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Friday, April 28, 2017

曾渊沧:散户需培养耐性的8大原因

2017年 04月 27日



曾渊沧博士在今年初出版了《富足自由人4:洞悉股票8大获利时机》这本书。他在书中最后一章总结出了买卖股票最需要的一样东西:耐性。
他列出了散户必须培养耐性的8个原因:

一、找到好的收息股后,应该耐心地长期持守,定期收息,不要拿收息股来炒卖。

二、大股东都是价值投资者,他们只会在公司股价低残的时候增持,然后长期持有。散户要耐心地等待这种时机出现。

三、如果配股是用在对企业长远发展有利的用途,股价早晚会反映它的利好因素。

四、大股东包销供股的股份,一定是超值股,你应该耐心地持有,直至股价反映公司应有的价值。

五、找到私有化机会的股份,等候提出私有化的时间可能很漫长,你必须要有足够闲置资金和耐性去等。

六、很多股的账面价值长期被低估,一旦分拆变卖,便能获得巨额利润。

七、找出国企相互竞争的公司,耐心等待合并重组的消息到来。这点主要是针对中、港股市而言。

八、仙女散花式买入大量仙股垃圾股,慢慢等其中一两只在牛市时升100倍。

http://cj.sharesinv.com/20170427/46025/

Types of market orders you should know for your benefit.

Author: davidleetgydotcom | Publish date: Fri, 28 Apr 2017, 03:43 PM

Thanks to technology, clients nowadays can easily buy & sell futures via phone, laptop and tablets, as long as there is an internet connection.

However, I noticed that there are still many traders who yet do not really understand the types and functions of market orders. Thus, I would like to write this post to help my clients and the trading public to have better understanding of market orders. :-)


TYPES OF MARKET ORDERS:

1. Buy Limit = You want to buy BELOW the market/best ask price.

Example: Now FKLI market/best ask price is 1768. You wish to Buy/Long at 1765. So you place a Buy Limit 1765 and wait market hit your order.

If the market is volatile/ "hot" your buy limit order maybe executed at even better price of 1,764.5, 1764...or lower! Thats why you can also use this buy limit as a profit target for your sell/short trades. If the market is crashing down too quickly, you will love to gain a few extra points of profits!!

2. Buy Stop = You want to buy ABOVE the market/best ask price.

Example: Now FKLI market/best ask price at 1768. You wish to Buy/Long at 1770. So, you place a Buy Stop 1770 and wait market hit your order.

If the market is volatile/ "hot" your buy stop order maybe executed at 1,768.5, 1,769...or higher. Take note of this nature as you may buy at higher price and may affect your risk:reward ratio.

You also can use this buy stop as a cut loss order for your sell/short trades.

3. Buy Stop Limit = You want to buy ABOVE the market/best ask price within a range

Example: FKLI market/best ask price is 1,768 and you know buy stop order could buy at prices which is too high for you and thus gave you bad risk:reward ratio. Good news you avoid this with Buy stop limit of 1,768-1,770. If the market is too volatile and unable to buy at 1,770 for you, your order will not be executed until prices goes back down to 1,770 and execute buy for you.

The range between the first and second value can be 0.5pt for FKLI and 1pt for FCPO.
Buy stop limit can be used as a cut loss order for your sell/short trades.

4.Sell Limit = You want Sell/Short ABOVE market/best bid price

Example: Now FKLI market/best bid price is 1768. You wish to Sell/Short at 1768.5. So you place a Sell Limit 1768.5 and wait market hit your order.

If the market is volatile/ "hot" your buy limit order maybe executed at even better price of 1,769, 1,769.5 or higher! That is why traders also use this sell limit as a profit target for their buy/long trades, everyone love extra profits!

5.Sell Stop = You want Sell/Short BELOW market/best bid price

Example: Now FKLI market/best bid price at 1,768. You wish to sell/short at 1,767 (why? perhaps you are a breakout trader or want extra confirmation of a downtrend.) So you place a sell stop at 1,767 and wait market hit your order.

If the market is volatile/ "hot" your sell stop order maybe executed at 1,766.5, 1,766...or lower. Take note of this, as this sell stop order may sell for you at lower price than you like and affect your risk to reward ratio.

Another function of sell stop is for cut loss order for your buy/long trades.

6.Sell Stop Limit = You want to sell BELOW the market/best bid price within a range

Example: FKLI market/best ask price is 1,768 and you want to sell lower, for example: 1,767.5 to 1,767. So you can queue a sell stop limit of 1,767.5-1,767 and then wait for the market to hit your order. If the market is too volatile and unable to sell even at 1,767, your order will not be executed until prices goes back up to 1,767 and execute sell for you.

The range between the first and second value can be 0.5pt for FKLI and 1pt for FCPO.
Sell stop limit can be used as a cut loss order for your buy/long trades.

7.Market = Buy/Sell at current ask/bid price

Market orders are simple. If you want to buy at the best ask price at this very second, you can execute a buy at market price order. On the other hand, if you want to sell at the best bid price at this very second, you can execute a sell at market price order.

These buy or sell at market price order can be used as trade entry or trade exit.

There is a limitation to this order, the price executed is determined by how fast you key in the order and your internet connectivity. This types of order are for traders who are comfortable trading in a volatile market, where the bid-ask price keep on changing every millisecond. If you are not comfortable, market orders, you can use limit, stop limits, stop orders.

Checkout the graph below for a quick reference and to help you know which orders to use.


I hope by now you have better understanding on market order types. Protect your risks well and happy trading!

又有两家money games公司沦陷了... - Astro AEC 新闻报报看

[转贴] 又有两家money games公司沦陷了... - Astro AEC 新闻报报看




曾淵滄﹕年金回報不及收息股

文章日期:2017年4月28日

【明報專訊】恒指再創52周高位,一洗近日的低沉氣氛。過去一年,恒指經常是急急的升,兩三天就創新高,之後就是一兩個月的調整,調整期長使到人在調整期低位賣掉了股票,賣了之後,股價突然在3天之內急升再創新高,自己想追也來不及,手上的優質股又一次失去了。

不久前,特區政府推出一個終身年金計劃,如果向政府旗下的按揭證券公司投保100萬元,男性每月可得年金5000元至5700元至逝世為止。女性壽命較長,因此年金比男性少一點,因為領取年金在逝世後本金就失去了,除非是領取的年金少於105萬元,則家人可以在投保人逝世後一次過領回105萬元與已經領取的年金的差異,因此算起來每年的實際年回報率大約是3厘,3厘遠高於銀行息率,因此,特區政府推出這項計劃是有一定風險的。

特區政府的終身年金計劃宣布後,不少企業都推出另一些年金計劃——「自製年金」計劃。我認為,通過政府的年金計劃,最大的好處是不會半途後悔,將錢提出來,自製年金計劃則很容易半途而廢,所謂自製年金計劃就是自己買下一些股票,然後長期收股息維生,回報可能比政府的年金高也可能比政府的年金低,然而,重點不是回報率高與低,重點是你能不能持久、非常長期的持有這些股票數十年?

如果你認為不容易,我建議你把自製年金的股票由證券行領出來註冊自己的名字,再飛到新加坡在銀行開個保險箱,把這些股票收在新加坡的保險箱,迫使自己不能賣。

推薦5股票 平均股息率逾4厘

如果你願意,我可以推薦5隻股票,每一隻平均投資你的資金的20%,非常長期的持有收股息當年金,這5集股票是港鐵(0066)、匯控(0005)、港燈(2638)、領展(0823)及中電(0002),以現價計,股息率分別是7.29厘、6厘、5.9厘、3.7厘及3.42厘,平均5.62厘,遠高於政府的年金回報率,這5隻股票都是派息穩定的股,當然,目前港鐵之所以有這麼高的股息,是因為派特別息,將來沒有特別息,股息率扣除特別息之後是2.38厘,以2.38厘計算,5隻股票的平均股息率也達到4.28厘,依然比政府的年金強。

選港燈中電 保證「自製年金」回報

市場上高息股不少,我所選的不是高息股,而是股息非常穩定的股,其中港燈與中電是公用股,近日剛剛獲得特區政府安排未來15年每年投資回報率為8厘,那是非常不錯的回報率,也保證了「自製年金」的回報。港鐵未來沒有特別股息,但是利潤有增無減,股息也一定有保障;匯控最壞的情况過去了,股息也同樣在未來有保障;領展更不用說,過去許多年股息年年上升。

大學教授

[曾淵滄 滄海明珠]

Thursday, April 27, 2017

Yinson nets FPSO charter contract valued up to RM4.35bil

Wednesday, 26 April 2017 | MYT 7:40 PM
BY M. HAFIDZ MAHPAR

KUALA LUMPUR: Yinson Holdings Bhd has clinched a bareboat charter contract worth up to US$1bil (RM4.35bil) from Madrid-listed Repsol SA’s unit Talisman Vietnam 07/03 BV (TLV).

In a statement, the integrated offshore services provider said its indirect unit Yinson Clover Ltd received the contract for the supply, operation and maintenance of a floating production storage and offloading (FPSO) facility for Ca Rong Do field development at block 07/03 offshore Vietnam.

TLV is the operator of Ca Rong Do field.

Yinson said the contract, comprising the bareboat scope of work (bareboat SOW) and operation and maintenance of the FPSO. was for a firm period of 10 years with five yearly extension options exercisable by TLV.

The contract’s estimated total aggregate value of US$1bil is for the entire 15-year charter inclusive of all five yearly extension options.

According to SubseaIntel.com, three companies were believed to be competing for the leased FPSO for the Ca Rong Do project — Yinson Holdings, Bumi Armada and UK-listed Petrofac.

Yinson said that as required under the bid for the contract, Yinson Clover entered into a novation agreement with TLV and PetroVietnam Technical Services Corp for the novation of all rights and liabilities under the contract to PetroVietnam.

Both PetroVietnam and Yinson Clover will subsequently form a 51:49 joint-venture company which will enter into a bareboat charter contract with PetroVietnam for the bareboat SOW under the contract.

“This event marks a new milestone for us by adding another strong contract to the group’s order book. Based on Yinson’s current track record, we will ensure a successful execution of the bareboat scope of work under the contract and expect a positive contribution to the group’s bottom-line starting from the financial year ended Jan 31, 2020,” said Yinson group executive chairman Lim Han Weng.

The signing ceremony was held in conjunction with the signing of three other contracts between Repsol Group, the parent company of TLV and other parties which are involved in the Ca Rong Do field project.

Yinson is the world’s 6th largest FPSO company, having a wide geographical presence in West Africa, Europe and South-East Asia.

Read more at http://www.thestar.com.my/business/business-news/2017/04/26/yinson-nets-fpso-charter-contract-valued-up-to-rm4pt35bil/#rxCmq1SjpCItolia.99

IGB board to let shareholders decide on privatisation proposal

Wednesday, 26 April 2017 | MYT 11:56 PM

IGB owns a majority stake in IGB Real Estate Investment Trust, which in turn owns Mid Valley Megamall (above).

KUALA LUMPUR: IGB Corp Bhd will present a proposal to take the company private to its shareholders.

In an announcement to Bursa Malaysia on Wednesday, IGB said the proposal by its biggest shareholder Goldis Bhd, which seeks to acquire the remaining shares in IGB not already owned by it, would be forwarded to its shareholders to decide.

Goldis currently holds 73.43% of IGB’s share capital, excluding treasury shares.

IGB said the board of directors, minus interested directors, had deliberated on the offer by Goldis and had decided to put forward the offer to the eligible shareholders for consideration based on the preliminary opinion of independent adviser Kenanga Investment Bank Bhd.

Goldis, which submitted a formal proposal on Feb 23, had asked IGB to revert by March 30 on its decision whether to put forward the proposal to its shareholders for consideration. At the end of March, IGB’s board asked for more time - until April 28 - to evaluate the offer, which Goldis agreed to give.

IGB shareholders are offered RM3 for each IGB share held, but they can choose to be paid in one of three ways: 100% cash, a mixture of cash (30%) and Goldis shares (70%), or a combination of cash (20%) and new Goldis redeemable convertible preference shares (80%).

Goldis will be paying a total consideration of about RM1.06bil.

IGB has prized assets such as Mid Valley City, which comprises 2.7 million sq ft of retail mall space, 3.2 million sq ft of prime office space in Kuala Lumpur and over 5,500 hotel rooms across the globe, according to a note by AllianceDBS Research.

