投资 。人生 Trading . Life

We can become a better trader by becoming a better person.

Booking.com

Booking.com

Favorite Links

  • Melaka TTP
  • Indicators
  • STPM

Friday, November 30, 2018

麦格理研究: 马电讯(4863)估值被大大低估


股市资讯研究团队
2018年 11月 27日
热门股票



本文内容取自麦格理研究报告

麦格理研究(Macquarie Equities Research) 在上周五发表的报告指出,马电讯(Telekom Malaysia,4863)股票的估值被低估,并反映政府未有就光纤计划公布有利消息。麦格理重申给予马电讯“表现优于大市评级”,目标价为5.40令吉,比其目前的2.33令吉价位高出一倍有多。

麦格理认为监管当局公布的明确发展很重要,尤其是国家光纤计划(national fibre agenda)的细则,一旦详细计划公布,马电讯将会获得再评级。马电讯目前是以4.9倍企业价值与息税折旧及摊销前盈利(EV/EBITDA)比率或1.1倍股价与账面值比交易。
网络资产被低估

尽管马电讯的1.1倍PB估值意味着其股价高于账面值,但市场很明显忽略了其网络资产的置换价值(replacement value)。从马电讯的2017年年报得悉,它拥有价值270亿令吉(每股7.14令吉) 已经全面折旧、但依然在使用的资产,主要是铜线网络、管道及柱子。虽然铜线网络将逐渐被光纤网络淘汰,但管道及柱子很明显是价值不菲及不容易复制的基础设施,把这些全面折旧资产的一半价值加入马电讯的账面值,其股价与账面值比将为0.4倍。
现金流稳健

即使每用户平均收入 (ARPU) 每个月进一步下跌20令吉,但其现金流仍稳健。麦格理估计,如果其全部宽带产品配套从目前大约164令吉(Unifi配套)及90令吉(Streamyx 配套)每月进一步下跌20令吉,马电讯在2019年仍会产生3%自由现金流 (FCF) 收益。随着其成本节省措施生效,麦格理估计,其自由现金流收益至2020年将提高至超过10%。
中期内实施成本节约措施

麦格理的FY18及FY19预估依然比市场共识分别低8%及44%,由于它预期成本节约的效应需要时间融入。除了目前的成本节约措施外,麦格理认为,关闭其无线移动领域的Webe可能会节省更多。从公司透露的信息可以知道,马电讯在2017年5月至2018年2月支付2亿7,700万令吉(年度化为3亿3,200万令吉)给天地通(Celcom)作为漫游服务支出,而Webe的2017年总收入(包括固定无线服务)为3亿2,000万令吉,意味着移动服务的收入不够用来覆盖其漫游成本。
价位催化剂

12个月目标价为5.40令吉,后者是基于折扣现金流方法计算。推动其价位升高的动力来自光纤电缆计划明朗化。
at 5:23 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - Telco

Padini Holdings Berhad - 1Q19 Hit by Lower Sales and Margin

Author: kiasutrader   |    Publish date: Fri, 30 Nov 2018, 08:56 AM 


1Q19 CNP of RM18.0m (-43% YoY, -69% QoQ) came in below expectations at 9% of both our/consensus full-year estimates, due to lower-than-expected sales and margin. We understand that the group would bear the SST cost (if less than 10% of total cost) to maintain consumer demand for its well-known affordable products range. As such, we cut our FY19E/FY20E CNP by 8%/10%. Correspondingly, we cut our TP to RM4.90 (from RM5.60) and continue to maintain our UP call.
1Q19 below expectations. 1Q19 CNP of RM18.0m (-43% YoY, -69% QoQ) came in below expectations at 9% of both our/consensus full-year estimates, due to lower-than-expected sales and margin. A 2nd interim DPS of 2.5 sen was declared for the quarter. Recall that, a 1st interim DPS of 2.5 sen was declared on 27th August 2018 (payment date on 28th September 2018), bringing the YTD-FY19 DPS to 5.0 sen, which is within our expectations as 60% of dividend pay-out is typically in 2H.
Result highlights, 1Q19 CNP plunged 43% YoY and 69% QoQ, dragged down by: (i) slower sales (-31% QoQ) which were unable to match the seasonally stronger Hari Raya festive season sales in 4Q18, despite boosted by the zero-rated tax holiday sales (+5% YoY), (ii) contraction in PBT margin by 5.2ppt YoY and 8.8ppt QoQ to 8.1% from 13.3% in 1Q18 and 16.9% in 4Q18, from the rise in staff cost, rental and some other store operating expenses such as absorbing SST in September 2018, which translated into higher selling and distribution expenses allocation at 33% (1Q18: 32%, 4Q18: 26%), and (iii) higher effective tax rate of 32.5% (1Q18: 25.5%, 4Q18: 29.0%).
Outlook. Moving forward, we expect the earnings momentum to be limited by: (i) higher costs from the new SST, (ii) the gestation periods for its Cambodian and Thailand operations, which are expected to incur higher start-up costs than Malaysian ones, and (iii) weakening in MYR against major currency (i.e. USD and RMB). Besides, we also understand that group would bear the SST cost (if less than 10% of total cost) to maintain consumer demand for its wellknown affordable products range. For FY19, the group targeted for not more than 10 outlets for the local market and Thailand market to streamline cost allocation, while maintaining its status quo for Cambodia operations.
Cut FY19E/FY20E CNP by 8%/10%. We cut our FY19E/FY20E CNP by 8%/10% to reflect the lower-than-expected sales and lower-thanexpected margin.
As such, we cut our TP to RM4.90 (from RM5.60) but maintain our UNDERPERFORM call. Our current TP is based on an unchanged 17x CY19E EPS, implying +2.0 SD of its 5-year forward historical mean PER.
Risks to our call include: (i) higher-than-expected sales, and (ii) lowerthan-expected operating expenses.
Source: Kenanga Research - 30 Nov 2018
at 12:12 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - Padini

Malayan Banking Berhad - Steady Performance

Author: PublicInvest   |    Publish date: Fri, 30 Nov 2018, 09:52 AM 


The Group’s 9MFY18 reported net profit of RM5.79bn (+7.4% YoY) is within expectations at 74% our and consensus full-year estimates. Improvements have come from lower operating expenses and provisions however as net income only inched 1.1% higher YoY, weighed by uncertainties around some of its key ASEAN markets. We initiate coverage on Maybank with a Neutral call and dividend discount-derived target price of RM9.90. While it may deserve to be accorded some trading premium given its leadership by asset base, loans base and market capitalization, we don’t see current valuations overly-compelling as yet. While still growing, near-term earnings potential may be hampered by margin compressions and asset quality challenges.
  • Loans growth. With a commanding ~18% industry market share of domestic loans, Maybank is a market leader with its growth momentum (or lack thereof) reflective of business and consumer sentiment. The Malaysian and Singaporean books make up the bulk (~84%) of the Group’s overall loans exposure, the latter predominantly corporate-focused and Malaysia consumer-driven. Recent uptick in momentum has been underpinned by the residential mortgage segment (+7.1% YoY, +2.0% QoQ). Working capital related loans (+5.8% YoY, -0.2% QoQ) have also contributed, though still lacking consistency.
  • Net interest margins improved 3bps to 2.30% on a QoQ basis, benefitting slightly from the unwinding of the huge liquidity buildup it undertook in the 2QFY18 quarter. Near-term focus on improving NIM trends is likely achievable with the slight pick-ups seen in corporate lending as consumer lending steadies. Management sees flat NIMs or marginal compressions for the year (FY17: 2.36%). Longer-term however, margins are not anticipated to improve significantly given the intense competition for deposits domestically which will continue to pressure rates.
  • Asset quality: Gross impaired loans had already been exhibiting worrying trends over the last few quarters (since 3Q2015 in fact). While it can be argued that recent upticks are a result of judgmental or obligatory conditions being triggered, the fact that asset quality has degraded to that extent is already somewhat disconcerting. Loan loss coverage ratio (including regulatory reserves) slipped marginally to 92.6% (2QFY18: 93.6%). While the occurrence of newly-classified non-performing loans has slowed sharply QoQ (Figure 4) and which is a welcome sight, loans re-classified as performing is dwindling, a disconcerting sight. Recent crude oil price volatilities may call to question related asset quality issues.
Source: PublicInvest Research - 30 Nov 2018
at 12:11 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - MayBank

Padini - Struggling to Remain Competitive

Author: sectoranalyst   |    Publish date: Fri, 30 Nov 2018, 10:44 AM 


INVESTMENT HIGHLIGHTS

  • 1QFY19 earnings grew dropped by -42.5%yoy, which is below ours and consensus expectations
  • No significant positive spillover from the recent the tax holiday period
  • Low retail prices and increasing operating expenses led to profit margin compression
  • Downgrade to SELL with a revised TP of RM4.08
Earnings below our and consensus expectations. Padini Holdings Bhd’s (Padini) 1QFY19 earnings came in at RM18.0m, which is below ours and consensus expectations, accounting for 12.0% and 8.8% of full year FY19 earnings forecasts respectively. 1QFY19 earnings dropped by -42.5%yoy due to profit margins compression. Contrary to ours and consensus expectations, the group’s earnings was not significantly lifted by the tax holiday period.
Revenue growth attributed to additional stores. The group registered 1QFY19 revenue growth of +4.6%yoy to RM14.6m. This was mainly attributable to the increase in Brand Outlets store from 49 to 54 in comparison to the same quarter last year. However, the contribution from new stores was partially mitigated by the declining same store sales growth (SSSG) for both Padini Concept and Brands Outlet stores. Going forward, the management plans to open additional four stores in FY19 which is lower than the initially ten stores previously plan.
Facing profit margins compression. The dropped in 1QFY19 earnings was mainly premised on the compression in gross profit margin to 39.9% in comparison to 43.1% recorded in 1QFY18. We believe that this is caused by the lowering of retail prices for some of its brands during the zero-rated GST period. This is despite GST cost was already absorbed previously as not to lose out market share to competitors. In addition, a higher selling and distribution expense was incurred during the period to entice customer to spend. As a result, net profit margin dropped to 5.4% from 9.9% recorded in 1QFY18.
Second interim dividend declared. Second interim dividend of 2.5sen per share was declared for FY19. This brings its cumulative dividend to 5.0sen per share which is equal to the corresponding period in FY18.
Impact to earnings. We are revising our FY19 and FY20 earnings forecasts downwards by -21.8% and -20.5% respectively due to the tapering down in number of new stores opening as well as longer gestation period for these new stores to breakeven.
Target price. We are revising our target price to RM4.08 (previously RM5.52) which is based on pegging the FY20 EPS of 26.3sen per share to PER of 15.5x. The assigned PER multiple is the group’s three-year average historical PER.
Downgrade to SELL. Coming off from tax holiday, we remain wary however on the weaker sales performance in the immediate months after the reimplementation of SST. To entice consumer to spend, we expect that the management will further increase promotional expenses in December 2018 in conjunction with school holidays and festivity period. While we expect a gradual improvement in margins as the group adjusts the brand prices, we foresee a challenging outlook for the group as we expect that recently launched stores will have longer gestation period than the average of two to three years. This is in view of the increasing competition in the local fashion segment. All things considered, we are downgrading our recommendation on the stock to SELL from neutral previously.
Source: MIDF Research - 30 Nov 2018
at 12:09 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - Padini

Malayan Banking Berhad - Lower Net Impairment Losses

Author: sectoranalyst   |    Publish date: Fri, 30 Nov 2018, 10:44 AM 


INVESTMENT HIGHLIGHTS

  • Within expectations
  • Net profit growth from lower provisions
  • NII cushioned the weaken NOII
  • Loans growth robust
  • Asset quality stable especially on consumer segment
  • Tweaked FY19 forecast by -1.4%
  • Maintain BUY with unchanged TP of RM11.40, based on PB multiple of 1.6x
Met expectations. The Group 9MFY18 net profit was within expectations. It came at 71.7% and 73.7% of ours and consensus' full year estimates respectively. The earnings grew +7.4%yoy as provisions came in lower by -18.9%yoy.
NOII did a U-turn. NOII went from growth of +7.4%yoy in 1HFY18 to post a decline of -1.2%yoy in 9MFY18. This was due to NOII contracting by -15.3%yoy 3QFY18. The steep decline was attributable to +28.5%yoy increase in insurance related expenses, to RM1.57b (e.g. benefits and claims incurred, fee and commission expenses etc.).
NII cushioned the weaken NOII. NII went up by +1.6%yoy on continued loans growth in retail franchise and corporate segment across home markets. While NIM showed a compression of -7bps yoy in 9MFY18, it had actually improved slightly (by +3bps qoq) in 3QFY18. Most of the NIM compression could be traced back to 2QFY18 where the Group took in more deposits in an effort to manage liquidity.
Loans grew robustly. Gross loans grew +4.5%yoy to RM507.7b and on local currency basis, it grew +6.4%yoy. Malaysia, Singapore and Indonesia reported a gross loans increase of +4.9%yoy to RM292.5b, +7.1%yoy to SGD41.9b and +8.9%yoy to IDR136.1t respectively. Gross loans growth in Malaysia was led by mortgages (+8.2%yoy to RM85.5b), auto finance (+5.4%yoy to RM47.6b), unit trust (+7.0%yoy to RM28.3b) and SME segments (+14.8%yoy to RM16.5b).
Deposits growth led by Malaysia. Group deposits expanded +3.8%yoy to RM536.6b. This was mostly contributed by Malaysia as deposits rose +6.7%yoy to RM331.3b. Deposits in Singapore went up +1.7%yoy to RM44.9b, while in Indonesia deposits fell -7.2%yoy to RM110.8b. However, this could be due to effect of depreciated rupiah.
Provisions were considerably lower...even accounting for provisions made for exposure for two Hyflux projects in 2QFY18. Total provisions declined -5.5%yoy in 3QFY18 due write backs in financial investments and financial assets of RM15.8m and RM15.4m respectively.
Asset quality stabilized. We were relieved that asset quality did not deteriorate significantly further. GIL ratio as at 3QFY18 came in at 2.65% vs. 2.64% registered as at 2QFY18. There were an uptick in GIL ratio in the retail SME and corporate banking segment in Malaysia but overall consumer asset quality remained stable.
NIM may normalise in 4QFY18. We opine that NIM will likely normalise in 4QFY18 to come within the management's revised guidance which is flat to marginal compress NIM in FY18. Recall that the management indicated that for 2HFY18, it will be focusing on improving its NIM via releasing some of the more expensive deposits and maintain loan pricing discipline. We believe that deposit competition will ease due to the extension of observation period of the Net Stable Funding Ratio requirements.

FORECAST

We are maintaining our FY18 forecast but tweaking our FY19 forecast slightly by -1.4% to remain conservative in view of macroeconomic uncertainties.

VALUATION AND RECOMMENDATION

We caught by surprise by the weak NOII in 3QFY18. However, the Group's provisions were lower despite the issue with asset quality in Singapore. We understand that there could be potentially be a resolution to this issue in FY19, which could see its impairment being written back but it is too early for us to account for this. Despite all of this, we remain optimistic of the Group's prospects as we believe loans growth momentum could be carried into FY19. Therefore, we reiterate our BUY call with unchanged TP of RM11.40. We based our TP on pegging FY19 BVPS to PB of 1.6x. In addition, its dividend yield of 6.1% should mitigate any downside risk.
Source: MIDF Research - 30 Nov 2018
at 12:08 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - MayBank

Yong Tai Berhad - Poor Start

Author: PublicInvest   |    Publish date: Fri, 30 Nov 2018, 10:50 AM 


Yong Tai has started off the new financial year on a disappointing note, reporting a net loss of RM5.2m for 1QFY19, largely dragged by weaker-than-expected contributions from the Encore Melaka theatre. While missing both our and consensus estimates considering the full-year net gain expectations, we are leaving earnings unchanged at this juncture as we had already taken fairly conservative views in our recent note dated 4 October. We caution for potential downside risk however should the significantly-lowered ticket sales target of 500,000 for the financial year fail to be met. While we retain our Outperform call on the stock, we lower our sum-of-parts derived target price further to RM0.82(RM1.07 previously) as we impute a higher 40% discount to account for greater uncertainties. While recent share price weaknesses may be attributed to failed delivery on promises, we think benefit of doubt should still be given to promoters of the Encore (and Impression) Melaka projects who are also significant shareholders of the company, ones probably more aggrieved than most others. Investment merits of Yong Tai remain sound, timing of earnings contribution notwithstanding.
  • Property development-related contributions are not in question, with revenue of RM24.7m (-7.0% YoY) and pretax profit of RM3.4m (-23.6% YoY) recorded during the quarter. While new sales may be in question in light of current market conditions (we have assumed zero launches in 2019), near-term earnings contribution will nonetheless be underpinned by its mostly-sold The Apple (78.7% completion), Amber Cove (22% completion), The Dawn (13% completion) and Impression U-Thant (4% completion) projects. Subsequent quarters in FY19 will undoubtedly be stronger given the more advanced stages of these various developments.
  • Encore Melaka, until recently touted as the Group’s crown jewel, is its Achilles Heel at the moment. For the current 1QFY19 quarter, pretax losses of RM7.5m recorded in the property investment division is largely a result of lower-than-expected ticket sales, with depreciation and interest charges also taking a bite off bottom-line. For 1QFY19, only about 50,000 tickets have been sold in total, hardly an inspiring number though management anticipates significant pickups in the months ahead owing to on-going initiatives.
  • A key re-rating catalyst could come from resolution of the Terra Square impasse. Last word is that the Group was in advanced stages with a Hong Kong-based party for the sale of the entire project, as per a Nikkei Markets newsflash. Management remains mum on this however. We are unconcerned over the project’s commercial viability and reckon new buyers will be secured. Only the timing of a deal completion is in question.
Source: PublicInvest Research - 30 Nov 2018
at 11:54 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - Property

投资也要学会休息/黄云浩

2018年11月29日


股海判官●黄云浩


上个星期,笔者因故跟编辑请了一天的假,“休息”一期。

说到休息,就是以休养生息为目的。

自古以来,宇宙万物,生生不息,就是顺着生物的作息规律来运作的。

经历自2008年以来的最长牛市行情,美中的贸易战的不确定性,与近期双油(石油与棕油)的不振,接下来的股票投资行情将会如何发展?

