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楼主: lcchong76

lcchong76 专区:迈向财务自由

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 楼主| 发表于 2013-11-4 14:10 | 显示全部楼层
Account Payables Calculation
http://lcchong.wordpress.com/2013/11/04/account-payables-calculation/

由于这篇文章所参考的资料都是英文, 未免出现低级翻译错误, 我就copy英文在这里
In this article, I would like to share how to calculate Account Payables by sharing two examples. Before we see the examples, let revisit the complete formula of Account Payables as following:

ACCOUNT PAYABLES = TRADE PAYABLES + OTHER PAYABLES + EMPLOYEE PAYABLES AND SOCIAL SECURITY + CURRENT TAX LIABILITIES

Trade Payables include the following items:

  • Trade payables relating to purchase of (i) raw materials, (ii) goods and (iii) rendering of services,
  • Trade payables relating to payments withheld as a guaranty;
  • Trade payables on invoices to be received;
  • Notes payable on trade receivables, bills payable;
  • Payables to fixed assets suppliers, notes payable on payables to fixed assets suppliers;
  • Payables on operating leases;
  • Less debtors payables (down-payments to suppliers; overpayments, credit notes, returns or allowances, claims);

Other Payables include the following items:

  • Accrued payables;
  • Deferred income;
  • Customs duties and excise duties.

The following items are not included in ‘other payables’ nor in the definition of the Working Capital:

  • Any payable related to litigation with competitors;
  • Any payable related to IP litigation;
  • Any payable related to product facility litigation;
  • Any payable related to environmental litigation;
  • Any payable related to class action litigation;
  • Any payable related to product claims;
  • Any payable related to breaches of law/regulation litigation;
  • Any payable related to breaches of contract litigation;
  • Any payable related to warranty/indemnity claims on previous transactions;
  • Any payable related to health and safety claims;

Employee payables and Social Security payables include the following items:

  • Wages and salaries payable;
  • Prepayments to employees;
  • Third party liens on employee wages;
  • Accrued vacation expenses;
  • Accrued personnel expenses;
  • Social Security;
  • Other social security agencies;
  • Accrued Social Security on unpaid vacation;
  • Less accrued Social Security;

Example 1 – GAB

For GAB (and most of the companies), to calculate “Account Payables”, just add “Trade and other payables, including derivatives” and “Current tax liabilities” together. For example, “Account Payables” = 179,142 + 4,084 = 183,226. Quite easy.

Example 2 – DIGI

The way DIGI presents “Current Liabilities” is slightly more comprehensive. How to calculate “Account Payables”? Let’s go through each item.

Trade and other payables

This is definitely part of “Account Payables”. Common sense.

Derivative Financial Instruments

GAB sum both “Trade and other payables” and “Derivative Financial Instruments” in one item. Why do we treat “Derivative Financial Instruments” as part of “Account Payables”? Let see the footnote.

Derivatives are stated at fair value which is equivalent to the marking of the derivatives to market, using prevailing market rates. Foreign currency forward contracts is an agreement to buy or sell a country’s currency at a specific price, usually 30, 60, or 90 days in the future. This guarantees an exchange rate on a given date.

This means DIGI will liquidate the contracts at most 90 days in the future, and DIGI needs to pay “Loss arising from fair value changes”.

Provision for liabilities

As you can see from the footnote, “Site decommissioning and restoration costs”, “Defined benefit plan”, “Customer loyalty programme” and “Employee leave entitlement” are all defined in the “Account Payables” formula.

Deferred revenue

Deferred revenue is advance payments or unearned revenue, recorded on the recipient’s balance sheet as a liability, until the services have been rendered or products have been delivered. Deferred revenue is a liability because it refers to revenue that has not yet been earned, but represents products or services that are owed to the customer. As the product or service is delivered over time, it is recognized as revenue on the income statement.

So, it is part of “Account Payables”.

