Glossary

Investing and financial terms explained.

Proportion of profitable months in relation to the whole investment period. Say you have been investing for 12 months and you are profiting nine months out of 12, this equates to 75%.

Accounts Payable represents changes in accounts payable during a certain period. An increase in accounts payable has a positive impact on cash flow from operating activities, and vice versa.

Accounts Receivables represents changes in accounts receivable during the period. An increase in accounts receivable has a negative impact on cash flow from operating activities, and vice versa.

Accrued Expenses represents operational expenses accrued, but not yet paid. As current liabilities, such expenses are expected to be paid within one year or one operating cycle, whichever is longer.

Accumulated Depreciation, Total (ADEP) represents an aggregate of accumulated depreciation to each of the fixed assets, if any.

Additional Paid-In Capital represents capital contributed by shareholders in excess of par value of common stock in return for shares issued to them. When a company issues its common stock with no par value, all capital contributed by shareholders may be assigned by the company to Common Stock, instead of Additional Paid-In Capital.

Allowance for Funds Used During Construction represents imputed investment income from equity funds that are employed for power plant construction for utility companies. Utility companies are allowed to include imputed capital costs, including their own capital resources in the U.S. Such imputed capital costs are called Allowance for Funds Used During Construction, which is a part of the basis for rate regulations by States.

Amortization of Policy Acquisition Costs represents policy acquisition costs that are capitalized and amortized over the contractual period of the underlying policy.

Amortization represents the sum of amortization of intangibles, amortization of acquisition costs and amortization of deferred policy costs

Compound annual growth rate of your investment is the return on your investment if you'd been investing in stocks that meet the criteria set by the Screener and rebalancing your portfolio on the last trading day of every year.

Compounded annual growth rate is the average rate per year at which your initial investment compounds. For example, you start investing with $1,000 and after ten years end up with $2000. Your compound annual growth rate is 7.18%. To find this information, you need to know a beginning value of your investment, its ending value as well as a time period of your investment. CAGR = ((FV/PV)^(1/n)) – 1 whereas: FV is an ending value; PV is a beginning value; ^ is exponenting; and n is a number of years you're investing.

Demonstration of how your investment would have performed since 2009 if you'd been investing in stocks that meet the criteria set by the Screener and rebalancing your portfolio on the last trading day of every year. However, this is only a reflection of the past and does not guarantee future returns.

All stocks meeting the criteria set by the Screener at the time of purchase.

Book Value is the value at which an asset is carried on a balance sheet.

Book Value = Cost of Asset - Accumulated Depreciation

Represents the accounting value of a share of common stock. Preferred stock equity should be stated at liquidation price if other than book, because the preferred shareholders would be paid that value in the event of liquidation.

Book Value Per Share = (Total Shareholder Equity - Preferred Equity) / Total Outstanding Shares

Compound annual growth rate of your investment, if you'd been purchasing stocks that meet the criteria set by the Screener at the beginning of every year and selling them to rebalance your portfolio at the end of every year. Higher numbers mean higher returns, but could also involve higher risk as well. It's a good practice to also consider the risk as well.

Capital expenditure coverage ratio shows whether the company generates enough cash (from operating cash flow) to cover its’ expenses, paid for purchased capital asset or for made investments. Data to calculate this ratio is collected from balance sheet and cash flow statement.

CapEx Coverage Ratio = Operating Cashflow / CapEx

Capital Expenditures represents the sum of: 􏰀 Purchase of Fixed Assets 􏰀 Purchase/Acquisition of Intangibles 􏰀 Software Development Costs

This measures the amount of capital expenditure which the company incurs in order to maintain its operating assets. It is calculated as the Capital Expenditure from the Statement of CashFlows divided by the Average Shares Outstanding for the same period.

CapEx Per Share = [Asset Purchases (not property) - Asset Sales (not property)] / Average shares outstanding for the same period

Capital Lease Obligations represents the portion of capitalized lease obligations that are due beyond one year. An asset under financial lease may be capitalized when its lease period is substantially close to the useful life of the asset. It is then subject to depreciation.

The capitalization ratio compares total debt to total capitalization (capital structure). The capitalization ratio reflects the extent to which a company is operating on its equity. Capitalization ratio is also known as the financial leverage ratio. It tells the investors about the extent to which the company is using its equity to support its operations and growth. This ratio helps in the assessment of risk. The companies with high capitalization ratio are considered to be risky because they are at a risk of insolvency if they fail to repay their debt on time. Companies with a high capitalization ratio may also find it difficult to get more loans in the future. A high capitalization ratio is not always bad, however, higher financial leverage can increase the return on a shareholder’s investment because usually there are tax advantages associated with the borrowings.

Capitalization Ratio = Long-Term Debt / (Long-Term Debt + Shareholder’s Equity)

Cash & Due From Banks represents cash on hand and due from banks. Due from banks represents receivables from, or short-term loans to, other banks and/or financial institutions, which usually bear minor interest earnings.

Cash and Equivalents represents short-term, highly liquid investments that are both readily convertible to known amounts of cash and so close to their maturity that they present insignificant risk of changes in interest rates. Only investments with original maturities of three months or less qualify under these definitions. When cash is delineated separately it is classified as Cash], rather than as Cash and Equivalents.

The cash conversion cycle (CCC) is a metric that expresses the length of time, in days, that it takes for a company to convert resource inputs into cash flows. The cash conversion cycle attempts to measure the amount of time each net input dollar is tied up in the production and sales process before it is converted into cash through sales to customers. This metric looks at the amount of time needed to sell inventory, the amount of time needed to collect receivables and the length of time the company is afforded to pay its bills without incurring penalties.

Cash Conversion Cycle = DIO (Days Inventory Outstanding) + DSO (Days Sale Outstanding) - DPO (Days Payable Outstanding)

Cash Interest Paid represents interest paid in cash during the period. Cash Interest Paid is utilized when the Direct Method is employed for the operating section of the cash flow statement. When a company uses the Indirect Method, this information is classified as Cash Interest Paid and compiled in the supplemental section of the cash flow statement.

Cash Payments represents total cash disbursements for operating activities such as purchase of materials or merchandise, payments of salaries to employees, etc. Because Cash Payments indicates cash disbursements during the period, it may be slightly different from operating expenses of a company.

Cash Receipts represents total cash receipts from the sale of merchandise, delivery of services, or from any other operating activity. Because Cash Receipts indicates cash receipts during the period, it may be slightly different from the revenue of a company according to the Income/Expense Matching Accounting Principle. Cash Receipts is derived from total revenue, adjusted by changes in accounts receivable.

