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Friday, July 19, 2019

[转贴] 張忠謀:無法量化就無法管理

台灣半導體之父張忠謀認為:「沒有辦法數量化的東西就無法管理,或者很難管理,所以即使很難數量化,也要盡量數量化。」他表示,一個卓越的公司必須做到以下三項,包括:高品質的資產和負債、具結構性獲利能力、以及現金要能持續穩定的流入。
第一項:高品質的資產和負債

張忠謀認為,高品質的資產和負債需具備以下四要件:

1. 沒有高估的資產

公司內無用或價值很低的財產,例如呆滯的存貨、收不回的帳款、沒有用的設備、已經減損的商譽等等,該打掉的就打掉,讓顯現的資產都是健康的。以台電為例,如果核四無法商轉,這幾千億元的資產就該立刻打掉。

2. 沒有低估的負債

該認列的負債必須及時認列,不可以漏估或低估。不過,負債有時很難合理的估列,例如,英國石油(BP)因2010 年墨西哥灣鑽油平台漏油案,所發生的總損失截至2018 年已高達650 億美元,但這在事發當時很難合理估計;BP 從2010 年起依油污處理及各項索賠、訴訟情形逐年追加認列損失,這樣的處理雖然符合會計原則,但也可以說2010 至2017 年的BP 財報都有低估負債的情形。較佳的處理作法是,當企業發生難以估計的負債時,必須在財報中詳細說明,聰明的投資人可以從會計師的查核報告中看出端倪。

3. 健康的負債比例

企業經營一定會有負債,但負債比會因產業的不同有所差異,「健康」的負債比例是指企業負債比例不宜超過該行業的合理範圍。一般來說,產業波動大的高科技公司負債比宜控制在四成以內,產業波動較小的一般製造業之負債比例,宜控制在六成以內,至於銀行業負債比在九成以上,也算是正常的。以台積電
的財報數字為例,該公司2018 年底的負債比是20%,較同業的43%低很多,顯示該公司的財務體質的確強健。

4. 乾淨的資產負債表

所謂「乾淨的」資產負債表,就是公司資產都是為了營運所需,沒有太多「虛」資產(如商譽),也沒有太多無法使用或利用率低的不動產、廠房及設備,同時也沒有難以估計的負債。

譬如在台電的財報數字中,沒有運轉的核四廠被視為2,828億元的資產,同時也不提列折舊,就是典型的資產不乾淨的案例。前述所說的BP 漏油案造成的損失,連續七個年度難以估算,就是典型的負債不乾淨的案例。

另外,每年都會有些已成了「殭屍」的公司被借殼上市,若營運項目不同,借殼公司往往很難運用被借殼公司的財產。比如一家做LED 的公司,借殼一家做化纖的公司以上市,化纖公司的廠房與設備對於LED 事業難有助益,照理說應該要隨著業務轉型而陸續被變賣或淘汰,這種掛在帳上但使用率偏低或沒有在使用的資產,也算是資產不乾淨的典型。


高品質的資產和負債
1. 沒有高估的資產
2. 沒有低估的負債
3. 健康的負債比例
4. 乾淨的資產負債表

我們從表1-1 來看,台積電2018 年財報的資產負債表,「不動產、廠房及設備」與「現金」占整體資產的79%,再把應收帳款與存貨加入更高達90%,顯示台積電的資產幾乎都是營運所必需,而且沒有無法估算的重大負債。從整體來看,台積電的資產和負債很乾淨。



第二項:具結構性獲利能力

張忠謀提到,具備結構性獲利能力的企業有四個關鍵:

1. 獲利成長率要高於營收成長率

成長與創新是永恆不變的價值,但是張忠謀認為:「所謂成長,不是一般單純營收的成長,而是附加價值的成長,是追求利潤的成長。」畢竟創新的目的是要讓公司賺錢,如果創新無法為公司賺錢,還不如不要創新。