笔者对于预测绝对是外行,但是却可以跟看官们分享几则小故事做为启发。

香港已故投资写作人,人称“曹Sir” 的曹仁超,一生写作不数,其中最着名的着作为创富投资三部曲,《论势》、《论战》与《论性》。

在《论战》一书,有一段引用与《孙子兵法》齐名的《吴子兵法》(并称为孙吴兵法)的论述,令笔者印象深刻。

吴起说:“战胜易,守胜难。天下战国,五胜者祸,四胜者弊,三胜者霸,二胜者王,一胜者帝。是以数胜者希以亡者众。”

根据曹Sir的解释,一战而胜之兵,好比投资者第一次买卖股票的时候,总是小心谨慎,心态上只是散兵游勇,全没经验。

惟辛苦打完一次胜仗(赚到第一桶金)之后,已累积了一定经验,懂得审慎行事,知所进退。

所以打第二场仗时,应该也是必胜之军。

最忌信心爆棚

过了第三场仗后,若还要乘胜追击,便会危机渐现。

他的道理很简单,就是如果一个人在股市里打了第一场胜仗,而将那股气势带到第二场而又继续获胜的话,到了第三场就会变得信心爆棚。

信心爆棚就是投资最忌讳的心态,导致警惕性会大减,忘了价值投资中最基本的道理——安全边际。

所以曹Sir继续说,三胜之兵须先行休养生息一段时间,磨掉骄纵之气,才能再审慎地伺机出击。

如果军队已连胜四仗,就会变得极为危险,很容易产生骄傲的念头而疏忽行事,例如忘记严守止损规则,犯上不应犯的错误。

而五战而胜之兵,已不可用。因为到了那个时候,曹Sir 认为在心态上已变得目中无人、不可一世。

再打下去,很容易便全军覆没。

对的时间做对的事

还记得以前有看过一个专访,访问一位小台湾投资者,陈济安。

他说,他在投资方面开了窍,是因为一位投资前辈者用了农夫耕作法开导了他。

春耕、夏耘、秋收、冬藏,依照四季时节的农事节奏,让他了解到投资也是应该要像种植农作物一样,要在对的时间里做对的事情。

如好像春天就是要播种,秋天要收割。如果本末倒置,可以想象在冬天时没粮的困境。

最后一则小故事,则是跟芒格早期的投资有关。

1967年,巴菲特致函给其基金合伙人,说明他在当时的牛市中找不到值得投资的股票。

两年后,就在1969,巴菲特横了心,将其基金清盘,因而保留了大量的现金。坐拥现金的他,直至1973/74年的股灾时,才进场大手笔的扫货。

而他的伙伴,芒格虽然在70至72年里继续有不错的成绩,但在1973/74年股灾时,却只能干巴巴地看自己的投资组合急速缩水至只剩下72年时的一半而已。

芒格自己也提到,如果要在投资生涯里有出色的表现,休息是正确而且是必须的。

股市有句话说得妙,没有最低只有更低。

在一个不确定性永远都存在的前景里,短暂或策略性的休息,不失为一个选择。别忘了,休息是为了走更长远的路。

http://www.enanyang.my/news/20181129/%E6%8A%95%E8%B5%84%E4%B9%9F%E8%A6%81%E5%AD%A6%E4%BC%9A%E4%BC%91%E6%81%AF%E9%BB%84%E4%BA%91%E6%B5%A9/
at 11:41 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Investment Wisdom

不吃早餐易得胆结石 专家曝:水煮餐也是凶手

2018年11月29日

不吃早餐容易使储存在胆囊的胆汁无法正常排空。(pixabay)

(台北29日讯)不吃早餐会容易罹患胆结石,这是真的吗?许多年轻人习惯晚起,直接跳过早餐不吃,除了血糖容易过低外,对于肠胃的伤害也不容小觑!营养师蔡正亮指出,除了没吃早餐外,只要是经常性空腹、採取低热量减肥者,也都容易造成胆结石发生率增加。

蔡正亮进一步解释,胆汁成分有90%是水分,剩下10%是胆酸、胆固醇、磷脂质、碳酸盐类及矿物质如钙、镁组成。正常情况下人体每天可制造400-800c.c的胆汁,胆囊一次可储存约50-60 c.c的胆汁,透过三餐进食,胆汁会规律的被储存、释放、再储存、释放。

许多年轻族群或上班族,由于工作繁忙,三餐时常有一餐没一餐,甚至为了维持身材,也会习惯经常性空腹节食,但因肠道缺乏食物消化,储存在胆囊的胆汁无法正常排空,造成水份减少,胆汁不断浓缩,加上成分中的胆固醇过度饱和,并与其他的碳酸盐类或矿物质产生结晶,就可能增加结石的形成风险。



水煮餐减肥、空腹,也都会增加胆结石风险。

除此之外,也有民众为了减重,刻意吃得很清淡,很多食物都要去油,只吃水煮或清烫。然而蔡正亮指出,饮食中摄取适量脂肪是很重要的一件事。国外就有研究曾发现,长期吃低热量的脂肪饮食(脂肪佔只每日总热量的10%以下),会造成脂溶性的维他命A、D、E、K吸收不足外,也可能使胆汁排空频率下降,增加胆结石的风险。

营养师提到,造成胆结石的因素很多,多与个人体质与环境因素有关,且好发于女性、40岁以上、怀孕、肥胖者、使用性荷尔蒙药物以及高血脂症者(也就是高胆固醇及高三酸甘油酯)。另外,短时间内的快速减重,三餐不正常,使体内的代谢产生紊乱,让胆汁成分比例产生不平衡,也都是胆固醇结石的高风险族群,须格外注意!

新闻来源:ETtoday新闻云
at 11:14 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Health

Thursday, November 29, 2018

HL Financial Group - Lower entry cost for exposure to HLBB

Author: AmInvest   |    Publish date: Thu, 29 Nov 2018, 09:54 AM 


Investment Highlights

  • We maintain our BUY call on Hong Leong Financial Group (HLFG) with a revised fair value of RM21.60/share (from RM21.50/share) based on a higher SOP valuation. We tweaked our net profit estimates for FY20/21 by -1.1/- 1.5 after lowering our NIM assumptions.
  • HLFG reported a lower core net profit of RM433mil (- 4.8%YoY) in 1QFY19 after stripping a one-off gain of RM72.2mil. HLFG's 64.4%-owned subsidiary HLBB recorded a gain of RM72.2mil from divesting its 37.0% stake in a JV company, Sichuan Jincheng Consumer Finance Limited. This has reduced HLBB’s shareholdings in the company from 49.0% to 12.0%.
  • 1QFY19 core earnings were within expectations, making up 21.2% of our and 21.4% of consensus estimates.
  • HLBB reported a muted growth in PBT of RM779mil (- 0.2%YoY) after excluding the one-off gain from divestment on the JV. The share of profits from HLBB’s associates which included Bank of Chengdu slipped 3.6%YoY.
  • Asset quality of HLBB remained strong with a lower GIL ratio of 0.81% vs. the industry’s 1.5%. HLBB’s net credit cost remained low at 0.06% in 1QFY19. Its loan impairment coverage including regulatory reserves was strong at 200.5%. Meanwhile, its shareholders’ funds and capital ratios of HLBB were minimally impacted by the adoption of the MFRS 9.
  • HLA Holdings, the group's insurance division achieved a pre-tax profit of RM82.1mil (+35.6%YoY) for 1QFY19. This was contributed by a higher life fund surplus of RM15.1mil, lower impairment losses on securities of RM0.2mil and higher revenue of RM11.5mil. HLA's management expense ratio stayed low at 6.4%. It continued to focus on growing non-participating and investment-linked policies which have higher embedded value margins than ordinary life policies.
  • Its investment banking (IB) division under Hong Leong Capital (HLC) achieved a higher PBT of RM22.7mil, (+23.4%YoY) in 1QFY19. Higher earnings from its IB, stockbroking and fund management business contributed to this improvement.
  • The stock remains a lower cost of entry to gain exposure to HLBB. This based on HLFG’s market cap of RM21.9bil which a 19.5% discount to HLBB’s RM27.2bil for 64.4% stake in the latter.
  • HLFG’s consolidated CET1, Tier 1 and total capital ratios of 9.9%, 10.7% and 12.9% are above that of the regulatory requirements of 7.0%, 8.5% and 10.5% respectively for 2019.
  • A 13 sen/share interim dividend has been proposed.
Source: AmInvest Research - 29 Nov 2018
at 8:46 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - HLFG

[转贴] 超市的百年發展史:好日子結束 Amazon 無人店是趨勢

作者:網易智能 | 2018 / 11 / 29

文章來源:艾瑞網 | 圖片來源:Koko

電商巨頭亞馬遜(Amazon, AMZN-US)已經在舊金山、西雅圖和芝加哥等地開設了多家無人便利商店 Amazon Go,它們向顧客展現了無縫購物體驗這種未來購物模式,它依賴於高科技追踪技術,消費者只需產品從貨架上取下,並放入你的帆布手提袋中,無需排隊結帳即可離開。

無人超市的確可能是超市的未來發展方向,至少亞馬遜創辦人兼執行長傑夫·貝索斯(Jeff Bezos)是這麼認為的,但對於這一點我們目前還無法做出預測。回顧歷史,Amazon Go 的購物體驗發展不過是零售業邏輯演進的最新一步。
現代超市模式的誕生

實際上,對生活在 19 世紀末期的人們來說,現代超市的購物流程會讓他們無所適從。在最早的零售時代,購物者會多次光顧多家商店,那時每家商店都專門經營某一類產品,例如肉店、麵包店、蔬菜水果店、魚店、乾貨和雜貨店,還有其他各種各樣的店鋪。不過這些店鋪只適用於出售保質期相當長的產品,牛奶和其他容易變質的貨物,則由送奶工直接送到顧客家門口。

更重要的是,當時人們還無法瀏覽乳製品貨架上的商品,因為 19 世紀末的美國零售商根本就沒有這類購物流程。取而代之的是,購物者會走到商店的櫃檯前,當銷售助理檢查不同的包和桶中貨物時,口述他們的訂單,商家會根據顧客的訂單量寄出單獨的包裹。這個過程是緩慢的,同時服務的客戶數量完全取決於員工的數量和效率。此外,這類店鋪也屬於勞動密集型模式,這意味著一天的經營成本相對較高。
超市的 100 年發展史:好日子終結 亞馬遜無人店是趨勢

直到 1915 年,才有人提出了集中式購物的概念。 1915 年,阿斯特市場(Astor Market)在美國曼哈頓第 95 街和百老匯大街(Broadway)開張,提供肉類、家禽和農產品等混合產品。不幸的是,這個市場理念有點超前。由於未能吸引到周邊社區的顧客,更不用說其創辦人文森特·阿斯特(Vincent Astor)承諾的 “方圓數公里” 的顧客,該市場在兩年後關閉。

與此同時,孟斐斯(Memphis TN)的克拉倫斯·桑德斯(Clarence Sanders)開始開發 “自助雜貨店購物” 並申請專利。他是第一個提議讓購物者從貨架​​和走道上自己收集產品的人,並讓他們在櫃檯前面排隊結帳。這不僅大大降低了零售商的勞動力成本,還幫助啟動了現代產品廣告技術。結果促使世界上第一家 “自助服務商店” Piggly Wiggly誕生。

在慶祝 Piggly Wiggly 誕生 100 週年紀念時,聖約瑟夫大學食品行銷教授約翰·斯坦頓(John Stanton)於 2016 年在《時代》(Time)雜誌上表示:“這種(自主選擇的方法)意味著消費者可以決定他們想買什麼,這真的促使公司試圖吸引消費者的注意力。在很長一段時間裡,那裡有肉店、麵包店和燭台製造商這樣的專賣店,隨後這些專賣店規模不斷擴大,以降低成本,讓它變得更實惠。”

可能是因為品牌效應,Piggly Wiggly 在消費者中非常受歡迎,以至於桑德斯很快就開始提供特許經營的機會,而且該公司今天仍在美國南部和中西部的 17 個州擁有 350 多家分店。

奇怪的是,大蕭條似乎對我們所知的現代超市的出現產生了重大影響。儘管像 King Kullen 和 Safeway 這樣新興的連鎖超市因其規模經濟超越了傳統零售店而遭人詬病,這實際上導致了美國國會以 1936 年《羅賓森-帕特曼法案》(Robinson-Patman Act)的形式採取行動,但它們卻受到了越來越在意價格的消費者的青睞。

二戰結束後,美國新興的中產階級開始繁榮,加上郊區汽車文化的出現,超市品牌迅速擴張。無數家族式的雜貨商不得不關門,這一情形也幫助超市融入了美國文化。有趣的是,像 Safeway 和 Krogers 這樣的連鎖超市,現在也感受到了來自沃爾瑪(Walmart Inc, WMT-US)這樣的大賣場和亞馬遜這樣的線上零售商的巨大壓力,就像一個世紀前被他們取代的當地雜貨店一樣。
用於追踪和支付商品的工具的進化

隨著超市的零售空間在過去幾十年中不斷發展,用於追踪和支付商品的工具也在不斷進化。當 Safeway 和 King Kullen 還處於早期時,零售商們就開始探索一種自動方式來追踪他們店裡的產品庫存水平。第一個這樣的系統是在1932年由哈佛商學院的學生華萊士·弗林特(Wallace Flint)開發出來的。

弗林特發明了基於穿孔卡片的系統,這種技術曾在 1890 年的人口普查中使用過,客戶會在商店中瀏覽,收集他們想要商品的各種穿孔卡片,然後去結帳,收銀員會利用機器檢測卡片,從而激活一個複雜的傳送帶系統,將產品送出庫房。然而,事實證明,這個系統在商業使用上太慢,且非常笨拙,屬於勞動密集型模式,因此很快就被放棄了。

在類似現代條形碼技術出現之前,零售產業需要等上 10 多年。 1948 年,德雷塞爾理工學院研究生伯納德·西爾弗(Bernard Silver)和他的朋友諾曼·約瑟夫·伍德蘭(Norman Joseph Woodland)無意中聽到當地一家連鎖食品公司的總裁向該校院長詢問此事後,開始研究一種機器可讀的代碼系統。

在最初的幾次失敗嘗試之後,兩人將注意力集中在修改後的莫爾斯電碼上,以此作為他們系統的基礎。西爾弗告訴《橫掃世界的條形碼》作者托尼·塞德曼(Tony Seideman)說:“我只是把點和線往下延伸,用它們畫出了窄線和寬線。”這個想法奏效了,並在 1952 年獲得了專利。伍德蘭此前曾在 IBM(IBM-US)工作,他多次試圖讓該公司對這項技術感興趣,但同樣遭到了拒絕。他最終把專利賣給了 RCA(美國無線電公司,Radio Corporation of America)。

與許多其他革命性技術一樣,條形碼專利在RCA也被擱置了 14 年,直到 1966 年召開的全國連鎖食品協會(NAFC)自動化檢測系統會議召開之時才得到重視。在那次會議上,RCA 提議測試條形碼技術,Krogers 自願測試它。這些測試始於 1972 年,並引發了一場 “軍備競賽”,目的是開發後來成為該產業 “官方” 代碼系統的東西。

事實證明,IBM 贏得了這場競賽,這是因為 IBM 的一位銷售代表在 1971 年的另一個貿易展上參觀了 RCA 展台,他記得 IBM 的工資單上還有伍德蘭的名字,並讓他重新開發 20 年前傳下來的技術。伍德蘭做到了,結果就是現代 UPC(通用產品代碼,Universal Product Code)系統誕生,消費者幾乎可以在指定商店的每一件商品上找到它。
新支付方式的普及為無人商店帶來機會

在過去的幾十年中,我們的購物方式也發生了根本性變化。用現金和支票支付的方式已慢慢被信用卡和簽帳金融卡取代,而且信用卡和簽帳金融卡本身也逐漸被淘汰,取而代之的是更安全的 EMV 信用卡(又名晶片和 pin 碼),更不用說最近出現的非接觸式支付方式,比如 Apple Pay 和 Google Pay 等。

但這不僅僅是我們在結帳時如何付款的問題,而是我們在結帳時與誰互動的問題。幾十年來,這個過程都很簡單:你把手推車推到收銀台前,在收銀員掃描你的商品並將其打包時和他閒聊幾句,然後付錢。這一歷史悠久的傳統在上世紀 80 年代開始改變,這要歸功於大衛·漢布爾(David R Humble)。在超市排隊等候後,他發明了第一個“顧客激活的半自動終端”(Semi-attended customer-activated terminal,SACAT)。這項技術在 20 世紀 90 年代開始推廣,到 2013 年,全球有超過 20 萬家商店使用了這種無卡式收銀機。這一數字預計將在未來 10 年達到 35 萬家。

Amazon Go 只是將 SACAT 流程向前推進了一步。通過讓購物者在進入商店時掃描手機,亞馬遜不僅能夠減少購物者遇到的摩擦,而且與先進的視覺跟踪技術相協調,還有助於防止盜竊。顯然,在可預見的未來,仍會有人類僱員在現場,負責保安工作,並補充貨架等。

因此,我們從 Amazon Go 看到的並不一定是革命性的轉變,而是現有零售趨勢的自然延伸。考慮到亞馬遜計劃到 2021 年開 3,000 家這樣的無人便利商店,不管我們是否希望 Amazon Go 這樣的門市出現,它都可能成為零售業的未來。

https://www.stockfeel.com.tw/超市-百年-發展史/
at 4:14 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Marketing

[转贴] 看透企業現金流的 5 個竅門

Author: Tan KW | Publish date: Thu, 29 Nov 2018, 01:43 PM
作者:挖優狗 | 2018 / 11 / 29

文章來源:雪球 | 圖片來源:LaoLao

0、什麼是現金流量?

現金流是指企業在一定會計期間,按照現金收付實現制,通過一定經濟活動(含經營,投資,籌資等活動和非經常性項目)而產生的現金流入,流出,及其總量情況的總稱。

一句話說,就是企業一定時期【現金+約當現金】的流入和流出量。
1、現金流量表看起來很簡單

“沒有現金流支持的利潤是假利潤,而且還有可能進一步損害企業現金流。經營性現金流是銷售活動產生的現金淨流入,這才直接反映企業獲取利潤的能力,沒有現金流支撐的盈利,都是浮雲。用利潤反映盈利能力不但無用,而且誤導”。

利潤需要有現金流的支撐,我很贊同這個說法。但是這個說法有些片面,或者激進,或者只是想表達現金流的重要性吧。三大報表,各有各的用處,各有各的原理,是相輔相成的,必須要先了解一個企業,並且三張表之間聯繫起來分析,才能做出結論。要不然還要損益表幹嘛呢,直接把銀行明細打出來,不就是最清楚的現金收入帳嗎?

