00:00
hi i'm jimmy in this video we're going to run through how to analyze an annual report
嗨，我是 Jimmy，在這支影片中，我們將一起了解如何分析年報。
00:05
now i'm hoping to keep this process fairly simple so even if we're beginners to investing
我希望將這個過程保持得相當簡單，所以即使我們是投資新手，
00:10
or beginners to analyzing companies we should be able to use this process to help us better understand a potential
或是分析公司的新手，我們應該都能利用這個過程來幫助我們更了解一項潛在的
00:18
investment the goal of this video is for us to better understand
投資。這支影片的目標是讓我們更了解，
00:22
what's important to look at when we're reading an annual report and what's a good order to go about
在閱讀年報時有哪些重點需要關注，以及在首次分析一家新公司時，
00:28
tackling a brand new company if we're looking to analyze the company for the first time
什麼是好的處理順序。如果我們想分析一家公司，
00:32
how do we what's the process to go about that and hopefully we can use this information
該如何進行？希望我們能利用這些資訊，
00:36
to try to better understand companies and hopefully use that information to pick
試著更了解公司，並利用這些資訊來挑選
00:40
better investments and ideally get us closer to our goal of achieving financial freedom
更好的投資，並理想地讓我們更接近實現財務自由的目標。
00:45
okay now i'm also very proud to announce that this is actually my second sponsored video we get a lot of offers
好，另外我也很榮幸地宣布，這其實是我第二支贊助影片，自從我們突破
00:51
for sponsored videos now that we're over 100 000 subscribers the channel gets a
10 萬訂閱者後，我們收到了很多贊助影片的邀約，頻道收到了
00:56
decent amount of offers but some of them i really just don't like this sponsor
相當多的邀約，但有些我實在不喜歡。這次的贊助商
01:01
for this video is actually the same video sponsor we had from the last time called borsa earnings calls and
其實和上次是同一家，叫做 Borsa Earnings Calls，
01:07
basically it's a way to listen to companies earnings calls sort of like you would listen to a
基本上它是一個收聽公司財報會議的方法，有點像你在收聽
01:11
podcast it's free it's an easy app to use but we'll touch more on that in a moment so for now let's jump into how to
播客。它是免費的，也是一款易於使用的應用程式，但我們稍後會再詳談。那麼現在，讓我們直接進入如何
01:16
read an annual report now i'm going to use apple as a tentative example as sort of the
閱讀年報。我會先用蘋果公司作為一個暫定的範例，作為我們
01:21
template for what we're doing but you can apply it to any company this is what apple's table of contents looks
操作的模板，但你可以將其應用於任何公司。這是蘋果公司年報的目錄，
01:27
like for the annual report also known as a 10k now the very first section i like to
也就是所謂的 10-K 報告。我喜歡首先查看的
01:32
go to is the business section the business section is a great way to get a better
是「業務」章節。業務章節是更深入了解
01:37
understanding of the company's background and how the company looks at their own
公司背景以及公司如何看待自身業務的絕佳方式。
01:41
business because they usually in fairly plain language describe what their business is all about so the
企業，因為他們通常用相當平實的語言來描述其業務本質。
01:47
company can also break out what the company sells they might maybe they segment them by perhaps
公司也會說明他們銷售什麼，他們可能會依照
01:52
product type or product category they could also break them up by region maybe they break it out
產品類型或產品類別來區分，也可能依照地區來劃分，例如依照國家或
01:57
by country or continent or something along those lines but they usually give you a good
洲別之類的方式，但他們通常能讓你
02:01
understanding of what the company does and how how to segment and the good part is this
很清楚地了解這家公司做什麼，以及如何進行細分。好的部分在於，這
02:06
section generally isn't all that long apple as an example they're pay their business sections just four pages
個章節通常不會太長。以蘋果為例，他們的業務章節只有四頁，
02:12
and they break out their revenue according to the products that they sell so it's a nice clean way of doing it and
他們根據銷售的產品來拆分營收，這是一種很好的清晰做法。
02:18
then after we're done with this one section well now we get to make a decision so is
當我們看完這個章節後，我們現在就要做一個決定：
02:23
this a company that we're interested in investing in we get to ask that question if it's not perhaps a reading about it
這是否為我們有興趣投資的公司？我們要問這個問題。如果讀完後
02:29
and it doesn't seem like a business that has a great future well we can just not read any further we
覺得這似乎不是一個前景看好的業務，我們可以就此打住，
02:34
could simply eliminate the company which is a great option to have since we don't have to
直接淘汰這家公司，這是一個很好的選項，因為我們不必
02:39
swing at every investment opportunity that we come across we read about
遇到每一個投資機會都出手。我們閱讀
02:43
as many companies as possible until you only find the handful of companies a few dozen
越多公司越好，直到你只找到那一小撮公司、幾十家
02:49
companies whatever it ends up being that you really love but you get that by going through many different companies
公司，無論最後剩下多少家，那些你真正熱愛的公司，而這需要透過閱讀許多不同的公司才能達成。
02:55
