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Tuesday, February 28, 2017

LBS BINA - Clear Sight

Author: PublicInvest   |   Publish date: Tue, 28 Feb 2017, 09:26 AM 

The Group’s FY16 net profit of RM85.6m (+20.8% YoY) came in ahead of expectations, at 112% of our and 110% of consensus full-year estimates. This is despite the Group knocking off some RM27m from impairing its investments in Zhuhai Holdings and RM5.3m in goodwill impairments, but which were partly mitigated by disposal and foreign exchange gains and a grant received which bumped up “other income” almost 4-fold. Business-wise however, conditions are healthy. With the group currently undertaking 15 on-going projects against the backdrop of a record-high unbilled sales amount of RM1.41bn, the company remains primed for sustained growth in the coming few financial years, particularly owing to its predominant focus on affordably-priced properties which stand it in better stead. Our Outperform call is affirmed with an unchanged target price of RM2.23 (30% discount to FD RNAV).
  • Though not reaching the heights set in Q3 (RM462m sales), business was still steady in Q4 with RM272m sold. Bandar Saujana Putra continues to drive the Group’s earnings growth, with RM592m sold during the year. Other major contributors are the D’Island and Desiran Bayu projects in Puchong (RM206m and RM268m respectively) while Cameron Golden Hills, Bandar Putera Indah, Sinar Mahkota and Midhills contributed a collective RM172m. New sales for the year totaled RM1.24bn, exceeding the RM1.2bn target. Despite the prevailing market environment, LBS’ ability to sell reflects the Group’s continued focus on the customer segment it does and knows best, the mid- and mass-market segment which continues to see steady demand and financing availability. To note, Q1 and Q2 sales were RM266m and RM238m respectively.
  • 2017 plans. Management has indicated launches to the tune of RM2.35bn next year, with a sales target of RM1.5bn, 25% higher than 2016’s RM1.2bn. Sales will still be underpinned by its flagship Bandar Saujana Putra which will see some RM678m (29%) worth of properties launched. Other major contributors are its Alam Perdana project (RM420m, 18%), CyberSouth Project in Dengkil (RM278m, 12%), the Langit and Lake project in Bandar Putra Perdana (RM372m, 16%), Centrum @ Cameron Highlands (RM184m, 8%) and Bukit Jalil (RM170m, 7%).
  • Quick turnarounds. While the Group continues to benefit from the fact that most of its current developable land bank was acquired years ago in which costs were much lower thereby giving it the flexibility to alter its product mix to address whatever market cycle, its ability to reap rewards fairly quickly from recently-acquired plots of land (in 2016) through planned launches (and likely sellable properties given its mid-market focus) in Alam Perdana and CyberSouth in Dengkil bears testament to management’s foresight in value creation. Current unbilled sales of RM1.41bn, coupled with its planned launches this year will underpin earnings visibility for the next 2-3 years.
Source: PublicInvest Research - 28 Feb 2017

TDM - Acquiring Additional Stake in Plantation Co

Author: PublicInvest   |   Publish date: Tue, 28 Feb 2017, 09:30 AM 

TDM has planned to increase its stake in Ladang Rakyat Terengganu S/B from 19.1% to 42.6% via a proposed acquisition of Terengganu Incorporated S/B’s 42.6% stake. Meanwhile, the 4Q results are expected to be released today and we expect to see favourable results due to stronger CPO prices. Pending further information about the proposal, we maintain our Outperform call with an unchanged TP of RM0.85.
  • Salient details about the proposed acquisition. TDM has executed a heads of agreement with Terengganu Incorporated S/B, who is also the major shareholder of TDM, holding about 61.1% stake. The proposed acquisition will increase TDM’s stake in Ladang Rakyat Terengganu S/B, who owns 11,467ha oil palm planted area in Terengganu, from 19.1% to 61.7%. In FY15, Ladang Rakyat Terengganu S/B reported revenue, PATAMI and net assets attributable to owners of RM194m, RM4.1m and RM163m, respectively.
  • Synergies. The acquisition of additional stake in Ladang Rakyat Terengganu S/B should help TDM to consolidate its balance sheet, which would see an additional planted area of 11,467ha to 55,960ha. It would also increase TDM’s planted area in Terrengganu from 31,848ha to 43,315ha. Meanwhile, the younger age profile of Ladang Rakyat Terengganu S/B’s planted area would also help lower TDM’s age profile from 15.36 years old to 13.90 years old.
  • Subject to approvals. The proposed acquisition is subject to the approval from TDM shareholders, Terengganu Incorporated S/B, Ladang Rakyat and relevant authorities. The execution of the definitive share sale agreement is expected to be signed within 6 months from the date of Heads of Agreement. As Terengganu Incorporated S/B has invested interest in both entities, it will abstain from voting.
Source: PublicInvest Research - 28 Feb 2017

CHIN HIN - Strong Growth Ahead

Author: PublicInvest   |   Publish date: Tue, 28 Feb 2017, 09:43 AM 

Chin Hin reported an FY16 net profit of RM44.8m (+48.3% YoY), but which included an RM13.8m revaluation surplus from its investment properties recognized under other operating income. Excluding that and one-off listing expenses of RM2.9m, core net profit of RM33.9m came in within expectations at 96.9% of full-year estimates. We leave FY17 estimates unchanged but raise FY18 by 9% to factor in margin changes for its capacity expansions not fully accounted-for previously. We remain enthused over Chin Hin’s near to medium term growth prospects, underpinned by its expansion plans. Our Outperform call is affirmed with an unchanged target price of RM1.12 at this juncture, premised on 12x multiple to FY17 EPS of 9.4sen. We see scopes for further upside however.
  • FY16 revenue declined 11.5% YoY, as weak housing construction activities weighed on the trading (-19.3% YoY) and ready mixed concrete (-14.7% YoY) segments. Healthy growth was seen in its manufacturing segment however, strong contributions coming from AAC Starken and G-Cast which registered a collective 33.0% YoY improvement to RM126.9m. Group core EBIT and core net profit margin improved to 5.6% and 2.9% respectively (FY15 EBIT: 5.0%, NP: 2.5%), attributed to i) stronger contribution from the higher-margin manufacturing segment, and ii) better product mix in its trading segment. 4QFY16 net profit, in particular, was aided by a recovery in global steel prices which contributed to higher margins in the wire mesh segment, and additional earnings from 1MW of solar power generation.
  • Robust growth ahead. Large-scale expansion is underway in its high-growth manufacturing segment, currently limited by capacity constraints with plans running close to full utilization. The autoclaved aerated concrete (AAC) block capacity will see a doubling come 1QFY18 with the commissioning of its new facility in Johor. Pre-cast concrete capacity has already been expanded from 45,000 metric tonnes to 300,000 metric tonnes located across 4 sites (2 owned, 2 leased). So much capacity, is there sufficient demand though? We reckon so, considering the Malaysian government’s reaffirmed focus on affordable housing developments and its initiatives in the water and sewerage sectors. Add to that the growing levels of infrastructure-related developments regionally, prospects are bright. Incidentally, AAC wall panels are acceptable to the Housing Development Board of Singapore’s (HDB) projects and have also recently made some headway in the Philippines market.
Source: PublicInvest Research - 28 Feb 2017