再者,還是說一定要先了解企業,如果企業間存在債權債務抵消的問題,或者三角債,這樣的話就是不產生現金流的,但業務依舊存在。銷售沒有回款,購買沒有付款,但是營業成本,營業收入依然。或者以物易物的貿易,它也並不產生現金流。所以,先了解一個企業吧,才能下結論。

當然利潤需要有現金流的支撐,現金流確實非常非常重要。但是,在我去過的企業中,起碼有 99%的財務人員根本不會編現金流,有的好一點的,只是附表在那空著不會編。其實附表中有很多內容的,可以玩很久的,但是沒人做。即使是在事務所,很多人其實也沒有真正研究過現金流,只是通過一些模板,理論上過的去也就算了。

其實有時候,可能還會遇到這種問題,資產負債表中的貨幣資金淨增加額與現金流量表中的現金及約當現金的淨增加額不一致。大部分我覺得應該是一致的。假如出現不一致,先別盲目的看是不是做錯了,也許會有口徑不一致的原因。因為資產負債表中貨幣資金有可能還包含現金及約當現金以外的其他貨幣資金。當然,也有可能是做錯了。

或者還有一些情況,比如子公司的發放股利,在成本法下,確認投資收益,那麼收到現金時,借記貨幣資金、貸記投資收益,現金流量中應該記取得投資收益收到的現金。這個數字應該與投資收益相等。

但是也有可能出現不相等的情況,比如母子公司之間發生債權債務的抵消等。

所以我想說,現金流,是血液,是流動的,是動態的,它不是靜態的,永遠不要想的太絕對,很多時候,靠的是一些感覺。

其實,看現金流,也是可以看到整個企業運作過程的。你成立一個公司,首先要接受股東的出資,那麼你的分錄是借記貨幣資金、貸記實收資本,而現金流則是在籌資活動中,吸收投資收到的現金。如果是借款,則在取得借款收到的現金中。

下一步,公司需要正常經營了,則反映在經營活動的現金流量。然後你要擴大經營規模,這時候則需要投資,需要買廠房,買設備,那麼現金流中則反映在購建固定資產,無形資產和其他長期資產支付的現金,如果是投資設立子公司,則反映在投資支付的現金中。

經營性現金流量,在資產負債表中主要反映在流動資產(往來款和存貨),投資流出的現金流量,主要是形成固定資產,長期投資等。而籌資活動,是為企業提供最早的資金支持。

對於不同的時期,現金流的表現也是不一樣的。比如,某個時期,可能只有經營性現金流,沒有借款,沒有投資。某個時期,只有籌資,沒有經營性現金流,也沒有投資活動。這就是企業剛剛成立的時候。

我找過很多的資料,專門研究過現金流一段時間,也有很多問題不是很清楚。比如:有些人喜歡把經營性現金流量與投資活動流出相加當期大於 0 時,則認為企業很富有,有多餘的錢。當期小於 0 時,則認為經營性的現金對於投資活動,現金存在缺口。

我認為,兩者沒有太必然的聯繫,或者也要根據企業的實際情況才能下定論。因為經營性現金活動是反映企業的經營能力。而投資活動是企業的一種戰略,投資活動可能也會由籌資活動來支撐。

看股票的人可能會發現,有這麼一個道理,說每股盈餘和每股經營現金淨流量應該相等。這樣的話企業現金才是最健康的。但是,真的假如相等的話,那麼淨利潤就應該等於經營性現金淨流量了。而實際中,兩者的口徑差異實在太大了吧。

對於一些比率分析,我沒有研究過太多,因為很多比率其實只是理論上的,實際中牽扯的情況太多,這些比率也並不能讓你看的更清晰。除非這個企業結算方式單一,只有應收帳款沒有其他的結算方式。或者業務結構非常單一,比率分析可能才能更準確吧。
2、現金流該怎麼看

首先和資產負債表一樣,先看結構。經營活動,投資活動,和籌資活動。分別靜態分析其淨額、流出和流入,看各自的比重和貢獻。

然後根據具體的情況進行分析。比如,如果一個企業經營性應付隨著企業經營規模的擴大而減少了。那麼說明這個企業可能業務出現萎縮,但是固定資產和無形資產可能擴大了。經營性應付,其實就是由應付帳款,應付票據和預收款組成的。

其實還要注意的是,不同的國家地區,有時候現金流量的分類是有區別的。比如,利息,稅金和股利。這個在看現金流的時候其實也要注意,因為我們得現金流量表分配股利,償付利息支付的現金是放在了籌資活動中。而籌資活動的現金流入就兩個,吸收投資或者借款。而通常情況下,利息和股利應該由經營活動或者投資活動來解決。

其他應收款也要注意,如果其他應收款是子公司的,那麼其實就是企業的資本性流出。但是編制現金流量的時候,這部分錢,通常都會編制在經營性現金流量中。所以經營性現金流量的其他現金流就會比較大。

企業現金流量的結構,就是那三大塊,經營性現金流我通常會去看淨流量,投資性現金流通常會去看現金流出量,而籌資性現金流通常關注現金流入量。

(1)經營性現金流

主要是經營活動其對企業的補償。首先是折舊和攤銷。其次是利息的支付,這裡我們就會注意到,在損益表中,利息是要被減掉的,而在現金流量表中,經營活動現金流中卻沒有減掉利息,因為利息支付被分類到籌資活動中。然後就是支付的現金股利。這些其實都是在用經營性現金流量,來解決企業的持續經營的問題。再之後,有富餘的錢,才用於再投資,進行擴大再生產。

當然,我們再回到資產負債表去看,比如企業的折舊可以延長,可以少支付利息或者少分配股利,那麼就可以調節現金流量。所以,現金流量表本身,也取決於會計政策,籌資狀況和分配政策。

(2)投資活動現金流量,主要是於企業的戰略有關

它與資產負債表對應的關係。對外,主要是用於股權投資。對內,它可能流向無形資產,在建工程,固定資產原值和預付帳款,而這都意味著企業的擴張。

而對於損益表來說,因購建固定資產,擴大生產規模,勢必會導致營業收入,營業成本和毛利的成長。

但是如果我們對比去看,有可能會出現現金流出與收入成本等項目並不匹配,購建了很多的固定資產,收入可能並不見長。這也要根據具體情況進行分析。比如,新增的固定資產可能與本期的業務無關,也可能與未來的業務也無關,也可能是企業今年利潤不錯,為了想把明年的利潤做的更多,推遲確認了收入等。

而且,投資活動,對合併損益表之間,也有很大的影響。

總之,投資活動是企業的一種戰略,我們會考慮投資會形成哪些資產,並且在損益表中它的投資效益會何時體現。

(3)籌資活動現金流量,其實主要取決於企業有沒有錢

如果經營性現金流非常好,足以應付需要的投資,也沒必要進行籌資。

但是實際中還有很多其他因素,比如銀行借款,為了維繫一種融資環境,與銀行保持良好的關係。雖然沒有必要非得進行融資,但是企業仍然會進行一部分貸款。

最後,企業報表是相輔相成的,現金流量表其實就是對貨幣資金的補充,損益表其實就是對未分配利潤的補充,沒有說哪個數字有用哪個數字沒用,所有的數字之間,都是有著密切的關係的。只有根據企業的具體情況,才能具體的感覺出企業的血液流動。
3、加強經營性現金流管理

確定最佳現金持有量控制標準。現金是企業資產中流動性最強的部分,但現金又是一種非營利性資產,持有量過多,會給企業造成較大的機會損失,降低企業整體資產的獲利能力。現金流的管理目的,就是在現金的流動性與收益性之間做出合理的選擇。

力求做到既保證企業正常生產經營活動的需要,又不使企業現金被閒置,以獲取最大的長期利潤。基於企業的實際情況,最佳現金餘額應恰好能滿足企業現金支出需要。因此,最佳現金餘額應為 “經營性大額支出+非經營性大額支出+日常零星支出” 的最大可能值。

加快資金周轉,增加經營性現金淨流入從財務角度看,經營性現金流量管理的重點是流動資產。管理流動資金循環的流程是:現金購買庫存,庫存產生銷售,銷售帶來應收帳款,應收帳款回收為現金。在這個過程中,最重要的是循環的速度;如果速度太慢,就無法減少資產來獲得現金償還債務,只能通過外部融資,而外部融資的成本又是很高的。

現金周轉速度可用現金周轉週期來衡量。現金周轉週期為應收帳款回收天數減去應付帳款周轉天數加上庫存周轉天數。

現金周轉週期越短表示現金周轉越快。從理論上看,現金周轉週期的值是零最好,流動資金就可以賺錢了,這樣就不需要用自己的錢了。實際上,有些公司不僅做到了零,甚至做到了負數。

美國戴爾(DELL, DVMT-US)公司財報公佈的現金周轉週期就為負數。其成功很大程度上歸功於該公司 “按單生產”、“摒棄庫存” 的管理模式。公司提出 “以資訊代替庫存” 的壓縮庫存目標,實行 “按單生產”,使公司的庫存時間為零。而應付帳款的時間又遠遠長於應收款的時間,用戶貨款與供應商貨款中間的時間差約為 15 天,也就是說在未來的 15 天內,顧客已經幫戴爾公司把貨款付了。戴爾公司的現金周轉快到可以從中盈利的程度,不僅不用外部融資,而且還可以進行短期投資。

可見,中小型企業在加速流動資金周轉速度方面,應重點做好以下兩點。

第一,合理安排存貨的庫存量。存貨量過大,佔用的現金太多,給企業帶來營運資金壓力。企業可以運用以下策略:首先以銷定產,避免存貨積壓;其次運用適時制對存貨進行管理。適時制認為企業可以將存貨控制到最低水平,甚至是零存貨。它的基本原理強調:只有在使用之前才​​要求供應商送貨。

第二,加強應收帳款的催收。企業可以從以下方面來加強應收帳款管理,縮短回收期。首先加強對客戶的信用調查和評估,以決定是否提供商業信用。這對減少壞帳損失以及保證款項在合理的期限內收回具有決定性的作用。其次做好應收帳款的記錄工作,掌握客戶付款的及時程度。再次將銷售收現額作為銷售人員業績考核的終極指標。
4、正確利用現流表進行財務分析

中小型企業普遍重視資產負債表和損益表的編制和分析,而忽視現金流量表的編制和分析。事實上,現金流量表比資產負債表、損益表更加客觀、直觀。一般來說,企業經營活動的現金流量越大,流速越快,企業的財務基礎越穩固,適應能力和變現能力越強,抗風險能力越強。

利潤與現金流相比,投資者更關心現金流。這是因為現金流的基礎是收付實現制,不會因會計標準的不同而有所區別。現金流量表很少涉及確認問題,報告現金流不涉及估計和分配等人為因素。

對於中小型企業,特別是新成立的企業來說,現金流就是一切。如果現金周轉得好,企業就能存活,利潤就是水到渠成的事。相反,如果一味關注利潤,過多的庫存和應收帳款會耗盡現金,利潤最終只能留在報表裡。中小型企業進行財務分析時,要在關注損益表的同時,結合現金流量表,正確把握利潤與經營性現金淨流量的比較分析。

運用現金流量表還可以分析企業償債能力。有較強償債能力的企業才能籌集到更多資金,為投資者帶來更多利潤,並可避免因流動資金不足而發生財務危機。

中小型企業的債務很大程度上需要由經營活動產生的現金淨流量來償還。借新債還舊債既有風險又難於操作,投資活動又不能保障現金淨流量的持續增加。這就要求中小型企業能夠準確評價公司償還本期到期債務的能力,即 “現金到期債務比率” 分析。

現金到期債務比率為經營活動現金流量淨額除以本期到期債務額的商。在公式中使用 “經營活動現金流量淨額” 可以排除借款償還債務,專門衡量通過經營創造資金獨立償還債務的能力。

“本期到期債務” 則指本期到期的長期債務和本期應付票據。這兩種債務不能保障有繼起的長期債務和應付票據接續,需要依靠經營現金淨流入償還。現金到期債務比率越高,說明企業償債能力越好,企業持續經營和再舉債能力也就越高。

https://www.stockfeel.com.tw/企業-現金流/
at 2:12 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Cash Flow

益纳利美昌 两年财测下砍

Author: Tan KW | Publish date: Thu, 29 Nov 2018, 10:09 AM

目标价:1.92令吉
最新进展:

益纳利美昌(INARI,0166,主板科技股)截至9月杪的2019财年首季,净利年跌12.02%,至6015万5000令吉或每股1.91仙,吉。

同季营业额跌12.7%,写3亿2572万1000令吉。

行家建议:

首季的经常性净利为6300令吉,低于预期,占我们全年预测的18%,市场预测的21%。

考虑到红外发光二极管(IR LED)的营业额按年走低,保守起见,我们预计射频(RF)产品业务的营业额在2019年逐年减少21%,并在2020财年方从低位回扬26%。

由于生产规模走低,2019财年的净利赚幅预计维持在18%左右,同样在2020财年方微幅回扬至19%左右。

考虑到最新的进度,以及射频产品业务走势疲软,我们将2019和2020财年的财测,分别下调22%。

另外,根据17倍的本益比中值,将目标价从2.58令吉,下调至1.92令吉,重申“买入”评级。

我们相信欧司朗(Osram)的订单,是潜在的催化剂,特别是益纳利美昌的P34厂房已竣工。


http://www.enanyang.my/news/20181128/益纳利美昌br-两年财测下砍/
at 10:58 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - Inari

全利资源 业务抗跌长期看好

Author: Tan KW | Publish date: Thu, 29 Nov 2018, 10:09 AM

目标价:6.50令吉
最新进展:

全利资源(QL,7084,主板消费股)截至9月杪次季,净利年增10.71%,至6051万7000令吉或每股3.73仙。

营业额也年升13.76%,写9亿2025万5000令吉。

行家建议:

首半年核心净利走高至1亿400万令吉,符合预期,分别占我们和市场全年预测的45%和46%。

展望未来,我们预计综合家畜业务(ILF)和海产产品制造(MPM)业务表现均更加亮眼,特别是后者,因海产收获量改善和厂房使用率提高。

上述利好预计可抵消棕油业务蒙亏的影响,且带动全利资源的净利逐步走高。

另外,西马半岛的鸡蛋售价上涨,也应能提振综合家畜业务的表现。

我们在维持财测不变之际,也重申“减持”评级,但若股价出现大幅回调,投资者可趁机吸纳。

虽然保留评级,惟我们将目标价从4.48令吉,上调至6.50令吉,这是按照2020年36倍本益比预估计算得出。

公司值得更高的估值,是因为业务具有防御能力,过往的扩张计划执行良好,以及管理层作风谨慎。



http://www.enanyang.my/news/20181128/全利资源br-业务抗跌长期看好/
at 10:55 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - QL

陈泽益林万强 换跑道创新局

Author: Tan KW | Publish date: Thu, 29 Nov 2018, 10:09 AM

ELSOFT科研(ELSOFT,0090,主板科技组)首席执行员陈泽益会成为一名企业家,完成是无心插柳;他于1990年从马大电机工程系毕业后,加入惠普成为工程师,在就职两年半,正欲在跨国公司大展拳脚之际,其姐夫在1992年猝死,他随即接手姐夫的公司,也是ELSOFT科研前身——从事电器维修的祥电子科技。

如何从专业人士变身成为公司领导者?每个人都有其定位,但是如果你没有尝试过新的身份,又如何晓得本身是否适合另一个身份?

