英集团

生子当如孙仲谋，买股。。。。

连续13阳，过去30个交易日，只有『区区』两根阴线。

怎么这些股我就是没买入？

我，百思莫解。

精英国际：

核心业务为教育和培训，包括高等教育、专业后续发展『CPD』、职业技术和大学先修班。

2011年收入增加，但是盈利下跌31.6%，由于来自中国的学生人数减少，因相关执照遭拖延导致收生程序延误。

与纳莎集团签署备忘录，为在马来西亚设立第一所汽车学院，以满足本地汽车业的需求。

致富就这么简单

今天很多人突然发财并一夜致富。

只要有门路，致富就这么简单。

很遗憾，我们都是一介草夫，即使简单，又何德何能一夜致富？

只能把一些今天的资料做个记录，希望日后用得着。

型态上，一剑封喉。

当然，就只凭一根蜡烛，暂时真的无法做出任何判断和看法。

只能说，很多一夜致富的人会拼命套现。

这将造成一股卖压。

可是这么多人在卖，同样的也等于这么多人在买。

有人在套利，也有人在买梦想。

我没买，你没买，他也没买。

奇怪了，究竟谁在拼命买？

嗯，明天继续跌下去不出奇，但是如果涨上来也不必惊讶。

Malaysia Boleh嘛，EPF『总』喜欢拿我们的血汗钱去护盘的。

道听『图』说大马

Malaysia Government Debt To GDP

Malaysia recorded a Government Debt to GDP of 52.60 percent of the country's Gross Domestic Product in 2011. Historically, from 1990 until 2011, Malaysia Government Debt To GDP averaged 47.3900 Percent reaching an all time high of 79.5000 Percent in December of 1990 and a record low of 31.8000 Percent in December of 1997. Generally, Government debt as a percent of GDP is used by investors to measure a country ability to make future payments on its debt, thus affecting the country borrowing costs and government bond yields. This page includes a chart with historical data for Malaysia Government Debt To GDP.

1997年最低，当时是华哥做财政部长。

很遗憾的是，过后不晓得为什么，财政部长都由首相兼顾。

从下图可以看得出，我们的首相一个比一个『英明神武』。

Malaysia GDP Annual Growth Rate

The Gross Domestic Product (GDP) in Malaysia expanded 4.70 percent in the first quarter of 2012 over the same quarter of the previous year. Historically, from 2000 until 2012, Malaysia GDP Annual Growth Rate averaged 4.5500 Percent reaching an all time high of 10.1000 Percent in March of 2010 and a record low of -6.2000 Percent in March of 2009. The annual growth rate in Gross Domestic Product measures the increase in value of the goods and services produced by an economy over the period of a year. Therefore, unlike the commonly used quarterly GDP growth rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding the need to make any type of seasonal adjustment. This page includes a chart with historical data for Malaysia GDP Annual Growth Rate.

下图是将时间点放长来看。

2009年次贷的伤害，的确不简单。

当时也是一个难得的入场机会，可惜我错过了。

前一个最佳入场点在2001年左右，网络泡沫吧。

Malaysia GDP Growth Rate

The Gross Domestic Product (GDP) in Malaysia contracted 3.20 percent in the first quarter of 2012 over the previous quarter. Historically, from 2000 until 2012, Malaysia GDP Growth Rate averaged 1.1800 Percent reaching an all time high of 5.9000 Percent in September of 2009 and a record low of -7.6000 Percent in March of 2009. The Gross Domestic Product (GDP) growth rate provides an aggregated measure of changes in value of the goods and services produced by an economy. Malaysia is a rapidly developing economy in Asia. Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. The Government of Malaysia is continuing efforts to boost domestic demand to wean the economy off of its dependence on exports. Nevertheless, exports - particularly of electronics - remain a significant driver of the economy. This page includes a chart with historical data for Malaysia GDP Growth Rate.

