BPI ba o BDO? Ano ang Financial Ratio Analysis ang gamitin! (Ikalawang Bahagi)

Almario Jr Mendoza
is a Financial expert in the Philippines

Idinetalye ko sa nakalipos kong article ang tungkol sa Liquidity ratios at ang kahalagahan nito. Narito matatagpuan ang link sa unang bahagi ng article:


http://www.buhayofw.com/financial-advice/stock-market-investments/bpi-ba-o-bdo-ano-ang-financial-ratio-analysis-530972b7f24b0#.Uwl2ruO1ZcQ


Financial statements are probably the most important resource for any individual investor. All companies with stock trading on the Philippine Stock Exchange, the United States Stock Exchange (Dow Jones, Nasdaq, S&P, etc. are required to file financial statements with the Securities and Exchange Commission (SEC) each quarter.


Leverage Ratios


Ang leverage ratio ang tumutukoy sa kakayahan ng kumpanya na gamitin ang kanyang mga pagkakautang upang masuportahan ang paglago ng kumpanya. Ito rin ay pwedeng maging basehan upang matukoy ang kakayahan ng kumpanya at masukat ang kanyang long-term solvency o ang kakayahang magtagal ng operation nito.


    • Debt to Equity Ratio = Total Debt/ Shareholders Equity

Ang ratio na ito ay nagpapahiwatig ng financial structure ng isang kumpanya (na aking ibinahagi sa nakalipas na mga article) kung ang pondo ng kumpanya ba ay nagmula sa pagkakautang (borrowed funds) o mula sa stockholders equity.


Ang acceptable na ratio para rito ay nakadepende din sa industriyang sinusuri. Ang mga kumpanya na malaki ang gastusin sa mga machineries and equipments ay kadalasang may mataas na debt to equity ratio dahil sa laki ng pagkakagastos o utang sa mga fixed assets.


Kapag mas mataas ang ratio nito, mas risky ang investments dahil sa ang borrowed funds ay susceptible sa interest changes ng merkado. Mas malaki ang chance na ang overall income ng kumpanya ay volatile at posibleng hindi matugunan ang expectation ng mga shareholders nito. Kaya’t mas mainam kung ang ratio na ito ay mas mababa kapag ginagawa ang financial ratio analysis.


    • Total Liabilities to Total Tangible Assets = Total Liabilities/ Total Tangible Assets

Ibinahagi ko sa nakalipas kong article ang tungkol sa Intangible assets o yung mga bagay na hindi nahahawakan gaya ng trademarks, patents, at iba pa. Ang tangible assets ay ang tawag sa mga bagay na hindi maituturing sa intangible assets.


Ang ratio na ito ay ikinokonsidera lamang ang tangible assets sapagkat may kahirapan ang valuation pagdating sa intangible assets at ito’y kalimitang bumabagsak kapag ang kumpanya ay nagdeklara ng bankruptcy o pagkalugi.


Mas mainam na sukat ito dahil ang tangible assets ay madaling mabenta kung ikukumpara sa isang intangible assets at dahil don, ito ay mas naaangkop na matugununan ang kabuuang obligation ng kumpanya.


Kung mas mataas ang halagan ng ratio nito, mas mataas ang risk dahil mas malaki ang liabilities kung ikukumpara sa available na tangible assets ng kumpanya.


    • Interest Cover Ratio = Net Profit before tax + Interest/ Interest

Sa pamamagitan ng ratio na ito masusukat kung ang kumpanya ay kayang matugunan o mabayaran ang interest expenses sa mga pagkakautang nito gamit ang kanyang kinita (net profit before tax).


Kalimitang ang resulta na mahigit sa 2 para sa ratio na ito ay mainam dahil isinisaad nitong ang kinita ng kumpanya ay kayang ipang-cover para sa interest expenses ng kumpanya.


Valuation Ratios


Ang valuation ratio ay ginagamit ng mga investment analysis upang masuri kung ang kasalukuyang share price ng isang company ay mataas ba o mababa kumpara sa kanyang totong value. Ito rin ay magagamit upang matukoy kung ang negosyo ba ay mura o mahal kung ihahambing sa kanyang kita, potential para sa paglago (growth prospects) at sa kanyang distribution ng dividends.


    • Price to Earnings Ratio (PE Ratio) = Share Price/ Earnings per Share

Sinusukat ng ratio na ito kung magkano ang bawat halaga ng shares para sa bawat pisong kikitain nito. Ipinapakita ng ratio na ito kung ilang beses kayang punan ng share price ang earnings per share para sa isang buong taon.


