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Sunday, July 31, 2016

So Much Student Debt, So Much Ignorance

The Experts
Wealth Management
So Much Student Debt, So Much Ignorance

​ About one-in-five student-loan holders do not know the terms of their loans, says WSJ Wealth Expert Annamaria Lusardi of George Washington University.​ Photo: Getty Images/iStockphoto

By Annamaria Lusardi Jul 12, 2016 11:13 am ET

Annamaria Lusardi (@A_Lusardi) is the Denit Trust Chair of Economics and Accountancy at the George Washington University School of Business, where she focuses on financial literacy, personal finance and macroeconomics.

It will come as no surprise that a lot of people are burdened by education-related debt. What may be surprising is how few of those people even know the terms of that debt.

This is one of the findings of a survey released today by the National Financial Capability Study (NFCS). The study, which I co-authored, found that nearly half (45%) of those aged 18 to 34 owes on at least one loan (for themselves or family members) and more than a quarter of Americans aged 35 to 54 have student loans.

Indeed, the number of student loan borrowers has almost doubled in the past 10 years, from 23 million to the current 43 million borrowers, according to the Federal Reserve Bank of New York. And the amount of total student-loan debt has soared, shooting from $240 billion at the start of 2003 to more than $1.3 trillion today.

The prevalence of student loans is a red flag for anyone concerned about personal debt levels in the country, even more so because these borrowers fail—remarkably—to understand what they have taken on.

The latest NFCS data find that about one-in-five loan holders do not know the terms of their student loans. For example, they can’t say whether their monthly payments are determined by their income. And the majority (54%) of borrowers did not calculate their monthly payments when they took out their most recent loan.

Ignorance is not bliss. The new data also show that 48% of loan holders fear they will be unable to pay off that debt. If they could go back in time, a whopping 53% of student-loan holders say they would do it differently.

We should all be worried about student loan debt. If individuals and their families are not financially secure, not only are they likely to suffer, but their vulnerability also weakens the country’s economic base. For example, there are concerns about whether young workers with student loans are able to contribute to their pensions, and to buy cars and homes. And at the current default rates, student loans are becoming an issue not only for borrowers but for taxpayers as well. By starting their financial life in debt, America’s young adults face a daunting challenge, one that puts them and the economy at risk.

Financial-literacy education, starting as early as elementary school, won’t help current loan holders but it will prepare the next generations of students. For example, one new question tucked into the survey was designed to measure knowledge of interest compounding in the context of debt. What it reveals could explain why people are ending up with such surprising amounts of debt: Only 33% of respondents know that it takes less than five years for debt to double if one borrows at a 20% interest rate.

When it comes to financial capability, the field is wide open to help people and, in particular, the young get savvy about their personal finances. Financial education is key to repairing our economy’s weak link.

Saturday, July 30, 2016

(Icon) CIMB (2) - CIMB Niaga Profit Up 74%. Buy Lah, Wait For What ?

(Icon) CIMB (2) - CIMB Niaga Profit Up 74%. Buy Lah, Wait For What ?

Author: Icon8888   |   Publish date: Sat, 30 Jul 2016, 02:41 PM 

1. Introduction

Yesterday, CIMB Niaga released its June 2016 quarterly report. There was marked improvement in results. Net profit increased by 74% Q-o-Q. 
(Press release spinned it as 318% increase Y-o-Y. However, I think Q-o-Q is more reflective of its latest earning momentum)

2. Results Analysis

(a) Compared with previous quater, net profit increased by 74% to Rp467 bil.

(b) One of the major positive contributor is Net Interest Income, which increased by Rp139 bil compared to previous quarter. The increase is mostly due to decline in interest expenses from Rp2,552 bil in previous Q to Rp2,246 bil (decline of Rp306 bil), mostly due to increase in Current Account Deposit. Net interest margin improved from 53% to 57%. Well done !!!   

(c) The other major contributor is lower impaired loans provision, which resulted in saving of Rp120 bil. This is the second consecutive month of decline, after peaking in December 2015 quarter.

Provision is expected to continue to decline in coming quarters as CIMB CEO hinted in a recent interview that he expects second half of 2016 to perform better. Please refer to my previous article for details.

(d) Operating expenses increased by Rp25 bil. This was a negative surprise. After the mid 2015 Mutual Seperation Scheme, I expect cost to come down, not go up. Anyway, it is not a big issue as the increase is not really that big.

3. Earning Forecast

In my previous article, I have guarded feelings for the CIMB Group. I sensed that they are turning around, but was not sure when the recovery will actually happen. However, with CIMB Niaga announcing a reasonably good set of results yesterday, I have turned much more positive towards the group.

Armed with this new peace of information, I set up a financial model to try to feel the CIMB Group's coming quarter result. 

Many people frown upon building financial model to predict future earning. Garbage in garbage out, if you get your assumptions wrong, your prediction will be way off.

However, in this particular case, there is sufficient ground for making such an attempt - CIMB's non Niaga operation has been fairly stable. In the past three quarters, it has generated net profit of RM778 mil, RM752 mil and RM732 mil respectively. I believe there is reasonable chance that the coming quarter will be more or less the same.

By putting together the above information, the model estimates that coming quarter net profit will be approximately RM894 mil.

But how should we interprete this figure ? What is the implication on valuation ? In other words, what should the Target Price be ? 

4. Target Price

I previously set a Target Price of RM5.20 for the stock. That was plucked from the air based on my entry cost of RM4.29 and expected return of 20%.

However, now that I have a better feel of the Group's positive momentum, I am happy to revise it upwards. For inspiration and guidance, I looked back to early 2014 when CIMB was still doing well.

As shown in the diagram above, CIMB traded at RM7.30 based on quarterly profit of RM1.066 bil in March 2014. The  coming quarter of RM894 mil predicted net profit, if materialised, will be approxmimately 84% of its March 2014 quarter profit.

By applying 16% discount to RM7.30, I arrived at revised Target Price of RM6.13 for CIMB over the next 12 months.

That represents potential upside of 40% over latest closing price of RM4.39.

5. Concluding Remarks

(a) Among all the banking stocks, I believe CIMB has the best long term growth potential. This is because of the relatively high weightage of its Indonesian operations. Indonesia's GDP per capita is still low and its population is huge. The country will conitnue to grow at a brisk pace for many years, dragging CIMB along with it.
(b) The Group's past 12 months performance was disastrous. Its exposure to Indonesia turned out to be a big liability, dragging down its overall profitability as Indonesia floundered under the tremendous downward pressure caused by collapse of commodity prices.

However, this weakness has now become its strength.

From stock market point of view, CIMB has bigger upside potential compared to other banking stocks such as AFG, Public Bank, Hong Leong Bank, BIMB, Maybank, RHB, etc, which have done reasonably well recently.

With the Indonesian economy now gaining strength, I believe we have reached an inflexion point for CIMB. The risk and reward ratio going forward is favorable. It is time to stop sitting on the fence.

The stock is currently trading at trough valuation. Its immediate and long term prospect is bright. You don't get this kind of opportunity very often.

Buy lah, wait for what ?