Malaysia Imports

Malaysia imports were worth 50.2 Billion MYR in April of 2012. Historically, from 1988 until 2012, Malaysia Imports averaged 25752.6100 Million MYR reaching an all time high of 52430.0000 Million MYR in December of 2011 and a record low of 5298.0000 Million MYR in February of 1990. Malaysia imports commodities: electronics, machinery, petroleum products, plastics, vehicles, iron and steel products and chemicals. Its main import partners are: Japan, China, European Union, Singapore and United States. This page includes a chart with historical data for Malaysia Imports.

逐年增加。

Malaysia Exports

Malaysia exports were worth 57.7 Billion MYR in April of 2012. Historically, from 1990 until 2012, Malaysia Exports averaged 30688.2500 Million MYR reaching an all time high of 64060.0000 Million MYR in March of 2011 and a record low of 5379.0000 Million MYR in February of 1990. International trade plays a large role in Malaysian economy. Malaysia's main exports constitute electrical and electronics products (more than 50% of total exports). It is also a big exporter of crude oil, liquefied natural gas, palm oil and natural rubber. Malaysia also sends abroad chemicals, machinery, appliances and manufactures metals. Main export partners are: United States, Singapore, European Union and Japan. This page includes a chart with historical data for Malaysia Exports.

还好，出口比进口多。

Malaysia Current Account to GDP

Malaysia reported a Current Account surplus of 11.50 percent of the country's Gross Domestic Product in 2011. Historically, from 1980 until 2011, Malaysia Current Account to GDP averaged 3.3500 Percent reaching an all time high of 17.5000 Percent in December of 2008 and a record low of -13.2000 Percent in December of 1982. The Current account balance as a percent of GDP provides an indication on the level of international competitiveness of a country. 

Usually, countries recording a strong current account surplus have an economy heavily dependent on exports revenues, with high savings ratings but weak domestic demand. 

On the other hand, countries recording a current account deficit have strong imports, a low saving rates and high personal consumption rates as a percentage of disposable incomes. This page includes a chart with historical data for Malaysia Current Account to GDP.

马来西亚以出口为导向，内销还是逊色。

综合上面两张图表后，可以得到这个结论。

Malaysia Business Confidence

In Malaysia, business confidence improved to 116.5 in the first quarter of 2012 from 96.6 in the fourth quarter of 2011. Historically, from 1998 until 2012, Malaysia Business Confidence averaged 105.5800 reaching an all time high of 126.0000 in September of 2000 and a record low of 70.6000 in June of 2008. In Malaysia, Malaysian Institute of Economic Research Business Conditions Survey covers a sample of over 350 manufacturing businesses incorporated locally and foreign manufacturing concerns operating in Malaysia, covering 11 industries. Questions posed in the survey questionnaire are on key determinants such as production level, new order bookings, sales performances, inventory build-up and new job openings. This page includes a chart with historical data for Malaysia Business Confidence.

Malaysia Consumer Confidence

In Malaysia, consumer confidence improved to 114.3 in the first quarter of 2012 from 106.3 in the fourth quarter of 2011. Historically, from 2005 until 2012, Malaysia Consumer Confidence averaged 106.2600 reaching an all time high of 124.1000 in March of 2007 and a record low of 70.5000 in June of 2008. In Malaysia, the Malaysian Institute of Economic Research The Survey of Consumer Sentiments is a series of surveys conducted quarterly on a sample of over 1200 households in Malaysia to gauge consumer spending trends and sentiments. Repondents are asked about perceptions on their household's current and expected financial positions and their employment outlook. The survey also seeks to uncover general economic conditions such as inflation as seen from the consumers' perspective. Questions relating to their plans to buy houses, new or used cars and other major consumer durable are also asked. This page includes a chart with historical data for Malaysia Consumer Confidence.

Malaysia GDP per capita

The Gross Domestic Product per capita in Malaysia was last reported at 5184.71 US dollars in 2010, according to a report published by the World Bank. The GDP per Capita in Malaysia is equivalent to 42 percent of the world's average. Historically, from 1960 until 2010, Malaysia GDP per capita averaged 2539.9400 USD reaching an all time high of 5184.7100 USD in December of 2010 and a record low of 814.5800 USD in December of 1960. The GDP per capita is obtained by dividing the country’s gross domestic product, adjusted by inflation, by the total population. This page includes a chart with historical data for Malaysia GDP per capita.

