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Sunday, August 31, 2014

胡立阳最新访谈

Source: http://klse.i3investor.com/blogs/kianweiaritcles/59075.jsp


投資最大祕訣:


錢是會從天而下:


投資切勿賺錢半途下車:



2015投機房產嘗苦頭?


下半年投資該關注什麼?


Saturday, August 30, 2014

吉朗标更多RAPID合约

Source: http://www.nanyang.com/node/645625?tid=462

(吉隆坡29日讯)吉朗(ZELAN,2283,主板建筑股)董事经理阿南莫哈末表示,正投标更多炼油与石油化工综合发展计划(简称的RAPID)的合约。
他在股东大会后向媒体表示:“我们的专长是深海工程,而RAPID有那么多相关工程,我们自然想要争取。”
问及夺标几率,他表示言之过早,但之前已参与RAPID旗下码头建筑工程,并信心可承包更大规模工程。
“码头工程合约总值2亿5000万令吉,也是通过公开投标所得。这项合约也间接肯定了我们的能力。”
目前,吉郎手中订单总额有12亿令吉,可贡献盈利31个月。

专注大众产业半年销售15.5亿 马星次季净利扬21%

Source: http://www.nanyang.com/node/645629?tid=462

(吉隆坡29日讯)马星集团(MAHSING,8583,主板产业股)截至6月30日次季净利则扬升21.35%,报8474万令吉,上财年同期为6983万令吉。
营业额增48%
单季营业额则从4亿7575万令吉,上扬48.19%,报7亿502万令吉。
马星集团首半年净利按年增长21.15%,报1亿6876万令吉,上财年同期为1亿3930万令吉新发展项目持续带来贡献,营业额则从8亿9889万令吉,攀升49.87%,报13亿4722万令吉。
该公司表示,在合适地点专注大众产业市场策略生效,成功迎合市场需求,首半年销售取得15亿5000万令吉出色表现。
下半年料更佳
马星集团产业发展业务营收则大幅提振57.3%,带来12亿令吉收入;营运盈利也上扬21%,报2亿1290万令吉。
对于本财年展望,马星集团持正面看法,且相信下半年能交出更强劲表现。
集团董事经理兼总执行长丹斯里梁海金表示,为了确保推出产品符合市场需求,他们在每个区域的产品推介都持于相当谨慎的态度。
“首半年的强劲销售就是因为在合适地点推出产品,加上城镇项目、混合发展计划、概念和设计都能迎合市场趋势所致。”
消费税不影响销售
尽管消费税将推出,但马星集团相信产业销售趋势仍会走强,因驱动产业市场的长期正面基本面仍强劲。
此外,经济增长也会促使收入持续增加和就业市场稳定,选择以产业应对通胀仍然是购买产业的动机。
现金逾7亿
虽然马星集团正进行业务扩展,但资产负债表仍保持稳健水平,手持现金流高达7亿1540万令吉,负债率截至6月30日为0.21倍,在购地和发展活动中具有相当的优势。
年初至今,马星集团已经购入3片土地,分别位于莎阿南、芙蓉和蒲种。
若将土地献购和所签署的了解备忘录纳入计算后,该公司地库扩大至3890英亩,发展总值(GDV)和未入账销售约为660亿令吉。

2915万买SEP 资源 百盛纳2股送1凭单

Source: http://www.nanyang.com/node/645638?tid=462

(吉隆坡29日讯)百盛纳(PESONA,8311,主板建筑股)宣布系列企业活动,包括收购一公司股权和发行免费凭单。
该公司向马交所报备,建议派送最高2亿7485万1224张免费凭单,股东每持有2股,就可获赠1张凭单。
冀筹资6871万
凭单行使价为每张25仙;假设所有股东行使换权,公司可集资高达6871万令吉,并会充作营运资本。
“发行凭单有助加强公司资本基础和股东基金,同时提供股东行使凭单与增持公司股权的机会。”
另外,百盛纳也宣布,将以2915万令吉的代价,收购SEP资源的10万股,卖家是后者董事兼股东。
公司将支付150万令吉现金,并会以每股70仙,发行3950万股给SEP资本。
SEP资源早前获得Pembinaan SPK授予收购Budaya Positif所有股权的选择权。
Budaya Positif为Pembinaan SPK旗下特别用途公司,握有设计、发展与维修大马玻璃市大学(UNIMAP)学生宿舍的特许经营合约。
基于SEP资源将负责学生宿舍的管理和维修服务,公司完成收购SEP资源后,日后将拥有更稳定收入。

Wah Seong get shareholders nod to acquire stake in Alam-PE

Source: http://www.thestar.com.my/Business/Business-News/2014/08/29/WAH-SEONG-GETS-SHAREHOLDERS-NOD-TO-ACQUIRE-STAKE-IN-ALAMPE/

