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Wednesday, 30 November 2011

马银行2015前立足东协

马银行2015前立足东协

  • 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.









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 2011CUMULATIVE 9 months 2011
Timecom
CUMULATIVE 9 months 2011
TM





OPERATING REVENUE230.76703.529x
Cost-134.5-4497.133X
Depreciation-40.3-1592.1








Profit from operations56.6979.217.3x
Investment income36.80
Finance expenses0-207.6
Profit before income tax93.4771.68.26x
Income tax-1.2-144




Total Net Income92.2627.66.8X
Shareholding2530.83576.2
EPS (SEN)3.6416.64.56x








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 2011TIMECOMTM
Gross Profir Margin25%15%
Administrative Expense / gross profitn/an/a
Researchn/an/a
Depreciation on gross profitstable for 3 Q, ~ 71%stable for 3 Q, ~162%
Interest expense
/ operating income
03%
Net earning / total revenue40%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。。。















Saturday, 26 November 2011

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”)









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)1Q2Q3QREMARKSCUMULATIVE 9 months 2011
OPERATING REVENUE70.183.677
The decline is due to one-off global bandwidth sales entered into in the immediate preceding  quarter.
       230.7

Cost

-47.5-55.5-31.5lower operating cost       -134.5

Depreciation

-13.1-13.3-13.9stable depreciation rate        -40.3
Other operating income (net)0.040.230.42
        0.69
Profit from operations9.515.132
Income from operation begin
exceeding Digi's dividend

        56.6
Investment income13.413.59.9#(operation income/Digi dividend)ratio increasing from 0.07 <1.12<3.23

        36.8
Finance expenses000debt free company with cash bout RM207.3 million          0


Profit before income tax


22.928.641.9
        93.4
Income tax00-1.2
        -1.2






Total Net Income22.928.640.742% increase from 2Q to 3Q         92.2

Shareholding

 
2530.82530.82530.8
        2530.8
EPS0.91.131.61
        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)1Q2Q3QREMARKSCUMULATIVE 9 months 2011
OPERATING REVENUE70.183.677The decline is due to one-off global bandwidth sales entered into in the immediate preceding quarter.230.7






Cost-47.5-55.5-31.5lower operating cost-134.5







Depreciation
-13.1-13.3-13.9stable depreciation rate-40.3

Other operating income (net)
0.040.230.42
0.69
Profit from operations9.515.132
Income from operation begin
exceeding Digi's dividend
56.6






Investment income13.413.59.9#(operation income/Digi dividend)ratio increasing from 0.07 <1.12<3.2336.8
Finance expenses000debt free company with cash bout RM207.3 million0






Profit before income tax22.928.641.9
93.4






Income tax00-1.2
-1.2






Total Net Income22.928.640.742% increase from 2Q to 3Q92.2






Shareholding2530.82530.82530.8
2530.8






EPS0.91.131.61
3.64







-------------------------------------------------------------------------------------------------------------------------
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)


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Friday, 25 November 2011

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??




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 。

Thursday, 24 November 2011

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。 


Afzal picture.jpg

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)
tdc structure 2.jpg


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
timecom logo.jpg
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----------------------------------------




了解 CEO 1

英雄莫问出身,这点我是赞成的。但了解一个人的出身或许能给我们揭露一些讯息, 让我们学习他们的成功。为何一个胯夫能成为大将军? 一介市井能成为一代君王? 一个落魄贵族能成为一代军谋家,并在‘狡兔死,走狗烹;飞鸟尽,良弓藏;敌国破,谋臣亡’的大环境下全身而退? 又离题了。。。
以下TIMECOM的故事是从ANNUAL REPORT 和一些新闻剪报为资料来源。一切乃个人意见。 呵呵。。



CEO 篇
CEO是一间公司的灵魂,其他管理层对不起时间有限不能一一列出。就像APPLE大家都说SteveJobs和ipad,ipod,iphone的研发推广不可割离。对!!但背后的工作人员也是很重要的! 但回头一想如果不是CEO有眼光又怎么会招到一批能人呢? 天才也不是那么容易为人所用的。。。 