日前获邀在伟事达(Vistage)2018年CEO高峰会上分享自身经历的陈泽益和林万强,皆是从专业人士转为公司领导者,两人在初掌公司时,都面对了一定的挑战,惟坚持使得他们最终获得了成功。

陈泽益无心插柳 ELSOFT赚幅傲视同行

工程师变身企业家

ELSOFT科研(ELSOFT,0090,主板科技组)首席执行员陈泽益会成为一名企业家,完成是无心插柳;他于1990年从马大电机工程系毕业后,加入惠普成为工程师,在就职两年半,正欲在跨国公司大展拳脚之际,其姐夫在1992年猝死,他随即接手姐夫的公司,也是ELSOFT科研前身——从事电器维修的祥电子科技。

他指出,该家公司规模较小,年度营业额约10万至20万令吉。

“我不是一名企业家,但我必须使用本身的工程知识,为客户带来附加价值。”

也因此,陈泽益踏上了由专业工程师转为企业领导者之路。



售知识产权 上宝贵一课

陈泽益透露,成为企业家的这数十年里,吸取了许多宝贵的经验,而这当中最为“昂贵”的经验,要数脱售公司其中一个知识产权(IP)。

他回忆道,“当时有一家规模非常大的跨国公司接触我们,想要购买我们其中一项IP,在情况不允许,加上我们当时规模较小,因此我们决定脱售该IP,惟该跨国公司在获得IP后,从此再也没有和我们有任何生意上的来往了。”

陈泽益补充,因为该公司把他们的设计(IP)应用在系统中,因此不需再向他们购买。

这“昂贵”的一堂课让陈泽益晓得,IP对公司的重要性,他强调,IP对于科技公司非常重要,因此千万不要轻易妥协放弃本身的IP。

要信任合作伙伴

对于业务上的经营,陈泽益也劝告人们,在任何时候都要相信本身的合作伙伴。

“要相信你的合作伙伴,包括公司董事,同时也切忌与他们计较谁的工作多或少。”

陈泽益在接手祥电子科技后,准备在工业自动化系统控制卡领域大展拳脚之时,获得了重要伙伴,也是ELSOFT科研目前的执行董事郭晋州的加入,并因此强化了祥电子科技发展高科技的可能。

此外,他认为灵敏的攫取出现的机会,将对公司带来更多好处。

“科技领域时常都会有新的事物出现,当机会来临之际,就要灵活性争取到来的机会。”

危机伴随著商机

陈泽益也以自身经验告知人们,当危机出现之时,也伴随著商机,因此就算是金融风暴,也一定会有机会,所以不必过于担忧金融风暴的出现。

他透露,在1997年亚洲金融风暴中,马币遭遇重挫,惟ELSOFT科研依然安然渡过并从中获利,且成功找到第一桶金。

ELSOFT科研是少数大马公司,在1997年亚洲金融风暴及2001年全球电子业萧条中,凭借公司优势及出口电子测试产品而表现不俗的公司之一。

助人应不求回报

陈泽益也劝勉道,做人应该在帮助别人之时不求回报以回馈社会。

他相信当你真心帮助一个人之时,在未来某一个时候,也会有人真心真意的帮助你。

由电子设计转型至自动化测试设备

陈泽益是ELSOFT科研的联合创办人,该公司于2005年8月上市马股,业务主要涉及为智能设备、汽车发光二极体(LED)、LED灯及医疗设备提供自动化测试设备(ATE)、环测系统(burn-in system)和特定应用嵌入式系统研究、设计和开发工作。

陈泽益指出,该公司第一次的转型计划是由电子设计转型至测试开发商,较后再转型至自动化测试设备,且涉及的领域也逐渐增加。

从未蒙亏

他自豪的表示,ELSOFT科研在成立的数十年里,从来没有面对过任何亏损,就算是1998年的亚洲金融风暴、2000年的科技泡沫及2008年的金融风暴来袭,该公司也有利可图。

“公司仅在2006年时,面对了营收下跌的情况,归咎于我们的客户将旗下的相机模块业务脱售,而当时我们又没有与新客户有所联系。”

自动测试成新增长引擎

陈泽益指出,公司意识到自动测试的重要性,因此转型至该领域,且成为新的增长引擎。

他补充,汽车领域测试市场也值得关注,因为客户对于汽车的需求越来越高,尤其是安全性方面,因此需要拥有让客户更满意的零件组装,以致带动汽车领域测试市场。

“这些都是我们攫取的新机会,使我们带来更多附加价值的服务。”

专注开发 拓智能设备

至于公司未来展望,陈泽益指出,ELSOFT科研计划在以核心科技为主的情况下,延伸业务触角。

他指出,ELSOFT科研也使用所拥有的专门技能,进行太阳能电池、汽车零件测试等,并于4至5年前,开始投资相关项目,虽尚未对公司做出贡献,惟相信前景可期。

陈泽益表示,ELSOFT科研将继续专注在擅长的测试开发业务上,同时积极攫取测试感应器、发光二极体业务上,因智能设备的发展将越发蓬勃,料是推动公司未来增长的功臣。

下半年前景看俏

ELSOFT科研在上市时的首发价为60仙,股价在52周最高站上3令吉53仙,惟在11月因股票分拆和派发红股的企业活动,股价除权后,目前在1令吉40仙左右徘徊。

该公司由2005年上市至今14年里,尽管面对了营收表现下滑的时候,惟派息情况从未间断,甚至也有过派发红股的企业活动。

ELSOF科研在今年8月杪,建议以5送1比例派发红股及1分2拆细股票,且已于11月12日进行除权。

达证券认为,虽然中美贸易战冲击全球半导体领域,惟自动测试设备行业料可从中受惠。

市场人士也认同,贸易战料促使中国生产商将迁移阵地至中国以外地区,一旦属实,大马半导体及设备生产商料能从中受惠。

肯纳格研究则认为,ELSOFT科研在今年首季,手握约5000万令吉的创纪录订单,看好下半年前景。

该公司2年核心净利符合平均成长率更达25%,在整体行业里拥有最高赚幅的优势。

林万强用人不疑
龙马跃打造独有生物经济

兽医也能管理上市公司

从兽医成为企业家,再成为上市公司领导者,林万强的故事绝对值得你细看。

林万强是龙马跃(RHONEMA,5278,主板消费产品服务组)的董事经理,他是一名兽医,在接掌公司的这些年,成功证明了医生也有管理上市公司的能力。

林万强直言,信任是成功最主要的秘诀……

尽量满足客户需求

林万强来自槟城,从兽医系毕业后,即进入为牲畜提供医疗服务的相关行业。

他于1998年加入Rhone-Poulenc大马私人有限公司(或称Rhodia),较后获提拔成为龙马跃的总经理;会成为公司掌舵人,是因为在2009年之时,当时的上司询问他是否有兴趣接手其职务。

他认为,机会到来,就要去尝试,因此他给予上司的回复是:YES,of course try。

营业额2013年倍数增长

在林万强带领下,龙马跃的营业额在2013年成功以倍数在增长。

“我很高兴在当时答应了我的前上司,这不仅仅能够为公司带来增长,也成功为我自己带来改变。”

林万强认为,他成功转型的秘诀是:信任。

“我们要相信与自己同在的人、相信可为公司创造价值、相信员工,就如我的前上司相信我的能力,大众相信我们的产品,因此我们最重要的就是建立信任。

龙马跃是于2009年成立,成立初期,提供动物疫苗服务,较后多元化至食品工业市场,目前是提供端到端动物解决方案的供应商及食品配料分销和供应商。

龙马跃的前身是一家来自法国,名为Rhodia的公司,在Rhodia母公司进行重组计划,较后进行管理层收购,才有了龙马跃这家本地公司。

龙马跃在成立17年,经过一番努力后,成功由销售疫苗的公司,扩展成为上市公司。



3上市目的

林万强指出,龙马跃上市的主要目的有3个,其一是为了能够确保公司的业务能够永续经营。

“其二,是希望能够为员工提供一个有利和可持续性的职业发展环境;最后一个目的,我们希望能够把大马品牌带入国际市场。”

林万强指出,龙马跃的愿景及使命,也使得公司拥有更好的增长动力,并因此成功在2016年12月,于马股主板挂牌。

龙马跃的愿景是成为提供产品、服务和解决方案的创新领导者。

该公司的使命是致力于不断改善细腻的合格机构,并为客户提供优质的产品和服务。

林万强指出,为了让龙马跃能够在一众竞争者中脱颖而出,首要的必须与其他公司拥有明确的区别。

他说,龙马跃不仅仅是销售疫苗的公司,还备有自己的研究与开发团队,成功打造独有的生物经济,除了获得大马记录大全认证外,所开创的生物经济也获得多项荣誉。

林万强指出,龙马跃想做的其实很简单,就是尽量满足客户的需求,并提供这领域所需的服务与产品。

他也直言,让公司与别不同还远不足够,更重要的还包括良好的公司文化。

7大核心价值

龙马跃拟定了公司7大核心价值,客户(customer)、尊重(respect)、诚信(integrity)、创新(innovation)、能力(empowerment)、团队精神(teamwork)及绩效(performance)。

客户,即对客户的需求要具有敏感度并符合他们所期望的;尊重,首要的就是沟通、信任及潜在受到公司业务影响的人;诚信,相互信任,尽力而为;创新,提供创造力和具突破性的环境;能力,根据知识、技能和能力赋予执行职务的权利;团队精神,共同努力,实现公司目标;绩效,公司文化以目标和优先事项为主。

靠企业文化渡难关

林万强也指出,在公司成立的18年里,曾经经历过亚洲金融风暴、严重急性呼吸道症候群(沙斯、SARS)时期及立白病毒(NipahVirus)等的挑战。

“尽管如此,公司依然能够渡过难关,主要是因为公司所建立的企业文化。”

林万强指出,企业文化能够增加企业价值,且是一家公司达到使命的最重要基础。

他指出,企业最重要的是必须要有专才,而他相信专才能够吸引更多的专才。

龙马跃为了让牲畜业者能够豢养更具优质的牲畜,因此提供终端解决方案,以确保牲畜的健康。

林万强指出,该终端解决方案提供了一个全方位的产品系列、服务和解决方案,同时也有优质及完整的疫苗与药品。

积极扩展随时备战

林万强指出,龙马跃目前在积极进行扩展计划,旗下位于巴生加埔的综合仓库料今年完成。

资料显示,在新仓库竣工后,可额外带来3000公吨货物储存量。

至于位于森美兰汝来的兽药生产质量规范厂(Veterinary PharmaceuticalGMP plant)则预计将在明年末季完成建设。

林万强也指出,龙马跃在今年1月成立的APSN医疗保健和诊断私人有限公司已进行人体过敏测试,料在近期进行推介。

林万强认为,时时做好准备,处于备战状态,建立信任关系,一旦机会来临,即可立即说“YES!”。

放眼每5年双位数增长

林万强指出,在接手公司后,放眼每5年能够为公司带来双位数增长。

资料显示,在2009财政年,龙马跃预测的营业额为4650万令吉,而截至2017财政年,营业额则飙涨至1亿3749万令吉。

对于未来业绩表现,龙马跃在2017年杪接获修订协议,停止分销跨国动物保健公司Merial部份产品,惟该公司预计,在寻找更多新客户下,能够抵销带来的冲击及填补营收缺口。

股价最高逼近1.50令吉

龙马跃的首发价为75仙,在2016年杪挂牌之时,艾毕斯研究认为龙马跃作为小资本股潜力看俏,有望摆脱仙股行列,站上1令吉。

龙马跃在挂牌不足两年时间里,股价最高曾逼近1令吉50仙,近期则徘徊在80仙左右。

不过,值得注意的是,龙马跃在这期间,依然维持每年两次派息。

结语

你我皆是平凡人,想要不断的突破自己,就要在不同的领域多做尝试,一家公司的领导人都是经过不断的努力,多向其他人学习,才会有今日的成就。在还未作出任何尝试前,不要轻易的拒绝向高难度挑战的计划。



http://www.sinchew.com.my/node/1816633/陈泽益林万强-换跑道创新局
at 10:53 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Dividend - ELSOFT

彭博:可抵御美升息逆风 大马是最强新兴国

2018年11月28日

(吉隆坡28日讯)根据彭博评分表,大马是20个发展中国家中的“最强新兴国”,当前的经济和来往账项,足以抵御美联储货币政策紧缩的逆风。


彭博每半年会针对20个发展中国家的国内生产总值(GDP)、来往账项、主权信贷评级,以及股债估值来评分。

在这最新的调查中,大马依然坚守冠军之位,主要是强稳的来往账项盈余、相对稳定的经济增长展望,以及估值。


上周,我国公布10月通胀率按年增0.6%,相较之下,10年期政府债券殖利率约处于4.17%的水平。

紧追在大马之后的是俄罗斯和中国。

在前六大排名中,有4个国家来自亚洲,包括排行第四的菲律宾,以及第六的泰国,也展现出东南亚新兴国的经济人力。



土耳其五强变垫底

其中,中国和泰国都拥有稳定的来往账项盈余、强劲的经济增长力,以及良性的通货膨胀;菲律宾则有超过6%的经济增长率,足以抵消来往账项赤字和高通胀的不利。

另外,在半年前调查中处于五大新兴经济体的土耳其,因为遭受连串经济和金融的威胁,直线下跌到20名的榜末。


预计土耳其明年仅会取得0.8%的经济增长率,远逊于今年3.5%的预估。10月的通胀率达25.2%,是自2003年来最高水平,冲击殖利率估值。

SBI证券驻东京的投资信托和固定收益部门总经理相马勉指出,投资者如今更关注每个新兴经济体在持续升息环境中的经济增长前景。

“同时,投资者也评估每个国家受中美贸易战中冲击的程度,在投资决定上会更加选择性。”
at 10:43 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Malaysia GDP

站对风口 猪都能飞/拿督刘明

2018年11月28日


包公升堂●拿督刘明大马连锁协会副会长


线上线下(O2O)、全渠道零售(omni channel)新零售等等,都是近年来很夯的商业用词,以前念营销课必背诵的八股专用术语,好像已被人遗忘不屑再提。

不仅如此,连管理大师迈克尔波特(Michael Porter)也晚节不保,他的管理顾问公司Monitor集团在经历了30年风风雨雨后,于2012年在美国法院声请破产,让人不尽怀疑这位和彼得杜拉克(Peter Drucker)齐名的管理大师的学说,是否已经不合时宜?


在营销管理课程上,宝洁公司(Procter & Gamble)的品牌管理,几乎是必修的经典案例。

你去超市买洗发水的时候,货架上的沙宣、飘柔、海飞丝还是潘婷,任你挑个牌子,最后都是保洁的。这就是保洁一直以来引以为傲,让所有品牌顾问奉为圭臬的著名多品牌战略。


可是,2014年8月,重掌帅印14个月后的雷富礼,突然投下一颗重磅炸弹;保洁将会在未来2年砍掉旗下半数约100个品牌,只留下80个为集团贡献了95%利润的品牌。

这下子你认为商学院该怎么教?这个著名案例的主角自己改变了策略!

当商业环境发生突变时,我们猛然发现,以前看似坚不可摧的商业理论和知识,竟然毁于一旦,那么不堪一击!连我们自诩金钱换不回来的经商经验,也岌岌可危。

所以,假如你还倚老卖老和年轻人谈营销模式,会被他们笑死。

我自认文采还行,有一次自荐为一个新设计写文案,事后还沾沾自喜感觉良好。

做大企业靠运气

女儿却说怎么那么老土(其实也只有她敢那么不给我面子),结果她和几位同事一番脑力激荡,出来的效果也真的很“接地气”很“潮”。

我和好友肯尼开玩笑说,我一生所学的营销管理,好像自废一半武功,他说你还好,我全废了!

最近看了比较多有关小米的研究书籍,雷军说:做小企业靠打拼,做大企业靠运气。

他所谓的运气,就是踩在时代的脉搏上,也就是互联网。他说了一句名言:站对了风口,猪都能飞!

从笔电时代的网际网络,到现在的行动网络,是人类历史一个重要的变革,其结果造就了亚马逊、阿里巴巴、腾讯、小米、苹果等等大企业。

5G推升网购市占率

后5G技术的行动网络,肯定又会是另一个翻天覆地的时代,到时候的风口又将会是什么?

我的看法是线上和线下的关系和网购对实体经济的影响,目前为止尘埃还未落定。

后5G时代的零售业,绝对比现在精彩很多,VR技术让购物如莅临实景,网上消费何止是占中国目前整体零售的20%、美国的13%和我国的5%?

5G技术会把我们生活的便利,提升至另一个层次,也绝对会把网购推至占总体零售业的30%或更高!

实体经济最令人诟病的问题是:租金、人力、库存、选址等等。

消费者尤其是年轻人,已经厌倦几乎千遍一律毫无新意的大商场,因为那里充斥着大同小异的商品,和随处可见的大品牌。

新进零售玩家因为实体经济门槛比较高,转而选择在线上交易,造成网购更加百花齐放,到时会有更多的独角兽加入战场。

而能屹立不倒继领风骚的企业,将会是那些善用大数据、解决用户痛点、有自己粉丝群的企业。毫无新意、库存多而不当的企业,将会面临诸多挑战。

那么,购物商场从此世界末日?其实不然。

未来商场导向O2O

我理想中的未来商场,一开始就应该以O2O为导向来设计。顾客一踏进商场,脸部辨识系统就已经确认他的身分,全盘了解他的所好,立即把适合的商品或美食推荐给他。

商场应该以美食为主,带动商品和时尚。每个单店的隔间不大,专为顾客体验而设。顾客在店里试穿或感受实样触感然后用手机下单。

顾客此时不必顾虑提着大包小包的不便,因为他们回到家的时候,所购商品已送达!

这就是未来的风口,但这一次飞得高的也许不再是猪,因为精明消费者有太多的选择!

这是最好的时代,也是最坏的时代,你准备好了吗?
at 10:28 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Marketing

国家能源 3年财测下调

2018年11月29日
分析:马银行投行研究

目标价:15.60令吉

最新进展:

国家能源(TENAGA,5347,主板公用事业股)截至9月底第三季,净利报5亿100万令吉或每股8.83仙;营业额为130亿7380万令吉。

累积首9个月,净利报38亿5800万令吉;营业额报378亿4570万令吉。

行家建议:

首9个月的核心净利报41亿2000万令吉,低于预期,分别占我们和市场全年预测的63%和58%。

与市场的预测出现差异,是因为我们并未将天然气价格上涨、联号或联营公司的亏损扩大,以及税务开销走高纳入考量。

将上述因素纳入考量后,我们把2018财年的财测下调14%,2019和2020财年的财测各下调13%和11%。

现有的成本转嫁机制(ICPT)调整的幅度不大,进入第二监管期(RP2)后,包括天然气在内的发电成本逐步上涨,使得可转嫁的成本不多,甚至持平。

考虑到扣除利息、税务、折旧与摊销前盈利(EBITDA)亦下调2%至4%,我们将目标价下调40仙至15.60令吉;重申“守住”评级。
at 10:25 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - TNB

湯文亮﹕不是止賺 實是折讓

文章日期:2018年11月29日

【明報專訊】有老友叫我唔好睇淡樓市,雖然近日有很多劈價盤出現,但有評論員話,那些成交雖然比市價低了兩成,但業主的入貨價很平,基本上以任何價錢賣走都有錢賺,現在只不過是止賺,既然有錢賺,怎能說樓市下跌,問我有什麼解釋。我話「用詞不當」,我明白現在很多劈價成交,業主的入貨價是很平,但以低於市價出售,絕對不能叫止賺,應該叫折讓。

看好後市不減價 才是止賺

老友問有沒有止賺這回事,當然有,不過不但不會減價,甚至以高於市價出售,業主認為後市仍然會上升,不過他唔博,收錢算數,這就是止賺,現在的評論員中文水準太差,連止賺與折讓也分不清楚,雖然不是有心,仍然有誤導讀者之嫌。

老友話唔係幾明白,叫我用簡單方法解釋,大家如果去澳門玩21點,要了4隻牌,連同手上的便有5隻,這叫做「五龍」,如果仍然未爆煲,莊家會問要不要收錢,如果立刻收錢,只能收一半,如果唔收而最後點數大過莊家,或者莊家爆煲,是可以收足全數,不少賭客認為他們有很大機會可以贏,但會選擇收一半,他們叫這是「收先」,在商業上就叫做止賺,但如果繼續賭,最後莊家爆煲,賭客仍然願意收一半,這叫做折讓。不過,這個情况我未見過,世界上沒有這樣蠢的人。

折讓價求售 業主不看好後市

生意人有一句話叫「執到黃金市價賣」,如果以低於市價賣,就會話黃金是執回來,現在以折讓價出售,如果認為金價仍然會上升,但以市價出售,收錢為上,便可以對人說是止賺。在香港物業市場,經過長時間升浪,絕大部分的業主都獲利不菲,與執到黃金差不多,如果用止賺來形容他們賣樓,會令人誤會樓市是處於上升狀態。事實上,那些被稱為止賺的買賣,業主其實是睇唔好後市,他們寧願以折讓價賣樓,使用適當用詞,才可以了解樓市真實情况。

紀惠集團行政總裁

[湯文亮 敢說亮話]
at 10:19 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: 湯文亮

Wednesday, November 28, 2018

MQ Research Maintains Outperform on Tenaga

Author: kltrader   |    Publish date: Wed, 28 Nov 2018, 05:26 PM 


Tenaga Nasional (Tenaga) released its latest quarterly results yesterday, which were largely in-line at the operating level, but not so much at the headline level due to further provisions for its investments in Gama, Turkey. In their research report dated 28 November 2018, Macquarie Equities Research (MQ Research) provides an analysis of the results, and maintains Outperform on Tenaga.