反映在財務數字上,張忠謀認為附加價值的成長,必須是獲利成長率高於營收成長率。經營企業不可能每一年都成長20% 到30%,一般情形下只要成長5% 到10% 就很了不起了。但其中關鍵在於,假設營收成長了5%,獲利成長一定要超過5%,如果獲利成長沒有達到5%,就表示營收成長可能是因為產品被迫降價而損及毛利,也可能是被成本及費用的增長吃掉了,這樣的成長對公司反而是不健康的,不可不慎。

要做到獲利成長率高於營收成長率,企業必須掌握市場定價權,同時也要有相當強的成本控制能力,才會有穩定的毛利率。要做好成本控制較容易,但要掌握市場定價權,是台灣大部分企業最難做到的。

以蘋果為例,蘋果每年都會與其供應鏈廠商重新議價,透過比價來砍價,無法掌握市場定價權是台灣供應商最常面臨的困境。一般來說,企業欲掌握市場定價權的前提有二,一是研發能力強,走在產業前端,如大立光就是因為掌握技術上的優勢,即便蘋果也必須「屈服」;二是產品具有極強的品牌或銷售通路(如統一超)。若企業具有這兩項優勢,維持毛利率的穩定才會較為容易。

2. 營業費用與獲利結構要平衡

張忠謀認為:「要做到獲利成長率高於營收成長率,除了要控制好毛利率之外,還要控制好營業費用。」營業費用主要包括三個子科目,「推銷」、「管理」及「研發」費用,隨著產業不同,這三個科目的配比亦不同。

推銷費用是把產品賣出去所花費的支出,通常占營收的一定比例,而這個比例隨著業別而不同。B2C 產業(例如統一超)因為要服務眾多消費者,推銷費用占營收的比例較高;B2B 產業因為只需照顧好相對數量較少的企業客戶,其推銷費用占營收的比例較低。但不管是B2C 還是B2B 產業,推銷費用雖然會隨營收增加而增加,但其增加率不應超過營收增加率。如果超過了,就表示產品的產品力不足,必須要以大打廣告、增聘業務人員等方式強力推銷才賣得掉。

數年前,中國大陸有間公司叫長城汽車,原本生產小貨車,後來又做了休旅車。新款休旅車上市的時候,銷售非常好,營收和獲利一直上來,股價也一直漲,然而次年財務報表公布出來,股價卻大跌,那是為什麼呢?

長城汽車在香港上市,外資一看財務報表,發現其推銷費用成長非常高,間接顯示新款休旅車的銷售量是靠大量的促銷活動創造出來的,成長無法永續,因此股價應聲下跌。
至於管理費用,大多是由企業自主掌控的,管理費用若增加太快,往往表示公司的管理力度不到位。

研發費用多寡則必須要有策略性思維,與公司長期的發展結合。研發費用代表的是投資未來的力度,必須被高度重視,但也不能為了研發而研發,導致現有股東利益受損。所以,企業可依照行業特性或公司政策,設定營收的一定比例作為研發費用,並持之以恆。例如Alphabet (Google 母公司)每年研發支出占營收比重約在15% 到16% 之間;蘋果公司過去三年的研發比重則由4.7% 逐漸增加至5.3%。

3. 損益平衡點必須控制在低點

張忠謀表示,降低企業的損益平衡點非常重要,尤其在景氣不好的時候,最好將損益平衡點控制在低點。但是什麼是損益平衡點呢?學理上,企業費用可分為「固定費用」與「變動費用」。「固定費用」是指企業即使不營運也會發生的費用,例如基本水電費、設備折舊等等,這些成本在企業營運的一定範圍內是不變的,例如台積電的設備按五年攤提折舊費用,每台設備的折舊費用每年都是固定的,不會因為當年度多生產或少生產而改變;「變動費用」則是指隨著銷售量或生產量增加而增加的費用,例如生產晶片時必須買晶圓,生產的晶片愈多,晶圓的支出就愈大。

