SingBlueSilver选REIT惊魂之 惊魂...又见惊魂

我去看了城中最hit的REIT （CMMT，Sunway，Axis）
和我的最爱STAREIT最新的annual report。
我列出了它们的loan period maturity，当然我们要看它们的税后收入
如何以评估他们的偿还能力。由于各个REIT的accounting手法有些差异，
为了方便我选了profit after tax来比较。

这是基于extreme assumption that ：
REIT被迫还钱，然后REIT在放弃给股东dividend下用profit after tax来还债。

当然这个机率很小因为loan可以rollover，银行也乐于赚它们的利息，
反正产业收入基本上是稳定和低风险的（但世事无绝对）。


Revenue (operating and interest income)
- Expenses (operating, interest, manager,trustee expenses etc.)
- Tax
-----------------------
Profit After Tax
------------------------


以下是一些初时的看法和要点

1。基本上4个REIT的偿还能力都得到认可。
2。它们的短长债都清楚列出来，尤其Sunway Reit.
3。REIT收入与市值成正比。
4。佩服CMMT的annual report, 市场分析得很详细
5。原来Axis REIT把Gearing Threshold 订在 35%, 也羡慕它们有dividend reinvestment scheme.


Sunway REIT 2011
市值：RM3.02 billion
PAT = RM 554 million

下载 (16.73 KB)
sunway

2011-12-14 23:37

CMMT 2010市值：RM2.56 billion
PAT= RM109million

下载 (35.63 KB)
cmmt

2011-12-14 23:40

Axis REIT 2010 市值：RM1.16 billion
PAT = RM 101 million

下载 (43.76 KB)
axis

2011-12-14 23:40

STAREIT 2011
市值：RM1.15 billion
PAT = RM 58 million

下载 (31.01 KB)
star

2011-12-14 23:40

过后我对比了Axis REIT和STAREIT，干嘛两个市值相近的REIT收入差那么多？
虽然STAREIT转型有一大部分收入是来自利息收入但应相差不远吧？
难道真是不比不知人家好？家花不比野花香？

不服输下我又再看了看他们的年报，不看我还可以早睡，一看不得了 ！！！
原来那三个瓜收入那么高是内有乾坤的，一切来自。。。
-change in fair value of property
-Fair value gain of investment properties
-Change in fair value of investment properties

是的！这是我从年报copy出来的，不同句子指出一样的东西- 产业价值重估。
这招我很熟因为STAREIT卖Lot10和STARHILL GALARY时用过。
基本上是在产业卖出时才有实际收入，不然一切都是纸上财富。




我扣去了它们产业价值重估的收益，结果。。。。，
。
。
.
。
。
就像在街上看到身材婀娜多姿的背影 ，一转身来那种震撼!!
又像来到倾慕已久对象的家门前 ，突然开门的是卸妆了的辣妹！！！
更像兴奋地在床上等待 ，结果步出浴室的竟然。。。。！！！

。
。
。
。
。
。
。



够了SingBlueSilver,醒一醒！！
。
。
。
。
。

对不起 ，下面是扣了产业价值重估的收入所得到的数据。


Sunway REIT
市值：RM3.02 billion
PAT = RM554 million -*RM386 million=RM168 million* RM386million是change in fair value of property,是纸上收入，所以我拿开了。

CMMT
市值：RM2.56 billion
PAT= RM109 million -*RM81 million= RM28 million* Fair value gain of investment properties

Axis REIT
市值：RM1.16 billion
PAT = RM101 million -*RM46 million =RM55 million
* Change in fair value of investment properties

STAREIT
市值：RM1.15 billion
PAT = RM58 million - *RM44 million =RM18 million* interest income from Starhill Global REIT CPU
*注：STAREIT的interest income还是有收到现金的，与账上收益不同。


以下是一些后来的看法和要点

1。基本上4个REIT的偿还能力都得到认可。（ 心虚。。 除了我的最爱）2。它们的长短债都清楚列出来，尤其Sunway Reit. （债务清楚，收入就有点取巧。。）
3。 REIT收入与市值成正比。 （是的，除了CMMT）4。佩服CMMT的annual report, 市场分析得很详细 （维持不变）
5。原来Axis REIT把Gearing Threshold 订在 35%, 也羡慕它们有dividend reinvestment scheme. （维持不变）


后记
原本只是想看看REIT如何安排还债的时间表，却无意发现了这些事。
由于那四份年报除了STAREIT其他都是走马看花式的，所以有纰漏或则错误请多多包涵，
毕竟你买CMMT的当然比我懂得多，但是建议一定要拿出来讨论。
这样我或其他人便知道那里造成误解或误读年报。

以防万一，再提醒一年的年报不代表以后的表现。
拿PAT来算偿还能力是有点极端，因为银行是看产业收租能力，管理层，信誉和大环境来决定
批不批再贷款的。

至于你买的REIT到底能不能维持高派息率就靠你自己做功课

SingBlueSilver选REIT惊魂之三大要素

高风险和中风险的Timecom和Maybank讲了，分享下我为什么会在那么多REIT中选了STAREIT.
Stareit 可算是我持最久的股-
原因：风险低，股价稳，派息准时，生意模式简单。

当初选REIT来投资是因为不大懂读财报，而REIT的财报算是最简单易懂的入门。
当初选STAREIT的理由和现在不大一样，但基本上还是喜欢它让我高枕无忧的投资。

不知你信不信，我觉得买REIT是难以致富的。
如果有做生意的人就知道年回酬7%是多么的低。（除非本金大）
身为打工仔的我深知工字不出头，所以REIT只当放定存。到现在我还在等机会。。。

老调，本金放银行息太低，股票波动高，REIT介于之中。
除了赚取高息也免了高波动，同时也高流通率让我可以随时套现来调动资金出击（到现在还没出手）

我买REIT有三大要素- SingBlueSilver。什么？没错，是SingBlueSilver-我的名

1。Sing -星（ 不是唱，别嫌啦，玩绰头嘛） = 五星REIT，即重量级REIT
2。Blue -蓝 =蓝海策略
3。Silver -银 =银弹



1。Sing =五星REIT

不用我说，REIT其中最重要的一个特性就是市值market capitalization.
市值越大越受国际投资者青睐，流通率也越高，兑现也更方便。
所以选REIT，市值<RM1 billion的可以不考虑。

大马有15个REIT，市值>RM1 billion的只剩Sunway,Pavilion,CMMT,Axis和Stareit。
为了不让人唾骂，先不要out BSDreit （971million） 和 Alaqar (722million)。（看下图）

候选名单：Sunway,Pavilion,CMMT,Axis和Stareit

下载 (73.48 KB)

2011-12-13 23:26

2. Blue =蓝海策略

这个较简单易讲，大马15个REIT，OFFICE REIT 占了几个。
经济不好时办公室租出率会受影响，加上大马办公室供大于求，所以office占大部分的我会避开。
那么Axis就不想了，加上要向股东拿钱的公司我能免则免。

说真BSDREIT和Alaqar在大马REIT中处于蓝海，但BSDREIT因为在种植业所以也免了。
由于我是学生物的，所以对疾病的传染性特别担忧，所以冷眼打鼓响锣推荐油棕股我也不敢碰。
这纯属个人意见，买油棕股的不要骂我。有钱大家赚，你赚你的，我赚我的。

Alaqar更是一绝，由KPJ买医院，卖给Alaqar再由Alaqar收租。
由于医疗是recession proof股，所以不担心出租率。
建议直接买KPJ就算了。或等Alaqar市值够大才考虑。

其他的剩下CMMT购物场好，但Div Yield不高；Pavilion刚刚上市，也会专注购物场，有待观察；
SunReit多元化，可以考虑但有办公室；Stareit 转型成为酒店信托，我的最爱。

候选名单：Alaqar，BSDreit, Sunway 和 Stareit



3。Silver =银弹

多银弹的另一个说法就是低负债。
REIT保持高股息率dividend yield固然是我们选REIT的重要考量（所以我没列出来），但现在低负债才是王道。

歐債危機或導致未來經濟成長步伐更蹣跚，经济缓慢会令国行缩紧银根。（这是现在正在发生的事）
在这艰难的环境下，负债低的REIT就可较易得到贷款来扩充，或买便宜货。

大马REIT gearing limit is 50% , 看下图
就只有Stareit少于0.2倍，相反Alaqar0.45 已接近規定水平的0.5倍。

下载 (121.21 KB)

2011-12-13 23:33

换句话说，在我看来STAREIT是最具升值潜能的。
1 。高市值 aka 高流通率
2 。蓝海位置 aka Reit的利基市场
3 。低负债 aka 还有扩张本钱
在他正在转型时手上只有JW Marriot和The Residences两个产业还可维持
一定的派息率(Div Yield ~7%)就知道YTL有几强了。

转型后以下的酒店会纳入Stareit,有信心完成转型后会提高派息率的，可能还会扩张。
(i) Cameron Highlands Resort;
(ii) Hilton Niseko;
(iii) Vistana Penang;
(iv) Vistana Kuala Lumpur;
(v) Vistana Kuantan;
(vi) The Residences at the Ritz-Carlton, Kuala Lumpur;
(vii) The Ritz-Carlton Hotel, Kuala Lumpur;
(viii) Pangkor Laut Resort; and
(ix) Tanjong Jara Resort.

