Sunday, 18 November 2018

全哥期货新手教室1:期货是什么?是赌博吗?(KLCI & FKLI 篇)

这是全新的“教室系列”,
全哥会把一些学到的知识和经验分享在这个“教室” 。

期货是训练“耐心”及“胆识”的一个平台,
它也是让人“心惊胆战”,患得患失的一个战场,
它是一个人与人之间的“交战”,
一个人的操作不当、固执、和心态问题等
都会造成血本无归。

欲想进一步了解期货是什么,
就继续阅读下去吧!!
注:全哥并不鼓励新手交易期货,除非你已经具备了以下“特定”的9个条件!!


想了解期货,得先从股票说起。
投资股票,一旦遇上KLCI 指数大跌,
指数步入熊市,那么千股齐跌是家常便饭的事,
意味着,无论你投资什么股,都难以在股市中赚钱。


对于仓位非常大的投资者或机构来说,
操作“对冲”就是一个常见的投资术语。
“对冲”又称避险、套期保值,英语:Hedge ,
它被视为一种管理风险的交易,
而期货交易就是这么一个平台。


期货可以选择“买空”和“卖空”这两个操作来获得利润,
买空”也称为“多头交易” (Long Sale) ,
比如全哥看好11月KLCI 指数会上升,
就买进“FKLI”11月的期货合约,
指数如果符合预期上升,就赚钱,否则,就亏钱。
“卖空”也称为“做空”(Short Sale),
比如你认为下个月12月KLCI 指数会下跌,就先卖出“FKLI”12月的期货合约,接着,
在12月期货合约结束前在市场上买回“平仓”获利。
“平仓”的意思是,一买一卖,或一卖一买,结束这个合约的交易。
所以,期货交易不管在熊市牛市都能获利,
尤其当你投资股票遇到大盘不佳导致亏损时,
期货交易就能在这个时候做对冲,
在市场低迷时卖空获利,
平衡在股票市场遭遇的损失。


期货与股票操作是大同小异的,
由买方与卖方多空较量,
在股票上,最少下单是100股,
在期货上,如果你以为也是100为单位,
那么,指数上下10点就可以让你体验脚软的感觉,
因为,指数每上下一点是RM50, 
如果10点就是RM500, 
期货最低下单是以一张来计算(也可以叫一手或一口),
如果按照100张上下10点波动来计算,
意味着亏盈RM50,000 (100张x RM500) !!
最刺激的是,期货是使用“Margin” 来交易 (交易保证金),
开仓交易,要交付初始保证金(Initial Margin),
也就是说,只要你亏损RM50 , 就要补RM50的保证金 , 
直到你平仓为止,否则,
在特地时间内没有补足保证金(Margin Call ),
你的期货经纪商会直接在那个时候强制性帮你卖出平仓。
所以说,期货是一个杠杆投资,
用小的资金来赚取巨大的利润。

举例:如果我预测明天的KLCI 会上涨至我的目标位1706点,
那么我就提前在今天FKLI 1700点时下单买进(Long Position),
如果明天开盘上涨,那么我就选择在FKLI 满意的价位套利平仓,
需要留意的是,KLCI的指数和FKLI 的指数会在某些情况出现背离,比如大盘看涨的情况下,FKLI 会提早上涨至1706 点,那么我们就可以提早在当天套利平仓(Close Contract)。

值得一提的是,KLCI 与FKLI 最让新手头昏脑涨,
KLCI 是由30只蓝筹股组合的指数,
而FKLI 就是一个对应KLCI 的“Future Index” ,
股票短线交易者会参考FKLI Future index 来判断大盘的强弱,
因为FKLI 的交易时间是在8.45AM , 
而股票的交易时间是在9.00AM 。

期货相关的交易时间表如下:-



期货其实区分为“商品期货”和“金融期货”(以下资料摘自资汇Vol 497)
金融期货
1.利率期货
*吉隆坡银行同业3个月拆解利率(KLIBOR)期货(FKB3)
*马来西亚3年期国债期货(FMG5)
*马来西亚10年期货债期货(FMGA)

2.股票指数期货
*富时大马吉隆坡综合指数(FKLI)
*个股期货(SSFs)
*富时大马吉隆坡综合指数期权(OKLI)

商品期货
1.农产品期货:
*原棕榈油期货(FCPO)
*原棕仁油期货(FPKO)
*精炼棕榈油期货(FPOL)(美元计价)
*棕榈油期货(FUPO) (美元结算)
*棕榈油期权 (OCPO)

2.金属期货:黄金期货(FGLD)

3.外汇期货:美元锡期货(FTIN)



以上其实只是一部分,
在国际舞台上其实拥有非常多的期货品种,
简单理解的话,
就是不同的游戏规则及不同交易者的喜好和供需。


在我们了解了期货的一些基本知识和概念后,
现在,我们来了解一下期货是赌博吗?
首先,赌博是什么意思?
赌博好像是会“倾家荡产”、“跳楼”、“妻离子散” 、“被大耳窿追账”?
那就相当有趣了,
sports toto!多多心,开开心,多多改变你一生!” ,
你们有没有在马来西亚常常听到这个有趣的广告?
原来,这是一家“
合法”平台公司的广告,
这说明了赌博所造成的“伤害”与平台无关,
更多时候是人类的恶习所产生出来的问题。

那有没有人知道“职业赌徒”这个职业呢?
那些“职业赌徒”并不仅仅是靠运气,
他们其实就是职业玩家,
当一样东西能成为职业的时候,那就必需要专业。
所以你对期货的知识认知一定要全面,
耐心、观察力,冷静的思维、果断能力也是必不可少的,
尤其是精用技术面来执行自己的一套买卖准则。

对于期货是不是赌博,
取决于一个人的操作心态,
如果你是抱着人类的“恶习”去操作期货并且仅仅在“赌运”,
那么对你来说,期货就是在赌博;
如果你是以一个敬畏的态度或当成一种职业地去操作,
那么,期货并不是赌博,它是一个提供交易者赚取财富,
或对冲管理
风险地这么一个平台。



全哥的期货日记:
我在2018 年进入生涯中“半”的期货交易,
由于和我的正业时间可以配合(有时间盯盘),
所以也提前逐步实现自己的计划 。(原先计划是2年后)

那为什么我会选择这种“职业” ?