GEORGE TOWN: Wah Seong Corp Bhd shareholders have approved the acquisition of a 49% stake in Alam-PE Holdings (L) Inc (Alam-PE) from CIMB Private Equity Sdn Bhd for RM106mil.
Group deputy managing director, Giancarlo Maccagno, said the acquisition was expected to contribute positively to the group's earnings. 
"Assuming there are no changes to Alam-PE earnings of about RM34mil last year, we expect it to contribute about RM15mil to RM17mil to Wah Seong's bottom line," he told reporters after the group's extraordinary general meeting on Friday.
Maccagno said the acquisition would also allow Wah Seong to build on the resources available in Alam-PE of five units of offshore support vessels (OSVs).
He said given an opportunity, Wah Seong also planned to acquire more vessels to further expand in the oil and gas (O&G) sector. 
"We would like to acquire more vessels in future to serve the demand of our wide international marketing network," he said.
Maccagno said the group expected a promising year ahead following a solid order book of over RM1.5bil.
"Our O&G exploration team will continue to be busy mostly on offshore activity to create new opportunities for the group," he said.
Alam-PE operates five OSVs, comprising an anchor-handling tug supply vessel, two workboats and two supply vessels. All ships are on multi-year charters ranging from two to five years. 
Wah Seong is an O&G services provider company. It provides a wide range of services globally such as highly-specialised pipe coating, corrosion protection, drilling supplies as well as engineering, procurement and construction, fabrication and rental of gas compressors.

Benalec land sale to boost earnings

Source: http://www.thestar.com.my/Business/Business-News/2014/08/30/Benalec-land-sale-to-boost-earnings/

DESPITE the significant losses reported by Benalec Holdings Bhd in its fourth quarter of RM15.63mil for the period ended June 30, 2014, the company’s executives say it was a kitchen-sinking exercise.
One of the factors, chief financial officer Kenneth Chin says, was the interruption during the period leading up to the extraordinary general meeting (EGM) for shareholders to approve the heads of agreement (HoA) undertaken to settle the earlier boardroom tussle.
The HoA basically sets out the framework to settle all legal suits, grievances, disputes and claims between the company and its former directors – Datuk Leaw Tuan Choon, Datuk Leaw Ah Chye and Tua Choon’s son, Leaw Yongene.
On top of that, Benalec recognised some RM16mil in impairment charge for its vessels, and a reversal of a RM9mil gain on land sale from an earlier related-party transaction.
“In January, we actually sold a lot of land. We closed over 200 acres, equating to about RM400mil. There’s a delay in recognition of profit because the sales can only be recognised when we complete and deliver the land.
“We had a lot of activities but no recognition, which also contributed to the drop in profits. The recognition, I believe, will come in the 2015 and 2016 financial years,” he says.
Group managing director Datuk Vincent Leaw adds that recognition from a land sale takes at least four months. “After the sales and purchase agreement (SPA) is signed, the fastest is a three month-plus-one month timeline. So, we will not be able to recognise profits from the sale until after four months from the signing of the SPA,” he says.
To recap, Benalec posted a net loss of RM15.63mil in the fourth quarter, against RM4.04mil in net profit in the previous corresponding quarter. Revenue fell to RM31.53mil from RM66.84mil a year ago.
For the full year, the marine construction specialist saw net profit shaved to RM7.21mil compared with RM56.75mil a year ago, while revenue fell to RM211.02mil from RM265.84mil.
But things are looking up for the company, its executives say.
“Since then, we have picked up our activities and closed a few land deals as well as secured a land reclamation contract, which is the RM203.89mil contract given by Oriental Boon Siew (M) Sdn Bhd for 416 acres in Malacca,” says senior independent non-executive director Bernard Koo.
For those land deals it has secured, Koo says it will line up profits for the company over the next two to three years. The group is set to receive RM360mil from three land sales with SPAs that will likely be recognised over the next three years.
The company has a total landbank of 635 acres, with the majority of it in Malacca.
Of the 635 acres it has, 535 acres are in Malacca and 100 acres in Pulau Indah. Benalec has so far reclaimed 400 acres, with the remaining 235 acres are to be reclaimed.
Taking into account current market prices, Koo says the total value of the landbank could be RM950mil.
“We are now in discussions with four potential buyers. We will try our best to close at least one or two in the next two to three months,” says Vincent.
As at Thursday, the company’s market capitalisation stood at RM747.48mil.
He adds that the company is in negotiations with three concessionaires to own the rights to reclaim more sea-fronting land in Malacca. “In concessionaires, we have have about 400 acres in the pipeline. We will possibly know in the next six months. We have to allow for more time to close the deal,” he says.
Should Benalec get the three concessionaires, it could boost its orderbook by another RM800mil from RM450mil currently.
Benalec has also submitted proposals for reclamation work in three other states.
The company has an internal target to sell 100 acres to 200 acres of reclaimed land per year.
Analysts say the key re-rating catalyst still largely depends on Benalec’s ability to monetise the deep development potential of its Johor concessions.
“All eyes will be on its protracted negotiations with 1MY Strategic Oil Terminal Sdn Bhd, which will lapse on Dec 11 following three rounds of extensions,” says AmResearch analyst Mak Hoy Ken in a report.
Vincent is, however, confident that the deal with 1MY will happen, as talks are in the advanced stage.
Benalec’s business model is slightly different from other construction companies. Chief operating officer Bernard Koey says the company has an unconventional business model.
“We operate in a niche market. Our model is to reclaim land and at settlement, we accept land in kind. This gives us three layers of profit.
“We have chartering profit (from self-owned vessels) and reclamation profit, and once we get the land, we will wait until it is the right time to sell,” he says.
The company also has its own shipyard to repair and maintain its vessels. “We are very integrated and in that sense, we have quite full control of our costs,” he adds.
Analysts were surprised that Benalec has not yet declared any dividends for 2014. To this, Koo says: “We are considering a payment of dividend for 2014, in line with our policy.”


