研究貢獻

第五章企業價值評價分析

6.3 研究貢獻

1. 導入 Damodaran ”The Dark Side of Valuation：Firms with no Earnings, no History and no Comparable – Can Amazon.com be valued?”一文的評價模型，以營收成長率為 g 值的 FCFF 折現做評價。後發現評價結果，除 GPB 評價結果較實際股價為高外，其餘公司的評價結果多為接近 0 或為負數。究其原因，

推論應為 g 值過高所致，造成 FCFF 的 Continuing Value 為負數。因此開始思考何者為較適切的 g 值，可以為本研究的適當研究模型。

2. 以倒推法求算以適當 g 值做評價。建議應先了解公司下列特性：

(1) 當地的無風險利率及公司股價 Beta 值。若比率過高，會形成較高的 WACC，也會造成超額報酬率為負值，評價結果會較實際股價為低或根本無法適用。

(2) 獲利能力的高低及成長趨勢，為企業評價的關鍵因素。其中稅後純益率成長率較稅後純益成長率更能適切表達公司獲利能力的成長狀況。

(3) 付息負債金額的大小。過高的付息負債金額，會造成整體公司價值的降

低，評價的結果一般會較實際股價為低或根本無法適用。

附註：參考文獻

[1] Damodaran, Aswath, Danodaran on Valuation-Security Analysis For Investment and Corporate Finance – 2

^nd

Edition, John Wiley & Sons, Inc., 2006.

[2] Cornell, Bradford, Corporate Valuation: Tools for Effective Appraisal and Decision Making, Homewood, Ill., Business One Irwin, 1993.

[3] Rielly, S.P., Valuing a Business-The Analysis and Appraisal of Closely Held Companies, Second Edition, Dow Jones - Irwin Home wood, 1989.

[4] Copeland, Tom; Koller, Tim and Murrin, Jack.Valuation: Measuring and Managing the Value of Companies, Wiley, New York, 1995.

[5] Black, Fischer,"How We Came Up with the Option Formula", Journal of Portfolio Management, Vol.15, 1989 Winter, pp.4-8.

[6] http://www.sternstewart.com/evaabout/whatis.php

[7] Palepu. Healy. Bernard, Business Analysis and Valuation – using financial statement- 3

^rd

Edition, 2004.

[8] http://www.investopedia.com/terms/w/wacc.asp

[9] 李子復，「半導體IC 測試產業經營績效分析」，國立交通大學，碩士論文，

民國94年。

[10] 張居福，「台灣投影機產業之企業評價與經營績效分析 - 以中強光電公司為例」，國立交通大學，碩士論文，民國94年。

[11] M. E. Porter, Competitive strategy: techniques for analyzing industries and competitors, Free Press, New York, 1980.

[12]賴俞今，

「台灣地區國聯光電公司企業評價之綜合分析」，朝陽科技大學，碩士論文，民國94年。

[13]吳晉嘉，「企業評價：台灣半導體上市公司之實証研究」，立德管理學院，碩士論文，民國92年。

[14]周佳穎，

「企業評價模式在半導體產業之應用」，東吳大學，碩士論文，民國

90年。

[15]李定寧，

「台灣新上市公司股票評價」，淡江大學，碩士論文，民國89年。

[16]賴進芎，「傳銷業創業導向、競爭策略、組織文化與產業環境對組織績效的

影響之研究－以台灣多層次傳銷業為例」。南華大學，碩士論文，民國92年。

[17]葉宜生，「我國電子產業與非電子產業評價模式之比較」，中原大學，碩士論

文，民國88年。

[19]譚小金，鋰電池材料產業發展現況與趨勢-2005回顧與2006展望，工研院IEK 電子材料報告，民國94年。

[20]楊勝帆，二次電池產業發展對NB之影響，拓墣產業研究所焦點報告，民國94 年。

[21] Aswath Damodaran, The Dark Side of Valuation : Firms with no Earnings, no History and no Comparables—Can Amazon.com be valued?, Stern School of Business, March 2000.

[22] EUGENE F. FAMA and KENNETH R.FRENCH, “The Value Premium and the CAPM”, THE JOURNAL OF FINANCE , VOL. LXI, NO. 5, OCTOBER 2006,.

[23]Lee, Finnerty, Norton原著，洪坤‧賴秀峰譯，財務管理/Foundations of Financial Management，滄海書局，民國91年。

[24] 吳啟銘著，企業評價 / 個案實證分析 /Business Valuation: Cases Studies Analysis，智勝文化出版社，民國90年。

[25]Palepu, Healy, Bernard著，郭敏華編譯，企業分析與評價三版，華泰文化事業股份有限公司，民國94年。

[26]田美蕙著，會計報表實務/Practice in Accounting Reports，智高文化事業有限公司，民國93年。

[27] S. D. Young & S. F. O'Byrne, EVA and value based management: a practical guide to implementation, McGraw Hill, New York, 2001.

[28] T. Copeland et al., Valuation: measuring and managing the value of companies, 3rd ed., John Wiley & Sons Inc., New York, 2000.

[29] Morin, Roger A. Jarrell, Sherry L., Driving Shareholder Value：Value-building

Techniques for Creating Shareholder Value, New York McGraw-Hill

Professional, 2000.

附錄

附錄一：各公司各年損益表

GP BATTERIES INTERNATIONAL INCOME STATEMENT - MODEL 5 - HYBRID FORMAT

GVKEY: 104539 In Millions of U.S. DOLLAR

INDUSTRY (SIC): MISC ELEC MACHY,EQ,SUPPLIES INDUSTRY (GICS): Household Products

ENTITY TYPE: Industrial

Mar06 Mar05 Mar04 Mar03 Mar02

Net Sales - Total 533.249 533.702 478.363 373.682 305.724 Cost of Goods Sold 404.546 402.518 324.808 251.664 223.495 Gross Margin 128.703 131.183 153.555 122.018 82.229

Gross Margin Rate(%) 24% 25% 32% 33% 27%

Selling, General, and Admin Expense 81.646 78.551 92.036 73.925 56.681 Operating Expenses - Other (1.736) (0.521) 0.150 1.543 (0.201) Depreciation and Amortization - Total 24.816 27.137 25.852 24.353 14.389 --- --- --- --- Operating Income 23.977 26.016 35.517 22.197 11.360

Interest and Related Expense 9.597 7.031 5.620 5.557 7.638

Interest and Dividend Income 0.984 2.020 0.403 0.727 0.436 Nonoperating Income (Expense) - Other (2.038) (6.768) 3.434 3.661 6.426 --- --- --- --- Pretax Income 13.326 14.237 33.735 21.028 10.585 --- --- --- --- Income Taxes - Total 2.768 8.999 5.343 3.145 1.447 Minority Interest 2.388 4.177 2.227 (0.545) (0.353) --- --- --- --- Income Before Extraordinary Items 8.170 1.062 26.164 18.428 9.491

Net Income/Net Sales 1.5% 0.2% 5.5% 4.9% 3.1%

Common/Ordinary 2.505 1.438 8.379 4.698 2.284

--- --- --- ---

Dividends - Total 2.505 1.438 8.379 4.698 2.284

BYD CO LTD INCOME STATEMENT - MODEL 5 - HYBRID FORMAT

GVKEY: 253759 In Millions of U.S.

DOLLAR

INDUSTRY (SIC): MISC ELEC MACHY,EQ,SUPPLIES INDUSTRY (GICS): Electrical Components & Equipment

ENTITY TYPE: Industrial

Dec06 Dec05 Dec04 Dec03 Dec02

Net Sales - Total 1,617.365 793.032 775.886 491.642 276.805 Cost of Goods Sold 1,275.092 571.769 541.373 317.292 154.239 Gross Margin 342.273 221.263 234.513 174.350 122.565

Gross Margin Rate 21% 28% 30% 35% 44%

Selling, General, and Admin Expense 88.825 66.648 50.109 24.275 Operating Expenses - Other (5.897) (0.504) (3.753) (3.629) Depreciation and Amortization - Total 43.755 28.653 14.266 7.249

--- --- --- --- ---

Operating Income 94.579 139.716 113.729 94.671

Interest and Related Expense 30.868 19.269 8.008 2.444 2.187

Nonoperating Income (Expense)

Interest Capitalized 1.878 @NA 0.028 @NA

Interest and Dividend Income 0.847 1.957 1.988 0.314 Nonoperating Income (Expense) - Other (2.544) 0.366 2.125 (0.562)

--- --- --- --- --- Pretax Income 147.643 75.490 134.030 115.427 92.237

--- --- --- --- --- Income Taxes - Total 6.634 10.988 7.779 7.449 7.183

Minority Interest (0.025) 1.037 3.453 5.513

--- --- --- --- --- Income Before Extraordinary Items 141.009 64.527 125.214 104.524 79.541

Net Income/Net Slaes 8.7% 8.1% 16.1% 21.3% 28.7%

--- --- --- --- ---

Common/Ordinary 0.000 37.587 33.422 29.466

--- --- --- --- --- Dividends - Total 26.975 0.000 37.587 33.422 29.466

SKC CO LTD INCOME STATEMENT - MODEL 5 - HYBRID FORMAT

GVKEY: 214053 In Millions of U.S. DOLLAR

INDUSTRY (SIC): UNSUPP PLASTICS FILM &

SHEET

INDUSTRY (GICS): Consumer Electronics

ENTITY TYPE: Industrial

Dec05 Dec04 Dec03 Dec02 Dec01

Net Sales - Total 1,892.824 1,717.137 1,451.551 1,187.119 669.521 Cost of Goods Sold 1,498.681 1,392.125 1,129.823 912.984 486.720 Gross Margin 394.143 325.013 321.729 274.135 182.800

Gross Margin Rate 20.8% 18.9% 22.2% 23.1% 27.3%

Selling, General, and Admin Expense 169.313 141.195 119.891 105.812 80.869 Depreciation and Amortization - Total 104.069 99.703 88.555 86.809 59.250

--- --- --- --- --- Operating Income 120.760 84.114 113.282 81.514 42.681

Interest and Related Expense 65.750 76.754 74.810 73.794 72.448 Interest and Dividend Income 5.889 9.666 10.310 10.551 8.575 Nonoperating Income (Expense) - Other (44.680) 22.953 (7.807) (89.049) (76.598)

--- --- --- --- --- Pretax Income 16.219 39.979 40.976 (70.777) (97.790)

--- --- --- --- --- Income Taxes - Total (6.484) (6.396) 12.142 1.349 (3.950)

Minority Interest 1.095 2.615 1.191 (7.470) (15.638)

--- --- --- --- --- Income Before Extraordinary Items 21.608 43.760 27.643 (64.656) (78.202)

Net Income/Net Sales 1.1% 2.5% 1.9% -5.4% -11.7%

--- --- --- --- ---

Common/Ordinary 7.876 0.000 0.000 @NA @NA

--- --- --- --- ---

Dividends - Total 7.876 0.000 0.000 @NA @NA

VALENCE TECHNOLOGY INC ANNUAL INCOME STATEMENT TICKER: VLNC ($ MILLIONS, EXCEPT PER SHARE)

SIC: 3,690.000

GICS: 20104010

Mar06 Mar05 Mar04 Mar03 Mar02 Mar01

Sales 17.214 10.665 9.446 2.557 4.874 8.691

Cost of Goods Sold 25.454 16.341 15.923 10.996 8.649 18.175 Gross Profit (8.240) (5.676) (6.477) (8.439) (3.775) (9.484) Gross Profit Rate -48% -53% -69% -330% -77% -109%

Selling, General, &

Administrative Expense 19.069 24.907 24.582 22.643 23.609 20.939

Depreciation, Depletion, &

Amortization 0.722 0.884 2.109 2.790 7.927 11.309

--- --- --- --- --- --- Operating Profit (28.031) (31.467) (33.168) (33.872) (35.311) (41.732)

Interest Expense 5.551 4.262 4.059 4.172 4.327 2.332 Non-Operating Income/Expense 0.750 5.755 (13.294) 0.143 (29.982) 0.896 Special Items 0.108 (1.456) (4.505) 0.000 0.000 (0.333)

