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Friday, 27 April 2012

TIME DOTCOM BERHAD正式公布资本回退和资本重组

20号高庭批准后,27号终于公布资本回退和资本重组了。
接下来就看它如何发展了。
等着它的年报。。。



Entitlements (Notice of Book Closure)
Reference No MM-120425-40899

Submitting Merchant Bank
:
CIMB INVESTMENT BANK BERHAD
Company Name
:
TIME DOTCOM BERHAD
Stock Name
:
TIMECOM  
Date Announced
:
27/04/2012

EX-date
:
11/05/2012
Entitlement date
:
15/05/2012
Entitlement time
:
05:00:00 PM
Entitlement subject
:
Others
Entitlement description
:
Date of Entitlement and Notice of Book Closure of TIME dotCom Berhad ("TdC") to determine the shareholders of TdC who will be entitled / subject to the following;

(I)        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 (“Capital Repayment”); and

(II)        Capital Restructuring comprising:

(A)        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 (“Capital Reduction”);

(B)        set-off of TdC’s share premium account against the accumulated losses of TdC; and

(C)        share consolidation of 2,530,775,000 TdC Shares with a par value of RM0.10 each (after the Capital Reduction) into 506,155,000 TdC Shares with a 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 (“Share Consolidation”)

(Collectively (A), (B) and (C) are referred to as the “Capital Restructuring”)
Period of interest payment
:
to
Financial Year End
:
31/12/2012
Share transfer book & register of members will be
:
15/05/2012 to 15/05/2012 closed from (both dates inclusive)  for the purpose of determining the entitlements
Registrar's name ,address, telephone no
:
Mega Corporate Services Sdn Bhd
Level 15-2, Sheraton Imperial Court
Jalan Sultan Ismail
502500 Kuala Lumpur
Tel : 603-2692 4271
Payment date       
:
30/05/2012

a.

Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers
:
15/05/2012

b.

Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
:


c.

Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
:

Entitlement indicator
:
Currency
Currency
:
Malaysian Ringgit (MYR)
Entitlement in Currency
:
0.02

Remarks :
On 20 April 2012, TdC had obtained an order from the High Court of Malaya, Kuala Lumpur confirming the Capital Repayment and Capital Restructuring pursuant to Sections 60 and 64 of the Companies Act, 1965.

The existing issued and paid-up share capital of TdC is RM2,530,775,000 comprising 2,530,775,000 ordinary shares of RM1.00 each.

Upon the completion of the Capital Repayment and Capital Restructuring, the issued and paid-up share capital of TdC shall be RM253,077,500 comprising 506,155,000 ordinary shares of RM0.50 each.

With the introduction of SPEEDS by Bursa Malaysia Securities Berhad (“Bursa Securities”), there will not be any suspension in the trading of TdC Shares for the purposes of implementation of the Capital Repayment and Capital Restructuring.

The shares in relation to the Share Consolidation will be listed and quoted on the Main Market of Bursa Securities on 16 May 2012, being the next market day following the entitlement date of 15 May 2012.

This announcement is dated 27 April 2012.





Wednesday, 25 April 2012

Strive for the creative monopoly

翻报时无意间看到的文章。写得很好!
是关于现代人竞争的思维抑制了创意。


读过《The Science of Getting Rich》的人不会对以下这段感到陌生:
世间万物源于一种按照规律运行的宇宙能量。宇宙能量蔓延、渗透并且充满整个宇宙空间。

宇宙能量按照不同规律运行,便创造出了不同物体或不同的运动过程。

人们可以在自己的思想中构想物体,并通过自己的思想影响无形的宇宙能量,促使自己所构想的物体被创造出来。

为了达到这个目的——创造出自己希望拥有的一切,每一个人都要抛弃“竞争”的致富观
选择“创造致富”的道路,我们必须在大脑中构想出所希望得到的东西——财富愿望图像,并将这幅图像深深印刻在自己心中,
坚信总有一天能够获得愿望图景中的所有财富。

这种坚定的致富信念,能将所有削弱渴望、动摇目标、破坏意志的杂念和事情阻挡在自己身外。

Strive for the creative monopoly
Whether in business, politics or school, the competitive arena undermines innovation

by David Brooks
04:45 AM Apr 25, 2012


As a young man, Mr Peter Thiel competed to get into Stanford. Then he competed to get into Stanford Law School. Then he competed to become a clerk for a federal judge. Mr Thiel won all those competitions. But then he competed to get a Supreme Court clerkship. Mr Thiel lost that one.

So, instead of being a clerk, he went out and founded PayPal. Then he became an early investor in Facebook and other celebrated technology firms. Somebody later asked him: "So, aren't you glad you didn't get that Supreme Court clerkship?"

The question got Mr Thiel thinking. His thoughts are now incorporated into a course he teaches at Stanford. One of his core points is that we tend to confuse capitalism with competition. We tend to think that whoever competes best comes out ahead. In the race to be more competitive, we sometimes confuse what is hard with what is valuable. The intensity of competition becomes a proxy for value.

