譚新強：感恩阿里回歸香港 祝賀中國新零售成功！

文章日期：2019年11月29日

【明報專訊】感恩節快樂！雖然感恩節是一個美國節日，但今年連香港也確有值得感恩的原因。首先近日街頭稍見平靜，當然感恩。除此，阿里（9988）這個在美國漂流5年的遊子，也終於「回家」了！當然這只是一次「虛擬化」的回家，實際業務與香港關係極少。

阿里衣錦還鄉，亦為飽歷滄桑的「老家」帶來一點冲喜作用。上市不到一周，股價已從招股價176港元升至204港元，為鄉親父老帶來一份不錯的禮物。本來在美國掛牌的阿里ADR亦逐漸逼近210美元的歷史高位。另外，這次阿里回歸集資130億美元，為今年至今全球最大一宗IPO，對港交所（0388）爭奪集資冠軍寶座有極大幫助！遲些如沙特阿美能如期在利雅德（Riyadh）上市，集資額或將破紀錄高達250億美元，但全年集資仍將無法超越香港。

記得5年前阿里在美國上市前，《經濟學人》雜誌曾以阿里為封面故事，對阿里的前景非常樂觀，甚至認為有可能將成為全球市值最高的公司！

5年是一段不短的時間，中間發生了不少事情，世界局勢亦出現不少重要變化。最重要的當然是中國的崛起，導致美國的猜忌，從特朗普3年前當選上台後，更逐步挑起愈演愈烈的貿易戰。即使阿里是一家以中國內銷為主的企業，但本來亦有在國際拓展的夢想，甚至希望能夠打入美國和其他成熟市場。本來馬雲更曾承諾將大力引進美國中小製造商出口到中國，豪氣預期將為美國製造過百萬就業機會。但隨着貿易戰升級，馬雲就宣布取消這個為美國製造就業的計劃。當然馬雲自己也聰明地選擇了提早退休，寧願轉型為武林高手，甚至挑戰拳王梅韋特（Floyd "Money" Mayweather），希望他是開玩笑，"Money"肯定馬雲多，但「好打」就前車可鑑，無謂逞強了。

阿里增長仍強 想像空間大

阿里已經是巨無霸，但是增長仍然非常強勁，第二季收入增長40%，經營盈利更升了42%。核心中國電商收入增長40%，雲服務增長更厲害，高達64%！阿里佔股33%的螞蟻金服，貢獻22億人民幣盈利，為歷來最高。螞蟻金服估值可能高達1600億美元，應為全球未上巿獨角獸之首！支付寶處理的支付金額應該已超越Visa和Mastercard等，但支付寶主要功能是為淘寳和天貓服務（更大使命是為人民服務）。

國際電商業務方面，最主要的是東南亞的Lazada，收入增長也有35%，但近18個月開始面對Shopee的強烈競爭（母公司為中國的Sea Limited，騰訊持股34%）。

看估值，阿里今年PE約30倍，看似不便宜，但增長快速，明年PE已預計跌至約23倍，PEG仍然低於1倍。若對比亞馬遜，收入是阿里的4倍，但今年PE高達80倍。亞馬遜收入增長不俗，約25%，但亦遠低於阿里。亞馬遜市值高達9000億美元（排名第4，蘋果和微軟市值已達1.1萬億美元，Alphabet跟亞馬遜差不多），阿里才剛重上5000億美元，想像空間仍很大，不敢說在可見將來成為全球第一，但如能到高盛的目標價255美元，巿值將是6700億美元。

阿里在香港上市，肯定對達到這個重估（Rerating）的效果有極大幫助。在中美矛盾愈來愈激烈的今天，美國投資者給予中國企業的估值必有折讓，回歸香港非常合理。上市不足一周，估值已升了14%，下周將被納入恒生綜合指數，相信短期內將可進入港股通，定必馬上成為「北水」愛股。美團就是最好例子，10月底入了港股通後，已升了近18%。

阿里什麼時候可進入恒指，要看針對同股不同權的決定，老實講，不管公平不公平，只是時間問題而矣。但跟隨恒指的資金有限，MSCI當然重要得多。阿里市值已比騰訊高35%，但騰訊PE仍略高於阿里，增長亦較慢，整體近兩年有點迷失方向的感覺，執行能力亦不及阿里，所以不少資金必將轉投阿里懷抱。

中國新零售着重內銷 受貿戰影響微

但阿里未來升速可能稍為慢一點，或將受制於美國掛牌的ADR，說到底，誰多錢，誰就有定價權。我建議，如中美衝突再升級，既然美國已恐嚇將掀起金融戰，阿里不如索性早點主動在美國退市！

阿里固然厲害，但中國新零售行業的創意、經營模式和科技應用，都可說是領先全球。上周文章指出，中國科技的Achilles' heel（最弱點）是半導體，尤其製造方面，受到美國限制出口甚至禁運的威脅。但除了這底層技術外，上面的網絡技術，到了4G年代已追上，5G服務正在全面加速推出，更已開始投資到6G技術發展。更上層的商業應用，如新零售模式，主要倚賴內銷，受半導體技術的影響相對間接，慢一點的晶片也可處理外賣訂單，即是說受中美鬥爭影響極少，所以更必成投資者避風港。

中國人非常喜歡做生意，又聰明，本來已很有創意，從各種不停創新的飲品、火煱和零食潮流，已可見一斑。再結合起互聯網、微信社交平台和支付系統等的科技生態圈，再加上人口龐大、密度又高，快遞勞工成本仍相對低，所以比美國更快地創立多家新的成功新零售企業，包括美團、拼多多和瑞幸咖啡等。

美團已逐漸成為如淘寶的飲食服務平台，結合送外賣和點評提供的消費者資訊，已明顯打敗了阿里的餓了麼服務。美團估值當然超級昂貴，才剛開始有盈利，樂觀估計明年PE最少80倍，今年更高達400倍，但經營槓桿非常高，如果相信，收入增長雖然只有約30%，但未來幾年，每年盈利可以倍數增長。

美團未來數年盈利料以倍數爆發

拼多多的模式亦很獨特和精準，利用微信導流量，採用團購模式，最聰明的是針對原本最少人留意、但消費增長潛力最大的三四線城市，即是所謂的以農村包圍城市策略。阿里近日才亡羊補牢，企圖在這方面急起直追。開始時，拼多多一如淘寳初期，也有大量假貨問題（部分消費者不介意），但據說近日已有改善，甚至提供某些貨品如iPhone為真品的保證，但竟然仍有可觀折讓，可能是為了招來客戶的補貼吧。拼多多估值更難，尚未有盈利，預期明年收入增長80%以上，據聞GMV已超越京東，市值亦已超越百度、高達410多億美元！

瑞幸咖啡的故事更驚人，才成立了兩年，已在美國上市半年，股價已接近翻一番，市值已是75億美元。店舖數目已超過4000，很快即將超過星巴克（Starbucks）在中國的數量。

瑞幸擁逾億用戶數據 同業難趕上

瑞幸的獨特之處是所有客戶都來自自家的App，店舖不設現金支付，至今已累積過億用戶。本來不經微信導流量是非常不容易的事，但瑞幸非常幸運，成功利用實體店加優惠，例如Latte買一送一，吸引到過億客戶，因而避免了更昂貴付給微信的獲取客戶成本（Customer Acquisition Cost）。過億用戶的寶貴數據到手後，就可以分析他們的消費習慣、口味和工作地點等，逐漸打造一個網絡平台，然後精準決定在什麼地點開店、如何推銷更多其他產品，例如麵包和茶類飲品等。因為網上下單方便，價格廉宜，更有送貨服務，所以消費頻率也大大提高。我相信其他的餐飲公司如星巴克和喜茶等也在爭相模仿，但瑞幸有先發優勢，要追上來也不容易。

總括來說，中國在新零售模式和技術，對比美國以至全球有明顯優勢，絕對值得培植和發揚光大。最有效的方法是繼續減稅和尋找其他方法，刺激消費，更重要的當然是刺激生育。

（中環資產擁有阿里、蘋果、微軟、Alphabet、亞馬遜、Visa、 Mastercard、美團、拼多多和瑞幸的財務權益）
中環資產投資行政總裁
[譚新強 中環新譚]

https://www.mpfinance.com/fin/columnist2.php?col=1463481132098&node=1574967717623&issue=20191129

周顯：大師寧睇風水不算命

文章日期：2019年11月29日

【明報專訊】近來聽到過最好笑的笑話，就是有位老牌術數師，香港都算是前幾名，有朋友找他算命，他說，現在不算命，只看風水。
問曰：「為什麼呢？」

答曰：「因為算命準不準，對方即時知道，壓力很大，但是看風水，究竟靈不靈，要好多年後才會發現，點講都得。」
這就叫做「風水佬呃你十年八年」。

如果你認為，這位術數師無料到，專門騙人，這就錯了。我有好多個股壇朋友，都對他信到不得了，而且很多還發了達，有的患了絕症，但十幾廿年都死不去，只是很慢地惡化，所以這位術數師是真有料到的。不過，莊家朋友死不去的另一原因，當然是大把錢，不停用最貴的新藥，才能吊住性命。（所以我常常說，只有心臟病才能殺掉有錢人，皆因死得太快，有錢也救不了。我有位朋友便是因為在好朋友家中病發，延誤了報警，才英年早逝。據說有超級富豪24小時有醫生陪伴，連和女朋友拍拖時，也不例外。）

另一個事實就是，股票是偏門，因此股壇中人和藝人一樣，特別迷信，雖然我並不相信怪力亂神，但這也許正是我不能發達的原因。不過，好多年前，我和方紀然常常來往，他十幾歲就成名，家陣四五十歲，但已經是市場上最senior的一位了。現在雖然仍然是好朋友，不過很少見面了。

最後說說，術數市場的泰山北斗，當然是董慕節啦，而且文化水平又高，書法又靚，真神人也。不過他現在成百歲人，已不算命了。

[周顯 投資二三事]

https://www.mpfinance.com/fin/columnist2.php?col=1463481127012&node=1574967717592&issue=20191129

揭弊 興革 連任（文：王慧麟）

2019年11月28日星期四




香港的選舉史上，周日的區議會選舉可以載入史冊。因為這是香港選舉史上最大的翻盤，這不是幾個傳統民主派有優勢的地區翻盤，而是全面翻盤，黃大仙區議會更是完全「執政」，建制全部退場。這個情况，北京以至香港各建制陣營必然是錯愕、檢討以及反撲。

威權一方3種方法抵制反對派議會

在亞洲其他地區的議會發展經驗可見，當一個地方議會忽然由威權政府支持者的一方，轉為反對派一方的時候，由於整個中央級機構的權力，仍然牢牢地掌握在威權一方之時，他們往往用幾種方法抗衡。通常威權一方的抵制方法有3種。其一，是行政抵制。即是說，行政體制將全面抵制由反對派議會提出的所有方案，手法相當多，例如拖延操作及實行，利用行政權力否決新政，又或者利用行政資源分化議會內不同議員，以及向與威權政權友好的媒體「放料」抹黑新科議員等等。其二，是財政抵制。即是說，威權政府利用手上的行政及立法權力，壓縮地方議會的財政資源，以經濟不景為名，減少、拖延、甚至否決撥款，迫使議會有任何新政，都會面對「冇錢」而無法執行。反之，威權政府就將這些資源轉給中央級部門，利用不同名目再分發給原有的親威權政府組織及人士。其三，是法律抵制。即是以「法治」為名，用電子顯微鏡及吹毛求疵的態度，專門挑出新科議員的毛病（例如財務申報），向警察、反貪機構舉報，即使未必抓到把柄，但只要威權政府打出「反貪」、「法治」等理由，配合disinformation的宣傳及動員，就足以令新議會開局後不久，就陷入不同程度的醜聞之中，無法展開新局。

因此，新議會要面對的，是一個相當凶險的政治格局。加上，由於現在的行政及立法會，仍然是建制派「完全」執政，只要加上北京的有力指導，社會上各建制組織重新結合，未來4年區議會仍是四面楚歌之局。筆者素來是「廢中黃絲教畜」、「殿堂級冷氣軍師」，不應就個別議會事務指指點點。所以，只想就此，總結其他地區的發展經驗，講一些區議會政治的大方向。

查明上幾屆區會帳目 準備司法抗爭

第一，是揭弊。過去二三十年，區議會都是建制派把持。不同建制派的地區衛星組織，都在不同的區議會撥款，得到不同程度的利益。這些組織在不同地區，已經有盤根錯節的利益輸送網絡。在區議會選舉之中，已有候選人揭露區議會的項目涉不同的利益輸送。因此，新議會有需要重新檢視上幾屆議會的項目，查明當中帳目明細，有沒有任何可疑之處向廉署舉報，向公眾公開，以革除區議會利益輸送、自己友益自己組織的問題。而且，為免行政抵制，不願公開有關資訊，又或者是調查為名，拖延控告，新議會亦要有與行政部門針鋒相對，以及司法抗爭（包括司法覆核）的準備。
要做到讓當區人士「有感」的事情

第二，是興革。每區議會，除了要做一些基本的交通、房屋、民政等既有政策之外，亦要做到一至兩個讓當區人士「有感」的事情。「有感」是好抽象的東西，但在當區的選民而言，卻是好貼身的事情。例如台北市，柯文哲最上心的其中一件事，就是行人道路及馬路路面不平的問題。所以他花了不少時間要求行人路、馬路要平順。而台灣一些地方縣市的政績，是搞地區自主培力（empowerment），做一些地區商業圈，推動地區經濟等。當然，這些「有感」的政策，最大的阻力相信是剛才提到的行政抵制。如果到時有好的政策而出現行政抵制，區議會怎樣利用民間力量推動，這就到時再討論及處理了。

與其擔心北京政策 不如做好區事

第三，是連任。之前本欄提過，現在北京對港政策（及港府高層辦事作風），有「兩個凡是」：凡是民主派提出的，我們一定反對；凡是青年提出的，統統都是港獨。香港建制派貫徹執行「兩個凡是」，結果爆出了「反送中運動」，連帶後果是美帝國會通過《香港人權與民主法案》（最近美帝國內共和黨保守派，出現強大的政治需求，要求日後的國際貿易政策必須與宗教自由掛鈎），而且更令區議會選舉一敗塗地。近7年北京對港政策，愈走愈左，愈走愈窄，所以只要北京繼續「兩個凡是」，而且在今次區選崩盤後，推行得更徹底的話，4年後只要還有區議會選舉，民主派陣營仍然會有優勢。

民主派經常用2003年的區議會選舉大勝，4年後輸掉區選作為例子，希望本屆區議會議員不要再犯下選完失蹤的毛病。老實說，泛民在2007年區選之敗，除了區政失敗之外，董建華腳痛下台、23條立法暫停、北京對港手法轉得較為溫和，既令社會回復平靜，也導致民主派2007年區選崩盤。所以，4年之後的區議會選情，仍然一定程度上繫於北京對港政策會否走向緩和。由於我們無法理性地了解北京對港政策的方向，與其擔心北京對港政策會否更強硬或軟化，不如做好揭弊及興革，做好區事，為4年後連任作準備。

作者是時事評論員

https://news.mingpao.com/ins/%e6%96%87%e6%91%98/article/20191128/s00022/1574863888188/%e6%8f%ad%e5%bc%8a-%e8%88%88%e9%9d%a9-%e9%80%a3%e4%bb%bb%ef%bc%88%e6%96%87-%e7%8e%8b%e6%85%a7%e9%ba%9f%ef%bc%89

能量管的新应用－经络能量的检测与调理

2016年02月

郎果伟

能量管的使用对琉璃光的读者应不陌生，它可用来检测各种生活物品的能量是正还是负，从而建立一道保护我们身体健康的防线。除此之外，能量管还可应用在臟腑、经络能量状况的检测，并进一步利用高能量工具来调理臟腑经络的气能使其趋近平衡，从而改善因气能失衡所形成的症状。

中医如何看待气能

中医是非常全面的医疗科学，它将属於物质的五臟六腑和属於能量的经络结合起来看待，而不是两不相干的分别对待。常用的针灸治疗，就是透过在经络穴位上调整气能，让气血循环恢復正常，以疗癒存在於臟腑内的问题。绝大多数的病乃是因气血循环不良而造成，其状况不外乎两种：虚弱不足，或堵塞不通。从气能的角度来看，虚弱就是能量低於身体总能量的平均值，堵塞则是高於平均值，正常的状况则是不高也不低、接近平均值。这种能量状况可用经络量测仪器（被称為经络仪、脉诊仪、良导络等）检测出来，如将左右各十二个经络、总共二十四个量测数据画成图表，即如图一所示，经络能量失衡的状况可很清楚地看出来。