BIMB - Within Expectation

Author: sectoranalyst | Publish date: Tue, 28 Feb 2017, 10:01 AM

BIMB’s FY16 PAZTAMI of RM559.0m (+2%yoy) was within ours and consensus expectations
However, its 4QFY16 earnings dropped to RM139.5m
We retain our FY17 forecast numbers at this juncture
We maintain our NEUTRAL recommendation with an unchanged TP of RM4.35

FY16 earnings met expectations. BIMB’s FY16 PAZTAMI of RM559.0m (+2.0%yoy) came in line with our and consensus full year forecasts. The marginal growth in PAZTAMI was reflecting higher top line contributions although it was partially offset by higher finance cost from issuance of Sukuk of RM110.5m (+33%yoy) and higher zakat on assets of RM13.5m (47%yoy). Overall, net interest margin (NIM) of 2.74% stayed flat due to slight increase in cost of funds to 2.53% from 2.47% following tighter competition of deposits.

4QFY16 earnings dropped. The decrease in 4QFY16’s net profit was largely due to (1) lower income derived from investment of shareholders’ funds of RM71.2m (-44%yoy and -21%qoq), (2) lower Takaful business income of RM163.2m (-14%yoy and -5%qoq), (3) higher zakat of RM6.1m (>100%yoy and >100%qoq) and (4) increase in management expenses that indirectly resulted in higher expense reserve. However, the decline was partially offset by the increase in income from investment account of RM44.3m (>100%yoy and 39%qoq).

Net financing expanded in line with expectation. Net financing continued to expand, growing by 14.3%yoy to RM39.2b mainly driven by growth in house and fixed asset financing (HFA) to RM14.7b (+20.9%yoy) and personal financing to RM11.3b (+8.8%yoy).

Asset quality remained healthy. The Group’s asset quality improved as its gross impaired loans ratio stood at 0.98% compared to 1.09% as at end of FY15 following continued efforts on recoveries.

Impact on earnings. We retain our FY17 forecast numbers as the results fell within our estimates. Looking ahead, the Group is targeting overall loans growth of 8% with focus to secure more HFA (particularly from affordable housing) and PF assets (particularly from professionals, government servants and selective consumers with salary reduction). The Group also expect less severe impact from the implementation of MFRS 9 in 2018 as the Group has healthy financing loss coverage.

Recommendation. We maintain our NEUTRAL recommendation with an unchanged TP of RM4.35 based on FY17 price-to-book valuation FY17 of 1.65x. This valuation is pegged to 1 standard deviation below its 5-year historical mean PBV of 1.90x as it has been relatively overrun than Malaysia’s banking industry PBV average of 1.5x.

Source: MIDF Research - 28 Feb 2017

AEON Co. (M) - Weak Consumer Sentiment

Author: kiasutrader | Publish date: Tue, 28 Feb 2017, 10:29 AM

FY16 net profit of RM75.0m (-43.1% YoY) was within our expectation, accounting for 96% of our forecast but below consensus expectation at 85%. FY16 Total and Final DPS of 3.0 sen was declared as expected. Outlook is challenging with the subdued consumer sentiment creating an unconducive scenario to raise selling prices. Maintain UNDERPERFORM with unchanged Target Price of RM2.06.

Within expectations. FY16 net profit of RM75.0m (-43.1% YoY) was within our expectation by accounting for 96% of our forecast but below consensus expectation at 85%. Total and Final DPS FY16 of 3.0sen was declared (vs FY15: 4.0sen), within our expectation. (Representing a dividend pay-out ratio of 56%).

YoY, FY16 revenue grew 5.3% to RM4.0b thanks to growth across operating divisions, retailing (+4.6%) and property management (+9.8%) on the back of new shopping malls and stores openings. However, FY16 operating profit dipped by 20.2% to RM181.2m, mainly dragged down by lacklustre performance in retailing in which decreased by 92.6% to RM3.3m on high operating costs while operating profit contribution from property management division was flattish (+0.5%) to RM209.1m. Coupled with higher interest expense (+100.3%) and further exacerbated by a high effective tax rate of 49.0% as compared to 37.5% in FY15, FY16 net profit dipped 43.1% to RM75.0m.

QoQ, 4Q16 revenue surged by 6.0% to RM1,022.9m with retailing and property management services division recording surge in sales by 6.0% and 5.6%, respectively, mainly contributed by its new stores and shopping malls. 4Q16 operating profit surged 203.2% to RM67.8m with positive contribution of RM14.9m from its retailing division as compared to EBIT loss of RM14.1m in 3Q16. As a result, 4Q16 net profit surged 354.6% to RM24.6m.

More challenges ahead. Looking forward, we foresee the near-term outlook for its retail division to be challenging considering the persistently weak consumer sentiment and subdued consumer spending, rendering AEON unable to hike selling prices to protect profit margins. Its property management division is expected to continue its solid run with more new store openings. However, as retail contributes the lion’s share of revenue (>85%), the sluggish performance in the division is expected to constraint earnings growth. Thus, we are maintaining our cautious stance on AEON.

Maintain earnings forecasts. Post-result, we maintain our earnings assumption of RM92.1m for FY17E. Meanwhile, a FY18E earnings assumption of RM100.5m, implying earnings growth of 5.7% is introduced assuming: (i) at least two new mall or refurbished mall for 2018, and (ii) average income per mall increasing by 1.2%.

Maintain UNDERPERFORM with unchanged Target Price of RM2.06. We maintained our TP of RM2.06, based on unchanged 1.54x FY17E PBV, which is close to -2 SD over its 5-year historical mean PBV to reflect the negative outlook.

Source: Kenanga Research - 28 Feb 2017

P.I.E Industrial - Over the Hump

Author: kiasutrader | Publish date: Tue, 28 Feb 2017, 10:24 AM

FY16 CNP came in way above expectation. Positive surprises came from: (i) faster-than-expected learning curve on new products (which led to lower wastage and higher yields), (ii) stronger-than-expected revenue (from new projects), alongside improving labour issues and favourable forex translation. Absence of DPS in this quarter was expected. Post earnings revision, our TP is raised to RM2.60 (15.0x FY17E PER; from RM2.40). The latest turnaround success story once again showcased its strength as an EMS provider that is always upping the ante. Maintain OUTPERFORM.

