怎样选股? (3) 选股的揭秘

By: 小旺子

在上个日志， 怎样选股? (2) 选股的照妖镜里，我列出了选股方程式 Formula。今天将揭开方程式后面的意义。

基本分析的方程式可分为四大类:

A. 业绩表现比率 Performance Ratio 占40%
B. 流动性比率 Liquidity Ratio占10%
C. 成长比率Growth Ratio占30%
D. 债务比率 Debt Ratio 占20%

而我们的方程式正以这四大类形成, 方程式 Formula
(1) 股本回报率ROE > 15 A,B类占总分数20%
(2) DE < 0.60 负债比率 D类占总分数20%
(3) DY > 3股息生息率 > 定期存款 A类占总分数20%
(4) 流动性比率 Liquidity Ratio > 1 B类占总分数10%
(5) 利益率 > 10 Profitability Ratio > 10 A类占总分数10%
过去三年都赚钱，每股盈利EPS年年增加成长。C类占总分数20%

所以我比较注重业绩表现比率，负债少，有股息的股只。

懂得这个原理，你也可自创一套自己的选股方程式，今天我揭秘教你*钓鱼，你可以自己去捉鱼了。 若你还年青，可不省略股息一项，套上自己喜欢的方程式，我年纪大了，必须要抱着股息

不过，千万不要别将之复亲化，记得无论是基本、技术分析，什么方程式都拿来用，必然会迷失自己，记得要看清真相，便得用「根本简易投资法」。

还要多几课便可实际去找实例算，我希望你是怀着期侍的心情，再谈，祝愉快。

*给人一条鱼，你养活他一天，教人约鱼，养活他终生。
Give a man a fish; you have fed him for today.
Teach a man to fish ; and you have fed him for a lifetime.

附方程式， 让你自创:
Performance Ratio
Gross Profit Margin = (Profit Before Tax/Turnover)*100
Net Profit Margin = (Profit After Tax/Turnover)*100
Return on Shareholders Equity = Profit After Tax/Total Shareholders Funds
Current Assets Turnover = Revenue/Current Assets
Fixed Assets Turnover = Revenue/Fixed Assets
Total Assets Turnover = Revenue/Total Assets
Revenue Per Share = Revenue/Issued Shares
Inventory Turnover = Revenue/Inventory

Liquidity Ratio
Current Ratio = Current Assets/Current Liabilities
Acid Test Ratio = (Current Assets-Stock)/Current Liabilities
Interest Coverage = Profit Before Tax/Interest Charge

Growth Ratio
Annual Revenue Growth Rate(%) = ((Current Year Revenue-Last Year Revenue)*100)/Last Year Revenue
Annual Profit Growth Rate (%) = ((Current Year Profit-Last Year Profit)*100)/Last Year Profit

Debt Ratio
Debtors Turnover (Days) = (Debtors/Turnover)*365
Creditors Turnover (Days) = (Creditors/Turnover)*365
Debt Ratio (%) = (Total Liabilities/Total Assets)*100
Current Debt To Equity Ratio (%) = (Current Liabilities/Shareholders Fund)*100
Total Debt To Equity Ratio (%) = (Total Liabilities/Shareholders Fund)*100