如何用能量管检测经络的气能

我们用能量管检测物质的能量时所显示的，不外乎是右（正）转、左（反）转、或来回摆动。用来检测身体的经络能量时，也是这三种状况，但含义则完全不同，右转是表示气虚，左转是堵塞（气实），来回摆动则是正常。譬如检测肝的经络，如果左转就表示肝经气实、有肝火，检测心包的经络，如果右转就表示心包经气虚、心血管可能有些状况。除了经络的检测，若是身体某个部位不适，如扭伤、疼痛、浮肿等，用能量管检测出的状况也不外乎就是虚弱或堵塞。不过在检测上虽然有这两种不同情况，做能量调理时所使用的方法则没有不同。

人体的十二经络，除了肾经，都起源于手指或脚趾的尖端，手上六条，脚上六条，左右成双，一共二十四条。若依照经络仪的检测方式，是取每条经络的「原穴」来量测，若不清楚该穴位何在，一个变通的方法就是将能量管置於手指、脚趾的前端，相隔半寸到一寸，即可感应出该手指的经络能量状况。图二显示手掌和脚掌的各自六条经络的起点，左右对称，其中肾经的起点是在脚掌前三分之一（脚趾不算）的中心点（涌泉穴）。左右两边的经络能量未必相同，故要分别量测，检测完之后做能量调理，也要左右分别进行。













图一













图二

两种高能量工具

在讲到做能量调理之前，需先介绍所使用的高能量工具。能量工具很多，基本上可分為天然宝石类（玛瑙、水晶等），几何形状类（能量花、金字塔等），图片类（对称图形、宗教图像等），和生物能量类（气功、手印等）。这里跟大家介绍的，是两种可以自己製作、能量强度高、使用便利的工具：Ｕ形铜管和能量尖锥。









图三









图四

Ｕ形铜管如图三所示，其作用有如Ｕ形通讯天线，这种形状对接收天地宇宙间能量的敏感度非常高。铜的传导性比较好，但其它材质的亦可。管越粗、越长，能量就越强，但也需要考虑使用方便和製作容易，一般以3／8英寸的铜管、长度一英尺左右為宜。双管的间距如做成四指宽，则用来调理背部脊椎两边膀胱经的腧穴最為合适（限於篇幅，原理以后另做解说），这种应用与原始点疗法的背部鬆筋功效有类似之处。处理其他部位时，则可将铜管的间距撑大或压小，视需要而定。这个工具会累积负能量，用久了功效会降低许多，所以要经常清除，因為是金属，用水浸泡或冲洗即可。

另一种工具是能量尖锥，容易自作，样品如图四所示。做法是用较厚的纸叠成尖锥形，里面装满颗粒状的喜马拉雅山矿盐（浅粉色）或其它高能量的颗粒石，底部盖住并封口，外面再画上「右旋」的螺旋纹（左旋是负能量，千万不要弄反）。这个工具的能量来自三个因素：尖锥形，右螺旋纹，和内部能量材料，做得越大，能量就越强。需要掌握的基本原理是：尖锥的角度越尖（但也要考虑製作容易），螺旋纹的线越粗和越密，颗粒材料的能量强度越高，能量就越强。使用时，以左手握著较适宜，尖的一端适合「点」（穴位）的调理，底端则适合「面」的调理。同样，累积的负能量需要清除，除了日光照射之外，也可放在地面、以接地气的方式将负能量排到土地里，或置於瓶罐裡，然后将瓶罐放在盛水的洗脸池里数分鐘，让负能量排出。

对於这两样工具，特别强调要清除累积的负能量，原因是笔者曾遇到几位常戴玉石或能量手环的朋友，因為不知需定期清除手环上累积的负能量，都已经变成负能量了竟还戴著，结果全身感到不适却不知道问题何在，能量工具的使用也是同样道理。

如何做能量调理

使用工具做能量调理，其方法与检测的方法相同，就是右手持能量管以观测状况，左手持工具对著需调理的地方（经络原穴，指／趾尖前端，或臟腑）。当能量管从转动（不论正或反）变成来回摆动，就表示调理完成。若是较严重的情况，隔个十来秒后又会开始转动，但幅度变小，有时会经过几个回合才完全不再转动。若是堵塞的实症，则开始会反转，然后变成来回摆动，但有时候会接著改為正转，并且会反转、正转来回好几趟。这些都是调理过程中的自然反应，知道了就不会奇怪。

做能量调理，若再配合「接地气」的方法，效果就可加倍！我们身体有病症，可以说是因為病气或负能量堆积在体内无法排出而造成，身体代谢功能不足是个很主要的原因。所以在做能量调理时，将体内负能量也同时排出，效果就会加强许多。一个最简单的方式就是让双脚触地，具体做法有几种：赤脚或穿棉袜站在室外草地上或室内瓷砖、地板上，脚放在用地线接地气的垫子上（earthing.com有卖），或站在放了水的浴缸里（室内水龙头和水管是通地的）。如何验证接地气有加强的效果呢？很简单，先不用接地气来做能量调理，然后再用接地气的方式做，如果能量管显示仍有负能量排出，就表示是接了地气的效果。

更上一层楼

以上介绍的是基本的能量检测与调理方法，对基本原理有所瞭解与掌握之后，就可因地制宜地做些变通，工具方面，类别很多，可根据同样原理做不同的搭配使用。若能进一步对经络穴位以及中医的基本知识有所瞭解（臟腑与经络的关联性、主要穴位的疗效、五行相生相剋的论述等），则可更深入地掌握理论基础，从而灵活地应用在能量调理上，不仅帮助自己，也可帮助家人与朋友改善健康、减少病痛。除此之外，还可节省社会医疗成本，减少丢弃药物所造成的环境污染。
https://www.lapislazulilight.com/articles/%E8%83%BD%E9%87%8F%E7%AE%A1%E7%9A%84%E6%96%B0%E5%BA%94%E7%94%A8%EF%BC%8D%E7%BB%8F%E7%BB%9C%E8%83%BD%E9%87%8F%E7%9A%84%E6%A3%80%E6%B5%8B%E4%B8%8E%E8%B0%83%E7%90%86/?lang=zh-hant

我家中的常備物

曾紫玉

常常有人問我家中有何寶貝，在接觸了雷博士與琉璃光雜誌後，我的家中多了一些東西成為我們的必備品，不僅改善我們的生活，也影響了週遭的朋友。每每在使用時，讓我不斷地感恩這些發明與推廣者，讓我們得以受益無窮。

以下就與您分享使用這些寶貝的經驗。

有效微生菌ＥＭ菌 （EM1或Effective Microorganism）

這是來自日本琉球一位園藝教授的發現，他收集了八十種對人體有益的菌種，想看看對種植有何影響，在他一一實驗了沒有明顯的差別後，遂一起倒在草皮上，這才意外發現：這些有益人體的菌種混合在一起竟然對植物的生長很有利。究其原因是因為它可以快速分解有毒的化學物質，倒在化糞池中也可以使它變得清清如水，這項產品後來甚至運用來淨化污染的河川。

雖然廠商只說可以供農藝用（稀釋一千倍後噴灑在走道上，不要直接噴在植物根部），經雷博士自己實驗後則建議可以多方面地使用此產品。例如：可以一茶匙的有效微生菌配一杯水喝下，有助分解體內的毒素；清洗有農藥的蔬果時加入一點有效微生菌，同樣可以去掉一些農藥；她也發現到有效微生菌能提升整體的能量，像是加入煮飯的水中，煮出來的飯能量提高很多；稀釋後用來擦拭桌子、地板，或是噴在空氣中也會提高家中的能量，兼具淨化空氣的功效；另外你也可以拿來泡澡（可以連頭一起泡，至少一至二湯匙的量），以清潔身體一天下來累積的污染。

我與外子（正常體質）第一次試喝時，兩個人很快都去跑廁所，後來我則不時加一點在飲用水中，順便排毒。我甚至聽朋友說他們直接且大量地（未稀釋、半碗的量）喝有效微生菌來排毒，效果也很好（這些人多是重病的患者）。有朋友用有效微生菌加葡萄糖蜜給小孩喝，說小孩很愛喝。用來內服的有效微生菌，要特別注意其有效期限，或是有無發臭，確定品質良好才能拿來內服，因為現在整個大環境的污染很重，要小心菌種並無產生變異。

你也可以自己養微生菌，將三瓶蓋的有效微生菌倒進不見光的瓶子中，加入等量糖蜜，再以一千㏄的水稀釋後，放在室溫下靜置三天即可，這個自己培養的微生菌可用來噴灑於環境中，或是噴在廚餘或堆肥上（既不會發臭，又可加速分解）。但是自己培養的菌種不建議用來再次培養新菌種，且不適合內服。

一位朋友的小小孩洗澡時會喝水，我跟她講在水中加一點有效微生菌，睜一隻眼閉一隻眼算了（註：我們都不給小小孩洗肥皂），她意外地發現小孩的痱子因此不藥而癒。她也將稀釋了一千倍的有效微生菌放在馬桶旁，如廁完（小號）就倒一瓶蓋的量進馬桶裡，這樣就是不沖水也不會有臭味（這個用量超級省）。也許你會覺得大費周章，但是，如果你知道馬桶用水佔一年家中總用水量的四分之一，你就可以明瞭環保人士在這上面的用心。

我的另一個經驗是，朋友家的草皮被蟲咬壞根部，開始一塊塊地黃掉，但是害怕請蟲害控制公司來噴了殺蟲劑後，就不好讓小孩在自家草皮上玩耍，問我有何建議。我想植物會招蟲，根源於土壤養分不均衡的關係，也許增加土壤的沃度會改善草皮的狀況，遂給了她石頭粉等有機肥混合物，並建議她加灑有效微生菌，結果她只灑了稀釋的有效微生菌兩次（隔週一次），其他什麼事也沒做，枯黃的草皮就開始又變得綠油油了。這個成本不僅要比請蟲害控制公司的成本低得多，也兼顧了環保的概念。

一位游老先生患有癌症，兩條腿都潰爛、發膿，久久不得癒合，後來他兒子一有空就將有效微生菌當雙氧水或碘酒用來清洗傷口，然後將友善細菌（小腸與保加利亞菌）調得稠稠的，外敷在傷口，等乾硬結塊後，再泡有效微生菌將友善細菌洗掉。這麼反覆作的結果，兩條腿的潰爛全好了。

既然有效微生菌可以用來整治河川，如果家家戶戶都用，不僅利益自身，也經過排水溝流進大自然中，不就等於是在幫助整個地球的康復嗎？所以，每每別人問我知不知道什麼好東西，我第一個會建議的，就是買一瓶有效微生菌來用吧。

調氣管

這是以銅做的特殊管子，很多人稱它做能量管，僅用它來測試能量，卻不知它有調氣的功能。

以調氣管來測試食物和人的能量（dowsing）非常好用，因為銅對於細微的能量十分敏感，比較容易帶動，加上比一般的金屬鍊沉重，在數圈數時較不費力。我除了用它來測試食物的好壞、相合相剋，也用它來測試人、環境的能量（風水）或是問問題，但是這些都需要自我反覆的練習（請參考雷久南博士著的《回歸身的喜悅》一書）。

像是最近在實驗雷博士告訴我的防微波與防電磁波的數字組合（這是來自日本一位名叫棟方興起的發現*），只消用綠色的筆將數字組合（防微波：#95＊59#，防電磁波：#535000＊5＊#）寫在紙上，貼於手機或家電用品上就可以改善微波、電磁波的干擾。發現者也建議：可以每天直接在電腦、電話或傳真機鍵入防電磁場的數字組合一次，來改善波動的能量；手機則撥防微波的數字組合一天至少三次。我也學雷博士將寫了數字組合的紙貼放在窗上或口袋中，家中和自己的能量真的馬上有了改變，你也不妨試一試。

關於調氣方面，還記得在研習營時雷博士教我們如何使用調氣管調氣，提到她在印度為人調氣時，因為久病忽地見效，遂有人出高價要買她的調氣管。其實調氣的過程很簡單，只需要在有病痛的部位上方，手持調氣管讓它自己轉，如果是順時針轉，表示氣虛，並帶進好的氣；如果是逆時針轉，表示有不好的氣，並把它帶出，它會左右一直換著轉，你可以在它不怎麼轉的時候收手，有空的時候再行調氣，至於調多少次則視自己的情況而定。有些部位不容易手持調氣管於其上方，你可以請他人為你調氣，也可以自己一手按住需調氣的部位接氣，一手持調氣管讓它自己轉即可，這是另一個層次的調氣。甚至你也可以利用人的圖形，自我暗示這個人是我，然後在圖形上為自己調氣，不過這是非常高層次的調氣了。

在調氣的過程中，可以觀想不好的氣送到土壤中作堆肥。有朋友說沒有太專注地作觀想，有時這些氣會留在環境中，一個淨化氣場的方法是：用一只鋼杯裝瀉鹽或海鹽半磅，倒入純度60-80％的酒精約300cc，點火燃燒後在室內走一圈即可。你會發現經過氣愈不好的地方，火燒得愈旺。

小孩偶爾身體不舒服，我會幫她調調氣，幫助她康復得快一些。但還是最常用在朋友身上。有一位朋友患胃潰瘍，我正好帶有調氣管，就順便幫她調調氣，她雖然沒有明顯的感覺，自己試用圈也轉不太動，但是還是半信半疑地借回去自己調看看，結果一天她自己躺著調胃部的氣，結果調氣管轉得大到一直打到自己的手肘，她這才相信調氣管會動不是因為自己的手在抖動。

一位朋友的左耳有耳鳴現象，像是聽到自己的心跳聲，多番尋診醫生都說沒有問題，是她自己心理作用，我聽她講感覺是氣不通，就建議幫她調氣，結果在調氣時，她可以很明顯地感覺到有一股熱流衝出。一般對氣敏感的人在調氣時會有熱熱、麻麻，或是氣在流動的感受，但是大部分的人不一定會有感覺。

一次我將調氣管借給我的太極拳師父把玩，他對氣非常敏感，他玩了兩天告訴我，光是將調氣管握在手上便有調氣的功能。他以前曾摔到背部，那裡的氣始終不太通暢，但是他趁睡覺時將調氣管握在手心，便一直替他調氣。

有一回，一位柯媽媽的胃病忽然發作，心中很著急，在我幫她調完氣後她覺得舒服多了，也問我借調氣管自己調，但過了兩天就要還我，因為她自己拿著調氣管不會動。我正好想到師父的話，就告訴她睡覺時手握著調氣管也會幫忙調氣，要她試看看。結果出乎意料的是，她後來很高興地告訴我，以往她總是頻尿，每每睡不到三小時就得起床上廁所，之後就不容易睡著，起床後腹部是硬梆梆的；但自從與調氣管一起睡之後（柯媽媽很天才地將調氣管直接夾在內衣中間，等於一直放在胃的上方），她總可以很充分地睡上整整五小時，而且起床後腹部軟綿綿地，很舒服。

有一回她隔了一陣子沒與調氣管共枕，頻尿的狀況再度回來，她再次使用時，竟然在睡飽起身如廁時，感覺不良於行，於是再回頭躺下，又很天才地把調氣管換到屁股後側，經過二十分鐘下床，就又行走自如了（我自己猜想是她的氣堵在腿股間的關係）。大半年後，我再次拜訪柯媽媽，她告訴我對她來說調氣管一直都是這樣有用。她女兒說，調氣管可是柯媽媽的寶貝之一了。

還有一位朋友與我分享，他說如果在剛撞到或剛被燙傷時就進行調氣，皮膚比較不會黑青或是起水泡。

一般生病我們總是從肉體上下手，照魯道夫．史坦勒的說法，人有四個體，自我意識體掌管星芒體（情緒體），星芒體管氣體，氣體管肉體，既然如此，我們身體有病直接從氣體下手不是更快、更直接嗎？這也是為何調氣管用的原因。然而如果是因情緒創傷所引發的病痛，沒有轉變心念，單是作調氣，也只能疏解一時的病痛。

