Friday, August 31, 2018

FAJAR (7047) - Q4 2018 Quarter Report - Slam Slam Slam!


FAJAR (7047) released their Q4 result, quite disappointed with it, QoQ and YoY both drop >50%.


Looking into each segment, all are under perform compared to Q4 2017 except construction. FAJAR's revenue are mainly contributed by Construction, Timber and Property Development. however, the segment that contribute the most to it profit margin are Timber & Property Development, and both of this segments are bad. Even the revenue from the Construction sector has improved a lot, but the contribution to the profit margin is significantly lower compare to the 2 key main segments.

Prospect:The only positive point is the management kind of confident that Timber business is coming back, the rest seems like still expect to struggle for a while... what the f.. hahaha

Share price to day had slit ~11%. It had came to my cut loss point, If Monday have no sign of recovery, than i have to cut loss despite the bad performance and the uncertain future profit.



Wednesday, August 22, 2018

Never Buy Another Stock Again - David Gaffen


首先,我要说的是这一本书是我读得最辛苦的一本,翻译语法真是醉了,建议要的话可以直接读原版英文的。其次,它是很悲观的一本书,自少我读后有这样的感觉。

内容有几个重点值得深思:
- 把那么多资金投资在股市合理吗?还是这其实是你的贪婪与投机心态?
- 非买股票的话就不可以长抱。
- 随时准备把表现不佳的资产套现就算是再好的公司。
- 请考虑投资成本,它可能是最大的致命伤。
- 市场消息听听就好,历史上它的准确率非常低。
- 投资个股回酬率不比指数基金好,长期来说。
- 投资多样化的定义不在于标的多寡,而是各个投资项目的关联率。
- 建议的投资组合 - 股票:商品:bond:gov bond = 50:10:20:20.
- 投资组合再平衡在某个时间点上可以降低高风险投指标的资金曝光率。

算不错的一本书,除了翻译得一塌糊涂以外...

Sunday, August 19, 2018

Hanwell - Aug'18

 
Hanwell announced their Q2'18 report on 10th Aug, below are some highlights captured from the report.

Consumer Business: +4.47% in 2Q18 (+4.22% 1H18) mainly due to higher distribution sales from Malaysia. Distribution in Singapore is actually lower compare to last Q due to close down of the retail shops (how come i not aware this??), actually not much info about Singapore retail market. Growth in Malaysia market is kind of good new, however, there is a risk of RM running weak, so lets see the performance for the next report. Comment on overall consumer business was highlighted as below: Price hike of rice is beginning to stabilize especially from Thailand and Vietnam. Forward purchase planning in this segment will be essential to sustain current gross profits till end of the year. Price hike for both pulp and recycled paper for the paper products has stabilized. However, margins in this sector are under pressure due to retail price increase lagging behind raw materials cost increase. So the blame goes to price of raw material.

Packaging Business: +30.5% in 2Q18 (+24.6% 1H18) nothing special as the growth are expected to be coming from China operation. looks good but need to note of some key point mentioned by Alan:
  1. Singapore’s operating environment is expected to remain challenging for the Packaging business segment with the increase of raw material costs in anticipation of unfavourable exchange fluctuation of SGD against USD and the volatility of raw material prices.
  2. For China's operations of the Packaging business segment, the escalation of trade tension between US and China will impact its export. This will further aggravate the over-capacity of corrugator packaging industry and lead to more intense competition of the industry.
  3. Also in China, the stringent pollution control regulations of China government
  4. The potential of unfavourable exchange fluctuation of RMB against USD will result in increase in raw materials costs.
Notwithstanding this segment will continue to execute its strategy to improve operational efficiencies and further reduce costs diligently. The Packaging business segment is expected to commence the operation of its new production line of Nantong Tat Seng in the fourth quarter of 2018.

While for the financial statement, below are some highlights for me to take as notes:

  • Property, plant and equipment written off was not there last year
  • Inventory is higher, the explanation is last year inventory low due to peak season in Dec'17 - Wah! like that also can!
  • Net cash generated from operating activities is actually lower in 2018 ya!
As summary, Hanwell still running fine with some white spot here and there. The share price never move a lot after this report, so definitely this is an boring counter, also there is where to find a net - net stock. The purpose of investing in Hanwell is to have capital growth, and that should come from the share price movement, so far i still haven't see any solid movement despite they reported kind of "good" result in 2Q. Despite the RM would likely continue to go weaker based on current trend and a lot of uncertainty of the trade war between China and US, overall Hawell still have his business under good control. I will keep Hanwell for awhile until end of the year,

Wednesday, August 15, 2018

Beating the Street - Peter Lynch.John Rothschild


此书我是当小说来看的,因为有差不多一半的章文是Lynch的基金经理历程,想了解华尔街金牌鸡精经理,这本是不错的。至于学习方面,Lynch特别着重分享他对借贷股,消费股及景气循环股的分析重点,其实对我这小虾来说是蛮受益的,如果我看上此类股票的话。
有几点需要注意的是,Lynch特别擅长分析个别板块的趋势及大行情,所以他的股票组合是很大的,就算晚期他不再是基金经理时所定时分享的美股每年也有大概20支,所以除了学习他的板块分析,你还要有自己一套筛选个股的方法(同一个板块他会同时拥有几只股,对于小资金的我可不能那么分散)。