--- --- --- --- --- --- Pretax Income (32.724) (31.430) (55.026) (37.901) (69.620) (43.501)

--- --- --- --- --- ---

Income Before Extraordinary

Items & Discontinued Operations (32.724) (31.430) (54.957) (37.901) (69.620) (43.501) Preferred Dividends 0.200 0.749 1.102 0.000 0.000 0.591 --- --- --- --- --- --- Available for Common (32.924) (32.179) (56.059) (37.901) (69.620) (44.092)

--- --- --- --- --- --- Adjusted Available for Common (32.924) (32.179) (56.059) (37.901) (69.620) (44.092)

--- --- --- --- --- --- Adjusted Net Income (32.924) (32.179) (56.059) (37.901) (69.620) (44.092)

Net Income/Net Sales -191% -302% -593% -1482% -1428% -507%

--- --- --- --- --- ---

Earnings Per Share Basic -

Excluding Extra Items & Disc Op (0.370) (0.400) (0.770) (0.650) (1.530) (1.140) EPS Basic from Operations (0.370) (0.380) (0.710) (0.650) (1.530) (1.130) EPS Diluted from Ops (0.370) (0.380) (0.710) (0.650) (1.530) (1.130) Dividends Per Share 0.000 0.000 0.000 0.000 0.000 0.000 Com Shares for Basic Eps 89.298 81.108 73.104 58.423 45.504 38.840 Com Shares for Diluted EPS 89.298 81.108 73.104 58.423 45.504 38.840

附錄二：各公司各年資產負債表

GP BATTERIES INTERNATIONAL FULL DETAIL BALANCE SHEET GVKEY: 104539 In Millions of U.S. DOLLAR INDUSTRY (SIC): MISC ELEC

MACHY,EQ,SUPPLIES INDUSTRY (GICS): Household Products

ENTITY TYPE: Industrial

Mar06 Mar05 Mar04 Mar03 Mar02

ASSETS

Cash 22.128 24.009 28.911 18.806 8.425

Short-Term Investments 9.507 11.886 2.867 0.269 0.534 Cash and Short-Term Investments 31.636 35.894 31.778 19.075 8.959 Accounts Receivable/Debtors - Trade 107.376 104.763 96.655 93.489 62.260 Accounts Receivable/Debtors - Other 18.823 33.686 27.537 14.298 15.477 Accounts Receivable/Debtors - Total 126.199 138.449 124.193 107.787 77.736

Inventories/Stocks

Raw Materials 33.459 51.746 44.270 34.713 23.126 Work in Process 15.767 20.699 20.581 13.401 10.549 Finished Goods 55.353 63.294 49.201 35.974 29.008

--- --- --- --- --- Inventories/Stocks - Total 104.580 135.738 114.052 84.088 62.683

Current Assets - Other

Prepaid Expense 3.105 5.567 0.000 0.000 7.663

Current Assets-Other Excl Prepaid Exp 4.764 2.062 9.803 9.253 0.000

--- --- --- --- --- Current Assets - Other - Total 7.869 7.629 9.803 9.253 7.663

--- --- --- --- --- Current Assets - Total 270.284 317.710 279.825 220.203 157.040

Fixed Assets - Total

Fixed Assets 354.648 344.226 331.412 302.212 245.620 Depreciation and Amort (Accum) (-) 186.574 171.077 154.162 133.044 100.740

--- --- --- --- --- Fixed Assets - Total (Net) 168.073 173.149 177.251 169.168 144.880

Investments and Advances - Equity 36.055 30.238 18.181 15.616 15.058 Investments and Advances - Other 12.628 17.094 14.086 13.635 13.630 Intangible Assets 7.761 7.613 8.408 9.102 0.245

Assets - Other

Deferred Charges 16.558 18.239 21.910 24.313 29.174 Assets - Other - Excl Deferred Charges 1.815 0.000 0.000 0.000 0.000

--- --- --- --- --- Short-Term Borrowings 42.319 81.515 60.274 108.544 49.530 Short-Term Borrowings - Total 125.073 121.428 82.333 108.979 58.558 Accounts Payable/Creditors - Trade 63.337 75.637 73.199 74.959 33.207 Current Liabilities - Other

Accrued Expenses 10.266 9.779 14.821 0.000 9.031 Income Taxes Payable 2.486 2.174 1.512 1.623 1.103 Accounts Payable/Creditors - Other 3.433 5.969 2.362 5.774 1.104

--- --- --- --- --- Current Liabilities - Other - Total 16.185 17.923 18.695 7.397 11.238

--- --- --- --- --- Current Liabilities - Total 204.594 214.987 174.227 191.334 103.003

Deferred Taxes 5.374 5.425 2.922 1.957 2.463

Long-Term Debt 70.463 116.563 117.584 60.714 75.806 Minority Interest 31.421 28.447 25.199 24.606 20.356

--- --- --- --- --- Liabilities - Total 311.853 365.422 319.933 278.611 201.628

SHAREHOLDERS' EQUITY

Common Stock 142.601 53.085 51.006 46.927 44.906 Capital Surplus/Share Premium Reserve 0.000 86.758 83.216 76.864 73.566 Revaluation Reserve 1.116 1.199 1.250 1.186 1.135 Retained Earnings 109.146 98.639 96.679 76.084 62.491 Equity Reserves - Other (20.974) (15.878) (10.518) (11.745) (13.816) Cumulative Translation Adjustment (30.568) (25.181) (21.904) (15.890) (9.881)

--- --- --- --- --- Shareholders' Equity - Total 201.321 198.622 199.729 173.426 158.400

BYD CO LTD FULL DETAIL BALANCE SHEET

GVKEY: 253759 In Millions of U.S. DOLLAR

INDUSTRY (SIC): MISC ELEC

MACHY,EQ,SUPPLIES

INDUSTRY (GICS): Electrical Components & Equipment

ENTITY TYPE: Industrial

Dec06 Dec05 Dec04 Dec03 Dec02

ASSETS

Cash @NA 84.492 82.429 60.229 149.831

Short-Term Investments @NA 5.952 2.883 2.376 0.000

Cash and Short-Term Investments @NA 90.443 85.311 62.605 149.831 Accounts Receivable/Debtors - Trade @NA 228.923 230.743 180.315 72.426 Accounts Receivable/Debtors - Other @NA 5.971 4.731 8.548 26.561 Accounts Receivable/Debtors - Total @NA 234.894 235.474 188.863 98.987

Inventories/Stocks Inventories/Stocks - Total @NA 276.410 180.456 105.093 53.046

Current Assets - Other

Prepaid Expense @NA 28.185 37.877 17.805 0.000

Current Assets-Other Excl Prepaid Exp @NA 2.836 0.000 0.000 0.000 --- --- --- --- --- Current Assets - Other - Total @NA 31.022 37.877 17.805 0.000

--- --- --- --- --- Current Assets - Total 1,014.308 632.769 539.118 374.366 301.863

Fixed Assets - Total

Fixed Assets @NA 787.434 564.315 330.694 96.529

Depreciation and Amort (Accum) (-) @NA 109.917 69.164 43.115 12.437 --- --- --- --- --- Assets - Total 2,048.348 1,366.215 1,063.219 673.500 386.820

LIABILITIES

Long-Term Debt Due in One Year @NA 2.079 31.124 1.996 0.000 Short-Term Borrowings @NA 269.806 265.952 72.768 0.000 Short-Term Borrowings - Total @NA 271.885 297.076 74.763 0.000 Accounts Payable/Creditors - Trade @NA 245.960 197.591 144.033 48.836 Current Liabilities - Other

Income Taxes Payable @NA 9.396 0.738 0.362 4.127

Accounts Payable/Creditors - Other @NA 50.507 39.935 25.325 15.685

Current Liabilities - Sundry @NA 25.295 3.683 1.714 0.137

--- --- --- --- ---

Current Liabilities - Other - Total @NA 85.199 44.357 27.400 19.949 --- --- --- --- ---

Current Liabilities - Total 1,187.806 603.044 539.023 246.197 68.785

Long-Term Debt @NA 226.631 28.604 12.695 0.000

Minority Interest @NA 7.982 7.149 18.538 7.365

--- --- --- --- --- Liabilities - Total 1,377.393 837.657 574.776 277.430 76.151

SHAREHOLDERS' EQUITY

Common Stock @NA 66.825 65.154 65.142 65.180

Capital Surplus/Share Premium Reserve @NA 188.700 183.938 183.904 184.013 Retained Earnings @NA 235.256 209.669 131.189 56.613 Equity Reserves - Other @NA 37.637 29.513 16.088 4.894 Cumulative Translation Adjustment @NA 0.140 0.168 (0.252) (0.032)

--- --- --- --- --- Shareholders' Equity - Total 670.955 528.558 488.443 396.070 310.669

SKC CO LTD FULL DETAIL BALANCE SHEET

GVKEY: 214053 In Millions of U.S. DOLLAR

INDUSTRY (SIC): UNSUPP PLASTICS FILM & SHEET INDUSTRY (GICS): Consumer

Electronics

ENTITY TYPE: Industrial

Dec05 Dec04 Dec03 Dec02 Dec01

ASSETS

Cash 26.506 36.005 73.670 19.412 20.390

Short-Term Investments 1.466 1.526 2.097 7.096 6.900 Cash and Short-Term Investments 27.971 37.531 75.767 26.508 27.290 Accounts Receivable/Debtors - Trade 295.035 306.893 255.424 185.870 127.105 Accounts Receivable/Debtors - Other 10.944 10.675 13.825 14.847 16.887 Accounts Receivable/Debtors - Total 305.978 317.568 269.249 200.717 143.992

Inventories/Stocks Inventories/Stocks - Total 245.993 266.057 195.821 155.097 101.165

Current Assets - Other

Prepaid Expense 4.840 10.295 15.708 15.122 17.646 Current Assets-Other Excl Prepaid Exp 33.633 21.048 5.450 0.726 10.027

--- --- --- --- --- Current Assets - Other - Total 38.472 31.343 21.158 15.849 27.673

--- --- --- --- --- Current Assets - Total 618.415 652.499 561.995 398.170 300.120

Fixed Assets - Total

Fixed Assets 1,154.800 1,449.857 1,263.731 1,239.938 1,142.463 Depreciation and Amort (Accum) (-) 148.356 390.399 274.461 206.541 133.784

--- --- --- --- --- Fixed Assets - Total (Net) 1,006.444 1,059.458 989.270 1,033.396 1,008.680

Investments and Advances - Equity 111.368 110.445 70.681 71.896 156.892

Investments and Advances - Other 68.068 103.859 77.847 80.296 98.107 Intangible Assets 6.956 7.704 7.373 (121.505) (120.942)

Assets - Other

Deferred Charges 22.921 34.731 50.277 48.258 52.878 Assets - Other - Excl Deferred Charges (76.566) (66.975) (92.064) 36.531 24.222

--- --- --- --- --- Assets - Other - Total (53.644) (32.244) (41.787) 84.788 77.100

--- --- --- --- --- Assets - Total 1,757.607 1,901.721 1,665.379 1,547.042 1,519.958

LIABILITIES

Long-Term Debt Due in One Year 189.536 262.863 196.666 374.367 311.953 Short-Term Borrowings 192.632 314.666 402.902 157.853 168.923 Short-Term Borrowings - Total 382.168 577.529 599.568 532.220 480.876 Accounts Payable/Creditors - Trade 248.364 290.316 218.121 210.747 100.483 Current Liabilities - Other

Accrued Expenses 11.881 11.095 9.438 32.724 30.251 Income Taxes Payable 0.919 1.425 2.110 7.483 4.684

Accounts Payable/Creditors - Other 35.326 27.072 38.184 6.378 4.297 Proposed Dividends 0.000 0.000 0.000 7.984 0.000

Current Liabilities - Sundry 1.184 2.544 0.346 1.373 1.523

--- --- --- --- --- Current Liabilities - Other - Total 49.309 42.137 50.078 55.942 40.755

--- --- --- --- --- Current Liabilities - Total 679.841 909.981 867.767 798.908 622.114