操盘手”或“交易员”这个职业在一般人的眼里是较为冷门的,
大部分人家问你做什么行业时,
你总不能说:“我是从事股票或期货交易员吧?”,
尤其在我身边的亲戚
朋友都会认为是一种赌博,

只是“时辰未到”,都在看你几时把钱亏完。
其实,与其说是为了赚钱,
不如说是为了兴趣而从事这方面的“工作”,
把学到的知识转换成赚钱的能力,
这让我特别觉得很有满足感。

如果让我说明为何我可以胜任这份“工作” ,

我认为自己符合了几个条件:-
1.有时间可以盯盘,不是那种背着老板偷偷交易,和时间赛跑,心惊胆战的那种感觉。
2.不受盈亏而影响生活,意思是,当我一天里面赚50点的时候(目前最好的历史记录),我并没有过于兴奋,当我一天里面亏10多点时(目前最槽糕的历史记录),我也没有过于悲哀,
而且,我拥有自己的正业收入和其他投资收入,没有债务。
3.闲钱投资,最坏情况亏完而已。
4.愿意及喜欢学习新的知识,每天至少花几个小时的时间去研究,有时甚至10多个小时。(比如技术面,基本面的钻研等等)
5.愿意听取别人的意见,不会自以为是,时时刻刻保持新手的姿态去学习。
6.拥有自己独立的见解,不会受人家影响,和上面的条件相反,简单来说,独立思考,比如我常常问太太技术面的走向和趋势等等,她其实就是门外汉,但是,我觉得女人的第六感和对风险的保守程度值得我们去学习。
7.没有很明确的目标每个月一定要赚多少万还是多少百万,但至少千万别亏钱并且获得稳定的盈利。
8.操盘的环境要很幽静并且不受人事干扰。
9.已经具备属于自己的一套买卖策略和技术面的实战操作经验。

小结:你瞧!!成功哪有什么捷径,只能脚踏实地的学习,
可赌博就不一样了,他们只想抄捷径,而且又想一步登天,
所以说,学习投资的路途是很遥远的,
而且你还必须为这个“路程”缴纳“费用”,
而这笔“费用”少则称为“学费”,多则称为“安葬费”,
提前“
收工上路,一路好走”(英文称为gg.com)。
如果你们喜欢“期货教室”这个系列,
那就分享给其他人,
全哥就有动力进一步分享更多相关的知识,
谢谢大家的收看。



喜欢的话请分享出去,“顺便”给个Like 或 Follow 因为这就是全哥的动力来源
 v()y Just Do It~

By 享(18-11-18)
进入股市就是要防止被“抢劫”, 独立思考, 因为,股价与股票的内在价值最终会取得平衡.
全哥股票&投资理财新手教室 (部落格)
全哥股票&投资理财新手教室 (Facebook)

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Thursday, 15 November 2018

全哥股票新手教室90:基本面量化指标大全

比尔·盖茨说了一句很有意思的话,
他说世界上最聪明的人其实就是“懒人”,
“懒人”之所以怕麻烦、贪方便、省时间、
所以就创造了很多“懒人”用的工具,
结果,每项发明都相当受欢迎。

量化指标也是“懒人”的发明之一,

所以今天的主题是分享基本面量化指标大全,
如果你也很“懒”,
那就继续阅读下去吧,哈哈


资料来源:Shareinvestor + 全哥整合




估值比率 Valuation Ratios (Adjusted) (衡量值不值得投资)

Price Earnings Ratio (PER) 价格收益率
计算法:Price/Adjusted EPS(价格/调整后的每股收益)
使用解说:P/E is a price multiple of the Earnings Per Share (EPS) where the multiple represents the premium investors are willing to pay for a ordinary share per dollar of EPS in anticipation of future earnings growth.
*Value investors view shares trading at low P/E relative to comparable companies or earnings estimates as undervalued value stocks at potential bargains while growth investors view shares trading at higher P/E as attractive growth stocks with perceived greater expected future earnings growth and/or comparative advantages.
*用以衡量公司的价值及预测未来盈利增长。

Price/Net Asset Value (Price/NAV) (价格/资产净值)
使用解说:[Also known as Market/Book Value]
*Price/NAV measures the market valuation of a company's assets relative to their book values.
*Price/NAV is usually lower for companies in capital-intensive industries in view of their relatively huge fixed assets investment outlay and is most appropriate for valuing companies with considerable non-current physical assets which are subject to annual revaluation or are marked-to-market for the cash flows that they will generate. Value investors seek companies trading at a discount to their NAV as a margin of safety for their investments.
*价值投资者寻求以其资产净值折扣交易的公司作为其投资的安全边际。

Price/NTA - Adjusted (价格/有形净资产)
使用解说:[Also known as Market/Tangible Book Value]
Price/NTA measures the market valuation of a company's assets relative to their tangible book values.
*This metric gives a much more conservative value of a company's worth as intangible assets and goodwill are not factored into the calculation. When compared to the market value, it gives an idea of whether the stock is trading at a premium or discount in relation to tangible assets. Value investors seek companies trading at a discount to their NTA as a margin of safety for their investments.
* 价值投资者寻求以低于其NTA折扣交易的公司作为其投资的安全边际。


Price/Revenue (价格/收入)
使用解说:[Also known as Price/Sales]
*Price/Revenue measures the market's valuation of the company's share for every dollar of sales made.
*Price/Revenue is usually applied in place of Price/Earnings in instances where newly incorporated and fast-growing companies incur net losses. Growth stocks with relatively low Price/Revenue and rising revenues not accompanied by rising receivables are favoured.