okay now the next section we're going to want to read in our annual report is management discussion and analysis
好，接下來年報中我們想閱讀的章節是「管理階層討論與分析」，
03:02
sometimes you might hear this called md a for short and basically what this does
有時你會聽到簡稱為 MD&A，基本上它的作用是：
03:07
is this is the management's opportunity to get more numbers behind what they do the business section really describes
這是管理階層的機會，針對他們的作為提供背後的更多數據。業務章節真正描述的是
03:14
what the business is trying to do and the md a section is trying to explain how they're
企業試圖做什麼，而 MD&A 章節則試圖解釋他們
03:19
actually doing what's their performance actually been like what's their plan things along those lines maybe they even
實際上是如何執行的、他們的表現究竟如何、他們的計畫為何等等。有時他們甚至會
03:25
talk about some of their competitors so if you've seen some of our videos on this channel where we analyze a
談到一些競爭對手，如果你看過我們頻道上一些分析某家公司的影片...
03:30
different company well oftentimes it's this section of the annual report that allow us
不同公司，通常正是年報的這部分讓我們
03:36
to create the charts where we're breaking out the business by segments or talking about the revenue
能夠製作圖表，透過將業務按部門拆分，或討論不同
03:41
within different uh business lines of different regions this is where a lot of that information comes
業務線或不同地區的營收，很多資訊就是從這裡來的
03:46
from now this is also where i like to listen to the earnings call now i find that earnings calls and the
現在我也喜歡在這裡收聽財報電話會議，我發現財報電話會議和
03:52
management discussion and analysis section often go over a lot of the same
管理層討論與分析（MD&A）章節經常涵蓋許多相同的
03:56
information so this is a natural segue into the borsa earnings call app
資訊，因此這很自然地過渡到 Borsa 財報電話會議應用程式
04:02
by the way if you're curious i've got a link for the app in the description below
順帶一提，如果你好奇，我在下方說明欄位提供了該應用程式的連結
04:05
for both android and apple devices so if you want to go download just click over there like i said it's free
適用於 Android 和 Apple 設備，如果你想下載，只需點擊那裡，如我所說，它是免費的
04:11
but one of the things i like about this app is that you can create watch lists you
但我喜歡這個應用程式的一點是，你可以建立觀察名單
04:16
can see future earnings calls you can listen to any investor presentation pretty much that they're
你可以看到未來的財報電話會議，你可以收聽他們發布的任何投資者簡報
04:22
putting out on the internet this app gets a lot of them so i think it's a really great app and it's free to
只要是他們放在網路上的，這個應用程式收錄了很多，所以我認為它真的很棒，而且可以
04:27
use and it's easy it's like i said it's very simple sort of like listening to a podcast
免費使用，也很簡單，就像我說的，非常直觀，有點像收聽播客
04:31
and one of the advantages to listening to the call versus just reading the management discussion
而收聽電話會議相較於只閱讀管理層討論
04:37
and analysis is that you get to hear their tone you get to hear the company's tone you get
與分析的一個優勢是，你可以聽到他們的語氣，你可以聽到公司的語氣，你可以
04:41
to hear questions that analysts ask that the company
聽到分析師提出的問題，而公司
04:45
maybe wasn't ready for so you get to hear their reactions to all of that so i think that this listening to an
可能措手不及，所以你可以聽到他們對所有這些的反應，因此我認為收聽
04:52
earnings call coupled with reading the management discussion and analysis
財報電話會議，再加上閱讀管理層討論與分析
04:57
can be a great combo as to truly understanding the business okay now moving back to frankly it's now
可以是真正了解業務的絕佳組合。好的，現在回到 Frankly，現在是
05:05
or another decision point in our analysis do we continue to like the company if we do
我們分析中的另一個決策點，我們是否繼續看好這家公司？如果我們看好
05:10
we move on to the next step if not once again eliminated we're always looking for reasons to
我們就進入下一步；如果不看好，再次排除。我們總是在尋找理由來
05:15
eliminate companies because if you eliminate all the bad ones in theory you're left with only the good
淘汰公司是因為，如果理論上淘汰掉所有不好的公司，就只剩下好的
05:20
ones so assuming we like the company well we now move over to looking at some of the
公司。所以假設我們喜歡這家公司，我們現在轉向觀察一些
05:23
numbers now this part of the investment analysis is a bit tricky and and it can't be a
數字。現在這部分的投資分析有點棘手，而且可能更需要
05:30
bit more skilled based generally the more we understand about how companies are supposed to report
一些技巧。一般來說，我們越了解公司應該如何報告
05:35
earnings the more effective we can analyze financial statements but there are some
營收，就越能有效分析財務報表。但有一些
05:40
tricks that we can use that even beginning investors who know very little about accounting
技巧我們可以使用，即使對會計知之甚少的初學者
05:44
can there's a process you can go about uh to make it understanding the business simpler so
也能使用。有一個流程可以讓你讓了解這門生意變得更簡單，所以
05:50
first let's pull down the income statement this is apple's income statement for the
首先，我們調出損益表。這是蘋果公司 2019 年底的
05:53
end of 2019.
