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00:01

in this video we're going to focus on fundamental analysis how to determine if a company

在這部影片中，我們將重點放在基本面分析，如何判斷一家公司

00:07

is undervalued or if it's overvalued

是被低估還是被高估

00:13

what we're going to do today is we're going to take a look at a lot of different valuation ratios that you

我們今天要做的是，我們將探討許多不同的評價指標，你可以

00:17

could use to determine if a company is undervalued or overvalued valuation ratios such as

用來判斷一家公司是被低估還是被高估，例如

00:24

the price to sales ratio price to earnings the price to book ratio

本益比、股價營收比、股價淨值比

00:30

we'll also consider some other ratios that help you determine the health of a company such as liquidity

我們也會考慮一些其他能幫助你判斷公司健康狀況的指標，例如流動性

00:37

ratios like the current ratio the quick ratio debt to equity ratio

指標，像是流動比率、速動比率、負債權益比

00:42

and things like that so let's go ahead and begin with this video

以及類似這樣的指標，那麼讓我們開始進入這部影片

00:47

so the first thing you need to know is market capitalization market capitalization tells you the

首先你需要知道的是市值，市值告訴你

00:53

value of a company it's the product of the shares outstanding times the

一家公司的價值，它是流通在外股數乘以

01:00

share price so let's say if a company has 100 million shares that are being traded

股價的乘積。假設一家公司有 1 億股

01:08

these include restricted shares as well and let's say the price of each of those shares is five dollars

在市場上交易（這包括限制性股票），假設每股價格是 5 美元

01:16

so the market capitalization of that company would be 500 million dollars

那麼這家公司的市值就是 5 億美元

01:23

now in order to calculate the price of sales ratio you need to take the market cap and divide it by the number of sales

現在為了計算本益比，你需要用市值除以總銷售額

01:31

and here's what you need to know if the price to sales ratio is very low let's say less than one

這裡你需要知道的是，如果本益比非常低，例如低於 1

01:36

typically that indicates that a company may be undervalued with reference to its sales

通常這表示相對於其銷售額，這家公司可能被低估了

01:42

if the price of sales ratio is significantly larger than one then that's an indication that it could be

如果本益比顯著大於 1，那麼這可能表示它

01:47

overvalued now let's look at an example let's say we have company a

被高估了。現在讓我們來看一個例子，假設我們有 A 公司

01:55

and company b so we're going to consider the market cap of each company and let's

和 B 公司，我們將考慮每家公司的市值，假設

02:03

say the market capitalization is the same both companies a and b

A 公司和 B 公司的市值相同

02:09

have a market cap of 100 million dollars now let's talk about the sales of each

市值為一億美元，現在我們來談談每家公司的營收

02:18

company let's say company a generated 50 million in annual sales and company b

假設A公司年營收為五千萬美元，而B公司

02:26

generated 200 million in annual sales so

年營收為兩億美元，那麼

02:31

what will the price of sales ratio be for each of these two companies using the equation that we have here the

這兩家公司的股價營收比分別是多少呢？使用我們這裡的公式

02:38

price of sales ratio will be the market cap divided by the sales 100 divided by 50

股價營收比將是市值除以營收，100除以50

02:45

is 2.

是2。

02:47

100 divided by 200 is 0.5 or half so notice the difference between the

100除以200是0.5或一半，所以請注意A公司與B公司

02:55

price of sales ratio of company a and company b both companies have the same market cap

股價營收比的差異，兩家公司的市值相同

03:00

but which one would you say has a higher value company error b

但你認為哪家公司的價值較高？A還是B？

03:05

now company b is more valuable than company a because the sales that it's generating is higher

現在B公司比A公司更有價值，因為它產生的營收

03:12

than that of a so because the sales are higher notice that the price of sales ratio is lower

比A公司高，所以因為營收較高，請注意其股價營收比反而較低

03:19

so company b is undervalued with respect to company a thus when the price of sales ratio is

因此相對於A公司，B公司的股價被低估了，所以當股價營收比

03:27

low this is an indication that the company might be undervalued

較低時，這表示該公司可能被低估了

03:35

now let's analyze this from another perspective so this time let's say we have three

現在讓我們從另一個角度來分析，這次假設我們有三家

03:41

different companies company a company b and company c we're going to look at the market cap of

不同的公司：A公司、B公司和C公司，我們將檢視每家公司的

03:48

each company the price the sales ratio and the sales of each of those three companies

市值、股價營收比以及這三家公司的營收

03:57

so in this example let's assume that the market capitalization for each company is the same

在這個例子中，假設每家公司的市值都相同

04:03

we're going to go with 1 billion now the price of sales ratio is going to be different for each company

我們假設為十億美元，而每家公司的股價營收比將不同

04:11

so for company a the price itself the price to sales ratio is going to be 0.10 for b it's going to be 1 and for c it's

所以A公司的股價營收比為0.10，B公司為1，而C公司

04:19

going to be 10.

則為10。

04:21

when the price of sales ratio is 1 that means that the market capitalization and the sales are equal to each other

當市銷率為 1 時，代表市值與營收相等

04:29

so the sales for company b is 1 billion when the price of sales ratio is low let's say 0.1

所以當市銷率為 0.1 時，B 公司的營收為 10 億

04:37

if it's less than 1 that means that the sales is greater than the market cap so if you were to take the market cap

若市銷率小於 1，代表營收大於市值，因此若將市值除以市銷率

04:47

divided by the price of sales it will give you the sales of the company so company a is generating 10 billion in

就能得到公司的營收，所以 A 公司的營收為 100 億

04:53

sales now for company c the price of sales ratio is high that means that the market

而 C 公司的市銷率很高，代表市值

04:59

cap exceeds the sales so this is going to be 1 billion divided by 10

遠大於營收，因此計算方式為 10 億除以 10

05:04

which is 100 million so which of these three companies appear to be more valuable to you

