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Monday, August 31, 2020

四季都需要排寒 「排寒」健康法的5大法則

「排寒」似乎成了顯學,日本醫師進藤義晴說,排寒要掌握5大原則,以衣著來說,學富士山就對了!

文  進藤義晴
天下雜誌出版2019-08-07

要消除疾病之毒,斬斷病根,方法就是將它全部排除。一旦病毒侵犯了肝臟、心臟、消化器官、肺臟、腎臟,就會以腹瀉、濕疹、發燒、腰痛、肩頸痠痛、頭痛、鼻血、耳漏、血尿、針眼、鼻水等種種形式出現,此時,只要把這些症狀當做是「毒素想要排出」,進行「排寒」,將它排除就可以。

流鼻水的時候,病毒在胃部及肺部。因為是胃部及肺部的毒素要從鼻黏膜排出,所以必須一直把鼻水擤出來。

當腦部有病毒的時候,會形成鼻血流出。這個時候也是一樣,認知到這是在「排毒」,一擤鼻子,鼻血就會停止。流鼻血的時候,沒有必要慌慌張張地用面紙塞住。

過去並沒有人因為流鼻血而死亡,最近我卻聽聞有人因此喪命,那是因為採取了輸血或是打點滴等不必要措施的緣故。當患者的身體要排除累積於自己腦部的「寒氣」之毒時,他人的血液注入了體內,身體便想要將輸入的血液一起排出。此時,自體的血液也同時排出,於是無法止血,情況愈來愈糟。廣告

我們的身體有著治療疾病的自癒力,會把累積的毒素排出。西方醫學僅以藥物抑制症狀,把毒素壓回體內。症狀消失的時候雖然會感覺輕鬆,卻不代表毒素消失了。毒素因此繼續累積,進而形成所謂的文明病如癌症、高血壓、心臟病等。即使病情嚴重,只要確實執行「排寒」,病就會好。「排寒」再晚開始進行都不嫌遲。

因此,病毒絕對不要累積在體內。當身體想要排毒時,讓它充分排盡。如果起了濕疹,那是因為內臟的毒素想要從皮膚排出的緣故,不要塗抹藥物阻塞了出口,癢的時候盡量抓,讓出口擴大。

受傷,也是因為毒素的出口過窄而為了將它加寬的緣故。只要認知到「啊,這是在排毒」,就能早一點痊癒、鬆一口氣。如果憂慮「萬一化膿了怎麼辦」而塗上抗生素等藥物,毒素就會喪失排出的出口而累積在體內。廣告

出現濕疹、鼻血等種種排毒信號的時候,要將它當做是因為「寒氣」累積在體內,盡早執行「排寒」。身體弱則自癒力也弱,因此我們應該要加強自己的排毒能力,將毒素全部排出體外才是。

「排寒」健康法的五大法則

以順服的心態接受、執行。

保持頭寒腳熱

吃七分飽

保持心情平穩

排出全部的疾病毒素

不要杞人憂天

這些就是「排寒」健康法的五大法則。不要想得太過困難。生病了,不要做太多無謂的處置比較容易好。

日常生活中的平凡舉動是最重要的。自古以來就建議人們要維持頭寒腳熱,保暖足部。人的體溫雖然在三十六‧五度左右,正確說來,卻是上半身的體溫稍微高於三十六‧五度,下半身則愈往足部,溫度愈低。上半身及下半身這微妙的體溫差異,影響了全身的血液流動,這就是疾病的成因。因此,我才想出了「排寒」健康法,用衣物修正上半身及下半身的溫差,改善血液循環和身體健康。廣告

足踝到足尖的體溫最低,要穿上五∼六雙襪子保暖。腰部以下,則穿著蠶絲或是棉質的衛生褲調節體溫。上半身穿著輕薄,短袖的襯衫就可以了。

請試著想像富士山,山腳下坡度平緩的原野有著廣闊的樹林,愈往山頂,樹木愈少,直到一棵樹也沒有。

請注意,服裝也要和富士山一樣愈往下愈厚,愈往上愈薄。

洗澡的時候也是一樣,劍突以下泡在溫水裡,慢慢地讓身體溫暖。

此外,吃東西要以七分飽為標準。攝取的食物量如果超過身體所需,將會造成身體負擔,對內臟產生不良的影響。

生氣、憂慮會讓上半身發熱,相對地,足部也會冰涼。因此,經常保持穩定的心情是非常重要的,不要杞人憂天。此外,「這樣做真的能治病嗎?」這樣的懷疑心態會形成「毒素」。一旦有了先入為主的觀念,一不小心就會懷疑「這樣做真的沒問題嗎?」廣告

因此,應該要捨棄先入為主的觀念,以順服的心態來接受、執行。

上述的每一件事都是日常生活中可以做得到的平凡小事。「排寒」的根本,就是不要看不起這些平凡的小事情。

Tuesday, August 25, 2020

马股系列 – 家私股四大天王 LIIHEN, POHUAT, LATITUD & HOMERIZ


Author: Kingsley Investment 金斯利投资笔记 | Publish date: Tue, 25 Aug 2020, 7:15 PM





众所周知手套股的四大天王 THKS绝对是今年的明星股,可是今天小编却想和大家聊聊我们大马家私股的四大天王,LIIHEN, LATITUD, POHUAT以及HOMERIZ, 虽然HOMERIZ本身的营业额和另外三位老大相比还是有一点距离,可是如果对比LATITID 现在的208亿的市值,HOMERIZ的190亿却并没有相差很远,所以小编就并列为4大天王咯。

这四家的家私股其中三家都是柔佛的公司而除了LATITUD是在巴生的,这四间家私公司超过90%以上的都是做出口生意,比较大的份额是北美地区或是欧洲地区,而为什么会聊到家私股呢?

第一点因为通过美国的新房屋销售数据显示,美国的房屋销售因为现在低利率政策刺激,再加上美国大规模的QE印钱,导致房屋销售有强势反弹和增长的现象。第二点因为中美贸易战,对于大马的家私业者是有利的,尤其在越南有设厂的公司,是有机会把美国的订单从中国商家里拿过来。



近期因为美金走弱而导致马币持续走强,马币走强对于家私出口的确是一个利空。




如果要从这四大天王做比较的话,我们从过去公司的业绩来做比较,很明显的LIIHEN短短8年就成功的实现逆袭,从老三位置成功的抢到了龙头的宝座,无论是营业额或是盈利都横扫同行。





小编粗浅的分析公司的基本面,除了LATITUD, 其他公司的ROE 股本回报率5年平均都是在15%以上而龙头老大LIIHEN的ROE则是排名最高,平均五年高达23%,而公司净现金比列对比股价则是POHUAT是高举榜首,现在股价1.32里面有45%是现金,而Profit Margin最高的就是HOMERIZ, 因为HOMERIZ专注于OBM,所以他们的净利润对比其他同行是最高的15%。


所以单看这些简单数据来评估管理层在经营业务的能力上,看来LIIHEN的确实比同行更稳定,比较少有业绩炸弹的事情发生,无论是汇率问题,最低薪资问题或是原料问题,LIIHEN还是能迎刃而解,保持成长。

可是对于LIIHEN,小编还是有一些保留,因为当小编在查这四间公司的过往历史时,发觉LIIHEN在 2004年有发生一些公司管理层涉及发放虚假通告,或是一些不符合程序的事情的负面新闻,虽然现在掌托者已经是新的一代,可是这些负面事情还是会影响小编投资这间公司的看法。





其实4大家私股在这5年也是有不停的做扩张,尤其是LATITUD和POHUAT年里两间公司在这5年都丢了超过一个亿去做扩张,LIIHEN也是丢了8千万,可是从营业额来看,LIIHEN & POHUAT的成长比较明显,体现了公司的管理层的能力,能有效的把资金转化成盈利,而LATITUD虽然丢了很多钱,可是这几年却不见成效,可能还是需要时间去等待发芽,可是对于小股东而言,如果能选择好的管理层管理的公司,这样才能睡得安心安稳。




而如果要小编在这4间挑选的话肯定是 LIIHEN和POHUAT,其实小编觉得POHUAT的价值更被低估,因为POHUAT的净现金比例对比股价高达45%,对于股东权益来说更加值得,第二点是小编觉得公司管理层无论在处理公司的网站上或是年报的内容上都比较丰富和专业,第三点是小编比较喜欢在越南有设厂的公司,越南的地理位置以及更有机会在中美贸易战中获益,而且公司年报不断强调以及投资自动化,对未来的方向和战略相当明确和透明,小编比较喜欢有透明度的公司,这样对没什么资讯的投资者比较公平。

虽说如此,小编还是从来没买过POHUAT的股票,反而LIIHEN近期却是做过短期交易,因为其实LIIHEN身为家私业的龙头再加上稳定的盈利,其实会更加受到市场上投资者的青睐。









其实对于小编而言,家私股算是比较稳定的派息股,而股价的走势通常都是和马币强弱有相关联系,当马币走弱,家私股的业绩会比较靓丽,而当马币走强的时候则相反,但如果长期投资家私股,每一年15%资本增长加5%的股息收入应该还是可以达标的,如果没时间去看着盘,在好的价格持守家私股可能也是一个不错的选择,但是小编还是偏向投资其他成长更加突出的公司。

*小编写这边文章的时候是在21号的时候,到今天为止都没有持有任何这四家公司的股票,文章只是纯粹的学术和资讯分享,没有任何买卖建议,买卖需自负。

Monday, August 24, 2020

Subdued earnings recovery in 2QFY21 likely for Panasonic — analysts


theedgemarkets.com/theedgemarkets.com
August 24, 2020 11:02 am +08

KUALA LUMPUR (Aug 24): Panasonic Manufacturing (M) Bhd (Panasonic), which posted a net loss of RM2.56 million for its first quarter ended June 30, 2020 (1QFY21) after shutting operations down during the Covid-19 lockdown period, is likely to return to the black in the second quarter ended Sept 30, 2020 (2QFY21) as the easing of movement restrictions from early May has enabled its manufacturing plants to reopen and retailers to restock their shelves, said analysts.

Nonetheless, they point out that Panasonic’s earnings recovery is likely to be subdued by geopolitical tensions, economic headwinds and cautious consumer spending.

“... We expect sales to continue to be tepid for the foreseeable future. With the US calling for continued sanctions on the Middle East, we expect sales to the region to continue to be lacklustre,” said HLIB Research analyst Gan Huan Wen.

He highlighted that previously, sales to the region had dropped by 21.6% and 12.8% in FY19 and FY20 respectively.

“Furthermore, the slowing down of property launches domestically should continue to dampen sales of fans as [Panasonic] sells a large number of fans to property developers,” he added.

Gan said HLIB Research will cut its earnings forecast for Panasonic by 7.2% to factor in lower sales volumes in the financial year ended March 31, 2021 (FY21).

Accordingly, the research house will reduce Panasonic’s target price to RM28.40 from RM29.40 prior, based on an unchanged 17 times price-earnings multiple on mid-FY22 earnings, despite maintaining its ‘hold’ rating on the counter.

“Despite expected weaker earnings in FY21, we reckon [Panasonic] has the balance sheet strength to weather through this storm. As of end-June, PMM has a net cash position of RM528.9 million (or RM8.71 per share),” he explained.

Meanwhile, CGS-CIMB analyst Syazwan Aiman Sobri said while Panasonic’s earnings will recover in both the domestic and export markets as distributors and retailers replenish their inventories after over a month of disrupted supply from the movement control order (MCO), the research house is lowering its earnings per share forecast by 3.5% to 3.9% from FY21 to FY23, as it believed that recovery will be relatively subdued due to economic headwinds.

Syazwan said the research house is raising its target price to RM30.50 from RM27.90 previously, due to a higher PE of 17 times, from 15 times earlier.

“The premium is to reflect its stronger balance sheet and dividend payout ability versus its peers in the consumer discretionary sector. We think its share price will likely be supported by its attractive CY21-23F dividends yields of 6.8% considering the current low interest rate environment,” he said.

MIDF Research analyst Ng Bei Shan noted that Pansonic is expected to recover gradually in the coming quarters due to improving demand for its products.

“That said, we believe that consumer sentiment may still be fickle and some segments may see downtrading to cheaper products,” she added.

The research house has trimmed its earnings forecast by 2.3% and 1.5% for FY21 and FY22 on the poorer performance in 1QFY21. It maintained its ‘neutral’ rating on the counter with a slightly lower target price of RM29.19, down from RM29.62, based on an unchanged PE of 14 times FY22 expected EPS of 208.5 sen.

At 10.42am, Panasonic traded 54 sen or 1.71% lower at RM31, valuing the company at RM1.92 billion.

Saturday, August 22, 2020

Kumpulan Powernet's 4Q profit surges on contribution from new construction-related segment

Syafiqah Salim/theedgemarkets.com
August 21, 2020 15:40 pm +08

KUALA LUMPUR (Aug 21): Kumpulan Powernet Bhd reported a 216% year-on-year jump for its fourth-quarter (4Q) net profit today, boosted by contribution from its new construction-related activities segment.

The group registered a net profit of RM7.31 million for the quarter ended June 30, 2020, compared with RM2.31 million a year ago, as revenue more than tripled to RM39.36 million from RM11.95 million, its bourse filing showed.

The stronger revenue came from the contribution of RM37.92 million from its construction-related activities segment, mainly from preliminary works on construction projects. Its other segments however, comprising property development, manufacturing and others, and property investment, showed lower contributions.

The stronger quarter lifted its annual profit for financial year 2020 to RM12.79 million, some 26 times the RM486,000 it made a year ago, as revenue surged to RM95.84 million, seven times the RM13.22 million it reported previously.

On prospects, Kumpulan Powernet said the group continues to record strong numbers throughout the period despite various challenges posed by the Covid-19 pandemic.

"This is underpinned by our construction and construction-related activities locally and abroad in the segment of energy, utilities and infrastructure. The sector remains active and [has] gotten more exciting from the various incentives and government's effort to pump the economy," it said.

As for the textile manufacturing segment, it said the pandemic has disrupted supply chain, operations and worldwide demand for the industry.

"We have since started operations and received small orders from our clients. Nevertheless, this segment will prove to be challenging and will improve together with the improvement in the world's economy. We are also exploring other products within our textile industry to improve and increase our product offerings to the market," said Kumpulan Powernet.

It also pointed to the RM74.5 million contract that it had secured for the development of a hydropower energy generating facilities in Lao PDR which it announced on June 26.

With RM1.2 billion projects secured, the company said it is confident in its ability to raise the required capital for its business.

"In June 2020, the company raised more than RM50 million in private placement, which was oversubscribed by almost four times. This showed the confidence of the investors in the company, its business and also its business direction," said the group.

At the time of writing, Kumpulan Powernet's shares were up 22 sen or 8.33% at RM2.74, bringing it a market capitalisation of RM295.54 million, after over four million shares were traded.

RHB starts coverage on Kumpulan Powernet with target price of RM3.46

Areeshya Thevamanohar/theedgemarkets.com
June 23, 2020 12:53 pm +08

KUALA LUMPUR (June 23): RHB Investment Bank Bhd has initiated coverage on Kumpulan Powernet Bhd (KPower) at RM2.40, with a "buy" rating and a target price of RM3.46, pegged to 14 times price-earnings for the financial year ending June 30, 2021 (FY21), factoring in the recently proposed 35% share placement to employ a higher share base.

In a note today, the research house said KPower is "poised to transform into an energy and utility services player, following the entry of new shareholders and a management team since June 2019".

"We are upbeat about this stock as it offers an exponential earnings compound annual growth rate of 149%, a potential doubling of its order book by end-FY21, superior return on equity, and has an undemanding valuation of 9.7 times."

With the introduction of new board members and management team, KPower is repositioned to be an end-to-end provider of concession-based renewable energy infrastructure services, focusing on hydro, solar, waste-to-energy and biomass, it added.

RHB said KPower's order book value is targeted to hit RM2 billion by end-FY21, adding that KPower has demonstrated its ability to win big contracts by securing about RM1 billion in new jobs over the past year.

