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Tuesday, April 7, 2020

Lead Story: Once-in-a-decade opportunity, But who dares to buy?

Liew Jia Teng/The Edge Malaysia
March 30, 2020 14:00 pm +08

This article first appeared in Capital, The Edge Malaysia Weekly, on March 23, 2020 - March 29, 2020.

I am totally lost for words. I don’t think I can understand the market or the economy anymore. I have suffered huge losses. If I had known, I would have got out,” a local seasoned investor, regarded by many as an investment guru, tells The Edge over the phone.

“If I had known …” is a refrain more commonly heard from mom-and-pop investors. Perhaps everybody is equal in the eyes of the bear. Perhaps there is no shame for any investor, big-time or small-time, who has suffered crushing losses in the current coronavirus market crash.

In fact, not even Warren Buffett, one of the most famous investors of all time, is immune to the crash.

Going by GuruFocus calculations, Buffett’s equity portfolio has lost about US$80.2 billion, or 32%, since the US markets began sliding into bear territory in February.

Although the crash owing to Covid-19 is not the worst we have seen — 1973, 1987, 1997 and 2008 all saw similar or worse falls — it should be noted that those previous hammerings were preceded by big bull markets.

“But today, the crash was preceded by five years of bad performance. Those previous crashes all turned around quickly because our country was growing well. This time, I am not so sure [if we can recover quickly],” says the local seasoned investor, who prefers to remain anonymous.

As the global spread of Covid-19 and collapse in oil prices are likely to undermine economic activities and disrupt supply chains, stock markets appear to have priced in not only a recession but also a significant decline in earnings.

Central banks around the world are slashing interest rates and pumping in trillions of dollars of temporary liquidity into financial systems.

But it appears that these massive steps — deemed by many as pressing the panic button — are not enough to calm investors and ease disruptions.

Over the past month, the three major indices of Wall Street, namely the Dow Jones Industrial Average, S&P 500 Index and Nasdaq Composite Index, have declined by about 30%.

Likewise, Japanese and European stocks have also dropped between 29% and 34%.

Interestingly, Hong Kong and Singapore equities are currently trading at a single-digit price-earnings ratio (PER) of nine times, after declining 22% and 28% respectively.

At home, although the FBM KLCI also lost 21%, its PER remained relatively higher at 15 times.

Nevertheless, certain blue-chips are now trading at single-digit levels, which suggest cheap valuations.

Although the Covid-19 pandemic seems to have presented investors with a once-in-a-decade opportunity, or perhaps the best opportunity since the 2007/08 global financial crisis, market experts whom The Edge spoke to have warned that the worst may be yet to come.

Malaysia ‘not particularly cheap’, weighed down by other issues

According to Value Partners Group Ltd founding chairman and co-chief investment officer Datuk Seri Cheah Cheng Hye, foreign investors are worried about Malaysia’s recent political problems and concerned over the continuing weakness in the ringgit as well as the country’s structural challenges.

“I remain very cautious about the Malaysia market. At 15 times earnings, it is not particularly cheap. I think Malaysia has not seen the worst of the coronavirus outbreak,” he states.

Cheah opines that Malaysia will find it difficult to raise its productivity level due to poor investment sentiments at home and the reluctance of foreign investors to come in.

“The economy is in trouble if productivity doesn’t rise,” he observes.

However, Cheah acknowledges that buying opportunities have emerged across the region, as many Asia-Pacific stocks have become “too cheap” and some asset classes, particularly gold, look oversold.

“But I would advise investors to be selective. In particular, I think New York could have another 10% to 20% downside from the current level,” he warns.

“In a good-case scenario, a vaccine for the coronavirus can be found within this year and this would help investor sentiment to recover. But we cannot count on this — it may or may not happen,” Cheah stresses.

Affin Hwang Capital deputy group managing director Yip Kit Weng concurs, saying that despite the FBM KLCI’s year-to-date loss, there may be further downside. Moreover, the sharper correction in regional markets further accentuates the FBM KLCI’s valuation premium.