2006

从06年报没有CEO,只有chairman和 Managing Director 的留言。

Chairman 是 Dato’Ir Wan Muhamad Wan Ibrahim,没有TDC股票
Managing director是 Dato’ Baharum Salleh, 没有TDC股票

Dato’ Ir. Wan Muhamad Wan Ibrahim, Malaysian, aged 66, was appointed to the Board of TIME dotCom Berhad on 26 July 2001 and as Chairman on 15 November 2001. He is also the
Chairman of the 3G Tender Committee and theTender Board Committee.  – ANNUAL REPORT 2006 PG 28

在他们的领导下发生了对TDC影响深远的事,也为TDC赚到了一颗保命丹。是什么?
 看看下图。

Wednesday, 23 November 2011

TIME dotCom next focus is Asia Pacific



TIME dotCom next focus is Asia Pacific
The company is now ready to go beyond the region equipped with its RM1 billion in assets.

SUBANG JAYA: TIME dotCom Bhd, which already has a strong presence in Southeast Asia, now plans to focus its business in the Asia Pacific market.

Executive director and chief executive officer Afzal Abdul Rahim said the company is now ready to go beyond the region equipped with its RM1 billion in assets.

"We will hit the international market and play with the big boys," Afzal told reporters here after the company's extraordinary general meeting.

TIME dotCom Bhd is the country's second largest fixed line telecommunications network and solutions provider after Telekom Malaysia Bhd.

It is a pioneer in fibre optic telecommunications technology, delivering data and non-data communication services to enterprise, corporate, government, wholesale and retail customers via its fibre optic network traversing Thailand to Singapore.

TIME dotCom had received minority shareholders approval on its RM339 million proposed acquisition of three companies.

Afzal said the group can now pursue its plan to become a regional player with the Asia Pacific market as its main focus.

The three companies are Global Transit Communications Sdn Bhd, which is a leading regional wholesale Internet service and backhaul provider, AIMS Group, a leading "carrier hotel" (a type of data centre) in Malaysia and Global Transit Entities, which hold internet licenses in Singapore and Hong Kong.

Upon completion by the first quarter 2012, the acquisitions will effectively position TIME dotCom into a regional telecommunications player.

This will see TIME dotCom moving up the telecommunications value chain giving it access and the capability to serve a multi-billion dollar market comprising the growing Indo-China, ASEAN and North Asian market where more than half of the world’s population resides and Internet demand is increasing.

TIME provides backhaul and wholesale bandwidth solutions to leading regional and global operators offering a full suite of telecommunication services, ranging from voice and data communications including high-speed broadband, Internet, satellite connectivity and managed services.

TIME was first to market fibre-to-the-home in Malaysia in early 2010.

Its signature product, TIME fibre broadband, now offers Malaysian home Internet users the fastest broadband connectivity in the country with speeds of up to 50Mbps.


Read more: TIME dotCom next focus is Asia Pacific http://www.btimes.com.my/Current ... icle/#ixzz1eUjhzXsT



新闻。你如何看新闻?

新闻。你如何看新闻?
新闻信息大家都可得,但你如何看待与解读呢?
以下的访问曾经在THE EDGE刊登,你看完后一笑置之去看电视?;还是立刻找出有关资料来核对呢? - 此文乃后来补上。


这有一些故事分享。注意!以下是从investalksTIMECOM贴bingchang大大剪出来的(The Edge 报),原来的link去不到了。

大家可以当故事来看khanzanah如何找到Afzal Abdul Rahim 来帮TDC起死回生。

 懒惰读英文的朋友看我用吹水方式写出来的华语好了。



According to insiders, Afzal had been contacted by one Erikas Napjus, Google Inc's global infrastructure manager, a couple of years ago, when the Internet giant had first wanted to take up some data centre space in Malaysia.

