【~~novice05~~个人专区】持续学习中。。。

novice05

一些旧文，选择投资产业时可以参考。

MRT Line 1 三十一个站
http://www.mymrt.com.my/en/sbk/stations-list

MRT Line 1 Elevated Works Q4 2014 Progress Video

MRT Line 1 Underground Works Package Time Lapse Progress Video 2015

MRT Line 2 公众检视巡回展地点
http://www.mymrt.com.my/en/ssp/public-inspection/introduction

MRT Line 2  Sungai Buloh- Serdang- Putrajaya (SSP Line) Alignment video

LRT Line 3 公众检视巡回展地点
http://www.myrapid.com.my/media-centre/media-releases/2015/prasarana-organises-public-inspection-its-latest-light-rail-transit

LRT Line 3

BRT Sunway Line

novice05

英国央行降息。。。

Bank of England cuts rates for first time since 2009, restarts bond purchases
By Reuters / Reuters   | August 4, 2016 : 7:59 PM MYT   

LONDON (Aug 4): The Bank of England cut interest rates for the first time since 2009 on Thursday and said it would buy 60 billion pounds of government debt to ease the blow from Britain's June 23 vote to leave the European Union.

The central bank said it expected the economy to stagnate for the rest of 2016 and suffer weak growth throughout next year, and lowered its main lending rate to a record-low 0.25% from 0.5%, in line with market expectations.

But it also launched two new schemes, one to buy 10 billion pounds of high-grade corporate bonds and another — potentially worth up to 100 billion pounds — to ensure banks keep lending even after the cut in interest rates.

Most MPC members also expected to cut Bank Rate again this year to a rate "close to, but a little above zero", if the economy performed as poorly as forecast

"Following the United Kingdom's vote to leave the European Union, the exchange rate has fallen and the outlook for growth in the short to medium term has weakened markedly," the central bank said in its quarterly Inflation Report.

Policymakers were not completely united on how to respond. The cut in Bank Rate and the measure intended to ensure banks passed it on to consumers — known as the Term Funding Scheme (TFS) — gained unanimous support.

But three policymakers — Kristin Forbes, Ian McCafferty and Martin Weale — opposed raising the target for quantitative easing government bond purchases to 435 billion pounds from the 375 billion total reached in late 2012.

Forbes also opposed the purchases of corporate debt — something the BoE did briefly after the financial crisis, but more to aid market functioning than to boost growth.

Many economists had expected Forbes to oppose a rate cut after she said last month that the central bank should not panic and instead wait for more data on the scale of Britain's economic slowdown.

While many business surveys show Britain's economy has slowed sharply and may even be entering recession, it is too soon for official data on how the EU vote is affecting output.

The BoE left its forecast for growth this year steady at 2.0%, as the economy expanded faster in the first half of 2016 than it had expected in May.

But 2017 brings a sharp downgrade to growth of just 0.8% from a previous estimate of 2.3% — the biggest downgrade in growth from one Inflation Report to the next, exceeding what was seen in the financial crisis. The growth outlook for 2018 was cut to 1.8%.

The BoE also revised up its inflation forecasts sharply, due to the big fall in sterling since the financial crisis, predicting it will hit 2.4% in 2018 and 2019. The MPC said the costs of trying to bring it back to its 2% target in the immediate future would exceed the benefit.

The Monetary Policy Committee launched the Term Funding Scheme to make sure that the lower levels of interest rates now set by the Bank of England are reflected in the costs commercial banks charge households and companies to borrow funds.

The Bank said it does not expect the scheme to lead to significantly faster aggregate loan growth, but to offset any hit to lending from a cut in official interest rates closer to zero.

Eligible institutions will be able to borrow four-year central bank reserves for an initial period of 18 months at rates close to the Bank Rate.

The lowest cost of funding, the 0.25% Bank Rate, will be for banks that maintain or expand net lending to the economy and the BoE will charge a penalty rate if banks reduce net lending.

The MPC said it could adjust the terms and length of the scheme, which is funded by central bank reserves and that the value of lending will be determined by usage of the scheme and could reach around 100 billion pounds.

