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Recurring Income (经常性收入)

当一家公司拥有经常性收入时,无论是一部分还是全部都来自这种收入时,该公司会有多好呢?经常性收入代表着一家公司会在事前做了很多准备工作,甚至花费了很多的资金来扩张,而这种经常性收入会随着未来慢慢的有斩获。

我们先来看看没有经常性收入的公司。我们拿棕油股举例,INNO, RSAWIT, JTIASA都是棕油股,而他们的生意模式纯粹依赖着棕油价钱和生产量。当生产量越高,公司就赚越多;又或者棕油价格越高,公司也会赚更多。除此之外,巴士公司例如PTRANS, GETS也是如此,他们只会在旅客很多,并且选择它们的巴士的时候才会有机会赚更多。

另一方面,我们来看有经常性收入的公司,包括了REVENUE和MFCB。REVENUE的其中一个生意就是维修,维修他们租出去或者卖出去的EDC机。MFCB则是一家水力发电的公司,而它们的经常性收入就是将他们所存起来的电力卖给其他人。因此,MFCB可以获得很稳定的经常性收入,并且在雨季时,会因为水量增加而赚取更多。

总结,拥有经常性收入的公司就像有安全气囊的汽车,会在紧急时保护你。我们可以看到在这次的疫情中,蛮多的公司都遭受亏损,但REVENUE和MFCB就算会赚得比疫情前少,也不至于会亏损。所以,有经常性收入的公司会比较容易在逆境中存活。

How good is a company when their business is wholly or part of it basing on recurring incomes? Recurring income means a company did a lot of work, or put a lot of money into capital expenditure beforehand, but the income will recur in the future, eventually.

Let’s take a look of companies that have NO recurring income. For example, we can look at plantation companies such as INNO, RSAWIT and JTIASA. Their business is merely basing on Crude Palm Oil (CPO) price and their production, which means the higher the production, the more they earn; or the higher the CPO price, the more they earn. Besides, bus companies are also examples that have no recurring income. They can only earn more when more people are travelling, and utilizing their buses.

On the other hand, companies that have recurring incomes includes REVENUE and MFCB. One of the business segment from REVENUE is servicing, where they will service their EDC terminal, regardless of their customers prefer to buy or rent the machine. MFCB is a company that operates through hydro energy, where they store the electricity generated from the dam and sell it to other people. Hence, MFCB is able to obtain recurring income and even increase this income when it is rainy season, as more water can be generated into electricity.

In short, companies that contain recurring incomes is like cars with airbags, that it will protect you when you are facing emergency. During this pandemic, although some companies suffer losses, but these two companies still remain profitable, even though they may earn lesser than pre-covid time. Hence, companies that contain recurring income will be easier to survive when they are facing uncertainties.

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https://klse.i3investor.com/blogs/InvestingKnowEverything/2020-11-26-story-h1536616637.jsp



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