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以下取至童贵旺文章里的金句：“When a company’s EV is negative, this means it has more cash than it would cost to buy all its outstanding shares and pay off all its debts. Put another way, one could acquire the company for less than its cash holdings. At face value, this looks like a clear arbitrage opportunity. But we know that markets are efficient and therefore, rarely misprice. Indeed, when something looks too good to be true, it often is. ”
“There also appears little interest in maximising shareholder value or returning excess cash to ALL shareholders. We suspect a few major shareholders are probably looking at privatising the company instead.” 童先生的看法与我一样。Excess cash 就应该归还给股东，这才是 maximising shareholder value
童先生也以美股为例。一般上美国上市公司更注重股东回报，这种紧抱现金不用的陋习较少见。美国股市的回报率大家是有目共睹的。“In our analysis of America’s capital markets, the results confirm our belief that in developed markets, companies with deadweight/idle cash very rarely exist in the -EV realm. ”
我并不了解Wistron。问了AI，解释是他们在转型： Taiwanese firm Wistron is strategically shifting its market focus towards high-growth, high-margin enterprise segments, particularly Artificial Intelligence (AI) and high-performance computing (HPC) servers, while diversifying its manufacturing base away from China due to geopolitical factors and operational challenges. This strategic redirection involves a deliberate exit from certain consumer electronics operations, including the sale of its full stake in Formosa Prosonic Industries (FPI) in Malaysia and the sale of its iPhone manufacturing business in India to the Tata Group. Wistron had also sold two China subsidiaries to mainland rival Luxshare in 2020.