Cash Taxes Paid represents taxes paid in cash, net of tax refunds received, as reported by the company. Cash Taxes Paid is reported net of tax refunds received, even when the refunds are reported separately by the company. This is to show the actual cash actually paid out by the company to the tax authorities during the period. Tax refunds received can often be used to offset tax payments.

Cash and Short-Term Investments is the sum of: 􏰀 Cash, Cash & Equivalents and Short-Term Investments.

Cash From Financing Activities represents the sum of: 􏰀 Financing Cash Flow Items 􏰀 Cash Dividends Paid 􏰀 Issuance (Retirement) of Stock, Net 􏰀 Issuance (Retirement) of Debt, Net

Cash From Investing Activities represents the sum of: 􏰀 Capital Expenditures 􏰀 Other Investing Cash Flow Items, Total

Cash From Operating Activities represents the sum of: 􏰀 Net Income/Starting Line (for indirect Cash Flow) 􏰀 Depreciation/Depletion (for indirect Cash Flow) 􏰀 Amortization (for indirect Cash Flow) 􏰀 Deferred Taxes (for indirect Cash Flow) 􏰀 Non-Cash Items (for indirect Cash Flow) 􏰀 Cash Receipts (for direct Cash Flow) 􏰀 Cash Payments (for direct Cash Flow) 􏰀 Cash Taxes Paid (for direct Cash Flow) 􏰀 Cash Interest paid (for direct Cash Flow) 􏰀 Changes in Working Capital (for both direct and indirect Cash Flow)

A company's total cash divided by its shares outstanding. Cash per share is the percentage of a firm's share price that is immediately accessible for spending on activities such as research and development, mergers and acquisitions, purchasing assets, paying down debt, buying back shares and making dividend payments to shareholders. Cash per share consists of cash and short-term investments. It is money that a firm has on hand, it does not come from borrowing or financing activities.

Cash Per Share = (Cash and Short term investment - Current Liabilities) / Number of total shares outstanding

The cash flow-to-debt ratio is a ratio of a company’s cash flow from operations to its total debt. The cash flow-to-debt ratio is a type of debt coverage ratio, and is an estimate of the amount of time it would take a company to repay its debt if it devoted all of its cash flow to debt repayment. Cash flow is used to evaluate a company’s funds rather than earnings because it provides a better insight into a company’s ability to pay its obligations. The ratio is less frequently calculated using EBITDA and free cash flow.

Cash Flow to Debt Ratio = Operating Cash Flow / Total Debt

Changes in Working Capital represents the sum of:

Loan Loss Provision (for banks) Accounts Receivable (for insurance companies, industrial companies and utility companies) Prepaid Expenses (for insurance companies and utility companies) Inventories (for industrial companies and utility companies) Other Assets (for banks, insurance companies and utility companies) Accounts Payable (for insurance companies, industrial companies and utility companies) Accrued Expenses (for insurance companies, industrial companies and utility companies) Payable/Accrued (for banks, insurance companies, industrial companies and utility companies) Taxes Payable (for banks, insurance companies, industrial companies and utility companies) Other Liabilities (for banks, insurance companies, industrial companies and utility companies) Other Assets & Liabilities, Net (for banks, insurance companies, industrial companies and utility companies) Other Operating Cash Flow (for banks, insurance companies, industrial companies and utility companies) Investment Securities, Gains/Losses (for banks and insurance companies) Loans, Gains/Losses (for banks) Other Real Estate Owned (for banks) Loans Origination – Operating (for banks) Sale of Loans (for banks) Loss Adjustment (for insurance companies) Policy Benefits/Liabilities (for insurance companies) Deferred Policy Acquisition Costs (for insurance companies) Policy Refunds (for insurance companies) Reinsurance Receivable (for insurance companies) Reinsurance Payable (for insurance companies) Insurance Reserves (for insurance companies) Unearned Premiums (for insurance companies)

Common Shares Outstanding represents the number of primary common shares equivalent outstanding.

Common Stock represents the value of the most frequently issued class of stock; usually it provides a voting right, but is secondary to preferred stock in dividend and liquidation rights. Common stockholders generally control the management of the corporation and tend to profit most if the company is successful, but are guaranteed neither dividends nor assets upon dissolution of their shares.

Cost of Revenue includes costs that can be directly attributable to the goods and services produced/purchased and sold. The costs of products and services sold may include materials purchased, labor expenses, and those overhead expenses that are directly related to the number of units produced. Overheads classified as the cost of goods sold may include the depreciation of manufacturing equipment, the amortization of production-based intangible assets, or the amortization of interest capitalized on the construction of factories.

Current Portion of LT Debt/Capital Leases represents the portion of long-term debt or capitalized lease obligations that is due within one year.

Current Ratio represents Total Current Assets divided by Total Current Liabilities. Current Ratio is not available for non-detailed periods or for companies which report non-differentiated balance sheets.

Current Ratio = Current Assets / Current Liabilities

Days Inventory Outstanding (also known as Days in Inventory) is an efficiency ratio that measures the average number of days the company holds its inventory before selling it. The ratio measures the number of days funds are tied up in inventory. Inventory levels (measured at cost) are divided by sales per day (also measured at cost rather than selling price.)

Days Inventory Outstanding = (average inventory / cost of goods sold) * 365 days

Days payable outstanding (DPO) is a company's average payable period. Days payable outstanding tells how long it takes a company to pay its invoices from trade creditors, such as suppliers. DPO is typically looked at either quarterly or yearly.

Days Payable Outstanding (DPO) = (Ending A/P) / (Purchase/Day)

Days sales outstanding (DSO) is a measure of the average number of days that a company takes to collect revenue after a sale has been made. DSO is often determined on a monthly, quarterly or annual basis and can be calculated by dividing the amount of accounts receivable during a given period by the total value of credit sales during the same period, and multiplying the result by the number of days in the period measured.

Days’ Sales Outstanding = (Accounts Receivable / Net Credit Sales) x 365

The debt to assets ratio indicates the proportion of a company's assets that are being financed with debt, rather than equity. The ratio is used to determine the financial risk of a business. A ratio greater than 1 shows that a considerable proportion of assets are being funded with debt, while a low ratio indicates that the bulk of asset funding is coming from equity.

A ratio greater than 1 also indicates that a company may be putting itself at risk of not being able to pay back its debts, which is a particular problem when a business is located in a highly cyclical industry where cash flows can suddenly decline. A company may also be at risk of nonpayment if its debt is subject to sudden increases in interest rates, as is the case with variable-rate debt.

Total Debt To Total Assets = Short Term Debt + Long Term Debt / Total Assets

Debt/Equity Ratio is a debt ratio used to measure a company's financial leverage, calculated by dividing a company’s total liabilities by its stockholders' equity. The D/E ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders’ equity.

