无现金支付（3）之电子钱包

很多投资者包括Ali也曾经想过电子钱包会不会是Visa/MA 的威胁？有读者留言，Whatsapp，电邮，类似的问题。今天来说说Ali的观点。电子钱包如火如荼的发展，Ali也曾经想电子钱包会威胁Visa/ MA。身为Visa投资者的Ali 经过琢磨和观察，

无现金支付（2）之 VISA 和 MasterCard

我们用的信用卡，转账卡，ATM卡都离不开Visa (V) 和MasterCard (MA) 这两家公司。我们都以为信用卡是由Visa和MasterCard发行的，以为它提供消费信用服务，金融公司。其实你信用卡的credit limit 不是Visa给的，你欠卡帐不是欠Visa的，你不能向Visa公司申请信用卡的。

"Visa is a global payments technology company"，这是在Visa年报里一句话。说明这家公司其实是科技公司，不是金融公司。

Visa 2018 Q3

Visa beats by $0.11, beats on revenue

Visa (NYSE:V): Q3 EPS of $1.20 beats by $0.11.

Revenue of $5.24B (+14.7% Y/Y) beats by $150M.

业绩超越华尔街预测。
Visa 上市已经10年了，Ali很荣幸有分参与其中的一半，持有5年了。

浅谈Visa - 『BUY AND HOLD』

我们常常看到『BUY AND HOLD』的致富故事。如你早期投资PBBANK，大众银行1967年上市，至2015涨了4000倍（参考1）。投资李嘉诚的长实1972上市46年5000倍（参考2）。又或者更厉害的投资巴菲特的BRK 初期投资者（1964接管BRK，大约$19），1964-2017涨了24,047倍（参考3）。

Visa 自2008年3月上市以来，Visa的股票已经涨了800％以上，远远地跑赢大市，就算在现在这段动荡的日子里（三个月半）起8%YTD。（很多股票都跌了）。到底Visa的魅力在哪里？当然，这一切都是来自Visa的强劲业绩的结果。 在最新报告里，Visa的营收和净利增长了25％。

很多投资Visa的投资者都觉得很无聊，Buy and Hold 罢了不需要很多动作，又不用天天盯着股价，晚上”有觉好训“。

Visa 十岁了

Visa IPO在2008/3/19 上市，今天就是十周年庆。恭喜Visa，祝贺继续成长。
Ali 很荣幸能参与其中的二分之一，就是五年。记得在2013年第一次买入，当初刚投资，主要是因为她“年轻”、“美貌”。

恭喜Ali自己-Visa惊喜

昨日Ali恭喜苹果投资者，今天Ali恭喜自己，Visa又有惊喜。
Visa的业绩出炉，再一次打败华尔街的预测。Ali在2013年买入，一直持有到现在。每次公司业绩都有惊喜。

Visa Inc. Price, Consensus and EPS Surprise

你们换了你的Visa PayWave debit/credit card吗？Touch and pay 是不是很方便。

最赚钱的股票篇（1）：科技股

如果你是价值投资者，必然是跟随书上或大师的指导，什么金律，什么法则，什么指标，PE<10 roe="">15%, DY>4% 之类。很多投资者盲目跟随，忘记书中所说的要“活用”，不是死背书。

如果单单看上面几个指标，那么你就永远买不到，或错过买像Alphabet (Google谷歌) 这类好股。

Visa 4Q2015

Visa, Inc. (V) has reported 0.62 EPS and 3,571 revenue for FQ4 2015.

REPORTED MONDAY, NOVEMBER 2 BMO

	EPS	Revenue
Wall Street Consensus	0.62	3,558
Estimize Consensus  195 estimates	0.66	3,591
› V Reported Earnings	0.62	3,571

2015年100大“全球最佳品牌”排行榜

Interbrand 品牌顾问公司公布2015年100大“全球最佳品牌”排行榜。
前三甲宝座，没有令人意外的苹果(Apple)、谷歌(Google)、可口可乐蝉联，
而面子书(Facebook)就是成长最快的(+54%)。

而积木玩具乐高(LEGO)、Paypal、宝马(MINI)、酩悦香槟(Moet et Chandon)、联想(Lenovo)都是新入榜。当然有新加入，就有被踢出榜外的，如诺基亚(NOKIA)、任天堂(Nintendo)、GAP、Pizza Hut、Duracell，被排出榜外。

Visa 3Q2015

Visa, Inc. (V) has reported 0.74 EPS and 3,518 revenue for FQ3 2015.

REPORTED THURSDAY, JULY 23 AMC

	EPS	Revenue
Wall Street Consensus	0.59	3,365
Estimize Consensus  76 estimates	0.61	3,414
› V Reported Earnings	0.74	3,518

Visa 2Q2015

Visa, Inc. (V) has reported 0.63 EPS and 3,409 revenue for FQ2 2015.