最后，当然要说明这纯属个人看法。其中无可避免带了某些偏见。
避免这个分享落于俗套，dividend yield，管理层等我不多说了。
其实觉得大马REIT的Div Yield 都很接近。如何选就看个人喜好和对未来局势的看法了。



还是那句各位朋友，要看分享要付出哦。
记住！ 有图有真相，有引据有证据；有顶有鼓励，有加分有动力！！

我的MAYBANK行动

各位朋友有个新闻分享一下。

南洋报的《马股大选前料窄幅波动 4投资主题仍有利可图》有一段如下
http://www.nanyang.com.my/node/404387?tid=462
“卖出”首选股

在报告中，瑞士信贷也列出3只股项为“卖出”首选股，包括马银行（Maybank，1155，主板金融股）、国家能源（Tenaga，5347，主板贸服股）和IOI集团（IOICorp，1961，主板种植股）。

分析员逐一指出对该股项产生担忧的原因，包括：
●马银行：股价交易在2012年预测的13倍本益比，明显比本地和区域同行来得高。该银行也高度暴露在欧债风险中，
目前持有总值11亿令吉的欧元区发出投资证券（没有涵盖希腊或意大利），和12亿令吉英国资产。



读后感：

之前还有一则新闻马银行CEO说欧债问题不会影响到马银行因为所占资产不到total assets的1% ，这里分析员却指出该银行暴露在欧债风险中。
到底谁对谁错？可能双方都是对的，只是对未来的看法不一样而已。一个乐观，一个悲观。
你觉得呢？
有些人觉得应持有长期投资概念，只要基本面不变便紧抱好股不放。
有些人觉得应顺势而为，反正先拿现金没坏，过后再伺机而动。
我是以上混合看法，因买价还在现在水平之下，还有段margin of safety,便紧抱好股不放,而且还要准备现金伺机而动，以便购买更多MBB.
除了用储蓄的钱准备买，我也卖了一部分的STAREIT来屯现金。因为我认同豆沙包大大上次的看法。

Stareit的股价完全没有冲力，你确定真的要投资吗？同样是DY 7%左右，其他的股价却可以慢慢增值，为何不要呢？
豆沙包 发表于 2011-11-22 15:50

STAREIT是为我提供稳定股息而股价又不会令我睡不着的好股。现在我的portfolio还是大量持有它。
但投资的目的是什么？ 是不会变穷？ 还是要致富？
风平浪静时我采取守势，但山雨欲来便是我出击和拾便宜的时候。

可能欧债能完美解决，但肯定会引起市场一波又一波的恐慌和希望。
我不会玩短线，只望能在合理价范围内买入我心中的五星级股票。
股价的波动是短期的，长期而言一个

1。 15%ROE的公司
2。 在高成长的新兴市场占有一席之位的区域银行和
3。 因推出dividend reinvestment而暗示将来会继续慷慨派息的MBB

他绝对不是最好的公司，也不是获利最稳健最高的银行，但我始终看好它在印尼和KIM ENG所带来的成长和dividend reinvestment的机会。
这次的行动是要将MBB的gross dividend yield推高到9%. 以60仙的股息来算，要把平均价压到RM6.70。
可能成功，可能失败。但有了目标，一切都看清楚了，也避免了自己盲目买进杀出。

Maybank assets under custody set to grow 20%

Maybank assets under custody set to grow 20%
http://biz.thestar.com.my/news/story.asp?file=/2011/12/7/business/10045221&sec=business

KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects its new eCustody service to grow assets under custody by 20% next year, from RM50bil at June 30 this year.

eCustody is an online module within Maybank’s enterprise cash management portal, Maybank2E.net.

Deputy president and head of global wholesale banking Abdul Farid Alias said that Maybank’s local and international assets under custody stood at RM37bil at June 30, 2010.

“Transaction banking services are a growing revenue driver for the Maybank group. In the financial year ended June 30, 2011, transaction banking revenue grew 9% (and) custody services recorded growth of 10% for the past five years.

Now, we are expecting revenue from custody services to grow by at least 20% in the coming year with eCustody,” Farid said at the launch of eCustody.

He said Maybank had been putting up building blocks and that the new service provided the final link for the group to provide a complete, single platform for electronic transaction banking.

Farid said the bank currently had 126 custody clients and expected to convert 60% of them to the eCustody platform by end-2012.

He said Maybank already had a sizeable presence in trade finance with a market share, in terms of volume, of 24% and 30% in cash management.

Managing director (transaction banking, global wholesale banking) John Wong explained that eCustody was already iPad-enabled and that the next phase would be introduced in March for BlackBerry and Android-based devices.

Wong assured that eCustody was a secure system, saying it required dual authentication whereby a client would be given a “token” that generates a password on top of his password.

He said eCustody would be one of the enablers for Maybank to take its electronic transaction banking platform regional. The system, Wong said, had gone live in Cambodia and was being planned for roll-out in Indonesia and Singapore next year.

He said Indonesia would be enabled with eCustody by June 2012, followed by Singapore and subsequently Greater China to cater to key Asean market.

Farid said owing to the bank’s extensive network in the region, it saw an opportunity to extend its electronic transaction banking services regionally. “This will incorporate not only custody services but also cash management and trade finance via a single platform.”

Small investment banks must shape up to survive

Small investment banks must shape up to survive
http://biz.thestar.com.my/news/story.asp?file=/2011/12/7/business/10045706&sec=business

THE rush by banking groups to expand into investment banking (IB) business has somewhat put the smaller IB outfits into a spot.

What is going to happen to them once all the big boys have gotten their IB act together? Will they be swallowed or is there still a place and role for them?

One important role the smaller IBs can play is that of independent financial advisor (IFA). Many banking groups that already lend to their customers seeking IB services may not be able to undertake the role of IFA.

That is where smaller but credible IB houses can play a significant role.

Following the proposed merger between RHB Capital and OSK Holdings Bhd, a lot of attention has been given to the fate of the next largest standalone IBs, which are K&N Kenanga Holdings Bhd and Hwang DBS Investment Bank.

K&N Kenanga was in the news, with reports speculating that it was looking to buy the IB business of the ECM Libra financial group.

While nothing conclusive has come out of it, that piece of market talk was enough to fuel further curiosity over K&N Kenanga's plans. Meanwhile, Hwang DBS is keeping very quiet over its plans amidst these recent developments.

While they may be focused on being niche players, these smaller IBs may have to be content with getting smaller deals or just end up as partners with the bigger IBs in major transactions.

A bigger bank-backed group will have the balance sheet to undertake larger transactions. One notable case is the Maybank/Kim Eng partnership that will enable Kim Eng to expand the regional IB business via more investments from Maybank and also to undertake bigger transactions based on the balance sheet and customer base that Maybank has regionally.

Kim Eng is already a successful regional player in six out of 10 Asean countries with international presence in Hong Kong, New York and London. It made a pre-tax profit of S$128.9mil for the year from June 2010 to July 2011. But it recognises the forces of globalisation and the need for further strength in times of crisis.
That does not mean the smaller IBs cannot survive the onslaught of liberalisation and tough times.

They will have to work harder to maintain their strong reputation, client network and marketing skills. While shaping up, they may make themselves beautiful enough to attract some good suitors.

In the case of Kim Eng, it had to be attractive enough to get a big buyer like Maybank that paid a whopping S$1.79bil or 1.9 times book value for the Singapore-based IB that has the top brokerage position in Thailand.

When the CIMB investment banking group bought GK Goh for S$239.14mil back in 2005, it paid 1.3 times book value.

As the offers go higher and supply gets scarce, there is a chance for the smaller but good IBs to fetch a favourable exit price.

Thus lie the challenges for these IBs amidst interesting times.

Khazanah’s divestment of Proton will be tricky

不放过任何与Timecom有关的新闻，就算无关，名字提到都要睁大眼睛看清楚。
以下新闻大约说Khazanah想要脱售Proton没脱售Timecom和POS那么容易。
因Timecom的生意模式比较简单，人力资本要求没那么高。
（找人铺光纤VS找专家设计车）aka (IQ<110 VS IQ>120) aka (Bangla VS German)
*以上是过分简化的分析，Proton也需要Bangla. 嘿嘿。。
但请问com science的人才多还是vech enginner多？工资又谁较高？
不要期望Timecom能短期内挑战TM,但它的成长空间是可观的。




Khazanah’s divestment of Proton will be tricky
http://biz.thestar.com.my/news/story.asp?file=/2011/12/6/business/10039577&sec=business


STEMMING from the perceived success of its divestments in [url=http://archives.thestar.com.my/search/?q=Time dotCom Bhd]Time dotCom Bhd[/url] and [url=http://archives.thestar.com.my/search/?q=POS Malaysia Bhd]POS Malaysia Bhd[/url], [url=http://archives.thestar.com.my/search/?q=Khazanah Nasional Bhd]Khazanah Nasional Bhd[/url] is said to be looking to do the same with its controlling stake in [url=http://archives.thestar.com.my/search/?q=Proton Holdings Bhd]Proton Holdings Bhd[/url]. If that is true (Khazanah has declined to comment on the rife speculation on its planned Proton sale), this divestment is going to be one of its trickiest thus far.

Unlike Time dotCom and POS (which are involved in more simpler businesses one which essentially earns it money by providing high-speed Internet access and the other by providing postal services and adding on services such as financial products), Proton is in a cut-throat industry that has seen many giants collapse over the years. Everyone knows that if the current tax structure that favours Proton were to be removed, the national carmaker would be hard pressed to stay afloat. Car-making is about having the necessary high levels of intellectual property that takes years of research and development to create, savvy marketing and a very specialised workforce. As one industry player put it recently, it is interesting to note that two countries that have succeeded well in the car industry, namely Japan and Germany, have one of the most hardworking, dedicated and skilled workforces in the world. Not many countries can match that.
Natonal car maker Proton displays its upcoming model called 'TUAH ' during the UMNO AGM at PWTC. - AZHAR MAHFOF/The Star


On that score, having another company that is involved in the assembly of cars, and take over Proton, isn't necessarily going to fix the problem. There is a very big gap between functioning as an assembler of cars and being a manufacturer of your own brand of cars.

What Proton needs is a significant change in structure and approach. Hopefully, those putting in their bids will have the wherewithal to come up with a solid plan for Proton's future and not just one that looks into the superficial balance-sheet type restructuring that we often see in corporate Malaysia.

There are other complications in the deal: How will Khazanah recoup its investment cost at around RM8 per Proton share? Will the new party be willing to buy out the other shareholders of Proton? Will the new owner be obliged to use the preferred vendors of Proton? Will the new owner be allowed to downsize Proton into, say, just making one type of car and focusing its resources on making that work?

Whatever the case, Khazanah needs to get this divestment process going, especially after all previous failed “marriage” attempts for Proton. The longer it waits, the lesser Proton's value may be, considering that while the car-manufacturing industry is moving ahead and car sales in this region keeps growing, Proton isn't exhibiting signs that it is growing in tandem with that.
News editor Risen Jayaseelan wonders if all the talk about Khazanah's divestment of its stake in Proton works out nicely as a means for the government investment arm to suss out the political and market sentiments surrounding such a deal.