The formula for calculating D/E ratios can be represented in the following way:

Debt - Equity Ratio = Total Liabilities / Shareholders' Equity

The result may often be expressed as a number or as a percentage.

This form of D/E may often be referred to as risk or gearing.

Deferred Income Tax represents the sum of Deferred Income Tax – Long Term Liability and Deferred Investment Tax Credit, although Deferred Investment Tax Credit only has a value for utility companies.

Deferred Policy Acquisition Costs represents varying costs related to the acquisition of insurance contracts that are deferred and amortized over the respective policy terms.

Deferred Taxes represents income taxes, accounted for in a company’s net income computation on its income statement, but not affecting the cash flow position.

Depreciation/Amortization represents the sum of depreciation, amortization of intangibles and amortization of acquisition costs

Depreciation/Depletion represents the sum of Depreciation and Depletion. Depreciation/Depletion is usually the largest non-cash expense factored into net income under the Indirect Cash Flow Method.

Diluted Net Income represents the bottom-line net income available to common shareholders, including extraordinary items, adjusted by the effects of dilution. This value is adjusted by minority interest, equity in affiliates, the U.S. GAAP adjustment, preferred distributions and all other adjustments to net income. Diluted net income assumes the conversion of all convertible preferred stock and debt, which means the net income is adjusted for not paying out any interest expense or preferred dividends.

Diluted Normalized EPS represents the bottom-line earnings per share available to common stockholders, excluding the effects of all non-recurring/unusual/one-off/extraordinary items, adjusted by the effects of dilution. This value is adjusted by minority interest, equity in affiliates, the U.S. GAAP adjustment, preferred distributions and all other adjustments to earnings per share.

Diluted Weighted Average Shares represents the number of shares for Diluted EPS computation. This is used as a denominator for computation of Diluted EPS Excluding Extraordinary Items and Diluted EPS Including Extraordinary Items.

Dilution Adjustment represents the adding back to reported net income the interest expense of debentures when assumed converted, and the adding back to the reported net income the convertible preferred dividends when assumed converted. The adjustment is used to calculate Diluted EPS.

Dividend Coverage Ratio states the number of times an organization is capable of paying dividends to shareholders from the profits earned during an accounting period.

Dividend Cover Ratio = (Profit after tax - Dividend paid on Irredeemable Preference Shares) / Dividend paid to Ordinary Shareholders

The dividend payout ratio measures the proportion of earnings paid out to shareholders as dividends. The ratio is used to determine the ability of an entity to pay dividends, as well as its reliability in doing so.

Dividend Payout Ratio = Yearly Dividend per Share / Earnings per Share

or equivalently:

Dividend Payout Ratio = Dividends / Net Income

A financial ratio that indicates how much a company pays out in dividends each year relative to its share price. Dividend yield is represented as a percentage and can be calculated by dividing the dollar value of dividends paid in a given year per share of stock held by the dollar value of one share of stock.

Dividend Yield = Annual Dividends Per Share / Price Per Share

Dividend per share (DPS) represents dividends paid per share to the primary common shareholders.

Enterprise value of a company divided by its Earnings Before Interest Taxes (TTM).

EV/EBIT answers the question "What is a company being valued per each dollar of EBIT?" A high (low) EV/EBIT mean the company is potentially overvalued (undervalued).

EV/Financial Metrics are often used by analysts to quickly look at a company's valuation multiples. All things being equal, the lower this ratio is, the better.

EV / EBIT = Enterprise Value / Earnings Before Interest and Taxes

ESOP Debt Guarantee represents all transactions related to a company’s Employee Stock Ownership Plan (ESOP), such as shares/debt/loans owned by ESOP. Common stock owned by Employee Stock Ownership Plan (ESOP) is generally treated as the equivalent of treasury stock, and included in ESOP Debt Guarantee, as reported by the company.

Earnings Per Share EPS indicates the profitability of the company from the shareholders' perspective.

Earnings Per Share (EPS) = Net profit / Number of issued shares

If the company has net profit of $20 million and has 2 million issued shares, the EPS is $10

Enterprise Value, or EV for short, is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. The market capitalization of a company is simply its share price multiplied by the number of shares a company has outstanding. Enterprise value is calculated as the market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents. Often times, the minority interest and preferred equity is effectively zero, although this need not be the case.

EV = market value of common stock + market value of preferred equity + market value of debt + minority interest - cash and investments.

Equity in Affiliates represents the share of earnings or losses, net of taxes, that the company is entitled to from unconsolidated associated companies, affiliates or joint ventures, which have not been distributed as dividends.

Financing Cash Flow Items represents the sum of: 􏰀 Increase/decrease in Deposits 􏰀 Increase/decrease in FHLB 􏰀 Increase/decrease in Federal Funds Sold/REPOs 􏰀 Other Financing Cash Flow

The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets. The fixed-asset turnover ratio measures a company's ability to generate net sales from fixed-asset investments - specifically property, plant and equipment (PP&E) - net of depreciation. A higher fixed-asset turnover ratio shows that the company has been more effective in using the investment in fixed assets to generate revenues.

Fixed Asset Turnover Ratio = Sales Revenue / Total Fixed Assets

Foreign Exchange Effects represents the increase/decrease in cash and cash equivalents due to changes in exchange rates.

Free cash flow per share is a measure of a company's financial flexibility that is determined by dividing free cash flow by the total number of shares outstanding. This measure serves as a proxy for measuring changes in earnings per share.

Free Cash Flow per Share = Free Cash Flow / Shares Outstanding

The free cash flow/operating cash flow ratio measures the relationship between free cash flow and operating cash flow.

Free cash flow is most often defined as operating cash flow minus capital expenditures, which, in analytical terms, are considered to be an essential outflow of funds to maintain a company's competitiveness and efficiency.

The cash flow remaining after this deduction is considered "free" cash flow, which becomes available to a company to use for expansion, acquisitions, and/or financial stability to weather difficult market conditions. The higher the percentage of free cash flow embedded in a company's operating cash flow, the greater the financial strength of the company.

FCF/OCF Ratio = Free Cash Flows / Operating Cash Flows x 100%

Fuel Expense represents the cost of fuel used for generating electricity and the distribution of natural gas, water, heat or steam, reported by utility companies. Fuel Expense is classified as an operating expense, and is excluded from the calculation of Cost of Revenue, Total.

Loss (Gain) on Sale of Assets reflects the excess of sale proceeds over the net book value (purchase price less accumulated depreciation) of a fixed asset. It also represents gains/losses on the sale of stakes in group companies. The disposal of assets includes not only the sale, but also the exchange or abandonment of assets.

