tag:blogger.com,1999:blog-58629028008053166002024-03-05T01:54:25.504-08:00KaIの投资日记KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.comBlogger91125tag:blogger.com,1999:blog-5862902800805316600.post-68286588690023464342018-01-06T21:35:00.001-08:002018-01-06T21:35:17.475-08:002018年の《第一帖》<div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxQQAe57ZdnoPQAICAP1ODWwCMsOFQTwfWCeEfCF9ife8KF_xkhprABUmVIXg7sWPzAuJF0fNaD6icFVNMyJjx9jVZ2UKl8GcjL6-_GzNPCfDN2LwW5IhpRKJdlSeDJlzpw6jIGLWXtUeT/s1600/kai+portfolio+2018.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="243" data-original-width="537" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxQQAe57ZdnoPQAICAP1ODWwCMsOFQTwfWCeEfCF9ife8KF_xkhprABUmVIXg7sWPzAuJF0fNaD6icFVNMyJjx9jVZ2UKl8GcjL6-_GzNPCfDN2LwW5IhpRKJdlSeDJlzpw6jIGLWXtUeT/s1600/kai+portfolio+2018.png" /></a></div>
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2017<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年终于到了尾声,相信很多人在去年的股市赚了不少钱。</span>2017<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年算是一个小小牛年,相比前几年的市场已经好许多。前几年的股市是今天上了</span>5%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,然后下一天会跌了</span>2%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,再下一天就会再跌</span>3%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,之后再下一天也再跌</span>2%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。那时候的股市几乎都是升一天,跌几天。而今年的股市是跌一天,升几天,看了都开心</span>XD<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不多说了,是时候检讨</span>2017<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的投资组合了。根据上图,已实现的盈利是达</span>19%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,而未实现的盈利是达到</span>4%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的。这一年已经买了</span>14<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">间公司和总共进出交易了</span>37<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">次。买入的公司和进出交易的数量已经一年比一年少了;</span>2016<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年是买入高达</span>20<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">间公司和交易了</span>50<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">次。这算是一个好事,因为凯在近几年一直在学习调整个人的投资习惯,希望只专注在组合里几间公司就好。一来可以省时间研究很多间的公司,二来可以时时刻刻跟进公司的技术图。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯有一段时间没更新部落格了,这是因为凯在去年上半年辞了</span>KL<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的工作然后跑去新加坡做马劳了</span>XD<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">因为都在忙工作的关系,所以凯就很少</span>update<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">部落格了。不过同个时间,凯发现陆续有很多优秀的</span>bloggers<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">一直做分享了,这让很多新手和老手受惠了不少!尤其是</span>LEOTING<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大大在近期的努力是众所周知的。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来就谈谈近期爆红油主题,国际油价也频频上升至近几年的新高价位。这拉高了许多上中下游跟油有关系的公司,尤其是</span>HENGYUAN<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,短短几个月已经从</span>4<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">块多升到今天的</span>17<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">块多了!接下来</span>2018<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的主题会是什么呢?油?</span>GE14<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大选?马币强势?</span>RAPID<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">工程?银行业?各国的股市在</span>2018<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">已经是屡破新高了,今年会是小牛后的大牛年还是来个反转大熊年呢?呵呵</span>…<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯还是看着自己的组合就好。</span>DON’T
KNOW, DON’T WORRY, DON’T BOTHER XD<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯相信很多新手和老手都在</span>2017<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年过了一个丰收年</span>XD <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,在这里先恭喜大家!同时也在这里祝大家在</span>2018<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年也过一个肥年!!!</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">本文只供参考,并没有任何买卖建议。共勉之。</span><o:p></o:p></div>
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Trade at your own
risk :-)<o:p></o:p></div>
KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com2tag:blogger.com,1999:blog-5862902800805316600.post-53594113358089874722017-03-05T07:58:00.000-08:002017-03-05T07:58:21.873-08:007034 通源工业 《扩展业务计划连绵不断,别阻止我成长!》<div class="separator" style="clear: both; text-align: justify;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDHOOsRrq6svUR5ex1wDGc0runXZer5NSU72DY-UnAJ104PmMJY-gR_xw-7GZeuqyQg_QbesIpsHkwXgrhhJOWvaP1xZG4n2opN1XLulJhGyMDohXLMUeTSzUTlVvzfoZ3l6BjVWMeTxd-/s1600/initpintu_%25E5%2589%25AF%25E6%259C%25AC.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDHOOsRrq6svUR5ex1wDGc0runXZer5NSU72DY-UnAJ104PmMJY-gR_xw-7GZeuqyQg_QbesIpsHkwXgrhhJOWvaP1xZG4n2opN1XLulJhGyMDohXLMUeTSzUTlVvzfoZ3l6BjVWMeTxd-/s640/initpintu_%25E5%2589%25AF%25E6%259C%25AC.jpg" width="640" /></a></div>
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通源的业务包括有拉伸膜、工业袋、垃圾袋、PVC食品包装、饮料食品和最近在扩展新的业务,那就是面条。主要业务是来自塑料袋,也就是从拉伸膜、工业袋、垃圾袋和PVC食品包装这四类产品组成。单单塑料袋的销售就占了通源90%的总销售,所以这项的业务是通源的核心。通源可算是一间出口公司,它出口至国外的产品就占了80%,而其余的20%是在本地。另外,管理层为了在新的一年达到双位数的成长,正在积极地扩展业务,凯会在文章的结尾逐一说出管理层的扩展计划。接下来看看通源的基本面吧:</div>
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通源的销售和净利可说是在uptrend的,而且最新2016的业绩都是在新高的位置。净利利率也来到了近5年来新高的8%。今年的业绩是在新高,而最近的股价为什么一直在狂泻呢?凯个人认为这是因为最新Q4’’2016的季度报告让一些投资者觉得通源的成长在慢慢减退了,都达不到他们的预测成绩所以就喂了通源吃泻药。</div>
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凯认为最新的季度的成绩是在成长的,而且通源每一季的销售都一直在增加,毫无减退。最新扩展的面食业务目前也还没稳定,管理层需要在这新业务上花点时间和精神。毕竟小孩子出生了是需要爸妈的照顾和指导来培养长大。另外,管理层设定目标面食在2017年给公司带来2千万的销售。</div>
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在现金方面,通源在近几年大量地提升现金流量,今年现金大量提升的主因是通源今年跟银行借了1千万和PBT取得不错的业绩。管理层在2014年right issue ICULS筹资5千万后,公司的net cash就变到比较漂亮了。目前通源手上现金是每股RM 1.42,也就是目前股价的32% 。另外,目前公司的自由现金流也成长至大约5千万,这5千万占了目前通源市价10%。有了这庞大的自由现金流,凯对通源日后扩展业务的现金流量完全放心了。</div>
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接下来就说说股息,通源所派的股息都是一直有增无减的(除了2014年因为RI)。今年的股息同时也来到了新高的12仙,以目前的RM 4.39股价,是DY 2.73%。只要销售和净利明年再成长,相信通源的股息还会再新高。管理层不久前在75周年宴会上也放话说今年2017估计会突破7千万的PBT,凯相信明年的PBT肯定会再突破新高,毕竟目前2016年的PBT已经接近7千万了,再加上下半年管理层再引进这台33-layer nano-technology stretch film line机械,预计会带给公司每年9千万的营业额()。</div>
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好了,说完基本面后就说说公司未来几个计划:</div>
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<u>塑料包装</u></div>
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1.<span class="Apple-tab-span" style="white-space: pre;"> </span>第二台33-layer nano-technology stretch film line预计在Q3或Q4开始运作。</div>
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2.<span class="Apple-tab-span" style="white-space: pre;"> </span>扩展垃圾袋业务,设施预计在2017下半年完成。</div>
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3.<span class="Apple-tab-span" style="white-space: pre;"> </span>估计在2017年里引进5 layer blown film line,贡献于塑料业务。</div>
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4.<span class="Apple-tab-span" style="white-space: pre;"> </span>有一片位于Sungai Petani,16英亩的地,用在未来扩展计划。</div>
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5.<span class="Apple-tab-span" style="white-space: pre;"> </span>第7台PVC food line预计在今年2月完成,而第8台PVC food line预计会在Q3’’2017送到通源。</div>
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6.<span class="Apple-tab-span" style="white-space: pre;"> PVC包装目前占营业额的9%,目前指向</span>2018年达到营业额的18%。</div>
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<u>饮料食品</u></div>
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1.<span class="Apple-tab-span" style="white-space: pre;"> 新业务有机面食</span>估计一年贡献2千万营业额,稳定的话可贡献6千万。</div>
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总结:<br />
看了通源以上的扩展计划后,对它未来的业务成长会不会有点信心了呢?凯个人推算一台PVC food line贡献1333吨包装产品和1千万的营业额所以预计通源明年会再安装2台PVC food line以达到2018年的14,000吨目标。<br />
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另外,根据THE WALL STREET JOURNAL可靠的消息,几个月前国外基金Evli Emerging Frontier大量提高手上通源的股份,目前手上抓着了1,377,000或1.15%。凯之前不时有留意这基金,毕竟这外国基金买进了大马许多的公司,它的组合里就有20%是属于大马公司。预知有关这国外基金的基本资料,请点击这<a href="https://www.evli.com/fund/pdf/fs_efm_en.pdf" target="_blank">LINK</a>。</div>
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凯个人觉得通源的股价技术上是处于在超卖些许了,不过还没到严重超卖的价位。只要经过洗盘把没信心的散户洗出局后,加上业绩利好就会恢复元气了。通源也让投资者明显地清楚他们未来的扩展计划,而且所说的计划都逐一履行。凯对通源未来的发展有信心,并且营业额还会破新高。</div>
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记得冷眼名言 XD</div>
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<b>“没成长,不要买;有成长,不要卖”</b></div>
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<b>“成长短,短持有;成长长,长持守”</b></div>
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最后老规矩附上功课图:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilZ9XE-10hijO1u9R-5J5pqwYALIsbirCBlHHiTbO_V2dizgwciISeuMPg_UYf3ia5CQ7Tpy8HepxC1AXX3QEaVdvAZJqbpFIqALoo6Dq8Xa9W_VHnjU7xvKMstyx9QMhCJq7u0fIWNf9D/s1600/tguan.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilZ9XE-10hijO1u9R-5J5pqwYALIsbirCBlHHiTbO_V2dizgwciISeuMPg_UYf3ia5CQ7Tpy8HepxC1AXX3QEaVdvAZJqbpFIqALoo6Dq8Xa9W_VHnjU7xvKMstyx9QMhCJq7u0fIWNf9D/s640/tguan.png" width="620" /></a></div>
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<b>本文只供参考,并没有任何买卖建议。共勉之。</b></div>
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<b>Trade at your own risk :-)</b></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com1tag:blogger.com,1999:blog-5862902800805316600.post-11406965518343283272016-10-09T10:11:00.001-07:002016-10-09T10:11:16.360-07:007140 OKA机构 《OKA:终于还清债务了,无债一身轻》<div class="MsoNoSpacing" style="text-align: justify; text-justify: inter-ideograph;">
OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">成立于</span>1981<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年,主要生产和售卖的预制混凝土产品,在大马也算是一间数一数二的预制混凝土制造商,产品详情可见下图(因为有很多复杂的预制混凝土,我们就叫它</span>Pipe<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">吧</span>XD<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)。另外,因为公司主要是提供各式各样的</span>pipe<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,所以通常很多工程都牵连到</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。各工程的例子有路旁的排水及排污、建筑、高速公路、桥、码头和其他基础建设工程。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy5iGVmLQp3g7My-grtBQO0gipEbMK33lzlYUOtZsX2FoNFD2D5z0TapyOaCb07zdM3RDe5WFxegx_j06EIvD-uGdOtijmBX6nS1KgxQGvzj8_ePy5yMczyXYTXYldjDmd6IbfwfRcC_WD/s1600/oka+products.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="236" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy5iGVmLQp3g7My-grtBQO0gipEbMK33lzlYUOtZsX2FoNFD2D5z0TapyOaCb07zdM3RDe5WFxegx_j06EIvD-uGdOtijmBX6nS1KgxQGvzj8_ePy5yMczyXYTXYldjDmd6IbfwfRcC_WD/s640/oka+products.jpg" width="640" /></a></div>
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OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">是在</span>2002<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年上市于创业板,然后在</span>2003<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年转去主板了,短短一年就转板了,看起来管理层蛮有料的。目前大股东</span><span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">王先生已掌握了公司</span>50%+<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的股权。</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">目前经营</span>6<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">间工厂,各工厂的建设位置都非常好,看起来是为了完完全全开拓西马的市场,不过看起来比较像垄断西马的</span>pipe<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">市场</span>XD <o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">介绍完公司的背景后,接下来还是老规矩看看公司近</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">5</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年的业绩。呃。。。从左边看去右边明显是</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">uptrend</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">,不过是在净利方面罢了。公司的销售在</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2015</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年达高峰后,</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2016</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年就下滑些许了。虽然最新一年的销售不比上年好,不过</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">OKA</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">的净利还一直在率创高峰,不让股东们失望。另一方面,销售下降的同时净利上升,其中一个因素是业务消费下降了,这对公司是一件好事。</span><br />
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">接下来就看看</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的</span>CASH<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">情况是好是坏,上图褐色的部分是现金,然后粉色的是借款。</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的借款每年都在下降,而且在最新的</span>2016<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年业绩里的借款是零的!管理层一直都非常努力地在还债务和累积现金存款,同时管理层也成功把</span>2015<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年的现金大大提升</span>4<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">倍,目前累积的现金大约有</span>3<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">千万左右。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">老实说,业绩和现金负债比例互相比较的话,凯个人比较注重现金负债比例这一项,最好是零负债或有举动积极还债的公司。虽然业绩的起起落落会影响股价,也因此会让股价上上下下。不过投资本来就要反向投资,也就是股价跌的时候买进你所相信的公司。同时业绩也会被大势所影响,所以还是公司的手握现金最实在。毕竟考虑到最差的情况经济萧条时,你的公司还会派你股息或者善用所累积的现金来保持业务平稳成长。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">好了,继续说</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">OKA</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">,好像离题了。</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">OKA</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">努力还债这一特征有点像</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">HEVEA</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">,两者都是从一间高债务的公司跃升为一间零债务的公司(</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">HEVEA</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">目前还没零债务)。两间公司管理层的经营方式也有点一样,都不知道是不是亲戚关系呢</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">XD</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8ls5AZr8_UaQtAQ2UwQsAeElfJGv_loZhQ2wOdiTcZcpQKthbP_a9NqaSvgBMyAViIqrooDUhNH9JcLk05BDxqreB0C0hkEj3QnzMuG049hX-2DUoda5EudR4jDlDsbwIxhk-ItcAxXpo/s1600/gross+-+profit+margin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8ls5AZr8_UaQtAQ2UwQsAeElfJGv_loZhQ2wOdiTcZcpQKthbP_a9NqaSvgBMyAViIqrooDUhNH9JcLk05BDxqreB0C0hkEj3QnzMuG049hX-2DUoda5EudR4jDlDsbwIxhk-ItcAxXpo/s1600/gross+-+profit+margin.png" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">接下来看看毛利和净利率,上图一样明显可见两者都是处于</span>uptrend<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。最新的</span>2016<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年业绩同时也刷新最高记录,毛利率达到</span>23%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">而净利率达到</span>13%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。这成绩算是及格了,平均</span>RM 100<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的生意就有</span>RM13<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">入口袋了,看来这行的生意是蛮好做的</span>XD <o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3wkrYURgN1nvvxW18Mo3kirn7eQtuodRmtNca45HholSR659pnEolXxPJ8T9xlPPSvNQ68-ysiB1OUz7F3Vu54nCP3K3660ut3Hn8YqV0WwsUK4CwcH6Ka-3DU3eRA-reRUCVGVB2a3kr/s1600/oka+quarterly.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3wkrYURgN1nvvxW18Mo3kirn7eQtuodRmtNca45HholSR659pnEolXxPJ8T9xlPPSvNQ68-ysiB1OUz7F3Vu54nCP3K3660ut3Hn8YqV0WwsUK4CwcH6Ka-3DU3eRA-reRUCVGVB2a3kr/s1600/oka+quarterly.png" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">新高的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">23%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">毛利率和</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">13%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">的净利率可见得管理层把营业消费控制得不错,可能是怕错误重蹈覆辙。仔细看了上图</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">OKA</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">这几年的季度报告,</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">OKA</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">每一季的表现都比去年同季表现得好,就唯独有一次去年第四季的报告大跌眼镜。当时的销售是上升了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">16%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">不过净利就大跌了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">81%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">!原因出在营业消费(</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">Operating expense</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">)这项控制得不好,单单消费这一项就占了销售的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">96%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">,而且当时的净利率就只有区区的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrJvnMLZVTWayLZUWYeZfsoL4cVegQhYi4GdZihuL7L79nH9b5_oaaX3fE3ck-eAe0-9AmEq5ConxClJV1iPkdi3zSOMdyircxJZwY2-JHg6ZB-4pdM_n43r3EqiHm9eTX5pYWU3BhPgjK/s1600/DY.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="64" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrJvnMLZVTWayLZUWYeZfsoL4cVegQhYi4GdZihuL7L79nH9b5_oaaX3fE3ck-eAe0-9AmEq5ConxClJV1iPkdi3zSOMdyircxJZwY2-JHg6ZB-4pdM_n43r3EqiHm9eTX5pYWU3BhPgjK/s640/DY.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来看看</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">近几年所派的股息。嗯,每一年都有拿股息回馈股东而且股息每一年都有在提升(除了</span>2014<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年)。</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">近</span>5<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的周息率都有高过基本条件的</span>3%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上,不过这个周息率的</span>trend<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">怎么看起来是个下势呢,</span>DY<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">一年比一年低。这是因为股价的上升幅度比公司派的股息上升幅度来得高。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">话说如此,公司派息的幅度也渐渐上升了,公司上市以来都是每一年只是派一次股息,不过在近两年好像换了</span>style<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span>2015<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年一共派了两次股息,当中包括了特别股息;</span>2016<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年也派了两次股息,这次虽然没有特别股息,不过总股息都比</span>2015<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来得高。依照</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">近两年的年头和年尾派股息的习惯,那么下次的派息就是在</span>2<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月或</span>3<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月了,猜测股息应该会有</span>1.5<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙,想收股息的股友们不妨可以留意一下了哦</span>XD 另外,温馨提示OKA年尾的3.5仙股息在11月2号 Ex-Date哦。<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后,凯个人</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的财务状况完全不是个问题,毕竟没了负债这颗大石头。没了负债,一身轻,接下来要看看</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的管理层怎样善用现金来发展业务了。另外,个人觉得</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">目前可能存在一个风险,那就是近来钢铁价的飙升,</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">所生产的</span>pipe<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">材料当中有包括钢铁,所以多多少会影响</span>OKA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">一点点</span>XD <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后</span><a href="https://gensteel.com/steel-building-prices/forecast" target="_blank">GENSTEEL</a><span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><a href="https://gensteel.com/steel-building-prices/forecast" target="_blank">网站</a>作出了这样的</span>statement<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">:</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">“</span>The