5个黄金定律

5个黄金定律无意中看到这贴的故事，这故事以前在《The richest man in Babylon》读过，觉得很有意义和适合在日常生活里运用。
建议朋友去买来读。



很久很久以前，巴比伦有一位叫阿卡德的富人，据说他很会经商，富可敌国。国王命令他把致富的诀窍传授给别人。阿卡德遵
令授课。在第三天的课上，阿卡德为了让自己的观点更有说服力，采取了另外一种形式。阿卡德一坐定，
就对他的学生们说：“听了前几次课，我相信或者假定大家学会了把自己十分之一的收入存起来，并准备让它们增值，
因为我们现在已经知道决不能让它们闲呆着。接下来的问题是，在避免失去你的财富的前提下，如何让它为你工作，
为你带来源源不断的收入。对这一问题，我先不想多说，而是想让另外一个人说说他自己的经历。他就是我的儿子诺马瑟。”

诺马瑟听了父亲的话，走到大家面前，说道：
“按照巴比伦的习俗，富有的父亲总喜欢把儿子留在身边，好让他们日后继承家业。但是我父亲阿卡德却不赞成这一习俗。

当我成年的时候，一天，父亲把我叫了过来，语重心长地对我说：
“‘我希望你能继承我的家业。不过，你必须首先证明自己有足够的能力和智慧管理好它。所以，我想让你到外面的
世界去闯一闯，用自己的本领创造财富，成为一名受尊敬的人。

“‘为了让你有一个好的开始，我将给你两样东西，我当年白手起家时可没有它们。

“‘首先，我要给你的是一袋金子。如果你能很好地利用它，这将成为你未来财富的基础。另外，
我要给你这块泥石板，上面刻着5个黄金定律。只要你按照这5个法则身体力行地去做，它们就能带给你财富和安全。

“‘从现在算起10年后，你再回到这里，把你的情况告知于我。如果你能证明自己足堪重任的话，
我就会让你成为我财产的继承人。否则，我将把所有的财产交给祭司。’

“于是，我就用精细的布把泥石板包好，带上父亲给我的金子骑着马闯天下去了。

“一出门，我决定到尼尼微去碰碰运气，因为那是一个新兴的城市，我想那儿的机会一定要多一些。
我加入一个沙漠商队，还在那交了好些朋友。其中有两个人能说会道，他们有一匹非常漂亮的白马，跑起来像风一样快。

“在旅行的途中，他们十分肯定地告诉我，尼尼微的一个富翁有一匹神驹，在所有比赛中从未输过。
它的主人坚信没有任何马能跑得过它。所以，无论赌注有多大，他都愿意赌他的马可以击败巴比伦一带所有的马。
我的朋友们又对我说，那个富翁的马和他们的马比起来，简直就是一只瘸腿的驴子。

“他们大方地邀请我和他们一起去赌马，说这是帮我一个大忙。我被这个计划打动了。

“结果我们的马输得很惨，我输掉了大部分的金子。”阿卡德笑了笑。“后来，我发现这两个人是骗子，
尼尼微的那个人是他们的同伙，他们一起分赃。这个狡诈的骗局给我上了人生第一课：要学会保护好自己的钱包。

过了不久，我又接受了另一个更惨痛的教训。我在商队里还结识了另一个年轻人。他和我一样，是个富家子弟，
也想到尼尼微去发展。我们到达尼尼微之后不久，他告诉我有一个商人去世了，他的一船货物正在贱卖。
他建议我和他合伙一起买下那些货物，但是他得先回巴比伦取金子，所以他说服我先拿钱买下所有的货物，
并答应在我们以后合伙做生意时他来出资。

“可是，他迟迟不肯回巴比伦取钱，我也渐渐看出他不但不是个精明的生意人，而且还经常挥金如土。
我最后和他分道扬镳了，但到那时，我们的生意已经几乎是无法维系了，手里积压着许多根本卖不出的货物，
也没有什么钱去进新货了。最后，我只得把所有的货都低价卖给了一个犹太人。

“在那之后的一段日子里我真是苦不堪言。我四处找活儿干，却一无所获，因为我没有受过任何职业训练。
我为了维持生计，只好卖了我的马、奴隶和我多余的袍子，但是贫困还是一天天地逼近了。

“这时，我想起了父亲给我的上面刻着5个黄金定律的泥石板。于是，我认真地读着上面那智慧的语言，
才发现要是我当初先读懂了这些智慧，就不至于失去我的金子了。

“今天，我将为在座的各位宣读我父亲在10年前刻写在泥石板上送给我的智慧：


“5个黄金定律：

“1．凡是坚持把收入的至少十分之一存储起来，为他的将来和他的家人创造财富的人，金子就会乐意源源不断地流入他的腰包，并快速增加。
“2．金子会为那些懂得如何使用它们的人忠实而勤恳地工作，就像地里的牲口会为主人带来更多的财富一样。
“3．只有那些谨慎投资、知道向行家请教的人才能牢牢地保护好自己的金子。
“4．在那些自己不熟悉的行业上投资，或者不听从行家建议的人将失去他们的金子。
“5．凡是将黄金花在不可能盈利的事情上、听信骗子的花言巧语，以及无知地轻信自己幻想的人都会在投资中失去自己的金子。”




诺马瑟继续说道：“我刚刚讲述了自己的无知让我陷入了怎样的贫穷和绝望。但是，人不会总是倒霉。后来我终于找到了一份工作，负责管理修筑外城墙的一群奴隶。

“由于明白了如何运用第一个黄金定律，于是，我从第一次领到的工钱中存下了一块铜板，
并且抓住每一个机会继续存钱，最后攒够了一个银币。由于我还得维持生计，所以这个过程变得很漫长。
我承认，在当时我花钱非常小气，因为我决心在10年之内赚回父亲送给我的那些金子。

“我和那些奴隶的主人成了好朋友，有一天他对我说：‘你是个很精明的年轻人，从不乱花钱。你的积蓄是不是你靠工作挣来的钱呢?’
“‘是的，’我回答说，‘我把父亲给我的金子丢掉了，我想把它们赚回来。’
“‘我看这是一个很好的目标，你可知道你的积蓄也可以为你赚更多的钱?’
“‘如果你信得过我，我教你如何让金子为你赚钱，’他说道，‘不出一年，外城墙就能完工，到时肯定要用铜打造各个城门，
以防外敌入侵。整个尼尼微的金属都不够用，国王现在还没有想到如何解决这个问题。因此我计划找一群人凑钱
组织一个商队到远方的铜矿和锡矿去，从那里买回足够的金属以备尼尼微打造之用。这样，当国王想到要打造城门时，
城里只有我们有金属，他就会给我们出个很好的价钱。即使国王不从我们这里买铜，我们也可以把它们转卖给其他人，照样能赚钱。’

“我听了他的建议，他说的不失为遵守第三条黄金定律的绝好机会，也就是根据那些有智慧人的建议进行投资。
结果没有让我失望。我们的合作非常成功，我原本很少的积蓄，通过这次交易大大增加了。后来，我又和这群人
一起做了很多次生意。他们深谙赚钱之道，在每次投资之前都十分谨慎地讨论整个计划，决不贸然投资而血本无归，
或者把钱投在毫无利润的项目上以至被套牢。像我从前与人合伙赌马这样的傻事，他们根本不会去考虑，而是立刻一针见血地指出其中的漏洞。

“通过和这些人一起共事，我学会了用安全的理财方式增加利润。随着时间的推移，我的财富增长得越来越快。
我不仅赚回了自己曾经失去的钱，而且使自己的积蓄远远地超过了那个数目。”

阿卡德此时站起来说：“那么，我们如何才能让积蓄下来的金子为我们服务呢?同我的儿子一样，我第一次的投资血
本无归，完全失败了。我第一次成功的投资是把钱借给了一个做盾牌的工匠。他每年都要买下整整一船从外国运来的铜做原料。
他没有足够的本钱支付给那些商人，所以需要向别人借贷。他是一个很讲信用的人，总是在卖出盾牌后归还所有的钱，而且还会支付一笔慷慨的利息。

“我告诉你们，我的学生们，一个人的财富并不是他钱包里的几个铜板，而是他创造的收入，这些收入可以使金子源源
不断地流向他的钱包，同时创造出更多的收入。这是每一个人都希望做到的，也是你们中每一个人的愿望。

“合理的投资可以让金子很快地增值，比如说，一个农夫在他第一个儿子出生的时候拿10个银币交给借贷商人，
要求老板替他放款，直到他的儿子满20岁为止。借贷商人答应每4年支付本钱四分之一的利息。由于农夫这笔钱是准备留给儿子的，
他要求商人把每一次利息都加进本钱。
“等他的儿子满20岁时，农夫就到借贷商人那里去取回本钱和利息。商人告诉他，由于这笔钱是复利计算，所以原来10个银币的本钱已经变成了31个半银币。
“农夫非常高兴，由于他的儿子现在还不需要这笔钱，所以他又决心把这些钱留在商人那里。等到他的儿子50岁的时候，
农夫去世了，借贷商人总共还给他的儿子167个银币。
“这样在50年当中，这项投资加上利息一共翻了近17倍。
“一个人只要坚持从他的收入里拿出十分之二的钱用来进行明智的投资，就可以不断添置有价值的产业，为自己的晚年和身后的家人提供稳定的收入。
“从我的经历看来，赚钱之道有三种方式，上策是用钱赚钱，中策是靠技术赚钱，下策是用劳力赚钱。诸位不要误解我，我并无贬低劳力的意思。我只是说明这个事实。劳力、技术、知识、钱都是可以用来生钱的工具。但我向大家推荐的方法是用钱生钱。

“大家看好我手上拿着的这个卡片，上面有一个划分为三块的蛋糕，这个蛋糕，我将它称之为‘钱生钱蛋糕模式’。这个蛋糕从顶部顺时针看过来，依次是10％、20％、70％。它们所分别代表的含义就是10％用于储蓄(在恰当的时候储蓄又可转换为投资)；20％用于投资或还债(依据有没有欠别人的钱)；70％用于花费(日常生活中必要的开支)。
“一个坚持首先支付自己原则的人，他首先要确保的就是10％的储蓄，因为这是他未来以钱生钱的资金的来源。如果他有债务的话，他必须确保拿出20％的收入用于还债，或者如果一开始他生活困难，他可以先不进行投资，因为他没有多余的钱，也没有抵御投资风险的能力，但是无论如何都要进行储蓄。这是他未来巨额财富的种子。
“在他未来生活有保障的情况下，他的储蓄的惟一目的是为了投资，而不该为储蓄而储蓄。当然，他的投资是有选择性的：投资于一个赚钱的项目；投资于发展中的事业；投资于掌握一种赚钱的模式；投资于自己技能的增长；投资于自己地位的提升；投资于自己知识的增加等等。”
所有的同学都在专心致志地听阿卡德和诺马瑟的讲话。在这堂财富课结束时，诺马瑟转向他的父亲真诚地说：“能站在这里向大家讲述这一切，我感到非常荣幸。但我首先感谢您，是您的智慧让我拥有了今天的财富!”