Deferred Taxes 1.496 1.543 0.000 0.000 0.205

Long-Term Debt 571.412 532.709 452.200 437.049 515.852 Minority Interest 28.276 28.901 23.578 22.538 44.622 Provision - Pension Liabilities 27.131 23.656 16.608 10.279 11.310

Liabilities - Sundry 8.956 6.668 0.356 0.695 0.987

--- --- --- --- --- Liabilities - Other - Total 36.087 30.324 16.964 10.974 12.297

--- --- --- --- --- Liabilities - Total 1,317.112 1,503.459 1,360.509 1,269.469 1,195.090

SHAREHOLDERS' EQUITY

Common Stock 162.604 157.035 135.486 136.162 122.915

Treasury Stock 4.212 5.968 5.359 5.743 5.185

Capital Surplus/Share Premium Reserve 76.162 91.537 220.461 220.864 193.186 Revaluation Reserve 103.462 101.057 0.000 0.000 0.000 Retained Earnings 0.000 50.865 0.000 0.000 0.000

VALENCE TECHNOLOGY INC ANNUAL BALANCE SHEET

TICKER: VLNC ($ MILLIONS)

SIC: 3,690.000

GICS: 20104010

Mar06 Mar05 Mar04 Mar03 Mar02 Mar01

ASSETS

Cash & Equivalents 0.612 2.500 2.692 6.616 0.623 8.888

Net Receivables 3.273 1.473 1.578 1.435 0.649 4.889

Inventories 2.738 2.564 3.318 2.757 2.589 4.825

Prepaid Expenses 1.486 0.787 0.663 1.163 1.012 @CF Other Current Assets 0.183 0.124 0.073 0.115 0.253 0.901 --- --- --- --- --- ---Total Current Assets 8.292 7.448 8.324 12.086 5.126 19.503 Gross Plant,Property & Equipment 8.676 7.574 27.669 28.477 26.546 80.751 Accumulated Depreciation 5.624 5.191 15.451 14.198 12.380 50.763 --- --- --- --- --- ---Net Plant,Property & Equipment 3.052 2.383 12.218 14.279 14.166 29.988 Other Investments 0.000 0.000 0.000 0.000 0.000 12.554

Intangibles 0.288 0.400 0.514 9.789 11.239 25.690

--- --- --- --- ---

---TOTAL ASSETS 11.632 10.231 21.056 36.154 30.531 87.735

LIABILITIES

Long Term Debt Due In One Year 0.000 0.000 0.967 0.810 0.683 1.686

Notes Payable 6.000 0.000 2.068 0.000 0.000 0.000

Accounts Payable 1.599 3.251 3.235 3.511 2.548 5.759

Taxes Payable 0.000 0.000 0.000 0.000 0.000 0.000

Accrued Expenses 2.970 3.540 3.065 1.890 3.193 3.625

Other Current Liabilities 1.973 2.308 3.836 1.852 1.553 1.713 --- --- --- --- --- ---Total Current Liabilities 12.542 9.099 13.171 8.063 7.977 12.783 Long Term Debt 51.112 34.656 39.407 38.865 34.639 20.651 Other Liabilities 15.580 12.536 12.756 6.744 3.778 2.500 --- --- --- --- --- ---TOTAL LIABILITIES 79.234 56.291 69.818 53.672 46.394 35.934

EQUITY

Preferred Stock - Redeemable 8.610 8.582 8.032 0.000 0.000 2.736 Preferred Stock - Nonredeemable 0.000 0.000 0.000 0.000 0.000 0.000 --- --- --- --- --- ---Total Preferred Stock 8.610 8.582 8.032 0.000 0.000 2.736

Common Stock 0.090 0.087 0.076 0.072 0.046 0.044

Capital Surplus 421.581 410.492 376.895 361.176 325.048 320.241 Retained Earnings (497.883) (465.221) (433.765) (378.766) (340.957) (271.220) Less: Treasury Stock 0.000 0.000 0.000 0.000 0.000 0.000 --- --- --- --- --- ---Common Equity (76.212) (54.642) (56.794) (17.518) (15.863) 49.065 --- --- --- --- --- ---TOTAL EQUITY (67.602) (46.060) (48.762) (17.518) (15.863) 51.801 --- --- --- --- --- ---TOTAL LIABILITIES & EQUITY 11.632 10.231 21.056 36.154 30.531 87.735