Malaysia Interest Rate

The benchmark interest rate in Malaysia was last reported at 3.00 percent. Historically, from 2004 until 2012, Malaysia Interest Rate averaged 2.9100 Percent reaching an all time high of 3.5000 Percent in April of 2006 and a record low of 2.0000 Percent in February of 2009. In Malaysia, the interest rate decisions are taken by The Central Bank of Malaysia (Bank Negara Malaysia). The official interest rate is the overnight rate. This page includes a chart with historical data for Malaysia Interest Rate.

Malaysia Inflation Rate

The inflation rate in Malaysia was recorded at 1.7 percent in May of 2012. Historically, from 2005 until 2012, Malaysia Inflation Rate averaged 2.8 Percent reaching an all time high of 8.5 Percent in July of 2008 and a record low of -2.4 Percent in July of 2009. Inflation rate refers to a general rise in prices measured against a standard level of purchasing power. The most well known measures of Inflation are the CPI which measures consumer prices, and the GDP deflator, which measures inflation in the whole of the domestic economy. This page includes a chart with historical data for Malaysia Inflation Rate.

Malaysia Government Bond 10Y

Malaysia's Government Bond Yield for 10 Year Notes declined 3 basis points during the last 30 days which means it became less expensive for Malaysia to borrow money from investors. During the last 12 months, Malaysia government bond yield declining 0.40 percent. Historically, from 2005 until 2012, Malaysia Government Bond 10Y averaged 4.0 Percent reaching an all time high of 5.1 Percent in June of 2006 and a record low of 3.0 Percent in January of 2009. Generally, a government bond is issued by a national government and is denominated in the country`s own currency. Bonds issued by national governments in foreign currencies are normally referred to as sovereign bonds. The yield required by investors to loan funds to governments reflects inflation expectations and the likelihood that the debt will be repaid. This page includes a chart with historical data for Malaysia Government Bond 10Y.

Malaysia Government Budget

Malaysia reported a Government Budget deficit equal to 5.30 percent of the country's Gross Domestic Product in 2011. Historically, from 1988 until 2011, Malaysia Government Budget averaged -2.8900 Percent of GDP reaching an all time high of 2.4000 Percent of GDP in December of 1997 and a record low of -7.4000 Percent of GDP in December of 2009. Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus. This page includes a chart with historical data for Malaysia Government Budget.

没有办法，又要赞一赞华哥了。

自从我国开始实行首相兼职财政部长后，每况愈下。

Malaysia Industrial Production

Industrial Production in Malaysia increased 3.2 percent in April of 2012. Historically, from 2007 until 2012, Malaysia Industrial Production averaged 1.0 Percent reaching an all time high of 14.2 Percent in March of 2010 and a record low of -18.0 Percent in January of 2009. Industrial production measures changes in output for the industrial sector of the economy which includes manufacturing, mining, and utilities. Industrial Production is an important indicator for economic forecasting and is often used to measure inflation pressures as high levels of industrial production can lead to sudden changes in prices. This page includes a chart with historical data for Malaysia Industrial Production.

Malaysia Population

Historically, from 1960 until 2010, Malaysia Population averaged 16.8000 Million reaching an all time high of 28.5000 Million in December of 2010 and a record low of 8.1400 Million in December of 1960. The total population in Malaysia was last reported at 28.5 million people in 2010 from 8.1 million in 1960, changing 250 percent during the last 50 years. Malaysia has 0.41 percent of the world´s total population which means that one person in every 242 people on the planet is a resident of Malaysia. This page includes a chart with historical data for Malaysia's Total Population. This page includes a chart with historical data for Malaysia Population.

Malaysia Unemployment Rate

The unemployment rate in Malaysia was last reported at 3 percent in April of 2012. Historically, from 1998 until 2012, Malaysia Unemployment Rate averaged 3.4 Percent reaching an all time high of 4.5 Percent in March of 1999 and a record low of 2.9 Percent in March of 1998. The unemployment rate can be defined as the number of people actively looking for a job as a percentage of the labour force. This page includes a chart with historical data for Malaysia Unemployment Rate.