Event

  • Tenaga released 3Q18 results, which were largely in-line at the operating level but disappointed at the headline level due to further provisions for its investments in Gama (Turkey). Certain costs claimable under the imbalance cost pass-through (ICPT) but recorded on a lagged basis as well as adjustments for a new collective agreement with staff also created the impression of a miss at the EBITDA level, which management has since issued a clarification for. Underlying earnings and cashflows remain intact. With the next tariff adjustment due in coming weeks and a pass through of higher fuel costs via the tariff (rather than other mechanisms) more likely following the recent Budget 2019, MQ Research maintains their Outperform recommendation on Tenaga whose shares trade at an undemanding 12x core 19E price-earnings ratio (PER).

Impact

  • EBITDA in-line - deciphering the cost jump. Headline 9M18 EBITDA of RM10.9bn appeared weak coming in at 69% of MQ Research’s estimate as Tenaga 1) took RM498m worth of impairments for its investment in Gama via costs, 2) incurred RM232m worth of costs relating to fuels, which are claimable via the ICPT but appear in the accounts on a lagged basis 3) provided RM200m for the 9-month impact of the new collective agreement with unionised staff and 3) other non-regulated costs (including movements at SESB and Liberty Power). Adjusting for the impairments and the fuel related costs, which are claimable under the ICPT, EBITDA of RM11.6bn stood at 74% of MQ Research’s and 73% of consensus estimates, ie largely in-line considering historical seasonal fluctuations. The fuel cost elements, which are claimable under ICPT but not recorded as part of the ICPT segment in revenues on an accrual basis, are in relation to differences in coal costs billed to the independent power producers (IPPs) and the price paid to suppliers.
  • Underlying demand growth up. A 2.8% year on year (YoY) increase in 3Q18 electricity demand left year to date (YTD) demand growth at 2.7% pcp - tracking ahead of MQ Research’s 1.8% 18E estimate. This was largely on higher industrial demand (+4.8% pcp). A pick-up in commercial demand in the quarter brought 9M18 demand flat YoY, while residential customer demand growth remained up 3.2% pcp.
  • Tax rate rising as expected. As expected (and previously guided), Tenaga’s effective tax rate increased in 9M18 to 19.6% as reinvestment allowances declined. Management maintained its guidance for tax rates to revert to the 20-22% levels as a result. Tenaga will continue to enjoy capital allowances on capex spent, but the reinvestment allowances were only in relation to certain previously qualifying projects.
  • Overseas assets a mixed bag. Associate contributions continue to disappoint with a 9M18 loss of RM164m. Depreciation of the Turkish Lira and higher fuel costs going forward will impact earnings from Gama. Management has essentially written down their investment in Gama completely despite it remaining EBITDA positive.

Action and Recommendation

  • Outperform reiterated, with target price of RM18.54.
Source: Macquarie Research - 28 Nov 2018
at 5:49 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - TNB

隐形眼镜商机庞大‧速柏玛盈利动能强

Author: Tan KW | Publish date: Wed, 28 Nov 2018, 02:24 PM

对速柏玛(SUPERMX,7106,主板医疗保健组)集团来说,进军隐形眼镜片生产业务,是不简单和雀跃的事,市场研究数据显示,隐形眼镜片业务将是个成长潜能庞大的领域,集团决定成为大马首家本土隐形眼镜片生产商。

●速柏玛
(SUPERMX,7106,主板医疗保健组)
活动:股东大会/特大
日期:11月30日(星期五)
时间:上午10时/下午12时30分
地点: 八打灵再也Eastin酒店

●年报摘要
对速柏玛(SUPERMX,7106,主板医疗保健组)集团来说,进军隐形眼镜片生产业务,是不简单和雀跃的事,市场研究数据显示,隐形眼镜片业务将是个成长潜能庞大的领域,集团决定成为大马首家本土隐形眼镜片生产商。

必须与“4大”业者竞争

与胶手套业不一样的是,进军隐形眼镜片的门槛较高,需要高水准的专业科技知识及具备一定的财务实力;另一个挑战是必须与隐形眼镜片“4大”业者竞争,他们都是大型跨国企业,目前是这行业的主导者。

根据美国食品药品监督管理局,隐形眼镜片被归为医药配备领域,取得生产执照与证书过程艰巨,而速柏玛是在不同的营运领域,主要是以胶手套业起家,掌握集团目前在全球广泛的分销网络,预计可以如同在胶手套领域一样成功。

至今,集团已获取所需的执照和批准,以出口产品至全球几个市场,包括美国和日本,这是目前两大隐形眼镜片市场。

过去12个月,集团展开隐形眼镜片促销努力,提高市场对该公司隐形眼镜片品牌AVEO的认知。

展望未来,速柏玛将继续努力争取所需的执照与批准,以出口产品至世界其他市场,集团对中至长期保持乐观与信心,在生产隐形眼镜片的投资,也将能为股东增值。

另外,集团在已结束财政年,税前盈利和营业额分别增长15.7%和16.7%,主要是新投入生产线推高产量、胶手套平均价格上升;不过,生产成本、营运开销较高导致赚幅被削弱。

胶手套业是大马少数几个登上全球市场的行业,市占率大约65%,这个行业不受经济不景气影响,速柏玛有信心全球对胶手套的需求,将维持在8至10%的复合成长率。目前人口偏高的亚洲地区,人均胶手套使用率偏低,随著经济成长加速,预料亚洲地区在胶手套的使用率将相应提升。

放眼胶手套增产20%

目前,速柏玛年生产容量大约240亿只胶手套,放眼接下来两年增加生产容量大约20%,这扩充计划将通过在巴生兴建新厂完成,扩充计划预计耗资3亿令吉,集团拥有超过140英亩土地,供未来扩充计划用途。

http://www.sinchew.com.my/node/1816625/隐形眼镜商机庞大‧速柏玛盈利动能强
at 2:45 PM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - SuperMax

Analysts lower target prices but maintain 'buy' on TNB

Syahirah Syed Jaafar / theedgemarkets.com
November 28, 2018 10:59 am +08

KUALA LUMPUR (Nov 28): Analysts maintained a "buy" call on Tenaga Nasional Bhd (TNB) but lowered their target prices for the stock, after the group posted a lower net profit in the third financial quarter (3QFY18) of RM501 million, which fell below expectations.

RHB Research Institute Sdn Bhd lowered its target price to RM16.51 from RM17, while Affin Hwang Capital Research revised its target to RM18 from RM18.70 previously.

TNB's share price is currently the top loser on the bourse, having fallen 3.53% or 52 sen this morning. As at 10am the counter is trading at RM14.20.

Yesterday the utility giant said it registered a net profit of RM501 million for the third quarter ended Sept 30, 2018 on revenue of RM13.07 billion. TNB does not have a comparative figure as the group has changed its financial year end from Aug 31 to Dec 31.

However, compared with the preceding quarter, there was a 59.5% fall in net profit from RM1.24 billion, which the group attributed to higher operating expenses and higher loss in share of associates. TNB reported a 4.6% quarter-on-quarter increase in revenue from RM12.5 billion.

Despite this, RHB Research said TNB remains its top pick in the Malaysian utilities sector.

"We revise earnings for FY18-FY20 by 6.5%-14% to account for the higher effective tax rate and partial non-pass-through of higher fuel costs. TNB's recent share price adjustment, in our opinion, reflects the weak earnings. We also believe the partial non-pass-through of higher fuel costs will be reversed, as it approaches an agreement with the Energy Commission," it said in a note today.

Meanwhile, Affin Hwang said it also made an earnings cut of 3.1%-10% for FY18-FY20E to factor in higher operating costs.

"We continue to believe that the government will maintain the current ICPT (imbalance cost pass-through) mechanism, and the increase in fuel costs will continue to be earnings neutral to Tenaga," said Affin Hwang.
at 11:37 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - TNB

Comfort Gloves - No Longer on FDA Import Alert List; Upgrade to BUY

Author: rhboskres   |    Publish date: Wed, 28 Nov 2018, 09:00 AM 


Upgrade to BUY from Neutral, with new TP of MYR1.21 from MYR0.87, and expected total return of 34%, based on 18x FY20F P/E. Yesterday, Comfort announced that its subsidiary was removed from the US FDA Import Alert List. We are positive on this news, as we anticipate improvement in exports to the US. We upgrade our FY19F-21F earnings by 2-9%, after adjusting for higher exports and the latest in-house USD/MYR exchange rate assumption. We believe future earnings should be supported by ongoing capacity expansion for business growth and its niche in premium speciality gloves.
FDA Import Alert List no more. Yesterday, Comfort Gloves announced that its wholly-owned subsidiary Comfort Rubber Gloves Industries was removed from the U.S. Food and Drug Administration’s (FDA) Import Alert 80-04, “Surveillance and Detention Without Physical Examination of Surgeon's and Patient Examination Gloves”. This means that goods that are shipped to the US no longer have to be detained and recommended for detention without physical examination. We are positive on this, as we expect more exports to the US.
Anticipate positive synergy following the acquisition of Pacewell. On 31 Oct 2018, the group completed the acquisition of 100% equity interest in Pacewell Asia. Although it ceased operations in 2017, Pacewell has a 510(k) licence under the US FDA, which should enable Comfort to immediately export a medium-risk medical device to the US. We believe the additional FDA licence could help to contribute positively to the group.
Nudge up FY19F-21F (Jan) earnings by 2-9%. While we anticipate the recovery of exports orders to the US, we believe the impact from potential uplift in sales could be partially offset by the weaker USD/MYR ahead, as we take into account our latest in-house USD/MYR assumption.
Upgrade to BUY, with higher TP of MYR1.21. As the group is no longer on the FDA Import Alert List, we think the stock deserves to be re-rated from 14x to 18x FY20F P/E, at +1SD from its 3-year historical average. We think our valuation is justifiable, as we expect exports to the US to recover. Also, we believe future earnings should be supported by sales to other regions, ongoing capacity expansion for business growth, and its niche in premium speciality gloves. That said, our ascribed valuation is still lower than other rubber glove players’ 1-year forward average P/E of 28x.
Risks to our call include higher-than-expected increases in raw material prices, and stronger-than-expected competition among rubber glove players.
Source: RHB Securities Research - 28 Nov 2018
at 11:19 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - Glove

Mega First Corporation Berhad - Dragged By Ringgit Strength

Author: PublicInvest   |    Publish date: Wed, 28 Nov 2018, 09:57 AM 


Mega First (MFCB) registered a core net profit of RM93.7m (-12% YoY) for 9MFY18 after stripping out i) fair value gain on investment properties (RM6.3m), ii) loss from quoted investments (RM1.4m) and iii) loss on FX (RM0.5m). The bottomline would have seen a bigger slide if not because of the ESOS expense amounting to RM14m charged out in 9MFY17. Nevertheless, the results are in line with our and street expectations, making up 78% and 73% of full-year forecasts respectively. Meanwhile, construction of the Laos power plant saw a further 8% completed during the quarter, bringing the cumulative physical completion to 71% as of 9MFY18 (9MFY17: 38.5%). No dividend was declared for the quarter. Maintain Outperform call with an unchanged TP of RM4.74.
  • 3QFY18 revenue (QoQ: flat, YoY: +4.6%). The group’s revenue was 4.6% YoY higher at RM219m. Power segment, which is derived from construction revenue in the Don Sahong hydropower project in Laos, contributed a slight increase to RM164m as higher percentage of physical completion was softened by an 8.4% appreciation of the Malaysian Ringgit against the US Dollar.
    Revenue in the resources segment recorded an impressive growth of 30.0% YoY to RM36.4m, bolstered by an increase in lime product sales (+37.4%) to RM33.6m despite a marginal drop in other products as a result of lower sales of calcium carbonate powder. Property segment contribution was steady, backed by solid rental income of RM2.1m. No development revenue was seen for both periods.
  • 3QFY18 core net profit (QoQ: -7.5%, YoY: -5.7%). Bottomline fell 5.7% YoY to RM33.3m after stripping out fair value gain on investment properties (RM6.3m), loss from quoted investments (RM1.9m) and gain on FX (RM0.5m). The weaker results during the quarter, despite stronger contributions from all segments, were mainly due to higher tax expense incurred (+27% YoY).
    Construction earnings only delivered 1.2% YoY growth to RM43.7m. It would have climbed 8% YoY if not for the Ringgit strength during the quarter. Resources segment showed encouraging results, up 28% YoY to RM4.6m as higher sales volume and lower production cost (attributed to higher plant capacity utilization rate) were offset by higher packaging and transportation costs. Property earnings jumped 7-fold to RM8.2m on the back of an RM6.5m fair value gain on investment property and writeback of development costs.
Source: PublicInvest Research - 28 Nov 2018
at 11:11 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - MFCB

Serba Dinamik Holdings Berhad - 3QFY18 As Expected

Author: PublicInvest   |    Publish date: Wed, 28 Nov 2018, 09:58 AM 


Serba Dinamik (Serba) reported a stronger set of 3QFY18 results as both revenue and net profit increased by 17.9% and 22.3% YoY. This has resulted in the Group’s 9MFY18 numbers remaining strong, with revenue surging by 20.3% YTD to RM2.3bn. In tandem with higher revenue, the Group reported a net profit of RM278.6m (+21.4% YTD), in-line with our and consensus expectations at 70.6% and 71.0% of full-year estimates respectively. The better numbers were mainly derived from the operations and maintenance (O&M) segment, with most contribution seen in maintenance, repair and overhaul (MRO) activities notably in the Middle East region. Margin-wise, the Group has maintained its pre-tax profit margin at 13%. We are leaving our forecast unchanged with anticipation that the Group will deliver stronger results in 4Q on the back of its solid orderbook c. RM7.5bn. An interim dividend of 1.65sen was declared, making up total dividend declared thus far this year to 5.7sen – 70% of our DPS forecast of 8.1sen. We reiterate our Outperform rating on Serba with an unchanged TP of RM4.69 based on 14x PER over EPS19 of 33.5sen. Serba is preferred amongst oil and gas players within our universe given its defensive business nature with stable earnings streams.
  • Lower QoQ. The Group has reported lower results QoQ with revenue and net profit dropping by 4.2% and 19.0% to RM770.2m and RM83.2m respectively. The drop is largely anticipated however given slower O&M activities from the Middle East region particularly Saudi Arabia, Qatar, Oman, and Turkmenistan.
  • But earnings to pick up in 4Q from resumption in work flows, underpinned by its healthy order book on hand of RM7.5bn. Gross, pre-tax and net profit margins are expected to remain stable at 17%, 13% and 12% level respectively.
  • What to expect next year? Earnings outlook beyond FY18 remains promising backed by its strong outstanding order book in hand of RM7.5bn, providing earnings visibility over the next 3 years. YTD, the Group has successfully secured a total of more than RM2.3bn worth of projects with the bulk in the O&M business. We remain optimistic on the Group’s growth prospects despite increased volatility in oil prices given its defensive business nature. In addition, the synergies built up from its M&A exercises will further strengthen its fundamentals.
Source: PublicInvest Research - 28 Nov 2018
at 11:11 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - OilGas

海产业务复苏‧全利次季赚6052万

2018-11-27 10:15

(吉隆坡26日讯)受海产制造业务复苏拉抬,全利资源(QL,7084,主板消费产品服务组)截至2018年9月30日次季净利增长10.71%,至6051万7000令吉,前期净赚5466万3000令吉。

首半年净利扬7.95%,至1亿零437万9000令吉,前期净赚9669万5000令吉。

次季营业额增13.76%,至9亿2025万5000令吉;首半年增9.39%,至17亿3643万令吉。

该集团解释,海产制造(MPM)业务次季营收增23%,至2亿6675万6000令吉,主要是从低海产期复苏,因而使鱼麋产品贡献更高,并拉动该业务盈利增21%。首半年此业务销售与盈利,各增12%与11%。

第二大业务的综合家禽业务,单季受半岛家禽业务烘托销售走高11%,但受印尼与东马家禽业务疲弱拖累,盈利反跌2%。首半年销售增14%,受半岛蛋价复苏拉抬,综合家禽业务营利增长8%。

棕油业务单季受前季未售原棕油库存拉抬,销售走高6%,然而棕油价按年跌452令吉,至每公吨2198令吉,加上印尼业务弱萃取率,导致盈利跌153%。

出于同样原因,首半年棕油销售与盈利,各跌20%与86%。
at 11:07 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - QL

Genting Malaysia loses new theme park catalyst, shares tumble

MARKETS
Wednesday, 28 Nov 2018
by intan farhana zainul

No walk in the park: A file picture showing visitors at one of the attractions in Genting Highland Resort. Genting Malaysia is claiming more than US1bil from 21st Century Fox Inc and Walt Disney Co for pulling out of a theme park deal. — AP

PETALING JAYA: The opening of a new theme park based on the 20th Century Fox World design is supposed to boost the number of visitors to Genting Highlands for the next two years from June 2019.

However, it is not going to happen – sparking a setback for Genting Malaysia Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png in its efforts to boost visitor numbers.

Shares in Genting Malaysia took a heavy beating yesterday as the opening of its theme park, that is under construction at Resorts World Genting, hit a snag.

This came after Genting Malaysia said it had filed legal suits against 21st Century Fox Inc and Walt Disney Co for pulling out of an agreement to allow the group to build a theme park using the design and intellectual property rights owned by Fox Entertainment Group, LLC.

The RM4.5bil 20th Century Fox World theme park was supposed to have been completed by the end of last year, but the opening was pushed back to the middle of next year.

“Without the theme park, it is uncertain what the catalyst would be to increase the number of visitors to Genting Highlands. This is important for Genting Malaysia as it is the operator of the theme park,” said an analyst, adding that the company is expected to shed some light on the matter by the end of the week.