Taxation

Here, “Taxation” refers to “Current Tax Liabilities”, thus it is part of “Account Payables”

In conclusion, to calculate 2012 “Account Payables” for DIGI, 2,091,210 + 151 + 40,450 + 405,236 + 0 = 2,537,047

In EquitiesTracker, they helped you do this the hard works in calculating “Account Payables”. One catch though: they do not add “Current Tax Liabilities” to “Account Payables” because they want to show the trend of taxation. So, we need to manually add “Creditors / Payables” and “Taxation” to get the real “Account Payables”.

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发表于 2013-11-4 14:15 | 显示全部楼层
高手

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发表于 2013-11-5 19:05 | 显示全部楼层
长期投资的高手

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 楼主| 发表于 2013-11-5 20:44 | 显示全部楼层
针对我的excel分析, 我写了一份Word文档来解释一些财务分析的formula和假设. 当然, 我没把那些简单的财务词汇写入Word文档.

http://sdrv.ms/185Q2Ph

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 楼主| 发表于 2013-11-5 22:43 | 显示全部楼层
REIT–Net Asset Value (NAV) Valuation
http://lcchong.wordpress.com/2013/11/05/reitnet-asset-value-nav-valuation/

Recently, I started to study the proper way in doing analysis and valuation for REIT counters. I came across Net Asset Value which is the common valuation in REIT.

We can easily obtain NAV from any REIT’s annual report. Thus, here, we won’t go into details of calculating NAV. In fact, I also don’t know how to calculate it.

In simple terms, NAV is an adjusted net asset value reflecting the market values of real estate properties held by an investment corporation. However, NAV does not directly affect unit-holders’ return. It is commonly used to determine if a REIT stock is undervalued or overvalued from a fundamental analysis point of view. This is done by comparing NAV per unit of a REIT to its current stock price. If the NAV per unit is higher than the REIT stock price, then it is said to be undervalued and vice-versa.

In real estate property, capital gain during disposal due to property value appreciation is the norm. However, for REIT, investors do not get the benefit of property value appreciation, reflected by NAV.

However, if a REIT reports that one of its property holdings has risen 20% in value, it will not benefit unit-holders until the REIT manager sells that property and realised their 20% gain. As long as they still hold onto that property and collecting rent from it, the 20% in value does not benefit investors directly in income distribution.

Even if the manager sold the property, the realised gain of capital revaluation on disposal is not the same as operating or rental income. Capital gain is tax-exempted in the first place. Therefore, there is no mandate or requirement that 90% of the realised capital gain must be distributed to obtain the tax-exempt benefit like rental income does (Money Compass).

Therefore, NAV is actually not really useful valuation for REIT.

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发表于 2013-11-5 23:12 | 显示全部楼层
几乎都不曾卖出

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发表于 2013-11-6 07:56 | 显示全部楼层
楼主你的excel file好强。。。

论坛上运用Excel分析的出神入化,除了heamq前辈,接下来就是你了。。。

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 楼主| 发表于 2013-11-6 13:43 | 显示全部楼层
Recently, I am considering to diversify my and parents’ investment to one/two outstanding REIT counters. I have been helping my parents to invest in stock. I think REIT counters may be particularly good for them because of relatively consistent dividends and fluctuation of price is also relatively smaller.

Nevertheless, the REIT sector is new to me in terms of analysis and valuation. Throughout the process of analysing and valuing STAREIT, now, I know what I don’t know. I still need to further study the following topics:

1. How to estimate DPU growth?
2. Common growth drivers and risks/challenges in REIT.
3. Fine tuning valuation methods for REIT: DCF and DY% Valuation.
4. The characteristics of outstanding REIT counters – I need to study more REIT counters to find out.

I am sure that there will be “I don’t know what I don’t know” issues. I will deal with them along the way or after I throw my money into market. Sometimes, you will only learn the real things after you throw hard-earn money into market.