"Its current bid value stands at RM3 billion, of which 65% is from the energy segment, followed by the infrastructure and utility sectors at 34% and 1%."

"40% of the tenders were secured from the Middle East, while the remaining are from Malaysia (20%), Nepal (17%), Indonesia (16%) and Laos (7%). KPower has also received queries to undertake projects in the Philippines."

"We believe these job opportunities — especially the one situated in the Middle East — leverage on Datuk Karim's (KPower non-executive chairman) connections, as he has a strong presence in the region," the note said.

"The recently announced 35% private placement will allow KPower to execute projects secured, as well as strengthen its balance sheet for future growth. A dividend payout policy of at least 20% potentially translates into FY20-22 dividends per share of 1.8-6.9 sen, implying yields of 0.7-2.9%."

RHB highlighted that key risks include change in government policies towards renewable energy, competition risks, and weaker-than-expected margins.

For the cumulative first nine months of FY20 (9MFY20), KPower recorded net earnings of RM5.5 million compared with a loss of RM1.8 million for 9MFY19.

RHB expects KPower's earnings for the fourth quarter of FY20 to be stronger on a quarter-on-quarter basis, on the back of higher billings from the existing contracts in hand, despite experiencing some disruption in the property development projects due to the Movement Control Order.

At 11.56am, KPower shares shed one sen (0.42%) to RM2.39.

Wednesday, August 19, 2020

Analysts sing the same tune for Singtel following soft 1Q results

Broker's Calls
Samantha Chiew Published on Wed, Aug 19, 2020 / 12:47 PM GMT+8 / Updated 7 hours ago

Analysts are overall bullish on Singtel despite the telco reporting a 24% y-o-y decline in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to $897 million in its latest 1Q21 business update.

This is after including some $17 million of Jobs Support Scheme credits from the Singapore government. The fall in earnings was mainly a result of a 13.9% y-o-y decline in operating revenue to $3.54 billion, mainly due to “challenging market conditions” due to the Covid-19-induced shutdowns across Singapore and Australia.

The lower numbers were attributed to travel and movement restrictions, lower footfall in retail stores, and a general dampening in consumer and business spending amid the global economic slowdown.

During the quarter, Singtel also booked a net exceptional charge of $364 million compared to the $34 million in 1Q19. The charges mainly comprised Singtel’s share of its associate in India, Bharti Airtel’s additional provisions for the adjusted gross revenue matter following the Supreme Court of India’s decision in July and exceptional tax charges.

Including Singtel’s associates, underlying EBITDA for 1Q21 came in at $1.3 billion, which according to DBS Group Research is 12% below street estimates due to weak Telkomsel and accounting adjustment for Bharti.

DBS has kept its “buy” call on Singtel with a lowered target price of $2.85 from $3.04 previously.

Singtel’s investment in its associates, based on their market values, is worth $2.50 per share, which is more than Singtel’s current share price of $2.34. This implies a negative value for its core business in Singapore and Australia.

In an August 18 report, analyst Sachin Mittal says, “The value of associate investments is likely to rise from potential turnaround of Bharti in FY21. While the core business is not doing well, its true value can be unlocked via asset divestments - Optus towers worth 10-11 cents per share in the near term, followed by other divestments in the medium term.”

The analyst has projected FY21 dividend per share (DPS) of 12.25 cents, translating into an 87% payout ratio and 85% of free cash flow, which he believes is sustainable in the long term. He expects Singtel to rerate to 4.5% yield (15-year historic average) in a low-interest environment.

OCBC Investment Research also continues to rate Singtel a “buy” but has dropped its fair value estimate to $3.08 from $3.24 previously.

On the consumer front, reduced travel and lower footfall in retail stores put a dent on Singtel’s roaming and prepaid mobile revenue and equipment sales especially in Singapore and Australia. Group Enterprise saw operating revenue fall 4.5% y-o-y to $1.4 billion, with certain ICT projects being deferred or delayed.

However, OCBC is positive on Singtel’s associates. “We are encouraged by Airtel’s lower net operating loss due to higher mobile average revenue per user (ARPU) in India with the price up last December, and this has mitigated declines from other regional associates. Despite this soft set of results, we remain constructive on Singtel as its valuations are not demanding, while FY21 yield of 5.3% (at time of writing) should help cushion further downside,” says OCBC.

RHB Group Research shares the same sentiments as it maintains its “buy” recommendation with a target price of $3.20 from $3.40 previously.

Although FY21 results were below expectations, RHB believes that Singtel’s outlook is still rosy. “With the gradual lifting of population restrictions from 2Q20, we expect underlying consumer revenue momentum to show some improvement going forward,” it says.

As for the group’s enterprise segment, recovery is expected to be further pushed back due to cautious spending and macroeconomic challenges.

Overall, RHB has cut FY21-23 core earnings by 12-14% after factoring in a weaker EBITDA run-rate and the extended earnings recovery. At -1.5SD from its historical EV/EBITDA mean, valuation has priced in downside risks and is backed by “attractive dividend yields”.

Similarly, CGS-CIMB Research is reiterating its “add” recommendation with a lowered target price of $3.10 from $3.40.

Lead analyst Foong Choong Chen says that Singtel’s disappointing 1Q21 shows that the Covid-19 impact was more severe than expected.

“We cut FY21-23 core EPS by 6-38%, mainly to reflect: extended Covid-19 impact on Singtel’s and Optus’s Consumer, Enterprise and Digital Life businesses until mid-CY21, and more bearish earnings forecasts for Bharti (based on consensus) and Telkomsel, the latter due to more intense competition,” adds Foong.

He also expects FY21 EPS to fall by 35% y-o-y, before staging a rebound in FY22/23 as the Covid-19 impact subsides and Bharti’s/Telkomsel’s contributions improve. Keeping to a 75% payout ratio assumption, FY21-23 DPS is lowered to 7-15 cents.

PhillipCapital is slightly less upbeat than consensus as it has kept its “neutral” rating on Singtel with a target price of $2.44.

“We do not see a turnaround in the results until international travel resumes materially for roaming revenue to recover,” says analyst Paul Chew in an August 19 report.

Furthermore, Optus needs to complete its NBN transition and remove the significant cost of running its existing broadband network to expect any recovery. Without NBN, Australia consumer EBIT fell an incredulous 82% y-o-y to A$41 million.

The analyst believes that weakness was across all segments in Australia with broadband bearing the brunt. While being burdened by high operating costs, Optus also experienced a 65% y-o-y decline in on-net broadband subscribers.

On the outlook, Chew sees Singapore mobile and Australia broadband to be Singtel’s two main pressure points. He expects at least another two more quarters of weak y-o-y operating performance from the group.

As at 12.45pm, shares in Singtel are trading at $2.34 or 1.5 times FY21 bok with a dividend yield of 5.1%, according to DBS’ estimates.

7 things I learned from the 2020 Dutch Lady Malaysia AGM - Shak Chee Hoi

Established in 1963, Dutch Lady Milk Industries Berhad (Dutch Lady Malaysia) manufactures, distributes, and sells dairy products in Malaysia. It is one of the leading established dairy companies in the country. The brand is backed by over 140 years of Dutch dairy heritage from its holding company, Royal FrieslandCampina N.V.

Its product portfolio includes powdered milk, liquid milk, and yogurt. It aims to nourish and bring value to Malaysian families through its affordable dairy products. I was interested to know how the company aims to grow further in a country where Malaysians generally do not consume milk.

Here are seven things I learned from the 2020 Dutch Lady Malaysia AGM:

1. Dutch Lady Malaysia registered only a 1.7% year-on-year increase in its revenue to RM1.1 billion in 2019 despite a 6.2% rise in volume growth to 122 kilotonnes. This is due to its pricing strategy to make milk affordable and drive long-term per-capita milk consumption. In general, Dutch Lady Malaysia’s products are affordably priced. For example, they introduced the RM1 mini milk pack in sundry shops, which is the cheapest standalone pack available in the market. It wants more consumers onboard to secure its long-term growth. Any subsequent increase in product prices will have to be done carefully to avoid losing the consumers.

2. Net profit excluding extraordinary items dropped 16.1% y-o-y to RM99.1 million in 2019 as global dairy raw material prices rose by 4% in 2019. Dairy raw materials are commodities and their prices are volatile as mentioned by Dutch Lady’s managing director Tarang Gupta. The company’s profitability was further impacted when the ringgit weakened by 3% against the U.S. dollar, the currency used to transact dairy raw materials.

3. Gupta shared that Dutch Lady Malaysia owns a dominant dairy market share in Malaysia at 29.3% in May 2020 compared to a year ago at 26.9%. Its closest competitor has a 13.9% market share. The overall industrial powdered milk segment shrank by 6.5% in 2019 while the beverage segment grew marginally by 1.2% over the same period.Powdered milk for children has a higher profit margin than liquid milk. The company experienced the same changes in its product sales and posted a lower net profit in 2019 compared to 2018.

4. A shareholder asked why Dutch Lady’s dividend per share (DPS) dropped from RM2.00 in 2018 to RM1.00 in 2019. To be fair to Dutch Lady Malaysia, it maintained its ordinary DPS at RM1.00 in 2019. The drop in DPS was caused Dutch Lady paying a special DPS of RM1.00 in 2018. The company also cut its first interim ordinary dividend per share to 40 sen in 2020 from 50 sen in 2019. Gupta shared that extra cash is reserved to finance the company’s future expansion plans and to absorb potential COVID-19 impacts.

5. In March 2020, Dutch Lady Malaysia announced that it would acquire a piece of land within the industrial park of Bandar Enstek, Negeri Sembilan, which is a 45-minute drive from Kuala Lumpur, at RM56.8 million. The proposed acquisition is estimated to be completed by the end of 2020. Further details were not shared as the construction plans are yet to be finalised. The utilisation rate of the existing plant stands at 75%. It is worth noting that the leasehold land, comprising factory buildings, office complex, and warehouse located at Petaling Jaya, Selangor will expire in 2059. It cannot choose to renew the lease, which is probably what drove the company to look for new industrial land in my opinion.

6. According to Gupta, about 15% of the company’s portfolio comprises flavoured ready-to-drink milk and is impacted by the sugar tax. He responded to Minority Shareholder Watch Group that it had passed on the cost increase to customers. The flavoured milk was reformulated to bring the sugar level below the taxable threshold of seven grams of sugar per 100 millilitres of milk-based beverage and will be released into the market by August 2020.

7. Dutch Lady Malaysia has improved product transparency by launching TrackEasy for its Friso Gold products. This new feature allows consumers to trace the milk production from ‘grass to glass’ by scanning the QR code provided on the packaging. The management did not mention any disruption regarding the distribution and supply of its products to customers during the Movement Control Order period. All of its employees were tested for COVID-19 before they returned to work.

https://fifthperson.com/2020-dutch-lady-malaysia-agm/

15 Malaysian companies named in Forbes Asia’s Best Under A Billion 2020 list

Surin Murugiah/theedgemarkets.com
August 18, 2020 15:21 pm +08

KUALA LUMPUR (Aug 18): Fifteen Malaysian companies have been named in Forbes Asia's Best Under A Billion 2020 list, which highlights 200 Asia-Pacific public companies with less than US$1 billion (RM4.19 billion) in revenue but consistent top- and bottom-line growth.

The fifteen companies, in alphabetical order, are AME Elite Consortium Bhd, C-Link Squared Ltd, Frontken Corp Bhd, Johore Tin Bhd, Kossan Rubber Industries Bhd, Lii Hen Industries Bhd, Magni-Tech Industries Bhd, OpenSys (M) Bhd, Oriental Interest Bhd, Pentamaster Corp Bhd, Revenue Group Bhd, Scientex Bhd, Sunsuria Bhd, Uchi Technologies Bhd and UWC Bhd.

With the exception of C-Link Squared, which is Malaysia-headquartered but listed on the Stock Exchange of Hong Kong, the other 14 companies are listed on Bursa Malaysia.

Forbes in the list published yesterday said the annual Best Under A Billion list spotlights 200 publicly listed small and midsize companies in the Asia-Pacific region with sales under US$1 billion.

It said these companies had track records of exceptional corporate performance, with one Covid-19 caveat: The list was based on full-year data as of July 7 and did not fully reflect the impact of the pandemic-led downturn.

The magazine said the companies on the list had scored above their peers in a composite ranking that included sales and profit growth, low debt levels and robust governance.

“The criteria also ensured geographic diversity of companies from across the region.

“By using metrics [that were] both quantitative and qualitative, the final list of 200 was truly a select group,” it said.

Inari to team up with MIT to supply semiconductor process tools

Arjuna Chandran Shankar/theedgemarkets.com
August 18, 2020 23:50 pm +08

KUALA LUMPUR (Aug 18): Inari Amertron Bhd is teaming up with Singapore-incorporated MIT Semiconductor Pte Ltd (MSPL) to set up a joint-venture firm in Malaysia to supply customised semiconductor process tools.

MIT, a subsidiary of China-based MIT Semiconductor (Tian Jin) Company Ltd, is principally engaged in the design and assembly of semiconductor manufacturing process tools.

Inari said the JV company will be set up in two months, with a proposed share capital of RM16.8 million held by Inari’s wholly-owned unit Inari Matrix Sdn Bhd (51%) and MPSL (49%).

The new company will operate at Inari’s plant in Batu Kawan, Penang or any other plants owned by the semiconductor player in the state, and will pay rent at the prevailing market rate.

“The proposed JV is a strategic move by Inari in collaboration with MSPL to invest in a business which is synergistic with the group’s business operations, whereby the JV entity will tap on MSPL’s expertise and technical know-how in providing semiconductor manufacturing solutions customised to Inari Group’s OSAT (outsourced semiconductor assembly and test) and/or EMS (electronics manufacturing service) requirements,” Inari said.

“In addition, the proposed JV represents an opportunity for Inari to enter into a new business segment of providing customised semiconductor process tools and solutions, which is in line with Inari’s investment plan to enhance and diversify its products, as well as revenue and earning streams,” it added.

Inari’s share price fell one sen or 0.49% to RM2.05 today, valuing the company at RM6.7 billion.

UMS Holdings to benefit from coming semiconductor expansion: analysts

Broker's Calls

Jovi Ho Published on Tue, Aug 18, 2020 / 1:52 PM GMT+8 / Updated 19 hours ago

With semiconductor equipment manufacturing slated to expand in Asia, manufacturing company UMS Holdings is poised to capture strong mounting momentum in the coming quarter. The company posted 34.5% y-o-y growth in sales for 2Q20, with an above average profit margin of 28.7% for the same period, notes KGI Securities analyst Tan Jiunn Chyuan.

Tan is maintaining “neutral” on the manufacturer with a raised target price of $1.17 from 89 cents.

UMS Holdings is an integrated original equipment manufacturer (OEM) for front-end semiconductor equipment manufacturing, providing both component manufacturing and sub-assembly services, primarily to key client, Applied Materials (AMAT).

“A key topic on AMAT’s earnings call was the disclosure of AMAT’s deposition sales in 2019 – around US$5.2 billion ($7.12 billion), and roughly an 8% market share gain,” says Tan in an August 17 note.

UMS management echoed the sentiment for strength in the semiconductor division, with expectations for 2H20 results to be stronger than 1H20, adds Tan. “However, management expects weakness in subsidiary and associate businesses, given Covid-19-induced industry headwinds, and the impact will appear on the books soon, in 2H20.”

Last week, DBS Research Group analyst Ling Lee Keng maintained her “buy” call on UMS Holdings at a higher target price of $1.37, previously $1.04. She cited data from SEMI – Semiconductor Equipment Materials International – that semiconductor equipment manufacturing is slated to increase 6% y-o-y in 2020 to US$63.2 billion and 17.4% to US$70 billion in 2021.

“We remain positive on the semiconductor sector, on the back of acceleration of 5G, artificial intelligence (AI) and other technology-driven developments such as Smart Cities and increased demand for data,” she writes in an August 14 note.