In fact, Mr Thiel argues, we often should not seek to be really good competitors. We should seek to be really good monopolists.

Instead of being slightly better than everybody in a crowded and established field, it's often more valuable to create a new market and totally dominate it. The profit margins are much bigger, and the value to society is often bigger, too.


OFF THE BEATEN TRACK

Now to be clear: When Mr Thiel is talking about a "monopoly", he isn't talking about the illegal eliminate-your-rivals kind. He's talking about doing something so creative that you establish a distinct market, niche and identity. You've established a creative monopoly and everybody has to come to you if they want that service, at least for a time.

His lecture points to a provocative possibility: That the competitive spirit capitalism engenders can sometimes inhibit the creativity it requires.

Think about the traits that creative people possess. Creative people don't follow the crowds, they seek out the blank spots on the map. Creative people wander through faraway and forgotten traditions and then integrate marginal perspectives back to the mainstream. Instead of being fastest around the tracks everybody knows, creative people move through wildernesses nobody knows.

Now think about the competitive environment that confronts the most fortunate people today and how it undermines those mindsets. First, students have to jump through ever-more demanding, pre-assigned academic hoops. Instead of developing a passion for one subject, they're rewarded for becoming professional students, getting great grades across all subjects, regardless of their intrinsic interests. Instead of wandering across strange domains, they have to prudentially apportion their time, making productive use of each hour.

Then they move into a ranking system in which the most competitive college, programme and employment opportunity is deemed to be the best. There is a status funnel pointing to the most competitive colleges and banks and companies, regardless of their appropriateness.

Then they move into businesses in which the main point is to beat the competition, in which the competitive juices take control and gradually obliterate other goals.

I see this in politics all the time. Candidates enter politics wanting to be authentic and change things. But once they enter the campaign, they stop focusing on how to be change-agents. They and their staff spend all their time focusing on beating the other guy.

They hone the skills of one-upsmanship. They get engulfed in a tit-for-tat competition to win the news cycle. Instead of being new and authentic, they become artificial mirror opposites of their opponents. Instead of providing the value voters want - change - they become canned tacticians, hoping to eke out a slight win over the other side.

DON'T COMPETE - INVENT

Competition has trumped value-creation. In this and other ways, the competitive arena undermines innovation.

You know somebody has been sucked into the competitive myopia when they start using sports or war metaphors. Sports and war are competitive enterprises. If somebody hits three home runs against you in the top of the inning, your job is to hit four home runs in the bottom of the inning.

But business, politics, intellectual life and most other realms are not like that. In most realms, if somebody hits three home runs against you in one inning, you have the option of picking up your equipment and inventing a different game. You don't have to compete - you can invent.

We live in a culture that nurtures competitive skills. And they are necessary: Discipline, rigour and reliability. But it's probably a good idea to supplement them with the skills of the creative monopolist: Alertness, independence and the ability to reclaim forgotten traditions.

Everybody worries about American competitiveness. That may be the wrong problem. The future of the country will probably be determined by how well Americans can succeed at being monopolists. THE NEW YORK TIMES

David Brooks is a New York Times Op-Ed columnist.


http://www.todayonline.com/World ... e-creative-monopoly


Monday, 23 April 2012

Timecom & Maybank 新闻

Timecom不知给了HLIB和OSK什么好处,被他们唱好了很久。
MBB开始在泰国发功了,去吧!! 有了印尼和泰国,何愁不成长,
不要乱买银行就好了。


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OSK Research upbeat on TIME dotCom

OSK Research said TIME dotCom Bhd is on track to become a regional wholesale service provider due to the much anticipated acquisition of Global Transit entities and AIMS Group.

"We expect the new enlarged entity to leverage on each other's strengths to provide a more holistic one-stop solution to their wholesale customers," it said in a research note today.

The research house said the enlarged group would have an extensive regional footprint with connectivity from Asia, all the way to the United States.

"We think that with the multiple proposals in the pipeline, there may be a re-rating of the stock, especially when the operations of the acquirees are consolidated together with TIME dotCom later during the year," it said.

OSK Research reiterated its "buy" call on TIME dotCom, with 87 sen fair value. -- BERNAMA


--------------------------------------------------------------------------------------------
Maybank looks for Thai bank biz opportunity
BANGKOK: Malaysia’s top lender Malayan Banking Bhd (Maybank) is exploring a bank business opportunity in Thailand but it is not in active talks about acquiring a stake in TMB bank Pcl, its chief executive said today.

“We are not in any active discussion,” Maybank CEO Abdul Wahid Omar told reporters when asked if it planned to buy a stake in TMB.

He was in Bangkok to join with its brokerage unit Maybank Kim Eng Securities (Thailand) Pcl to announce the strategy of its investment banking business in Thailand.

Reuters cited sources as saying that ING was putting its 31 per cent stake in TMB, Thailand’s seventh-largest lender, up for sale as the Dutch financial services group pushed ahead with Asian divestment. - Reuters

Read more: Maybank looks for Thai bank biz opportunity http://www.btimes.com.my/Current ... _html#ixzz1srn3moLM

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Maybank Kim Eng to grow Thai business

BANGKOK: Regional investment banking group Maybank Kim Eng aims to grow its brokerage market share in Thailand to up to 13 per cent this year from 11.8 per cent in 2011, in a bid to remain as the country's top broker.