Price/Operating Cash Flow (价格/营运现金流)
使用解说:Price/Operating Cash Flow is a valuation metric that compares the market price of a company to its cash flow generated from operations. It serves as a quick metric to see which companies are the better ones when compare to its peers. Operating Cash Flow gives a better measure of the company's operating performance as it is less subject to accounting manipulations than earnings because it measures actual cash, not the accruals.
*价格/经营现金流量是一种估值指标,用于比较公司的市场价格与运营产生的现金流量。 它可以作为一个快速指标,看看与同行相比哪些公司更好。 经营现金流量可以更好地衡量公司的经营业绩,因为它更少受到会计操纵而非收益的影响,因为它衡量的是实际现金,而不是应计利润。


Price/Free Cash Flow(价格/自由现金流)
使用解说:Price/Free Cash Flow is a valuation metric that compares the market price of a company to its annual free cash flow. This is similar to the measure of Price/Operating Cash Flow but uses a stricter measure of cash flow, by subtracting capital expenditures from its operating cash flow. This metric eliminates the impact of non-cash items and provides a more reliable evaluation of company's actual performance to compare against that of peer companies. The optimal level of this ratio varies from sector to sector and its phase of maturity. Capital-intensive companies tend to have lower Price/Cash Flow ratios.
* 该指标消除了非现金项目的影响,并提供了对公司实际绩效的更可靠的评估,以与同行公司进行比较。


Price/Cash In Hand (价格/现金)
[Also known as Price/Cash Flow]
使用解说:Price/Cash In Hand measures the market valuation of a company's share relative to the amount of cash generated by the company on a per share basis.
*The higher the Price/Cash In Hand, the greater the premium investors are paying for the share given the company's profitability better measured by the level of cash flows generated. A lower Price/Cash In Hand is preferred as a margin of safety over a larger price multiple.
*现金价格/现金越高,投资者为股票支付的溢价越大,因为公司的盈利能力更好地通过产生的现金流量来衡量。

Dividend Yield (股息收益率)
计算法:(Dividend Per Share/Average Historical Price)
(每股股息/平均历史价格)
使用解说:Dividend Yield measures the rate of return for shareholders exclusive of any capital gains.
*Investors seeking a minimum income stream from their investments or with a smaller risk appetite would have a preference for high Dividend Yield plays with relatively stable Dividend Payout for offering better returns on investments particularly in a low interest rate environment.
*寻求投资或风险偏好较小的最低收入来源的投资者将偏好高股息收益率股票,相对稳定的股息支付,以提供更好的投资回报,特别是在低利率环境下。




增长率 Growth Ratios (衡量公司有没有成长)
Revenue Growth (收入增长)
[Also known as Sales Growth]
计算法:(Current Year Revenue - Last Year Revenue) / Last Year Revenue)
(本年度收入 - 去年收入)/去年收入)
使用解说:Revenue Growth measures the year-on-year increase in top line sales generated.
*Investors would prefer Revenue Growth not accompanied by rising receivables to be as high as possible as it suggests effectiveness of the company's pricing and selling techniques for its products and services.
*投资者更倾向于收入增长并未伴随应收账款增加,因为它表明公司的产品和服务的定价和销售技术的有效性。


Net Earnings Growth 净收益增长
[Also known as Net Profits Growth]
计算法:(Current Year Earnings - Last Year Earnings) / Last Year Earnings)
(当年收益 - 去年收益)/去年收益)
使用解说:Net Earnings Growth measures the year-on-year increase in bottom line net profits made from each dollar of sales for reinvestment into the business or dividend distribution to the shareholders after taking into account all costs and expenses.
*Investors would prefer Net Earnings Growth, a more meaningful indicator than Revenue Growth, to be as high as possible as it suggests the effectiveness of the company's pricing and selling techniques for its products and services as well as its costs and control methods.
*它表明公司的产品和服务的定价和销售技术的有效性以及成本和控制方法。


Price Earnings to Growth 价格收益增长率
计算法:(Historical PER / Earnings Growth)
(历史市盈率/盈利增长)
使用解说:Price Earnings to Growth is a metric comparing the Price/Earnings ratio of a company to its annual EPS growth rate. It provides a more complete picture to evaluate a company's value by factoring in earnings growth. Price Earnings to Growth ratio can be a valuable reference tool for investors in foreseeing the future growth based on historical earnings growth. Investors usually hunt for companies with a PEG ratio below one which indicates the company is trading at a discount to its growth potential.
* 投资者通常寻找PEG比率低于1的公司,这表明该公司的交易价格低于其增长潜力。


盈利率 Profitability Ratios  (衡量公司厉不厉害赚钱)
Gross Profit(Earnings) Margin  毛利润率
计算法:(Gross Profit/Revenue) (毛利/收入)
使用解说:Gross Profit Margin measures the proportion of income left over from its revenue that generated from its ordinary course of business after accounting for the cost of goods sold. This metric can be used to evaluate a company's financial health by comparing them to its past values or industry benchmarks. Gross profit margin varies drastically from industry to industry. A company's gross profit margin should be stable over time as it indicates the efficiency of production process. Investors tend to pay more attention to companies that have higher gross profit margin.
*它表明了生产过程的效率, 投资者往往更关注毛利率较高的公司。

Pretax Margin 税前利润率
计算法:(Profit Before Tax/Revenue) 税前利润/收入)