DIVIDEND REINVESTMENT PLAN

DIVIDEND REINVESTMENT PLAN IN RELATION TO THE FINAL CASH DIVIDEND (AS DEFINED HEREIN) ("DRP") UNDERTAKEN BY MALAYAN BANKING BERHAD ("MAYBANK")

MALAYAN BANKING BERHAD

(Company No. 3813-K)

(Incorporated in Malaysia under the Companies Ordinances, 1940-1946)

IF YOU ARE OUR ENTITLED SHAREHOLDERS BASED ON THE RECORD OF DEPOSITORS OF MAYBANK DATED 30 NOVEMBER 2011 ("ENTITLED SHAREHOLDERS") AND WISH TO PARTICIPATE IN THE DRP, YOU MUST COMPLETE AND RETURN THE DIVIDEND REINVESTMENT FORM TO TRICOR INVESTOR SERVICES SDN BHD ("REGISTRAR FOR THE DRP"), SUCH THAT IT REACHES THE REGISTRAR FOR THE DRP ON OR BEFORE THURSDAY, 15 DECEMBER 2011 AT 5.00 P.M., OR SUCH OTHER TIME AND DATE AS MAY BE EXTENDED BY THE BOARD OF DIRECTORS OF MAYBANK ("BOARD") AT ITS SOLE DISCRETION.

IF YOU DO NOT WISH TO REINVEST YOUR CASH DIVIDEND INTO NEW ORDINARY SHARE OF RM1.00 EACH IN MAYBANK ("MAYBANK SHARES") PURSUANT TO THE DRP, YOU DO NOT NEED TO TAKE ANY ACTION. THE PAYMENT OF THE TOTAL DIVIDEND ENTITLEMENT WILL BE MADE TO YOU ON WEDNESDAY, 28 DECEMBER 2011 AS PER THE ARRANGEMENT THAT YOU HAVE DECIDED EARLIER.

Last date and time to submit the Dividend Reinvestment Form

Thursday, 15 December 2011 at 5.00 p.m., or such other time and date as may be extended by the Board at its sole discretion

Issuance and allotment of new Maybank Shares as well as payment of cash dividend to the Entitled Shareholders

Wednesday, 28 December 2011

On 22 August 2011, the Board proposed a final cash dividend in respect of the financial year ended 30 June 2011 of RM0.32 per Maybank Share less 25% taxation ("

Final Cash Dividend"). The Board had also determined that the Dividend Reinvestment Plan will apply to the Final Cash Dividend in which an electable portion of RM0.28 (RM0.21 net of taxation) per Maybank Share held ("Electable Portion") can be elected to be reinvested into new Maybank Shares and the remaining portion of RM0.04 (RM0.03 net of taxation) per Maybank Share held will be paid in cash.

Each Entitled Shareholder has the following options in respect of the Electable Portion:

(a) Elect to receive the Electable Portion in cash; or

(b) Elect to reinvest the entire Electable Portion into new Maybank Shares credited as fully paid-up at the issue price of RM7.30 per new Maybank Share, which was fixed on 15 November 2011.

A copy each of the Information Memorandum together with the DRP Statement, a Notice of Election and a Dividend Reinvestment Form ("

DRP Documents") was despatched to all our Entitled Shareholders (save for the foreign-addressed shareholders) on 2 December 2011.

Any issuance of new Maybank Shares pursuant to the Notice of Election (including the Dividend Reinvestment Form) is subject to the terms and conditions stated in the DRP Documents issued by Maybank. The number of new Maybank Shares and the amount of cash that are set out in the Dividend Reinvestment Form have been computed based on your entitlement for the Final Cash Dividend.

The rationale of Maybank embarking on the DRP is as follows:

(a) To enhance and maximise shareholders’ value via the subscription of new Maybank Shares where the issue price of a new Maybank Share shall be at a discount;

(b) To provide the shareholders with greater flexibility in meeting their investment objectives, as they would have the choice of receiving cash or reinvesting in Maybank through subscription of additional Maybank Shares without having to incur material transaction or other related costs; and

(c) To benefit from the participation by shareholders in the DRP to the extent that if the shareholders elect to reinvest the Electable Portion into new Maybank Shares, the cash which would otherwise be payable by way of dividend will be reinvested to fund the continuing business growth of the Maybank group. The DRP will not only enlarge Maybank’s share capital base and strengthen its capital position, but will also add liquidity of Maybank Shares on the Main Market of Bursa Malaysia Securities Berhad.

You may log on to Maybank’s website (www.maybank.com/drp) for more information on the DRP.

Should you have any further inquiries on the DRP, you may contact the Registrar for the DRP at Level 17, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur (Tel: +603-2264 3883) or email to is.enquiry@my.tricorglobal.com.

If you are in any doubt as to the course of action to be taken, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately.

:

与高手对话

与高手对话怕你们等得太久会闷，为证明SingBlueSilver是有做功课的，嘿嘿。。先放上一段对话。
由于我没经过高手同意公布电邮来往内容，所以内容以对话方式带出重点。
高手是某证卷商拥有CFA资格的分析师。 短短对话带出深长意义。。。

SingBlueSilver ：
谢谢高手那么勤劳写了好多TdC报告，看了你的报告令我顿然开悟，犹如一道闪电‘砰’一声击中我的脑袋：以往想不通的通了，
想得通的通得更厉害。让我这看股票的人忽然灵感好像滔滔江水连绵不绝，又犹如黄河泛滥一发不可收拾。。。

高手：
您客气了。我们立志寻找更多未琢之玉。但请明白好股难寻。因为我们不想我们的顾客在这高波动的市场被套在低流通性的小股本公司。

SingBlueSilver :
1。说起流动性，TdC 5股合1后会面对低流动性的问题吗？
2。我要加码TdC，你觉得我要等5股合1后吗？
3。你觉得大股东会把股价拉升到RM0.73 吗？（新股的发售价）

高手：
5股合1没错会造成轻微的流动性问题。但5股合1的好处是整合后相信会免除投机兴趣和把它转型成机构性的股票。
比起现在所见的高波动，整合后股价会较平稳。
新股的发售价是RM0.71。是的，有这个可能。


免责声明1。以上对话纯粹分享，非鼓励进行任何买卖。
2。以上乃摘自电邮交流，翻译不保准确。


读后感
觉得低流动性不会是轻微的，因为到时2530775000股会变成572070000股（5股合1加新股发售）。
但十分同意整合后股价不会太大波动，因为价钱高了炒作的成本也贵了。

TdC收购4家公司有些是以发行新股来支付的，新股的发售价是RM0.71。
所以我怀疑TdC会在收购案完成前把股价拉高到RM0.71。
我是在RM0。5X买进的，那时想再观望才加码，但第三季的好消息把现在股价托高到RM0.68，玩短期没啥肉吃了。。

通常个股split后投资者会觉得股价变便宜了，去买，所以股价会起。（如Digi）。
但5股合1股价会变高，那时投资者可能会觉得股价变贵了，不买，导致股价跌。
所以我在犹豫要等5股合1后买还是现在买。谁有经验麻烦分享一下。谢谢！

后记
哈哈，怎样？失望吧？想要小道消息？什么价进什么价出？门都没有！！
你不知investalks的人都是勤劳实力派的吗？ 自己做功课吧。

马银行2015前立足东协

马银行2015前立足东协

• 财经新闻
• 财经

2011-11-29 19:14

• 
  阿都华西：东协增长率将比全球平均高。

（吉隆坡29日讯）马银行（Maybank，1155，主板金融股）瞄准东协跨国贸易，目标在2015年前把业务发展遍布东协。

马银行总裁兼总执行长拿督斯里阿都华西告诉《华尔街日报》，立足东协每国是对未来发展很重要的一步。

“真正的背后意义是，未来将有许多大型跨区域贸易和投资。”

他也表示，有信心东协增长率将比全球经济平均水平高。不过，阿都华西强调，向外拓展前提是巩固大马业务基础。

“没有世界冠军会连基础都不稳健时称自己为世界第一。我们最关注的是确地市场，确保基础稳定。”

泰水灾影响金英

另外，马银行旗下泰国金英证券表示，鉴于泰国水灾影响，预料2011年净利将比2010年低。

泰国金英证券总执行长蒙提烁派萨表示，泰国水灾导致一些分行被迫暂时关闭，预料2011年全年净利将下滑。

金英证券也表示，预测2012年净利将比今年高，但市占率或会比今年低，不过，他没有透露原因。

Timecom VS TM (Round 1. 数字篇)

无无可否认timecom 的最大竞争者是TM，但TM有视它为潜在威胁吗？
可悲的是现在的答案是否定的。看下图.

下载 (101.27 KB)

2011-11-28 20:01

散户只能从报纸，年报和证卷商报告得知最新消息，但通常会以含蓄的说法告知。
所以我一再强调，有好料分享上来，至少让我整合再写给大家知道。
为了更好的了解TM的动态，我也把TM研究报告放上。
再次呼吁有2011年mbb, stareit, tmclife，TM 和 Timecom research report 的人请分享出来。
我会全部放在报告分享

数字篇
我从TM & Timecom 的 2011 3rd quater financial report 拿出数字来做个比较。
刚巧两家公司9月是第三季。

Year 2011	CUMULATIVE 9 months 2011 Timecom	CUMULATIVE 9 months 2011 TM
OPERATING REVENUE	230.7	6703.5	29x
Cost	-134.5	-4497.1	33X
Depreciation	-40.3	-1592.1
Profit from operations	56.6	979.2	17.3x
Investment income	36.8	0
Finance expenses	0	-207.6
Profit before income tax	93.4	771.6	8.26x
Income tax	-1.2	-144
Total Net Income	92.2	627.6	6.8X
Shareholding	2530.8	3576.2
EPS (SEN)	3.64	16.6	4.56x

截至九月，从两家公司得到以下重点。

1 。营收 TM是Timecom 的 29 倍
2 。成本 TM是Timecom 的 33 倍
3 。毛利 TM是Timecom 的 8.26倍
4 。净利 TM是Timecom 的 6.8 倍
5 。每股净利 TM是Timecom 的 4.56倍



怎样？ 失望吧？ Timecom无论在规模，知名度和产品都与TM有段距离。
这个要看你站在什么角度去看。如果你承认TM是电讯业领头羊，那以上的 ‘重点 ’有什么出奇？反而我觉得重点不是重点了，是废话。
没办法，如果你不先正视以上重点，那接下来有什么惊喜呢？
从各种分析比例来看，似乎还觉得有一线希望。。。