The group, owned by Malayan Banking Bhd (Maybank), has been ranked the top broker here for each of the past ten years through its local unit Maybank Kim Eng Securities (Thailand).

"Our target is to grow market share to about 12 per cent to 13 percent this year," the Thai unit's chief executive officer Montree Sornpaisarn told reporters here at a press conference on Monday.

He said the firm would strive for "quality" growth and avoid client-pinching as a means to grow.


"We don't want to create pressure in the industry by setting too aggressive a target," he added.

Maybank Kim Eng Securities, which has 45 branches including its head office, currently accounts for 28 per cent of the Maybank Kim Eng group's revenue. The unit made a net profit of 654 baht last year, on the back of revenue of 3.2 billion baht.

It will add three new branches this year and will start wealth management and offshore trading services for its clients as it looks to cement its lead in Thailand.

Maybank president and CEO Datuk Seri Abdul Wahid Omar, who was also present, said Thailand is an important component of the Maybank group given that the country is the second largest economy in the Southeast Asian region. An economic growth of about 5 per cent is expected in each of the next five years, he said.

"This is part of the reason why we acquired Kim Eng Holdings," he remarked.

Maybank bought into Kim Eng Holdings early last year in a move that immediately gave it an investment banking and brokerage presence in the region.



Read more: Maybank Kim Eng to grow Thai business http://www.btimes.com.my/Current ... _html#ixzz1srnH1lrj

高庭批准Timecom资本重组和资本回退了

差点看漏,高庭已批准资本重组和资本回退了。接下来的企业动作陆续会完成。不知回退RM0.02 会对星期一股价有什么影响




General Announcement
Reference No MM-120420-35122

Submitting Merchant Bank
:
CIMB INVESTMENT BANK BERHAD
Company Name
:
TIME DOTCOM BERHAD
Stock Name
:
TIMECOM  
Date Announced
:
20/04/2012


Type
:
Announcement
Subject
:
MULTIPLE PROPOSALS

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”)

Announcement Details/Table Section :


We refer to our earlier announcements dated 15 November 2010, 6 December 2010, 24 February 2011, 15 March 2011, 24 March 2011, 30 March 2011, 10 June 2011, 30 June 2011, 20 September 2011, 24 October 2011, 11 November 2011, 15 November 2011, 22 November 2011, 21 December 2011, 30 December 2011, 19 January 2012 and 24 February 2012 in relation to the Proposals.
Unless otherwise stated, words and phrases used in this announcement shall have the same meanings as defined in the aforesaid announcements.

On behalf of TdC, CIMB Investment Bank Berhad is pleased to announce that the High Court of Malaya, Kuala Lumpur has today granted an order confirming the Proposed Capital Restructuring and Proposed Capital Repayment by TdC pursuant to Sections 60 and 64 of the Companies Act, 1965.

The relevant order is in the process of being extracted and an office copy of the order for the Proposed Capital Restructuring and Proposed Capital Repayment will be lodged with the Registrar of Companies for the Proposed Capital Restructuring and Proposed Capital Repayment to take effect accordingly.

Accordingly, the entitlement date for the Proposed Capital Repayment and Proposed Capital Reduction will be announced in due course.


This announcement is dated 20 April 2012. 
  




Friday, 20 April 2012

網絡電視開戰 Astro VS HyppTV - 政府 KO Astro

4月17号那天才写了網絡電視開戰 Astro VS HyppTV,担心TM会威胁到Astro 的IPTV (与TIMECOM合作的) ,哪料19号以下的新闻出来就差不多把Astro KO了。 體育賽事播映權開放将为Astro带来致命一击,我真的想不出任何理由再签购Astro配套了。不如把我的streamyx upgrade去UniFi, 给个十多块买体育配套算了(尤其是mamak档)。TM得势不饶人,接下来可能还有大把动作来,持有的朋友恭喜了。
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分享大型运动节目播放权 马电讯料成最大赢家

(吉隆坡19日讯)分析员认为,马电讯(TM,4863,主板贸服股)将是新闻、通讯及文化部公布执行免付费电视台分享大型运动节目播放权的大赢家。

新闻、通讯及文化部长拿督斯里莱士雅丁宣布,为了让更多大马人观赏世界级运动盛会,决定今年5月1日开始让所有世界运动盛会播放权的免付费电视台、可从持有该节目播放权的付费电视台以合理的代价分享节目内容。

同样的,若免付费电视台拥有播放权,付费电视台也可分享内容。

Astro首当其冲

据了解,上述运动盛会包括了奥林匹克运动会、联邦运动会、亚运会、东南亚运动会、马来西亚运动会、汤姆斯杯和优伯杯、全英羽毛球公开赛、世界羽联超级系列赛、亚足联亚洲杯、东协足球联盟杯、世界杯足球赛(半决赛和决赛)以及英格兰足球超级联赛。

