Sunday, September 19, 2010

minority interest 少数权益

Minority interest, 少数权益。

请看以下例子,

Hirotako 是生产 airbag, safety belt 的公司,
除此之外,它也投资在三家不同的公司,A公司, B 公司 , C公司.

Hiro 所拥有的股权
Company A 100%
Company B 30%
Company C 60%

每年每季Hirotako该如何向Hirotako 本身的股东呈现这三家公司的盈利呢?

公司 A 是 Hirotako 100% 控制的子公司,
公司 A 的盈利 在Hirotako 的consolidated income statement 中
就完全属于 Hirotako 股东的。

公司B的盈利呢?
由于 Hirotako 才拥有 公司 B 的 30%股权,
因此公司 B 的盈利不会在 Hirotako的财报中加入计算,
只有公司B的股息才会列在Hirotako的财报中计算,
Hirotako 只能从公司B的派息中享有公司B的盈利。
如果公司 B没派息,就像你我一样,买到不派息公司的股票。

公司C呢?
公司C是Hirotako控制60%的子公司,
公司C的盈利将列入 Hirotako的consolidated income statement 中,
由于Hiro控制了60%的股权,因此60%公司C的盈利将归于Hiro股东,
公司C的另外40%盈利不属于Hirotako的,
这40%的公司C盈利在Hirotako的consolidated income statement 中就是minority interest ,
它是不属于Hirotako股东的。


欲更详细了解,请看http://beginnersinvest.about.com/od/incomestatementanalysis/a/minority-interest-cost-equity-consolidated.htm

"Minority Interests on the Income Statement


If Federated Department Stores, the owner of Macy's and Bloomingdale, purchased five percent of Saks Fifth Avenue, Inc., common sense tells us that Federated would be entitled to five percent of Saks' earnings. How would Federated report their share of Saks' earnings on their income statement? It depends on the percentage of the company's voting stock Federated owned.



Cost Method (If Federated owned 20% or less)

The company would not be able to report its share of Saks' earnings, except for the dividends it received from the Saks stock. The asset value of the investment would be reported at the lower of cost or market value on the balance sheet. What does that mean?

If Federated purchased 10 million shares of Saks stock at $5 per share for a total cost of $50 million, it would record any dividends received from Saks on its income statement, and add $50 million to the balance sheet under investments. If Saks rose to $10 per share, the 10 million shares would be worth $100 million ($10 per share x 10 million shares = $100 million). The balance sheet would be adjusted to reflect $50 million in unrealized gains, less a deferred tax allowance for the taxes that would be owed if the shares were sold.

On the other hand, if the stock dropped to $2.50 per share, thus reducing the investments to $25 million, the balance sheet value would be written down to reflect the loss with a deferred tax asset established to reflect the deduction that would be available to the company if it were to take the loss by selling the shares.

The point is, the income statement would never show the five percent of Saks' annual profit that belonged to Federated. Only dividends paid on the Saks shares would be shown as dividend income (which is, actually, added to total revenue or sales in most cases). Unless you delved deep into the company's 10K, you may not even realize that the Saks dividend income is included in total revenue as if it were generated from sales at Federated's own stores.


Equity Method (If Federated owned 21-49%)

In most cases, Federated would include a single-entry line on their income statement reporting their share of Saks' earnings. For example, if Saks earned $100 million and Federated owned 30 percent, they would include a line on the income statement for $30 million in income (30% of $100 million), even if these earnings were never paid out as dividends (meaning they never actually saw $30 million).


Consolidated Method (If Federated owned 50+%)

With the consolidated method, Federated would be required to include all of the revenues, expenses, tax liabilities, and profits of Saks on the income statement. It would then include an entry that deducted the percentage of the business it didn't own. If Federated owned 65% of Saks, it would report the entire $100 million in profit, and then include an entry labeled minority interest that deducted the $35 million (35%) of the profits it didn't own.