Property slowdown more evident in Johor

Source: http://www.thestar.com.my/Business/Business-News/2014/08/30/Property-slowdown-more-evident-in-Johor/

CRACKS are starting to show in Iskandar Malaysia’s once-booming property market.
UEM Sunrise Bhd, considered a bellwether to Iskandar, this week slashed its sales target for 2014 to RM2bil from RM3.2bil, citing weakness in the market for homes in the economic corridor south of Johor.
This comes as a slew of high-rise apartments – many of them from the China developers, and many of them on the waterfront – are set to flood the market.
And things could get worse before they get better.
A report in the Financial Times on Wednesday says China Vanke Co, the country’s biggest developer, is offering up to US$325,000 (RM1.02bil) in discounts via e-commerce site Taobao, to entice homebuyers amid slackening demand.
Sluggish sales and an oversupply in the second and third-tier Chinese cities are driving prices lower, Bloomberg reported.
Here, the talk among property circles is that Country Garden Holdings Co, which last year rolled out a record 9,000 high-rise units on the coastline enclave of Danga Bay, could follow suit.
It is believed that about half of the condominiums in Country Garden Danga Bay remain unsold, and the Guangdong-based property giant is now looking increasingly desperate to unload its stock by either hiking discounts of dropping prices, although the exact quantum is unknown.
Company officials did not respond to text messages from StarBizWeek seeking comment.
The Danga Bay project was launched with much fanfare last year at an average of RM900 per sq ft.
Most of the real estate firms in Johor Bahru have been roped in to sell homes for Country Garden Danga Bay, and it is dangling commissions of up to 8% versus the typical 2%-3% as an added incentive, brokers tell StarBizWeek.
In fact, says an agent, three people were spotted carrying sandwich boards near a bank in Johor Bahru last month advertising units in Country Garden Danga Bay. It is not clear who they were representing, but property executives speculate they could be acting for Country Garden’s foreign buyers.
Channel checks with agents reveal that the Phase 2 units are going for the same price for all floors, a departure from the usual practice of pricing the topmost levels at a premium.
Buyers can opt for the promotion price, which in some instances adds up to a 40% discount, provided they pay for the property in cash over several transactions. Doing so will shave RM300,000 off the price of a single-room unit measuring between 400 to 500 sq ft, which would normally cost RM800,000.
Country Garden hasn’t raised its maximum discount beyond 21% since launch day, say agents familiar with the matter, but it may not be long before the company has to dump prices.
Right next door, China’s state-owned Greenland Group will soon launch 2,478 units of apartments and townhouses, according to PA International Property Consultants Sdn Bhd executive director V. Sivadas.
R&F’s Princess Cove project will introduce about 3,000 units of apartments in the first phase, and another 30,000-plus units thereafter.
“There are also a few other projects in the Danga Bay area being prepared for similar types of developments,” he tells StarBizWeek via e-mail.
The problem here is clearly one of mismatch between demand and supply, Sivadas points out.
Demand remains strong for affordable homes costing below RM400,000, yet much of the new supply is heavily skewed towards high-rises.
“Our records indicate that slightly more than 100 high-rise projects scattered throughout Johor Bahru and Iskandar Malaysia, comprising a little over 100,000 units, are expected to come onstream in the next few years.
“One third of that is within the R&F site, and another 10% within known projects at Danga Bay, where Country Garden and Greenland are based.
“We expect more high-rise projects to be planned within waterfront areas in the Danga Bay region, such as Stulang Laut, Bayu Puteri and Puteri Harbour. The proposed Forest City at the Second Link in Nusajaya is another huge project on the horizon,” he quips.
All that has led to a visible slowdown over the past 10 months.
“Many investors, particularly foreigners (the main target for high-rise projects in the waterfront areas), appear to be adopting a wait-and-see attitude.
“We have not helped ourselves by changing policies and the price threshold limits. We, however, do not expect to see a crash in the market unless there is a catastrophic failure at the national, regional and global levels,” Sivadas notes.
“In property development, success is predominantly driven by demand, not supply. There is an urgent need to boost demand and facilitate ease of purchase by locals as well as foreigners.
“There needs to be more employment generators in Iskandar Malaysia and facilitated migration and immigration to ease or solve acute labour shortages across many sectors. There is also a need to seek a balance to ensure controls on speculative activity, which were prevalent for the past few years up to end-2013.
“In the meantime, the question almost everyone is asking is, who will occupy the vast numbers of high-rise, high-priced waterfront units which were mainly purchased for investment?” he asks.
“We are not sure at the moment.”
But there are bright spots, says Landserve (Johor) Sdn Bhd executive director Wee Soon Chit.
“I believe that value-for-money products will still see demand. For example, Botanika@Bayu Puteri (by Tebrau Teguh Bhd) is doing well because their prices range from RM430 to RM500 per sq ft.
“We expect the industrial sector to grow further due to demand from Singapore industrialists, especially the Jurong area. The Singapore government recently announced that the Jurong area will be re-zoned, and the victims will be industrial companies who have no choice but to relocate,” Wee reasons.
A number of recent Iskandar launches, like Sunway Bhd’s Citrine office suites and Eastern & Oriental Bhd’s Avira Terraces, were snapped up.
But sentiment could get worse in 2015-2016, when a large number of the high-rises sold during 2012 and 2013 are handed over, according to Maybank IB Research analyst Wong Wei Sum. The problem is especially acute in hotspots such as Nusajaya, Medini and Danga Bay.
“We welcome foreign direct investment into Johor, but not at the expense of the local players,” laments one industry executive.
“It was going so well until a couple of years ago. Now they seem to have killed the goose that laid the golden egg.”
While the Chinese may be accustomed to building thousands upon thousands of apartments, the Malaysian market simply can’t take that kind of volume, the executive says.
“I hope the market will cool just enough to make them realise that. The state government also needs to take a good, hard look at the situation.”

