CFA二级知识精讲-集训营直播-另类-讲义.docx
款Qn(9610Z) W-So AlternativeDefinitionsofValuesj-重点：区分±地的M高和量住使用价值ThedirectcapitalizationmethodIncomeapproach0DCFmethodStabilizedNOIPrivateRealEstateInvestmentsPubliclyTradedrealestatesecuritiesValuationApproachesCostapproachSalescomparisonapproachPrivaterealestatedebtsJ-重点：最低贷款计苴AdvantagesanddisadvantagesNAVPSvaluationRelativeValue(pricemultiple)Approach重点：估值计复ComponentsofperformancefromLBOStructures,termsandgovernanceofPE1.easestructure重点：计算LBOfi出的回报重点：估值计宜PrivateEquityValuationFinancialperformanceofPEfunds重点：计算PE投费业矮和菱用VCvaluationsVC投费估值、持股份款和股你十复CommoditiesandCommodityDerivatives:AnIntroductionCommodityfuturesreturnsComponentsofcommoditiesfuturesreturns重点：大宗商品置货回报理论和计苴Case1ThefollowinginformationrelatestoQuestions16GoldenFinanceInc.isaboutiqueassetmanagementcompanywhoseclientscomefromvariouscountries.AmirJohnson,oneofthehigh-net-worthclientsofGoldenFinanceInc.hasbuiltalongrelationshipwithGoldenFinanceIncformanyyears.Inheritinghisparents'hugefortune,Johnsonissittingonidlecash.Totakefulladvantageoftheidlecash,heandhisfinancialadvisoryteamplantodiscusspotentialinvestmentopportunities.Beforethemeeting,Johnsonexpresseshisinterestinalternativeinvestments.TheleaderofJohnson'sadvisoryteam,AndrewHarrisontellsJohnsonthattherearefourtypesofalternativeinvestmentsavailable,includingprivaterealestateinvestments,publiclytradedrealestateinvestments,privateequityandcommodities.Johnsonwantstodiscusseachofthemonebyone.Firstly,HarrisonasksforJohnson'swillingnesstoinvestintheprivaterealestate.Screeningseveraldeals,Harrisonfinallychoosesanofficebuildingpropertywitha$3,215,000expectednetoperatingincome.Johnsonisgladtopurchasetheproperty.Then,HarrisonintroducespubliclytradedrealestateinvestmentstoJohnson,suchasrealestateinvestmenttrusts(REITs)andrealestateoperatingcompanies(REOCs).JohnsonwondersthedistinctionsbetweenREITsandREOCs.Inresponse,AlexisAjinca,ajunioralternativeanalystmakesthefollowingthreestatements,including:Statement1:BothofREITsandREOCscanavoidthedoubletaxationofincome.Statement2:REITshasmorepredictableearningsthanREOCs.Statement3:ForREOCs,therearestrictrestrictionsontheapplicationoffinancialleverageintheiractivities.FiguringoutthedifferencesbetweenREITsandREOCs,JohnsonpreferstoaddREITsintohisportfolio.HarrisonrecommendsanofficeequityREITtoJohnson,andtherelevantfinancialinformationisdemonstratedinExhibit1.Exhibit1SelectedfinancialdatafortheOfficeEquityREITNetoperatingincome(NOl)$325,000.CaprateB8%,Cashaudequivalents$175,000Accountsreceivablep$55,000.Otherassets。$25,000.Totaldebtp$1,500,000“OtherliabilitiesQ$1,000,000“Sharesoutstandings$75,000；OncompletionofvaluingtheofficeequityREIT,theyturntheireyestoprivateequityinvestments.Althoughbuyoutsandventurecapitalfundsarebothmajortypesofprivateequityinvestments,theyhavetheirowncharacteristics.Basedonthefactsheknowsabout,Johnsonliststhefollowingthreefeatures,including:Feature1:Steadyandpredictablecashflows.Feature2:Measurablerisk.Feature3:Weakassetbase.Havingarelativelowcorrelationwithfinancialassets,commoditiesareunmissableforJohnson.Comparedwithholdingphysicalcommodities,HarrisonadvisesJohnsontoinvestincommoditymarketsthroughcommodityfutures.HarrisoncollectsthefollowingdataillustratedinExhibit2fromthecommoditymarket.Exhibit2SpotandfuturespricesPZincLeadpNickleSpotprices(perton)p$34,290-$2,655,$16,905“September$34,300$2,655+$16,873“October$34,339-$2,655+$16,862“Novembers$34,401，$2,655+$16,795-Decemberp$34,529-$2,655.$16,753-88IZ6r1-iMJOOg<8roM心m9ogsv-OJjSSopSlMUIPUrLqODyjoOLPJoOnHBSIE-IddBLPJmLPAVo.EIBEmOdJodSEaID-S04->PoluodxoSI9UIOU.SMUPRIOdOIoUOlPPUB%gOISIOmIlmoUSlPOqlJII直接资本化法(DireCtCaPitaliZationmethOd)对不动产估值的公式为：根据文中信息可得:割割驾=$3,215,000 ;代入公式可得： = 10.5%;嘤妾衽普浅h < =2,5%。Value =$3,215,00010.5% 2,5%=$40,187,500三1Sl弱FT31¥豆口-11闩VaIUC-妊=H人己立一1TAVXHSll立至KTA三.LX1VXA因此正确答案为B。2.WhichofAjinca,sunderstandingregardingthedifferencesbetweenREITsandREOCsismostlikelycorrect?A.Statement3B.Statement1C.Statement2因为R曰TS的earnings很大一部分来自rentalincome,而rentalincome通常由合约所确定。所以,相比于REoCs,RErrS的earning有更强的可预测性。因此，Statement2的说法正确，正确选项为C。对于选项A,相较于RErrs,REoCS所面临的限制更少。REc)CS可以更自由地使用财务杠杆为投资者创造更高的回报。因此，Statement3的说法错误。对于选项B,REITS减免了CorPOrate/trust相关的incometaxes,避免了corporateincometaxpersonalincometax的双重税收(Doubletaxation)o但是，REoCS没有相关的税收减免。因此，StatementI的说法错误。3.BasedupontheExhibit1,thenetassetvaluepershare(NAVPS)isclosestto:A.$24.23B,S27.84C.$30.25NAVPS的具体计算过程如下Netoperatingincome(NoI)“$325,000.Caprateq8%，Estimatedvalueofoperatingrealestate$325,000/8%=，$4.062,500,Cashandequivalentsd+$175,000。
