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Saturday, 17 December 2011

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



CMMT 2010市值:RM2.56 billion
PAT= RM109million









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











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








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

Wednesday, 14 December 2011

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













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。







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。

Wednesday, 7 December 2011

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.

Tuesday, 6 December 2011

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!”

Friday, 2 December 2011

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。

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