超越马银行 国能808亿市值称王

财经 2016年07月29日 | 记者:王生旺
超越马银行 国能808亿市值称王















2016-07-29 12:09














2016-07-29 17:18
















2016-07-30 13:58













CIMB’s Indonesian arm posts 318% jump in profit

Friday, 29 July 2016 | MYT 7:04 PM
CIMB’s Indonesian arm posts 318% jump in profit

KUALA LUMPUR: CIMB Group Holdings Bhd’s 97.9% owned Indonesia-based subsidiary PT Bank CIMB Niaga Tbk, boosted its unaudited consolidated net profit by 318.2% to 736 billion rupiah (RM228.4mil) for the six-month period ended June 30, 2016 (H1).

The fifth largest bank in Indonesia by assets said in a statement that the higher net profit, which translated to earnings per share of 29.29 rupiah, was due to a 4.8% rise in net interest income (NII) to 5.81 trillion rupiah (RM1.81bil), a 24.1% jump in non-interest income to 1.46 trillion rupiah (RM453mil) and a 7.9% fall in provision expense.

Its president director Tigor M. Siahaan said: “Despite the challenging environment, our H1 top line performance continued to improve. The 4.8% year-on-year (y-o-y) NII growth was recorded against a decline in interest expense, while non-interest income was 24.1% higher y-o-y due to better Treasury and capital markets businesses.”

He said CIMB Niaga maintained good control over its operating expenses which fell by 1.2% y-o-y. “In addition, the provisions for non-performing loans had gradually improved.”

As the bank retained a conservative growth strategy, total gross loans were lower y-o-y at 175.34 trillion rupiah (RM54.41bil) as at June 30.

Despite the slower overall growth in CIMB Niaga’s loans, selected business segments recorded encouraging performance. The personal and multipurpose loans business grew 9.2% y-o-y through the bank’s X-tra Dana product, while the credit card segment posted a 25.5% y-o-y growth to 7.18 trillion rupiah (RM2.23bil).

As at end June 2016, the bank had issued over 2.1 million credit cards, an increase of 13.4% from a year earlier. To date, CIMB Niaga is the third largest credit card issuer in Indonesia, in addition to being the fifth largest bank with total assets of 239.38 trillion rupiah (RM74.33bil).

Its current account savings account (CASA) grew 5.7% y-o-y to 93.21 trillion rupiah as at June 30, with the CASA ratio rising 457 basis points (bps) y-o-y to 51.99%.

The loan to deposit ratio was higher at 96.54% at end-June 2016 compared to 95.81% in the same period last year.

The Indonesian government has appointed CIMB Niaga as a perception bank assigned to accommodate funds repatriated by taxpayers who are participating in Indonesia’s tax amnesty programme.

“With additional liquidity available through the programme, the national banking industry, CIMB Niaga included, will have greater capacity to disburse loans to various sectors,” Tigor said.

CIMB Niaga’s capital adequacy ratio strengthened y-o-y to 17.62% as at June 30.

“We will continue to selectively increase our assets with a key focus on cost management and asset quality. We started 2016 on a more positive note and seen the potential of gradual improvement in the second half of the year, backed by numerous macroprudential government fiscal and monetary policies to stimulate sustainable economic growth,” added Tigor.

Friday, July 29, 2016


2015年03月13日 21:45 新浪财经




  一年半以前,耶鲁大学与声誉卓著的新加坡国立大学(NUS)联合创办的耶鲁-新大学院迎来第一批大学生。新大学以培养亚洲新一代政商两界领导人为己任。还有哪个大学比耶鲁大学更适合承担这个任务呢!美国最近的三位总统老布什、克林顿、小布什出自耶鲁大学,最高法院现任大法官三位是耶鲁校友,杰出商界领袖有贝莱德(363.37, 0.00, 0.00%)的施瓦茨曼(Stephen Schwarzman)、Liberty Media的马隆(John Malone),和百事可乐(108.13, 0.65, 0.60%)的卢英德(Indra Nooyi)。

  耶鲁大学校长沙洛韦(Peter Salovey)说:“我们的想法是耶鲁-NUS应能培养社会各领域的领导人。新加坡实验是否成功应从多年后毕业生的成功与否来衡量。他们走向最好、最专业的岗位了吗?雇主觉得他们有口才、有创造力、有团队精神嘛。衡量标准还有很多。我自己对此很乐观。”




  怀疑者不少,不过我们与之交谈的教育专家至少有一位对两个问题都作了肯定回答。他是Minerva Project 的CEO尼尔森(Ben Nelson),这家风险投资公司与加州克莱蒙特学院联盟进行了倍受推崇的通识教育课程调整工作。耶鲁-新大强调研讨,要求所有学生在头两年学习差不多相同的核心课程,包括哲学、政治思想、文学、人文科学和现代社会思潮,尼尔森对此尤为欣赏。


  另一个新举措是保证学生有夏季实习机会。等待招聘实习生的公司有法国安盛、毕马威会计事务所、媒体机构GroupM和星展银行。“很多公司都有意招聘我们的学生实习,我们的学生供不应求,”刘易斯(Pericles Lewis)说。三年前刘易斯放下英语比较文学教授教职担任耶鲁-新大首任校长。



  中国学生家长特别希望孩子接受美国精英大学通识教育。耶鲁大学现有598名本科留学生,其中58名来自中国。其实耶鲁大学通过雅礼协会与中国有着长期的关系。雅礼协会是传教士、时代杂志老编辑和耶鲁校友鲁斯(Henry Luce)在1901年与他人共同创立,已在中国开展了多个教育项目。

  联合办学是2009年1月达沃斯论坛上耶鲁大学时任校长莱文(Richard Levin)与新大校长陈祝全在一次酒会上萌生的念头。当时新大已经与多家西方大学展开了合作,比如与杜克大学合办医学院,与约翰霍普金斯大学合办音乐学院。陈校长希望扩展通识教育,以便更好地培养学生的批判思想,增强他们评估问题和找到解决办法的能力——这样的思维习惯可以通过学习史诗传统中的英雄人物角色而养成。




  耶鲁-新大计划到2017年秋之前共招收1000名学生,包括今年入学的学生目前已有332名。 耶鲁大学从一开始便提供了很多教育支持,76名教师有六名来自耶鲁。在新加坡政府支持下,新大提供土地和承担所有成本,包括建筑、运营、人员工资和学生补助。大约两千名专家学者申请耶鲁-新大教职。





  名为“Week 7”的校外实习活动是耶鲁-新大课程的另一重要不同之处,这是通常到遥远地区与教授和同学进行为期一周的研究活动,比如到希腊调查名胜古迹,到泰国调查生物多样性等。






  耶鲁大学非洲-美国研究教授、法国人米勒(Christopher Miller)在《高等教育年鉴》发表文章,指出耶鲁-新大是一所“怪耶鲁”。他认为两所大学将共同培养出新一代顺从的、不敢持异议的管理者,与最新的全球公司董事会和达沃斯的茶话会十分相宜。按照新加坡法律,学生不得在校园组建政治团体或进行政治抗议,但可在学校讨论有争议的问题。



  来自弗吉尼亚州的耶鲁大学大二学生苏曼(Maggie Schumann)说,“反对耶鲁-新大的很多说法都是基于耶鲁大学不应该承认新加坡政府合法性的道德评判,但作为一家教育机构,耶鲁大学的首要任务是育人,而不是承认政治合法性。”




Mark Hulbert - This has happened in the U.S. stock market only 13 other times since 1949

Opinion: This has happened in the U.S. stock market only 13 other times since 1949
By Mark Hulbert
Published: July 15, 2016 5:11 a.m. ET

A rare sign of strong momentum occurred over the past two weeks

CHAPEL HILL, N.C. (MarketWatch) — The stock market over the past two weeks has done something that’s occurred only 13 other times since 1949.

