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【蔡智銘╱台中報導】大麵羹是許多台中人從小吃到大的限定美食，自存倉目前僅存的幾家大麵羹老店，各具特色，位於南區的「合作街大麵羹」是許多老台中人最愛的古早味，特製肉燥及菜脯讓麵的風味更加提升，是初嘗大麵羹者的最佳選擇。 流再多汗也要吃 黃色招牌寫著「創立於1975年」，每天中午12時開始營業，小小店面，只見每位顧客面前都是一碗大麵羹，有的再加上一盤小菜，雖然吃得滿頭大汗，但個個都露出心滿意足的表情。 滷豬皮入口即化 合作街大麵羹雖說是「羹」，但不會加入太白粉勾芡，濃郁迷你倉新蒲崗頭全來自於鹼粉呈現的特有濃稠感，粗黃的麵條入口滑嫩，一碗下來飽足感滿分，不怕辣者一定要加老闆特製的辣椒醬，鹹、香、辣在舌尖上炸開，許多老台中人堅持要這一味。常客小陳說，小店的滷味更是一絕，各種小菜既入味、又不會死鹹，尤其是「隱藏版」的美味小菜豬皮，軟Q可口，入口即化，因太受歡迎，不會和其他小菜陳列，須直接向老闆點菜，通常很快就被熟客點光，晚上門的顧客恐怕就吃不到了。地圖網址：goo.gl/PyqMcP 介紹在地人才知道的巷仔內好味道，鎖定小店或攤販，記者扮祕密客試吃，吃完再採訪迷你倉出租

春風送暖（國畫）離離原上草（國畫）秋豔（國畫）晴雪（國畫）均陳世中江宏滬上花鳥畫家陳世中，迷你倉出租武進人氏。十幾歲拿起畫筆，至今已將五十個春秋了。他的老師是大名鼎鼎的花鳥畫家江寒汀。陳世中在江寒汀的指導下，從華喦上溯宋元，從宋元又回到乃師的懷抱，這一大圈下來，不僅使陳世中深入傳統，在傳統的寶庫里汲取精華，而且，還不斷跨越自我，走出傳統。雖然對江寒汀依然有仰止高山般的敬重，但于現代中國畫的創新上，師徒的情懷是一致的。陳世中可以用他學到的古代傳統，用他瞭然于胸的江寒汀的絕技，闖出一番天地。陳世中心氣高，眼界也高。他服膺傳統，尊重老師，又不斷創新。他明白，前人之法，未嘗不近取諸物。與其師于人者，未若師諸物。與其師于物者，未若師諸心。以他對傳統法度的理解，去體驗諸物，他種花蒔草、養鳥飼魚，細細觀察花卉在晴晦風霜雨雪中的姿色，留心禽鳥飛棲鳴啄的情狀，數十年來樂此不疲，這是他取之不盡、用之不竭的畫本。他筆下的花卉翎毛形象鮮活如生，是他深諳師、取諸物的妙諦。陳世中的“師諸心”，潛在於自己心靈的陶冶，他讀書看畫，游山玩水，收藏古玩，心靈冶煉得純淨了，人自然脫俗，畫里的書卷氣息就隨之而出。由於陳世中不遺餘力地 “師諸物”，又不遺餘力地“師諸心”，他筆下的花鳥栩栩如生，沒絲毫的含糊，這是寫實。閉合間、顧盼中，神采飛揚，總有一股特性的魅力，如鶺鴒的靈巧、翠鳥的活潑、黃雀的精明、仙鶴的高貴、鷹隼的威猛，又如寒梅的傲氣、牡丹的富態、芙蕖的清高、菊花的孤介、水仙的秀麗，都給予充分的個性施展，這是表意。寫實與表意兩者合一，以形寫神，神形兼備，因神而得意，這就有了境界。那境界是花鳥的境儲存倉，也是陳世中人生的境界。從“物”到“心”，陳世中最關注、最用力的是心的靈動境界，也即心情、心緒的“心”的狀態的表達方式，即通常所說的筆墨。這在陳世中的眼裡是線和麵的組合。寫意花鳥畫的線和麵難分難舍，有時甚至含混不清，粗壯的線條可視作面，細微的面也呈線狀，這正合了陳世中情緒化的筆墨。他運筆于頓挫間起伏連綿，令人感奮又深思。陳世中處理塊面，一如他的線條，斂放並重，聚散有度。用幾組小色塊合成的鳥雀，不似線條勝似線條，色塊的幹濕濃淡，便惟妙惟肖地表現了鳥羽的硬度和鳥絨的毛茸。畫花葉，小塊面結構分明，正反向背以及枯榮之狀，歷歷可辨；有時則大片混沌，墨、色連同充足的水分，如傾如潑，淺深交集，藏露掩映，形影綽約。他利用水漬的自然效果和不確定的因素，將色彩和墨色交融互滲的變化于一爐，無跡象可尋，卻有意趣相托，極堪把玩。陳世中的花鳥形象，生動可愛，準確無誤。有規矩定成方圓，但他也講究誇張，在形象上作些變異，小小的越矩，依然見方見圓，卻橫生出不少的妙趣。花鳥畫是畫家展示色彩才能的天地，陳世中常戲言：“我的職業就是給觀�點顏色看看。”又言“顏色是傳遞畫家情感的一種手法。”為此，他絞過腦汁，盡過心力，有過五彩斑斕、萬紫千紅的輝煌。近年來，他厚積薄發，呈現出文人氣息，漸趨天真平淡，而任意潑灑的色彩更加耐人尋味。主調突出，畫面色彩濃烈、厚重，總有清氣溢出，瀰漫著圍繞意境的色彩光澤。陳世中是用心作畫的畫家。手段高明，在於眼力的高明；而眼力的高明莫過於心靈的高明。年過花甲的陳世中，正是畫家的壯年時代，他有過硬的繪畫功底，又具有豐富的創作經驗，加上不斷升華的藝術心靈，必有更大的作為。迷你倉沙田

踏入八月，儲存對旅遊業來說，暑假檔期已過了一半。從市場上的反應看來，今個檔期旅遊市場未受內地經濟放緩影響，客流暢旺，甚至颱風襲澳過後，旅行團量仍然爆滿，說明團客及散客市場同樣“給力”。儘管過去一段時間酒店客房數量持續遞增，但多數酒店入住率仍達九成，是暑假檔期客量理想的有力佐證。 今年暑假檔期旅遊市場活躍，零售行業亦受惠。不過有零售業者及旅遊業者認為，澳門要持續吸引旅客、延長客留，並配合政府把旅客分流到舊城區的持續發展方向，不僅要有足夠的交通配套，方便旅客“捐窿捐罅”到計劃中的地點覓食或觀光。另一方面，遊澳成本持續高漲，多少打消旅客“留多晚”的興致，增建經濟型酒店，讓旅客有更多選擇，才可打破一天遊的傳統旅遊模式，有更充裕的時間讓旅客遊走澳門各區，不僅達到分流客源的目的，更可為延長客留增加誘因。 澳門小城有別於其他大型旅遊城市，景點相對集中，未必一定要乘坐旅遊巴，為了感受澳門風情，更多旅客鍾愛徒步或乘坐公交，因隨時會在大街小巷的角落間發現一些吸引的古舊建築，甚或在鏡頭下抓住了凸顯澳門情懷的新蒲崗迷你倉度。