（转）实例分析 – 找到问题的启点? – 精华版

http://klseblog.com/2010/03/29/%E5%AE%9E%E4%BE%8B%E5%88%86%E6%9E%90-%E6%89%BE%E5%88%B0%E9%97%AE%E9%A2%98%E7%9A%84%E5%90%AF%E7%82%B9-%E7%B2%BE%E5%8D%8E%E7%89%88/

感谢小旺子的分享。

为了不让股友有先入为主的看法，我暂时不揭露这二家上市公司的名字，待分析后才揭开谜底。

二份年报皆以年尾结账，全部以 RM ‘000。

先看Company A，收入只增加区区的 RM42,185，但是应收账务Account Receivable 竟然升了 212%，生意没做大，应收账务却增加二倍，现金反而少了。

大佬，请你帮忙算问题到底出在那里？ 应收账务从何方来? 我没去看 Financial Note，但对212% 觉得不可思议。

再来看看应付帐款 Account Payable 更离奇的增加 683%，这回更好玩。到底是不是向供应商买货，怎么存货少了400+% ？ 不增反减。是买 software license ??

大佬，再请你帮忙算算这盘账怎么样凑的 ?

还是看 Company B 有啥毛病？

收入与去年差不多，没成长。

但是应收账务少了 43%，哗! 今年不错，收回不少钱。

那要证明这数字有否说骗话，哈! 哈! 现金猛升 284%。看到现金升倍数，别得意忘形，虚报收入常有之事， 查查应收账务减少与这价值差不多，这公司大慨没说慌话。

问题又来了，去年收入大同小异，怎么没增加多现金？欲知现金详情怎样来？ 请读 Income Statement & Cash Flow Statement，原来这 Statement 会解释钱从那里来。

读年报要一面读，一面自我发问题，这是窍门。

揭谜底时间，你猜到了吗?
Company A: DIS 科技股 (SC 怀疑账目有问题，停牌解释，现已复牌，)

Announcement 如下:-

The Board of Directors of DIST wishes to announce that pending further investigation, we are gravely concerned that the quarterly reports for the period as stated in the attachment maybe mistated due to an alleged fraud reported by a major customer, Starlight Marketing Limited involving one of their staff as the sales amount involved was RM131,328,496 (detail as per attached) and balance owing to the Group as at 31 December 2009 amounted to RM82,066,290.00 which was very significant to the Company.

RM82,066,290 这数目跟我们分析的应收账务 RM89,273,000相差不远。

Company B: Supermax