損益表。
05:54
so personally what i like to do is i like to convert some of these
所以個人來說，我喜歡把其中一些
05:58
numbers over to percentages they call this common size analysis here's what i mean
數字轉換成百分比。這被稱為共同比分析。我的意思是這樣：
06:04
so we start with their revenue and apple was kind enough to break their revenue into the products that they're selling
我們從他們的營收開始，而蘋果很貼心地將他們的營收按銷售產品
06:11
so they have products and they have services so if we were to divide the products
分類。他們有產品營收和服務營收。所以如果我們用產品
06:15
revenue by total revenue well then we end up with about 82 for 2019.
營收除以總營收，那麼我們在 2019 年會得到大約 82。
06:21
so now we know that product sales accounted for about 82 percent of revenue
所以我們現在知道，2019 年產品銷售佔總營收的
06:26
in 2019. now is that a good thing or a bad thing well we don't really know right now it's
大約 82%。現在，這是好事還是壞事？我們現在還不知道，這
06:30
just a reference point so what if we did the same thing for 2018 and 2017
只是一個參考點。那麼如果我們對 2018 年和 2017 年做同樣的事呢？
06:35
well now we can see that product sales have actually declined on a percentage of total revenue
現在我們可以看到，產品銷售佔總營收的百分比
06:41
from year to year now that's not necessarily a good thing or a bad thing management might very well have a good
逐年下降。這不一定是好事或壞事，管理層很可能有很好的
06:47
plan as to why that's happening but it is an interesting thing to note and it's really
計劃來解釋為什麼會發生這種情況。但這確實是一件值得注意的事，而且真的
06:52
only you can only really tell that by doing this type of analysis now what if we apply the same thing to
只有透過這種分析方式，你才能真正看出端倪
06:57
apple's gross profit margins well gross profit margins are about 38 percent when compared to total revenue
蘋果的毛利率如何？以全年總營收來看，毛利率約為38%
07:03
for the year and we can see when we look at the other years that's been fairly consistent
從其他年份來看，我們可以發現毛利率一直相當穩定
07:08
once again we can repeat this process for net income once again in apple's case we see good
再次強調，我們可以對淨利潤重複同樣的步驟。在蘋果的案例中，我們看到至少在過去三年中表現良好
07:13
consistency at least over these past three years now if we wanted to go a bit more
且具有一致性。如果我們想更深入一點
07:18
in depth well it could make sense to go back and look at some older annual reports
或許可以回頭查閱一些早期的年報
07:24
and create these very same charts that you might see in some of the videos that we've done on this channel where we
並製作與我們頻道上分析公司時所展示的相同圖表
07:28
analyze the company this is how you can do that we can look at what is the total percentage and what
這就是你的做法。我們可以查看總百分比以及實際趨勢
07:33
is the actual trend okay now we're going to shift over the balance sheet
好，現在我們要轉向資產負債表
07:37
and i'm actually going to break the balance sheet into different sections just because the balance sheet is really
我打算將資產負債表分成幾個部分，因為資產負債表實在太長了，難以在螢幕上完整呈現
07:42
long it's tough to fit on the screen so the first section of the balance sheet of the balance sheet
所以資產負債表的第一個部分是資產
07:47
is assets and what we're looking at here is we're looking for total assets that's right down here and then once
我們在此尋找的是總資產，就在這下面。接著我們可以再次將任何一個數字轉換為總資產的百分比
07:54
again we can convert any one of these numbers as a percentage of total assets now
現在我們可以將這些結果與前幾年的計算結果進行比較
08:00
we could then compare these results to calculations from previous years or perhaps we
或者，我們或許會覺得與競爭對手比較更為合適
08:07
we would feel more comfortable with comparing it to a competitor we could do the same thing for everything we looked
我們可以對損益表中查看過的每一個項目進行同樣的處理
08:11
at in the income statement the point is by coming up with percentages well it doesn't really
重點在於，透過計算百分比，公司的規模大小就不再是問題
08:16
matter how large the company is that's why they call it common size analysis because
這就是為什麼它被稱為「共同比分析」（Common Size Analysis）
08:21