“地方細細，故事多多”的澳門，的確更適合旅客徒步遊走，利用這種特性結合旅客自助遊喜好拓展旅遊產品，可吸引更多不同遊客。 但要有效地分流遊客到各區，必須完善現有的交通配套。誠如旅遊業者建議，可於路�設接駁到舊區的公交站，讓旅客在路�新發展的旅遊博彩中心遊玩過後，有足夠的渠道方便他們到舊城區。尤其輕軌通車前，接駁巴士無疑承擔起運載旅客到舊城區的重任。 另一方面，要分流遊客到各區甚或舊城區，經濟型酒店是引客臨門的方法之一。個別有條件被活化的舊區，政府可先物色合適物業，鼓勵有意經營經濟型酒店的投資者翻新、改建，增加經濟型酒店客房數量，亦能滿足不同檔次和口味的遊客需要，新馬路後段舊區的小型酒店便很受背包族歡迎。 市場上一直有聲音希望增建經濟型酒店，令客源更多元化。面對年後路�幾個博企大型項目相繼開幕，新一輪引客效應將爆發，旅客參觀新場的同時，應該也有興趣遊走舊城區。有不同價格級別的酒店房，必將成為旅客多留一晚的誘因。政府應加快研究鼓勵舊區發展經濟型酒店的政策，把握旅遊業發展良機。 春 耕 mini storage

包括鐵路局、臺灣港務公司、鐵路改建工程局等十個單位 共提出41件招商案　【記者陳念祖/台北報導】為促進國內外廠商投資交通、觀光建設及經營管理，文件倉交通部8月22起，分於臺北、臺中、高雄辦理三場招商大會，包括鐵路局、臺灣港務公司、鐵路改建工程局等十個單位，共提出41件招商案。　據了解，交通部舉辦的招商大會，係為配合行政院全球招商，促進國內、外廠商投資交通、觀光建設及經營管理，將分別於8月28日下午假台北喜來登大飯店地下2樓宴會廳；9月2日下午假台中長榮桂冠酒店B2樓長榮一廳及8月30日上午10時至下午3時假高雄漢來大飯店巨蛋會館9樓金龍廳各辦一個場次。　招商大會就交通部主管之相關土地、設施及開發計畫對有興趣廠商，進行詳細的簡報及資料展示，共計提出41件招商案件。　參與單位包含交通部臺灣鐵路管理局、高速鐵路工程局、臺灣港務公司、桃園機場公司、國道高速公路局、觀光局、公路總局、中華郵政公司、鐵路改建工程局、國道新建工程局等10個單位，歡迎有興趣之業者參加。　交通部表示，較重大之招商案件，除由主辦機關進行簡報說明外，各所屬機關均設置招商洽談攤位，提供投資資訊並進一步與廠商交流。　交通部希望各界能蒞臨指教、洽談並投資交通部主管之公共建設，共同攜手合作，共創美好的未來。41件招商案名如下：　臺北市南港調車場都市更新案、臺北市松山區寶清段6小段265、265-1地號設定地上權案、苗栗火車站(含鐵道文物展示場)促進民間參與建設營運案、新竹火車站後站地區都市更新案(第一期F1-1區)、青創、文創直接出租方案、基隆港西11-12號碼頭後線空地、基隆港東20碼頭後線空地、基隆港區整體發展計畫—基隆港西岸客運專區港務大樓興建工程計畫、臺北港南碼頭第一期開發區後線招商案、臺北港離岸倉儲物流區第一期招商案存倉蘇澳港4號通棧、臺中港港埠產業發展專業區興建營運投資案、臺中港西六號碼頭暨後線土地及設施租賃案、高雄港客運專區-港旅運中心新建工程-建築工程、高雄港中島商港區33號碼頭後線物流倉庫及附屬設施合作興建暨經營案、高雄港南星自由貿易港區土地開發計畫、高雄港洲際一期A5用地國際物流中心招商計畫、花蓮港20號碼頭後線土地及砂石裝船設備租賃案、花蓮港22號碼頭後線及蘇澳港第4露置場部分土地租賃案、高速鐵路嘉義車站特定區太頂珠段產業專用區開發案、高速鐵路臺中車站地區新高鐵段89、90、96地號商業區開發經營案、高速鐵路臺中車站地區新高鐵段57地號商業區開發經營案、高速鐵路臺南車站特定區武東段221地號商業區開發經營案、南投縣日月潭車埕至向山纜車系統興建營運移轉案、屏東縣瑪家鄉涼山露營遊憩區民間參與擴(整)建營運移轉案、澎湖縣馬公東衛石雕園區渡假旅館興建營運移轉暨觀光休閒設施整建營運、國道3號清水服務區營運移轉案、國道3號西湖服務區營運移轉案、西濱快速公路WH10-A標(54K+320~60K+312)主線新建工程、西濱快速公路130K+123~134K+271房裡大安主線高架工程、國道4號臺中環線豐原潭子段、「高雄鐵路地下化延伸鳳山計畫」C412標鳳山車站段及鳳松路段隧道工程、ACL451Z標高雄計畫永久軌電車線系統工程、高雄、左營及鳳山計畫系統機電工程、「臺鐵南迴鐵路臺東潮州段電氣化工程建設計畫」系統機電基設(含監造)技術服務、「臺鐵南迴鐵路臺東潮州段電氣化工程建設計畫」南迴線土建及一般機電工程設計暨配合工作技術服務案、中華郵政股份有限公司台中大里草湖郵局新建工程、中華郵政股份有限公司台北信維郵局大樓、中華郵政股份有限公司南投水里郵局新建工程、中華郵政股份有限公司雲林莿桐饒平郵局新建工程。自存倉

【本報消息】投資橫琴門檻出台後，迷你倉新蒲崗不少中小企埋怨億元要求過高。行政長官崔世安前日出席立法會時透露，政府計劃與部分大型項目磋商，容許澳門中小企參與其中。有中小企商會負責人指出，政府總算踏出第一步，現期望細則出台，好讓中小企做好籌備、規劃工作，並希望政府可與大型項目打造示範區，鼓勵其他大企業仿效。崔世安前日在立法會答問大會上表示，澳門中小企實力不易達到進入橫琴發展的門檻，需政府發揮以大帶小及聯合力量，故計劃與部分大型項目磋商，容許澳門中小企參與其中部分，覓得發展機遇。中小企業協進會副理事長容應存表示，橫琴進入門檻公佈後，中小企普遍認為過高。特首的表態反映政府已收到業界訴求，踏出第一步，相信政府會有自己的方案。大型項目與中小企的合作詳情，政府有需要作出規範，合理、公平地讓中小企得到進入機會。現時橫琴主要迷你倉出租傳概念性發展方向，未見具體發展細則。中小企熱切期望相關細則出台，及早做好財務、人資、管理等籌備工作。相反，南沙基建進展較快，實際規劃方向已出台，中小企更易做好準備工作。先易後難打造範例此外，橫琴長隆項目早前與中小企舉行推介會，瞭解中小企進駐意慾。對方希望中小企提交發展意向書，方便日後統籌、規劃商業區域。希望商業區域內的行業多元化，配合項目整體發展。中小型企業聯合總商會理事長馮健富表示，政府主動扶助中小企進駐橫琴，歡迎有關做法。建議政府先易後難，集中精力做好一個大型項目與中小企的合作區域，打造示範例子，倘有成效，會鼓勵其他大企業仿傚。橫琴人口不多，衣、食、住、行等生活配套方向未明，希望能提出未來具體的住宅區域分佈圖，讓企業預計人口規模，及早做好配套部署。生活配套一定要及時進駐，才能更好地服務當地人口。儲存倉