Goodwill, Net represents the excess of purchase price over the fair market value of net assets acquired. Goodwill, Net is used for the net value of capitalized acquisition costs, reduced by the accumulated impairment or amortization of goodwill.

Gross Profit represents a measure of a company’s operating performance. Gross Profit states the profits earned from a company’s revenues and direct costs. Gross Profit represents Total Revenue less Cost of Revenue.

Gross profit margin is a financial metric used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings.

Gross Profit Margin = (Revenue - COGS) / Revenue

The 50 largest capitalization-weighted and free float-adjusted companies on the Hong Kong Stock Exchange.

Income After Taxes representsIncome Before Taxes, offset by the Provision for Income Taxes.

Income Available to Common Excl. Extraordinary Items represents the bottom-line net income available to common shareholders, excluding the effects of extraordinary items – adjusted by minority interest, equity in affiliates, the U.S. GAAP adjustment, preferred distributions and all other adjustments to net income.

Income Available to Common Stocks Incl. Extraordinary Items represents the bottom-line net income available to common stockholders, including the effects of extraordinary items – adjusted by minority interest, equity in affiliates, the U.S. GAAP adjustment, preferred distributions and all other adjustments to net income.

Income Before Taxes represents a company’s total revenues reduced by total expenses, before taxes on net income and all after-tax adjustments.

Income Tax – Total represents all taxes on the basis of profits that may be owed to federal, state and/or foreign government. These taxes do not include regressive taxes, such as sales taxes or excise taxes to state and federal government.

Insurance Receivables represents receivables from policyholders, agencies, and other operating parties in insurance companies, but excludes receivables from reinsurers.

Intangibles, Net represents the net value of assets that lack physical existence, reduced by accumulated impairment and intangible amortization. Intangibles consist of patents, copyrights, franchises, trademarks, trade names, secret processes, and organization costs.

The interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a company can pay interest on outstanding debt. The interest coverage ratio may be calculated by dividing a company's earnings before interest and taxes (EBIT) during a given period by the amount a company must pay in interest on its debts during the same period.

Interest coverage ratio = EBIT / Interest expenses

Interest Expense (Income) – Net, Operating represents the net interest expense (income) reported in the operating section by the company, when the company does not delineate between interest expense and interest income incurred. Interest Expense (Income), Net, Operating is also used to report the difference between interest income and interest expense in the operating section for the standardized financials view, when the company reports interest income and interest expense separately. Interest Expense (Income), Net Operating represents the sum of: Interest Expense, Net Operating and Interest/Investment Income, Operating.

Interest Income (Expense), Net Non-Operating represents the net interest income (expense) reported in the non-operating section by the company, when the company does not delineate between interest income and interest expense incurred. Interest Income (Expense), Net Non-Operating is also used to report the difference between interest income and interest expense in the non-operating section for the standardized financials view, when the company reports interest income and interest expense separately.

Interest Income, Bank is composed of: 􏰀 Interest & Fees on Loans, 􏰀 Interest & Dividends on Investment Securities, 􏰀 Federal Funds Sold/Securities Purchased Under Resale Agreement, 􏰀 Interest on Deposits, 􏰀 Other Interest Income, 􏰀 Trading Account Interest, 􏰀 Other Non-Bank Income.

Inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the cost of goods sold or net sales divided by the average inventory. Inventory turnover is also known as inventory turns, merchandise turnover, stockturn, stock turns, turns, and stock turnover.

Inventory Turnover = Sales / Inventory

However, it may also be calculated as:

Inventory Turnover = Cost of Goods Sold / Average Inventory

Issuance (Retirement) of Debt, Net represents net changes in cash flow due to the changes in the level of debt of a company, which is the sum of: Short Term Debt, Net Long Term Debt, Net 􏰀Total Debt Issued 􏰀Total Debt Reduction

Issuance (Retirement) of Stock, Net represents the sum of: 􏰀 Common Stock, Net 􏰀 Preferred Stock, Net 􏰀 Sale/Issuance of Common/Preferred 􏰀 Repurchase/Retirement of Common/Preferred 􏰀 Options Exercised 􏰀 Warrants Converted 􏰀 Treasury Stock

One of Jitta Factor that calculated from a competitive advantage of the company interpreted from financial statement considering an an advantage over competitors gained by offering consumers greater value, either by means of lower prices or by providing greater benefits and service that justifies higher prices

One of Jitta Factor that calculated from financial strength of the company interpreted from financial statement considering positive cash flow, effective liquidity etc.

One of Jitta Factor that calculated from growth opportunity of the company interpreted from financial statement considering the ability to grow the business significantly.

One of Jitta Factor that calculate from several variables that reflect recent business performance of the company.

One of Jitta Factor that calculated from Return to Shareholder or performance of companies' stocks and shares over time by combining share price appreciation and dividends paid to show the total return to the shareholder expressed as an annualized percentage.

An average value from five factors to assist in company analysis. It can be used to compare companies in different areas of a user’ interest. These include Competitive Advantage, Growth Opportunity, Financial Strength, Return to Shareholders and Recent Business Performance

Jitta Line is a calculation of each company’s Fair Price based solely on their business performance, regardless of the market emotion. The lower the stock price below Jitta Line, the more margin of safety to invest.

An increasing Jitta Line as intrinsic value of the company is increasing.

Jitta's cutting-edge feature that lets you devise your own market-winning strategies as if you had a pro's help.

Jitta Score is a number representing the business quality of each individual stock based on past 5-10 years business performance. The higher the Jitta Score, the better the company. This helps you make the decision investing in a wonderful company intelligently.

Jitta Signs is a quick summary of Jitta statement showing the key strength (in green) or the weakness (in red) points of each company. Get a succinct analysis without having to read the financial statement yourself.

Capital Expenditures [ICEX] is an equivalent of the Capital Expenditures [SCEX] COA code found on the cash flow statement. The item includes: Purchase of tangible assets, Purchase of intangible assets, Software development costs

Debt level to indicates financial's strength, liquidity and leverage of the company.

Dividend payout ratio measures how much of the available profit is passed to the shareholders that year, as against the amount that the company retains for its future nees.

Dividend Payout Ratio = Dividen per share / Earnings per share

Operating margin is a margin ratio used to measure a company's pricing strategy and operating efficiency.

Operating margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. “Operating income” here refers to the profit that a company retains after removing operating expenses (such as cost of goods sold and wages) and depreciation. “Net sales” here refers to the total value of sales minus the value of returned goods, allowances for damaged and missing goods, and discount sales.

