股票基本知识与FAQ - 新手请进

股票基本知识与FAQ - 新手请进
这儿有几本股票基本知识电子书，应足于让你了解你将投资的产品。http://www.8nn8.com/gpsj.htmhttp://www.8nn8.com/cj/jbzs/为了避免同样的问题一再的重复，我把这主题顶置并欢迎想投资股票的网友在这里发问你们投资路上遇上的难题。也请各位有经验的朋友帮忙解答。。。谢谢。1.) 去那裡開戶 ? 所有受承认的SECURITIES（证卷行)，最好是靠近您居住的地方！2.) 開戶多少錢 ?证卷行开户口免费，CDS户口需付RM10.00。3.) 甚麼是開番 ?開番＝一倍，如1变2， 2变4，4变8 都是可称之为開番4.)去那裡找相關的資料 ?http://announcements.bursamalays ... ainpage.nsf/lca.htm5.) 有沒有和這個類似的網站 ? http://tw.stock.yahoo.com/ (我覺得yahoo實在太方便了...)http://sg.biz.yahoo.com/i/6.) 馬來西亞一張是多少股 ? 是不是最少都要買一張 ? 能不能舉實例說明,買一張大概多少錢 ?这里称为1LOT，1LOT＝100SHARE。这也就是说若股价=RM1.2，那1lot的价格就等于RM1.20X100 = RM120.00。7.) 有沒有相關的電子書可以看 ?KLSE。8K的电子书与HARIMAU的上网投资股票

投资者常用的词汇在这里，我想尝试给投资新贵一些基本的投资概念与介绍前辈们的选股方式。当然在还未进行投资前，了解一些投资的词汇与术语是必要的。我会以最简单的方式为大家介绍这些将在投资路上与我们纠缠的字眼，希望大家能够从中获益。。EPS - Earning Per Share每股盈利 - 将公司除税后的可分配盈利除以已发行的股数，所得的盈利数目。PER - Price to Erning RatioPE（本益比） = Share Price（股价）/EPS（每股盈利）这一比率反映了投资者对公司未来盈利的预期，比率越高，越表现出投资者对股票的预期越乐观，反之则不然。其原因在于，正因为投资者对公司未来盈利的预期 大，股价才会上升，这一比率才相应地增加。一般说来，那些有着高成长与稳定的公司都会有着较高的本益比。许多朋友都会认为把钱存在银行是件很划算的事，其 实并不然，若以本益比来计算话，你就会知道为什么了：当利率4%时，P/E = 1/0.04 = 25当利率5%时，P/E = 1/0.05 = 20当利率7%时，P/E = 1/0.07 = 14这也说明了为何股市对利率的走势是多么敏感。这是因为每个精明的投资人，都懂得把资金放在最高回酬与最低风险的产品上。当然，我们还得运用其它的指标来估计股票的合理价格与其潜在的风险。本益比也是衡量股票投资收成（回酬）期限的推算方式。10倍本益比表示回酬期为十年，这也就是说你将在十年后将取得相当于投资额的回酬（若不计算复利的 话）。PE（本益比）不是一个死的指标，公司每年的每股盈利都会有所不同。而PE也将会随股票的价格与公司每年的盈利而有所改变。在KLSE上市的公司盈 利都可以在KLSE的官方网站中轻易取得，以下是连接：http://announcements.klse.com.my/linkwebmainpage.nsf/lca.htm请选择Announcements-〉Current-〉By Type-〉FINANCIAL RESULT-〉再选择你想查询的公司。在这里，你就能够看到上市公司最新的业绩报告了。 ROE - Return On Equity股东回报率 - 净收入除以股东基金ROE是基本派投资家的最神奇投资武器之一，它包含了三个管理层常用的重要杠杆-- 收益率(profitability)、资产管理(asset management)、财务杠杆（finance leverage)。ROE越高就表示管理层的管理效率越佳。同时，这也显示管理层能够平衡与有效的使用这三个杠杆来为公司赚取最高的利润。