steel industry has been in decline, but many experts are pointing to 2015 as a
bottoming- out point in steel prices. Experts are predicting a significant
rebound in 2016 and a return to the higher prices seen at the beginning of the
decade.<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">”</span><o:p></o:p></div>
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worldsteel.org and knoema.com predict steel demand rising 1.4% in 2016 with
forecasts showing strong upward pricing pressures through 2019 in global steel
commodity prices:<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">”</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun";">呃。。。有专业的网站预测钢铁价会在未来有上升的空间,因为钢铁加已在去年触底,触了底部当然就是反弹了,这是经济学里一个很普遍的循环。预测归预测,永远都赶不上变化,市场上有太多种种联系在一起的因素,凯通常都不理太多,让它顺其自然就好</span>XD </div>
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又到文章的尾声了,是时候说拜拜了XD 老规矩附上功课图:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnPsUDWUGpGEv7A5Yw905gy32jAwe_kpcqu-JPwyFh_KPi2sLD0ns5dsjGS5zXr3Zsy-x0AyU-dBwPdz3206nISBH93m6AvGZJH4D3j5xDuaD4_o_FOwwNPnYzRaFdyfECEklztyNITK3C/s1600/7140+OKA.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="568" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnPsUDWUGpGEv7A5Yw905gy32jAwe_kpcqu-JPwyFh_KPi2sLD0ns5dsjGS5zXr3Zsy-x0AyU-dBwPdz3206nISBH93m6AvGZJH4D3j5xDuaD4_o_FOwwNPnYzRaFdyfECEklztyNITK3C/s640/7140+OKA.png" width="640" /></a></div>
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本文只供参考。共勉之。</div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com2tag:blogger.com,1999:blog-5862902800805316600.post-52555992579380190292016-08-14T10:06:00.000-07:002016-08-14T10:06:00.995-07:00Watchlist里新加《三》位成员,《十》兄弟凑齐了!<div class="MsoNoSpacing" style="text-align: justify; text-justify: inter-ideograph;">
<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯在之前分享了一篇文章——</span><a href="http://investmentkai.blogspot.my/2016/05/watchlist.html" target="_blank">Watchlist
</a><span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><a href="http://investmentkai.blogspot.my/2016/05/watchlist.html" target="_blank">里的《七》个小矮股</a>,这篇文章主要是谈凯觉得有潜力的公司。当时只发掘七间潜力股,不过今天这篇文章另加三位新成员了,这样十兄弟就凑齐了!凯同时也把这十兄弟放在部落格里的</span>Watchlist<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了,接下来看看新加的成员到底是何方神圣。。。</span><o:p></o:p></div>
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<b><i><u>1. 5095<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>HEVEA </u></i></b><o:p></o:p><br />
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯在上个月对亿维雅这间公司做了功课后,对它这些年来的努力感到惊喜又敬佩,所以就赐亿维雅一个官放进</span>Watchlist<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里</span>XD<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。亿维雅在多年前就有了还债的决心,由巨大的债务转到今天微小的债务是非常艰难的,而且目前迈向零债务公司呢!没了债务这沉重的石头,相信亿维雅在未来的几年里会有所作为。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后,亿维雅近来的股价都徘徊在</span>RM
1.18 – RM 1.23<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,一旦股价低过</span>RM 1.18<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不妨可以考虑小进一点,毕竟目前在这以下的价位的风险比较低。对了,凯在技术面的悟性是非常低的,只会看基本的</span>MA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>MACD<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>RSI<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>Stochastic<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">罢了,都不会像国家选手级的选手在图上画龙点睛,所以在技术面有什么差错就请各位多多包涵了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯个人认为亿维雅目前的价位处于低风险,以目标价</span>RM
1.50<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">还有大约</span>20%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>Margin
of safety<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。中期(</span>1<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年)或者长期投资(</span>3<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年)的朋友不妨可以考虑亿维雅,不推荐短期主因是亿维雅的股价需要业绩来催化,不然一不动就是几个月了。另外相信亿维雅的</span>Q2’’2016<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">业绩会在下两个星期公布,希望这次的业绩有好的惊喜。</span><o:p></o:p></div>
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<b><i><u>2. 7412<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>SHH</u></i></b><o:p></o:p><br />
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯在上上个月也对新兴发做了有关的分析,新兴发的基本面其实跟</span>Watchlist<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里的利兴其实是属于同一个领域的,同时是同门的生意。不过两者的差别就是利兴的生意模式比新兴发大很多倍。单单站在市值的角度看,利兴的市值就比新兴大</span>5<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">倍了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">竟然是同门的生意,为什么还要放进</span>Watchlist<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里呢?两者不会冲突吗?呃。。凯也想了这一点很久,同时也挣扎了很久。不过凯在新兴发身上看到了一些黑马的特征,虽然投资在新兴发的风险可能会比利兴高些许,不过哪门投资没风险的呢?</span>High
risk, high return<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,希望这头黑马没选错</span>XD<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">新兴发最后的闭市价是</span>RM
2.07<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,目前的股价处于稍微超买了,也就是</span>Over
Brought<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,上两个星期也大力地反弹了。新兴发在上个月突然吃了仙丹似一飞冲天至</span>RM
2.23<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,整整冲了</span>27%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。一间公司一旦冲在前锋太长时间就会迷失了往前的方向,然后就会放慢了脚步,回到原点。目前的新兴发就是处于在这个阶段,虽然凯最后进场的价位是在</span>RM
1.9x<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,不过个人还是认为低于</span>RM
1.90<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的价位进场会比较安全点。</span></div>
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<b><i><u>3. 5024<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>HUPSENG</u></i></b><o:p></o:p><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyTXCUDhBNq2-jHSFhT9IhbO7WtbPA4RxJ-taue3GVlrTQm9j1f7Dom9LyYP2TW74kTXB8A4oKA3zqB3wETj5qr9A5ZRs26OKikQOTY3tJPeUcqa389bYT2Gy67ihGqeUNMSsWk_pJd718/s1600/hupseng.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyTXCUDhBNq2-jHSFhT9IhbO7WtbPA4RxJ-taue3GVlrTQm9j1f7Dom9LyYP2TW74kTXB8A4oKA3zqB3wETj5qr9A5ZRs26OKikQOTY3tJPeUcqa389bYT2Gy67ihGqeUNMSsWk_pJd718/s1600/hupseng.PNG" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来</span>Watchlist<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后的名额就落在饼干合成手上了,合成是一间走以平稳以及保守为主题的公司,所以业绩和股价双方可能不会有太大的突出,不过保证每年都有不错的股息进口袋,而且每年的</span>DY<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">保证比</span>FD<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">值得!</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯在上一篇的文章做了有关合成的分析,觉得合成是一间作风平稳的公司,管理层也一直大方地派息。一间已经营</span>58<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的老字号饼干公司以及连续</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年零债务的公司,相信遇过了不少了风浪,不过公司的营业还是一样稳如泰山,而且过去投资合成</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年就能享有每年</span>24%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的回报呢!</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯目前手上还没有任何的合成股份,手上的戏票是准备好了,只是在等时机进场看戏。合成目前的闭市价是</span>RM
1.31<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,技术上是处于超卖了,股价横摆了大约</span>4<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">个月了,</span>MACD<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">目前也处于低潮位置了。咦?好像是个不错入场的机会哦,找机会要入场霸个好位置</span>XD<o:p></o:p><br />
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好了,加上这三间公司就凑齐了十间公司,以后凯会常留意这十间公司的动向。最后,凯心中的Watchlist有了,那么你心中的Watchlist是哪间公司呢?<br />
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本文只供参考。共勉之。<br />
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com0tag:blogger.com,1999:blog-5862902800805316600.post-9973598590831918662016-07-31T10:37:00.002-07:002016-07-31T15:53:17.961-07:005024 HUPSENG 合成工业《十年饼干,CAGR 24%》<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5WMhddO2hjO3qL1cUPcaP7sGFMBX1-voQpk_jISVXV1tq2OuFdCu_l4Qbeugji98kac35FKcn8t7Nry5AibhSqh_8c9L6qsrlW4jrN5f3YEw5OokVyyFNRRdUeVg8sfcoCJliV3KrA6cS/s1600/HUPSENG.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="157" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5WMhddO2hjO3qL1cUPcaP7sGFMBX1-voQpk_jISVXV1tq2OuFdCu_l4Qbeugji98kac35FKcn8t7Nry5AibhSqh_8c9L6qsrlW4jrN5f3YEw5OokVyyFNRRdUeVg8sfcoCJliV3KrA6cS/s640/HUPSENG.jpg" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">合成的主要产品是饼类食品,公司至今已经营业了</span>58<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年,公司的营业食品也有非常多种类,凯没算错的话应该大概有</span>74<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">种类的食品。而主打的产品当然是家喻户晓的兵乓饼干,相信大家都有吃过吧</span>XD
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外,合成也在</span>2005<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年用了</span>RM 21
millions<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">收购了</span>In-Comix
Food Industries Sdn Bhd<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这家三合一咖啡的公司(找机会买来试试</span>XD<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。目前合成的生意在本地是占了</span>80%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,而其余</span>20%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是出口至其他国家,主要是新加坡、泰国、缅甸和印尼。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最近有则关于合成的负面消息,有关消息是指合成的饼干会着火。凯第一次看到这消息时,心想什么食物拿火来烧是不会着火的</span>
= = <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯当时还是吃着兵乓饼沾着</span>Kopi
O<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">看这篇消息的呢。另外,合成也在官方的面子书放通告澄清了有关消息,凯绝对相信吃了那么多年老字号兵乓饼是绝对没问题的。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">好了,公司的背景都大概说过了,接下来看看公司的这些年来的表现了。凯在这次的功课用了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年的数据,比平时的功课多了一倍功夫。接下来就来看看合成这十年来的表现吧。</span><br />