Napjus is said to have turned down AIMS (Afzal 的公司) then due to the latter not meeting the standards required by Google.     
(Google 嫌Afzal 的公司太烂,不跟他合作)


Following that, Afzal had remained in contact with Napjus and received advice on how to raise the quality of his data centers. That in turn led to a friendship as how technology entrepreneurs are apt to connect.


Some time later, Napjus offered Afzal a chance to participate in the submarine cable, an opportunity that Afzal naturally jumped at. 
(做不成生意做朋友也行。。。 果然不久就有好康头,有海底宽带电缆工程预了好友Afzal一份)

Huge capital was required to be part of consortium and through some contacts, Afzal raised venture capital funding from certain parties. It is these parties who are part of the owners of GTL and who are receiving the cash and shares from TdC.
 
The venture capitalists or angel investors as they are sometimes called, include
1. Halfmoon Bay, owned by tycoon Tan Sri Wan Azmi Wan Hamzah, an active investor in private companies and founder of Land & General Bhd,
2. Accurate Gain Profits, owned by Tan Sri Mohd Razali Abdul Rahman, the chairman of Peremba.
3. Another investor is Continuum Capital, a venture capital firm owned by Khazanah.
  
All these investors, according to the announcement by TdC, had pumped in US$12mil (RM37mil) since 2008 to fund their entry into the submarine cable project.       
(Google 朋友的工程需要很多钱,Afzal 空手套白狼找来三方投资者出资,他出友情牌)
(各位朋友这个工程就是鼎鼎大名的Unity Cable System了,有几厉害?回去看看吧,叫你留心上课了)


When Afzal first came into PKV in 2008, it was via injecting GTL into PKV. At that time, Khazanah is said to have picked Afzal via a selection committee comprising independent professionals from the telecommunications and corporate sectors.

Khazanah's managing director Tan Sri Azman Mokhtar had then said that the move was made to ensure the long-term operational and financial stability of TdC.
 
Azman had then said that the committee believed that Afzal and GTL were the best candidates for the task to turn around TdC as they have the entrepreneurial skills and telecommunications experience as well as sound management.
(从这里看来,应该是Afzal拥有GTL,GTL拥有Unity Cable System。)
(Afzal带着嫁妆GTL入赘新家PKV aka Pulau Kapas Ventures Sdn Bhd, PKV应该是Khazanah的)
(Khazanah问过很多媒人,大家极力推荐Afzal,说他智勇双全,可托终身等等。。)


GTC was then injected at a price of RM48.2mil, which gave GTI 38.8% in PKV. Thus, this valued PKV at about RM124.2mil. 

Khazanah on the other hand had injected its direct holding of TdC of 30.04% into PKV, to own 61.2% of the latter.
Afzal把GTC让出来,注入PKV,Khazanah把30.04%TdC注入PKV,
然后Afzal透过GTI占有PKV38.8%,Khazanah aka KNB则占有PKV61.2%)
(各位朋友很乱吧?别以为不重要哦,下次Khazanah找你合作你要知道如何把王牌握在手里)
(有图有证据,有图有理解,请看下面)



(厉害吧,Afzal 还是握住GTL-有Unity Cable System那间,但却拥有了TDC。但那时TDC亏损累累,就像airasia亏蚀谁要用RM1买她?所以Khazanah也希望找到能人医TDC,也不介意嫁了个宝贝女儿出去)
 
(所以不要妒忌别人32岁做CEO,你做CCO chief chating officer啦 哈哈!! )

Hence for Afzal to exercise options to bring his stake in PKV to 51%, he is likely to be spending more than RM15mil. Also to be noted is that the announcement reveals that there is a portion of deferred consideration of up to RM128mil to be paid by PKV to Afzal's vehicle, upon the Afzal meeting certain conditions.


These conditions are believed to relate to certain profit milestones and could take place in a year's time and are part of the earn out clause that was in the original shareholder agreement between Khazanah and Afzal.
 