我所實驗用的調氣管是以銅絲纏繞銅管的原始型調氣管，它的設計可以讓調氣更快速。但是，事實上在你有急用時，隨手可得的東西，就是一根繩子也可以用來調氣，只是金屬導氣導得快一些。至於個人調氣的狀況，就憑您自己去體驗一下！

＊參考資料：棟方興起，免費有效神奇的波動健康法，安立出版社（育民叢書），2002年5月。

日本白炭（備長炭）

日本白炭是木頭經過攝氏一千度的高溫，立刻取出窯外塗上灰與土所煉成的「消粉」立刻冷卻製成。硬度像金屬、耐用，由於它具有無數的洞穴可吸取污染物質、會釋放遠紅外線、產生負離子、可增長友善微生物，且具有防電磁波的作用，可以用來清潔空氣、水源、煮飯菜，改善血液循環與睡眠，兼具暖身、驅寒、補陽的作用，是很好的保健養身用品。

我自己最常用它來淨化我的飲用水和泡澡。一天有人問我如何照顧家中的飲用水，首先我在水龍頭上加裝了濾水器，將過濾水接在透明的塑膠桶中，用雷伯伯所發明的水晶能量片提高水的能量（我自己實驗，一再重複使用水晶能量片，會讓水或食物的能量繼續上升，所以我會多用幾秒鐘，順便持咒迴向給發明、推廣者和水源），再將水倒進大水壺中，水壺中放了有日本白炭和麥飯石，一方面加強淨化水質，一方面釋出礦物質到水中，有時我也加進一丁點有效微生菌，順便增長水中的友善微生物。

其中，濾水器約一年更換一次，成本五十美元上下，一小袋麥飯石用了三年才變小一點點，水晶能量片和日本白炭則可以「永久」使用下去，這樣的成本非常低廉，但是我卻擁有超高的水源品質，讓我對家裡的用水感到很滿意。

日本白炭的用途很廣，坊間也有整本的專書介紹。有朋友的媽媽睡眠不好，就將白炭放在枕邊助眠；用白炭來泡澡（一到兩磅，先用濾水器去掉氯效果更明顯）的朋友都說，身體感覺特別輕爽、舒服；一位朋友腰痛，我建議她試用白炭泡澡，從此成為她的最愛，還買了不少送給親朋好友；曾有朋友將一小塊白炭試包在手機天線上，結果讓干擾的能量變成正轉。另外聽雷博士分享時也說，一次因為受到電磁波的干擾而引發咳嗽，後來憑靈感將白炭放在肚臍上，竟然有止咳效果。

我想，除了它不少的妙用外，最教人欣賞的是，這個白炭只需要每隔一兩個月用沸水煮十五分鐘，就可以永久更新使用（煮完後放在大太陽底下曬，能量會恢復得更好），這種產品既健康又環保。

有機葵花子油

用葵花子油漱口一直是我偏好的排毒妙方，因為大半的排毒方法多多少少會有些反應，但是用葵花子油漱口（起床後或每天固定時間含油在口中漱十五分鐘後吐掉），它會直接從口腔抽出體內的毒素，不會有一般排毒反應。而毒素排出的多少可以從吐出的油的顏色看出來，如果是白的，就表示身體累積的毒素很多，如果與油的顏色越相近，就表示身體比較乾淨。

兩次懷孕前，我和外子都有乖乖每天漱油口，直到吐出的油像油的顏色，所以我在懷孕期間都沒有害喜的現象，生出的孩子也很健康。另外我在生病多痰時也會利用葵花子油去痰，有的朋友告訴我漱不到五分鐘就得吐出來，因為口中已經都是痰了。

一位當老師的朋友每每一早起來就多痰，去到學校講話前就得清一清喉嚨才好講話。她試了葵花子油漱口後，去痰效果非常好，感覺特別清爽，從此成為她每早固定的功課。雷博士說只要是有機冷壓的油就可以用來漱口，所以用有機的油是因為能量比較高，排毒效果較好。其間我朋友曾有一小段時間買不到有機葵花子油，就用有機冷壓橄欖油替代，但據她說效果不太相同，感覺口腔很乾淨，但是去痰效果沒有葵花子油好。

一位在美國長大的年輕朋友看了雜誌介紹葵花子油漱口的方法，因為他的中文不太好，沒有真的看懂，回家後就直接用家中炒菜的一般蔬菜油「含在」口中十五分鐘後吐掉（沒有漱），但他告訴我很有效，因為他臉上的青春痘因此少了很多。

一位朋友的肺從小就不好，她說她漱油口一直到半年後才看見效果。前半年就只是吐出白白的油，半年後就開始有一塊塊ＱＱ的痰被抽出來，可見得漱油口需要長時間的耐心與毅力。我自己的經驗是，漱得越久，能排的毒就越多。如果我漱十五分鐘就吐出來，可能會像原本油的顏色，但是如果我繼續漱個半小時，吐出來的油就會呈白色。通常如果前一天在外頭打野食，第二天吐出來的油也會較白。

另外我也會用葵花子油泡油澡（方法請參見雷博士的《回歸身的喜悅》一書），特別是氣虛或是受涼的時候。因為泡油澡有暖身、驅寒的作用，對孕婦和胎兒來說也是很好的保健。

我家中的常備物好像多得說不完，像是泥煤苔、電磁平衡器、能量器、水晶能量片、友善細菌等等，但是所有這些個好東西都得要您自己去試用了才能感到切身的好處，相信已經有許多琉璃人有過深刻的體會，您用了也不妨也與我們分享一下你的美好體驗吧！

更正啟事：上一期(44期二月號)向電磁波、微波說不，內文中第36頁最後一行："以順時針方向搓轉線前以逆時針方向搓……"，更正為"以順時針方向搓轉線頭，同時把磁鐵移向你胸前，再作一次能量測試。再自胸前以逆時針方向搓……"

http://www.lapislazuli.org/tw/index.php?p=20030509.html&s=535000

Pavilion Bukit Jalil mall secures 1mil sq ft confirmed tenants

PROPERTY
Tuesday, 26 Nov 201912:15 PM MYT
By Eugene Mahalingam

Pavilion Bukit Jalil mall

KUALA LUMPUR: The Pavilion Bukit Jalil shopping mall, which will open in 2021, has secured one million sq ft of confirmed tenants and is on track to secure another 300,000 sq ft of confirmed tenants.

Pavilion Bukit Jalil retail planner Datuk Joyce Yap said the group is actively seeking new-to-market brands locally and from abroad.

“Despite current market conditions, there are still many regional brands interested to enter Malaysia because of our strong fundamentals and low business cost,” she said in her speech during a media event to announce the mall’s new tenants today.

With 1.8 million sq ft of retail space, Pavilion Bukit Jalil will be the crown jewel of the integrated Bukit Jalil City, comprising retail, residential, commercial and hospitality components.

Pavilion Bukit Jalil will be the largest shopping mall within a 10km radius.

Anchor tenants include Parkson, Dadi Cinema, Food Republic, The Food Merchant, Harvey Norman and Pavilion Bukit Jalil Ice Rink.

Based on reports, Bukit Jalil City, which has an estimated gross development value of RM4bil, is a collaboration between Malton and Pavilion KL. Launched in 2015, the 50-acre project will comprise three phases.

The first phase comprises 112 signature shop offices and have been fully sold since its launch in 2015. The second phase, also fully sold, consists of 1098 units of luxury serviced apartments and 44 units of retail shops.

The third phase comprises the two towers of The Park 2.

Read more at https://www.thestar.com.my/business/business-news/2019/11/26/pavilion-bukit-jalil-mall-secures-1mil-sq-ft-confirmed-tenants#GbbxVx5Ch7PDqLpA.99

AmInvest Research still sees tough times for Pos Malaysia

ANALYST REPORTS
Tuesday, 26 Nov 201912:30 PM MYT

KUALA LUMPUR: AmInvestment Research sees headwinds continuing to impact Pos Malaysia amid the competitive landscape while a potential tariff hike, if it happens, will only be a temporary relief.

It had on Tuesday maintained its Sell recommendation with a lower fair value of RM1.27 pegged to a price-to-book (PB) of 0.6 times.

“We now project wider net losses of RM67.9mil (9M), RM69.1mil and RM45.5mil in FY19 to FY21 vs our previous forecast of net losses of RM46.4mil (9M), RM28.4mil and net profit of RM3.1mil, ” it said.

AmInvest Research said Pos Malaysia disappointed in the six months from April to September (it recently changed its FY to December from March.

“Ee use periods in months in this report to avoid confusion) with a wider core net loss RM43.1mil, vs. our net loss forecast of RM46.4mil and consensus loss estimates of RM31.9mil for April to December 2019 (9M).

“We believe the variance against our forecast arose mainly from Pos’ continued inability to contain the escalating operating expenses, ” it said.

Pos’ April to September 2019 (6M) revenue declined 5% YoY as all segments reported declines in revenues except for its courier and international segments.

The courier segment’s revenue was flattish, mainly because of the rise in volume from contract customers partly offset by the lower walk-in customers’ volume. The international segment’s revenue rose partly due to a revision in pricing since April 2019.

For the postal services segment, revenue was down 11% YoY due to a continuous structural decline in traditional mail volume (14% YoY vs. our 15% forecasted), largely due to electronic substitution.

Its logistics segment saw lower revenue as a result of the completion of the Refinery and Petrochemical Integrated Development Project (RAPID) in Pengerang, offsetting the higher revenue in haulage and automotive logistics.

The aviation segment recorded lower tonnage of cargo during the period, while lower printing and insertion business was included under the “others” segment.

Operating losses tripled from a year ago, we believe, was mainly due to escalating operating cost, particularly staff costs and other operating expenses.

The widened operating losses from postal services of RM170.2mil (vs. RM110.6mil a year ago) and the international segment of RM28.4mil (vs. RM8.4mil a year ago), more than offset the improved performance from the courier segment (+5% YoY) and logistics (+348% YoY).

“The outlook for Pos remains bleak over the short to medium term as it continues to face headwinds in most of its segments. The postal segment will suffer from cost inefficiency as the mail volume is on the decline while operating costs keep rising. A potential tariff hike, if it happens, will only be a temporary relief.

“Meanwhile, the courier segment continues to face price and cost pressures which are eating into its margins, as the sector is weighed down by overcrowding of participants (116 courier licence holders as at November 2019) and there is no sign of consolidation happening soon, ” the research house said.

Read more at https://www.thestar.com.my/business/business-news/2019/11/26/aminvest-research-still-sees-tough-times-for-pos-malaysia#hzYLA4jeHTvAumle.99

Notion Vtec sees strong growth in FY20 after a difficult FY19

CORPORATE NEWS
Tuesday, 26 Nov 20198:44 PM MYT

KUALA LUMPUR: Notion VTEC Bhd
image: https://cdn.thestar.com.my/Themes/img/chart.png expects sales to rebound in the coming financial year ending Sept 30, 2020 (FY20) as it expands its electronic manufacturing services (EMS) business.

With better economies of scale, the company is projecting improved profit margins.

"We target sales revenue of RM320mil in FY20. We expect further growth in FY2021 with targeted sales of above RM400mil annual sales mainly from the fabrication business," it in a filing with Bursa Malaysia today.

These figures have not been audited and are internal management targets.

With better economies of scale, the company is targeting 7.5% to 9% profit after tax margin and 20% Ebitda margin.

The earnings recovery, it said, will be achieved on the back of the company's move into precision fabricated machined metal parts in the EMS sector.

"This is a strategic move, away from being a 100% machined parts manufacturer, which will help generate more sales per ringgit invested in capital expenditure," it said.

Notion Vtec, which manufactures components for camera, hard disk drive and automotives posted a net profit of RM12mil in the last quarter that helped kept the company in the black for the full year with a net profit of RM7.6mil.

Revenue declined 7% to RM65mil, while its full year turnover also fell 7% to RM238mil.

The lower revenue for the year, the company said was mainly attributable to lower contribution from HDD and camera segment due to the lower global volumes in these sectors.

Read more at https://www.thestar.com.my/business/business-news/2019/11/26/notion-vtec-sees-strong-growth-in-fy20-after-a-difficult-fy19#v3uCwLaUTTs5GyJp.99

Kenanga maintains 'Outperform' on Carlsberg, raises TP to RM30

ANALYST REPORTS

Wednesday, 27 Nov 20199:00 AM MYT

image: https://apicms.thestar.com.my/uploads/images/2019/11/27/406791.jpg
KUALA LUMPUR: Off the back of a better-than-expected earnings result, CARLSBERG BREWERY MALAYSIA BHD

image: https://cdn.thestar.com.my/Themes/img/chart.png could look forward to further growth at its non-Malaysian operations.

The brewer recently posted 9MFY19 earnings of RM222mil, which was 8.3% higher over the previous corresponding period due mainly to improved contributions from its Singapore operations and Sri Lanka associate.

According to Kenanga research, the result came to 75% of its full-year forecast, which was slightly above expectation as it expects a seasonally stronger final quarter.

"Post-results, we bumped our FY19E/FY20E earnings upwards by 5.1%/4.6% as we impute more generous growth for its Singapore operation and Sri Lanka associate," it said.

Kenanga maintained its outperform rating on the stock and raised its target price to RM30 from RM28.70 previously.

The research house said the improved sales momentum was owing to the group's premiumisation efforts on top of its stable growing core beer segment, with premium brands such as 1664 Blanc and Connor's registering steady growth.

However,it also noted that EBIT margin contracted 1.3 percentage points to 16.8%, possibly due to higher marketing spends.

"Here forth, we reiterate our upbeat outlook as we believe the group is well-positioned to tap onto the growing trend for premium beers, which should translate into greater market share and volume growth," it said.

In addition, the authorities' efforts to curb illicit beer has shrunk the illicit market from 30-35% to 25-30%, resulting in an improved operating environment

In Singapore however, the introduction of the EU Free Trade in 4QFY19 could exert some pressure on demand despite stable sales momentum and favourable forex, Kenanga noted.

Read more at https://www.thestar.com.my/business/business-news/2019/11/27/kenanga-maintains-039outperform039-on-carlsberg-raises-tp-to-rm30#9sG78ss8F2GUTqc8.99

Inari earnings momentum to grow as 5G adoption kicks in

ANALYST REPORTS
Wednesday, 27 Nov 20199:18 AM MYT

KUALA LUMPUR: INARI AMERTRON BHD
image: https://cdn.thestar.com.my/Themes/img/chart.png's should see growing earnings momentum as the adoption of 5G starts picking up speed, says Affin Hwang Capital research.

For the first quarter of its 2020 financial year, Inari recorded a core profit of RM46mil, which was 11% lower year-on-year. It accounted for 19% of Affin Hwang's and consensus full-year estimates.

However, the research house said the earnings were within expectations as they should improve in 2HFY20 with increased sales of 5G-related filters.

Ebitda margin was relatively stable at 23.9%. Lower contribution from the higher-margin sensor business might have negated margins, which was likely made up by the 1.7% y-o-y depreciation of the ringgit versus the US dollar.

"We maintain our BUY rating with a higher target price of RM2.14 based on a higher target PE multiple of 24x or +1SD above its 5-year mean (previously 20x) on CY20E EPS as we take into account the improved investor sentiment and appetite for the sector," Affin Hwang said.

Read more at https://www.thestar.com.my/business/business-news/2019/11/27/inari-earnings-momentum-to-grow-as-5g-adoption-kicks-in#lQWHyD5D6qDtC5CV.99

DPP: Transmile's Gan advanced own money to fake business transactions

Emir Zainul / theedgemarkets.com
November 26, 2019 19:45 pm +08



Transmile Group founder Gan Boon Aun (right) at the Kuala Lumpur Courts Complex today. (Photo by: Shahrin Yahya/The Edge)

KUALA LUMPUR (Nov 26): Transmile Group Bhd founder Gan Boon Aun had advanced at least RM35 million of his own money to 20 different dormant companies, only for the amounts to be transferred back to a Transmile subsidiary, to show the auditors that the company had business transactions, the Sessions Court heard today.

Deputy Public Prosecutor Mohd Hafiz Mohd Yusof had shown to the court Gan's bank statements and how the money was first transferred to a third party company called Primatasi Sdn Bhd before being distributed to the 20 companies, all of which had an issued capital of only RM2 each.

The amounts were then transferred back to Transmile Air Services Sdn Bhd to make it seem like there were business transactions between the companies, Mohd Hafiz said during his cross-examination of Gan.

The DPP also pointed out that one of the directors of Primatasi was Gan's cousin, Gan Beng Luan.