不過,為什麼是稱為學理上呢?因為實務上,很多費用難以歸類!例如教科書上將「人員薪資」定義為「變動費用」,但在實務上,員工不是招之即來、揮之即去的,何況還有法律保障員工就業的基本權益。

我們回過頭來解釋所謂「損益平衡點」,損益平衡點愈低愈好是指企業在經營時,應該提高變動費用的比例,降低固定費用的比例。這樣的話,即使景氣不好,營運活動大幅下降時,變動費用比重較高的企業,其成本與費用支出可以更快速的下調,讓企業在經營上更有靈活度,以順利渡過不景氣。

但是,要怎麼降低固定費用的比例呢?例如汽車業在研發新款車時,不是只有自己獨力做研發,而是在開出規格之後,要求上下游協力供應商共同來做,一起攤提研發成本。此外,因為模具費用很貴,車商也會要求零件供應商共同負擔模具費用,待正式量產以後再給予零件商補貼。比如一個模具的開發費用是一千萬元,那麼銷售的前一萬輛,每台車補貼一千元的模具費,超過一萬輛之後就不再補貼。

透過此方式,車商把生產設備與研發費用等支出讓全體供應商去分擔,就能有效降低自身的固定費用。

4. 良好的獲利能力與內部籌資能力

良好的獲利能力,對一般投資人而言,往往指的是每股獲利能力(EPS),但對於企業營運來說,張忠謀認為總資產報酬率(ROA)、資本回報率(ROIC)、股東權益報酬率(ROE),這三項指標也很重要,企業可以根據產業與自身狀況,至少做好其中一項。為讓讀者了解,本書僅探討股東權益報酬率(ROE)。

以台積電為例,台積電2018 年平均股東權益為1.6 兆元,其中有超過1 兆2 千億元的保留盈餘及資本公積尚未分配給股東。所以說,實際上台積電是以股東的1.6 兆元在做生意,而不是以2,593 億元的股本在做生意。

從表1-2 來看,依照台積電2018 年損益表中所揭露的數字,其EPS 為13.54 元,但如果我們以平均股東權益來計算台積電的ROE /元的話,台積電2018 年的ROE 就只有2.2 元。(表1-2)



所以,衡量一家公司的獲利能力,對投資人而言,EPS 最重要,因為EPS 和股價的關係密切。但是就大股東和董事會而言,ROE 會比EPS 更加重要,其原因我們會在探討「損益表」時再做深入的探討。除了良好的獲利能力以外,張忠謀認為內部籌資能力也很重要。所謂內部籌資能力,指的是企業必須能夠從營業活動中,產生足以讓企業從事投資及發放股利的現金流量,詳細內容將在有關「現金流」的章節裡深入討論。

具結構性獲利能力
1. 獲利成長率要高於營收成長率
2. 營業費用與獲利結構要平衡
3. 降低損益平衡點,以提高經營彈性
4. 良好的獲利能力與內部籌資能力
第三項:要有持續穩定的現金流入

張忠謀認為,唯有能夠產生穩定現金流量的公司,才是好公司。虧損不可怕,不管賺或賠,能夠產生良好的現金流量,以支撐公司投資與發放股利的流量,是非常重要的。

基本上,企業營運每天都會有錢進出,這些現金流進出基本上可以分為三種。第一種是「營業活動」,也就是日常買賣貨物、製造生產所賺取或花費的金錢。第二種是「投資活動」,也就是企業買賣或投資土地、廠房、設備或股票債券等活動的金錢進出,比如台積電一年要買三千多億元的設備,比中央政府一年的經建支出還多。第三種是「籌資活動」,也就是企業向股東或金融機構拿錢或還錢等金錢進出。

張忠謀所指的「穩定的現金流入」,是指公司營業活動要有穩定的現金流入,以便支應相關的投資活動與籌資活動。以台積電為例,其2018 年投入三千多億元購買設備支出(投資活動),並發放股東二千多億元的股利(籌資活動),因此台積電的營業活動必須賺取超過五千億元的現金,才能應付這些必要的現金流出。