Here is beta analysis for STAREIT – http://lcchong.files.wordpress.com/2013/11/stareit-q3-2013.xlsx

Please give comments. Thanks.

http://lcchong.wordpress.com/2013/11/06/reit-analysisbeta-analysis-on-stareit/

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 楼主| 发表于 2013-11-6 15:20 | 显示全部楼层
看回我的投资记录, 在股市10多年, 算是很幸运的, 我基本上只有一次惨痛经验. 我就跟你们分享这个经验.
在03/11/2006, 我分析了PELIKAN, 然后投资了它. 当时候, 在2.10买了5000 units, 2.48加持2000 units. 2008年前, 肯定是赚钱的.
后来, PELIKAN就开始暴跌了, 从4.1跌到0.8左右. 后来我在2009年8月, 忍痛把它卖完了. 亏了一大半本钱.
我从这个经验学到了几样东西:
1.        我对Economic Moats的认知和分析不够透彻. PELIKAN是没有什么economic moats的. PBBANK, GAB, BAT等等跌的话, 也不会跌到比之前股灾的低点更低. 熊市过了后, 他们会比之前上的更高.
2.        我对Valuation一无所知.
3.        我对Changes in Shareholding的重要性一无所知
4.        我对外资撤离的重要性一无所知. 当时外资基本上完全撤离PELIKAN.
5.        我选股和进场还不错, 却不知道什么时候应该出场. 我没设出场条件.
自从这件事之后, 我就下了很多苦工在以上的缺点.

点评

我应该也把这5点学上来,谢谢分享!  发表于 2014-12-16 17:19

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发表于 2013-11-6 15:29 | 显示全部楼层
Recently, I am considering to diversify my and parents’ investment to one/two outstanding REIT coun ...
lcchong76 发表于 2013-11-6 13:43


can also consider REIT in Singapore....more counters for you to compare and generally the DY easily >7%...the only disadvantage of REIT is raise of right issue diluted EPS...

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 楼主| 发表于 2013-11-6 15:35 | 显示全部楼层
回复 50# Myvan


    hmmmm, right issues. I have to check it out how frequent Malaysia REIT right issues. Thanks!

I also heard Singapore REITs are better than Malaysia. I will look into SIngapore REITs after I studied Malaysia REITs.

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发表于 2013-11-6 15:39 | 显示全部楼层
回复 51# lcchong76

sgpore reit last year very well perform in term of capital gain...but this year loss a bit of shine, gone through at least 20% downside correction...

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 楼主| 发表于 2013-11-6 15:43 | 显示全部楼层
回复 52# Myvan


    oic. may be got some bargain counters there. Thanks for head up.

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发表于 2013-11-6 16:25 | 显示全部楼层
回复 45# lcchong76


    进来支持一下,很多很好的分析(如果写中文更好)

btw
NAV higher will dilute share holder benefit,as management fee is base on how high with the NAV,so if the NAV higher = management fee higher

学人写下英文,希望没写错

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发表于 2013-11-6 19:38 | 显示全部楼层
investalks又有高手愿意分享经验了,我们又赚到了

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发表于 2013-11-6 19:53 | 显示全部楼层
看到你“不曾卖出”。。好佩服哦!!!
可想而知大大的profit有多少了

恭喜开楼

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发表于 2013-11-6 19:57 | 显示全部楼层
thx for sharing

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发表于 2013-11-6 19:59 | 显示全部楼层
哇,都是持股多年的高手

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发表于 2013-11-6 20:11 | 显示全部楼层
本帖最后由 hewin 于 2013-11-6 20:38 编辑

楼主做的功课非常详细和卓越,把资料写得这么出色。
论坛,又有一个基本面的高手诞生了。

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 楼主| 发表于 2013-11-6 21:04 | 显示全部楼层
本帖最后由 lcchong76 于 2013-11-6 21:12 编辑
看回我的投资记录, 在股市10多年, 算是很幸运的, 我基本上只有一次惨痛经验. 我就跟你们分享这个经验.
在0 ...
lcchong76 发表于 2013-11-6 15:20



    有些东西要补充: 当Pelikan狂跌的时候, 我在2块多也有average down. 所以除了以上我说的五样东西, 我也把average down用错在股票. 当有些股票丧失了主要优势, 是不能average down的了. 真的是能average down, 我也average down在错误的价格.

点评

明白!  发表于 2014-12-16 17:20

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