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新手注意 !《股票基本知识与FAQ 》

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楼主: 糊涂       显示全部楼层   阅读模式

发表于 20-6-2004 09:25 AM | 显示全部楼层
This just an article i take from internet.
May be will help u all.
Bye.

Part 1

Capital of a Company

Capital refers to the amount invested in the company so that it can carry on its activities. In a company capital refers to "share capital". The capital clause in Memorandum of Association must state the amount of capital with which company is registered giving details of number of shares and the type of shares of the company. A company cannot issue share capital in excess of the limit specified in the Capital clause without altering the capital clause of the MA.

The following different terms are used to denote different aspects of share capital: -

1. Nominal authorized or registered capital

Nominal authorized or registered capital means the sum mentioned in the capital clause of Memorandum of Association. It is the maximum amount, which the company raises by issuing the shares and on which the registration fee is paid. This limit is cannot be exceeded unless the Memorandum of Association is altered.

2. Issued capital

Issued capital means that part of the authorized capital, which has been offered for subscription to members and includes shares allotted to members for consideration in kind also.

3. Subscribed capital

Subscribed capital means that part of the issued capital at nominal or face value which has been subscribed or taken up by purchaser of shares in the company and which has been allotted.

4. Called-up capital

Called-up capital means the total amount of called up capital on the shares issued and subscribed by the shareholders on capital account. i.e. if the face value of a share is Rs.10/- but the company requires only Rs.2/- at present, it may call only Rs.2/- now and the balance Rs.8/- at a later date. Rs.2/- is the called up share capital and Rs.8/- is the uncalled share capital.

5. Paid-up capital

Paid-up capital means the total amount of called up share capital, which is actually paid to the company by the members.

In India, there is the concept of par value of shares. Par value of shares means the face value of the shares. A share under the Companies act, can either of Rs.10/- or Rs.100/- or any other value which may be the fixed by the Memorandum of Association of the company. When the shares are issued at the price which is higher than the par value say, for example Par value is Rs.10/- and it is issued at Rs.15/- then Rs.5/- is the premium amount i.e., Rs.10/- is the par value of the shares and Rs.5/- is the premium. Similarly when a share is issued at an amount lower than the par value, say Rs.8/-, in that case Rs.2/- is discount on shares and Rs.10/- will be par value.

Types of shares:

Shares in the company may be similar i.e. they may carry the same rights and liabilities and confer on their holders the same rights, liabilities and duties. There are two types of shares under Indian Company Law: -

1.Equity shares means that part of the share capital of the company which are not preference shares.

2.Preference Shares means shares which fulfill the following 2 conditions. Therefore, a share which is does not fulfill both these conditions is an equity share.

a) It carries Preferential rights in respect of Dividend at fixed amount or at fixed rate i.e. dividend payable is payable on fixed figure or percent and this dividend must paid before the holders of the equity shares can be paid dividend.

b) It also carries preferential right in regard to payment of capital on winding up or otherwise. It means the amount paid on preference share must be paid back to preference shareholders before anything in paid to the equity shareholders. In other words, preference share capital has priority both in repayment of dividend as well as capital.

Types of Preference Shares

Cumulative or Non-cumulative

A non-cumulative or simple preference shares gives right to fixed percentage dividend of profit of each year. In case no dividend thereon is declared in any year because of absence of profit, the holders of preference shares get nothing nor can they claim unpaid dividend in the subsequent year or years in respect of that year. Cumulative preference shares however give the right to the preference shareholders to demand the unpaid dividend in any year during the subsequent year or years when the profits are available for distribution. In this case dividends which are not paid in any year are accumulated and are paid out when the profits are available.

Redeemable and Non Redeemable

Redeemable Preference shares are preference shares, which have to be repaid by the company after the term of which for which the preference shares have been issued. Irredeemable Preference shares means preference shares need not repaid by the company except on winding up of the company. However, under the Indian Companies Act, a company cannot issue irredeemable preference shares. In fact, a company limited by shares cannot issue preference shares, which are redeemable after more than 10 years from the date of issue. In other words the maximum tenure of preference shares is 10 years. If a company is unable to redeem any preference shares within the specified period, it may, with consent of the Company Law Board, issue further redeemable preference shares equal to redeem the old preference shares including dividend thereon. A company can issue the preference shares which from the very beginning are redeemable on a fixed date or after certain period of time not exceeding 10 years provided it comprises of following conditions: -

It must be authorized by the articles of association to make such an issue.