New finance minister Philip Hammond, who replaced George Osborne last month, authorised the bond purchases and the TFS.

"Alongside the actions the Bank is taking, I am prepared to take any necessary steps to support the economy and promote confidence," Hammond said in a letter to the central bank.

"The government will set out its fiscal plans at the Autumn Statement in the normal way." released alongside its quarterly economic forecasts.
http://www.theedgemarkets.com/my/article/bank-england-cuts-rates-first-time-2009-restarts-bond-purchases

novice05

2015年的旧文章，觉得不错可以参考。未来房屋需求的趋势：

1. Mixed-use developments (aka Fully Integrated Lifestyle Development)
2. Aged care facilities
3. Smaller intelligent homes
4. The dual key concept
5. Green homes

Source: http://propcafe.net/trends-in-malaysian-property-market/

novice05

投机（1）：
公司的净现金占了股价的88%

Land & General 48,000 units @ RM0.42
As at March.2016

Cash = RM525,906,000
Total borrowings = RM83,056,000 + RM95,000 =  RM83,151,000
Outstanding shares = 1,093,091,000
Outstanding ICULS = 100,328,743

Diluted net cash per cash = (RM525,906,000 - RM83,151,000) / 1,193,419,743 = RM0.37

公司基本面是不错的。以2016财政年每股净利RM0.09来看，现在的PE只有4.6。






公司的盈利主要来自于产业发展，和教育。单单产业发展（94.1%）和教育（3.9%)就占了公司98%的营运盈利(Operating profit)。

产业方面，公司目前进行着的PROJECT包括：


国内：Damansara Foresta, Astoria Ampang and Sena Parc.
国外：The Group also has an on-going joint venture project in Melbourne, Australia, called Hidden Valley.
产业投资： (1) The Group leases two levels of retail space within 8trium, our premium integrated commercial project in Bandar Sri Damansara. (2) The Group is also actively marketing its Putrajaya Office Tower in Precinct 3 for lease.


Astroria
Astoria Ampang is a luxury serviced apartment located off Jalan Ampang, Kuala Lumpur. The development follows L&G’s successful project in the same vicinity called The Elements. Astoria Ampang is developed on a 2.3-hectare site and is made up of four blocks of service apartment towers. Each tower is 43 storeys high, with 253 units in each block.



Astoria Ampang is also located close to the Middle Ring Road 2 (MRR2) access. There is also a daily shuttle service from The Elements (and in the future, Astoria Ampang) to KLCC that is provided and managed by the property management company.



The 1st Phase of the development, Tower A and Tower B, was launched in April 2016 and was very well received by both home buyers and property investors. The entire development, with a total GDV of RM840 million, is scheduled to be completed in 2020.


Damansara Foresta
Damansara Foresta is an on-going development that is located next to the Bukit Lanjan Forest Reserve. Construction of Phase 1 has been completed and vacant possession was handed over at the end of December 2015.

The proposed Phase 2 of this development is now open for registration. We expect to start selling the units before the end of 2016 once the relevant approvals are obtained from the authorities. This latest offering will feature two towers of unique homes within nature’s embrace and has a total GDV of RM480 million.

Sena Parc
Our flagship landed residential property development in Negeri Sembilan, Sena Parc comprises bungalows, link-cluster houses, semi-detached cluster homes and apartments. With a GDV of RM600 million, this development, which was formerly a golf course, is set to create a resort-lifestyle experience in and around the state capital of Seremban.

公司位于Bandar Sri Damansara的私人学校 http://www.sribestari.edu.my/



In the Education Division, L&G owns and manages one private education establishment, namely Sekolah Sri Bestari. This establishment collectively offer students an uninterrupted high quality education programme from Kindergarten through to Primary and Secondary levels.

Sekolah Sri Bestari has almost 1000 students in the three schools. It follows the Malaysian national curriculum, KSSR and KSSM. There is also a strong
emphasis on English as well as the Bahasa Malaysia language, as the school prepares students for life and work in an international society.

