Sent: Wednesday, October 11, 2006 4:06 PM
對於金融股（包括保險）好學生的認定，
巴菲特用很大的篇幅在說明這一區塊，
如危險費用的提撥以及衍生性商品的認列等等，
以及台灣從去年至今年的卡債呆帳等，
報表有可能突如其來的由盈轉虧，
讓我覺得金融股作帳的空間比其他類股來的大。
From: Yuchi
Sent: Wednesday, October 11, 2006 7:12 PM
Financial Institutions can manipulate revenue
through NPL recognition and NPL sales.
Thus, financial institution analyst will use
annualized TPE(Total Problem loan Exposure) inflow ratio
to reflect credit control ability.
A=(NPLs不良債權+Loans Under Surveillance應予觀察放款)
2005 Annualized TPE inflow =
( 2005 of A - 2004 of A + 2005 NPLs Sales出售
+ 2005 NPL Chargeoff打銷) / 2005 Gross Loans
Then draw the following conclusion.
Criteria：Good credit control ability =
Annualized TPE inflow smaller than 3%
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