REPORTED THURSDAY, APRIL 30 AMC

	EPS	Revenue
Wall Street Consensus	0.62	3,325
Estimize Consensus  95 estimates	0.64	3,352
› V Reported Earnings	0.63	3,409

Visa 1Q2015

Visa, Inc. (V) has reported 2.53 EPS and 3,382 revenue for FQ1 2015.

REPORTED THURSDAY, JANUARY 29 AMC

	EPS	Revenue
Wall Street Consensus	2.50	3,343
Estimize Consensus  89 estimates	2.52	3,382
› V Reported Earnings	2.53	3,382

Visa 4Q2014

Ali刚刚收到Visa investor relation的电邮。

Visa 2Q2014

24 Apr 2015, Visa release second quarter financial result

• Net income $1.6B and diluted EPS of $2.52, up 26% and 31%
• Revenue of $3.16B. (+6.8% y/y). Missed by $30M
• Repurchased 5.1M shares of class A common stock, average price $217.61 per share
• Dividend $0.40

威士卡（Visa）公布季度财报，Ali看盈利有进步，没有问题，可是股价就大跌5%，报$198。万事达卡也跌5%。
这季度净收入和每股收益都有双位数成长26%，31%。很好，没有多少蓝筹股有这高的成长。
有人说俄罗斯的问题会影响未来公司的盈利。

Visa vs MasterCard

Visa and MasterCard don’t issue credit cards
Many people may confuse, Visa and MasterCard did not issue the credit card. Actually, the company make money from processing payment transaction between the point of sale (POS) and the bank. They have nothing to do with your interest rates, reward program, late charge and customer service issues.

$100 Payment on Credit Card Transaction Breakdown

When you spend $100 purchase, $98 goes to merchant, $1.50 goes to issuing bank, $0.35 goes to processor, hardware provider and merchant service provider (MSP), only $0.15 goes to card network company.

Duopoly 
Visa and MasterCard are both widely accepted in over 30 million cash machines and 170 countries worldwide and it is rare to find a location that will accept one and not the other. Visa and MasterCard dominate more than 80% global transaction, 50.1% and 33.5% respectively. Not only credit card payment service, the debit card transactions are also via Visa and MasterCard network, total 95.8% of global debit card transaction.

Visa or MasterCard, which should I choose?
Which credit card network to choose? Visa and MasterCard are pretty similar.  Since the rewards and benefits are determined by the issuing bank, ultimately it is the issuing bank that controls.

Wish to know about more credit card benefit? you can visit http://generationsxyz.blogspot.com/

Financial Result
I will compare the FY 2013 financial result of both Visa and MasterCard.

Let start with revenue, Visa recorded $11.78 bn by grew 13.02%, MasterCard reported $8.35bn by grew 12.92%.  Visa is slightly higher growth than MasterCard

Then look at the operating margin of both companies. Visa performs $7.22bn operating income, which is 61.29%. However, MasterCard reported operating income $4.5bn which is 53.89%.  Visa wins in second round with better operating efficiency.

We go net profit margin between both companies. Visa has net income of $4.98bn, and MasterCard has $3.12bn. Visa wins again here as its net profit margin of 42.3% which is substantially higher than MasterCard 37.3%.

We move to compare growth rate past 5 years.  Visa grew EPS from $2.79 (2009) to $7.59 (2013) by 54%p.a.  MasterCard has EPS from $1.12 (2009) to $2.56 (2013) by 46%. Visa has another score on growth.

Both companies are giving dividend every quarter. Visa paid total $1.32 in FY2013, MasterCard paid total $0.21 (Note: based on estimated, Q4 dividend is not yet to announce, and share split 1:10 on 22 Jan 2014). Visa wins by yield 0.67% compare to MasterCard 0.2%.

How about the valuation ratio of both companies
Visa:

Valuation Ratios

Price/Earnings (TTM)	28.31x
Price/Sales (TTM)	11.15x
Price/Book (MRQ)	5.21x
Price/Cash Flow (TTM)	24.47x

TTM = Trailing Twelve Months 

MRQ = Most Recent Quarter

MasterCard:

Valuation Ratios

Price/Earnings (TTM)	29.79x
Price/Sales (TTM)	10.92x
Price/Book (MRQ)	12.18x
Price/Cash Flow (TTM)	27.01x

TTM = Trailing Twelve Months 

MRQ = Most Recent Quarter

Price/Earning and Price/Sales ratios of Visa and MasterCard are close to each other. However, Price/Book value of Visa is 5.21x much lower than MasterCard's 12.18x. Visa is seem worth than MasterCard.

Conclusion
Based on all metrics above, the winner is VISA.

Disclosure
I have long position in Visa. I wrote this article to express own opinions. When you are investing kindly to consult your financial adviser.