另外一点是由于Lynch是搞基金的,所以他的上市公司CEO人脉是特广,书里说了他每周都会和很多不同的CEO吃饭,单看他所可以接触到的第一手消息就不是我们普通人可以做到的。而且上市公司也要基金帮忙买入,消息可靠性是蛮高的。
只要看官们读后理性分析内容,把自己和Lynch的地位区别出来,再消化本书内容,实属获益匪浅。

后话:STI 高位慢调整,组合没有需要变动的,暂时不会加仓手上任何股(纸面亏损近7%,Apptv除外),接下来会分析新加坡reit,然后存钱等美美的价位再建仓。

Monday, August 13, 2018

Weekly Review - 0812

The main activity for this week is to dispo my Asian Pay Tv. It is sad but is a must do with the reason that i shared in my previous post. After i dispo the Asian Pay Tv, i quickly SWAP to some other stock. Fajar and Malton are the 2 stocks that quickly take up my capital from the disposition of Asian Pay Tv. Why Fajar and Malton? first of all, this 2 counters were mentioned in the "Rainmakers", well, thanks to the page and i stretch a bit to check out the feasibility to invest in this 2 counters. Together, i put in a fundamental comparison with Ekovest, Destini and WCT as well. Again, the goal is to look for Malaysia MID CAP developers who have good fundamental, good earning capability and reasonable dividend pay out.


Above data captured from 7th Aug (all except Ekovest) to 13 Aug (Ekovest) through investing.com. can see that Fajar and Malton are the top 2. Based on market CAP, WCT is not really the same batch with the rest and i put it in just as a refferance since it is one of my closely monitored counter.

Fajar have a mix business with additional income from Timber, so to be honest, by putting Fajar in the list to compare is really not an apple 2 apple comparison but rather orange and Mandarin orange comparison. As for Malton, it comes with the honer from Pavilion and some good project on hand is definitely some positive point for it. another key reason for selecting this 2 is, they both have the top 2 highest dividend payout based on current price. In view of their trend, both had kind of recover from bottom with >10% recovery liao, enter at this point will be more comfortable for me since the trend shows recovery and not batting on the re bounce.

Fajar
 
 Malton

For the strategy, the capital from Asia Pay Tv will be divided into 2 and invested in Fajar and Malton @ the price of RM 0.495 and RM 0.655 respectively. Any cut loss? based on the trend and EMA, Fajar should cut at 0.485 while Malton should cut at 0.61, anyway, I'm not so certain about the cut loss price at this moment since the Fundamental for this 2 counters are reasonable to hold for mid to long term with current enter price. Both counter will have their quarter result published in Aug'18, so lets see how it goes.
 
Below is my updated portfolio:
 
Key Notes:
  1. Swap from Asia Pay Tv to Fajar and Malton, loss of ~26$ from Asian Pay Tv :(
  2. Singtel reported their latest Quarter result on 8th Aug with drop in revenue, share price impacted immediately since 10th Aug.
  3. Hanwell reported their latest Quarter result on 13th Aug, which is higher than Q2'17, today is the first day the share price reflected the good news. 
 
 

Wednesday, August 8, 2018

The TOP 10 Distinctions Between Millionaires and The Middle Class. Keith Cameron Smith


顾名思义,本书着重于讲解有钱人于普通人的十种习惯差异:
  1. 衡量财富的时间轴,有钱人在乎一年可赚多少;薪水族计较一个月领多少薪水
  2. 有钱人谈观念;薪水族聊是非
  3. 有钱人乐于改变;薪水族抗拒改变,这里讲的是持续性的
  4. 有钱人乐于冒险及精算得失;薪水族害怕离开舒适圈
  5. 有钱人不断学习;薪水族在毕业后就不愿学习。我认为这里的learning指的是所有事情,而不是单一的专业领域
  6. 有钱人掌握时机赚钱,薪水族希望安稳领月薪
  7. 有钱人做钱的主人,乐于分享不计较;薪水族为钱工作,分毫计算怕吃亏
  8. 有钱人慷慨不亲力亲为,拥有消极收入;薪水族吝啬靠自己,着重于积极收入
  9. 有钱人专注于全部财产的增加;薪水族只关心工资涨幅有多少
  10. 有钱人习惯往好方向思考,进入好循环;薪水族经常朝坏方面抱怨,陷入恶循环
这本书讲的都是概念,并不是每个人都能吸收。习惯10,9和2对我来说算是相对比较新的看法,其他的大致上对比市面上的理财书籍没太大惊喜。

Tuesday, August 7, 2018

A Review on Asian Pay Television Trust


APPTV just announced their latest quarter report, such a disapointed result. Infact, it is not totally unexpected, this is what capture from the latest Q-report end 30 Jun 2018:

In constant Taiwan dollars (“NT$”), revenue down 4.1% for the quarter and 4.9% for the half-year as foreign exchange contributed 2.5% negative variance for the quarter and 1.8% for the half-year
  • Basic Cable TV: Down 4.6% for the quarter and 5.6% for the half-year in constant NT$ terms mainly due to lower subscription revenue, driven by marginally lower number of subscribers and ARPU compared to the pcp, and lower revenue generated from channel leasing partially offset by higher airtime advertising sales.
  • Premium Digital Cable TV: Down 10.4% for the quarter and 9.2% for the half-year in constant NT$ terms. Generated predominantly from TBC’s average Premium digital cable TV RGUs each contributing an ARPU of NT$133 per month during the quarter for Premium digital cable TV packages, bundled DVR or DVR-only services.
  • Broadband: Up marginally for the quarter and remained broadly unchanged for the half-year in constant NT$ terms. Generated predominantly from TBC’s average Broadband RGUs each contributing an ARPU of NT$439 per month during the quarter for high-speed Broadband services.
Total operating expenses: Lower operating expenses, mainly due to lower broadcast and production costs, staff costs and other operating expenses.