The shares will be only redeemable if they are fully paid up.



The shares may be redeemed out of profits of the company which otherwise would be available for dividends or out of proceeds of new issue of shares made for the purpose of redeem shares.



If there is premium payable on redemption it must have provided out of profits or out of shares premium account before the shares are redeemed.



When shares are redeemed out of profits a sum equal to nominal amount of shares redeemed is to be transferred out of profits to the capital redemption reserve account. This amount should then be utilized for the purpose of redemption of redeemable preference shares. This reserve can be used to issue of fully paid bonus shares to the members of the company.

Participating Preference Share or non-participating preference shares

Participating Preference shares are entitled to a preferential dividend at a fixed rate with the right to participate further in the profits either along with or after payment of certain rate of dividend on equity shares. A non-participating share is one which does not such right to participate in the profits of the company after the dividend and capital have been paid to the preference shareholders.

Alternation of capital

A company limited by shares can alter the capital clause of its Memorandum in any of the following ways provided that such alteration is authorized by the articles of association of the company: -

1) Increase in share capital by such amount, as it thinks expedient by issuing new shares.

2) Consolidate and divide all or any of its share capital into shares of larger amount than its existing shares. e.g., if the company has 100 shares of Rs.10/- each (aggregating to Rs. 1000/-) it may consolidate those shares into 10 shares of Rs. 100/- each.

3) Convert all or any of its fully paid shares into stock and re-convert stock into fully paid shares of any denomination.

4) Subdivide shares or any of shares into smaller amounts fixed by the Memorandum so that in subdivision the proportion between the amount paid and the amount if any unpaid on each reduced shares shall be same as it was in case of from which the reduced share is derived.

5) Cancel shares which have been not been taken or agreed to be taken by any person and diminish the amount of share capital by the amount of the shares so cancelled.

The alteration of the capital of the company in any of the manner specified above can be done by passing a resolution at the general meeting of the company and does not require any confirmation by the court.

Reduction of the share capital can be effected only in the manners specified in Section 100-104 of the Act or by way of buy back under Section 77A and 77B of the Act. Notice of alteration to share capital is required to be filed with the registrar of the company in Form no 5 within 30 days of the alteration of the capital clause of the MA. The Registrar shall record the notice and make necessary alteration in Memorandum and Articles of Association of the company. Any default in giving notice to the registrar renders company and its officers in default liable to punishment with fine which may extend to the Rs. 50/- for each day of default.

Conversion of shares into stocks: Conversion of fully paid shares into stock may likewise be affected by the ordinary resolution of the company in the general meeting. Notice of the conversion must be given to the Registrar within 30 days of the conversion, the stock may be converted into fully paid shares following the same procedure and notice given to the Registrar in Form no 5. In this connection, the following provisions are important: -

1) Only fully paid shares can be converted into stocks

2) Direct issue of stock to members is not lawful and cannot be done.

3) The difference between shares and stock is that shares are transferable only in complete units so that transfer of half or any portion of share is not possible whereas stock is expressed in terms of any amount money and is transferable in any money fractions.

4) Articles may give the Board of Directors authority to fix minimum amount of stock transferable.
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发表于 20-6-2004 09:28 AM | 显示全部楼层
PART II

5) Since stock is not divided into different units it is not required to be numbered. Shares on the other hand must be numbered.