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">这</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年来的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">ROE</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">都非常不错,而且还一直屡破新高,新高的记录已有连续</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">4</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年了,不知道今年会不会是第</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">5</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年呢?</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">ROE</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">足以知道管理层有没有善用资本来做生意,</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">30%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">ROE</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">就代表了用</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">1</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">块钱的资本赚了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM
0.30</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">的净利。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWZl9uJ7PjUPE9_izrB3SpXwxKnddA8_Rph_7hBf-sBXU9o__WOdO3gQ8nWhGCjmI-7qrAshCLBWekX8n6QnVWXehpAKuwqfoioP8BpHwbw88h6fM7yuCtck1-c0nE9b-uavwfet0kuFyZ/s1600/yearly+profit+margin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWZl9uJ7PjUPE9_izrB3SpXwxKnddA8_Rph_7hBf-sBXU9o__WOdO3gQ8nWhGCjmI-7qrAshCLBWekX8n6QnVWXehpAKuwqfoioP8BpHwbw88h6fM7yuCtck1-c0nE9b-uavwfet0kuFyZ/s1600/yearly+profit+margin.png" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11pt; line-height: 115%;">合成的净利率也跟上</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">ROE</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11pt; line-height: 115%;">的脚步都一直在屡破新高。不过话说,有没有发现到这图跟上图的</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">trend</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11pt; line-height: 115%;">是一模一样的?一样的</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">trend</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11pt; line-height: 115%;">可象征合成的股东权益和销售都保持在同阵线上一起成长。</span><br />
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<span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">好了,接下来就看看股息了,来看看股东们这</span><span style="text-align: justify;">10</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">年来收了合成多少的钱呢(说得好像贿赂</span><span style="text-align: justify;">==</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">)上图的资料是根据合成这</span><span style="text-align: justify;">10</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">年来年报里</span><span style="text-align: justify;">Financing
Activities</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">里抽取的,所以可能会跟</span><span style="text-align: justify;">Dividend per share</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">(</span><span style="text-align: justify;">DPS</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">)有一滴滴的出入。</span><br />
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">上图可见管理层这</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年来都保持财神爷的形象,一直大方派息给股东,而且股息还一直在提高的呢。去年的股息来到新高了(虽然跟</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2013</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年只差</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">4</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">百千),不知今年的股息还会不会破新高呢?</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHTYEnvmqJMP-13_W-9RrqXQHZdXwmgTpXaX6LiJkPc6Mlas-W_9IG-3WEu4ET3j6KSFj0vzkIRWRQW7Q8NLYCNK9hf8HgYK0URATb9EyqoAWmc1tRa4kH8H1JH_n3HiCIu4jCRc_8W2T3/s1600/Cash+and+free+cash+flow.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHTYEnvmqJMP-13_W-9RrqXQHZdXwmgTpXaX6LiJkPc6Mlas-W_9IG-3WEu4ET3j6KSFj0vzkIRWRQW7Q8NLYCNK9hf8HgYK0URATb9EyqoAWmc1tRa4kH8H1JH_n3HiCIu4jCRc_8W2T3/s1600/Cash+and+free+cash+flow.png" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">现金方面,合成这</span><span style="text-align: justify;">10</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">年来都一直往北的方向前进,而且还一直屡破新高。目前最新的一季</span><span style="text-align: justify;">Q1’’2016</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">报告显示合成目前累积了</span><span style="text-align: justify;">1</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">亿的现金,这等于每股</span><span style="text-align: justify;">RM
0.13</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">,同时也相等于合成市值的</span><span style="text-align: justify;">10%</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">。</span><br />
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">合成的管理层一向的作风是保守,所以都不会动用到太大的现金扩展业务。这</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来,最大的扩展业务也只有</span>2006<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>2014<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这两年罢了,</span>CAPEX<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都使用到</span>8<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">百万以上。另外,合成在</span>2005<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年还清了</span>300<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千的债务后,就一直保持零债务的形象至今天。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvdS5CYUUCccssDyhz2U8Xl3PAKXNPR1esm_WncHzaWBOsOWkN7e7NU4sbmLsHrbdQFYuLySE2iixjnRmqIWwNtRhE4ngS1SDQ4TrbLwunaC0DHswvluiTSYuq09roCBS5ETJIpsYvtaty/s1600/10+years+plan.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvdS5CYUUCccssDyhz2U8Xl3PAKXNPR1esm_WncHzaWBOsOWkN7e7NU4sbmLsHrbdQFYuLySE2iixjnRmqIWwNtRhE4ngS1SDQ4TrbLwunaC0DHswvluiTSYuq09roCBS5ETJIpsYvtaty/s1600/10+years+plan.png" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯在昨天做了合成这</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来的股息表格,在这里想弱弱地问有哪位大大握了最少</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的公司吗?</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年,这字眼看了心里就默默觉得超长的,同时也在想股市里真的会有投资者抓着手上的公司超过</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年?凯最多也持有</span>2<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年罢了,毕竟目前股龄尚浅,只有区区的</span>3<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年。。。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后,持有合成会有多少的回报呢?假设凯在</span>2005<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年尾以</span>RM
1.84<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的价格买进</span>1000<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股合成,投资成本是</span>RM
1,840<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。接下来经过中间两年的红股和分拆股后,凯在今天投资在合成的平均价是</span>RM
0.14<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,另外</span>1000<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股这</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来变成了</span>13,340<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股。凯在这</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年没再买进合成任何的股份哦,这些年来投资在合成的成本都一样保持不变</span>RM
1,840<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">呵呵。。。接下来就算投资回报了:</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">投资在合成的成本</span>
= RM 1,840.00 <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>RM0.14<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">成本价;</span>13,340<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股)</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">今天合成的价位是</span>
= RM 1.33<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">所以手上的价值是</span>
= RM 17,742.20 <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>RM 1.33 x 13,340<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后再加上总股息</span>
= RM 4,022.30<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(是这</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年所得的股息)</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">手上价值再加股息</span>
= RM 21,764.50 <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>RM 17,742.20 + RM 4,022.30<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后的投资回报是</span>
= RM 19,924.50 <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>RM 21,764.50 – RM 1,840.00<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span><o:p></o:p></div>
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Return
on equity % = 1,082.85%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(用</span>RM 1,840<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">赚了</span>RM 19,924.50 XD<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span><o:p></o:p></div>
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Compound
annual growth rate on it = 24% <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(平均年回报是</span>24%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">!)</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">合成在过去</span>10<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年可带给投资者平均每年</span>24%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的回报,这比把钱放在银行的定期存款好很多了呢!好了,今天就写这么多了,凯也要停笔去找找看哪家公司可以带给我平均每年</span>24%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的回报了</span>XD <o:p></o:p></div>
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最后附上近五年的功课:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYwEpGMq6JLKdN5IXHHqRnQbcLONlsE3DkxAVZ7yEfbDDKwWb2bcXSxyziLmD4tGoao2ut7Q8wqOg24QmfB9xFog39mql4kceGIYzePirEEzr83y4qHWXZd45iR_BvoIsLFqgOPdojDSzf/s1600/Homework.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYwEpGMq6JLKdN5IXHHqRnQbcLONlsE3DkxAVZ7yEfbDDKwWb2bcXSxyziLmD4tGoao2ut7Q8wqOg24QmfB9xFog39mql4kceGIYzePirEEzr83y4qHWXZd45iR_BvoIsLFqgOPdojDSzf/s640/Homework.png" width="632" /></a></div>