And following those past instances, the stock market proceeded to perform very well.

That’s according to Dan Sullivan, editor of The Chartist advisory service. Sullivan has one of the longest tenures as an investment newsletter editor of anyone still publishing today, having inaugurated his service in 1969 — 47 years ago. The Chartist is also one of the top-ranked newsletters for performance dating to 1980, which is when the Hulbert Financial Digest began monitoring the industry.

This is the feat that the stock market recently accomplished: Over the 10 trading sessions through July 12, the average number of advancing stocks on the New York Stock Exchange (NYSE) exceeded the average number of declining stocks by a ratio of more than two to one. Sullivan is not the only technical analyst who focuses on the advance-decline ratio, and there are many different ways to construct market-timing indicators from the raw data.

But the general idea behind Sullivan’s indicator and others like it is that “strong momentum tends to persist,” as the late Martin Zweig put it in his 1986 classic, “Winning on Wall Street.” Zweig used to edit several top-performing investment newsletters in the 1970s and 1980s; he later became the manager of a number of mutual funds. He added: “It is a sign of very strong momentum when advances overwhelm declines for a significant span.”

Sullivan says he doesn’t know if he was “the originator of the two-to-one rule, but we have been using the A/D Ratio as a measurement of thrust since the early 1970s.”

The chart above is based on data calculated by Sullivan, showing the Dow Jones Industrial Average’s DJIA, -0.09% following the 13 prior instances since 1949 in which the 10-day A/D ratio exceeded two-to-one. On average, as you can see, the Dow was 7% higher within three months, 15% higher in six months, and 20% higher in one year.

Sullivan also reports a remarkable consistency in the market’s positive reaction to prior 10-day A/D ratios above two-to-one. Over only one of the 13 three-month periods did the Dow decline, for example, and that lone loss was small — just 0.42%. At the six-month horizon, the Dow was higher in all 13 instances.

In acknowledging that this track record is “most impressive,” Sullivan added the appropriate qualification: “What has happened in the past does not necessarily translate into the future. Putting it another way, there is no such thing as a perfect indicator.”

Nevertheless, he said: “The only thing we have to go on is what has happened in the past.” And, for now at least, Sullivan is bullish on the stock market and recommending a 100% invested position.

Readers are invited to review the Hulbert Sentiment Indices or email the author.

联营公司赢泛婆大道工程 WCT净利年增550万

99点看 2016年7月29日

(吉隆坡28日讯)WCT控股(WCT,9679,主板建筑股)和许甲明(KKB,9466,主板贸服股)联手赢得砂拉越州泛婆罗洲大道(Pan-Borneo highway)第一期工程,普遍在分析员预期中,故纷纷保持财测不变。






管理层维持20亿令吉新增订单的目标,主要由捷运第二路线(MRT2)、轻快铁第三路线(LRT3)、Kwasa白沙罗(Kwasa Damansara)、敦拉萨国际贸易中心(TRX)、边佳兰的炼油与石油化工综合发展计划(RAPID)、SUKE和DASH所推动。












SapKen bags RM510mil pipeline job

Friday, 29 July 2016
SapKen bags RM510mil pipeline job

PETALING JAYA: SapuraKencana Petroleum Bhd (SapKen) has won a major contract for the Trans Anatolian Natural Gas Pipeline (TANAP) from TANAP Gogalgaz Iletim A.S. worth RM510mil, it announced in a filing with Bursa Malaysia.

The contract, which was won by SapKen’s subsidiary, SapuraKencana TL Offshore Sdn Bhd (SKTLO), comprises of the engineering, procurement, construction, and installation of offshore pipelines and fibre optic cables for TANAP, which is located offshore in the Dardanelles Strait in the Sea of Marmara in Turkey.

It also marks SapKen’s maiden foray into Europe as part of its global footprint. The integrated oil and gas services provider has a presence on six continents.

TANAP is a strategic natural gas pipeline project that links the two continents of Europe and Asia, supplying natural gas from the Southern Gas Corridor project in Azerbaijan through Georgia and Turkey and onwards to Europe.

The venture is 58%-owned by the State Oil Company of Azerbaijan Republic, which is 30% owned by the state-owned Turkey BOTAS Petroleum Pipeline Corp and 12% by British Petroleum Plc.

The contract win is the second major gas pipeline job secured by SapKen this week.

Westports Q2 profit advances to RM160mil

Friday, 29 July 2016
Westports Q2 profit advances to RM160mil

PETALING JAYA: Westports Holdings Bhd net profit jumped to RM159.9mil in the second quarter ended June 30 from RM122.1mil a year ago due to an increase in container volumes.

Correspondingly, revenue also climbed to RM522.6mil from RM405.3mil last year.

For the first six months, the port operator’s net profit stood higher at RM330.9mil from RM242.3mil in 2015.

Revenue for the first half of the year chalked up to RM987.3mil against RM804mil in corresponding period last year.

Westport announced its first interim single tier dividend of 7.3 sen per ordinary share in respect of the current financial year ending with entitlement date on Aug 11. 2016

Westports’ container operations achieved another milestone by handling 4.9 million TEUs (twenty-foot equivalent units) in the in the first half of this year.

Transhipment containers increased to 3.6 million TEUs while the group handled 1.3 million TEUs of gateway containers.

“Our first six months volume has been very encouraging and resilient given the modest regional economic growth during the period as we achieved another milestone by handling our highest ever interim container volume of 4.9 million TEUs.

“Westports also benefited from accommodating our shipping clients’ ad-hoc handling requirements as they introduced larger vessels into their existing container shipping services” said Westports chief executive officer Ruben Emir Gnanalingam.

Ruben pointed out that there would be realignment in the container shipping industry next year as key liners in existing container shipping alliances form new and different alliances next year.

As a terminal operator, Westports will continue to support our shipping clients’ regional transhipment requirements with cost competitive, world-class productivity level of services and also expanding container terminal facilities. “Our Phase 1 of CT8 expansion with 300-metre of wharf has commenced operations with the additional of four units of new state-of-the-art 52-metre high ship-to-shore cranes and six units of energy-efficient rubber tyred gantry cranes.

“The entire CT8 expansion will cost a total of RM1.1bil and when completed, would raise Westports’ total container terminal handling capacity to 13.5 million TEUs with our extended contiguous linear berth of 5.2 kilometers, thereby allowing the group to also support requirements of new and larger shipping alliances from 2017 onwards,” he said.

