How to tell when a stock is undervalued?
How to tell when a stock is undervalued?
In this article, we will go through some questions like:
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Overview
概述
In this article, we will go through some questions like:
在本文中，我們將討論一些問題，例如：
What is Price-To-Book (P/B) ratio?
Why use the P/B ratio?
How to use the P/B ratio?
Limitations of using P/B Ratio
How to check out the P/B ratio of a stock?
什麼是市淨率(P/B)？
為什麼要用市盈率？
如何使用市盈率？
使用市盈率的侷限性
如何計算股票的市盈率？
What is Price-To-Book (P/B) ratio?
什麼是市淨率(P/B)？
The formula of the P/B ratio is:
市盈率的計算公式為：
To determine a company's book value, you'll need to look at its balance sheet.
要確定一家公司的賬面價值，你需要看它的資產負債表。
Also known as shareholder's equity or stockholder's equity, this amount is equal to the company's assets minus its liabilities.
也稱為股東權益或股東權益，這個數額等於公司的資產減去負債。
In other words, if a company liquidated all of its assets and paid off all its debt, the value remaining would be the company's book value.
換句話説，如果一家公司清算了所有資產，還清了所有債務，剩下的價值就是公司的賬面價值。
Key takeaway: The P/B ratio measures the market's valuation of a company relative to its book value.
主要結論：市盈率衡量的是市場對一家公司的估值相對於其賬面價值。
Why use the P/B ratio?
為什麼要用市盈率？
A lower price-to-book ratio could indicate that a stock is undervalued. When you're comparing two stocks with similar growth and profitability, P/B can be useful for determining which is the best value at a given moment.
較低的市淨率可能表明一隻股票被低估了。當你比較兩隻成長性和盈利能力相近的股票時，市盈率可能有助於確定在給定時刻哪隻股票的價值最高。
Using P/B ratio
使用P/B比率
On the surface, it's an effective metric that can compare a stock's market cap to what it owns versus what it owes.
從表面上看，這是一個有效的衡量標準，可以將一隻股票的市值與其擁有的和所欠的進行比較。
Traditionally, any value under 1.0 is considered a good P/B value, indicating a potentially undervalued stock.
傳統上，任何低於1.0的值都被認為是良好的市盈率，表明股票可能被低估。
Depending on the industry, many companies' asset costs are priced not according to market value but value carried at the time of acquisition.
根據行業的不同，許多公司的資產成本不是根據市場價值而是根據收購時的價值來定價的。
It's helpful to identify some general parameters or a range for P/B value, and then consider various other factors and valuation measures that more accurately interpret the P/B value and forecast a company's potential for growth.
確定市盈率的一些一般參數或範圍，然後考慮其他各種因素和估值方法，以便更準確地解釋市盈率，預測公司的增長潛力，這是很有幫助的。
Key takeaway: The market value of equity is typically higher than the book value of a company, P/B ratios under 1 are typically considered solid investments.
要點：股票的市值通常高於公司的賬面價值，市盈率低於1通常被認為是可靠的投資。
Limitations of using P/B Ratio
使用市盈率的侷限性
When accounting standards applied by firms vary, P/B ratios may not be comparable, especially for companies from different countries. Additionally, P/B ratios can be less useful for service and information technology companies with little tangible assets on their balance sheets.
當公司採用不同的會計準則時，市盈率可能不具有可比性，特別是對於來自不同國家的公司而言。此外，P/B比率可能對服務和信息技術公司用處較小資產負債表上幾乎沒有有形資產。
How to check out the P/B ratio of a stock
如何檢查股票的市盈率
Take $Bank of America Corporation(BAC.US)$ for an example:
拿走$美國銀行(BAC.US)$例如：
Go to the Quotation page and click the "Analysis" tab.
轉到報價頁面並單擊“分析”標籤。
Then you will be able to see the current P/B ratio as well as its historical trend(going upward).
然後你就可以看到當前的市盈率以及它的歷史趨勢(上升)。
Source: The Motley Fool, Investopedia
來源：The Motley Fool，Investopedia
Editor: Tommy
編輯：湯米