附錄三：各公司各月股價及報酬率

GP BATTERIES INTERNATIONAL

GVKEY: 104539

INDUSTRY: 3,690.000 CURRENCY: In Millions of U.S. DOLLAR

Company Name GP BATTERIES INTERNATIONAL Exchange Listing-Issue SGP01

Price-Close

Monthly 月報酬報酬率 Aug93 3.100

Sep93 3.150 0.050 1.61%

Oct93 3.275 0.125 3.97%

Nov93 3.150 (0.125) -3.82%

Dec93 3.300 0.150 4.76%

Jan94 3.875 0.575 17.42%

Feb94 3.475 (0.400) -10.32%

Mar94 3.450 (0.025) -0.72%

Apr94 3.450 0.000 0.00%

May94 2.244 (1.206) -34.96%

Jun94 2.059 (0.185) -8.24%

Jul94 2.940 0.881 42.79%

Aug94 2.980 0.040 1.36%

Sep94 2.890 (0.090) -3.02%

Oct94 2.940 0.050 1.73%

Nov94 2.380 (0.560) -19.05%

Dec94 2.750 0.370 15.55%

Jan95 2.650 (0.100) -3.64%

Feb95 2.890 0.240 9.06%

Mar95 2.700 (0.190) -6.57%

Apr95 2.400 (0.300) -11.11%

May95 2.200 (0.200) -8.33%

Jun95 2.450 0.250 11.36%

Jul95 2.700 0.250 10.20%

Aug95 2.700 0.000 0.00%

Sep95 2.800 0.100 3.70%

Oct95 2.440 (0.360) -12.86%

Nov95 2.340 (0.100) -4.10%

Dec95 2.410 0.070 2.99%

Jan96 2.550 0.140 5.81%

Feb96 2.470 (0.080) -3.14%

Mar96 2.460 (0.010) -0.40%

Apr96 2.470 0.010 0.41%

May96 2.960 0.490 19.84%

Jun96 2.940 (0.020) -0.68%

Jul96 2.870 (0.070) -2.38%

Aug96 2.800 (0.070) -2.44%

Sep96 2.890 0.090 3.21%

Oct96 2.900 0.010 0.35%

Nov96 3.100 0.200 6.90%

Dec96 3.320 0.220 7.10%

Jan97 3.160 (0.160) -4.82%

Feb97 2.980 (0.180) -5.70%

Mar97 2.790 (0.190) -6.38%

Apr97 2.950 0.160 5.73%

May97 3.316 0.366 12.40%

Jun97 2.979 (0.336) -10.15%

Jul97 3.005 0.025 0.85%

Aug97 2.711 (0.294) -9.78%

Sep97 3.098 0.387 14.29%

Oct97 2.924 (0.174) -5.61%

Price-Close

Monthly 月報酬報酬率 Apr98 2.766 (0.516) -15.72%

May98 2.210 (0.556) -20.09%

Jun98 1.823 (0.387) -17.52%

Jul98 1.477 (0.346) -18.98%

Aug98 1.092 (0.385) -26.05%

Sep98 1.294 0.202 18.46%

Oct98 2.199 0.905 69.92%

Nov98 2.174 (0.025) -1.14%

Dec98 2.133 (0.040) -1.85%

Jan99 2.068 (0.065) -3.06%

Feb99 1.742 (0.326) -15.77%

Mar99 1.464 (0.278) -15.98%

Apr99 1.671 0.207 14.17%

May99 1.593 (0.078) -4.65%

Jun99 1.915 0.322 20.18%

Jul99 1.830 (0.085) -4.44%

Aug99 1.734 (0.096) -5.25%

Sep99 1.582 (0.152) -8.75%

Oct99 1.382 (0.200) -12.62%

Nov99 1.399 0.016 1.19%

Dec99 1.315 (0.084) -6.03%

Jan00 0.965 (0.350) -26.62%

Feb00 0.922 (0.042) -4.37%

Mar00 1.046 0.124 13.45%

Apr00 0.931 (0.115) -11.01%

May00 0.831 (0.100) -10.78%

Jun00 1.093 0.262 31.56%

Jul00 1.096 0.003 0.24%

Aug00 1.145 0.049 4.45%

Sep00 1.161 0.016 1.42%

Oct00 1.105 (0.056) -4.79%

Nov00 1.123 0.018 1.63%

Dec00 1.125 0.001 0.12%

Jan01 1.038 (0.087) -7.69%

Feb01 1.089 0.051 4.93%

Mar01 1.003 (0.087) -7.96%

Apr01 1.005 0.002 0.21%

May01 1.023 0.018 1.80%

Jun01 1.037 0.015 1.43%

Jul01 0.943 (0.094) -9.05%

Aug01 0.947 0.004 0.42%

Sep01 0.736 (0.211) -22.32%

Oct01 0.894 0.158 21.41%

Nov01 0.836 (0.058) -6.49%

Dec01 0.845 0.009 1.11%

Jan02 0.882 0.037 4.42%

Feb02 0.906 0.024 2.72%

Mar02 0.911 0.005 0.55%

Apr02 0.900 (0.011) -1.25%

May02 0.929 0.029 3.26%

Jun02 0.934 0.005 0.53%

Price-Close

Monthly 月報酬報酬率 Dec02 0.899 0.095 11.86%

Jan03 1.012 0.113 12.53%

Feb03 1.041 0.029 2.85%

Mar03 1.025 (0.015) -1.47%

Apr03 1.147 0.122 11.87%

May03 1.384 0.237 20.62%

Jun03 1.488 0.104 7.51%

Jul03 1.763 0.275 18.51%

Aug03 1.951 0.188 10.66%

Sep03 2.151 0.200 10.28%

Oct03 2.207 0.055 2.57%

Nov03 2.390 0.184 8.33%

Dec03 2.202 (0.189) -7.89%

Jan04 2.264 0.062 2.83%

Feb04 2.222 (0.043) -1.88%

Mar04 2.304 0.083 3.73%

Apr04 1.929 (0.376) -16.30%

May04 2.050 0.121 6.30%

Jun04 2.044 (0.007) -0.32%

Jul04 1.940 (0.104) -5.07%

Aug04 1.937 (0.003) -0.15%

Sep04 1.900 (0.037) -1.90%

Oct04 1.801 (0.099) -5.23%

Nov04 1.387 (0.414) -22.98%

Price-Close

Monthly 月報酬報酬率 Dec04 1.291 (0.097) -6.96%

Jan05 1.326 0.036 2.76%

Feb05 1.145 (0.181) -13.68%

Mar05 1.103 (0.041) -3.62%

Apr05 1.174 0.071 6.44%

May05 1.130 (0.045) -3.82%

Jun05 1.008 (0.122) -10.79%

Jul05 1.006 (0.001) -0.14%

Aug05 0.968 (0.038) -3.78%

Sep05 1.030 0.061 6.34%

Oct05 1.044 0.014 1.37%

Nov05 1.011 (0.032) -3.10%

Dec05 1.052 0.041 4.03%

Jan06 1.048 (0.004) -0.41%

Feb06 1.091 0.043 4.10%

Mar06 1.063 (0.028) -2.54%

Apr06 1.119 0.056 5.27%

May06 1.053 (0.066) -5.89%

Jun06 1.012 (0.041) -3.89%

Jul06 0.996 (0.016) -1.60%

Aug06 0.967 (0.029) -2.93%

Sep06 0.897 (0.070) -7.20%

Oct06 0.873 (0.024) -2.68%

Nov06 0.831 (0.042) -4.84%

BYD CO LTD

GVKEY: 253759

INDUSTRY: 3,690.000 CURRENCY: In Millions of U.S. DOLLAR

Company Name BYD CO LTD Exchange Listing-Issue HKG01 Price-Close

SKC CO LTD

GVKEY: 214053

INDUSTRY: 3,081.000 CURRENCY: In Millions of U.S. DOLLAR

Company Name SKC CO LTD Exchange Listing-Issue KOR01 Price-Close

Monthly 月報酬率 SKC 報酬率 Nov97 9.577

Dec97 4.395 (5.181) -54.1%

Jan98 10.236 5.841 132.9%

Feb98 8.573 (1.663) -16.2%

May99 10.368 0.482 4.9%

Jun99 11.577 1.209 11.7%

VALENCE TECHNOLOGY INC

TICKER: VLNC SIC: 3,690.000 GICS: 20104010 Company Name VALENCE TECHNOLOGY INC

Company Stock Exchange NASDAQ/ NMS/ OTC Bul Brd Price Close

Monthly 月報酬 Valence 報酬率 Jan94 19.750

Feb94 18.000 (1.750) -8.86%

Mar94 14.000 (4.000) -22.22%

Apr94 11.250 (2.750) -19.64%

May94 7.750 (3.500) -31.11% Oct98 5.563 1.313 30.88%

Nov98 9.500 3.938 70.79%

Dec98 7.250 (2.250) -23.68%

Jan99 7.188 (0.063) -0.86%

Feb99 7.375 0.188 2.61%

Mar99 6.625 (0.750) -10.17%

Apr99 7.125 0.500 7.55%

May99 7.438 0.313 4.39%

Jun99 7.375 (0.063) -0.84%

Jul99 6.219 (1.156) -15.68%

Aug99 4.375 (1.844) -29.65%

Sep99 4.688 0.313 7.14%

Oct99 5.000 0.313 6.67%

Nov99 9.125 4.125 82.50%

Dec99 19.000 9.875 108.22%

Jan00 31.000 12.000 63.16%

Feb00 34.094 3.094 9.98%

Mar00 23.563 (10.531) -30.89%

Apr00 15.438 (8.125) -34.48%

May00 14.625 (0.813) -5.26%

Jun00 18.438 3.813 26.07%

Jul00 14.938 (3.500) -18.98%

Aug00 16.938 2.000 13.39%

Sep00 17.250 0.313 1.85%

Oct00 13.938 (3.313) -19.20%

Nov00 10.125 (3.813) -27.35%

Dec00 9.313 (0.813) -8.02%

Jan01 12.563 3.250 34.90%

Feb01 7.750 (4.813) -38.31%

Mar01 4.563 (3.188) -41.13%

Apr01 5.550 0.988 21.64%

May01 7.610 2.060 37.12%

Jun01 6.430 (1.180) -15.51%

Jul01 5.990 (0.440) -6.84%

Aug01 4.140 (1.850) -30.88%

Sep01 3.540 (0.600) -14.49%

Oct01 3.650 0.110 3.11%

Nov01 3.690 0.040 1.10%

Dec01 3.370 (0.320) -8.67%

Jan02 4.050 0.680 20.18%

Feb02 2.850 (1.200) -29.63%

Mar02 3.050 0.200 7.02%

Apr02 2.310 (0.740) -24.26%

May02 2.040 (0.270) -11.69%

Jun02 1.380 (0.660) -32.35%

Jul02 1.720 0.340 24.64%

Aug02 0.720 (1.000) -58.14%

Sep02 0.710 (0.010) -1.39%

Oct02 0.700 (0.010) -1.41%

Nov02 1.630 0.930 132.86%

Dec02 1.300 (0.330) -20.25%

Jan03 1.909 0.609 46.85%

Feb03 1.850 (0.059) -3.09%

Price Close

Monthly 月報酬 Valence 報酬率 Jul03 3.540 0.550 18.39%

Aug03 3.290 (0.250) -7.06%

Sep03 3.410 0.120 3.65%

Oct03 3.840 0.430 12.61%

Nov03 3.600 (0.240) -6.25%

Dec03 3.940 0.340 9.44%

Jan04 5.600 1.660 42.13%

Feb04 5.000 (0.600) -10.71%

Mar04 4.470 (0.530) -10.60%

Apr04 4.340 (0.130) -2.91%

May04 3.910 (0.430) -9.91%

Jun04 3.430 (0.480) -12.28%

Jul04 3.130 (0.300) -8.75%

Aug04 2.830 (0.300) -9.58%

Sep04 3.440 0.610 21.55%

Oct04 3.220 (0.220) -6.40%

Nov04 3.600 0.380 11.80%

Dec04 3.110 (0.490) -13.61%

Jan05 3.100 (0.010) -0.32%

Feb05 2.900 (0.200) -6.45%

Mar05 3.070 0.170 5.86%

Price Close

Monthly 月報酬 Valence 報酬率 Apr05 2.000 (1.070) -34.85%

May05 2.960 0.960 48.00%

Jun05 2.800 (0.160) -5.41%

Jul05 3.110 0.310 11.07%

Aug05 2.760 (0.350) -11.25%

Sep05 2.710 (0.050) -1.81%

Oct05 2.360 (0.350) -12.92%

Nov05 1.980 (0.380) -16.10%

Dec05 1.540 (0.440) -22.22%

Jan06 1.730 0.190 12.34%

Feb06 2.300 0.570 32.95%

Mar06 2.490 0.190 8.26%

Apr06 2.510 0.020 0.80%

May06 1.930 (0.580) -23.11%

Jun06 1.730 (0.200) -10.36%

Jul06 1.490 (0.240) -13.87%

Aug06 1.820 0.330 22.15%

Sep06 1.910 0.090 4.95%

Oct06 1.790 (0.120) -6.28%

Nov06 2.160 0.370 20.67%

Dec06 1.650 (0.510) -23.61%

附錄四：各國無風險利率

Start 1989/12/31

End 2006/12/29

Frequency M

Name SINGAPORE T-BOND YIELD7 YEAR - MIDDLE RATE

Code SNGYD7Y

2002/12/31 2.11 3.828 2003/1/31 1.94

2003/12/31 3.19 3.628 2004/1/30 2.83

2004/12/31 2.25 3.518 2005/1/31 2.57

2005/12/30 3.14 3.425 2006/1/31 3.24

CURRENCY S$ 各年平均無風險利率 2006/7/31 3.42

2006/8/31 3.31 2006/9/29 3.15

CURRENCY S$ 各年平均無風險利率 2006/10/31 3.14

2006/11/30 3.01

2006/12/29 3.04 3.407

Start 1989/12/31

End 2006/11/30

Frequency M

Name HONG KONG INTERBANK 12 MONTH -MIDDLE RATE

Code HKIBK1Y 1997/10/31 12.70833 1997/11/28 11.03846 1997/12/31 11.65385 1998/1/30 13.88462

CURRENCY K$ 各年平均無風險利率

2002/12/31 1.69408 6.333 2003/1/31 1.71217

2003/12/31 0.71628 5.982 2004/1/30 0.73785

2004/12/31 0.97681 5.668 2005/1/31 1.5141

2005/12/30 4.48153 5.538 2006/1/31 4.28467

2006/11/30 4.12781 5.484

Start 1989/12/31

End 2006/12/29

Frequency M

Name KOREA TREASURY BOND 5 YEAR - RED. YIELD

Code KOBDY5Y

2001/12/31 6.73 10.292 2002/1/31 6.76

2002/12/31 5.34 9.752

2003/1/31 4.93

CURRENCY KW 各年平均無風險利率 2003/11/28 5.16

2003/12/31 5.06 9.172

2004/1/30 5.24 2004/2/27 5.08 2004/3/31 4.81 2004/4/30 4.82 2004/5/31 4.51 2004/6/30 4.53 2004/7/30 4.32 2004/8/31 3.75 2004/9/30 3.65 2004/10/29 3.55 2004/11/30 3.45

2004/12/31 3.39 8.664

2005/1/31 4.32 2005/2/28 4.3 2005/3/31 4.17 2005/4/29 4 2005/5/31 3.81

CURRENCY KW 各年平均無風險利率

2005/6/30 4.25 2005/7/29 4.55 2005/8/31 4.45 2005/9/30 4.83 2005/10/31 5.22 2005/11/30 5.38

2005/12/30 5.36 8.279

2006/1/31 5.16 2006/2/28 5.05 2006/3/31 5.13 2006/4/28 4.98 2006/5/31 4.87 2006/6/30 5.04 2006/7/31 4.93 2006/8/31 4.82 2006/9/29 4.61 2006/10/31 4.79 2006/11/30 4.88

2006/12/29 5 7.992

Start 1989/12/31 End 2006/12/29 Frequency M

Name US TREAS.BENCHMARK BOND 30 YR (DS) - RED. YIELD

Code USBD30Y

CURRENCY U$

1989/12/31 7.976 1990/1/31 8.445 1990/10/31 8.776 1990/11/30 8.396 1990/12/31 8.251 1991/1/31 8.209 1991/10/31 7.899 1991/11/29 7.978 1991/12/31 7.409 1992/1/31 7.763 1992/10/30 7.629 1992/11/30 7.621 1992/12/31 7.396 1993/1/29 7.212

CURRENCY U$ 1998/10/30 5.148 1998/11/30 5.069 1998/12/31 5.085 1999/1/29 5.09 1999/2/26 5.5614 1999/3/31 5.6219 1999/4/30 5.6742 1999/5/31 5.8428 1999/6/30 5.991 1999/7/30 6.1066 1999/8/31 6.0638 1999/9/30 6.0547 1999/10/29 6.1506 1999/11/30 6.282 1999/12/31 6.4768 2000/1/31 6.4903 2000/2/29 6.1419 2000/3/31 5.8372 2000/4/28 5.9641 2000/5/31 6.0188 2000/6/30 5.892 2000/7/31 5.7852 2000/8/31 5.6746 2000/9/29 5.8811 2000/10/31 5.7852 2000/11/30 5.5899 2000/12/29 5.4483 2001/1/31 5.5418 2001/2/28 5.3436 2001/3/30 5.463 2001/4/30 5.7775 2001/5/31 5.7684 2001/6/29 5.7457 2001/7/31 5.5084 2001/8/31 5.369 2001/9/28 5.4161 2001/10/31 4.891 2001/11/30 5.2662 2001/12/31 5.4745 2002/1/31 5.4338 2002/2/28 5.4176 2002/3/29 5.8155 2002/4/30 5.6 2002/5/31 5.6135 2002/6/28 5.5174 2002/7/31 5.3049 2002/8/30 4.9356 2002/9/30 4.6625