That consideration is to be paid in PKV shares, meaning that going forward, Afzal will likely emerge as owning much more 51% of PKV and by that, a higher degree of control over the 30.04% block of shares in TdC.
(Khazanah与Afzal约定如成功医好他女儿后把PKV51%给他。现在他有30.04% )



 


  

细解TIMECOM改革三部曲-第三部

细解TIMECOM改革三部曲-第三部 -收購4家電訊相關公司以拓展國內外通訊業務,期望成為區域電訊公司

TIMECOM的窘境


2010年报TIMECOM自豪地宣布公司达成零债务,手握199 million 现金,更连续七季有盈利。

TIMECOM 首次把售卖国际宽带global bandwidth的收入纳入财政表。但CEO 很诚实的指出该收入是不稳定,不重复,而且连赚幅也不稳定。

分析下TIMECOM 2010 年报pg 69 的Income Statement,有图有真相 !
(红色是根据MARY BUFFET 写的巴菲特The Interpretation of financial statements 的要求和例子)。


1. Gross Profit = Revenue RM321 million – Cost RM 180 million =RM 141 million
Gross Profit Margin = 141 /321 =43%
≥40%


2. Administrative Expense = 17.7+82.3 =100 million
Administrative Expense/Gross Profit = 100/141 =70.9%
Coke 59% , P&G 61%, Ford 89-780%

3. Research = low or none
Low


4. Depreciation = 40-44million , ~ 28% on its gross profit
Coke~6% , GM~ 22-57%


5. Interest expense = 38k ~0.1% of operating income
≤15% of operating income


6. Net earning / total revenue = 107/321 = 33%
≥ 20%

下载 (86.24 KB)
2011-11-21 10:36


乍看之下,除了Depreciation较高外一切都不错。但看深一层。。。2010 年报pg 98, 他的net profit 是由
36 million +52.8 mil +18 million =RM 107 million 组成的。

36mil 是真正做生意赚回来的,18 mil 是税务补贴, 占了最大的52.8 million 呢?

是保命丸DIGI的股息。嗨。。。。。。



收购势在必行


由于面临以上的窘境,TIMECOM还需大力的发展有关主力业务。尴尬的是宽带网络被TM的UNIFI以狂风扫落叶的速度占领市场。身为大马第二固定宽带电讯公司,在国内市场不讨好的环境下,向国外发展是唯一出路。


收購4家電訊相關公司以拓展國內外通訊業務,以期望成為區域電訊公司是必要的。报章上提到,收購主要目的是能進軍國際海底電纜業務,提高收入及海外顧客群.  TIMECOM發文告表示希望透過進軍區域批發顧客,加強全球頻寬業務,
並可多元拓展至高成長數據中心與管理服務業務。


我觉得收購后TIMECOM不但能转型成为區域電訊公司,形象也能大大提高。最重要的是增加收入以免发生持有别家公司收到的股息还多过本身业务收入的难堪场面。


TIMECOM成为區域電訊公司的决定似乎带给人们无限想象,大马已经有AXIATA为区域性流动电讯公司,固定宽带電訊公司这部分是不是政府派TIMECOM出去打天下呢?


资料的整理和分享


以下是那四间公司的资料.除了那句有图有真相外,我觉得有引据有证据。各位朋友可以依我quote的报告面数去查证一下,因为有时一个人读会漏掉一些重要资料,或会错解报告的内容。如有任何补充请不奢指教。谢谢。




A。GTC-GLOBAL TRANSIT COMMUNICATIONS SDN BHD
-essentially sells international bandwidth and IP transit services to telcos, large and medium-sized-corporations (for their own private networks) and Internet service providers (ISPs) in the region.