“At current FBM KLCI PER valuations, market expectations are potentially still too optimistic and we think that there is likely further downside for the benchmark index should there be a further selldown in global equity markets. The sharper corrections in regional and global markets are also making the FBM KLCI look relatively unattractive,” he points out.

Thus, Affin Hwang Capital has further cut its FBM KLCI corporate earnings growth forecast from 1.3% to -4.7%, to reflect its cut in gross domestic product (GDP) growth to 3.3% from 4% — its second reduction for the year.

“Alongside a higher market risk premium, we lower our FBM KLCI 2020 year-end target to 1,200,” says Yip.

With the announcement of a RM20 billion economic stimulus package, he believes domestic demand and private consumption will remain supportive of growth despite expanding at a slower pace.

“We believe Malaysia will not fall into recession. There are many good companies and investable stocks but fundamentals take a back seat given that Covid-19 is affecting both supply and demand chains. This, coupled with the current low oil price, adds more pressure on the Malaysian stock market,” says Yip.

Despite the substantial cut in corporate earnings growth forecast, Affin Hwang Capital chief economist and head of research Alan Tan suspects that this may still prove too conservative and that there could be further downside risk to earnings, should the Covid-19 pandemic be prolonged.

“In view of our earnings revisions, downgrades to target prices and the increased volatility that we are anticipating for the market, we review our sector positioning and largely move away from cyclicals,” he says.

Affin Hwang Capital has downgraded plantations and electronics manufacturing services from “overweight” to “neutral”, and oil and gas, transport and logistics, utilities, financial, and gaming sectors from “neutral” to “underweight”.

It is only “overweight” in relatively defensive sectors, namely healthcare and real estate investment trusts (REITs).

“We are still convinced of the growth story in the rubber gloves space. The weak ringgit against the US dollar should be positive for glove makers,” says Tan.

Geoffrey Ng Ching Fung, investment adviser and director at Fortress Capital Asset Management (M) Sdn Bhd, agrees that Malaysian stocks are pricing in an earnings decline.

“If we assume no PER contraction on the index, then [we expect] about 20% decline in market earnings,” he says.

Stay calm as the panic will pass

With the exception of the 1997/98 Asian financial crisis, Ng highlights that the FBM KLCI is near the bottom of the valuation range on a price-to-book basis for most of the previous economic or pandemic crises.

“We would agree that the market is in a complete risk-off, panic-selling mode and certainly pricing in an imminent recessionary environment, characterised by significantly slower near-term economic activity, consumption, exports and price pressure on real assets,” he says.

Investors may look to be overreacting but, at this time, it is a total risk-off measure, Ng says, so in-the-money stock investments generally get sold first, followed by cut-loss positions if liquidity requirements are still unfulfilled.

While it would be safe to assume that dividend payouts will fall across the board for companies that experience weaker earnings and cash flow during the period of the pandemic, Ng insists that he will still be looking for companies that historically boast high payout ratios as he expects such a trend to continue or even rise as a percentage of earnings.

“Some of these sectors include breweries and tobacco. However, this may be offset by increased pressure from the government through the raising of excise taxes on such sectors in the near future,” he says.

Ng’s advice to investors is to stay calm as the panic will blow over.

“Take the China market’s recent lead, where there was evidence that the Covid-19 outbreak was starting to be controlled. The world markets, including Malaysia, will stabilise and recover once the pandemic is seen to be under control.”

Ng is of the view that the current Covid-19 crisis certainly presents one with the best opportunities to buy stocks on the cheap but there are caveats.

“Asset prices were already ripe for a correction given the long-running equity bull market. The onset of Covid-19 has released a lot of pressure from this ‘late-cycle bull market’, which has reset asset prices to more realistic fundamentals. If the world economy doesn’t fall off a cliff and provided that the pandemic doesn’t last too long, we do see this as a great opportunity for investors,” he says.