從表1-3 來看,無論淨額多少,台積電近五年來,其營業活動的現金流入,均足以支撐投資(買設備)與籌資(發股利)活動,就是持續而穩定現金流入的例證。

從營業活動創造穩定的現金流入,足以支撐投資活動與籌資活動。這一點非常重要,但很多台商都忽略了這一點。很多台商到香港掛牌,股價都很低,台商們不解為什麼公司這麼賺錢,但是在港股卻不受青睞?究其原因有二,其一是因為台商規模普遍較小,在港股較不受重視;其二就是港股市場很注重公司是否有現金流入,可以穩定發放股利,這也是港股推崇地產業跟金融業的原因。

反之,因應產業發展狀況,台股較推崇製造業。然而製造業的缺點就是必須不斷擴廠,擴廠就要買土地、建廠房、買設備、買原料。生產完畢之後,賣給下游,出貨以後又要隔了好幾個月才收到錢,導致生意做愈大,三點半卻跑愈重。同時公司帳上的EPS 雖高,卻沒有現金來發放股利,導致不受港股法人青睞,在港股掛牌的股價都很低。





(本文摘自張明輝著《大會計師教你從財報數字看懂經營本質》,商業周刊提供)

https://ctee.com.tw/bookstore/selection/119001.html

TSMC’s solid results shows resilience in trade dispute

BUSINESS NEWS
Friday, 19 Jul 2019

Wei: We have passed the bottom of the cycle of our business, and should see our demand increase. — Bloomberg

TAIPEI: Taiwan Semiconductor Manufacturing Co (TSMC) projected current-quarter revenue ahead of estimates, as the Apple Inc supplier shrugs off a smartphone slump and US sanctions on Huawei Technologies Co to ride demand for cutting-edge chips.

The world’s largest contract chipmaker expects sales of US$9.1bil to US$9.2bil in the September quarter, ahead of average projections for about US$8.9bil.

The Taiwanese company earlier reported a fall in June-quarter net income to NT$66.8bil (US$2.1 billion), surpassing the NT$65.7bil estimated.

TSMC’s solid outlook may allay fears of a persistent global chip downturn as Washington and Beijing clash.

Its technological edge in chipmaking may help it grab an outsized portion of demand for advanced high-performance semiconductors, particularly as countries roll out ultra-fast fifth generation wireless networks. TSMC’s business has bottomed and should begin to rebound, chief executive officer C. C. Wei said.

“We have passed the bottom of the cycle of our business, and should see our demand increase,” he told reporters here yesterday. “We see very, very strong demand” in the second half of 2019.

Orders for crypto-mining gear are expected to help TSMC’s third-quarter sales, according to Morgan Stanley, which recently lifted its target price on the stock by 9%.

The typical year-end ramp up of iPhone manufacturing and a new chip-product cycle from Advanced Micro Devices Inc. could also buoy the top line.

“The guidance shows that management is confident on the recovery of demand in 2H, possibly boosted by new orders from AMD,” Bloomberg Intelligence Charles Shum said. “And, we expect the gross margin can return to 50%” by the fourth quarter.

TSMC and its industry peers are grappling with a plateauing smartphone market, efforts by top customer Apple to move beyond hardware, and US tech-export curbs that have hammered No. 2 customer Huawei.

It previously reported a 4.5% slide in first-half revenue – its worst January-to-June performance since 2011.

As the world’s largest player in the business of made-to-order chips, TSMC is a barometer for the broader industry as well as Apple, which accounts for about a fifth of its revenue.

Its better-than-projected outlook underscores expectations the industry is bottoming out after a dismal few years, when consumers took longer to replace their smartphones and Bitcoin prices collapsed.

The company however signalled its intention to invest for the future, saying its annual spending on capacity and upgrades could exceed US$11bil this year.