Reduction of share capital with sanction of the Court

A company limited by the shares or a company limited by guarantee and having share capital can if authorized by its articles, by special resolution and subject to confirmation by the court on petition reduce its share capital. It may effect reduction of its share capital in any of following circumstances:

1.Where the company is overcapitalized: -

a) It may extinguish or reduce the liability of member in respect of uncalled or unpaid capital. For example, where shares are of Rs.100/- each with Rs.60/- paid up, the company may reduce them to Rs.60/- fully paid and thus release the shareholder from the liability on uncalled capital of Rs.40/-.

b) Pay off or return part of the unpaid capital not wanted for the purpose of the company. For example, where the shares are fully paid of Rs. 100/- they may be reduced Rs.40/- each and Rs.60/- may be paid back to the shareholders.

c) Pay off part of the paid up share capital on the footing that it may be called up again. If shares are of Rs.100/- each the company may pay off Rs.25/- per share on condition that when desired the company may call it again without extinguishing the liability of shareholders to pay the uncalled share capital.

d) Reduce by a combination of the aforesaid methods

2.Where the company has suffered loss of capital, in such situation the company can write off or cancel the share capital which has been lost or is unrepresented by available assets.

Where the company has passed the resolution for reducing the share capital, it must, by petition, apply to the court in the prescribed form to the court for an order confirming the reduction. Where the proposed reduction of share capital involves the either diminution of liabilities in respect of unpaid share capital or the payment to any shareholder of any paid-up share capital or in any other case if the court so directs the following provisions shall have effect: -

1.Every creditor of the company who on the date fixed by the court is entitled to debt from or any claim against the company shall be entitled to object to the reduction.

2.The Court shall settle a list of creditors so entitled to object and for that purpose shall ascertain as far as possible without requiring an application from any of the creditors, the names of creditors and the nature and amount of debt or claims and publish notices fixing the day or days within which creditors not entered in the list are to be entered if they so desire.

3.Where a creditor entered on the list whose debt or claim is not discharged or has not been determined does not consent to the reduction, the court may, if it thinks fit, dispense with the consent of the creditors if the company secures payment of this debt or claim by appropriating the following amounts as the court may direct: -

a) The company admits the full amount claim or debt or though not admitting it is willing to provide for it, then the full amount of debt or claim

b) If the company does not admit and is not willing to provide for the full amount of debt or claim or if the amount is contingent or not ascertained, then amount fixed by the court after due enquiry.

4.Where the proposed reduction of share capital involves either diminution of any liability in respect of the unpaid share capital or payment of any shareholder of any paid share capital, the Court may, having regard to any special circumstances of the case as it thinks proper so to do, direct that the above provisions shall not apply to any class or classes of creditors.

5 If the court is satisfied with respect to every creditor of the company entitled to object to reduction that either his consent to the reduction has been obtained or his that debt or claim has been discharged or has been determined or has been secured, make an order confirming the reduction on such terms and conditions as it thinks fit.

6.Where the court makes such an order, it may, if for any special reasons thinks fit and proper to do so, make an order directing that the company shall during such period commencing on and any time after the date of the order as is specified in the order add to its name as the last words the words "& Reduced" and make an order requiring the company to publish the same along with the reasons for the reduction or such other information in regard thereto as the court may think expedient with view to giving proper information to the public and if the court thinks fit the causes which led to reduction.

7.Where the company is ordered to add to its name the words "& Reduced" those words shall until the expiry of period specified in the order shall be deemed to be part of the name of the company.

8.The registrar, on the production to him, of an order of the court confirming the reduction of the share capital of the company and on delivering to him the certified copy of the order and of minutes approved by the court showing with respect to the share capital of the company as altered by the order register the reduction of share capital. On registration of order and minutes, the reduction of share capital shall take effect.

9.Notice of the registration shall be published in such manner as the court may direct.

Reduction of capital without the sanction of the court

Reduction of capital can take place without the sanction of the court in the following cases

1) Buy back of shares in accordance to the provisions of Section 77A and 77B

2) Forfeiture of shares - A company may if authorized by its articles forfeit shares for non-payment of calls by the shareholders. Such proceedings amount to reduction of capital but the act does not require court sanction for this purpose.

3) Valid surrender of the shares - A company may accept the surrender of shares

4) Cancellation of capital - A company may cancel the shares, which has not been taken up or agreed to be taken by the person and diminish the amount of its share capital.