More of a crisis for the West

Value Partners’ Cheah points out that based on historical experiences, a pandemic like Covid-19 will go away over time.

“Indeed, China is quickly resuming full production and the country will still be able to enjoy economic growth this year of around 2.5%,” he says, noting that while the coronavirus has caused a global crisis, it is much more of a crisis for the US and Europe.

“Of course, China and Japan are also suffering, but frankly, the crisis is much more serious in the West, particularly in the US.”

Cheah says the Chinese economy is driven by domestic consumption and investment, rather than exports, so the slowdown in global trade has only a limited impact on China.

“In contrast, the impact on the US, and to some extent Europe, is much bigger. This is because the US economy was already over-extended by the beginning of this year. The New York stock market had reached a historical high, while the US interest rates were at historic lows,” he continues.

Cheah observes that the US economy had been enjoying an expansion for over 10 years — a record length of time — and thus, the West was fragile and vulnerable when the pandemic hit.

In many ways, he says, the disease was not the cause of a crisis but acted as a trigger.

“This is very different from China where the disease put a brake on an expansion that was moving along nicely. The outcome is going to be that the West will face a financial and economic crisis that will not go away quickly,” Cheah remarks.

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湯文亮:股市樓市係唔係手足?

文章日期:2020年4月7日

【明報專訊】有老友問樓市股市係唔係手足?我唔明白他的意思,原來是齊上齊落之意,我反問,各自爬山是不是手足,老友話也是,我認為應該是各自爬山或者各自潛水,股市樓市很難做到齊上齊落。

近日股市大跌,尤其是匯控(0005),跌到令人慘不忍睹,但樓市就硬過鐵,由去年6月社運開始,就算有不可抗力的新冠肺炎疫情,樓價指指亦只不過下跌7%,但同期股市下跌了20幾個巴仙,由此可見,股市樓市並不是齊上齊落,現在是各自潛水,股市先潛,樓市稍後,老友話我講得很玄,叫我試舉例說明,不過要實例,唔好作古仔。

老實說,寫評論文章,邊到有咁多實例,大多數都是道聽塗說,加上不少幻想,就寫成一篇,如果用實例,很可能構成侵犯私隱而惹上官非。總之,評論文章,啱睇就睇,唔啱睇就唔睇。

股樓關係錯綜複雜 未必齊上齊落

不過,我有一個實例,在個幾月前,有代理話有客出9000萬元買我們一層工廠,那個物業是用300萬元買回來,收20幾年租,賣9000萬元,回報應該很好,代理認為十拿九穩,誰不知我推了,原因是在社運及新冠疫情夾擊之下,仍然可以賣到這個價錢,當社運及疫情緩和,賣1億以上也不出奇,代理明白,事情亦告一段落。

上周中原潘子明在同一物業畀我一個Offer,但僅8500萬元,我話要先問之前曾經出價的物業代理,如果他的客仍可維持原價,我就要賣畀那位客人,但原來那位客人已經縮沙。結果,潘總的手下做成了買賣。

潘子明問我是否見形勢不佳,放走一些物業,揸多一些現金傍身,我話不是,我們每月收租都不止8500萬元,現金亦足夠,如果我們亦捱不過「寒冬」,相信香港九成幾以上的企業要執笠,我接受那個價錢純粹是以物易物心態,當日匯控股價60元,我有打算賣走那層工廠樓之後買入匯控,當時可以買150萬股,結果我沒有賣走那層工廠樓,亦沒有買入匯控。今日我雖然以8500萬元賣出,但匯控股價跌至不足40元,當賣走那層工廠樓之後,我最少可以買212萬股匯控,多了62萬股匯控,所以我可以接受較低價錢,以此為例,股價跌,樓價亦有機會跟着跌。當然,股樓雖然有關連,但錯綜複雜,很難一概而論,不能一本通書睇到老。

紀惠集團行政總裁
[湯文亮 敢說反話]