【本報綜合報道】據新華社、中新社十六日消息：中國代表團於美國東岸時間十五日就中國東海部分海域二百海里以外大陸架外部界限劃界案向《聯合國海洋法公約》設立的大陸架界限委員會進行了陳述。中國海洋局有關負責人表示，迷你倉出租中國東海大陸架劃界案在科學上無懈可擊。科學上無懈可擊中國在東海的大陸架自然延伸至沖繩海槽，從中國領海基線量起超過二百海里。根據《聯合國海洋法公約》，主張二百海里以外大陸架的沿海國均應將相關科技資料等信息提交大陸架界限委員會。中國政府已於二○一二年十二月十四日向委員會提交了東海部分海域二百海里以外大陸架外部界限劃界案。中國國家海洋局有關負責人、專家對此表示，本次陳述重點闡述了中國東海大陸架劃界案使用的數據情況、劃界區域地質背景與大陸架自然延伸證據，以及大陸架外部界限確定的科學技術證據。陳述首次向國際社會展示了該主張的具體位置，從科學角度進一步強化了東海大陸架自然延伸的事實，標誌著中國東海大陸架劃界不僅僅在法律上是站得住腳的，在科學上也是無懈可擊的。中國國家海洋局副局長陳連增介紹說，二○一二年十二月十四日，中國政府正式提交了《中國東海部分海域二百海里以外大陸架劃界案》，首次明確了中國所主張的部分東海大陸架外部界限的具體位置。這次陳述是依據委員會議事規則要求進行的規定動作，同時也在國際場合重申了中國東海大陸架向東延伸到沖繩海槽的一貫主張。大陸架自然延伸“在陳述過程中，我們重點闡述了劃界案使用的數據情況、劃界區域地質背景與大陸架自然延伸證據，以及大陸架外部界限確定的科學技儲存倉證據。”國家海洋局第二海洋研究所副所長李家彪說，“陳述給了我們一個充分展示中國立場和科學證據的機會，且從科學角度進一步強化了東海大陸架自然延伸的事實。”李家彪說，在劃界區域地質背景與大陸架自然延伸方面，陳述報告介紹了東海在地質構造上由陸架、陸坡和沖繩海槽三大地質構造單元組成，地殼厚度向東南不斷減薄，構造活動不斷增強；沖繩海槽晚中新世，尤其是上新世以來地殼強烈拉張、減薄，正向弧後初始擴張階段演化，海槽南段中央裂穀可能存在新生洋殼；而沖繩海槽軸部是拉張或擴張的中心，是分割海槽兩側地質單元的天然邊界。因此，東海大陸架自然延伸至沖繩海槽，而海槽軸部可以作為東海大陸架自然終止的界線。不影響固有權利“在大陸架外部界限確定方面，陳述報告重點介紹了劃界案外部界限的科學性和可靠性。”他說，“我們根據《聯合國海洋法公約》可擴展的大陸架遠遠超出了二百海里，本劃界案考慮到沖繩海槽軸部可以作為東海大陸架自然終止的界線，而海槽軸部最大水深點又可代表海槽張裂或初始擴張的中心，因此確定沖繩海槽軸部的最大水深點及其直線連線為劃界案的外部界限。”中國國家海洋局海洋發展戰略研究所副所長張海文表示，代表團作出陳述後，委員會將舉行閉門會議，對劃界案進行初步審議。而委員會是否要對劃界案開展實質性審議，關鍵是看劃界案是否涉及尚未解決的爭端。根據《聯合國海洋法公約》規定，無論委員會作出何種決定，都不影響當事國對大陸架所擁有的固有權利和主張，也不影響今後相關當事國之間通過談判等方式，自行解決它們之間的大陸架劃界問題。迷你倉沙田

Last Sunday I went out on a boating trip and was greeted on the Sai Kung pier by marine police distributing fliers with warnings about the dangers while in or on the water.迷你倉沙田They should have done some checking on the English translation as the flier gave the puzzling advice, “don’t swim in the swim”.Anyway, their effort is much appreciated.But I believe they can be of far greater help by checking the licences of the maniacs on jet skis who go at top speed between anchored boats at the beaches where there are lots of people swimming.I had to shout to one of the riders to slow迷你倉價錢down as he almost ran me over.In return, he gave me a dirty glance.We all know about the lives lost over the past few years when speedboats ran