等於 1 億，那麼這三家公司在市值相同的情況下

05:13

company a b or c given that they have the same market capitalization

哪一家對您來說似乎更有價值？

05:18

clearly the answer is company a assuming that everything else is equal company a

答案顯然是 A 公司，假設其他條件相同，A 公司

05:25

is generating the highest sales 10 billion versus 1 billion or 500

的營收最高，達到 100 億，遠高於 1 億或 5 億

05:31

million this is significantly larger all because the price of sales ratio is

這差距非常顯著，完全是因為其市銷率

05:37

the smallest of the three so keep that in mind that's one way in which you can determine if a company

是三者中最低的。請記住，這是判斷一家公司

05:43

might be undervalued is by comparing its sales to its market cap if the price of sales ratio is very low

是否被低估的方法之一：比較其營收與市值。若市銷率非常低

05:50

then it could be undervalued if it's very high that's an indication that it might be overvalued

則可能被低估；若非常高，則顯示可能被高估

05:57

so there's two important things that can affect the price of sales ratio as you already know the sales that the

有兩個重要因素會影響市銷率：如您所知，公司創造的營收

06:05

company generates but also the share price or the price of the stock as the sales increases the price of

以及股價。當營收增加時，市銷率

06:12

sales ratio decreases but as the price of the stock increases the market capitalization increases

會下降；但當股價上漲時，市值會增加

06:20

given that the shares outstanding remains the same and as the market cap goes up the price

（假設流通在外股數不變），而隨著市值上升

06:26

of sales ratio goes up so a company could decrease its price of sales ratio by either increasing the

市銷率也會上升。因此，公司可以透過兩種方式降低市銷率：一是增加

06:33

sales generated by the company or decrease in the price of the stock which really depends on market conditions

公司創造的營收，二是降低股價，而股價取決於市場狀況

06:40

if the price of the stock goes down then that's the indication that the company might be coming undervalued if the price

如果股價下跌，這可能表示公司股價可能被低估

06:46

of the stock goes up the price of sales ratio goes up which indicates that a company might be

如果股價上漲，市銷率也會隨之上漲，這表示公司可能

06:52

becoming overvalued another valuation ratio that is actually quite popular

正在變得被高估。另一個相當熱門的估值指標

06:59

is the price to earnings ratio or the p e ratio there's two ways in which you can

是市盈率或P/E比率。有兩種計算方式

07:05

calculate it the first method is to take the market capitalization and divided by the earnings or the net income of a

第一種方法是將市值除以公司的盈利或淨利

07:12

company you can also calculate it by taking the share price over the price of the stock

也可以用股價除以

07:18

and dividing it by the eps or the earnings per share so like the price of sales ratio a low p

每股盈餘（EPS）來計算。所以和市銷率一樣，低的P/E

07:25

e ratio indicates that the company might be undervalued with respect to companies in that same industry

比率表示相對於同產業的公司，該公司可能被低估

07:31

whereas a high p e ratio indicate that the company might be overvalued or it may also indicate that investors

而高的P/E比率表示公司可能被高估，或者也可能表示投資人

07:39

are really willing to pay a lot of money for the stock which could indicate that it might go even higher

非常願意為該股票支付高價，這可能表示股價可能還會上漲

07:46

but nevertheless a low p e ratio indicates that the company could be undervalued

但儘管如此，低的P/E比率表示公司可能被低估

07:53

now let's use a familiar example to illustrate how the price-to-earnings ratio can be

現在讓我們用一個熟悉的例子來說明如何用市盈率

08:01

used to indicate if a company might be undervalued with

來判斷一家公司相對於另一家公司是否可能被低估。所以在第一行，我們列出每家公司的

08:05

respect to another company so in the first row we're gonna have the share price

股價

08:13

of each company so let's say the stock for company a is selling at 50 and let's say for company b it's the

假設A公司的股價是50，B公司的股價

08:22

same price now the eps or the earnings per share we're going to say that for

也相同。現在，每股盈餘（EPS），我們假設

08:28

company a it's ten dollars so it's earning ten dollars per share

A公司是10美元，所以每股賺10美元

08:34

and for company b the earnings is uh five dollars per share now let's calculate the p e ratio for

而B公司的每股盈餘是5美元。現在讓我們用這個公式計算這兩家公司的P/E比率

08:42

each of these two companies using this formula so it's going to be the share price

所以就是股價

08:48

divided by the eps so for company a 50 divided by 10 is 5.

除以EPS。對A公司來說，50除以10等於5。

08:53

for company b 50 divided by 5 is 10.

對於公司 B，50 除以 5 等於 10。

08:57

so now we have the p e ratio of company a and company b now looking at these two companies

現在我們有了公司 A 和公司 B 的本益比，現在看看這兩家公司。

09:04

given that they have the same share price which one appears to be more valuable to you

假設它們的股價相同，哪一家對你來說看起來更有價值？

09:09

clearly it's the company that is earning more money company a is earning ten dollars per

顯然是賺更多錢的那家公司。公司 A 每股賺十美元。

09:15

share whereas company b is earning five dollars per share so company a is more valuable and this

而公司 B 每股賺五美元，所以公司 A 更有價值，而這。

09:22

is indicated by the fact that it has a lower p e ratio of five versus a p e ratio of ten

可以從它較低的本益比看出來，五對比於本益比十。

09:29

so the lesson here is clear just like the price of sales ratio a low p e ratio indicates that the company might be

所以這裡的教訓很清楚，就像市銷率一樣，低本益比表示該公司可能。

09:37

undervalued with respect to another company in the same industry whereas a high p e ratio indicates that

相對於同業的另一家公司被低估，而高本益比則表示。

09:43

the company might be overvalued now let's spend a moment talking about the eps or the earnings per share