IGB also owns a 52.3% stake in IGB Real Estate Investment Trust, which in turn owns Mid Valley Megamall and The Gardens Mall.

On completion of the proposed scheme, Goldis intends to rename the group IGB Bhd, which stands for “Ipoh Goldis Bersatu”.

Read more at http://www.thestar.com.my/business/business-news/2017/04/26/igb-board-to-let-shareholders-decide-on-privatisation-proposal/#IaTr6OmslEz37XG0.99

Bursa net profit surges on higher trading revenue

Thursday, 27 April 2017

PETALING JAYA: Bursa Malaysia Bhd saw its net profit for the first quarter ended March 31 rising by 13.4% year-on-year to RM56.6mil due to higher trading revenue.

The stock exchange operator said in its financial statements that trading revenue rose by 17.7% to RM67.2mil in the first quarter compared to the same quarter in the previous year.

Bursa Malaysia noted that the quarter saw a higher average daily trading value for on-market trades and direct business trades of RM2.54bil compared with RM2.07bil in the same quarter of the previous year.

“The first quarter results registered growth supported by strong performance in the securities market where we saw heightened trading activities with strong participation from retail and domestic institution segments,” CEO Datuk Seri Tajuddin Atan said in a statement.

“We recorded a daily average trading value for securities market’s on-market trades of RM5bil on March 17. We also saw foreign funds returning to the market, with a net inflow for the quarter of RM5.7bil,” he added.

The quarter also saw average daily contracts for the derivatives market growing by 7.3% to 62,076 contracts, driven largely by an increase in trading activities of the crude palm oil futures contracts.

The company said its annualised return on equity remained stable at 26% while its cost-to-income ratio improved by 2 percentage points to 45% for the period under review compared to 47% recorded in the first quarter of 2016.

Tajuddin said Bursa would continue to create a vibrant and sustainable capital market.

“The focus will be on improving the market ecosystem to provide more opportunities for fund-raising and trading activities, and also on improving investor experience via more engagement activities and connectivity to the exchange. Efforts will also be intensified in developing new products and services, in line with our aim to diversify reliance on trading income,” he said.


Read more at http://www.thestar.com.my/business/business-news/2017/04/27/bursa-net-profit-surges-on-higher-trading-revenue/#fvVZuEpDwQGiwfdX.99

Sunsuria buys stake in Prosperspan to expand into construction

Thursday, 27 April 2017

Sunsuria unit Sunsuria Builders Sdn Bhd inked a share sale and purchase agreement (SSA) yesterday with Prosperspan director Chuah Peak San to buy 408,000 ordinary shares, representing the 51% equity interest in Prosperspan.

PETALING JAYA: Property developer Sunsuria Bhd has acquired a 51% stake in construction firm Prosperspan Construction Sdn Bhd for RM408,000 to expand into the construction business.

Sunsuria unit Sunsuria Builders Sdn Bhd inked a share sale and purchase agreement (SSA) yesterday with Prosperspan director Chuah Peak San to buy 408,000 ordinary shares, representing the 51% equity interest in Prosperspan.

The remaining 49% stake is held by Spanway Construction Sdn Bhd.

In a filing with Bursa Malaysia, Sunsuria said the proposed share acquisition was in line with its venture into construction-related businesses.

Prosperspan holds a Construction Industry Development Board licence to undertake construction works in Malaysia.

The SSA is subject to the completion of legal, business and financial due diligence exercise on Prosperspan and approval from Sunsuria’s board.

The SSA is not expected to have any material impact on Sunsuria’s earnings or net assets for the financial year ending Sept 30, 2017.

Separately, Sunsuria executive chairman Datuk Ter Leong Yap said it was a timely opportunity to strengthen its capabilities and gain access to new business growth areas.

“Through Prosperspan, Sunsuria will now have the expertise and access to future infrastructure and development projects for the government and private sectors.

“Prosperspan will also be used to engage in future construction, engineering and similar ancillary services and activities in Malaysia,” said Ter.

In the meantime, Sunsuria will be launching projects with total gross development value in excess of RM1.55bil this year.

Read more at http://www.thestar.com.my/business/business-news/2017/04/27/sunsuria-buys-stake-in-prosperspan-to-expand-into-construction/#3ZffC9l2YIe23dLW.99

RHB Research: HLI to ride on motorcycle businesses in Vietnam, Malaysia

Thursday, 27 April 2017

PETALING JAYA: Hong Leong Industries Bhd (HLI) motorcycle businesses in Vietnam and Malaysia will continue to contribute significantly to the company’s profitability going forward backed by strong consumer demand, according to RHB Research.

“HLI continues to prosper thanks to impressive contributions from its 24%-owned associate, Yamaha Vietnam.

“Yamaha Vietnam continued to churn out strong earnings following new product offerings that enjoy better margins, helped by a stronger local economy.

“Associate contributions in the nine-month financial results ended March 31 rose 37.2% year-on-year

“The good set of results were also contributed by the gradual improvement in sales volumes while cost pass-through helped recoup margins at Yamaha Malaysia,” the research house said while maintaining a “buy” call with a target price of RM11.10 on HLI in a report yesterday.

The Yamaha motorcycle franchise in Malaysia and Vietnam contributed more than 60% of HLI’s financial year 2016 earnings and RHB Research believed there was still room for growth, given the youthful 90 million population in Vietnam.

HLI associate companies are involved in the manufacture, assembly and distribution of motorcycles, motorcycle engines and spare parts, as well as the manufacture and sale of newsprint and related paper products.

However, RHB Research noted that higher production costs at the company’s fibre cement unit and weaker performance at its ceramic tiles unit had resulted in lacklustre performance at its building materials division in the recently announced nine-month results.

“Overall, the company reported decent earnings for nine months in the financial year ending June 30, despite flat earnings at most of its local operations.

“HLI nine-month results ended March 31 were within our expectations, making up 78% of our full-year earnings estimates.

“Apart from that, HLI’s building materials unit also has room for cost improvements and higher exports due to the weaker ringgit,” it said.

Following the commendable nine-month results, HLI has declared a dividend of 45 sen per share year-to-date.

“As HLI continues to deliver impressive financial performance thanks to a superb performance at Yamaha Vietnam, and satisfactory growth recorded at most of its local operations, it has declared a second interim single-tier dividend of 20 sen and special single-tier dividend of 10 sen.

“This brings the year-to-date dividend to 45 sen per share higher than 42 sen per share in the previous corresponding period,” it said.

The generous dividend payout was in line with RHB Research estimates, and translated to a decent yield of 4.6%.

Supported by healthy growth at Yamaha Vietnam, RHB Research made no changes to its original projections.

“Key downside risks are lower-than-expected sales that may reduce HLI’s topline and bottomline, while weakness in the US dollars could dampen export sales,” it said.

Read more at http://www.thestar.com.my/business/business-news/2017/04/27/rhb-research-hli-to-ride-on-motorcycle-businesses-in-vietnam-malaysia/#j0jSXrkwpyPj4tGM.99

CIMB Research maintains Add for Syarikat Takaful Malaysia

Thursday, 27 April 2017 | MYT 8:32 AM

KUALA LUMPUR: CIMB Equities Research is maintaining its Add recommendation for Syarikat Takaful Malaysia (STM) due to the positive growth prospects in the takaful market.

It said on Thursday it was positive on STM’s move to embark on technology to market its products online, which will lead to wider market reach and cost efficiency.

“We retain our FY17-19F earnings per share (EPS) forecasts and dividend discount model-based target price of RM4.52. Also intact is our Add call, predicated on the positive prospects for the takaful market and strong return on equity (ROE) of more than 20%.

“The downside risks to our call are a drastic slowdown in premium growth due to weaker expansion in the industry and increased competition,” it said.

CIMB Research said STM held an analyst briefing on Wednesday which was hosted by group managing director Datuk Seri Mohamed Hassan Kamil.
The key highlights of the briefing were the regulatory changes in the industry and STM’s digital initiatives.

There are three new regulatory changes in the takaful market including the requirement for takaful operators to split their businesses into two entities (for general and family takaful). This would be negative for STM as it would lead to higher operating costs.

“For this, we have factored in additional costs of RM8mil in FY17F and RM5m in FY18-19F, in accordance with management’s guidance.

“Bank Negara plans to implement the detariffication by Jul 17, starting with the motor insurance (MI) (including takaful) segment. This would lead to greater price competition, but the MI rate may not necessarily drop given the thin margins for these products.

“However, there is a risk of a decline in fire insurance (FI) rates following the detariffication given the much better margins for FI products. Comparatively, the claims ratios for FI are about 40-50%, considerably lower than the 60-70% for MI,” it said.

CIMB Research noted that despite being perceived as a traditional takaful operator, STM is serious in growing its digital takaful business, management said.

It started to market motor takaful products over the Internet in November 2016 and will roll out more products online, including personal accident takaful and travel takaful in 2017-18.

“We are positive on these initiatives as they will expand STM’s market reach and lower its operating costs.

“STM had a solid total surplus of RM977.3mil as at end-Dec 16 for its takaful funds – RM742.8mil for family takaful and RM234.5mil for general takaful.

“This would help to support the future growth of its businesses and enable STM to continue to pay out the 15% no-claim cash rebate to its general takaful policyholders,” it said.

Read more at http://www.thestar.com.my/business/business-news/2017/04/27/cimb-research-maintains-add-for-syarikat-takaful-malaysia/#DZxyyXsUZmAeb4CL.99

Maybank IB maintains buy on Yinson, raises target price

Thursday, 27 April 2017 | MYT 9:59 AM

KUALA LUMPUR: Maybank Investment Bank Research has maintained its “buy” call on Yinson Holdings with a higher target price by 6% to RM4.30.

Yinson, with its partner PTSC, has secured the floating production storage and offloading (FPSO) CRD bare-boat charter (from LOI previously) worth US$1bil (10+5-year charter).

“This job will provide earnings visibility beyond FY20, adding RM45mil to RM80mil net profit per annum in FY21-30 and increase our sum-of-parts-based target price by 6% (24sen/shr) to RM4.30,” Maybank said.

It said Yinson’s valuations were undemanding vis-à-vis its long-term earnings growth prospect, cashflow strength and for its lean management.

Additionally, Yinson’s likely admission as a Shariah compliant stock come May is a major positive.

Based on Maybank’s estimate, the bare-boat charter equates to an average DCR of US$218,000 (on firm) and US$110,000 (on extension).

“We understand that Yinson has identified FPSO OSX-1 for this job. OSX-1 is a distressed, offhire asset, previously owned by OGX that operated in Brazil and is ready for re-deployment.

“On a firm charter basis, we estimate this job to add RM45mil to RM80mil per annum to Yinson’s net earnings over FY21-30 (averaging RM58m per annum.) and 24 sen per share to NPV (US$550mil capex, 80:20 debt-equity financing; 7% WACC), based on Yinson’s 49% stake,” Maybank said.

Meanwhile, the research house estimated that the market has largely priced in the impact of the recent contract termination of FPSO Lam Son.


Read more at http://www.thestar.com.my/business/business-news/2017/04/27/maybank-ib-maintains-buy-on-yinson-raises-target-price/#RCWj4TeHiu7urrwf.99

湯文亮﹕15%印花稅是黎明前黑暗

文章日期:2017年4月27日

【明報專訊】我早上起身寫稿,接近6點時候天色突然變得漆黑,我知道這叫做黎明前的黑暗,當時我正在思考CY點解在去年11月時,無端端推出15%新印花稅,令到不少打算買樓的業主打退堂鼓。當時,無論新樓二手樓的成交量都急劇下降,後來,地產商變招,推出一約多伙,將15%印花稅變成售樓動力,加上不少業界人士轉軚,令到新樓銷量轉佳,樓價飈升,政府不得不出招限制一約多伙,沒有這種動力,樓價升勢立刻放緩。

地產商就住推盤 新盤表面仍滿堂紅

雖然業界話用借人頭方法可以解決問題,事實上,用其他人名字買樓,危險性相當高,講下就可以,唔會有人做,即使兩父子都唔會,如果借人頭,倒不如將層樓送給對方,還可以換得幾聲多謝。沒有一約多伙,新樓銷售將大幅下降,不過,市場上是看不到的,因為地產商會因應市况推出新樓,我們只會睇到超額認購,一個滿堂紅的結局,事實上還有很多可供發售的樓花靜待時機,但不能夠叫那些是貨尾單位,因為還未公開發售,怎可以說是貨尾單位?