Monday, April 6, 2020

陸振球:非常時期 善用期權

文章日期:2020年4月6日

【明報專訊】上周一紐約期油一度跌至19.27美元,但到了周五一度大幅反彈至29.13美元,反彈幅度達51%,主因是不論美國、俄羅斯和油組都似按捺不住,更傳出後兩者將達成協議會每日減產1000萬桶,造成報復式冚淡倉。

之前有朋友覺得油價低而希望囤油,雖然不是做期貨合約而避過要call margin,但因其是買入3倍槓桿的石油ETN,在油價短期內大跌一半以上,其買入的ETN被強制清盤,差不多total loss,問我意見,我說若是囤油,較佳選擇是沒有槓桿的ETN ,雖然升時爆炸力會相對遜色,但會較具防守力,看錯巿能返家鄉的機會較高。

朋友的例子,反映在非常時期選擇合適的投資工具很重要,比如匯控(0005)因撤回派息和回購股份計劃而股價急跌,便有不少持股朋友問如何應對,筆者在本刊今期「投資超限戰」專欄便指出,若持有匯控又不想斬倉,可short call自製派高息,其實如想低撈匯控,也可short put先賺期權金,待其真的再跌時才低位買入,便可以降低買貨成本;而相反,其實淨買call也有好處,匯控回升固有賺錢機會,如看錯巿最多也只是輸了期權金而不會陷入愈溝愈淡的陷阱,以至泥足深陷。

明報投資及地產版資深主編
[陸振球 主編的話]

Friday, April 3, 2020

Kossan Rubber Industries Berhad - Divesting Vacant Freehold Land

Kossan made an announcement pertaining to the disposal of a piece of vacant land in Kuala Langat for a cash consideration of RM153.4m. Upon completion of the disposal, which is targeted to be in 1QFY21, Kossan will register a net gain on disposal of RM39m. We view the disposal positively as Kossan would be able to unlock the value of the vacant land and reinvest the proceeds into its Bidor expansion. Given the one-off nature of the disposal gain, we maintain our earnings forecast for FY21F. Our Outperform call on Kossan is maintained, with an unchanged TP of RM6.00.
  • Disposing vacant land. Kossan announced that it has entered into a conditional sales and purchase agreement with Best Eternity Recycle Technology SB (BERT), for the disposal of a piece of vacant industrial land located in Kuala Langat, measuring 390.4sqm. The land will be sold for a cash consideration of RM153.4m and Kossan will lock in a gain of RM39m upon completion of the disposal, which is expected to be in 1QFY21. We believe the disposal consideration was fair, given that the piece of land was valued at a market valuation of RM145m in January 2020.
  • View on the disposal. We view this development positively as it enables Kossan to unlock the value of the vacant land and the proceeds received can be ploughed back to fund for the Group’s next phase of expansion in Bidor. Recall that Kossan had acquired two plots of leasehold land in Bidor, with a total size of 824.1 acres, for a purchase consideration of RM82.4m back in March 2018. The Bidor site will house and centralise all of Kossan’s future expansion. Note that Kossan has accelerated its Bidor expansion plan, with its first plant expected to be operational by FY21F, as opposed to its initial target of FY22F. In our view, the disposal was timely as the proceeds can be used to satisfy part of the Bidor expansion’s capital expenditure needs.
  • Plant 18, Plant 19 and beyond. Plant 18 (+2.5bn pc pa) has been fully commissioned in November 2019, while Plant 19 (+3.0bn pcs pa) is expected to be fully operational by 1HFY20. With more lines coming on stream, these two plants will continue to support the Group’s earnings growth for FY20F. Upon completion, Kossan’s total installed capacity should reach 32.5bn pcs pa. As for the Bidor expansion, management has previously guided that it will take c.8 years to complete and capacity would double to c.65bn pcs pa once it is fully commissioned.
Source: PublicInvest Research - 3 Apr 2020

SCOMNET - STB sees surge in new orders

April 3, 2020 @ 11:52am
NST BUSINESS

KUALA LUMPUR: Supercomnet Technologies Bhd (STB) has emerged as a beneficiary of the increased global healthcare expenditure as a result of the coronavirus (Covid-19) pandemic.