Thursday, July 28, 2016

Naim-Gamuda JV bags RM1.57b Pan Borneo Highway package

Naim-Gamuda JV bags RM1.57b Pan Borneo Highway package
By Ahmad Naqib Idris / | July 28, 2016 : 6:18 PM MYT

KUALA LUMPUR (July 28): Naim Holdings Bhd announced that its wholly-owned unit Naim Engineering Sdn Bhd, via a joint venture (JV) with Gamuda Bhd, has won a RM1.57 billion total works package for the proposed Pan Borneo Highway.

According to a bourse filing today, the contract, awarded by Lebuhraya Borneo Utara Sdn Bhd, entails the development and upgrading of Phase 1 of the highway in Sarawak. The JV will undertake works package — WPC-04 (Pantu Junction to Btg Skrang).

The contract is for a 51-month period from the date of site possession.

"The above contract is expected to contribute positively to the earnings and net assets of the group during the tenure of the contract," said Naim.

Naim holds a 70% stake in the JV, while Gamuda owns the remaining 30%.

This is the latest award after the clinching of a RM1.29 billion package by a JV between KKB Engineering Bhd and WCT Holdings Bhd, and a RM1.36 billion contract to a JV between Bina Puri Holdings Bhd and Cahya Mata Sarawak Bhd earlier this week.

Naim fell 3 sen or 1.55% to close at RM1.91, giving a market capitalisation of RM450.19 million. Gamuda was down 5 sen or 1.03% at RM4.82, with a market capitalisation of RM11.64 billion.

What determines the returns from stocks? - investbullbear

What determines the returns from stocks? - investbullbear
Author: Tan KW | Publish date: Thu, 28 Jul 2016, 01:10 PM

Thursday, 28 July 2016

Very long-run returns from common stocks are driven by two critical factors:

1. the dividend yield at the time of purchase, and,
2. the future growth rate of earnings and dividends.

In principle, for the buyer who holds his or her stocks forever, a share of common stock is worth the "present" or "discounted" value of its stream of future dividends.

A stock buyer purchases an ownership interest in a business and hopes to receive a growing stream of dividends.

Even is a company pays very small dividends today and retains most (or even all) of its earnings to reinvest in the business, the investor implicitly assumes that such reinvestment will lead to:

1. a more rapidly growing stream of dividends in the future or
2. alternatively to greater earnings that can be used by the company to buy back its stock.

The discounted value of this stream of dividends (or funds returned to shareholders through stock buybacks) can be shown to produce a very simple formula for the long-run total return for either an individual stock or the market as a whole:


From 1926 until 2010:

Common stocks provided an average annual rate of return of about 9.8%.
DY for the market as a whole on Jan 1, 1926 was 5%.
The long-run rate of growth of earnings and dividends was also about 5%.
DY + Growth rate gives a close approximation of the actual rate of return.

Over shorter periods

Over shorter periods, such as a year or even several years, a third factor is critical in determining returns.
This factor is the change in valuation relationships, namely, the change in the price-dividend or price-earnings multiple.
[P/Div and P/E tend to move (increase or decrease) in the same direction.]

Ref: A Random Walk Down Wall Street


Author: Tan KW | Publish date: Thu, 28 Jul 2016, 05:30 PM
2016-07-28 17:13









该药物测试共分为3期及3个临床试验,两个为阿兹海默病症药物(TRx-015 & TRx-005),另一个为行为变异额颞叶痴呆症药物(TRx-007),后者将在8月31日至9月2日的第10届国际额颞叶痴呆症峰会(ICFTD)宣布结果。











KKB secures RM1b worth of deals YTD after latest job win

KKB secures RM1b worth of deals YTD after latest job win
By AmInvestment Bank Research / The Edge Financial Daily | July 28, 2016 : 10:56 AM MYT

This article first appeared in The Edge Financial Daily, on July 28, 2016.

KKB Engineering Bhd
(July 27, RM1.65)
Maintain buy with a higher fair value (FV) of RM2.10: We have reviewed our numbers and cut our financial year ending Dec 31, 2016 (FY16) forecast net profit of KKB Engineering Bhd by 25% to account for the lack of conventional jobs in the past six months, but raised forecast net profits of FY17 and FY18 by 3% and 55% respectively.

This follows KKB’s joint venture (JV) with WCT Holdings Bhd securing a RM1.29 billion, 51-month road main works contract for the Pan Borneo Highway in Sarawak. KKB’s 70% share of the contract amounts to approximately RM900 million. The JV received the letter of award for Package WPC-09 from the project delivery partner, Lebuhraya Borneo Utara Sdn Bhd, on Monday for the stretch from Sungai Arip Bridge to the Bintulu Airport junction. The estimated distance is about 66km.

KKB has surpassed our earlier RM200 million new-order assumption for FY16. We now assume further new orders of RM100 million for FY16 (approximately RM30 million for various pipe supply jobs already secured), RM600 million (versus RM200 million previously) for FY17 and RM200 million for FY18. We are assuming earnings before interest, taxes, depreciation and amortisation margin of 6% for KKB’s 70% share of the RM1.29 billion Pan Borneo Highway contract. Our group earnings before interest and tax (Ebit) margin projections now stand at more conservative levels of 15% for FY16 and at 10% to 11% for FY17 to FY18 versus 20% to 30% previously. It posted an Ebit margin of 29% in FY15. Year to date (YTD), KKB has secured RM1 billion worth of contracts, including two ongoing platform fabrication jobs for Talisman that are scheduled to be completed by the third quarter ending Sept 30, 2017 (3QFY17).

We expect KKB’s associate Oceanmight to secure a forecast annual oil and gas order replenishment of RM130 million for each of FY17 and FY18. Looking ahead, KKB remains poised to supply guard rails, lamp posts, and water steel pipes for the Pan Borneo Highway. The group posted a 1QFY16 core net loss of RM2 million — halved that of the previous quarter, due to the lack of conventional activities and new jobs. We expect activities to pick up pace from 3QFY16 onwards.

Mitigating any downside risks is the group’s net cash position of RM139 million as at end-March 2016. We maintain our “buy” call on KKB, with a higher sum-of-parts (SoP) FV of RM2.10 per share (versus RM2 per share previously @ 5% discount to SoP), at an implied price-earnings ratio of 13 times for forecast FY17. — AmInvestment Bank Research, July 27

產业陷5年横摆期 房价急升难复见

產业陷5年横摆期 房价急升难复见


肯纳格投行(Kenanga Investment Bank)股票研究主管林芬洁在今日的大马產业峰会中表示,大马產业市场的3项关键推动因素正出现结构改变,进而导致整个產业市场一同经歷这变化。
















Kerjaya Prospek bags RM338.8m construction job

Kerjaya Prospek bags RM338.8m construction job
By Gho Chee Yuan / The Edge Financial Daily | July 28, 2016 : 10:17 AM MYT 
This article first appeared in The Edge Financial Daily, on July 28, 2016.