略介:GTC主要是提供批發戶聯網服務,並提供全球頻寬需求解決方案
2010 年25%收入来自香港和泰国,75% 本地。

-from Circular to shareholder 25 Oct 2011 pg 227
财政:2010 年收入52mil ,净利6.9 million 但; 2009年亏0.4 million.2010 年有现金4.4 million,但current ratio = 0.86.
-from Circular to shareholder 25 Oct 2011 pg272-273

感想:以RM102 mil成交, 用每股RM3.55 发RM28.7 MILLION 新股缴付.  收入激增,转亏为盈。不过不知下季如何。。




B。GTL-GLOBAL TRANSIT LIMITED
-GTL owns 10% of the recently-commissioned Unity Cable System, a 9,620km submarine cable system from Asia
to the United States, which is banking on a growth of Asia to US data connectivity.

略介: GTL拥有10 % 連接日本與美國的統一海底電纜系統
-from Circular to shareholder 25 Oct 2011 pg 232

财政: 2010 年收入USD 1.2mil ,净利 USD 0.25 million ;但 2009年无收益。

2010 年有现金 USD 1.1 million, 但current ratio = 6.42
-from Circular to shareholder 25 Oct 2011 pg314-315

感想:GTC 是这次收购的重头戏码,連接日本與美國海底 宽带让它有筹码扩张和与区域竞争者谈判。
     

以RM102 mil成交, 用每股RM3.55 发RM17.1MILLION 新股和现金RM40.4 MILLION缴付




C。AIMS GROUP
-a data centre operator,AIMS Group is made up of three companies, AIMS Asia Group, AIMS Data Centre 2 and AIMS Cyberjaya.

略介: AIMS集團則是擁有與營運網絡中和數據中心。

AIMS Asia Group      
-from Circular to shareholder 25 Oct 2011 pg250

财政: 2010 年收入RM 40 million ,亏RM 1.6 million ; 2009年亏0.1 million.

2010 年有现金 RM1 million , CURRENT RATIO=0.5
-from Circular to shareholder 25 Oct 2011 pg388-390

AIMS Data Centre 2  
-from Circular to shareholder 25 Oct 2011 pg256

财政: 2010 年收入RM 4 million , 净利RM 1.1 million ; 2009年净利0.1 million.

2010 年有现金 RM6k , CURRENT RATIO=1.24
-from Circular to shareholder 25 Oct 2011 pg435-436


AIMS Cyberjaya.  
-from Circular to shareholder 25 Oct 2011 pg260

财政: 2010 年收入RM 12 million , 净利RM 3.4 million ; 2009年亏0.2 million.

2010 年有现金 RM0.6mil , CURRENT RATIO=0.42
-from Circular to shareholder 25 Oct 2011 pg461-462

感想:以RM119 mil成交,用每股RM3.55 发RM20.1 MILLION 新股和现金RM47.6 MILLION缴付。三间公司总计会带来正面盈利给TDC。

      HL 说全球最大搜索网站(GOOLGLE?)和几乎十大网站托管公司(web hosting)都是他的顾客。
D。







GLOBAL TRANSIT ENTITIES
-comprisese GTSingapore and GTHongKong, holds SBO licences in both countries.
略介: 拥有SBO执照, 可在有关国家进行宽带有关服务。


GTSingapore      
-from Circular to shareholder 25 Oct 2011 pg242

财政: 2010 年收入SGD 255k ,净利SGD 4k ;但2009年收入SGD 66k 亏 SGD 2k

2010 年有现金 SGD17K , CURRENT RATIO=1.25
-from Circular to shareholder 25 Oct 2011 pg351-352


GTHongKong     
-from Circular to shareholder 25 Oct 2011 pg 246

财政: 2010 年无收入, 亏HKD139k ;但2009年收入HKD56k 亏 SGD HKD128k

2010 年有现金 HKD27K , CURRENT RATIO=0.57
-from Circular to shareholder 25 Oct 2011 pg372-373

感想:哇。。 亏钱公司,还好只以RM2 成交
这两家公司的收入将不会纳入TDC账本。


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

后记
终于写完改革三部曲了。眼睛好痛。希望大家有所收获。
接下来是时候把目光从TIMECOM移向他的竞争则,做SWOT分析等等。
各位朋友,要看分享要付出哦,记住! 有图有真相,有影有引据有证据;有顶有鼓励,有加分有动力!!