SWISSCO: Oil Rig Leasing To Contribute Significantly To Earnings

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/30-2007/8939-swissco-oilrig-leasing-business-to-boost-fy2015-earnings

SWISSCO HOLDINGS made its maiden entry into the oil rig leasing market on 30 July when it completed its acquisition of 100% of Scott and English Energy, which owns and leases mobile offshore drilling and service oil rigs, for S$285 million.

"The acquisition enables us to offer the full spectrum - from offshore support vessels to oilrigs," said Swissco CEO Alex Yeo at an investor briefing this week.

Arising from the acquisition, changes were made to the composition of Swissco's board and its committees. "Our new chairman (Tan Fuh Gih) is one of the founding members of KS Energy. His oilfield experience is invaluable to our 
know-how and resources for the provision of upstream oilfield drilling services," he said.

Mr Tan and his brother, Tan Kim Seng, and concert parties now control a combined 63.9% stake in the enlarged Swissco.
“We are not speculators. We buy oil rigs and put in place long term charters that give clear earnings visibility,” said Mr Chua Wei Teck, the CEO of Scott and English Energy and newly-appointed excutive director of Swissco Holdings.

"Based on our existing fleet size and pipeline, we expect about 75% of next year's revenue to be from 
oil rigs and the remaining 25% from the chartering of our other offshore support vessels," he added.

Alex_Yeo_8.14"We are concentrating on oil rigs deployed in shallow water oilfields. As drilling campaigns for shallow water fields are less costly than for deep water fields, there will be demand for shallow water oil rigs even in a market downcycle," said Swissco CEO Alex Yeo, 46.
Photo by Sim Kih
At the point of acquisition, Scott and English had 3 oil rigs operating in Mexico on 5 + 2-year charter contracts.
fourth oil rig is undergoing conversion in the Middle East into an accommodation rig.
This oil rig is expected to commence operations in 4QFY2014 on a 4-year charter contract.

Strong momentum for oilrig business
On 15 Aug, Scott and English announced that it secured charter contracts worth a total of US$94.8 million for another 4 offshore drilling rigs from an oil major for 2 years.
The Group expects to complete the acquisition of another 4 operating drilling jack-up rigs by 30 September.
The additional 4 rigs will also be deployed in the Gulf of Mexico.
“We are acquiring 4 older rigs that come with charter contracts,” said Mr Yeo.
He pointed out that as investments in oil rigs entail huge capital outlay, it is the Group’s strategy to acquire assets that are already generating stable cash flow.
It also targets older oil rigs as they require a lower capital investment relative to newbuildings.
Swissco is mindful of a risk with newbuildings: there’s no telling whether long term charter contracts can be signed at good charter rates when the Group takes delivery of the vessels
.

A brand new oilrig takes 2.5 years to deliver.

To finance its oil rig acquisitions, on 7 August, Swissco inked a deal to raise US$42.847 million through the issue of 43.95 million redeemable exchangeable preference shares to private equities and individuals.
Contribution from the new business segment is expected to significantly boost its financial performance next year.
Swissco posted a 15.1% year-on-year growth in revenue to reach S$24.9 million for 1HFY2014 and net profit growth of 48.9% to reach S$5.7 million.
90% of its 1HFY2014 revenue was generated from chartering its fleet of offshore support vessels that range from anchor handling tug supply (AHTS) vessels, crew boats, utility tugs to accommodation vessels.
Its vessels are deployed in Asia, Australia, the Middle East and West Africa.