Below table tell a better story:
In short, the game still on with increase RGUs in Premium digital cable TV but hidden rock shows ARPU for both of the so call potential savior for APTV is not making and real income (claim to be due to spending for promotions and discounted bundled packages that were offered to generate new RGUs and to retain existing RGUs.

A sad part from the report is below highlighted statment were spotted in the Outlook statement:

==> To support some of the above-mentioned initiatives, the Board of directors is of the view that the distribution per unit in 2019 is likely to be lowered.

My intepretations:
1. The situation is bad, management have no confident to recover the weak performance.
2. DPU lower always not a good thing for me.

A side thought: Do youconfident that APTv can recover the situations by cutting the DPU and with above plan? It all went back to the business that APTv is doing. With that says, i had decided to cut loss at this point, sold off all i have @ 0.40 and take the loss of ~26%. A simple reason, APTv have no longer meet my needs as the future DPU is not secure, so just cut and move on.

I had swap to some Malaysia construction counter. update in next blogging. 

Wednesday, August 1, 2018

Warren Buffett's Ground Rules: Words of Wisdom from the Partnership Letters of the World's Greatest Investor -- by Jeremy Miller


书名有够长的咯。个人觉得这是一本很不错的书,无可否任,巴非特的热门书籍一大堆,著名的有 “巴非特致股东们的信”,“滚雪球”等等,而这本对我来说就好比巴非特投资前传,来看看里面写什么。

此书分为三部;基本概念,投资策略,及心里偏误。作者基本上是把早期巴非特出道时写给“合伙人”的信重新整理了一遍再把大纲分成以上三部来解读。其实,个人觉得比较relevent 的就是基本概念和投资策略。

在基本概念这一章里,不用多说,巴非特的基本投资概念大家都略知一二,本章比较有趣的是巴非特的绩效衡量,他唯一想打败的是DOW,而我一直都在看个人回筹率而已,当然,要效仿他的话,你的投资肯定要是长线的,min 3 years.....

再来是投资策略,原来以前巴哥也是炒股起家的,此章解说了有名的cigar butt investing,既是net-net stock。说到net net stock,巴哥以前只考虑net net performance,而大家所了解的价值投资,就是以合理价买入优秀的公司,其实是巴非特后期的投资策略,本章也解释巴非特为何改变策略。除了低估型投资,也看到一些巴非特以前的投资策略,比如套利型投资,控制型投资,及后期的控股型投资。

其他有趣的info比如如何计算公司价值,及对长线的看法等等都是有比较独特的见解。看了之后,我不敢肯定你的投资会从此无往不利,但是你肯定会对你所了解的巴非特有不同的见解。

Sunday, July 29, 2018

投资成本


先不说买股票有没有赚,只要你做买卖transection,你就要付佣金了,所以今天心血来潮,想看看我这些年来买股票被投行抽的佣金有多少,就从2012到2018 七月吧。这不包括Contra,是的,我定力不足,时不时会玩Contra。

看到summary了吧?我自己都吓到!!这些是感觉不到的成本!其实,逻辑很奇怪,股市如果我们频密地做买卖,单单被抽的佣金就很可多了,还要自己操做那么高风险的投资产品?
...

有时候你不把东西画出墙是看不到的,好好研究,看定定再买,要不然陪了夫人又折兵啊!

Singtel - 4th Jul'18


Singtel closed at 3.02 yesterday, what a direct flight from ~3.40 to current price. So what drives to this trend? The logic seems works for me, main trigger from May 17: Singtel announced the Q4 and 2018 Final report:
  •  Revenue increased (+4.9%) but the underlying net profit dropped (-7.8%) if exclude the gain from the disposition of NetLink Trust.
  • Revenue increase for all the sector except for the National Phone and International Phone, this 2 consist of a small portion of the revenue @ ~8%, something to note but not big.
  • Operation profit dropped mainly from the result of a decline in Airtel’s India earnings and charges from increased network investments and spectrum.
  • 2018 total Div payout is ~81% (include all the special div). This is good for 2018 but no longer for future where by the Div payout will be fixed at 17.5ct for the next 2 FY. Resume the 60-75% Div payout only by FY21.
  • Expect stable “single digit” profit for next 2 years before Singtel can see anything increase in the profit.
Recent share buyback (actually very tiny if compare to the overall all Cap size of SingTel.):
  • May 17: SGD ~1 mil @ SGD3.42/3.43
  • May28: SGD ~ 0.44mil @ SGD 3.34
Risk:
  • Increase of compaction in Singapore telco market with new players coming in end of this year.
  • India Telco join venture is facing hard fight with new competitor.
  • Invrstment cost.
What Singtel is doing so far (According to the latest annual report):
  • Singtel embarked on a company-wide digital transformation more than five years ago to rebuild our business around data and digital. As digital eroded industry barriers and disrupted old business models, going digital has meant developing strategies that go beyond the context of our telco industry. Instead, we have leveraged our telco assets and customer relationships to develop new businesses such as cyber security, digital marketing and smart city solutions. We have also begun building a digital ecosystem with our associates to aggregate millions of customers across the region. As digital
  • Had revolutionized consumer behavior and company processes, we have also digitalised our core consumer and enterprise businesses.
  • Our new growth initiatives have grown from strength to strength – our digital and ICT businesses now contribute nearly 25% of Group revenue.
The reason i buy in:
  • Share price @ 52 weeks low (S$3.4 at that point of time)
  • Good div pay out and stable track record
  • Singapore blue chip
  • Regional dai kor for Telco
  • Sound solid management (based on the road map and transform seen on Singtel)
Any changes against my reason of purchase?
  • Share price @ 52 weeks low -> No, now even lower... haha
  • Good div pay out and stable track record -> announced fix DY for 17.5ct for next 2 FY and resume in FY21, still acceptable to me.
  • Singapore blue chip -> No change
  • Regional dai kor for Telco -> No change
  • Sound solid management (based on the road map and transform seen on Singtel) -> No key person changes
Conclusion:
  • Hold at this moment in view of Div payout in Aug.
  • Expect small re-bounce after reason heavy sell.
- Temporary have no plan to top up, lets see the share price movement in this few days as well as after the Annual GM on 7/24.