CURRENCY U$

附錄五：各資本市場大盤報酬率

1993/12/31 19.99% 4.76%

1994/1/31 -4.81% 17.42%

1994/11/30 -6.42% -19.05%

1994/12/30 -0.67% 15.55%

1995/1/31 -7.97% -3.64%

1995/10/31 -0.49% -12.86%

1995/11/30 1.04% -4.10%

1997/10/31 -19.00% -5.61%

1997/11/28 5.06% -0.80%

1997/12/31 -4.81% -10.39%

1998/1/30 -15.48% 3.96%

SGX_SST(海峽指數) GPB 報酬率 1998/6/30 -13.56% -17.52%

1998/7/31 0.57% -18.98%

1998/8/31 -15.62% -26.05%

1998/9/30 9.72% 18.46%

1998/10/30 28.20% 69.92%

1998/11/30 17.59% -1.14%

1998/12/31 -1.68% -1.85%

1999/1/29 2.54% -3.06%

1999/2/26 -1.14% -15.77%

1999/3/31 7.54% -15.98%

1999/4/30 24.23% 14.17%

1999/5/31 0.94% -4.65%

1999/6/30 13.86% 20.18%

1999/7/30 -1.01% -4.44%

1999/8/31 -1.33% -5.25%

1999/9/30 -4.50% -8.75%

1999/10/29 1.25% -12.62%

1999/11/30 9.28% 1.19%

1999/12/31 10.84% -6.03%

2000/1/31 -10.05% -26.62%

2000/2/29 -4.92% -4.37%

2000/3/31 0.57% 13.45%

2000/4/28 1.48% -11.01%

2000/5/31 -17.05% -10.78%

2000/6/30 13.53% 31.56%

2000/7/31 0.65% 0.24%

2000/8/31 4.71% 4.45%

2000/9/29 -7.02% 1.42%

2000/10/31 -1.03% -4.79%

2000/11/30 -1.23% 1.63%

2000/12/29 -1.30% 0.12%

2001/1/31 3.35% -7.69%

2001/2/28 -2.20% 4.93%

2001/3/30 -14.03% -7.96%

2001/4/30 2.90% 0.21%

2001/5/31 -3.81% 1.80%

2001/6/29 4.19% 1.43%

2001/7/31 -3.50% -9.05%

2001/8/31 -2.82% 0.42%

2001/9/28 -18.50% -22.32%

2001/10/31 3.66% 21.41%

2001/11/30 8.09% -6.49%

2001/12/31 9.81% 1.11%

2002/1/31 10.06% 4.42%

2002/2/28 -3.99% 2.72%

2002/3/29 5.11% 0.55%

2002/4/30 -4.32% -1.25%

2002/5/31 -3.10% 3.26%

2002/6/28 -7.11% 0.53%

2002/7/31 -2.87% -4.60%

2002/8/30 -1.32% -1.22%

2002/9/30 -9.15% -8.57%

2002/10/31 8.21% -2.16%

2002/11/29 -4.91% 2.12%

2002/12/31 -3.63% 11.86%

2003/1/31 -3.69% 12.53%

SGX_SST(海峽指數) GPB 報酬率 2003/6/30 7.33% 7.51%

2003/7/31 7.66% 18.51%

2003/8/29 2.59% 10.66%

2003/9/30 1.97% 10.28%

2003/10/31 5.70% 2.57%

2003/11/28 -0.56% 8.33%

2003/12/31 2.95% -7.89%

2004/1/30 4.75% 2.83%

2004/2/27 2.18% -1.88%

2004/3/31 -1.57% 3.73%

2004/4/30 -0.91% -16.30%

2004/5/31 -2.90% 6.30%

2004/6/30 2.76% -0.32%

2004/7/30 2.92% -5.07%

2004/8/31 1.41% -0.15%

2004/9/30 3.46% -1.90%

2004/10/29 -0.20% -5.23%

2004/11/30 2.37% -22.98%

2004/12/31 1.90% -6.96%

2005/1/31 1.46% 2.76%

2005/2/28 1.10% -13.68%

SGX_SST(海峽指數) GPB 報酬率 2005/3/31 1.04% -3.62%

2005/4/29 -0.76% 6.44%

2005/5/31 1.72% -3.82%

2005/6/30 2.35% -10.79%

2005/7/29 6.32% -0.14%

2005/8/31 -3.28% -3.78%

2005/9/30 1.31% 6.34%

2005/10/31 -3.83% 1.37%

2005/11/30 3.77% -3.10%

2005/12/30 2.05% 4.03%

2006/1/31 2.76% -0.41%

2006/2/28 2.90% 4.10%

2006/3/31 2.07% -2.54%

2006/4/28 3.05% 5.27%

2006/5/31 -8.69% -5.89%

2006/6/30 2.16% -3.89%

2006/7/31 0.41% -1.60%

2006/8/31 1.51% -2.93%

2006/9/29 3.48% -7.20%

2006/10/31 5.17% -2.68%

2006/11/30 5.06% -4.84%

HK_HANG SENG BYD 報酬率 2002/8/30 -2.18%

2002/9/30 -9.67%

2002/10/31 4.07% 0.96%

2002/11/29 6.66% -6.26%

2002/12/31 -7.43% 5.07%

2003/1/31 -0.67% -14.37%

2003/2/28 -1.47% 17.41%

2003/3/31 -5.35% -3.45%

2003/4/30 0.96% 1.19%

2003/5/30 8.83% 1.75%

2003/6/30 0.95% 11.77%

2003/7/31 5.82% 10.24%

2003/8/29 7.64% 11.15%

2003/9/30 2.94% -10.09%

2003/10/31 8.55% 5.16%

2003/11/28 1.04% 8.44%

2003/12/31 2.10% -6.87%

2004/1/30 5.67% 5.55%

2004/2/27 4.65% 19.31%

2004/3/31 -8.81% 4.21%

2004/4/30 -5.83% -13.94%

2004/5/31 2.14% 15.99%

2004/6/30 0.72% -14.27%

2004/7/30 -0.39% -3.36%

2004/8/31 5.00% -5.11%

2004/9/30 2.10% 12.13%

HK_HANG SENG BYD 報酬率

KOSPI SKC 報酬率

NASDAQ 報酬率 Valence 報酬率

1994/10/31 1.73% -10.71%

1994/11/30 -3.49% -14.02%

1994/12/30 0.22% -11.61%

1995/1/31 0.43% 2.61%

1995/11/30 2.23% -25.53%

1995/12/29 -0.67% 2.86%

1996/10/31 -0.44% -20.22%

1996/11/29 5.82% -5.33%

1997/5/30 11.07% 53.12%

1997/6/30 2.98% -6.12%

1997/7/31 10.52% -4.35%

1997/8/29 -0.41% 9.84%

1997/9/30 6.20% -8.96%

1997/10/31 -5.46% -1.52%

1997/11/28 0.44% -18.46%

1997/12/31 -1.89% -23.59%

1998/1/30 3.12% -8.63%

1998/10/30 4.58% 30.88%

1998/11/30 10.06% 70.79%

1998/12/31 12.47% -23.68%

1999/1/29 14.28% -0.86%

1999/2/26 -8.69% 2.61%

1999/3/31 7.58% -10.17%

1999/4/30 3.31% 7.55%

1999/5/31 -2.84% 4.39%

1999/6/30 8.73% -0.84%

1999/7/30 -1.77% -15.68%

1999/8/31 3.82% -29.65%

1999/9/30 0.25% 7.14%

1999/10/29 8.02% 6.67%

1999/11/30 12.46% 82.50%

1999/12/31 21.98% 108.22%

2000/1/31 -3.17% 63.16%

2000/2/29 19.19% 9.98%

2000/3/31 -2.64% -30.89%

2000/4/28 -15.57% -34.48%

2000/5/31 -11.91% -5.26%

2000/6/30 16.62% 26.07%

2000/7/31 -5.02% -18.98%

2000/8/31 11.66% 13.39%

2000/9/29 -12.68% 1.85%

2000/10/31 -8.25% -19.20%

2000/11/30 -22.90% -27.35%

2000/12/29 -4.90% -8.02%

2001/1/31 12.23% 34.90%

2001/2/28 -22.39% -38.31%

2001/3/30 -14.48% -41.13%

2001/4/30 15.00% 21.64%

2001/5/31 -0.27% 37.12%

2001/6/29 2.40% -15.51%

2001/7/31 -6.21% -6.84%

2001/8/31 -10.94% -30.88%

2001/9/28 -16.98% -14.49%

2001/10/31 12.77% 3.11%

2001/11/30 14.22% 1.10%

2001/12/31 1.03% -8.67%

2002/1/31 -0.84% 20.18%

2002/2/28 -10.47% -29.63%

2002/3/29 6.58% 7.02%

2002/4/30 -8.51% -24.26%

2002/5/31 -4.29% -11.69%

2002/6/28 -9.44% -32.35%

2002/7/31 -9.22% 24.64%

2002/8/30 -1.01% -58.14%

2002/9/30 -10.86% -1.39%

2002/10/31 13.45% -1.41%

2002/11/29 11.21% 132.86%

2002/12/31 -9.69% -20.25%

2003/1/31 -1.09% 46.85%

2003/2/28 1.26% -3.09%

2003/3/31 0.27% 16.22%

NASDAQ 報酬率 Valence 報酬率 2003/8/29 4.35% -7.06%

2003/9/30 -1.30% 3.65%

2003/10/31 8.13% 12.61%

2003/11/28 1.45% -6.25%

2003/12/31 2.20% 9.44%

2004/1/30 3.13% 42.13%

2004/2/27 -1.76% -10.71%

2004/3/31 -1.75% -10.60%

2004/4/30 -3.71% -2.91%

2004/5/31 3.47% -9.91%

2004/6/30 3.07% -12.28%

2004/7/30 -7.83% -8.75%

2004/8/31 -2.61% -9.58%

2004/9/30 3.20% 21.55%

2004/10/29 4.12% -6.40%

2004/11/30 6.17% 11.80%

2004/12/31 3.75% -13.61%

2005/1/31 -5.20% -0.32%

2005/2/28 -0.52% -6.45%

2005/3/31 -2.56% 5.86%

NASDAQ 報酬率 Valence 報酬率 2005/4/29 -3.88% -34.85%

2005/5/31 7.63% 48.00%

2005/6/30 -0.54% -5.41%

2005/7/29 6.22% 11.07%

2005/8/31 -1.50% -11.25%

2005/9/30 -0.02% -1.81%

2005/10/31 -1.46% -12.92%

2005/11/30 5.31% -16.10%

2005/12/30 -1.23% -22.22%

2006/1/31 4.56% 12.34%

2006/2/28 -1.06% 32.95%

2006/3/31 2.56% 8.26%

2006/4/28 -0.74% 0.80%

2006/5/31 -6.19% -23.11%

2006/6/30 -0.31% -10.36%

2006/7/31 -3.71% -13.87%

2006/8/31 4.41% 22.15%

2006/9/29 3.42% 4.95%

2006/10/31 4.79% -6.28%

2006/11/30 2.75% 20.67%

附錄六：以內部成長率估計之 EVA 及 FCFF 折現評價結果 1. GPB-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 353.14 370.04 387.76 406.33 425.78 446.17

NOPAT 2.91 3.04 3.19 3.34 3.50 3.67 Average g= 4.79%

ROIC 0.008 0.009 0.009 0.009 0.009 0.009

WACC 0.029 0.029 0.029 0.029 0.029 0.029

EVA% -2.11% -2.07% -2.07% -2.07% -2.07% -2.07%

EVA per year - 7.12 - 7.31 - 7.66 - 8.03 - 8.41 - 8.81 Continuing Value 393.86

Cumulative WACC 1.17 1.21 1.24 1.28 1.32 1.36 PV of EVA in each year(1) - 6.07 319.98 - 6.16 - 6.27 - 6.38 - 6.50 SUM of (1) 288.60 294.67

Plus : Invested Capital 353.14 370.04 Less : 附息負債總額 237.99 249.38 Value of Company 403.75 415.33 Outstanding Shares 109.45 109.45 Value Per Share 3.69 3.79

2. BYD-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 728.82 763.71 800.28 838.59 878.74 920.81

NOPAT 80.27 84.11 88.14 92.36 96.78 101.41 Average g= 4.79%

ROIC 0.110 0.115 0.115 0.115 0.115 0.115

WACC 0.051 0.051 0.051 0.051 0.051 0.051

EVA% 6% 6.42% 6.42% 6.42% 6.42% 6.42%

EVA per year 42.52 46.82 49.06 51.41 53.87 56.45 Continuing Value 14,228.66

Cumulative WACC 1.20 1.26 1.33 1.40 1.47 1.54 PV of EVA in each year(1) 35.35 11,288.41 36.91 36.79 36.68 36.56 SUM of (1) 11,470.69 11,435.34

Plus : Invested Capital 728.82 763.71 Less : 附息負債總額 300.49 314.88 Value of Company 11,899.02 11,884.18 Outstanding Shares 149.5 149.50 Value Per Share 79.59 79.49

3. SKC-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 1,333.99 1,397.86 1,464.78 1,534.91 1,608.40 1,685.41

NOPAT 105.40 110.45 115.74 121.28 127.08 133.17 Average g= 4.79%

ROIC 0.079 0.083 0.083 0.083 0.083 0.083

WACC 0.091 0.091 0.091 0.091 0.091 0.091

EVA% -1.22% -0.84% -0.84% -0.84% -0.84% -0.84%

EVA per year - 16.83 - 11.18 - 11.71 - 12.27 - 12.86 - 13.48 Continuing Value - 258.18

Cumulative WACC 1.29 1.40 1.53 1.67 1.83 1.99 PV of EVA in each year(1) - 13.07 - 191.72 - 7.64 - 7.34 - 7.05 - 6.77 SUM of (1) - 233.58 - 220.51