Below is a summary of questions raised at the meeting and the replies provided by Mr Yeo and Mr Chua.

chua wei teck_8.14"Our strength is in getting an oil rig and in putting a charter contract in place for it," said executive director Chua Wei Teck, 35. Photo by Sim Kih
Q: How old are the 4 oil rigs that you are acquiring?
Mr Chua: They are over 30 years each and they are able to reach water depth of 250 feet.
Time charter day rates range from US$90,000 to US$100,000 for 30-year old oilrigs, compared to US$160,000 to US$180,000 for the new and larger rigs.
Q: What are the charter rates for your oil rigs?
Mr Chua: We do not disclose our rates but we are happy to share that the payback period for our oil rigs is relatively short.

Our payback period (cash generated for full recovery of investment) ranges from more than 3 years to less than 5 years. 

The total contract value for the 4 existing oil rigs (which are 50:50 JV with Ezion) in our fleet is about US$500 million.
Q: What does your marine consultancy service division do?
Mr Yeo: If a prospective customer approaches us with vessel specifications, we come up with the vessel design, secure a shipbuilding facility together with the customer and supervise the construction of the newbuilding.

We also provide equipment procurement services.
Q: What are you building now?
Mr Yeo: We are building a total of 10 vessels, ranging from crew boats to anchor handlers.

We are delivering 5 vessels to external clients this year. We expect to deliver one in 3QFY2014 and the other 4 in 4QFY2014.

The other 5 vessels are for our own fleet.

Q: You can't build a business just based on old oil rigs. How is your oil rig business strategy going to change over the next 3 to 5 years?
Mr Yeo: When we first entered the OSV market, we bought two old boats. Similarly, with the oilrig business, we do not intend to enter with top-of-the-line assets. Old oil rigs can also have a second life. For example, old drilling rigs can be converted into accommodation rigs.
Mr Chua: The condition of a rig depends very much on how it has been maintained over the years. All our rigs are in good working condition.

Going forward, we are looking into a mix of old and new oil rigs.
Mr Yeo: Many oil rigs are being delivered in 2015 and 2016. We expect this to put downward pressure on charter rates. The way we mitigate this is to go into a long term charter contract. The downside to this is we may renew at a lower rate if the market is at a down cycle during time of contract renewal.

On the other hand, a down cycle is also opportune time for investing in newer rigs.
Q: What is your depreciation policy?
Mr Chua: It is usually 15 years for the older assets. 

Friday, August 29, 2014

公司賺的錢都跑到哪裡去了? 從現金流量表找出蛛絲馬跡

Source: http://klse.i3investor.com/blogs/kianweiaritcles/59052.jsp

現金流量表不能只看經營活動的現金流量

現金流量表分三塊
1. 經營活動的現金流量
2. 投資活動的現金流量
3. 理財活動的現金流量

經營活動的現金流量 是營業買賣有沒有收入"現金"

如果開張做生意,連營業活動的現金流量都是負的,那表示越做虧越大,情況很不妙.

投資活動的現金流量 是公司有沒有在擴廠做投資活動

如果是負數(流出),表示公司在進行"擴充產能",擴大生意,
如果是正數(流入),表示公司在出清土地廠房設備。

理財活動的現金流量 是公司有沒有跟銀行借款或其他籌資/還款行為

經營公司通常會有跟銀行借款或是 其他的籌資/還款行為,這通稱為理財活動的現金流量.

【自由現金流量 = 經營活動的現金流 - 投資活動的現金流量】
白話的講,就是開門營業賺的錢,再拿來擴廠投資,還有沒有剩下的現金。
如果公司現金流量一直流出,
先不論是營業賺太少或是擴大營業很積極,公司總不能沒有現金吧,
沒有現金,週轉困難就會倒閉,這時就要靠理財活動的現金流量來平衡。

三大現金流量表怎麼看?

為什麼現金流對選股很重要呢?以下我舉兩個例子來說明:
從下表可以看出,
1. 營業活動的現金流量是正的,代表營業活動是有利潤。
2. 自由現金流量長期負數,表示賺的錢全部拿去投資擴廠了,
而且是連續兩年,帳面上可能有賺,但事實質上卻沒有現金正流入。
3. 現金一直流出,只好靠不斷借債來支撐,理財活動的現金流量幾乎每一季都是正數。

通常這樣的行為,我的解釋是,這個產業可能正處在 產能競賽的"看誰先撐不住"循環中,
雖然可能帳面有賺,但是賺的錢遠遠無法支應擴充新產能的資金,
但是如果不大舉擴產或是買進新一代機台設備,就代表永遠落後競爭對手,
一旦處於產能的落後,很可能代表之前投入的資本都會血本無歸,
逼不得已,只好陷入無窮的燒錢,寄望對手先支撐不住,贏者全拿。

此檔股票的週線圖,近一年股價難有表現。

我們再舉台積電(2330)的例子來說明,台積電也屬於資本支出很大的產業。

1. 由下表可以得知,自由現金流量有負有正,但是近8季總合約正360億,
表是投資行為的現金流出很大,積極擴產,但是賺的更大足以支應這樣的支出。
2330台積電 周K線圖

公司賺錢很好,勇於投資 讓錢滾錢更好

從以上兩個例子,我在選股上,通常會這樣思考
1. 營業活動現金流一定要是正的,開門營業沒賺錢,一切免談
2. 自由現金流量,最好也是時常保持正數,可以接受有時候是負數,但是不能是一個常態的流出
3. 搭配營業利益/毛利率/淨利率,檢視經營績效
如再加上營收也正成長,表示經營績效良好,
我就希望能看到"投資活動的現金流量"能有比較積極流出,
代表經營良好的公司,看到機會,勇於投資擴廠,替股東賺取更多的現金.