The company, which manufactures critical devices used for Covid-19 treatment, has recorded an increase in product demand, particularly since the beginning of 2020.

Moving into the second quarter of the year, STB expects to see further increase in new orders, especially from the United States and Europe.

"The company is working hard to fulfill the demand that it received. Based on inquiries and orders, we anticipate demand for medical devices to further increase in the US and Europe over the next few months.

"This is because Covid-19 is at different stages in each country, and all governments are trying their best to contain the infections," STB spokesperson said in a statement today.

Among its products that have seen a surge in orders include the disposable bronchoscope, which is used in the first line of lung treatment for patients with suspected or confirmed Covid-19 infections.

The usage of the bronchoscope is currently highly recommended by the American Association for Bronchology and Interventional Pulmonology.

The other product is a critical care monitoring cable that is presently being used for Covid-19 patients in the intensive care unit.

STB produces medical cables that are generally used for connecting various medical devices outside the human body.

It also produces reinforced tubes - used as endoscope and part of endoscopy accessories, connectors and medical tubes.

All of its medical tubes are produced for the North and Central American and European markets.

Due to the critical mission nature of its products, its cables are approved by various approving authorities such as the European Medical Agency, and the Food and Drug Administration of the United States.

Meanwhile, STB production activities remain undisrupted despite the Covid-19 pandemic, and affirmed its ability to meet the sudden increase in product orders.

Early last week, STB received the approval from the Ministry of International Trade and Industry (MITI) to allow the group's subsidiaries, Supercomal Medical Products Sdn Bhd (SMP) and Supercomal Technologies Sdn Bhd (SCTB) to operate during the Movement Control Order (MCO) from March 18 to April 14.

"Although our working staff have been halved, the plants are operating at maximum level for critical devices used for Covid-19 treatment. We are confident of fulfilling our existing customer orders for the year. I would also like to thank the government's support and our hardworking staff for all their efforts during this time," said the company spokesperson.

For its financial year (FY) ended Dec 31, 2019, STB recorded a 54.61 per cent jump in net profit to RM18.82 million on the back of a 39.28 per cent increase in revenue to RM122.97 million.

The Group currently has a dividend yield of 3 per cent based on the 1.5 sen it distributed last year.

https://www.nst.com.my/business/2020/04/580881/stb-sees-surge-new-orders

高频低频与心智排名/拿督刘明

2020年3月13日

iPhone 只卖一种手机,但他凭此爆品做到世界前三名。

2018年初,马来西亚人民熟悉的品牌怡保旧街场白咖啡,被荷兰著名消费品集团JDE,以14.7亿令吉全面收购并私有化该公司在大马股市交易所的上市地位,让马来西亚餐饮行业议论纷纷,精神为之一振。

其实很多人都不晓得,就在2017年4月这家以咖啡和茶饮起家的巨无霸,才刚刚以14.5亿新元(约约43.5亿令吉)全面收购新加坡三合一咖啡品牌Super,所付出的代价比收购旧街场白咖啡足足高出3倍!

2019 年中旬,日本zhensho 餐饮集团,以5300万美元或2.2亿令吉收购本土鸡饭品牌The chicken rice shop 全部100家门店,这项交易虽然后来有些争议,但卖主已袋袋平安,轻舟已过万重山!

餐饮业为什么受国际买家青睐,并愿花巨资并购?原因只有一个:高频!