Thursday, September 16, 2010

hirotako holdings berhad ( HIRO )

由于股友 lavender17 提醒hiro,我又重新查阅了 hiro 的财报,

谢谢这股友,投资股票,就该像他那麽谨慎。

以下是这股友的提醒:
“。。。。Minority interest那么高是什么原因呢?这又代表些什么呢?
另外我发现HIRO常常buyback的股派回给股东当股息,所以觉得股息还算不错,至少公司赚钱也不会太亏对小股东。
另外我发现最近一年current asset下滑了,current liability上升了,这会是坏现象吗?
再看下去,hiro去年在financial activities用了比以往更多的钱,大时代兄可有这方面的讯息?
随着汽车业复苏,HIRO今年可望破20仙?。。。。“


我们先来看看 hiro 的最新一季财报 (30-6-2010),

Revenue = 153,648,000.

Net profit for the period = 31,745,000

Profit attributable to ordinary equity holders of the parent=17,464,000 (55% of the profit)

Minority interest = 14,281,000 (45% of the net profit),

minority interest 的确很高
(之前我与一部分人一样对 minority interest 有误解,迟点开帖专讨论 minority interest)

如果HIRO今年全年业绩可望破20仙,

汽车行业的 p.e = 8(这是我个人的标准 ) 那麽 hiro 的合理价格 = RM1.60

看看 balance sheet, 与去年同期比较(2009 年上半年)

。。。。。。。。。。。  2010。。。。 2009

Total current assets   =  162,336,000      140,099,000

Total current liabilities =   62,843,000       41,600,000

current assets 上升了162,336,000 - 140,099,000 = RM 22,237,000,

current liability上升了 62,843,000 - 41,600,000 = RM 21,243,000

2010 年上半年current ratio = 2.58

2009 年上半年current ratio = 3.37

2009年和2010年的 current ratio 相差 3.37 – 2.58 = 0.79

(在 current ratio 里, 0.79 可算相差满大的,难怪股友 lavender17 会起戒心,谢谢他提醒)

这令我不得不看 current liabilities 里有什麽项目(钱怎麽用),

current liabilities 里有 trade payables, other payables, provision for tax  3个项目罢了。

2010年上半年 revenue RM153,648,000, Net profit for the period = 17,464,000

trade payables = 28,724,000, other payables = 28,593,000, provision for tax = 5,526,000


2009年上半年revenue RM 83,933,000,Net profit for the period = 7,829,000

trade payables = 19,480,000, other payables = 20,609,000, provision for tax = 1,943,000


Revenue 增加 了 83%,

Net profit for the period 增加了123%

trade payables 增加 47%

other payables 增加 39%

provision for tax增加 184% (这是播备,而且是缴纳给政府的税)


结论:正常啊,营业额增加,

需要付给供应商的钱也增加(而且在可控制的范围之内,净现金 RM89,709,000 多过总债务 RM65,028,000),

盈利也增加,理所当然的,该付更高税给政府,


Net cash used in financial activities 的钱是怎麽用

原来只是用来 share repurchased 和 给 dividen,

share repurchased 和 pay dividen, 这两项目对于我们小股东是多多益善。




总结,我的评语:
财政状况非常漂亮。
账目清楚,看不出有何问题。

hiro 是生产汽车安全系统如 safety belt , airbag


请参考“越来越定“, http://musicalwaterfall.blogspot.com/2010/09/blog-post.html




买卖股票前要质询你本身的专业理财顾问,亏盈自负。

Wednesday, September 15, 2010

hingyap : cup and handle 的 target price




















ab= 1.32 - 1.09 = 0.23
a'b'=ab

breakout at 1.32,
so, target price of  hingyap is 1.32 + 0.23 = 1.55

hingyap 这股,它breakout cup and handle 后曾经去到 1.67, 它 fulfill 了 target price 1.55

因此,hingyap 这图是非常 完美的cup and handle图

任何人有缘看到我写有关于 hingyap cup and handle,

那我恭喜你,因为你走运,才会看到,而且明白及掌握了其中技术。



 
 