侨丰投资研究分析员针对上市消息表示,Astro是首当其冲的业者。

目前,Astro独家播放的运动盛会节目包括世界杯足球赛和巴克萊超級足球联赛,而后者下一季比赛播放权将在2012年第3季开始竞投。

至于赢家则分别是马电讯、亚洲广播网络(ABN),以及拥有多数免付费电视台的首要传媒(Media,4502,主板贸服股)。

“播放权开放后,马电讯将成为最大赢家。因为它可分享Astro的运动盛会节目,并借此加强其网络电视(IPTV)业务。”

分析员就马电讯互联网和数据业务表现良好、上述消息更为网络电视发展锦上添花而继续“买入”评级,目标价5.90令吉。
http://www.nanyang.com.my/node/438900?tid=462

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體育賽事播映權開放‧馬電訊最受惠

(吉隆坡19日讯)新闻,通讯及文化部长拿督斯里莱士雅丁週三表示,从下月1日起,所有有利於国家的体育赛事,付费及免付费电视台將一起获得自由播放,不再限於独家播映权。这项规定是在1988年通讯与多媒体法令下执行。

分析

侨丰研究指出,放宽电视內容共享管制架构有利马电讯(TM,4863,主板贸服组),因將可广播目前Astro独享的热门体育赛事,特別是通过Unifi网路电视(IPTV)的有力竞爭。其他受惠广播或电视经营者包括明讯(MAXIS,6012,主板贸服组)、首要媒体(MEDIA,4502,主板贸服组)旗下电视台等。

该行指出,上述规定对国內唯一付费电视Astro的打击最为沉重,因为將面对马电讯、明讯等对手的直接竞爭。

Astro最受打击

列为有利於国家的体育直播赛事包括世界杯、英超联赛、奥运会、共运会、亚运会、东运会、马运会、汤尤杯赛、全英赛、BWF世界羽球超级系列赛、亚洲杯足球赛等。

目前Astro持有独家广播映权的主要体育赛事,包括英超联赛、世界杯等。

该行看好马电讯,合理价为5令吉90仙,或等於2013年財政年股值/营运盈利比6倍水平。而首要媒体也受看好,合理价为3令吉1仙,等於2012年財政年预测本益比的14倍水平。两股皆获得“买进”评级。(星洲日报/財经)
http://biz.sinchew-i.com/node/59413

Thursday, 19 April 2012

略谈股息再投资计划 - 双重火箭?



有关Maybank股息再投资计划的利与弊我时常在思考,毕竟MBB是我开始以
贮存这个策略来投资的第一支股。
由于持有,想法毕竟不能做到百分百客观,所以有必要写出来讨论。有错请矫正。

在《略谈马银行的股息再投资计划》里我已不厌其烦的提到DRP对看好MBB前景的长期投资者的好处。

注意我说的是
看好MBB前景+长期投资者
不看好的就别浪费时间看下去了,直接买别的股吧;不想长期拥有也就此打住,省省眼力吧。

股息再投资计划最争议的地方是会增加股数,从而冲淡每股盈利,所以被认为是朝三暮四的游戏操作。

股息再投资真的只是数字游戏,完全没好处吗?这点我不认同。


股息再投资计划对每股盈利的影响有三种可能


1。股数增加,每股盈利下降-

原因:股数的增长超越盈利的增长;盈利呆滞不前,股数多了自然就会冲淡每股盈利。

2。股数增加,每股盈利保持不变

原因:盈利与股数同步增长,变成每股盈利维持不变。

3。股数增加,每股盈利也增长

原因:盈利的增长超越股数的增长。

以上的例子,清楚显示如果要实行股息再投资计划,又不要每股盈利太难看的话,明年盈利一定要超越股数的增长。

逻辑思考:银行有KPI,如果没把握的话也不会发行太多的新股,这会影响ROE等数字。



简单例子:

一间公司由100股组成,
假设大股东A有50%股份即50股,B有40股,C有10股。
2010年盈利RM100
股价=RM1
公司每次把盈利100%派息。
那么EPS= 100/100 =RM1


情况一


公司允许把这次全部盈利都放进股息再投资计划,股东可以以50%的折扣(RM0.50)买新发售的股。

如果全部股东都参与DRP,那么明年2011这间公司的股数会变成100+200=300
假设大股东A有50%股份即50股,B有40股,C有10股。
A把这次全部盈利都放进股息再投资计划,股数会变成50+100=150
150/300=50%,A还是持有50%股份。

a.) 如果2011年盈利RM100

那么EPS= 100/300 =RM0.3333

b.) 如果2011年盈利RM300

那么EPS= 300/300 =RM1

c.) 如果2011年盈利RM400

那么EPS= 400/300 =RM1.3333

如果公司盈利呆滞不前还是赚了RM100, A最后还是会得到RM0.3333X150=RM50的股息。

虽然EPS数目不美,但只要公司维持盈利,得到的钱与股息再投资前还是一样。



情况二


公司允许把这次全部盈利都放进股息再投资计划,股东可以以50%的折扣(RM0.50)买新发售的股。

假设大股东A有50%股份即50股,B有40股,C有10股。
如果只有A和B股东参与DRP,那么明年2011这间公司的股数会变成100+180=280
A把这次全部盈利都放进股息再投资计划,股数会变成50+100=150
150/280=53.57%,A已经持有53.57%的股份了。