In a filing with Bursa Malaysia yesterday, Genting Malaysia said it was claiming more than US$1bil (RM4.2bil) for the cost of its investments, as well as consequential and punitive damages.

Shares in Genting Malaysia plunged 60 sen or 16.7% to close at RM3, wiping out RM3.4bil from its market capitalisation.

The counter topped the volume list with 276.3 million shares changing hands.

The impact was also felt at the parent company level – Genting Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png – that saw its share price falling 52 sen or 7.5% to close at RM6.38.

Reuters, quoting the case file, reported that Disney wanted to end the contract because associating with a gaming company did not fit its “family-friendly” brand strategy.

Disney won the fight to take control of a large chunk of 21st Century Fox’s entertainment and media assets for US$71.3bil two months ago.

This included the 20th Century Fox film and TV studio, which owns the intellectual rights to the design of the theme park.

Disney’s takeover of 21st Century Fox’s assets is expected to be completed in the first quarter of 2019.

Genting said Fox issued a default notice with the hope of terminating the contract, in a manner “entirely consistent with Disney wanting to kill the deal” to benefit itself.

“Given that Fox Entertainment Group had no right to terminate the agreement, Fox and Disney are liable for what will exceed US$1bil in damages attributable to the bad-faith behaviour of both Fox and Disney,” it said.

The filing also revealed that Genting had already made a “US$750mil-plus” investment in the Fox World.

Genting Malaysia entered into a licensing agreement with Fox in 2013 for the development of what would be the first Fox-branded theme park in the world.

Under the agreement, Genting Malaysia was granted a licence to utilise certain intellectual property rights associated with Fox theatrical motion pictures in the design, development, construction and operation of the theme park under the Genting integrated tourism plan.

Analysts have started to take into consideration the delays in the opening of the theme park.

“Due to potential legal complications, we are concerned if Genting Malaysia could still open the theme park in the first-half of 2019,” CIMB Research said in a report yesterday.

AllianceDBS Research reckoned that Genting Malaysia may seek other global partners to license the characters for its theme park.

“There could also be additional costs incurred to redesign the outdoor theme park due to the termination of the collaboration,” it said.

It is worth noting that Genting Malaysia’s share price has been under pressure since the beginning of the month after the government announced its decision to increase the casino tax.

The counter’s market capitalisation has been erased by RM8bil since early this month. On a year-to-date basis, Genting Malaysia has declined more than 46% to RM3.

The decline in Genting-related stocks weighed heavily on local benchmark index FBM KLCI performance yesterday.

Read more at https://www.thestar.com.my/business/business-news/2018/11/28/genting-malaysia-loses-catalyst/#RBXDoeDtVfoISGCr.99
at 10:21 AM No comments:
Email ThisBlogThis!Share to TwitterShare to FacebookShare to Pinterest
Labels: Bursa - GentingMalaysia
Newer Posts Older Posts Home
Subscribe to: Posts (Atom)

Nuffnang Ads

Booking.com

Booking.com

Flag Counter

Flag Counter

KLSE Stock Watch

Crude Oil

Gold

Market Quotes


The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.

Market News & Research

  • Daily - i3 Blog
  • Daily - Bursa - Latest Quarter Report
  • Weekly i3 - Latest Shareholder Transactions
  • Weekly i3 Stock Price Target
  • Weekly - iSaham Screener
  • Weekly - Bursa Company Research
  • Bursa - Fundamental Screener
  • Bursa Company Announcements
  • Bursa News - NanYang.com
  • Bursa News - The Star Online
  • Bursa - NextView
  • SMALLCAP ASIA
  • 《成就》名家点评
  • Gold and Silver
  • SGX Dividend Stock
  • SGX - COMPANY DISCLOSURE
  • SGX Singapore
  • American Association of Individual Investors
  • Sentiment Survey AAII

Investement

  • Serious Investing
  • Stock Feel
  • Bursa - H@rryの投资笔记本
  • Bursa - Boon's Life Diary
  • Bursa Dummy
  • Bursa - 糊涂投资网
  • Bursa - 十面埋伏
  • Bursa - VALUE VEINS
  • Bursa - 股息派投资者 - 知足常乐-水星投资理财
  • 第一天投资理财日记
  • Bursa - 余光成浅谈投资
  • Bursa - Icon8888 Gossips About Stocks
  • Bursa - LC Chong
  • Bursa Stocks Logic Trading Analysis
  • KaIの投资日记
  • Moativate | 價值投資不求人
  • 一夜致富
  • 取之有道
  • 夜月空间
  • HK - 巴黎的價值投資
  • HK - 潘啓才 通天財技
  • 股壇老兵鍾記 長勝之道
  • 財務自由速成法

Indices and Statistics

  • PHLX Semiconductor Sector
  • CPO Monthly Statistic
  • Rubber Monthly Price

Get Rich with Dividends

  • Dividend Pig
  • Bursa - Top Dividend Stocks
  • Bursa - 知足常乐-水星投资理财的基本意念
  • 糊涂投资网
  • Bursa - Malaysia REITs
  • SGX REITDATA
  • SGX High Dividend Yield Stocks
  • SGX - Dividend Stock Screener

Trading Development

  • BarChart
  • Better System Trader
  • JigSaw Trading
  • NoBSTrading
  • TTP by Ed Seykota
  • 程序化交易者

Learning

  • zDic
  • iCIBA
  • EDx Courses

AI

  • 智东西

Take A Break

  • BT 9527
  • BT 吧
  • 豌豆影视
  • 午夜剧场
  • 追高清
  • 环球时报
  • 乐飞翎
  • 嘀哩哩TV
  • dygang
  • 6vhao.com
  • 迅播影视
  • Mercedes Forum
  • News - 聯合電子報
  • 新国志

Blog Archive

  • ►  2021 (10)
    • ►  January (10)
  • ►  2020 (640)
    • ►  December (23)
    • ►  November (23)
    • ►  October (20)
    • ►  September (19)
    • ►  August (46)
    • ►  July (30)
    • ►  June (68)
    • ►  May (133)
    • ►  April (66)
    • ►  March (87)
    • ►  February (64)
    • ►  January (61)
  • ►  2019 (1073)
    • ►  December (55)
    • ►  November (66)
    • ►  October (61)
    • ►  September (53)
    • ►  August (83)
    • ►  July (86)
    • ►  June (91)
    • ►  May (114)
    • ►  April (107)
    • ►  March (132)
    • ►  February (88)
    • ►  January (137)
  • ▼  2018 (1629)
    • ►  December (90)
    • ▼  November (135)
      • 麦格理研究: 马电讯(4863)估值被大大低估
      • Padini Holdings Berhad - 1Q19 Hit by Lower Sales a...
      • Malayan Banking Berhad - Steady Performance
      • Padini - Struggling to Remain Competitive
      • Malayan Banking Berhad - Lower Net Impairment Losses
      • Yong Tai Berhad - Poor Start
      • 投资也要学会休息/黄云浩
      • 不吃早餐易得胆结石 专家曝:水煮餐也是凶手
      • HL Financial Group - Lower entry cost for exposure...
      • [转贴] 超市的百年發展史:好日子結束 Amazon 無人店是趨勢
      • [转贴] 看透企業現金流的 5 個竅門
      • 益纳利美昌 两年财测下砍
      • 全利资源 业务抗跌长期看好
      • 陈泽益林万强 换跑道创新局
      • 彭博:可抵御美升息逆风 大马是最强新兴国
      • 站对风口 猪都能飞/拿督刘明
      • 国家能源 3年财测下调
      • 湯文亮﹕不是止賺 實是折讓
      • MQ Research Maintains Outperform on Tenaga
      • 隐形眼镜商机庞大‧速柏玛盈利动能强
      • Analysts lower target prices but maintain 'buy' on...
      • Comfort Gloves - No Longer on FDA Import Alert Lis...
      • Mega First Corporation Berhad - Dragged By Ringgit...
      • Serba Dinamik Holdings Berhad - 3QFY18 As Expected
      • 海产业务复苏‧全利次季赚6052万
      • Genting Malaysia loses new theme park catalyst, sh...
      • Cancellation of Fox theme park likely to affect vi...
      • Genting theme park will still proceed, says HLIB R...
      • MISC in US$133m time charter contracts with LNG Sh...
      • Kerjaya Prospek eyes RM1.2b orderbook for FY19
      • Hartalega Holdings - Pushing for new norms with AMG
      • Plantations - Measures to Ease High Inventories
      • Salutica - 1QFY19 starts off well with new Bluetoo...
      • Panasonic Manufacturing Malaysia Berhad - Slowdown...
      • Inari Amertron Berhad - A slow start to FY19
      • Telekom Malaysia Berhad - Revised dividend policy ...
      • 亚洲流动性趋紧张‧厄耗的先兆?
      • Kerjaya secures RM282mil jobs
      • Five Online Businesses Anyone Can Start
      • 湯文亮﹕民進黨敗陣 為國民黨執政鋪路
      • 周顯﹕趁低執平貨 現未敢入市
      • [转贴] 識破 13 種連財務專家都不易看穿的假報表
      • Panasonic 2Q net profit up 44%, declares 15 sen di...
      • [转贴] 析说 - KESM - 牵引·回归根本之说
      • 中产需“关注”非“照顾”(上篇)/冷眼
      • 熊市正是中产脱困良机(下篇)/冷眼
      • 续受益汽车业务 MBM资源財测上调
      • Khazanah’s investment portfolio hit by falling stocks
      • Tong's Value Investing Portfolio as of November 22...
      • Boustead Plantations reports RM21.89mil Q3 net loss
      • CIMB Research retains reduce for Aemulus but sees ...
      • Kenanga maintains outperform on MBM Resources with...
      • HLIB Research raises target price for MBM Resource...
      • KESM tumbles to two year low after weak results
      • 冷眼先生增持常成控股至1000万股
      • Malaysia Airports Holdings - 9M18 Above Expectations
      • 4 ways to spot multibagger stocks that could poten...
      • [转贴] 我的策略 - 蛤蜊先生
      • [转贴] 大學畢業3年罹癌的年輕人:能者多勞,是最無恥的價值觀
      • 7 Investment Principles I Learnt from Berkshire Ha...
      • [转贴] 蘋果、Google、Tesla:重塑十年後的汽車產業
      • 贵宾赌场税低预期 股价触底 云顶双雄明年料反弹
      • 湯文亮﹕樓價指數是否值得信賴?
      • Face of LTAT, Boustead to exit
      • 净利出色.产能增加.台湾联友财测调高
      • 要贷款? 先查个人信用记录
      • Better results for Pharmaniaga on recognition of c...
      • MISC net profit halves on slower LNG division
      • FundMyHome 'bold and innovative idea', says news p...
      • Do not let high yield confuse you
      • Paramount expects RM20m profit from partnership wi...
      • KESM科技-你不能错过的公司
      • Elsoft Research Berhad - Consecutive Quarter of Re...
      • Petronas Chemicals - Resilient Earnings Despite He...
      • Kossan Rubber Industries Bhd - Capacity Expansion ...
      • Lafarge Malaysia - The disappointment continues
      • CIMB Research upgrades Kossan from Hold to Add, hi...
      • 曾淵滄﹕市跌唱淡 代理天職
      • 湯文亮:明知無人聽都要講
      • 7 Things You Need To Know About Techbond Group’s IPO
      • 业绩低预期.冀卖地伦敦捎惊喜
      • 丰隆金融集团 保险业前景看俏
      • 受惠贸易战.合成板跌价.出口美国家具业者成赢家
      • 正齐科技第三季赚1398万
      • Hong Leong Assurance moving up the value chain, sa...
      • 譚新強﹕《The Hundred-Year Marathon》和《Better Angels》的鷹鴿對照
      • 10 THINGS YOU NEED TO KNOW ABOUT SEA OF CLOUDS @ I...
      • Matrix Concepts Holdings - Growing Against the Odds
      • Wood Based Manufacturing - Survival of the Fittest
      • SP Setia - Value Emerged
      • [转贴] 5分钟看懂 RCECAP(9296) 2019年 Q2季报 ~ 第一天
      • Matrix Concepts 2Q net profit up on-year as unbill...
      • SP Setia confident of achieving RM5bil sales target
      • SecureMetric Factsheet - IPO and Listing on the Ac...
      • 巴迪尼扩亚洲市场
      • 赌场股重.罪恶股政治风险升高
      • 净利与净利率
      • 股息(Dividend)与 股息率(Dividend yield)
      • [转贴] 股息投机法 - 水星
      • 曾吃下30%市场 又一电商巨头倒下
    • ►  October (165)
    • ►  September (94)
    • ►  August (122)
    • ►  July (111)
    • ►  June (119)
    • ►  May (120)
    • ►  April (131)
    • ►  March (166)
    • ►  February (130)
    • ►  January (246)
  • ►  2017 (2409)
    • ►  December (176)
    • ►  November (247)
    • ►  October (216)
    • ►  September (188)
    • ►  August (255)
    • ►  July (275)
    • ►  June (208)
    • ►  May (177)
    • ►  April (174)
    • ►  March (150)
    • ►  February (187)
    • ►  January (156)
  • ►  2016 (2639)
    • ►  December (201)
    • ►  November (308)
    • ►  October (211)
    • ►  September (208)
    • ►  August (244)
    • ►  July (174)
    • ►  June (198)
    • ►  May (268)
    • ►  April (188)
    • ►  March (287)
    • ►  February (166)
    • ►  January (186)
  • ►  2015 (2247)
    • ►  December (196)
    • ►  November (227)
    • ►  October (218)
    • ►  September (179)
    • ►  August (241)
    • ►  July (181)
    • ►  June (177)
    • ►  May (194)
    • ►  April (209)
    • ►  March (157)
    • ►  February (83)
    • ►  January (185)
  • ►  2014 (1665)
    • ►  December (144)
    • ►  November (147)
    • ►  October (218)
    • ►  September (133)
    • ►  August (165)
    • ►  July (147)
    • ►  June (104)
    • ►  May (147)
    • ►  April (97)
    • ►  March (137)
    • ►  February (113)
    • ►  January (113)
  • ►  2013 (1117)
    • ►  December (114)
    • ►  November (89)
    • ►  October (116)
    • ►  September (95)
    • ►  August (114)
    • ►  July (111)
    • ►  June (64)
    • ►  May (91)
    • ►  April (103)
    • ►  March (87)
    • ►  February (56)
    • ►  January (77)
  • ►  2012 (365)
    • ►  December (45)
    • ►  November (81)
    • ►  October (53)
    • ►  September (72)
    • ►  August (64)
    • ►  July (33)
    • ►  June (12)
    • ►  May (5)