"I am suggesting to you that all these payments were done to show to the auditors that Transmile had genuine transactions with these fictitious companies," Hafiz told Gan.

"I disagree. Without the payment vouchers, [and] without charter contract agreement, I cannot verify [these transactions]," Gan replied.

Hafiz then said: "I am suggesting to you, that you have in fact made some advances made to the company to sort out the accounts of the company."

But Gan again disagreed.

Gan, who is also the former chief executive officer of Transmile, had on Nov 6 pleaded guilty to the alternative charge of being the director of Transmile when the company, with intent to deceive, furnished a misleading statement to Bursa Malaysia in 2006.

However, he denied certain facts of the case presented by the prosecution. He claimed that he did not have any knowledge of the accounting issues, ie untrue statements and irregular transactions, prior to Transmile reporting its quarterly results to Bursa.

As a result, the court rejected Gan's guilty plea on the grounds that the plea was made with certain repudiations of the facts of the case.

Sessions Court judge Hasbullah Adam fixed further hearing of the case to take place on Jan 10.

The Trasmile accounting scandal took place more than a decade ago.

In April 2007, Transmile's external auditor Deloitte found something amiss in the company's accounts and refused to sign off the financial year 2006 (FY06) accounts due to a lack of supporting documents for certain transactions.

The auditor found itself unable to obtain relevant supporting documentation from the management for certain transactions linked to trade receivables and related sales. Deloitte was also unsatisfied with the validity of transactions done in relation to property, plant and equipment.

Subsequently, Transmile's revenue was found overstated by more than half a billion ringgit for FY05 and FY06. An investigation was launched and a special audit conducted.

The Top 5 Free Online Courses for Digital Marketers

Which digital marketing course should you take to boost your marketing skills, absolutely free of charge?

By Larry KimCEO of MobileMonkey@larrykim



GETTY IMAGES

Digital marketing skills are critical not only to those actually working in the field but also to entrepreneurs. Even if you're past your very early startup days and have a marketing team, the most successful founders have a working knowledge of each aspect of the business and can provide knowledgeable oversight of digital marketing campaigns.

Check out these five top free online courses to build your digital marketing skills:

1. Google Online Marketing Challenge

Over the past 8 years, more than 100,000 people from over 100 countries have participated in Google's Online Marketing Challenge. It's an online course with modules covering introductory digital marketing, search engine marketing, search advertising, display advertising, mobile, social, analytics, and video, making it one of the more comprehensive courses for beginners. However, it's also unique in that Google gives learners a $250 AdWords budget to use over a three-week period, to run an online advertising campaign for a business or not-for-profit. The most successful learners can even win prizes from Google.

If you're looking for a free online digital marketing course with a competitive angle and a real-world experience element, this is a great option.

2. WordStream's PPC University

PPC University is a totally free online learning resource created by my own company, WordStream, to help build your PPC and digital marketing skills. We have access to thousands of accounts spending billions of dollars on PPC advertising, and over the years consistently found that small to medium-size businesses struggled to manage their accounts in a way that was cost effective and earned them the best results. Three streams offer lessons for beginning to advanced users, with additional modules for social advertising.

You can also access a number of webinars and white papers to enhance your digital marketing education, and best of all, everything's mobile-friendly so you can learn on the go, whenever you have time!

3. Social Media Quickstarter Digital Marketing Course

Constant Contact's Social Media Quickstarter emphasizes opportunities to integrate email with social media marketing, to maximize the impact of both channels. In a series of step-by-step lessons, learners can study digital marketing tactics for Facebook, Twitter, LinkedIn, Pinterest, Instagram, Google+, YouTube, blogging, and online listings and reviews sites. The way the courses are structured makes them perfect for beginner-level marketers, with components such as glossaries and how-to guides, combined with practical examples of the lessons at hand in action.

4. Inbound Digital Marketing Course Plus Official Certification

HubSpot Academy offers an incredibly comprehensive digital marketing course that currently has more than 3,000 students participating at Udemy. Over 4.5 hours of instruction in 38 lectures are included in the low, low course price of completely free.

Participants will learn the basics of inbound marketing, SEO, landing pages, blogging, conversion optimization, lead nurturing, and email marketing, as well as how they all work together for a cohesive and more effective inbound marketing strategy. After the certification exam, graduates receive a badge for their résumé or LinkedIn profile to show they've expanded their marketing skills with HubSpot Academy.

5. Alison Free Diploma in E-Business

Alison is a massive online learning community of more than six million registered users, with standards-based and certified courses offered absolutely free of charge. Developed by free online courses pioneer Mike Feerick, Alison was founded in 2007 and was the first MOOC (massive online open course) provider.

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Panasonic Manufacturing Malaysia - Middle East Sales Bottoming Out?

2QFY20 core PAT of RM31.7m (QoQ: +13.4%, YoY: -4.3%) brought 1H20 figure to RM59.8m (-14.2% YoY), which was in line with ours but below consensus expectations, accounting for 54.5% and 48.0% of forecasts, respectively. We deem this in line, as 2H typically makes up 45% of full year earnings due to seasonality. We keep forecasts unchanged. We maintain our SELL call and TP of RM30.70 based on an unchanged 17x PE of FY20 EPS of 180.6 sen. Although we are positive on PMM’s planned capacity expansion and net cash position of RM9.03/share as of end-Sep, tepid sales remains a concern for the group.

In line. 2QFY20 core PAT of RM31.7m (QoQ: +13.4%, YoY: -4.3%) brought 1H20 figure to RM59.8m (-14.2% YoY), which was in line with ours but below consensus expectations, accounting for 54.5% and 48.0% of forecasts, respectively. We deem this in line, as 2H typically makes up 45% of full year earnings due to seasonality.

Dividend. DPS of 15 sen was declared, going ex on 20/12/19 (2QFY19: 15 sen). (1H20: 15 sen, 1H19: 15 sen).

QoQ: Weaker domestic sales (due to occurrence of Hari Raya in 1Q20) was partially mitigated by slight growth in export sales to the Middle East, Thailand and Vietnam, resulting in top line declining slightly (-1.0%). Despite this, favourable sales mix (Panasonic sell high-margin home appliances to the Middle East) resulted in core pat rising 13.4%.

YoY: Sales decline of 6.5% was mainly due to high base effect due to tax holiday in 2Q19. Despite lower commodity costs and efforts to reduce fixed costs, core PAT declined 4.3% in tandem with lower top line.

YTD. Sales decline of 5.6% was mainly attributed to weaker home appliance sales to the Middle East in 1Q20. Despite this, cheaper raw materials have resulted in better home appliances contribution (+7.9%). However, decline in fans sales and losses from associate company of RM2.1m (vs RM2.3m profit at the overall EBIT level) resulted in core PAT decline of 14.2%.

Prospects: Operationally, PMM has announced the expansion of a new wing, expected to increase production capacity by 18%. PMM intends to use the space to reduce their reliance on external part makers by increasing their capacity of making appliance parts in house.

Forecast. Unchanged as results were within expectation.

Maintain SELL, TP: RM30.70. We maintain our SELL call and TP of RM30.70 based on an unchanged 17x PE of FY20 EPS of 180.6 sen. Although we are positive on PMM’s planned capacity expansion and net cash position of RM9.03/share as of end Sep, tepid sales remains a concern for the group.


Source: Hong Leong Investment Bank Research - 26 Nov 2019

用包装打造爆品!/拿督刘明

我每次到中国或台湾，那里的朋友一定会以包装精美的中国茶叶当伴手礼送我，而我从来就不去注意这茶叶的品牌是什么，因为包装虽然美轮美奂，但几乎都千篇一律！

更何况我们喝茶，从来就不理什么品牌，只认茶的种类如铁观音、大红袍、普洱等等。

中国人是喝茶的鼻祖，但千百年来茶这行业一直都是品类多品牌少，没有一个家喻户晓的代表性茶品牌。不像英式红茶，至少有一些叫得出名字的品牌如立顿、Boh tea等等。

2018年，中国茶叶国内消费总额达到2661亿人民币（1569.99亿令吉），但行业内营收超过1亿人民币（5900万令吉）以上的企业，不超过20家。

很多悠久历史的传统老字号制茶企业，也因为行业的局限性难以形成规模。整体而言，中国茶品类和场地品牌还真不少，却严重缺乏具代表性的茶品牌。

小罐茶跳脱传统

2014年就有人看到了这个商机，把中国茶当一个品牌来经营。这人来头不小，他曾经先后打造如背背佳、8848钛金手机，销售额都在10亿人民币（5.9亿令吉）以上。他叫杜国楹，如今财富累积已超过10亿人民币。

杜国楹的想法其实很简单，就是把茶叶从农产品升级为快消品（我们俗称的fmcg），让喝茶变得简单，就像我们喝星巴克咖啡一样。

当然我相信在他之前已经有很多人在做着同样的事情，只是时间、方法不对，让理想不疾而终！

他“用创新理念，以极具创造性的手法整合中国茶行业优势资源，联合六大茶类的八位制茶大师，坚持原产地原料，坚持大师工艺，大师监制，独创小罐保鲜技术，共同打造大师级的中国茶！”

这品牌就叫“小罐茶”，它脱离了一般茶叶的传统锡纸的小包装，而改用类似我们平时喝咖啡的咖啡胶囊，只是他把塑料胶囊改为吕罐，比我们熟悉的咖啡胶囊更高级抢眼！

他的“一罐一泡”让出差或旅行，还是朋友们相约见面，随时都可以泡个好茶，非常方便。

这种非常“潮”的喝茶体验，让越来越多的消费者埋单，因为小罐茶提升了喝茶的层次。

5星级购买体验

同时，杜国楹把卖茶的门店叫茶库，标杆红酒的酒库。

茶库展示产品的方式也像展示雪茄或红酒一样，让买茶的顾客享受5星级的购买体验，理所当然也让产品价格和销售倍增！

茶库有类似品尝红酒的吧台，在那里品尝一杯我们从小非常熟悉的茶饮料，就恍如品尝一杯香浓的红酒一般浪漫！

小罐茶价格当然不便宜，我算了一下，入门配套一盒有10罐要价480人民币（283.2令吉）。一罐重4克够冲一泡，也就是48人民币（28.32令吉）一杯！

小罐茶就这样攻入那些想喝好茶的消费者心智，并制造了年收入超过20亿人民币（11.8亿令吉）的大企业！

品类爆品专家胡隽老师非常推崇小罐茶的商业模式，我们让他点评小罐茶有那些值得我们学习的地方。

胡隽老师点评：3点值得学习

小罐茶最值得学习的地方主要有3点：

借鉴1：识别增长动力

传统增长认为，产品需求是推动增长的关键，所以为了增长，会推出更多新品推动增长，但这是错的。

随着选择暴增，顾客常常不知道选哪个，重点来了：真正的增长动力来自降低顾客决策成本，简化选择就是降低决策成本的重要方式之一（注：更多降低决策成本方式会在后续点评分享）。

对于茶叶产品来说，顾客面对各种复杂难懂的茶种，不知道选哪个茶好，小罐茶用一个小罐子，让人记得住，简单直观的选到好茶。

用简化选择推动增长，不只在小罐茶，从苹果的ipod、ipad到Costco的精选超市、都没有推出更多产品，而是简化选择实现良好增长。

借鉴2：包装开创新品类

不少老板说的品类是行业品类，却不是顾客能接受的心智品类，比如家电是行业品类，但没有人会说：去买家电！但会说：去买空调！这就是顾客的心智品类，因此，我们要从顾客心智角度来开创新品类。

包装是创新品类的重要方式之一。小罐茶用小罐开创高档商务茶新品类、燕之屋用碗装开创即食燕窝新品类、遇见小面用红碗开创重庆小面新品类。

各行业都有用包装开创新品类的战略机遇，但如果违背顾客心智，花大钱去创新设计，比如HTC不做手机后，转型推出VR眼镜，结果销售不理想甚至亏损出局。

借鉴3：找到场景落地

在开创新品类后，找到符合品类的应用场景是深入人心、做大品类的重要运营之一。

比如小罐茶作为高端商务茶找到接待贵客这个重要场景，提出“贵客到，小罐茶”的消费主张，让顾客在接待贵客时，会快速激发购买需求，首选小罐茶，从而提高这个品类的消费频次。

而我们看到不少品牌，忽视给自身品类寻找应用场景来扩大消费，反而延伸产品线，比如上个星期本栏提及的“凡客诚品”，不去深挖衬衫的应用场景，却胡乱延伸产品线，从家居到化妆品都做，白白错失了持续增长大好局面。

http://www.enanyang.my/news/20191122/用包装打造爆品拿督刘明/

MBM Resources Berhad - Dividend Yield Looks Pretty Interesting

Review

MBM Resources Bhd (MBM)’s 9MFY19 results came in above expectations. Excluding the disposal gain and other non-core items, 9MFY19 core net profit increased by 25.9% YoY to RM151.7mn. The commendable result was mainly attributable to better performance of the Motor Trading and Auto Parts Manufacturing division, as well as higher contributions from the associates.

Motor Trading Division – 9MFY19 revenue increased by 14.7% YoY to RM1.4bn, underpinned by strong demands for Perodua, Daihatsu and Hino trucks. PBT stood at RM196.1mn compared to RM130.9mn recorded last year.

Auto Parts Division – 9MFY19 revenue increased by 8.3% YoY to RM149.7mn due to better product mix and higher production demand. PBT increased by 41.3% to RM28.8mn compared to RM20.4mn recorded last year.

No dividend was declared for the quarter under review.

Impact

We revise upward our earnings forecasts for FY19-FY21 by 1.2% - 7.1% to factor in higher associate contributions, lower finance cost and higher earnings contribution from the motor trading division.
Outlook

MBM will continue to enjoy earnings growth from the new 3rd Gen Perodua Myvi and Aruz in FY19. We believe Perodua is progressing well to achieve its 2019 target of 235k units (+4.1% YoY). Meanwhile, the new dividend policy of minimum 60% payout of its net profit was viewed as icing on the cake

Valuation

We raise MBM’s TP to RM4.55 (previously RM4.45 based on 5-year average rolling PER of 9x). MBM is doing well fundamentally, and a recent pullback is a buying opportunity, in our view. We believe that the stock still has some potential upside and growth story. Maintain BUY.

Source: TA Research - 22 Nov 2019

Kossan Rubber Industries Berhad - 4Q19 Earnings will be Stronger

Review

• Kossan’s 9MFY19 net profit of RM163.8mn (+15.3%) came in below our and consensus full-year earnings estimates at 66.9% and 68.7% respectively. We attribute the miss to the temporary labour shortage in 3Q19 which resulted in the new Plant 18 and other plants not able to run at the intended capacity.
• 
  
• QoQ, PBT and revenue declined by 10.3% to RM62.8mn and 3.5% to RM531.3mn respectively. The weaker performance was due to: i) increase in natural gas cost of 5.4%, ii) temporary labour shortage and iii) lower volumes of circa-2%.
• 
  
• 9MFY19, PBT increased by 16.8% to RM207.8mn, ahead of revenue growth of 5.7% to RM1.6bn. This was driven by the glove division which achieved higher sales volumes of 9.2% and higher operating efficiency. As such, PBT margin improved by 1.2p.p to 12.6% despite the tough operating environment where peers like Hartalega and Top Glove recorded margin contraction.

Impact

We adjust our FY19/FY20/FY21 earnings estimates lower by 7.7%/4.5%/2.7% after lowering our sales volume assumptions by circa-5% to account for the slight delay in the full commissioning of Plant 18 and Plant 19.

Outlook

• We understand that the temporary labour shortage in 3Q19 has been resolved. As such, Plant 18 (2.5bn gloves/annum) have fully commissioned in Nov-19. Thereafter, Plant 19 (3.0bn gloves/annum) will now begin commissioning in Jan-20 (previously 4Q19). The additional capacity from Plant 19 will increased Kossan’s annual capacity by 10.3% to 32.0bn gloves in 2020.
• Moving into 4Q19, management guided that they are able to pass on the increase in natural gas cost which will result in margin improvement with stable ASP. We expect 4Q19 earnings to come in the range of RM58mn- 62mn (which is an increase of 17.9%-26.0% QoQ) as Plant 18 is expected to deliver its maiden contribution. For 2020, we remain confident the group will be able to deliver a double-digit earnings growth of 16.1%.