DY - Dividend yield股息率 - 一年的总派息额与市价的比例Indicator Formula Performance Ratio Gross Profit Margin = (Profit Before Tax/Turnover)*100 Net Profit Margin = (Profit After Tax/Turnover)*100 Return on Shareholders Equity = Profit After Tax/Total Shareholders Funds Current Assets Turnover = Revenue/Current Assets Fixed Assets Turnover = Revenue/Fixed Assets Total Assets Turnover = Revenue/Total Assets Revenue Per Share = Revenue/Issued Shares Inventory Turnover = Revenue/Inventory Liquidity Ratio Current Ratio = Current Assets/Current Liabilities Acid Test Ratio = (Current Assets-Stock)/Current Liabilities Interest Coverage = Profit Before Tax/Interest Charge Growth Ratio Annual Revenue Growth Rate(%) = ((Current Year Revenue-Last Year Revenue)*100)/Last Year Revenue Annual Profit Growth Rate (%) = ((Current Year Profit-Last Year Profit)*100)/Last Year Profit Debt Ratio Debtors Turnover (Days) = (Debtors/Turnover)*365 Creditors Turnover (Days) = (Creditors/Turnover)*365 Debt Ratio (%) = (Total Liabilities/Total Assets)*100 Current Debt To Equity Ratio (%) = (Current Liabilities/Shareholders Fund)*100 Total Debt To Equity Ratio (%) = (Total Liabilities/Shareholders Fund)*100

如何投資凭單?
請問凭單又該如何投資?1.如何買? 如何賣? 是否跟股票一樣可在網上買賣(因為網上可以看到凭單的交易)? 還是必須填寫表格? 是否要通過股票經紀或是可自行處理買賣?凭单与股票都有在隆股市上市交易，所以我们一樣的可在網上自由買賣。2.如何進行母股轉換? 如何填補轉換價? 是否買進後任何時候都可進行轉換? 需多少時間進行轉換? 何時可賣出轉換後的 母股?凭单享有在一个指定的期限内，以一个预先制定的价格来认购同等数量股票的权利。至于转换的程序，你可向抽佣经纪查询。3.凭單進行轉換後是否還存在? 若是不存在了, 那凭單數量不是會越來越少? 那母 股豈不是越來越多?对，就是这样。当凭单期限到期后，就算不转换，它也将会从交易所除牌。

例子1: 股项A: 股价= rm1.00; EPS =0.20; PE= 1.00/0.20 = 5 在牛市: PE= 20 ; EPS = 0.20 ; 股价= 20 x 0.20 = rm4.00 rm1.00 x 2 = rm2.00; rm2.00 x 2 = rm4.00 开番机会 = 2 例子2: 股项B: 股价= rm2.00; EPS =0.20; PE= 2.00/0.20 = 10 在牛市: PE= 20 ; EPS = 0.20 ; 股价= 20 x 0.20 = rm4.00 rm2.00 x 2 = rm4.00 开番机会 = 1 所以表面上股项A 比 股项B较占优势。最好避免用PE来衡量两个不同行业的股项,大致上plantation(周期性盈利),finance股项的PE都会偏高。PE只是选股的众多因素中其一，选股还要看其他因素。


HUMAN兄对于你的PE解释我想补充一点的是PE只能用于看看该股当时贵或便宜，绝对不能以PE来选股因为PE不能充分的说出E的QUALITY！何为PE，Price/Earning 所以称为 PE，反之我们更应该看 EP也就是E／P这样才能、充分的看出EPS的quality例子：TSH的三个QUATER EPS 为 28.81，所以我们假设４个QUATER的EPS为38.5而现在的TSH PRICE 为2.9那么 0.385/2.9＝0.132意识是说我们如果现在投入2.9买入TSH就可以得到13.2％的回酬那么你会投入吗？反之Price/Earning ＝2.9/0.385＝7.5这里只能告诉我们PE是7.5而已！不能告诉我们公司的赚钱能力！当然我们选股时还是首选高ROE的股EP也称为ROI（return on investment)以下是关于它的详解：