Asia is believed to be the “key powerhouse” for the semiconductor expansion and “is forecast to lead the pack in capital spending in 2020,” says Ling.

Likewise, CGS-CIMB analyst William Tng is optimistic about the company’s outlook, downgrading from “hold” to “add” with a raised target price of $1.10 from 96 cents.

“2Q2020 performance was helped by a 12% y-o-y increase in associate earnings. Its associate, JEP, benefitted from government grants to help combat the Covid-19 pandemic,” says Tng in an August 14 note.

“UMS expects to benefit indirectly from the vibrant chip equipment manufacturing market. In 2H2020F, we believe UMS’ system integration business will see better results h-o-h while JEP could also breakeven, at worst, due to government grants and strong performance in JEP’s semicon-related business segment.”

Maybank holds a similarly rosy view on the company as it “clears backlog from 1Q2020”, with analyst Lai Gene Lih recommending “buy” on UMS Holdings with a raised target price of $1.36.

“While we believe downside may be limited give the attractive yield, we would also be buyers on dips on the back of robust earnings visibility. In our view, key risks are return of supply chain disruptions and extended macroeconomic uncertainty that may erode the resilience of semiconductor equipment spending,” says Lai in an August 14 note.

As at 1.23pm, shares in UMS Holdings are trading at 2 cents lower, or 1.89% down, at $1.04.

Sabeco could continue to drag ThaiBev due to Vietnam alcohol ban: Phillips

Broker's Calls

Jeffrey Tan Published on Tue, Aug 18, 2020 / 3:29 PM GMT+8 / Updated 17 hours ago



Saigon Beer-Alcohol-Beverage Corp (Sabeco), which is a subsidiary of Thai Beverage (ThaiBev), could continue to be a drag on the latter, according to Phillip Securities.

This comes as the regulatory ban on drink driving continues to curb beer consumption in Vietnam, the brokerage warns.

In 3Q, ThaiBev’s beer volumes contracted almost 20% due to Sabeco’s underperformance.

Thankfully, ThaiBev’s domestic beer volume declined only marginally in Thailand and its market share is at a record high, Phillip Securities notes.

“Beer sales in Sabeco remains a concern, as the impact from regulation will weigh on consumption in the medium term,” Phillip Securities’ head of research Paul Chew writes in a note dated August 18.

Still, Phillip Securities has maintained its “buy” call for the stock with an unchanged target price of 82 cents.

The brokerage points out that ThaiBev has coped well with the lockdown and ban in alcohol sales with significant cost controls over advertising and marketing costs.

Moreover, shares of the company are attractively priced at 14 times FY21 earnings, compared to a historical average of 18 times earnings.

As at 3.25 pm, ThaiBev was up 0.5 cent or 0.8% at 64 cents with 52.9 million shares changed hands.

Bumitama's stellar 1H20 results keep analysts bullish

Broker's Calls

Jeffrey Tan Published on Tue, Aug 18, 2020 / 3:02 PM GMT+8 / Updated 18 hours ago

Bumitama Agri’s stellar results for 1H20 ended June 30 have led analysts to remain bullish on the oil palm player.

RHB Securities, Maybank Kim Eng and DBS Group Research have maintained their “buy” recommendations on the stock.

On August 14, Bumitama reported earnings soared 87.6% y-o-y to IDR441.25 billion ($40.56 billion) from IDR235.25 billion.

Revenue jumped 15.8% y-o-y to IDR4 trillion from IDR3.46 trillion.

RHB says Bumitama’s 1H20 core earnings were above expectations, coming in at 65%-77% of its and consensus’ forecasts.

The company’s outperformance was driven by higher crude palm oil (CPO) and palm kernel (PK) prices, which pulled earnings up almost threefold in 1H20.

DBS says Bumitama is one of its top picks given the company’s earnings momentum that is stronger than peers.

This is despite the company’s reliance over external fruit purchases to maximise its mill utilisation rate, it adds.

Maybank KE says it expects Bumitama's 2H20 core profit after tax and minority interest to be broadly similar to 1H20.

This should come as seasonally higher output is expected to be accompanied by higher cost and a normalisation of effective tax rate, it explains.

RHB Securities has raised its target price to 65 cents from 50 cents previously.

The brokerage has also increased its FY20 earnings forecast by 51% and FY21-22 earnings forecasts by 33%-38%.

However, Maybank KE has reduced its target price to 74 cents from 78 cents previously.

The brokerage has increased its FY20 earnings per share (EPS) forecast by 4% and lowered its FY21-22 EPS forecasts by 7% and 2%, respectively.

Meanwhile, DBS has kept its target price unchanged at 66 cents.

It has also maintained its FY20 earnings forecast of IDR730 billion, up 6.4% y-o-y.

As at 2.58 pm, Bumitama was up 0.5 cent or 1% at 52 cents with 183,700 shares changed hands.

Tuesday, August 18, 2020

[转贴] 林伟才严以律己‧顶级手套有麝自然香

文/洪建文
摄影/苏长国



你知道,人一出世,第一件与肌肤碰触的东西是甚么吗?答案是,医生的手。

但更正确的答案是,戴著手套的医生之手。

手套就是如此神奇的存在,而一场百难一遇的疫情,更让众多人拜倒在手套神奇的魅力之下。本期《投资致富》很荣幸邀请全球最大手套制造商——顶级手套(TOPGLOV,7113,主板医疗保健组)执行主席丹斯里林伟才做客,与我们分享和手套打交道的点点滴滴。

手套业汰弱留强

冠状病毒病疫情持续延烧,市场对防疫设备需求丝毫没有消退迹象,令大马股市手套股今年涨势惊人,甚至比美国电动车巨头特斯拉(Tesla)还要强劲。看中手套业订单与平均售价齐飞,各路企业纷纷前来抢食手套制造这块香饽饽的大饼。

各路企业抢食数据显示,今年以来,马股已有康尔国际(KANGER,0170,创业板消费产品服务组)、合力科技(HLT,0188,创业板工业产品服务组)、帝亿置地(TITIJYA,5239,主板产业组)、希艺科技(CETECH,03024,LEAP市场工业产品服务组)、INIX科技(INIX,0094,创业板科技组)和宜鼎机械(AT,0072,创业板工业产品服务组)抢进手套业,但手套业龙头——顶级手套掌舵人林伟才却淡定以对。

他说,有麝自然香,这是很自然的事。在20至30年前手套业好景时,情况也是一样。

仅20%业者撑到现在

“在手套业鼎盛时期,这个领域共有多达250家公司,但几十年过去了,80%已宣告倒闭,只剩下50家或20%。当领域景气好时,投资者就会一窝蜂涌入,一旦市场过于拥挤,供应就会变得太多,到时价格就会下跌,撑不下去的唯有淘汰。”

他补充,顶级手套经营手套制造超过30年,见过至少4至5次起起落落,手套出口是门竞争激烈的生意,不仅需要跟大马同侪竞争,还得防备泰国、中国和越南等国家的攻势,因此专注是非常重要的。

“以前,很多大型企业,甚至是上市公司都前来抢滩,市场竞争变大价格变低,企业控制不好成本和品质,最终落得亏本关门的命运。”

林伟才认为,新业者加入,加上现有业者纷纷追加生产线,市场竞争变得激烈可能会影响赚益。

“不过,与过去相比,手套业现想扩充产能一点也不容易。在20年、30年前,手套制造机器并不长,但现在机器长度至少100公尺,需要建设大厂才能容纳得下。此外,政府现严格把关环保、安全等认证,建厂程序不如以前简单。”

他说,以前只需2至3个月,1家新厂就能投入生产,现在新厂至少需要1至2年才能完工,8个月才能建好1条生产线。

“当你建好生产线,到时价格可能已经下跌了,如果竞争力不足,处境将会更难更挑战。”

“开厂容易赚钱不易!”

林伟才认为,投资者纷纷抢滩手套业,无非是为了赚钱,那为何不投资有专人管理的手套股,需要耗费精神和金钱从零开始呢?

“以前马股没有那多上市的手套公司,现在上市的就有超过10家。如果投资者喜欢做手套业,那就买手套公司的股票投资赚钱就好,只需投钱让专业的人来管理,不用麻烦找工人、工厂和机器等琐事。”

他说,就拿顶级手套来说,集团有2万名员工,投资者为何不投资公司,让这些专才去管理就好,“定定揾食”有何不好。

“投资者要有智慧,要投资对的东西,很多生意你出钱出力,反而还亏本。出一点钱投资,不用耗费太多精神和时间。投资对公司,对的手套公司,他们已经在市场20至30年,整体基础已经非常稳固,反正做生意就是想要赚钱,投资这些公司岂不更好,我们上市就是本著为大众服务的精神。”

林伟才表示,顶级手套现在有5万名股东,所以集团是为他们服务,赚钱给他们,不是很好吗?

“为何要投资设厂,做工厂很容易,但问题是赚得到钱吗?可以赚长久吗?赚1年,亏3、5年,这样一点都不划算。我们已经有好的营运记录,我们也鼓励人家可以投资,但投资上市公司股票可能会好一点。”

股价飙400%太高了吗?

不过,顶级手套今年股价已飙升406.81%,昂贵的股价是否令投资者却步呢?林伟才认为,现在股价可能很高,但再过3个月、1年,投资者就可能认为不高了。

“当顶级手套股价冲破10令吉的时候,市场已有股价过高的声音,但过后13令吉、15令吉,甚至更高,还是不断传出股价过高,但你高买高卖,不是更好,低买低卖反而更糟。”

精明投资看价值

他说,假设你买1令吉的股票,但最后以50仙卖出,便宜买,便宜卖,这样是精明的投资吗?投资最重要是看价值。

他举例,在多年以前,有位朋友想要投资手套公司。当时一家A手套公司,股价仅为50仙,而顶级手套股价高达5令吉,因此朋友决定投资更为便宜的A公司,结果投下了50万令吉,2至3年这家公司却遭到私有化除牌,相反若当时投资顶级手套,回酬说不定已经增长100倍,从50万令吉变成5000万令吉。

“5令吉嫌贵,结果50仙亏完。我们投资要有智慧,要看管理的人,一旦管理层不对、不老实,你就会面对问题。”

林伟才表示,公司股价会起,主要是市场预期盈利好,银行家、分析员都是经过精打细算,才会给出股票的合理价。

“市场对手套需求量很高,所以售价和利润就高,股票价格也水涨船高。投资者在做任何投资决定时,也要斟酌公司的管理层好不好。管理层很重要,老实只是基本,要有知识、智慧和经验去执行工作,不是每个人都能胜任的。”

做生意一定要专

他笑说,做生意就好像参加奥运会,想拿羽球冠军就只能专注打羽球,不能觊觎游泳、篮球等其他项目冠军,其他人才难以竞争。

“我们比较专业,我们是做手套的,做旅店做其他的,比较难竞争。做生意一定要专,才能竞争。我们在这个行业有30年,经验、团队都这么强,新来者如何与我们竞争。”



今明年销售可增50% 积极洽谈并购机会

百年一遇的冠病疫情,让全球掀起手套争夺战,手套公司也因此忙翻。

林伟才表示,一场疫情让公司生产线异常忙碌。疫情之前,公司厂房生产力为80至85%,但疫情爆发后,大量订单涌现已使得生产线生产力已超过100%,就算增加10%的新生产线仍无法满足强劲需求,令交货期一再延长,从原有的30至40天,拉长至400到500天。

“当前需求量远超供应,特别是日本、欧洲、美国和加拿大等市场需求特别殷切,所以每天都很忙。其中丁腈手套需求异常强劲,令原料供应陷入短缺,导致原料成本增加。”

他说,自2001年上市至今,顶级手套生产量和销售量在过去20年均增长21%,预计今明两年增长率可能达到40至50%。

今年更积极扩展

“此次疫情比较特别,这是50年,甚至是1000年一遇的疫情。在过去30年,我们几乎每5至6年都会爆发传染病,例如沙斯(SARS)、H1N1禽流感和伊波拉病毒,但尤以冠病疫情最为严重。”

他透露,顶级手套今年扩展计划将更为积极,过去每年新建2至3间厂房,今年将建5间新厂房,明年更将建设8家新工厂。

新时代快鱼吃慢鱼

“手套业初期由欧美业者独霸,为何我们会崛起成为全球最大手套制造商,这主要是我们年均21%增长率,远远超过全球手套需求年均增长10%。”

林伟才以鱼来比喻公司,认为在这新时代里,不再是大鱼吃小鱼,而是快鱼吃慢鱼,因此集团未来1年将投入8亿至10亿令吉资本开销,以在大马、泰国和越南建设8家厂房。

根据顶级手套2019年报,截至今年12月杪,集团将有38家手套工厂,总产量将达到842亿只。

买Aspion失利 现已转亏为盈

除积极内部扩展外,顶级手套也未因Aspion并购案出现问题,放弃未来并购机会。

林伟才说,顶级手套旗下有45家公司,其中三分之一(15家)源自并购,因此集团每年都寻找合适的公司进行并购、参股或联营。

“目前,我们确实有在接触。我们很喜欢做生意,不怕生意不怕工作,最怕没有生意没有工作。”

他坦言,Aspion并购案确实出现账目不清、虚报盈利等问题,但集团过后已想方设法去解决问题。

“在过去2年多,我们努力投资维修机器及工厂,并遣散部份素质不佳的员工,再派驻逾100位工程师、化学师等人才进行管理。适逢此次疫情爆发,推高手套需求量,让我们成功将Aspion转亏为盈。”

顶级手套是在2018年7月指控稳大资本董事经理刘振源和黄敬杜(译音)串谋欺诈,让公司以13亿7000万令吉“高价”

收购Aspion,因此入禀马新两地法院索赔至少7亿1486万2759令吉,但最后双方在今年3月握手言和,顶级手套也获得2亿4500万令吉赔偿。

疫苗面市 手套需求不减

虽然说手套业正处在最好的时代,但全球冠病疫苗好消息不断,市场憧憬疫苗可能在年内面市,而这会否冲击手套需求呢?