Valuation

Upon the earnings revision, we trim Kossan’s target price to RM4.93/share (RM5.16/share previously), based on an unchanged PE multiple of 24.0x CY20 EPS. The stock is currently trading at an unwarranted discount of 27.1% to Top Glove, given its better earnings growth, margins and balance sheet. Maintain Buy.

Source: TA Research - 22 Nov 2019

周顯：大股東上流社會當紅 成股價穩定支柱

文章日期：2019年11月22日

【明報專訊】偉祿集團（1196）是一隻實力股，業務分為六大板塊：地產發展、金融、汽車零件、商業印刷、環保回收、簽條等……不過今日主題並非這些，而是它的主席林曉輝。

林曉輝既是長袖善舞的商人，是「2018年中國最富1000人」，另一個身分則是社會賢達，早在2006年已是政協委員，2007年申請香港居民，2014年定居香港，馬上捐款1000萬元給香港大學，成立了「林曉輝基金教授席」，支持兒科心臟病醫生進行科研。

2個月前，他當選為香港的士司機從業員總會理事會會長，和的總愛心基金會榮譽主席，正式打進了香港的上流社會，後者的前任主席是全國政協常委吳良好，祥祺集團的陳紅天是其榮譽主席，算是粒粒天王巨星。

為甚麼我會留心林曉輝？皆因炒股票的盡職審查工作之一，就是研究大股東的背景，大股東在上流社會當紅，關係良好，自然是優勢，也是股價穩定的支柱。事實上，這股票在近幾年，不管市况是牛是熊，股價總是在4元多和5元多之間浮動，炒波幅者應該每年都可有幾成的收入，由於現時股價進入了「低價區」，這又構成了新一個買入訊號了，我因而動手動腳找資料，寫成此文。

[周顯 投資二三事]

https://www.mpfinance.com/fin/columnist2.php?col=1463481127012&node=1574362042533&issue=20191122

湯文亮：《人權法案》通過 贏咗都唔敢慶祝

文章日期：2019年11月22日

【明報專訊】早一日美國參眾兩院差不多一致通過《香港人權與民主法案》（下簡稱《人權法案》），我以為香港有很多人因為通過這條法案而大肆慶祝，原來我又估錯，根本無人慶祝，就算有份去美國推動通過這條法案的人都沒有慶祝，報紙話贏家希望低調處理。

從今次參眾兩院以400多票、只欠1票就全數通過這條法案來看，美國早已有心通過這條法案。老實說，香港的老牌反對派亦知道美國人心意，大家都唔敢身先士卒，咁啱有幾個勇武後輩請纓，於是由他們揹了這隻鑊，最奇怪的是幾位後輩亦沒有大肆慶祝，他們最終亦知道中了美國圈套，薑始終是老的辣，如果是有着數，又點會輪到幾位後輩做推手？

中美港齊攬炒 冀港變中國二線城市

不少評論員話這是一個中美香港三方面的「攬炒」法案，我絕對同意，而且最傷的將會是香港，甚至是過去積極推動這個法案的反對派人士，因為《人權法案》除了可以沒收違反這個法案的香港人在美國的資產，包括美國基金及股票，美國還可以取消對香港在金融的特殊待遇，最終可能變成中國境內的一個二線城市。換句話說，即是一國一制，反對派反而會是最大受害者，尤其是當中的法律界人士，他們絕對知道這個道理，應該是擔心而非慶祝，更加不會大肆慶祝。

不少人問我如何面對這條法案，我話鬼叫你窮，頂硬上。本來，如果沒有香港人去美國推動這條法案，美國亦不好意思自己表態，所以，當幾位社運後輩去美國要求推動這條法案時，眾議院議長佩洛西如獲至寶，如今來看，我們是自己捉蟲，不能夠怪別人。

至於一般香港人是否接納這法案，大家不妨睇下今次區議會選舉，有沒有候選人話成功爭取到美國推出《香港人權與民主法案》，我可以寫包單，一定沒有，就算問他們都不敢承認。總之，這條影響中美及香港的攬炒法案，絕對不是香港可以解決，最終都是由中美兩位大佬話事，香港只不過好似春秋時代的衛國而已。還有一件事，假如，只是假如，美國總統特朗普以「口袋否決」這條法案，香港人包括向美國要求通過這條法案的人必定會大事慶祝，大家會不會覺得很奇怪？

紀惠集團行政總裁
[湯文亮 敢說反話]

https://www.mpfinance.com/fin/columnist2.php?col=1463481149913&node=1574362042814&issue=20191122

譚新強：半導體既是投資亮點 亦是中美關係最關鍵一環

文章日期：2019年11月22日

【明報專訊】3年前我曾寫了多篇關於半導體的文章，提出了不少當時尚算頗新鮮和具爭議性的觀點，亦因此帶來頗大迴響。到了今天，雖不可說我的觀察和預測全中，但大部分都確兌現了，更幾乎成為了中國高科技發展藍圖。

核心觀點是世界正從以石油為中心的年代（Age of Oil），逐漸轉移到以AI+5G為中心的數據年代（Age of Data）。這個改變當然極具顛覆性，對全球經濟以至地緣政治都有非常巨大和深遠的影響。石油生產的中心點是中東，加上因頁岩油/氣革命而再次冒起的美國，在新的數據年代，中東的地緣政治重要性可能將有所降低，起而代之的可能將是生產全球大部分晶片的東北亞，包括韓國、台灣和日本，當然美國亦擁有不少核心半導體技術和知識產權。這轉變既可是推動經濟發展的好事，但當然亦可是帶來更多地緣政治紛爭的壞事。

3年前我大膽提出了有關高科技發展的4個不等號，假如我是對的，不單止對投資決定有重要性，對中國發展方向，以至中美關係，都有巨大影響。現在正是好時機來重溫一次，印證我的預測是否正確。

1） 硬件>軟件。3年前大膽提出這個不等號，簡直有點大逆不道。在之前的10年，誰不知道是軟件的天下，美國出現了FAAM/NG等科技龍頭，中國則產生了BAT，到了今天，當然更出現了字節跳動（抖音），拼多多和美團（3690）等厲害公司。

我的觀點是前瞻性的，原因是如要推動AI+5G革命，首先需要很多新種類的晶片和硬件，數量上亦需要大大提升。例如到了今天，很多人都知道5G需要比4G多6至10倍的蜂窩和基站數量，當然對各種晶片、線路板和天線等零件，也必有相應的需求增長。物聯網（IoT）發展亦將需要大量不同種類的感應器（Sensors）。

新的硬件基建完成後，當然會有很多不同的應用發展出來，但就未必是4G年代消費者主導的應用如遊戲和電商等。反而極有可能，最重要（或最早）的應用將由國家和大企業層面主導，包括監控、國防和工業物聯網等。

台積電 唯一掌控EUV光刻技術供應商

除AI+5G需要推動新一代的硬件發展，摩爾定律逐漸走至盡頭，也令到如何繼續推動硬件技術發展更重要，經濟學上的供求情况亦起了重要改變。每一代晶片技術的發展必定更難，需時更長，以及投資成本必更高。

從7nm起，光刻技術必須改用EUV，最主要設備供應商不再是Applied Material，而是荷蘭的ASML。到現時為止，全球唯一能成功掌控EUV製造技巧，只有台積電。三星都只在努力中，英特爾（Intel）連10nm都仍未做好。台積電更已開始邁向發展5nm技術，真厲害！

近日台積電的股價勢如破竹，不斷創新高，帶動台灣加權指數逼近30年前創下的12,400歷史高位。近日三星股價也非常不錯，設備商如ASML和Applied Material等也經常創新高（中國在搶購）。

其實今年代表美國半導體企業的SMH指數表現非常好，升了52%，猶遠勝代表龍頭軟件公司的FANG+指數的27%升幅（圖見《明報》財經網）。

2） GPU>CPU。3年前提出此點時，AI概念如日方中，炒得最熱的股票是Nvidia，股價在3年內升了8倍。當時股價才100美元出頭，後來升至280美元，才出現大幅調整，腰斬一半跌回到140美元，但今年又再重新出發，逐漸升至210美元。
無人駕駛發展遜預期 需更複雜晶片

任何重要新技術發展都一樣，開頭大家過度興奮，對成效預期太早，但對長遠影響又往往估計太低。AI也一樣，3年前，很多人以為各種應用如無人駕駛、機器人家傭和AI醫生等，都在三兩年內就可實現。結果當然有點失望，最重要的延後是無人駕駛，大家逐漸發現仍有很多未解決的棘手問題，包括技術、法律和道德各方面。前天剛跟一家全球領先的AI公司開會，他們也承認無人駕駛的發展，最少比原來預期推遲5年以上。更重要的是那位公司高層的個人意見，是同意我的長期觀點，無人駕駛是一個AGI（Artificial General Intelligence，通用人工智慧）問題，而並非一個較簡單的ANI（Artificial Narrow Intelligence，弱人工智能）問題！如屬實，就極可能不可單獨倚靠GPU進行以大量數據為基礎的深度學習（Deep Learning）。AGI的定義仍未準確掌握好，似乎必須擁有人類的所謂常識（Common Sense），即包含人類的本能、生活經驗、意欲，甚至偏見等，非常困難，且可能需要比現時技術更複雜100倍以上的全新晶片。

過去3年亦令我明白除GPU仍非常重要外，在AI+5G年代，很多其他晶片類型亦很重要，包括靈活的FPGA，各種專門的ASIC，和模擬（analog）晶片等等。

3年前最重要的GPU生產商為Nvidia，最重要的CPU生產商為Intel，現在都仍是，但AMD在7nm的GPU和CPU技術都領先全球，逐漸增加在兩個市場的佔有率，股價表現亦更佳。中國也開始設計自己的GPU，以華為旗下的海思為最領先。但Nvidia，AMD和海思都有一個共通點，他們都做設計，然後都交由台積電做代工。

另一需要留意的發展是量子計算（Quantum Computing）。早前Google宣布第一次成功達到「量子霸權」（ Quantum Supremacy），他們的54-qubit Sycamore處理器，只需200秒時間就解答了一個傳統超級電腦需時1萬年運算的數學難題！IBM馬上跳出來說，他們的傳統超級電腦可能只需2.5日來解答此問題，並非1萬年。我不知道誰是誰非，但不太重要，Google的新聞是一個里程碑，但無論如何，距離有實際用途仍非常遠，據我理解，最少需要120-qubit以上。很多人討論的RSA解碼問題更需要4000-qubit以上。而每加一個qubit都困難重重，非線性推高error rate（錯誤率）。

整體來說，量子計算和通訊技術發展，絕對值得留意，中國也正在努力。但距離成功有實用價值，應仍是10年以上的事。

關注中美誰能拿下台積電

3） 製造>設計。從前大家可能有種錯覺，以為晶片設計「高大上」，比製造困難得多，需要更好的工程師。我不認為設計容易，但事實是製造更難，所需的投資當然多很多，根本不可同日而語。上文已指出，Nvidia、AMD和海思等的晶片設計技術都不錯，但都沒有自己的製造產能，需要交給台積電做代工。台積電的製造技術領先全球，市佔率高逾60%。中芯和華虹受限於美國生產設備的出口限制，最少落後兩至三代。

所以大家最需要關注的是美國會否和能否真的如近日《金融時報》報道，對台灣當局施加壓力，限制或甚至阻止台積電繼續接華為和其他大陸公司的單。除此，美國亦正在給台積電壓力，在美國設廠，最想當然是同時從大陸撤廠。

3年前我已解釋過，如美國真的用上這一招，情况就仿如1941年美國終止跟日本的石油貿易，間接導致日本決定轟炸珍珠港，同時佔領香港、新加坡和菲律賓等地，目的就是保護石油供應。

中國現在倚賴進口晶片的程度更高於石油，佔比高達九成，價值超過2500億美元。你可以想像中國有幾大發展自己晶片製造業的需要和決心。直到現在，台積電仍很有義氣，絕未退縮拒接華為的單，更宣稱對美國IP的倚賴度是零。即使如此，他們仍必倚賴從美國進口的生產設備。所以如台積電真的被迫停止跟大陸做生意，這必令到兩岸關係變得異常緊張，甚至構成「解放」台灣的誘因。但令到事情更複雜的是，即使大陸成功拿下台積電，估計亦只能繼續生產若干時間，不到半年必須得到美國設備商如Applied Material的維修保養。但即使最後需要停產，可能仍會先拿下來，因為控制了台積電，亦即等如控制了Nvidia、AMD和Qualcomm等等多家美國半導體公司的命脈。我只能希望大家不用走到戰爭這一步。

4） 記憶體>邏輯。這一點最具爭議，因為在過去，DRAM和NAND都只屬沒有議價能力、周期性極強的大宗商品，所以這行業的公司股票都不值錢，整個周期的平均PE低至6至7倍，可能比鋼鐵股更低。但我認為在數據年代，需求將有持續性增長，但隨着摩爾定律放緩，投資成本增加，生產商數目減少，盈利波動或將減低，所以市場給予的估值將可逐漸提升。

過去一年半正是這套理論的最好考驗。因為全球手機銷量飽和，5G又未到，巨型數據中心的建造亦開始放緩，所以記憶體又再進入一個頗深的調整周期。DRAM和NAND價格都一如過往，跌約一半，但這次確有兩點非常重要的不同。第一是即使到了這周期谷底，連過去經營得較差的Micron，都沒有虧本，NAND邊際利潤跌到零，DRAM更仍然賺錢。三星的盈利情况則更好。第二，投資者的反應也稍有不同。在過去周期，再以Micron為例，從前股價一般跌60%至90%，這一次只跌了約40%，而且反彈得較快。投資者似乎都相信數據年代已來臨，這次只是一個小調整，甚至是「最後一次」？我相信周期必繼續存在，但波動可能較細，而長期則有一個更明顯的結構性數據大爆炸，需要更多記憶體來記載下來。AI學習將變得較聰明，需要的數據量可能縮小，但不等如不繼續收集大量數據。5G的提速亦必須倚賴更多DRAM，高質視頻亦需要更多NAND來存儲下來。

中國進軍半導體製造業 憂價格將暴跌

我的4個不等號都有理據，亦在投資市場中逐步體現出來。但這些大趨勢仍面對兩大挑戰。

第一，中國必將努力打進半導體製造業市場。邏輯晶片的製造技術水平最高，中國在短期內較難追上來。所以中國正集中在記憶體製造方面。在較簡單，用在蘋果airpods的NOR閃存，A股的兆易創新已領先全球。NAND方面，長江存儲已少量生產64層晶片，明年上半年開始量產，更計劃明年底開始生產128層，現時三星的技術，即是將只落後約18個月。有人預期到明年底，中國將佔有5%市場份額。DRAM方面，中國的合肥協鑫仍較落後，剛開始製造PC規格晶片，要求較高的移動端DRAM仍沒有。我認為中國仍落後最少3至5年。

對投資者來說，較擔心的是當中國成功佔取約20%市場，就將對價格有極大影響力。最怕的是如光伏市場，因為政府資助的扭曲，太陽能板變成供過於求，價格暴跌，結果誰都賺不了錢。

第二個更重要的擔憂仍是中美的立體貿易、科技、軍備和意識形態戰。中國是全球半導體市場的50%，如美國禁運GPU、 CPU、記憶體晶片，必對整個市場有巨大影響。如採用更極端的政策，如禁運生產設備，或迫使台積電停止接大陸的訂單，這就不止對半導體市場，甚至全球經濟有極大影響，此舉已接近直接跟中國宣戰了。

（中環資產持有三星、facebook、亞馬遜、Apple、微軟公司、Netflix、Google、阿里巴巴、騰訊、美團、Applied Material、ASML、台積電、Nvidia、AMD、中芯、Qualcomm、Micron、兆易創新的財務權益）

中環資產投資行政總裁
[譚新強 中環新譚]

https://www.mpfinance.com/fin/columnist2.php?col=1463481132098&node=1574362042565&issue=20191122

Matrix Concepts excels with RM113mil net profit

CORPORATE NEWS

Thursday, 21 Nov 2019

Group chairman Datuk Haji Mohamad Haslah Mohamad Amin
PETALING JAYA: Negri Sembilan township developer MATRIX CONCEPTS HOLDINGS BHD
image: https://cdn.thestar.com.my/Themes/img/chart.png is on track to exceed the previous year’s record net profit, after recording a 10% jump in net profit to RM113.4mil in the first half ended Sept 30, 2019.

