x*********n
发帖数: 28013 | 1 around -5500M, capitual expense is difficult to calculate.
cash flow is nothing，
When we mentioned cash flow, we mean free cash flow, not cash flow provided
by operation. | a*****1
发帖数: 3134 | 2 CapEX is flexible, not commitment and easy to reduce, isn't it?
provided
【在 x*********n 的大作中提到】
: around -5500M, capitual expense is difficult to calculate.
: cash flow is nothing，
: When we mentioned cash flow, we mean free cash flow, not cash flow provided
: by operation.
| x*********n
发帖数: 28013 | 3 Then let me ask you one question, what is CapEX?
【在 a*****1 的大作中提到】
: CapEX is flexible, not commitment and easy to reduce, isn't it?
:
: provided
| a*****1
发帖数: 3134 | 4 Capital Expenditure. Part of the CapEX was used to acquire land and booked
as at-cost asset. That is why you never see CapEX in the quarterly report
and that is why you see the 5.5B cash flow. It is debatable in terms of
accounting. They were very aggressive early days using CapEX to acquire
asset without having impact on earning. But when they sell assets, they will
not be booked as revenue either, only reducing book/asset value. That is
why they have the "cheapest" land on the book compare to whole industry. And
that is why their book value is underestimated.
【在 x*********n 的大作中提到】
: Then let me ask you one question, what is CapEX?
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