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本文只供参考。共勉之。</div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com5tag:blogger.com,1999:blog-5862902800805316600.post-15351296413863791452016-07-17T09:22:00.000-07:002016-07-17T09:28:32.169-07:005095 HEVEA 亿维雅《破茧成蝶》<div class="MsoNoSpacing" style="text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: "simsun";">有半个月没更新blog了,怪不得手会突然痒起来了。上星期本来要做个股分析的,不过因为去了Langkawi Trip和上司突然要求做research就耽误了写文章的时间。今天,凯就跟大家分享</span><span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">亿维雅(</span>5095<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,</span>HEVEA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)这间公司。相信很多人对这间公司一点也不陌生,毕竟之前跟着出口股主题一起红过一段时间了。</span><br />
<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span>
<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">除此之外,它还曾被多篇的负面文章打击,而文章都是来自I3 Investor里其中一位作者,股价自然也应“章”而下。当时管理层也公布了一则通告对相对的文章做出解释,连接可请看<a href="http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=70524&name=EA_GA_ATTACHMENTS" target="_blank">这里</a>。被负面新闻轰炸后,公司的股价一直横摆至今天,都是在 RM1.15-1.20 附近徘徊。</span><br />
<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span>
<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">亿维雅(</span>5095<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,</span>HEVEA<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)的主要业务是生产以及交易关于木材之类的生意,主打产品是刨花板(</span>Particleboard<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)。刨花板这项业务的主要订单是来自中国,这门生意在去年的销售里占了</span>42%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。除此之外,亿维雅也有生产组装家具(</span>Ready-To-Assemble <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">),主要客户是来自日本。组装家具这方面的业务销售近年来受到关注,而且紧追刨花板,它去年的销售成功占了总销售的</span>58%<span style="font-family: "simsun";">。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfCdmdh5yrlu3IOAyk-pzNdeb-kqGfbGkVxrnNojr9QCC-OndtN5n_3kkzyBx58VQ_xVl5Z17Pacnt3UsqUPHBMv1Nny8K6KvlGzFBwSUDLbPdm0sZPj0ojeKIcPGhKvGefYqRQbu11XRK/s1600/Geographical+information.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="269" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjfCdmdh5yrlu3IOAyk-pzNdeb-kqGfbGkVxrnNojr9QCC-OndtN5n_3kkzyBx58VQ_xVl5Z17Pacnt3UsqUPHBMv1Nny8K6KvlGzFBwSUDLbPdm0sZPj0ojeKIcPGhKvGefYqRQbu11XRK/s640/Geographical+information.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11pt; line-height: 115%;">上图可见亿维雅的主要市场是来自日本和中国,之前管理层也曾透露公司的生产量赶不上中国客户强劲的需求量,而且还曾被客户要求增加产能。这对亿维雅是件好事,这意指公司的生意多到来不及做</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;"> XD</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiQnaYxJ8zAFXhV9lG3uhvH2TIovPwmk7-3FmrgtAN689nsE_cBQEdpuz4n3488IpIK85kv_mT56BuyjmBTTZXv3B2SQVF7Ee1_g-5sjN6yXlQTFN7rdFu-ybeycrB0hFbpXdtJIz0fpT0/s1600/profit+margin.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="53" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiQnaYxJ8zAFXhV9lG3uhvH2TIovPwmk7-3FmrgtAN689nsE_cBQEdpuz4n3488IpIK85kv_mT56BuyjmBTTZXv3B2SQVF7Ee1_g-5sjN6yXlQTFN7rdFu-ybeycrB0hFbpXdtJIz0fpT0/s640/profit+margin.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">看了公司简单的背景后,接下来就是销售和净利部分了。这部分对每间公司都非常重要,而且还要看到每年有成长,没了成长,公司的股价也自然没了成长,最后股东们的钱袋也自然不会成长了</span><span style="text-align: justify;">XD</span><br />
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">不吹牛了,亿维雅的销售和净利都非常不错,对好基本面的公司算是以优等成绩过关了。公司的净利率也随着净利和销售并列一起成长,</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2013</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">年开始都达到双倍成长,陆续以</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">3.97%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">、</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">7.14%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">和</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">14.62%</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">的净利率破新高。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9bh0YWykv3gN2RiIc87sDFNAgKr24NsEyTtse9RXLgI_BQ1u6KTC8dfr6LzGmCwFSnBLL7OfHeWu0j5Sh6hMx0dw9KlE3Xb4-kmvX0PLV31MGOxXVNIYKbUtxGHWyiKnvVUCypR6Xh83r/s1600/Net+cash.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="53" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9bh0YWykv3gN2RiIc87sDFNAgKr24NsEyTtse9RXLgI_BQ1u6KTC8dfr6LzGmCwFSnBLL7OfHeWu0j5Sh6hMx0dw9KlE3Xb4-kmvX0PLV31MGOxXVNIYKbUtxGHWyiKnvVUCypR6Xh83r/s640/Net+cash.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">接下来就说钱了,</span><span style="text-align: justify;">Money</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">、</span><span style="text-align: justify;">money</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">、</span><span style="text-align: justify;">money</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">!亿维雅的净现金在去年开始已经发芽了,再也不是抬不起头的芽菜了</span><span style="text-align: justify;">XD
</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">这些年来,亿维雅因庞大的借款让公司的手头非常紧,公司都不敢随便用钱及不敢大方派股息。</span><br />
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<span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">经过这些年努力赚钱来还款后,公司的净现金在去年开始再也不是负现金了!而且最新的状况是贷款仅仅剩余</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">13 million</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">,公司用了四年多的时间就清还了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">100 million</span><span lang="ZH-CN" style="font-family: "simsun"; font-size: 11.0pt; line-height: 115%;">,这毅力还真让凯拍拍胸口佩服!接下来,相信亿维雅有意把借款清零,做一间零负债的公司。没了负债一身轻,相信一向来走平稳路线的管理层会开始慢慢扩大亿维雅。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4-3k1uB9Wdr_V-3Rkbw2TVE8be8aaOaDFSWZ81xgjek5DrCjuexkILuhlQhxB6dXvfHlEL4NgheaEUwrv-tYs5VwRYbcpHkDi9q9_kQ8sRzL8rbxpeQ9nqt4fIdpHUwdlOxdYmC7wg6C5/s1600/dividend.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4-3k1uB9Wdr_V-3Rkbw2TVE8be8aaOaDFSWZ81xgjek5DrCjuexkILuhlQhxB6dXvfHlEL4NgheaEUwrv-tYs5VwRYbcpHkDi9q9_kQ8sRzL8rbxpeQ9nqt4fIdpHUwdlOxdYmC7wg6C5/s400/dividend.png" width="400" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">亿维雅这几年来都给了不少股息,而且还是陆续增加。这些年来所派的股息都不到赚来的</span><span style="text-align: justify;">30%</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">,去年赚最多也区区派了</span><span style="text-align: justify;">13%</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">。不过在今年五月尾,亿维雅决定回馈股东们,把赚来的</span><span style="text-align: justify;">30%</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">当股息派发给股东们,</span><span style="text-align: justify;">30%</span><span lang="ZH-CN" style="font-family: "simsun"; text-align: justify;">派息政策的消息来自这<a href="http://chartian.com/hevea-hold-take-profit/" target="_blank">链接</a>。</span><br />
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后可以想象</span>30%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股息是达到目前多少</span>DY<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">吗?假设,假设哦!假设以今年公司的</span>EPS<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">比去年升了</span>10%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,那么</span>EPS <span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">就是</span>19.73<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙。这</span>19.73<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙的</span>30%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是</span>5.92<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙,那么在目前的</span>RM
1.20<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的价位,亿维雅的</span>DY<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是</span>4.9%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>0.0592/1.20
x 100<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。这</span>4.9%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>DY<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是亿维雅这些年来的最高纪录了,前几年都是</span>1<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>2%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">而已。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_BRu8UlHethzvv9T4wccCJ3_dOGAcfGsjzvAJkRrI4BthumNWgqnJqelSYQBvKp5OXGu4tsdgvfahury3fsiNfGSZuqJ-qE5lgt-LON-eQediTau66fTWYTOq3I-PYTnk8Yva5CvPY7iT/s1600/CAPEX.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="52" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_BRu8UlHethzvv9T4wccCJ3_dOGAcfGsjzvAJkRrI4BthumNWgqnJqelSYQBvKp5OXGu4tsdgvfahury3fsiNfGSZuqJ-qE5lgt-LON-eQediTau66fTWYTOq3I-PYTnk8Yva5CvPY7iT/s640/CAPEX.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿维雅打算在今年利用</span>20
million<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>CAPEX<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">来扩增它的业务,然后这些年来的</span>CAPEX<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都非常低的,除了</span>2005<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>2006<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">当年跟银行借了巨款来扩展业务。自</span>2006<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年后,亿维雅都非常小心地利用</span>CAPEX<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,这都是为了控制公司的自由现金量。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun";">去年的业绩大升后,公司的自由现金量也来到了这些年来的最高位。多余的钱增加一倍了、背在身上的负债也轻了、公司也开始</span>net
cash<span lang="ZH-CN" style="font-family: "simsun";">了,各方面的风险被降低了许多,相信这也是其中一个理由让管理层决定大量地增加</span>CAPEX<span lang="ZH-CN" style="font-family: "simsun";">。</span></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">好了,分享的时间结束了,是时候</span>say
bye bye<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了,不过</span>bye
bye<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">之前还是先做一个结词(死要继续写</span>XD<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)看了亿维雅努力地还债务,凯个人觉得亿维雅的价值最少应该也要值</span>RM
1.50<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,以目前的价位大概有</span>20%<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>margin