林伟才认为,手套主要扮演预防和保护作用,疫苗面市并不意味著人不会感染,相信医疗、餐饮业、零售等领域对手套的需求依旧,不会对手套供需带来太大影响。

“疫苗面市后,并不代表我们就不需要戴手套,我们还是需要防护,我相信对手套用途影响不大。”

放眼全球市场30%份额

不过,他说,顶级手套放眼今年取得全球市场30%份额,但若没有落实任何并购计划,目标可能落空。

“集团近2年积极探讨并购计划,但若没有任何并购计划成行,我们相信集团今年可夺取全球27%市占率。”



经营理念
员工健康 公司强稳

顶级手套,从30年前只有1间工厂、1条手套生产线和100名员工的本地企业,摇身一变成为雄霸全球手套市场26%市占率的龙头企业,林伟才将集团今时今日的成就,归功于以人为本的经营理念。

经营理念以人为本

“管理很重要。要做好管理,自己本身一定要好。最基本就是健康,没有健康就没有精神,怎么去管理好一家公司。”

他说,想要健康,就得自律,要以身作则,贯彻5种好习惯。

◆5种好习惯:

1.清洁好
每次刷牙和清理舌头3次,并洗澡2次。

2.饮食好
多吃各类优质食品,确保饮食均衡,更有规律,切勿暴饮暴食或过度饮食。

3.工作好
更明智、更有效率、更勤奋地工作,更主动和机灵,并保有正面和诚实的态度。

4.运动好
每周运动4至5次,每次30分钟;避免压力过小或过大。

5.睡眠好
保持每晚7至8个小时的优质睡眠时间。

林伟才说:“我们非常重视员工的健康,共聘请了9位营养师、3位医生、8位护士和1位牙医等20多位专业人士来照顾员工的健康。我们投资健康和长久,员工健康是我们的基础。只有基础好,才能建大楼、壮大公司。”

职员年均病假申请仅3天

他很自豪集团职员比政府部门或其他私人企业健康3倍,年均病假申请仅为3天,远低于平均9天。

应对挑战
诚信正直居安思危

与此同时,林伟才在工作中,也秉持著诚信,正直和透明化的商业道德,并无时无刻提醒自己。

“假如你每天去骗人做好事,教出来的徒弟也不会好。更重要的是,思想要开朗开通,透明度要高,不能欺骗,不能偷,你做得好不好,顾客是知道的。”

正面思考 不怕风浪

此外,他认为,随著公司规模越来越大,问题也会越来越多,因此管理层需要居安思危,提前做好准备应付未来潜在挑战。

“正面思想和准备很重要。当我们生意最低的时候,我们要抱持生意会好转的乐观心态,毕竟领域起起伏伏了好几回,在过去30年至少有5次,因此我们要趁现在要打好基础,才不怕将来大风大浪,并确保我们可持续屹立不倒。”

林伟才说,自己的人生哲学是“工作是我的爱好,运动是我的责任,健康就是财富”,要将工作视为嗜好,并透过运动保持健康的体魄,这样才能创造财富。

“当我们面对大问题时,团队变得非常重要,因为一个人扛自然辛苦,有对的团队一起扛就不难,甚么困难都可以解决。”

留住人才挑战大

询及集团未来挑战时,林伟才认为是“人”,如何留住人才和聘请思想和身体健康的人才来确保未来业务持续健康。

“当然,市场、顾客也要照顾好,我们一定要做对做好。做生意一定会有起有落,现在是最好的时候,我们要在最好的时候准备,为未来的下行做好准备。”

他坚信微小成长的力量。“你只要每天进步1%,1年就可取得3800%,或38倍的增长,若你能持续10年,增长率将达到6兆倍。”

善用自动化数码化

林伟才指出,自动化对公司未来发展扮演重要角色,因为企业要做好、做大,一定要用科技、科学和技术。

“我们要善用自动化和数码化,甚至是投资研发,这样才有前途。”

未来,顶级手套放眼透过科技、研究与开发和人工智能运用,甚至是雇佣1万名优秀人才来帮助集团在2040年取得30倍增长,年营业额达到350亿美元,并扩展厂房至500间,以打入《财富》500强企业行列。

要看出一家公司好不好,看管理层就知道。某位股坛大仙曾发帖文说,想知道一家新股值不值得买,看管理层驾甚么车就知道。原因很简单,如果一家公司刚要上市,管理层就恣意挥霍买豪车,凸显出他们已经准备上岸享乐,对事业已不那么有雄心了。

对于上市已久的公司,我们就得从细节著手。虽然此次专访只有短短30分钟,但从干净整齐的桌子、通透明亮的办公室,到不浪费一分一秒的时间管理这些小细节中,不难看出林伟才对自己的严格管理,也印证了顶级手套能在30年内崛起成为全球手套业巨头,靠得不只是机遇,更多是严格管理的成果。

作者 : 洪建文
文章来源 : 星洲日报 2020-08-17

https://www.sinchew.com.my/content/content_2326573.html

Friday, August 14, 2020

Heineken Malaysia - Covid-19 Impact Worse-than-expected

Reported 2Q20 core loss after tax of -RM18.7m (from a core PAT of RM56.9m in 1Q20 and RM65.9m in 2Q19) brought 1H20 sum to RM38.2m (-67.8% YoY). This is below expectations, making up 12.9% and 13.5% of ours and consensus forecasts, respectively. The shortfall in earnings was due to larger-than expected impact on sales volumes from MCO restrictions during 2Q20. We lower our FY20/21/22 forecasts by 42.8%/21.9%/15.5% to account for slower recovery in sales volumes. After our earnings adjustment, our TP falls from RM22.45 to RM18.70, based on a DCF-derived valuation methodology (WACC: 8.5%, TG: 2.5%). Downgrade to SELL.

Below expectations. Reported 2Q20 core loss after tax of -RM18.7m (from a core PAT of RM56.9m in 1Q20 and RM65.9m in 2Q19) brought the 1H20 sum to RM38.2m (-67.8% YoY). This is below expectations, making up 12.9% and 13.5% of ours and consensus forecasts, respectively. The shortfall in earnings was due to larger-than expected impact on sales volumes from MCO restrictions during 2Q20. Sales decline of -50.8% YoY was much higher than our anticipated 30-40% decline for 2Q20.

Dividend. None declared (2Q19: 42 sen per share). 1H20: None (1H19: 42 sen per share). Whilst Heineken typically declare dividend twice a year in 2Q and 4Q, they have decided to adopt a cautious approach in light of Covid-19 impact.

QoQ. Core loss after tax of -RM18.7m (from core PAT of RM56.9m) was due to the temporary closure of their Sungai Wei brewery and many of their sales channels. This was despite sales and distribution activities rebounding in May and June following the easing of MCO restrictions.

YoY. Sales shrank by approximately half (-50.5%) due to the temporary suspension of operations of Heineken’s brewery for approximately six weeks. Unsurprisingly, Heineken also shared that the sales in on-trade channels (bars, clubs, restaurants etc.) were particularly weak. The decline in revenue caused Heineken to report core loss after tax of -RM18.7m (from core PAT of RM56.9m) due to the fixed portion of their cost structure.

YTD. Core PAT dived -67.8% due to core loss after tax in 2Q20 for the same reasons mentioned above.

Outlook: Despite the relaxation of MCO restrictions, we note that many bars and clubs are still prohibited from opening, while others are operating with shorter opening hours. Additionally, we expect the lack of tourists in FY20 and some consumers’ preferring to avoid drinking venues altogether to continue to dampen volumes. While we expect Heineken to turn profitable in 3Q20, we continue to expect subdued sales volumes. Additionally, increased marketing spend from their marketing cam paign “Raise our Bars” which allows consumers to “Buy 1 Free 1”, with the additional cost at participating bars being borne by Heineken is expected to impact margins. Overall, we expect Heineken’s core PAT to decline by ~45% in FY20.

Forecast. We lower our FY20/21/22 forecasts by 42.8%/21.9%/15.5% to account for slower-than-expected recovery in sales volumes.

Downgrade to SELL. After our earnings adjustment, our TP falls from RM22.45 to RM18.70, based on a DCF-derived valuation methodology (WACC: 8.5%, TG: 2.5%). Downgrade to SELL. With expected sharp decline in earnings and poor sales volumes visibility, we reckon Heineken is too expensive at current price levels, of close to 40x FY20 earnings.

Source: Hong Leong Investment Bank Research - 14 Aug 2020

Wednesday, August 12, 2020

【行家论股/视频】阁代科技 3年财测上调

分析:马银行投行研究

目标价:7.20令吉

最新进展

工业自动化解决方案供应商阁代科技(GREATEC,0208,创业板)在2020财年次季,净利大涨63.17%,至1762万9000令吉或每股赚2.82仙。营业额增10.23%,5622万2000令吉。

首半年来看,净利写3610万9000令吉,按年激增54.63%;营业额持平在1亿896万令吉。





行家建议

阁代科技次季核心净利为1760万令吉,将首半年核心净利推高至3670万令吉,皆符合我们和市场的预期,归功于电子汽车电池相关产品和医疗设备新客户,以及太阳能业务的贡献。

为此,我们将现财年的财测调高11%,2021和2022财年的调幅更大,分别调高45%和46%。

同时把目标价从3.80令吉,大幅调高至7.20令吉,相等于2021财年36倍本益比的估值,反映了未来能赢得更大规模合约的潜力。

我们相信,电池业务会是最大的盈利增长催化剂,而太阳能业务的稳定订单可继续支撑前景,因此把投资评级从原本的“守住”,上调至“买入”。

目前,阁代科技的订单达2亿9500万令吉,在1月底时才2亿1500万令吉。其中1亿令吉来自现有客户的生产线系统订单,相信这客户未来还会给予更多订单。




https://www.enanyang.my/行家论股/【行家论股视频】阁代科技-3年财测上调

“散户从没赚过钱……”/冷眼


2020年08月11日



“散户从没赚过钱……”

为什么?

《南洋商报》今天(8月11日)的社论“散户从来没有赚过钱……”是一篇非常棒的社论,在这股市狂热的时刻,是每一名散户,尤其是股市菜鸟,都应该细读,作为思考依据的。

“从来没有赚过钱”只是一个大概的说法,根据诺贝尔经济学得奖人罗伯特希勒(Robert Schiller)的研究,全世界93%的散户从没在股市赚过钱。

根据该社论“很多经济学者,金融学者的研究显示,在全世界的股市上,跑赢大盘的散户投资者约5%,甚至更少。”

在中国,散户的表现据说是721,即10名散户中,7名亏本,2名持平,只有1名赚钱。

在大马,我没见过关于这个问题的数字,但我曾询问不少过5名资深股票经纪。

到底他们的客户中(大部分是散户),长期来说,有多少巴仙赚钱?

他们都是在思考很久之后才说大概3-5%吧。

散户失败铁一般事实

所以,散户投资失败的多过成功,是铁一般的事实。

买股票,就是买公司的股份,买股票,就是参股做生意,照理,投资股票的失败率,应该等于生意(公司)的失败率才对。

在大马股票交易所挂牌的近1000家公司,都是有关行业中较为成功的公司,否则,他们不会获准上市。

在大马的上市公司中,因失败而被除牌的公司并不多见,照理,散户参股于这些公司,成功率应高达93%而不是失败率高过93%才对,为什么事实刚好相反?

这是我数十年来不断思考、不断探索的问题,我所得到的结论是:

成功须有两方面素质

投资要成功,投资者必须具备两方面的素质:

(a)对有形资讯的认识程度,包括对经济、行业和个别上市公司的认识,这方面,约占成功因素的50%,我估计大部分散户都是受薪者,他们在这方面对新的公司都是外行人,认识有限,即使很勤力做功课,在50%中,最多只能掌握一半,等于25%,换句话说,散户是投资于他们外行的生意,判断错误(选错股票),一点也不奇怪。

(b)是50%的成功因素,是投资者的个人修养,包括耐心,独立思考能力,戒绝过份贪婪,反向思维,甚至是投资的习惯及情绪的控制等等,这些都是无形可见,是只有投资者本身才能修炼出来,别人无法帮助的。

问题是大部分投资者都缺乏这方面的修养,他们多数只根据感觉、意见、想法等没有标准的意念作出投资决定。而这些意念是因人、因时不断在改变的,他们作出错误的投资决定,就不足为奇。故在这无形修养方面,在50%中多数得0%的分数。

所以,投资者无论怎样努力做功课,成功率也很难超过25%(这25%来自有形资讯,0%来自修养)。

若散户只有10%做功课,在有形资讯方面,只取得7%的分数,在无形修养方面得0%分数,则成功率为7%,失败率高达93%,就不是那么难以理解。

终极方案可破除魔咒

那么,有没有办法克服这个难题,提高胜算?

我的结论是:既然大多数散户投资者在有形资讯不做功课,或是不懂得做功课,而在无形的修养方面,又多数没办法控制自己,那么,唯一的办法,是设计一个系统,来帮助他管制自己,“终极方案”就是我思考的结果。

这个方案GDP+PRC=W,分为两个部分,第一个部分GDP是创富法,第二个部分PRC是保富法。

投资者在创富之后,(就好像购买手套股赚到钱)如果又能保富(不把赚到的钱亏回去),他就能加速累积财富,达到“财务自由”之境。

“散户从来没有赚过钱”的魔咒是可以击破的,在这个世界中,一个行业如果是“从来没有赚过钱”的话,久而久之,自然会消失。

股市能存在数百年,而且能够全球化,参与的人数有增无减,说明了在股市赚钱是可能的,当然,正如投资大师所说的:“股票投资很简单,但不容易”,否则的话,就不会落到只有7%散户赚钱了。

JAKS Wants More Cash

Wednesday, 15 July 2020

When I saw Jaks's Bursa announcement on rights issue on 13/7/20, I thought that it has finally fixed the price and date for its rights issue.

To my surprise, Jaks revised its original proposed rights issue in order to raise more money, from min/max RM130mil/RM160.9mil to RM200mil/RM289.6mil.

Most shareholders expect Jaks to be cash rich in a couple of years time, so they might be "shocked" by this increase in cash call.

For me, I actually don't feel particularly disappointed. I just think that Jaks needs the extra money to do something, be it to expand its business, pay the debts or compensation whatever.

Compared to private placement and huge bank borrowings, rights issue with "free" warrants might be a better way. However, I'm not too comfortable with the large amount of warrants.

I believe that the money raised will be put into good use. It will be superb if it is to subscribe to the remaining 10% of the power plant sooner to make it 40%.

I don't know the directors and I'm not sure whether they are credible, cunning or selfish. Perhaps I'm too naive.

The original plan is 4 existing shares entitled to 2 rights shares (est 40sen) with 1 warrant.
The revised plan is 5 existing shares entitled to 8 rights shares (est 22.5sen) with 4 warrants (ex 50sen).

If you have 1,000 Jaks shares now, you are entitled to 1000 x 8/5 = 1600 rights shares and 800 warrants. You need to pay 1600 x 0.225 = RM360 to subscribe in full.

The new TERP is RM0.50 based on 5-day VWAMP of RM0.9443. So the illustrative rights share price of 22.5sen represents 55% discount to TERP which is almost similar to the original plan (53%).




A total of 888.8mil issued rights shares stated in the table above is based on minimum RM200mil. If all rights shares are fully subscribed from existing 651mil ordinary shares, the number of rights shares will be 1,041mil in which RM234mil can be raised. So the total shares will reach 1,692mil before conversion of warrants.

The table below shows Jaks original rights issue proposal for comparison purpose.



As mentioned in previous post "Jaks Worth Only 40sen?", even though the number of shares increase substantially and EPS will be adjusted lower, there will be no dilution to existing shareholders who subscribe to the rights issue fully.

If Jaks is able to generate the anticipated RM200mil annual net profit (from 30% shares), its projected EPS will be 11.8sen base on total shares of 1,692mil. Refer "Jaks: Cash Cow In The Making?" for estimated profit and cash flow from its Hai Duong power plant.

Following the rights issue, Jaks share price will be adjusted lower accordingly. If its share price stands at 88sen on the ex-date, it should be adjusted to around 48sen if I'm not wrong.

This calculation is based on "before = after", p = adjusted share price.

(0.88 x 5) + (8 x 0.225) = (5+8)p + 4(p - 0.50)

p = 0.48

Base on projected EPS of 11.8sen, if fair PE ratio is 10x, target price will be RM1.18. This represents a potential 150% upside from 48sen.

When Jaks achieve 40% shares in the power plant, then potential annual net profit could be RM260mil with a projected EPS of 15.4sen. This is a potential 220% upside from 48sen if PE of 10x is given.

At 30% shares, a potential cash inflow of approximately RM300mil per year into Jaks is expected from the power plant operation. If the management is to give out one third or RM100mil to Jaks shareholders as dividend, it will be 5.9sen per share. This is a 50% payout from its net profit of RM200mil and a 12% dividend yield from share price of 48sen!

If Jaks choose to distribute only 20% cash from its power plant as dividend which is RM60mil, it will be a dividend payout of 30% from its net profit. Dividend per share will be 3.5sen per and dividend yield is 7.4% from 48sen.

If the dividend yield is consistently high, then the market might give Jaks a PE higher than 10x.

How much will Jaks distribute if its shares in the power plant rise to 40%? At this level, potential free cash flow attributable to Jaks might reach RM400mil annually.

Nevertheless, these calculations do not factor in the conversion of warrants in the future.



At this time the power plant in Vietnam has already fired up according to plan and the bleeding Pacific Star project should be able to be completed in 2020. Investors have to wait for year 2021 when both units of power plant run at full steam.

However, there are risks as well, such as:
- further delay or failure of the power plants operation
- net profit & cash flow contribution from power plant turn out to be way lower than expected
- management of Jaks refuse to pay reasonable dividends
- management of Jaks burn the cash with bad investment

Once the power plants are up and running in full throttle, not even a 10th wave of Covid or further global recession or stock market rout can prevent Jaks from making consistent profit and receiving fantastic cash flow for 25 years.