Tuesday, 22 November 2011

STAREIT 季报

Stareit 30/9/2011这一季维持同样赚幅每股1.31仙。
希望快点看到转型后的STAREIT DPS会不会增加。

STAREIT INTERIM REPORT 30/9/2011

Monday, 21 November 2011

细解改革三部曲第二部

细解改革三部曲第二部- 固本培元,搞好账本讨论下TDC 祭出三招‘还原靓靓拳’弄美帐簿。
了解后不得不认ACCOUNTING 也是一门艺术


第一招-每股回退2仙 – 谢谢各位股东的不离不弃
第二招-每股面值1令吉的普通股削資90仙,以減低累積虧損30+億aka 2989 million。
第三招-進行資本重組計劃 ,以5股整合成1股面值50仙的股票。




有图有证据
上图来自Bursa Malaysia Circular to Shareholder 25/10/2010 TIMECOM-Cover to Page125.pdf pg 57


 1。Capital Repayment 每股回退2仙,
RM0.02 X 2530775000(TIMECOM outstanding share)
=RM 50615500

钱从SHARE PREMIUM 扣, RM1570 million - RM 50.6 million = RM1520 million
看黑格



2。Capital Reduction 每股面值1令吉的普通股削資90仙,
share capital RM2530 million X 10 % = RM253 million,
share capital RM2530 million X 90 % =RM 2277 mil (被削資的90仙)用来 offset accumulated losses.

Therefore accumulated losses reduced. RM 2932mil -RM 2277 mil= RM655 mil ( RM654.7 mil in picture)
看红格



3。Cancellation of Share Premium
All the share premium used to offset remaining accumulated losses.
RM1520 mil- RM654.7mil=RM865.3 mil

RM865.3mil - RM 179.6 mil (set as capital reserve) =RM685.7 mil left as share premium
看青格


4。Consolidation of Share 5股整合成1股面值50仙的股票,
number of shares =2530.7 mil / 5 = 506.1 mil shares
看蓝格


做完Capital Restructuring后 TIMECOM 简直焕然一新了!!!
没了ACCUMULATED LOSSES 反而有RETAINED EARNING,
告别PENNY STOCK,股价将〉或= RM0.66 (17/11/2011 的股价) X5 = RM3.30 - 据报告此举能避免外界狙击或炒作。
但也有了负债 RM191 mil

Sunday, 20 November 2011

细解TIMECOM Turnaround 改革三部曲 第一部 (正常篇)

细解TIMECOM改革三部曲-
第一部-盈利盈利还是盈利(正常篇)


TIMECOM 转亏为盈的真相
Afzal如何这么厉害能在短短时间里将TIMECOM转亏为盈?
难道他像Idris Jala般金指一点便能起死回生?

其实Afzal 还未入主TIMECOM已有人准备就绪让它从新出发。 是谁?我怎知道?你以为我是谁?(看吹水篇)

一般公司转亏为盈脱离不了开源节流,但TIMECOM有今日大部分是离不了一颗保命丸-DIGI.Com

以下的分享比较正式,英文部分都是从年报copy and paste 的,顺序按照年份来排,希望不会闷到大家。



2006 Revenue RM335.4 million 亏RM177mil




2007 Revenue RM301.1 million 亏RM 160mil

-the lower revenue was mainly attributable to stiffer competition resulting in lower usage of fixed-line voice and payphone services.


-the main revenue contributors during the year under review were the Group’s voice and payphone services, 58.4 percent to TIME dotCom’s total revenue.