of safety<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">起初发现亿维雅的时候觉得它的银行贷款太高,而且还是处于在负</span>net
cash<span lang="ZH-CN" style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的处境,少少会带给投资有点风险。不过现在的亿维雅破茧成蝶了,经过几年的挣扎和不懈地努力,终于破蛹走出困境了。</span><span style="font-family: "simsun";">最后,亿维雅还有很大的进步空间,有了日本和中国这两大市场,业务会一直被扩展,尤其是组装累的家具这业务,相信会带给公司更多以及更好的利润。</span></div>
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<span style="font-family: "simsun";">最后再附上功课:</span></div>
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<span style="font-family: "simsun";">本文只供参考。共勉之。</span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com5tag:blogger.com,1999:blog-5862902800805316600.post-80258619121449119212016-06-29T07:19:00.000-07:002016-06-29T07:40:51.063-07:00基本面试验 II<div class="MsoNoSpacing" style="text-align: justify; text-justify: inter-ideograph;">
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯在去年</span>6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月时做了一项基本面试验,这试验是以几个基本面该用的指标所选出来,例如:</span>PE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>DY等<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,详情可以游览这<a href="http://investmentkai.blogspot.my/2015/06/blog-post_18.html" target="_blank">页面</a>。经过一年后,我们来看看以下</span>11<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">间被选中的公司带给我们的回报。</span><o:p></o:p></div>
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TECHIC<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>KULIM<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这一年里都有非常不错的回报,都带来接近</span>60%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上的回报。这组合里有一间公司是下市了,那就是</span>OSKPROP<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。它在去年年尾被母公司</span>OSK<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">收购了,最后以</span>RM
1.950<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">闭市。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在这组合里,负回报的有</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">间公司,</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">间公司里有</span>4<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">间公司带来了平均</span>-14%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的回报。带给组合亏损最严重的是</span>CVIEW<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,它的</span>ROI<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">达到了</span>-33%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,也就是说每投资</span>RM
100<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在这公司就损失了</span>RM
33<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">综合来说,每间公司都带来了平均</span>10%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的回报,这组合算是侥幸地度过了这一年。如果当时投资以上组合每只股的资金是一样的话,那么一年后它可以让资金成长了</span>114%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,这是升了</span>1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">倍呢!在当时</span>KLCI<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">指数是</span>1,718.12<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,过了一年后指数是</span>1,624.18<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,指数在这一年里是下跌了</span>5.47%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。相比以上的组合,以上的试验组合带来的回报会更好呢!</span><o:p></o:p></div>
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2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的试验完毕了!结论是</span>2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的试验算是侥幸过关,毕竟以上的11间公司都没仔细做功课了解公司的,不过基本面最后还没让凯失望。那么接下来就继续用一样的基本面指标选股吧</span>XD</div>
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PE < 10<o:p></o:p></div>
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NTA > Price<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,也就是</span>Price
To Book Value<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>PTBV<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span>< 1<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体;">得出结果</span>………<span lang="ZH-CN" style="font-family: 宋体;">是</span>……..<span lang="ZH-CN" style="font-family: 宋体;">蒋蒋!!</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhc4YZ2KY6KfjjPW46o1KcXzyDrMD3aBEvWOkAWVX7SkaQ-0oanRFwpl2KlullFw3p8gO8VpIKPPZNnT4AvXYMmsuDyp2QqPKefvul69i2o7yq-jQI6KjH-ShxQdiP4z383REC7H4iYfSx6/s1600/Experiment+2016.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="107" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhc4YZ2KY6KfjjPW46o1KcXzyDrMD3aBEvWOkAWVX7SkaQ-0oanRFwpl2KlullFw3p8gO8VpIKPPZNnT4AvXYMmsuDyp2QqPKefvul69i2o7yq-jQI6KjH-ShxQdiP4z383REC7H4iYfSx6/s640/Experiment+2016.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">结果符合以上的选股条件只有区区的</span>5<span lang="ZH-CN" style="font-family: 宋体;">间公司,而且这</span>5<span lang="ZH-CN" style="font-family: 宋体;">间公司都没在去年出现过,看来今年</span>2016<span lang="ZH-CN" style="font-family: 宋体;">都是新选手了,而且“看起来”基本面是不错的。接下来就等时间过了,过了一年凯再回来</span>update<span lang="ZH-CN" style="font-family: 宋体;">这</span>2016<span lang="ZH-CN" style="font-family: 宋体;">年的基本面试验吧 XD </span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">本文只供参考。共勉之。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com2tag:blogger.com,1999:blog-5862902800805316600.post-39119885258696933332016-06-19T07:53:00.001-07:002016-06-19T18:39:40.829-07:007412 SHH 新兴发资源 《黑马?草泥马??》<div class="MsoNoSpacing" style="text-align: justify; text-justify: inter-ideograph;">
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">新兴发(</span>7412<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,</span>SHH<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)是一间木制家具制造的公司,简单来说就是家私业务,而<a href="http://shh.com.my/?page_id=3421" target="_blank">餐室</a>和<a href="http://shh.com.my/?page_id=3558" target="_blank">卧室</a>这两项是主打家私。它们的家私都是在本地马来西亚制造后再把家私出口至国外,大部分是出口至美国。新兴发在去年八月尾公布</span>Q4’’2014<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">令人惊喜的业绩后,短短</span>3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">个月就从</span>RM 1 <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">冲到最高</span>RM 2.48<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的价位,然后经过一波又一波的挫折后来到今天的</span>RM 1.91<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">这价位。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXg0GuZiGl43CVwFvMRvfGW6ikkC_pvI_f7yJ-vn6WPwrojBzCAO6BiZFkotj3GircY_a40aIHrnH0uzE9TQrjxHlmHjIaLKsdvQRPdOK-VpNgan0GuOnxBe0IGqsVCMRNORD82ghJqSwa/s1600/REVENUE+AND+NET+PROFIT.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXg0GuZiGl43CVwFvMRvfGW6ikkC_pvI_f7yJ-vn6WPwrojBzCAO6BiZFkotj3GircY_a40aIHrnH0uzE9TQrjxHlmHjIaLKsdvQRPdOK-VpNgan0GuOnxBe0IGqsVCMRNORD82ghJqSwa/s1600/REVENUE+AND+NET+PROFIT.png" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">首先,还是一样老规矩先看公司的销售和净利,毕竟基本面是少不了这一项的。从上图看,销售目前是属于</span>uptrend<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的;净利当然也同步一样</span>uptrend<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了。然后,以目前最新累计</span>3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">季的业绩也明显大胜前几年的记录,所以今年的业绩无可否认是新兴发这</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来历史新高了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以目前累计最新</span>4<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">季的</span>EPS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,总共有</span>29.48<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙,然后以目前的股价</span>RM
1.910<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>PE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是在</span>6.48<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>1.910 ÷
0.2948<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)这个位置。如果以</span>PE
8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">做标准的话,那么在目前累计</span>4<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">季</span>EPS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的情况下,它是值</span>RM
2.36 <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>0.2948
x 8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。那么目前的价位,它是在</span>19.07%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的安全边际(</span>Margin
of Safety<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体;">接下来就看下新兴发的金库里藏了多少黄金,目前是累计了</span>3<span lang="ZH-CN" style="font-family: 宋体;">千万左右的现金,它也占了目前市值的</span>35%<span lang="ZH-CN" style="font-family: 宋体;">,所以现金这方面基本上是</span>pass<span lang="ZH-CN" style="font-family: 宋体;">了吧</span>XD <span lang="ZH-CN" style="font-family: 宋体;">另外,上图也明显可见现金的存来都每年屡破新高,它这些年来的</span>CAGR<span lang="ZH-CN" style="font-family: 宋体;">达到了</span>41%<span lang="ZH-CN" style="font-family: 宋体;">!哎哟,这成长率</span>JIN JIA<span lang="ZH-CN" style="font-family: 宋体;">不错哟!</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">接下来就逛逛下负债这一版块吧,新兴发这些年来的负债是</span><span style="text-align: justify;">downtrend</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的,可见管理层都很有效率地在还债款。目前累计</span><span style="text-align: justify;">7</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">百万的负债是属于短期的,而长期负债在前两季已经完全请完了,也就是零数目。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">看了现金和负债这两项后,综合目前</span>3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万的现金和</span>7<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">百万的负债,那么新兴发是净现金</span>
RM 26,926,000<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,或等于每股</span>
RM 0.54<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。只要股东们手上握着</span>100<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股,那么就是抓着新兴发</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">手上</span>2.7<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万其中的</span>RM