5) Purchase of shares of member by the company under Section 402B. The Company Law Board may, on application made under Section 397 or Section 398, order the purchase of shares or interest of any member of the company by the company. These provisions come in force when a prescribed number of members make a complaint to the CLB for mis-management or oppression of the minority shareholders in the company.

6) Redemption of redeemable preference shares. Where redeemable preference shares are redeemed, it actually amounts to reduction of the capital. However, this does not require the sanction of the court.

Variation of shareholders rights

The rights, duties and liabilities of all shareholders are clearly defined at the time of issue of the shares. Once the rights of shareholders are fixed, they cannot be altered unless the provisions of the Companies Act for this purpose are complied with. The rights attached to the shares of any class can be varied only with the consent in writing of shareholders holding not less than 75 % of the issued shares of that class or with the sanction of special resolution passed at a separate meeting of the holders of issued shares of that class. However, the following conditions also must be complied with: -

1.The variation of rights are allowed by the Memorandum or Articles of Association of the Company.

2.In absence of such provision in the Memorandum or Articles of company, such variation must not be prohibited by the terms of issue of shares of that class.

Rights of Dissenting Shareholders:

The rights of the shareholders who did not consent to or vote for variation of their rights are protected by the Companies Act. If the rights of any class of the shareholders are varied, the holders of not less than 10 per cent of the shares of that class, being persons who did not consent to or vote in favor of resolution for variation of their rights can apply to the court to have the variation cancelled. Where such application is made to the court, such variation will not be given effect unless and until it is confirmed by the court.

Voting Rights of the Members

Every member of a public company limited by shares holding equity shares will have votes in proportion to his share in paid up equity capital of the company.

Generally, preference shareholders do not have any voting rights. However, they can vote on matters directly relating to the rights attached to the preference share capital. Any resolution for winding up of the company or for the reduction or repayment of the share capital shall be deemed to affect directly the rights attached to preference shares. Where the preference shares are cumulative (in respect of dividend) and the dividend thereon has remained unpaid for an aggregate period of two years before date of any meeting of the company, the preference shareholders will have right to vote on any resolution. In case of non-cumulative preference shares, preference shareholders have right to vote on every resolution if dividend due on their capital remains unpaid, either in respect of period of not less than two years ending with the expiry of the financial year immediately preceding the commencement of the meeting or in respect of aggregate period of not less than three years comprised in six years ending with the expiry of concerned financial year.

Every equity shareholder has a right to vote at a general meeting. No company can prohibit any member from exercising his voting right any ground including the ground that he has not held his shares for a minimum period before he becomes eligible to vote. However, a member’s voting rights can be revoked if that member does not make payment of calls or other sums due against him or where the company has exercised the right of lien on his shares.
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发表于 20-6-2004 09:43 AM | 显示全部楼层
PART III

-Preference Shares


--------------------------------------------------------------------------------

Traditionally, Preference Shares have been seen as one of the principal methods of financing companies. However, their use in recent years has become soemwhat limited.

Preference Shares are shares that have several features, namely:

1.    they carry a fixed percentage dividend
2.    they are normally "cumulative", i.e. if the dividend can not be paid in one   year, it carries forward to the following year, where it becomes a priority item
3.   they do not carry voting rights or any other rights to participation in the running or policy of the company
4.   they do not participate, in any way, in any growth in the company or improvement in the company's profitability or value
5.   in terms of priority of payment of dividend and, in the event of corporate failure, repayment of capital, they rank ahead of ordinary shares, but behind loan notes and debentures.
Preference Shares now have very little use in the financing of companies, although there remain a few, very specialist, uses for them. They are, at best, seen as being a "halfway house" between ordinary shares (at one end of the financing spectrum) and long-term loans (at the other end of the spectrum) and they are seen to enjoy the advantages and privileges of neither ordinary shares or long-term loans.

The general view is that, if you want a fixed interest rate, priority on payment of interest and repayment of capital (in the event of corporate failure), no participation in the growing profits and value of the company and no participation in the company's organisation and policy and would like the security to be repaid by the company (i.e. a safe investment with very limited growth potential), buy a loan note / debenture.