我後來發覺,政府推出15%新印花稅,作用是希望所有業主暫時唔好買樓,讓那些初次置業者上車,這個做法一定會令成交量大幅減少,這不會是地產商及物業代理所樂見,但當成交量下降,樓價升勢放緩,甚至有下跌趨勢,如果政府有把握提供足夠供應量,就可以宣布減辣,即時減或者宣布兩年之後減將會是另外一個問題。

新印花稅將發揮應有功能

至於因為15%新印花稅而令到樓市成交量下降,業界可以視為是黎明前的黑暗,大家如果希望樓市可以好似以往那樣行運,就要接受15%新印花稅,在政府堵塞了一約多伙的漏洞之後,新印花稅就會發揮應有功能,在經過一段成交量偏低的時間,倘若樓價下跌,供應量增加,政府就會撤招,樓市就會回復正常,大家就會發覺15%印花稅的確令到樓市變得黑暗,但這亦是黎明前的黑暗。

紀惠集團行政總裁

[湯文亮 敢說亮話]

http://www.mpfinance.com/fin/columnist2.php?col=1463481149913&node=1493232321338&issue=20170427

周顯﹕空置率愈低 樓巿愈危險

文章日期:2017年4月27日

【明報專訊】話說香港的空置單位一共有4.2萬,空置率是3.7%,這究竟算不算高呢?

在1997年,樓價的高峰期空置率是3.8%,對比現在還要高出一點點,而在2003年,即是SARS的最低潮,空置單位一共有68,780個,空置率達6.8%,是史上最高,但在2009年至2012年,空置率已經降至4.3%了。

只要看看以上的數字,可以得出一個結論﹕樓市泡沬,空置率愈低;樓市低迷,空置率愈高。事實上,這亦是空置率的基本理論,只要有一點點樓市基本知識的人,都應該懂得。

現時香港的空置率是史上最低,所以,這恰恰也證明了,現時的樓市泡沫,已經達到了史上最高。可笑的是,那些拿4.2萬空置單位出來大做文章的統計者,偏偏希望藉此來說明樓市沒有問題,只是囤積居奇的問題,這種說法是多麼的無知,又是多麼的可笑,但可悲的是,相信這種無知兼可笑的人們,居然還有不少。

生意淡薄 不如創作

也正是因為香港充斥着太多這種看數字而不識理論的笨蛋,作為KOL,非但無法監察,反而助紂為虐,今日的樓市才會有這個局面。

我做出品人兼編劇的電影《私人會所》暫定在今年8月中上映,現在又在談一齣講賭廳的電影,過兩天,又去傾《六指琴魔新傳》,電視劇和game,其實版權已經搞掂,只視乎我的投入程度而已……今年咁多創作job,正是生意淡薄,不如創作!不過,相信讀者最關心的還是《五胡戰史》第四集幾時出版,其實寫了一半,估計本年內可出版,但應該先出《易經密碼》和《財技密碼》修訂版。

[周顯 投資二三事]

http://www.mpfinance.com/fin/columnist2.php?col=1463481127012&node=1493232320761&issue=20170427

Wednesday, April 26, 2017

郑丁贤·JYPTR

2017-04-26 11:30

世界上没有快速致富这回事巴菲特丶比尔盖茨丶马云丶李嘉诚丶郭鹤年……等等大富豪,乃至众多不知名的中富豪,没有一个是靠快速致富起家的。

我没有28岁青年才俊的聪明,所以不会挂上JJPTR(解救普通人)的招牌,要带领大家快速致富,摆脱普通人的命运。

我只能用比较笨的脑袋,希望可以JYPTR,Jiao Yu Pu Tong Ren,教育普通人一点常识,以及一点人生态度。

第一点:世界上没有快速致富这回事巴菲特丶比尔盖茨丶马云丶李嘉诚丶郭鹤年……等等大富豪,乃至众多不知名的中富豪,没有一个是靠快速致富起家的。

即使你身边的小富豪朋友,去了解一下,又有哪一个是“快速致富”?

JYPTR说,世界不乏富人,也总有人踏上财富之路,但是,这一条路永远都是漫长和辛苦的,必须靠毅力和才智,经过无数次失败之後,才能打造成功,赚取应得的财富。

亚马逊创办人Jeff Bezos告诉大家,他之所以成功,因为他比竞争对手用更长的时间;别人只愿意投资3年,他却准备投资7年,最终是他赢了。

作为普通人,如果你以为1年,或是1个月就能致富,那是在作梦。

因为有你相信快速致富,才制造了这种年轻人,或是某位“未来世界首富”。

第二点:致富的背後,必定有实际的生产价值苹果的贾伯斯致富,是因为苹果电子产品;巴菲特致富,是懂得投资在高产值的企业;马云致富,是数字经济产业;王健林致富,是建造了无数栋的高楼大厦。

但是,年轻人告诉众多大马投资者,只要你加入我的计划,给我一笔钱,并且介绍更多的下线加入,我就让你致富。

他没有告诉你们,你和你的亲友投资的钱,是如何进行投资,而可以付给你们高过银行数十倍的利息。

JYPTR告诉大家,真相是,他不懂如何正确投资,甚至没有真正投资他拿了你的1千令吉,承诺每个月有20%回酬,下个月你带进两个人加入,各自投资1千令吉;你得到200令吉,他拿走1千800令吉。

开始时,的确有回酬,但是,一旦老鼠少了,钱不再滚钱,老鼠洞就崩溃了。

这种金钱骗局,外国人100年前玩过了,叫“庞氏骗局”,已经烂透了,你还去相信?

第三点:没有人会帮“普通人”

年轻人告诉你,你活得这麽辛苦,日做夜做,一年做足360天,还是不会致富,不如我来帮你。

不是他帮你,而是你在帮他,成就了他成为年轻富豪,或是某位“未来世界首富”。

他告诉你,他投资网络外汇市场的密码被盗用了,或是被骇客黑了,不见了5亿;大家再给他一些时间,可以重组,重振威风。

一个没有金融背景,没有外汇专业背景的年轻人,可以在外汇市场投资,还操控几亿资金?

JYPTR告诉你,金融市场的外汇交易,是全球顶尖的专业高手才能涉足的。别忘了,马哈迪年代,指示国家银行投资炒外汇,凭国行里头的精英,都亏掉了大马100亿令吉。

而年轻人可以帮你在外汇市场赚钱,让你致富?别开这种玩笑了。

能够让你致富的,只有靠你自己的努力。

第四点:JYPTR会不会骗你?

教育普通人,让大家头脑长智慧,相信常识,踏踏实实做人,乾乾净净赚钱;这才是正道,永远不会骗人。

文章来源:星洲日报/非常常识·作者:郑丁贤·《星洲日报》副执行总编辑·2017.04.26

http://www.sinchew.com.my/node/1637428/%E9%83%91%E4%B8%81%E8%B4%A4%C2%B7jyptr

曾渊沧:富足自由人的6个投资心法

2016年 03月 01日

长期为本站供稿的专栏作家曾渊沧博士在去年初出版了《富足自由人1—买股收息10S大计》,这本书在2015年商务十大畅销书榜中排名第三,可见曾渊沧博士确实是一名备受散户推崇的名师。

笔者因为工作关系,过去一年来也把这本书读了好几遍。个人觉得,这本书的主要优点在于教导大家如何对人生、财务做全盘的规划,还有要以正确的态度看待“投资”这件事。

以下是笔者认为每个投资者都应该铭记在心的6个“富足自由人投资心法”:
一、人生目标——富足自由(第26和27页)

什么是“富足自由”?用坊间的说法,就是“上岸了!”,不用做工也够钱生活了。

富足,就是靠投资取得的收入足以应付生活所需。自由,就是能自由安排时间,做自己想做的事。人生能够达到这样的境界,自然快活自在。但这一切都必须靠计划和实践才能达成。

曾渊沧博士在书中引用了《少林足球》中的一句对白:“如果人生无梦想,同条咸鱼有咩分别?”

有了达到“富足自由”的梦想,做人就有魄力,同时也会了解掌控财务的重要性。



人生不能没有梦想
二、要区分消费和投资(第39和49页)

曾渊沧博士反对女人买太多手提袋。

他说:“无论是鞋、手袋等等,我奉劝这些女士需要问问自己,买这些东西有什么用?是否认为可以吸引到男性?我认为男性通常不会留意你用什么类型、又或用多少个手袋……买这个袋或这双鞋子,对于你日后可以富足自由有没有帮助?”




你真的需要这个手提袋吗?

钱应该要花在刀口上。必须品,省不得;增进知识,增加技能,省不得;满足虚荣心、一时之快的东西,能省则省,也不可能不能省。
三、投资的资金=闲钱(第47页)

曾渊沧博士强调,用来投资的钱,必须是“闲钱”,就是丢到海中也不影响你生活的钱,本来可以花掉,但储蓄起来的钱。

唯有如此,才能确保自己的生活不会因为投资失利而受到影响,而且能够东山再起。



投资的钱,必须是丢到海中也不影响你生活的钱
四、投资不是为了多吃两餐(第68页)

要达到“富足自由”,就需要长期的规划,买卖股票不能当赌博。

有个投资名词叫“值博率”,就是以现价买入股票获利的机会高不高。

曾渊沧博士指出,投资不能靠“博”。“博”赢了,赚到点小钱,最多能多吃两餐,或吃一顿好的,但这并不能令我们富足自由。
五、细价股——用来观察市况(第80页)

曾渊沧博士说,其选股主力,基本上只有两种,就是蓝筹股,以及有潜质成为蓝筹股的股票。

但他手头上也有不少细价股(penny stock)。曾渊沧博士指出,他买入这些股票,纯粹是用来观察市况。如果这类股票突然狂升,可能就是股市见顶的讯号。

当然,要买细价股来观察市况,前提是资金要充裕。一般散户大可不必效仿。'



曾渊沧博士买细价股是为了观察市况
六、股价上涨4倍就拿回成本(第88和89页)

曾渊沧博士的其中一个减持策略,是在股价上涨了4倍后,卖出25%的股票,从而拿回成本。

比方说,买入价是1元,股价上涨至4元,就卖出25%的股票取回成本。

他指出,这么做的好处在于,拿回成本之后,基本上所持有的股票就是“零成本”了,日后无论股价升跌,投资者都可安心持有。

6只值得留意的新加坡小盘股(上)


林思杰2017年 04月 26日热门股票



笔者近来阅读了一些研究机构的报告,整理出了6只值得留意的小盘股(small-cap stock)。以下是兴业证券研究(RHB Research,以下简称“RHB”)看好的其中三只。
一、安国控股(Amara Holdings)

评级:买入;目标价:0.88元


上海新酒店开业:公司位于上海普陀区长寿路的上海安曼纳卓悦大酒店(Amara Signature Shanghai)预计会在3Q17开始营业。这座大楼共有343间豪华客房(占总楼面面积的80%),零售中心和办公楼面则分别占总楼面面积的12%和8%。RHB预计这座新酒店将为公司带来不少收入,公司的FY18收入料将提高。

获益率达6%,资产被低估:RHB认为,公司的账面上目前只反映了旗下多家酒店的成本,若重新估价,这些酒店的价值可能大幅提高。公司旗下一些酒店目前的价值比账面值来得高,如新加坡安国酒店、新加坡圣淘沙安曼纳圣殿度假酒店和上海安曼纳卓悦大酒店。

但就算不将上述因素考虑在内,公司的股价与重估净资产值比(Price/Revalued Net Asset Value)仅为0.38倍,远低于业内的0.8倍平均值。另外,股东预料可在5月或6月获得合计达0.03元的终期及特别股息,其股息获益率将达到约6%。
二、富旺朝控股(Food Empire)

评级:买入;目标价:0.76元



俄罗斯卢布回升对公司有利:在独联体国家中(包括俄罗斯、哈萨克斯坦、吉尔吉斯坦和乌克兰),公司是其中一家生产即溶咖啡粉的领先业者,它在俄罗斯占据50%的市场份额。RHB认为,卢布兑美元上涨,将有望使公司的毛利率提高。