Please note that this is not a buy/sell call on Jaks. I can't guarantee all the calculations and information here are correct and accurate. Invest at own risk!

Duopharma ready to package Covid-19 vaccines

Syahirah Syed Jaafar/The Edge Malaysia
August 11, 2020 15:15 pm +08

This article first appeared in The Edge Malaysia Weekly, on August 3, 2020 - August 09, 2020.

THE recent announcement that Duopharma Biotech Bhd is one of the few companies selected to package the Covid-19 vaccine once it is developed, sent its shares skyrocketing as investors rode its potential long-term prospects.

On July 14, Science, Technology and Innovation Minister Khairy Jamaluddin announced that Duopharma and Pharmaniaga Bhd will be undertaking the fill and finish processes for the Covid-19 vaccine once it is found. Prime Minister Tan Sri Muhyiddin Yassin has agreed for the facilities of the two companies to be utilised for that purpose.

Shares of Duopharma have soared close to 90% this year, riding the momentum of the past two weeks.

On July 22, the government-linked pharmaceutical company saw its share price reach an all-time high of RM2.96, before pulling back slightly as investors booked their profits.

Moreover, Khairy had clarified that the selection of companies would not be limited to Duopharma and Pharmaniaga.

Commenting on the time frame for the development of a vaccine, Duopharma group managing director Leonard Ariff Abdul Shatar points out the many factors to be considered.

“Is there a possibility that a successful vaccine candidate will come about within the next six months? The answer is definitely, ‘Yes’. However, I think people just have to be cautious as there have been so many mutations of the coronavirus. So, will we have an actual successful vaccine candidate that will work on all mutations? That’s a big question mark,” he concedes.

Health experts in the US have also hinted that it could take two injections or possibly more to cater to the different mutations, Leonard tells The Edge.


He explains that a vaccine will first have to pass a human trial where it is developed, which could be in the US, China or elsewhere. Countries may then choose to buy it wholly packaged or do the packaging themselves.

According to Leonard, Malaysia is open to both options, however electing to complete the fill and finish process ourselves could speed up the process further.

Once a vaccine is ready, the Ministry of Health will have to do the necessary regulatory checks on local pharmaceutical companies to validate the facility’s use for the successful vaccine. This process could take about two to three weeks from the time a vaccine is developed, he adds. In terms of readiness, Leonard says Duopharma already has a dedicated line for human vaccines that is not being utilised, and it will not require much investment or upgrade to prepare for the process.

“For us, there’s nothing we need to do because our line is ready. It’s one existing line with a capacity for 12 million vials. Eventually, when a vaccine is found, we will need to see what the dosage level is; let’s say one vial could be for 10 patients, so our 12 million vials could cater for a population of 120 million,” he explains.

This aside, the company’s growth continues to be driven mainly by its consumer healthcare segment, energised by strong sales of its Flavettes Effervescent vitamin C product — a bright spot amid the Covid-19 pandemic.

The group’s earnings for the first quarter ended March 31 (1QFY2020) were impacted by a stronger US dollar, resulting in a 6.25% drop in net profit to RM13.56 million from RM14.47 million in the previous corresponding period.

However, revenue grew 5.54% to RM158.71 million, from RM150.39 million, mainly owing to higher demand from the private health sector.

In FY2019, net profit and revenue grew 16% to RM55.27 million and RM576.46 million respectively.

Leonard remains cautiously optimistic about the group’s performance this year and about the industry in general, even though the pandemic has been a huge shock to the system with demand patterns totally changing.

“If you talk to pharmacies and ask if their sales have gone up, they will say they have but that they have largely been driven by immunity [boosting products], masks, gloves — anything that supports a lifestyle with Covid-19. But a lot more of the discretionary spend items have actually seen a drop in sales,” he says.

He notes that the group’s supply of products to the government, which make up 50% of sales, help to cushion the pandemic’s financial impact on the company.

On a potential second wave, Leonard says both the government and Duopharma are more prepared than they were three months ago.

“Some of the things that we have started to do — not because we anticipate a second wave, but mainly because we don’t want a situation where products go short — is to replenish our stock of finished goods. In the past, we held two to three months of raw materials; we’re now holding as much as six months of raw materials,” he says.

Duopharma has also been working to support the growth of the halal pharmaceutical industry. It participated in a recent webinar with KPJ Healthcare Bhd and Halal Development Corporation to promote the industry abroad.

Supporting the growth of Malaysia’s halal pharmaceutical industry will inevitably benefit the company as all of Duopharma’s products are certified halal, says Leonard.

He adds that the group’s strategy is to target the young Malay segment by using a functional and emotional approach, be it in Malaysia or around the region in countries such as Indonesia and the Philippines, as Asean still remains its main market overseas.



“We had recognised that the Malay consumer percentage was increasing, and their disposable income was increasing, especially among urban Malays. However, we decided that rather than just target urban groups, we would target Malays in general, irrespective of where they were located. And that’s proved extremely successful.

“We used to have Champs for children below 12, and then there’s Flavettes, which everybody said was for adults above 35. There was a huge market in between, so we had to find a way to make our products more relevant to the younger group. That’s why we came up with products such as Flavettes Glow with glutathione. Now you can take your vitamin C and improve your complexion,” says Leonard.

Frontken eyes another record-breaking year

Justin Lim/theedgemarkets.com
August 12, 2020 08:30 am +08

KUALA LUMPUR (Aug 12): Frontken Corp Bhd, which achieved a record-high net profit last year, is aiming for a repeat this year with another double-digit earnings growth, after delivering a strong set of results for the first half of the year.

In its last financial year ended Dec 31, 2019 (FY19), the semiconductor cleaning firm posted a 32% year-on-year jump in net profit to RM69.17 million.

On Tuesday last week, Frontken announced its best-ever quarterly earnings of RM20.33 million for the second quarter ended June 30, 2020 (2QFY20), up 23.06% year-on-year (y-o-y) from RM16.52 million, mainly contributed by its subsidiary in Taiwan on the back of positive growth of its semiconductor business there following the country's success in curbing the spread of the coronavirus. The strong performance was also lifted by better profit margin due to improved efficiency across the group.

Consequently, its net profit for the first half ended June 30 rose 16.96% y-o-y to RM37.34 million from RM31.92 million, as revenue grew 5.19% to RM172.49 million from RM163.97 million.

Frontken chairman cum chief executive officer Nicholas Ng Wai Pin expects the group’s second half performance to be even better than its first half.

Ng said the second half of the year is the traditionally stronger period with better demand from its semiconductor-linked customers. He is also anticipating a recovery in the oil and gas industry after the pandemic-induced disruption.

“So, we hope for another record set of earnings. And historically, we have been growing. That means every year we will be better than the previous year. In terms of growth rate, it will be still in the double-digits,” Ng told theedgemarkets.com after the group's annual general meeting last Wednesday.

The group's bottomline has indeed been climbing since FY16 when its net profit surged to RM20.04 million from FY15’s RM4 million. It then climbed to RM29.86 million in FY17, before jumping to RM52.26 million in FY18, and rising further to RM69.17 million in FY19.

This is on the back of steadily growing revenue, which rose from RM261.84 million in FY16 to RM296.58 million in FY17, RM327.22 million in FY18 and RM339.91 million in FY19.

Ng said the advancement and deployment of new innovative technologies such as the roll-out of 5G technology will be positive to the group, as they would drive demand for its clients’ products, such as new chips for electronic devices.

Frontken is a provider of surface metamorphosis and mechanical engineering solutions. It serves a wide-range of heavy industries such as semiconductors and oil and gas. The company also specialises in engineering services that include coating, machining and grinding, manufacturing and precision cleaning.

“We are fortunate in this space. The questions now are the anticipation of the next technology, and how ready we are. This is very important for us, especially in Taiwan.

We need to continue to be at the forefront in technology and be able to keep up with our customers. Our technology is to find solutions for customers, we have to come out with processes to clean, coat, refurbish (the equipment),” he added.

As such, Frontken is constantly looking to further expand its capabilities and capacities to cater to the growing demand of its clients. The group is now looking for land to build a new plant to expand its capacity in Taiwan - ideally somewhere near its existing plant in the city of Tainan.

The current plant in Taiwan, said Ng, has maxed its plot-ratio limit based on its land size.

“We have time. The next node (3nm) rollout will not happen until the end of next year or early 2022 anyway. Our existing plant can still cope. It is all about managing the workflow. We can (slowly) give up the higher node (such as 28nm) and replace it to focus on the lower node,” he said.

A technology node refers to a specific semiconductor manufacturing process and its design rules. Generally, the smaller the technology node means the smaller the feature size, which will produce smaller transistors that are both faster and more power-efficient. Some latest nodes that are available for mass production include the five nanometers (nm), seven nm, 10nm and 14nm.

Ng is currently the largest shareholder in Frontken with a 22.24% stake, of which 0.638% is direct and 21.603% indirect.

Hong Leong Investment Bank (HLIB) Research last Wednesday revised upward its target price for Frontken to RM3.96 from RM3.47 previously, with a 'buy' call.

Its analyst Tan J Young wrote in a note that Frontken has a unique exposure to the world's leading-edge semiconductor front-end supply chain, which is currently in high demand on the back of national strategic and security interests.

“We like Frontken for its multi-year growth ahead on the back of a sustainable global semiconductor market outlook, robust fab investment, leading-edge technology (7nm and below) and its strong balance sheet (net cash of RM247 million or 23.4 sen per share),” Tan wrote.

In the past 12 months, Frontken’s share price had jumped 130% from RM1.50 to close at RM3.45 yesterday. The latest share price gave the group a market capitalisation of RM3.62 billion.

周顯:股神也要與時並進

文章日期:2020年8月12日

【明報專訊】看到了一段關於巴菲特的視頻:他說自己不買科技股,是錯失了很多賺錢機會,但這不要緊,因賺錢的機會有很多,他只買自己懂得的公司,例如可口可樂,這已經一生受用不盡了。

這顯然是一條舊片,皆因現時巴郡也在買科技股,例如蘋果。不過可能決定買的已不是巴菲特,而是他的手下。我認為,現時巴郡的主要策略,類似盈富基金的公司,但並非所有藍籌股全買,而是在藍籌股當中,挑選一些比較好質素的,因此可以跑贏大市。當然也會買入一些中型股票,但手法已保守得不得了。

買自己懂得的股票,當然最好,可是,如果只懂得傳統產業,不懂新經濟,在今時今日,你會發現根本無股可買。這是因為新經濟在大量資金的帶動下,把傳統經濟摧毀得太快,那條所謂的「護城河」,在新型大炮之下,已無險可守了。
財技本質永遠不變

其實,當年巴菲特師從Benjamin Graham,後者崛起於上世紀大蕭條後,當時有大量平價股票可買,股價低於資產值,只要買入後,拆骨出售,必賺無疑。巴菲特入行之時,也用這策略,獲利不菲,但到了後來,經濟起飛,市場上可供拆骨的廉價股票愈來愈少,因此巴菲特才發明了自己的價值投資法。

所以說,股票技巧是不停改進的,巴菲特所說的,有部分已不適用。但當然,財技的本質,卻是永遠不變。

[周顯 投資二三事]

Sunday, August 9, 2020

[转贴] 人為什麼 貧窮 ? 13個原因大公開

作者:寧南山 | 2020 / 08 / 08

文章來源:虎嗅網 | 圖片來源:股感知識庫

此文是閒聊,比較發散。最近對一本書《 貧窮 經濟學》感興趣,作者去了不少窮國進行調查,書裡有很多很有意思的總結,我覺得對於我們的人生很有參考意義,下面的有下劃線的文字是書摘。

1. 身兼數職會阻礙專業性進步。

“很多窮人都身兼數職,但這同樣是缺乏效率的。如果不夠專業的話,他們很難成為任何一個領域的專家。

2. 窮人的工作不穩定,因此有對穩定工作的嚮往,也確實需要一份穩定的工作。

“對於政府工作的特別強調表明窮人對於穩定的一種嚮往,因為這類工作雖然不那麼激動人心,但一般都非常穩定,而且,實際上,工作穩定似乎是中產階級與窮人之間的一個界限。”

為什麼穩定的工作對窮人如此重要:

“一份穩固的收入可以對未來的支出作更多貢獻,而且也使現在的借款變得更容易,更廉價。因此,如果家裡的某位成員有一份穩定的工作,學校會更願意接收他們的孩子;醫院會為其提供更昂貴的治療,因為醫院方面認為,他們能擔負得起這些費用;家裡的其他成員也可以利用這些收入投資自己的生意,謀求可能的發展。這就是為什麼一份好工作如此重要。

好工作是穩定的、工資可觀的工作,它能夠賦予人們足夠的心理空間,讓人們去做中產階級擅長做的事情。

3 :缺少資訊來源會導致貧困

“窮人通常缺少資訊來源,相信錯誤的東西。”

“每天 99 美分的生活意味著,你接收資訊的渠道也會受限——報紙、電視和書籍都要花錢來買。因此,你常常會對世界其他人得到的特定資訊一無所知”

4 :窮人肩負的生活責任更多


“窮人肩負著生活中的多種責任。你越富有,越容易做“正確”的決定”

什麼是正確的決定呢,書中有個例子:

“我們問一些農民為什麼他們後來沒有使用化肥,大多數人都回答說,在耕種季節到來時,他們手頭沒有足夠的錢買化肥。令人驚訝的是,化肥可以少量購買,因此即使對於只有少量存款的農民來說,這似乎也是一個不難抓住的投資機會。這表明,問題在於,在豐收至耕種期間,農民們甚至很難存下一點點錢。為家裡存錢很難,因為他們總會有要用錢的問題出現(有人生病、有人需要買衣服、有客人需要招待),人們很難對這些問題說“不”。”

5 :窮人身處的環境意味著他們會付出更多的“無意義勞動”

“但我們與窮人的差別其實很小,因為我們的認識比我們想像中的要少很多。我們真正的優勢在於,很多東西是我們在不知不覺中得到的。”

“我們住在有自來水的房子裡,不用想著每天早晨往水里加消毒劑。下水道自行運轉,我們甚至不知道是怎樣運轉的。我們大都相信醫生會盡力為我們服務,公立醫院會告訴我們該做什麼,不該做什麼。”

這一條我仔細的讀了好幾遍,覺得很有啟發,具體見後文

6 :窮人往往不一定能找到服務於他們的市場

“一些服務窮人的市場正消失,或是在這些市場中,窮人處於不利地位。”

這個並不難理解,例如窮人需要地下室,城中村,老城區等廉價房租的住房

7 :窮人的錢更多花在了疾病的治療而不是預防

“因此,問題並不在於窮人為健康花了多少錢,而是他們的錢究竟花到哪裡去了。他們常常把錢花在昂貴的治療上,而不是廉價的預防上。”

“純淨水、蚊帳、抗蠕蟲藥片或強化麵粉,儘管這些東西會給人們的健康帶來很大好處,但人們似乎不願為此花太多的金錢或時間。”

8 :窮人通常需要孤注一擲的面對風險

“一個國際金融領域的朋友總說,窮人就像對沖基金經理一樣——他們的生活充滿了風險,而唯一的不同點就在於二者的收入水平。實際上,他對於這個問題的估計過於保守了:與幾乎所有的小業主及農場主不同,對沖基金經理不需要承擔自己全部的損失。此外,窮人常常要為他們自己的生意籌集所有資金,這些資金要么來源於家裡的積蓄,要么是從別處挪借的,而這種情況是大多數對沖基金經理無鬚麵對的。”

9 :孩子的多少對孩子健康和受教育程度的影響並不如想像的大


對於窮人家庭,由於對子女投入水平本來就低,因此孩子的多少對孩子健康和受教育程度的影響並不如想像的大,對作為養育付出方的父母反而更有影響。

“家庭規模與儲蓄之間的有力聯繫,或許有助於說明這樣一點,即孩子越少並不意味著他們越健康或受教育程度越高——如果孩子少的父母意識到他們將來只能得到較低的現金回報,那麼他們就需要提前儲蓄更多的錢,這會減少他們投資給孩子的錢。”