Labels

  • 1MDB (51)
  • 2017 - ToBuy (3)
  • 2018 (1)
  • 2019 - CoronaVirus (4)
  • 2019/20 - CoronaVirus (1)
  • 2020 - Bursa Coronavirus (2)
  • 2020 - SGX Coronavirus (1)
  • 528 Hz (1)
  • 5G (2)
  • 639 Hz (1)
  • 741 Hz (1)
  • Accounting (2)
  • Ace To MainBoard (2)
  • Adi_Investor (3)
  • AEC (3)
  • Agri Culture (3)
  • AI (13)
  • AIR (1)
  • AirAsia free seats (2)
  • Alfred Chen (1)
  • Amazon (3)
  • Andrea Unger (19)
  • Art (2)
  • Auction (1)
  • Auto (3)
  • Automation (1)
  • Aviation (1)
  • Basic Accounting (1)
  • BenjaminGraham (4)
  • Bersih (3)
  • Big Data (3)
  • Bill Gates (1)
  • Biomass Power (2)
  • BioTech (1)
  • bird flu (3)
  • BitCoin (14)
  • Blockchain (4)
  • Blogger - Choivo (19)
  • Blogger - DAVIDTSLIM (3)
  • Blogger - igambler (7)
  • Blogger - Starnman84 (9)
  • Blogger - YiStock (3)
  • Blogger - 夜月 (2)
  • Blogger - 阿弟 (1)
  • BM News Portal (1)
  • BNH - 2016 (1)
  • BNM - Interest Rate (1)
  • BOND (3)
  • Books 2 Read (4)
  • Breathing (2)
  • Brian Tracy (2)
  • British Exit 2016 (2)
  • Bubble (2)
  • Bursa (13)
  • Bursa - Electrical Products (1)
  • Bursa - 100% (1)
  • Bursa - 2017 Strategy (19)
  • Bursa - 2018 Stocks (28)
  • Bursa - 2019 Strategy (29)
  • Bursa - 2020 (3)
  • Bursa - 2020 Strategy (5)
  • Bursa - 5G (1)
  • Bursa - 7Eleven (1)
  • Bursa - AAX (24)
  • Bursa - Accounting (2)
  • Bursa - ACE (121)
  • Bursa - Acquisition (2)
  • Bursa - AEMULUS (11)
  • Bursa - AEON (13)
  • Bursa - AEON CREDIT (12)
  • Bursa - Aerospace (2)
  • Bursa - AFG (10)
  • Bursa - AirAsia (65)
  • Bursa - Ajiya (2)
  • Bursa - Allianz (4)
  • Bursa - Aluminium (4)
  • Bursa - ARANK (2)
  • Bursa - ARMADA (12)
  • Bursa - AsiaFile (3)
  • Bursa - AsianPac (1)
  • Bursa - Astino (5)
  • Bursa - ATE (1)
  • Bursa - Auto (40)
  • Bursa - Automation (3)
  • Bursa - Aviation (3)
  • Bursa - AWC (12)
  • Bursa - Axiata (14)
  • Bursa - Axis REIT (20)
  • Bursa - AZRB (11)
  • Bursa - Banking Sector (16)
  • Bursa - Barakah (11)
  • Bursa - Benalec (12)
  • Bursa - Beverage (2)
  • Bursa - BIMB (21)
  • Bursa - Biscuit (1)
  • Bursa - BJAUTO (22)
  • Bursa - BJLAND (1)
  • Bursa - BJTOTO (19)
  • Bursa - Blogger Study (6)
  • Bursa - BlueChips (7)
  • Bursa - BNH (4)
  • Bursa - BoilerM (4)
  • Bursa - Bonus Issues 2018 (4)
  • Bursa - Bonus/Warrant (18)
  • Bursa - Borneo (3)
  • Bursa - Boustead (5)
  • Bursa - Brahim (2)
  • Bursa - Brewer (6)
  • Bursa - Bright (3)
  • Bursa - BSTEAD (2)
  • Bursa - Building Material (4)
  • Bursa - CAELY (3)
  • Bursa - Canone (8)
  • Bursa - Capex (4)
  • Bursa - Card Terminal (2)
  • Bursa - Cash Rich Stocks (6)
  • Bursa - CBIP (30)
  • Bursa - CCMDBIO (13)
  • Bursa - Cement (7)
  • Bursa - Chemical (23)
  • Bursa - CHGS (2)
  • Bursa - China Firms (6)
  • Bursa - CIMB (25)
  • Bursa - CIMB Research (1)
  • Bursa - CLIQ (2)
  • Bursa - Coastal (22)
  • Bursa - Cocoa (3)
  • Bursa - Cocoaland (6)
  • Bursa - Company Analysis (2)
  • Bursa - Construction (231)
  • Bursa - Consumer (53)
  • Bursa - Copper (1)
  • Bursa - Corporate Story (1)
  • Bursa - Cresndo (10)
  • Bursa - CrestBuilder (2)
  • Bursa - Crisis (2)
  • Bursa - CSCSTEL (10)
  • Bursa - Cyber Security (1)
  • Bursa - CyberSecurity (1)
  • Bursa - Cypark (40)
  • Bursa - Daibochi (15)
  • Bursa - Dayang (8)
  • Bursa - Depressed (4)
  • Bursa - Dialog (21)
  • Bursa - Digi (11)
  • Bursa - Dijaya (22)
  • Bursa - Dividend Moat (4)
  • Bursa - Dividend Play (163)
  • Bursa - DKSH (8)
  • Bursa - DRBHICOM (39)
  • Bursa - Drink (2)
  • Bursa - DutyFree (2)
  • Bursa - E&M Engineering (2)
  • Bursa - E&O (5)
  • Bursa - ECF (1)
  • Bursa - eCommence (7)
  • Bursa - ECONBHD (43)
  • Bursa - EcoWorld (62)
  • Bursa - ECS (13)
  • Bursa - EDGENTA (7)
  • Bursa - EDM (2)
  • Bursa - Education (8)
  • Bursa - EG (12)
  • Bursa - eGov (3)
  • Bursa - Ekovest (46)
  • Bursa - EKSONS (2)
  • Bursa - Election 2018 (1)
  • Bursa - EMS (1)
  • Bursa - Engtex (15)
  • Bursa - ePay (1)
  • Bursa - EPF (15)
  • Bursa - ETF (3)
  • Bursa - Evergreen (11)
  • Bursa - Eversendai (19)
  • Bursa - Ewein (1)
  • Bursa - F&N (16)
  • Bursa - Faber (6)
  • Bursa - Fastener (2)
  • Bursa - FavelleFavco (7)
  • Bursa - FGV (17)
  • Bursa - Finance (171)
  • Bursa - Finding 2016 Warrant Winners (8)
  • Bursa - Finding 2016 Winners (49)
  • Bursa - Finding 2017 Warrant Winners (17)
  • Bursa - Finding 2017 Winners (27)
  • Bursa - Finding 2018 Warrant Winners (10)
  • Bursa - Finding 2018 Winners (16)
  • Bursa - Finding 2019 Warrant Winners (1)
  • Bursa - Finding Acquisition Winners (1)
  • Bursa - Finding IPO Winners (2)
  • Bursa - Finding SuperStar (7)
  • Bursa - Finding Warrant Winners (7)
  • Bursa - Finding Winners (76)
  • Bursa - Fintech (8)
  • Bursa - Fitters (14)
  • Bursa - FM70 (1)
  • Bursa - Food Distributor (2)
  • Bursa - Foreign funds (1)
  • Bursa - Foreign Reserves (2)
  • Bursa - Frontken (9)
  • Bursa - Fundamental How (21)
  • Bursa - FurnitureStocks (124)
  • Bursa - Future Tech (14)
  • Bursa - Futures Trading (2)
  • Bursa - GAB (1)
  • Bursa - Gadang (41)
  • Bursa - Gaming (24)
  • Bursa - Gamuda (24)
  • Bursa - GAQRS (4)
  • Bursa - GDEx (5)
  • Bursa - GE13 (5)
  • Bursa - GE14 (19)
  • BURSA - GENERAL (101)
  • Bursa - Genting (31)
  • Bursa - GentingMalaysia (14)
  • Bursa - GentingPlant (4)
  • Bursa - GHL (5)
  • Bursa - GKent (26)
  • Bursa - GLC (1)
  • Bursa - Glove (253)
  • Bursa - GOB (23)
  • Bursa - Gold Future (4)
  • Bursa - Goreng Story (1)
  • Bursa - Growth Stocks (2)
  • Bursa - GST (16)
  • Bursa - Gtronic (51)
  • Bursa - GuanChong (13)
  • Bursa - HAIO (30)
  • Bursa - Handal (1)
  • Bursa - Harta (56)
  • Bursa - HDD (1)
  • Bursa - Healthcare (11)
  • Bursa - HEIM (9)
  • Bursa - HengYuan (8)
  • Bursa - HHGruop (10)
  • Bursa - High Devidend (5)
  • Bursa - Highway Operator (4)
  • Bursa - HLFG (5)
  • Bursa - HLIB (7)
  • Bursa - HoHup (14)
  • Bursa - Hospital (6)
  • Bursa - Hovid (14)
  • Bursa - HSR (3)
  • Bursa - HuaYang (77)
  • Bursa - HubLine (1)
  • Bursa - HunzaProperty (5)
  • Bursa - IBhd (29)
  • Bursa - iCapital (30)
  • Bursa - IGB REIT (4)
  • Bursa - IJM (2)
  • Bursa - Inari (85)
  • Bursa - Index (2)
  • Bursa - Industrial product (53)
  • Bursa - Insas (13)
  • Bursa - Instacom (12)
  • Bursa - Insurance (3)
  • Bursa - Integrax (3)
  • Bursa - Interest Rate Hike (1)
  • Bursa - IoT (2)
  • Bursa - IPO (69)
  • Bursa - IPO - 2016 (11)
  • Bursa - IPO - 2017 (17)
  • Bursa - IPO - 2018 (33)
  • Bursa - IPO - 2020 (5)
  • Bursa - IPP (4)
  • Bursa - Iskandar (3)
  • Bursa - Islamic Finance (18)
  • Bursa - Jaks (3)
  • Bursa - JayaTiasa (27)
  • Bursa - JayCorp (1)
  • Bursa - JCY (8)
  • Bursa - JohoreTin (13)
  • Bursa - Karex (17)
  • Bursa - Kawan (3)
  • Bursa - kcchongnz (76)
  • Bursa - Kerjaya (16)
  • Bursa - KESM (19)
  • Bursa - KianJoo (2)
  • Bursa - KimHin (4)
  • Bursa - KimLoong (6)
  • Bursa - Kimlun (54)
  • Bursa - KKB (12)
  • Bursa - KLCCP (7)
  • Bursa - KNM (42)
  • Bursa - Kossan (65)
  • Bursa - KPJ (7)
  • Bursa - KPS (8)
  • Bursa - KSL (30)
  • Bursa - Kulim (7)
  • Bursa - KVMRT2 (1)
  • Bursa - L&G (20)
  • Bursa - Latitude (8)
  • Bursa - LBS (48)
  • Bursa - LEAP (5)
  • Bursa - LED Company (5)
  • Bursa - Lion Ind (7)
  • Bursa - Litrak (7)
  • Bursa - Logistics (27)
  • Bursa - LPI Capital (28)
  • Bursa - LuxChem (9)
  • Bursa - MAGNI (23)
  • Bursa - Mahathir (1)
  • Bursa - MAHB (24)
  • Bursa - MahSing (99)
  • Bursa - Malakof (18)
  • Bursa - MAS (19)
  • Bursa - MaSteel (13)
  • Bursa - Matrix (111)
  • Bursa - MayBank (35)
  • Bursa - MBL (1)
  • Bursa - MBMR (48)
  • Bursa - MBSB (70)
  • Bursa - Medical (3)
  • Bursa - MFCB (24)
  • Bursa - MFlour (4)
  • Bursa - MHB (4)
  • Bursa - MISC (13)
  • Bursa - MitraJaya (63)
  • Bursa - MKH (30)
  • Bursa - MMC (2)
  • Bursa - MMSV (7)
  • Bursa - MNRB (10)
  • Bursa - MPHBCAP (23)
  • Bursa - MSC (8)
  • Bursa - MSM (1)
  • Bursa - MTO (1)
  • Bursa - Mudajaya (28)
  • Bursa - Muhibbah (28)
  • Bursa - MYEG (18)
  • Bursa - NAIM (10)
  • Bursa - Notion Vtec (23)
  • Bursa - OCK (22)
  • Bursa - Oil DownStream (1)
  • Bursa - OilGas (246)
  • Bursa - OKA (8)
  • Bursa - OldTown (20)
  • Bursa - Oriental (1)
  • Bursa - OSAT (7)
  • Bursa - OSK (17)
  • Bursa - OSV (3)
  • Bursa - OutSourcing (1)
  • Bursa - OWG (16)
  • Bursa - Packaging (29)
  • Bursa - Padini (47)
  • Bursa - Panamy (2)
  • Bursa - Pantech (18)
  • Bursa - Paper Packaing (3)
  • Bursa - Paramount (30)
  • Bursa - Parkson (36)
  • Bursa - PChem (15)
  • Bursa - Pelican (4)
  • Bursa - Penta (9)
  • Bursa - Perdana (2)
  • Bursa - Perstima (2)
  • Bursa - Pesona (7)
  • Bursa - Pestech (13)
  • Bursa - PetroChemical (6)
  • Bursa - Petronas (2)
  • Bursa - PetronM (13)
  • Bursa - Pharmaceutical (50)
  • Bursa - PIE (32)
  • Bursa - Piling (5)
  • Bursa - PJDev (10)
  • Bursa - Plantation (180)
  • Bursa - PlasticMould (1)
  • Bursa - Plenitude (13)
  • Bursa - PlyWood (2)
  • Bursa - Port Operator (22)
  • Bursa - POS (22)
  • Bursa - Poultry Farming (52)
  • Bursa - Power (49)
  • Bursa - PPB (3)
  • Bursa - Precision Injection Moulding (1)
  • Bursa - PressMetal (16)
  • Bursa - Prestariang (13)
  • Bursa - Privatization (2)
  • Bursa - PRKCorp (2)
  • Bursa - Prlexus (9)
  • Bursa - Prolexus (8)
  • Bursa - Property (319)
  • Bursa - PRTASCO (2)
  • Bursa - PTARAS (24)
  • Bursa - PublicBank (4)
  • Bursa - Put Warrant (1)
  • Bursa - QL (8)
  • Bursa - QTR Result - Feb 2018 (1)
  • Bursa - Quater Result (1)
  • Bursa - Quaterly Result (2)
  • Bursa - RanhilEnergy (4)
  • BURSA - Rating (3)
  • Bursa - RCECap (18)
  • Bursa - REIT (51)
  • Bursa - Related Companies (1)
  • Bursa - Renewable Energy (5)
  • Bursa - RHBCap (24)
  • Bursa - RTO (4)
  • Bursa - S-Chips (2)
  • Bursa - Salcon (2)
  • Bursa - SAM (16)
  • Bursa - Sarawak (5)
  • Bursa - SBC (13)
  • Bursa - SCable (15)
  • Bursa - Scandals (2)
  • Bursa - SCICOM (4)
  • Bursa - Scientex (38)
  • Bursa - SCORE (1)
  • Bursa - SCR (2)
  • Bursa - Security Software (1)
  • Bursa - Semi-Conductor (153)
  • Bursa - Sentoria (3)
  • Bursa - Serba Dinamik (4)
  • Bursa - Setup (4)
  • Bursa - ShareManipulation (2)
  • Bursa - Shipping (6)
  • Bursa - Short Selling (5)
  • Bursa - Signature (17)
  • Bursa - Sime (4)
  • Bursa - SKPetrol (48)
  • Bursa - SKPRES (43)
  • Bursa - SLP (8)
  • Bursa - SmallCap (11)
  • Bursa - SME Market (1)
  • Bursa - SMRT (7)
  • Bursa - SNTORIA (6)
  • Bursa - Solar (10)
  • Bursa - SPAC (27)
  • Bursa - Speculate (5)
  • Bursa - SPSetia (13)
  • Bursa - Steel (76)
  • Bursa - Stock Search (2)
  • Bursa - Stories (2)
  • Bursa - Strategy (111)
  • Bursa - Strategy 2016 (18)
  • Bursa - Strong Ringgit Sector (6)
  • Bursa - Success (4)
  • Bursa - Suiwah (1)
  • Bursa - Sumatec (14)
  • Bursa - SunREIT (3)
  • Bursa - Sunway (58)
  • Bursa - SuperMax (83)
  • Bursa - Syariah (1)
  • Bursa - Syndicate (1)
  • Bursa - TaAnn (28)
  • Bursa - Taiwanese Companies (1)
  • Bursa - Takeover Offer (2)
  • Bursa - Taliworks (20)
  • Bursa - Tambun (50)
  • Bursa - Tasco (23)
  • Bursa - TDM (10)
  • Bursa - Technical Analysis (1)
  • Bursa - Technology (64)
  • Bursa - TekSeng (10)
  • Bursa - Telco (77)
  • Bursa - ThongGuan (54)
  • Bursa - THPlant (2)
  • Bursa - TienWah (3)
  • Bursa - Timber (28)
  • Bursa - TimeDotCom (2)
  • Bursa - TIN (5)
  • Bursa - TiongNam Logistics (23)
  • Bursa - Titijaya Land (14)
  • Bursa - TNB (26)
  • Bursa - Tobacco (1)
  • Bursa - Top Glove (110)
  • Bursa - Trading Sevices (5)
  • Bursa - Transfer Listing (1)
  • Bursa - Transport (5)
  • Bursa - TRC (2)
  • Bursa - Tropicana (37)
  • Bursa - TSH (3)
  • Bursa - Tune Ins (16)
  • Bursa - Turbo (1)
  • Bursa - Unisem (24)
  • Bursa - UOADev (14)
  • Bursa - Vitrox (35)
  • Bursa - Vivocom (7)
  • Bursa - VS Industry (55)
  • Bursa - WasteManagement (1)
  • Bursa - Water Utilities (9)
  • Bursa - WCT (39)
  • Bursa - Weak Ringgit Sector (2)
  • Bursa - WellCall (9)
  • Bursa - Wood (13)
  • Bursa - WSWT (7)
  • Bursa - WTK (11)
  • Bursa - Yinson (30)
  • Bursa - YTL Power (49)
  • Bursa - Zhulian (14)
  • Bursa - 分拆业务上市 (1)
  • Bursa - 翁诗进 (1)
  • Bursa - 闲谈股市 (1)
  • Bursa 2017 - SCGM (18)
  • Bursa 2018 - Leader (1)
  • Bursa DP - Hup Seng (5)
  • Bursa Market Theme - LED (1)
  • Bursa- OSKProperty (9)
  • Business (7)
  • CalvinTanEng (13)
  • CAPEX (1)
  • Car (3)
  • Cash Flow (8)
  • Cast Iron Wok (1)
  • Charlie Munger (20)
  • China (10)
  • CHOIVO CAPITAL (5)
  • Cili (3)
  • Cloud Computing (2)
  • Coconut (2)
  • Coding (1)
  • Commitment (1)
  • Commodity (3)
  • Company Analysis (1)
  • CONTEXT (1)
  • Copper (1)
  • Coumarin in Cassia Cinnamon (3)
  • Crash 2017 (1)
  • Creador (1)
  • Creative (2)
  • Credit Card (1)
  • Crude Oil (61)
  • Cryptocurrency (4)
  • CTOS (1)
  • Cut Loss (3)
  • Cuti Cuti Malaysia (1)
  • David (1)
  • davidshare (2)