TSMC’s shares stood largely unchanged before the announcement and have gained more than 12% this year. — Bloomberg

Read more at https://www.thestar.com.my/business/business-news/2019/07/19/tsmcs-solid-results-shows-resilience-in-trade-dispute/#ZGWd7BIk1H5o2pTC.99

CIMB Research retains Add for Supermax, TP RM2.30 on expansion plan

ANALYST REPORTS
Friday, 19 Jul 20198:26 AM MYT

KUALA LUMPUR: CIMB Equities Research is retaining its Add call for glove maker Supermax Corporation and target price of RM2.30, which is 18.8 times CY20F price-to-earnings.

It said on Friday Supermax plans to buy 6.6 acres of freehold industrial land in Klang, Selangor for RM65mil from Leader Cable Industry.

It plans to build three nitrile glove manufacturing plants (Plants 13, 14 & 15 with total capacity of 13.3bil pieces per annum with a total capex of RM550mil.

Construction and commissioning works of one plant is estimated to take 18 months, with work on the first plant
(Plant 13) starting in 1QCY20. Plant 13 will be a newly-constructed plant, while Plants 14 and 15 will make use of the existing building on the land post renovation works.

“With the addition of the three new plants and taking into account its existing expansion plans, we estimate that Supermax’s total glove production capacity will have grown 102% by end-3QCY24F, assuming no delays to its expansion plans.

“We gather that the location of this land is strategic as it is close to its existing plants in Meru, Klang. In addition, all necessary water and electricity supply to support glove production at these upcoming plants have been approved and are available currently.

“Note that we expect maiden earnings contribution only from 3QCY22F (1QFY6/22F) onwards, upon commercialisation of the first plant, Plant 13,” CIMB Research said.

Read more at https://www.thestar.com.my/business/business-news/2019/07/19/cimb-research-retains-add-for-supermax-tp-rm2pt30-on-expansion-plan/#RIlLvCHXvqyjlUHi.99

CIMB Research positive on YSP Southeast Asia expansion plans

ANALYST REPORTS
Friday, 19 Jul 20198:38 AM MYT

KUALA LUMPUR: CIMB Equities Research remains positive on YSP Southeast Asia Holdings Bhd as it expects the pharmaceutical and veterinary products manufacturer’s regional expansion plans to bear fruit over the next few years.

The research house said on Friday YSP’s recent facilities expansion would boost capacity and replace obsolete assets, improving efficiency over time.

“We gather that the utilisation rate of its Malaysian plants is now 60% vs. 80% prior. This leaves adequate room for future growth, in tandem with plans to make further inroads into the export market.

“This, along with better product sales mix, will be key in tackling the competitive local environment. We project YSP to spend RM10mil to RM15m p.a in capex over FY19-20F as the group pursues facilities expansion along with maintenance capex,” it said.

CIMB Research said YSP continues to strive to break even by 2020F, though it remains wary of external environment that may lead to lower demand for animal drugs.

YSP consolidated its veterinary products manufacturing facilities in Vietnam (YSP had animal drug operations in both Malaysia and Vietnam previously) as part of initiatives to streamline its operations across the group.

Veterinary drugs make up about 15% of YSP's total revenue – a third of which is sold in the local Vietnamese market. Increased exports to its top three export markets of Malaysia, the Philippines and Indonesia will be key catalysts.

CIMB Research said the Malaysian government has approved the regulation of medicine prices, though the implementation date has yet to be decided as the Health Ministry is still engaging
stakeholders.

The ceiling prices may be imposed at the wholesale and/or retail levels – likely impacting pharmaceutical players. Although it is too early to quantify the impact on YSP, the company believes that patented drugs would “take the hit” before generic drugs manufacturers such as itself.

“We retain our Add call on the back of resilient demand from the private sector as YSP leverages on its strong private network and long-standing relationships with customers, both in the local and exports market.

“We continue to like the stock as it is supported by a decent dividend yield of 4-5% in FY19-21F. The stock also continues to be sustained by its net cash position of 30 sen/share as at end-March 2019,” it said.

