tag:blogger.com,1999:blog-2176979440585416248.post5596178541683053493..comments2024-03-27T13:33:11.706+08:00Comments on 巴黎的價值投資: 較自由現金流更好的指標(談REIT的AFFO)巴黎http://www.blogger.com/profile/09026111255713306999noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-2176979440585416248.post-23378147090541293102018-02-15T11:45:42.801+08:002018-02-15T11:45:42.801+08:00是想表達平均支出跟收入匹配。是想表達平均支出跟收入匹配。巴黎https://www.blogger.com/profile/09026111255713306999noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-75026384877440696182018-02-15T11:32:29.879+08:002018-02-15T11:32:29.879+08:00Why the maintenance cost for the first year is 250...Why the maintenance cost for the first year is 250k instead of 500k if it's completed as at 31.12? Poor Charliehttps://www.blogger.com/profile/07829243968022867301noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-86299099197867813762018-02-14T20:53:15.011+08:002018-02-14T20:53:15.011+08:00是,如果在年頭一早己發生,就會重複了。
其实好多指標也有這問题,例如ROE, inventory t...是,如果在年頭一早己發生,就會重複了。<br />其实好多指標也有這問题,例如ROE, inventory turnover....都假設是平均分佈全年。<br />知道限制就取其精神,見到大量Capex和维修支出,但利润谷不起,就知有問题,相反小小capex, 利润卻能大升,就推测到有一些capex和支出其实是為擴張用。<br />巴黎https://www.blogger.com/profile/09026111255713306999noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-29799552662237291482018-02-14T18:17:44.832+08:002018-02-14T18:17:44.832+08:00謝巴黎老師指教!想請問 AFFO 是否假設了 REIT / 公司會在來年繼續本年度類似的投資?即如果...謝巴黎老師指教!想請問 AFFO 是否假設了 REIT / 公司會在來年繼續本年度類似的投資?即如果例子中的甲公司其實今年初已一次性改裝了 10 輛車,而公司明年並沒有再增加卡斗的計劃,則:<br /><br />第二年:<br />銷售 = 1億 <br />盈利 = 950萬 = 1,000萬 - 50萬一次性維修費<br />資産 = 1,000萬<br />汽車折舊 = 100萬<br />新增汽車 = 100萬<br />FCF = 950萬<br />AFFO = 950萬 + 150萬 = 1100萬<br /><br />但第三年:<br />銷售 = 1億 <br />盈利 = 1,000萬<br />FCF = 1,000萬<br />AFFO = 1,000萬 - 50萬 = 950萬<br /><br />第四年及其後:<br />盈利 = AFFO = 1,000萬<br /><br />如此 AFFO 是否對公司的未來盈利預測過度敏感?福祿壽全https://www.blogger.com/profile/09008945207614406671noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-28095348462363260592018-02-14T17:40:58.281+08:002018-02-14T17:40:58.281+08:00明白! 多謝用心指教! 萬分感激! 明白! 多謝用心指教! 萬分感激! Anonymoushttps://www.blogger.com/profile/12134523223018669035noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-79622992215977772112018-02-13T22:14:06.068+08:002018-02-13T22:14:06.068+08:00斗室兄,高Debt ratio 公司的複合增長高原因是槓桿,不関它的生意好懷,管理才能,買入這些股賺...斗室兄,高Debt ratio 公司的複合增長高原因是槓桿,不関它的生意好懷,管理才能,買入這些股賺大錢也不関選股技術,只要大膽不怕死就可以。<br />我對預測超重的升降機何時斷䌫沒有心德,這是一個死亡遊戲,我永不會走進去。<br />巴黎https://www.blogger.com/profile/09026111255713306999noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-50734909393615310142018-02-13T22:04:49.490+08:002018-02-13T22:04:49.490+08:00Operational cash flows 是after change in working ca...Operational cash flows 是after change in working capital 的。巴黎https://www.blogger.com/profile/09026111255713306999noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-23630724251658751212018-02-13T22:04:04.025+08:002018-02-13T22:04:04.025+08:00多謝lo lo的支持。多謝lo lo的支持。巴黎https://www.blogger.com/profile/09026111255713306999noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-76137701969185991022018-02-13T19:10:54.605+08:002018-02-13T19:10:54.605+08:00請教巴黎兄,
Operational cash flows 應該用 before change i...請教巴黎兄,<br /><br />Operational cash flows 應該用 before change in working capital 還是 after change in working capital?<br />謝謝!<br /><br />- 文Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-25613917562223260732018-02-13T12:47:51.388+08:002018-02-13T12:47:51.388+08:00Paris Sir,
Thanks for sharing.Paris Sir,<br /><br />Thanks for sharing.lolohttps://www.blogger.com/profile/10535766541843761706noreply@blogger.comtag:blogger.com,1999:blog-2176979440585416248.post-29626469188003992562018-02-13T12:17:37.542+08:002018-02-13T12:17:37.542+08:00多謝分享, 看閣下的文章真是獲益良多! 想請教一下關於以借貸及拼購而逹成的增長是否會長久? 我一直有...多謝分享, 看閣下的文章真是獲益良多! 想請教一下關於以借貸及拼購而逹成的增長是否會長久? 我一直有留意371.HK 北控水務, 發覺其DEBT/EQUITY RATIO 很高, 而INTEREST COVER 則從2015年的3.93 一直上升至2017年的4.58, 而FCF 卻一直是負數, 期間收入及派息一直都增長, 股價4年複合增長亦有16.73%, 撇除其母公司是北控之外, 請問若INTEREST COVER 減少至2 或 1 會否代表其增長將會放媛? 或會有很大危機? 又或此類公司該用什麼指標來決定公司出問題要跳船? 還望賜教!! 謝謝! Anonymoushttps://www.blogger.com/profile/12134523223018669035noreply@blogger.com