如果2011年盈利RM100

那么EPS= 100/280 =RM0.357

如果2011年盈利RM300

那么EPS= 300/280 =RM1.071

如果2011年盈利RM400

那么EPS= 400/280 =RM1.426

如果公司盈利呆滞不前还是赚了RM100, A最后还是会得到RM0.357X150=RM53.55的股息。

比情况一多了RM3.55
虽然EPS数目不美,但只要公司维持盈利,由于A的股份增加了,得到的钱也多了。


小结:

每次DRP,只要有人不参与而你又全部投资进去的话,你的股份就会不断增加,而且不用额外成本。

那么持续
贮存赚钱又有成长的公司 (DRP这个举动已是暗示),
再加上有人弃权出场,你就有如骑着双火箭飞往你的目的地。

DRP也为MBB筛选了一批长期投资者为股东,短期可能股价会被参与DRP的以较高价脱手,

但长期而言越来越多的股票会集于长期投资者的手里,进而使股价稳定与一路往北(前提是公司继续赚钱)

注:

当然以上是可算白痴性和过于简单的例子,省略了很多如股价波动,盈利可行性,还有我没想到的因素,
如有请指点。不过大致上我要表达的是一个看好MBB(虽然不是最好),和打算持续加码拥有的投资者对DRP带来的影响。




                         股数增加,EPS也增加














                         DRP参与率在86%-91%

                      
                                               MBB Dividend Reinvestment Plan History



Cash
(sen)
DRP
(sen)
Total
(b4 tax)
Issue Price (RM)DiscountNew Share IssueEnlarge Share
Capital
% increased
Pick up Rate
30-Jun-10440447.7RM0.85/9.9% to Ex-Dividend VWAMP of RM8.5524425762370779827683.4588.59
30 June 2011 interim424267.7RM0.82/9.6% to Ex-Dividend VWAMP of RM8.5215596567673222403912.1391
30 June 2011 Final428327.3RM0.62/7.83% to Ex-Dividend VWAMP of RM7.9216122141676394374832.1686.1
30 Dec 2011 FP432368.0RM0.49/5.77% to Ex-Dividend VWAMP of RM8.49    539254411  N/A7.06N/A

Wednesday, 18 April 2012

略谈马银行的股息再投资计划 - 选择权 - 民主经济?

                                               MBB Dividend Reinvestment Plan History
 

Cash  (sen) DRP  (sen) Total (b4 tax) Issue Price (RM) Discount New Share Issue Enlarge Share Capital  % increased  Pick up Rate
30-Jun-10 4 40 44 7.7 RM0.85/9.9% to Ex-Dividend VWAMP of RM8.55 244257623 7077982768 3.45 88.59
30 June 2011 interim 4 24 26 7.7 RM0.82/9.6% to Ex-Dividend VWAMP of RM8.52 155965676 7322240391 2.13 91
30 June 2011 Final 4 28 32 7.3 RM0.62/7.83% to Ex-Dividend VWAMP of RM7.92 161221416 7639437483 2.16 86.1
30 Dec 2011 FP 4 32 36 8.0 RM0.49/5.77% to Ex-Dividend VWAMP of RM8.49
539254411
N/A 7.06 N/A



MBB这次的新股定价RM8.00。
从我整理的数据显示这次股息再投资计划是历来最大规模
(占总股~7%),折扣最少(5.77%)和售价最高的一次。

关于股息再投资计划有褒有贬,其中理由不再赘述,

但有个问题需要拿出来与大家讨论讨论。

股息再投资的目的到底是什么?
巴菲特爷爷认为,如果一间公司不能为赚取的盈利找到更好的回酬,那么该公司便应该把盈利以股息派出去。
MBB扩张海外需要一定的资金,所以为股东提供了股息再投资计划,也意味他们相信能为股东带来一定的回酬。

来到这里,我们有2个选择:
1。不相信,认为别的公司能提供更高回酬,不参与DRP。
2。相信管理层能为我们带来更高回酬 , 参与DRP。

对长期投资者而言,如果你对该公司没有信心能为你带来更满意的回酬,干嘛还把钱放在那里?
所以股息再投资计划为你提供了退出公司的理由,因为你的股权会被稀化,赶快拿钱就跑。

对长期投资者而言,如果你对该公司有信心能为你带来更满意的回酬,那股息再投资计划为你省了一笔费用。
之前我还为退休者‘被逼’参与DRP而惋惜,但去了这次的股东大会后我的看法变了。
那天,发问关于DRP的,不是关心他们的现金股息变少(如果他们要维持股权便得参与DRP),
而是建议如何减少DRP费用,如:

1。一年给一次股息以减少 RM10 duty stamp (分两次要给多RM10)
2。一次性永久选择参与DRP,减少公司邮费,不用每次寄信问要不要再投资,也省了RM10 duty stamp