“然而,大家庭對孩子無不利影響,這似乎也有些違背常理:如果同樣的資源要由更多的人來分享,最終有些人就會得到更少。如果孩子沒有受委屈,究竟是誰吃虧了呢?一個可能的答案就是,母親。”

10 :窮人依賴子女的經濟回報

“對於很多父母來說,孩子就是他們的經濟未來:一種保障政策、一款儲存產品,也是某種福利彩票,這些東西被統統裝進了一個大方便袋。

富裕國 家的很多父母並不需要思考這些,因為他們有其他安度晚年的方式——他們有社會保險、共有基金及退休計劃,還有公共或個人醫療保險。

對於全球大多數窮人來說,子女(還有兄弟姐妹、表兄弟姐妹等)給父母養老的觀念是極為平常的事。當生育率有所下降,財政儲蓄就會增加。 ”

11 :生育率與儲蓄率的關係

“與 1972 年之前生第一個孩子的家庭相比, 1972 年之後生第一個孩子的家庭平均少要了一個孩子,後者的儲蓄率比前者約高出 10% 。調查結果表明,中國儲蓄率的成長幅度達 33% (家庭儲蓄率從 1978 年的 25% 成長到 1994 年的 34% )。這種現象在很大程度上可以解釋為,因實施了計劃生育政策而導致了生育率的下降,對於那些第一個孩子是女孩的家庭來說,效果尤為明顯,這符合養兒防老的觀點”

以上三條在一定程度上解釋了為什麼即使避孕措施普及,窮人生育率仍然比中產更高,因為窮人收入低本來就低,少生帶來的儲蓄上升收益並不太明顯,倒是萬一多生了個有出息的孩子會帶來極高的收益。

另外窮人由於收入限制,對孩子的資金投入也本來就低,忙於生計也無暇顧及孩子教育,孩子的成長主要依賴於學校教育,多生一個少生一個都在同一個學校讀書,不會明顯的導致單個孩子獲得的教育資源投入猛增。

這和中產的策略不同,中產由於對子女投入金額更大,相應的少生帶來的儲蓄增加收益更明顯,同時帶來的對單個孩子的教育投入的成長也更顯著,可以讓其上更好的學校,而名校對孩子來說往往意味著一個飛躍,同時少生也可以在學校以外也能接受更多的校外補習。

所以經濟發展,總體生育率下降是必然現象。

12 :窮人怕丟臉

“大量記錄顯示,發展中國家的窮人會花很多錢來置辦婚禮、嫁妝、洗禮等,這很可能是怕丟面子的結果。”

由於收入低,所以存錢的吸引力對窮人更小,因為累積需要的時間更長,更傾向於消費。

“你永遠都買不起那台電冰箱,還是喝茶吧….結果形成了一個惡性循環:對於窮人來說,存錢的吸引力更小,因為在他們看來,目標太遙遠了,而且他們知道一路上會遇到很多誘惑。不過,如果不存錢,他們會一直窮下去。”

13 :必須要向窮人父母宣傳讀書有用

“需求達人觀點的核心是,教育不過是另一種形式的投資:人們投資於教育,就像投資於任何其他領域一樣,目的是掙到更多的錢,增加未來的收入。將教育堪稱一種投資所帶來的一個明顯問題就是,做出投資的是家長,而未來獲得收益的是他們的孩子。”

“政府必須從經濟角度考慮,讓父母覺得送孩子上學是值得的。”

還有一些關於如何讓窮人接種疫苗,以及蚊帳價格和購買比例等試驗和數據,比如為什麼接種疫苗是免費的,但是窮人疫苗接種率卻很低?為什麼蚊帳很便宜,但是能夠有效的降低得瘧疾的機率,但是窮人購買蚊帳的比例卻很少?

其他我覺得里面一些關於國家治理水平和窮人收入的關係也很有意思

“如果政策不能被正確地實施,計劃得再周密完好的政策,也不能發揮作用。不幸的是,政策的意圖和實施之間存在的差距越來越大。”

“貧窮國家之所以貧窮,原因在於這些國家往往都氣候炎熱、土地貧瘠、瘧疾肆虐、四周被陸地所包圍。因此,如果沒有大量的原始投資助其解決這些地方性問題,這些國家很難提高自己的生產力。然而,這些國家卻因為貧窮,無法支付投資回報——這就是經濟學家們所謂的“貧窮陷阱”。除非這些問題的解決能夠落到實處,否則無論是自由市場,還是民主制,都幫不上什麼大忙。”

強調外資的重要性:

“外來援助之所以重要的原因就在於,它能啟動一種良性循環,即輔助窮國在關鍵領域投資,從而提高其生產力;由此而產生的更高收入會帶來更多投資,收益將呈螺旋狀上升。”

我其實看完這些,倒是有點感想,這本書沒有給如何脫貧給出很有力的答案,也沒有深入的研究全球脫貧經驗最豐富的中國是怎麼做的,但是作者Abhijit Vinayak Banerjee班納吉和Esther Duflo杜芙若夫婦因此獲得了諾貝爾經濟學獎,這讓我對諾貝爾經濟學獎的含金量產生了一些想法。

作為全球脫貧最顯著的國家,國內的學者也應該深入國內田間地頭,尤其是貧困地區,對貧困戶和扶貧幹部進行深入調查,幾億人是怎麼脫貧的,背後做了什麼樣的工作,可以寫出好多本書,這裡面是可以誕生經典著作的,再配上一個出彩的標題,這寫出來的書不是更有價值。

我老家縣城當年大下崗的時候也是一片蕭條,我也親眼見到了下崗職工們集體聚集爭取權益,但是 20 年後卻變得更加繁榮,這背後做了哪些工作,由學者寫出來,不是很容易形成中國學派?

於是搜尋了一下,發現國內還真的有這樣的書籍,而且還有不少,已經形成了中國減貧研究書系,只是有點遺憾為什麼沒有湧現類似《貧窮經濟學》這樣的熱門書呢?

如果國內作者文筆能夠通俗易懂點,標題再符合傳播特點一點,比如叫做《一個縣城的逆襲》,或者是反映某個 600 多人的貧困村脫貧的報告,可以取名叫《 600 個窮人的經濟學》之類,再加上社交媒體宣傳,是不是也可以出現知名著作。
另外,我認為作者還沒有真正的提及一個問題

我們的地球,其實就是個階層固化的社會,從 19 世紀的帝國主義時代到現在都 100 多年了,歐洲,北美,大洋洲,日本四地以外進入發達經濟體的,只有韓國,新加坡,台灣,中國香港,中國澳門,還有個以色列,不過其實也是歐美的猶太移民。

而這些地方全部都在冷戰前線,受到了西方尤其是美國的大力扶持和技術產業轉移。港澳台和韓國都在第一島鏈以內,而新加坡也受益於美國,不只是美資到新加坡設廠,美國打越南戰爭時,美軍在越南作戰的物資供應的大量來自新加坡,這使得 1965 年才獨立,處於貧窮狀態,在努力發展製造業的新加坡因為越南戰爭而獲得了巨大的市場。

以色列和中東國家的幾次中東戰爭,背後分別就是美國和蘇聯。

當然了,我們不能說他們能發展起來就是靠美國或者西方,自我的奮鬥也很重要,否則有機遇也抓不住。從世界地圖上看,過去一百年全球為數不多的“新發達經濟體”,歐洲的斯洛文尼亞,愛莎尼亞,立陶宛,拉脫維亞,塞浦路斯,亞洲的港澳台,韓國,新加坡,以色列,大多數處於東西方對抗的前沿,如下圖中的藍色區域是IMF(國際貨幣基金組織)認定的已開發國家和地區,而過去 100 多年新進入發達經濟體的地區都在兩個紅圈內。

當然IMF把南美的幾個地區也列為發達經濟體,所以有幾個藍點,不過那其實是法屬圭亞那,波多黎各(美國的海外自治邦,其實也是美國領土)

所以說,作為一個階層固化的世界,在西方主導的發達世界之外的國家,要想以窮國的身份逆襲翻身,從已開發國家獲取資金,技術和產業轉移非常重要。這些處於冷戰前沿的小經濟體,基本都站在了美國為首的西方一邊,讓西方獲得了戰略利益,從而有了更多的歷史機遇。

https://www.stockfeel.com.tw/貧窮-原因/

Tuan Sing to sell Robinson Point for $500 million


The Edge Singapore Published on Fri, Aug 07, 2020 / 9:22 PM GMT+8 / Updated 1 days ago



Tuan Sing Holdings will be selling its 39 Robinson Road office property for $500 million. Robinson Point, as this property is called, was last valued by Colliers International Consultancy & Valuation (Singapore) at $374.4 million.

Tuan Sing can expect to book a gain of $128.3 million upon completion of the sale.

The 21-storey freehold property (seen here in a 2010 picture) has a gross floor area of 15,700 sqm and includes some retail and parking space as well. Significant refurbishment works were completed in 2015.

Tuan Sing bought the property back in 2013 for $348.9 million.

The identity of the buyer isn’t disclosed by Tuan Sing, except that it is a British Virgin Islands-incorporated investment holding company and bears no relation to Tuan Sing.

“The proposed divestment of Robinson Point is in line with our strategy of active capital recycling and highlights the continued strong demand for quality commercial spaces in Singapore amid the ongoing Covid-19 pandemic,” said William Liem, Tuan Sing’s CEO.

“With this divestment, the Group will be well positioned to make new strategic acquisitions in Singapore and across the region whenever opportunities arise. This will allow the Group to continue pushing ahead in its transformation journey into a regional real estate player,” he added.

Upon completion of the transaction, Tuan Sing’s net tangible asset per share would have increased to 103.7 cents. As at Dec 31 2019, its NTA was 92.9 cents per share.

Tuan Sing closed Aug 7 at 28 cents.

Saturday, August 8, 2020

KK的全新营业模式/拿督刘明 隐形冠军系列1

隐形冠军系列1

KK和我几乎可以说是完全不一样的人。

我感性多于理性,遇事总想面面俱到,表面上以理服人,很多时候却因此而延误商机,甚至留下祸患!

KK非常理性,公私分明,遇到好的人才,就“春心荡漾”想占为己有,甚至有点无情的把他认为已经不合时宜的人换他认定的人选,不像一般生意人,为了面子或一个情字,当斩不斩,婆婆妈妈!

2019冠状病毒病疫情肆虐,KK便利店是其中少数不受影响的企业,某些分店营业甚至还倍增。

KK集团其实在控管令前已经打算筹备上市,所以,他的扩充计划并没有因疫情停下来。

他招揽人才之初,尝试以小虾米钓大鱼,结果“花生只能换猴子”(西方谚语:Give peanut get monkey)。

后来分店越开越多,投资又五花八门,急需更多人才稳住江山,这时价码才稍微大方!

他偶尔会打电话给我,问我对某个人的看法,这时我心里有数,他一定又是对此人有“非分之想”。

他很了解我,知道我有话直说,不会隐瞒。

我曾经很直率地告诉他,我对他欲招募某人的看法。我说此人虽然能干、肯干,但性情刚烈,不合群,对团队破坏性极强。

但他急需用人,没有放在心上,结果如我所料,捅出很多篓子,被他“停职查办”!但我看得出来,他内心有点愧疚,因为他三不五时会不经意提起此人,也许他正为此人可惜吧!

KK集团投资甚广,有酒店、物业、美食中心、家居装饰、面包店、美容院等等!但是因为不是他所长和没法兼顾,多半业务不是太理想。这一次的灾情,颇受影响。

便利店商机潜能大

可是他“花心”的性格却没有因冠病而改变。

最近我们见面聊天的时候,他会禁不住诱惑,“春心荡漾”地对我说:“现阶段应该很多人有资金周转的问题,我想是时候收购一些餐饮企业的时机。”

我瞪大眼睛望着他,他有点尴尬想了想,话锋一转:“算了,我看还是专注回本业吧!”

KK常说相比台湾和日本等国,马来西亚便利店的空间还很大。

我因此经常提醒他,应该专注在自己擅长的领域,或投资和本业有关的企业,比如把KK升级为类似“全家”(FamilyMart)的营业模式。很多年前在“全家”还没进军马来西亚的时候,我就曾经向他建议标榜“全家”,用全新品牌开拓“KK 2.0”。

我记得当时他是这么说的:“这事让别人去做吧,等打开了市场我们如法炮制!”




招牌少了KK便利店的醒目颜色,改为单一的白色,不过,品牌还是熟悉的两个英文字母--KK。

KK 2.0背负旧包袱

后来财雄势大的全利资源(QL)把“全家”带入大马时,他们迅雷不及掩耳的开店速度和受年轻人追捧的气势,震慑了同行。

KK果然很快就暗地里组织了新的团队,把几家KK便利店改造成“KK 2.0”,标榜全家的营业模式。

“KK 2.0”装潢工程进行得如火如荼的时候,他把招牌设计传给我,问我的意见。

招牌少了KK便利店的醒目颜色,改为单一的白色,不过,品牌还是熟悉的两个英文字母--KK。

我说你应该摒弃KK便利店的包袱,用全新的品牌出发。因为KK便利店太深入民心,大家都认为那是外劳或友族的最爱,比较潮的年轻人很难突破心理障碍弃“全家”而选KK!

最后我没办法说服他,因为他对自己的品牌爱得太深,他说“KK”是他们的重要资产!

除了品牌因素,我想他的产品呈现(products mix)也和KK便利店如出一辙,基本上变动不大,充其量只是加了一些熟食小吃,我个人认为要单挑“全家”,真的望尘莫及、“有排等”!

KK便利店是24小时营业,这么多年以来都相安无事。控管令期间政府一声令下,所有商店不能24小时营业,KK很多门店顿时陷入了尴尬的局面,因为这些门店在装潢的时候都没有按上大门!

我听了有点啼笑皆非难以置信!

我曾经在专栏里多次提起KK,说他们已经建立了一种生意模式,可以不断的复制。

售价高低无关道德

有读者因此批评KK卖的东西太贵,和99相比有违道义。

我非常不以为然。东西卖得贵或便宜,是大家的运营手法不同,岂能就此断定一家公司的道德标准?

KK其实为善不落人后,这是很多认识他的朋友都知道的事情。

他是TRatana 慈善基金会的主席,每年帮助了非常多的孤儿和穷苦老人。

善举不计其数

KK集团每年风雨不改在武吉免登派发红包和食物,救济数千名孤苦无依的老人和流浪汉,还有常年收容身体残章的边缘人,这些善举不计其数!

KK因为投资甚广,加上很多事情都亲力亲为,所以非常忙碌,但他似乎有用不完的精力,他以前喜欢在晚上约我喝酒谈理想,谈得兴起到凌晨一二时是等闲事。

最近我养成早睡的习惯,他也比较“识趣”鲜少晚上找我。

虽然忙得不可开交,但遇到朋友出事,他还是义不容辞出钱出力!

去年他为了帮助一位我们熟悉的朋友免受牢狱之灾,搞到自己焦头烂额。有时他会打电话给我倾诉案情的难处,比当事人更紧张无奈。

最近这几个月他又为了一位受骗的年迈女性朋友“奔波劳碌”,用尽所有的资源和关系,就为了替事主讨回公道。

此人你越了解他,越会对他产生好感,敬佩得五体投地!

KK不是完人,他也有他的不足之处,但他的大无畏和善良之心,绝对能够弥补他在旁人眼里的缺点!

他的故事,很难在一两篇文章中道清楚、说明白。

有机会我们开直播聊个痛快,我肯定是一个精彩万分的清谈节目。

我总结KK的成功:

1. 非常精明、锱铢必较,“凡走过寸草不生”!