  • Day Trading (2)
  • Debt (1)
  • Digital Bank (1)
  • Digital Marketing (1)
  • Discipline (1)
  • Discovery (1)
  • Dividend - ELSOFT (18)
  • Dividend Play - BPlant (6)
  • Dividend Play - Carlsbg (16)
  • Dividend Play - CSCENIC (4)
  • Dividend Play - FPI (2)
  • Dividend Play - Heineken (5)
  • Dividend Play - HEXZA (8)
  • Dividend Play - KMLoong (7)
  • Dividend Play - LIIHEN (18)
  • Dividend Play - Panasonic (20)
  • Dividend Play - PowerRoot (3)
  • Dividend Play - Superln (15)
  • Dividend Play - Uchitec (8)
  • DIY (2)
  • Dorab Mistry (1)
  • Dr. Mercola (25)
  • DropShipping (1)
  • Durian (4)
  • Earnings Yield (2)
  • eBook (2)
  • ECF (1)
  • eCommence (6)
  • Ed Seykota (6)
  • Education (8)
  • Education Fund (2)
  • edX (1)
  • El Niño and La Niña (2)
  • Electric Car (5)
  • Electric Vehicle (2)
  • Electronic (1)
  • Elon Musk (1)
  • ELV (1)
  • Emotion (7)
  • English (2)
  • Entrepreneurship (69)
  • ES File (1)
  • Euro (1)
  • Euro 2016 (1)
  • Evaporative and Refrigerated Air Conditioning (1)
  • eWTP (1)
  • Eye (1)
  • FBM KLCI ETF (1)
  • FCPO (51)
  • Fermented Food (2)
  • Financial Crime (1)
  • Financial Freedom (2)
  • Financial Ratio (2)
  • Fintech (3)
  • FKLI Spread (1)
  • FOL (1)
  • Food (6)
  • Forbes (5)
  • Forbes Asia (5)
  • Foreign Exchange Reserves (1)
  • Forest Resorts (1)
  • FOREX (2)
  • Formula E (1)
  • Free Cash Flow (3)
  • Full-spectrum light (1)
  • fund management firms (3)
  • Fundamental - How (129)
  • Funny RISK Reward (1)
  • Futures Trading (3)
  • Gambling (6)
  • Gas Hydrate (1)
  • GE 14 (2)
  • gene (1)
  • George Angell (1)
  • Get Inspired (1)
  • Get Rich with Dividends (19)
  • Global Semicon Sales (10)
  • Global Warming (1)
  • GoldenEggs (1)
  • Google藝術計劃 (1)
  • Gossip News (1)
  • Greece (4)
  • HAIO (1)
  • Halia Merah (3)
  • Happiness (27)
  • Harryt30 (92)
  • Health (41)
  • Hedge Fund (2)
  • HK Property (1)
  • Holotropic Breathwork (9)
  • Hotel (1)
  • Howard Marks (2)
  • HyppTV Box (1)
  • I Love Money (3)
  • i3investor 2016 Stock Pick (2)
  • IBS Technology (1)
  • ICO (1)
  • icon (1)
  • ICON8888 (36)
  • If Market Crash (1)
  • If you are Bearish ... (14)
  • IMF (2)
  • IMO (1)
  • Important Market Indicators (1)
  • IncomeTax (6)
  • India (1)
  • Insider Asia (11)
  • Insurance (4)
  • Interest Rate (5)
  • Interview (4)
  • Intrinsic calculation example (1)
  • Invest in US (1)
  • investbullbear (1)
  • Investment - CPO (40)
  • Investment - Currency (5)
  • Investment - Gold (8)
  • Investment - If you are Bullish (14)
  • Investment - US (11)
  • Investment - Warren Buffett (121)
  • Investment - World (105)
  • Investment - 冷眼 (122)
  • Investment RISK (3)
  • Investment Stastistic (2)
  • Investment Statistic (1)
  • Investment Wisdom (295)
  • InvestmentGuru (8)
  • InvestmentGuru - G Soros (6)
  • InvestmentGuru - JimRogers (26)
  • InvestmentGuru - PeterLynch (12)
  • InvestmentGuru - 陳鼎武 (4)
  • iPhone (1)
  • IPO - 2019 (2)
  • ISA (1)
  • Islamic Finance (3)
  • Jeff Bezos (4)
  • Job Market (8)
  • Kevin Davey (2)
  • Khazanah Malaysia (1)
  • KLIA2 (1)
  • Koon Yew Yin (83)
  • Larry Hite (1)
  • Law of Attraction (1)
  • Leadership (3)
  • Learning (5)
  • Lee Kuan Yew (1)
  • LEGO (1)
  • LEM (1)
  • Leo Ting (17)
  • Life is Great (4)
  • Life Mentor (1)
  • LNG (1)
  • Losing Money in the Stock Market (1)
  • Macroeconomics (1)
  • Malaysia (16)
  • Malaysia - Election (3)
  • Malaysia - OPR (1)
  • Malaysia Budget (9)
  • Malaysia CCI (1)
  • Malaysia GDP (39)
  • Malaysia Politic (13)
  • Malaysia’s most wealthy people (1)
  • MalaysiaKini (1)
  • Management (12)
  • Marc Faber (13)
  • Mark Hulbert (88)
  • Mark Mobius (15)
  • Market-Maker (2)
  • Marketing (23)
  • Martin Kronicle (10)
  • MAS - Special Sale (1)
  • Math (1)
  • Mathematician (1)
  • Meditation (1)
  • Melaka Gateway (1)
  • Melaka Tourism (1)
  • Melaka TTP (1)
  • Memory (1)
  • Mercedes-Benz E-Class (2)
  • Mercedes-Benz E-Class W212 (4)
  • Methane Hydrate (1)
  • MH370 (4)
  • MicroEconomic (2)
  • Microeconomics (1)
  • Millionaires (1)
  • Mmurder of Altantuya Shaariibuu (1)
  • Moat (1)
  • MobilePhone (1)
  • Modern Monopolies (2)
  • MONEY (25)
  • Money Games 2017 (7)
  • MoneyManagement (22)
  • Motivation (7)
  • Movie Download (1)
  • MPOB Monthly Statistic (1)
  • MSCI Index (1)
  • MSSNM (1)
  • MSWG - CHGS (1)
  • MT 2017 (1)
  • Nature (1)
  • Negotiating (1)
  • NeuroSemantics (21)
  • New Malaysia 2018 (1)
  • NewTechnology (14)
  • Nicholas Teo (1)
  • NLP (2)
  • no BS Trading (1)
  • Nobel Prize (4)
  • oil (1)
  • Online Business (2)
  • Ooi Teik Bee (5)
  • Paul Krugman (6)
  • Paul Merriman (2)
  • PC (1)
  • pet (1)
  • phemey.com (3)
  • Philip Fisher (5)
  • Photography (2)
  • PIMCO - Bill Gross (3)
  • PNB (2)
  • PortFolio Management (2)
  • PositionSizing (4)
  • Positive Intention (1)
  • PPSMI (1)
  • pro (1)
  • Proability (2)
  • PROP (1)
  • Property Investment (5)
  • Psychology (6)
  • PTPTN (1)
  • PTRANS (1)
  • Pyramid Scheme (1)
  • QE (3)
  • Quant (1)
  • Quantum Mechanics (2)
  • Quote (1)
  • Real Estate (1)
  • Reit (1)
  • Retirement (1)
  • RHB Jewels (1)
  • RHB Jewels - 2019 (1)
  • RHB Small Cap (1)
  • Ricky Yeo (2)
  • Ringgit (21)
  • RMB (1)
  • RMB - Yuan (1)
  • Robert Kiyosaki (2)
  • Robin Ho (2)
  • Robin Smart Trade (1)
  • Robo-advisor (1)
  • Robotic (3)
  • ROIC (1)
  • Rubber Plantation (3)
  • Salvador Dali (1)
  • Sarawak Report (2)
  • Scalping (4)
  • SCAM (2)
  • Scholarships.Malaysia (3)
  • Sector - Shipping (1)
  • Sector Rotation (1)
  • Sedona Method (3)
  • Self-Improvement (10)
  • Self-Improvement - James Clear (1)
  • Selling Options (1)
  • Seth Klarman (1)
  • SG - Read (2)
  • SGD (1)
  • SGX (11)
  • SGX - 2016 IPO (1)
  • SGX - 2016 Strategy (4)
  • SGX - 2017 Strategy (8)
  • SGX - 2018 Strategy (10)
  • SGX - 2019 Strategy (2)
  • SGX - AEM (5)
  • SGX - Amara (1)
  • SGX - Analysts' Picks (2)
  • SGX - AusGroup (9)
  • SGX - Biosensor (2)
  • SGX - BreadTalk (2)
  • SGX - Brokers' Call (1)
  • SGX - Capitaland (3)
  • SGX - CDW (2)
  • SGX - Chip Eng Seng (3)
  • SGX - ComfortDelGro (4)
  • SGX - Commodity (9)
  • SGX - Construction (3)
  • SGX - Consumer (3)
  • SGX - CourtsAsia (4)
  • SGX - Dividend Play (7)
  • SGX - DYNA MAC (1)
  • SGX - Eratat (4)
  • SGX - Ezion (18)
  • SGX - EZRA (13)
  • SGX - Finance (1)
  • SGX - Finding 2015 Winners (1)
  • SGX - Finding 2016 Winners (1)
  • SGX - Finding Winners (2)
  • SGX - FIRST RESOURCES (6)
  • SGX - General (55)
  • SGX - Genting SIN (10)
  • SGX - GIC (2)
  • SGX - Glove (4)
  • SGX - Golden Agri (14)
  • SGX - Growth Stocks (1)
  • SGX - Hafary (3)
  • SGX - Halcyon Agri (1)
  • SGX - HealthCare (1)
  • SGX - Hi-P (3)
  • SGX - HiapHoe (2)
  • SGX - HoBee (1)
  • SGX - HSR (1)
  • SGX - IncomeTax (1)
  • SGX - Indofood (2)
  • SGX - Industrial Product (4)
  • SGX - Industrial Trust (2)
  • SGX - IPO (5)
  • SGX - Jaya (2)
  • SGX - JB Foods (7)
  • SGX - Keppel (1)
  • SGX - Kiing Wan (2)
  • SGX - KING WAN (2)
  • SGX - Kreuz (10)
  • SGX - KSH (3)
  • SGX - Lian Beng Group (27)
  • SGX - Malaysia Company (1)
  • SGX - Mapletree (1)
  • SGX - MarcoPolo (2)
  • SGX - MIDAS (4)
  • SGX - Nam Cheong (46)
  • SGX - Natural Resources (2)
  • SGX - Net Cash (1)
  • SGX - Nobel (16)
  • SGX - NOL (2)
  • SGX - Offshore/Marine (11)
  • SGX - Oil&Gas (12)
  • SGX - OLAM (21)
  • SGX - OXLEY (2)
  • SGX - ParksonRetail (1)
  • SGX - Plantation (8)
  • SGX - Privatization (1)
  • SGX - Property (26)
  • SGX - REIT (6)
  • SGX - Research (1)
  • SGX - REX INT (11)
  • SGX - RH Petrogas (1)
  • SGX - RigBuilder (1)
  • SGX - RiverStone (26)
  • SGX - Roxy-Pacific (6)
  • SGX - S-Chips (8)
  • SGX - Sarine (1)
  • SGX - SATS (2)
  • SGX - SC - AEM (2)
  • SGX - SC - Frencken (3)
  • SGX - SC - Micro-Mechanics (1)
  • SGX - SC - Venture (1)
  • SGX - Semb Marine (10)
  • SGX - SemCorp (2)
  • SGX - Semi-Conductor (12)
  • SGX - SGX (4)
  • SGX - Sheng Siong (4)
  • SGX - Shipping (1)
  • SGX - SIA (1)
  • SGX - SIA Eng (1)
  • SGX - Silverlake (2)
  • SGX - SinHeng (1)
  • SGX - SinoGrandness (12)
  • SGX - Small Cap (7)
  • SGX - Speculate (6)
  • SGX - SPH (1)
  • SGX - STOCKS (1)
  • SGX - Straco (4)
  • SGX - Strategy (37)
  • SGX - STX OSV (2)
  • SGX - Swiber (4)
  • SGX - TakeOver (1)
  • SGX - Technology (1)
  • SGX - Telco (4)
  • SGX - Thai Beverage (2)
  • SGX - Tiger Airways (15)
  • SGX - TiongSeng (3)
  • SGX - Top Picks (1)
  • SGX - Triyards (10)
  • SGX - UMS (4)
  • SGX - Valuetronics (1)
  • SGX - Water Utilities (2)
  • SGX - WeeHur (2)
  • SGX - Wilmar (13)
  • SGX - XMH (17)
  • Shale oil (1)
  • Sharesinv (4)
  • Shinado (3)
  • Sideways Market (1)
  • Singapore GDP (4)
  • Singapore Politics (2)
  • Sleeping (1)
  • slp (1)
  • SMRT (1)
  • Solfeggio (3)
  • Source: (1)
  • Spiritual (1)
  • SPM (2)
  • SPM - ADD MATHS (1)
  • SPM - 华文 (13)
  • Sport (1)
  • spre (1)
  • SPREAD TRADING (13)
  • SR (1)
  • Startup (1)
  • Stock Pick Year 2015 (1)
  • Stock With Momentum (1)
  • stockfeel.com.tw (3)
  • Story 2 Learn (4)
  • STPM (1)
  • Strong Ringgit (3)
  • Strong USD Play (1)
  • Study Loan (3)
  • Success (2)
  • Successful Investors (12)
  • Sunlight Bulbs (2)
  • T. Harv Eker (52)
  • Take A Break (17)
  • Takeover Offer (2)
  • Tax Bill (1)
  • Technical Analysis (4)
  • Technology (8)
  • TED (1)
  • Ten-year Treasury yields (2)
  • Tesla (2)
  • The Market Wizards (1)
  • Time Management (5)
  • Tin (1)
  • Tong's Value Investing (44)
  • Tony Robbins (3)
  • Torrent/VPN (1)
  • TPPA (1)
  • Trade War 2018 (1)
  • Traders Story (1)
  • Trading Challenge (1)
  • Trading Futures (1)
  • Trading Psychology (21)
  • Trading Software (1)
  • Trading Strategy - Drawdown (1)
  • Trading Strategy - Mean Reversion (1)
  • Trading System (10)
  • Travel (9)
  • Trend Following (5)
  • TTP (109)
  • Unit Trust (1)
  • University Ranking (1)
  • US (2)
  • US - Jobless Claims (1)
  • US - FED (9)
  • US - Govt Shutdown (2)
  • US Dollar (4)
  • US Economy (10)
  • US Job Data (2)
  • US Unemployment (1)
  • US-CHINA Trade War (1)
  • UWC (1)
  • Valuation by Aswath Damodaran (2)
  • Value-Investor (62)
  • Van K Tharp (42)
  • Vanilla (6)
  • VGI (2)
  • VPN (1)
  • Water (2)
  • Weak Ringgit 2015 (3)
  • Weak Ringgit 2016 (4)
  • Wealth (21)
  • Web (1)
  • Weekly Trend (1)
  • WiFi HotSpot Creator (1)
  • Willpower (1)
  • WIN (1)
  • wis (1)
  • Wisdom (202)
  • Workshop (1)
  • World - Cyprus (1)
  • World Cup (4)
  • YouGov (1)
  • Youth (1)
  • 一级方程式 (1)
  • 万年船 (1)
  • 世杰名人榜系列 (1)
  • 丽江 (5)
  • 中医 (2)
  • 中印对峙 (1)
  • 中国共享经济 (1)
  • 中國好聲音 (1)
  • 中学华文学习网 (1)
  • 中美贸易战 (1)
  • 互聯網打法 (1)
  • 人生,投资 (2)
  • 企管 (1)
  • 何启斌 (26)
  • 佛陀的智慧 (1)
  • 保健 (1)
  • 做功课 (1)
  • 傅佩荣 (1)
  • 免费股 (2)
  • 全球房价最贵街区 (1)
  • 共享經濟 (1)
  • 刘力红 (2)
  • 创业家 (2)
  • 励志语录 (1)
  • 勵志/成功 (3)
  • 华文,中医,华人 (7)
  • 南怀瑾大师 (1)
  • 卡內基 (2)
  • 印尼 (2)
  • 原始点 (3)
  • 反思者 (10)
  • 吸毒 (1)
  • 周顯 (428)
  • 哆啦a梦 (1)
  • 回刑法 (1)
  • 圆换扁电源插头 (1)
  • 大前研一 (1)
  • 大数据时代 (3)
  • 奖学金 (1)
  • 奥斯卡金像奖 (1)
  • 好电影 (1)
  • 好睡眠 (3)
  • 子宮內膜異 (1)
  • 孙子兵法 (2)
  • 孫正義 (2)
  • 富爸爸窮爸爸 (5)
  • 巴伦圆桌会议 (1)
  • 市場先生 (2)
  • 乡下小子 (1)
  • 张忠谋 (1)
  • 張忠謀 (4)
  • 影响力 (1)
  • 心理学 (2)
  • 心臟病 (1)
  • 情緒能量表 (1)
  • 房屋出租 (1)
  • 打假新闻法案 (1)
  • 扶阳 (1)
  • 抄家 (1)
  • 投资 - 联想 (4)
  • 投资大师 (3)
  • 投资心理 (9)
  • 拿督刘明 (60)
  • 排寒 (1)
  • 故事 (1)
  • 敲胆经 (2)
  • 整脊 (8)
  • 新經濟新天地 (19)
  • 日本股神cis (8)
  • 日本超级散户BNF (3)
  • 明報 (125)
  • 易经 (1)
  • 曾淵滄 (74)
  • 曾渊沧博士 (27)
  • 木村阿公 (1)
  • 木薯 (1)
  • 未来最有赚钱潜力的行业 (1)
  • 李嘉誠 (3)
  • 李順威 (21)
  • 杜子建 (4)
  • 止凡 (50)
  • 民宿 (1)
  • 水星 (77)
  • 沉香樹 (1)
  • 泰国运河 (1)
  • 海岛 (1)
  • 海龍王 (1)
  • 淘宝 (2)
  • 淨空法師 (17)
  • 湯文亮 (176)
  • 潘啓才 (1)
  • 潘啓才 通天財技 (57)
  • 潘迪藍 (2)
  • 烟霾问题 (1)
  • 無人駕駛 (1)
  • 王弼 (3)
  • 环球时报 (1)
  • 琉璃光養生世界 (9)
  • 現金流為王 (1)
  • 生意 (1)
  • 电子垃圾 (1)
  • 百字明咒 (1)
  • 百樂 (17)
  • 盧楚仁 (1)
  • 盧駿匡 圖金術 (1)
  • 禪修 (1)
  • 稻田 (1)
  • 空難事故 (1)
  • 符策勤 (2)
  • 网络营销 (1)
  • 美国西洋参 (1)
  • 老千股 (1)
  • 老齡化 (1)
  • 考试 (1)
  • 股市歌 (1)
  • 股魚 (6)
  • 胡立阳 (13)
  • 脊椎 (6)
  • 自學文言文 (1)
  • 船 (1)
  • 蔡志忠 (2)
  • 蔡金強 - 奧陸之聲 (4)
  • 蜂蜜 (1)
  • 行善 (1)
  • 行銷 (1)
  • 行銷攻略 (3)
  • 許耀仁 (8)
  • 詞彙 (2)
  • 謝清海 (1)
  • 謝金河 (1)
  • 譚新強 (86)
  • 订阅经济时代 (1)
  • 诈骗 (1)
  • 诗 (1)
  • 诺瓦资本研究 (3)
  • 谢清海 (7)
  • 財務自由 (1)
  • 買樓投資 (1)
  • 賽斯心理学 (8)
  • 财计 (1)
  • 赛斯 (1)
  • 跨性别 (1)
  • 郭鹤年 (3)
  • 鄧麗君 (1)
  • 量化投资 (1)
  • 金钱游戏 (1)
  • 阿Boon (13)
  • 附子 (2)
  • 陈剑 (1)
  • 陈金阙 (9)
  • 陳鼎武 (4)
  • 陸振球 (22)
  • 雷久 (1)
  • 雷久南 (4)
  • 雷军 (1)
  • 雷賢達 (3)
  • 露易丝·海 (7)
  • 风险投资 (1)
  • 馬雲 (20)
  • 马云 (14)
  • 马六甲 (1)
  • 高分剧情 (1)
  • 鲁比尼 (2)
  • 麦传球 (9)
  • 黄云浩 (10)
  • 黄梨 (1)

Feedjit

Trading Psychology Followers

Follow by Email

Total Pageviews

About Me

Happy Trader
View my complete profile

Booking.com

Booking.com

Info link

Awesome Inc. theme. Powered by Blogger.