該公司可能被高估。現在讓我們花點時間談談每股盈餘（EPS）。

09:52

the eps can be calculated by taking the earnings or the net income and dividing it by

每股盈餘可以透過拿盈餘或淨利，除以。

09:59

the shares outstanding now a company with a positive eps value

流通在外股數來計算。現在，一家擁有正 EPS 值的公司。

10:10

this indicates that the company is profitable that it's making money and it's not

這表示該公司是獲利的，正在賺錢，而且它沒有。

10:15

losing money not all companies have a positive eps value

虧錢。並不是所有公司都有正的 EPS 值。

10:24

so if you were to see a company with a negative eps value then this indicates that the company is

所以如果你看到一家公司的 EPS 值為負，那麼這表示該公司。

10:31

not profitable this means that the expenses for that quarter exceeds the revenue

不獲利。這意味著該季度的支出超過了收入。

10:38

so even though they're making sales they're spending a lot more money so imagine if

所以即使他們有在銷售，他們花的錢卻多得多。試想一下，如果你。

10:44

you generated two thousand dollars for that week working a job or something but your

在某個星期透過工作或其他方式賺了兩千美元，但你。

10:51

expenses that week is 2500 this is not a good scenario that means that you're down 500 that week so your

那個星期的支出是 2500 美元，這不是一個好的情況。這意味著你那個星期虧了 500 美元，所以你的。

10:59

earnings is negative when the eps is negative this means that the company's expenses exceeded their

盈餘是負的。當 EPS 是負的，這意味著公司的支出超過了他們。

11:04

revenue or their sales for that quarter so a positive eps is a good sign that indicates that the company is making

該季度的收入或銷售額。所以正的 EPS 是個好兆頭，表示公司正在賺錢。

11:12

money but a negative eps means that it's losing money now the third valuation ratio that we're

11:18

going to look at is the price to book ratio there's two ways in which you can

11:22

calculate the pb ratio you can take the market value of the company that is the market

11:28

capitalization and divided by the book value or you could take the share price and

11:33

divided by the book value per share so in both ways you can calculate the pb ratio

11:40

now like all the other valuation ratios the ps ratio and the p e ratio a low pb ratio indicates that the

11:48

company might be undervalued whereas a high pb ratio indicates that the company may be overvalued

11:56

now the book value is the difference between the tangible assets and the total liabilities

12:02

the tangible assets is the difference between the total assets and the intangible assets the intangible assets

12:09

would include patents and things that you can't necessarily put a monetary value on

12:15

so the book value is the difference between the tangible assets and the total liabilities

12:21

now if the book value is equal to a positive number that's good because that means that the

12:29

tangible assets exceed the total liabilities

12:35

if the book value is negative that's not good that means that the company is in

12:41

a lot of debt that means that the total liabilities exceed the total assets so a positive book value

12:49

number is good but a negative book value number is not good

12:54

the same is true with the book value per share if the book value per share is positive

13:00

then the book value will also be positive and that's a good thing if the book value is negative then the

13:06

book value per share is negative some websites like finviz and other stock screeners they may show the book

13:12

value per share as opposed to the book value so it's important to be familiar with uh

13:18

both of those terms now let's analyze three companies

現在讓我們來分析這三家公司的這兩個術語

13:26

company a b and company c

公司A、B和公司C

13:36

so let's say that the book value per share for companies a b and c

假設公司A、B和C的每股帳面價值

13:42

is fifty dollars let's say it's the same for each of these three companies

都是五十美元，假設這三家公司的數值都相同

13:48

and now let's say that the price per share is twenty one dollars for company a

現在假設公司A的股價是每股二十一美元

13:54

fifty one dollars for company b and ninety six dollars for company c now let's calculate the pb ratio using

公司B是五十一美元，公司C是九十六美元，現在讓我們使用

14:03

this formula so it's the price of the stock divided by the book value per share so for

這個公式來計算股價淨值比，也就是股價除以每股帳面價值，所以對於

14:10

company a it's 21 divided by 50 thus the pb ratio is 42 cents for that company

公司A，是21除以50，因此該公司的股價淨值比是0.42

14:18

for b it's going to be 51 divided by 50 which is a dollar and two cents

公司B則是51除以50，等於1.02

14:25

and for c it's 96 over 50.

而公司C是96除以50

14:31

well technically there really shouldn't be a dollar symbol it should just be a number

嚴格來說，這裡不應該有美元符號，它應該只是一個數字

14:39

since it's simply a ratio and for c it's going to be 1.92 now for company b

因為它只是一個比率，而公司C的數值是1.92，對於公司B

14:50

the value is pretty much fair the price the book ratio is about one which means that the market value of the

價值算是相當合理，股價淨值比約為一，這意味著公司的

14:58

company and the book value is almost the same for company a

市場價值和帳面價值幾乎相同，對於公司A

15:03

this indicates that the company is undervalued because the pb ratio is low that means

這表示公司被低估了，因為股價淨值比很低，這意味著

15:09

that the book value exceeds the market cap or the market value of

帳面價值超過了公司的市值或市場價值，而對於公司C，這表示它相對

15:15

the company now for company c this indicates that it's relatively

被高估了，這意味著公司的市場價值大於其帳面價值

15:22

overvalued that means that the market value of the company is greater than the book value

被高估了，這意味著公司的市場價值大於其帳面價值

15:29

so this is just one of the many ratios that you can use to determine if a company might be undervalued or

這只是眾多可用來判斷一家公司是否被低估或

15:34

overvalued thus when conducting fundamental analysis it's good to look at multiple

高估的比率之一，因此在進行基本面分析時，最好同時參考多個指標

15:40

valuation ratios as opposed to just one this will help you to get the overall picture of the health of the