2. 瞄准机会利用任何对他和公司有利的时机,善用政府政策来提升企业竞争力。

3. 长袖善舞,政商关系面面俱到。

4. 善用人才、知人善用。

5. 凡事亲力亲为,不假手于人。

6. 对自己行业理解透彻,能取长补短。

7. 精力旺盛,永不言倦。

8. 眼光锐利,猫准目标时全力以赴!

9. 善于利用科技,提升企业竞争力。

10. 敢敢作梦,然后努力实现!

我观察到的弱点:

1. 太精打细算,经常因小失大。

2. 不够专注,投资甚广,分散资源。

3. 虽然他善用人才,但育才和留才机制还待加强!

4. 一味抄袭,创意不足。

5. 公司欠缺凝聚员工的企业文化。

6. 老板太过精力旺盛,主管不敢准时下班,能干的员工没有私人空间,这会导致人才流失。

7. 老板太过亲力亲为,管得太细,自己忙到天昏地暗,导致很多投资考虑欠周全。

8. 欠缺良好的管理系统,造成资源浪费。

9. 团队专业人士有待加强。

10. 公司投资组合应该聚焦在自己业务有关,或有前瞻性项目。掌舵人非常关键,企业项目倒是其次。

最后一句话形容KK:精打细算,穷追不舍!

https://www.enanyang.my/名家专栏/kk的全新营业模式拿督刘明

被误解的黑社会老大/拿督刘明 -隐形冠军系列1




隐形冠军系列1

今天的包公升堂有一点不一样。我在专栏里提了很多次,想写一些大马“隐形冠军”的文章,但因为种种原因,一直都没有落实。

我们为隐形冠军的定义设定在:

1.在财经或企业领域有很大作为但非常低调

2.可以是上市企业但创办人或企业曝光率不高

3.未必是赚大钱的企业但在某个领域是佼佼者

4.圈定的人物一定是和财经有关

5.最好是作者熟悉的朋友,这样的故事写起来就比较真实,因为我相信冠军人物都有他们真实和平凡的一面,不会像很多传记那般,受访者被形容得高不可攀、遥不可及!

时机成熟时我们会把这些曾经受访的隐形冠军串联到线上直播,让读者能进一步了解和接触他们,学习更多!

熟悉我的朋友都知道我是个知无不言、有话直说的怪咖,导致很多朋友误以为我喜欢骂人,其实我文如其人,文字比较直率、有批判性,如此而已!

褒贬兼具

这些年在江湖的历练让我认识了蛮多的成功企业家,有些更成为了我的好朋友。

我将会以一位朋友兼企业人的角度切入,文中会秉持着我一贯的作风,有我自己的想法,甚至批判,不会如外面的一般专访只是摘录受访者的语言和内容,而导致文章缺少真实和感动!

我的文章初稿不会让主角先睹为快,原因是不想内容被扭曲、窜改或被牵着鼻子走,以免降低其可读性,让看官有惊喜,主角有“惊吓“!

乔布斯授权艾萨克森帮他写传记的时候接受了后者的条件,就是不能干涉作者写作的方向,不许看原稿,让他“为所欲为”!

于是乔布斯一生的喜怒哀乐,美好或丑陋、善良或无情,毫无保留传神地跃然纸上:原来神坛上的天才也是有血有肉的凡人!

所以《乔布斯传》成了畅销书是理所当然的结局!

强烈的野心和企图心

“不幸”成为我第一位笔下“牺牲者”之隐形冠军人物是我的好朋友、KK便利店集团创办人拿督斯里蔡国权博士。

我把KK列入隐形冠军也许有些争议:

1.因为他“若隐若现“(不高调但也经常有曝光机会);

2.他在便利商店的门店数量截稿前“只有”449家和99快捷便利店,离2000家还有一段距离。

他“入围”是因为他对企业的野心和企图,这可以从他开店的速度看出来,和其他便利商店对手PK绝对不遑多让。

最重要的是,我们非常熟悉,聊起来就不会一板一眼、流于形式。

我和KK相识于连锁协会,大约7年前吧!那时他的KK便利店开始崭露头角,有大约150家左右。

大大的KK两个英文字母分布在首都和八打灵再也一带很引人瞩目,但当时KK的24小时便利店频频上报,却是因为不幸成为抢匪目标,听他说最“辉煌”的记录一个月竟然高达150宗!

后来经过和警方密切合作,在黑区加强巡逻,加上一系列保安机制的改善,发生在KK便利店的罪案率直线下滑,近年来也鲜少听他申诉此类烦心的事。

擅长寻找人才

认识KK初期,我有点“敬鬼神而远之”,因为“江湖传言”他是黑社会老大,明开杂货店(他自己戏称)暗做江湖事。

和他比较熟络是他接任吉隆坡中华大会堂会长后开始的。

当时连锁协会办了一个台湾企业拜访团,KK是最后一分钟报名的,他永远是分秒必争。

在台北忙碌了一天的行程,晚饭后已经是晚上12点了,KK提议在酒店毗邻的7-11喝咖啡聊天。

发现好马穷追不舍

他借机邀我加入隆华堂,并建议我接任高职。我自认无德无能,当时也误认华团是个是非之地而拒绝了。只是不忍心扫兴,勉强说可以接受为普通理事。

这时候我强烈感觉他来台湾的目的是说服我加入吉隆坡中华大会堂!我有幸成为隆华堂副会长那是后话。

我发现KK除了有伯乐之长,他还长袖善舞,搞组织有他个人魅力和一套想法,发掘可造之才穷追不舍,不达目的不罢休。这和他经营连锁便利店的精神不谋而合!

他重组隆华堂妇女组和青年团亦是如此,把他认为最好的都招揽靡下,让隆华堂一度成为城中最活跃的华社团体之一。

当时我只是连锁协会一位普通理事,他已贵为副会长,我想他认定我将是协会一匹黑马。

审查每一项交易

KK是一位非常称职的会计师,便利商店的生意模式也只有像他这种对数字敏感、“锱铢必较”的人才能经营地有声有色。

我曾经和他有过唯一的交易经验,数目不大。

他付款时竟然不厌其烦打电话给我确定款项,才在支票上签上大名。

有一次我有事上门找他,发觉有待付款的文件大大小小铺满他的办公桌,他正忙于对照单据在支票上签名。

数千张应付发票,他竟然能从中发现价格的差距而逐一打电话和供应商确认甚至讨价还价!

我最近一次去他家聊天的时候,他还告诉我他不信任电子过账,坚持使用传统的支票付款!

天啊!他每月该还供应商的款项少说也要一两千万,我有点担心他那张签支票的右手!他就是那么认真、精明,一丝不苟!

跳上挖土机阻拆建

因为江湖传言,我和KK交往的最初一两年有点谨慎小心,以防“误上贼船”!

我关注他的言行举止,和他的下属打探他对待员工的态度,想了解为什么谣言甚嚣尘上。

我从来没有正面过问他是不是黑社会老大,但我想空穴来风必有因。

他曾经不经意地告诉我,生意起步阶段他曾经跳上市政局派来拆除他违建店面的挖土机上,阻止他们进一步行动。

他近几年掌握了开连锁便利店的窍门和模式。突然异军突起,版图迅速扩张,让人怀疑他的资金来源。

也许这一切勇敢事件都让局外人把他和偏门牵涉其中。

直到今天当朋友知道我和KK“麻吉”而好奇问我同一个问题,我现在可以笃定地告诉大家,假如硬要以二分法来区分一个人的好坏,KK应该归纳为好人!

他的商业版图也没有涉及不法勾当,身为好友,我选择相信他。

当然商场上的经营管理和手段是各施其法的,不能就此断定一个人品行的好坏!

下篇再继续聊聊!

https://www.enanyang.my/名家专栏/被误解的黑社会老大拿督刘明

完美主义牵出现金牛/拿督刘明 -隐形冠军系列4

隐形冠军系列4

每一家企业在发展过程中,几乎都是“摸着石头过河”的。

焦点眼镜(FOCUSP)创业前十年开的几十家店都是直营,资金调度非常不容易。开放加盟是最终利人利己的经营模式。

我记得廖总若干年前曾经告诉过我,焦点眼镜只开放给自己的资深员工加盟,因为他们了解公司运营模式和企业文化,管理起来沟通方便,减少摩擦。

那天下午我旧事重提,他说这类加盟模式目前也有60几家,但每一种模式有其利必有其弊。

加盟模式的好处是借力:

OPM(other People's Money):借别人的资金

OPT(Other People's Time):借别人的时间:

OPB(Other People's Brains)借别人的脑力

因为借力,焦点眼镜第二个十年快速成长,遍地开花。

那么加盟的弊端是什么?我有点讶异,因为当时他还蛮推崇这个运营模式。

他说很多加盟商因为资金周转问题,不愿意花钱添购新货和重新装潢门店,有损公司整体形象和服务品质。

排除万难上市

所以,当公司进入第三个十年,焦点眼镜集团排除万难终于在吉隆坡股票交易所上市。

上市后资金充裕,廖总改为另一种模式让员工内部创业,叫做Boss Scheme(老板配套)。

在此配套下,店租、装潢全由公司承担,店长负责招募、管理员工和负责门店的盈亏,自己不用掏一分一毫,每月就能和公司分享所赚取的利润。

唯一的条件是,店长必须是有执照的合格验光师。

投资烘焙业 丝毫不马虎

其实,很多零售商都利用这种内部创业模式来激励资深员工,但前提是企业必须具备非常充裕的运营资金,因为开一家店,动辄一百几十万,而且资金回报率(ROI)最快也要2年以上,不是一般企业负担得起的!

“老板配套”收效显著,因为“一家便宜两家着”,店长不需资金也能创业,公司则不必为管理员工和分店盈亏发愁。

高档厨电价值不菲

有些食髓知味的店长甚至开枝散叶连开数家分店,只要你能力所及,能达到公司设定的盈利目标,公司也乐见其成!

廖总自觉眼镜行业已经到了一个瓶颈,决定利用上市筹到的资金,开拓另一个现金牛。

他蛮哈日,几年前开了几家日本餐厅,有针对高收入群体的高端品牌,也有一般老饕都负担得起的低端餐厅。

后来因为种种原因餐厅出现亏损,为了不让董事部难堪,只好待价而沽,忍痛出让!

现今集团的餐饮企业,只剩下经营数年且略有所成的精致日系烘焙品牌Komugi。

烘焙业不是一般人玩得起的行业,因为投资不菲。

为了做好这个项目,从中央厨房的设立、食材的采购、门店蛋糕摆设,都是由日本烘焙专家团队掌舵!

记得几年前一位台湾烘焙业大佬到访我国,我带他到Komugi 其中一家分店做市场调研,他看了一眼他们的烘焙厨电,有点惊讶的说:哇塞,分店竟然也用那么昂贵的机器,这可是烘焙业的劳斯莱斯啊!




用心经营受外资青睐

廖总是个完美主义者,他花巨资投资中央厨房,门店设计美轮美奂,烘焙师傅也专程从日本聘请过来,所以蛋糕非常别致抢眼,他说为了品质考量,连一些烘焙蛋糕的食用纸张都从日本进口,所以Komugi的蛋糕卖得都比一般蛋糕店昂贵是情有可原的。

然而也因为如此用心,Komugi 吸引了来自菲律宾和汶莱的投资者,让Komugi 这个本土日系烘焙品牌,在异国开枝散叶!

营收连年亏损

Komugi 在马来西亚有9 家分店,而菲律宾却发展得出奇的好,共有14家,小小的汶莱也有2 家分店。

可是完美是需要付出代价的,廖总花巨资设立中央厨房,而营收却不如预期,产能过剩让Komugi 的营收连年亏损!

他数度考虑把这“问题孩童”(Problem children)出售,但皆因条件谈不拢而告吹。

而为什么这“问题孩童”最近2年却摇身一变,成为集团的另一个“现金牛”(Cash cow)?

涉足代工生产

Komugi 的中央厨房假如只供自己的分店使用,是很难收支平衡的,因为零售的业务起落不定,很难掌控。

唯一的出路就是批量出货。

在一个偶然机会廖总遇到了一位快餐业大佬,他希望能供货给对方,大家一拍即合,Komugi 拿到了第一个代工订单,数量不多但胜在稳健增长。

今天代工生产成了Komugi 重要的战略方向,它目前占据了公司营收的很大百分比!

完美主义,终究会有被欣赏的价值!

我们从焦点眼镜集团中学到什么?

1.如何做人就如何做事:

一个人的成功,除了努力工作和永恒学习,我想“做人”非常重要。我们经常讲如何做人就如何做事。

而做人和性格有很大关系,有时是天生,有时是环境造成的。

所以有时候,与其学习如何做事(skill learning),不如学习和培养正确的价值观。因为价值观会在关键时刻(moment of truth)发挥关键作用,一念天堂一念地狱,就在这一瞬间!

2.专业经营,做深做细:

廖总的专业、专心、胆大心细是企业主应该标杆和学习的。

他对本业了解透彻,把眼镜行业做到滴水不漏、见缝插针,让人敬佩!

成功真的没有捷径,也甭想侥幸,一步一个脚印,才是王道!

3.聚焦:

廖总非常聚焦,直到公司上市后,资金充裕才扩充和染指餐饮业。这样资源不会分散,如有任何闪失,也是集团能力所及。

4.性格决定成败:

我认识的廖总乐观、果断、大气,敢赚也敢亏!但那却是很多企业主的魔咒:想赚却不敢亏!在关键时刻变得婆婆妈妈,举棋不定。

焦点眼镜在中国一役,认亏、搬师回府,就是很好的案例!

5.成功人士看到机会、抓紧机会:

1997 年廖总反其道而行,在经济危机开了一家全马最大眼镜店,这对焦点眼镜日后的品牌形象大大提升!

做生意要高瞻远瞩

我问廖总,他自认自己的弱点是什么?

他说凡事追求完美,是他最大的弱点!

若人生可以从来,他不会为烘焙中央厨房购置劳斯莱斯厨电!

不过他想了想说:高端厨电也有好处,至少8年过去,厨电的品质还丝毫无损,非常耐操!

疫情下业绩恢复八成

我问廖总,冠病疫情对焦点眼镜有否影响?

他说影响蛮大,只是自己蛮幸运,业绩目前也恢复了7、8成!

末了,我要求廖总留下几句对中小企业的忠告。

他说:聚焦非常重要,把本业做好是生意人的本分和天职!

做生意不能原地踏步、满足现状和墨守成规。

企业必须不断向前,积极策划将来,才有安乐日子。

https://www.enanyang.my/名家专栏/完美主义牵出现金牛拿督刘明

焦点眼镜低调赚钱/拿督刘明 -隐形冠军系列2




焦点眼镜集团是大马眼镜行业的老大。

隐形冠军系列2

曾经在港剧里听到以下戏谑的话:世上有两种人,一种是“生存”的人,另一种是“生活”的人。有钱就享受生活,没钱就挣扎求存!

当然懂得“生活”的人未必腰缠万贯,但你也不能三餐不继,因为那是典型的“生存”一族。

不过很多有钱大佬惜金如命,敢赚却不敢花。日挨夜挨,公司上了市,还拼得日月无光,成了金钱财富的奴隶。这种人也不是个会“生活“的人。

也有人钱赚得不多,却喜欢开名车、泡夜店、出入高级场所、到处炫耀,搞到自己入不敷出、焦头烂额,那是“生存”之人不知好歹自以为懂得“生活”之道!

懂“生活”的人,活在当下,事业、工作相互平衡,金钱、财富是他的奴隶。该工作的时候,片刻不敢松懈,该享受金钱带来的便利的时候,就尽情欢乐!

廖俊亮懂享受生活

跑车、洋房、美食、旅游缺一不可。反正有赚钱的本事,就有花钱的能耐!

我的老友记拿督廖俊亮绝对符合以上条件,是一位极懂得享受“生活”的人!

他是连锁协会卸任会长,焦点眼镜(Focus Point)集团创办人!

我们有一个吃喝玩乐12人群组,每个月的美食聚餐、寻幽探秘、无论在国内还是国外,吃遍大街小巷都是他带头策划,是位典型老饕食家!