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

公司一直得不到合理的估值，应该和这新闻有关。


Source: http://www.theedgeproperty.com.my/content/city-country-making-comeback

novice05

PADINI

Padini成立于1971年，开始初期是成衣制造和批发商。1975年开始创立自己的第一个品牌PADINI，接着在1981年创立了品牌VINCCI，随后陆陆续续共建立了好几个品牌如MIKI, SEED, P&CO, PDI, PDI AUTHENTICS分别攻打不同阶层的顾客群。

1999年，第一间Padini Shop在Johor Bahru的City Square开张，面积11,000 square feet (sf),然后在2001改名为Padini Concept Store。Padini1998年上市第二交易板，然后与2004年成功转去主板。

Padini旗下的公司和品牌，其中Vincci Plus和Seed Cafe已经关闭。





曾几何时，Padini的盈利很大程度上受Vincci左右。再看看下面的图表，可以发现这10年来，Vincci品牌已开始没落是胡庸置疑，取而代之的是2006才刚成立的品牌店Brands Outlet(Yee Fong Hung)，而Padini品牌对公司的盈利贡献也越来越显著。其实，对于Vincci销售和盈利的下滑，管理层在2015年报中也做了很清楚的交代，重点在于最后一句话。

“As for Vincci, both the revenues and profits were down from the previous financial year and this was in spite of an increase in the number of outlets retailing its products. In recent years, the brand has lost some traction with its target market as its product designs had not kept pace with the demands of its customers. Traditionally, a very large part of its supply had come from local manufacturers whose products had played quite a significant part in Vincci’s success. Over the years however, due to an unwillingness to upgrade their equipment, a certain amount of redundancy had set in among the local manufacturers rendering them unable to cope with the changes in design trends. Furthermore, a preoccupation with affordable selling prices coupled with a reluctance on the part of the brand to forgo some of its margin meant that less money was put into its product, resulting in deteriorating quality. And then of course, there were also complacency issues with an R&D department that had experienced such a long spell of success. To address these problems, the supply chain has undergone a revamp. Inefficient manufacturers had been phased out and engagement with more design-progressive manufacturers in China had expanded. To improve upon quality, manufacturing costs have been allowed to increase and where absolutely necessary, prices have also been raised. Besides the appointment of a new Brand Manager more than a year ago, a new head of design was also brought on board to rejuvenate the merchandising and R&D departments. While we do not expect Vincci to regain its glory days in the near term, we are optimistic that the decline had been halted.”

这个情形在接下来的几年里应该会持续，直到品牌店Brands Outlet(Yee Fong Hung)的市场逐渐饱和。Brands Outlet以量为主，以捆绑式的销售法提高销售量，服饰注重的是经济实惠，而不是潮流。假如Padini可以经营得当，无疑是一片蓝海，估计这是国际服不会有兴趣的一块。





以下是Padini旗下5大品牌过去10年以来的营业额和税前盈利资料，我们可以看到营业额(Revenue)复合平均成长率为Vincci(5.03%),Padini(14.04%),Brands Outlet(40.83%)，而税前盈利(Profit before tax)复合平均成长率则为Vincci(-5.71%),Padini(15.19%),Brands Outlet(60.19%)。

公司10年来整体的营业额复合平均成长率为13.23%，税前盈利复合平均成长率则为10.57%。



Padini 近几年的毛利率不断下降，是因为公司把专注力放在赚幅较低但TURNOVER较快的Brands Outlet上。



前执行董事陈贵兴对Padini捆绑式销售的解释，

Using a bundled sales strategy, the group has been able to raise sales volumes while maintaining average selling prices (ASP). “For example, you can buy one pair of pants for RM119 or two pairs for RM168. If you opt for the bundle, you are effectively paying RM84 per pair. “This way, I sell twice as many goods without having to resort to heavy discounts,” Chan quips. “By selling two garments in a bundle, I book a smaller profit margin but higher absolute sales, which I can then use to offset my fixed costs.”[size=14.6667px]

[size=14.6667px]Retailers have often complained that seasonal discounts distort the market by traning consumers to wait for sales, leading to short-term spikes in demand. Bundiling, Chan says, allows Padini to create something of a year-long discount without sacrificing its ASP. "If I tell you we are going on sale for next two months, you'll take your own sweet time to buy. We try to minimise our sales days in a year,"