Operating Margin = Operating Income / Net Sales

ROE measures the rate of profit earned by the directors for the shareholders. As such, it is a basic accounting ratio for investors. All profit earned by a company is ultimatedly for the benefit of the shareholders. It is either provided immediately as dividends or provided later in the form of retained profit which enhances the capital value of the shares and allows future profits to be earned.

Revenues is the gross amount earned from selling goods or providing services. In other words, revenues is the amount earned before deducting the cost of goods sold, expenses, and losses.

Earnings is the net amount earned after deducting the cost of goods sold, expenses and losses.

An actuvuty by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. Share repurchase is usually an indication that the company's management thinks the shares are undervalued. The company can buy shares directly from the market or offer its shareholder the option to tender their shares directly to the company at a fixed price.

Loan Loss Provision represents provisions established for possible defaults by customers on loans from a financial institution. Reserves for possible loan losses are established on loans outstanding on the basis of country risks, industry risks and specific risks of groups of borrowers. When a borrower is in default, the allowance is reduced and replenished in the following fiscal period, which is accounted for in Loan Loss Provision.

Long-Term Debt represents interest-bearing debt with maturities beyond one year. Long-term debt may consist of long-term bank borrowings, bonds, convertible bonds, etc.

This measure shows the degree of financial leverage under which a company operates relative to the Average Number of Shares Outstanding.

Long Term Debt per Share = (Long Term Debt / Average Shares) $/Share

Long-Term Investments represents the sum of LT Investments – Affiliate Companies and LT Investments – Other.

Long Term debt to Equity is a ratio used to determine a company's leverate. Calculated by taking the company's long-term debt and dividing it by the total value of its preferred and common stock.

Ratio = Long-term debt ÷ (Preferred stock + Common stock)

The greater a company's leverage, the higher the ratio. Generally, companies with higher ratios are thought to be more risky because they have more liabilities and less equity.

The longest time during which your portfolio sustained a loss. It shows the maximum number of days your investment took to return to its highest value before the loss was suffered. If you had invested following this strategy, you would have endured this many days of loss. The higher the number, the riskier the investment.

Loss chance is a statistical number representing the probability that a stock price will be lower in 1 year from the time of viewing.

Losses, Benefits, and Adjustments, Total represents the sum of:

􏰀 Losses, Benefits, and Adjustments,

􏰀 Underwriting & Commissions,

􏰀 Reinsurance - Expense.

Market capitalization is the total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.

Market Capitalisation = Number of shares outstanding x The Current Price per Share

Maximum loss ever occurred with your portfolio. It shows the sharpest drop in the value of your investment, from its highest point to its trough, before a new highest point was achieved. If you had invested following this strategy, you would have endured this much loss. The higher the number, the riskier the investment.

(Trough Value – Peak Value) ÷ Peak Value

Minimum historica Jitta Score in the past 5 years

Minority Interest represents the share of earnings/losses in subsidiaries that belongs to shareholders other than the parent company when the parent company owns less than 100%, but more than 50%, of a subsidiary. Since the subsidiary’s financials are consolidated with the company, this value is a negative number to represent the amount the company does not own.

Net Change in Cash represents the sum of: 􏰀 Cash From Operating Activities 􏰀 Cash From Investing Activities 􏰀 Cash From Financing Activities 􏰀 Foreign Exchange Effects

Net Income represents net income after taxes, adjusted by minority interest, equity in affiliates, the U.S. GAAP adjustment and extraordinary items, before preferred distributions and other adjustments to net income.

Net Income Before Extraordinary Items represents net income after taxes, adjusted by minority interest, equity in affiliates and the U.S. GAAP adjustment, before extraordinary items, preferred distributions and other adjustments to net income.

Net Income/Starting Line is the first line of a cash flow statement when a company employs the Indirect Method in the operating cash flow section.

Net Interest Income represents Interest Income, Bank, reduced by Total Interest Expense for banks. Net Interest Income indicates interest margins for financial institutions engaged in the lending and borrowing businesses. However, Net Interest Income is computed before consideration of Loan Loss Provision.

Net Interest Income After Loan Loss Provision represents net gains from loan operations over capital costs for the loans provided after considering expected Loan Loss Provision expenses. It is computed as Interest Income, Bank less Total Interest Expense less Loan Loss Provision.

Net Investment Income represents the total earned investment income of an insurance company, reduced by investment expenses directly related to investing activities. However, the investment income is limited to earnings on capital such as interest income, dividend income, etc., and does not include realized and unrealized gains or losses on such investments.

Net Loans represents total loans to customers, reduced by possible default losses and unearned interest income.

Net profit margin is the percentage of revenue remaining after all operating expenses, interest, taxes and preferred stock dividends (but not common stock dividends) have been deducted from a company's total revenue.

Net Profit Margin = Net Income / Net Sales (revenue)

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Non-Cash Items represents the sum of: 􏰀 Accounting Change 􏰀 Discontinued Operations 􏰀 Extraordinary Items 􏰀 Unusual Items 􏰀 Purchased R&D 􏰀 Equity in Net Earnings/Loss 􏰀 Other Non-Cash Items

Non-Interest Expense, Bank represents the sum of:

􏰀 Labor & Related Expenses, Depreciation Expense, Amortization of Intangibles, Amortization of Acquisition Costs, Real Estate Operation Expense, Dealer Trading Account Loss, Investment Securities Losses, Foreign Currency Losses, Unrealized Losses, Minimum Pension Liability Loss, Litigation Expense, Restructuring Charge, Other Unusual Expense, Other Expense.

Non-Interest Income – Bank represents the sum of:

Fees & Commissions From Operations, Commissions/Fees From Securities Activities, Insurance Commissions, Fees & Premiums, Credit Card Fees, Fees for Other Customer Services, Real Estate Operation Gain, Dealer Trading Account Profit, Investment Securities Gains, Foreign Currency Gains, Unrealized Gains, Minimum Pension Liability Gain, Other Unusual Income, Other Revenue

Notes Receivable – Long Term represents long-term notes receivable, excluding the current portion of the long-term receivables. It also represents all other long term receivables reported in the Non-current Assets section. When a company reports its assets without segregation between current and non-current, all notes receivable are classified as Notes Receivable – Long Term.

Notes Payable/Short-Term Debt represents short-term bank borrowings. It also represents notes payable that are issued to suppliers and other short-term interest-bearing liabilities.

This ratio compares the operating cash flows a company to its sales revenue. This ratio gives the analysts and investors indications about the ability of a company to generate cash from its sales. In other words, it shows the ability of a company to turn its sales into cash. It is expressed as a percentage.