Malaysia Stock Market

Stocks in Malaysia had a positive performance during the last month. The KLCI, a major stock market index based in Malaysia, rallied 47 points or 2.93 percent during the last 30 days. Historically, from 1977 until 2012, the KLCI averaged 690.2 reaching an all time high of 1606.6 in April of 2012 and a record low of 89.0 in April of 1977. The KLCI is a major stock market index which tracks the performance of large companies based in Malaysia. A stock market or exchange is the centre of a network of transactions where securities buyers meet sellers at a certain price. This page includes a chart with historical data for Malaysia Stock Market.

马来西亚整体的状况大致如上述图表所反映。

看上去，虽然有点瑕疵，可是还不错啦。万一换了新政府，也许会更糟糕也说不定。

不过，如果换了政府后会更好，又何乐而不为呢？

10月一觉扬州梦

明天马交易所将会很热闹。

有两支股粉墨登场。

一支是『万人属目』的FELDA。

另一只该不该说成『万众期待』的DIGISTAR呢？

转主板的前夕，母股依然无法突破前高。

还好，凭单总算交出一些成绩来。

从去年8月开始。就传闻不断。

一会儿要在新加坡双边上市。

一会儿又说在跟一家英国公司商谈合作事宜。

一会儿又说在跟一家本地规模蛮大的医院集团谈着一笔生意。

一会儿又说要转主板。

结果呢，除了转主板，所有的所有都比综合指数和火热的房地产更早成为泡沫。

这段时间，股价也一泻千里。

回想起来，唉，该怎么形容呢？

10月一觉立艺『扬州』梦吧。

这个梦该有个了结了吧？

每天一小步

这种股好，每天一小步，而且大多数时候都是绿油油的。

马来西亚最大的橡胶管与管子出口商。

财务稳固，持续派息。

过顶擒龙 - 『GASMSIA』

错过了阿亮哥，迎来阿煤哥。

半场呈现过顶擒龙的型态。

当然，这只是半场。

买股犹如参加马拉松，没到终场还不能定输赢。

加油，不要输给明天粉墨登场那位大叔哦。

孙子兵法第一章有云：『夫未战而庙算者胜者，得算多也；未战而庙算不胜者，得算少也。多算胜，少算不胜，而况于无算乎！吾以此观之，胜负见矣。』

靠你的了。

It boasts a monopoly of natural gas supply to Peninsular Malaysia’s small and medium users. It is tapping into additional gas supply from new regasficaition terminals including the secured 29% increased in gas supply from Petronas beginning in 2013.
 
More RGT projects in Johor and Terengganu, along with clarity on Malaysia’s LNG pricing mechanism will catalyst the stock.
 
Gas Malaysia has the highest barrier to entry, being the sole holder of a 20 year license to distribute gas to customers consuming up to two mmscfd.
 
It operates downstream of Petronas Gas Bhd which serves power generation companies and Petronas chemicals bhd. Another barrier to entry is the heavy capex of about rm1 billion.
 
Its growth prospects lie in volume growth. It has secured 29% more gas from Petronas on a stepped up basis, starting FY2013 after LNG imports commence in Sept 2012.
 

