買股睇PE? (2) 美股都係咁?

2021年12月5日星期日

買股睇PE? (2) 美股都係咁?

買股睇PE? (1) 中國鐵塔 https://lookitsmathbook.blogspot.com/2021/12/pe-1.html

繼續上一篇嘅 PE系列
大家都知依個Blog 最大宗旨係愛國, 上一篇寫 0788 比人誤會實在唔太好, 係我唔啱
今日為大家揭穿濕鳩美帝嘅玩數祕技
未睇上一篇嘅, 乖, 睇左上一個先
有0788嘅根底之後, 相信今日講三隻美國妖股唔會難到大家

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第一隻: 妖股A

We review the useful lives of equipment on an ongoing basis, and effective January 1, 2020 we changed our estimate of the useful life for our servers from three years to four years. The longer useful life is due to continuous improvements in our hardware, software, and data center designs. The effect of this change in estimate for the year ended December 31, 2020, based on servers that were included in “Property and equipment, net” as of December 31, 2019 and those acquired during the year ended December 31, 2020, was a reduction in depreciation and amortization expense of $2.7 billion and an increase in net income of $2.0 billion, or $4.06 per basic share and $3.98 per diluted share.

妖股A,

佢地喺2020年1月份, 重新檢視手上資產嘅可使用年期, 佢地認為佢地嘅Server(伺服器)因為有更好嘅硬件&軟件&設計, 所以由過往可以用3年, 延長到可以用4年
咁對盤數有咩影響?
1. 折舊支出減少$2.7 billion
2. 盈利增加 $2.0 billion
3. 增加後嘅盈利係 $21 billion
loop「同以前把尺唔一樣, 盈利變左, PE市盈率變左, 無可比較性」

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第二隻: 妖股M

In July 2020, we completed an assessment of the useful lives of our server and network equipment and determined we should increase the estimated useful life of server equipment from three years to four years and increase the estimated useful life of network equipment from two years to four years. This change in accounting estimate was effective beginning fiscal year 2021. Based on the carrying amount of server and network equipment included in property and equipment, net as of June 30, 2020, the effect of this change in estimate for fiscal year 2021 was an increase in operating income of $2.7 billion and net income of $2.3 billion, or $0.30 per both basic and diluted share.

少少翻譯, 妖股M 同妖股A 一樣
因為各種原因, 延長左相關資產嘅折舊嘅年期, 由3年改為4年
盈利增加 $2.3 billion
loop loop:「同以前把尺唔一樣, 盈利變左, PE市盈率變左, 無可比較性」

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第三隻: 妖股G

Change in Accounting Estimate
In January 2021, we completed an assessment of the useful lives of our servers and network equipment and adjusted the estimated useful life of our servers from three years to four years and the estimated useful life of certain network equipment from three years to five years. This change in accounting estimate was effective beginning in fiscal year 2021. Based on the carrying value of servers and certain network equipment as of December 31, 2020, and those acquired during the quarter ended March 31, 2021, the effect of this change in estimate was a reduction in depreciation expense of $835 million and an increase in net income of $650 million, or $0.97 per basic and $0.95 per diluted share, for the three months ended March 31, 2021.

~~唔係講笑, 我一路做research 一路以為自己睇錯公司~~

~~DKLM 間間一樣嘅喂😅~~

妖股G因為各種原因, 延長左相關資產嘅折舊嘅年期, 由3年改為4年
盈利增加 $650 million
loop loop loop:「同以前把尺唔一樣, 盈利變左, PE市盈率變左, 無可比較性」

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好, 三隻美帝妖股嘅例子都貼晒出嚟
我想帶出啲咩?

如果有一位投資者, 利用市盈率PE 去為 ~~0788~~ 以上三隻妖股做估值
佢拎今日嘅PE 同過去嘅PE做對比, 咁成個估值可以話係「無用」!
因為當中用到嘅折舊年期唔統一, 計出嚟嘅盈利就無左可比較性, 個PE ratio 亦都係一樣
公司更改折舊年期, 甚至更改其他影響盈利嘅計算方法, 個盈利同過往就無得再比較

btw...上面三隻妖股, 按次序係 Amazon; MSFT; Google
「玩」折舊並唔係某國公司專利, 世界三巨都係會咁「玩」
應該話, 所以公司都以咁「玩」