餐饮业复购率最高

餐饮业是复购率最高的行业之一,所以,它的本益比也是很多行业里面最高的。

马来西亚著名企业家谢松坤的全力资源(QL),创立40几年以来公司增值4万倍,没有一年下跌。

他的股票复利增长超过30%,比股神巴菲特的21%还要高,凭得就是全力资源的企业版图都是高频行业。

他是亚洲最大鱼浆生产商,也是亚洲第三大鸡蛋生产商。

2016年,他把他的“3头马车“策略提升至“4轮驱动“,就是从海产加工、综合畜牧、棕榈油种植与加工,再添一员即全家便利商店(Family Mart),全部都是和日常消费品有关,属于刚需(中国用词:必需品的意思)产品。

那天见到好友KK集团老板,问他2019冠状病毒病疫情对他的生意有否影响?他说,除了那些设在旅游区的分店,一般开在小区里的分店生意都涨了15%左右。

便利商店笑看风云

所以别小看这些便利商店,以为他们赚的是蝇头小利,刚需高频让他们的生意翻倍。疫情对他们的生意不减反增,因为不论外面如何翻天覆地,饭还是要吃,水还是要喝。

99开了接近2000家,KK直追500家还忙着上市,mynews.com 上市后股价和生意继续飙升,各行各业凄凄惨惨,只有他们笑看风云。

那么,像我们这种从事低频产品的企业,该如何推广我们的产品?顾客可以一个星期来光顾好几次椰浆饭,但不太可能一个星期买几次包包。

我想策略有几个:

1)聚焦

只做你擅长的事,专注在你卖得最好的产品,在这个品类上成为顾客首选,让人想到这品类就想到你。

iPhone 只卖一种手机,但他凭此爆品做到世界前三名,手上的现金比美国政府还多,他们成功让顾客想买行动电话的时候首先想到他!

朋友说你现在只专注卖母婴背包,把自己框在那么小的空间,岂不作茧自缚?

我以前也这么认为,但上了胡隽老师的品类爆品课程之后,我领悟了一个道理,就是业务增长不是争货架上的排名,更不是看你产品总类多寡,而是消费者的心智排名。

马来西亚每年有60万新生儿,平均每个月有5 万个婴儿诞生,假如我们的品牌占了10% 的市场份额,每月就有五千个新增客户,销量还是蛮不错的。

2)做广

低频产品客源渠道要多,所以我们必须非常努力开拓新市场。这就是为什么我鼓励大家走出去的原因。

3)用高频拉低频

假如你的产品是属于低频的,那么你需要一个引流产品,把顾客拉进店里或自己的网站,带动其他产品的消费。

你的引流产品必须够独特和够便宜,让顾客忍不住进店或网站浏览顺便购买其他产品

最近我们做了一些促销,把一些旧产品降价作为引流,结果带动其他产品,效果不错。

电商发“疫情财”

这一次疫情影响非常深远,实体店铺都受到非常严峻的打击。

不过,根据我的经验和一些从事电商的朋友的回馈,消费者都转向网上消费,所以很多电商的生意不降反升,这也许对大家是一个启发。

疫情淘汰传统行业?/拿督刘明

2020年3月20日

2019冠状病毒病疫情肆虐,严重打击了各行各业,除了旅游业,我想零售业是受波及最深的行业!

这期间,我们收到了非常多来自连锁协会会员的投诉皆因他们的业务直线下滑,影响30至70%有之,非常严峻!

连锁协会曾连同其他零售协会召开记者会,呼吁商场业者体恤零售业的困境,降低租金以实际行动共赴时艰,度过难关!

到截稿为止,除了沙巴亚庇的Imago从2月起就主动降租50%外,其他商场业者完全没有妥协余地,只答应在他们的控制范围内办活动做促销吸引人流,一分钱不减!

如今“行动管控令“开启,商场几乎完全关闭,零售业者失去了收入,前线人员工资不能拖欠,业者还得继续缴付商场昂贵的租金,零售业正处于凄风苦雨,有冤无处诉之窘境!

香港最大地产集团新鸿基地产自2月起,就为这次疫情挑起社会责任,自发性降低30至50%的租金,让广大零售业者暂时松一口气!

新加坡凯德置地日前宣布为租户提供的纾困计划,包括减租25至50%,甚至用抵押金抵消租金!

