關於 financial performance analysis ，我們在網路上蒐集到這些相關的討論、資訊與評價

[個股分析經驗分享]
[千萬不要見樹🌳不見林]

(開始念CFA的書後, 很高興有些關於個股分析的想法與觀察, 在書中得到應證. 有空我會搭配書中的內容, 來分享自己在分析上的一些經驗)

"It is difficult to say that a company's financial performance was "good" without clarifying the basis for comparison. In assessing a company's ability to generate and grow earnings and cash flow, and the risks related to those earnings and cash flows, the analyst draws comparisons to other companies (cross-sectional analysis) and over time (trend or time-series analysis).
--From Financial Reporting and Analysis, CFA Institute Curriculum.

分析一路走來, 最常看到的狀況就是, 分析者只著眼於公司的營運狀況, 卻忽略了同產業中的其他公司的狀況.

在這情況下, 如果說公司的財務狀況好, 我會想反問, 何謂叫做好? 如果沒有跟其他的公司去做比較, 怎麼知道叫做好? 一家公司的ROE有15以上, ROA有10以上, net margin 20%以上, 就叫做好嗎? (P.S. 這些數字算是符合"好"的標準) 萬一產業的平均值是ROE在18, ROA在13, net margin在25%呢?

📍所以要不時提醒自己, 業界的分析師或是專業的投資人在分析時, 除了聚焦在個股外, 也會做產業分析, 還有競爭對手分析. 而這樣的個股分析, 也才完整. 要找到好戰將, 或是好的投資標的, 眼光應該是著眼在整個戰場/棋盤上. 有時候也會因為如此, 而找到更好的投資標的呢.

至於要跟競爭對手針對哪些方面做比較, 這算是另一個話題了. 有空再聊.

[個股分析經驗分享]
[千萬不要見樹🌳不見林]

(開始念CFA的書後, 很高興有些關於個股分析的想法與觀察, 在書中得到應證. 有空我會搭配書中的內容, 來分享自己在分析上的一些經驗)

"It is difficult to say that a company's financial performance was "good" without clarifying the basis for comparison. In assessing a company's ability to generate and grow earnings and cash flow, and the risks related to those earnings and cash flows, the analyst draws comparisons to other companies (cross-sectional analysis) and over time (trend or time-series analysis).
-\-\From Financial Reporting and Analysis, CFA Institute Curriculum.

分析一路走來, 最常看到的狀況就是, 分析者只著眼於公司的營運狀況, 卻忽略了同產業中的其他公司的狀況.

在這情況下, 如果說公司的財務狀況好, 我會想反問, 何謂叫做好? 如果沒有跟其他的公司去做比較, 怎麼知道叫做好? 一家公司的ROE有15以上, ROA有10以上, net margin 20%以上, 就叫做好嗎? (P.S. 這些數字算是符合"好"的標準) 萬一產業的平均值是ROE在18, ROA在13, net margin在25%呢?

📍所以要不時提醒自己, 業界的分析師或是專業的投資人在分析時, 除了聚焦在個股外, 也會做產業分析, 還有競爭對手分析. 而這樣的個股分析, 也才完整. 要找到好戰將, 或是好的投資標的, 眼光應該是著眼在整個戰場/棋盤上. 有時候也會因為如此, 而找到更好的投資標的呢.

至於要跟競爭對手針對哪些方面做比較, 這算是另一個話題了. 有空再聊.

【新聞英文】

SEC charges Theranos, CEO Elizabeth Holmes with ‘massive fraud’
美國證交會以詐欺罪起訴Theranos

Theranos, the blood analysis start-up, and Elizabeth Holmes, its chief executive and founder, have been charged with “massive fraud” by the US Securities and Exchange Commission.
從事血液檢測的新創公司Theranos及其首席執行長和創辦人Holmes被美國證交會(SEC)指控犯有「重大詐欺」行為。

The SEC said on Wednesday that Ms. Holmes and the company’s former president Ramesh Balwani had raised more than $700m through “an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance”.
美國證交會週三表示，Holmes和該公司前總裁Ramesh Balwani透過「一場精心設計、持續數年的欺詐行為，誇大或虛假陳述該公司的技術、業務和財務表現」，募集了超過7億美元的資金。

Theranos and Ms. Holmes have agreed to resolve the charges, according to the SEC, which said she had agreed to give up control of the business and pay a $500,000 penalty.
美國證交會表示，Theranos和Holmes已同意通過和解了結這些指控。證交會稱，她已同意放棄對該公司的掌控權並認罰50萬美元。

The SEC also said Ms. Holmes was barred from serving as a director of a public company for 10 years.
美國證交會還表示，Holmes在10年內不得擔任公開公司的董事職務。

Theranos and Ms. Holmes neither admitted nor denied the charges. The SEC said it would litigate its claims against Mr. Balwani.
Theranos和Holmes既沒有承認也沒有否認美國證交會的指控。證交會表示，針對Balwani的指控將進入訴訟程序。

“The Theranos story is an important lesson for Silicon Valley,’’ said Jina Choi, director of the SEC’s San Francisco regional office in a statement.
美國證交會舊金山地區辦事處主任Jina Choi表示：「Theranos的故事對矽谷來說是一個重要的教訓。」

“Innovators who seek to revolutionize and disrupt an industry must tell investors the truth about what their technology can do today, not just what they hope it might do someday.”
「那些尋求改革和顛覆一個行業的創新者，必須向投資者如實報告其技術當前能做什麼，而不是他們希望其技術未來可能做些什麼。」

A lawyer for Ms. Holmes declined to comment. Lawyers for Theranos and Mr. Balwani did not immediately return requests for comment.
Holmes的一名律師拒絕對此評論。Theranos和Balwani的律師則沒有立即回覆記者的評論請求。

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