KUALA LUMPUR: Kerjaya Prospek Group Bhd has clinched a contract worth RM338.8 million for the main building works of the Arte Mont Kiara — a proposed mixed development in Mont Kiara via a joint venture between Nusmetro Property Sdn Bhd and Naza TTDI Sdn Bhd (Nusmetro-Naza TTDI JV).

In a filing with Bursa Malaysia yesterday, Kerjaya Prospek said its wholly-owned subsidiary Kerjaya Prospek (M) Sdn Bhd had accepted a letter of award from Nusmetro Property for the proposed job.

This confirmed a report by earlier yesterday, which stated that the Nusmetro-Naza TTDI JV was set to award Kerjaya Prospek a contract worth over RM300 million to build the Arte Mont Kiara serviced apartments.

Kerjaya Prospek said construction works are scheduled to commence in September, with completion in October 2019. The main building works comprise simplex and duplex serviced suites and serviced residences housed within three towers that range from 58-66 storey each, and a nine-storey podium car park.

“The contract will further increase and enhance the existing order book of the company and its group of companies,” it added.

In a separate statement, Kerjaya Prospek said Arte Mont Kiara has a gross development value of RM1.2 billion. The French-retro themed project is located within Naza TTDI’s Kuala Lumpur Metropolis development, which is envisioned to be an international trade and exhibition city.

With the latest win, Kerjaya Prospek has secured contracts worth RM1.43 billion year-to-date, surpassing its internal order book replenishment target of RM600 million for 2016.

This follows a RM213.75 million construction contract it won from Yong Tai Bhd last week. The contract was for the construction of main building works of a proposed mixed development project, known as “The Apple” in Melaka.

In May, BCB Bhd appointed Kerjaya Prospek to undertake main building works for Phase 1 of The Elysia Park Residence project in Iskandar Malaysia, Johor, valued at RM312.85 million.

Shares in Kerjaya Prospek closed down one sen or 0.41% at RM2.42 yesterday, giving it a market value of RM1.23 billion.


2016-07-28 09:10



























周顯﹕股市轉勢 先價後量

周顯﹕股市轉勢 先價後量




掌握理論 推演也可錯




[周顯 投資二三事]

Scaffolding: A New Tharp Think Concept by Van K. Tharp, Ph.D.

Feature Article
Scaffolding: A New Tharp Think Concept
by Van K. Tharp, Ph.D.

One of my Super Traders is almost finished with the program and just submitted his three trading systems for approval. His three different systems each trade a particular market under various conditions. There was nothing unusual about his systems until we got to his SQNSM scores — they were all in the “Holy Grail” range — mostly above 10. Now those results were based on paper trading and thus they could change considerably with real money. Actually, I am somewhat skeptical about him achieving those SQN scores in the live market. Nevertheless, I had him take me through his systems’ trades bar by bar and I was impressed. In the process of going through his systems, it suddenly dawned on me that he had developed “scaffolding” that supported his systems. I now believe that idea of a good scaffolding structure might be what makes the difference.

The idea of scaffolding comes from Dr. Ken Long, who has been teaching technical workshops for us for nearly 20 years. His Core Trading course and Swing Trading course are both available online as e-learning courses. He also teaches a number of workshops here with Day Trading and Live Day Trading workshops coming up in November. Two weeks back, he taught two new workshops — Advanced Adaptive Swing Trading and Systems Thinking for Traders. I mention all of these courses and workshops to show you the breadth of Ken’s trading knowledge as well as to point out that all of them are about trading systems except one — Systems Thinking.

Why did I ask Ken to develop the Systems Thinking for Traders workshop?

Ken has a unique systems thinking oriented approach to the markets and to trading. About 80% of the general population, however, lack a systems thinking mindset. I believe all of the Super Traders have the potential to develop their abilities in this area so that’s part of the reason I asked Ken to teach a workshop about systems thinking. Based on the insights I gained and based on the feedback forms, the workshop was very useful for helping the traders in attendance understand a systems thinking approach to the markets.

Ken is a true systems thinker. He earned a master’s degree in Systems Management and his Ph.D. dissertation was about decision making under uncertainty. During the recent three day workshop, he covered many systems thinking concepts but I want to focus on just one right now — the concept of scaffolding. Ken defines scaffolding as:
A structure that one builds to support other activities. Good scaffolding is light-weight, adaptable, flexible, durable, modular, multipurpose, cost-effective, and provides both structure and security.
Scaffolding is useful across a wide variety of typical problems or opportunity areas in business, education, the military, etc. In construction for example, scaffolding can be used to fix a roof, wash windows, paint a wall and all sort of other things. Using the metaphor in trading, you can set up various rules to serve as your scaffolding.

Here is one way that the idea of scaffolding might apply in the trading context:
  1. You can look at prior highs, lows, supports, and resistances on various time frames.
  2. These can be used to set up risk levels and targets.
  3. When you have both of those elements of a trade, you can make informed decisions based upon your potential reward-to-risk levels — which should be at least 2 to 1.
Ken constantly monitors the market type, the opening gap size, the daily range, and other statistics which help him develop probabilities for price to move to certain points. All of this data helps him make information-based reward to risk rules and decisions. We know that these concepts are just made up but they support strong decision making so they are very useful.

Let’s look at another example of some scaffolding you could create to help you manage your general reward and risk relationship:
  1. Never lose more than 1R,
  2. Attempt to make at least 2R in every trade, and
  3. In an open trade, never put yourself in a position in which your potential risk is bigger than your remaining potential reward.
So what’s the scaffolding here? Well, these three Tharp Think principles support your trading well and provide you some security. The Tops Tasks of Trading are another form of scaffolding — they help you prevent and eliminate mistakes. A structure that helps you define the specific reward to risk ratio in each trade is scaffolding also.

Here’s an example of that last point. About 10-12 years ago, D.R. Barton and Christopher Castroviejo taught a technical workshop on e-mini futures trading. Part of their approach was to build a ladder of critical prices using a combination of pivot points, Fibonacci numbers, highs, lows, and other signs of support and resistance. At the time, I thought the approach was too discretionary so we stopped giving that workshop. When you think about their price ladder as scaffolding, however, it makes more sense. That ladder gave them a framework to define their risk and their potential targets (potential reward).

So here is a new Tharp Think principle:
Develop scaffolding to support your trading, especially your decisions about reward-to-risk. Scaffolding might be the difference between a Holy Grail system versus a useful, tradable system.
Ken and I are going to co-teach one more Systems Thinking Workshop in December 2016 as part of the Super Trader Summit. At that presentation, we’ll cover the topic of scaffolding in more detail because I want the Super Traders to really "get it." If you aren’t a Super Trader but want to learn more about how systems thinking can help you trade better, don’t worry, we are going to record this workshop and offer it as an e-learning course sometime in the first half of 2017. Then, you can learn about scaffolding and all of the other important systems thinking approaches that will give you new edges for your trading.