云端厨房顺势崛起

属于淡马锡私募基金属下的凯德置地,在新加坡政府授意下对零售业者那么乖巧仁慈,但过了一个狭小的海峡却变了样,变得那么唯利是图,不近人情!

我刚刚在天下杂志读到林之晨撰写的专栏,他提到了一个非常关键的重点,就是疫情过后,传统企业会在这个过程中加速萎缩,而新经济则是顺势接管。

他以餐饮为例,为了避免群聚感染,大家少上馆子多用外送服务,这将促使餐厅提升与送餐平台合作的关系,刺激云端厨房的设立。

我想在大马,快餐公司设立自己的送餐团队绝对一触即发,是不可避免的趋势!商场人流稀少冷清清。

零售业加速改写

近来很多零售业者都信誓旦旦地告诉我,经一事长一智,他们势必加紧脚步和努力,加强线上渠道,把传统渠道减至最低,以防历史重演!

大马的商场,很多都是上市企业,蛮多还是连锁经营,每年盈利数以亿计。商场和零售业关系密切,唇亡齿寒,这种道理他们应该比我们更了然于胸,但为什么他们明知道零售业到了如此危急关头却铁石心肠,“嗜血如命“,一毛不拔?

商场有恃无恐

大马商场其实已经过剩,人流量较多的商场也是由那几家集团持有,所以他们才有恃无恐,不理租户死活。因为他们觉得待租者不计其数,不愁租不出去!

短期内他们当然可以高枕无忧,语无伦次,但经这一波惨痛教训,零售业的未来将加速改写。

因为这一波万一被淘汰出局者都是传统经营者,短期内很难被越来越多的年轻电商取代而顾客、经营者都在这过程锻炼出新的肌肉记忆,即使疫情过去了,他们也很难回到原点。

说白了,这疫情不止让用户消费习惯改变,经营者对新零售也得心应手,传统渠道很快就变明日黄花!

不是华商自私不爱国

话说回来,为什么大马忍辱负重、有强烈社会责任的大企业不多见?我们华社当然不缺有爱心的企业,但如陈嘉庚和郭鹤年那么有代表性的爱国企业家却屈指可数!

我想这和我们的国情有很大的关系。

大马华裔乐善好施,做善事不落人后,其他族群在这方面却远远不如我们,这是不争的事实。

我们不像友族同胞凡事有政府作后盾,尤其我们经过了60年的横蛮、贪污霸权和种族分化,久而久之形成了华裔对自己社群比较关注,对政府推行的政策和措施敬而远之。

很多华裔的心里总认为,政府或国家的事,是马来人的事,与我无关!

不是华人不爱国,是超过半世纪累积下来的历史怨气!

这就说明了为什么希盟上台后华裔争先恐后乐捐给希望基金,因为我们希望转型正义!

华裔企业家会想:乐捐自己同胞还可以,废家兴国那么伟大如陈嘉庚所做的事为什么不叫那些拿了政府好处的友族商家去做?

政商唇齿相依

大马政府从来没有营造让华裔赤胆忠心、以身报国的爱国环境,因为爱国企业家如郭鹤年可以因为一个无中生有的谣言,而被政客攻击得体无完肤,他在大马的商业帝国可以被逼变卖,不是我不爱这个国家,是这个国家不爱我!

现在国难当头应该是政府的事,为什么要我来承担责任、牺牲我个人利益?也许就这点让华裔商场大老板心里不平衡。

但他们忘了人道是不分肤色、不分族群的,一个救人于水深火热之中的企业才是真正值得社会大众赞扬、铭记于心的企业,更何况是和他们唇齿相依的零售业!

郭老二话不说在新政府成立后不计前嫌舍身救国,这就是真正爱国企业家的气度!

大马政府如果能仿效中国政府以德报恩,对华裔良心企业以礼相待,爱国企业自然如雨后春笋涌现、遍地开花,因为感恩图报是华裔自小被灌输的传统价值观。

但大马现今的政治氛围……不言而喻!