CUMULATIVE 9 months 2011	TIMECOM	TM
Gross Profir Margin	25%	15%
Administrative Expense / gross profit	n/a	n/a
Research	n/a	n/a
Depreciation on gross profit	stable for 3 Q, ~ 71%	stable for 3 Q, ~162%
Interest expense / operating income	0	3%
Net earning / total revenue	40%	9.40%

1. Goss profit margin
Timecom 比 TM 好，显示出有它的利基市场。

2. Depreciation on gross profit
Timecom 比 TM 低，带出TM有更多的资产讯息所以减计较大，成本较大；但同时也暗示Timecom市场占有率小，故减计较小。
要密切留意TIMECOM如能在不增加Depreciation却能提高市场占有率，那它们便找对利基市场了。
（什么东东？？？可以说人话吗？）
（TM的资产很大来自新铺的HSBB光纤，减计也是源自此。如TIMECOM能找到减少成本提高利润的方法便可）
（说谁都会，如何？）
（以小博大，四两拨千斤）
（人话，谢谢）
（最少的光纤服务最多人群）
（地球话）
（看这个访问）
We now have over 30,000 buildings in the Golden Triangle and Mont Kiara area running on our 100% fibre network. We are in the midst of covering a further 167,000 premises in more areas in the Klang Valley and we are spreading out to Penang as well. And as we expand our network coverage in these areas
（又如何）
（Golden Triangle and Mont Kiara 什么高？）
（高楼大厦，高薪工作者，高消费群）
光纤铺去高楼划算还是排屋住宅划算 ？光纤铺去乡区划算还是城市划算 ？）
（明白）
（那我可以说两个字了。）
（什么 ？）
（再见 ！ ）

3. Net earning / total revenue
Timecom 比 TM 高，获利能力高。可能有某些利基优势。如上

待续。。。

收购表决案狂想曲

从普通表决案引发一系列推测和看到背后的故事

各位朋友，今天TIMECOM 通过了一系列的议程。
议程如下。本来想放上来就算了，怎知我最近上瘾investalks了，再加上版主的加分又大大地鼓励了我，所以又开始长篇大论了。


Type Announcement
Subject GENERAL MEETINGS
OUTCOME OF MEETING
Description

TIME DOTCOM BERHAD (“TdC” OR “COMPANY”)

(I) PROPOSED ACQUISITIONS BY TdC OF:
(A) 100% EQUITY STAKES IN GLOBAL TRANSIT COMMUNICATIONS SDN BHD (“GTC”) FROM PULAU KAPAS VENTURES SDN BHD FOR A PURCHASE CONSIDERATION OF RM102,000,000, TO BE FULLY SETTLED VIA THE ISSUANCE OF 28,732,394 NEW TdC SHARES AT AN ISSUE PRICE OF RM3.55 EACH;
(B) 100% EQUITY STAKES IN GLOBAL TRANSIT LIMITED (“GTL”) FROM MEGAWISRA SDN BHD, HALFMOON BAY CAPITAL LIMITED, ACCURATE GAIN PROFITS LIMITED, CONTINUUM CAPITAL SDN BHD AND NICHOLAS LIM PING FOR A PURCHASE CONSIDERATION OF RM101,000,000, TO BE FULLY SETTLED VIA THE ISSUANCE OF 17,070,421 NEW TdC SHARES AT AN ISSUE PRICE OF RM3.55 EACH AND A CASH PAYMENT OF RM40,400,000;
(C) 100% EQUITY STAKES IN GLOBAL TRANSIT ENTITIES FROM GLOBAL TRANSIT INTERNATIONAL SDN BHD FOR A CASH CONSIDERATION OF RM1.00 EACH; AND
(D) 100% EQUITY STAKES IN AIMS GROUP FROM MEGAWISRA SDN BHD FOR A TOTAL PURCHASE CONSIDERATION OF RM119,000,000 TO BE FULLY SETTLED VIA THE ISSUANCE OF 20,112,676 NEW TdC SHARES AT AN ISSUE PRICE OF RM3.55 EACH AND A CASH PAYMENT OF RM47,600,000,
(COLLECTIVELY, “PROPOSED ACQUISITIONS”);

(II) PROPOSED CAPITAL REPAYMENT OF RM50,615,500 REPRESENTING RM0.02 PER EXISTING TdC SHARE TO THE ENTITLED SHAREHOLDERS OF TdC PURSUANT TO SECTIONS 60 AND 64 OF THE COMPANIES ACT, 1965 (“PROPOSED CAPITAL REPAYMENT”);

(III) PROPOSED CAPITAL RESTRUCTURING COMPRISING:
(A) PROPOSED CAPITAL REDUCTION OF THE EXISTING ISSUED AND PAID-UP SHARE CAPITAL OF TdC VIA THE CANCELLATION OF RM0.90 OF THE PAR VALUE OF EACH TdC SHARE PURSUANT TO SECTION 64 OF THE COMPANIES ACT, 1965 (“PROPOSED CAPITAL REDUCTION”);
(B) PROPOSED SET-OFF OF TdC’S SHARE PREMIUM ACCOUNT AGAINST THE ACCUMULATED LOSSES OF TdC; AND
(C) PROPOSED SHARE CONSOLIDATION OF 2,530,775,000 TdC SHARES OF PAR VALUE OF RM0.10 EACH (AFTER THE PROPOSED CAPITAL REDUCTION) INTO 506,155,000 TdC SHARES OF PAR VALUE OF RM0.50 EACH IN TdC, ON THE BASIS OF FIVE (5) TdC SHARES OF PAR VALUE OF RM0.10 EACH INTO ONE (1) TdC SHARE OF RM0.50 EACH;
(COLLECTIVELY, “PROPOSED CAPITAL RESTRUCTURING”);

(IV) PROPOSED EXEMPTION FOR MEGAWISRA SDN BHD (“MEGAWISRA”) AND THE PERSONS ACTING IN CONCERT WITH MEGAWISRA (COLLECTIVELY, “PAC GROUP”) FROM THE OBLIGATION TO UNDERTAKE A MANDATORY GENERAL OFFER FOR THE REMAINING TdC SHARES WHICH ARE NOT ALREADY HELD BY THEM ARISING UPON COMPLETION OF THE PROPOSED ACQUISITIONS PURSUANT TO PARAGRAPH 16 OF PRACTICE NOTE 9 OF THE MALAYSIAN CODE ON TAKE-OVERS AND MERGERS, 2010 (“PROPOSED PAC GROUP EXEMPTION”);

(V) PROPOSED EXEMPTION FOR MEGAWISRA FROM THE OBLIGATION TO UNDERTAKE A MANDATORY GENERAL OFFER FOR THE REMAINING TdC SHARES WHICH ARE NOT ALREADY HELD BY IT ARISING FROM THE COMPLETION OF THE PROPOSED ACQUISITIONS PURSUANT TO PARAGRAPH 16 OF PRACTICE NOTE 9 OF THE MALAYSIAN CODE ON TAKE-OVERS AND MERGERS, 2010 (“PROPOSED MEGAWISRA EXEMPTION”),

(THE PROPOSED PAC GROUP EXEMPTION AND THE PROPOSED MEGAWISRA EXEMPTION ARE COLLECTIVELY REFERRED TO AS “PROPOSED EXEMPTIONS”); AND

(VI) PROPOSED AMENDMENT TO TdC’S MEMORANDUM OF ASSOCIATION TO FACILITATE THE PROPOSED ACQUISITIONS, PROPOSED CAPITAL REPAYMENT AND PROPOSED CAPITAL RESTRUCTURING (“PROPOSED AMENDMENT”)

(THE PROPOSED ACQUISITIONS, PROPOSED CAPITAL REPAYMENT, PROPOSED CAPITAL RESTRUCTURING, PROPOSED EXEMPTIONS AND PROPOSED AMENDMENT ARE COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)

下载 (96.77 KB)

2011-11-22 23:13

下载 (81.01 KB)

2011-11-22 23:15

简单来说
红格是关于‘还原靓靓拳’ 弄美帐簿的举动，其他则是与收购4家公司案有关议程。

分享下我对这数据的看法：
1。出席率不错
2。有股反对声音不容小观
3。多数小股东投支持票。
总结：股东大会可算成功

1。TIMECOM 2010年报列明共有2，530，775，000股。
上图每次议程投了最多（支持加反对）有383票，
共计1734019888+ 217008441= 1,951,028,329股。 （看1）
出席者占了 公司股份 1,951,028,329/2，530，775，000 = 77.09%。出席率还蛮不错。

2。看来有15票是坚决反对全部方案的，连派钱也反对。
如何得知？（看ordinary resolution 4- 青格）
因这15票占有216，897，141股。所以逻辑来讲他们也投下了其他所有动议的反对票。
这15票占了公司股份8.57%，算蛮高的。真想知道为何反对。。。？

3。但总的来说出席的小股东大多都是支持的， 因为在收购案中支持有364票，但只有661.461.911股。
我猜这是因为Afzal在收购案中身份有冲突所以没投票。
粗略计算没投票的有
1,951,028,329 - （661461911+216897741）=1072668677
1072668677/ 2，530，775，000 = 公司股份42.3%
（Afzal有30.04 %， EPF有7.45 %所以至少有两名大股东弃权投票）

最后我SingBlueSilver总结来说这次的股东大会是可算成功的！！





阿茂说‘通过就通过啦，干吗算这些有的没的 ？？’

‘Ei, 你不是在TIMECOM上班的打工仔A吗？SingBlueSilver问道 （记不得阿茂请回去看这 第三回之新官上任三把火）

‘是啊，打工仔不能买股票阿？’

‘不是这个意思，我也是打工仔。’

‘通过就通过啦，罗罗嗦嗦站在这阻街。反正大股东要的话没说不能的’

‘朋友，做任何事都需要一样东西- 士气！
如果议程的通过是由大股东大石砸死蟹强硬过关的，那公司会好吗？明天开市你就赶快丢票了。管理层执行计划时也睡不安吧，因为计划成功还好，不成就上报纸啦。
现在大多数股东赞成收购计划，也表示对未来还存有期望。’SingBlueSilver 解释

‘等下！！！’阿茂说， ‘你说这次大会出席率还蛮不错，但根据2010年报有20508名股东，
所以383/20508 =1.8% ，这样都算好？？ ’ 阿茂挑战似的搬出数据。

‘请问你有读报纸的习惯吗？’