評價比率，而非僅使用單一指標，這有助於您全面了解公司的健康狀況。

15:48

company so it's good to consider not only the price to earnings ratio but the price of

因此，除了本益比之外，還考慮股價營收比以及股價淨值比是有益的。

15:53

sales ratio and also the price to book ratio another thing you want to consider is

另外，您還需要考慮股價現金比，這是另一項指標。

15:58

the price to cash ratio which is another indication it's a less commonly used valuation ratio

這是一種較不常用的評價比率。

16:06

but you want to make sure that a business have enough cash to pay off its bills because if it doesn't

但您需要確保企業有足夠的現金來支付帳款，因為如果沒有。

16:12

that's not good sometimes revenues could change in a down market a business revenue can go down so looking at how

這就不好了。在熊市中，營收有時會發生變化，企業的營收可能會下降，因此查看企業。

16:18

much cash a business have on its balance sheet it should be part of your fundamental

在資產負債表上有多少現金，應該成為您基本面分析的一部分。

16:24

analysis when analyzing companies too so don't forget to research price to cash and the cash per share ratio

在分析公司時也是如此，所以別忘了研究股價現金比和每股現金比率。

16:32

a good way to determine or to get a quick estimate of how much cash a company may have

要判斷或快速估算一家公司可能有多少現金的一個好方法。

16:38

you can multiply the cash per share ratio by the total number of shares

您可以將每股現金比率乘以他們擁有的流通股總數。

16:45

outstanding that they have and this will give you an approximation of how much cash they have on hand on

這將讓您大致了解他們手頭有多少現金。

16:52

imbalance sheets to pay bills and expenses and

在資產負債表上用來支付帳款、支出。

16:57

salaries of the employees and other things like that now the next thing that we're going to

員工薪資以及其他類似的事項。現在我們接下來要。

17:02

talk about is a profitability ratio as opposed to a valuation ratio and this is the profit margin the profit

談論的是獲利能力比率，與評價比率相對，這就是利潤率。利潤率。

17:10

margin tells you how profitable a company is it tells you how efficient it can

告訴您一家公司有多賺錢。它告訴您公司能多有效率地。

17:15

convert sales or revenue into net income a company that can keep its costs down is one that has a high profit margin

將銷售額或營收轉化為淨利潤。能夠控制成本的公司，其利潤率就高。

17:25

and let's analyze two different companies to illustrate this

讓我們分析兩家不同的公司來說明這一點。

17:30

so let's use our favorite companies company a and b let's say that the sales of each company

所以讓我們使用我們最喜歡的公司 A 和 B。假設每家公司的。

17:41

are the same we're going to say that the sales are 200 million

銷售額相同。我們假設銷售額都是。

17:47

for both companies next we have the expenses

2 億元。接下來我們有支出。

17:55

let's say that the expenses for company a is a hundred million

假設公司A的支出是一億元

18:04

and the expenses for company b is 150 million the net income is the difference between

而公司B的支出是一億五千萬元，淨利潤是銷售額或公司營收減去支出的差額

18:11

the sales or the revenue of the company minus the expenses

所以要計算公司A的淨利潤，就是這兩個數字的差額，2億

18:21

so to calculate the net income for company a it's going to be the difference between these two numbers 200

減去一億元，結果是一億元；而公司B是2億減去1億5千萬

18:26

minus 100 million so that's 100 million and for company b it's 200 minus 150

結果是5千萬元。

18:34

that's going to be 50.

接下來我們可以計算毛利率，將淨利潤除以銷售額，再乘以

18:38

next we can calculate the profit margin so taking the net income dividing it by the sales and multiplying

一百百分比，100除以200等於0.5，乘以100，得出公司A的毛利率是50%

18:44

that by a hundred percent 100 divided by 200 is 0.5 times 100 this gives us a profit margin of 50 for

而公司B是50除以200，等於0.25

18:53

company a for company b it's 50 divided by 200 which is 0.25

乘以100，所以公司B的毛利率是25%

18:59

times 100 so company b has a profit margin of 25 percent

所以看這兩家公司，哪一家的效率更高

19:06

so looking at these two companies which one is more efficient

很明顯是公司A，儘管公司A和B的銷售額相同，但公司A

19:10

clearly it's going to be company a even though the sales of company a and b are the same company a

的淨利潤更高，因此毛利率也更高，銷售額中有50%轉化為收益

19:19

has a higher net income and therefore a higher profit margin 50 of the sales was converted to earnings

而在公司B，只有25%的銷售額轉化為收益

19:28

whereas in company b 25 of the sales was converted to earnings

所以毛利率告訴你一家公司將銷售額轉化為收益或淨利潤的效率如何

19:34

and so the profit margin tells you how efficient a company is in converting sales into earnings or net income

同時也注意到，公司A的支出比公司B低

19:42

and also notice that company a they kept their expenses lower than company b

這正是它們效率更高的原因，透過控制成本，它們能夠

19:49

and that's what made them more efficient by keeping costs down they were able

創造更高的淨利潤，從而提高毛利率

19:55

to generate a higher net income and thus increase the profit margin

這就是如何提高公司毛利率的方法，你需要降低成本或

20:00

so that's how you can increase the profit margin in a company you need to reduce the cost or the

支出，如此一來，淨利潤就會增加

20:05

expenses and as you do so the net income increases

支出，如此一來，淨利潤就會增加

20:10

and the profit margin increases note that if you increase the sales of a company but don't increase in that

以及利潤率的增長。請注意，如果你增加一家公司的銷售額，但沒有增加其

20:19

income the profit margin actually goes down so if you want to increase the profit

收入，利潤率實際上會下降。所以，如果你想透過增加銷售來提高

20:26

margin by increasing sales you still need to bring down the cost so that if the net income goes up the