財務報表的每一個項目都是獨立科目,
通常要從單一的一兩個數字很難判斷有沒有投資的價值,
但是如果把幾個重點數據搭配起來觀察,往往可以發揮很好的效果.
https://www.cmoney.tw/notes/note-detail.aspx?nid=12435

心梗發生時,只有十秒鐘的時間讓你自救!

Source: http://www.life.com.tw/?app=view&no=160281

年輕人由於心肌梗死而離開的新聞一再發生,特告知大家一個很重要的知識!自我心肺復甦。關鍵時刻,能救自己一命。



假設現在時刻是17:50,忙忙碌碌的你上了一整天的班,正在獨自開車回家的路上!

你感覺到非常緊張和不舒服…突然!

你感到胸口有一股劇痛,並且開始漫延到手臂和下巴,可是,離最近的醫院大概還有一段路程。更糟糕的是路況很差,你自己都不知道能不能撐得了那麼遠?怎麼辦?你以前是曾經受過心肺復甦法CPR訓練,但老師並沒教你怎麼給自己做急救?

獨處時,心臟病發作怎樣急救?一個人若是心臟不能正常跳動,並且開始感到快要昏過去時,他大概只有10秒鐘的時間,然後就會失去知覺,不省人事。

若是四周沒有旁人能幫忙急救,患者要立刻把握這10秒鐘的短暫黃金時間自己救自己。

如何把握10秒鐘黃金時間?
首先不要驚慌,要不停咳嗽,用力的咳,每次咳嗽前,都要先深深吸一大口氣,然後,用力地、深深地、長長地、不停地咳,好像要把胸腔深處的痰咳出來一般,每間隔大約兩秒鐘,要做一次吸、一次咳,一直要做到救護車趕到時,或者已經感到恢復正常,才能休息。

答案:
•深呼吸,是要把氧氣吸進肺部。
•咳嗽,則是要以這個動作壓擠心臟,進而促進血液循環,也可以幫它恢復正常脈搏。
•對心臟的擠壓如此急救,可以讓心臟病發作患者有機會到醫院被救!
自我心肺復甦急救法,發出去吧。說不定就因此救了他們一命!!!請不要誤以為你的年齡少於25或30就沒有心臟病發作由於現今生活方式的改變,心臟病發可發生在所有年齡組別的人。

關愛自己,關愛他人。沒有比生命更可貴的了!轉出去,讓更多的人知道,危急時刻可以互助!

YTLP - FY14 Below Expectations

Source: http://klse.i3investor.com/blogs/hleresearch/58950.jsp

Results

Below expectation - Reported 4QFY14 core earnings of RM128.6m, leading to RM984.5m for FY14, which is 87.7% of HLIB’s and 83.0% of consensus.

Deviations

Lower than expected margins for Seraya as well as domestic Paka and Pasir Gudang Power Generation.

Dividends

None.

Highlights

Malaysia power generation (Paka and Pasir Gudang) concession will expire starting Sep 2015. After losing bid for Track 3B 2,000MW coal-fired power plant to 1MDB, YTLP has again missed out on Track 4A 1,000-1,400MW gas-fired power plant, after pulling out from the preferred bid.
Singapore Seraya continued to experience pressure on both margin and sales volume due to increased power generation capacity in Singapore. The utilization of imported higher priced LNG supply in FY14 has further eroded margins. The division has been a major drag to the group as FY14 PBT dropped by 32.1% yoy.
The management remained confident with Wessex Water achieving its 2010-15 regulatory target. However, we caution investors on the potential lower returns for the next 5-years regulatory period (FY15-20) due to new ruling by UK Government on lower return or WACC for water assets at 3.85% as compared to Wessex’s existing 5.5% return based on WACC.
YTL Communication (YTLC) continued to report loss in 4Q14. Nevertheless, the division reported lower FY14 LBT at RM170.4m (vs.RM277.2m in FY13) due to higher subscriber base. We believe that YTLP is migrating into LTE technology (currently WIMAX), which may affect margins at the starting phase due to high capex. Risks Downside risks
Appreciation of RM against other foreign currencies.
YTLC facing strong competition from existing telcos.

Forecasts

Cut earnings by 27.5% and 19.0% for FY15-16. Introduced FY17 earnings at RM1.2bn.

Rating

HOLD
Positives –
  • Strong and stable cash flow.
  • Large cash piles (RM8.9bn) allowing YTLP to look for more value accretive acquisitions
Negatives –
  • The increasing competitive environment for YTLC especially with the implementation of LTE networks.
  • Lower regulated return onWessex Water by OFWAT.
  • Competitive and high operating cost environment by Seraya Power in Singapore.

Valuation

Maintained Hold with lower target price of RM1.44 (from RM1.66) based on unchanged 10% discount to SOP, after tweaking our model.

