好股介绍之WCT

dadi

吉祥 于 26-2-2004 12:13  说 :


Something to share (comments/ discussions welcomed)

1.The capital structure of a company (Debt or Equity) is a management decision, we concern about the Debt to Equity ratio simply because i ...

谢谢你的分享，但是请问多高是＝好？都低是不好？
这里是一些 info

Interest Coverage Ratio
A ratio used to determnine how easily a company can pay interest on outstanding debt. The ratio is calculated by dividing a company's earnings before interest and taxes (EBIT) in one period by their interest expenses in the same period:






The lower the ratio the higher the company is burdened by debt expense. When the interest coverage ratio reaches approximately 1.5 and lower, a company's ability to meet interest expenses may be questioned. An interest coverage ratio below 1 indicates a company is not generating sufficient revenues to satisfy interest expenses.

That means >1.5 is best? 当我在计算WCT时的到的数目是6
那是代表什么？是我的计算错误吗？
我是那２００３Q３ CASH FLOW 里的Profit from operation／Interest paid 不知道这样对不对？

谢谢！

还有请问CASH FLOW 里的INTEREST PAID 和P＆L的FINANCE COST 有什么分别？
而你指的interest expenses 我该去那里的FIGURE？

[ Last edited by dadi on 26-2-2004 at 12:36 PM ]

derwee

derwee@yahoo.com

dadi 于 26-2-2004 12:32 PM  说 :


谢谢你的分享，但是请问多高是＝好？都低是不好？
这里是一些 info

Interest Coverage Ratio
A ratio used to determnine how easily a company can pay interest on outstanding debt. The ratio is  ...

You threw me a very subjective question !!! :-)
anyway, the ratio can go to sky high (given the EBIT,the lower the debt employed, the higher the ratio will be). a good way to use it, is to compare the ratio with it's peers and study the trend (use historical data).

You can get the "interest expenses from the Cash flows statement"
EBIT = usually is an adjusted Operating Profit (op profit + int. income + other income) ... anyway, it all depends on the flow of the P/L statement.

fcthow

You can get the "interest expenses from the Cash flows statement"

其实，我认为你的interest expenses应该用profit n loss statement的，而不是cash flow statement的。如果公司三个月里每个月交1000块interest,那么这每月1000块的interest expense就会纪录在PnL statement里。可是，公司可能不一定每个月交都叫1000块，公司可能在第三个月一起交完3000块的interest，那么在这种情况下，首两个月的 cash flow statement将没有记录interest expense，反而第三个月的CF statement会一起纪录3000的interest expense,因为CF statement是用来记录现金流而已，如果那个月expense还没有交的话，是不用纪录在cash flow statement里的，但是要记录在balance sheet里的account payable.

所以，如果你用第三个月的CF statement的interest expense来计算的话，你会发现ratio与前两个月有很大出入，如果你用这个ratio分析的话，很可能你会被误导了。

fcthow 于 26-2-2004 02:33 PM  说 :

其实，我认为你的interest expenses应该用profit n loss statement的，而不是cash flow statement的。如果公司三个月里每个月交1000块interest,那么这每月1000块的interest expense就会纪录在PnL statement里。 ...

Correct me if i am wrong,

let's make everything clear here, Interest Expenses are the interet paid by the company on loans/ debts (short term or long term) employed by the company.

we normally don't know the fluctuation of the payment (we get quarterly & annual results only, right??) and it really doesn't matter when the company pays coz we look at the payment on a yearly basis. (but usually the company won't make it too volatile)

because of this, this ratio normally a good indicator of a company's ability to service its debt, coz, a company can fail with positive earnings but negative cash flows.

if during a year, the company take huge amount of loans, we can expect the ratio to drop (if their earnings growth does not follow suit). Always look for the expected int. cov ratio.

besides, we can also easily estimate the interest expenses based on the debt adopted/ taken by the company. We can refer to the accounting notes to get more info.

thanks for sharing your ideas

[ Last edited by 吉祥 on 26-2-2004 at 03:17 PM ]

Does anyone of you ever look at this counter ?

Just a brief intro:
It's an autoparts producer, mainly on OEM (original equipment market) 70%, REM (Replacement market) and exports.

it's a company spun off from TanChong.