焦点眼镜集团在吉隆坡交易所上市也有近十年光景。其股票没有大起大落,但公司每年静悄悄赚钱,和创办人一样低调奢华有内涵!

相信很多人知道焦点眼镜集团是大马眼镜行业的老大,却鲜少听说老板姓什名谁,今天我们来谈一谈这位英俊潇洒、风流倜傥、玉树临风的冠军人物!

酸甜苦皆曾经历

我经常开玩笑叫他“永远的会长”,因为他是我在连锁协会初试啼声,创办大马加盟展的幕后推手,也可说是我在连锁协会崛起的伯乐之一,我的另一位伯乐是拿督斯里郭庭东,Nelson's 玉米创办人。

廖总以焦点眼镜这品牌挂帅的门店在大马有197家,加上其他针对不同客群而设的门店如Opulent 、Whoosh、Eyefone等,已经有接近250家!

我们虽然认识甚久,但从来没有好好聊过生意经,这一次为了包公升堂读者的福祉,我们相约一个下午,专程向他讨教发达秘笈!

廖总给人的感觉不多话,但话匣子一开,开始滔滔不绝。

我问他可否经历过商场上的逆境?

因为我认识他的时候,他已经顺风顺水。他说创业30载(他20岁左右创业)刚好分3个阶段,每个阶段各10年。

创业3个阶段

第一个10年创业期:苦!

第二个10年冲刺期:酸!

第三个10年收成期:甜!

我说你的命运怎么和算命佬的配合度那么高:每十年一大运,还先苦后甜!

金融风暴大胆出招

廖总的第一家店开在柔佛州的一个小镇峇株巴辖,他的出身地。

为了向当时独霸一方、当红得令的某眼镜店品牌取经,他三不五时北上吉隆坡,到对方店里偷师学习如何经营管理连锁企业。

后来生意逐渐有起色,他奋力急起直追,当时虽贵为老二,却总是落后对方50家店数之遥!

他的事业转捩点是1997金融风暴那年。

当时世界经济哀鸿遍野,他却反其道而行,趁着租金便宜毅然在谷中城开了一家1万5000方尺,号称全马最大的眼镜店,让业界哗然,也让他安然度过人生的第一个经济危机。

往后的几年,是他大肆开店的冲刺期。

雄心壮志的他在2001年逮到一个到中国发展的机会,他一口气在上海、成都等不同省份连开数家眼镜店。

讲起这个决策他至今仍然不胜唏嘘!觉得有点庆幸也有点可惜!




廖俊亮

布局中国失败忍痛断尾

他说当时是应某国际霸级超市老总之邀,随他们的集团到中国投资,自己却因为盲目跟风,没有策略性开店的思维、管理分散,导致资源浪费,两年后亏了好几百万,元气大伤,铩羽而归!

现在回想这是个关键时刻(moment of truth),因为这一锤定案,影响了日后两家企业的命运。

廖总当时心里其实也很挣扎,亏了那么多钱就这样放弃心里确实不甘,但后来还是因为种种因素被逼壮士断臂!

而他留下来的空档即刻被当时对中国市场虎视眈眈的大马眼镜一哥填补,这一个动作,也为此人后来企业的陨落埋下伏笔,最终把大马眼镜行业冠军宝座拱手相让给焦点眼镜!

敢舍才有得

我们谈到这个真实案例的时候大家都深深吸了一口气……

时至今日,虽然一哥换人做,廖总依然重英雄识英雄,深为这位前辈惋惜:他的确是大马连锁经营的先驱,可惜……

廖总因为“舍”,该断即断,造就了今日的“得”!

一哥后来在中国面对廖总同样的困境,但因为“不舍”,结果万劫不复!

在关键时刻所做的决定,一念天堂、一念地狱,没有人能够保证这个决定正确无误但我想正确与否,除了性格,也许就看个人福报吧!

打造不同品牌

廖总非常相信专业。焦点眼镜集团在他的带领下,服务不止深耕,也很细腻。

Focus Point的客户群为中上;Focus Point Signature为高大上;Eyefone 汇集了全世界名设计师品牌,对象为城中名士;Whoosh却服务一般大众,150令吉就有交易。

我们所了解的眼镜行业,并不是高频的行业,焦点眼镜集团却在隐形眼镜这块下功夫。

他们推出的产品有日用或月用,硬生生地把低频产品转为高频,非常高招!

他们也提供上门服务,叫做上门护眼(vision care on call)。

见缝插针紧抓机会

焦点集团10年前已经开始提供流动式验眼车队服务,哪里有客人就去哪里,最近因为管控令的关系,出门的顾客少了,流动式验眼突然反应热烈,集团上个月决定增加一部流动卡车,希望能提供更好、更迅速的验眼配镜服务。

这种“见缝插针”的经营理念,把眼镜行业做到滴水不漏,让人佩服得五体投地!

由于篇幅有限,我们下期继续精彩!

https://www.enanyang.my/名家专栏/焦点眼镜低调赚钱拿督刘明

从小虾米变大老板/拿督刘明 - 隐形冠军系列3(上)




郑明傅

隐形冠军系列3(上)

若干年前的一个清明时节,我回柔佛的老家祭祖。因为要准备第二天的祭拜用品,我陪太太到镇上熟悉的香烛店买东西。

在等待的当儿,我看到了对面手机店灯火通明,广告牌上写着大大的redONE两个英文字母。

我好奇地问旁边老乡:“你们不用明讯等大牌吗?”

老乡说这里几乎都用redONE,因为配套门槛低,8令吉无限量通话,“便宜夹底吃”!

那之后我对redONE这通讯品牌留下了深刻印象,但心中有些疑惑:redONE和立通国际(Redtone)这两者之间有什么关系?redONE应该是采取乡下包围城市的战略部署吧?

从小就有经商头脑

3年前,朋友介绍我认识一位为redONE做宣传的广告公司高层,我才开始和redONE年轻创办人Ben Teh(郑明傅)结缘。

最近这几年,redONE在吉隆坡好像无所不在,行动管控令开放后我想起了这位小老弟,我们相约吃饭,聊起了他创业的心路历程。

Ben出生在盛产黄梨的柔佛州小镇笨珍,14岁就在父亲卖海产的店里帮忙,做生意的种子从小已经潜移默化潜伏在他幼小的心灵,培育了他日后在商场的锐利眼光。

他喜欢摄影,在中学时期就开始为学校拍摄毕业照赚钱,他说那时候不是为了赚钱,是喜欢赚钱过程带给他的喜悦!

他在新山工艺大学主修城市策划,在校期间他曾被派往日本学习古迹保留技术半年。

大学毕业后他受邀为校方作古迹保留研究,为时一年。

当时非常流行手机预付卡,他自觉这是一门长青事业,离开大学后,他义无反顾地开了家小店,售卖预付通话卡,开始了他在通讯领域的万里长征!

当时是2012年。

抓紧时势 造就英雄

血液里流淌着生意养分的Ben,很快就逮到通讯业的节奏,他的业务飞速增长,只用了两年的光景,他成为了天地通预付配套的其中一位杰出代理。

当时立通国际要综合他所有电讯业务以符合上市条件,创办人拿督魏俊明建议收购Ben的公司所有业务和顾客,这是Ben第一桶金。

当时网际网路开始盛行,Ben抓紧时机成为天地通的网际网络通讯代理,专司服务大型企业。

同样的,他的业务发展迅速,很快荣升天地通业务伙伴让天地通高层刮目相看。

3年后,天地通高层向他建议,收购业务低迷的立通国际后付电信业务Redtone mobile 。

年收入3.5亿

经过一翻公司重组,Ben成为公司最大股东兼联合创办人,并把公司改名为redONE。

Ben当时35岁,是马来西亚企业界其中一名最年轻企业家之一!

8年后今天,redONE每年营业额达3.5亿令吉,本来计划今年在大马交易所上市,但因为2019冠状病毒病疫情而生变,如无意外,明年应该可以得偿所愿!




手中无剑 心中也无剑

我问Ben,redONE这名字的背后是否隐藏着什么故事?

他说:“Redtone Mobile被收购后已是截然不同的公司,既然我们要以全新面貌重新出发,如何利用Redtone的品牌优势,存异求同是我们优先考虑的。”

“Redtone的‘T'像是一把剑,有点不吉利。我们既然不想以剑伤人,干脆把剑拔掉,以爱取代之。”

古龙武侠小说主角往往杀人于无形,真所谓手中无剑,心中有剑!

张艺谋执导的“英雄”这出戏里头,李连杰扮演的刺客“无名”千方百计要去刺杀秦王。

秦王坦然面对,对无名说:剑的最高境界是“手中无剑,心中也无剑”!是以大胸怀包容一切,那便是不杀,便是和平。

我对Ben说:“手中无剑,心中也无剑正是你经常讲的大爱,是仁者无敌的体现!”

付少少,吃到饱

我非常好奇,在这竞争激烈的电讯业,redOne这只小虾米如何在众多庞然大物的夹缝中生存?

Ben说:“我们做他们不屑一顾的市场,一开始就看准了门槛低的后付配套。我们最低消费为8令吉,redONE用户之间无限量通话。其他后付配套为每月38令吉、58令吉,最高才每月68令吉,70G无限量网络下载!”

其他大电讯公司最低消费也要每月58令吉,最高消费为每月168令吉!

一开始顾客群的确是乡村地区比较多,因为redONE推出大家都付的起的配套。

渐渐地,城市用户也开始关注和乐意接受redONE,因为redONE的销售点开始遍地开花,这是一种品牌效应,更何况redONE “付少少,吃到饱”的营销策略非常受低收入群欢迎,尤其是友族同胞更对它爱不释手。

提供1万个创业机会

redONE全国有100家高端有规模的专卖店、3000家门市代理、76家百货商场里的专柜(kiosk)更有2万位个人代理,最近更因疫情的关系,公司释出了1万个创业机会给失业国民,推广业务之余,也帮助政府解决失业问题!

“付少少,吃到饱”是redONE的战略,但Ben如何让他口中的“生意伙伴”为他拼命、喝采甚至感激涕零?

这其实是他的另一手策略和杀手锏,符合了我以上提到的“手中无剑,心中也无剑”的仁者无敌的大爱精神!

我想这是所有中小企业都应该认真学习的!

预知后事如何,请待下回分解!

https://www.enanyang.my/名家专栏/从小虾米变大老板拿督刘明

钱财散尽人气聚集/拿督刘明 -隐形冠军之3(下篇)



郑明傅

隐形冠军之3(下篇)

在役情笼罩下的redONE,业务可有受到冲击?

Ben(郑明傅)说:我们很幸运,因为通讯业是刚需(essential)产品,行管令期间大家躲在家里不能出门,有事没事都得上网。”

“4月份的营收其实是我们有史以来的最高纪录!”

当然,我们还有很多生意伙伴因为不能开门营业而业务大受影响,为了不影响他们的生计,公司决定采取了一系列“仁爱”措施,以助伙伴们渡过这罕见的这艰难时刻。

公司帮忙那些有困难的伙伴缴付租金,另加300令吉的临时津贴。

公司也拨出1000万令吉作为伙伴们的贷款,年利率为4-5%为那些需要的伙伴一解燃眉之急。

这样的善举,我想在如此环境下,有此仁爱的商家应该少之又少,让身为企业主的我为之汗颜啊!

Ben喜欢用“伙伴”来形容他的这些生意搭档。

和伙伴们零距离

他说:没有他们,我就没有今天。我和伙伴们是零距离的,他们都有我的手机号码,只要是redONE 的伙伴打来的电话,我一定会接听,他们有任何问题,不论是公事还是私事,我能帮则帮,绝不拒人于千里之外。

华为创办人说过:财散人聚!钱财散尽,人气就聚在一块了。

我说财散人聚,好像是蒙牛乳业牛根生的名言,不是任正非说的!Ben是二毛子,他有点尴尬地说:我是人云亦云而已!

谁说的都不是重点,重点是,这二毛子倒把它当金科玉律,严格执行!

有一次,有一位年轻人来公司应征工作。

Ben问他:你为什么会想来这里工作?

小伙子说:是我妈叫我来的!因为我爸爸曾经是您的代理,他几年前去世了,我们每月竟然还准时收到redONE的佣金,我们家的开销和我大学的学费,基本上是公司帮我支付的,我们很感恩,很想继续爸爸的事业,所以我就来了!

佣金制度传承三代

redONE 的佣金制度是能三代传承的,即父传子、子传孙,只要客户的复购是注册在同一个代理名下。

有两位年轻友族从某通讯公司过档成为redONE的个人代理。(个人代理只需680令吉)

半年后他们要求Ben资助他们在购物商场开专柜。反正投资不大,Ben二话不说,帮他们解决了这个问题。

又过了半年,他们说希望开一家专卖店,redONE的专卖店总投资接近15万令吉,他们的钱不够,要求公司先垫着,让他们分两年摊还。

Ben看他们野心勃勃、诚意十足,不加思索,很快圆了他们的梦。

几年后的今天,两人收入稳定,各开名车,事业有成。

去年其中一位伙伴邀请Ben参加他的婚礼,并当众抱着他痛哭流涕,大家心里都很感动!

这种例子不胜枚举,尤其在redONE每年的常年大会,拥抱、感恩和互相鼓励的场景,每一次都让人触动心灵,久久不能忘怀!

财散人聚,就是Ben的第二手策略和杀手锏!

Ben虽然是二毛子,但宣扬华文教育不落人后。redONE每年都为华校筹款,几年下来,他们共筹了300多万令吉。

我问Ben他的事业转捩点是什么时候?

他说:应该是收购Redtone Mobile 的时候。它让我在电信业有了自己的品牌,提供了更大的平台让我发挥所长!

从Ben身上学到什么?

1)Ben 的个人特质

Ben因为年轻,充满激情和干劲。

#他有老鹰的锐利眼光,所以看得远。

#他有捷豹的速度,看准商机和目标,迅速占领市场!

#他有野狼的企图心,把事业版图不断扩大,除了国内市场,redONE也进军东盟,目前在泰国和菲律宾已有合作伙伴并开始营业。

#他有万兽之王狮子的领袖魅力,能激励人心!

2)高利润行业

在认识Ben之前,我一直以为电信业是微利行业,其实不然!

微利产品,很难构造一个好的商业模式,如沃尔玛这样的低利润、重资产运营模式,没有卓越的人才、万全的系统和雄厚的资金,是不容易成功的。

电信业给予redONE足够的利润空间,来进行他的伙伴式商业模式。

因为redONE是“虚拟行动通讯运营商”(mobile virtual network operator ,mvno),即借助大型电讯公司的平台批量价格而自建自己的客户群。反而让他更轻质上阵,不需为繁杂的技术开发问题和庞大的资金而烦恼。

3)伙伴行销

Ben的舍,让他建立了一个类似直销的单层模式。高利润、高奖金让他的生意伙伴们受到激励而勇往直前,永不言累!

4)掌握时机

过去20年是电信业的全盛期,行动电话迅速发展,网际网络科技大受看好,Ben适时抓紧机会,造就了他今天的事业契机!

我记得几年前连锁协会邀请成功集团董事长丹斯里陈志远当我们的演讲嘉宾时,他曾经很惋惜地表示,非常后悔贪一时之便把数码网络(DIGI)经营权转让给别人而失去了更丰厚的回报,所以后来才有了U mobile 这个通信品牌来弥补他的遗憾!

给中小企业的建议

他说:建立一个核心团队非常重要。老板必须问问自己,你能给员工什么然,后才问员工能给公司什么!

那Ben自认自己的弱点是什么?

他说:我总惯性偏执狂般地给那些无可救药的人一个机会,而结果却往往事与愿违!

我想,就是因为他的善良,往往容易被有心人利用。

钱财损失事小,名誉的损失,却是千金散尽,都买不回来的!

退堂!

https://www.enanyang.my/名家专栏/钱财散尽人气聚集拿督刘明