真人真事,当有关人士提出有关建议时,我四周的uncle aunty都是发出赞同的声音。
对我而言有关人士的提问也引起我的共鸣。


如果你要长期投资在一间有成长公司,你认为那个处理盈利的方法最好?
1。派发50%股息,其余留在公司。

如果你觉得还是公司的回酬最好,你再透过经纪买进股票。
2。派发50%股息,其余留在公司。

但提供股息再投资计划,给RM10duty stamp买进股票.
3。不派发股息,100%留在公司以供发展。

相信选项2是比较平衡的做法,

因为它有一样我觉得很重要的东西- 选择权。

你选择拿现金 - 看坏
你选择拿现金 - 不看坏
你选择再投资 - 看好

拿现金,有时也不一定代表看坏,可能当时有需要用到钱;或者当时的环境不明朗,手握现金为王;又或者有信心可以以更低价累计有关股票

拿现金+看坏,不用多说,接下来关于每股盈利被稀化的问题不用讨论了,都看坏了,干嘛还把钱留在公司里?

看好,你要再投资,选项1有什么问题?
如果你有100lots,10000X0.24=RM2400, 经纪费大概RM20
如果你有1000lots,100000X0.24=RM24000, 经纪费大概RM199
‘小数怕长计’,看来uncle aunty理财有方


让我选,虽然看好MBB的未来发展,但也未大胆到选择3。
始终有股息比较踏实
至于每股盈利被稀化的问题,下回再讨论。

新股定价8令吉‧马银行价量齐升



(吉隆坡18日讯)马来亚银行(MAYBANK,1155,主板金融组)宣佈股息再投资计划(DRP)的新股发行价定在每股8令吉。

分析

大马研究认为,上述发行价虽高於其预测的7令吉70仙,然而仍符合预期。

新股定价甚具吸引力,刺激该股价量齐升,週二上扬6仙至8令吉87仙,成交量高达1千343万9千500股。

分析员说,马银行建议派发每股36仙股息,可选择部份定为32仙,由此可选择是否参与股息再投资计划;至於另4仙將以现金发出,扣除税务后將获净派息3仙。

至於再投资计划下所订8令吉的新股股价,是按5天成交量加权平均市价(VWAMP)8令吉85仙扣除36仙总股息,得8令吉49仙再折价49仙或5.77%,等於8令吉。

维持“买进”评级,目標价9令吉80仙,重估动力来自资產素质改善、股本回酬提昇、派息超越预期等。(星洲日报/財经)
http://biz.sinchew-i.com/node/59340

Monday, 16 April 2012

網絡電視開戰 Astro VS HyppTV





真人真事:


有个Astro用户装了Unifi,以便宜的价钱签了IPTV然后把Astro取消了。
不知道这会不会造成类似风潮,但HyppTV带来的威胁和对IPTV对使用者的好处开始展现了。


当中的逻辑很简单
1。Astro有的节目IPTV都可以以每频道~ RM6/month看到如Nat Geo, BBC, STAR Chinese Mov2 等,
2。我们再也不用像被Astro规定拿很多没用的频道配套了,如只拿华文戏和运动台。


Astro通常都是以华丽台和足球直播取胜,如果IPTV有足球直播那么Astro可能会流失很多顾客了。
因为有了Unifi光纤高速网路,港剧可以快速下载来看;但足球直播对于热爱足球(赌球)的人是不能省的。
现在HyppYV好像没有足球直播,但以后HyppTV肯定还会继续增加频道的,或者找到个稳定的网上直播足球网站那它就完蛋了。


TM的势头越来越盛,处于十分有利的位子(太想买它了)。
不知道Astro会出什么招来保持它的收费电视地位呢?
现在有点明白为何Astro不和TM合作了


看TM网站的F&Q不难看得出他们以Astro为假想敌。
还有免费频道先让你适应用IPTV,厉害吧。


What is the difference between HyppTV and other satellite TV operators?


HyppTV is different from other satellite TV operators in that it is delivered via a High Speed Broadband network to your TV. This gives you added benefits such as not being susceptible to bad weather. Being on a broadband platform, you can also experience interactive applications.


HyppTV also differs in term of the pricing model, which is an On-Demand approach. This means you pay only for the LIVE TV channels, movies or series you want to watch, rather than paying for the whole package. In addition, the service delivers Hollywood latest season of Series on Demand such as, CSI and Criminal Minds.




HyppTV Free Channels are bundled within all UniFi consumer VIP packages. The channels are:
TV1
TV2
TV3
NTV7
8TV
TV9
Bernama TV
Hikmah
DW-TV Asia+
Australia Network
Channel NewsAsia
Euronews
Travel Channel HD
Luxe.TV HD
Bloomberg TV
Hot FM
Fly FM
One FM
TV AlHijrah






话说回头,我的Timecom不知能不能以反方向来掠取broadband市场呢?
Tm挟着家家户户安装unifi来顺水推广IPTV;难道Timecom不能以家家户户都有Astro来乘机推广它的broadband服务?
据知Astro已在巴生河流域和槟城公寓推广由Timecom支持的IPTV了,快快把TM的broadband市场抢掉






Why is Astro B.yond IPTV only available to multi dwelling units in selected locations?


