môn phân tích báo cáo tài chính, slide của tất cả các chương và có đầy đủ kiến thức, tóm tắt kiến thức một cách ngắn gọn, dễ hiểu, dễ nhớ. ...............................................................................................................................................................................................................................................................
Financial Statement Analysis Lecturer: Hoang Thi Mai Khanh Course objective Criteria Description of general goals Applying theoretical principles and the practical knowledge of macro-economics, micro economics and finance, accounting to analyse financial statements in three aspects: business strategies, accounting enviroments and financial ratios Knowledge Technical skills in accounting: logical thinking, systematical thinking and critical thinking to solve problems; research and working in accounting and finance fields Course objective Criteria Description of general goals Possess communication and teamwork skills, time and resource management skills Skills Management skills in accounting: can work in auditing, accounting, internal control or consulting in corporations Can be life-long learners, can adapt well with global intergration; Attitudes Community responsibility: demostrate professionalism Course Learning Outcomes No LO 1.1 LO 2.1 LO 3.1 Course Learning Outcomes Explain Forces Model – Michael Porter to analyse the competitive advantages of Companies Explain factors impacting to a company’s accounting enviroment Explain financial ratio and their limitations Course Learning Outcomes No LO 4.1 Course Learning Outcomes Analyse real business cases using principle and knowledge of strategic management, accounting analysis, ratio analysis LO 5.1 Demonstrate communication skills, teamwork skills and solving problem in real cases LO 6.1 Apply technical knowlegde and skills to enhance professional competence and integrate globally Textbook and Related Materials Palepu and Healy “Business Analysis & Valuation: Using Financial Statements”, Text and Cases, 5th ed., CFA level I,II – Financial Statement Analysis Computer skills: Research, retrieve and download data from internet Excel or any other spreadsheet program Course Mark Structure Formative assessment – 30%, including: Group assignments/ presentations Individual work Mid-term Team Project – 20% Final exam: 50% Team Project Team of FIVE Team can raise questions via email to the lecturer Discussion with other teams is allowed, but copy of ideas or writing is unacceptable No point will be given for similar assignments No point for submission after deadline Limited in 10 pages baì phân tích phải theo sườn Study plan W Week Course plan Week Introduction Project highlight Introduction Lecturer send groups and companies allocation list Week Business analysis Week Business analysis Week Business analysis Week 5 Business+Accounting analysis Q&A Week Accounting analysis Week Accounting analysis Week Accounting analysis Week Financial analysis 10 Week 10 Financial analysis 11 Week 11 Financial analysis 18/4 for K20405C and K20409C Financial analysis (deadline of 19/4 for K20405 and K20409 12 Week 12 project) Hard copies submitted in the class 13 14 15 Week 13 Presentation & Feed back Week 14 Presentation & Feed back Week 15 Comprehensive revision Presentation & Feed back Presentation & Feed back Team Project Report Generate Report including THREE analyses: Business Strategy Analysis Accounting Analysis Financial Analysis Must be typed 10 Analysis of Return ROE = ROE = Net income Equity Net income Total assets ROA ROE = Net income Sales Profitability Net margin X Total assets Equity Leverage X Sales Total assets X Assets turnover Total assets Equity Efficiency 106 Analysis of Return ROE = • • Not representative of future cash flow Current income whereas Equity is historical cost • • • Depend on the way a firm is financed Ignore intangible value (human capital) Depend on accounting rules Net income Equity ? What is “Good” ROE? How to benchmark? 107 Analysis of Profitability Net margin = Net income Sales Gross margin = Gross profit Sales = Sales – Total Expense Sales = Operating profit Operating margin = Sales Sales – COGS Sales Gross profit – Other Operating exp = Sales 108 Analysis of Efficiency Asset Turnover = Sales Total Assets Total Assets = Fixed Assets + Current assets Fixed Assets Turnover = Working Capital Turnover = Sales Fixed assets Sales Working Capital 109 Analysis of Working Capital Calculation Inventory turnover COGS/Average inventory Days of inventory on hand Number of days/Inventory turnover Receivables turnover Sales/Average receivables Days of sales outstanding Number of days/Receivables turnover Payables turnover Purchases/Average trade payables Number of days of payables Number of days/Payables turnover 110 Analysis of Leverage Leverage = Total Assets Equity 111 II Analysis of Credit Risk Credit risk is the risk of loss caused by the counterparty’s or debtor’s failure to make a promised payment Approach: analyse ratios Liquidity ratios Solvency ratios 112 Liquidity Ratios Calculation Current Ratio Current Assets/Current Liabilities Quick Ratio (acid test) (Current Assets – Inventory) /Current Liabilities Cash Ratio (Cash + Marketable securities) / Current Liabilities 113 Solvency ratios Calculation Debt ratios Debt to Equity Total Debts /Total Equity Total debt Total Debt / Total Assets Leverage Total Assets / Total Equity Long-term debt to equity Total Long-term debt / Total Equity Coverage ratios Interest coverage EBIT / Interest prepayment 114 Key Analysis Question Operating management Are the company’s margins consistent with its stated competitive strategy? Are the company’s margins changing? Why? What are the underlying business causes (changes in competition, changes in input cost, or poor overhead cost management?) Are the company’s tax policies sustainable, or is the current tax rate influenced by one-time tax credits? 115 Key Analysis Question Asset Turnover How well does the company manage its inventory? If inventory ratios are changing, what is the underlying business reason? Are new products being planned? Is there a mismatch between the demand forecasts and actual sales? Is the company taking advantage of trade credit? Is it replying too much on trade credit? If so, what are the implicit costs? Is the company’s investment in plant & equipment consistent with its competitive strategy? Does the company have a sound policy of acquisition? 116 Key Analysis Question Debt Policies Does the company have enough debt to operate? The potential benefits of debt? Does the company have too much debt given its business risk? Any potential financial distress and reduce business flexibility? What is the company doing with the borrowings? Investing in working capital? Investing in fixed assets? Is the company borrowing money to pay dividends? If so, what is the justification? 117 Key Analysis Question Sustainable growth How quickly can the firm grow its business by keeping its profitability and financial policies unchanged? If it intend to growing faster, where is the growth going to come from? Is management expecting profitability to increase? Or asset productivity to improve? Are these expectations realistic? Is the firm planning for these changes? 118 Discussion Ratio analysis – main strengths and limitations Potential conflict between survival and growth Short-run and long-run financial performance Financial and non-financial indicators 119 THE END 120