根据报告，公司在国内只占有区区3%的服饰市场（难以置信），假如那属实其实还有很大的市场待开发。刚刚卸下执行董事一职的老功臣陈贵兴，曾经表示Padini目前阶段会把中心放在国内，他也坦言以公司目前的“量”很难与国际大型服饰商竞争，外国的代工商如中国很愿意和他们合作但却不是Padini，所以未来一天Padini大举进军国外时大概会是以并购方式进行。

在国内，Padini的竞争者主要是H&M和Uniqlo（服饰），Charles & Keith（鞋子）。以下是2011年竞争者的店面统计的一张图表。当时H&M还没有在马来西亚开店（2012年开设第一间）。



根据最新可查询到的资料，H&M在短短的5年间已经开设了28间店面，UNIQLO从2011年的3间到今天的35间，CHARLES & KEITH在2008年到今天的28间店面共9年。
比较没有进展的澳洲品牌COTTON ON，6年的时间仅仅增加了4间店面。

再来看看Padini，Padini Concept Store成立于1997年，根据公司的网站目前共有36间。Brands Outlet于2007年开设第一家店面，在短短的10年间就开设了37间。记得前执行董事陈贵兴曾经表示，目前A级的Shopping mall的租凭面积已经买少见少，这也解释了公司近几年大肆扩充店面的原因，假如竞争对手开他们不开，市场份额就会被抢占，所以是必须开，一定要开。

以下是公司在2008-2015年间的店面数量。值得注意的是，近几年来公司都致力于把品牌的单独店面整合在面积更大的Padini Concept Store，这不但可以剩下租金，还可以更有效率的调配库存和人手。根据搜索到的资料，开设一间Brands Outlet店面的成本是Padini Concept Store RM200 per sq ft的一半。除了较低的开店成本，Brands Outlet较低的促销开支，较快的产品周转都有助于公司取得较高的赚幅。


根据搜索到的资料，开设一间(装修)Brands Outlet和Padini Concept Store的成本大约为RM100-RM120/sf和RM220/sf。店面通常介于10,000sf - 13,000sf，有些较大的如Fahrenheit88的可以去到20,000 sf，所以一间店面的开设成本介于RM1.3mil(Brands Outlet)和RM2.6mil(Padini Concept Store)。以Padini过去5年（2011-2015财政年）平均RM85mil左右的Operating cash flow，以内部资金应付每年开设12间店面（这里假设6间Brands Outlet+6间Padini Concept Store)的费用RM23.4mil绝对不成问题，所以预料接下来Padini仍让将慷慨派发股息。

陈贵兴对Brands Outlet的看法，

“Its an easier business to run. You're not doing so much fashion. With Seed or Padini, you have to keep up with the trends and spend money on visual merchandising, the in-store deco. In Brands Outlet, all I need is an island and three mannequins. It costs half as much to outfit a Brands Outlet store than it does a concept store, which could easily cost RM200 per sq ft.” Chan says.

原料棉花占成衣(end product)成本的约40%，以下是棉花过去20年的走势，可以看见除了2010-2011年间的暴涨，其他时候价格都是相对平稳的。必须留意的是目前Padini的成衣都是外包的，很大部分源自于中国，所以原料价格上升并不会对公司带来太大的影响。为了减少对中国供应商的依赖，公司近几年也开始向孟加拉拿货，这也是风险管理的一环。


http://www.indexmundi.com/commodities/?commodity=cotton&months=240

中国和印度是世界第一和第二的棉花生产商，而印度生产的棉花有近80%销往中国，所以基本上中国的需求量左右着棉花的价格。

2015年棉花生产国统计。



中国和孟加拉为世界第一和第二大棉花进口国。
http://www.thedailystar.net/business/bangladesh-poised-be-biggest-cotton-importer-189913

2008财政年年和2011财政年大量上升的存货曾经是分析员唱空Padini的一个原因。事后孔明，让我们来看看Padini的库存管理做的如何。看看以下这图表，公司的days in inventory分别在2008和2011财政年创下超过200天的高峰，在这时间（2009和2012财政年）公司的销售额都是大幅上升的，所以这也吻合了管理层为扩张新店增加库存的说法，加上2011财政年也有一部分是因为棉花价格暴涨而公司选择存货。