Read more at https://www.thestar.com.my/business/business-news/2019/07/19/cimb-research-positive-on-ysp-southeast-asia-expansion-plans/#9apLEtfrjEvHHIhJ.99

湯文亮:示威到尾聲 經濟開始轉壞

文章日期:2019年7月19日

【明報專訊】茶餐廳老闆話很久沒有同我捉中國象棋,不如來一次三局兩勝,輸家當然要請食飯,我話冇問題,近30年我都未輸過,因為我根本冇同人捉棋,老闆既然要請我食飯,我當然卻之不恭。

原來老闆的棋藝很勁,我勉強才可以1比1打成平手,到第三盤,我處於下風,只差一步,老闆就可以贏我,但我有一個殺着,就是可以不停將軍,如果唔懂得捉棋的人會認為是和局,但我認輸,就算我可以無了期將軍而令到老闆不能夠用最後殺着,我都是輸,因為長將作輸,於是去「友和」食日本餐,老闆帶兩支14代去,好似佢用的錢多過我很多。
港人沒過分借貸 兩三年低潮應捱得住

近日香港市面淡靜,一般人認為是受到示威活動影響,其實,除了越南之外,整個亞洲都受到中美貿易戰影響而經濟轉壞,新加坡的情况比香港還要差。所以,大部分亞洲地區的居民都準備過一個經濟寒冬,台灣應該是最差的地方,如果蔡小姐連任,情况更加衰多二錢重,因為除了零售消費減弱之外,仲要向美國買軍火,那些空姐又唔生性,不斷罷工,長榮睇怕都唔捱得幾耐,香港亦唔見得會比其他地區好,我擔心經濟轉壞的時間太長,年輕的示威者反而會成為經濟下滑的代罪羔羊。其實,有沒有示威,香港的經濟都正在轉壞,或者示威活動令到情况更加惡劣。

茶餐廳老闆問我示威活動幾時會完,我認為過了今個星期應該會告一段落,今個星期遊行口號並不着重五大訴求,而是獨立調查,而且負責人傾向和平行動,估計示威活動會依時散去,不會有什麼激烈衝擊行為,那些示威者策劃者亦知道,已經搞了很多次遊行,連立法會也被佔領,政府亦不為所動。

長此下去,示威就會變成一個擾民活動,做生意的人生意減少,自不然將怨氣轉到示威者身上,就算做多幾次示威,政府都不會回應,而且示威愈多,會造成警權愈大,更多示威者被拘捕,這是長將作輸的道理。

所以,現在暫時結束激烈示威活動是正確的做法,溫和的當然可以繼續,但溫和的不會收到效果,簡直是浪費彈藥。

不過,就算示威活動結束,大家唔好以為經濟就會好轉,事實上有沒有示威活動,經濟都正在開始轉壞,好彩一般香港人沒有過分借貸,兩三年低潮應該可以捱得住,超過三年就很難講,大家可能唔相信,但過多幾個月,大家就可以感受到經濟轉壞的情况。

紀惠集團行政總裁
[湯文亮 敢說反話]

Thursday, July 18, 2019

11 things I learned from the 2019 Aeon Credit Service AGM - Young Jia Yi

Author: Tan KW | Publish date: Thu, 18 Jul 2019, 10:01 AM
By Young Jia Yi on July 18, 2019

Incorporated in 1996 and listed on the Main Board of Bursa Malaysia in 2007, Aeon Credit Service (M) Berhad provides consumer financing through easy payment and hire purchase schemes for consumer durables and motor vehicles as well as personal financing and credit cards in Malaysia. The company currently has a network of more than 12,000 participating merchant outlets nationwide and more than 4.6 million card members for various products.

Aeon Credit is a subsidiary of Aeon Financial Service Co., Ltd., Japan, which is in turn part of the Aeon Group of companies, a global retail and financial services group that operates in Japan, Southeast Asia, China and India.