‘有啊，天天都读。今天新洲报导無線劇集《法證先鋒III》成為2011年十大最高收視劇集冠軍，全劇平均收視36點，壓倒《潛行狙擊》的平均31點；Pro Sir（黎耀祥）贏Laughing哥！！’ 阿茂自豪地说

‘不错，那你知道占领华尔街运动中所提的‘我们是1% ’的来龙去脉吗？’

‘什么街？最近有打战？’

‘你知道20 /80 定律吗？80% 的财富被20%的人掌握。
请问握有多股的少数人容易影响股价还是握有少股的多数人？’

‘当然是多股的’

‘请问何谓投资？’

‘投資是賺取資本利得[價差]及經營利得[配息]，并著重在長期的績效。’

‘很好，我说出席率不错因为握有公司77%股票的股东都到了。这里不应以人数为标准而应以持股量为准。
77%有42%很大可能是CEO和EPF，剩下35%又有8.57%投反对票，所以26.3% 是支持收购的。这26.3%只包括了364票，代表很有可能是持100001 - <5% 这组别的。（看第二图）
而这组别只有601人，所以代表> 50%手握多股的投资者是支持的。
这你说对稳定股价和士气重要吗？通过这个大会议程每股将会退RM0.02，这对你所谓的[配息]有达到吗？

‘有。。。’

‘那你觉得现在这个股东大会成不成功？’

‘成。。。 你为何那么费心看着数据做那么多推测？这不过是个表决罢了，人们看了也不理会的。你说那么多你能从这里得到好处吗？我闭着眼睛炒harvest赚得比你还多，你拿那计算机安来按去什么也没得到 ！！’ 阿茂涨红脸说着。

‘因为我高兴。’SingBlueSilver 淡淡道。

Timecom 3rd Quater 财报

对不起，搞那表格搞了好久。。。
Timecom 3rd Quater 财报出炉了。 主要数字都不错。
下表是我综合前三季报熬夜而列出的。


1。毛利 Gross income or profit from operation 逐步上扬
(quater to quater +112% , 9months to 9months +124%)
2. Profit from operation income 终于超越保命丸(Digi)的dividend income 了，而且也是逐步上扬
3。零债务，现金RM207.3 million
4. 净利逐步上扬
(quater to quater +42%, 9months to 9months +47%)
5。每股盈利逐步上扬


# 我用operation income / Digi dividend，得到的ratio 越高越好。
这代表timecom 业务收入占总收入一倍以上。
（ 以前DIGI股息占总收入50% 以上，看TIMECOM的窘境）

Year 2011 （RM million）	1Q	2Q	3Q	REMARKS	CUMULATIVE 9 months 2011
OPERATING REVENUE	70.1	83.6	77	The decline is due to one-off global bandwidth sales entered into in the immediate preceding  quarter.	230.7
Cost	-47.5	-55.5	-31.5	lower operating cost	-134.5
Depreciation	-13.1	-13.3	-13.9	stable depreciation rate	-40.3
Other operating income (net)	0.04	0.23	0.42		0.69
Profit from operations	9.5	15.1	32	Income from operation begin exceeding Digi's dividend	56.6
Investment income	13.4	13.5	9.9	#(operation income/Digi dividend)ratio increasing from 0.07 <1.12<3.23	36.8
Finance expenses	0	0	0	debt free company with cash bout RM207.3 million	0
Profit before income tax	22.9	28.6	41.9		93.4
Income tax	0	0	-1.2		-1.2
Total Net Income	22.9	28.6	40.7	42% increase from 2Q to 3Q	92.2
Shareholding	2530.8	2530.8	2530.8		2530.8
EPS	0.9	1.13	1.61		3.64

-------------------------------------------------------------------------------------------------------------------------
TIME dotCom Q3 profit rises to RM42m

Published: 2011/11/25
Read more: TIME dotCom Q3 profit rises to RM42m http://www.btimes.com.my/Current_News/BTIMES/articles/20111125183635/Article/index_html#ixzz1ekBGqg00

TIME dotCom Bhd's pre-tax profit for the third quarter ended Sept 30, 2011 rose to RM41.94 million from RM20.95 million in the same quarter of 2010.

Revenue, however, fell to RM76.98 million from RM87.35 million previously, it said in a filing to Bursa Malaysia today.

For the nine months ended Sept 30, 2011, its pre-tax profit rose to RM93.42 million from RM62.70 million in the same period last year. Revenue, however, fell to RM230.69 million from RM235.56 million previously.

TIME said it would continue to focus on expanding coverage in key market segments, strengthen and simplify its network, offer more complete end-to-end communication solutions and manage its cost to improve operating margins. -- Bernama

TdC to grow business after completing acquisitions

TdC to grow business after completing acquisitions SUBANG JAYA: Time dotCom Bhd (TdC) can take its data travel and warehousing business further now that it has shareholder approval for the proposed acquisition of a group of telecommunication companies — the AIMS Group, Global Transit Communications Sdn Bhd (GTC), Global Transit Ltd (GTL) and other Global Transit entities which hold Internet licences in Singapore and Hong Kong.

More than a year after the acquisition was first announced by the board of directors, the shareholders of TdC have finally given the nod for the multiple proposals. The acquisition is to be satisfied by the issuance of new TdC shares and cash totalling about RM322 million to the former shareholders of the acquired companies.

According to group CEO Afzal Abdul Rahim, the acquisition will give TdC access and the capability to serve a multi-billion dollar market — comprising the growing Indo-China, Asean and North Asia market, which has more than half of the world’s population where Internet connectivity is in high demand — through the 10% stake in the Unity Cable System held by GTL.

“We are in a business [that] is not dependent on just the domestic Malaysian market, but taking advantage of the huge data growth in Asia-Pacific. We see that this acquisition will bring us value in so far as continuing growth is concerned, not just within the shores of Malaysia but outside Malaysia, and that’s the biggest value that it brings to us in the long term,” he told a press conference after the company EGM yesterday.

The Unity Cable System is a trans-Pacific submarine communications cable system which connects Asia through Japan with the US on the other side of the Pacific Ocean. The cable is almost 10,000km long with a multi-terabyte capacity of up to 7.68Tbps. It was built in collaboration with Google Inc, Bharti Airtel, GTL, KDDI Corp, Pacnet and Singapore Telecommunications Ltd (SingTel).

Apart from the acquisitions, the group also proposed a capital repayment of RM50.6 million to its entitled shareholders and capital restructuring comprising capital reduction of the existing issued and paid up capital via the cancellation of 90 sen of the par value of each TdC share, the offsetting of TdC’s share premium account against the accumulated losses and share consolidation.

“We believe the combined business and growth potential from these acquisitions will bring long-term value for both our shareholders and customers. We will now work towards obtaining the required approvals to close the transactions. Thereafter, we will begin the process of integrating these companies to immediately realise the synergies and opportunities expected from this transaction,” said Ronnie Kok Lai Huat, senior independent non-executive director of TdC.

Through the acquisition of companies, TdC will emerge as an integrated, regional telecommunications player as the acquisition of AIMS brings the business of data warehousing and managing network neutral data centres in Asia, as well as data travel agent business through the acquisition of GTC.

Via the offsetting of its share premium account with the accumulated losses, the group will now be debt-free, according to Afzal. With a better reflected balance sheet, the group will still be looking for other possible investments in telecommunication companies in the region starting with Southeast Asia and the rest of the Asia-Pacific, as and when the opportunity comes up, Afzal said.

This article appeared in The Edge Financial Daily, November 23, 2011.
http://www.theedgemalaysia.com/i ... g-acquisitions.html

Timecom 3rd Quater 财报

对不起，搞那表格搞了好久。。。
Timecom 3rd Quater 财报出炉了。 主要数字都不错。
下表是我综合前三季报熬夜而列出的。


1。毛利 Gross income or profit from operation 逐步上扬
(quater to quater +112% , 9months to 9months +124%)
2. Profit from operation income 终于超越保命丸(Digi)的dividend income 了，而且也是逐步上扬
3。零债务，现金RM207.3 million
4. 净利逐步上扬
(quater to quater +42%, 9months to 9months +47%)
5。每股盈利逐步上扬


# 我用operation income / Digi dividend，得到的ratio 越高越好。
这代表timecom 业务收入占总收入一倍以上。
（ 以前DIGI股息占总收入50% 以上，看TIMECOM的窘境）

Year 2011 （RM million）	1Q	2Q	3Q	REMARKS	CUMULATIVE 9 months 2011
OPERATING REVENUE	70.1	83.6	77	The decline is due to one-off global bandwidth sales entered into in the immediate preceding quarter.	230.7
Cost	-47.5	-55.5	-31.5	lower operating cost	-134.5
Depreciation	-13.1	-13.3	-13.9	stable depreciation rate	-40.3
Other operating income (net)	0.04	0.23	0.42		0.69
Profit from operations	9.5	15.1	32	Income from operation begin exceeding Digi's dividend	56.6
Investment income	13.4	13.5	9.9	#(operation income/Digi dividend)ratio increasing from 0.07 <1.12<3.23	36.8
Finance expenses	0	0	0	debt free company with cash bout RM207.3 million	0
Profit before income tax	22.9	28.6	41.9		93.4
Income tax	0	0	-1.2		-1.2
Total Net Income	22.9	28.6	40.7	42% increase from 2Q to 3Q	92.2
Shareholding	2530.8	2530.8	2530.8		2530.8
EPS	0.9	1.13	1.61		3.64

下载 (79.75 KB)

2011-11-26 22:32

-------------------------------------------------------------------------------------------------------------------------
寬頻銷售激勵‧時光網第三季淨利增94%

大馬財經
業績出爐
2011-11-26 13:30


（吉隆坡25日訊）受更高的一次過寬頻銷售與低營運開銷所激勵，時光網（TIMECOM,5031,主板基建計劃組）截至2011年9月30日第三季，淨利增長94.30%至4千零70萬令吉4千令吉。

首9個月淨利也增長47.03%至9千218萬4千令吉。

第三季營業額挫11.87%至7千697萬9千令吉；首9個月營業額挫2.07%至2億3千零66萬8千令吉。

該公司將繼續擴展覆蓋率、強化與簡化網絡和提供終端電訊方案，同時改善營運賺益。（星洲日報／財經）


------------------------------------------------------------------------------------------------------------------------------------------------------------