over divers and swimmers.The jet ski riders I saw were definitely not capable of handling these machines. They were from a junk and I believe they hired them at the same time they hired the junk.It would be appreciated if we could see Hong Kong’s finest on the water taking action against this dangerous behaviour.If they want to race, then they can go out to open water, but not near hundreds of swimmers.Jeffry Kuperus, Clear Water Bay迷你倉庫

要取得認證資格，新蒲崗迷你倉旅行社職員的旅遊知識和相關工作經驗都必須達到一定水平。首先，他們必須參加一項筆試，筆試按職員資歷分三個級別。李蕙心　報道hueyshin@sph.com.sg新加坡全國旅行社協會自今年3月正式為旅行社職員推出認證框架後，至今已有200人通過審核，成功獲得認證卡。協會的目標是在今年底讓300人取得認證資格。今年第二次登場的新加坡全國旅行社協會（Association of Travel Agents Singapore，簡稱NATAS）旅遊展昨天在新加坡博覽中心舉行。協會會長陳明福在開幕式上致詞時說，目前有200名來自18家旅行社的職員獲得認證。他希望這些職員能在旅遊展上以本身的旅遊知識和經驗為顧客提供更好的服務。他還說，協會將繼續向公�和旅遊業者宣傳認證框架，以作為業界品質保證的標誌。要取得認證資格，旅行社職員的旅遊知識和相關工作經驗都必須達到一定水平。首先，他們必須參加一項筆試。筆試按職員資歷分三個級別，收費介於50元至100元，測試時間為一至三小時。審核員會根據個別人員的教育水平和工作專業資格一起審核。職員可隨時參加測驗，不過審核員大約每四個月一次審核所有在該時間段接受考核者。整個認證過程最快從三個星期到一個月不等。協會首席營運長陳萍受訪時說，旅行社協會的會員大多支持這項計劃，但他們反映要讓職員騰出時間接受筆試較為困難，如果碰到旅遊旺季，安排員工參加筆試的難度就更高了。為此，旅行社協會儘量派遣人員到旅行社舉行筆mini storage，以減少對旅行社職員的不便。目前獲得認證的職員來自大通旅遊、中歐航旅、康泰等18個旅行社。協會估計，我國現有7000多名旅遊業從業員。陳明福說，統計數字顯示，去年國人出國旅遊達805萬趟次，與2011年的775萬趟次相比增加了不少。他相信，旅遊需求將繼續穩健增長。業者：日本配套最受落三天的旅遊展昨天展開，受訪業者都一致表示，日本旅遊配套將是這次展銷會的焦點。中歐航旅公司的日本旅遊團業績已回彈至2011年日本海嘯災難前的80％，而北海道是顧客的首選。選擇去北海道觀光的人占了公司日本團的八成。公司市場行銷及宣傳部主管胡依玲說：“以前北海道團的價格較高，現在價格已從數年前的2700多元下調至1700元，讓更多人負擔得起，加上新元強勁，許多人趁此機會到北海道旅遊。”她預計，明年2月的劄幌冰雪節將吸引更多人前往，日本團的銷售額有望全面恢複。康泰旅行社廣告與市場部高級經理曹惠美注意到，從6月開始，日本團的需求出現大幅增長，她相信這是因為消費者開始為年底出行做準備，紛紛選擇到北海道賞雪。她也發現，前往日本九州和本州的人也漸漸多了，目前占了公司的日本團總數的15％。曾兄弟旅行社的日本團數量現已恢複到海嘯災難前的水平。市場通訊經理尹美珊說，日本即將進入秋天，很多人都到北海道或東京觀賞秋天景色。除了日本，台灣也是大熱門之一。大通旅遊高級副總經理佘柳華透露，現在新加坡人游台灣，喜歡到農場住宿，感受大自然的美好。這次公司推出12個農場住宿配套，滿足顧客需求。self storage

Source: Pittsburgh Post-GazetteAug.存倉 16--STEUBENVILLE, Ohio -- A judge this morning placed the second former high school football player found delinquent in the Steubenville rape case into Ohio's second-highest sex offender classification.Ma'Lik Richmond, 17, could have to verify his address with the sheriff in the county where he lives every six months for 20 years. His co-defendant in the case, Trent Mays, 17, was ordered to do the same in June.Both teenagers can petition the court to reduce the classification later.In March, the pair were found responsible for the August 2012 rape of a West Virginia teenage girl.During the hearing in