使用解说:Pretax Margin is a ratio of pretax profits to revenue that generated from ordinary course of business. It measures the profitability of a company without taking taxes into account. This prevents the use of tax shelters from manipulating the profit margin and also removes any distortion caused by taxes. For comparisons within an industry, a higher pretax profit margin is desirable as it indicates the company's ability to control its operating costs.
*税前利润率是普通业务产生的税前利润与收入的比率。 它在不考虑税收的情况下衡量公司的盈利能力。 这可以防止使用避税工具来操纵利润率,也可以消除因税收造成的任何扭曲。 对于行业内的比较,需要更高的税前利润率,因为它表明公司有能力控制其运营成本。

Net Earnings Margin 净利润率
[Also known as Net Profit Margin]
计算法:(Net Earnings/Revenue) (净收益/收入)
使用解说:Net Earnings Margin measures the percentage remaining from each dollar of sales after taking into account all cost and expenses. This gives an indication of the effectiveness of the company in controlling cost and expenses associated with normal business operations.
*An increase in Net Earnings Margin over time is preferred as it indicates the company is improving its efficiency in cost and expenses control.
*它表明该公司正在提高其成本和费用控制的效率。

Dividend Payout Ratio 股息支付比率
计算法:(Dividend Per Share/Historical EPS) 
(每股股息/历史每股收益)
使用解说:Dividend Payout Ratio measures the proportion of earnings being distributed to shareholders in the form of cash dividends relative to being retained for reinvestment into the business and therefore provides insight into the company's dividend policy and its outlook on future growth prospects.

*Income-oriented investors tend to have a preference for stocks with increasing and sustainable Dividend Payout Ratio over growth investors.
*股息支付比率衡量以现金股息形式分配给股东的收益比例,相对于保留用于再投资业务,从而深入了解公司的股息政策及其对未来增长前景的展望。


Efficiency Ratios 效率比率 (衡量有没有效率)

Inventory Turnover 存货周转率
计算法:(Cost of Revenue/Average Inventory) (收入成本/平均库存)
使用解说:Inventory turnover measures how many times a year the company sells its average level of inventory. A high turnover indicates relative ease of selling inventory, which is generally regarded as positive outcome. On the contrary, a low turnover indicates relative difficulty of selling inventory and it could be due to poor planning or contracted level of sales. As an investor, you can deduce whether the company is being managed in an efficient manner in comparison to the industry average.
* 作为投资者,您可以推断出与行业平均水平相比,公司是否以有效的方式进行管理。


Accounts Receivable Turnover 应收账款周转率
计算法:(Revenue/Average Accounts Receivable) (收入/平均应收账款)
使用解说:Accounts receivable turnover measures how quickly the firm collects cash from credit customers. The higher the ratio, the more quickly a firm collects its receivables and this indicates that customers pay their obligations to the firm at a faster pace. This creates a positive cash flow environment for the firm. On the contrary, a lower ratio could mean that the company is having difficulties collecting payment from their customers.
*应收账款周转率衡量公司从信贷客户那里收集现金的速度。 比率越高,公司收取应收账款的速度就越快,这表明客户以更快的速度向公司偿还债务。 这为公司创造了积极的现金流环境。 相反,较低的比率可能意味着公司难以向客户收取付款。


Accounts Payable Turnover 应付账款周转率
计算法:(Cost of Revenue/Average Accounts Payable)(收入成本/平均应付账款)
使用解说:Accounts payables turnover measures how quickly the firm pays cash to its suppliers. The higher the ratio, the more quickly a firm pays its payables. The higher the ratio would generally indicate a greater consistency and track record of paying its suppliers, which creates confidence amongst lenders and investors. On the contrary, a low ratio indicates a slow decline in payments to its suppliers which could signal that the company’s financial health may be diminishing.
*应付账款周转率衡量公司向供应商支付现金的速度。 比率越高,公司支付应付款的速度就越快。 比率越高通常表明支付供应商的一致性和跟踪记录越大,这会使贷方和投资者产生信心。 相反,较低的比率表明向供应商付款的速度缓慢下降,这可能表明该公司的财务状况可能正在减弱。


Average Days Inventory 平均天数库存
计算法:(365/Inventory Turnover) (365 /库存周转率)
使用解说:Inventory resident period is the number of days it will take a company to sell its inventory. The general consensus is that a lower ratio is better as it indicates that a firm can have more sales and convert the inventory into cash flow for its business operations.
*普遍的共识是,较低的比率更好,因为它表明公司可以拥有更多的销售额并将库存转换为其业务运营的现金流。



Management Efficiency Ratios 管理效率比率 (衡量公司的管理效率)
Gross Profitability [%] 毛利润率
计算法:(Gross Profit / Total Assets) (毛利润/总资产)
[Also known as Gross Profit to Assets Ratio]
使用解说:Gross Profitability measures the rate of return on total assets invested in generating gross profit and hence the company's efficiency in asset management.
*An alternative to ROA, Gross Profitability measures the profitability from the top of the income statement (Gross Profit) instead of Net Earnings. Gross profit performance varies significantly from industry to industry. For comparisons within an industry, a higher Gross Profitability is desirable as an indication of the company's profitability on assets invested.
*总盈利能力衡量投资于产生毛利的总资产回报率,从而衡量公司资产管理的效率。

Return On Assets (ROA) [%] 资产回报率(ROA)[%]
计算法:(Net Earnings/Total Assets)
使用解说:ROA measures the rate of return on total assets invested in generating profits and hence the company's efficiency in asset management.
*An increasing ROA without overleveraging over time and in comparison with comparable companies in the same industry is favoured as an indication of the company's improving profitability on assets invested. Companies in industries which require huge investment outlay in fixed assets typically have lower ROA.
*ROA衡量投资产生利润的总资产回报率,从而衡量公司资产管理的效率。