The group said the improved performance was underpinned by a 9.9% year-on-year increase in revenue to RM531.2mil, on the back of higher recognition from sales of properties at Sendayan Development, its flagship township, Bandar Seri Impian, and its high-rise property development Chambers Kuala Lumpur.

Sales performance also remained resilient with the group selling RM665.6mil worth of new properties during the period, exceeding 50% of its full year sales target of RM1.3bil.

Its second quarter net profit, meanwhile, jumped 10.9% to RM58.7mil on the back of stronger performance from its property development and investment properties segments.

The group ‘s revenue, for the three-month period ended Sept 30, 2019, came in at RM282.7mil, representing an increase of 11.6% from the previous year’s corresponding quarter.

The growth in revenue, the group said, was largely attributed to the higher revenue recognition from the its Sendayan Development project and Chambers Kuala Lumpur.

Revenue recognition from the group’s investment properties also improved to RM9.5mil during the quarter, from RM9mil a year ago.

In its filing with the stock exchange, the township developer said its unbilled sales stood at RM1.2bil as at Sept 30, 2019, to be recognised over the next 15 months.

Compared with the preceding quarter, revenue was up 13.8%, mainly attributed to higher revenue recognition the group’s maiden high-rise development project and industrial properties.

Group profit before tax was also up by RM6.5mil or 8.9% in line with the improved top line.

Looking ahead, the group said it has lined-up close to RM500mil worth of new property launches, comprising mainly affordable and affordable-premium residential properties in Sendayan Development, for the remaining six months of FY20.

Total launches for FY20, it said, was targeted at RM1.2bil.

Despite the soft property industry, Matrix Concepts’ said it was confident of positive uptake of its properties, given the carefully tailored property launches which were aligned to the requirements of its target market.In a statement, group chairman Datuk Haji Mohamad Haslah Mohamad Amin said they were encouraged by the commendable sales performance and aimed to further capitalise on the growing recognition of their townships by embarking on more landbank expansions.

“We also look forward to expanding our recurring income stream beyond property development, through other business units namely hospitality, education, and our most recent foray into the healthcare segment,” he said.

For the next phase of the group’s growth plans, Mohamad Haslah said the group aimed to enhance its brand beyond its origins in Negri Sembilan, by expanding the group’s footprint in the Klang Valley and Australia.

He said the upcoming launch of the Menara Syariah Twin Towers in Jakarta was testament to Matrix Concepts’ commitment towards sustained growth for the long-term.

The group declared a second interim single tier dividend of three sen per share.

Together with an earlier-paid first interim single-tier dividend of three sen per share, the total estimated payout makes up RM49.4mil or 43.5% of first half net profit.

Read more at https://www.thestar.com.my/business/business-news/2019/11/21/matrix-concepts-excels-with-rm113mil-net-profit#iIQPxMYjL8R3xLTa.99

Kenanga Research sees earnings recovery for KESM

ANALYST REPORTS

Thursday, 21 Nov 201910:03 AM MYT

image: https://apicms.thestar.com.my/uploads/images/2019/11/21/397977.jpg

“We believe the growth will continue in tandem with the on-going strive for lower CO2 emission by regulators, pushing car manufacturers to get on board with electric vehicles in order to meet emission targets," Kenanga Research said.

KUALA LUMPUR: Kenanga Research expects a gradual continuation of earnings recovery in the subsequent quarters on the back of improving car sales for KESM as it maintained an Outperform with a higher target price of RM9.30.

It said on Thursday KESM’s core net profit of RM4.5mil (+98% QoQ; +72% YoY), accounted for 22%/24% of its/consensus’ estimates. The improvement mainly stemmed from better operating efficiencies.

Lower depreciation and raw material expense led to better margins, it said. YoY, revenue dipped 17% due to lower demand for burn-in testing services.

However, core net profit grew 72% to RM4.5mil thanks to: (i) lower depreciation with certain test equipment and machinery fully depreciated, (ii) decline in raw material expense as efforts to optimise its testing lines paid off, and (iii) lower staff cost following a reduction in headcount.

On the outlook, Kenanga Research said the EU market recorded back-to-back increase in passenger car sales for the month of October, advancing 9% YoY. This follows the 14.5% YoY jump in the previous month of September, where Germany was the best performer.

“We believe the growth will continue in tandem with the on-going strive for lower CO2 emission by regulators, pushing car manufacturers to get on board with electric vehicles in order to meet emission targets.

“This will in turn benefit KESM due to higher demand for automotive semiconductor in electric vehicles. Tweaked FY20E CNP higher by 3.4% to RM21.2m on housekeeping, while maintaining a net profit margin of 6.1%.

“We maintain FY21E core net profit of RM24.8mil (+17% YoY) with a net profit margin 6.7% to account for better operational efficiencies and higher margin businesses from the automotive space, ” it said.

Kenanga Research maintain an Outperform with a higher Target Price of RM9.30 (previously RM8.70). It believes KESM will continue to benefit from the rising semiconductor content per vehicle.

However, the risks to its call include: (i) later-than-expected recovery in vehicle sales, (ii) slower-than-expected adoption of new semiconductor modules in automobiles, and (iii) delay in the US-China trade truce which could potentially lengthen the industry recovery process.

Read more at https://www.thestar.com.my/business/business-news/2019/11/21/kenanga-research-sees-earnings-recovery-for-kesm#viv0C33b07e7ZpWu.99

周顯：最壞時刻已過 股市必升？

文章日期：2019年11月21日

【明報專訊】現在的政治局勢，包括我在內的很多人的意見都是最壞的時刻已過去了，但是將會出現零星而持久的暴力抗爭，不排除還會升級，就是殺警也不出奇，但是大規模的戰鬥應該就不會有了。

這在討論區中已可見到，抗爭者檢討中大和理大兩場戰爭，普遍認為陣地戰是錯的，應該回復be water的游擊戰。因此，最大可能是持久戰爭。這從另一方面看，好比一個病人心臟病發，做了手術，死不去，但卻成為長期病患者，永遠回復不了原狀。
永遠回復不了原狀

有一位四大家族的家臣對我說，凡是大規模社會運動之後，經濟和股市例必爆升，1967年如是，2003年如是，因此他已着手買貨。他在兩個月前同我講了一次，幾日前又講一次。周一理大局勢稍為穩定後，股市連升兩日，但有沒有後續，是不是如他所說，則未可知。

然而，在1967年和2003年那兩次，股市和樓市均是跌到阿媽都唔認得，跌了足足三分之二，不過這次卻沒有下跌。既然沒跌，儲蓄不夠能量，其後究竟可不可以有爆升的力度呢？這就是從歷史推論出現實的難處，因為沒有事件可以完全重複，如果只有七成相像，可相比性又有多少呢？說不定，真正的重點就是在不像的三成之內，這個類比就全錯了。

最後，就算真的是1967年和2003年的翻版，其上升也是反反覆覆，有升有跌，螺旋式上升，波浪式前進，不會很certain，也不會一升到天，到了1973年和2007年，很certain地升到大家都瘋狂時，牛市就完了。

[周顯 投資二三事]

https://www.mpfinance.com/fin/columnist2.php?col=1463481127012&node=1574276796383&issue=20191121

湯文亮：美通過《人權法案》 將趕跑海外投資者

文章日期：2019年11月21日

【明報專訊】昨日早上，美國參議院快速一致通過《香港人權與民主法案》（下簡稱《人權法案》），我大跌眼鏡之餘，一定要講講這條法案對香港及對美國的影響。很多人會覺得很奇怪，這條法案只會對香港有不利影響，怎可能對美國有影響。

老實說，這條法案對一般香港人影響不大，只是對那些有多少資產，以美國為最後的根據地的人才有影響，因為美國政府隨時可以用《人權法案》來沒收香港人在美國的資產。當這條法案在美國參眾兩院進行表決通過時，不少香港人突然醒覺，這條民權法案與我們激烈反對的《逃犯條例》修訂極之相似，我們雖然令香港政府撤回逃犯條例，但最後反而令到美國政府推出《人權法案》，令到美國政府可以長臂管治，會不會是前門拒虎，後門進狼？或者，《人權法案》是《逃犯條例》的美國版。

美長臂管治 儼如美版《逃犯條例》

今次是年輕的社運人士要求美國政府推出有關法案，大家都知道這是送羊入虎口，自動要求美國長臂管治，所以即使通過亦見不到有大肆慶祝活動。大家亦不否認這條法案對一些香港人有不利影響，但同時亦警惕了未被影響的香港人，如沒有必要都唔好在美國買樓或者其他美國基金產品，因為美國政府隨時可以因為資產擁有者違犯民權法案，沒收他們的資產。

在這項法案遞上參眾兩院表決時，不少打算在美國買樓的香港人轉移到其他國家買樓，英國應該是最受惠的國家，如果只是香港人有此舉動，對美國根本沒有影響，但這個世界上有不知幾多在人權及民主的排名比香港低很多的國家，不過他們的國民很有錢，見到美國可以隨時以《人權法案》沒收香港人在美國的資產，試問他們是否夠膽在美國投資，買美國政府債券，甚至靜靜地取回在美國的投資，或者將存款轉離美國。

所以，我認為這項《人權法案》對美國影響大於香港，所以，總統特朗普有機會不簽署這項法案，甚至利用這項法案作為與中國在貿易戰的籌備；即使特朗普簽署又如何，既來之，則安之，主動權又不在我們手上，唯有頂硬上。

紀惠集團行政總裁
[湯文亮 敢說反話]

https://www.mpfinance.com/fin/columnist2.php?col=1463481149913&node=1574276796399&issue=20191121

How valid are the claims regarding full-spectrum light sources?

Full-spectrum light sources and color perception. Full-spectrum light sources will probably provide excellent color rendering. Color rendering index (CRI) values for full-spectrum lighting sources are typically greater than 90. Color is a human perception constructed from the combination of the spectral power distribution (SPD) of the light source, the spectral reflectance of the materials being illuminated, and the tri-chromatic nature of the human visual system. If there are gaps or large variations in the SPD of a light source, there is a potential for confusion between the apparent colors of objects. Since full-spectrum light sources usually provide radiant power throughout the visible spectrum, subtle differences in the spectral reflectance characteristics of different objects are discernable. So, when color identification is part of the visual task, such as for graphic arts, museums and color printing applications, full-spectrum light sources will ensure good color discrimination.

Full-spectrum light sources and visual performance. Full-spectrum light sources will not provide better visual performance than other light sources under most circumstances. Visual performance is the speed and accuracy of processing achromatic information (e.g., black print on white paper) by the human visual system. At the relatively high light levels typically found in schools and offices, visual performance is essentially unaffected by the spectral power distribution of the light source, so full-spectrum light sources are, lumen for lumen, no better than any other light source.

Lighting produced by full-spectrum lamps may be, however, perceived as providing brighter architectural spaces than other lamps (Boyce, 2002; Berman, 1990). Three factors may contribute to this effect. First, full-spectrum light sources typically have a high correlated color temperature (CCT) of 5000K - 7500K. Lamps with higher CCT values produce greater brightness perception than lamps with lower CCT of the same luminance. Second, most full-spectrum light sources have high color rendering properties, meaning that surface colors will appear more saturated. Greater saturation will also give the impression of greater brightness (Boyce, 1977). Third, the ultraviolet (UV) radiation produced by some full-spectrum fluorescent lamps has a fluorescing, brightening effect on textiles and paper that have been treated with whitening agents. These combined effects on brightness perception may indeed have positive impact on building occupants, but greater perceived brightness can also be a liability, depending upon the expectations of the space's occupants (Veitch and McColl, 2001).

Full-spectrum light sources and health. Full-spectrum light sources will not provide better health than most other electric light sources. Recent research has shown that human daily activities are strongly influenced by the solar light/dark cycle. The most notable of these daily, or circadian, cycles is the sleep/wake cycle; but other activities including mental awareness, mood, and perhaps even the effectiveness of the immune system go through regular daily patterns. Light is the most important environmental stimulus for regulating these circadian cycles and synchronizing them to the solar day. Short wavelength (blue) light is particularly effective at regulating the circadian system; long wavelength (red) light is apparently inconsequential to the circadian system. Thus, to maximize efficiency in affecting the circadian system, a light source should not mimic a full spectrum, but instead should maximize only short wavelengths. Even if a full-spectrum light source includes short wavelength light in its spectrum, it will not necessarily ensure proper circadian regulation because, in addition, the proper intensity, timing, and duration of the light exposure are all equally important for satisfactory circadian regulation (Rea et. al, 2002).

Light therapy treatment of seasonal affective disorder (SAD) usually involves regulated exposure to a white light source, commonly 10,000 lux at the eye for 30 minutes per day (Partonen and Lönnqvist, 1998). Any white light source will be effective at these levels (Lam and Levitt, 1999), so full-spectrum light source is in no way special for treatment of SAD.

Full-spectrum light sources have no demonstrable benefit for dental health. These claims have no scientific merit (McColl and Veitch, 2001). The section, "Is ultraviolet radiation production important?" gives more detail.

Full-spectrum light sources and psychological benefits. Full-spectrum light sources may have psychological benefits, particularly in societies that place value on "natural" environments. One of the claims often associated with full-spectrum light sources is that they are most like natural daylight. Unlike full-spectrum electric light sources, however, daylight does not have a fixed spectrum. Rather, natural light varies with latitude, time of day, season, cloud cover, air pollution, ground reflectance, and, if a person is indoors, window tinting. Nevertheless, it cannot be denied that people consistently prefer natural lighting from windows and skylights to electrical lights. These preferences are robust and may reflect psychological associations with the natural environment that produce positive affect in many people. Positive affect induced by daylight may, in fact, help improve mood and motivation and thus increase productivity and retail sales. Full-spectrum light sources offer this positive association with daylight. Although positive psychological benefits from full-spectrum light sources may have been observed in some circumstances, there appears to be no biophysical explanation for those observations (Heschong, Wright & Okura, 2000). Still, the power of psychological associations cannot be denied and it is certainly conceivable that cleverly marketed full-spectrum light sources may provide beneficial effects to some people susceptible to that marketing. As NLPIP's survey demonstrated, there appears to be a strong positive association with full-spectrum light sources that has resulted from marketing, presumably because of the association between full-spectrum lighting and "natural" light.

https://www.lrc.rpi.edu/programs/nlpip/lightinganswers/fullspectrum/claims.asp

将赶上棕油价升势 种植股净利复苏有看头

2019年11月19日

（吉隆坡19日讯）分析员指出，棕油价近期的涨势可以延续，同时看好种植股表现将会赶上棕油价格升势，因为这些公司的净利也将开始改善。

大华继显研究分析员撰写报告指出，种植股的股价，目前仍未反映近期棕油价格的升势。

“自10月起，原棕油价格已涨了约20%，但吉隆坡种植指数仅仅升了3%。”

分析员认为，投资者可能是对于棕油价的涨势可否延续有所怀疑。另外，外资对于种植股兴趣缺缺，因为存有永续发展和环保的顾虑。

“不过，我们估计种植股的股价将会迎头赶上，因为这些公司将会在接下来的季度公布较好的业绩。”

大华继显假设，若明年原棕油价格可达每吨2250令吉，该行所追踪的种植股明年将会有平均43%的净利增长。

“原棕油价明年会走高，因为两大棕油生产国的供应下跌、大马和印尼的生物柴油消耗量提升，以及来自大豆市场的压力较低，因为美国和巴西的气候影响了大豆供应放缓。”



留意高贝他股

分析员认为，可以留意股价与原棕油价格走势关系密切（或称高贝他）的种植股。

其中，云顶种植（GENP，2291，主板种植股）、森那美种植（SIMEPLT，5285，主板种植股）、锦隆资源（KMLOONG，5027，主板种植股）和IJM种植（IJMPLNT，2216，主板种植股）的股价，与原棕油价格走势的最近，关联系数高达60至70%。

“IJM种植是我们的首选股，该公司的鲜果串产量按年将走高10%，因为其印尼的种植园，明年有60%的种植地将晋成熟树龄，因此可以推高产量。”



吉隆甲洞估值最低

除了IJM种植，分析员也看好吉隆甲洞（KLK，2445，主板种植股），因为该公司是三大种植蓝筹股中，估值最低廉的一家，另外有较高的盈利增长前景，以及旗下除了种植，还有油脂化工及产业发展业务。