Jefferson County Juvenile Court today, prosecutors asked visiting Judge Thomas Lipps for a Tier II classification. Ma'Lik's public defender, Brooke Burns, asked for "nothing higher than Tier I," the most lenient level requiring registration once a year for a decade.Walter Madison, one of Ma'Lik's attorneys, had previously filed motions saying the classification was unconstitutional, but Judge Lipps today reiterated his written response that the rule was in accordance with Ohio laws and court decisions on the matter.The defense called a single witness -- Tyffani Dent, a psychologist who has trained state social service agencies and Ohio Department of Youth Services -- who testified that research has shown juvenile sex offender registration can have dama自存倉ing effects and does not decrease recidivism.Ma'Lik spoke only to address the judge's questions.After the proceeding, he untucked his shirt and loosened his tie and embraced his parents and his former foster parents.The girl's family was present but did not address the court.In June, at Trent's classification hearing, the girl's mother spoke."We realize that we have no choice but to accept the light sentence awarded to these boys, but we strongly feel that Trent Mays made a very conscious choice to publicly shame my daughter by posting and sending pornographic pictures of her unconscious body out to the public," she said then, reading from a written statement. "My child's name and face will forever remain attached to his crime because of his actions. Since this crime, she has endured countless ridiculing comments from all public avenues that has caused her great pain and stress. This will never leave my daughter, therefore it should never leave him."Today, an attorney for the girl's family, Bob Fitzsimmons, said the same sentiments applied.The court also approved Ma'Lik's transfer to a private treatment facility, where he could move with youth services' and the facility's approval.Molly Born: mborn@post-gazette.com or 412-23-1944.Copyright: ___ (c)2013 the Pittsburgh Post-Gazette Visit the Pittsburgh Post-Gazette at .post-gazette.com Distributed by MCT Information Services迷你倉新蒲崗