在新兴市场拓展业务:公司目前也积极地在亚洲新兴市场拓展业务,它目前将中国列为下一个目标市场。公司的主要竞争对手旧街场(OldTown)和超级集团(Super Group)都已通过网络销售在中国建立起市场地位。公司预料也能分得一杯羹,因为其咖啡粉已在电子商务网站上获得好评。

开拓越南市场:目前,越南市场占了公司销售总额的17%。其冰咖啡粉 café PHO在越南日趋受欢迎,公司如今已是前五强业者。公司因此推出了热咖啡粉 café Me。RHB预计公司将在越南推出更多口味的冰咖啡粉,从而提高销量。
三、外滩中心投资(Bund Center Investment)

评级:买入;目标价:1.04元



获利能力佳:外滩中心投资不像其母公司金光置地(Sinarmas Land)那样受注目。公司是于2010年从母公司分拆出来,其业务为管理中国的房地产资产。

自从从母公司分拆出来后,公司的获利能力一直都不错,其酒店及办公楼的住客率及出租率都颇高。公司目前持有6,100万元的净现金,基于目前没有其他具吸引力的投资机会,公司应会派发丰厚的股息。

期待利好因素出现:RHB认为,接下来若有利好因素出现,这只股将大涨。它指出,公司一向来都采取保守的会计政策,以成本价扣除累积的折旧来计算其物业的价值,因此其股票目前以重估净资产值的70%折扣交易。

RHB表示:“过去多年来,其房地产资产的价值增加了不少,独立股价为19亿4,600万元。”以70%的折扣计算,其资产有望增值15亿元,远超其目前的市值。基于其物业的地点优越、财务状况良好且股息不错,其股票目前的估值似乎不合理。文章链接:http://cj.sharesinv.com/20170426/45979/,所有文章均为本网站原创,转载请注明来源,作者信息并保留文章链接。

Axis REIT - 1Q17 Within Expectations

Author: kiasutrader | Publish date: Wed, 26 Apr 2017, 09:12 AM

1Q17 realised net income (RNI) of RM22.8m met both consensus and our expectations at 23% and 22%, respectively. 1Q17 GDPU of 2.15 sen is also within expectation (at 23%). We make no changes to FY17-18E earnings of RM103-108m. Maintain MARKET PERFORM but increase TP to RM1.66 (from RM1.58), on a +1.70ppt yield spread to our 10-year MGS target of 4.20%.

1Q17 realised net income (RNI) of RM22.8m came in within both consensus and our expectations at 23% and 22%, respectively. First interim distribution of 2.15 sen was declared (which includes a 0.11 sen non-taxable portion). This is also within our expectations; making up 23% of our FY17E GDPU of 9.3 sen. Note that 1Q17 dividend distribution includes 0.05 sen gains on disposal from Axis Eureka, while the remaining gains on distribution (0.07 sen) will be distributed in 2nd interim distribution, which we have already accounted for in our FY17E numbers.

Results Highlights. YoY-Ytd, 1Q17 RNI was up by 2.9% driven by positive top-line growth (+3.5%) from; (i) positive rental reversion of 5.8%, and (ii) contribution from Scomi Facility Rawang (acquired in Aug 2016), while higher financing cost (+5.1%) for financing of new acquisition (i.e. Scomi Facility Rawang), weighed down bottom-line growth. QoQ, RNI was down by 1.9% on the back of flattish top-line (0.2%), while higher expenditure (+7.6%), arising from a slightly higher administrative expense, dragged down net profit.

Outlook. AXREIT is finalising the completion of the acquisition of its industrial facility located at Pasir Gudang, Johor (RM33m) which we have previously accounted for in our FY17 estimates. Meanwhile, development at Axis PDI phase 1 already started in Dec 2016 which we expect to accrete positively to earnings in FY18. AXREIT also accepted a Letter of Offer (LO) to acquire an industrial facility in Kuantan, Pahang (on 2 Feb-17) for RM155m, and an industrial facility in Iskandar Puteri, Johor (on 7 Apr 2017) for RM50m. As asset details are still scarce and pending the SPA announcement, we make no changes to our earnings estimates. However, we believe AXREIT will likely require proceeds from a placement to fund these acquisitions as the current gearing of 0.34x is close to its internal gearing limit of 0.35x (refer overleaf). Note that we make no changes to FY17-18E earnings of RM103.2-108.1m.

Maintain MARKET PERFORM but increase TP to RM1.66 post rolling forward our valuations to FY18E GDPU of 9.8 sen (from 9.3 sen) on an unchanged +1.70ppt yield spread to our 10-year MGS target of 4.20%, we increase our TP to RM1.66 (from RM1.58). Our MARKET PERFORM call is premised on our neutral outlook for AXREIT due to the lack of convincing near-term catalysts while most downsides have been accounted for. Additionally, AXREIT lacks strong DPU accretive catalysts in the near term as recent acquisitions and disposals have mostly been neutral-to-mildly positive to DPU (<5%). However, being highly institutionalized and one of the few Shariah-compliant MREITs, we believe this will help to offer some downside risk protection.

Risks to our call include: (i) bond yield expansion vs. our target 10- year MGS yield, and (ii) weakening rental income.

Source: Kenanga Research - 26 Apr 2017

发红股几率提高/陈金阙

Author: Tan KW | Publish date: Tue, 25 Apr 2017, 11:58 PM


玉楼金阙●陈金阙

上期说的零面值时代(zero par value),投资者或小股东第一个面对的问题,是难以直接算出股票数额。

要知道股票面值,我们一般上采用的是固定数字。什么是固定数字?这里指的是缴足资本(paid up capital),这是固定的;还有面值,也是固定的。要知道股票面值,把两个定数相除,即得股票数额。

不过,还有另一个方法,也可以让我们算出股票数额。那是用两个变数:公司市值(market capital)和股价。

我们知道,公司市值是把股价乘以股票数额,所以,股票数额 = 公司市值 / 股价。

由于股价是一个变数,在交易时间一直在变动,因此市值也跟着股价变化,所以,要用这两个变数来算出股票数额,并不容易,唯一的方法是当股价不再变动,即股市没有交易的时候。

公司股东基金改变

市值一般上可以从各股票行的网上交易平台里的公司信息(company info)里找到。

好,说完如何找出公司股票数额的方法,我们来看看零面值对公司股票带来的其他影响。

在零面值的情况之下,公司的股东基金将做出一些改变,其中,注册资本(authorised capital)、股票溢价户头(Share premium account)和公司储备户头(capital reserves account),将被取消。

所有公司有24个月的时间,处理股票溢价户头和公司储备户头,在这以后,这些数额将被并入公司资本(share capital)。那么,这两个户头额数额可以拿来做什么?

它们可以用来发行红股,或者作为以股代息的股票(dividend in specie),或者拿来注销公司的累积亏损。

一般上,股票溢价和公司储备只是账目上的价值,并非现金。公司有没有能力派现金股息或者回退现金资本,完全观乎公司里的现金储蓄和盈余。

以往有一些公司会进行削资,跟着借贷一笔钱,把资本当现金回退,不过,这类举债派现金的情形并不多见。

所以,我们比较可以预见的是,在未来两年里面,公司发行红股的或然率会大大增加。

这点在最近两个月已经感受到了,一些例子如多美包装(TOMYPAK)的4送1红股、耐慕志(DAIBOCHI)的10送2红股、SEG国际的7送5红股等,就是如此。预料,未来会越来越多公司充分利用这个机会来大派红股。

分拆股票料更盛行

此外,也有许多公司采取另一种方式,即股票分拆,来迎接未来的无面值时代。

虽然股票分拆在之前也很盛行,不过,进入混沌时代,分拆股票会更加盛行;许多股东还不了解无面值的奥妙之处,往往不及资本管理专家的老谋深算、深谋远虑,一不小心,可能堕入资本管理的陷阱而不自知。

下期我们来看看红股和股票分拆的不同之处。

(待续)



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Globetronics - Sales Recovery To Be Seen From 2Q17 Onwards

Author:   |    Publish date: 


INVESTMENT HIGHLIGHTS

  • 1Q17 normalised earnings negatively impacted by significantly lower demand from customers
  • Expecting healthier volume loadings from 2Q17 onwards
  • FY16 dividend better than expected
  • Maintain NEUTRAL with a revised target price of RM5.32 per share based on DDM valuation methodology
Seasonally weak 1Q earnings. Globetronics Technology Berhad (GTB) reported 1Q17 earnings of RM4.7m. After excluding unrealised loss on foreign exchange amounting to RM0.2m, 4Q16 normalised earnings came in at RM4.9m, a reduction of -29.8%yoy. The decline in earnings was mainly attributable to lower revenue recorded in the review period as a result of reduction in end customers’ demand.
Within our expectation. The 1Q17 normalised earnings account for 12.0% and 8.1% of ours and consensus’ earnings estimates respectively. Despite the subdued quarterly performance, this came in within our expectation as we expect much stronger volume loading in 2Q17 and 3Q17, which will significantly boost the group’s topline contribution.
Revenue. GTB‘s 1Q17 revenue declined by -15.2%yoy to RM49.8m. This was mainly due to a -58.2%yoy decreased in revenue contributions from Singapore. Fortunately, this was partially supported by higher revenue contribution from Malaysia (+10.6%yoy).
Impact. We maintain our FY17 earnings estimate at this juncture. However, we raised our FY18 earnings estimate by +9.0% as we are assuming a higher revenue contribution from the sensor division.
Dividend. For FY16, the group has declared a total dividend of 23sen per share which is above our expectation of 21sen per share. In view of this, we are raising both FY17 and FY18 dividend estimates to 23sen per share.
Target price. We roll forward our valuation base year to FY18 and derived a new target price of RM5.32 per share (previously RM4.65 per share) based on DDM valuation methodology
Maintain NEUTRAL. We are rather perturbed with the soft volume loading of GTB products since 2016. Moreover, we reckon that the mass production of new sensors components could only be seen by 2Q17 to cater for new smartphone launches in 3Q17. Nonetheless, we view that the stock has an attractive dividend yield of at least 4%. All factors considered, we are maintaining our NEUTRAL recommendation on GTB.
Source: MIDF Research - 26 Apr 2017

Pantech Group Holdings - Recovery Expected in FY18

Author:   |    Publish date: 


Review

  • Pantech’s FY17 core net profit of RM30.7mn (-15.3% YoY) was above our expectations and consensus’, accounting for 111% and 106% of full-year estimates respectively.
  • The better-than-expected earnings was due to higher-than-expected contributions from the trading division as demand from RAPID increased in 4QFY17. Revenue and operating profit from the trading division registered QoQ increase of 67.6% and >100% respectively. Also, note that profit in 4Q constitutes 37% of the group’s total net profit.
  • FY17 revenue decreased by 6.6% YoY as demand for Pantech’s products in 9M17 remained weak. Similarly, core net profit fell by 15.3% as margins were squeezed due to competitive pricing and reduced demand.
  • Going forward, we expect Pantech’s earnings to recover significantly as we see a pick-up in demand for its products.
  • To recap, management shared that its stainless-steel plant is working at full capacity, and have secured orders until mid-CY17. The group will be purchasing 4 new machines worth RM6mn-7mn for its stainless-steel plant. The expansion would increase capacity by 20%, and is expected to be completed in July this year.
  • Utilisation rate for Pantech’s Nautic steel plant remained flat at 60%. On the other hand, its carbon steel plant was fully utilised as demand for its products exceeded expectations.
  • Pantech proposed a final single tier dividend of 0.5 sen in 4QFY17, which brings FY17 payout to 1.8 sen. This implies 43% payout ratio (FY16: 2.7 sen, 53%).

Impact

  • We factor in higher utilisation rates for the carbon steel plant. Furthermore, we increase capacity for its stainless-steel plant, in-line with its expansion plan. Additionally, we include FY17 figures into our model. Thus, we increase our earnings forecasts for FY18/19 by 15.8%/16.0%.
  • We also introduce FY20 earnings of RM46.0mn, which implies a 10.4% growth as a result of the recovery in the oil and gas business.

Outlook

  • We expect the group’s earnings to recover in FY18 as: 1) more RAPID orders flow-in, 2) higher ASPs, as demand increases, and 3) capacity expansion and improved plant utilisation rates. That said, given the current environment, we do not discount the possibility of intense earnings volatility.
  • Moreover, its large cash pile (RM91.6mn), coupled with robust operating cash flow (circa RM25mn per quarter) enables Pantech to maintain dividend payouts.