大华继显维持种植领域的“增持”评级。分析员看好近期的棕油升势可延续到明年，因为棕油供应的短缺可能会比预期中严重。

今年7月10月的严重干燥气候，以及种植业者自去年下半年起减少使用肥料，都将影响棕油供应。

不过，分析员提醒，明年棕油价格走高不会让所有种植公司都受益，因为树龄较高的种植公司，以及在受干燥季节严重影响的地区有种植园的公司，明年的产量可能会不增反跌。

李光斗:迈向3.0时代 区块链掀应用潮

2019年11月17日

李光斗

（吉隆坡16日讯）中国著名品牌战略专家李光斗指出，基因编辑、人工智能、5G技术和区块链是影响未来的关键技术。

他近期在大马进行学术访问，在吉隆坡举办以“区块链财富革命”为主题的学术讲座发表演讲。

李光斗相信，中国央行很快会推出世界上第一个主权数字货币。

对于公众如何善用区块链技术创造财富，李光斗提到两点。首先，要密切关注中国央行数字货币的动态。第二，把握因区块链而形成的新一轮的创业热潮。

他强调，各行各业都可以利用到区块链技术，如金融服务、商业管理、电商、法律、媒体等领域，要勇于做“第一个吃螃蟹的人”。

目前，世界区块链行业正掀起技术应用高潮，出身于市场营销第一线、数十年在中国从事市场营销和品牌策划工作的李光斗，对于新技术、新商业模式的创新与趋势发展具有独到的敏锐洞察与把握，在区块链的学术研究与商业应用方面先行一步，取得了令人瞩目的成就。

在他看来，如今区块链已经迈步走进3.0时代，区块链思维和商业应用才是区块链的真正价值所在。

此外，他还将内容生产、知识经济与5G、区块链技术相结合，首次定义了“区块链媒体”这一全新模式。

人人都可获益

他认为，真正的区块链媒体，不是报道区块链的媒体（Blockchain Reports），而是运用区块链的分布式、去中心化、不可更改和智能合约的技术特征，能发放 Token 的全新分布式媒体（Distributed Media）。

在区块链媒体里，没有手握文章生杀大权的中心化平台，人人都可以发表文章，人人都可以根据贡献值获益。

周顯：美倘政治操縱質低港股 應跌萬點以上

文章日期：2019年11月18日

【明報專訊】有一段錄音廣傳，說美國藉着操控香港的政治動亂，企圖質低港股，沽空期指，大賺「港難財」，只是中國頂住港股，令到美國人輸了很多錢。有人問我的意見，我說：

第一，如果美國要搞香港政治動盪來沽空港股，決勝不在於一兩千點，這個升跌幅每個月都有，用不着搞場大龍鳳。如果真要這樣搞，跌幅肯定在一萬點以上，這才「值回票價」。

第二，就算美國要整死港股，中國也不會救港股。從來，國家不會救股市，只會救貨幣，尤其是，如今中國的經濟也面臨困境，不會輕易把寶貴的外匯花在頂住港股的身上。

又有人發了一條短片給我，說美國人正要沽港元和人民幣，問我的意見。我說，對人民幣的貨幣戰早在修例事件之前已經在打，也不用等到今天了。

至於對港元的狙擊，現在還未是時候，要等到港人開始掟樓，樓價和股市都跌了三四成之後，才有部署的可能。
未到狙擊港元時候

在現今的世界，政府都學精了，不會死頂股市或匯價，因為頂下頂下，就會把外匯全都耗掉，翻身也無望了。通常採取的方法，是着力頂幾下，跟着由它下跌，跌到某一地步，突然出好消息，挾空倉，打沽家一個措手不及，自己乘機賺點錢。挾完倉後，又再放軟手腳……現在通常都是用這方法，因為這樣做的成本最低。

[周顯 投資二三事]

https://www.mpfinance.com/fin/columnist2.php?col=1463481127012&node=1574019182269&issue=20191118

愛你的肝寶寶，防老發福

雷久南

健康又平安，消化好、睡眠香，心平氣和，好處多多。 怎麼愛？請聽我細說……

肝是身心健康最關鍵的，幾乎所有的疾病追根究厎，與肝受傷有關。現代人中百分百的肝都受傷，只是受傷程度的差別。我們吃進去的丶喝的、呼吸進去的，接觸到的都需經肝的過濾，分解，和解毒，我們每天接觸的病毒丶細菌丶霉丶殺蟲劑丶殺霉菌丶汽油廢氣丶塑膠丶人造芳香劑、重金屬、幅射污染、高脂肪及酒精都增加肝的工作。當肝無法分解排出體外時，它會將毒深藏肝內，以免傷到腦和心臟。儲存超量時，肝的功能本身無法正常運作，也無法儲存所需的營養如維他命丶礦物質丶葡萄糖和glycogen（肝糖）。再加上現代高壓生活和工作促使腎上腺分泌過多的腎腺素，肝必需分解這有腐蝕性的物質或深藏肝內，過剩的滋養許多病毒。很多現代病與病毒有關。

當肝能正常運作時，它會適當的調整血糖，保護胰臟，肝釋放和儲存glycogen，保護胰臟是肝的一個重要的任務。肝的養份是葡萄糖，這是來自新鮮的蔬果，和某些容易消化的穀類如小米和一些豆類。如果吃這些食物同時也吃高脂肪的食物，肝無法利用葡萄糖，動物性脂肪在血液中會停留3小時，植物性的脂肪在血液中只停留1小時。當肝得不到它所需的葡萄糖時，人會有飢餓感，這是吃飽了之後，仍有餓的感覺的原因。

對肝來說少吃多餐是最理想的，正餐之外餓的感覺時，可吃一個水果配蔬菜如芹菜、黃瓜等，一般會立刻解除餓的感覺。

動物性的脂肪濃縮環境中的污染， 因此會更增加肝的工作。

肝的更新功能是最強的，大大超過其他器官，如果懂得滋養愛護它，經常將儲存的毒排出，它會繼續維護我們的健康，它的免疫功能很強，等到肝也倒了的時候，那是身體被傷害已久，如肝硬化丶肝病及肝癌。

生活要規律，晚上十點以前上床，眼睛定時「閉目養神」。當我們躺著時，血液會流回肝，看電腦丶手機螢幕時，要經常閉上眼睛讓眼睛休息，也讓血液流回肝。肝分泌上千種酵素和新陳代謝所需的物資，因此也稱為「代謝庫」，有二千種功能，要愛肝寶寶，一方面減少毒素的攝取，一方面增加滋補和協助肝功能的食物，飲食以自然農耕有機蔬果為主，適量的吃一些高品質含植物性油脂的食物如椰油丶堅果及酪梨等。但要等到中飯時才吃。

早上起床先喝加了一個新鮮檸檬汁的4杯（1,000 cc）溫水，大小品種都可但要黃色的才不會傷胃。如果加一茶匙紅辣椒粉有暖肝作用，促進肝血液循環。如果買到有機芹菜再喝兩杯新鮮榨的芹菜汁，這能恢復消化液修補胃的功能，也協助肝排毒。芹菜汁也是半結晶水的好來源。細胞內和膜都是半結晶水，這是近年來科學研究的發現，是在液體和冰的結構之間，細胞運作的能量靠這半結晶水，蔬菜水果是最好的來源。椰子水丶西瓜丶黃瓜丶香瓜丶木瓜丶火龍果丶橘子丶檸檬丶冬瓜等等都是半結晶水的好來源。 早餐先補充水分，葡萄糖（肝的食物來源），維他命和礦物質。水果蔬菜等，小米粥，烤或蒸的蕃薯，南瓜都是肝的好滋養。以前介紹的精力湯是很好的早餐，材料看季節和居住環境。以下的水果蔬果對肝有特別排毒和修補功效，水果類：火龍果（紅肉）丶蘋果丶野藍莓、木瓜丶桃子丶石榴丶梨丶橘子丶芒果丶奇異果丶櫻桃丶杏子丶蔓越橘(cranberry)丶紅棗(date)、葡萄丶橘子丶檸檬和香蕉等。

蔬菜香料類： 薑黃（新鮮的）丶芽菜 丶蕃薯丶紅卷心菜丶芹菜丶綠花椰菜丶白花椰菜丶Brussels sprouts（小球卷心菜）丶芥蘭丶蔥丶蒜丶黃瓜丶香菜丶西洋香菜(parsley)丶Artichoke等等。

以下介紹幾種搭配法：　 1、薑黃丶薑、橘子汁

　　A丶4英吋（10公分）薑黃 ＋4 英吋（10公分）薑 ＋2個橘子

　　將以上榨汁，喝下。有感染時加四瓣大蒜。 渣可以煮茶水或放在小米粥一起煮。

　　B丶4英吋（10公分）薑黃 ＋4英吋（10公分）薑 ＋2個蘋果 ＋1/2個紅卷心菜

　　以上榨汁喝下，紅卷心菜和蘋果 的搭配去除大腸內的寄生蟲，然後再到肝修補。

　　渣可以加入小米粥一起煮或煮湯。

2、清肝茶

　　將同等份乾牛蒡丶蒲公英根丶帶刺野莧(nettle)丶紅花苜蓿(Red Clover Blossom)混好，取出二湯匙，加入三杯滾水沖泡15分鐘即可飲用。

3、蔬果汁斷食一天

　　黃瓜丶蘋果和芹菜提供斷食時身體所需養分，可以少量的加其他菜如香菜丶菠菜，但主要材料必需是這三樣。斷食的一天只喝蔬果汁，不吃固體食物，讓身體有精力排毒修補。

一天喝的時間表如下：

每兩個小時喝500到750 cc（16到24 floz）的汁，中間喝500 cc的水。一天喝6大杯汁，6大杯水。如果每兩星期做一次，身體會有明顯改善。

以上如想進一步了解可參看醫療靈媒，醫療靈媒－改變生命的飲食和Medical Medium Liver Rescue（醫療靈媒－救肝）作者Anthony William，前面兩本方智出版社已翻譯成中文， 還有一本是Thyroid Healing，後面一本只有英文版。

作者安東尼Anthony從四歲起耳邊即有慈悲之靈指點他所遇到的每一個人的病況和治療方法。他救了很多人，讓很多患有無法醫冶的病起死回生。他的主張很多還沒有經過醫學研究的證實，重點是很多人因為慈悲之靈的指示而康復，他的書是累積二十五年的經驗。

愛護肝寶寶的另一非常重要的是防電磁波丶雜波丶微波等的傷害，這在之前十一月和二月的創辦人的話有詳盡敘說。這些波尤其傷肝，因為肝雖深藏體內，但跟外在環境共振，我觀察到之前雖有防電磁波的保護，仍不夠徹底，肝區仍是逆時針轉。在仔細的測試加強保護後，我才能將肝區和其他內臟保護住，但需不時的測試，因為這些波強度不斷增加，我們也需跟著加強保護，從二月文章刊登出來後，我需用的倍數已高出幾百萬億倍，我相信這傷害還會增加。史丹勒博士早有預言到，只有祈求靈界的協助讓我們在障礙中成長，提升靈性。我簡化了保護方法，只用旋環來測試和保護。剪下一個旋環，裏面寫X5，這是用來測試身體和環境狀況。左手放在肝區，在腹腔右邊，右手拿著探測錘，放在旋環的上方，探測錘會正轉或反轉，正轉是補氣，逆時針轉是排負能量，如果不動表示調好了，或者保護夠了，如果隔很短的時間又需調，表示保護的不夠，此時需測用旋環怎麼保護。我開始時是寫在旋環中我的任脈（名字），然後測當時x多少倍，需X10的10次方（1百億）。任脈是主管所有陰經的 ，如保住肝也保住了其他內臟如脾丶胰臟丶腎丶心輪，如果都不動，表示足夠了，如果其他內臟沒有保住需加保護，或在另一旋環寫下內臟再測。 現在還需加寫某某的十個手指頭X10 的 20次方， 分開再寫某某的十個腳指頭X10 的20次方。 根據居住的地方，所需加強的倍數會有不同，一般都需10的12次方以上，中國13次方。當大家看到這篇文章時，可能又需加強。學會探測術是需要的（10的12次方是1000000000000） 上期所介紹的保護都需大大加強，包括寫進光輪的旋環可能需要X1,000倍。過多也不好，會睡不著。

我還加寫某某人的氣體然後X10的13次方以上。頂輪的保護也需加強，可以單獨寫進旋環「頂輪和上面更高的輪」再X1,000倍。

肝有調節體溫的作用，冷時讓身體暖，熱時讓身體涼， 受傷的肝無法做到這些，人會怕冷也怕熱，在高電磁波環境中生活的人就是如此。

肝有分解脂肪和膽固醇的功能，肝受傷之後無法將脂肪分解排出體外，先在肝儲藏，這是脂肪肝的來源，再嚴重些就往身體其他部位送，包括血管、心臟、和腰。「發福」的人肝先胖。

近年來在地球上的動物和人普遍的比以前胖，連野生動物都如此，環境中電磁波 傷肝，大家都受傷，因此無法分解脂肪 ，胖是看得到的後果。

心血管的問題也很普遍，這不僅是飲食引起的，肝受傷是關鍵的。

年初看了醫療靈媒一系列的書以後，我們也開始實驗，飲食上做了一些調整，我們原來的飲食已經非常接近安東尼所介紹的，所以調整很容易。

早上起床先喝檸檬水，15～30 分鐘後再喝芹菜汁，堅果到中午才吃。

家人雖只喝半杯芹菜汁也很受益 ，第一天就察覺到有不同，早餐以後沒有餓的感覺，以往吃完小米粥、泡菜的早餐，立刻感到餓，早上11點左右吃半杯解凍的野生藍莓 。（如果我住在台灣和東南亞我會吃紅肉的火龍果）。

中餐時胃口特別好，吃得津津有味，這是消化液增加的一個反應，到下午如果有餓的感覺，我會吃半顆蘋果或橘子。

我也試做蔓越橘水，半杯解凍的有機蔓越橘(Cranberry)加四杯溫水，3湯匙的檸檬汁，兩湯匙楓糖漿，在果汁機打碎。

我們如此做了一個多月，中間因為芹菜買不到，停喝了一個多星期，醫療靈媒的書是暢銷書，引起喝芹菜汁的風潮，芹菜的供應有時會缺貨，不僅我們小店遇到缺貨，連丹佛的店也會遇到。

我發現我的腰圍小了一些，皮膚恢復了濕潤，不像一年前，附近電線換了5G電線之後，皮膚一下子衰老。

這中間我覺察出肝不斷的排毒，尤其是喝了黃薑（薑黃）、薑、橘子汁、清肝茶之後會極度的口渴，口渴是肝排毒的反應，要清除肝毒需要持續，有些毒素一星期就可排出，有些3個月，甚至3年（如輻射汙染）。至少從每天早上開始，持續排肝毒。早上只要不吃含脂肪的食物，以補充蔬菜、水果，芽菜，新鮮的為主，喝的水裏加幾滴檸檬汁、幾片黃瓜、幾片蔬菜葉子，如芹菜葉、香菜葉、幾根芽菜等。

慈悲之靈提到蔬果裡的水是生命水，與一般水是不同的，一共有兩種，一種Hydrobioactive，有養份能滋養細胞，一種co-factor水，能滋養我們的靈性，在平常的水中加一點蔬果，水的能量增加一萬倍，我是用家裡以活水器淨化之後的水做的，如果比較污染的水能提升了多少，我就不知道了，這是新發現，以後喝的水中我會加一點新鮮蔬果，連我們貓喝的水裡我也加了幾片芹菜葉子。

早上補充生命之水，吃一些含水份高的蔬果如瓜類，黃瓜、葡萄、蘋果、莓類、梨、木瓜、火龍果、芽菜等等。

避免喝咖啡、加工食品和高蛋白、高脂肪的早餐。

一般早上吃的如蛋、奶、油條、餅，甜甜圈，肉類不是肝所需要的，而且增加肝的解毒工作，可憐的肝寶寶不但沒得吃，還得加倍辛苦工作，然後不再傷肝，徹底的做好防電磁波、微波和雜波的防護。

當你習慣於熬夜廢寢忘食、暴飲暴食、吃宵夜、吃高脂肪、高糖的化肥農藥種出的加工食品，長時間在手機、電腦旁，記得你的肝寶寶，你能如此虐待維護你生命健康的肝寶寶嗎？

康復肝需身、心、靈三方面去做，安東尼每本書的最後一章，有祈求靈界協助康復的祈請，要出聲祈請，他介紹了很多位天使和她們所專長的協助的，在書中他分享了不少人得到協助的故事。在《救肝Liver Rescue》一書中有觀想和祈求修補肝的天使。

在這兒簡略的介紹：

要將愛送給肝寶寶，我是用以下的方法：

1、對肝說：我愛你、對不起、請原諒我、謝謝您。隨時都可以做。

2、散步時可想像將氧吸進肝。

3、清病毒、病菌的觀想，想像自己躺在草地或沙灘上，眼睛閉著，但觀想自己睜著眼睛看太陽，陽光照進肝，觀想自己皮膚直接被曬到太陽，不被衣服遮住，可做幾分鐘或10幾分鐘，這觀想會啟動之前儲存的陽光。

4、睡前、刷牙、洗臉時可出聲祈請Angels of Order（次序天使團）做肝修補的程序。

在床上觀想三位次序天使 順時鐘繞著床走，她們邊走邊將光從手中送到肝，這是天使的光，讓肝恢復健康，也許幾分鐘也許20分鐘，到睡著為止。

這個觀想只在睡眠前做。

當你的生活起居做了調整，能愛護肝寶寶時，你可觀想在一個安全有保護的環境，如森林圍繞包圍的地方，跟肝寶寶說：「你可以放心的排毒了，我不會給你緊急的工作。」肝會適當的排毒。

當我第一次做這些觀想，也和肝寶寶溝通，第二天早上從肝流出一股熱流，肝排出一些儲存已久的毒，第二次做，反應也是如此。

經過一兩個月的學習和實踐，我找到了一條有效的保護肝的方法，希望每一個人的肝寶寶都健康，得到愛。

Important Mental Health Facts Everyone Needs to Know - Koon Yew Yin

Author: Koon Yew Yin | Publish date: Sat, 16 Nov 2019, 2:39 PM

Of all the medical conditions, mental health is often misunderstood or dismissed as fake or unscientific, and patients are thought of as faking or exaggerating their condition. While it’s definitely true that mental health is among the least understood fields of medicine, it’s also impossible to ignore mental illness, as anyone who has ever experienced or witnessed depression, anxiety, or any other mental condition will know.