而从新店数量来看，2008-2009财政年见公司新增了35家店面，2011-2012财政年则增加了28家，所以库存的暴增是很合理的，而且过后一年就成功把库存拉下来，这也证明了管理层的能力。

As at Sept 30 2011, Chan says Padini has RM213mil in its inventory, which is over a third of sales. “We will hold on and release it over the coming six months,” he asserts, recalling that in 1998, its inventory was over 50% of sales at RM40mil. “In 2008 we also had high stocks worth RM160mil on sales of about RM300mil, which we pared down between 2008 and 2010. The point I'm trying to make is, we know what we are doing, and we have proven this.” The key, Chan opines, is not the size of the inventory, but the ability to digest it. “We have high stocks but stores are consuming them on a daily basis.

以上是前执行董事陈贵兴，对高库存的解释。



2015年4月的消费税再一次印证了Padini管理层的危机处理能力，Padini选择不把消费税的成本加在消费者身上，而是在消费税实施前以促销的方式尽量把旧货卖出去换取现金。消费税实施后消费者需要一段时间去消化，假如再把税务成本增加在消费者身上他们可能更加不愿意消费，自行吸纳又将影响公司赚幅。公司的旧货卖不出去，就会增加摊销的风险，因为服饰属容易过时的产品。所以我觉得管理层处理的很好，与其留着一堆旧货不如套取现金为接下来的新店开销做准备。



“No, we don’t simply increase prices. You can always not resort to price increases in order to maintain margins because if you increase prices there is an impact on customers. There is the price elasticity. So increasing prices is not our first choice,” Chan said.

“For our Seed label, the main competitors are Zara or MNG. So we’ll see what they do because cotton prices also affect them. We will watch them. When they raise prices, then we have an opportunity but it does not mean that when they raise, we will raise. Whether we want to leverage on that is another story — we may not have to because consumers may buy more of our products.

“Consumers generally are getting fed up of these things (raising prices). So let’s say my regular shopper, someone who buys from Seed probably would also look at Zara. So when they notice that Zara prices have gone up, and they visit our shop, a better impression is created.”

前执行董事陈贵兴曾经在访问时说过以上的这段话，所以在应对竞争时”起价”不会是公司的首选。

以下是Padini过去12年来的派息记录，就上面提到的Padini的Opeating cash flow在应付开设新店不成问题，相信接下来的股息只会逐年增加。


http://www.malaysiastock.biz/Corporate-Infomation.aspx?type=A&value=P&securityCode=7052

还有一个相当吸引我的原因，在于Padini坐拥大量的现金，这也表示在往后的发展公司不太可能需要贷款或则向股东要钱。在最新出炉的2016财政年第4季度报告，公司一共拥有净现金RM279,899,000 (237,069,000 + 112,650,000 unit trust - 9,644,000 long term borrowings - 60,176,000 short term borrowings)。

谈到Padini现在的成就，绝对不能不提背后的大功臣即前执行董事陈贵兴。陈贵兴在1983-1987年间，于Vincci Department Store 私人有限公司担任金融和行政经理。随后在1988年以执行董事的身份，加入Padini控股，迄今服务了28年。接棒的是董事经理杨邦骏的儿子-杨子杰，杨子杰目前主管集团设计，商品与零售主管。

根据Maybank investment bank research第3季度的一份报告，Padini最大的股东是 创办人Yong Pang Chaun Holdings Sdn. Bhd. 43.7%，第二和第三大股东分别是Somerset Capital Management LLP 4.3% (Somerset Emerging Markets Small Cap Fund LLC is a limited liability company incorporated in Delaware, of United States) 和Samarang LLP 4.2%（Halley SICAV - Halley Asian Prosperity was formed in November 2012 and is domiciled in Luxembourg.The fund is managed by Samarang LLP. ）。值得一提的是2015年报保中，我们可以看到价值投资大师陈鼎武的公司ICapital.Biz Berhad也持有约2.9%的票，是公司第4大股东。

