NTA和NAV的分别。

NAV (Net Asset Value)
NTA (Net Intangilbe Asset)



asset里有tangible asset和intangible asset(如goodwill).
NTA里没包括intangible asset; NAV有。

equity (or shareholder's fund) = asset - liability = net asset

EPS = earnings/(# of shr); ROE = earnings/equity
EPS/ROE = equity/(# of shr) = NAV
note:是NAV，不是NTA

NTA=(Shareholder's Fund-Goodwill)/No of Shares。