Visa: Ex-Dividend Reminder

Visa will pay its quarterly dividend of $0.40 on 3/4/14. Ex-date on 2/12/14.
Below are dividend history charts for Visa since 2008:

Declared	Record	Payable	Class A Common Stock	Class B Common Stock *	Class C Common Stock
06-11-08	08-15-08	08-29-08	$0.105	$0.075	$0.105
10-15-08	11-14-08	12-02-08	$0.105	$0.075	$0.105
01-22-09	02-13-09	03-03-09	$0.105	$0.066	$0.105
04-22-09	05-15-09	06-02-09	$0.105	$0.066	$0.105
07-22-09	08-14-09	09-01-09	$0.105	$0.061	$0.105
10-20-09	11-16-09	12-01-09	$0.125	$0.073	$0.125
01-20-10	02-12-10	03-02-10	$0.125	$0.073	$0.125
04-20-10	05-14-10	06-02-10	$0.125	$0.073	$0.125
07-21-10	08-13-10	09-01-10	$0.125	$0.069	$0.125
10-20-10	11-19-10	12-07-10	$0.15	$0.077	$0.15
01-26-11	02-11-11	03-01-11	$0.15	$0.077	$0.15
04-21-11	05-20-11	06-07-11	$0.15	$0.073	$0.15
07-21-11	08-19-11	09-07-11	$0.15	$0.073	$0.15
10-18-11	11-18-11	12-06-11	$0.22	$0.107	$0.22
02-01-12	02-17-12	03-06-12	$0.22	$0.094	$0.22
04-26-12	05-18-12	06-05-12	$0.22	$0.094	$0.22
07-19-12	08-17-12	09-04-12	$0.22	$0.094	$0.22
10-24-12	11-16-12	12-04-12	$0.33	$0.139	$0.33
01-30-13	02-15-13	03-05-13	$0.33	$0.139	$0.33
04-23-13	05-17-13	06-04-13	$0.33	$0.139	$0.33
07-16-13	08-16-13	09-04-13	$0.33	$0.139	$0.33
10-23-13	11-15-13	12-03-13	$0.40	$0.168	$0.40
01-29-14	02-14-14	03-04-14	$0.40	$0.168	$0.40

Source: Visa Investor Relation Website

You may interest also: Visa Q1 2014

Paperless Monetary

How much is your money expense in paper based and credit card?  The survey shows the personal consumption expenditure in cards form is doubled from year 2007 to 2017. Credit card expenditure will become more and more common and widely.

You may interest:

Visa: Q1 2014

MasterCard: Q4 2013

VISA: Q1 2014

Jan. 29, 2014 Visa Inc. (NYSE:V) declared a quarterly cash dividend of $0.40 per share. Payable on March 4, 2014, Ex-date on February 12, 2014.

Q4 2013 Visa Inc. Earnings Conference Call at 1/30/2014.

------------------------
RESULT (1/30/2014)

• Broad-based net revenue growth of 11% 
• Company repurchased 5.5 million shares during the quarter for $1.1 billion and has $4.2 billion in remaining authorization 
• Net income for the fiscal first quarter was $1.4 billion or $2.20 per share, an increase of 9% and 14%, respectively

------------------------
Previous Quarter
VISA: Q4 2013

Visa and Facebook****新年快乐****Happy CNY****

今天除夕，明天是农历新年。
从西历新年到今天，马股动荡不少。再加上马币贬值。马股组合纷纷下跌。

今天打开电脑，KLCI起14.8点，报1804点。晚上看到Visa和fb大起。Visa起4.20（1.9%），fb起7.60（14.2%)，美元兑马币3.4

今天公布季度报告。

01/30/2014
Visa

• Visa delivered a strong fiscal first quarter，Net Income of $1.4 billion or $2.20 per diluted share，(above estimation $2.16), dividend $0.40
• Company repurchased 5.5 million shares during the quarter for $1.1 billion and has $4.2 billion in remaining authorization 

Facebook

Fourth Quarter 2013 Financial Highlights

Revenue - Revenue for the fourth quarter of 2013 totaled $2.59 billion, an increase of 63%, compared with $1.59 billion in the fourth quarter of 2012.

• Revenue from advertising was $2.34 billion, a 76% increase from the same quarter last year. 
• Mobile advertising revenue represented approximately 53% of advertising revenue for the fourth quarter of 2013, up from approximately 23% of advertising revenue in the fourth quarter of 2012. 
• Payments and other fees revenue was $241 million for the fourth quarter of 2013

VISA: Q4 2013

October 23, 2013, its board of directors had declared a quarterly dividend in the aggregate amount of $0.40 per share. The quarterly dividend increase raises the annual dividend rate from$1.32 per share to $1.60 per share. payable on December 3, 2013, ex-date November 15, 2013

Q4 2013 Visa Inc. Earnings Conference Call at 10/30/13.

----------------------------------
RESULT (30/10/2013)

• Quarterly net income of $1.2 billion or $1.85 per diluted class A common share, an increase of 15% and 20%, respectively
• Full-year 2013 net income of $5.0 billion or $7.59 per diluted class A common share, an increase of 18% and 23%, respectively
• The Company authorizes a new $5.0 billion repurchase program, in addition to the previously announced 21% quarterly dividend increase

-----------------------------------
24/10/2013: Received the VISA annual report 2012