Holding (11th June 2018) - *Throwback

Capital Distribution:
  • 1% Cash
  • 97% Share in SGX
    • 42% in 1 high pay Reit (13.8% DPU)
    • 55% in 2 different Companies
  • Annual div payout based on current PF is ~6.2%.
 Since the first review on 15th May, i had made some changes to my portfolio, the main reason behind is to streamline my portfolio and focus on fewer counter that i'm confident with.

1. Asian Pay Tv:

 I had made a transaction to average down this reit at 0.46c, of cause, that is before it went down to ~0.41c and now come back at weaker momentum. My current avg price is at 0.54c with paper loss of ~19%. To be honest, the situation is ugly, i have to admit that, i'm only looking at the high DPU of this counter (~12.2% at my avg price), other than that, the situations of the company are not that attractive with the high gearing and challenging business environment. 2 key challenges for the company are: the popularity of internet Tv in the future over current cable Tv, and the tax rule changes at Taiwan (increase from 17% to 20% for related business), which had significantly impacted the profit of the company.

Well, the situation is still in mix, as the company have an advantage of 100% owning the hybrid fibre coaxial cable network in their franchise areas of Taiwan (Taoyuan, Hsinchu, Miaoli, TaiZhong), owning this facility have add advantage to the company in the sense of:
  • Building the Fibre cable is a resilient business with high barriers of entry due to high network roll out requirements.
  • Large customer base makes TBC attractive to local content providers; unique commercial arrangement with content providers.
  • Long standing relationship with subscribers; deep understanding of Taiwanese viewers’preference.
 How i look at the situation is: although there will be a hard fight between internet Tv and cable Tv, the high quality internet will need to rely on the broadband, which is backed-up by the hybrid fibre coaxial cable network. So, with regards how bad the fight is, Asian Pay Tv should also get some return from their cable network. A good news is that the broadband business is the only business that seeing growth in the latest quarter, which at least re-leaf my short term worried on this counter.

2. Avi-tech.
 I disposed all my Avi with several reasons:
  • Wth the same DPU at ~5%, Singtel seems to be having more advantage in terms of the share price and the business model.
  • I entered Avi without much advantage of the share price, and the latest Quarter report shows decline in the profit, indicates by the weaker demand of electronic testing. So cutting out this counter at 9% loss and work it out as per the plan.
3. Singtel

 No doubt, Singtel share price declined after they announce the latest quarter report due to the profit are not meeting the market expectation. With the original plan to avrg down at 3.2-3.3 and cut loss at 3.0, i had top up some units at 3.29 (after seeing recovery from 3.24), unfortunately, the share price went back down again recently to 3.23. My average price is now at 3.4 (~5% paper loss), but i have no worried about this counter at all: a blue-chip with share price @ 52 wk low + 5% DPU + good management + Temasek holding... hahaha... This will be my long term game.

4. Hanwell

This is really a boring counter, but i had decided to top up more at 0.23c, it is at net net stock at this price. The company have 2 key businesses: A good growth sector from their paper packaging business, and a stable + solid business sector from their FMCG (rice, toufu, snack and bla bla bla....). There is a lot of potential for the share price, and relatively lower risk due to the good FA.
That is all for the changes in my portfolio, now i have a high DPU Reit (relatively high risk ), a superb bluechip stock and a low risk net net stock, i'm very comfortable with the arrangement. I guess the missing type of counter in my portfolio will be a high growth mid cap stock. lets reserving bullet while continue searching for my last piece of puzzle!