似曾相识燕归来

曾经在RM1.08买过，后来放手了。

也幸亏放手了，否则必定老是心惊胆跳。

出水芙蓉？过顶擒龙？

我已经在想着究竟是出水芙蓉还是过顶擒龙。

真天真哦，分分钟钟咫尺天涯也说不定。

上市风云 - FELDA

这边厢：

那边厢：

附送

之前的GAS MALAYSIA也发生过同样的事情。

请游览：

出师未捷身先死？

双双都粉饰一番，然后在即将上市前一刻发布季度业绩：

GAS MALAYSIA - 净利暴跌54%

FELDA - 净利暴跌46%

总结：

关联公司『GLC』就跟我们的政府一样，难不成还有诚信？

财务分析 - UCHITEC

PE：8.23

ROA：21.94

ROE：26.08

净利率：47.38%

这是怎样的一家公司呢？

业务：制造工业控制器，内含微处理器的应用和系统整合以及工业和消费电子产品的控制模块。

它生产的电子控制模板主要是用在两大领域，即生活艺术领域和生物科技领域。前者是产品主要是咖啡机相关的产品，这占其收入的80％。

后者的主要产品是电子移液器及离心机、以及高度精密和工业用的秤重仪器，而秤重仪器对这一领域做出最大的贡献。

很特别的一家公司，是全球领先的咖啡机模组『咖啡机的控制中枢』生产商之一。

过去5年维持双位数毛利率，资金雄厚。

下图为最近半年的K线图。

从2012年1月起，股价逐步回升，并且还呈步步高型态。

两天前，再次突破前高，这两天股价企稳，没有掉回头。

看起来，股价的回升有着很强的基本面在支撑。

以下是一些重要的10年的数据。

将数据转换成图表，比较容易看得懂。

税后净利方面，这几年在下滑中。主要应该是与其主要客户Eugster的关系破裂，以及其主要电子控股模板主要供应的全自动和半自动咖啡器需求疲弱。

ROE及净利率，曾经风光一时。

2009年大跌，主要是受到2010年1月1日欧洲将执行绿色产品条规所影响，因为来自这方面的订单延误。

可以看出，公司在营运上并不太依靠借贷。

ROE，即股东权益报酬率，是价值型投资人最爱的比率，要看一家公司有没有帮自己的股东赚钱，就是看它了。

巴菲特喜欢它，外资投资机构也爱它。

ROE看上去虽然只是一个比率，实际上，却是由3种比率所组成的，包括净利率，总资产周转率及股东权益乘数。

ROE中的净利率代表获利状况，总资产周转率代表经营效率，至于股东权益乘数则代表财务结构。

ROE = 税后净利/平均股东权益净额

也等于：

净利率 × 总资产周转率 × 股东权益乘数

净利率 = 税后净利/营业收入

意义：观察公司卖的产品有没有赚钱

判断：与同业相比，越高越好

总资产转转率 = 营业收入/平均资产总额

意义：公司用马币1块钱的资产究竟能够创造出多少营收

判断：

比率越高越好；

要跟同业比较，较同行高，代表公司资产使用的效率较高；

不同产业会有不同的比率，例如零售业一般就会很高

股东权益乘数（财务杠杆比率）= 平均资产总额/平均股东权益

意义：观察公司在提升ROE时，使用的是股东权益又或者是依靠负债

判断：

此比率上升，代表公司举债，负债提高；

此比率不能太高，应著重净利率和总资产周转率

『获利分析』

属于佼佼者。

『回酬分析』

借贷少，资金雄厚，股息回酬率相当不错。

『流动性分析』

虽然最近这几年，因为欧洲已经执行绿色产品条规而影响营业额，可是在流动性方面，公司却处理的非常好。


【Current Ratio = Current Assets/Currents Liabilities】流动比 = 流动资产/流动负债

【Quick Ratio = (Current Assets - Inventories)/Current Liabilities】
速动比  = (流动资产 - 库存)/流动负债

流动比率和速动比率都是反映企业短期偿债能力的指标。

速动比率也被称作酸性比率测试（acid-test ratio）。

二者都是反应公司的流动性的，差别不大，但是quick ratio意义更为严格，通常参考价值更大。


【Cash Ratio = Cash/Current Liabilities】
现金比率  = 现金/流动负债


【OCF Ratio = Operating Cash Flow/Current Liabilities】
现金流量比率 = 营运活动生产现金流/流动负债

观察企业的偿还能力时，最常使用的就是流动比和速动比。

因为流动比和速动比可以评估企业能变现的流动资产是否足以支付流动负债。

但是这些流动资产如应收账款及存货等等必须要等到未来才能转换成现金【必须经历一个完整的现金转换循环，CCC】，所以有时候也可以直接使用【现金流量比率】来衡量偿还能力。