馬銀行和金英料貢獻40%盈利‧

馬銀行和金英料貢獻40%盈利‧區域資產管理規模放眼480億
大馬財經  2011-11-25 11:34

黃天逸（左起），阿都華希與登姑扎菲魯，聯手推出金英的新企業標誌，放眼2015年成為東盟卓越的投資銀行服務供應者。

（新加坡24日訊）馬來亞銀行（MAYBANK，1155，主板金融組）擬開拓印尼資產管理市場，並寄望資產管理業務規模在2015年達200億新元（約486億令吉）。
馬銀行也看好金英的國際業務將大幅提振馬銀行收入，預料在2015年佔總集團稅前盈利約40%。
馬銀行總裁兼首席執行員拿督斯里阿都華希在新加坡“馬銀行金英”新企業標誌的匯報會中表示，與金英控股合併後，資產管理業務主要分佈新加坡，菲律賓與泰國，希望未來拓展至印尼市場，再延伸觸角到越南等其他市場。
馬銀行投資銀行首席執行員登姑扎菲魯指出，公司視印尼、泰國、新加坡與大馬為資產管理的關鍵市場，目前，新加坡的資產管理業務達20億新元；菲律賓與泰國只有1億新元。
問及是否有意讓旗下投資銀行業務超越聯昌集團（CIMB，1023，主板金融組），阿都華希笑言，投銀將是業務成長主力，與金英合併後，已擁有更多投資團隊來進行更多投銀計劃。
針對資本市場展望低迷，他強調，公司放眼的是長期計劃，由於投資銀行業務由收費為基的收入主導，全球經濟活動放緩確實將壓制業務成長，但一旦市場恢復，公司投行業務也將迅速迎頭趕上。
“其實，即使市場走疲，資本需求仍在，如一些好公司的籌資計劃與估值低迷下的私有化風潮，因此，只要創新，投行仍有能力在逆境中創造價值。”
阿都華希表示，東南亞經濟擁有強穩的基本面，若歐洲銀行業務放緩，有望為公司帶來拓展市佔率的機會。
馬銀行宣佈，金英將易名為馬銀行金英，登姑扎菲魯也將成為馬銀行金英的首席執行員；黃天逸為馬銀行金英執行顧問。
未有併購計劃
另一方面，隨馬銀行與金英合併後，已擁有完整的平台來成長，馬銀行現未有任何併購計劃，將續以內部成長來拓展業務，阿都華希強調，公司僅放眼立即創造股東價值的併購計劃，無意進一步整合業務。
詢及泰國銀行的收購計劃，他表示，金英的經紀業務已在泰國居首，讓馬銀行已能夠在泰國奠定品牌，並透過內部成長來開拓當地的商業與零售市場。
“儘管如此，對於其他外部成長機會，我們仍保持開放態度，但未積極尋求特定目標。”
問及馬銀行是否長期放棄和興業資本（RHBCAP，1066，，主板金融組）的併購計劃，阿都華希重申，該計劃目前不在考量內，公司將專注其他拓展計劃。
儘管如此，馬銀行金英或考慮收購申報破產的明富環球（MFGlobal）在新加坡的業務。
黃天逸表示，若價格合理，將探討新加坡MF Global的收購機會。
馬新貸款明年料個位數成長
馬銀行預見明年經濟放緩，將動搖馬新兩國業務的貸款成長，預計兩國的貸款成長僅取得個位數成長，惟印尼貸款成長料在內需強勁下仍保住雙位數增長。
強調派息能力保持
即使經濟低迷與日常開銷上漲，阿都華希強調，派息能力將不變。
他表示，隨大馬明年經濟成長目標減至4%，大馬業務的貸款成長目標也下修至8%；更加依賴外圍因素的新加坡，經濟成長料只有3%下，貸款成長或只達5%。
“我們的貸款成長目標將至少與領域平均水平一致。”
他指出，馬銀行首季淨利達約12億8千萬令吉，營業額也表現不俗，並將抵銷整合開銷走高的疑慮。
由於金英控股整合的日常開銷高達1億9千930萬令吉，馬銀行日常開銷在首季走揚3億8千580萬令吉或25.7%至18億8千790萬令吉。（星洲日報／財經）

SingBlueSilver 之题外话1

SingBlueSilver 之题外话各位朋友， 谢谢大家的捧场。如果你看到这里觉得满意的话记得回一楼顶一顶。 （其实我不知顶多了会怎样？？）

其实散户投资是后知后觉的，原因在于
1。讯息的过时。 所以电影常说‘分分钟几千万上落’，更何况我们是从报章和年报获得讯息的？
2。讯息的不足。

讯息的不足才造成信息不对称，更使散户处于弱势。不對稱信息可能导致逆向選擇。
什么是逆向選擇？ 简单例子：
老板/ 大户知道公司的优劣和最新消息。

正常情况下
例一 ：公司赚钱，大户知道好消息，收票，股价慢攀。 结果---好公司有人买
例二 ：公司赔钱，大户知道坏消息，丢票，股价慢跌。；结果---坏公司没人买

加入散户的参与后，情况如下
例一 ：公司赚钱，大户抑制好消息，收票，股价慢攀。；散户还不知道，一心只想那心头好的股票跌价以便更便宜买下。
结果---好公司没散户买 aka 逆向選擇

例二 ：公司赔钱，大户散播好消息，丢票，股价慢攀。；散户还不知道，看到心头好的股票还没起价便去买下。
结果---坏公司多散户买 aka 逆向選擇

散户投资更有如瞎子摸象，因为我们从报章上得知的消息是不全面的。

如何解读年报/投资报告也是主观的，因为是人就无可避免有自己一套想法。

我分享也是主观的，但我要表达的是你看到这楼，也不过是带大家摸摸到象尾而已。
因为我也很捣蛋下，本来想把TIMECOM好的一面分享，等大家有兴趣看了，才分享它的劣势和隐忧，等大家索然无味了，又再分享他的潜能。 哈哈！！

不过这分享也是自己的学习过程，到达某点当我越来越了解后可能会加码或弃车而逃。

所以各位大大一定要帮忙问下问题，如果我答不到还望其他高手帮忙解释，尤其是电讯业的。


如果你有兴趣知道更多

信息不对称理论
信息不对称理论是指在市场经济活动中,各类人员对有关信息的了解是有差异的;
掌握信息比较充分的人员,往往处于比较有利的地位,而信息贫乏的人员,则处于比较不利的地位。http://wiki.mbalib.com/wiki/%E4% ... 0%E7%90%86%E8%AE%BA

逆向选择
所谓“逆向选择”应该定义为信息不对称所造成市场资源配置扭曲的现象。经常存在于二手市场、保险市场。http://baike.baidu.com/view/130865.htm

欧债1

觉得这期的《57金钱爆》满好笑，也很有资讯。这期主要讨论欧债问题。
不是笑欧债，是笑主持人很幽默。



我特别喜欢留意一些事情的转折点，看看各方的反应与拿出的对策。

以前1997 亚洲金融风暴时我在中学，喝茶时是废话连篇的。
有个朋友在一次喝茶后认真对我说‘人生能遇到几多个金融风暴？照经济周期每十年会遇到一次，所以好好从中学习吧。’
以上那句是回家时他无端端对我讲的，这话印象很深刻的。
可能因为他憋在心中没人倾诉，周围的人又没投资吧（可见投资是孤独的。。那时我也没投资概念，但我的接受度也很强。）。

过后看报纸泰国有百万富翁破产卖冰淇淋，韩国卖金救国，老马挂钩美元引世界唾骂，安叔多了个契弟。。。
过了很多年还是不断有人提起97亚洲金融风暴。那时身在历史转折点还懵懵懂懂。。

当然照现在来看，好像全球的金融风暴蛮多的，不知是否资讯发达与全球一体化，各国互相影响扩大的关系。。？？

所以大家一起留心欧债的发展吧，我们已在历史转折点。现在可能还是旁观者，以后我们有无能力影响大局呢？？




从http://baike.baidu.com/view/3583537.htm copy一些欧债危机的起源和概念 。
记得看完那youtube.如果有80% 懂他们所说的内容就及格了。
这期的不会很难。



欧洲债务危机即欧洲主权的债务危机。其是指在2008年金融危机发生后，希腊等欧盟国家所发生的债务危机。

一、主权债务
主权债务是指一国以自己的主权为担保向外，不管是向国际货币基金组织还是向世界银行，还是向其他国家借来的债务 。

了解 CEO 3

TEDxKL - Afzal Abdul Rahim - Boardband by Numbers从字面上看Afzal的访问好像很难了解到他的性格作风，又加上翻译的又乱七八糟兼偷懒缩短内容。。。

所以决定post上Afzal的presentation.各位朋友请注意喔，一间怎样的公司由怎样的人带领。这个领头羊有没有领导魅力？ 有没有幽默感？有没有危机感？有没有料？

一个有魅力的人在present时才能吸引听众，谁是听众？有时是顾客，有时是老板，有时是投资者。

以前我觉得实力最重要，口才可有可无，但我错了。
总之除非一个人不跟人打交道，不然他一定要具有一定的魅力才可让人信服。容易让人信服的人做起事来才事半功倍。

本来想summerize 这个talk的，但想到写到这楼反应不是很好，知道网友应该是心急想看基本分析，什么价值得买就兴趣索然了。。。

我觉得这个楼是想表达出如何在普通新闻中追根究底，看出它的内在含义或讯息。所以到30 楼还是在讲旧故事。
哈哈
希望各位大大享受这个故事，如有疑问或反对意见一定要不啬赐教。至于要决定买卖的朋友看analyst report比较好。

了解 CEO 2

在The Star 看到这篇访问timecom CEO 的文章，跟大家分享一下，也了解下Afzal 的为人想法。因为我觉得“人”在一家公司是最重要的。

由于Afzal 不是大名人，也很少在报章看到他，所以拿了这旧闻分享。和之前一样，懒惰读英文的朋友看我一吹水方式写出来的华语好了。还附上一些图片让大家更好的了解。

记住- 有图片，有了解，有证据，有真相。　

下载 (23.44 KB)

2011-11-19 11:53

Your 10 questions with Afzal Abdul Rahim
http://biz.thestar.com.my/news/s ... 47&sec=business