Valuation

  • As a result of the more positive outlook, which include expansion plans and increased trading volume from RAPID, we increase our P/B multiple to 0.9x (previous: 0.7x). In addition, we roll forward our valuation base year to CY18. Following this, our TP is raised higher to RM0.69 (previous: RM0.52) based on 0.9x CY18 P/B. Maintain Buy.
Source: TA Research - 26 Apr 2017

產量回升推高赚幅种 植股首季料创佳绩

2017年04月25日




(吉隆坡25日讯)隨著2017年首季的棕油產量按年回升,分析员预计,种植公司按年將取得较好的业绩表现,而棕油供应增加將提高炼油厂的使用率和赚幅。

大华继显分析员表示,由于棕油產量偏低,第1季向来是种植股的淡季。种植公司按季料交出疲弱的业绩表现,主因是虽然首季的棕油价稍微走高,但棕油產量和棕油价格皆下滑。

不过,该分析员认为,在砂拉越有种植地的公司如砂拉越油棕(SOP,5126)、TH种植(THPLANT,5112)和砂拉越种植(SWKPLNT,5135),预计会比同行取得更好的业绩表现,因为它们的棕油產量按季料持平,与其他同行的双位数跌幅形成鲜明对比。

「至於那些在沙巴有较多种植地的公司,由于棕油產量反弹速度缓慢,这些公司可能录得疲弱业绩。纵观大马各州,沙巴在2014、2015和2016年均受乾旱天气影响,因此鲜果串收成期比其他地区长。」

上半年棕油价稳定

无论如何,分析员指出,基于2015年严重的乾旱天气致使2016年第1季的评比基础较低,所有种植公司的棕油產量按年料上涨。

「更何况,棕油价格按年起了30%,大部份沙巴种植公司的產量按年比同行高,涨幅介于7.2%至44.3%。不过,沙巴的今年首季棕油总產量还未反弹至2015年同期的水平。」

同时,分析员也说,即使棕油產量可能在第2季逐步上扬,库存短缺的情况或持续至今年7月。因此,上半年的棕油价格料保持在每公吨2500令吉至2900令吉。

他补充,棕油价格今年上半年料保持稳定,当棕油產量和库存回升的时候,棕油价格下半年料开始疲弱。2017年和2018年的棕油平均价分別是每公吨2600令吉和2500令吉。

首选锦隆资源

大华继显维持种植领域「增持」评级,其首选股是锦隆资源(KMLOONG,5027)。年初至今,该公司股价扬升10.57%,至3.76令吉,涨幅超越同行。锦隆资源受看好的原因有3个:一、鲜果串產量回升;二、炼油厂取得不俗的赚幅;三,附加產品带来额外收入。

负利率. 更要让钱替你工作

2017-04-25 14:51

对于还没准备好储备金的人,首要任务就是先存好足够应付6个月生活费的储备金。存好储备金后,就可以想下一步要怎样让你的钱更有效的增值。

把太多的钱存在银行,而又没有计划要动用去置产或其他用途的话,钱也就处于休眠状态,没有在努力为你工作。

举个例子,把10万令吉放在定期存款10年,每年利息3.5%,10年后利息加上本金是141,060令吉,假设这10年的通货膨胀率平均每年4%,就如上篇说到的,存款数目的确增加了,但实际购买力其实已经下跌,10年后141,060令吉的实际购买力其实相等于当年的95,295令吉,和10万令吉本金比较,实际上是亏损的。

通货膨胀越高的话,钱也就缩水得越快。

那要怎样让钱工作呢?答案就是投资,一听到投资,没有经验的人大多数都会感到害怕或是抱持着怀疑的态度,怕是遇到老千,因为现在的投资骗局真的太多。那要怎样分辨投资的真假呢?

确保投资项目合法

首先,先要确定其合法性,看该项投资是不是受到大马证券监督委员会(Securities Commission)或国家银行的认可。

在我国,如果要从事资本市场的活动,比如发行股票、债券或基金管理等活动,都需要经过证监会批准。再来就是回报率,如果承诺一年回酬有超过15%,而且又有保证的,那就要格外小心,投资都是有风险,能保证高回酬低风险的基本都是骗局。

投资在合法的产品,消费者是受到相关法令保障的,而且产品在推出市场前,产品内容必须被有关当局批准才能推出市场,这也多了一层保护。

新手适合投资基金

对于没有投资经验或担心风险的读者们,可从单位信托开始,单位信托也称为基金。如果你手上有1千令吉,想要投资在股票市场,由于资本小,可能只能投资一间公司的股票,风险也就局限在这只股票上。

基金的做法是,集合投资者的钱,由于资本较大,能投资在不同的股票上,风险也就降低了。基金很适合没有投资经验、资本少和不想去烦恼太多的人。

风险方面,选择从低风险的货币市场基金(money market fund)、债券基金、平衡基金到高风险的基金都有,看你如何去做资产配置,视不同投资者的需求和风险承受度而异。

投资需要时间和耐心,切勿操之过急,复利的威力需要通过长时间才能够完全发挥。

举个例子,把1万令吉存在3.5%的定期存款户口,为期30年,30年后利息加上本金为28,068令吉;如果把相同的1万令吉投资在平均8%年回酬的基金,30年后的投资将值100,626另吉,和28,068令吉相比,多了72,558令吉。

爱因斯坦说过复利是地球上的第八大奇迹,说明了复利的威力,时间等于金钱就是这么回事。

综合通运进军太阳能发电.放眼每年贡献1000万

2017-04-25 17:09

(吉隆坡25日讯)物流公司综合通运(ILB,5614,主板贸服组)放眼太阳能发电业务每年贡献1000万令吉营业额,今年料有望贡献15至20%盈利。

执行董事兼首席执行员郑传森在股东大会及特大后表示,太阳能业务可每年贡献1000万令吉营业额。

“推动该业务成长料需5年时间,因太阳能发电为政府高度管制领域,过程较长,预计1兆瓦太阳能发电厂投运后,料贡献15%盈利,若纳入10兆瓦新发电贡献,盈利料可增至20%。”

该公司位于槟岛Sg Dua的首个太阳能发电厂已通过商业运作测试(COD),预计6个月后(2017年第二季)开始进账。

第二个位于吉打黑木山的10兆瓦太阳能发电厂已获当局批准,计划如期推行,预计年杪(11月/12月初)可初始投运(IOD),2018年1月完成,成为国内大型太阳能发电领域最早投运的业者。

未来再注资1亿至2亿

随着股东于特大批准该公司多元化业务至太阳能发电领域,郑传森预计,继投入1亿1000万令吉后,未来将再投入1亿至2亿令吉资金于该业务。

“我们的太阳能发电业务不会止于现有的两项发电厂计划,目前还在探讨其他机会,包括收购土地建太阳能发电厂。若有新计划获批,将再投入新资金,但融资方式还需在董事会探讨。”

早前,该公司脱售两项中国物流资产套现,用于购买太阳能发电厂土地,导致中国业务贡献收窄。

不再售中国资产

对于未来会不会继续脱售中国资产发展太阳能业务,郑传森大派定心丸,表示不会再脱售中国资产,反而会继续拓展中国物流业务。“中国物流仓库已全面使用,打算拓展却面对土地资源匮乏的状况。有鉴于此,我们已向当局申请,在同一个工业区拓展仓库。”

至于迪拜物流业务,他说该业务虽然在过去几年因原油价下滑受影响,但在2020年迪拜世博会效应带动下,仓库使用率已改善,目前使用率为50%。

“有信心在2020年迪拜世博会推动下,迪拜仓库可达到100%使用率。”

目前该公司主要营业额贡献来自中国物流业务。根据2016年年报区域资料,中国业务贡献2113万3158令吉,占2016财政年营业额97.6%。

文章来源:星洲日报‧财经‧2017.04.25

7-11控股2配1发凭单

2017-04-26 09:24

(吉隆坡25日讯)7-11控股(SEM,5250,主板贸服组)宣布,以2配1比例发售凭单,估计最多可筹得6166万9000令吉,主要充当公司营运资本用途。

该公司文告指出,该公司以2配1比例,发售最多6亿1669万2500单位凭单,每单位发售价定为10仙。

文告指出,作为参考用途,每凭单执行转换价为1令吉,凭单的理论合理价值约为73仙,使每单位售价10仙的凭单,取得理论合理价折扣86%,相信足以吸引股东认购。

截至2017年4月18日为止,该公司股本为11亿1038万5000股(不包括1亿2300万股的库存股),若是库存股全部在凭单计划享有权之前,在市场重新脱售,今次的凭单计划将发售最多6亿1669万2500单位。

文告指出,若是完成上述凭单计划及全面获得转换为母股,该公司的最高扩大资本将达到18亿5007万7500股的股票。

该计划料在今年第三季完成。

文章来源:星洲日报‧财经‧2017.04.26

今年大涨43%.泛亚有望更上层楼

2017-04-26 09:29

(吉隆坡25日讯)今年至今飙涨43%的泛亚物流(TASCO,5140,主板贸服组),在收购冷藏和仓库业务后,赚幅有望提高,进一步推动盈利成长,分析员继续看好公司未来业务展望。

泛亚物流由年初1令吉50仙开始走扬,在3月杪一度涨至最高的2令吉28仙,飙升78仙或52%,近期涨幅收窄。

兴业认为,泛亚物流能够在收购Gold冷藏运输公司及大马贸易看俏下获益,因此上调2017至2018财政年财测6至34%,并上修评级至“买入”,目标价由2令吉10仙调高到2令吉65仙。

兴业指出,泛亚物流收购Gold冷藏运输公司及西港土地作为仓库之用,可以专注在冷藏物流业务,而不受电商竞争激烈所波及。

兴业表示,尽管该公司必须向银行贷款,作为收购资金,而导致2018财政年净负债率增加至74%,惟在冷藏物流增长潜能带动下,未来2年净利复合年均增长率可以录得28%。



文章来源:星洲日报‧财经‧2017.04.26

Aeon Credit profit up due to stronger revenue and other incomes

Wednesday, 26 April 2017

In a filing with Bursa Malaysia, the non-bank lender announced that its top line for 4Q17 increased significantly by 12.6% to RM290.84mil, compared to RM258.29mil a year earlier.

PETALING JAYA: Stronger performance of revenue and other operating incomes led Aeon Credit Service (M) Bhd to post a 17.5% higher net profit year-on-year (yoy) of RM80.05mil for the final quarter of financial year 2017 (4Q17) ended Feb 28.

In a filing with Bursa Malaysia, the non-bank lender announced that its top line for 4Q17 increased significantly by 12.6% to RM290.84mil, compared to RM258.29mil a year earlier.

Aeon Credit’s other operating income, which surged by almost 60%, was RM39.24mil for the fourth quarter and comprised mainly bad debts recovered, commission income from sale of insurance products and Aeon Big loyalty programme processing fees.

Moving forward, the company was optimistic of registering positive performance in FY18 amid the challenging business environment.

“Domestic demand will be the key driver for Malaysia’s growth and household spending is likely to be supported by growth in income and employment.

“On our part, we expect to be able to maintain our financial performance for the year ending Feb 28, 2018 based on the scheduled implementation of our business plan,” said Aeon Credit in the filing.

As for the entire FY17, the non-bank lender also registered a higher net profit, which grew by 16.1% yoy to RM265.03mil.

Aeon Credit’s FY17 revenue rose by 14.2% to RM1.1bil compared with RM965.23mil in the preceding corresponding period.

In 4Q17, a final single-tier dividend of 32.5 sen has been recommended, bringing the total dividend declared for the entire FY17 to 63 sen.

Read more at http://www.thestar.com.my/business/business-news/2017/04/26/aeon-credit-profit-up-due-to-stronger-revenue-and-other-incomes/#4gKGuWRdHLQ3pm7d.99

Unisem Q1 results ahead of expectations

Wednesday, 26 April 2017 | MYT 9:15 AM

KUALA LUMPUR: Unisem (M) Bhd’s latest financial results have come in slightly ahead of CIMB Research’s expectations.

The research house said Unisem’s 1Q17’s core net profit was “slightly ahead” of the house and consensus expectations at 28% and 27% respectively of FY17 forecasts due to higher-than expected utilisation and average selling price (ASP).