IS EARNINGS YIELD THE SAME AS DIVIDEND YIELD? PE = Price Earnings Ratio Earnings Yield = EPPE = Share Price / EPS Earnings Yield = EPS / Share PriceAlmost every investor, even a novice, is aware of the most common of all financial ratios: PE, or Price / Earnings. It is simply the current share price divided by the latest earnings per share (EPS). Simplicity becomes a bit more complex as you realize the EPS could be historical (latest financial year), trailing (last sequential four quarters), current (estimate of current full financial year), future (estimate of future years earnings), adjusted (remove one-time extraordinary gains or losses and fully dilute to current number of shares issued and outstanding). Nonetheless, PE is the simplest and most common of all financial ratios, and is seen as a value proxy for a company-- the higher the PE the higher the business is valued and the lower the PE the more of a bargain the current price compared to earnings-- especially useful when comparing peer companies in similar industries. Earnings Yield is the inverse of the PE ratio, or E / P-- the EPS divided by the share price. While it is related to the PE, it offers more valuable insights into the value of a business for investors. The Earnings Yield states very succintly how much a business is able to return to you, the investor, in terns of net earnings for every dollar you must invest to buy the shares at the current market price.For example...let抯 compare a recent IPO and an old favorite of our WS8 Portfolio ... Sinomem EPS = The new share offer increased outstanding shares from 300 million to 400 million, thus effectively diluting historical FY2002 EPS to 2.65 cents. Sinomem P = Current price on 7 July is S$0.77 per share. Sinomem Earnings Yield = EPS/P = 2.65 / 77 = 3.4%People抯 Food EPS = FY2002 net earnings = RMB 823m = ~S$174m / 1133m shares = 15 cents/sharePeople抯 Food P = Current price on 7 July is around S$0.97 per share. PFood Earnings Yield = EPS/P = 15 / 97 = 15.5%So, you can see immediately how useful the Earnings Yield number is. Instantly, this simple inverse of the PE helps you understand your expected investor earnings return from one stock versus another. In this case, investors would only expect a 3% earnings return from Sinomem, but over 15% earnings return from People抯 Food. Of course, your stock analysis process doesn抰 end here-- other obvious considerations would include your educated opinion about each company抯 current and future year earnings growth prospects, the strength of their balance sheets, their track record for achieving high returns on earnings reinvested into the business, and their tendency to return some of each year抯 earnings to shareholders as dividends, among many others. Warren Buffett uses a concept called 抩wner earnings?nbsp;for determining the economic value of a business according to Robert Hagstrom in his book The Essential Buffett (Wiley, 2001). Buffett calculates owner earnings by taking the company抯 net income plus depreciation, depletion, and amortization, less the amount of capital expenditures and any additional working capital that might be needed. Moving from Earnings Yield to Owner Earnings is, as you can see, moving from undergraduate school to graduate school. Calculating the current value of a business means, first, estimating the total earnings that will likely occur over the life of the business, and then discounting that total backward to today--what we often call discounted cash flow (DCF). (Keep in mind that, for 抏arnings,?Buffett uses Owner Earnings--net cash flow adjusted for capital expenditure.) To estimate the total future earnings, we would apply all we had learned about the company抯 business characteristics, its financial health, and the quality of managers, using the first 7 screens of our WS8 intelli-vest process. But, now we抮e moving into post-doctorate level studies. For starters, begin to move beyond the ubiquitous PE and think in terms of its inverse, Earnings Yield... it will put you on the track to Buffett-like business value analysis. 推荐一本书给大家The New Buffettology Author : Buffett, Mary; Clark, David

補充一點,無論公司业绩是否下降,保持或是增加,只要公司有宣佈股息派發,任何該公司的股東都有權力收取股息,不過,持股必須通過股息注冊截止日,也就是Entitlement Date,不然是收不到股息的.股息分兩種,一種是現金股息(Cash Dividend),另一種則是股票股息(share Dividend),現在就來談談現金股息是如何计算的:現金股息有兩種,一種是以零吉或Sen來發的,另一種則是以百分比來發.我舉個以零吉或Sen來發的例子:舉例:某公司宣佈要派發股息每股20 Sen,假如你持有1000股(10 lot),那麼計算你所得到的股息將會是毛股息=RM0.20x1000=RM200.00為什麼稱為毛股息呢?因為還沒有扣掉28%的股息稅,扣掉後就是你將會拿到的潔股息了潔股息=毛股息-(毛股息x28%)=RM200-(RM200x28%)=RM200-RM56=RM144以百分比來發的例子:假設某公司股票的每股面值是RM 1,而公司即將派發高達20%的股息,那每股毛股息將會是20 sen.要計算出你的總所得的話就以這20 sen 乘以你的總持股既可,毛股息和潔股息可依照上面計算出來.有一點要注意的是,每股面值並不是每股股价,每股面值在上市時就已經擬定好,是無法改變的,至于股價,會隨著市場供須和每股實值而產生變化.想認識什麼是憑單,可以到下面這網站來研究:http://biz.sinchew-i.com/bivo.shtml?/2000/10/07/bivo000.html