 
买卖股票前要质询你本身的专业理财顾问,亏盈自负。

Tuesday, September 14, 2010

hingyap : cup and handle

hingyap 13-9-2010 闭市价 RM1.53,

它的图表呈现 cup and handle



30多年

30多年前,婆婆带我到金宝参加三姑婚礼,
三十多年后,前天,12-9-2010星期日,
我又到金宝,这回是参加三姑大儿子(表弟)的婚礼,

人生有几个30多年?
三十多年后不知有没有机会再到金宝参加表弟儿女的婚礼。

Friday, September 10, 2010

简简单单

今天是开斋节,没市。

昨天把 mbfholding 72sen 卖了,上几个月前 74.5sen 买,
每股亏 2.5sen,

下星期一 ex-dividen 5sen 需扣税 25%,
为何不拿了股息才卖?我又不急着用 $,

我卖的原因是觉得它没前途, mbfholding 的老板控制了超过80%的票,
他想把它私营化,但又不愿付比市价高的合理价,
mbfholding的合理价超过 90sen。

越想越觉得我卖的不可理喻,唉!非常后悔。

投资是非常简单的事,低买有价值的股票,然后守住就可了。

我的朋友买 tanjong, 他 RM17买,老板要以 RM21.80 收回,
很多人都在 2/8/2010 到 30/8/2010 期间在市场把它卖了,
卖价介于 RM21.08 到 RM21.50 之间,

可是他却没有在市场卖,他说等老板买回,他只签名罢了,
我问他为何不快快在市场卖了收钱?
他说不在市场卖,可省下水钱百多零吉,
而且老板 RM21.80吃回,他可比在市场卖的 多得大约 RM500.

投资越简单越好,如果你可以 买到/找到 一粒你买了之后什麽都不用做(不用时常忙着买进卖出)的股,那麽就好好把握它,把时间变为金钱。

写到这里,我想 mbfholding 很快就会来到 90sen了,
祝贺那些买了 mbfholding还没卖的朋友,
这起码的 90sen 是你们该得的,

我上了宝贵的一课。代价是每股 90sen - 72sen  + 5sen 股息= 23sen。





备注:mbfholding 的合理价格远远超过 RM1,
90sen 是非常保守吃亏的估计。

买卖股票不可以此文为依据,要质询你本身的专业理财顾问,亏盈自负。

Sunday, September 05, 2010

投机 aim

买aim全粹是投机,16sen买,

要投机,就得靠图表,






















图示aim大行情来了,

目标保守点,十月前到 18sen,
18-16=2
100% X 2 / 16 = 12.5%


如果在 21sen卖,
21-16=5
100% X 5 / 16 = 31%

如果敢,那麽一部分在 18sen卖,另一部分在 21sen卖,
完全取决于你自己资金分配,风险控制,买卖策略。

 



Wednesday, September 01, 2010

越来越定

由于我不满意 hingyap 最新业绩,所以卖出部分股票,

加减乘除后,我手头的 hingyap 平均价是 RM0.95.

现在我的新战场是 hirotako,

hiro 这间公司是生产汽车安全系统方面的零件,

如:airbag, safety belt 等

这是间 零债务 公司,没向银行借钱,

现金接近 9千万, 总票数才 178,282,348,

扣除税务及供应商的钱等后,它的 net cash = RM 24,680,000

它的弱点是 少数权益太高了。

我的平均买价 RM 1.15.

money plant

朋友给了一盆 money plant, 听说有风水作用,会带来财运,

果然,拿回来2个星期后,我的股票都升了。

言归正传,money plant 叶子青绿色,汁有毒,蟠延植物。

它容易种植,需要多水地方,阳光不可直接照到,

我把它放在瓷碗里,里面放清水,每天换水,怕生孓孓,

可是过了数天,它叶子半黄半白不青的,

最后变黑枯了,我只好把那片枯叶摘掉。

放在屋子里面叶子不漂亮,

我想可能是没喝到天地之精,露水也,

所以早上六点起床就把它拿到外面露天地方,

九点左右太阳出来了把它拿进屋内,

晚上7点多又把它拿到外面。

非常尽心尽力的照顾它,

希望它能开支散叶。

有关它详细资料,可参考以下 link
http://en.wikipedia.org/wiki/Epipremnum_aureum