Opportunities（机会）：Brands Outlet主打服装价值而非品牌，售价较低，因此可以在城市以外地区设店，无地理限制。至于其他国际品牌主要攻打潮流服饰和中上收入市场，所以一旦市区的Shopping mall饱和，发展将受限。Brands Outlet已在市区大部分高人流量的广场插旗，公司接下来几年的扩张应该会专注在郊外地区，尤其是AEON MALL扎根的地方，因为双方的扩展步伐一致。除此，有留意Padini的人应该会留意到近几年在友族市场这一块做的很不错，从早期的多数华人顾客渐渐转为马来人顾客为主，在马来西亚友族市场是一个庞大的市场，因为马来人占了我国约68%的人口。

Weakness: 公司多年尝试开拓国外市场却不太成功。海外分店从2008财政年的82家下滑至2015财政年的64家，只剩下Vincci(VNC)品牌孤身作战。公司进军印尼市场已有约9年之长，可是却看不到什么成绩，看来要在国外站稳一席位还真的不简单。

Threat: 国内市场趋于饱和，在各大国际品牌进驻后竞争越加激烈。尤其H&M和Uniqlo不断侵蚀公司的潮流服饰(Padini Concept Store)一块，因此公司转而把专注力放在销售更快价格较经济的非潮流服饰Brands Outlet，赚幅下降已是不争的事实，以后的策略必须以量取胜。庆幸的是国际品牌不太可能对Brands Outlet这一块大饼感兴趣，因为他们走的是潮流路线，所以公司在城市以外的地区还有很大的发展空间。

Strength: Padini家喻户晓的品牌，有一定的市场和客户群。

novice05

KawanFood AGM Financial Year 2015

1. 新工厂DELAY,预计将在4Q2016年开始运作。目前生产线已经FULLY OPERATE，不足以应付需求，公司的SALES PERSON在不断催促公司。

2. 新工厂的WAREHOUSE是FULL AUTOMATED，进货出货全自动化，不需要人手。部分CAPACITY将会出租，暂时还没有SETTLE任何DEAL。可以储藏至-30CELCIUS如雪糕。

3. NANTONG中国的工厂已经转亏为盈。

4. CHAIRMAN MR.GAM不断强调公司的创新，接下来将会有很多的新产品陆续推出如EZY PARATTA/CHAPATTI（微波炉加热后即可享用），NASI系列（如NASI LEMAK等等等）将会在超市和便利店售卖，SAMBAL等将供应给F&B餐馆，还有类似SUSHI HANDROLL的饭团。

5. Q1FY2016的3.3MIL外汇亏损是REALISED LOSS，因为JAN-MARCH2016马币兑美元大幅走强所致。

CHAIRMAN回答了股东的大部分提问，MD TIMOTHY TAN向股东PRESENT了公司的进展，感觉很有魄力不错。

novice05

SCGM 9th AGM key takeaways
2.Sept.2016

1.  Due to current inability to cope with surges demand, company has rented a factory near QL Figo Food for temporary expansion and the said factory is ready for production use. A few new machines which are on the way will be commissioned at this factory until the newly planned factory is up and running.

2.  Recently, the government’s sudden ban on the usage of Styrofoam was out of the company expectation and the company is working very hard now to fulfill the surging demand. Cost of the food tray is about 0.12 cents, which is double of Styrofoam. There are currently 8 main local competitors (Styrofoam), with a total estimate revenue of about RM500mil and it is the aim of the Chairman that SCGM take over 20% of that market share, which is approximately RM100mil.

3.  The capex for new factory is about RM120mil over the next 3 years; the recent announced private placement (pending) is expected to raise about RM33-RM45mil while the balance will come from bank loan. The company has no problem funding the expansion as there were 4 banks that had approached the company to offer about RM80mil loan with interest about 4.75%. Chairman explained that he did not proceed with cash call from shareholders due to time constraint.

4.  Shortage of labour has affected all industrial companies due to recent policy by deputy PM. SCGM is of no exception and the company has raised the pay from the normal RM1,200-RM1,500 to RM2,000 just to get the required headcount due to surging demand.