Plus : Invested Capital 1,333.99 1,397.86

4. Valence-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 168.73 214.70 224.98 235.75 247.04 258.87

NOPAT - 27.17 - 27.17 - 28.47 - 29.84 - 31.27 - 32.76 Average g= 4.79%

ROIC - 0.161 - 0.127 - 0.133 - 0.133 - 0.133 - 0.133

WACC - 0.001 0.001 0.001 0.001 0.001 0.001

EVA% -16.00% -12.73% -13.33% -13.33% -13.33% -13.33%

EVA per year - 44.26 - 21.47 - 28.62 - 30.00 - 31.43 - 32.94 Continuing Value 455.19

Cumulative WACC 1.00 1.00 1.00 1.00 1.00 1.00 PV of EVA in each year(1) - 44.46 435.41 - 28.72 - 30.07 - 31.49 - 32.97 SUM of (1) 267.70 312.16

Plus : Invested Capital 168.73 214.70 Less : 附息負債總額 34.66 51.11 Value of Company 401.78 475.75 Outstanding Shares 87.06 89.88 Value Per Share 4.61 5.29 SUM of (1)-Value of operating Assets 37,592.00 37,676.48

Plus : Cash 84.49 88.54

Less : 附息負債總額 498.52 522.38

Value of Company 37,177.98 37,242.63

Outstanding Shares 149.50 149.50

Value Per Share 248.68 249.11

7. SKC-FCFF

2005 2006 2007 2008 2009 2010

EBIT 120.76 126.54 132.60 138.95 145.60 152.57 Average g= 4.79%

1-tax rate 140.0% 140.0% 140.0% 140.0% 140.0% 140.0% Reinvestment rate Dep/Amor. 104.07 109.05 114.27 119.74 125.48 131.49 in stable growth= 80%

Capital spending 94.03 98.53 103.25 108.19 113.37 118.80 ROIC= 6.01%

interest(1-tax) 92.04 96.44 101.06 105.90 110.97 116.28 change net working capital 196.06 205.44 215.28 225.59 236.39 247.71 FCFF 75.05 78.65 82.41 86.36 90.49 94.83

WACC 0.091 0.091 0.091 0.091 0.091 0.091

Continuing Value 1,816.47

Cumulative WACC 1.29 1.40 1.53 1.67 1.83 1.99 PV of FCFF in each year(1) 58.29 1,348.84 53.76 51.62 49.57 47.61 SUM of (1)-Value of operating Assets 1,562.09 1,551.40

Plus : Cash 26.51 27.77 Less : 附息負債總額 953.58 999.24 Value of Company 635.01 579.94 Outstanding Shares 32.23 32.23 Value Per Share 19.70 17.99

8. Valence-FCFF

2005 2006 2007 2008 2009 2010

EBIT - 31.47 - 28.03 - 29.37 - 30.78 - 32.25 - 33.80 Average g= 4.79%

1-tax rate 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Reinvestment rate Dep/Amor. 0.88 0.72 0.76 0.79 0.83 0.87 in stable growth= 80%

Capital spending 1.84 1.87 1.96 2.05 2.15 2.26 ROIC= 6.01%

interest(1-tax) 4.26 5.55 5.82 6.10 6.39 6.69 change net working capital 3.20 - 2.60 - 2.72 - 2.85 - 2.99 - 3.13 FCFF - 31.35 - 21.03 - 22.04 - 23.09 - 24.20 - 25.36

WACC - 0.001 0.001 0.001 0.001 0.001 0.001

Continuing Value 445.78

Cumulative WACC 1.00 1.00 1.00 1.00 1.00 1.00 PV of FCFF in each year(1) - 31.50 426.42 - 22.11 - 23.15 - 24.24 - 25.38 SUM of (1)-Value of operating Assets 325.42 331.54

Plus : Cash 2.50 0.61

Less : 附息負債總額 34.66 51.11 Value of Company 293.26 281.04 Outstanding Shares 87.06 89.88 Value Per Share 3.37 3.13

附錄七：以營收成長率估計之 EVA 及 FCFF 折現評價結果 1. GPB-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 353.14 492.98 688.19 960.71 1,341.15 1,872.24

NOPAT 2.91 4.06 5.66 7.90 11.03 15.40 Average g= 39.60%

ROIC 0.01 0.011 0.011 0.011 0.011 0.011

WACC 0.03 0.029 0.029 0.029 0.029 0.029 EVA% -2.11% -1.78% -1.78% -1.78% -1.78% -1.78%

EVA per year - 7.12 - 6.30 - 8.79 - 12.27 - 17.13 - 23.92 Continuing Value 17.18

Cumulative WACC 1.17 1.21 1.24 1.28 1.32 1.36 PV of EVA in each year(1) - 6.07 9.00 - 7.07 - 9.59 - 13.01 - 17.64 SUM of (1) - 44.37 - 38.30

Plus : Invested Capital 353.14 492.98 Less : 附息負債總額 237.99 332.23 Value of Company 70.78 122.45 Outstanding Shares 109.45 109.45 Value Per Share 0.65 1.12

2. BYD-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 728.82 1,017.43 1,420.32 1,982.76 2,767.92 3,863.99

NOPAT 80.27 112.05 156.43 218.37 304.84 425.56 Average g= 39.60%

ROIC 0.110 0.154 0.154 0.154 0.154 0.154

WACC 0.051 0.051 0.051 0.051 0.051 0.051

EVA% 6% 10.26% 10.26% 10.26% 10.26% 10.26%

EVA per year 42.52 74.76 104.37 145.69 203.39 283.93 Continuing Value - 216.81

Cumulative WACC 1.20 1.26 1.33 1.40 1.47 1.54 PV of EVA in each year(1) 35.35 - 112.32 78.51 104.27 138.47 183.89 SUM of (1) 428.16 392.81

Plus : Invested Capital 728.82 1,017.43 Less : 附息負債總額 300.49 419.48 Value of Company 856.49 990.76 Outstanding Shares 149.5 149.50 Value Per Share 5.73 6.63

3. SKC-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 1,333.99 1,862.24 2,599.67 3,629.13 5,066.24 7,072.44

NOPAT 105.40 147.14 205.41 286.74 400.29 558.81 Average g= 39.60%

ROIC 0.079 0.110 0.110 0.110 0.110 0.110

WACC 0.091 0.091 0.091 0.091 0.091 0.091 EVA% -1.22% 1.91% 1.91% 1.91% 1.91% 1.91%

EVA per year - 16.83 25.51 35.62 49.72 69.41 96.89 Continuing Value - 83.70

Cumulative WACC 1.29 1.40 1.53 1.67 1.83 1.99 PV of EVA in each year(1) - 13.07 - 41.41 23.23 29.72 38.02 48.65 SUM of (1) 85.13 98.21

Plus : Invested Capital 1,333.99 1,862.24 Less : 附息負債總額 953.58 1,331.19 Value of Company 465.54 629.25 Outstanding Shares 32.23 32.23 Value Per Share 14.44 19.52

4. Valence-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 168.73 235.55 328.82 459.04 640.81 894.57

NOPAT - 27.17 - 37.93 - 52.94 -73.91 -103.18 - 144.04 Average g= 39.60%

ROIC - 0.161 - 0.225 - 0.225 - 0.225 - 0.225 - 0.225 WACC - 0.001 0.001 0.001 0.001 0.001 0.001 EVA% -16.00% -22.55% -22.55% -22.55% -22.55% -22.55%

EVA per year - 44.26 - 38.04 - 53.11 - 74.14 - 103.50 - 144.49 Continuing Value 96.25

Cumulative WACC 1.00 1.00 1.00 1.00 1.00 1.00 PV of EVA in each year(1) - 44.46 58.43 - 53.28 - 74.33 - 103.69 - 144.65 SUM of (1) - 361.98 - 317.51

Plus : Invested Capital 168.73 235.55 Less : 附息負債總額 34.66 48.38 Value of Company - 227.90 - 130.35 Outstanding Shares 87.06 89.88 Value Per Share - 2.62 - 1.45

5. GPB-FCFF

2005 2006 2007 2008 2009 2010 Average g= 39.60%

EBIT 26.02 36.32 50.70 70.78 98.81 137.93 Reinvestment rate 1-tax rate 36.8% 79.2% 79.2% 79.2% 79.2% 79.2% in stable growth= 706%

Dep/Amor. 27.14 37.88 52.88 73.83 103.06 143.87 ROIC= 5.61%

Capital spending 22.40 17.11 23.89 33.35 46.55 64.99 interest(1-tax) 2.59 7.60 10.61 14.82 20.69 28.88 change net working capital - 2.87 - 37.03 - 51.70 - 72.17 - 100.75 - 140.65 FCFF 19.77 94.18 131.48 183.55 256.23 357.70

WACC 0.029 0.029 0.029 0.029 0.029 0.029

Continuing Value - 256.86

Cumulative WACC 1.12 1.15 1.19 1.22 1.26 1.29 PV of FCFF in each year(1) 17.65 - 141.06 110.76 150.22 203.73 276.30 SUM of (1)-Value of operating Assets 617.59 599.94

Plus : Cash 24.01 22.13

Less : 附息負債總額 237.99 332.23

Value of Company 403.61 289.84

Outstanding Shares 109.45 109.45

Value Per Share 3.69 2.65

6. BYD-FCFF

2005 2006 2007 2008 2009 2010 Average g= 39.60%

EBIT 94.58 132.03 184.31 257.30 359.19 501.43 Reinvestment rate 1-tax rate 85.4% 95.5% 95.5% 95.5% 95.5% 95.5% in stable growth= 203%

Dep/Amor. 43.76 61.08 85.27 119.04 166.17 231.98 ROIC= 19.49%

Capital spending 211.37 295.06 411.91 575.02 802.73 1,120.60 interest(1-tax) 16.46 29.48 41.15 57.45 80.20 111.96 change net working capital 29.63 - 203.22 - 283.70 - 396.04 - 552.87 - 771.81 FCFF - 99.96 124.82 174.25 243.25 339.57 474.04

WACC 0.051 0.051 0.051 0.051 0.051 0.051

Continuing Value - 361.98

Cumulative WACC 1.18 1.24 1.31 1.37 1.44 1.52 PV of FCFF in each year(1) - 84.48 - 190.67 133.27 176.99 235.04 312.15 SUM of (1)-Value of operating Assets 582.30 666.78

Plus : Cash 84.49 88.54

7. SKC-FCFF

2005 2006 2007 2008 2009 2010 Average g= 39.60%

EBIT 120.76 168.58 235.34 328.53 458.62 640.24 Reinvestment rate 1-tax rate 140.0% 140.0% 140.0% 140.0% 140.0% 140.0% in stable growth= 659%

Dep/Amor. 104.07 145.28 202.81 283.12 395.24 551.75 ROIC= 6.01%

Capital spending 94.03 131.27 183.25 255.81 357.12 498.53 interest(1-tax) 92.04 128.48 179.36 250.39 349.54 487.95 change net working capital 196.06 273.69 382.08 533.38 744.59 1,039.44 FCFF 75.05 104.78 146.27 204.19 285.04 397.92

WACC 0.091 0.091 0.091 0.091 0.091 0.091

Continuing Value - 343.73

Cumulative WACC 1.29 1.40 1.53 1.67 1.83 1.99 PV of FCFF in each year(1) 58.29 - 170.08 95.41 122.06 156.15 199.78 SUM of (1)-Value of operating Assets 261.83 403.32

Plus : Cash 26.51 37.00 Less : 附息負債總額 953.58 1,331.19 Value of Company - 665.24 - 890.87 Outstanding Shares 32.23 32.23 Value Per Share - 20.64 - 27.64

8. Valence-FCFF

2005 2006 2007 2008 2009 2010 Average g= 39.60%

EBIT - 31.47 - 28.03 - 39.13 - 54.63 - 76.26 - 106.46 Reinvestment rate 1-tax rate 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% in stable growth= 659%