Return On Equity (ROE) [%] 股本回报率(ROE)[%]
计算法(Net Earnings/(Shareholders' Equity - Other Share Capital)) (净收益/(股东权益 - 其他股本))
使用解说:ROE measures the rate of return on shareholders' investment and hence the management effectiveness in resource utilisation to generate returns for each dollar invested in the company.
*A higher ROE without overleveraging over time and in comparison with comparable companies in the same industry is favoured as an indication of the company's efficiency in generating income on shareholders' investment in the company.
*ROE衡量股东投资的回报率,从而衡量资源利用的管理效率,以便为公司投资的每一美元产生回报。

Return On Tangible Equity (ROTE) [%] 有形资产回报率(ROTE)[%]
计算法(Net Earnings/(Shareholders' Equity - Other Share Capital - Intangible Assets)) (净收益/(股东权益 - 其他股本 - 无形资产))
使用解说:ROTE measures the rate of return on shareholders' investment without taking goodwill and other intangible assets into account and hence the management effectiveness in resource utilisation to generate returns for each dollar invested in the company.
*A higher ROTE without overleveraging over time and in comparison with comparable companies in the same industry is favoured as an indication of the company's efficiency in generating income on shareholders' investment in the company.
*ROTE在不考虑商誉和其他无形资产的情况下衡量股东投资的回报率,从而衡量资源利用的管理效率,以便为公司投入的每一美元产生回报。

Cash Earnings Return On Equity [%] 现金收益股本回报率[%]
计算法(Operating Cash Flow Before Working Capital Changes/(Shareholders' Equity - Other Share Capital))
(营运资金变动前的经营现金流量/(股东权益 - 其他股本))

使用解说:Cash Earnings Return on Equity measures the rate of operating cash return generated, disregarding the impact of non-cash items, on shareholders' investments through the effective use of shareholders' funds.
*A metric which is rising over time or higher in comparison with industry average or comparable companies in the same industry attributable to improved Operating Cash Flow Margin and Asset Turnover as opposed to overleveraging is favoured as an indication of good investment prospect due to management's effectiveness at generating cash and managing assets on shareholders' investment while maintaining an optimal level of leverage.
*现金收益权益回报率衡量通过有效使用股东资金产生的经营现金收益率,无论非现金项目对股东投资的影响。




Leverage Ratios 杠杆比率 (衡量公司的债务程度)
Debt To Net Profit 债务净利润
计算法((Long Term Debt + Short Term Debt)/Net Earnings)
((长期债务+短期债务)/净收益)

使用解说:A coverage measure of the sustainability of the company's existing debt load by means of its earnings, Debt To Net Profit offers an indication of a company’s financial stability as well as debt repayment and borrowing capacity.
*Typically used by creditors in assessing a company’s creditworthiness, the higher the metric of 1.35 times and beyond or a rising trend, the greater the perceived likelihood of loan default or delinquency as a result of excessive debt load or inadequate profits and hence the greater the cost of additional funding. Companies operating in industries such as biotechnology, semiconductors and software are likely to use little debt due to their volatile earnings whereas companies operating in more stable industries such as utilities and consumer non-cyclicals can operate comfortably with more debt owing to more predictable earnings stream.
*通过其盈利来衡量公司现有债务负担的可持续性,债务净利润提供了公司财务稳定性以及债务偿还和借贷能力的指标。


Debt To Cash Flow 债务到现金流量
计算法((Long Term Debt + Short Term Debt)/Operating Cash Flow)
((长期债务+短期债务)/经营现金流量)
使用解说:As opposed to Debt To Net Profit, Debt To Cash Flow is a more stringent coverage measure of a company's capacity in satisfying its debt obligations with the use of cash from operations, being a company's true earnings after eliminating the impact of accrual accounting that results in differences between cash payments versus accruals and deferrals and non-cash items such as depreciation expense levied on fixed assets, being substantial expenses particularly for companies in capital-intensive industries. It gives an indication of a company's financial flexibility as well as debt repayment and borrowing capacity and is thus of concern to creditors.
*Typically used by creditors in assessing a company's creditworthiness, the higher the metric or a rising trend, the greater the perceived likelihood of loan default or delinquency as a result of excessive debt load or weak cash flow generation. Companies operating in industries such as biotechnology, semiconductors and software are likely to use little debt due to their volatile cash flows whereas companies operating in more stable industries such as utilities and consumer non-cyclicals can operate comfortably with more debt owing to more predictable cash flow stream.
*它表明公司的财务灵活性以及债务偿还和借贷能力,因此是债权人关注的问题。


Net Debt To Equity 净债转股
计算法((Long Term Debt + Short Term Debt - Cash and Short Term Investments)/(Shareholders' Equity - Other Share Capital))((长期债务+短期债务 - 现金和短期投资)/(股东权益 - 其他股本))
使用解说:An alternative to Total Debt To Equity, Net Debt To Equity is a measure of a company's indebtedness and financial flexibility in excess of its current cash and short-term investments which can be used to pay off debts.
*As opposed to cyclical businesses, companies in industries experiencing more stable earnings can comfortably operate with relatively higher leverage considering debt financing provides for a lower cost of funding to generate better returns on assets given that borrowing costs are tax deductible expenses. However, too large a Debt To Equity Ratio not only increase a company’s cost of capital financing, both equity and debt, but also translate into higher risks for the shareholders as they are the last in line to lay claim on the company's assets in the event of liquidation.
*作为权益总债务的替代方案,净债务与权益是衡量公司债务和财务灵活性的指标,超过其当前可用于偿还债务的现金和短期投资。