The bottom line is, the fact that you can’t observe something under the microscope doesn’t mean that it’s less real or serious, and we are firm believers that everyone will gain a lot from knowing more about mental health, especially since it’s so common.

My younger brother committed suicide

My younger brother, Mark Kon Liew Ming, a dentist, committed suicide about 14 years ago. If I knew about mental health disorder, I could have saved his life. I regretted for being so ignorant.

My brother who was 9 years younger than me, suffered from Bipolar disorder, also known as manic depression. It is a mental illness that brings severe high and low moods and changes in sleep, energy, thinking, and behaviour. The word "manic" describes the times when someone with bipolar disorder feels overly excited and confident.

He was a brilliant student in Singapore University. His dexterity with his hands was amazing. He wrote with his left hand and did heavier tasks with his right hand. His professor was so impressed by his dexterity with his hands that the University appointed him as a dental demonstrator/lecturer after his graduation. He married Stella the daughter of the Dean of Medicine, Professor Lim Kok Ann who had identified the Asian virus. They have 2 sons, one a doctor specialised in X-rays working in UK and the other a dental specialist orthodontist, working in Sydney. You can click the link below to know more about Stella Kon.

https://sg.asiatatler.com/life/stella-kon-lim-boon-keng-musical-victoria-theatre-singapore

Important to know how my brother committed suicide

Let me tell you how he committed suicide so that everyone can learn to save lives. I think it is important for everyone including psychiatrist to know that patients with this type of mental disorder have suicidal tendency. He did not take his prescribed medicine regularly to control his mood swing. Moreover, he did not go for regular check-up. During his last bout of mood down swing, I took him to see the psychiatrist at Fatimah Hospital Ipoh. The doctor said that if he were to take his prescribed medication, it would take 2 weeks for him to get well again. He recommended electric shock treatment which could make him well again immediately. I was afraid that the electric shock might damage his brain. As I was not sure, I rang my daughter, a psychiatrist who was working in Durham Mental Hospital, England. She confirmed that electric shock treatment was the fastest way for him to recover.

The doctor gave him the first treatment. He got well immediately and I took him home. After resting for a day, I took him to the hospital and I left him for his 2nd treatment. After the electric shock treatment, he had to stay in bed for about an hour to recover from the electric shock. While I was away, his friend, a Catholic priest, Father Ruddy Wong, took him home. When I arrived at the hospital, I was told that Father Ruddy had taken him home. So, I rushed to his house and I was shocked to see him committed suicide by hanging himself.

I got so angry and I rang to scold my daughter for her bad advice. But she said that the psychiatrist was negligent in allowing him to roam freely after treatment. She said in England the patient should be confined within a safe room under 24 hours supervision after electric shock treatment. I could have sued the doctor for damages.

I am re-producing this article “Important Mental Disorder facts everyone needs to know” by Natalia Jones

1. Mental health disorders are more common than you would think

We often think that mental health is something that affects others and couldn't possibly be something we or our loved ones will face one day. And while that thought sure sounds comforting, in reality, mental illness is more common than you think. For one, the most common disorder is anxiety and panic disorder, with an estimated 18% of the population in the US alone suffering from the illness according to the Anxiety and Depression Association of America. Of these, only 36% seek treatment, despite the fact that it's among the most treatable mental health issues.

The numbers speak for themselves. According to MentalHealth.gov, 1 in 5 American adults had a serious mental health issue at some point in their lives, and 1 in 25 live with a major mental illness (e.g. bipolar disorder, schizophrenia, major depression). Finally, suicide is the 10th leading cause of death in the US, taking twice as many lives as homicide each year.

2. It’s possible to prevent mental illness

It's certainly true that there is a genetic and hereditary component to mental health problems, but these are only one of the contributing factors that make a person susceptible to specific mental illnesses. The remaining factors affecting mental health, such as trauma, a safe and supportive environment, a healthy diet, abstinence from alcohol and recreational drugs, and an active lifestyle are all environmental, and can be as important as the hereditary predisposition.

That's why it's of key importance to raise children and adolescents in a safe and positive environment and prioritize a healthy lifestyle, especially if you know that a child is at risk of developing mental illness.

Related Article: The Silent Signs of Childhood Anxiety

3. Weakness or strength of character has nothing to do with mental health

One common misconception about mental illness is that it stems from a lack of character and self-discipline, and if people suffering from a mental condition would try harder, they could be back to normal. This misconception stems from the belief that mental conditions originate from emotions, so, for example, a person who suffers from depression is just sad or lazy, or someone who is in mania is just hot-headed or angry.

Unfortunately, things are not so simple, as no amount of self-discipline can undo the trauma or regulate the neurochemical disturbances in a person's brain, both of which are major physical contributing factors of mental illness. For this reason alone, don't demand from a person with a mental issue or from yourself to just snap out of it, seek professional help instead.

4. It’s possible to fully recover from mental illness

Another persistent misconception about mental illness is that it's irreversible, meaning that a person suffering from mental health issues will never recover. This, too, isn't true, and many patients recover completely or get much better if they get treatment and the social support they require.

The likelihood of full recovery will depend on the type of condition, the stage of development of said condition, as well as the treatment and support the patient receives. That's why it's always good to turn to mental health professionals and seek treatment as soon as possible.

5. People suffering from mental illness can hold full-time jobs just like everyone else

Like we've mentioned previously, the number of people suffering from mental health issues is massive. In fact, nearly everyone will suffer from some kind of mental illness at some point in their lives, and as many as 1 in 10 young people have had major depression. Needless to say, most of these people have lives, families, and jobs.

Many psychiatric patients are productive and manage to hold full-time jobs without frequent absenteeism and other negative side effects of their condition, given that they manage their condition. In addition, having a steady income and maintaining social activity has been found to be highly beneficial to persons suffering from mental health issues.

6. Children, as all other ages, can and do experience mental health issues

Many mental illnesses manifest themselves in the form of early signs and symptoms during childhood or youth, and there are a few disorders, such as autism, that begin in early childhood. It has been estimated that 50% of all mental illnesses exhibit the first symptoms before the age of 14, and 75% of them begin before the age of 24

It is unfortunate that most of these early symptoms don't get the attention they require, and it is not until the illness reaches its developed stages that the patient seeks treatment. On the bright side, the statistics of the early diagnosis are improving, and an increasing number of patients have a better prognosis and have a chance for a better life as a result

7. Stigma is one of the biggest issues for people with mental health problems

Social acceptance is incredibly important for anyone, really, so it's not surprising that people suffering from mental health issues are often ashamed to discuss their condition with other people. Patients are afraid to be diagnosed because this may cost them their job, their family and their social circle.

But the adverse effects of stigma related to the mental health field, in general, are a lot more far-reaching, as many patients refuse or deter the necessary treatment due to the fear of being labeled 'crazy' or 'psycho', which decreases their chance of full recovery. Acceptance and understanding from the patient's social connections are key in helping their recovery and long term wellbeing, as well as preventing suicide.

8. Genetics alone cannot trigger mental illness

Contrary to popular belief, the vast majority of mental conditions are not genetic, all of them are acquired, though some have a stronger genetic component than others. Even autism, the first symptoms of which are often exhibited as early as 8 months, occurs as a result of both genetic predisposition and abnormalities during pregnancy and childbirth, which makes autism an inborn, but not a genetic condition.

The genetic component for other mental illnesses, such as bipolar disorder, depression, schizophrenia, etc., is even smaller than that, and as a result, these conditions are preventable, much like many acquired physical conditions, such as chronic obstructive pulmonary disease, cirrhosis or type 2 diabetes.

9. Exercise has a surprisingly beneficial effect on mental health

Many people underestimate the beneficial effect of good lifestyle changes on mental health. The reality is, however, that maintaining a physically and socially active life, having a healthy diet and even spending time in nature can help your symptoms

For one, exercise has been found to improve the symptoms of anxiety, depression, and ADHD, likely because it is known to relieve stress, boosts your mood and improves sleep. Needless to say, all of the activities and habits we mentioned are also good preventative methods.

10. There is no link between creativity and mental illness

If we were to ask you to name at least a few famous creatives suffering from mental illness, we're more than sure that you'd be able to come up with several examples off the top of your head: van Gogh, Hemingway, Sinatra, the list goes on... This prompts the question, "Is there a link between mental illness and creativity?"

Luckily, we have a ready answer, and it's a definitive 'No', and there is nearly a century's worth of scientific studies to back up this claim. People suffering from mental illness are not more creative than those who don't, and conversely, artistic minds are not more likely to suffer from a mental condition than non-creatives. Lastly, if you, as a creative, will take medications to address a mental issue, it will not directly affect your level of creativity.

11. Mental illness and intellectual disability or brain damage are not the same

This is another popular misconception, and we recognize where it comes from, as it often happens that people with brain damage or cognitive deficits have mental health issues, and it's also the case that mental illness in its advanced stages can cause brain damage.

What further complicates this question is that many brain disorders can be accompanied by psychotic episodes or mood disorders. For example, advanced Parkinson's disease often causes hallucinations, delusions and psychosis. Still, this doesn't mean that neurological and psychiatric illnesses are the same, it merely showcases that structural and functional changes in the brain influence our mental health.

12. Sleep deprivation affects mental health

We live in a society that often values productivity and hard work more than health. The truth is that by depriving yourself of sleep or sleeping too much, you can set yourself up for danger.

In fact, research from Harvard University has shown that 65–90% of adults with major depression also suffer from sleep problems. This is because REM sleep promotes learning, memory and emotional wellbeing, and the lack thereof, as the authors suggest, can worsen or even potentially trigger psychiatric illness. So, fluff up your pillows and have a good night's sleep.

周顯：統計趨勢駁造假 天貓聰明

文章日期：2019年11月15日

【明報專訊】有人根據以往阿里巴巴的銷售紀錄製造公式，計算出今年雙11交易日，即光棍節的天貓總成交額將比去年增加25%，結果真實的數據幾乎是完全準確的25.7%，因而被人質疑其數據造假。

馬雲在出席第五屆世界浙商大會時，對此的反駁是：「我們雙十一的數據超出華爾街的預期，有人甚至猜測數據造假，我向大家保證，在數據時代，在互聯網時代，每一分錢都極其準確！」

不管其真實狀况有沒有造假，天貓的回應是極其聰明的：「符合統計趨勢的就是假的。那麼，世界經濟總量也是能被預測的，經濟發展也是假的嗎？」

不過，因此而打算控告網民，就未免太過小器了。照我心目中的印象，馬雲應該沒那麼「方丈」吧？不過，現在風頭火勢，這種「小事」究竟是不是由馬雲決定，也未可知。

雙十一光棍節有個注腳，這注腳是我發明的，也只有我這種歷史癖才會欣賞，就是在中國古代，1月1日、3月3日、5月5日、7月7日、9月9日，都是節日，就只有11月11日不是節日，這個空隙，在5000年後，才給馬雲補上了。

話說衝突升級，樓價和租金都下跌，但跌得最勁的是酒店房租，五六千元可以租1個月，冷氣水電全包，我都想租番間，可惜想來想去，也想不出有什麼用。

[周顯 投資二三事]

https://www.mpfinance.com/fin/columnist2.php?col=1463481127012&node=1573756466971&issue=20191115

RCE资本 估值低前景唱好

2019年11月13日
分析:马银行投行研究

目标价：1.80令吉
最新进展

RCE资本（RCECAP，9296，主板金融股）2020财年次季的净利，录得2715万8000令吉，按年上涨15.8%，派息每股5仙。

利息收入走高带动，让截至9月底的次季营业额年增8.02%，报7017万6000令吉。

累计首半年，营业额年升6.95%，报1亿3711万4000令吉；净赚5127万7000令吉，按年提高9.92%。

行家建议

2020财年次季核心净利达2720万令吉，按年增16%，按季多13%，带动首半年核心净利报5130万令吉，年增10%，这符合我们和市场的预期，各占全年预测的52%。

首6月营业额为1亿3710万令吉，按年增长7%，也符合我们全年预测的49%。

不过，第一次中期股息每股5仙超出预测，是我们全年预测的56%，首半年的股息按年增加了5%。

同时，我们发现次季的平均贷款增长14.3%，已超出我们2020至2022财年的14.2%预测，而平均融资成本持续处于下降趋势。

另外，第三批的Zamarad回债殖利率为4.51%，比8个月前发售的第一批回债，低了41基点，我们相信利差将会从去年的8.5%提高至8.8%。

目前，我们维持财测和周息率的预测不变，目标价也保持在1.80令吉。

我们持续看好RCE资本，因为股价估值不高，不过，投资回酬率及周息率却较高。

RHB upgrades MISC to 'Buy', raises TP to RM9.21

ANALYST REPORTS

Thursday, 14 Nov 20199:04 AM MYT

KUALA LUMPUR: RHB research has upgraded MISC BHD
image: https://cdn.thestar.com.my/Themes/img/chart.png to a buy rating with a higher target price of RM9.21 following the release of 9M19 earnings that came within estimates.

"Our key reasons for the upgrade are: Better tanker rates in 2020 on tight vessel supply, strengthening operating cash flow, and continuous contract flows from major segments," it said in a note.

The research house said 9M19 numbers rose 24% year-on-year to RM1.2bil on the back of improved contributions from the LNG division and a turnaround in the petroleum segment.

"At 65% and 67% of full-year estimates, the results are deemed within our and consensus expectations, in view of a seasonally-stronger 4Q19," it said.

Moving forward, MISC may benefit from a surge in tanker rates, given that 40% of its petroleum tankers are in the spot market, says RHB.

The research house is expecting further growth in average spot charter rates for petroleum tankers due to tighter vessel supply with more vessels undergo scrubber retrofitting post IMO2020.

MISC could also generate US$5mil in cost savings per annum or 2% if FY19F earnings following the disposal of its chemical tanker this quarter, and the expected disposal of the remaining six vessels in the next six months.

On the offshore segment, MISC is bidding for several projects worth US$3.5bil in Malaysia, Qatar, Vietnam, Thailand and Brazil, of whih the largest is Petrobras' FPSO Mero 3 project.

"While we believe the company appears to be a good JV partner – backed by its strong balance sheet – we have yet to factor any contract win within the premium leased FPSO market," said RHB.

Read more at https://www.thestar.com.my/business/business-news/2019/11/14/rhb-upgrades-misc-to-039buy039-raises-tp-to-rm921#BBj01jJCeJfpDe1w.99