Aeon Credit has enjoyed steady growth in revenue and profit over the years. An investor who bought the stock at the IPO price of RM2.50 in 2007 would have made over a 500% gain by the end of 2018, excluding dividends, representing a compounded annual growth rate (CAGR) of 17.9%. I attended Aeon Credit’s AGM to find out more about the company.

Here are 11 things I learned from the Aeon Credit AGM:

1. Revenue grew 10.6% year-on-year to an all-time high of RM1.4 billion for the financial year ended 28 February 2019 (FY2019). This was attributed to increased contributions from the vehicle easy payment and personal financing segments.

2. Net profit grew 18.2% year-on-year to RM354.6 million in FY2019. Chairman Ng Eng Kiat attributed the growth to the higher financing receivables achieved across all segments, from personal financing (+26.8% YoY) to auto financing (+24.1% YoY).

3. Total transaction and financing volume improved 31.8% year-on-year to RM5.4 billion in FY2019, mainly driven by personal financing (+56.0% YoY), motorcycle financing (+41.1% YoY) and credit card (+27.6% YoY). Ongoing marketing campaigns together with product innovation, promotion strategies, and quality customer service helped drive the growth.Source: Aeon Credit Service

4. Receivables collection ratios remained stable in FY2019, which management attributed to better quality receivables and its strategic collection operation. Non-performing loan ratio in 4Q 2019 was lower at 2.04% (4Q 2018: 2.33%), thanks to improvement in delinquent receivables collection. Net credit cost was lower at 2.16% in 4Q 2019 (4Q 2018: 3.27%), supported by better quality receivables and higher bad debt recovery. CFO Lee Kit Seong revealed that AEON Credit enjoys financing with lower interest rates due to support from its Japanese parent company.Source: Aeon Credit Service

5. AEON Credit launched its e-money card AEON Member Plus Visa Card and e-wallet application AEON Wallet in November 2018 to provide AEON customers with cashless solutions (via QR code) at all AEON retail outlets. As of May 2019, its e-money card has registered over 700,000 cardholders, while its e-wallet app has over 200,000 downloads. Management targets to achieve 1.6 million cardholders and 1.0 million e-wallet users by FY2020. Lee said the move was in line with the direction set by Bank Negara Malaysia for Malaysia to go cashless. AEON Credit also plans to introduce its Corporate Card in FY2020 to capture more corporate customers by introducing its new credit settlement method.

6. Management said that as of end FY2019, AEON Credit’s customer income group ratio of B40:M40 was 70:30. The percentage of M40 customers increased in FY2019, and management targets to continue this expansion to 60:40 in FY2020, mainly to achieve better asset quality. Efforts to further penetrate this customer group include the introduction of its platinum card and risk-based pricing products, which were launched in FY2019.

7. Aeon Credit is transitioning from a business-to-business-to-consumer (B2B2C) model to a business-to-consumer-to-business (B2C2B) model in order to improve its customer touchpoints. The company is developing a new system and mobile application which could enable a more direct point of communication, as customers are able to check their financing limits before they purchase goods at Aeon’s merchants.

8. In January 2019, the Housing and Local Government Ministry granted Aeon Credit a money lending licence. Chief strategy officer Ajith Jayaram said that the approval would enable the company to market its products and services to a greater number of customers as well as expand its consumer financial products. A shareholder questioned the purpose of the licence as AEON Credit was already in the business of lending and voiced his concerned that having the licence would impose stricter requirements for future loans for its existing businesses. Ng assured that the licence would not have an impact on the company’s financials, while Lee added that Aeon Credit will also utilize the licence to expand the small and medium-sized enterprises (SME) financing business.

9. In December 2017, Aeon Credit was slapped with a RM96.8 million bill by the Inland Revenue Board for additional income taxes with penalties for alleged submission of incorrect returns for the years of assessment of 2010 to 2016. The company subsequently filed for an appeal. A shareholder asked about the progress of the issue and Ng replied that, after consultation with tax professionals, the management has reasonable grounds to believe that the company is not liable for the penalties, and have applied to the Court of Appeal to get a stay against the High Court’s decision in May 2019.