Cash Flow Ratios 现金流量比率
 Free Cash Flow to Sales [%] 销售的自由现金流[%]
计算法:(Free Cash Flow/Revenue)
使用解说:Free Cash Flow To Sales is a metric that indicates a company’s ability to generate surplus cash from its sales. A positive and improving percentage is favored as an indication of the company’s efficiency in converting actual cash from its sales after reinvested in its business.
*自由现金流量销售额是一个指标,表明公司能够从销售中产生剩余现金。 积极和改善的百分比有利于表明公司在重新投资业务后将实际现金转换为销售的效率。


Operating Cash Flow to Sales [%]营业现金流量[%]
计算法:(Net Cash from Operations/Revenue)
使用解说:Operating Cash Flow To Sales is a metric that indicates a company’s ability to generate cash from its sales. There isn’t a rule-of-thumb for this metric, but the direction of cash flow movement must be highly correlated with the sales numbers. A consistent and improving percentage is favored as an indication of the company’s efficiency in converting cash from its sales.
* 运营现金流量到销售额是一个指标,表明公司能够从销售中获得现金。一致且不断提高的百分比有利于表明公司从销售中转换现金的效率。



Liquidity Ratios 流动性比率
Current Ratio 营运资本比率
[Also known as Working Capital Ratio]  
计算法(Current Assets/Current Liabilities)(流动资产/流动负债)
使用解说:Current Ratio measures the company's short-term liquidity, that is, its ability to meet its short-term financial obligations as and when they fall due within the year with assets which are readily convertible into cash.
*Too low a Current Ratio relative to the industry average may indicate critical liquidity issues while too large a ratio may imply the existence of idle or underutilised resources.
*流动比率衡量公司的短期流动性,即其能够在年内到期时履行其短期财务义务的能力,其资产可随时转换为现金。

Cash Ratio 现金比率
计算法(Cash And Cash Equivalents/Current Liabilities)
(现金和现金等价物/流动负债)
使用解说:Most conservative and stringent of all Liquidity Ratios, Cash Ratio takes into account only the most liquid short-term assets - cash and investments readily convertible into cash - in measuring the company’s capacity to meet its short-term obligations as and when they fall due. A refinement to the Current Ratio and Quick Ratio, the Cash Ratio disregards inventories and receivables for which there are no assurances that they can be easily converted into cash in a timely matter to satisfy current liabilities.
*While offering an interesting perspective on a company’s liquidity position in circumstances where there are severe liquidity problems with the company's inventory and receivables as a result of being pledged as collaterals or otherwise, the usefulness of this metric is limited as the company can better employ the idle cash elsewhere to generate higher returns if not returned to shareholders than to maintain high levels of idle cash, a move perceived to be as poor asset utilisation by the management.
*对现时比率和速动比率的改进,现金比率忽略了存货和应收账款,而这些存货和应收账款无法保证可以及时将其转换为现金以满足流动负债。




全哥的观点:
嘿!说的就是你!!

我相信你用很快的速度阅读到这吧,
你肯定没有一一细读和研究,
果然真的有够“懒”,哈哈!!

言归正传,
其实现在很少投资者会一一去计算这些量化指标,

反而他们更倾向于使用软件来缩短自己“做功课”的时间,
所以全哥会继续篇写这方面的软件供投资者参考。

什么股票软件比较好用?
M+ Online 教学使用法

全哥股票新手教室48: 我想纠正一些对于购买技术软件的错误观念(正能量)
全哥股票新手教室52:分享常用的股票软件
全哥股票新手教室53:分享付费弘历软件 Homily Chart - Part 1
全哥股票新手教室54:分享付费弘历软件 Homily Chart - Part 2 先大后小,先长后短
全哥股票新手教室55:分享付费软件 FIAVEST 篇


喜欢的话请分享出去,“顺便”给个Like 或 Follow 因为这就是全哥的动力来源
 v()y Just Do It~

By 享 (16-11-18)
进入股市就是要防止被“抢劫”, 独立思考, 因为,股价与股票的内在价值最终会取得平衡.
全哥股票&投资理财新手教室 (部落格)
全哥股票&投资理财新手教室 (Facebook)

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基本面
迷你年报篇

Monday, 12 November 2018

全哥股票新手教室89:迷你年报篇12 GENM (4715) 云顶大马 AR2017

迷你年报用途是了解公司的基本资料,
不是分析,不是买卖建议,
对于英文不好的投资者或新手来说,
更应该多看,多背,多记,多学,
很多时候基础就是这样磨炼回来的。
注:全哥研究不代表持有股票或有意购买。



Announcement Date : 6 APR 2018 GENM (4715) 云顶大马

公司简介
*云顶马来西亚拥有并经营主要物业:-
-Resorts World Genting (“RWG”) in Malaysia
-Resorts World Casino New York City (“RWNYC”) in the United States (“US”),
-Resorts 
World Bimini (“Bimini”) in the Bahamas
-Crockfords Cairo in Egypt and over 40 casinos including Resorts World Birmingham, in the

United Kingdom (“UK”).

*云顶马来西亚还在马来西亚拥有并经营着两个海滨度假胜地,即Resorts World Kijal 位于 Terengganu 以及 Resorts World Langkawi 位于 Langkawi island.