利潤率，你仍然需要降低成本，這樣淨利潤增加時，

20:32

profit margin may go up as well but if you increase the sales and the net income doesn't change

利潤率也可能隨之上升；但如果你增加了銷售額，而淨利潤沒有變化，

20:40

the profit margin goes down so that's how a company can make itself more efficient it's by

利潤率就會下降。一家公司要如何提升效率呢？就是透過

20:47

reducing costs increasing in that income and thus they become more profitable

降低成本、增加收入，從而變得更加獲利。

20:53

now the next ratio we need to consider is the debt to equity ratio this ratio is important because

接下來我們需要考慮的比率是負債權益比（Debt to Equity Ratio）。這個比率很重要，因為

20:59

if you're going to either invest in a company or traded stock you want to make sure that you stay away

如果你要投資一家公司或交易股票，你必須確保避開那些

21:05

from those that can go bankrupt otherwise you could lose your entire investment

可能會破產的公司，否則你可能會損失全部的投資。

21:10

companies that may go bankrupt typically have a very high debt to equity ratio

可能會破產的公司，通常都有非常高的負債權益比。

21:16

the debt to equity ratio is equal to the total debt divided by the equity and there's another one called the long-term

負債權益比等於總負債除以權益。還有另一個指標稱為長期

21:23

debt to equity ratio it's simply the long-term debt divided by the equity and this is

負債權益比，它是長期負債除以權益，而這裡的

21:29

the shareholders equity which is the difference between the total assets of a company and its total liabilities

股東權益（Shareholders Equity），是指公司總資產與總負債之間的差額。

21:36

so let me give an example of how to calculate this so let's say

讓我舉個例子來說明如何計算。假設

21:42

a company's total assets is 900 million and let's say that its total liabilities

一家公司的總資產是 9 億，假設其總負債

21:52

is 300 million and its debt not the long-term debt but total debt

是 3 億，而其債務（不是長期債務，而是總債務）

22:01

is 150 million with this information what is the debt to equity ratio

是 1.5 億。有了這些資訊，負債權益比是多少呢？

22:06

well the first thing we need to calculate is the shareholders equity which is the difference between the

首先，我們需要計算股東權益，也就是資產與負債之間的差額。總資產是 9 億，總負債是

22:11

assets and the liabilities the total assets is 900 million the total liabilities is

3 億，所以股東權益就是兩者之間的差額，它是

22:19

300 million so the shareholders equity is the difference between the two it's

3 億，所以股東權益就是兩者之間的差額，它是

22:25

600 million next to calculate the debt to equity ratio or we'll say the de ratio

接著計算 6 億的負債權益比，或我們稱之為 Debt Ratio

22:32

it's going to be the total debt which is 150 million and we're going to divide that by the

它是總負債 1.5 億，我們要將它除以

22:40

shareholders equity which is 600 million 150 divided by 600 is 0.25

股東權益 6 億，1.5 億除以 6 億等於 0.25

22:48

so this is pretty good the debt to equity ratio is relatively small so that's a decent company

所以這相當不錯，負債權益比相對較小，這是一家體質不錯的公司

22:56

so that's how you can calculate the debt to equity ratio but let's talk about which numbers are good which ones are

以上就是如何計算負債權益比，但讓我們來談談哪些數字是好的、哪些是

23:01

okay and which ones are very bad and this time we're going to compare four different

尚可的，以及哪些是非常糟糕的，這次我們將比較四家不同的

23:07

companies company a b

公司，A 公司、B 公司

23:16

c and d so let's start with company a

C 公司和 D 公司，那麼讓我們從 A 公司開始

23:30

let's say that this company has a debt to equity ratio of 0.03 and for company b it's going to be

假設這家公司的負債權益比是 0.03，而 B 公司則是

23:37

0.47 company c 1.2 and for company d 9.6

0.47，C 公司 1.2，D 公司 9.6

23:45

now for company a the debt to equity ratio is very very low so this

現在對於 A 公司，負債權益比非常非常低，所以這

23:52

is very good now for company b 0.47

非常好，現在對於 B 公司，0.47

23:58

that's okay it's not bad that's a an okay company for company c the debt equity ratio is

還可以，不算差，這是一家尚可的公司，對於 C 公司，負債權益比是

24:05

1.2 that's like now for company d it's 9.6 this is very bad

1.2，這就像... 現在對於 D 公司，是 9.6，這非常糟糕

24:13

the debt to equity ratio is high that company might be going bankrupt it's not a

負債權益比很高，那家公司可能會破產，這並非

24:18

guarantee they may turn around and fix the situation but it doesn't look good for company d

絕對的，他們可能會扭轉局面並解決問題，但對於 D 公司來說情況看來不妙

24:25

so hopefully this gives you a good idea in terms of what values are good what values are okay

所以希望這能讓你清楚了解哪些數值是好的、哪些是尚可的

24:32

and what values are very bad most companies will fall in this region

以及哪些是非常糟糕的，大多數公司會落在這個區間

24:39

but if you see a company that has a debt to equity ratio of 0.10 or less that means it's very good

但如果你看到一家公司的負債權益比是 0.10 或更低，那意味著它非常好

24:46

you don't have to worry about them going out of business with debt

你不必擔心它們會因為負債而倒閉

24:52

anytime soon unless of course they're faking their numbers which happens occasionally

當然，除非他們在做假帳，這種事偶爾會發生

24:58

but companies with a very high debt equity ratio you need to be careful with that because

但對於負債權益比非常高的公司，你需要特別小心，因為

25:03

there's a good chance they can go bankrupt anytime soon so that's it for

它們很有可能很快就會破產，以上就是

25:09

the debt to equity ratio now let's move on to liquidity ratios such as the current ratio and the quake

負債權益比的說明，現在讓我們繼續討論流動性比率，例如流動比率和速動比率

25:16

ratio these ratios measure the ability of a company to pay off its short-term debt