About the Author: Trading coach and author Van K. Tharp, Ph.D. is widely recognized for his best-selling books and outstanding Peak Performance Home Study Program — a highly regarded classic that is suitable for all levels of traders and investors. You can learn more about Van Tharp at His new book, Trading Beyond The Matrix, is available now at

Takaful Malaysia’s 2Q net profit rises 16.9% to RM45.53m

Takaful Malaysia’s 2Q net profit rises 16.9% to RM45.53m
By Gho Chee Yuan / | July 27, 2016 : 6:05 PM MYT

KUALA LUMPUR (July 27): Syarikat Takaful Malaysia Bhd's net profit for the second quarter ended June 30, 2016 (2QFY16) rose 16.9% to RM45.53 million or 5.55 sen per share, mainly attributable to higher wakalah fee income.

The company, which is 60.25%-owned by Lembaga Tabung Haji's subsidiary BIMB Holdings Bhd, posted a net profit of RM38.95 million or 4.78 sen per share for 2QFY15.

Revenue came in 6.6% higher at RM462.21 million versus RM433.53 million in 2QFY15, mainly attributable to higher sales generated by both the family takaful and general takaful business, the company said in a filing to Bursa Malaysia today.

No dividend was declared for the quarter.

For the first half of the financial year ended Dec 31, 2016 (1HFY16), Takaful Malaysia’s net profit gained 8.2% to RM92.16 million or 11.27 sen per share from RM85.17 million or 10.45 sen per share a year earlier, underpinned by higher wakalah fee income.

Revenue rose 9.4% to RM1.09 billion from RM995.99 million in 1HFY15, also due to higher sales generated by both the family takaful and general takaful business.

On prospects, Takaful Malaysia said it will continue its value proposition of rewarding its customers with 15% cash back for general takaful products and establish a strong foothold in the local insurance and takaful arena, as the preferred choice for insurance.

"The successful implementation of core initiatives in operational excellence, technology driven capabilities, product innovation and performance-oriented culture will enable us to be ahead of our competitors, increase our overall market shares and continuously improve shareholders' value," it added.

Takaful Malaysia shares closed unchanged at RM4 today, for a market capitalisation of RM3.28 billion.

Wednesday, July 27, 2016

(Icon) CIMB - Undervalued. But Patience Required

(Icon) CIMB - Undervalued. But Patience Required
Author: Icon8888 | Publish date: Wed, 27 Jul 2016, 09:36 PM

1. Introduction

CIMB used to trade as high as RM8.70 back in May 2013. It is currently trading at RM4.29 (51% lower).

The downtrend was caused by decline in profitability. In 2013, CIMB reported net profit of RM4.54 billion. In the latest financial year, its profit had declined by 40% to RM2.85 billion.

Annual Result:
F.Y.Revenue ('000)Profit Attb. to SH ('000)EPS (Cent)PEDPS (Cent)DYNAPSROE (%)
2015-12-31 15,395,790 2,849,509 33.62 13.51 14.00 3.08 4.8100 6.99
2014-12-31 14,145,924 3,106,808 37.48 14.84 15.00 2.70 4.4400 8.44
2013-12-31 14,671,835 4,540,403 59.97 12.71 23.82 3.13 3.9200 15.30
2012-12-31 13,494,825 4,344,776 58.45 13.06 23.38 3.06 3.8100 15.34

The stock looked interesting as it is currently trading at Price to Book Ratio of 0.88 times. A banking group like CIMB should trade at at least 1.5 times when its earnings recovers.

(When come to banking stocks, the Market has been quite fair and rational. The higher the ROE, the higher the valuation multiples).

The purpose of this article is to try to understand what are the major factors dragging down CIMB's earning in recent years and to try to have a feel of whether it will be turning around soon.

2. Historical Profitability

Key observations :-

(a) Loan impairment was the main reason CIMB's performance deteriorated over the years. In FY2012 and 2013, impairment charges were 6.1% and 11.7% of profit before impairment respectively. However, in FY2014 and 2015, it increased to 29.1% and 37.7% respectively.

(b) Indonesia subsidiary CIMB Niaga accounted for the bulk of the bad loan spike.

As shown in table above, in FY2012 and 2013, only about 3% of CIMB Niaga's loans were impaired. However, in FY2014 and 2015, that has increased to 4.6% and 6.3% respectively.

Compared to Indonesia, Malaysia and other regions had been managing their loan books well with impairment of 2% plus in FY2014 and 2015.

According to the company, collapse of commodity prices was the main reason for the spike in Indonesia bad loans. Indonesia relied quite heavily on commodity export. The downturn caused many borrowers to get into difficulties.

(c) In a recent interview with The Star, the CEO of CIMB expects Indonesia operation to perform better in second half of 2016.

(d) To improve performance, CIMB launched a campaign in 2015 called T18 (Target 2018) to revamp its operation. Among the measures to be put in place is reduction in overhead. The group's Cost to Income ratio has inched up in FY2015. The group targets to bring it down to 50% by 2018 (The group retrenched more than 3,000 employees in 2015 through a Mutual Separation Scheme).

3. Concluding Remarks

(a) By virtue of its 0.88 times PBR, I believe that CIMB is undervalued at current price of RM4.29. However, re-rating will only happen if its earnings improve.

(b) As mentioned above, the main reason the group's profitability has declined so much is because of non perfoming loans of its Indonesia subsidiary. After going through two rough years, there are signs that the Indonesia economy is making a come back. CIMB's CEO has hinted of better performance in second half of 2016. Will that materialise ? We can only find out over time.

(c) The reason I invested in CIMB is because I believe it has limited downside. I do not have high expectation for this stock. If it can deliver 20% return for me by end of 2016 (Target Price of RM5.20), I will be very happy.


Author: Tan KW | Publish date: Wed, 27 Jul 2016, 06:12 PM
016-07-27 17:28










但该公司距离感应器(Proximity sencor)的生产量与第一季从每月1300万件下跌至1000万件,生产率也只有45%,原因是来自瑞士的主要大客户正在消化之前库存。另外,该产品赚幅也从第一季16%下跌至目前的12%。





Top Glove’s Ebitda margin expected to recover

Top Glove’s Ebitda margin expected to recover
By HLIB Research / The Edge Financial Daily | July 27, 2016 : 10:38 AM MYT 

This article first appeared in The Edge Financial Daily, on July 27, 2016.

Top Glove Corp Bhd
(July 26, RM4.30)
Maintain buy with a lower target price (TP) of RM5.27: In Top Glove Corp Bhd’s third quarter ended May 31, 2016 (3QFY16), nitrile butadiene rubber (NBR) gloves experienced increased competition with pricing under pressure. Average selling price (ASP) for nitrile gloves fell 17% year-on-year, leading to a low gross profit margin of 16% versus that of natural rubber gloves at 18%.

Nevertheless, with the delay in some capacity expansion in the nitrile segment, ASP for NBR gloves has recently stabilised with an upward revision of 5% since May. With the revision in ASP, we expect earnings before interest, taxes, depreciation and amortisation (Ebitda) margin to recover from 14% in 3QFY16 to a normalised level of 17% to 18%. Upcoming 4QFY16 results should see quarter-on-quarter earnings improve marginally with notable earnings recovery from 1QFY17 onwards.