Sunday, June 3, 2018

REIT


今天讲产托,毕竟它占了一半我的portfolio。产托在我的portfolio占了相对大的比例是因为:
  1. 风险比起普通股票相对来得底
  2. 平均股息比普通股票高
  3. 股价对于市场的反应相对迟钝
 
所以,投资了产托就甭想暴涨,当然,暴跌的机率也比较低,总结一下:平均股息高,股价反应慢,有足够时间决定买卖策略。
 
本人比较喜好新加坡的产托,原因是平均利息会比大马产托高,分别大概是 7-8% vs 5-6%。我也发现在新加坡上市的REIT未必一定是在新加坡置产的,在外国置产的有 Lippo Malls (印尼)及 Dasin Retail REIT (中国)等等,可供区域风险管理的选择。
 
好了,那选择REIT的标准呢?其实这个是很个人的,如果新加坡的话,我偏好的产业会是Officec Building 及工业区,大马产托的话我就比较喜欢购物广场,当然还是以个别的股息及财务状况来决定。我在S-REIT Investment Blog 发现他的选REIT标准蛮适合我的,以下是一些参考数据
 
-> at least 8% yield.
-> Price that is lower than its NAV.
-> Low gearing (if possible)
-> High secured NAV.
 
再来是对现在新加坡和大马产托的看法:
 
新加坡:

FTSE ST Real Estate Inv Trust Index 打从2016年尾牛了一整年,从701点爬到2018年一月的~874后就往下掉了,现在来到~800点,看来是在下跌趋势中。Phillip Securities 在五月做了统计,市场上笼统数据都显示厂房,仓库的出租率及租金都在下降,多家产托最新几个季度的业绩都下降了,唯一比较明朗的是拥有High techpark的,这看得出是响应了新加坡政府的smart nation program。有兴趣的话可以找找哪家产托是着重于出租high techpark的,可能还可以收一收。此外,新加坡还有一些信托是归类在REIT以下的,有机会再分享。
 
大马:
 
REIT指数在今年三四月探底~856点后,现在已经回升到~950区域了,那是一口气往上爬的,接下来因该会来个小调整,然后再往上爬。配合大马换政府的不确定性,产托成了避险股被推了一轮,在加上新政府废除GST,让很多的产托的股价再继续冲到了今天的950点,尤其是广场型的。当然,我只看到retail的产托有比较明朗的前景,至于办公室产托在这一轮的上涨后能不能维持后续就有所保留了。
 
好啦,我手上有一只新加坡的REIT,不过不是传统的,内人有两只大马的Retail REIT,下一篇可以看看。。

Monday, May 28, 2018

Singtel (SGX: Z74)


基本面:

新加坡电信老大。和其他两家电信(StarHub, M1)比较的话,SingTel 在新加坡的mobile market share有49%,不过只有30%的盈利是来自新加坡,另外22%和48%来自澳洲与其他亚太地区的电信投资(摘自2017年报),总结是她的风险管理我个人觉得一流,毕竟新加坡竞争强,市场小,新加坡以外的机会比较多。

盈利方面是很稳定的,派息也很规律。前景的话,SingTel 在几年前就已经部署进军digitalisation sector,大概就是big data, cloud, cyber securities, smart city 等等,盼了几年,最近终于开始供应盈利了,这也是为什么他们不急于react to M1在新加坡的数据削价战,人家志不在此啊。总的来说,Singtel的管理方式是倾向于稳健的风险管理,加上长远的投资(比如三年前的策略性进军digitalisation sector)。

最大股东就是新加坡政府咯,淡马锡52%,外资14%,新加坡本地市场大概12%。所以股价变化不大是可以理解的。

数据的话蛮不错的(from Investing.com up to 2017 annual data)

- 双位数ROI: 14.6%
- GM: 52%
- OM: 27.4%
- NPM: 32% (投资贡献盈利比较多)
- D to E ratio: 32%

SingTel 的 PE (TTM) 大概在10,比起StarHub 和M1 (16&12)是比较低的。如果考虑到规模问题,那就要和Axiata 比较了,Axiata PE 在56,所以也不用看了。哈哈。

技术面:

52周新低在 S$ 3.30, 今天S$ 3.41。图表的话,自从一八年三月创了新低后,底部价在慢慢往上升,还需要几个月时间看会不会是上升趋势。下一道上升阻力大概在S$ 3.54 和 S$ 3.65。

策略:

增持:S$ 3.20 - S$ 3.30
止损:S$ 3.10 (-10%)

SingTel 会是我尝试巴哥和芒哥的另一种投资策略,即是以合理价(不是低估价)买入优质股。我在五月初买入,价钱在S$ 3.41,目前占portfolio的二十出趴。止损点放在S$ 3.10,原因是因为她的周息率其实很稳定,在5%左右,况且S$ 3.30已经是五年新低了,感觉不太可能到这个价位,除非新加坡经济倒退五年?哈哈。名牌股就收就一点咯。

Saturday, May 19, 2018

HANWELL HOLDINGS LIMITED (恒威集团 SGX:DM0)



*基本面:生意是FMCG起家的,为了加强盈利,恒威也投资在纸箱制造。

1) FMCG (Fast Moving Consumer Goods), 就是卖基本需求的。这样的生意好处是很stable,当然,盈利也不高。他卖什么呢?
  • 在新加坡卖米的,人家的米还是Top Seller in Singapore “Popular proprietary brands include Royal Umbrella rice, Golden Peony rice, Gitangkim rice, Okome rice, Taj Ponni rice, Harmuni rice and oil, Golden Circle oil and Soyalite oil.”
  • 也卖Tissue,年报是这样写的 “Beautex was named in the Singapore Book of Records as the first to launch a complete range of premium and economical three-ply tissue products.”
  • 还卖豆腐,“Besides specialising in soya bean-based products such as tofu and tau kwa, Fortune Food is also the pioneer in introducing Sobe, Singapore’s first fresh, pasteurised soya milk, to the local market in 1995.”
  • 还有零食,“Socma specialises in 4 main categories: confectionery, snacks, grocery items and beverages. Some of the household brands that Socma exclusively distributes include Mentos, Chupa Chups, Smint, Fruitella, Tao Kae Noi, Tai Sun, Supernut, Mazola, Soyalite, Golden Circle, Harmuni, Indomie and Jia Duo Bao(formerly called Wong Lo Kat).”他的零食基本上是卖在马来西亚。
2) 纸箱制造 (Tat Seng Packaging Group Ltd,介绍是这样写的:

Tat Seng is one of the leading manufacturers of corrugated paper packaging products listed on the mainboard of the Singapore Stock Exchange. With operations in Singapore, Suzhou, Nantong, Hefei and Tianjin in China, Tat Seng serves the packaging needs of various industries in Singapore and China by supplying a range of corrugated paper packaging products of different configurations and sizes.

Its customers include Multi-National Corporations and local manufacturers in food and beverage industry, electronics and electrical industry, plastic and metal stamping industry, pharmaceutical and chemical industry as well as the printing, publishers and converting industry. Over the years, Tat Seng has progressed through continuous improvement and has been maintaining a stronghold in the marketplace.

Tat Seng's key products include corrugated paper boards, corrugated paper cartons, die-cut boxes, assembly cartons and heavy duty corrugated paper products.

*基本面:业绩 (2014-2017年报)
  • Gross margin TTM 22.58%
  • Operating margin TTM 5.49%
  • Net Profit margin TTM 4.51%
  • Return on Investment TTM 7.48%
  • Quick Ratio MRQ 1.83
  • Current Ratio MRQ 2.07
  • LT Debt to Equity MRQ 0.08%
  • Total Debt to Equity MRQ 22.1%
盈利每年增长,除了2015掉一点。纸箱制造占65%,其他的是FMCG。个人觉得管理层风险和盈利管控都很好,唯一比较失色的是DY很低,管理层好像不是很想回馈小股东。

根据Q118季报,CPS (Cash per Share)有大概有 S$ 0.71.
这是一支 net net stock,股价已经来到52周新底了,前景不错,只是老板有点吝啬,DYU只有~1%。刚读完巴非特的Ground Rule,就买入少少看看。

*策略:
 
1) 第一批:买入价 0.225新币 (Done);
2) 第二批:低于0.22 / 0.21 (Pending).
3) 不止损
4) 长线 两年

Sunday, July 23, 2017

无题。。。



It has been ~2 years.. and a short update is i had returned all the gain from 2008 - 2013 to the market. Spending the pass few months to figure out what is the problem, and the conclusion is: i had made too many transection without proper assessment.

女儿

一转眼,女儿已经四岁有二了,好快啊!如何个大法?

1 - 说话已经很溜
2 - 个小大人
3 - 坏习惯一大堆
4 - 有闺密
5 - 会撒手段
6 - 会撒娇

女儿啊,你健康快乐就好,我换工了,希望有更多时间陪你塑造更好的人格。。

Monday, August 18, 2014

Some Doubt

When I examing my holding, 2 things. Comes into my mind:

1. Marco is having very good DY, but why the volume is always so high? Since the share price movement is also not attractive, what is the reason behind of high volume??

2. WEIDA have a lot of cash on hand, he can clear all his debt with only paying all of them with cash (of cause he won do that for the sake of future secure any project expenses). WEIDA have also a clear future plan and moving into a so call good transition, the overall business ran by WEIDA is well planned and it seem like able to cover each of them within different sectors. Why ASSAR keep disposing WEIDA at anything around 1.90-2.00?? What did ASSAR see which we haven seen??

Worth to think more, might plan on re organize my capital around my holding.

Saturday, August 9, 2014

Is SUPERMAX a case of 狼来了??

Last Friday, i decided to clear all my SUPERMAX @ 2.2+. walau! so fast scare liao!! hahaha. few reason make me take this move, however, my move is not because of panic market, it is because of signal that i learn from Mr Hu, and i try to apply it, since i still have some pocket money from it. This are the reasons why i buy SUPERMAX before hand:

1. SUPERMAX is having the lowest PE at this moment with about 11, TG is running around 15 and KOSSAN is 18.

2. TG and KOSSAN start to move a bit already and left only SUPERMAX. Yesterday it closes at flat but there is a spike up to 2.2+ during lunch time.

3. Weekly volume starts to pick up in pass 3 weeks, 10 days average price start to trend up.

and my original TP for SUPERMAX is RM2.56.



I decided to clear it one shot on Friday due to:

1. Continuously 4 days OHCL (Open High Close Low).
2. Volume Shrinked significantly.
3. Politic standpoint of SUPERMAX.
4. Global Event which is getting worst off.

From the trend point of view, i buy in with volume pick up, and i have to sell it when volume shrink together with share price trended down continuously with 10 days average line also start to flip down on Friday. I would beleive the continuous red for SUPERMAX is due to over brought in the solid green bar on Monday, however, even for the gunner and 投机客,they also need to wait for T3 to force sell, so when i see the 1st red after the green couple with long upper needle line and high volume, i pretty much confirm that the big fish is disposing SUPERMX hardly, not difficult to know that one of the giant fish is the EPF, this will link to point number 3 later. The volume and share price movement for subsequent three days further makes me almost 100% sure that the up trend for SUPERMX had been interrupted.