-Other significant contributions to the revenue are data and broadband services which amount to 30.1 percent of the total revenue.
-Annual Report 2007 pg8

感想:亏到火烧眉毛,voice and payphone还占有收入〉50%,而且是亏钱那种。


-During the year, the Group through its wholly-owned subsidiary had acquired 50.25 million of DiGi.Com Berhad (“DiGi”) shares at a price of RM 21.50 per DiGi share amounting to RM1,080.4 million representing 6.5% of the enlarged issued and paid-up share capital of 777.5 million DiGi shares.The acquisition was financed through a bank loan secured over all the DiGi shares.

-On 14 November 2007, the Board made a strategic decision to enter into an alliance with DiGi, which will result in the transfer of the Group’s 3G spectrum to DiGi in return for 27.5 million new DiGi shares, representing 3.5 percent of its enlarged paid-up share capital.

-Upon completion of the transfer of the 3G spectrum, TIME dotCom will eventuallyhold a total interest of 10.0 percent of DiGi’s enlarged paidup share capital.
-Annual Report 2007 pg42

感想: 上市公司借钱买股炒股,利用官营身份之便夺得3G谱,还要厚着脸皮说要与DIGI合作互惠互利。最后还持有10% DIGI股,让DIGI 哑口吃黄连。。







2008 Revenue RM286.5 million亏RM 949.6mil 亏损上升~300%---The decrease in revenue was largely contributed by declining payphone and fixed line revenues.

-While data and managed services revenue rose by 55.8%, the rise was not significant enough to offset the 23.3% loss in voice and payphone revenue from 2007 to 2008.

-The losses were due to assets write-off, provisions for impairment of goodwill, assets and inventories, as well as provisions for diminution in value of other investment amounting to RM1,303.8 million. At the same time, the Group revised the useful life of its telecommunications network resulting in additional depreciation charges of RM198.5 million.

-As a result of the above exercise, the Group is now in a better position to begin 2009 on a clean slate. The financial performance of the Group in 2009 will now be more closely influenced by the productivity of the Group.

-These losses, however were mitigated by the gain on the transfer of the 3G spectrum amounting to RM617.0 million to DiGi and the dividend income from DiGi shares of RM151.0 million.

-The Group also incurred finance cost of RM72.3 million in relation to loans obtained in 2007 to finance the purchase of DiGi shares.
  -Annual Report 2008 pg 10
感想:注意了,Timecom做出一次性减计已让Afzal 进来时可以大展拳手,这招airasia也用过。简单来说就是让今年亏损报大,因为产业的depreciation可以flexible处理。

搞笑的是DiGi dividend income RM151.0 million,他的Revenue RM286.5 million。
这种情形到2010还发生着,迟些分享。


Completion of TIME dotCom – DiGi Alliance
-An earlier acquisition in 2007 resulted in TIME dotCom Berhad (TdC) acquiring a 6.5% shareholding in DiGi.Com Berhad (DiGi).
Subsequently, on 12 May 2008, TdC transferred the Group’s 3G spectrum to DiGi in consideration of the issuance of 27,500,000 new ordinary shares of RM0.10 each, which further increased the Group’s holding in DiGi to 10%.

-Subsequently in January 2009, the Group decided to divest 2.9% of its holdings in DiGi stocks as a means of managing the fast changing business scenario and prevalent market conditions.
This effectively reduced the level of its borrowings by RM461 million and reduced its gearing from 1.08 to 0.59 times.

-Furthermore, as a result of the TdC-DiGi alliance, TT dotCom Sdn. Bhd. (TTdC) was appointed DiGi’s wholesale supplier for 3 years, resulting in a minimum of RM12.5 million in fixed bandwidth revenue each year.
-Annual Report 2008 pg 10

感想: 看看DIGI几帮他吧,TDC炒他的股票还要给他生意做。都不知TDC卖股票时DIGI是不是一边骂一边买回。在那念我直接给你钱好了,一买一卖我还要亏水钱。


TDC这样占DIGI便宜也有点不好意思,抚心自问我是不是很过分?我要不要做点什么?