*集团已着手实施一项为期10年的总体规划,以根据云顶综合旅游计划重振和改造RWGGenting Integrated Tourism Plan “GITP”)。

*RWG是马来西亚首屈一指的休闲娱乐度假胜地
配备约10,500间各种主题的客房
横跨7家酒店、主题公园和娱乐景点,
餐饮和零售店、国际展览和商业会议设施。

*云顶马来西亚在GITP下引入了各种新设施和景点:-
-the First World Hotel Tower 3
-the new Awana SkyWay cable car system
-近期翻新的 Theme Park Hotel
-the new Crockfords Hotel as well as new attractions in the SkyAvenue entertainment complex


*GITP下的其他景点和设施包括世界上第一个二十世纪福克斯世界主题公园( 20th Century Fox World Theme Park)和新的Skytropolis 室内主题公园预计将在今年晚些时候展出。

*在英国,云顶马来西亚是拥有42家经营赌场的最大赌场运营商之一。 它在伦敦经营着6家赌场和伦敦以外的36家赌场。

*云顶马来西亚还经营着位于英国的第一个综合休闲中心 - Resorts World Birmingham ,包含游戏和娱乐设施,零售和餐饮店以及拥有178间客房的四星级酒店。 

*在巴哈马,集团经营Resorts World Bimini,设有赌场,别墅,其他住宿,餐厅和酒吧,度假设施和巴哈马最大的游艇和码头综合体。

*云顶马来西亚(GENM (4715) 云顶大马)是云顶集团的成员(GENTING 云顶),云顶集团是亚洲领先且管理最佳的跨国公司之一。

*云顶集团是
由Tan Sri Lim Kok Thay领导,他是一位有远见的企业家,在马来西亚,新加坡建立了Resorts World品牌的房产,菲律宾,美国,巴哈马和英国,以及带头全球油棕投资
种植园,发电,石油和天然气,房地产开发,邮轮,生物技术和其他行业。




主席文告
(一般年报很少出现3中语言- 英文,中文,国文,Genm 是其中之一)

亲爱的股东:
我仅代表董事局,欣喜地向您汇报云顶马来西亚(“公司”)及
集团子公司(“集团”),在截至2017年12月31日为止财政年
(“2017”)的常年报告及已审核业绩报告。
集团在2017年财政年,虽受到外围环境的影响及较弱的消
费情绪考验,表现令人赞赏。集团的营业额微涨4%至93
亿2千870万令吉,主要是获得云顶综合旅游计划(“GITP”)
下新景点与设施的开启推动。尽管如此,调整后税息折旧
及摊销前利润及税前盈利,下跌9%至22亿零740万令吉,
主要是更高的高端客户业务成本及云顶综合旅游计划下新
设施营运成本所致。净利则下跌62%至10亿7千100万令
吉,主要是2016年实现脫售云顶香港获得一次过赚利所
致。
我们在对以资金分配充作扩充之事项谨慎看待的当儿,持
续地派息来回馈股东。在2017年,董事局建议为每股普通
股,派发每股8.0仙的特別单层股息;董事局也建议为每股
普通股,派发每股5.0仙的单层终期股息,并寻求股东在来
临的常年股东大会中通过。一旦获得批准,即意味著2017
年财政年每普通股的股息将达每股17.0仙, 较去年增 长3%。

尽管马来西亚的商业环境充满挑战,

集团所推行的云顶综合旅游计划,
其旗下的新景点和设施,已推动云顶
名胜世界的旅客到访并提高业务流量。

该度假村在2017财政年接待了2千360万名游客,比去年
同期显著增长17%。继2016年成功推出各项设施后,我
们也从2017年3月起在Sky Avenue娱乐休闲广场推介新景
点,迎合中高端市场。添加了这些设施之后,客人们可以
在度假村享受世界级的体验。我们亦在2017年7月推出装
修后的丽园酒店,以迎合酒店客房需求的提高。这家精品
酒店有能力提供可容纳大家庭和团体的设施。就在这一年
结束之前,我们还另加一间拥有137间客房的康乐福优质
酒店(“Crockfords Hotel”),其中包括18间独特的主题套
房,增强云顶名胜世界要求日益精细的客户。此外,热衷
购物的消费者可在拥有超过150个设计师品牌的新云顶高
原名牌城內宠一宠自己。这个座落在半山,由云顶种植及
和西蒙产业集团的联营计划,于2017年6月对外开业。我
很欣喜地与您分享有关于这些新景点深受好评。
在英国尽管运营环境日益严峻,但我们的业务仍然保持弹
性。在我们预计2018年的业务面对阻障之即,我们也会不
懈地推行有助提高业务效率的策略,落实持续性发展,从
而巩固我们在英国的地位。我们也对伯明翰名胜世界的表
现感到鼓舞,即2017财年的收入和游客到访量皆有所增
加。 随着业务不断发展以迎合新客户需求,我们将继续把
重心放在加強客户的体验。在中东地区,开罗康乐福自开
业来也获得良好口碑。

另一方面, 我们在美国的业务继续表现出色。
纽约名胜世界( “R W N Y C ” ) 目前拥有约六千台
视频游戏机; 尽管面对区域日益加剧的竞争,
纽约名胜世界仍是美国东北部地区的领导博彩业者。有鉴
于此,我们将继续强化直接营销举措,以推动游客到访率
和业务量。作为发展美国业务的策略,RWNYC于2017年
7月宣布破土动工,进行总值4亿美元的扩充。有关发展预
计将于2019年底完成,所涵盖新景点,包括拥有400间客
房的酒店,额外游戏空间及更多的餐饮、零售和娱乐选择。
我们还对Mashpee Wampanoag Tribe发行的票据进行投
资,以融资该部落在美国马萨诸塞州Taunton综合博彩度
假村的发展。有关项目目前停滞不前,仍待进一法律程序
发展/及政府有关部门的行动。迄今为止,美国联邦政府尚
未做出决定关于部落土地信托权,预计将在未来几个月提供
更新消息。
鉴于以上所述, 本公司评估并确定对其投资的可收回性没有
影响, 以及本集团的综合收益和净资产。我们将继续与部落
合作审查所有可用于其投资的选项. 与此同时, 我们将继续
支持Mashpee Wampanoag Tribe的一切维护其土地和相
关的权益行动。