Operating cash flow / Sales Ratio = Operating Cash Flows / Sales Revenue x 100%

Operating Income represents total revenues from all of a company’s operating activities, after deducting any sales adjustments and excise taxes, reduced by total expenses that are operating in nature, such as variable costs directly related to the volume of sales, indirect operating costs, depreciation or amortization, operating provisions and other expenses incurred from operating activities. Operating income is commonly referred to as earnings before interest and taxes (EBIT).

Operating margin is a margin ratio used to measure a company's pricing strategy and operating efficiency.

Operating margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. It can be calculated by dividing a company’s operating income (also known as "operating profit") during a given period by its net sales during the same period. “Operating income” here refers to the profit that a company retains after removing operating expenses (such as cost of goods sold and wages) and depreciation. “Net sales” here refers to the total value of sales minus the value of returned goods, allowances for damaged and missing goods, and discount sales.

Operating Margin = Operating Income / Net Sales

Operations & Maintenance represents costs incurred in the operation and maintenance of utility facilities and distribution networks, other than direct costs of goods and services sold, related to the generation, storage, transmission and distribution of electric power, natural gas, water and heat.

Other Assets, Total represents the sum of: 􏰀 Securities/Indebtedness of Related Party – Insurance only 􏰀 Accrued Investment Income – Insurance only 􏰀 Reinsurance – Assets – Insurance only 􏰀 Separate Accounts – Assets – Insurance only 􏰀 Interest Receivable – Banking only 􏰀 Other Real Estate Owned – Banking only 􏰀 Other Assets for all industries

Other Interest-Bearing Liabilities, Total represents interest-bearing liabilities other than Total Deposits and Total Short-Term Borrowings in banks. Other Interest-Bearing Liabilities, Total [SOBL] is the sum of: 􏰀 FHLB Advances 􏰀 Acceptances Outstanding 􏰀 Other Interest-Bearing Liabilities

Other Current Assets, Total [SOCA] represents current assets other than:

Cash and Short-Term Investments, Total Receivables, Net Total Inventory Prepaid Expenses

Other Current Assets, Total is the sum of: Restricted Cash – Current Deferred Income Tax – Current Assets Unbilled Utility Revenue – Utility only Deferred Gas Cost – Utility only Discontinued Operations – Current Assets Other Current Assets

Other Current Liabilities, Total [SOCL] represents the sum of:

􏰀Dividends Payable, Customer Advances, Security Deposits, Income Taxes Payable, Other Payables, Deferred Income Tax – Current Liability, Discontinued Operations – Current Liability, Other Current Liabilities.

Other Earning Assets represents operating earning assets other than: 􏰀 Interest-Earning Deposits 􏰀 Federal Funds Sold/Securities Purchased Under Resale Agreement 􏰀 Trading Account Assets 􏰀 FHLB Stock 􏰀 Total Investment Securities 􏰀 Loans Held for Sale 􏰀 Net Loans

Other Equity, Total represents the sum of: 􏰀 Cumulative Translation Adjustment 􏰀 Minimum Pension Liability Adjustment 􏰀 Other Comprehensive Income 􏰀 Other Equity

Other Investing Cash Flow Items, Total represents all items reported within the investing activities in the cash flow statement, other than capital expenditures.

Other Liabilities, Total [SLTL] represents the sum of:

Reserves, Pension Benefits – Underfunded, Other Long-Term Liabilities, Discontinued Operations – Liabilities, Other Liabilities.

Other Long-Term Assets, Total [SOLA] represents the sum of:

Deferred Charges, 􏰀 Pension Benefits – Overfunded, Deferred Income Tax – Long-Term Asset, Discontinued Operations – Long-Term Asset, Restricted Cash – Long-Term, Other Long-Term Assets.

Other Operating Expense [EOOE] represents operating expenses other than the cost of goods or services sold, selling, general and administrative expenses, depreciation/amortization, operating investment losses, or other items covered in

Other Revenue, Total represents the sum of: Other Non-Utility Revenue, Other Non-Insurance Revenue, Interest Income, Non-Bank, Other Revenue.

Other, Net represents net operating income and expenses, other than the cost of goods or services sold, selling, general and administrative expenses, depreciation/amortization, net operating investment income, or other net items covered in one of specific codes used for operating items.

The accounts payable turnover ratio is a short-term liquidity measure used to quantify the rate at which a company pays off its suppliers. Accounts payable turnover ratio is calculated by taking the total purchases made from suppliers and dividing it by the average accounts payable amount during the same period.

Payable Turnover = Total Supplier Purchases / Average Accounts Payable

Payable/Accrued is used when trade Accounts Payable and Accrued Expenses are not delineated by a company.

Policy Liabilities represents payables for claims and losses to policyholders, and other liabilities directly related to insurance policies assumed. However, Policy Liabilities is limited to liabilities where the amounts of claims and losses are already confirmed.

Preferred Stock – Non-Redeemable, Net represents the sum of: 􏰀 Preferred Stock – Non-Redeemable, 􏰀 Convertible Preferred Stock – Non-Redeemable, 􏰀 Treasury Stock – Preferred.

Prepaid Expenses represents goods or services that have already been purchased, but not fully consumed or used. Because Prepaid Expenses is defined as a part of current assets, such benefits are expected within one year or an operating cycle of the company, whichever is longer, from the current fiscal period end date.

Stock trading price which reflects the value of the company. In some cases, it is also affected by demands and supplies in the market.

Stock price at average price change

Stock price at highest price change

Stock price at lowest price change

The price-to-book ratio (P/B Ratio) is a ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. Also known as the "price-equity ratio".

P/B Ratio = Stock Price / (Total Assets - Intangible Assets and Liabilities)

The price-to-cash-flow ratio is the ratio of a stock’s price to its cash flow per share. The price-to-cash-flow ratio is an indicator of a stock’s valuation. Although there is no single figure to indicate an optimal price-to-cash-flow ratio, a ratio in the low single digits may indicate the stock is undervalued, while a higher ratio may suggest potential overvaluation. The ratio takes into consideration a stock’s operating cash flow, which adds non-cash earnings such as depreciation and amortization to net income. It is especially useful for valuing stocks that have positive cash flow but are not profitable because of large non-cash charges.

Price to Cash Flow = SharePrice / Cash Flower per Share

What is the 'Price-Earnings Ratio - P/E Ratio'

The price-earnings ratio (P/E Ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings.

The price-earnings ratio = Market Value per Share / Earnings per Share

A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues. It can be calculated either by dividing the company’s market capitalization by its total sales over a 12-month period, or on a per-share basis by dividing the stock price by sales per share for a 12-month period. Like all ratios, the price-to-sales ratio is most relevant when used to compare companies in the same sector. A low ratio may indicate possible undervaluation, while a ratio that is significantly above the average may suggest overvaluation. Abbreviated as the P/S ratio or PSR, this ratio is also known as a “sales multiple” or “revenue multiple.”