Afzal进来后想想,哇太过分了吧,帮到这么出脸,如何显示我的能干?不可以!!我要干些什么。。结果TDC终于开始节流。。。




-Simultaneously, we have consistently sought to adjust our internal expectations towards reducing,or indeed eliminating, all costs that are not directly related to our 2009 targets including above-the-line advertising and certain capital expenditure items.

-Our move from Wisma TIME in the centre of KL to our own premises in Glenmarie in early 2009 was one such TIME dotcom example of this adjustment, saving the Group RM3.5 million annually in the process.
-Annual report 2008 pg14&15


-The Company has, on 1 December 2008 entered into a Share Sale Agreement with PayComm Sdn. Bhd. for the disposal of the Company’s entire equity interest comprising 116,805,285
ordinary shares of RM1.00 in TIME Reach Sdn. Bhd. (“TRSB”) for a cash consideration ofRM8,300,000.
-TimedotCom Annual Report 2008 67
感想:够了,勒紧裤带吧!打什么广告? CUT ! 还想在中环上班? 搬家!!!!亏钱的部门?? CUT !!!








2009 revenue RM286.8 million profit after tax of RM33.1 million-we managed to make up revenues lost from the divestment of our payphone business earlier in the year, as detailed in the following pages of this report.

-However, revenue erosion in our fixed-line voice services continues to affect our growth story.

-Our growth in data and non-data services were significant. This means that for the first time, we are growing our market share.

感想:坚决砍掉payphone business ,数据服务见到成长。
可怜的最后一句。。。第一次or 第一千零一次。。我们成长啦!!!!!!


-Under the objective to cut our borrowings, we disposed a total of 50.25 million shares in our investment of DiGi.Com Berhad (DiGi), consisting 22.50 million shares at RM20.60 each in January. Subsequently in August, we disposed of another 27.75 million shares at a price of RM21.80 ringgit each.The disposal, which amounted to approximately 6.5 percent of DiGi’s entire share capital, raised a total of RM1.07 billion for the Group, which allowed us to fully settle our borrowings.

-Following this sale, we are left with about 27.5 million DiGi shares, or approximately 3.5 percent equity interest in DiGi,
which is expected to continue to yield us dividend income.

-The Group is now debt-free and able to raise capital to enhance and improve our network, services and coverage.
Annual; report 2009 pg8

感想: 再卖DIGI 来保命,最后剩下3.5% 。
TIMECOM 终于还清所有负债,有借有还,再借不难。


-As part of that initiative to address manpower, we retrained 30 percent of our workforce, mainly in the sales and technical divisions, equipping them with the latest industry knowledge to better represent the company.
-Annual; report 2009 Pg9

感想: 砍了一些人,重新训练一批人。









2010 Revenue RM286.8 million profit after tax of RM107 million


-For example, we posted revenues from our global bandwidth business in the current year, a new revenuestream, from zero contribution a year earlier. However, the fact is while global bandwidth continues to look promising, it also tends to be non-linear and inconsistent, not just in revenues, but also in regards to margins.

感想:第一次把宽带生意纳入收入,但这是不稳定,不重复,更惨是连赚幅也不稳定。 怕吧?


-Most importantly, the bulk of this advance came from data services, an area of business we expect will be our mainstay for the future.

感想: 数据服务 是未来主力。

-All this has resulted in us ending the year in good a financial position: the three months ended December was the seventh straight quarter of growing revenues and profits. Of course, it might be difficult to continue this performance, but we are certainly going to try our hardest.

感想: 暗示接下来路难走了。。。担心。。


-I am proud to say that we are also financially healthy: cash and cash equivalents of RM199.7 million at the end of December, up 15% from RM173.6 million in the previous corresponding year.
We are also now debt-free, which means our finance costs are now at zero, giving us lots of room to take on debt if at all necessary in future.

感想: 吹一下自己无负债,净现金


-We also continue to own a strategic 3.5% stake in DiGi.Com Bhd where we received an additional RM48 million in dividend income for the year, making it a good passive investment for TIME.

感想:保命丸DIGI还有3.5% ,留来保命。


                                 完

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