Above expectation. A strong 4Q16 CNP of RM24.9m was reported (+414% QoQ; -12% YoY), sending FY16 CNP to RM38.9m (-37%) which made up 143% of our full-year estimate. Note that FY17 CNP has been adjusted for: (i) net reversal of impairment on receivables (RM1.2m), and (ii) inventory write-downs (-RM3.7m) as well as other immaterial items amounting to <RM1m. The positive deviations were due to: (i) lower wastage and shorter-than-expected gestation period from new product ramping, (ii) higher-than-expected operational efficiency (alongside more products output to counter fixed overhead costs) and possibly (iii) better- than-expected product mixes. Favourable forex translation also augmented the operationally strong numbers. Meanwhile, absence of DPS was expected in this quarter. Note that the group typically declared dividends after 4Q results; which we believe the pay-out for FY16 will be maintained at least at 40% and above.

YoY, revenue declined by 13%, dragged down by lion’s share manufacturing segment (-13%). Based on our understanding from management on this segment, the weaker sales were caused by the absence of the box build business from STB and lower orders from Barcode scanner customers. However, Telco customers helped to cushion the impact partly with new and existing orders grabbed from other competitors. At the operating level, however, due to the high overhead costs (operational deleveraging compared to last year) as well as unfavourable product mix, EBIT dipped by 42%. QoQ, the much stronger 4Q16 revenue (+49%) was driven by: (i) stronger seasonality, (ii) higher orders from Telco and new customer, further augmented by (iii) stronger forex translation (+7% to RM4.32/USD). While topline shown a solid performance, core NP spearheaded further by 596% on the back of: (i) improving labour issues, (ii) better yields on lower wastage, (iii) net impact of stronger currency as well as (iv) lower ETR.

Once again showcased its strength as an integrated ‘one-stop’ EMS provider that is always upping the ante. While 9M16 appears to be a muted one for the group given a series of unfortunate events, the group has managed to turn around swiftly with a remarkably strong 4Q16 quarter being recorded. Note that the group’s efforts in nurturing growth with existing major and cultivating new customers are the major success catalysts that turned the tide. We believe that should the new projects (previously mentioned) are awarded accordingly by existing and new customers, the group could achieve new high on its revenue. Notably, even with our current conservative new sales assumption, which is half of the value from the potential projects (that will commence in FY2017 on gradual basis), it is already more than offsetting the sales contribution from STB customers (which was the major driver in 2015). No major capex will be incurred as the existing facilities are sufficient to take up the orders.

Maintain OUTPERFORM with a higher TP of RM2.60 from RM2.40 (based on a targeted PER of 15.0x). Post-result, our FY17E NP has been increased by 8% to mainly account for the stronger USD assumption of RM4.40/USD as well as full-year model adjustment. The group’s superior margins, advanced manufacturing capabilities as well as strong parentage support from Foxconn Technology Group remained as key investment merits. Risk to our call; (i) slower-than-expected sales, (ii) loss of orders from its key customers, and (iii) adverse currency translations.

Source: Kenanga Research - 28 Feb 2017

Thong Guan Industries - FY16 Within Expectations

Author: kiasutrader | Publish date: Tue, 28 Feb 2017, 10:35 AM

FY16 core earnings of RM53.6m came in within our (104%) and consensus (98%) expectations. A 6.0 sen dividend was declared, which was below expectations (82%). Increase FY17E earnings by 3.6% and introduce FY18E NP of RM68.2m. Maintain MARKET PERFORM as upsides have been accounted for, but upgrade TP to RM4.76 based on a higher FY17E FD EPS of 32.6 sen and Target PER of 14.6x.

FY16 core net profit (CNP*) of RM53.6m came in within our and consensus expectations at 104% and 98%, respectively. A final dividend of 6.0 sen was announced bringing cumulative FY16 DPS of 12.0 sen, which was below our expectations at 82% as we had assumed a 30% pay-out ratio as TGUAN does not have a formal dividend policy.

Results Highlights. YoY-Ytd, TGUAN saw impressive bottom-line growth of 55%, on the back of modest top-line growth (+5%) but driven mostly by better product margins as PBT margin jumped to 9.3% (from 6.1%). Margin improvements were driven by export sales of plastic products namely premium stretch films, PVC food wrap and garbage bags. QoQ, top-line only increased by 4% on the back of growth from the plastic segment on higher sales volume, while higher financing cost (+173%), and higher effective tax rates in 4Q16 caused CNP to decline by 10%.

Outlook. We expect sustained top and bottom line growths driven by higher margin products with the commissioning of second 33-layer nanotechnology stretch film line, the 8th PVC food wrap line in 2H17, and plans for a 5 layer blown film line which we expect to accrete mostly in FY18. TGUAN is consistently investing in R&D to improve sales and margins on existing products (i.e. stretch film) and continues to revamp its customer base to target more MNCs. We are positive on TGUAN?s prospects, while we expect continued expansion into high-margin production lines to sustain the Plastic segment?s margins going forward.

Increasing FY17E earnings by 3.6%. We increase FY17E by 3.6% to RM60.0m to account for at least one quarter of earnings contributions from the new machinery and introduce FY18E NP of RM68.2m. Additionally, we lowered our dividend pay-out ratio assumptions to 25% (from 30%), closer to FY16 levels with FY17- 18E dividend yields of 2.9-3.3%.

Maintain MARKET PERFORM but increase TP to RM4.76 (from RM4.60). We maintain our MARKET PERFORM call as fundamentals are intact while downsides are limited due to the export-driven play and weak Ringgit environment. We upgrade our TP based on a higher FY17E FD EPS of 32.6 sen (from 31.5 sen) post earnings upgrade, and an unchanged Target PER of 14.6x.

Risks to our call include; (i) volatile plastic resin prices, (ii) foreign currencies risk, (iii) lower-than-expected contribution from its China- based subsidiaries, and (iv) lower-than-expected margin.