P/S Ratio = Price Per Share / Annual Net Sales Per Share

Property/Plant/Equipment, Total – Gross, when fixed assets are reported before depreciation but without detailed delineation, represents the sum of:

Buildings – Gross,

Land/Improvements – Gross,

Machinery/Equipment – Gross,

Construction in Progress – Gross,

Leases – Gross,

Natural Resources – Gross,

Other Property/Plant/Equipment – Gross.

Property/Plant/Equipment, Total – Net normally represents Property/Plant/Equipment, Total – Gross reduced by Accumulated Depreciation, Tota. However, when a company reports its fixed assets net of accumulated depreciation, fixed assets are compiled using Property/Plant/Equipment, Total – Net.

Quick Ratio represents Total Current Assets less Inventory divided by Total Current Liabilities. Quick Ratio is not available for non-detailed periods or for companies which report non-differentiated balance sheets.

Quick ratio = (current assets – inventories) / current liabilities

or

= (cash and equivalents + marketable securities + accounts receivable) / current liabilities

Realized (Losses) represents income or losses on the sale of investment securities reported by insurance company.

Accounts receivable turnover is the number of times per year that a business collects its average accounts receivable. The ratio is intended to evaluate the ability of a company to efficiently issue credit to its customers and collect funds from them in a timely manner. A high turnover ratio indicates a combination of a conservative credit policy and an aggressive collections department, as well as a number of high-quality customers. A low turnover ratio represents an opportunity to collect excessively old accounts receivable that are unnecessarily tying up working capital. Low receivable turnover may be caused by a loose or nonexistent credit policy, an inadequate collections function, and/or a large proportion of customers having financial difficulties. It is also quite likely that a low turnover level indicates an excessive amount of bad debt.

Receiverable Turnover = Net Credit Sales/Average Accounts Receiveable

Redeemable Preferred Stock represents the value of preferred shares that have a fixed maturity and are redeemable on the maturity date.

Research & Development represents expenses for the research and development of new products and services by a company in order to obtain a competitive advantage. These expenses are incurred to support the search for new or refined knowledge and ideas, and for the application or use of such knowledge and ideas for the evolution of new or improved products and processes.

Retained Earnings (Accumulated Deficit) represents residual earnings from operations, not distributed to shareholders. It may represent accumulated deficit when a company incurs losses over time.

Return on assets (ROA) is an indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. Calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as "return on investment".

Return on Asset (ROA) = Net Income /Total Assets

Return on Capital Employed (ROCE), a profitability ratio, measures how efficiently a company is using its capital to generate profits. The return on capital employed metric is considered one of the best profitability ratios and is commonly used by investors to determine whether a company is suitable to invest in or not.

Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested.

Return on Equity = Net Income/Shareholder's Equity

Return on Invested Capital (ROIC) is a profitability or performance ratio that aims to measure the percentage return that a company earns on invested capital. The ratio shows how efficiently a company is using the investors’ funds to generate income. Benchmarking companies use the ROIC ratio to compute the value of other companies.

Return on total capital is a profitability ratio. It is a measure of the return an investment generates for those who contribute capital, i.e. bondholders and stockholders. Return on total capital signifies how effective a company is at turning capital into profits.

Return on Total Capital = (Net income - Dividends) / (Debt + Equity)

Revenue from the sale of merchandise goods, manufactured products and services, and the distribution of regulated energy resources, depending on a specific company’s industry. The item is used for industrial and utility companies.

Jitta's Guide: The higher revenue, the higher income

Revenue Per Share (Quarter) = Quarterly Revenues / Common Shares Outstanding Revenue Per Share (TTM) = Trailing 12 Month Revenues / Common Shares Outstanding from the most recent quarter

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SG&A to Sales Ratio = (Selling, General & Administrative Expenses) / (Sales)

Selling/General/Administrative Expense represents the operating costs of running a business other than the costs of readying products or services for sale. Individual expenses included in Selling/General/Administrative Expense may vary depending on the nature of business of a company, but they cover expenses related to selling and marketing activities, general activities that serve many different departments, and administrative activities.

Total Equity consists of the equity value of preferred shareholders, general and limited partners, and common shareholders, but does not include minority shareholders’ interest.

Risk-adjusted return of your strategy. The higher the ratio, the better. Ideally, 1 or more is preferred. You can also use this ratio to compare the performances of two or more strategies. Say, Strategy A produces a return of 20%, while Strategy B yeilds 10%. Strategy A may seems more favorable. But if Strategy A's Sharpe ratio is 0.5 and Strategy B's is 1.5, Strategy B generates better risk-adjusted return.

S(x) = (rx-Rf)/StdDev(x) whereas: x is the investment; rx is the average rate of return of x; Rf is the best available rate of return of a risk-free security; and StdDev(x) is the standard deviation of rx.

Short-Term Investments consists of any investments in debt and equity securities with maturity of one year or less. The “short-term” nature depends on actual maturity of one year from the balance sheet date rather than on the original maturity of a specific investment. When a company reports its assets without segregation between current and non-current, all investments are classified as Long-Term Investments - Other.

Bad-risk-adjusted return of your strategy. The higher the ratio, the better. Ideally, 1 or more is preferred. While Sharpe ratio considers all risks bad, Sortino ratio uses downside deviation, or the risk of negative asset returns, to calculate this ratio. If Strategy A's Sortino ratio is 0.5 and Strategy B's is 1.5, Strategy B is earning more return per unit of bad risk (downside deviation).

Sortino ratio = (-Rf)/ðd whereas: is expected return; Rf is risk-free rate of return; and ðd is the standard deviation of negative asset returns.

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A tax rate is the percentage at which an individual or corporation is taxed. The tax rate is the tax imposed by the federal government and some states based on an individual's taxable income or a corporation's earnings. The United States uses a progressive tax rate system, where the percentage of tax increases as taxable income.

Tax Rate = Total Tax Expense / Earnings before Taxes

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Total Adjustments to Net Income represents the sum of: 􏰀 Preferred Dividends, General Partners’ Distributions, Miscellaneous Earnings Adjustments, Pro Forma Adjustment, Interest Adjustment – Primary EPS.

Total Assets represents the total assets of a company, which is the sum of: Total Current Assets – Industrial and Utility Cash & Due From Banks – Banking only Other Earning Assets, Total – Banking only Net Loans – Banking only Property/Plant/Equipment, Total – Net – all industries Goodwill, Net – all industries Intangibles, Net – all industries Total Utility Plant, Net – Utility only Long-Term Investments – all industries Insurance Receivables – Insurance only Notes Receivable – Long-Term – Industrial, Insurance, Utility Other Long-Term Assets, Total – all industries Deferred Policy Acquisition Costs – Insurance only Other Assets, Total – all industries

Cash Dividends Paid represents cash dividends paid to shareholders, which is the sum of Cash Dividends Paid – Common and Cash Dividends Paid – Preferred.ferred).