We are currently leveraging on our telco partner's (TIME) fibre network to deliver IPTV via high-speed broadband. Our telco partner is currently only rolling out fibre broadband in selected condominiums in Klang Valley and Penang. Astro will make arrangements to offer the IPTV service in landed properties as well, if there is strong demand from landed properties. Please check IPTV locations and availabilities for the latest updates.


網絡電視開戰‧新收費電視台登場‧電訊公司出招搶灘

投資致富
2012-04-16 10:43


電訊業發展步伐迅速,變革多端,沒有永遠的定律,也沒有永遠的第一名。像有“電訊魔童”之稱的香港城市電訊主席王維基,上週以約50億港元悉售電訊業務股 權,撤出電訊業,勢要背水一戰強攻免費電視業務,台前幕後的挖角潮更不斷上演;一旦正式接獲電視執照,香港電視圈勢必陷入大混戰。


雖然大馬的電訊業還未到達如此“大打出手”的地步,但近年來本地業者為了搶佔更大的市場份額,也各出其謀要跑贏競爭對手。


網絡電視大戰開打、ASTRO潛在回歸馬股及新收費電視台登場等,料是引領電訊業邁向另一高潮的推手,本期《投資致富》繼續跟進電訊業的最新進展及未來的多元性發展。


新舊面孔齊聚一堂搶灘,看看誰能笑到最後?



ASTRO與時光網
推出高清頻道



王維基曾說過:“狹路相逢勇者勝,勇者相逢智者勝”,他從電訊業走向電視業,不斷拓展傳媒事業王國,靠的就是智勇雙全的一身好本領。


香港今年將有3家新免費電視台登場,改寫以往無線獨大、亞視勢弱的局面。免費電視台之間硝煙滾滾,昭示一場惡戰即將啟動。


ASTRO重新上市
料可籌15億美元


無論如何,本地電訊業的熱鬧氣氛也不輸香港,特別是盛傳已久的ASTRO重新上市案,相信落實的可能性相當大,有助為電訊業的熾熱氣氛保溫。


據悉,多家投資銀行曾針對潛在重新上市案與ASTRO接觸,並進行討論,相信時機是關鍵因素。熟悉有關事件的人士也指出,ASTRO重新掛牌料可籌措大約15億美元的資金,且預計售股計劃會在年杪之前展開。


大馬富豪丹斯里阿南達是在2010年6月將ASTRO私有化,一旦重新上市,僑豐研究相信會與姊妹公司明訊的情況一樣,不會納入海外的印度業務。


不排除ASTRO明訊合併


“鑒於面對其他電訊業者的競爭,ASTRO重新掛牌是合時宜的,而為了防患未然,ASTRO也與時光網(TIMECOM,5031,主板基建計劃組)聯手推出網絡電視及高清頻道。”


同時,該行也不否定這將再度點燃ASTRO與明訊(MAXIS,6012,主板貿服組)之間的合併課題,並指ASTRO及明訊合併不是不可能的事,因為兩者擁有相同的股東,可合理化國內的媒體及電訊業務。


“ASTRO探討如何透過多元平台以獲得更多用戶,而明訊則轉型成為綜合性電訊業者。”


截至去年杪,ASTRO的用戶群已突破300萬人。




亞洲廣播網絡次季啟播

Thursday, 12 April 2012

馬銀行或競標菲伊斯蘭投行

扩张是好事,但一味买不改善ROE也是枉然。
我较期望有天听到MBB ROE达到20%以上


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



馬銀行或競標菲伊斯蘭投行

大馬
2012-04-11 18:40


(吉隆坡11日訊)國內銀行爭相拓展區域藍圖,隨聯昌集團(CIMB,1023,主板金融組)大舉收購蘇格蘭皇家銀行亞太業務後,
馬來亞銀行(MAYBANK,1155,主板金融組)可能競標菲律賓唯一伊斯蘭商業銀行-Al Amanah伊斯蘭投資銀行。

據悉,Al Amanah銀行正尋求策略夥伴,以脫售49%的股權或整個銀行給具伊斯蘭銀行專才的海外投資者。

擴充東盟版圖

馬銀行表示,該公司擬進一步擴充東盟區域版圖,同時強化在亞太區域的地位。

“隨馬銀行在東盟(包括菲律賓)的地位強穩,這符合馬銀行伊斯蘭銀行進一步延伸區域觸角的目標,我們對新市場保持開放態度。”

馬銀行已在菲律賓擁有商業銀行。

馬銀行旗下馬銀行伊斯蘭銀行是亞太最大的伊斯蘭商業銀行,在全球排名第十七,該行也涉足伊斯蘭保險。

“馬銀行放眼讓印尼和新加坡的伊斯蘭業務成長,這是專注東盟區域市場的目標之一,旗下的伊斯蘭銀行業務也將專注創新和受全球接受的產品與服務,以讓該行和其他伊斯蘭金融機構區別。”