Source: Kenanga Research - 28 Feb 2017

ViTrox Corp - 4Q16 Analyst Briefing

Author: HLInvest   |   Publish date: Tue, 28 Feb 2017, 10:52 AM 


    • Left the briefing on a high note as it is gathering momentum into 1Q17 and strives to beat record high revenue achieved in 2Q14, after 4Q16 outperformed its own guidance by 27%
    • MVS-S: 4Q16 sales grew 7% yoy and contributed 17% of overall sales. Order forecast for FY17 remains strong with potential sale of 3-5 wafer vision inspection solutions. Order backlog fell marginally to 224 (2 months lead-time) from 232 systems in 4Q16, but higher than 1Q16’s 200 units. 1Q17 sales is forecasted to be RM9-10m (-5% qoq and +66% yoy).
    • MVS-T: 4Q16 sales fell 28% qoq and 9% yoy, accounted for 11% of overall sales. Expect to deliver 9-12 units in 1Q17 vs. 5 in 4Q16. Order book is forecasted at 6-8 machines in the next 3 months with improved demand in 1Q17. 1Q17 sales projected to be ranging RM10-12m (+63% qoq and +48% yoy). Special focus in China through engaging new SCPs and direct hiring to improve customer coverage, market share and response rate. ViTrox is also engaging end users for joint product inspection development to be ahead and defend market share.
    • ABI: Sales surged by 25% qoq and 51% yoy to account for 70% of 4Q16 turnover. 1H17 is expected to be solid with strong funnel and opportunities from both new and existing customers. Backlog as of early Feb was more than RM26m. 1Q17 revenue is forecasted at RM40-45m (-5% qoq and +44% yoy). Experiencing overwhelmed 3D AOI evaluations with high volume order prospects from customers in China. Orders continues to be strong supported by the 5DX replacement plan and new line set up in top EMS involved in electric car and telecommunication markets.
    • By summing the mid-points of guidance above and assuming flat sequential growth in ECS, 1Q17 sales could potentially expand 15% yoy and 1% qoq to RM64m. This is laudable given that 1Q is traditionally a weaker due to seasonality.
    • ViTrox’s book-to-bill ratio remains healthy at 1.11 in Dec 16.


    • FOREX, downturn in semiconductor demand and equipment spending, patent infringement and technology imitation.


    • Modify our sales assumptions based on latest guidance while tweaking gross margins taking into consideration of stronger USD. In turn, FY17-18 EPS forecasts are raised by 9.4% and 7.2%, respectively.


    BUY , TP: RM4.71 
    • ViTrox is poised to win more market share in the advent of global semiconductor growth leveraging on its technology leadership in machine inspection, especially in 3D-AOI and AXI. A beneficiary of stronger USD also. However, MVS-S sales are highly dependent on single customer and majority of sales are non-recurring.


    • Upgrade from HOLD to BUY after raising our TP by 21% from RM3.90 to RM4.71 after rolling forward our valuation to FY18, pegged to P/E multiple of 15x (previously 16x) in line with global peers’ average .
    Source: Hong Leong Investment Bank Research - 28 Feb 2017

    安利(马)控股 两年财测上修

    35点看 2017年2月28日




    管理层在汇报会中说,核心经销商人力(Core Distributor Force,简称CDF)已增5%至25万1000名。







    传金群利偕台湾医院 森达城2亿建医院

    66点看 2017年2月28日

    (芙蓉27日讯)消息透露,金群利集团(MATRIX,5236,主板产业股)将与台湾彰化基督教医院集团(Changhua Christian Hospital)合作,在芙蓉达城兴建一座总值2亿令吉的医院。









    Muar Ban Lee to double output amid rising demand - The Edge Financial Daily

    Author: Triple | Publish date: Mon, 27 Feb 2017, 08:22 PM
    By Chester Tay / The Edge Financial Daily | February 27, 2017 : 10:03 AM MYT

    This article first appeared in The Edge Financial Daily, on February 27, 2017.

    KUALA LUMPUR: Muar Ban Lee Group Bhd (MBL), a palm kernel (PK) crushing machine manufacturer, has decided to build a new factory to double its production capacity after demand shot up recently as a result of higher oil palm prices.

    Group chief executive officer Chua Heok Wee said MBL is looking for a land of at least 10 acres (4.05ha) in size adjacent to its current five-acre production facility in Muar, Johor.

    “The existing factory is almost 90% utilised. If we want to grow, we need more machines, space and people,” he said in an interview with The Edge Financial Daily.

    To set up the new factory, Chua expects to incur a capital expenditure of RM10 million, excluding land price.

    “If we can find a place, let’s say about 12 acres, or at least 10 acres, then we will invest about RM10 million to RM12 million in the new factory,” he said.

    The current factory, meanwhile, can be disposed of for “easily more than RM15 million” as the location is very good, he said, adding that the group would also consider renting out the facility.

    In justifying the expansion, Chua said future demand for MBL products is “very bright”, especially in times when crude palm oil prices are strong.

    According to the Malaysian Palm Oil Board, the current price of grade A fresh fruit bunches of about RM670 a tonne represents a 26% rise when compared with a year ago when the price was in the region of RM530.

    With the continued uptrend in oil palm prices, Chua expects to see more palm oil refinery plants being established in Sabah and Sarawak, as well as Indonesia.

    In Peninsular Malaysia, however, there is a sufficient number of refineries, as even the existing oil palm planted land is getting smaller.

    “East Malaysia is the future. And the market in Indonesia is bigger than Malaysia, so this year we are bringing our products there, for them to upgrade with better extraction rate,” he said.

    To cater to the market demand, Chua said MBL, which already commands a 40% market share globally, is also planning to buy land in Indonesian cities like Surabaya or Medan over the next two years, to set up a service centre for spare parts processing purposes.

    “In the near future, we might process our own machines in Indonesia as well, to save transportation costs,” he added.

    Chua is confident that MBL will be able to register a double-digit growth in revenue for the year ending Dec 31, 2017 (FY17), driven by its new associate company in Indonesia, besides new technology and products.

    Last October, MBL announced the acquisition of a 33% stake in Indonesian PK crushing plant operator PT Banyuasin Nusantara Sejahtera.

    “Acquisitions are the faster way to grow, if opportunities arise, we don’t mind buying more. As long as we have low gearing and our cash flow is very strong, we can invest to get more revenue and profit,” said Chua.

    Chua, however, acknowledged that MBL faces a challenge in getting additional workers. To reduce the problem, the company is applying more automation to its production line.

    “We have about 120 employees now. For this kind of scale, other competitors require at least 220 people. That is why we have the intention to set up production in Indonesia. But we cannot move all out, we have to test the water there first,” he added.

    For the first nine months of FY16, MBL’s net profit more than doubled to RM7.96 million or 8.65 sen per share, from RM3.75 million or 4.08 sen per share previously, while revenue rose threefold to RM126.52 million from RM40.36 million.

    MBL shares have been trading between 78 sen and RM1.16 over the past 52 weeks. The counter settled at RM1.12 last Friday, giving it a market capitalisation of RM102.44 million.