“1Q17 core net profit was slightly ahead of our /consensus expectations at 28%/27% of FY17 forecasts due to higher-than-expected utilisation and average selling price,” CIMB said.

The research house said Unisem’s core net profit in 1Q17 rose 33% year-on-year due to higher utilisation and ASP from forex movements, but fell 11% quarter-on-quarter due to the strengthening of the ringgit against US dollar.

“Management is guiding for 5% sequential revenue growth in 2Q17, driven by robust sales momentum in 1Q17 and new business for the wafer-bumping and WLCSP lines in Chengdu, China.

“This is on the back of new design wins for newer smartphone models that are scheduled for launch in 2H17,” CIMB said.

It added that Unisem spent RM71.2mil capex in 1Q17 (RM48.9mil in 1Q16) to buy new equipment such as flip-chip bonders, bumping and wafer level equipment and test probers to support the new business in China.

CIMB has raised its FY17-19F earnings per share by 4-9% to account for higher utilisation, driven by growing demand from A&I and favourable forex movements.

“We maintain our ‘hold’ rating on the stock with a higher RM3.40 target price, based on a
higher 14x CY18 P/E, in line with the sector mean in view of an improving industry demand outlook.

“Potential catalysts are a higher dividend payout and stronger earnings from A&I, while downside risks are lower payout and weaker earnings from the communication segment,” CIMB said.

Read more at http://www.thestar.com.my/business/business-news/2017/04/26/unisem-q1-results-ahead-of-expectations/#tYsQE8EePSqF0g1o.99

湯文亮:埋單的藝術

文章日期:2017年4月26日

【明報專訊】兩男女去食烤肉爭埋單,傳媒最初沒有考究便作出報道話男士要求AA制,女士唔肯,於是大打出手,有老友問我誰是誰非,或者兩個都有不是之處,我話是男士不對,兩個人去食飯,根本不會用AA制,三個人以上才會用平均數,AA是All Average簡寫,兩個人就各自付款,但這是限於食西餐,食中餐或者烤肉,如果男方提出AA制,即是攞女方着數,所以,我話男方唔啱。

約食飯的人埋單是潛規則

烤肉店老闆隔洋解畫,原來男方爭埋單,女方話AA制,但男方唔肯收,於是大打出手,如果事情真的如老闆所講,我覺得是女方唔啱,唔想領對方人情,要AA制就要付一半,但事情未必如此,老闆只是打圓場,但搞到咁樣,主要是雙方不懂得埋單的藝術。

老友知我自小埋單埋到大,多少懂得一些埋單藝術,可不可以讓大家分享,我話當然可以,如果叫人去食飯,除非是講明由對方請客,否則,一定由提議的人埋單,千祈唔好在叫了埋單之後行開,這會惹人誤會,最好就是叫等客人行開或者去洗手間時埋單,埋了單對方都唔知,更加唔好在客人面前check單,令到客人很尷尬。

傾不成生意更要爭埋單

請客不是救世主,千祈唔好畀客人有嗟來之食感覺,請客是要多謝客人願意花寶貴時間,晚餐事小,時間事大,如果請客請得唔舒服或者覺得肉赤,就千祈唔好請,免得大家都食得不開心。如果知道不是自己埋單,就千祈唔好揸主意點菜或者開酒,如果請客的人堅持,就要點一些比較普通的菜或酒,這點要切記。

生意上的埋單更加要睇形勢,我早已對同事說,如果知道生意不成,一定要爭埋單,否則,做唔成生意就會給對方講閒話,如果知道生意十拿九穩,可以讓對方埋單,事成之後再回請對方。

老友話埋單都有咁多藝術,唔知真定假,老友唔知道,我九成學分都是埋單得到,唔識埋單,我未必畢到業。

紀惠集團行政總裁

[湯文亮 敢說亮話]

http://www.mpfinance.com/fin/columnist2.php?col=1463481149913&node=1493145734712&issue=20170426

Tuesday, April 25, 2017

Is Paramount Corporation Berhad a Good Buy with a 9.6x P/E and 5% dividend yield?

Author: James Yeo | Publish date: Tue, 25 Apr 2017, 10:33 PM

Paramount Corporation (KLSE:PARAMON) had recently turned in excellent quarterly and full-year results for the financial year ended 2016.

Net profit almost doubled from RM16.5 million to RM31.9 million, on the back of a 21.4 percent revenue growth from RM148.1 million to RM179.7 million. The remarkable achievements can be attributed to higher contributions from both its property and education divisions.

Paramount Property has seen strong sales momentum across most of its developments, with revenue climbing by 28 percent to RM140.6 million while profit before tax (PBT) jumped 62 percent to RM29.9 million.

Meanwhile, revenue and PBT for Paramount Education rose 3 percent and 118 percent respectively. We made further study into this company to see if it is a worthy portfolio-stock.
Paramount’s Biz Profile

Paramount first started out under the name Malaysia Rice Industries when it was incorporated in 1969.

It was principally involved in the business of rice milling before restructuring itself into a property development company after acquiring a real estate company before it evolved into one of Malaysia’s oldest property developers today.

On the other hand, the group’s education division has its beginnings in the early 80’s at a time when spaces in Malaysia’s public universities were limited. Hence, Kolej Damansara Utama (later known as KDU College) was established to cater to young Malaysians who wished to pursue tertiary education locally.

Today, property and education formed the two main segments of Paramount’s core business, under the Paramount Property and Paramount Education brands. According to the group’s latest report, the former contributed around 62.5% of FY16 revenue while the latter 22.7% respectively.
Financial Highlights

Paramount has managed to post modest growth in its top and bottom line steadily over the years. From FY12 to FY16, the group’s revenue expanded from RM450 million to RM573.1 million, growing at a compounded annual growth rate (CAGR) of 6.2% . Similarly, its PBT also rose in tandem from RM76.2 million to RM112.5 million at a CAGR of 10.2%.

Apart from the consistent profitability, Paramount also maintained a healthy balance sheet.

As of 31 December 2016, its debt-to-equity ratio stood at a comfortable 0.8 times, while interest coverage ratio is robust at 18.1 times.




Source: Company’s Annual Reports
Ambitious Expansion

In January this year, Paramount announced that it had acquired a 66 percent controlling stake in K-12 education group, REAL Education Group, from Character First at a cash consideration of RM183 million.

The investment allows Paramount to penetrate into the kindergarden, primary and secondary education segments, thereby accelerating the group’s growth plans to establish itself as one of the largest full-spectrum education services providers in Malaysia.

On the property front, Paramount’s results are going to be underpinned by the variety of its portfolio, ranging from affordably-priced properties to innovatively conceptualised developments.

Some of the highlights include Utropolis Glenmarie’s and Utropolis Batu Kawan’s innovative university metropolis concept.

Moreover, projects in the pipeline that will be launched in 2017 include Section 13 in Petaling Jaya with senior living concepts, as well Sekitar26 Enterprise, both of which will further complement the group’s current product portfolio.
Valuation

Paramount’s share price has climbed up from RM1.38 from 3 January 2017 to RM1.66 as of 28 February 2017, giving its shareholders a year-to-date return of 20.3 percent in less than two months.

At current market price, its shares are valued at a price-to-earnings ratio of 9.6 times and price-to-book ratio of 0.8 times respectively. These put the group in a slightly more attractive position in terms of valuation as compared to the other Malaysian developers.



Moreover, Paramount’s management has proposed a final dividend of RM0.06. Together with the interim dividend of RM0.025 announced earlier, the total dividend payout for FY16 amounts to RM0.085 per share. This is equivalent to a pretty decent dividend yield of around 5.1 percent per annum for income investors.

This article first appeared on Sharesinv.com.

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Mudajaya Group Berhad - Will emerge as best share of 2017

Author: ProfessorNeil | Publish date: Mon, 24 Apr 2017, 10:18 PM

Mudajaya Group Berhad, a well known construction and power stock had suffered tremendous non-cash losses in the past three quarters owing to non-cash depreciation and borrowing costs expensed to profit or loss.

Many investors had shunned this counter due to countless uncertainties involved. Recently, the counter had a string of positive news that propelled the share price up from RM0.70 to RM1.10. Question remains, does this rally has legs?

Let us assess the uncertainties factored in the share price and how has the uncertainties been addressed in recent days:

Uncertainties

1. Mudajaya's India coal-fired power plant, located in suburban area of Uttar Pradesh, has failed to live up to the management's promise year over year due to delays.

2. Declining orderbook (until December 2016) had cause a over-sell down of the share, since early 2016.

3. Increased financial losses

How are the uncertainties addressed?

1. The main reason for the continued delays and financial losses was due to difficulties in dealing with Uttar Pradesh Power Corporation government officials (Due to government officials being corrupted). RKM Powergen could not start firing the power plant due to corruption required to be given to government officials, in which Mudajaya refused.

Until recently, Uttar Pradesh had an election in which CM Yogi Adityanath pledged to provide 24 hours power supply to Uttar Pradesh area. This was one of Yogi's main manefesto and he has succeeded in delivering his promise. He has since vowed to clean up corrupted officials in Uttar Pradesh Power Corporation. This had lead to RKM Powergen being able to start firing its coal-fired power plant recently.

Perform a Google search on Uttar Pradesh Power or Yogi Adityanath and you will see how the recently elected CM Yogi Adiyanatah has pledged to revive the power industry in Uttar Pradesh.

2. Declining orderbook until December 2016 and continued non-cash financial losses has led to investors shunning the share. RAM Rating had downgraded the loan of the company due to this matter.

However, the company had recently, in quick succession, won contracts worth a total of RM2billion, which propelled its orderbook to a high of RM2.5billion. The company also has an outstanding tenderbook of between RM3bil to RM5bil.

Mudajaya had also successfully refinanced its loan and debts. The ability of the company being able to refinance its debt prove that the financing bank has confidence in the ability in Mudajaya to repay the loan and debts.

3. As Mudajaya can no longer capitalise depreciation and borrowing costs from from RKM Powergen's unit 1 and unit 2 power plant, these expenses have been expensed to profit and loss, as non cash expenses.

These non cash expenses will reduce the company's retained earnings, thus the ability of the company to pay out future dividends.

However, as unit 1 of RKM Powergen has commenced sales, only unit 2's depreciation and borrowing cost will be expensed to profit and loss from the second quarter of 2017 onwards.

What is the outlook of Mudajaya and where does the company go from here on?

With the newly elected ironfirst CM Yogi (Comrade and loyal party chief of India's Prime Minister - Narenda Modi) in power in Uttar Pradesh, Mudajaya's outlook is very bright and promising, as the company no longer need to suffer from the pains of corrupt power officials in Uttar Pradesh.

The company has also recently mandate a share-buy-back of its own company shares. A close check on Mudajaya's share-buy-back history shows that the company always commence this mandate prior to the company's share price rally.

Despite that, the first quarter 2017 will continue to show financial losses as RKM powergen's sales only started in April 2017.

Thereafter, Mudajaya will start to record profits.

A simple calculation of a conservative earnings for 2017 of RM140million with a PriceEarnings ratio of 12, the company is worth a conservative RM3.12.

Foreign investment bank analysts had already started coverage with Buy calls with target price range between RM2.30 to RM2.81 (Despite local investment banks issuing Sell calls).

Thereafter, profits will continue to increase in 2018 due to fully operational India power plant, thanks to the newly elected ironfist Uttar Pradesh CM, Yogi Adityanah, who prioritise power supply in suburban region of Uttar Pradesh in his manefesto over all other issues in Uttar Pradesh.

Plantation to offset decline in Ta Ann timber earnings

Tuesday, 25 April 2017 | MYT 9:30 AM

KUALA LUMPUR: Affin Hwang Capital Research expects Ta Ann Holdings Bhd’s 2017 timber earnings to be weaker yoy mainly due to lower log production.

However, the research house said this could be offset by higher plantation earnings on increased fresh fruit bunches (FFB) and crude palm oil (CPO) production.

“We believe timber earnings will be lower yoy, but this should be offset by increased plantation earnings. We estimate 2017 group net profit of RM137.5mil (2016 net profit: RM121.6mil),” Affin said.

The research house said in 2M17, Ta Ann’s log production was down 18.6% year-on-year to 51,854m3 .

“We expect production to continue to slow in 2017-19, partly due to a combination of Ta Ann’s timber concession licenses, the ruling in Sarawak that requires log diameters to be at least 45cm to be felled, more stringent environmental safeguards, as well as diminishing natural forest resources,” Affin said.

