根據交易所網站，截至1月份，大馬共有906家上市公司，眾多的公司，讓投資者不知從何下手選擇，擁有長達200年歷史的英國資產管理公司施羅德（Schrodes）又是如何挑選上市公司股票作為投資呢？
英國資產管理公司施羅德（Schrodes）投資方案部門主管約翰在推介“環球股息策略基金”上表示，公司在挑選上市公司股票時，主要考慮公司基本面、週息率及風險。
基本面包含3部份
基本面包含了公司的股本回酬（ROE）、債務、現金流三者。
◆股本回酬（ROE）
股本回酬率是測量一家公司如何有效地利用資本以及盈餘，為股東創造更多的盈利。簡單而言，股本回酬率可讓投資者瞭解該公司的盈利有多強，若每年都可以維持在高幅度的增長，意味著管理層不斷為公司創造更好的價值。股本回酬率也是巴菲特評鑑公司價值的方法之一。
◆債務
經濟繁盛時，企業可以透過借貸來擴展業務，銀行也願意給予各個企業較高的貸款額度。可是萬一進入經濟衰退期時，所有銀行不但緊縮借貸，甚至向企業追討欠款。倘若，企業舉債過高，無法償付欠款，嚴重者可能面對破產的局面。
◆現金流
一家公司倘若沒有過高的債務，甚至零負債，再加上現金流充沛，可應對長期的開銷，那麼該企業可面對任何的挑戰。甚至可趁經濟疲乏時，收購優質的資產，待經濟好轉時，賺取更高的利潤。
◆週息率
約翰表示，施羅德在挑選公司時，對週息率的最低要求為4%，並著重股息的成長及股價的變動。
短期而言，股價在背後可能有人操縱而出現大幅波動，但股息不能，因為股息是企業實實在在所派發的淨利。
這裡舉例，倘若A公司股價為1令吉，派發6仙的股息，那麼週息率為6%，有投資者願意以1令吉20仙購買該股，享有5%的週息率，那麼該股股價可上升至1令吉20仙，而以1令吉購買該股的投資者可從股價上升及股息雙雙得益。
勿把雞蛋放在一個籃子
投資有風險，不要把雞蛋都放在一個籃子，投資者可透過多元化的方式，投資在不同領域，這樣就能降低風險，以賺取更多的回酬。（星洲日報／投資致富‧2月精彩‧文：謝汪潮）
kcchongnz
This is the type of articles investors should read and learn from it.
Look for companies with high return on capital, in ROE and ROIC, and not chasing revenue and profit growth without ROE or ROIC higher than the cost of capitals.
Look for companies with little debts as economic downturn can cause misery to the companies and their investors. Companies shouldn't have high debts, what more to say about individual investors. Investors with high leverage and margin financing are certainly looking for trouble.
Cash flow is very important. Good cash flow can meet any challenge, as the article said. How many individual investors pay any attention to cash flow? I am afraid very few do. Ignore cash flow at your own peril.
Yes, dividend. Earnings can be faked, but not real and consistent good dividend.
Last but not least, do not put all your eggs in one basket. This is a good maxim in investing. It is the only free lunch in investing.
A friend of mine ignored all the above. Unfortunately it is like a perfect storm. He was unlucky in a sense as he lost quite badly in a concentrated portfolio of a few major stocks with heavy margin financing. Those few stocks were selected mainly based on some high revenue and profit growth expectations and disregard on return of capitals which were very low and little cash flow.
Coincidentally the share prices of all of those stocks lost heavily when the general market was actually up in the last few years. It was a double whammy as the shares were bought at a high valuation with high growth expectations which did not materialize. The problem was accentuated the last few months when the market fell abruptly.
This is no bullshit story.
2015-02-08 23:51