5. A shareholder asked why the company did not perform shares buyback to protect shareholders’ interest during recent sell-off and the company’s explanation is that they prefer to keep the money for expansion at this time. Nonetheless, the board of Directors has purchased some shares using their own account.

6. The 19.5 acres of the newly purchased land is agriculture land, which was approved for conversion and suitable for medium scale industry. The land cost was approximately RM13.5 psf which was way below market price compare to the asking price of RM40-RM60psf for surrounding areas. The conversion cost to industrial land was insignificant.

novice05

2016年汽车销量



The Malaysian Automotive Association (MAA) has revealed production and sales figures for the month of July 2016, and it appears that the market has experienced a significant dip compared to what was seen in the months of June and May.

According to the association’s data, 37,647 passenger vehicles and 4,824 commercial vehicles were sold last month, amounting to 42,471 units – which is 16,206 units, or 28% down from the same month last year. Both passenger and commercial vehicle registrations saw significant declines, with the former down by 14,989 units compared to July 2015.

As for month-on-month sales, last month’s volume was 14,887 units, or 26% lower compared to June 2016. The association lists the shorter working month due to the Hari Raya festive holidays and the lower demand following the end of the festivities as reasons behind the drop. Moving on, year-to-date sales figure up until July 2016 stands at 317,930 units, which is 63,001 units lower than the similar corresponding period in 2015, a drop of 16.5%.

In terms of production, 39,097 units – 34,944 passenger vehicles and 4,153 commercial vehicles – rolled off assembly lines last month, 1,558 units, or 4% less than the same month last year. Compared to the month prior (June 2016), July saw 1,201 less units made, or about a 3% drop. Year-to-date production meanwhile, amounted to 302,060 units, a 66,259 units, or 18% drop compared to the same period in 2015.

For the month of August, the association is expecting a rebound into the green due to a longer working month, as well as new models that were recently introduced. Among them include the Perodua Bezza and Toyota Sienta.

http://paultan.org/2016/08/19/july-2016-malaysian-car-sales/

novice05

7月2016，各大主要车商全数下滑！
MAZDA7月2015，和7月2016年的销量下滑近一半。


Malaysia July 2016 vehicle sales data by brand

Sales figures by brand for the month of July 2016 have been released by the Malaysian Automotive Association (MAA), and the overall trend has been of a decline to the tune of 26.5%.

Perodua, top as usual, posted sales of 15,121 units in July compared to 20,044 units in June, a reduction of 4,923 units or 24.6%. Proton, meanwhile, takes fourth overall (behind Honda and Toyota) with a dip of 44.5% with a July sales figure of 3,866 units, down 44.5% compared to June. Toyota is up to third, selling 5,028 units in July (-26.1% compared to June). Honda, in second, took a smaller hit, selling 7,827 units (-15.4%).

Mazda posted a reduction of 47% – only 686 units were sold in July compared to 1,295 units sold in June, and Ford followed closely with drop of 46.7%, with 495 units sold in July compared to 928 units sold in June. German brand Volkswagen recorded a dip of 49.2%, making sales of 234 units in July compared to 461 units in the preceding month.

The premium sector recorded drops as well, with Mercedes charting 940 units for July compared to 1,234 units in June, BMW posting July sales of 689 units compared to 760 units in June, and Audi selling 51 units in July compared to 55 units the month before.

Growth was recorded as a minority occurrence for July; Subaru posted a growth of 21.4% with 591 units sold compared to 487 in the month before, while Volvo increased its sales for July by 109% to 71 units from 34 units in June. Porsche took the biggest leap forward in July with 47 vehicles sold, compared to 9 units in June, making a 422% growth figure.



http://paultan.org/2016/08/24/malaysia-july-2016-vehicle-sales-data-by-brand-overall-down-26-but-volvo-up-109-porsche-422/



http://paultan.org/2015/08/24/malaysia-vehicle-sales-data-for-july-2015-by-brand/

novice05

Peter Lynch (彼得．林區)怎么看PE

一些投机商认为不管什么股票只要它的市盈率(PE)就应该买下来，但是这种策略对我来说没有什么意义，我们不应该拿苹果与桔子相比。因此能够衡量道化学公司(Dow Chemical)股票价值的市盈率并不一定适合沃尔玛(Walmart)。