Top Glove continues to intensify its efforts to improve efficiency by implementing the automation process and manufacturing its own formers (approximately 40% of own requirement of formers will be fulfilled). In terms of merger and acquisition opportunities, the company has not ruled out future acquisitions of a small condom maker and a surgical glove player.

On its capacity expansion plan, the F27 Lukut plant will be fully commissioned in November this year with an additional two billion production capacity for NBR gloves. Total capacity is expected to increase by 14% in the financial year ending Aug 31, 2017 (FY17) after inclusion of the partially commissioned F30 factory. A key risk to the expansion plan is the difficulty in securing foreign workers.

Top Glove is trading at an undemanding valuation of 15 times calendar year 2016 (CY16) price-earnings ratio (PER), below five-year average PER of 16 times, compared with peers’ 18 times, as the share price has overshot on the downside after the weak 3QFY16 results. We see the worst is over and earnings should recover with the upward adjustment in ASP and easing of raw material prices.

Among the risks to take note of are: i) further reduction in ASP amid steep competition; ii) surge in nitrile and latex prices; and iii) weaker US dollar against ringgit. In our forecasts, FY16 and FY17 earnings are reduced by 6% and 2% respectively as we factor in slower-than-expected margin recovery. From a valuation perspective, Top Glove is still the most attractive rubber glove stock among our coverage.

We maintain “buy” with TP lowered to RM5.27 based on an unchanged PER multiple of 18 times CY17 earnings per share post earnings adjustment. — HLIB Research, July 26


Author: Tan KW | Publish date: Wed, 27 Jul 2016, 10:16 AM

2016-07-27 09:08



















2016-07-26 17:09













AWC secures RM12.67mil Cyberjaya project

Tuesday, 26 July 2016 | MYT 2:26 PM
AWC secures RM12.67mil Cyberjaya project

KUALA LUMPUR: AWC Bhd’s wholly owned subsidiary, M&C Engineering and Trading Sdn Bhd has secured a contract worth RM12.67mil for an education hub located in Cyberjaya.

In a statement Tuesday, AWC said the contract was to execute and complete the supply, delivery, installation, testing and commissioning of the air conditioning and mechanical ventilation services, electrical and lightning protection services and extra low voltage service packages.

The project will commence immediately with a targeted completion date of August 17, 2017.

This project is part of the Education Hub in Cyber 11, Cyberjaya. The project is for the construction of a private college to be built on a piece of land measuring about four acres.

When completed, the facility will house an administration block, an academic block with comprehensive facilities, cafe, library and surau facilities (including car park facilities). The subcontract represents the first phase in the development of this overall education hub.

“This contract win outlines the capabilities of our engineering division and the hard work that we have put in. The group’s year-to-date contract wins have totalled approximately RM1bil and we expect these contracts to contribute significantly to the group’s earnings going forward,” AWC managing director and group CEO Datuk Ahmad Kabeer said in the statement.

Tuesday, July 26, 2016

Stocks in Watch List - Bursa Dummy

Stocks in Watch List - Bursa Dummy
Author: Tan KW | Publish date: Tue, 26 Jul 2016, 10:27 AM

Monday, 25 July 2016

I have stayed out of the stock market temporarily since February this year after Chinese New Year. However, it doesn't mean that I am totally out of it.

It's true that I didn't read a lot of market news. I seldom check the price and news of companies in my watch list, and didn't watch the stock market live in action.

I do check the price and announcement of the stocks in my portfolio but not on daily basis. I still summarize my portfolio performance every month, even though I wrote and published them late. I seldom log into my blog as well as I have limited time to write.

Five months have passed now and year-to-date my portfolio is at negative 13%. So I have a mountain to climb if I were to achieve a 30% annual return for 2016. Is it possible?

I think I should be grateful if my portfolio can end this year in positive territory.

Recently I just checked the share price movement of all the stocks in my watch list & alert list. Some stocks really surprise me.

A few stocks have gone up recently and some stocks have dropped to my previous targeted entry level. Should I consider to buy now?

Even though I am not close to the stock market in this period of time, I still know that Airasia and Airasia X which are not in my watch list, have generated substantial interest among investors and as a result, their share prices have already doubled this year.

For the first half of this year, I only bought 2 stocks which are KESM and TekSeng. There are few other stocks that I seriously consider to buy early this year, they are SAM, PRLEXUS, TGUAN & SUPERLON.

Of course I did not buy them until now, as I hope to limit export-orientated stocks in my portfolio. Besides Prolexus, all the other 3 have gained significantly especially TGuan, which has left me punching my own chest.

Construction sector seems to rock at the moment, with impressive share price performance in KERJAYA (Fututech), GADANG, GKENT & MITRA.However,MUDAJYA, JAKS & PTARAS seem to lag behind.

May be I should have bought Gadang when I wrote about it in September last year. It was like a no-brainer bet at RM1.18 then, but I missed it... and missed a chance for a 100% gain in less than a year.

On the other hand, plantation and property sectors, as widely expected, are as cold as ice this year.

Besides those construction companies mentioned earlier, I still have 3 others property-related stocks in my watch list, they are MKH, PARAMON & WEIDA. MKH's share price seems to do well but not the other two.

SIGN, whose performance should be closely linked to property sector, seems to recover a bit from slump in share price in early 2016.

For plantation, I have MKH, CBIP, BUMITAMA & FIRST RES. First Resources has its share price fallen quite a lot but I'm still hesitating whether I should start to accumulate it.

I only follow three O&G related stocks which are COASTAL, FAVCO & PANTECH, even though all of them are not genuine O&G stocks. Their share prices do not perform well in the first half of 2016 as crude oil price still stays relatively low below USD50.

The stock that surprise me a lot is YOCB in which its share price suddenly soars 50% in the last 2 months from 90sen to RM1.35. I have sold all its shares in Dec 2014 at 98sen but now market decides to give it higher PE ratio.

Another stock that makes me wonder is ULICORP, I don't quite understand why its share price can keep on climbing. I still have not study this stock in detail even though it's always in my watch list.

I placed OCK in my watch list because of its venture into Myanmar. Its share price has moved up since Mac16.

On tech related stocks, UNISEM, MMSV & PENTA have made significant gain recently. One of my customer who works in Penta told me some time in Q4 last year that they received lots of orders and have to work extra hard. I guess its subsequent quarterly result should be good.

I always hope to have a healthcare-related stocks in my portfolio. Both ADVENTA & YSPSAH's share price have retreated from their height and could it be a buying opportunity?

Other export-orientated stocks that do not perform quite well up to this time include CHINWEL, HOMERIZ, KAREX, LCTH, LUXCHEM, MAGNI & WELLCAL.

MIKROMB's share price also dropped a bit. This stock is quite "steady" and will be promoted to main board sooner or later.

As I have one logistic stock in my portfolio, I also watchCENTURY & TASCO more closely. All 3 stocks are trading sideways at the moment and don't seem to benefit a lot from low oil price.

For consumer stocks, share prices of PADINI, SCGM & WANGZNG have made a move upwards, while TEOSENG & YEELEE still remain almost the same compared to March this year.