pub_date:Study the balance sheet to see the distinctions between the different methods, suggests an NYU finance professorMARKET value of equity, firm value and enterprise value - how do they differ? Early last year, Apple was cited as the most valuable company in history, based onthe market value of its equity.儲存倉 Sometime this year, as its share price faltered, the Wall Street Journal said that Google had overtaken Apple. But, this time, enterprise value was used as a measure of value.Aswath Damodaran, Professor of Finance at the Stern School of Business at New York University (NYU), detailed the differences between the three measures of value in his blog Musings on Markets not too long ago.To see the distinctions between the different measures, Prof Damodaran suggests looking at it in a balance sheet format. In a balance sheet, we have assets of the firm on one side and capital on the other side.On the assets side, we have cash; other non-operating assets such as buildings; and operating assets like fixed assets (for example machinery), intangible assets such as brand names and working capital.On the capital side, there are debts, and equity.Market value of equity is what the stock market is valuing the equity portion of the firm. The conventional practice is to multiply the shares outstanding in the company by the share price to get to a market capitalisation and to use this as the market value of equity.You can independently arrive at the market value of the equity if you are able to assess the market value of all the firm's assets and, from there, deduct the market value of the firm's debts. If the equity value you arrived at independently is higher than the stock's market cap, then you would deem the stock undervalued.The second measure - firm value - is the sum of the market value of equity and the market value of debt. Using the balance sheet format again, the market value of the firm measures the market's assessment of the values of all assets.The third measure of market value nets out the market value of cash and other non-operating assets from firm value to arrive at enterprise value. With the balance sheet format, the enterprise value should be equal to the market value of the operating assets of the company.Prof Damodaran highlighted that one of the features of enterprise value is that it is relatively immune (though not completely so) from purely financial transactions."A stock buyback funded with debt, a dividend paid for from an existing cash balance or a debt repayment from cash should leave enterprise value