Harimau

MALAYSIA'S WCT ENGINEERING 2.14 MLN NEW SHARES TO LIST ON MSEB MARCH 1              26-Feb-2004 12:34:00
--------------------------------------------------------------------------------


KUALA LUMPUR (AFX-ASIA) - Construction-based WCT Engineering Bhd said its
additional 2.14 mln new shares arising from its warrant conversion will be
listed and quoted on the Malaysia Securities Exchange Bhd (MSEB) on Monday
(March 1).

leefun.chew@afxasia.com

clf/swp

human

大地， 你认为高负债公司多少的EPS成长才合你的标准。
我的标准是debt ratio<0.8。
WCT 和 MKLAND 有点相识，都是高负债高成长的股项(建筑和工程公司的惯例)。
我对MKLAND的WA很有兴趣,那时MKLAND-WA是0。76，因为它的高负债让我犹豫很久，结果我没进MKLAND-WA。
WCT母股,它03全年的EPS成长的确吸引。
http://announcements.klse.com.my/EDMS\EdmsWeb.nsf/LsvAllByID/482568BB00440EF848256E4600326079?OpenDocument

[ Last edited by human on 26-2-2004 at 05:51 PM ]

Harimau

WCT 这一季的成绩单是全年四季里面最差的，虽然 revenue 比第一季高... 必须再接再厉了。

os

dadi,我也要..  
frasteenskrs@hotmail.com
谢谢!

from dq:
D/E 2000 - 0.65
D/E 2001 - 0.78
D/E 2002 - 0.90

ROE 2000 - 22.52%
ROE 2001 - 23.39%
ROE 2002 - 24.11%

另外一只GAMUDA
D/E 2000 - 0.12
D/E 2001 - 0.43
D/E 2002 - 0.30

ROE 2000 - 13%
ROE 2001 - 15%
ROE 2002 - 16%

选WCT的理由?
WCT PE < GAMUDA PE

[ Last edited by os on 26-2-2004 at 10:30 PM ]

dadi

human 于 26-2-2004 17:46  说 :
大地， 你认为高负债公司多少的EPS成长才合你的标准。
我的标准是debt ratio<0.8。
WCT 和 MKLAND 有点相识，都是高负债高成长的股项(建筑和工程公司的惯例)。
我对MKLAND的WA很有兴趣,那时MKLAND-WA是0。7 ...

对于EPSG我没有一定的标准只要是在5-10或者以上算很好了....当然ROE也要在0.15以上这是一个很SUBJECTIVE的问题没有一定的答案,无论你的标准如何别人也会有异议的!
WCT的DE从1999年到现在一直处于很高的水平大概是1.2-1.5之间,但是WCT吸引人之处是他们的DE我没什么担它的EPSG有很强劲的成长而且在风暴时在债务上他们也没有面对很大的问题,所以我觉得可以相信管理层的素质!


WCT的最新EPS 是66.80而Fully Diluted EPS 56.51 ROE是19.46
而他们的D/E也有下降的迹象MAINTENCE的不错

dadi

Harimau 于 26-2-2004 21:17  说 :
WCT 这一季的成绩单是全年四季里面最差的，虽然 revenue 比第一季高... 必须再接再厉了。

这点有观察到谢谢指点但是他们过去Q4和Q1的成绩好像比气Q2和Q3差的!

dadi

os 于 26-2-2004 22:25  说 :
dadi,我也要..  
frasteenskrs@hotmail.com
谢谢!

from dq:
D/E 2000 - 0.65
D/E 2001 - 0.78
D/E 2002 - 0.90

ROE 2000 - 22.52%
ROE 2001 - 23.39%
ROE 2002 - 24.11%

另外 ...

观察过去的AVGROE, EPSG!

GAMUDA是大型的建筑公司而WCT是属于中型的...而且是成长中!

Harimau

大概是建材的问题，不少建筑股都受影响，连 YTL 也回落了下来。

相比之下，TSH 的成绩单亮丽得多了。

dadi

Harimau 于 26-2-2004 23:11  说 :
大概是建材的问题，不少建筑股都受影响，连 YTL 也回落了下来。

相比之下，TSH 的成绩单亮丽得多了。

对,
不知道HARIMAU有没有发掘到TSH的Current Liabilities下降了40%从87M减少到52M
但是Long Term Liabilities里却增加了47M,主要是多了Deferred income,和Deferred taxation
布知道Deferred income是指些什么?

元显

dadi 于 26-2-2004 11:24 PM  说 :

对,
不知道HARIMAU有没有发掘到TSH的Current Liabilities下降了40%从87M减少到52M
但是Long Term Liabilities里却增加了47M,主要是多了Deferred income,和Deferred taxation
布知道Deferred income是指些什么?

dadi, for 2003 the current liabilities is 52M, but for 2002 is 66M,am i right??
or how can get the 87M amount????

Get it from 2003 BS

human

大地，我也要WCT的资料。
humanxv@yahoo.com
谢谢。

[ Last edited by human on 27-2-2004 at 10:12 AM ]

human

os,
   GAMUDA和WCT都是素质好的公司，ROE都很好，从EPS成长和PE看来，我个人认为WCT较适合投资。
   但DOUBLE TRACKINGPROJECT是因政治因素暂时压后，这个PROJECT将来还是会继续。GAMUDA的未来潜能还很好。 你的看法呢?

C.Hong

DADI 我也要一份.
eo8081@yahoo.com

谢谢！

dadi,也寄我一份讓我研究,
kaewong@streamyx.com
謝謝