by bringing it into percentage well now we can see it's much cleaner to see how this company is doing against
因為轉化為百分比後，我們能更清楚地看出這家公司與其他公司相比的表現
08:27
another company or how segments do from year to year so i think it makes sense to do both
或是各部門逐年表現的差異。所以我認為兩種方式都有其道理
08:33
look at both how the company does compare to itself and find a close competitor and try to compare it to that
既要查看公司自身的表現，也要找一家相近的競爭對手進行比較
08:38
okay simple enough now we're actually going to lock in this total assets number down here at the bottom
好的，很簡單，現在我們要將這個總資產數字鎖定在下方底部
08:43
and then we're going to switch this to the to the liabilities section of the balance sheet now once again the
接著我們要切換到資產負債表的負債部分，再次強調
08:49
same math applies we can take any one of these line items that we decide we can compare it
同樣的數學運算適用，我們可以取決議要比較的任何一個項目
08:54
to total assets and just like that we might be able to look at how much they owe versus how many assets
與總資產比較，就像這樣，我們或許就能看出他們欠了多少錢，相對於他們有多少資產
09:00
they have now i also want to point out that we can mix and match how we compare numbers
我還想指出，我們可以混合搭配比較數字的方式
09:05
in this case i'm using total assets and that's a very good place to start but you might also hear people compare
在這個案例中，我使用總資產，這是一個很好的起點，但你也可能聽過人們比較
09:13
let's say current liabilities to current assets well they call this the current ratio
比方說流動負債與流動資產，他們稱之為流動比率
09:18
it's a very good number to use so you can mix and match how you're comparing it as long as you
這是一個很好用的數字，所以你可以混合搭配比較方式，只要你
09:24
want to do the same thing throughout time if you're comparing it to time and or competitors if you're doing that
在跨時間比較時做同樣的事，如果你在和時間比較，或是和競爭對手比較，如果你這麼做
09:30
compared to the same the same data points you can also compare it to total revenue or for
就要與相同的數據點比較，你也可以將其與總營收或
09:35
perhaps profit so there's lots of ways to slice this i personally income statement i like to
或許是利潤做比較，所以有很多種切分方式，就我個人而言，在綜合損益表，我喜歡
09:39
could start with total revenue balance sheet let's start with total assets and then break things down from
從總營收開始，資產負債表，讓我們從總資產開始，然後從那裡
09:44
there so then we would do the same thing for the equity portion of the balance sheet
將事情拆解開來，接著我們對資產負債表的股東權益部分做同樣的事
09:48
i would compare that to total assets okay now we shift over to the cash flow statement
我會將其與總資產比較，好的，現在我們轉到現金流量表
09:53
now for the cash flow statement i like to start with total revenue as the comparison number break down the
現在對於現金流量表，我喜歡從總營收作為比較數字開始，拆解
10:00
percentages and if you ever download all this stuff to excel well it becomes really easy to
百分比，如果你曾經把這些東西下載到 Excel，嗯，它會變得非常容易
10:05
compare numbers into you know drag and drop formulas so for cash flow statement i generally like to
用拖放公式來比較數字，所以對於現金流量表，我通常喜歡
10:12
start with total revenue when i'm coming up with some comparison points so in apple's case we take the total net
在想出一些比較點時，從總營收開始，所以在蘋果的案例中，我們取總淨
10:18
sales and then we compare that to let's say the operations portion of the cash flow
銷售額，然後我們將其與，比方說，現金流量表的營運部分做比較
10:23
statement so now we can run the cash flow numbers against
所以現在我們可以將現金流量數字與...做比較
10:27
total sales now personally common size analysis is a fantastic thing to do but sometimes on the cash
總銷售額 現在 個人化的 共同規模分析 是一件很棒的事 但有時在現金
10:34
flow statement i also like to look at the numbers sort of the hard numbers to see how they
流量表上 我也喜歡查看數字 某種程度上的硬數據 來看看它們
10:39
actually look to see if that tells us anything interesting for example cash flow from operations
實際看起來如何 看看是否能告訴我們什麼有趣的事 例如 營運現金流
10:44
well this is one of the key numbers this is how much cash the business generated from ordinary operations
嗯 這是關鍵數字之一 這代表企業從日常營運中
10:51