If, on the other hand, you want a variable dividend, which (hopefully) rises with the growing profits and value of the company, with participation in the organisation and policy making, accept that the security will never be repaid by the company and you are prepared to take some degree of risk (i.e. you are prepared to be a limited risk taker, but one who seeks some return for the acceptance of that risk) then buy the company's ordinary shares.

In neither case should you consider Preference Shares, as they offer the advantages of neither ordinary shares nor long-term loans.

Preference Shares are valued on the Stock Market as less secure fixed-interest long-term loans.

[ Last edited by tomteohyk on 21-6-2004 at 09:08 AM ]
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发表于 23-6-2004 11:30 PM | 显示全部楼层
chinhin 于 15-4-2004 16:36  说 :


你多大啊?
我今天到MAYBANK証捲行开户口,可惜他们说我未足21岁不能开户!(要我多等几个月)

falcon^_^ 于 29-4-2004 20:21  说 :

未滿21歲也可以開戶口嗎﹖﹖須要什麼特定條件嗎﹖﹖
如﹕要多少資金才夠﹖﹖我今年20歲﹐只想問在證卷行開戶口需要什麼條件﹐謝謝各位前輩



有些证卷行的要求不一。有的要21岁,有的开CDS account要给RM10。但是像 Hong Leong 的证卷行18岁就可以开CDS account(现在情况不知道),不用给RM10。银行户口可以不用开,但是Hong Leong 的证卷行希望你能开他们的户口,以便有赚的时候加进你的银行户口。

Hong Leong 证卷行网站:www.hlgebiz.com(可以进行网上交易)

你可以online申请,然后他们会寄给你Document,Term and Condition,最好你仔细的读,然后签名,再加上两张身份证副本寄会给他们就行。两天后,你就可以得到你的CDS Account number还有Client Code。Client code是给你进钱进入CDS Account,这样你才能进行交易。过后你可以网上交易,只要你的电脑与他们的network连接,叫做ectrade。

至於资金多少是不重要的。当然不要只放RM100来放进CDS Account里,除非你买便宜的股票。但是,建议放RM500比较好。至於你要买多少share就看你的了。学生(学院生)当然可以玩股票,像本人的老弟早已经有户口了,只是需要做的是:加钱+网上交易 就行了。通常学生都是买便宜的股票如第二交易版,蓝筹股等。只要不是投机的,都可以鼓励学生来玩股票,学习理财。
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发表于 25-6-2004 03:58 PM | 显示全部楼层
小妹初来报到!请各位长老多多指教.

请问红股和股息的发配程序是否一样?

如享有红股或股息, 该在那一日卖出为理想?

为何报纸上登发配股息的每股发售价与market的价不一样? (低很多)

之前大众银行的股价在调整后为何从 RM3.++ -> RM5.95??

谢谢
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tekyong 该用户已被删除
发表于 25-6-2004 06:10 PM | 显示全部楼层
1. 基本上一样
2。entitlement day 之后的一天。(没有所谓的理想不理想)
3。股息是 利息,不是股价。
4。 pbbank 是 2 股 变成 1股。不关股息,红股的事。

****************
可靠的消息说,只要expired date 那天一早就买掉,就能拿股息了。

[ Last edited by tekyong on 29-6-2004 at 07:28 AM ]
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发表于 27-6-2004 02:10 AM | 显示全部楼层
请问你们是如何算出/知道一支股的股价,实值面值是什么价位呢?

谢谢回答
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tekyong 该用户已被删除
发表于 27-6-2004 03:40 AM | 显示全部楼层
全部都是又市场决定的。
假如你对 account,股票的基本知识 不了解的话,最好从头学起。
你问的问题太过广泛了。
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irene1120 该用户已被删除
发表于 2-7-2004 10:12 AM | 显示全部楼层
各位前輩好,
請問在証券行的賣買手續是多少?
而在網路上自行賣買的手續又是多少?
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tekyong 该用户已被删除
发表于 3-7-2004 12:06 AM | 显示全部楼层
以下是网友谈话


kching

股息权利的问题

除权日 (28/6/04)
过戶日 (30/6/04)
派息日 (23/7/04)

请问如果在 1/7/04 把这股票卖出去,我们还可能得到所有
的股息吗?