這些比率衡量一家公司償還短期負債

25:22

obligations now unlike the price to sales ratio and the price to earnings ratio you want the

的能力，現在不同於股價銷售比和本益比，你希望

25:29

liquidity ratios to be high a good company will have a low ps and low p e ratio but it will have a high

流動性比率越高越好，一家好公司會有較低的股價銷售比和本益比，但會有較高的

25:37

current ratio and a quick ratio the current ratio is equal to the current assets divided by the current

流動比率和速動比率，流動比率等於流動資產除以流動

25:42

liabilities the quick ratio is equal to the liquid assets divided by the current

負債，速動比率等於流動資產除以流動

25:48

liabilities now the liquid assets include cash cash equivalents accounts

負債，而流動資產包括現金、現金等價物、應收

25:54

receivable and marketable securities you can also calculate the liquid assets

帳款和有價證券，你也可以用流動資產

25:59

by taking the current assets and subtracting by any inventory and any prepaid expenses the company may have

減去公司可能有的任何存貨和預付費用來計算流動資產

26:08

so now let's focus on the current ratio let's use two companies to illustrate an example

所以現在讓我們專注於流動比率，讓我們用兩家公司來舉例說明

26:17

so let's say for company a the current assets are 400 million

假設公司 A 的流動資產是 4 億

26:24

and for company b it's going to be the same 400 million now let's say that the current

而公司 B 也是 4 億，現在假設公司 A 的流動

26:30

liabilities for company a is 200 million and for company b it's 800 million

負債是 2 億，而公司 B 是 8 億

26:39

now let's calculate the current ratio so for company a it's going to be the current assets divided by the current

現在讓我們計算流動比率，對於公司 A，流動資產除以流動

26:45

liabilities 400 divided by 200 is 2.

負債，400 除以 200 是 2。

26:49

for company b it's 400 divided by 800 which is 0.5 so note that company a

對於公司 B，400 除以 800 是 0.5，所以請注意公司 A

26:57

has a high current ratio this because it has more assets than

有很高的流動比率，這是因為它的資產比負債多

27:02

liabilities which is good company b has a low current ratio

負債，這表示公司B的流動比率偏低

27:08

this because its liabilities exceed its assets so chances are it's going to have to

這是因為其負債超過資產，因此很可能需要

27:14

borrow money to pay off those current liabilities thus 0.5 is not a good number

借款來償還這些流動負債，所以0.5並不是一個好的數字

27:22

for the current ratio so when analyzing the company you want

對於流動比率而言，因此在分析公司時，你希望

27:28

the current ratio to be one or higher the higher it is the better the company is at paying off its

流動比率為1或更高，越高代表公司償還

27:34

short-term debt obligations so to review a good company will have a current ratio

短期債務的能力越強，所以總結來說，一家好公司的流動比率

27:41

that is greater than one and the same is true for the quick ratio you want that to be greater than one as well and when

會大於1，速動比率也是如此，你希望它也大於1，當

27:48

it's greater than one it means that the current assets exceed the current liabilities in the case of the quick

它大於1時，意味著流動資產超過流動負債，就速動

27:53

ratio it means that the liquid assets exceed the current liabilities if the current ratio or even the quick

比率而言，則意味著流動性資產超過流動負債，如果流動比率甚至速動

28:00

ratio if it's less than one that's not a good sign that means that the company has more liabilities

比率小於1，這不是一個好兆頭，這意味著公司的負債

28:06

than assets so make sure you understand the concept

多於資產，所以請務必理解

28:11

behind the liquidity ratios it measures the ability of a company to pay off its short-term debt obligations

流動性比率背後的概念，它衡量的是公司償還短期債務的能力

28:19

so keep in mind liquidity describes a company that is liquid is able to convert its assets into cash quickly

所以請記住，流動性描述的是一家公司若具有流動性，就能夠快速將資產轉換為現金

28:26

which is a good thing because some assets are not liquid think of a company with

這是一件好事，因為有些資產並不具流動性，想像一家擁有

28:32

a power plant you can't easily sell that so that's not a liquid asset

發電廠的公司，你無法輕易出售它，所以那不是流動性資產

28:38

a company that have marketable securities that they can easily sell at the market that is a

一家公司若持有有價證券，可以輕易在市場上出售，那就是

28:44

liquid asset they could turn that into cash quickly so companies with

流動性資產，他們可以快速將其轉為現金，所以擁有

28:49

a lot of liquid assets they can quickly pay off their debt if they need to so that's it for this video hopefully it

大量流動性資產的公司，若有必要，可以迅速償還債務，以上就是本集影片的內容，希望它

28:57

gave you some good metrics that you can consider when deciding if a company is undervalued or if a company is about to

提供了你一些良好的指標，讓你在決定一家公司是否被低估或是否即將

29:05

go bankrupt so in order to determine valuation you can look at the price of sales ratio

破產時能有所參考，因此為了評估價值，你可以查看市銷率（Price-to-Sales Ratio）

29:10

price to earnings ratio and even a price to book ratio in order to determine if a company might

本益比甚至股價淨值比，用來判斷一家公司是否可能

29:16

go bankrupt you want to consider the debt to equity ratio and the current ratio and the quick ratio

破產，你應考慮負債權益比、流動比率與速動比率

29:22

and to see how efficient a company is operating look consider it's uh the profit margin for that company the

而要檢視一家公司的營運效率，可參考該公司的毛利率

29:28

higher the profit margin is the greater the ability of the company is to convert sales into net income so

毛利率越高，代表公司將銷售轉為淨利的能力越強

29:35

keep in mind a company that has a profit margin of 20 means that twenty percent of its sales