10. The Minority Shareholder Watch Group (MSWG) raised some questions about Aeon Credit’s credit card business. Management revealed its targets to maintain double-digit growth for credit cards in circulation annually. Lee explained that the credit card business complements the company’s existing business segments by offering a settlement option, and performance is currently within management’s expectations. The CFO further said that management will continue to expand the card business into the affluent T20 and M40 customer income groups, and SME segment with the newly launched platinum credit card. He revealed that Aeon Credit had issued 20,000 Platinum Cards since its launch in April 2018 and continues to see improvement in card issuance.

11. Looking forward, Aeon Credit will focus on strengthening customer loyalty and exploring new IT Infrastructure and fintech solutions. The introduction of new loyalty programs, benefits and, the e-wallet, and platinum card is expected to reach a wider group of consumers and improve customer engagement. In an answer to MSWG’s query, management revealed that part of the company’s investment budget of RM150 million for FY2018 to FY2020 are for investments in digital technology.



https://fifthperson.com/2019-aeon-credit-service-agm/

看中营养价值考虑注资 中国或来马生产椰花酒

2019年7月17日

(吉隆坡17日讯)针对霹雳州卫生局、地方政府、警方、关税局、移民局及贸消局等部门日前突检椰花酒厂,揭发该厂破环境卫生不堪,除设备简陋飘散异味,还在其中一个酒桶内发现老鼠尸,马来西亚宗乡青联合总会总会长拿督斯里林振辉指出,当局应推动系统化生产属于大马特色的椰花酒,保障消费者安全,也提高椰花酒的市场价值。

他说,中国吉林省已看到椰花酒本身的营养价值,目前通过吉林大学和吉林农业大学,研究我国椰花酒,考虑注资并提供先进技术,以便在大马设厂并大量生产椰花酒,这将把椰花酒推入高端市场,带来突破的契机。

他指出,椰花酒目前大都是家庭式的生产,除了品质没有保证,品质也不稳定,没有市场价值;更严重的是,生产过程不稳定,令到产品安全性受到质疑。


陈立峰(右)目前正在大马研发椰花酒技术,亲自在椰园进行实验。

本地特色饮料之一

“近数月来,国内各地都发生多起酒精中毒的案件,一些案例甚至涉及人命伤亡,当局不可以忽视非法酒精饮品带来的严重性;如果酿制椰花酒继续没有受管制和监督,不只是会有更多消费者暴露在风险中,椰花酒市场也会遭殃。”

他说,椰花酒向来是本地的特色饮料之一,只要配合先进的技术,加以监督和系统化地大量生产,椰花酒将会是一个很庞大的市场,甚至销到国外,为国家带来可观收入;同时,也可以为国内的椰农增加收入,让种植椰子成为一项有利可图的种植活动。

他是针对日前布先油棕园内的椰花酒厂被揭环境卫生恶劣,而遭霹雳卫生局展勒令关闭14天的事件,发表上述谈话。



林振辉在吉林考察白桦酒厂,一旦引进大马以相关技术生产椰花酒,将提高椰花酒的市场价值。左为陈立峰。

发酵保鲜考验技术

刚巧获胜集团邀请前来大马针对椰花酒考察和研究的吉林大学经济学博士兼白桦酒创始人及椰花酒技术开发人陈立峰博士指出,一直以来,椰花酒所面对的限制是保鲜期短,无法存放,所以发酵保鲜是最考验的技术门槛。

他说,一旦椰花酒得以大量生产及外销,椰子的商业效益可以大大提高;而且其含有硒、镁、锌、钙、铁、锰和铜矿质元素,多糖、多酚、维生素C 和複合维生素B 等功能性成分,具有增强人体免疫能力,抗癌及减少人体自由基的产生等功效,让椰花酒拥有各种先天性条件。