**************************

klse_invest

其实根据我的了解,有没有享有股息是看 EX-Date 的,只要在EX-Date之后卖就可享有股息。而 Entitlement Date 通常是给那些大股东用的,至于是如何的情况要询问过股票经纪人才知道。
支票是在 Payment Date 那天才寄出的,通常是要等3,4天就可以收到了。Entitlement Date(过戶日),在我的印象当中,应该是给那些大股东要把这个股息转让给他人的截止注册日期。真实的解释要问过经纪人才知道。


***************************
os

除权日 / Ex-date 之前买的才有.
除权日 / Ex-date 那一天开市的 Ref price 就会减掉dividen的了.  

************************************

tekyong

我想现在电脑进步了,所以我们才可以在expired date那天马上卖掉。

你们不信的话,可以问问 老一辈的 broker。
有些还以为 要等三天才能卖。

其实在以前,为了确保能拿到股息,你必需要把股票留着三天的。

****************************************
klse_invest

根据我进一步的了解,Entitlement Date(过戶日)的解释如下:
因为以前是没有CDS户口的,只是一张张的股票证书,所以他们要在Entitlement Date(过戶日)的截止时间之前完成割名手续,不然就不能享有股息。

那么为什么现在还有呢?现在我们已有CDS的户口了,一切的买卖股票都会直接存入或扣除。所以Entitlement Date(过戶日)通常对我们散户是没有作用的。除非是你手上有股票而还没有存入CDS的就有作用。

所以终结来说,Entitlement Date(过戶日)是给那些手上有股票又还没有存入CDS的人的最后的期限。所以一定要在期限之前把股票存入CDS才能享有股息。

*****************************************
whchua2000
初级会员

如果赚得股息需要付Income Tax??

如果是, 再投资,情况如何??  

如何要回?
由于股价的差额所得利润是毋须交税的是吗?  


*****************************************

tanhin :

Let say your taxable income was RM 45,000(fall within the bracket of 13 %),and out of the 45000, Rm 1000 was from the dividents you received(Not tax exempted dividents) and had been deducted 28 %, thus you can claim back 15 % for that 1000.

Thus, if your wife was of lower tax bracket,then you can claim back more.

sorry to write in English.  


**********************************
完毕


[ Last edited by 糊涂 on 11-9-2004 at 12:16 PM ]
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发表于 4-7-2004 02:39 AM | 显示全部楼层
发贴 1395
注册 10-4-2004
来自 johor
219.95.*  扣税股息是可以向 税务局要回的。(borang b)
如果投资新加坡的股票,扣税股息也能要回吗?如何要回呢?
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tekyong 该用户已被删除
发表于 4-7-2004 08:37 AM | 显示全部楼层
http://efile.iras.gov.sg/FAQ/Income_expense2.htm

到税务局跑一倘吧,新加坡的效率应该很好的。

[ Last edited by tekyong on 4-7-2004 at 08:39 AM ]
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发表于 4-7-2004 10:46 PM | 显示全部楼层
请问一下,通常我们在报章上看到的“成交量”
是指"多少宗"买卖还是"多少lot"买卖?

举例,我买了100lots但那只是一宗买卖。
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tekyong 该用户已被删除
发表于 5-7-2004 03:30 AM | 显示全部楼层
一 宗 = 1 lot = 100 units
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发表于 8-7-2004 10:25 AM | 显示全部楼层
如果买了发了股息/红股的股票, 之后还可以享有股息/红股吗? (不是短期内, maybe一年后公司赚了再给)
举例: 除权后 eon 由9块多跌到3块多, 公司明年赚了还会再给股息/红股吗?
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发表于 11-7-2004 07:03 PM | 显示全部楼层
Sck.Storm 于 11-7-2004 04:03 PM  说 :
PER high=good?
eden is very high!