對一個以100%本錢而無舉債投資的人來說,投資股票的风险其實只有兩種而已,第一種是選股的风险,而第二種則是選時的风险,這些都是屬于投資者能力範圍以內所能掌控的风险.選股的风险:選股的风险取決于你所選擇的公司,這要考量其管理層的好壞程度和財務狀況,只要能夠選擇一個具備良好管理層的公司並長期投資,你的投資风险將會降低50%甚至更多.這些风险包括投資者能力範圍以內所能掌控和非能力範圍以內所能掌控的风险.至于什麼天災,人禍,土崩,社會現象,國際,政策所產生的风险,這些都是屬于非投資者能力範圍以內所能掌控的风险,這是公司所要面對的,並不能成為投資者選股的絆腳石,反而是個能夠讓你選購好公司的良機.只要你所選的公司管理層夠優秀,這些风险肯定能夠迎刃而解,君不見有很多具備良好管理層的好公司在面臨金融風暴之后能夠東山再起,毅力不倒.記者,投資者的焦點是公司的管理層,而公司的焦點之一才是他們的风险,风险反而往往為投資者產生了機會.選時的风险:選時的风险取抉于市場情緒和股支的供求多寡,當人人情緒高昂的時候,多數的投資者肯定無法用最合理最廉價的價格來購買他所要的投資項目.打個比方,假如有 兩組人要分蛋糕,A組二十個人分一塊和B組五個人分一塊,結果哪組每人所獲得的蛋糕最多?這個原理和股市的供求原理是一樣的,想要更祥細的了解選時甚至是 更多有關投資的問題,強烈建意研究8K前輩所寫的電子書.

融資小詞典
轉貸費用（MOVING COST）轉貸費用基本上包括轉換融資銀行時，所需繳付的律師費、印花稅和評估報告費用。許多消費者因昂貴的轉貸費用，而對轉換融資銀行一事遲疑不決；因此市面上推出了「免轉貸費用」（FREE MOVING COST）配套，將一切費用包括在再融資配套內。這樣一來，由於消費者無需預先繳付轉貸費用，因此較樂於進行再融資。無論如何，「天下沒有白吃的午餐」，消費者應謹慎留意「免轉貸費用」再融資配套通常收取較高的利率。定期貸款（TERM LOAN）又稱中長期貸款，信貸期限多在1年至10年之間；借貸者需在合約制定的期限內，按分期付款方式清還貸款。一般的定期貸款並不會使預還貸款者受惠，因為每月固定償還額是銀行根據合約當初立下的期限所制定的，貸款者提早還清貸款將損害銀行賺息而需付罰金。透支貸款（OVERDRAFT）通過透支貸款，銀行將根據貸款母金（PRINCIPAL），給予貸款者可額外取用的一定數額，然後根據每月透支數額按收利息。這是非常具伸縮性的貸款方式，此類再融資配套沒有固定的償還期限及最低償還數額；貸款者只需清還銀行月結單註明的款項，與一般的來往戶口無異。雖然透支貸款容許借貸者依本身需求透支額外貸款，然而它卻屬於無固定期限的循環性貸款；缺乏財務紀律的人可能每月只顧償還利息，在若干年後才發現貸款數額未曾減少，已清還款項卻如付之一炬。重取貸款（REDRAW）重取貸款性質介於定期貸款與透支貸款之間，讓貸款者在付還每月固定分期付款之餘，也可在擁有多餘資金時，償還部份母金以減低利息。同時，當貸款者週轉不靈時，也可自母金戶口取出之前預還的資金應急，可提取的最高款項則視預還數額而定；通常銀行會設下預還貸款的最低數額。提取貸款（WITHDRAW）此類貸款功用與重取貸款相似，惟借貸者在亟需時，除了可提取之前預還的數額，也可挪用清還母金的基本償還額。提取貸款雖可讓融資者可動用更多資金，但奉勸不善於規劃者還是少碰為妙，以免陷入貸款永遠無法還清的夢魘。[ Last edited by 糊涂 on 28-3-2004 at 10:56 PM ]
简单的解释如下：OA - 债卷或凭单转换后的股票，不能够享有现年的股息。股息除权后将转换为母股。PA - 优先股，可以特定的比例转换为母股，有些公司会给于优先股股东优先股息。01 - 外国股，享有股息但没有投票权。