Those are the stocks in my watch list which has not been updated for almost half a year. I'm sure that some of them are already "outdated" and there are many new potential stocks emerging now.

Year-to-date, I get the feeling that Malaysia's stock market does not perform too well. However, investors can still make money anytime in a stock market, as long as they can pick the correct stock at the right time.

Not only at the right time, but also at the right price too.


Author: PublicInvest | Publish date: Tue, 26 Jul 2016, 09:23 AM

Our recent meeting with Kossan’s management reaffirmed our belief that Group’s expansion plans and operational improvements are on track. We believe our Outperform recommendation for Kossan will be supported by i) continuous improvements in productivity and efficiencies through R&D initiatives, reflected through its growing margins over the years (from 7.6% in 1QFY12 to 12.4% in 1QFY16 - Figure 1), ii) diverse product range, and iii) most of the additional capacities for new products contribute by FY18 onwards.

Widening product mix. Under immense competition, Kossan continues to improve their products to differentiate themselves. For instance, they introduced and patented its latest “accelerator free” nitrile glove, which minimizes latex protein and chemical allergies. We are also positive on other new innovative offerings which are expected to be launched by end-2016.

Continuously improving efficiencies. To recap, Kossan formed a JV company, Aseptapak (M) Sdn Bhd with its UK partners, to acquire the latest technology in automated packaging machine since February. This new automated packaging machine with advanced technological features will be adopted in its upcoming plant. Some of these features include contamination prevention during the dispensing process. Together with automation, Kossan’s new plant will feature higher speed production lines which only requires a third of the number of workers versus its old plants. We are encouraged by this move as the group can re-designate its workers to other areas and thus would be less impacted by the shortage of workers issue following the Government’s policy to freeze hiring foreign workers. Kossan’s target is to further reduce headcount from 2.9 workers per million gloves to 2.2 workers per million gloves by FY18.

Capacity expansion. All existing plants are currently running at maximum capacity (above 80% utilization rate) and have thus limited the Group’s ability to take on additional orders for its new products. Kossan is therefore planning to double its current capacity to 43.0bn pcs over the next five years. 3.0bn nitrile gloves capacity is targeted to commence in 3QFY17, while another plant housing 4.5bn pcs capacity will begin construction by end-2016 and targeted to complete by 1QFY18. Total capex is estimated to be RM120-150m/year. The prudent expansion plans also includes upgrading its older lines on a staggered basis once the new capacity comes on-stream.

Source: PublicInvest Research - 26 Jul 2016

[转贴] 【义利无双】- 红牛带动YEELEE(5584)屡创高峰,最新季度营业额以及盈利破新高!- Harryt30

[转贴] 【义利无双】- 红牛带动YEELEE(5584)屡创高峰,最新季度营业额以及盈利破新高!- Harryt30
Author: Tan KW | Publish date: Tue, 26 Jul 2016, 01:12 PM

Tuesday, July 26, 2016

YEELEE(5584)在FY2014的盈利相比FY2013年大约下跌了将近 20%。不过公司的盈利在Redbull开始做出贡献之后,全年盈利从FY2014的27.013 mil进步到FY2015的31.912 mil。而且2016Q1的Profit Margin更是从4%提升到4.6%, 可见RED BULL的代理为YEELEE带来了不菲的收入。


YEELEE在2014年每个季度的营业额介于165 - 180 mil之间。可是在2015年改善到177 - 238 mil,最新季度的营业额更是创下了252 mil的新高。

而Net Profit更是在最新两个季度突破了10 mil的大关,假设今年都可以维持在10 mil的Net Profit,全年盈利有望突破40 mil的新高。

而公司在2015的外汇盈利是3.991 mil,今年Q1就有1.253 mil的外汇亏损。YEELEE在蒙受外汇亏损的情况下还可以创新高,可见今年它有多么强势。

笔者最开心的是看到公司的现金从14Q1的25.2 mil上涨到最新的89.267 mil。而债务则是127.572 mil,Net Debt = 38.305 mil。而公司的Gearing ratio也从巅峰期的0.38下跌到现在的0.24,资产债务有明显的进步。

FY2015的时候,YEELEE的Trading业务全年贡献的Profit Before Tax是10.025 mil。可是来到FY2016Q1,1个季度Profit Before Tax就有6.838 mil,也就是去年Trading的68.2%。而且REDBULL是在2015年8月才开始贡献盈利,这也是导致YEELEE在FY2015的Q3以及 Q4有了明显的进步。

我们可以看到公司在解说TRADING的表现的时候,Red Bull Gold Energy Drinks是推高盈利的主要推手之一。所以笔者YEELEE今年的业绩盈利在REB BULL全程的贡献应该会有【质】的突破。

YEELEE年头的股价是RM2.12, 以现在2.30的股价计算,全年涨幅才8.49%. 同样是来自消费领域,盈利屡破新高的YEELEE可说是远远落后其他消费股。去年Q2的EPS只有2.8仙,因此YEELEE可以很轻易地超越,毕竟最近 两个季度的EPS分别是5.98以及6.23.

YEELEE不是属于爆发型的股票,但是它的盈利稳定,资产债务都有了很大的改善。只要RED BULL可以持续带来稳定的收入以及盈利,YEELEE未来两年的盈利可见度会非常清晰。



Globetronics' 2Q earnings dive 64% on lower sales, forex loss

Globetronics' 2Q earnings dive 64% on lower sales, forex loss
By Ahmad Naqib Idris / | July 26, 2016 : 6:27 PM MYT

KUALA LUMPUR (July 26): Globetronics Technology Bhd saw its net profit dive 64% to RM6.52 million for the second quarter ended June 30, 2016 (2QFY16) from RM17.93 million in the same quarter last year, as its Malaysia and Singapore segments saw lower sales and earnings.

The plunge in profit was in line with a 36% decline in revenue to RM57.41 million for the quarter from RM89.03 million a year earlier, Globetronics' bourse filing today showed.

"The lower revenue and net profit achieved in the quarter [were] mainly due to lower volume loadings from some of the group's customers as a result of reduction in end customers' demand and forex (foreign exchange) loss recognised, amounting to RM4.7 million," said the group.

For the first half of its financial year ending Dec 31, 2016 (1HFY16), net profit plunged 71% to RM10.2 million from RM35.08 million in 1HFY15, on the back of a 35% contraction in cumulative revenue for the period.

Going forward, Globetronics expects gradual recovery in the business and product loading towards 2HFY16, and said it will continue to focus on its research and development (R&D) initiatives.

"The group will continue to focus on escalating up the value chain and riding on the R&D initiatives in new products design and development with our key customer. This initiative is expected to result in the manufacturing of new products in the second half of the financial year," the semiconductor player said.

Globetronics closed 3 sen or 0.93% higher at RM3.27, giving a market capitalisation of RM921.76 million.

上半年股价跑贏大市 塑料包装业绩强势延烧

财经 2016年07月24日 | 记者:胡雪樺
上半年股价跑贏大市 塑料包装业绩强势延烧
































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