54<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了。呵呵,这只是比喻罢了,当然不是真真用</span>RM
195<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">就能赚到</span>RM
54<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的现金</span>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来就看看美国的进口家私数据,看看就好,别太认真</span>XD
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">上图显示美国的进口家私是一路往上的,而且这上势都好像没停过,除了</span>2008<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>2009<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的股灾年。一路向北的数据足以证明美国对家私的进口是有一定的需求量,多多少少都会对大马的家私出口业有点帮助。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span lang="ZH-CN">除此之外,凯想注明一点,那就是新兴发的交易量是无比寻常的低,理由是公司的股份总额只有</span><span style="font-family: "times new roman";">5</span><span lang="ZH-CN">千万股,</span><span style="font-family: "times new roman";">30</span><span lang="ZH-CN">大股东就抓着了</span><span style="font-family: "times new roman";">84%</span><span lang="ZH-CN">的股份,自然在市场流动的股份也少了。另外,新兴发过去两年分别派了2仙(2014)和10仙(2015)股息,而今年即将来临的股息预计会在8月尾和业绩同步公布。管理层“识DO”的话,相信今年的股息会有15仙,那么就有7.85%的DY了哦。</span></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">总结,凯认为新兴发是一匹黑马,它的潜力价值目前还在隐藏着,只要配合业绩的爆发,那么股价就能一飞冲天了。然后再加上红股</span><span style="text-align: justify;">+</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">分拆,这就真的太完美了(发梦中,不要理我</span><span style="text-align: justify;">XD</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">)当然黑马本身也有个弱点,一旦被发现马身其实是一只<a href="http://n.sinaimg.cn/transform/20141210/cczmvun1721159.jpg" target="_blank">草泥马</a>(凯是指动物XD)</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,那么一切的美梦就成泡沫了,所以这就是骑黑马的风险。</span></div>
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<span style="font-family: 宋体;">最后再附上功课了:</span></div>
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<span lang="ZH-CN"><span style="font-family: 宋体;">本文只供参考。共勉之。</span></span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com0tag:blogger.com,1999:blog-5862902800805316600.post-46064327107905249082016-06-05T09:07:00.000-07:002016-06-06T08:13:41.700-07:00浅谈四间《家私股》—— SHH, HOMERIZ, POHUAT, LIIHEN<div class="MsoNormal" style="text-align: justify; text-justify: inter-ideograph;">
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">这次凯想浅谈</span>4<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">间以家私为主业务的公司,分别是新兴发(</span>7412, SHH<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)、家丽资(</span>5160, HOMERIZ<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)、堡发(</span>7088, POHUAT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)和利兴(</span>7089, LIIHEN<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)。四间都有共同点把家私出口至国外,大多数都是出口至美国。浅谈前,凯想表明一点,那就是<b><u>以下的数据都是累计最新四季的财务状况</u></b>,这样就能公平比较各公司的基本面。讲明是浅谈了,所以就干脆</span>skip<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">掉公司一切的背景以及近况解释了,直接入主题</span>XD<o:p></o:p><br />
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<i>PS:感谢网友们提醒堡发主要不是出口至越南,而是美国。</i><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">起先,比较吸金能力的话,利兴是第一的。如果比较新兴</span>发<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和利兴的目前的销售以及净利,还真是小巫见大巫。然后翻开历史的话,以上四间都有最少发过一次红股,而且四间里面就有三间在去年发送红股了,唯独新兴</span>发<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不参与(其实它早在</span>2003<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年发送红股)。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以往至今天,堡发不止发送一次红股,它曾经在</span>2003<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>2009<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以及去年的</span>2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">发送红股。咦?</span>2003<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>2009<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,这不是平均</span>6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年派一次红股吗?那么下一次红股会不会在</span>2021<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年呢?</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">净利率方面,家丽资大胜其他公司,而且</span><span style="text-align: justify;">18.75%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的成绩还真不简单!吸金排名第二的堡发在净利率榜里就名落孙山了,而且净利率不到</span><span style="text-align: justify;">10%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">。</span><br />
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<span lang="ZH-CN" style="text-align: justify;">接下来看看复利率(</span><span style="text-align: justify;">CAGR</span><span lang="ZH-CN" style="text-align: justify;">),利兴这</span><span style="text-align: justify;">10</span><span lang="ZH-CN" style="text-align: justify;">年的复利率还真恐怖!销售方面就平均每年成长</span><span style="text-align: justify;">18.50%</span><span lang="ZH-CN" style="text-align: justify;">,净利就达到平均每年成长</span><span style="text-align: justify;">63.83%</span><span lang="ZH-CN" style="text-align: justify;">!这进步的速度也太快了吧。新兴</span><span style="text-align: justify;">发</span><span style="text-align: justify;">的销售方面其实不会很好,它早在以前每年的销售和净利都一直在跌,而且净利多数都是负数的,不过在这几年就咸鱼翻身了。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">接下来这点就重要了,股息是唯一能让股东们不用花钱就能降低自己的</span><span style="text-align: justify;">average
cost price</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,是非常适合长期投资者的。从上图看,全部都有非常不错和满意的周息率,唯有家丽资的</span><span style="text-align: justify;">2.58%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">就没那么吸引人了。新兴</span><span style="text-align: justify;">发</span><span style="text-align: justify;">是一年派息一次;家丽资是一年派息两次;堡发目前是一年派息四次(以前没那么频密);利兴是一年派息四次。</span><br />
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<span style="font-family: 宋体; text-align: justify;">看了周息率,然后就看现金这项目了。现金的排行榜和吸金能力一模一样,也是利兴举冠。不过来到每股现金就不同故事了,排名最后的新兴</span><span style="text-align: justify;">发</span><span style="text-align: justify;">在这每股现金这项目大获全胜,秒杀家丽资和堡发!</span><br />
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<span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">银行贷款方面就是红股王堡发举冠了,其二是吸金王利兴,不过这冠军不是很好戴的。家丽资的每股贷款是离奇的少,每股只是区区达到</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11pt; line-height: 115%;">RM 0.01</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">。接下来的每股净现金的冠军就是新兴</span><span style="text-align: justify;">发</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">了,现金这项目还真是它的强项,而且它单单净现金就占了本身市值的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11pt; line-height: 115%;">30%</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">!</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">接下来还是看现金,不过是自由运用的现金流量。这图的数据不是根据公司目前最新的</span><span style="text-align: justify;">updates</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,而是属于去年的。上图可见利兴去年的自由现金流量是非常地高,而且是新兴</span><span style="text-align: justify;">发</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的</span><span style="text-align: justify;">6.5</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">倍呢!</span><br />
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<span lang="ZH-CN" style="text-align: justify;">另外,</span><span style="text-align: justify;">Free
Cash Flow per Revenue</span><span lang="ZH-CN" style="text-align: justify;">是指自由现金流占销售量的百分比。每间公司的销售量都需要一定数量的现金流在里头转动,而最重要的是</span><span style="text-align: justify;">utilized</span><span lang="ZH-CN" style="text-align: justify;">后所剩下的自由现金量,高额的数量可证明公司在现金流这规则里完全没问题,可面对各种的风险。在这项目,家丽资是举冠的。</span><br />
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<span lang="ZH-CN" style="text-align: justify;">然后接下来的是自由现金流量占市值的百分比,这项目其实高过</span><span style="text-align: justify;">5%</span><span lang="ZH-CN" style="text-align: justify;">算是及格了,不过有</span><span style="text-align: justify;">10%</span><span lang="ZH-CN" style="text-align: justify;">就更好了。基本上四间都及格,上一个项目举冠的家丽资在这变成最后一名了,然而新兴发、堡发和利兴在这项目都取得接近的成绩!</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来就比较</span>basic<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的基本面了,上图较明显的项目是</span>current
ratio<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,家丽资的流动资产比流动负债高</span>6.5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">倍呢!另外以上四间公司的手握现金都占各流动资产的一半以上,不要是</span>trade
receivable<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">占一半就好了,毕竟是还没收回来的钱</span>XD<br />
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span>
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外是不是家私股的</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都是超过</span>15%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的?以上四间公司都取得佳绩</span>>
ROE 15%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,而且有三间是超越</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的呢!最后,凯个人认为以上四间都各有优势:</span></div>
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<li><span style="font-family: 宋体;">利兴是高成长股,在多项目勇夺第一。</span></li>
<li><span lang="ZH-CN" style="font-family: 宋体;">堡发有点像贺特佳的类型,随时爆发(有如其名</span>XD<span lang="ZH-CN" style="font-family: 宋体;">)。</span></li>
<li><span lang="ZH-CN" style="font-family: 宋体;">家丽资就比较安静平稳,比较起来都不会特别显出自己,可能是因为刚出道</span>5<span lang="ZH-CN" style="font-family: 宋体;">年,经验尚浅。</span></li>
<li><span lang="ZH-CN" style="font-family: 宋体;">新兴<span style="text-align: justify;">发</span>就感觉是一只黑马,等时机成熟后会秒杀四方</span>XD<span lang="ZH-CN" style="font-family: 宋体;">。</span></li>
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<span style="font-family: 宋体;">最后附上完整功课:</span><br />
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<span style="font-family: 宋体;">本文只供参考。共勉之。</span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com6tag:blogger.com,1999:blog-5862902800805316600.post-61732062933126994642016-05-30T08:48:00.000-07:002016-05-30T08:48:51.169-07:00浅谈KAREXのQ3''2016业绩<div class="separator" style="clear: both; text-align: center;">