unchanged, unless the resulting shift in capital structure changes the cost of capital for operating assets, which, in turn, can change the estimated value of these assets," he wrote.There are complications in trying to arrive at the different values. For market value of equity, besides ordinary shares, there are non-traded shares, management options and convertible securities.For debts, there are non-traded debts and off-balance sheet debts. For cash, there is a difference between operating and non-operating cash.Valuing equity, firm or enterpriseWhat's the value of an asset? Well, the value of an asset should always be about the cash flow it is able to generate over its life. So if you are valuing equity portion, then you should just take the cash flow available to equity holders only, after deducting interest paid to debt providers, for example.And you have to discount that cash flow using cost of equity.If you are valuing the firm, then you take the cash flow generated by the firm's operations before paying for the cost of capital. You discount the cash flow usin迷你倉沙田 the weighted average cost of capital. From there, to get the value of equity, you deduct from the firm value the firm's outstanding debts.Recently, I was trying to apply these concepts to a real estate investment.Say a seller is willing to let go of an apartment at $1.45 million. You can finance that investment with a 60 per cent loan, that is $870,000. You have secured a fixed rate loan from Maybank at 1.15 per cent for the first year, 1.35 per cent and 1.45 per cent for the second and third year, respectively. After the third year, let's assume that the rate goes up to 3.5 per cent for the remaining 25 years.Say, you can lease out the apartment for $4,300 in the next two years, and the maintenance is $400 per month.How should you value this apartment?So, if you are valuing the apartment as a whole, then you take the cash flow from that apartment and net off all the expenses associated with it. That would include the maintenance, your property tax and your rental income tax. The final cash flow for each of the year going forward is then discounted using your weighted average cost of capital. The cost of debt will be your mortgage rate.If you are valuing the equity portion of the apartment, then your cash flow will be net of the interest paid on your mortgage.Here