In 2M17, Ta Ann’s FFB production rose by 25.1% year-on-year to 98,721 MT and CPO production rose by 40.2% year-on-year to 29,750 MT.

“After accounting for lower log production estimates and a higher cost of production, partially offset by higher FFB and CPO production in 2017- 19E, we lower our core earnings per share forecasts by 3-11%m” Affin said.

“In tandem with our earnings revisions for 2017-19E, we lower our SOTP derived target price to RM4.79 from RM5.13.

“We value Ta Ann based on 8 times our 2017E EPS for its timber division (reduced from 10x due to the overall downtrend in timber sector), 15x for its plantation division and 1x BV for its forest plantation,” it said.

Affin added that with an upside potential of 26.4%, it has maintained its “buy” rating.

“We continue to like Ta Ann for its plantation earnings prospects given the increasing matured estates as well as expected higher FFB and CPO production,” it added.

Read more at http://www.thestar.com.my/business/business-news/2017/04/25/plantation-to-offset-decline-in-ta-ann-timber-earnings/#SjMXK2s1dglVZ1pb.99

马云看2017经济形势——谈特朗普,谈新型全球化 [完整版]

Published on 24 Feb 2017

1月25日,浙商总会年度工作会议在杭州G20峰会会场召开。会上,马云会长与全球600多名浙商代表分享2017年经济形势。

在他看来,无论何时,浙商都需要有“四个坚持”,即坚持理想主义、坚持乐观主义、坚持学习、坚持自重自尊和自强。马云表示,坚持这四个坚持,我们才有明天。

[转贴] 【JJPTR陷困】 被列警示名單加速出事 無新資金發舊會員利息

Author: Tan KW | Publish date: Mon, 24 Apr 2017, 10:42 PM

2017-04-23 18:33

(八打靈再也23日訊)JJPTR(JJ Poor To Rich,JJ窮至富)為何會出事?

據一名熟悉“金錢遊戲”內幕的匿名者表示,他認為JJPTR會出事本是預料中事,而其中一個加速其出事的因素,可能就是在今年2月被國家銀行列入警示名單(Alert List),因此導致從那時候開始就越來越少新會員加入,從而造成它沒有足夠的資金發利息給舊會員,久而久之自然就會頂不順,所以最後肯定就會倒。

他表示,我國市面上的“金錢遊戲”是為“返利盤”,也就是該公司每個月答應返回10%到20%的利息給投資者,而所支付的利息主要是利用持續加入的新會員的錢來貼前面會員的利息,而JJPTR就是屬於“返利盤”模式的金錢遊戲。他說:“‘返利盤’也稱為‘壓力盤’,這就是所謂的金字塔遊戲,以老鼠會人拉人的方式來經營,每個月都要給會員25%的利息(其中5%給上線),因此非常依賴新會員的加入來貢獻;然而一旦沒有新的會員加入就會有入不敷出進而倒會的風險,所以這種盤通常不出兩年就會倒了。”

據了解,JJPTR的投資額從最低的25美元到最高的1000美元,每個月定時返回20%利息(另有5%給上線);而他表示這其實只是數字和心理遊戲,因為JJPTR標榜會員只需要5個月就能回本(賺回100%的本錢),但通常他們會在第4個月後“允許”你有資格“升級”,也就是開第二個戶頭,從而繼續將錢給回他們。

他解釋到,若加入的會員選擇不開設第二個戶頭,安安份份地賺取該公司每個月定期給予的20%的利息,確實在第5個月就能回本,並從第6個月開始賺錢,但這樣的人只在少數,而且也主要出現在第一批或早期加入的會員身上。

他說:“這是因為會參與金錢遊戲的人,幾乎都是為了錢,而當你在前4個月都收到利息嘗到甜頭後,就會有貪念,屆時你會相信這是值得信賴的投資,進而開設第二、第三甚至更多的戶頭,也會更有信心去拉其他人加入,而JJPTR就靠著這樣的方式來賺錢。”

他也表示,JJPTR限制最高1000美元的投資額是保障自己的聰明手法,因為若在一開始吸納越大筆錢後,它也要給出更大筆的利息,也越容易“爆炸”,所以需要時間來累積資金。

他說:“一開始每個月10萬的利息它可以給,每個月100萬的利息它也可能可以給,但當每個月要支付的利息達到1000萬時,它還可以給嗎?有什麼投資的淨利潤可以每個月給1000萬的利息?”

他也表示,這就是為什麼“返利盤”會被稱為“壓力盤”的原因,因此通常壽命都很難會撐過兩年,而這些公司其實也清楚這一點,而他們的目的就只是盡可能地在這段時間內賺取會員的錢。

因此在他看來,像JJPTR這樣的“返利盤”會倒本就是預料中事,他說:“所有會員投資的錢都是進入公司的,而當這筆錢累積到一定的數目時,而新會員的加入達到瓶頸入不敷出後,公司的持有人就可以選擇捲錢走人。”

他也表示,很多金錢遊戲公司都宣稱會投資外匯,但很多時候那只是一種說法,而實際上並沒有一個固定的生錢方法,而且外匯跟賭博一樣存在高風險,沒有可能每天都贏或賺,有時買錯方向,就輸了。他說:“所以我覺得JJPTR的上線應該是拿錢跑了,現在說什麼相信都是緩兵之計的藉口,而那些會跳出來幫他說話的會員,通常都是第一批或早期加入且真正有賺到錢的,所以在他們的角度看來這並不是騙局。”

“更過份的是那些明知道是騙局卻理直氣壯表示金錢遊戲本就是你情我願的高風險投資,這讓他們看起來道德並不是他們考量的範圍,他們在乎的只是錢。”

http://www.guangming.com.my/node/338111?tid=84

普通人有难... - Astro AEC 新闻报报看

警方:越来越严重.非法投资2年骗2.7亿

2017-04-24 20:12

(雪兰莪.八打灵再也24日讯)尽管商业罪案调查部过去不断打击非法投资骗案并警惕公众,但仍然有许多人明知不可为而为之,使到警方过去两年内接获投资骗案投报的损失总额高达2亿7601万令吉,占所有骗案总损失的47%!

据全国商业罪案调查总监拿督艾克里沙尼早前提供的数据显示,过去两年内公众因坠入网购、电话、爱情包裹及投资4大骗案造成的损失为5亿7936万令吉,投资骗案一直居高不下,也有越来越严重的趋势。

此外,警方相信这些数字只反映部份的真实情况,因为有不少人受骗后因怕麻烦或羞于启齿而选择不报案。

为此,警方近年来不断致力打击非法投资活动,捣破不少诈骗集团,并一直透过媒体警惕及向公众宣导,但仍有不少人无动于衷,继续参与这些不法活动。

“芝加哥债券”4月骗9000万

去年5月,警方捣破一个以“芝加哥联邦储备债券”(FEDERALRESERVE CHICAGO BOND)为幌子的骗局,这个诈骗集团短短4个月内骗走7千600人共9000万令吉,并逮捕了10名嫌犯助查。

此外,警方也发现这个诈骗集团在新闻见报后,继续在酒店与受害者会面大派定心丸,宣称投资已经获得回酬,还以国家银行抽税为由,试图再骗受害者投资500万令吉,不过奸计还未得逞就被警方上门逮捕。

“Crude PalmOil”骗走逾3100万

本月17日,武吉阿曼商业罪案调查部捣破一个声称投资原棕油,承诺可在短期内给予15至30%高回酬的“Crude PalmOil”诈骗集团,先后逮捕一对父子助查。

据警方调查发现,这个诈骗集团去年至今骗走至少248人逾3100万令吉;警方在行动中也起获一辆日产GTR,一辆蓝宝坚尼Aventador,一辆保时捷Panamera,游艇、宝马重型摩哆车及哈雷重型摩哆车等财物。

“Highway Group”15人被捕包括5教师

虽然国家银行会定期更新警惕名单,将有问题的投资公司一一罗列供公众参考,其中包括警方过后捣破的“Highway Group”及“VenusFX”

非法投资集团,但这份名单似乎没有起多大警示作用,仍有不少人受骗。

警方在去年8月,捣破涉嫌骗走50万人至少5000万令吉的“Highway Group”集团,并发现不少教师参与,落网的15名嫌犯中也有5人是教师!

警方也发现,他们会砸大钱办活动,请来艺人、明星、非政府组织或大人物站台,将自身及公司形象包装得高尚、富有及成功,进而骗得受害者上当。

至于“Venus FX”则利用不存在的外汇投资卷走2万3259名投资者共8000万令吉,上个月杪已遭警方捣破,6人被捕助查。

周顯:有線供乾好易炒

文章日期:2017年4月25日

【明報專訊】不久前,我在某網媒接受訪問被問到,有線寬頻(1097)會否繼續經營有線電視業務,其實我並沒有研究過這個案,不過按照基本常識而回答:其實有線電視的經營權說貴不貴,說廉宜不廉宜,一個人付出,就算是超級富豪,也捨不得,但如果有幾個friend同時參與,分擔成本,那就容易得多了。

其實辦一份報紙,以前的《新報》,年年都要蝕幾千萬元,《成報》可能接近1億元,電視台的影響力遠大於報紙,找幾個朋友,一人每年出一億至兩億元,也不是難事,一個全國政協位,價值都不止啦!

富豪夾份買電視台是常態

話說當年的亞視,也是林建岳、鄭家純等人夾份,向邱德根買下的,先前的電視廣播(0511)也是王雪紅、陳國強、黎瑞剛等人夾份買下的,所以,幾個富豪夾份買電視台,才是常態。

果然剛公布的消息,是鄭家純、邱達昌、李思廉、趙令歡成立的永升包銷供股,集資7.04億元,九倉(0004)則放棄供股,因而前者成為了大股東。

這個交易有趣的是,九倉把公司送了給永升,得回些什麼?如果它把有線業務結束清盤,再將隻殼賣給隨便一名內地富豪,隨時可以拿回十零億元。但如今,它一毛錢也拿不到,持股卻從73%跌至30%,等於白白送了成家公司給別人。其次,九倉把剩下的股份也派息給股東,最後只持有11%,又是什麼把戲呢?

我的看法是,在明年永升接手後,幾個新股東將會全力催谷新牌照業務,業績一定會非常亮麗,再加上幾個基金聯手撥火,供股後股份又乾晒,股價就可大炒特炒,九倉只持有11%,好易沽晒啫!

相比之下,電視廣播在賣盤之時,正值高峰,就難炒好多了。有線寬頻這種細細隻容易炒的股票,有咁強大後盾,我都識炒呀!

[周顯 投資二三事]

Monday, April 24, 2017

八月






◎译  名 TheSummerIsGone
◎片  名 八月
◎年  代 2016
◎国  家 中国大陆
◎类  别 剧情
◎语  言 汉语普通话
◎字  幕 中英双字
◎上映日期 2016-07-23(FIRST青年影展)/2017-03-24(中国大陆)
◎IMDb评分 7.2/10 from 96 users
◎豆瓣评分 7.3/10 from 13,576 users
◎片  长 110分钟/106分钟(中国大陆)
◎导  演 张大磊
◎主  演 孔惟一 Weiyi Kong
      张晨 Chen Zhang
      郭燕芸 Yanyun Guo

◎简  介

  九十年代初的西部小城,结束了小升初考试的张小雷(孔惟一 饰)终于迎来了盼望已久的没有作业的暑假。然而这个自由的,炎热的夏天并不是想象中那样红火热烈,更多是平常反复的家庭生活和大把闲工夫。恰逢那一年国家开始实施国有单位转型,铁饭碗被打破,张小雷父亲(张晨 饰)的单位也受到改革冲击,他们生活的家属院 里每一个家庭的生活都被改革影响着。孩子们整日百无聊赖,而看似平静的大人们,心却像烈日炙烤着那般燥热。张小雷就那么静静的耗着,感受着身边隐隐发生的一切。直到父亲为了生活同其他人远走他乡,家里只剩下了母子俩,张小雷才着实感觉到时间过去了,生活不一样了。立秋那天夜里,张小雷家的昙花在院子里悄然开放,像是意味着什么……

◎获奖情况

  第53届台北金马影展 (2016)
  金马奖 最佳剧情
  金马奖 最佳原著剧本(提名) 张大磊
  金马奖 最佳新导演(提名) 张大磊
  金马奖 最佳新演员 孔维一
  金马奖 最佳摄影(提名) 吕松野
  金马奖 最佳音效(提名)

  第29届东京国际电影节 (2016)
  亚洲未来单元 最佳影片(提名)

  第10届FIRST青年电影展 (2016)
  青年电影竞赛 最佳影片(提名)
  青年电影竞赛 最佳导演(提名) 张大磊
  青年电影竞赛 最佳演员(提名) 张晨
  青年电影竞赛 最佳艺术探索奖 (提名) 张大磊

Koon’s Golden Rule - Koon Yew Yin

Author: Koon Yew Yin | Publish date: Mon, 24 Apr 2017, 01:17 PM

Last night, someone who has not met me before wrote to tell me that she has been losing money for a long time until she applied my share selection golden rule to pick stocks. Her email encourages me to write this piece to help more people. If you have not been successful, you must read this article carefully to learn a new method of picking stocks to make money.