From point number 3, after i entered SUPERMAX, i did read quite a numbers of journal regarding glove industry and SUPERMAX, and one of the point i pick up is the SUPERMAX is anti government, hahahaha. Although i haven't see any latest new on how the management team of SUPERMAX criticize the gov, the latest article that SUPERMAX complaining the government are as below, and from what EPF had been doing all the while (Keep dispose and dispose), it is really a company that hard to get the support from GOV, at least this is what i feel.

http://biz.sinchew.com.my/node/91328?tid=6
...

速柏瑪執行主席兼董事經理鄭金森
政策須利永續成長

速柏瑪(SUPERMX,7106,主板工業產品組)執行主席兼董事經理拿督斯里鄭金森表示,政府上調電費16%,全部人都受到影響,政府准許一家賺錢企業上調電費,實是令人覺得這可是件瘋狂的事!

同樣的,若是膠手套業者在沒有合理原因上調產品價格,他們的客戶也一樣質疑他們是否瘋了。

國家能源是家賺錢企業,政府還要上調電費及增加大家的成本。希望政府收到的額外收入善加利用。同時,讓更多業者參與再生能源領域,擁有平等的參與,以應對電費起價。

除了電力能源外,膠手套業者的其他經營風險,包括外匯波動及原料成本走高等。若要膠手套業持續成長,政府的政策可說是扮演舉足輕重的角色。
政府進行減赤行動實是無可厚非,惟不應該將減赤優先事項放在削減津貼方面。

電費漲打擊競爭力

鄭金森指出,上調電費,這不應該是政府首要考量,反而應該積極減低不必要的開銷。政府應該抑制不必要的開銷及弊端。

鄭金森指出,政府反而是先行處理政府出現的任何批漏與弱點、減少貪污、改善政府效率等領域,而不是一味加重各行業成本負擔而打擊競爭力。

公用事業甚至獨立發電廠業者取得數10億令吉盈利,但還是需要調漲電費?不僅企業,中低收入群也將面對電費上調衝擊。

本地膠手套行業不時針對市場變化而做出改變,不過,他認為政府也一樣需要做出改變,防止政府的錯誤,包括國家能源必須提昇它的效率,因為其他國家膠手套業者的能源成本,比大馬便宜及更具競爭力,特別是國家能源是壟斷領域。

目前本地膠手套行業每年的營業額達到約300億令吉,佔據全球膠手套市場逾60%,目前最重要的問題,是本地膠手套行業將從目前情況下走向何方?
他認為,膠手套業者知道如何經營它們本身的業務,不過,若是缺乏一個有利製造業者的經營環境,業者是很難繼續擁有永續的成長。

他指出,政府實施的政策非常重要,包括吸引人才回歸措施。特別是目前的價格都在揚升,政府有必要提供獎掖,包括新興行業地位及在油氣領域的優惠等。

本地膠手套行業每年為國家帶來逾100億令吉淨收入,有鋻於此,政府的政策有必要有利經營環境,以便吸引業者繼續投資甚至再投資。政府有必要有長期計劃,以助業者與其他國家競爭。
Lastly, with the recent dip on share market (for it, it is more like an over react on the market due to the fire call on Iraq from Obama). with the unstable global situation, i think it is hard to gain the confident of the investor to put their money in the share market at least for a short while, even I'm the investor that obey the Mr Market, i will also keep my money in other counter for now at least.

The quarter report for SUPERMAX will be out this month, and i quite confident that it will be a good one. However, i do believe that the share price on last Monday had reacted to the good result + the Ebola effect.

With the cash on hand, i will swap it to another counter either WEIDA or MARCO on Monday depends on the situation.

Sunday, August 3, 2014

MUDAJAYA India Power Plan Operation Timeline Get Pushed Out AGAIN???


Found this in INVESTALKS by spy008

http://www.investalks.com/forum/forum.php?mod=viewthread&tid=2700&extra=&page=51

I called Mudajaya Investor Relation on 30th July 2014 2pm++,
I have spent about 16 mins speaking with their IR, Mr. Benjamin.

I asked about the status of few projects, and these are the answers I got (I couldn't confirm all the information given to me are correct, but everything I wrote here are exactly what he meant):

1) Regarding the India Power Plant, their latest revised date for firing the 1st Power Plant is by end of 3rd Quarter (end of September). If 1st plant launched successfully, other remaining will start launching 1 by 1 (each takes 1 quarter).

**This is not a good sign **

2) Mudajaya is the "technical support" in civil for the power plant 3B that has been awarded to 1MDB - Mitsui Joint Venture. However, the size of the project has not been revealed and still undergo "tendering"/government's approval.

(This project has high chance and might be announce "soon", depending on 1MDB & Government.)

3)  He said that the Joint Venture with Mulpha is still going on, Mulpha has bought the land. However, they might "wait and see" the market. The launching might be after GST...



He said that the property market is quite quiet now...

(I was totally speechless when heard this =.='')


 4) When I asked about the 0 orderbook;

He said that he agreed that Mudajaya has 0 orderbook for quite a period of time. This is because the company strategy is rather not to get the job if the job has low profit margin/loss, as it is a waste of manpower & resources. He gave example of BinaPuri only getting 1% of profit margin. He said that Mudajaya has high profit margin among construction company. He also explained that Mudajaya can easily win several projects, for example, UiTM (Couldn't remember the name, I know is a University/College) but they chose not to tender the project as it was not profitable.