are some of the difficulties I encounter in trying to work out the value of the real estate. One, what is one's cost of equity when investing in real estate? Two, what will be the cost of debt after the third year? Three, what will be the rental after the second year?These are some of the usual issues that analysts grapple with when doing valuation for a stock. For stocks, there are certain benchmarks people can peg the cost of equity to. I'm not sure how one should arrive at the cost of equity for personal real-estate holdings.In any case, I made some assumptions so as to proceed with my exercise. I assume that after two years, the rental will fall to $3,800 and then to $3,500. And from there, it will track the inflation of about 2 per cent a year.I assume a $6,000 expense annually associated with the apartment. And I assume that the mortgage rate will jump to 3.5 per cent from year four, and stay there.Finally, I put the cost of equity at 6 per cent. Based on these assumptions, what kind of value did I get for the apartment? Well, the number which I came up with is about $1.36 million.But tweaking the numbers a little - especially those that have to do with the discount rates such s the mortgage rate or the cost of equity - can cause the valuation to change significantly.For example, if I assume a mortgage rate of 3 per cent instead of 3.5 per cent from year four onwards, the valuation of the apartment goes up to $1.5 million. A mortgage rate of 4 per cent will reduce the valuation to $1.25 million. If I reduce my cost of equity to 5 per cent, on mortgage rate of 4 per cent, then the valuation is $1.47 million.Ultimately, such an exercise will allow one to gauge the price levels under various assumptions. From there, one can stress-test one's comfort level even in the most severe of assumptions. For example, based on the still relatively benign 3.5 per cent mortgage rate by year four, the monthly rental of $3,500 will not be enough to cover the monthly mortgage payment. Will one still be fine with that?As Prof Damodaran puts it, going through the motion of ascertaining value of an asset based on its estimated cash flow will give one some sort of moorings. Obviously, conditions and assumptions change over time. What we can do is to make estimates based on the best of our knowledge, and constantly be cognizant of our biases.迷你倉價錢