棕油价恐跌近成本 亚洲业者首当其冲

Source: http://www.nanyang.com/node/645168?tid=462
(吉隆坡27日讯)棕油界专家Godrej国际有限公司董事米斯里(Dorab Mistry)表示,棕油价格跌势延续,恐将触及2009年最低水平,并接近种植成本,亚洲种植业者料首当其冲。

他以电邮回应彭博社询问指出,在熊市时,价格走势将往生产成本价位逼近。

不过,他并未给予任何目标价格,或棕油价触底期限预测。

大马与印尼私人种植业者每公吨生产成本介于1500令吉至1600令吉,在我国有者生产成本甚至高达1800令吉。

跌破2000令吉

原棕油期货价格本周一度下跌至每公吨1954令吉的5年新低,今日闭市时再次跌破2000令吉大关,收报1978令吉,全日跌34令吉。

美国大豆生产唱丰收,国际食用油供应提升,市场人士对于埃尔尼诺现象的担忧逐渐消退,原棕油价格走势自上个月起便进入熊市。

期货价格也因市场对生化柴油的需求,未及预期水平,因而走跌。

各种因素影响印尼与大马的种植业,两国为世界主要的棕油生产国,为全球供应86%的原棕油。

棕油价格走跌虽有助抑制国际食品成本扬升,但谷贱伤农,恐将冲击种植业者获利。

米斯里说,市场蔬菜油供应泛滥,原棕油产量让人意外地走扬,因此不难预测棕油价格走势。

我国今年首7个月的原棕油产出按年增加6.6%,达1070万公吨。

埃尔尼诺未形成

米斯里在6月时预测,短期内,气候干燥将使原棕油价格将在2300令吉至2600令吉区间波动,若埃尔尼诺现象在8月中出现,原棕油价格在12月时将上攀至2800令吉。

他说,埃尔尼诺现象并未如预期般显现,令市场大失所望,原棕油价格牛市也因此越离越远。

另一方面,联昌国际报告指出,迈入末季,随着业者开始重建库存以及市场对生化柴油需求扬升,原棕油价格将走高,预计价格可扬升至2400令吉。

渣打银行(Standard Chartered)分析员奥芬指出,库存开始收紧,预期原棕油价格将从谷底(1850令吉)回弹,未来12个月可达2200令吉。

Shareholders to gain from I-Berhad exercise

Source: http://www.nst.com.my/node/27787

MINORITY shareholders of I-Berhad stand to benefit from the company’s corporate exercise due to attractive pricing of its rights issue and irredeemable convertible unsecured loan stock (ICULS).

The company on Wednesday announced details of the fundraising scheme involving rights issue, bonus issue and landbank acquisitions.

I-Berhad will raise approximately RM699.8 million, comprising RM197.5 million in proceeds from the rights issue and RM502.3 million from issuance of convertible securities of redeemable convertible unsecured loan stock (RCULS) and ICULS to the vendor of the acquired lands.

The rights issue entitlement entails five rights shares for every four existing ordinary shares held by shareholders on entitlement date of September 11 at an issue price of 69 sen per rights share and one free warrant for every five rights shares subscribed.

The rights issue price of 69 sen is approximately 47 per cent discount to the theoretical ex-rights price of RM1.30 for I-Berhad shares.

At the same time, the vendor of the lands will offer for sale approximately 48 per cent of the ICULS to the minority shareholders of
I-Berhad at an offer price of 50 sen per ICULS, on the basis of five ICULS for every one existing share held on entitlement date.

The ICULS are convertible to I-Berhad ordinary shares any time within the five-year tenure at a conversion price of 68 sen, or 136 ICULS in exchange for 100 new ordinary shares.

“The corporate exercise aims to enhance shareholder value, not just by raising our valuation multiples as we position ourselves in the league of property developers with more than RM1 billion market capitalisation, but also rewarding our minority shareholders with extremely attractive pricing of our rights issue and ICULS to further participate in the growth potential of I-Berhad,” said I-Berhad chief executive officer Datuk Eu Hong Chew.

Meanwhile, SJ Securities Sdn Bhd rated
I-Berhad as a “buy” with a RM4.40 fair value on strong earnings growth.

“I-Berhad’s current unbilled sales of RM400 million will underpin future earnings. We see impending strong earnings growth from financial year (FY) 2015 onwards, with Grand i-Residence providing the earnings kicker.

“Our back-of-envelope calculation estimates that I-Berhad will achieve core FY 2015 earnings per share (EPS) of 55 sen based on following assumptions, i.e. RM200 million revenue for property development division and RM55 million revenue for leisure division and a net profit margin of 25 per cent.

“We arrive at our indicative fair value of RM4.40 based on estimated FY 2015 EPS, attaching a price-earnings of eight times, which is the earnings multiple that small cap property stocks are trading at,” SJ Securities said in its report.