Dep/Amor. 0.88 0.72 1.01 1.41 1.96 2.74 ROIC= 6.01%

Capital spending 1.84 1.87 2.61 3.65 5.09 7.11 interest(1-tax) 4.26 5.55 7.75 10.82 15.10 21.08 change net working capital 3.20 - 2.60 - 3.63 - 5.06 - 7.07 - 9.87 FCFF - 31.35 - 21.03 - 29.36 - 40.98 - 57.21 - 79.87

WACC - 0.001 0.001 0.001 0.001 0.001 0.001

Continuing Value 53.20

Cumulative WACC 1.00 1.00 1.00 1.00 1.00 1.00 PV of FCFF in each year(1) - 31.50 32.30 - 29.45 - 41.09 - 57.32 - 79.96 SUM of (1)-Value of operating Assets - 127.06 - 175.51

Plus : Cash 2.50 0.61

Less : 附息負債總額 34.66 51.11 Value of Company - 159.21 - 226.01 Outstanding Shares 87.06 89.88 Value Per Share - 1.83 - 2.51

附錄八：以稅後純益成長率估計之 EVA 及 FCFF 折現評價結果 1. GPB-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 353.14 352.08 351.03 349.98 348.93 347.88

NOPAT 2.91 2.90 2.89 2.88 2.87 2.86 Average g= -0.30%

ROIC 0.01 0.008 0.008 0.008 0.008 0.008

WACC 0.03 0.029 0.029 0.029 0.029 0.029 EVA% -2.11% -2.11% -2.11% -2.11% -2.11% -2.11%

EVA per year - 7.12 - 7.46 - 7.43 - 7.41 - 7.39 - 7.37 Continuing Value - 230.79

Cumulative WACC 1.17 1.21 1.24 1.28 1.32 1.36 PV of EVA in each year(1) - 6.07 - 197.21 - 5.98 - 5.79 - 5.61 - 5.43 SUM of (1) - 226.10 - 220.03

Plus : Invested Capital 353.14 352.08 Less : 附息負債總額 237.99 237.28 Value of Company - 110.95 - 105.23 Outstanding Shares 109.45 109.45 Value Per Share - 1.01 - 0.96

2. BYD-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 728.82 726.64 724.46 722.29 720.13 717.98

NOPAT 80.27 80.03 79.79 79.55 79.31 79.07 Average g= -0.30%

ROIC 0.110 0.110 0.110 0.110 0.110 0.110

WACC 0.051 0.051 0.051 0.051 0.051 0.051

EVA% 6% 5.86% 5.86% 5.86% 5.86% 5.86%

EVA per year 42.52 42.74 42.61 42.48 42.35 42.23 Continuing Value 789.05

Cumulative WACC 1.20 1.26 1.33 1.40 1.47 1.54 PV of EVA in each year(1) 35.35 657.74 32.05 30.40 28.83 27.35 SUM of (1) 811.72 776.37

Plus : Invested Capital 728.82 726.64 Less : 附息負債總額 300.49 299.59 Value of Company 1,240.05 1,203.42 Outstanding Shares 149.5 149.50 Value Per Share 8.29 8.05

3. SKC-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 1,333.99 1,330.00 1,326.02 1,322.05 1,318.09 1,314.15

NOPAT 105.40 105.09 104.77 104.46 104.15 103.83 Average g= -0.30%

ROIC 0.08 0.079 0.079 0.079 0.079 0.079

WACC 0.09 0.091 0.091 0.091 0.091 0.091 EVA% -1.22% -1.24% -1.24% -1.24% -1.24% -1.24%

EVA per year - 16.83 - 16.54 - 16.49 - 16.44 - 16.39 - 16.34 Continuing Value - 175.65

Cumulative WACC 1.29 1.40 1.53 1.67 1.83 1.99 PV of EVA in each year(1) - 13.07 - 136.79 - 0.76 - .83 - .98 - 8.21 SUM of (1) - 187.64 - 174.56

Plus : Invested Capital 1,333.99 1,330.00 Less : 附息負債總額 953.58 950.73 Value of Company 192.77 204.71

4. Valence-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 168.73 168.23 167.72 167.22 166.72 166.22

NOPAT - 7.17 - 7.09 - 7.01 - 6.92 - 6.84 - 6.76 Average g= -0.30%

ROIC - 0.16 - .161 - .161 - .161 - .161 - .161

WACC 0 0.001 0.001 0.001 0.001 0.001

EVA% -16.00% -16.12% -16.12% -16.12% -16.12% -16.12%

EVA per year - 4.26 - 7.21 - 7.12 - 7.04 - 6.96 - 6.88 Continuing Value - 362.82

Cumulative WACC 1.00 1.00 1.00 1.00 1.00 1.00 PV of EVA in each year(1) - 4.46 - 418.95 - 7.21 - 7.11 - 7.01 - 6.91 SUM of (1) - 71.66 - 527.20

Plus : Invested Capital 168.73 168.23 Less : 附息負債總額 34.66 34.55 Value of Company - 37.58 - 393.52 Outstanding Shares 87.06 89.88 Value Per Share - 5.43 - 2.26 SUM of (1)-Value of operating Assets 2,339.77 2,322.12

Plus : Cash 24.01 22.13 SUM of (1)-Value of operating Assets 2,790.48 2,874.96

Plus : Cash 84.49 88.54

Less : 附息負債總額 498.52 497.02

Value of Company 2,376.45 2,466.47

Outstanding Shares 149.50 149.50

Value Per Share 15.90 16.50

7. SKC-FCFF

2005 2006 2007 2008 2009 2010 Average g= -0.30%

EBIT 120.76 120.40 120.04 119.68 119.32 118.96 Reinvestment rate 1-tax rate 140.0% 140.0% 140.0% 140.0% 140.0% 140.0% in stable growth= -5%

Dep/Amor. 104.07 103.76 103.45 103.14 102.83 102.52 ROIC= 6.01%

Capital spending 94.03 93.75 93.47 93.19 92.91 92.63 interest(1-tax) 92.04 91.76 91.49 91.21 90.94 90.67 change net working capital 196.06 195.47 194.89 194.30 193.72 193.14 FCFF 75.05 74.83 74.61 74.38 74.16 73.94

WACC 0.091 0.091 0.091 0.091 0.091 0.091

Continuing Value 794.65

Cumulative WACC 1.29 1.40 1.53 1.67 1.83 1.99 PV of FCFF in each year(1) 58.29 618.85 48.66 44.46 40.63 37.12 SUM of (1)-Value of operating Assets 810.89 789.72

Plus : Cash 26.51 26.43 Less : 附息負債總額 953.58 950.73 Value of Company - 116.18 - 34.58 Outstanding Shares 32.23 32.23 Value Per Share - 3.60 - 4.18

8. Valence-FCFF

2005 2006 2007 2008 2009 2010 Average g= -0.30%

EBIT - 31.47 - 31.37 - 31.28 - 31.19 - 31.09 - 31.00 Reinvestment rate 1-tax rate 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% in stabl growth= -5%

Dep/Amor. 0.88 0.88 0.88 0.88 0.87 0.87 ROIC= 6.01%

Capital spending 1.84 1.83 1.83 1.82 1.82 1.81 interest(1-tax) 4.26 4.25 4.24 4.22 4.21 4.20 change net working capital 3.20 3.19 3.18 3.17 3.16 3.15 FCFF - 31.35 - 31.26 - 31.17 - 31.07 - 30.98 - 30.89

WACC - 0.001 0.001 0.001 0.001 0.001 0.001

Continuing Value - 8,460.52

Cumulative WACC 1.00 1.00 1.00 1.00 1.00 1.00 PV of FCFF in each year(1) - 31.50 - 8,525.02 - 31.27 - 31.15 - 31.04 - 30.92 SUM of (1)-Value of operating Assets - 8,649.98 - 8,649.40

Plus : Cash 2.50 2.49

Less : 附息負債總額 40.25 40.13 Value of Company - 8,687.73 - 8,687.04 Outstanding Shares 87.06 89.88 Value Per Share - 99.79 - 96.65

附錄九：以稅後純益率成長率估計之 EVA 及 FCFF 折現評價結果 1. GPB-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 353.14 238.68 161.31 109.03 73.69 49.80

NOPAT 2.91 1.96 1.33 0.90 0.61 0.41 Average g= -32.41%

ROIC 0.01 0.006 0.006 0.006 0.006 0.006

WACC 0.03 0.029 0.029 0.029 0.029 0.029 EVA% -2.11% -2.38% -2.38% -2.38% -2.38% -2.38%

EVA per year - 7.12 - 8.39 - 5.67 - 3.83 - 2.59 - 1.75 Continuing Value - 23.74

Cumulative WACC 1.17 1.21 1.24 1.28 1.32 1.36 PV of EVA in each year(1) - 6.07 - 26.60 - 4.56 - 2.99 - 1.97 - 1.29 SUM of (1) - 43.48 - 37.41

Plus : Invested Capital 353.14 238.68 Less : 附息負債總額 237.99 160.85 Value of Company 71.67 40.42 Outstanding Shares 109.45 109.45 Value Per Share 0.65 0.37

2. BYD-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 728.82 492.59 332.93 225.02 152.08 102.79

NOPAT 80.27 54.25 36.67 24.78 16.75 11.32 Average g= -32.41%

ROIC 0.110 0.074 0.074 0.074 0.074 0.074

WACC 0.051 0.051 0.051 0.051 0.051 0.051 EVA% 6% 2.33% 2.33% 2.33% 2.33% 2.33%

EVA per year 42.52 16.96 11.46 7.75 5.24 3.54 Continuing Value 45.19

Cumulative WACC 1.20 1.26 1.33 1.40 1.47 1.54 PV of EVA in each year(1) 35.35 49.14 8.62 5.54 3.56 2.29 SUM of (1) 104.51 69.16

Plus : Invested Capital 728.82 492.59 Less : 附息負債總額 300.49 203.09 Value of Company 532.84 358.66 Outstanding Shares 149.5 149.50 Value Per Share 3.56 2.40

3. SKC-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 1,333.99 901.61 609.37 411.86 278.36 188.14

NOPAT 105.40 71.24 48.15 32.54 21.99 14.87 Average g= -32.41%

ROIC 0.08 0.053 0.053 0.053 0.053 0.053

WACC 0.09 0.091 0.091 0.091 0.091 0.091 EVA% -1.22% -3.78% -3.78% -3.78% -3.78% -3.78%

EVA per year - 16.83 - 50.39 - 34.06 - 23.02 - 15.56 - 10.51 Continuing Value - 121.33

Cumulative WACC 1.29 1.40 1.53 1.67 1.83 1.99 PV of EVA in each year(1) - 13.07 - 122.22 - 22.21 - 13.76 - 8.52 - 5.28 SUM of (1) - 185.07 - 171.99

Plus : Invested Capital 1,333.99 901.61 Less : 附息負債總額 953.58 644.50 Value of Company 195.34 85.11 Outstanding Shares 32.23 32.23 Value Per Share 6.06 2.64

4. Valence-EVA

年 2005 2006 2007 2008 2009 2010

期末 Invested Capital 168.73 114.04 77.08 52.09 35.21 23.80

NOPAT - 27.17 - 18.36 - 12.41 - 8.39 - 5.67 - 3.83 Average g= -32.41%

ROIC - 0.16 - 0.109 - 0.109 - 0.109 - 0.109 - 0.109 WACC - 0.00 0.001 0.001 0.001 0.001 0.001 EVA% -16.00% -10.95% -10.95% -10.95% -10.95% -10.95%

EVA per year - 44.26 - 18.48 - 12.49 - 8.44 - 5.71 - 3.86 Continuing Value - 56.89

Cumulative WACC 1.00 1.00 1.00 1.00 1.00 1.00 PV of EVA in each year(1) - 44.46 - 75.67 - 12.53 - 8.46 - 5.72 - 3.86 SUM of (1) - 150.70 - 106.24

Plus : Invested Capital 168.73 114.04 Less : 附息負債總額 34.66 23.42 Value of Company - 16.63 - 15.62 Outstanding Shares 87.06 89.88 Value Per Share - 0.19 - 0.17

