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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
kakashit
1,472 posts
Posted by kakashit > 2014-12-04 21:50 | Report Abuse
笔者主要是在说Muiind可能是个value trap,我有一些反对的意见。
表面上Muiind好像是年年亏大钱,好像差不多要倒闭似的,但如果你从现金流来看马联却年年有收入,这些都是真金白银袋进口袋的钱,free cash flow平均都在100mil,这种现金流充沛的公司根本不可能倒闭。其之所以账面亏损是因为减记(depreciation),其世界各地的产业的价值不单没有重估,而且还年年减记,而减记亏损必须被算在income statement里面的。同样的,马联也持有很股票,而股价的纸上损失也必须被算在income statement,才导致其成绩那么难看。但是这些账面亏损是不涉及现金的,不用掏钱出来的。
其庞大的债务在价值连城的地产面前根本不值一提,随便卖掉产业就足以一笔勾销了。
至于马联是否会把卖地赚回来的钱益股东呢?不要忘了邱继炳本身是马联最大的股东,资金会退最大的受惠者是他本人。