Sumatec may not meet FY14 earnings forecast of RM69m

Source: http://www.thestar.com.my/Business/Business-News/2014/08/28/Sumatec-may-not-meet-FY14-earnings-forecast-of-RM69m/

KUALA LUMPUR: Oil and gas services related Sumatec Resources Bhd posted a strong set of earnings for the first half ended June 30, 2014 but cautioned it might not achieve its net profit of RM69mil.
Sumatec said on Thursday due to the technical requirements to install artificial lift pumps on a number of wells, there has been a delay in bringing some of the wells on to production.
"Barring unforeseen circumstances, the board anticipates that the net profit of the group for the financial year ending Dec 31, 2014 may fall short of the forecasted net profit of RM69mil," it said.
Sumatec said to address the situation, the management would deploy all available resources to complete the remaining works under the workover programme, install artificial pumps and conduct production enhancement on each well, and adding more wells into the workover programme.
It posted net profit of RM6.70mil in the second quarter ended June 30, 2014 compared with net loss of RM3.94mil a year ago boosted by the upstream oil and gas (O&G) activities.
It said on Thursday its revenue was RM13.75mil compared with nil a year ago. Profit before tax was RM11.25mil compared with a loss of RM4.01mil.
"The increase in revenue and profit before tax in this quarter was attributed to the income from the upstream O&G activities," it said.
Sumatec said for the first half, it reported earnings of RM11.17mil compared with net loss of R9.16mil in the previous corresponding period. It recorded revenue of RM27.49mil versus nil a year ago.
It said when compared to the first quarter ended March 31, 2014, the group's turnover in Q2 comprising of revenue from the upstream O&G activities showed a marginal increase.
"Profit before taxation however increased by RM2.39mil in line with lower overheads and direct operating costs," it said.

Mah Sing plans RM9.3bil mixed development in Puchong, Selangor

Source: http://www.thestar.com.my/Business/Business-News/2014/08/28/Mah-Sing-plans-mixed-development-in-Puchong/

KUALA LUMPUR: Mah Sing Group Bhd plans to undertake a mixed development project in Puchong, Selangor which it expects will have a potential gross development value (GDV) of RM9.3bil.
It announced on Thursday it is buying 88.7 acres of land for RM656.89mil or RM170 per sq ft from Huges Development Sdn Bhd.
"The proposed acquisition allows the Mah Sing group of companies to replenish a large portion of its GDV and increase the sustainability of the group's earnings through the acquisition of prime landbank in Puchong.
"The proposed acquisition, based on preliminary plans, shall comprise an integrated mixed development with offerings catered to a full range of customers and will appeal to the mass market and medium to higher income households.
"The proposed development is intended to offer serviced residences, office towers, shop offices, retail lots, a retail mall and a hotel and is expected to have a potential GDV of approximately RM9.3bil," it said. The development project is expected to be developed over 10 years.
Mah Sing added it planned to offer serviced residences (executive suites) starting from RM585,000 which would cater to the mass market of youngsters and upgraders looking to stay in the central business district.
It also said based on its internal assessment of the land, the purchase consideration was within the range of acceptable land costs given the potential GDV to be generated and it was within the range of market values for similar land in the vicinity.
"Furthermore, there are no sizeable pieces of land in the vicinity which would allow the group to plan for a similar potential development. The land cost is expected to be approximately 7.1% of the total potential GDV of the development, which is reasonable to management," it added.

Tropicana net profit soars on disposal of properties

Source: http://www.thestar.com.my/Business/Business-News/2014/08/29/Tropicana-net-profit-soars-on-disposal-of-properties/

KUALA LUMPUR: Tropicana Corp Bhd’s net profit jumped 133.3% to RM89.4mil from the RM38.3mil achieved a year ago, contributed by gains arising from the disposal of investment properties and a subsidiary of a jointly controlled entity.
Its revenue for the quarter was slightly lower at RM355.9mil compared with RM362.1mil last year. Earnings per share for the second quarter stood at 6.43 sen.
“The revenue of RM355.9mil recorded in the current quarter was 19% higher than the immediate preceding quarter. The increase in revenue was contributed by a higher percentage of revenue recognised on ongoing property development projects when comparing both quarters.
“The increase in revenue resulted in a higher pre-tax profit of RM121mil in comparison with the RM24.8mil achieved in the immediate preceding quarter.
“The contributing factor for the increase in pre-tax profit was similar to that as aforesaid disposals of investment properties and the subsidiary of a jointly controlled entity,” it said in a statement.
For the first six months, Tropicana’s net profit stood at RM97.2mil, up 18.5% against the RM82.1mil posted in the same period a year ago. Revenue for the period stood at RM655mil.
Tropicana said the group had achieved sales of RM935mil for the period ended June 30 while unbilled sales stood at RM2.7bil.
“At present, the property market in Malaysia is more subdued as a result of various cooling measures introduced by the Government in the 2014 National Budget.
“Notwithstanding the market conditions, the group continues to tap into its sizeable and strategic land bank, especially those in the Klang Valley, to launch new products that cater to current market demand,” it said.
It added that based on ongoing projects, the board expected the group to deliver a satisfactory performance in 2014.
Tropicana said it was preparing to launch new phases of terrace homes in Tropicana Heights, Kajang, and the third serviced apartment block in Tropicana Gardens, a mixed residential development located in Kota Damansara with proximity to the Dataran Sunway MRT station.