Magiging epektibo ito kung ang basehan ng PE ratio ay ang industriyang kinabibilanagan nito gaya ng nasa larawan sa unang bahagi ng article na ito. Mahalaga din masuri ang historical na PE ratio ng kumpanya upang matukoy kung ito ba ay tumaas o bumaba sa mga nakalipas na buwan.


Kapag ang PE Ratio ay mas mataas, isinasaad nito na ang mga investors ay nag-eexpect ng mas malaking growth potential sa kumpanya kaya’t nagagawang maipresyo ng merkado ang stock sa mas mataas na halaga. Kapag ang kumpanya ay nalulugi, asahan mong walang PE ratio ito dahil ang EPS ay mawawala.


Ang PE ratio na mataas ay kumpara sa industry average ay masasabing overpriced, pero sa kabilang banda, ito rin ay posibleng nangangahulugan ng mabilis na growth potential ng kumpanya. Kaya’t hindi masasabi na laging mainam kung mas mababa ang PE ratio. Mas maganda na icompute mo ang premium na babayaran mo at ikumpara ito sa growth na inaasahan ng kumpanya at saka i-assess kung ito mas sobra ang growth kumpara sa premium na babayaran para sa stock.


    • Price/Earnings to Growth Ratio (PEG) = PE Ratio/ EPS Growth Rate

Ang ratio na ito ay ginagamit para sa mga growth stocks na kung saan ang PE Ratio ay mas mataas kung ihahambing sa average PE ratio ng industriyang kinabibilangan nito upang matukoy kung ang premium na babayaran ay magagawang i-offset ng hinaharap na growth ng kumpanya.


Kapag and PEG ratio ay mas mababa kaysa sa 1, nangangahulugan itong ang stock ay undervalued o mura at may malaking potential sa pagtaas ng presyo nito. Samantalang ang PEG ratio na may value na mas mataas sa 1 ay nangangahulugang ang overpriced ang presyon nito.


    • Dividend Yield = Full year dividend / Share Price

Ang dividend yield naman ay sinusukat kung mainam ba ang dividend na maibibigay ng kumpanya kumpara sa interest rates sa merkado o sa risk free rate. Ito ay masusukat sa pamamagitan ng percentage ng dividends na binayaran sa loob ng buong taon kung ihahambing sa presyo ng iyong shares.

Financial statements are the report card of business.

All that information is available to you, free of charge. Many of the financial statements you need to understand a company are contained in the annual report.

Financial statements are similar to a company's medical charts, and you are the doctor who is employing these charts to determine a diagnosis of the company's financial health.

Here are the key salient financial statements:

Balance sheet

The balance sheet is a snapshot of a company's financial position. The balance sheet reveals a firm's financial resources (their assets) and obligations (their liabilities) at a given moment in time. The asset column determines how well the company has done in handling its finances. On the other hand, the liabilities column does shows to whom and what the company is indebted to.

Income statement

The income statement summarizes a firm's financial transactions over a defined period of time, whether it's a quarter or a whole year. This means the money the company gains/ earns from engaging yourself into productive activities. On the other hand, expenses are the amount of money required to meet the company’s basic needs and other important needs necessary to live to exist. The income statement shows you money coming in (revenues, also known as sales) versus the expenses tied to generating those revenues.

Cash flow statement

Cash flow statements report a company’s inflows and outflows of cash. This is important because a company needs to have enough cash on hand to pay its expenses and purchase assets. While an income statement can tell you whether a company made a profit, a cash flow statement can tell you whether the company generated cash. A company's sole reason for existing is to generate cash that can be distributed to shareholders. This dynamic is called a "positive cash flow."


Your financial statements are the basics of your financial literacy which in turn determines your level of financial intelligence. Financial intelligence is the foundation upon which you can create wealth. Whether you are a new investor, a small business owner, a manager, an executive, a non-profit director, or just trying to keep track of your personal finances, you need to understand how to read, analyse, and create financial statements so you can get a full and accurate understanding how much money there is, how much debt is owed, the income coming in each moth, and the expenses going out the door.


Sa susunod na bahagi ng article na ito, akin namang ipapaliwanag ang Profitability Ratio at susubukan natin mag-compute gamit ang mga ratios na ating pinag-aralan.


About the author

Almario Jr Mendoza

Currently working in one of the biggest Investment Banks in the world. Has extensive experience in accounting, finance, and investments ranging from Bonds, Money Market, and the Stock Market. A member of Philippine Institute of Certified Public Accountants. A graduate of Ateneo Graduate School of Business and University of Santo Tomas.
Profession: Certified Public Accountant & Certified Securities Specialist (Philippine Stock Exchange)
Philippines , Metro Manila , Taguig City

 

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