这代表来自营业活动之现金流量，有多少比率足以支付流动负债。

由于营业活动的现金流量是自己赚回来的，并不是靠借贷或增资而来，所以也可以说这是自主的偿还能力。

『现金比率』和『现金流量比率』是不一样的。

现金比率是直接使用资产负债表上的现金及约当现金【Cash Equivalents】来除以流动负债。

现金及约当现金 = 来自营运活动之现金流量 - 来自投资活动之现金流量 - 来自融资活动之现金流量。

也就是净现金流量。

说白一点，就是指用剩下的现金。

所以现金比率代表企业手头上有多少现金去应付流动负债。

看似『现金比率』和『现金流量比率』越高越好，因为表示偿还能力越高。

然而，现金比率越高，资产报酬率就越低，因为过多的现金会造成资产利用率不足。

如果企业赚到钱就存放在银行而没有去投资新的厂房或设备，又或者是开拓新的市场，那么产能就不会增加，未来就不会有更多的获利了。

如果将多余的现金拿走，而又不会影响公司正常运作的话，那么就没有什么理由要留住这些现金了。

现金比率和资产回报率是矛盾的。

过低的现金会使偿还能力降低，让营运面对风险。

然而，过多的现金却会使资金利用变得没有效率。

这方面，要取舍。

『安全分析』

杠杆比率当然是越低越好。

如果公司有借贷活动，就会有借贷利息。

此时，就会出现利息保障倍数。

利息保障倍数主要在衡量公司获利相对应支付债权人利息费用之保障程度。

公司产生营运现金，必定要先支付负债利息，因此，从利息保障倍数之高低，可以看出公司举债是否已经过高，又或者是产生净利的能力是否下降。

一般来说，利息保障倍数最好高于5，当然还是越高越好。

利息保障倍数较高的公司，代表财务比较稳健或产生净利的能力较好。

借贷利息可以是费用，也可以是一项收入『如果将闲钱存放定存』。

因此，利息保障倍数可是是正数，也可以是负数。

实践上，应该以利息保障倍数趋势变化为分析重点。

若利息保障倍数从高峰下滑，虽然仍维持在5以上，不过应该追根究底，了解公司的财务结构是否转差，又或者是股东权益乘数是否过高。

【利息保障倍数】

『经营分析』

效率指标【EFFICIENCY】:

【Stock/Sales Ratio = Total Inventories/Revenue】

库存－销售额比率 = 库存/营业额

库存周转率是指某时间段的总销售成本与该时间段库存平均金额的比，也就是说在一定期间（一年或半年）库存周转的速度。

提高库存周转率对于加快资金周转，提高资金利用率和变现能力具有积极的作用

【Rec/TA Ratio = Total Revenue/Total Assets】

总资产周转率 =总营业额/总资产值 

总资产周转率是考察企业资产运营效率的一项重要指标，体现了企业经营期间全部资产从投入到产出的流转速度，反映了企业全部资产的管理质量和利用效率。通过该指标的对比分析，可以反映企业本年度以及以前年度总资产的运营效率和变化，发现企业与同类企业在资产利用上的差距，促进企业挖掘潜力、积极创收、提高产品市场占有率、提高资产利用效率、一般情况下，该数值越高，表明企业总资产周转速度越快。销售能力越强，资产利用效率越高。

总资产周转率

【Recv Days = (Trade Receivables/Annual Sales On Credit) * 365】
应收账款天期 = (应收账款/营业额） * 365天

应收账款周转天数是一个很重要的指标。

如果营业额增加， 应收账款周转天数也大幅增加，得小心账目被灌水。

应收账款周转率

百度百科 - 应收账款周转率

相对的就是 - 应付账款周转率（Account payable turnover rate）

【OCF/TA Ratio = Operating Cash Flow/Total Assets】
营运现金/总资产

衡量现有的总资产能够创造出来的营运现金流。

资产负债表 （一）：恒等方程式

资产负债表 （二）：股本的形成及比重

资产负债表 （三）： 自有资本比率、负债比率，权益乘数

资产负债表 （四）：非流动资产

资产负债表 （五）：非流动资产 - 长期投资 (1)

资产负债表 （五）：非流动资产 - 长期投资 (2)

资产负债表 （五）：非流动资产 - 长期投资 (3)

资产负债表 （六）：非流动资产 - 无形资产

资产负债表 （七）：流动资产

资产负债表 （二）：股本的形成及比重 （2）

现金转换循环【CCC】 - AMWAY