and generally we want this number moving higher through time and then when we switch over to the
產生了多少現金 而且一般來說 我們希望這個數字隨著時間推移持續上升 然後當我們切換到
10:56
investing and finance sections these are on the cash flow statement as well they're below the cash flow from
投資和理財部分 這些也是在現金流量表上 它們位於營運現金流
11:02
operations section well now we can see some interesting things we can note that apple has been buying
部分的下方 嗯 現在我們可以看到一些有趣的事 我們可以注意到蘋果一直在
11:06
back shares on a fairly regular basis we can also see that they've paid out some dividends those dividends have
定期回購股票 我們還可以看到他們支付了一些股利 這些股利
11:12
increased each year then we can also see that they've issued some shares that's why this number has
每年都有增加 然後我們還可以看到他們發行了一些股票 這就是為什麼這個數字
11:18
gone up although this number is fairly low relative to the rest of their numbers
上升了 雖然這個數字與他們其他的數字相比相對較低
11:22
so i'm guessing because this number is so low this is probably somehow tied to stock options that were exercised by
所以我猜 因為這個數字這麼低 這可能與員工或管理層或董事會
11:28
employees or management or board the board of directors whoever it was but if we're not sure and if we want to
董事會行使的股票選擇權有關 但如果不確定 如果我們想
11:35
dive deeper into any one section of the anal any one section of the financial statements
深入了解財務報表的任何一個部分
11:41
well oftentimes in the footnotes of the financial statements the footnotes will explain what happened
嗯 通常在財務報表的附註中 附註會解釋發生了什麼事
11:48
or what accounting methodology they're using so even if we're brand new to investing
或他們使用了什麼會計方法 所以即使我們是投資新手
11:54
reading the footnotes about a section that perhaps looks unusually large or something along those lines
閱讀關於某個看起來異常龐大或類似情況的部分的附註
12:00
reading the footnotes can be a smart thing to do because sometimes they'll explain it for us
閱讀附註可能是個聰明的做法 因為有時他們會為我們解釋
12:04
and if nothing else it'll certainly make it easier to google what a particular line item is supposed to do now at this
而且至少 這肯定會讓我們更容易用Google搜尋某個特定項目的用途 現在在這個
12:10
point in time we should have a good idea a good understanding of what the business does
時間點 我們應該對這家企業做什麼
12:14
what their potential is and whether or not we think that they're a fundamentally sound business so again
他們的潛力如何 以及我們是否認為他們是基本面健全的企業 有了好的想法 好的理解 再次強調
12:20
we get to make another decision because after this there are only a few other statements
我們得再做一個決定，因為在這之後只剩幾個其他值得關注的報表
12:26
that could be interesting to look at we've already looked through the annual report
我們已經看過年報了
12:30
so there's only a few other things the earnings calls are a good place to start we'd want to try to come up with a fair
所以只剩幾件事，財報電話會議是個好的開始，我們希望能為我們認為那家公司
12:35
value of whatever we think that that company is because once we know okay we like the
的合理價值進行估算，因為一旦我們確定，好的，我們喜歡這家公司
12:40
company the next question is where do we buy it we'd like to probably look at some of
下一個問題就是何時買進，我們可能想看看他們的一些
12:44
their press releases perhaps some news now i actually did a video another video similar to this one
新聞稿，或許還有一些新聞。其實我做了另一支跟這支很像的影片
12:50
where i go beyond just the 10k or the annual report and i go through the process the entire
在那支影片中，我不只看 10-K 表或年報，還帶大家走完整個
12:56
research process so if you're curious perhaps that could be a good next video for you to watch
研究過程，所以如果你有興趣，那支影片或許會是你想看的下一支
13:01
i got a link right here i've got a link in the description below and don't forget go download the free
我在這裡放了一個連結，下方說明欄也有連結，別忘了去下載免費的
13:06
bursa earnings call app i got links in the description below and thank you so much for sticking with
Bursa 財報電話會議 App，下方說明欄也有連結，非常感謝你一路
13:10
me all the way to the end of the video i really appreciate it thanks and i'll see you in the next
看到影片最後，我真的很感激，謝謝，我們下支影片見