請記住，一家毛利率為20%的公司，表示其銷售額的20%

29:41

is net income or earnings the other eighty percent were used to cover expenses

是淨利或盈餘，其餘80%用來支付各項費用

29:48

so the higher the profit margin is the more efficient that company is operating by keeping its cost down

因此毛利率越高，公司越能透過控制成本來提升營運效率

29:55

so that's it for this video hopefully it gave you a good way into conducting your fundamental analysis of companies

以上就是本支影片的內容，希望提供你進行公司基本面分析的好方法

30:01

and thanks for watching

感謝收看

Fundamental Analysis

📝 影片摘要

本單元深入講解基本面分析（Fundamental Analysis）的核心方法，旨在幫助投資者判斷公司價值。課程詳細介紹了三大估值指標：本益比（P/E）、股價營收比（P/S）與股價淨值比（P/B），透過比較這些比率來識別市場低估或高估的股票。此外，影片也涵蓋了評估公司財務健康度的關鍵指標，包括衡量償債能力的流動比率與速動比率，以及檢視破產風險的負債權益比（Debt to Equity Ratio）。最後，透過利潤率（Profit Margin）分析營運效率，綜合多項指標提供全面性的分析架構。

📌 重點整理

✓ 市值（Market Cap）是流通股數乘以股價，為計算各項比率的基礎。
✓ 股價營收比（P/S Ratio）：低於1通常代表股價可能被低估，需比較營收與市值。
✓ 本益比（P/E Ratio）：低本益比相對於同業可能代表低估，但需注意高本益比可能反映成長預期。
✓ 每股盈餘（EPS）：正數代表獲利，負數代表虧損，是衡量盈利能力的基礎。
✓ 股價淨值比（P/B Ratio）：低於1代表市場價值低於帳面價值，可能被低估。
✓ 負債權益比（Debt to Equity Ratio）：數值過高（如大於5）可能預示破產風險。
✓ 流動比率（Current Ratio）與速動比率（Quick Ratio）：衡量短期償債能力，理想值應大於1。
✓ 利潤率（Profit Margin）：透過控制成本提升淨利，越高代表營運效率越好。

📖 專有名詞百科｜點擊詞彙查看維基百科解釋

基本面分析

fundamental analysis

估值

valuation

市值

market capitalization

低估的

undervalued

每股盈餘

earnings per share

帳面價值

book value

流動性

liquidity

利潤率

profit margin

支出

expenses

義務

obligations

🔍 自訂查詢

📚 共 10 個重點單字

fundamental analysis /ˌfʌndəˈmɛntəl əˈnæləsɪs/ noun

A method of evaluating a security by analyzing its financial statements and health, management, and competitive advantages.

基本面分析：透過分析財務報表、管理層及競爭優勢來評估證券的方法。

📝 例句

"[1] in this video we're going to focus on fundamental analysis how to determine if a company"

→ 在這部影片中，我們將重點放在基本面分析，如何判斷一家公司。

✨ 延伸例句

"Fundamental analysis looks at the intrinsic value of a company."

→ 基本面分析著眼於公司的內在價值。

valuation /ˌvæljuˈeɪʃən/ noun

The process of determining the current worth of an asset or a company.

估值：決定資產或公司當前價值的過程。

📝 例句

"[13] what we're going to do today is we're going to take a look at a lot of different valuation ratios"

→ 我們今天要做的是，我們將探討許多不同的評價指標。

✨ 延伸例句

"Investors use valuation ratios to find bargain stocks."

→ 投資者使用估值比率來尋找便宜的股票。

market capitalization /ˈmɑːrkɪt ˌkæpɪtəlaɪˈzeɪʃən/ noun

The total value of a company's outstanding shares in the stock market.

市值：一家公司在股票市場上流通股份的總價值。

📝 例句

"[47] so the first thing you need to know is market capitalization market capitalization tells you the value of a company"

→ 首先你需要知道的是市值，市值告訴你一家公司的價值。

✨ 延伸例句

"The company's market capitalization reached 5 billion dollars."

→ 該公司的市值達到了50億美元。

undervalued /ˌʌndərˈvæljuːd/ adjective

When the market price of a security is lower than its estimated intrinsic value.

低估的：證券的市場價格低於其預估內在價值的情況。

📝 例句

"[96] typically that indicates that a company may be undervalued with reference to its sales"

→ 通常這表示相對於其銷售額，這家公司可能被低估了。

✨ 延伸例句

"Many investors look for undervalued stocks to buy low."

→ 許多投資者尋找被低估的股票以便低買。

earnings per share /ˈɜːrnɪŋz pər ʃɛr/ noun

The portion of a company's profit allocated to each outstanding share of common stock.

每股盈餘（EPS）：公司淨利分配給每一份普通股的金額。

📝 例句

"[514] and for company b the earnings is uh five dollars per share"

→ 而B公司的每股盈餘是5美元。

✨ 延伸例句

"High EPS often leads to a higher stock price."

→ 高每股盈餘通常會導致更高的股價。

book value /bʊk ˈvæljuː/ noun

The net asset value of a company, calculated as total assets minus intangible assets and liabilities.

帳面價值：公司的淨資產價值，計算方式為總資產減去無形資產和負債。

📝 例句

"[716] now the book value is the difference between the tangible assets and the total liabilities"

→ 現在的帳面價值是有形資產與總負債之間的差額。

✨ 延伸例句

"If book value is negative, the company owes more than it owns."

→ 如果帳面價值為負，代表公司負債大於資產。

liquidity /lɪˈkwɪdəti/ noun

The availability of liquid assets to an economy or company.

流動性：經濟體或公司持有流動資產的狀況。

📝 例句

"[1706] so keep in mind liquidity describes a company that is liquid is able to convert its assets into cash quickly"

→ 請記住，流動性描述的是一家公司若具有流動性，就能夠快速將資產轉換為現金。

✨ 延伸例句

"Cash is the most liquid asset."