在你这个阶段,你应该多做研究和功课。。。比较有益吧.

关于其他的资料,请你参考这个:

投资兵法 - 股票及債卷
http://chinese.cari.com.my/myfor ... =139504&fpage=5

Investopedia - Investment Web Site
www.investopedia.com


请看看这个:

本益比
   

 本益比=股價/每股獲利

 每股獲利是以上市公司未來一年的稅後每股盈餘當分母,股價當分子,其所得出的商就是該股的本益比。例如假設A股價現在是20元,今年A每股可以賺2元,那麼A現在的本益比是20/2=10 。

本益比的使用原則一般而言,在台灣股市,本益比低於15的股票,就可以納入逢低買進的標的之一,如果本益比低於10,長期投資,必有厚利可期,當本益比高於30,就不必急於追高,本益比高於40基本上股票就算貴了。

本益比的使用技巧

景氣循環股的本益比
 景氣循環股始終是在景氣還未到高峰之前,股價就先到頂,景氣未到谷底之前,股價就先落底。以塑膠股為例,當股價跌到歷史低檔區的時候,由於總市值已接近該公司的實際價值,包括公司大股東及有識之士均開始進場逢低買進,但此時由於產品價格持續滑落,公司獲利微薄,每股盈餘可能只有0.5元左右,但和每股20~30元的股價相比,本益比達40~60倍, 當產品售價因供不應求而飆漲時,每股盈餘動輒七,八元,但股價漲到100元以上,大股東因為知道這種熱絡的市況只是短暫的,一旦新的產能投產,售價就會回跌,所以開始逢高調節,股價也就開始進入頭部區,此時本益比不過十一,二倍, 所以,投資景氣循環股,切忌在景氣高峰期因本益比低而搶進股票,也不要在景氣谷底期因本益比過高而放棄長期投資的機會。


應從未來的角度來看本益比
 本益比的高低,和每股盈餘息息相關,但股價是反映未來的營運狀況,所以在估算本益比時,所應用的每股盈餘也應該是未來的每股盈餘,一般而言,都是使用未來十二個月的每股盈餘,否則,當未來獲利狀況出現較大變化的時候,如果還以過時的每股盈餘去估算本益比,並且以此作為衡量股價高低的標準,則往往會套在最高點,殺在最低點。


每股獲利要分清楚是來自業內或業外
 本益比看的是未來,因此只會關心屬於恆常性質的獲利。而公司的獲利來源除了靠本業之外,有時出售一筆土地或股票,也可以有不少的業外收益進帳。雖然不管業內或業外,都是獲利,每股盈餘都會增加,可是如果每股盈餘都來自業內,除非景氣出現重大變化,否則每年都還是有這麼多的獲利可以入帳,可是土地,股票一賣就是別人的了,這種獲利不是長期穩定的獲利, 在實際的投資行為上,估算本益比時,應把非恆常的業外的部份扣除,只算業內的獲利。例如A公司,每股盈餘六元,本業二元,業外四元,假設股價六十元,如果不計較獲利內容,本益比只有十倍,非常具有投資價值,可是如果從投資的角度,該股的本益比為(60-4)/2=28,已經偏高了,根本不值得投資。


給成長股較高的本益比
 不同產業所享有的本益比不同,具有高成長潛力的公司,其合理的本益比也將較高。例如通訊產業的本益比將高於食品業。而公司未來幾年的年複合成長率可作為合理本益比的參考值。成長股的好處在於持有愈久,成本愈低,因為成長股有這樣的好處,投資者願意以比其他股票更高的本益比來買進,所以,成長股的合理本益比總比其他股票高一些。未來成長的幅度很高的,本益比可以高一點,成長幅度比較低的,本益比就不能太高。例如A,B兩家不同的公司,同樣在90元買進,如果前者每年成長率五成,後者成長率為二成,一年後,前者的持股成本變成60元,後者變成75元,再一年後,前者持股成本變成40元,後者變成62.5元,兩者的差距愈來愈大。所以,成長性愈高的,可以用比較高的代價來持有。