Time dotCom (TIME) has achieved a great turn-around since you took over in 2008, what are your future plans for the company to achieve greater growth and transforming it into a globally competitive company? Gan Kong Yik, Kuala Lumpur老板， 在你英明的领导下Time 终于转亏为盈，以后有什么好康告诉我，让我看要不要进货。。
“Great” is an overly generous word to describe our turnaround. As much as we have clearly turned the corner, there are many, many things that we could have done better over the last two years. The truth of the matter is that in 1995, Maxis, Celcom and DiGi were our peers, and they are now many times our size.
呵呵，英明不敢当，算才喘口气。现在四面受敌，连SingBlueSilver 分享我们的故事都被问为何不研究Maxis, Celcom and DiGi，显啊。。。 
The analogy I use is that for 15 years, the other teams have been running around the track racing against each other and we’ve been stuck in the pit lane! We are now finally at the starting grid, and have to make up the 15 laps, one lap at a time. The real challenge starts now, and it’s time to battle it out for market share against the giants.
以前大家同一起跑线，人家已跑完15圈啦，我们才刚刚从阴沟爬起来。。兄弟们冲啊！！
 
I think we have a good shot at systematically taking more market share year by year. We’ve recently announced plans to transition the company into a regional wholesale player. In all of this, the determining factor will always be our ability to execute our plans.
相信意志胜天，兄弟们冲啊！！


There have been several comments on the nature of proposed acquisitions by TIME. What is your reaction to this? Jeffrey Tan, Kuala Lumpur听说你的收购4 家公司计划褒贬不一 ？
 
In general, there have been three broad groupings of reaction to our recent proposed corporate exercise: positive and excited; indifferent and unstirred and; sceptical and cynical.
总的来说有三帮人。
 
The positive and excited group is overwhelmingly the largest one. They understand that the acquisitions will take the business to an entirely different level. They see that the ownership across the entire telco value chain; starting at fibre last mile to data centre content hosting to trans-Pacific submarine cable capacity and a global internet network, allows us to break into a business that’s usually reserved for the really big boys. We get to reduce our costs significantly while allowing us to guarantee end-to-end service quality.
第一帮支持者，相信看到交易的好处。
注：有了GTL ，可以从海底宽带到数据中心都纳入TDC，改善成本.
 
The indifferent and unstirred group believes it is not a big deal and its a usual course of business. For most of them, TIME is a non-event and not on their radar screen. In short, they never considered us a player, and the acquisitions haven’t changed their perspective in that respect. It’s quite frustrating sometimes when I meet with people from this category and share our industry ambitions with them.
第二帮，看都不看我们， 在investalks 看到标题是timecom也懒得进来鸟你。
 
My favourite group are the sceptics, cynics and fringe commentators.They are the best to listen to for the latest “news”: who’s related to who, what contracts have been awarded to which company.
I enjoy engaging this group because they’re the real opinion makers and it is their usually sensational views that get taken most seriously. After all, who doesn’t want to listen to the “inside story” over a thosai?
第三帮，阴谋论者。我爱阴'mou’ ..他们很吵，我爱热闹。
注：因为azfal 要买的公司其实就是他自己的，所以受到市场质疑，觉得他中饱私囊， 用阿公的钱买自己的公司。也惹来疑问是不是他要拿钱走人。 
 
请看图，红色的是Azfal 的公司，买了后会注入TDC，会搬到TDC 格子下面
意见：我觉得他只是履行他们的约定。Azfal需把GTL和其他相关公司注入TDC,而且过后Azfal 持股会上升到51%，所以不是退场动作（希望没看错)

下载 (49.49 KB)

2011-11-19 11:58

The rationale for this proposal is to remodel TIME into a bigger and tougher regional player. Tapping into the synergies provided by each company, the proposal will allow TIME to leapfrog into an integrated telecommunications player.Each of these companies inject value into TIME.
 
Since we made the announcement on the proposed corporate exercise, we have received positive feedback from key institutional investors and they have been supportive of TIME’s long-term vision.

Some have also taken advantage of the initial price drop to increase their stakes which we take as encouraging. We certainly hope our shareholders will see this exercise for the growth potential it brings to TIME. I hope they will exercise their rights once we call for an EGM.
我没吃钱！ 我只是要做大Timecom！！请投赞成票！！！
注：收购案已成功过了-


Since you took over the management of TIME, what have you achieved? Menon, KL
说下你的贡献。

I told myself that I would lose 1kg of body weight for every RM1mil of additional net profit that TIME clocks in, but have failed miserably at that. So, that’s a clear target miss.Jokes aside though, apart from the obvious improvements to our financials, and the fact that we are FINALLY sustainably profitable – our biggest achievement has been the change in our corporate culture.
We decided early on that no turnaround is complete without cultural renewal, and so we set off determining our corporate DNA, and collectively decided how we wanted to work and interact. The results are stunning.I am so very proud of our boys and girls, who have wholeheartedly embraced the radical changes that we instituted. They continue to inspire me on a daily basis. You guys rock!
我很幽默，我赚钱，谢谢。

How IT-savvy do you foresee Malaysians to be by the year 2020? Bernard KH Lim, Penang.大马未来科技智商？
 
Malaysian consumers have been in the forefront of IT and new technology adoption for a while now. As a developing nation, we exceeded 100% mobile penetration in less than 10 years. We recently passed the 50% mark in broadband penetration. We now see a generation hooked on mobility and social media. I think Malaysians are as IT savvy as any other society.
Malaysia Boleh !!
 
I do worry sometimes that we will lose our “Malaysianess”, but that’s an issue that should be dealt with at home or at school, and not by determining what kind of content people should be accessing. I really have trouble figuring out what our usage behaviour will be in 2020, but one thing I’m certain of is that people to people interactions will reduce as we keep using our devices as an intermediary.
宽频上网是未来，还未猜透顾客用量模式。。


You have rebranded TIME recently. It looks great! What inspired the new look? Suzzie, KL你帮time 改头换面了，好看！灵感来自？？
 
All the other colours are taken by major telcos, and that magenta is really cheap to print! We also wanted the macho guys at the office to embrace their sensitive side and embrace a more progressive colour palette in their daily life. Magenta also stands out from an advertising perspective. Makes sense?
我很幽默，我很幽默。
 
But the truth is, the new corporate identity adopts TIME’s new business culture. One that embodies a promise of challenging the norms and setting new standards. Our colour is magenta because it is unique, distinctive and bold. The speed lines in our logo represents the new performance pushing spirit within the orgranisation. It also speaks for the delivery of high performance connectivity via our resilient network and in our products and services. It symbolises the stretched efforts TIME puts in delivery and prompt customer service.We love our new identity and we’re so glad you do too. We promise to live up to all it represents.
多说无益，艺术是要自己体会的，看罢。
注：上面是新logo

下载 (37.43 KB)

2011-11-19 13:12

TIME has wired up several building with fibre in the Kuala Lumpur area. Where else do you expect to wire up in 2011? Kenny Yeow SL, Ipoh2011 有何发展大计？

I’m glad to know that there are people looking out for our 100% fibre service. We now have over 30,000 buildings in the Golden Triangle and Mont Kiara area running on our 100% fibre network. We are in the midst of covering a further 167,000 premises in more areas in the Klang Valley and we are spreading out to Penang as well. And as we expand our network coverage in these areas
金三角和Mont Kiara现有30k建筑物铺有我们的光纤，167K在巴生谷做着，迟些找林首长喝茶。

 we are also rolling out high-performance Internet products for both consumers and businesses. TIME Fibre Broadband for home users and TIME Fibre Internet for businesses. I am proud to say that both of these products carry a TIME-unique feature which we call the BOOST. TIME customers are the only broadband users in the country who have the option to increase their bandwidth as and when they require.
自己去http://www.time.com.my/看我们的服务。

TIME recently announced a landmark collaboration with Astro to provide IPTV on our 100% fibre-based network in these areas. We are focused on wiring-up more buildings at rapid speed to meet consumer demands for real high-speed broadband that is reliable and stable.
和Astro 合作，让你下雨也有《法证先锋3》看。



How do you position TIME against the incumbent telco TM, also a GLC. Do you see TM as a competitor or a partner or both? Hafiz Yusof, Shah Alam如何跟TM竞争？ 人家也是有阿公照的。

I genuinely have a lot of affection for TM and what they do. Truth be told, we know each other well, and partner where we can. Datuk Zam is a bit of a mentor to me and others in the industry and I think he’s doing a great job there.
客套客套一下。。
 

Having said that, the fixed-line marketplace is obviously a dog fight between us, and that’s the way it should be. It needs to be this way so consumers get the best deal possible.
我们注定是死对头，但也是为了人民- Rakyat didahulukan

TM’s ubiquity of coverage makes them a tough competitor. For example we can’t offer services to rural areas because we simply don’t have the fibre there. This “out-of-town” revenue is significant and fast growing, and so we have to find other ways to acquire market share.
TM网络太宽阔，乡区我们便咬他不到，偏偏乡区多肉吃。不过我们在想办法另谋出路。
 

Our mainstay as the country’s alternative fixed line operator remains the corporate and wholesale business segments. These are large customers who have serious demands and standards. We try our best to keep them happy and try to raise the service bar where we can.Don’t get me wrong, we’ll continue to give them a run for their money and chip away market share, but that doesn’t mean we can’t be friends.
身为大马固定网路啊二，现注重在企业和批发部。他们的要求是很高的。我们会做到最好。


If you had to pick a word to describe yourself, what would that be, and would your friends agree with it? Bulbir Singh, Seremban形容一下你自己

 Disruptive. And I would think my friends would agree. In an endearing sense, I hope. I think they’re pretty used to me by now. They also know me as a bit of a prankster. I’m pretty much the same at work I guess. I’m certainly not the easiest person to work with, and really do enjoy a good disagreement.
我很幽默，我很幽默，我很幽默。



What hobbies do you indulge in between your hectic schedules? Tabitha CC Boi, Penang.
有无不良嗜好？

I have to say that teh-tariking is top of the list. Mostly in the evenings after work. I led a pretty hectic life and rarely ever get to spend time at home.I try to play badminton whenever I can, with the TIME crew and also old secondary school friends. Music is a big part of my life, and something will always be playing throughout the day.I am also a self-confessed gadget and gizmo junkie. I spend a lot of time playing with silly new gadgets.
吃，喝，玩，乐。



Do you prefer running TIME or Chawan? May, Bangsar喜欢做Timecom CEO还是做waiter ?

Well, Chawan is a family business, and I’m very fortunate that my brother-in-law is the boss there.
There is a certain attraction to waiting tables though. I find it de-stressing, and in the early days used to head there after work to help out. It’s also a fact that the most serious business problem you can ever have waiting table is easily solved by saying “I’m sorry Sir, we’ve run out of rendang, can I offer you nasi lemak sotong instead?”
黄瓜白菜，各有所爱。

----------------------------完----------------------------------------