5. GPB-FCFF

2005 2006 2007 2008 2009 2010 Average g= -32.41%

EBIT 26.02 17.58 11.88 8.03 5.43 3.67 Reinvestment rate 1-tax rate 0.37 79.2% 79.2% 79.2% 79.2% 79.2% in stable growth= -578%

Dep/Amor. 27.14 18.34 12.40 8.38 5.66 3.83 ROIC= 5.61%

Capital spending 22.40 17.11 23.89 33.35 46.55 64.99 interest(1-tax) 2.59 7.60 10.61 14.82 20.69 28.88 change net working capital - 2.87 - 37.03 - 25.03 - 16.92 - 11.43 - 7.73 FCFF 19.77 59.80 33.57 13.13 - 4.47 - 21.65

WACC 0.029 0.029 0.029 0.029 0.029 0.029

Continuing Value 169.19

Cumulative WACC 1.12 1.15 1.19 1.22 1.26 1.29 PV of FCFF in each year(1) 17.65 198.55 28.28 10.75 - 3.55 - 16.72 SUM of (1)-Value of operating Assets 234.95 217.30

Plus : Cash 24.01 22.13

Less : 附息負債總額 237.99 160.85

Value of Company 20.97 78.58

Outstanding Shares 109.45 109.45

Value Per Share 0.19 0.72

6. BYD-FCFF

2005 2006 2007 2008 2009 2010 Average g= -32.41%

EBIT 94.58 63.92 43.20 29.20 19.74 13.34 Reinvestment rate 1-tax rate 85.4% 95.5% 95.5% 95.5% 95.5% 95.5% in stable growth= -166%

Dep/Amor. 43.76 29.57 19.99 13.51 9.13 6.17 ROIC= 19.49%

Capital spending 211.37 142.86 96.55 65.26 44.11 29.81 interest(1-tax) 16.46 29.48 19.93 13.47 9.10 6.15 change net working capital 29.63 - 203.22 - 137.35 - 92.83 - 62.74 - 42.41 FCFF - 99.96 180.47 121.98 82.44 55.72 37.66

WACC 0.051 0.051 0.051 0.051 0.051 0.051

Continuing Value 480.88

Cumulative WACC 1.18 1.24 1.31 1.37 1.44 1.52 PV of FCFF in each year(1) - 84.48 531.69 93.29 59.98 38.57 24.80 SUM of (1)-Value of operating Assets 663.85 748.33

Plus : Cash 84.49 88.54

7. SKC-FCFF

2005 2006 2007 2008 2009 2010 Average g= -32.41%

EBIT 120.76 81.62 55.16 37.28 25.20 17.03 Reinvestment rate 1-tax rate 140.0% 140.0% 140.0% 140.0% 140.0% 140.0% in stable growth= -540%

Dep/Amor. 104.07 70.34 47.54 32.13 21.72 14.68 ROIC= 6.01%

Capital spending 94.03 63.55 42.95 29.03 19.62 13.26 interest(1-tax) 92.04 62.20 42.04 28.42 19.21 12.98 change net working capital 196.06 132.51 89.56 60.53 40.91 27.65 FCFF 75.05 50.73 34.29 23.17 15.66 10.59

WACC 0.091 0.091 0.091 0.091 0.091 0.091

Continuing Value 122.15

Cumulative WACC 1.29 1.40 1.53 1.67 1.83 1.99 PV of FCFF in each year(1) 58.29 123.04 22.36 13.85 8.58 5.31 SUM of (1)-Value of operating Assets 226.13 173.15

Plus : Cash 26.51 17.91 Less : 附息負債總額 953.58 644.50 Value of Company - 700.95 - 453.43 Outstanding Shares 32.23 32.23 Value Per Share - 21.75 - 14.07

8. Valence-FCFF

2005 2006 2007 2008 2009 2010 Average g= -32.41%

EBIT - 31.47 - 21.27 - 14.37 - 9.72 - 6.57 - 4.44 Reinvestment rate 1-tax rate 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% in stable growth= -540%

Dep/Amor. 0.88 0.60 0.40 0.27 0.18 0.12 ROIC= 6.01%

Capital spending 1.84 1.24 0.84 0.57 0.38 0.26 interest(1-tax) 4.26 2.88 1.95 1.32 0.89 0.60 change net working capital 3.20 2.16 1.46 0.99 0.67 0.45 FCFF - 31.35 - 21.19 - 14.32 - 9.68 - 6.54 - 4.42

WACC - 0.001 0.001 0.001 0.001 0.001 0.001

Continuing Value - 65.24

Cumulative WACC 1.00 1.00 1.00 1.00 1.00 1.00 PV of FCFF in each year(1) - 31.50 - 86.77 - 14.37 - 9.70 - 6.55 - 4.43

在文檔中二次鋰電池產業各國企業評價與經營績效分析~以新加坡、香港、韓國、美國上市公司為例 (頁 53-96)

第五章 企業價值評價分析

6.3 研究貢獻

推論應為 g 值過高所致，造成 FCFF 的 Continuing Value 為負數。因此開始思 考何者為較適切的 g 值，可以為本研究的適當研究模型。

2. 以倒推法求算以適當 g 值做評價。建議應先了解公司下列特性：

(1) 當 地 的 無 風 險 利 率 及 公 司 股 價 Beta 值 。 若 比 率 過 高 ， 會 形 成 較 高 的 WACC，也會造成超額報酬率為負值，評價結果會較實際股價為低或根本 無法適用。

(2) 獲利能力的高低及成長趨勢，為企業評價的關鍵因素。其中稅後純益率成 長率較稅後純益成長率更能適切表達公司獲利能力的成長狀況。

(3) 付息負債金額的大小。過高的付息負債金額，會造成整體公司價值的降

低，評價的結果一般會較實際股價為低或根本無法適用。

附註：參考文獻

[1] Damodaran, Aswath, Danodaran on Valuation-Security Analysis For Investment and Corporate Finance – 2

Edition, John Wiley & Sons, Inc., 2006.

[2] Cornell, Bradford, Corporate Valuation: Tools for Effective Appraisal and Decision Making, Homewood, Ill., Business One Irwin, 1993.

[3] Rielly, S.P., Valuing a Business-The Analysis and Appraisal of Closely Held Companies, Second Edition, Dow Jones - Irwin Home wood, 1989.

[4] Copeland, Tom; Koller, Tim and Murrin, Jack.Valuation: Measuring and Managing the Value of Companies, Wiley, New York, 1995.

[5] Black, Fischer,"How We Came Up with the Option Formula", Journal of Portfolio Management, Vol.15, 1989 Winter, pp.4-8.

[6] http://www.sternstewart.com/evaabout/whatis.php

[7] Palepu. Healy. Bernard, Business Analysis and Valuation – using financial statement- 3

Edition, 2004.

[8] http://www.investopedia.com/terms/w/wacc.asp

[9] 李子復， 「半導體IC 測試產業經營績效分析」 ，國立交通大學，碩士論文，

民國94年。

[10] 張居福， 「台灣投影機產業之企業評價與經營績效分析 - 以中強光電公司 為例」 ，國立交通大學，碩士論文，民國94年。

[11] M. E. Porter, Competitive strategy: techniques for analyzing industries and competitors, Free Press, New York, 1980.

[12]賴俞今，

「企業評價模式在半導體產業之應用」 ，東吳大學，碩士論文，民國

「台灣新上市公司股票評價」 ，淡江大學，碩士論文，民國89年。

影響之研究－以台灣多層次傳銷業為例」 。南華大學，碩士論文，民國92年。

[17]葉宜生， 「我國電子產業與非電子產業評價模式之比較」 ，中原大學，碩士論

[19]譚小金，鋰電池材料產業發展現況與趨勢-2005回顧與2006展望，工研院IEK 電子材料報告，民國94年。

[20]楊勝帆，二次電池產業發展對NB之影響，拓墣產業研究所焦點報告，民國94 年。

[21] Aswath Damodaran, The Dark Side of Valuation : Firms with no Earnings, no History and no Comparables—Can Amazon.com be valued?, Stern School of Business, March 2000.

[22] EUGENE F. FAMA and KENNETH R.FRENCH, “The Value Premium and the CAPM”, THE JOURNAL OF FINANCE , VOL. LXI, NO. 5, OCTOBER 2006,.

[23]Lee, Finnerty, Norton原著，洪坤‧賴秀峰譯，財務管理/Foundations of Financial Management，滄海書局，民國91年。

[24] 吳 啟 銘 著 ， 企 業 評 價 / 個 案 實 證 分 析 /Business Valuation: Cases Studies Analysis，智勝文化出版社，民國90年。

[25]Palepu, Healy, Bernard著，郭敏華編譯，企業分析與評價三版，華泰文化事業 股份有限公司，民國94年。

[26]田美蕙著，會計報表實務/Practice in Accounting Reports，智高文化事業有限 公司，民國93年。

[27] S. D. Young & S. F. O'Byrne, EVA and value based management: a practical guide to implementation, McGraw Hill, New York, 2001.

[28] T. Copeland et al., Valuation: measuring and managing the value of companies, 3rd ed., John Wiley & Sons Inc., New York, 2000.

[29] Morin, Roger A. Jarrell, Sherry L., Driving Shareholder Value：Value-building

Techniques for Creating Shareholder Value, New York McGraw-Hill

Professional, 2000.

附 錄

附錄一：各公司各年損益表

附錄二：各公司各年資產負債表

附錄三：各公司各月股價及報酬率

附錄四：各國無風險利率

附錄五：各資本市場大盤報酬率

附錄六：以內部成長率估計之 EVA 及 FCFF 折現評價結果 1. GPB-EVA

2. BYD-EVA

3. SKC-EVA

4. Valence-EVA

7. SKC-FCFF

8. Valence-FCFF

附錄七：以營收成長率估計之 EVA 及 FCFF 折現評價結果 1. GPB-EVA

2. BYD-EVA

3. SKC-EVA

4. Valence-EVA

5. GPB-FCFF

6. BYD-FCFF

7. SKC-FCFF

8. Valence-FCFF

附錄八：以稅後純益成長率估計之 EVA 及 FCFF 折現評價結果 1. GPB-EVA

2. BYD-EVA

3. SKC-EVA

4. Valence-EVA

7. SKC-FCFF

8. Valence-FCFF

附錄九：以稅後純益率成長率估計之 EVA 及 FCFF 折現評價結果 1. GPB-EVA

2. BYD-EVA

3. SKC-EVA

4. Valence-EVA

5. GPB-FCFF

6. BYD-FCFF

7. SKC-FCFF

8. Valence-FCFF

第五章企業價值評價分析

推論應為 g 值過高所致，造成 FCFF 的 Continuing Value 為負數。因此開始思考何者為較適切的 g 值，可以為本研究的適當研究模型。

(1) 當地的無風險利率及公司股價 Beta 值。若比率過高，會形成較高的 WACC，也會造成超額報酬率為負值，評價結果會較實際股價為低或根本無法適用。

(2) 獲利能力的高低及成長趨勢，為企業評價的關鍵因素。其中稅後純益率成長率較稅後純益成長率更能適切表達公司獲利能力的成長狀況。

[9] 李子復，「半導體IC 測試產業經營績效分析」，國立交通大學，碩士論文，

[10] 張居福，「台灣投影機產業之企業評價與經營績效分析 - 以中強光電公司為例」，國立交通大學，碩士論文，民國94年。

「企業評價模式在半導體產業之應用」，東吳大學，碩士論文，民國

「台灣新上市公司股票評價」，淡江大學，碩士論文，民國89年。

影響之研究－以台灣多層次傳銷業為例」。南華大學，碩士論文，民國92年。

[17]葉宜生，「我國電子產業與非電子產業評價模式之比較」，中原大學，碩士論

[24] 吳啟銘著，企業評價 / 個案實證分析 /Business Valuation: Cases Studies Analysis，智勝文化出版社，民國90年。

[25]Palepu, Healy, Bernard著，郭敏華編譯，企業分析與評價三版，華泰文化事業股份有限公司，民國94年。

[26]田美蕙著，會計報表實務/Practice in Accounting Reports，智高文化事業有限公司，民國93年。

附錄