    Link :


    Author: Tan KW | Publish date: Mon, 27 Feb 2017, 05:58 PM
    2017-02-27 17:05












    Published on Jul 30, 2013















    曹仁超 – 窮人與富人思想上的分別


    2015高分剧情《火山下的人生》720p.BD中英双字 - 内容介绍:

    ◎译  名 火山下的人生 / 火山少女的爱愁(台) / Ixcanul Volcano
    ◎片  名 火山下的人生 Ixcanul
    ◎年  代 2015
    ◎国  家 危地马拉 / 法国
    ◎类  别 剧情
    ◎语  言 西班牙语 / 玛雅语
    ◎字  幕 中英双字
    ◎上映日期 2015-02-07(柏林电影节)
    ◎IMDB 7.2 分 / (总分10分 | 共 1390 人评分)
    ◎豆瓣评分 7.3 分 / (总分10分 | 共 118 人评分)
    ◎片  长 90分钟
    ◎导  演 杰罗·布斯塔曼特
    ◎主  演 María Mercedes Coroy
           María Telón
           Manuel Manuel Antún
           Justo Lorenzo
           Marvin Coroy
    ◎简  介 
      利亚是一位17岁的卡齐格尔族玛雅人(Kaqchiikel Maya),她与父母一起生活在一座活火山脚下的咖啡种植园。她被许配给了种植园的一位工头。但玛利亚却一心想要去发现火山另一头那片对她来说是完全未知的世界。她引诱了一个一心想逃到美国去的咖啡收割工。但那个收割工扔下 她后,玛利亚重新认识了自己所在的世界和文化。  导演杰罗?布斯塔曼特成长在危地马拉的一个卡齐格尔族玛雅人地区,所以他选择回到这里制作自己的电影。他办了一个工作坊,让身边的人给他说自己生活中的故事,进而考察在这一区域的玛雅人在当下的生存状况。他以这样的方式了解到生活在那里的女性与他们母亲和祖母之间的特殊关系。电影情节充满古老信仰和传统的生活节奏。观众将看到一个完全不同于全球化背景下的世界,让人完全不熟悉的日常生活。这并不是一部关于土著文化的电影,而是一部真正在这样的文化氛围下创作出来的作品。  影片获得第65届德国柏林电影节阿弗雷鲍尔银熊奖殊荣,并将代表危地马拉角逐奥斯卡最佳外语片。
      第65届柏林国际电影节 (2015)
      金熊奖 最佳影片(提名) 杰罗·布斯塔曼特
      银熊奖 阿弗雷鲍尔奖 杰罗·布斯塔曼特
      第20届釜山国际电影节 (2015)

    火山下的人生.720p.BD中英双字.mp4 BT链接


    最佳原创歌曲:《City Of Stars》-《爱乐之城

    Monday, February 27, 2017

    [转贴] 巴菲特2017年致股東信全文(收藏版)

    Author: Tan KW | Publish date: Mon, 27 Feb 2017, 02:25 PM

    北京時間2017年2月25日晚,“股神”巴菲特的伯克希爾·哈撒韋公司(Berkshire Hathaway)發表一年一度的致股東信。這封致股東信的受衆遠遠超過該公司的投資者群體,世界各地的投資者希望從信件中了解這位傳奇投資者的投資心態,以此作為對未來經濟和市場的預測。















      伯克希爾·哈撒韋公司副主席、我的搭檔Charlie Munger和我都預測公司每股正常的收益能力將會呈現每年增長,受目前美國經濟疲軟的影響,現階段伯克希爾·哈撒韋的實際收益將會有所下跌。







      盡管行事謹慎,我還是犯過錯誤。1993年時我花了4.34億美元收購Dexter Shoe,然而這家公司的價值迅速歸零。然而事情變得更加糟糕,我在購買Dexter Shoe時使用了我所持有的伯克希爾·哈撒韋股票,我把25203股交給了Dexter Shoe的持有者,這些股份截止2016年底價值已超過60億美元。


      不幸的是,我在1998年晚些時候完成對GEICO的收購之后竟愚蠢地使用伯克希爾·哈撒韋的股份去收購General Reinsurance公司。在早期出現一些問題之后,General Reinsurance成為我們所投資的對象中表現優異的保險企業。

      我在收購General Reinsurance時為籌集資金髮行了272200股伯克希爾哈撒韋股票,這是我犯的一個嚴重錯誤。上述行動使得伯克希爾·哈撒韋的流通股股份增長了21.8%。我的錯誤行為使得公司股東的付出要比他們獲得的更多。

      2000年初期,我購買了MidAmerican Energy 76%的股份來補償伯克希爾·哈撒韋在General Reinsurance交易中的虧損。MidAmerican Energy是一家管理層擁有豐富經驗的的公用事業公司,他為我們帶來了蘊含盈利和社會意義的商機。

      對MidAmerican Energy的收購也是採用的現金方式,在此基礎上:1、繼續加強我們保險投資方面業務發展;2、對非保險領域的企業進行積極的收購進而實現投資的多樣化;3、使用內部産生的現金來進行交易。































































      在2年多前,我們成立了伯克希爾·哈撒韋專業保險公司(BHSI),這家公司也是以上小公司群體中的一員。我們做出的第一個決定就是讓皮特·伊斯特伍德(Peter Eastwood)來掌管這家公司。

      事后證明,這絶對是一個英明的決定:最初,我們預期這家公司將會在成立伊始的數年中出現重大虧損,因為在全球業務實施過程中,皮特·伊斯特伍德首先需要建立與業務相關的人員和基礎設施等基本條件。相反的是,在公司成立之初的創業期間,皮特和他的團隊就已經為公司貢獻了顯著的承保利潤。2016年時,伯克希爾·哈撒韋公司的業務規模已增加40%,至13億美元。顯而易見,這家公司注定將會成為全球一流財險/人身傷害險公司(P/C insurers)中的佼佼者。

















      截止目前,HomeServices公司在美國國內28個州擁有38家物業公司,其員工超過2.9萬人。去年,該公司收購了4家房地産經紀商,其中就包括Houlihan Lawrence房地産公司。Houlihan Lawrence公司是紐約西切斯特縣區房地産行業中的領先者(這項收購交易剛在年底時完成)。用房地産慣常的说法,買方或者賣方被稱作是“一方”,而買賣雙方集於一身則被稱作是“雙方”。去年,我們擁有的來自“雙方”的房地産經紀人有24.4萬人次,總的交易量為860億美元。









      在這一領域,我們已進行了部署。在沒有經濟衰退影響的前提下,以上整個企業群體在2017年的盈利可能會增加。部分原因是Duracell公司(金霸王電池)和Precision Castparts公司(精密機件公司,2016年時買入)將會首次為該群體貢獻全年盈利。除此之外, Duracell公司2016年曾經發生過的高額轉型成本,本年度將不會再發生。對以上群體中的很多小企業,我們無法一一給出具體的評論。此外,它們的競爭對手(無論是現在還是將來的),也會仔細研讀這份報告。





















      同時,這章節中我們也會講到克萊頓房屋公司(Clayton Homes)。克萊頓房屋公司大部分營收是從銷售活動房屋的業務中獲得的,但公司旗下規模巨大的房屋按揭貸款投資組合貢獻了公司大部分的凈利潤。去年,克萊頓房屋公司成為美國最大的房屋建造公司,共計建成42075棟房屋,占美國新建房屋總數的5%。公平地说,其他大型房屋建造企業建成房屋的實際價值遠超過克萊頓房屋公司,因為這些公司主要銷售現場建造的房屋,這種房屋的市場價格較高。

