Al Amanah伊斯蘭銀行由菲律賓發展銀行(DBP)掌控,該行已獲菲律賓中央銀行批准,以脫售相關股權,惟仍在尋求股東的批准。Al Amanah伊斯蘭銀行高達99%股權由菲律賓銀行持有,其他為個人投資者。

菲律賓發展銀行總裁兼首席執行員羅沙里歐早前透露,有意在2012年前出售Al Amanah伊斯蘭銀行的部份股權或整個銀行。(星洲日報/財經)

Monday, 9 April 2012

TIME dotCom Berhad董事增持股票

有董事增持股票。看看他是谁。
这位月薪RM7172.30的董事,算他300000unit都以最低价rm0.67买进=RM201k
等于2。33年的工钱买进公司股票(他可能有别的收入),是看好?还是假动作?

(3号最高RM0.695,最低RM0.680;
4号最高RM0.685,最低RM0.670)



Kok, Lai Huat Brief Biography

Mr. Kok (Ronnie) Lai Huat is Senior Independent Non-Executive Director of TIME dotCom Berhad. He was appointed to the Board of the Company on January 31, 2008. He is Chairman of the Audit Committee and Member of the Nomination and Remuneration Committee. He holds a Degree in Business Administration from the University of Strathclyde, United Kingdom. Prior to joining the Board of the Company, he held the position of Global Head of Marketing at Sampoerna International from September 2004 to January 2007 and was Sampoerna Malaysia's Marketing Director from June 2002 to August 2004. Between 1996 and 2002, he served as Vice President of Marketing & Sales at JT International Tobacco Sdn Bhd where he also held the position of Executive Director on the Board of the company.

Basic Compensation
Total Annual Compensation, MYRLong-Term Incentive Plans, MYRAll Other, MYRFiscal Year Total, MYR
86,068----86,068









Changes in Director's Interest Pursuant to Section 135 of the Companies Act. 1965
Reference No TD-120406-52841
Company Name
:
TIME DOTCOM BERHAD
Stock Name
:
TIMECOM
Date Announced
:
06/04/2012

Information Compiled By Bursa Malaysia

Particulars of Director
Name
:
Ronnie Kok Lai Huat
Address
:
No. 28, Jalan Seri Beringin 2
Seri Beringin
Bukit Damansara
50490 Kuala Lumpur
Descriptions(Class &
nominal value)
:
Ordinary shares of RM1.00 each

Details of changes
Currency
:
Malaysian Ringgit (MYR)

Type of transaction
Date of change
No of securities
Price Transacted ($$)
Acquired
03/04/2012
104,000

Acquired
04/04/2012
196,000




Circumstances
by reason of which change has occurred
:
Acquisition of shares on open market.
Nature of
interest
:
Direct
Consideration (if any)
:

Total no of securities after change
Direct (units)
:
300,000
Direct (%)
:
0.01
Indirect/deemed interest (units)
:
0
Indirect/deemed interest (%)
:
0
Date of notice
:
06/04/2012

Remarks
The notice was received on 6 April 2012.

Monday, 2 April 2012

总结2012年第一季投资成绩。

受了论坛大大的影响,这次敢敢公开买入均价。


算法这里讲一下以防连我自己也忘记怎样算。


Capital Gain = [(current price - average price)/average price]*100%


Net dividend = [cash received/avarage price ]*100%


Average price for Maybank : share acquired from dividend reinvestment plan considered as zero cost.


Current price = stock close price on 30/3/2012




-基本上持股没有变动,今年只加码了一次Timecom和减持了一次Stareit。
-现金放去更好ROI的地方,没有增加在股票户口。
-Stareit不打算增持,可能会慢慢卖掉转去MBB。
-MBB派的股息全部拿去再投资,现金部位80%都是等机会买MBB的,从去年等到现在。。。
-Timecom在5股合一前会加码最后一次(到占portfolio15%),过后便看天了。



COMPANY% by CostAverage Buy In PriceCurrent PriceCapital Gain (%)Net Dividend % (Jan-March2012)
STAREIT26.88            0.860.9308.104.56
MAYBANK34.33            7.798.87013.863.30
TIMECOM10.88            0.600.67512.500
CASH27.91




KLCI +4.3%



继续注意高成长/有堡垒的公司,高成长为先,堡垒在后。
近期留意的有:


1。社区购物中心 - Aeon,Parkson&Hectar。
人民生活习惯的改变增加对社区购物中心的需求,生意模式易懂,品牌效应,可以开分行高成长。


2。饮食-Oldtown,F&N
工厂制造的产品可以输出海外夺取更大市场,生意模式易懂,品牌效应,可以开分行高成长。


3. 博彩业-云顶
赌场执照的稀有造成堡垒,生意模式易懂,收入可观,利润度高。


4。其他-仙股,不能投资太多,风险超高,只做短期交易但长期观察。
Gocean- 特别独有技术提高提炼油棕效率。
R&A - 在赚钱的通讯业相关业务。

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