在巴哈马,我们在比米尼名胜世界度假村持续进行的成本
合理化措施,在有关产业所蒙受的亏损收窄后,表现令人
鼓舞;2018年,我们将继续努力提高运营效率,并将我们
的市场营销重点放在休闲市场,进而提高度假村游客的到
访率。
在可持续发展方面,董事局非常重视并坚持可持续发展原
则和负责任的商业操守。我们在可持续发展的征途上,以
环境、工作场所,客户、社区关怀和企业监管这五大支柱
为导向—这也是我们认为可实现持续回报並加強利益相关
者价值的基础。
作为我们致力于持续实现永续发展最高水平的承诺,包括
减低对环境所造成的影响,我很自豪地宣布,我们的第一
大酒店在马来西亚记录大全中,荣获“最大可再生能源热水
系统配备的酒店”记录。
展望未来,集团对休闲及酒店领域的商机及增长潜能保持
乐观。全球经济环境受到全球贸易改善带动下持续增长。
同时,马来西亚的经济在国内需求为主要增长势头下,持续扩充。

本集团继续专注于云顶名胜的云顶综合旅游计划,准备推出
非常期待的20世纪福斯主题乐园和Skytropolis室内主题公
园,为现有的云顶綜合旅游计划添增更多的新景点与设施,
本集团也將加強策略市场营销,发展并扩展至区域市场。 同
时,我们将继续加强数据库营销,优化收益管理,提高云顶
名胜世界的整体运营效率和服务递送。
在国际方面,我们将继续努力加强我们在各营运国家的地
位。 我们也将把重点放在提高业务效率,并加大力度推动旗
下产业的游客到访率。
我们在致力于扩大全球足迹的当儿,也將重磅投资、培育与
管理人才,提升我们的服务素质。
云顶集团的核心价值观根据创办人
丹斯里拿督斯里林梧桐博士生前秉持
一生的理念,即勤奋、诚信、和谐、
忠诚与关爱; 并牢牢嵌入于本集团
的工作文化与商业惯例, 并已经列为云顶核心价值观。

2018年2月28日既是丹斯里的百岁冥诞也是他逝世10年的纪
念,今天展现了以云顶集团秉持创始人乐善好施的精神和核
心价值观成功达成集团目标并带领集团迈向国际发展。云顶
集团将于每年的2月28日庆祝创办人日,以缅怀及谨记着这
永久不衰,明智实靠的价值观。
我们在迈向世界级休闲和旅游景点目标前进的冲峰前奏,您
对我们持续信任就是我们继续前进的关键。在此,我想借此
机会感激您们一路来的鼎力支持。 我还要衷心感谢董事会成
员、管理层、员工、客户,商业伙伴和各监管机构多年来的
不懈支持。我对于集团未来的发展,持续感到兴奋,
同时更期待着在2018年及未来的日子里,
与您一起踏上这段征途。
谢谢。

丹斯里林国泰
主席兼总执行长

2018年2月27日


集团的结构
GROUP CORPORATE STRUCTURE 



云顶大马的“成绩单






SEGMENT ANALYSIS(分析收入)





管理层的讨论
*Revenue recorded by the leisure and hospitality business in
Malaysia was higher by RM212.0 million.

*Revenue recorded by the leisure and hospitality business

in US and Bahamas was higher by RM70.2 million.

*Revenue recorded by the casino businesses in UK and Egypt

was higher by RM77.1 million.

*Cost of sales increased by RM686.5 million, from
RM6,449.0 million in 2016 to RM7,135.5 million in 2017.
The increase was mainly due to higher cost of inventories,

higher payroll and related costs, higher depreciation and
amortisation charges as a result of the commencement
of operations of certain facilities under GITP as well as
higher gaming related expenses.

*The Group’s adjusted EBITDA for 2017 was RM2,207.4 million
(2016: RM2,432.8 million), a decrease of 9%.

*The Group’s finance costs increased by RM44.5 million from
RM70.4 million in 2016 compared to RM114.9 million in 2017.
The increase was mainly due to finance costs of RM36.1
million incurred on certain projects under GITP which were
completed during the year.

*As a result of the above, profit attributable to equity holders

of the Company was RM1,159.7 million for 2017, which was
a decrease of RM1,720.4 million compared to RM2,880.1
million for 2016.




前景
*
In Malaysia, economic expansion is
expected to continue with domestic demand remaining the
key source of growth.

*International tourism outlook is expected to remain positive.

*In 2017, Malaysia welcomed 25.9 million tourists and this is

projected to increase to 33.1 million in 2018.

*Tourist arrivals 
from China grew by 7% to 2.3 million during the year.

*Meanwhile, both Singapore and Macau reported an increase

in international tourist arrivals in 2017.

*In Malaysia, the development of the GITP remains the focus
of the Group as it prepares to roll out the new Skytropolis
indoor theme park and the highly anticipated Twentieth
Century Fox World Theme Park.

*In Malaysia, the overall occupancy of RWG’s six hilltop hotels,

namely Genting Grand, Maxims, Crockfords, Resort Hotel,
First World Hotel and Theme Park Hotel was 95% in 2017
(2016: Overall occupancy of RWG’s four hilltop hotels was
93%).At the mid-hill, the Awana Hotel recorded an occupancy
rate of 69% in 2017 (2016: 65%).




KLSE 记录 12 NOV 2018 
PRICE: RM3.6
EPS :23.52
NTA :3.37
DPS :19
P/E :15.31
ROE :6.98
DY :5.28
52W :3.18 - 5.82
CAPITAL :21,377m
SHARES :5,938mil

QoQ - 2 Quarter over Quarter profit growth
YoY - Year over Year revenue growth
QoQ -2 Quarter over Quarter Revenue growth




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