      1. 不計伯克希爾·哈撒韋公司旗下子公司的養老基金持有的股票資産

      2. 這是伯克希爾·哈撒韋公司實際購買股票的成本價,也是公司計算資本所得稅的根據。在一些情況下,符合一般通用會計標準的成本與實際成本不相同,這是因為根據一般通用會計標準的規定,公司對一些股票進行資産減值計提處理。

      上述表格中列出的一些股票是Todd Combs或Ted Weschler做出投資決定的,這兩位與我一起管理伯克希爾·哈撒韋公司旗下的投資資産。同時,他們倆每個人獨立管理的資産規模哦都超過100億美元。通常,我會通過查看每個月的股票交易清單來了解他們做出的投資決策。在這兩個人管理的總規模高達210億美元的投資資産中,還包括總額約76億美元的養老金資産,這些資産屬於伯克希爾·哈撒韋公司旗下一些子公司。需要注意的是,這些養老金資産並沒有被包括在此前列出的伯克希爾·哈撒韋公司股票持有情況列表中。
















      這部分內容中,我首先會告訴你一筆我在9年前做出的投資,然后分享一些在投資上的觀點。作為一名初學者,我想簡單的描述一下Long Bets,這是一家在我投資中起到了一定作用的獨特機構。

      Long Bets是由亞馬遜的CEO傑夫-貝佐斯(Jeff Bezos)資助成立的,是一個管理長期賭注的非盈利組織。為加入賭注,“賭點提出者”在Longbets.org網站上提出一個命題,很久后,這個命題將會被證明是對還是錯。在提出命題后,他們會等待一個持相反觀點的人在賭局的另外一端下注。當一名“懷疑者”站出來時,賭局的雙方會各自指定一家慈善組織作為他們賭局獲勝的受益人;在Long Bets上下注,然后在Long Bets網站上寫一篇短文來為命題辯護。當賭局結束時,Long Bets會支付獲勝的慈善組織。

      Long Bets很有意思,下面就是兩個例子。

      2002年,企業家米切爾-卡普爾(Mitch Kapor)宣稱,“到2029年時,沒有任何電腦——或機器智能——能通過圖靈測試”。圖靈測試能判斷計算機是否具有人類思維能力。發明家雷-庫茲威爾(Ray Kurzweil)採取了相反的觀點。雙方對各自的觀點押下10000美元的賭注。我不知道誰能贏得賭注,但是我相信電腦是不會複製查理(此處指笨蛋)的。

      同一年,微軟的克雷格·蒙迪(Craig Mundie)稱到2030年,無人駕駛飛機將會運送乘客。而谷歌的埃裏克·施密特(Eric Schmidt)則持相反的觀點。他們二人各自的賭注為1000美金。最近,我提出加入埃裏克的賭注,他迅速把1000美元的賭注給了我500美元。


      隨后,我下了50萬美元的賭注,稱在一段很長的時間內,任何一名職業投資人可選擇至少5隻對沖基金(那種很受歡迎並且費用很高的投資工具),在這段很長的時間內,職業投資人選擇對沖基金的表現會落后於只收取象徵性費用的標普500指數基金的表現。我提出賭注期限為10年,並點名低成本的Vanguard S&P基金來證明我的賭注。隨后,我充滿期待地等待各個基金經理(他們可以把自己管理的基金包括在5隻基金內)蜂湧而來,來為他們的職業提供辯護。畢竟是這些基金經理催促着客戶給他們的投資能力下了幾十億美元的賭注。既然這樣,他們就不應該害怕把自己的錢拿出來一點,和我玩這個賭注。

      隨之而來的是寂靜之聲。數千名職業投資經理人通過兜售他們選股的能力累積了驚人的財富,但卻只有一名職業投資經理人——泰德-西德斯(Ted Seides)站了出來回應我的挑戰。泰德是Protégé Partners的聯合經理人,他從有限合伙人手中籌集資金形成了基金的基金——換句話说,泰德的基金是投資了多隻對沖基金的基金。


      在Protégé Partners這一方,泰德挑選了五隻基金的基金。這五隻基金的表現會進行平均,然后和我選擇的Vanguard S&P指數基金進行對比。泰德選擇的五隻基金把資金投資到了100多隻對沖基金內,這意味着泰德基金的基金錶現不會因為某一個基金經理人的表現好壞受到影響。


      賭注前9年的結果如下圖所示。在賭注中,我指定Girls Inc.of Omaha這個慈善組織為受益人,可獲得我贏得的賭金。如今,賭注前9年的結果肯定會讓這個慈善組織迫不及待的要在明年1月打開郵箱,這是毋庸置疑的。


      從上圖可看出,2008年到現在,五隻基金的基金的收益率分別為8.7%,28.3%,62.8%,2.9%和7.5%,而標普指數基金的收益率為85.4%。按我與Protégé Partners的協議,這五隻基金的名字沒有公開,但我看了他們的年度審計報告。




      我可以確定,在任何情況下,兩種基金的管理人員都是誠實和聰明的人。然而,基金投資者獲得的投資收益卻很慘淡,非常地慘淡。而且,其中所有基金和組合基金收取的巨額固定手續費(該手續費與基金的業績表現完全無關),使經理們在過去9年裏都能旱澇保收。正如戈登·蓋柯(Gordon Gekko)所言:“手續費的收取從未停下過。”



      在我看來,這次賭局暴露了對沖基金投資者而言令人失望的業績表現,几乎可以肯定其在未來還會出現。賭局開始時,我在Long Bets網站上發布了一份聲明,其中羅列了我這種看法的理由。以下是我的主張:













      如果要樹立一座雕像,用來紀念為美國投資者做出最大貢獻的人,毫無疑問應該選擇傑克·博格爾(Jack Bogle)。幾十年來,傑克一直敦促投資者投資於超低成本的指數基金。在他的投資生涯中,有大量財富流向了經理人的腰包,而他所積累的財富只占到其中很小一部分。這些經理人向投資者許諾帶來豐厚回報,而實際上他們根本沒帶來回報,或者像我們賭局中的情況,帶來的回報幾近於無。











      很久以前,我的姐夫荷馬·羅傑斯(Homer Rogers)是一位佣金代理人,他在奧馬哈的牧場工作。我問他是如何誘導農民或農場主雇佣他來幫他們把豬或牛銷售給四大罐頭食品公司的買家(SWIFT、Cudahy、Wilson和Armour)。畢竟,豬的情況很明確,而買家也很專業,他們非常清楚牲畜究竟值多少錢。然后,我問荷馬,有銷售代理比其他代理做得更好嗎?




    Is the worst over for Axiata?

    Saturday, 25 February 2017

    Axiata is raising capex from RM6.1bil in 2016 to RM6.6bil this year, though it has enough cash to fund that.

    IN 170 days, Gio, the hottest mobile brand in India, gained 100 million subscribers and that has sent shivers down the spine of its rivals.