Total Current Assets is the sum of: 􏰀 Cash and Short Term Investments, 􏰀 Total Receivables, Net, 􏰀 Total Inventory, 􏰀 Prepaid Expenses, 􏰀 Other Current Assets, Total.

Total Current Liabilities represents current liabilities for industrial and utility companies. Current liabilities are liabilities that are incurred from operating activities and expected to be due within one year or an operating cycle of the company. Total Current Liabilities is left blank when a company utilizes a non-differentiating balance sheet.

Total Debt represents total interest-bearing debt outstanding. Total Debt excludes derivative liabilities. Clients who wish to include those in total debt are advised to calculate the value using supplemental items (Current Derivative Liabilities - Hedging, Supplemental, Current Derivative Liabilities - Speculative/Trading, Supplemental, Non-Current Derivative Liabilities - Hedging, Supplemental, Non-Current Derivative Liabilities - Speculative/Trading, Supplemental.

Total Deposits represents the sum of: 􏰀 Non-Interest Bearing Deposits 􏰀 Interest-Bearing Deposits 􏰀 Other Deposits

Total Extraordinary Items represents the sum of: 􏰀 Accounting Change, 􏰀 Discontinued Operations, 􏰀 Extraordinary Item, 􏰀 Tax on Extraordinary items.

Total Interest Expense represents total operating interest expense for financial institutions includes 􏰀 Interest on Deposits, Interest on Other Borrowings, Federal Fund Purchased/Securities Sold Under Repurchase Agreement

Total Inventory consists of all assets held for sale in the ordinary course of business or goods that are used and/or consumed in the production of goods to be sold. Inventories may include raw material, work in progress and finished goods, although other categories of asset items may be classified as ‘Inventories’ depending upon the company’s business.

Total Liabilities represents the sum of: For industrial and utility companies: Total Current Liabilities,􏰀 Total Long-Term Debt,􏰀 Deferred Income Tax,􏰀 Minority Interest,􏰀 Other Liabilities.

For banks:􏰀 Accounts Payable, Payable/Accrued,􏰀 Accrued Expenses ,􏰀 Total Deposits,􏰀 Other Interest-Bearing Liabilities, 􏰀 Total Short-Term, Borrowings, Current Portion of Long Term Debt/Capital Leases,􏰀 Other Current Liabilities, Total,􏰀 Total Long-Term Debt,􏰀 Deferred Income Tax,􏰀 Minority Interest,􏰀 Other Liabilities.

For insurance companies:􏰀 Accounts Payable,􏰀 Payable/Accrued,􏰀 Accrued Expenses,Policy Liabilities,􏰀 Notes Payable/Short-Term Debt,􏰀 Current Portion of Long Term Debt/Capital Leases,􏰀 Other Current Liabilities, Total,􏰀 Total Long-Term Debt,􏰀 Deferred Income Tax,􏰀 Minority Interest,􏰀 Other Liabilities.

Total Liabilities & Shareholders’ Equity represents the sum of Total Liabilities and Total Equity.

Total Operating Expense represents total expenses that are operating in nature, including variable costs directly related to the volume of sales, indirect operating costs, depreciation or amortization, operating provisions and other expenses incurred from operating activities.

Total Preferred Shares Outstanding represents an aggregated number of preferred shares outstanding. Total Preferred Shares Outstanding is calculated differently from Total Common Shares Outstanding, which aggregates an equivalent number of primary issue shares using conversion ratios from each common share outstanding. Total Preferred Shares Outstanding does a simple aggregation of the number of each preferred share outstanding, without any conversion.

Total Premiums Earned represents total insurance-related premiums proportionate to the amount of potential risk taken by a company. When a company reports its premiums earned in multiple lines on its income statement, the insurance premiums earned may be classified as Net Premiums Earned and/or Other Insurance Revenue.

Total Receivables, Net normally represents the sum of: Accounts Receivable – Trade, Net, Notes Receivable – Short-Term, Receivables – Other.

Other Revenue represents revenue that is not otherwise classified from the main operating activities of a company. Although “other” items reported by a company may be clearly identifiable as a part of Net Sales, some items that may not be clearly related to the main operating activity of a company are included in Other Revenue. Revenue of a subsidiary whose business is different from that of its parent company is classified as Other Revenue as well. Other Revenue has been used historically but has been discontinued and replaced by Net Sales.

Total Short-Term Borrowings represents total short-term borrowings of a bank, which are the sum of: 􏰀 Commercial Paper Other Short-Term Borrowings 􏰀 Federal Funds Purchased/Securities Sold Under Repurchase Agreement

Total Utility Plant, Net represents Total Utility Plant - Gross reduced by Accumulated Depreciation.

Treasury Stock – Common represents the value of common stock owned by the issuing company or its consolidated subsidiaries. Treasury stock is recorded at purchase cost, which is inclusive of par value, additional paid-in capital and retained earnings.

U.S. GAAP Adjustment represents the disclosure by foreign companies using local accounting standards (or International Accounting Standards) to reconcile their local accounting net income to the U.S. equivalent net income.

Unrealized Gain (Loss) represents all unrealized/ revaluation gains (losses) reported in the Equity section by a company. The unrealized gains (losses) may arise from valuations of investment securities and fixed assets owned by the company.

Unusual Expense (Income) represents unusual/non-recurring/one-off items reported above net income before taxes.

Capitalization-weighted index of all the companies listed on the Ho Chi Minh City Stock Exchange.

The amount of risk associated with your investment due to the degree of fluctuations in its trading price. The higher the number, the riskier the investment; it means the value of your investment has been changing dramatically over a short period of time in either a positive or negative direction.

Proportion of profitable Top 30-stock purchases, in relation to the total number of Top 30-stock purchases made since 2009. If you'd been investing in Top 30 stocks since 2009, had made a total of 240 buy orders, and within those buy orders 180 have generated profits, this means you win rate is 180 out of 240, or 75%.

The methodology behind this is simple: if you'd been purchasing Top 30 stocks every year since 2009, in eight years you would have made a total of 240 purchases. However, some years there might be less than 30 stocks that met your Screener criteria, which would result in a total purchase of less than 240. If you had bought Stock A twice in eight years, that would be two purchases counted toward your total purchase number.

Working capital is a measure of both a company's efficiency and its short-term financial health. Working capital is calculated as:

Working Capital = Current Assets - Current Liabilities