只考虑市盈率(PE)固然很傻，但是你也不能对它完全不闻不问。在你购买一只股票之前，你可能希望对它这几年的市盈率都有所了解，以便对它正常的市盈率水平有个估计。

如果对于市盈率你什么都记不起来了，那么你一定要记得不要卖市盈率(PE)特别高的股票。

如果你没有买这种股票，你就可以自己节约大量的“痛苦”与金钱。正如特别重的马鞍是赛马速度的障碍一样，特别高的市盈率也会成为股价上涨的障碍，这种情况很少出现例外。如果一家公司的市盈率非常高，那么它的收益必须以令人难以置信的速度增长才能表明其高股价是合理的。

摘自 - “学以致富 - 投资基本原则“

novice05

上市35年的Lion Corp Bhd要下市了。

KUALA LUMPUR: After 35 years as a public company, Lion Corp Bhd will be de-listed on Oct 12.

In an announcement to Bursa Malaysia on Tuesday, the steel product manufacturer said it would not appeal against Bursa Malaysia Securities’ rejection of its request for more time to submit its regularisation plan.

Bursa Securities had decided to dismiss its application for a time extension to Nov 30 as there was no material development towards the finalisation and submission of the plan to the regulatory authorities.

Bursa Securities had said Lion Corp securities would be de-listed on Oct 12 unless an appeal against the de-listing was submitted to it by this Friday (Oct 7).

“The board of directors of the company (Lion Corp) had today announced that the company has resolved that the company will not be submitting the appeal in view that all material developments in relation to the regularisation plan have been disclosed to Bursa Securities for their deliberation in arriving at the decision,” Lion Corp said.

Trading in the company’s securities will therefore be suspended from Oct 10 and then de-listed on Oct 12. Lion Corp will still continue its operations and business as an unlisted entity.

Lion Corp, which incurred annual losses for the last five financial years, has been a Practice Note 17 issuer since October 2013.

Lion Corp, which was listed in May 1981, fell into PN 17 status as its auditors Ong Boon Bah & Co expressed an emphasis of matter on the group’s ability to continue as a going concern based on its net loss of RM245.6mil for the year ended June 30, 2013, and the group’s current liabilities exceeding its current assets by RM1.9bil.

The company’s main business is manufacturing flat steel products, which is undertaken by 79% owned subsidiary Megasteel Sdn Bhd.

Last year Megasteel, the country’s largest producer of hot rolled coils (HRC), defaulted on a banker’s acceptance payment on Sept 23, 2015 in respect of a working capital facility. This default created a domino effect that gave rise to cross default provisions under the loan documents for its other facilities, which amounted to some RM3.02bil.

It was later reported that Megasteel sought trade remedy measures, including safeguard duties on HRC imports at the rate of 40% on top of the existing 15% import duties, from the Government. It claimed the imports had adversely affected its production.

However, the Malaysian Iron & Steel Industry Federation (Misif) urged the Government to reject Megasteel’s petition, saying that it has no merit. It claimed that Megasteel’s HRC prices were higher than the world average.

The International Trade and Industry Ministry (Miti) subsequently decided that the injury to the local HRC industry was not serious enough to justify the imposition of safeguard duties,

Recently Megasteel suspended the operations of its 17-year old flat steel products plant in Banting, Selangor.

According to Lion Corp, Megasteel has been suffering losses in the past several years due to excessive dumping of steel products by foreign millers and has been operating intermittently depending on market conditions.

“The announcement in January 2016 by Miti that the Government had terminated the investigation for the safeguard petition on imported HRC had further impacted Megasteel’s operations which resulted in the retrenchment of its staff.”

http://www.thestar.com.my/business/business-news/2016/10/04/end-of-the-road-for-lion-corp-as-a-listed-company/

novice05

2016年，谁家的车最好卖？
https://cn.cari.com.my/portal.php?mod=view&aid=94904