5) He further explained that the company is not sitting duck/ doing nothing while there was 0 orderbook. The CEO has been aggressively venturing into renewable energy in Indonesia/ Philippines to create recurring income.

To sum up, Mudajaya will still having tough time in the next 6 months...


+++++++++++++++++++++++++

Looks like the share price will still heading South for some time, wandering what the MUDAJAYA menagement is doing??

Ebola fears... SUPERMAX up 19 sen.

The Star Online:
http://www.thestar.com.my/Business/Business-News/2014/08/01/Glove-makers-advance-on-Ebola-fears/

KUALA LUMPUR: Glove-makers bucked the weaker broad market on Friday as investors saw buying opportunities amid expectations of a surge demand in gloves following the outbreak of Ebola virus in Africa.

At 11.12am, Supermax was up 14 sen to RM2.31, Kossan added nine sen to RM4.10 while Adventa gained eight sen to RM1.12 and Top Glove edged up seven sen to RM4.70.
The FBM KLCI fell 4.85 points to 1,866.51. Turnover was 864.71 million shares valued at RM564.67mil. Losers beat gainers 527 to 179 while 276 counters were unchanged.
Reuters reported Sierra Leone has declared a state of emergency and called in troops to quarantine Ebola victims, joining neighbouring Liberia in imposing controls as the death toll from the outbreak of the virus hit 729 in West Africa.

The World Health Organisation said it would launch a US$100mil response plan on Friday during a meeting with the affected nations in Guinea. It is in urgent talks with donors and international agencies to send more medical staff and resources to the region, it said.

The WHO on Thursday reported 57 new deaths in the four days to July 27 in Guinea, Liberia, Sierra Leone and Nigeria, raising the death toll to 729. It said the number of Ebola cases had topped 1,300.

++++++++++++++++++++++++++++

病毒肆虐 美元升值 手套股回春 涨势难测
财经张欣豪

http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=130084:&Itemid=198

(吉隆坡1日讯)西非埃博拉(又称伊波拉)病情肆虐,加上美元兑令吉匯率升值,刺激年初表现低迷的手套股,大马4大手套公司股价今天纷纷上扬,惟分析员普遍相信这只是短暂的投机活动所致,手套股涨势能否持还要胥视疫情的发展。       
隨著西非国家塞拉利昂昨日宣布进入紧急状態,其邻国利比里亚也情况严重,马股手套股在今天受到投资者追捧,顶级手套(Topglov,7113,主板工业股)、高產尼品(Kossan,7153,主板工业股)以及贺特佳(Harta,5168,主板工业股)分別上扬14仙或3.024%、8仙或1.995%以及4仙或0.605%,其中顶级手套和高產尼品分別成为全场第11和第19大上升股。
至于速柏玛(Supermx,7106,主板工业股)则是4大手套股中,表现最佳,全天共起19仙或8.756%,至2.36令吉,成为全场第9大上升股。
针对手套股在逆市中上扬,接受《东方財经》询问的分析员普遍指出,埃博拉事件使到投资者重新注意上半年表现低迷的手套股,但今日升势相信只是基於投机活动,这些手套股的股价涨势能否持续,仍须视疫情接下来的发展而定。
不愿具名的研究主管以及分析员认为,埃博拉病情若成为跨区域或跨洲疫情,势必成为手套领域强大的催化因素,甚至带动一股手套股大牛市;但若病情受到控制,相信投机活动將会迅速结束。埃博拉病毒是一种人传人的病毒,若扩散情况严重,將大大增加全球手套需求。
安联星展研究分析员表示,短期內不看好手套领域,尤其是在目前令吉兑美元呈上升趋势以及供应过剩的情况下。此外,明年的竞爭相信会更激烈。
无论如何,他认为,手套领域长期依然正面,毕竟手套股的基本面和估值仍属合理。
他指出,本次针对埃博拉病情的升势並不稳定,必须视接下来的疫情,才能决定这股上升势头能否延续。
肯纳格投行分析员表示,今天的手套股升势除了因为埃博拉病情,今天美元兑令吉大幅升值也是其中一个因素。截止今天下午尾盘,美元兑令吉相比昨天上升了0.62%,至3.2174令吉。
肯纳格投行看好手套领域
肯纳格投行分析员对手套领域较为乐观,认为手套股目前已被低估,其中供应过剩的消息已被严重放大。
他指出,目前大马手套公司的丁月青手套都处於满负荷產能,近期都在扩展新生產线,以迎合市场不断增加的需求。
手套股上半年一直表现低迷,本次病毒危机或成为一个强大的催化因素。加上手套市场的需求一直有稳健成长,肯纳格投行看好目前被低估的手套领域。
年头至今,速柏玛跌14.8%;顶级手套滑落15.28%;高尼產品跌5.32%;贺特佳跌8.02%。
安联星展研究及肯纳格投行分析员都认为,速柏玛今天表现最佳,是因为之前的股价表现最不好,且股价较便宜。
安联星展研究的手套首选股是高產尼品,目標价4.90令吉;肯纳格投行对手套领域的投资评级为「超越大市」,首选股贺特佳,目標价7.48令吉.


++++++++++++++++++++++++++++++

Up to last Friday, Supermax had up ~7.8% from by purchasing price, this was not expected for short terms. wish the disaster will end soon..