注意利率和本比益比的互動關係
 以投資的角度來看,股價則是投資1股所需要的成本(購買成本),而每股獲利意思是投資1股所得到的獲利,因此本益比就是投資該股票1股的成本與獲利的比值,即為報酬率的倒數。因此本益比與利率均存在著報酬率的概念,而利率則是其最基本的機會成本。
 利率的高低,直接影響到合理本益比的區間,當利率水準高時,例如一年定期定存利率為10%時,代表如果你有10元,存一年,可以拿到1元的利息收入,此時如果你不存定存,把錢拿來買股票,你當然希望投資報酬率比定存好,假如股價都沒動,公司如果賺1元,你只有用十元買進股票,投資報酬率才會跟定存一樣,公司如果賺2元,合理的投資股價是20元,反推回去,本益比正好是10倍,亦即如果定存利率是10%,合理的本益比一定要低於10倍才具長期投資價值。如果利率走低,例如走低到8%,合理的本益比就可提高到100/8=12.5倍了,如果利率低到5%,合理的本益比就可提高到100/5=20倍了,也就是說,只要本益比低於二十倍,投資報酬率都比定存好。這就是為什麼每次只要利率有調高的趨勢,美國股市就會大跌個一百多點的主要原因了。甚至有的投資專家認為利率是決定股市多空走勢的最關鍵因素。


請注意股市整體本益比
 在過往的時日裡,國內股市的整體本益比約在二十倍到三十五倍中間波動,只有在中共文攻武嚇的時候,才一度跌破二十倍,因此,這樣的經驗值,也應該可以作為長線多空的參考依據。
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发表于 12-7-2004 06:18 PM | 显示全部楼层
有啊!!我这里就有很多老一,两辈的前辈都是酱的。。。。
你叫他们算什么PE ,EPS , ROE 。。。他们那里会。。。呵呵。

其实这样也不怎么样的,只要可以很肯定公司是赚钱的就好了。。。这是最基本的。。。
不必管他的PE,EPS或ROE 比其他公司低或高。。。
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发表于 12-7-2004 06:37 PM | 显示全部楼层
k_c_chan 于 11-7-2004 10:03 PM  说 :
有没有人以对一间公司的认识。。。
了解它的生意性质。。。 未来前景。。。
来买进它的股票。。。
而不计算,参考什么PE, EPS, ROE 啊等等。。。


了解未来前景是必要的,了解pe,eps,roe也是必要的,两者中少了一样的话,那么你的分析就会变成没有价值的。
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发表于 12-7-2004 06:47 PM | 显示全部楼层
小小陌生人 于 12-7-2004 06:18 PM  说 :
有啊!!我这里就有很多老一,两辈的前辈都是酱的。。。。
你叫他们算什么PE ,EPS , ROE 。。。他们那里会。。。呵呵。

其实这样也不怎么样的,只要可以很肯定公司是赚钱的就好了。。。这是最基本的。。。
...


找一家赚钱的公司来投资不是什么难事,但是找一家真正值的投资的公司确是难事。

pe,eps,roe这些东西主要是帮我们找出那些被市场低估但是却潜能很好的公司,如果完全不懂这些ratio,我们根本无法确定公司的价值。
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发表于 14-7-2004 05:50 PM | 显示全部楼层
fcthow 于 12-7-2004 06:47 PM  说 :


找一家赚钱的公司来投资不是什么难事,但是找一家真正值的投资的公司确是难事。

pe,eps,roe这些东西主要是帮我们找出那些被市场低估但是却潜能很好的公司,如果完全不懂这些ratio,我们根本无法确定公司的 ...


对咯对咯!pe,eps,roe是重要的。。。
那些老头子的想法真的不太实际。。。。

只靠表面的业绩而做出决定是不足够的。。。而且表面看得出业绩的公司也不出几个。
只有比较pe,eps,roe之类的才找出更多的潜力公司。。。!

我跟他们说,但是他们说那些连不在行的阿伯阿嫂都认识的公司一定是成绩好的公司。。。
无奈~ ~
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