在大馬工業股中，Success 是表現算優秀的，從它過去在二板時就如此。
以下是 Success 的財務數據。
真正造成 Success 業績下滑是2018年開始，ＲＯＥ和ＲＯＡ都出現顯著下跌。
到底問題出在那裡？
從數據提供的存貨、應收帳和應付賬週轉天書看，並不是營運出現問題。
但對於 Success 來說，供應商要求還款壓力應該加大，所以我們看見它還款週轉天數在減少。
但是從Revenue來看，則有些變化。
Revenue
2016 572.95
2017 395.48
2018 326.14
2019 324.79
２０１７年後Revenue，２０１８年也如此，這會不會部分和２０１８年 Property/Plant/Equipment 項目中減少184.58有部分關係。
但是根據現金流量表，並沒有大筆資產出售的金額，所以這資產減少原因是什麼？
但無論原因如何， Success 資產負債表縮小，以及淨利潤減少是客觀事實。
Net Income
2016 35.61
2017 46.07
2018 7.16
2019 15.27
作為一個散戶，我不可能都知道所有股票的課題變化，所以多數情況都是根據經濟週期和財務數據來觀察公司變化。
如果你是長期追蹤 Success，可許可以告訴我為何資產負債表會萎縮，以及 Revenue 減少的原因。
一般情況下，Revenue 減少要麼是市場被侵蝕，或者是大環境改變又或者是競爭對手因素。
又可能是出售某些業務，使得 Revenue 減少，但問題是 Success 的利潤率並沒有增加反而減少，這就有問題。
到底真相是什麼？
有長期追蹤 Success 的人也許知道，我撰寫此文不是要做深入報告，所以沒有花時間和精力去研究。
但無論如何，我們看看 Success 的過去 Price/Earnings 和 Price/Book。
Success 過去來說，是表現不錯的工業股，但市場對的評價不高。
Price/Earnings 在２０１０－２０１４年之間，平均約５倍；
２０１年以後除２０１７年７倍外，最高１４倍，目前１２倍。
顯然 Success 價值是２０１５年後才被發現。
但工業股最好以 Price/Book 為準。
其Price/Book如下：
2010 1.01
2011 0.72
2012 0.61
2013 0.78
2014 0.82
2015 1.05
2016 0.84
2017 0.90
2018 0.39
2019 0.71
Current 0.43
Success 最好時期， Price/Book 也很少超過１倍。
可見它不是很被市場重視。
以現在0.43水平，看似便宜。
雖然 Success 規模在縮小，但現金流量還是很不錯。
你需要搞明白為何它規模縮小的原因，若未來趨勢不變，再便宜也不要買。
若能穩定下來，甚至回升，則有投資價值。
不過問題在於買進時機。
这一套三本投资书胜过你看外面20本，因为外面的投资书是东说一点，西说一点，我是把精华整理归纳，以Step by Step方法铺陈，化繁為簡，全面講解投資分析法。
股票基本面分析的《股票真智慧》、技术面的《图表趋势秘密》和经济分析的《经济周期投资》。
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