    Its rivals are trying hard to fend off competition but the smart phone population is lured by free calls, SMS and data offered by Gio. The space is supposed to change as Gio, owned by Reliance Group, will start charging from April 1.

    Gio is the brainchild of one of India’s richest men, Mukesh Ambani. He ploughed in more than US$25bil on an assault on the country’s telecoms sector.

    That has also led to the biggest player, Bharti Airtel (250 million subscribers) buying over Telenor’s operations in India, which it announced on Thursday.

    Bharti’s move signals consolidation in the world’s second largest mobile market. Talks are also progressing for the second and third player - Vodafone and Idea Cellular to merge.

    If it happens, Axiata Group Bhd president and group CEO Tan Sri Jamaludin Ibrahim says the biggest mobile company will be created. It will have 400 million subscribers, half that of China Mobile, the world’s biggest in users.

    India has 1.12 billion mobile subscribers as at November.

    Axiata’s stake in Idea has not earned it much in recent years because of intense competition but a merger may also cause a dilution in its stake.

    “We think a merger will see Axiata’s stake dilute to below 10% in the merged entity, relegating the entity from an associate to an investment. We thus think a divestment is likely, which should help lower net debt/Ebitda from 2.1x to 1.3x,’’ says a foreign research house in a report.

    Another analyst says “the divestment of its Idea stake should put leverage concerns to bed and allow higher dividends.’’

    Will Axiata sell its stake?

    Jamaludin says “we will stay, even without Vodafone.... its so dynamic. It has been our best performer (before), why leave?

    “We know it is extremely competitive, it will balance out and we want to be with our partners in India,’’ says Jamaludin.

    Jamaludin adds that there are no plans to exit, reduce or raise stakes in the markets they are in.

    Apart from Idea, Axiata owns Celcom Axiata Bhd in Malaysia, has 66.4% in Indonesia’s XL Axiata, Sri Lanka (Dialog 83.32%), Bangladesh (Robi Axiata 91.59%), Cambodia (Smart 95.3%), Nepal (Ncell 80%), Singapore (M1 28.32%), and Pakistan (Multinet 89%).

    The work is pretty much cut out for the year - to grow the business in the right segments across all markets, some more difficult than others amid competition, keeping a tight lid on costs, a check on currency volatility, forking out more money in capital expenditure (capex) and spectrum auctions/acquisitions.

    In Indonesia, Jamaludin says the focus is to expand beyond Jawa, into Kalimantan, Sulawesi and Sumatra and get aggressive in the middle segment of the market, where real growth is. To do that, it needs to share networks with other players to save cost, and also expand where it needs to. It needs to work on better deals, refresh the brand and team. XL has a new chief marketing officer.

    “We need to offer a different game plan for our vendors.... something drastic as we want to capture growth where it is. All these efforts should increase revenues this year,’’ Jamaludin says.

    Bank of America Merrill Lynch, in a report, says “these steps are expected to deliver stability in 2017 and low-single-digit operational growth thereafter. For XL, we see monetising data as a key growth driver. Further, the balanced approach between traditional and modern distribution channels and distinct brand identities for XL (mid-end) and Axis (low end) should help in improving its subs base in the coming quarters.’’

    The other mammoth task is to clean up Celcom as one million users have left, net profit is down to RM976mil from RM1.3bil in 2015.

    Jamaludin and Celcom group CEO Michael Kuehner’s biggest challenge is to get the 3,700 workforce to be more productive and bring to market what users want, besides revamping its entire network, which is being done in stages.

    “This year is about stabilisation, we cannot solve everything (so soon), we need one year.

    “However, we are seeing some positive signs since the last two quarters. We expect Celcom to grow faster next year and expect better revenues then,’’ Jamaludin adds.

    However, Normura Research cautions that with “pricing pressure, revenue growth may not be easy, we think.” On Thursday Axiata released its results, disappointing to some, and surprised the market with lower dividends. This prompted several research houses to revise their earnings outlook for 2017 and 2018.

    Dwindling dividends

    It announced dividends down from 20 sen in 2015 to 8 sen in 2016, and expect the same range in 2017. The dividend payout ratio (DPR) is down to 50% from 85% but Jamaludin says they will go back to the 2015 levels of DPR in 2018.

    This led to a 51 sen drop in its share price over two days, with its share price closing at RM4.29 yesterday.

    “Axiata now offers a dividend yield of only 2% for the next 2 years compared to 3%-4% for Digi.Com Bhd and Maxis Bhd,’’ says Ambank Research. BNP Paribas Research says “based on our FCF projections, we think there is sufficient headroom for Axiata to revert to an 84% dividend payout in 2018.’’

    Axiata rationale for lower dividends was to conserve cash because of currency volatility, funding for future spectrum and the need to spend more to grow in the markets it is in. It is raising capex from RM6.1bil in 2016 to RM6.6bil this year, though it has enough cash to fund that.

    But as Jamaludin puts it, “we need to be prudent.’’ The upcoming spectrum auctions/sale/acquisition expected in 2017-18 are 2600MHz, 2300Mhz and 700Mhz in Malaysia, Bangladesh (1800, 2100, 700), Cambodia (2600, 700), Nepal (700, 2600), Indonesia (2100) and several blocks in India. Cost cuts are a priority to bring cost down as it needs to be efficient in competitive markets where margins are thinning though data is booming. But data prices are also coming down.

    He says the group was working towards group-wide cost management to improve profitability and RM800mil operation expenditure and capex savings are built in our 2017 plan, as well as aiming for RM1.5bil in additional savings in 2018 and 2019. That cost savings is expected to be ploughed back to grow the business.

    Axiata’s net profit for full year 2016 was down by 75% to RM504mil from RM2.5bil in 2015. This was led by the weak ringgit against the US dollar, and its forex loss totalled RM685mil, due to its exposure to the US dollar from its acquisition of an 80% stake in Ncell Pvt Ltd in Nepal.

    Revenue was up 8.5% to RM21.5bil from RM19.9bil.

    Its earnings before interest, tax, depreciation and amortisation (Ebitda) grew 10% to RM8bil in 2016, while margins stood at 37.2%. Earnings per share for the full year was at 5.7 sen, down from 29.5 sen. Affin Hwang Capital Securities says “even after stripping out forex losses, Axiata’s 2016 results came in 16% below our expectations despite our forecast being 14% below street.’’

    Axiata has RM22.3bil in debts, 55% in US-denomination and the rest in other currencies. Of the 55%, 25% is hedged.

    But for 2017, Jamaludin is looking at headline KPI of 9-11% for revenue and 7-9% for Ebitda growth, but analysts say there are headwinds in all markets which Axiata has to ride through from currency woes, competition and regulatory risks. Still, Celcom targets to close the gap in first half and grow in the second half, XL expects to grow revenue in line with industry; mid-single digit growth at Dialog and Ncell and double-digits at Robi.