Statistics has shown that there are more losers than winners in the stock market. In fact, there are a lot more losers but most of them would not admit it because of shame.

Recently Maybank, Hong Leong Bank, TA Securities and RHB Investment Bank invited me to give an investment talk. One Bank Director told me he noticed that all their various business divisions except stock broking are profitable because the volume of transactions is reducing and most of their registered clients remained inactive. This encourages me to write this piece so that more people can make money from the stock market.

How I started? I started serious investing in 1983 when the Hong Kong stock market crashed because China gave notice to the British Government to take back the sovereignty of Hong Kong. The Hang Seng index went down below 1,000. For comparison, the Hang Seng index closed at 24,042 last Friday.

During the crash, it was so easy to make money. All I needed was bravery; I dare to buy when the Chinese Communists were going to rule HK and most Hongies were simply dumping their holdings as if there were no more tomorrow.

I identified one of the most undervalued stock called HK Realty & Trust. Before the crash, it was selling at HK$ 13.60 and during the crash it was selling at HK$ 3.60 per share. Moreover, its audited accounts showed that its cash value per share was HK$ 10.00.

As soon as China granted 50 years extension of the lease, the market rebounded and HK Realty & Trust shot up above HK$ 15.00, so also most of the other counters. The market had a new lease of life and every investor quickly jumped in to buy. As my holdings went higher I could buy more shares on margin finance. Eventually after 3 years, I made so much money that I bought 46% of a stock broking company called Kaiser Stock & Shares Co Ltd..

After the HK experience, I noticed that it was not so easy to make money. I started to read the method as practiced by Warren Buffet, Benjamin Graham, Peter Lynch and other gurus. All of them are preaching value investing which is very safe and sure of making money. But it is too slow for me.

For example: currently there are many shares of property companies selling below NTA. It is safe and sure of making money but you have to wait until all the unsold properties are sold. It can take several years.

After having tried many other methods such as buying low P/E stocks, companies with good discounted cash flow, companies selling below their NTA and companies with no borrowings and with huge cash in fixed deposit.

I found out that all these methods could not really work. Among all these criteria, the most important is profit growth prospect. EPS growth is the most powerful catalyst to move share prices. That is why I formulated my share selection golden rule.
Koon's Golden Rule

By looking at the profit for the last 1 or 2 quarters, you can know if the company will most likely make more profit in the current year than last year. Wait for a few months, you can most likely see increased profit and more people will rush to buy to push up the share price.

Once you have selected a company with good profit growth, do not quickly sell to take profit. Only novice investors or day traders will quickly sell to take profit. As long as the company continues to show increasing profit, its share price will continue to rise. You will only sell as soon as you see the company is making less profit. But you must be careful because the sales of some products are seasonal which will affect profit.

I have been using my golden rule to have selected Latitude Tree and Lii Hen each of which has gone up more than 800%. I have also selected V S Industry which has gone up about 600% and it is still going up.

I am no longer a substantial shareholder of Latitude and VS but I am obliged to tell you that I am still one of the top 5 shareholders of Lii Hen.

Exception

As an English saying “exception proves the rule. There is always an exception in any rule.”

For example, although JAKS lost money last year due to interest charges for its mall development in KL, it has a fantastic profit growth from its independent power plant project in Vietnam. After careful study, its Chinese JV partner with a consortium of 3 Chinese Government Banks have sub-contracted and taken full responsibility of the project. They will pay JAKS Rm 400 million during the construction period of 3 years of the 1,200 MW coal fired power plant in Vietnam. After the completion of the construction, JAKS will be paid 40% of the profit every year for 25 years from the sale of electricity to the Vietnamese Government.

I am obliged to tell you that my wife and I have bought about 120 million JAKS shares which you can see in Bursa company announcements. I do not need you to buy to support or push up the share price.

It’s game over for JJPTR, losses in the millions

April 24, 2017, Monday



The webpage logo showing the 25-year-old founder of JJPTR Johnson Lee.

KUCHING: JJPTR or JJ Poor to Rich, one of the biggest money games in the country has collapsed, according to Oriental Daily quoting sources from the Internet.

The Chinese daily reported that business community of the offices nearby JJPTR office said starting Saturday, the office had been closed. Notice outside the office stated that the office is closed on the 9th, 19th and 29th each month and the business hours is from 1pm to 7pm.

Since Saturday night, the reports of JJPTR accounts being hacked causing chaos in the trading causing a loss of RM500 million leaving a balance of only USD11,000 had gone viral.

Bukit Aman Commercial Crime Investigation Department director Datuk Acryl Sani Abdullah Sani told The Borneo Post that the police had not received any report from JJPTR investors.

He said the police had received information on the collapse of JJPTR and would watch closely the development and look out for any investor lodging police report.

“Up to now, we have not received any report. The police call on the public to provide information on any illegal parties receiving investment or illegal money games or lodge any report to enable the police to investigate.” Acryl said.

He advised the public to always check the legitimacy of any investment company before parting with their money to avoid falling into any scam and lose their hard earned money.

On Feb 20, Securities and Exchange Commissions (SEC) issued an advisory on JJPTR that it is not registered with the commission as a corporation or partnership.

“The commission has received information that JJPTR or JJ POOR TO RICH is soliciting investments from the public. The public are hereby informed that JJPTR is not registered with the commission as a corporation or partnership. There being no primary licence, it is not authorised to solicit investments which require a secondary licence as provided under Sec. 8.1 of the Securities Regulation Code,” SEC cautioned.

Based on information gathered from JJPTR’s online advertisements and presentations and received from concerned citizens, JJPTR claimed to be an investment company founded in March 2015.

It claims to be engaged in ‘Forex Trading’ and offers investors a 20 per cent fixed profit on their capital investment starting from USD25.

SEC said these are unauthorised solicitation of investment from the public and are illegal and those who act as salesmen, brokers or agents in selling or convincing people to investment may also be prosecuted and held criminally liable.

One investor told The Borneo Post that he joined JJPTR two months ago. He found this investment opportunity through Internet.

He lamented that he had lost a substantial amount and had not received any gains. However, he refused to disclose the amount he lost and declined to talk further.

Another investor, who wished only to be named as Lau, said he invested USD200 in August last year.

He said he was lucky to have taken back the capital. He had received regular returns for the past month (20 per cent of the initial investment).

“The last time I received my returns was in March. The webpage of my investment has been wiped out today ,” he said.

http://www.theborneopost.com/2017/04/24/its-game-over-for-jjptr-losses-in-the-millions/

The smartphone is eventually going to die - this is Mark Zuck’s crazy vision for what comes next

Apr. 23, 2017, 8:00 PM

At this week’s Facebook F8 conference in San Jose, Mark Zuckerberg doubled down on his crazy ambitious 10-year plan for the company, first revealed in April 2016.

Here’s the current version of that roadmap, revealed by Zuckerberg this week:

image: https://static-ssl.businessinsider.com/image/58f954ec0ba0b8c6008b5016-1434/screenshot%202017-04-20%20172747.png

Screenshot/Facebook

Basically, Zuckerberg’s uses this roadmap to demonstrate Facebook’s three-stage game plan in action: First, you take the time to develop a neat cutting-edge technology. Then you build a product based on it. Then you turn it into an ecosystem where developers and outside companies can use that technology to build their own businesses.

When Zuckerberg first announced this plan last year, it was big on vision, but short on specifics.

On Facebook’s planet of 2026, the entire world has internet access — with many people likely getting it through Internet.org, Facebook’s connectivity arm. Zuckerberg reiterated this week that the company is working on smart glasses that look like your normal everyday Warby Parkers. And underpinning all of this, Facebook is promising artificial intelligence good enough that we can talk to computers as easily as chatting with humans.
A world without screens

For science-fiction lovers, the world Facebook is starting to build is very cool and insanely ambitious. Instead of smartphones, tablets, TVs, or anything else with a screen, all our computing is projected straight into our eyes as we type with our brains.

A mixed-reality world is exciting for society and for Facebook shareholders. But it also opens the door to some crazy future scenarios, where Facebook, or some other tech company, intermediates everything you see, hear, and, maybe even, think. And as we ponder the implications of that kind of future, consider how fast we’ve already progressed on Zuckerberg’s timeline.

image: https://static-ssl.businessinsider.com/image/58fa606c7522ca38008b5661-1392


Getty

Mark Zuckerberg promises that, one

We’re now one year closer to Facebook’s vision for 2026. And things are slowly, but surely, starting to come together, as the social network’s plans for virtual and augmented reality, universal internet connectivity, and artificial intelligence start to slowly move from fantasy into reality.

In fact, Michael Abrash, the chief scientist of Facebook-owned Oculus Research, said this week that we could be just 5 years away from a point where augmented reality glasses become good enough to go mainstream. And Facebook is now developing technology that lets you “type” with your brain, meaning you’d type, point, and click by literally thinking at your smart glasses. Facebook is giving us a glimpse of this with the Camera Effects platform, making your phone into an AR device.
Fries with that?

The potential here is tremendous. Remember that Facebook’s mission is all about sharing, and this kind of virtual, ubiquitous “teleportation” and interaction is an immensely powerful means to that end.

This week, Oculus unveiled “Facebook Spaces,” a “social VR” app that lets denizens of virtual reality hang out with each other, even if some people are in the real world and some people have a headset strapped on. It’s slightly creepy, but it’s a sign of the way that Facebook sees you and your friends spending time together in the future.

image: https://static-ssl.businessinsider.com/image/58f653aaf40dae9a748b4aa9-1920/screen%20shot%202017-04-18%20at%2014901%20pm.png

Facebook

Facebook Spaces, which lets you hang out with your friends virtually.

And if you’re wearing those glasses, there’s no guarantee that the person who’s taking your McDonald’s order is a human, after all. Imagine a virtual avatar sitting at the cash register, projected straight into your eyeballs, and taking your order. With Facebook announcing its plans to revamp its Messenger platform with AI features that also make it more business-friendly, the virtual fast-food cashier is not such a far-fetched scenario.

Sure, Facebook Messenger chatbots have struggled to gain widespread acceptance since they were introduced a year ago. But as demonstrated with Microsoft’s Xiaoice and even the Tay disaster, we’re inching towards more human-like systems that you can just talk to. And if Facebook’s crazy plan to let you “hear” with your skin plays out, they can talk to you while you’re wearing those glasses. And again, you’ll be able to reply with just a thought.

image: https://static-ssl.businessinsider.com/image/58f80d367522ca89008b4b05-960

Facebook

Regina Dugan unveiled Facebook’s mind reading ambitions on Wednesday.

If we’re all living in this kind of semi-virtual world, it makes Facebook key to every interaction, and crucially, every financial transaction we conduct in that sphere. It could make the company a lot of money, certainly.

So yes, while it’s still at least a decade off, this is all happening, little bit by little bit. But with Facebook facing fresh questions every day for its role in our personal lives and our political elections, it’s also important to remember that much of this gives the social network — as well as companies like Apple, Google, and Microsoft which all pursuing the same ends — unprecedented control over our conceptions of reality. It’s time to ask these questions now, and not later.
Read more at http://www.businessinsider.my/facebook-f8-mark-zuckerberg-augmented-reality-2026-2017-4/#Plvsbq3qKHs89EXs.99

http://www.businessinsider.my/facebook-f8-mark-zuckerberg-augmented-reality-2026-2017-4