→ 現金是流動性最高的資產。

profit margin /ˈprɒfɪt ˈmɑːrdʒɪn/ noun

A profitability ratio calculated as net income divided by revenue.

利潤率：一種盈利能力比率，計算方式為淨利除以營收。

📝 例句

"[1030] and this is the profit margin the profit margin tells you how profitable a company is"

→ 而這就是利潤率，利潤率告訴你一家公司有多賺錢。

✨ 延伸例句

"The company improved its profit margin by cutting costs."

→ 該公司透過削减成本提高了利潤率。

expenses /ɪkˈspɛnsɪz/ noun

The cost required for something; the money spent on something.

支出；費用：做某事所需的成本；為某事花費的金錢。

📝 例句

"[1075] let's say that the expenses for company a is a hundred million"

→ 假設公司A的支出是一億元。

✨ 延伸例句

"Business expenses can reduce your taxable income."

→ 商業支出可以減少你的應稅收入。

obligations /ˌɒblɪˈɡeɪʃənz/ noun

An act or course of action that is required by a person, law, or contract.

義務；責任：個人、法律或合約要求的行動或過程。

📝 例句

"[1522] these ratios measure the ability of a company to pay off its short-term debt obligations"

→ 這些比率衡量一家公司償還短期負債的能力。

✨ 延伸例句

"The company failed to meet its financial obligations."

→ 該公司未能履行其財務義務。

🎯 共 10 題測驗

1 According to the video, how is market capitalization calculated? 根據影片，市值是如何計算的？ According to the video, how is market capitalization calculated?

根據影片，市值是如何計算的？

✅ 正確！ ❌ 錯誤，正確答案是 B

Market capitalization is the product of shares outstanding times the share price.

市值是流通股數乘以股價的乘積。

2 If a company has a Price-to-Sales ratio of 0.5, what does this typically indicate? 如果一家公司的股價營收比為 0.5，這通常代表什麼？ If a company has a Price-to-Sales ratio of 0.5, what does this typically indicate?

如果一家公司的股價營收比為 0.5，這通常代表什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

A low price-to-sales ratio (less than 1) indicates that a company may be undervalued.

低的股價營收比（低於1）表示公司可能被低估。

3 In the example provided, why is Company B considered more valuable than Company A when they have the same market cap? 在提供的例子中，為什麼當 A 公司和 B 公司市值相同時，B 公司被認為更有價值？ In the example provided, why is Company B considered more valuable than Company A when they have the same market cap?

在提供的例子中，為什麼當 A 公司和 B 公司市值相同時，B 公司被認為更有價值？

✅ 正確！ ❌ 錯誤，正確答案是 C

Company B is more valuable because it generates higher sales (200 million) than Company A (50 million).

B公司更有價值是因為它產生的營收（2億）高於A公司（5千萬）。

4 What does a negative Earnings Per Share (EPS) indicate? 負的每股盈餘（EPS）代表什麼？ What does a negative Earnings Per Share (EPS) indicate?

負的每股盈餘（EPS）代表什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

A negative EPS means the company's expenses exceeded their revenue for that quarter.

負的EPS代表該季度公司的支出超過了收入。

5 Which valuation ratio is calculated by dividing share price by book value per share? 哪一個估值比率是透過股價除以每股帳面價值來計算的？ Which valuation ratio is calculated by dividing share price by book value per share?

哪一個估值比率是透過股價除以每股帳面價值來計算的？

✅ 正確！ ❌ 錯誤，正確答案是 C

The Price-to-Book (P/B) ratio can be calculated by taking the share price divided by the book value per share.

股價淨值比（P/B）可以透過股價除以每股帳面價值來計算。

6 What does it imply if a company's Price-to-Book ratio is 0.42? 如果一家公司的股價淨值比是 0.42，這意味著什麼？ What does it imply if a company's Price-to-Book ratio is 0.42?

如果一家公司的股價淨值比是 0.42，這意味著什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

A low P/B ratio (like 0.42) indicates that the book value exceeds the market value, suggesting the company is undervalued.

低的P/B比率（如0.42）代表帳面價值超過市場價值，暗示公司被低估。

7 What is the ideal value for the Current Ratio according to the video? 根據影片，流動比率的理想數值是多少？ What is the ideal value for the Current Ratio according to the video?

根據影片，流動比率的理想數值是多少？

✅ 正確！ ❌ 錯誤，正確答案是 C

When analyzing a company, you want the current ratio to be one or higher; the higher it is, the better.

分析公司時，你希望流動比率為1或更高；越高越好。

8 If a company has a Debt-to-Equity ratio of 9.6, what is the likely outcome? 如果一家公司的負債權益比是 9.6，可能的結果是什麼？ If a company has a Debt-to-Equity ratio of 9.6, what is the likely outcome?

如果一家公司的負債權益比是 9.6，可能的結果是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

A very high debt-to-equity ratio like 9.6 indicates the company might be going bankrupt.

非常高的負債權益比，如9.6，代表該公司可能會破產。

9 How is Profit Margin calculated? 利潤率是如何計算的？ How is Profit Margin calculated?

利潤率是如何計算的？

✅ 正確！ ❌ 錯誤，正確答案是 B

Profit margin is calculated by taking the net income, dividing it by the sales, and multiplying by 100%.

利潤率是將淨利除以營收，再乘以100%來計算。

10 To increase profit margin, a company should focus on: 為了提高利潤率，公司應該專注於： To increase profit margin, a company should focus on:

為了提高利潤率，公司應該專注於：

✅ 正確！ ❌ 錯誤，正確答案是 C

By keeping costs (expenses) down, a company can generate higher net income and thus increase the profit margin.

透過控制成本（支出），公司可以產生更高的淨利，從而提高利潤率。

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