    Several analysts have lowered their 2017 and 2018 net profit forecasts, with UOB Kay Hian reducing 2017-18 net profit forecasts by 21% and 6.7% respectively, Public Investment Bank cutting its 2017-18 earnings forecasts by 17-18% to factor in lower contributions from Malaysia, Indonesia and Bangladesh and a higher share of associate losses in India.


    Sarawak timber firms hit by reduction in export quota

    Monday, 27 February 2017

    Last year, Sarawak’s export receipt from logs and timber products slumped by 17.5% to RM5.94bil from RM7.2bil in 2015, according to newly released figures from Sarawak Timber Industry Development Corp.

    KUCHING: The state authorities’ reduction in logs export quota and tigthening of timber harvesting activities, coupled with sluggish plywood market, have negatively impacted Sarawak-based timber firms’ bottom lines while slashing the state government’s foreign exchange earnings.

    Last year, Sarawak’s export receipt from logs and timber products slumped by 17.5% to RM5.94bil from RM7.2bil in 2015, according to newly released figures from Sarawak Timber Industry Development Corp.

    The value of exported logs fell by 21% to RM1.4bil from RM1.78bil year-on-year while that of plywood dropped by 10% to RM2.94bil from RM3.27bil.

    Logs and plywood products made up 23% and 49% respectively of total export revenue in 2016. Other main exported timber products were lumber, fibreboard and veneer.

    Timber companies are currently only allowed to export up to 30% of their log productions under a revised state policy which was enforced in June last year.

    For many years, Sarawak had maintained logs exports up to 40% of total production but this was revised upward to 50% in 2014.


    Supermax downgraded to Hold by CIMB Research

    Monday, 27 February 2017 | MYT 8:36 AM

    KUALA LUMPUR: CIMB Equities Research has downgraded glove maker Supermax Corporation Bhd from Add to Hold with a lower target price of RM2.15 after incorporating its lower earnings estimates.

    It said on Monday the downgrade was based on 11.5 times CY18 P/E (-one standard deviation of its five-year historical mean) from 12 times.

    “Despite trading at a 54% discount to the sector average, we remain cautious on the group’s outlook due to weak earnings visibility and continuous uncertainties over infrastructure issues that have been crippling its expansion plans.

    “Any re-rating lies in the resolution of these issues. Downside/upside risks: weaker/stronger-than- expected sales volume,” it said.

    For the first half of its financial year (1HFY17), Supermax’s net profit of RM42.1mil was below expectations, making up only 35% of its and 32% of Bloomberg consensus estimates.

    The 1HFY17 revenue and net profit declined by 15.8% and 45.5% on-year, respectively. This was mainly due to: i) lower production output from ongoing revamp and ii) higher operating costs.

    Note that there was a high base effect in 1HFY16 from low raw material prices and sharp appreciation of US$/RM. Accordingly, earnings before interest and tax (EBIT) margins waned to 10.4% (-4.9% pts).

    On a quarter-on-quarter basis, 2QFY17 net profit improved 15.5% to RM22.6mil despite revenue declining 12% on-quarter.

    “We think that the weaker revenue was mainly due to additional production lines undergoing revamp, leading to lower sales volume. On the other hand, the 15.5% on-quarter growth in net profit was thanks to: i) currency gains from appreciation of the US$/RM and ii) lower tax rates (-7.2% on-quarter).

    “Supermax launched its own brand of contact lenses in Dec 16, which is sold under the Aveo brand. The retailing of this product has begun in Hong Kong, with further plans to venture into South American markets and Japan as well.

    “Plans for this have been signaled by its RM1.2mil acquisition of a contact lens trading company that has a highly experienced sales team in Japan.

    “Nevertheless, we only expect material earnings contribution from this segment in 2018 upon better brand establishment.

    “Given the weaker-than-expected results, we are lowering our FY17-19 EPS by 11%-13.8%. This is to take into account the prolonged revamping works on its production lines as well as delays in the commissioning of new capacity.

    “We suspect that the group is still unable to resolve the infrastructure issues bogging down the commissioning of the remaining six lines in Plants 10 and 11. Downgrade to Hold,” CIMB Research said.


    潘啓才:供乾再改名 或預示大炒






    但這個獨家收購談判傾了半年後,沒有成果,之後再延期半年至2014年底,最終在2014年12月31日獨家權期終止後沒有談成功,亦因此,周焯華想把Suncity International Holdings Limited的疊碼仔業務借殼上市的夢失敗了。

    雖然這次借殼上市未成,卻向我們披露兩個重要資訊,第一是Suncity(中文是太陽城)這個名稱有別於Sun Century(中文是太陽世紀),因為Suncity這名字在2014年就是「 國際娛樂」收購周焯華的公司所用的名字,亦是他所擁有的澳門賭業集團所用的名字,當時借殼上市失敗,兩年過去,這次捲土重來,估計他是希望把他擁有的澳門賭業太陽城集團注入「太陽世紀集團」。

    現價高供股價逾倍 稍回加注


    [潘啓才 通天財技]

    Sunday, February 26, 2017

    Latitude VS Hevea VS Liihen ?

    Author: intelligentinvesting   |   Publish date: Sat, 25 Feb 2017, 02:15 PM 

    Image result for latitude treeImage result for heveaboard                                                                                                               Image result for liihen berhad

    Latest Quarter Revenue209M145M168M
    Latest Quarter Net Profit32M28M28M
    Current PriceRM5.63RM1.54RM3.37
    Net Cash equivalent277M130M98M
    Cash equivalent
    from market cap (%)
    Dividend Yield2.13%2.98%6.5%
    Warrant dilutionNone132K shareNone
    Market capRM550MRM800MRM607M

    From above 3 company comparison, which you think still worth to invest and why ?


    Author: UncleShares | Publish date: Sat, 25 Feb 2017, 02:36 PM



    个人认为投资是加速财富累计的工具,以便自己的财富可以赶得上通货膨胀的速度。 可是当年轻人的心智还不成熟,当他们看到自己的钱增加了,便会花更多时间去研究,甚至做更多交易。相反的,当他们看到自己的钱不断减少时,便很快就放弃投资了。



    年轻人正是处在拥有充分时间可是没有金钱的阶段,如果你不是想做全职交易员的话,建议各位年轻人先去找个会制造现金流的机器 (当然不是一台印钞机而是职业)。先想想自己想要的是什么工作,兴趣在哪里,方向是什么。投资的基础除了投资知识,还有的是资金。搞定了方向也算是搞定了资金,有了基础才有的能力谈投资。所以在学生时期,让孩子模拟或给予少数的金钱去学习投资是好的,可是一定要督促他们有正确的未来方向以及拥有自己创造资金的能力,父母不可能给你一大笔钱去投资啊,他们也会为自己着想的,万一那笔钱没了,他们还是要退休养老的。