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">康乐这一季</span><span style="text-align: justify;">YOY</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的销售是升了</span><span style="text-align: justify;">23.57%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,然后</span><span style="text-align: justify;">gross
profit margin</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">是微跌了</span><span style="text-align: justify;">0.10%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">。所以从销售的角度来看是拿了不错的成绩。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">看了销售后,接下来的</span><span style="text-align: justify;">income</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">和</span><span style="text-align: justify;">expenses</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">就更重要了。有时销售走高了,不过营运成本的提升也会大大减少了盈利,然后这例子发生在康乐。从上图看,</span><span style="text-align: justify;">Other
expenses</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">明显地走高,而且走高了接近</span><span style="text-align: justify;">20</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">倍!至于是什么花费上升了那么多?很可惜季报里没有提。。。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">康乐这一季退步了</span><span style="text-align: justify;">34.01%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,这些都“归功”于</span><span style="text-align: justify;">Other
income </span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">和</span><span style="text-align: justify;">Other
expenses</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,该升的少了,而该跌的反而多了。针对退步的业绩,管理层解释说是因为这一季一共亏了</span><span style="text-align: justify;">480</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">万,而去年同季就赚了</span><span style="text-align: justify;">350</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">万,这两者之间还真的差距好大!</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后管理层也有表示对今年套套的需求量是非常大,凯觉得有一部分的需求量是来自即将举办的奥运会,详情请点击<a href="http://baike.baidu.com/view/11589625.htm" target="_blank">这里</a>。上一届的奥运会提供了</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">15</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万只的套套,今年的会提供多少呢?</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgZvTkoMKL1FJAdwI6eGl3y6Gy5PxbLlaRHVaOEQ20GNrtT1xIR73x3NnHmV64Ux2xhyphenhyphenwLuK5V_jqInIRjdLbwmqIUA5L4IMRMiLigC97kxNenmUCdn8SPWz3sS1gGsIiuZSvIE21vSyCm/s1600/logo21.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgZvTkoMKL1FJAdwI6eGl3y6Gy5PxbLlaRHVaOEQ20GNrtT1xIR73x3NnHmV64Ux2xhyphenhyphenwLuK5V_jqInIRjdLbwmqIUA5L4IMRMiLigC97kxNenmUCdn8SPWz3sS1gGsIiuZSvIE21vSyCm/s1600/logo21.png" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来康乐也在业绩公布当天宣布计划以</span>600<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万英镑现金收购英国一间套套生产商</span><a href="http://www.pasante.com/" target="_blank">PasanteHealthcare(PH)</a><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,打入英国市场!根据</span>EDGE
MARKET<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的一个报道,</span>Pasante<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是英国最大的独立避孕套制造商之一。而且它的套套和保健品都出口至</span>60<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">个国家,同时也拥有了自己的套套和润滑剂品牌。话说,还有卖情趣用具,不过只有三种</span>XD<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">康乐不久前收购了美国一间套套生产商</span>TheyFit<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,现在再加上英国一间套套生产商</span>Pasante<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,这两大牌子就足以让康乐打入美国,欧洲以及英国这三个新市场!看来今年达标</span>60<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的套套生产量不再是梦了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后凯曾经写一个帖子“<a href="http://investmentkai.blogspot.my/2016/03/karex.html" target="_blank">其实</a></span><a href="http://investmentkai.blogspot.my/2016/03/karex.html" target="_blank">KAREX</a><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><a href="http://investmentkai.blogspot.my/2016/03/karex.html" target="_blank">,康乐值多少钱?</a>”,里面有提到康乐的价值。而当时凯用了三个</span>model<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,综合康乐是价值</span>RM
4.00<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。凯要在这提醒一下,这价值是在康乐红股前的目标价,而红股后目标价就自然因股数变动而更改了,所以红股后的康乐是价值</span>RM
2.67<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>RM
4 x 2/3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),不再是</span>RM
4.00<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了哦。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯个人是非常怕误导投资者看了帖子就觉得目前的价位离目标价</span>RM
4.00<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">还远,然后就大量买进。再最后,这次真的是最后一句了</span>XD
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">康乐是价值</span>RM
2.67<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的话,目前的价位只有区区的</span>12.73%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">安全边际。凯个人觉得</span>30%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的安全边际会比较好一点,毕竟我们都不是市场先生,很难预测未来的各种风险。</span><o:p></o:p></div>
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<span style="font-family: 宋体;">最后在这附上康乐的功课:</span></div>
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PS:康乐这一季和上一季的free cash flow非常不健康。</div>
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<span style="font-family: 宋体;">本文只供参考。共勉之。</span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com10tag:blogger.com,1999:blog-5862902800805316600.post-27322174271610532512016-05-22T09:26:00.001-07:002016-08-14T08:43:20.673-07:00Watchlist 里的《七》个小矮股<div class="MsoNoSpacing">
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今天要浅谈七间潜力的公司,这七间都是凯从watchlist抽选出来。凯通常对个股做了功课后,觉得个股有潜力的话,都会放进watchlist里面。因为一个人的能力有限,所以watchlist里只能容纳十间公司,毕竟一个人要时时刻刻观察十间公司是蛮吃力的。十间公司,为什么只谈七间公司呢?呵呵...这是因为其他三间公司凯都很少留意,能力有限嘛 XD 不拖泥带水了,直接进主题吧:</div>
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<b><i><u>1. 5071, COASTAL</u></i></b></div>
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<span lang="ZH-CN" style="font-family: 宋体;">沿海工程的主要业务是岸外支援船(</span>OSV<span lang="ZH-CN" style="font-family: 宋体;">),简单点说就是制造支援船和提供各类有关支援船的服务。基本面不错。它的</span>NTA<span lang="ZH-CN" style="font-family: 宋体;">很高,目前还高于股价一点点。它之前的</span>NTA<span lang="ZH-CN" style="font-family: 宋体;">更高,不过因去年的油价冲击而让公司跟银行跟贷款了一大笔钱,目的是让公司有足够的资金周转各风险。凯去年开始一直有留意它,它的股价从</span>2014<span lang="ZH-CN" style="font-family: 宋体;">年顶峰期的</span>RM
5<span lang="ZH-CN" style="font-family: 宋体;">跌至今年</span>RM
1.50<span lang="ZH-CN" style="font-family: 宋体;">附近。去年凯还曾买入公司,不过手上抓了几个月就把它给卖了,把资金转去其他潜力股</span>XD</div>
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<span lang="ZH-CN" style="font-family: 宋体;">因石油大跌的冲击而影响了沿海工程的净利,上图也显示了连续三季净利大退,而且是变本加厉。另外这间公司背后有个靠山,那就是</span>EPF<span lang="ZH-CN" style="font-family: 宋体;">。目前的石油价格是回调至</span>47<span lang="ZH-CN" style="font-family: 宋体;">美元附近,看来是要等到沿海工程交出上升的业绩才可催化股价了。最后沿海工程目前的</span>net
net<span lang="ZH-CN" style="font-family: 宋体;">是每股</span>RM
1.75<span lang="ZH-CN" style="font-family: 宋体;">,目前的价位是有处于在</span>9.7%<span lang="ZH-CN" style="font-family: 宋体;">的安全边际。</span><br />
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<span style="font-family: 宋体;">旧帖:</span><br />
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31/01/2016 <a href="http://investmentkai.blogspot.my/2016/01/blog-post_31.html" style="color: #9c7fab; text-decoration: none;">浅谈《十》间油股</a></h3>
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28/11/2015 <a href="http://investmentkai.blogspot.my/2015/11/5071-coastal_28.html" style="color: #9c7fab; text-decoration: none;">5071 Coastal 盈高利低</a></h3>
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01/11/2015 <a href="http://investmentkai.blogspot.my/2015/11/5071-coastal.html" style="color: #9c7fab; text-decoration: none;">5071 Coastal</a></h3>
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<b><i><u>2. 7089, LIIHEN</u></i></b><br />
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<span lang="ZH-CN" style="font-family: 宋体;">利兴工业本身是家私行业,而且是主攻美国市场。这几季的业绩都非常美,然后再加上</span>KYY<span lang="ZH-CN" style="font-family: 宋体;">和强势美金的效应,股价直接从</span>RM
2.30<span lang="ZH-CN" style="font-family: 宋体;">左右飞到最高的</span>RM
7.14<span lang="ZH-CN" style="font-family: 宋体;">。凯本身也在它红股后开始逐步慢慢买进累计。通常红股后的公司都会有一阵子的调整,经过一番的洗盘技术调整后再加上美丽的业绩就有很机会翻身了</span>XD</div>
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<span lang="ZH-CN" style="font-family: 宋体;">另外利兴工业有存在一个风险,那就是</span>KYY<span lang="ZH-CN" style="font-family: 宋体;">老大在这间公司的股份高达</span>11%+<span lang="ZH-CN" style="font-family: 宋体;">。万一利兴工业的业绩不小心落马或者大马股市崩盘,股价的大跌会使到老大中</span>margin
call<span lang="ZH-CN" style="font-family: 宋体;">,然后我们这些小散户就会遭殃了。说明是小散户,哪来那么多资金补仓啊</span>XD</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt8ppNPU6HtO2KtXeIhY0Ac9kSKmlh284f902SsLVUxvcB6mD6q3RXBbhLjo2KmnJqnrTPKRkuIskZWedRoh2m6H_IUe4Uz368oTZOnqC7xAfIGf7ivwugPrNw3SqHXRVf9mw20l8WNWIk/s1600/liihen.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="382" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgt8ppNPU6HtO2KtXeIhY0Ac9kSKmlh284f902SsLVUxvcB6mD6q3RXBbhLjo2KmnJqnrTPKRkuIskZWedRoh2m6H_IUe4Uz368oTZOnqC7xAfIGf7ivwugPrNw3SqHXRVf9mw20l8WNWIk/s640/liihen.JPG" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">利兴工业前几天刚公布了</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">Q1</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">的业绩,跟去年相比是起了</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">96%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">,这几乎是起了一倍!而且销售和净利都比前一季好。利兴工业已维持两年的标清业绩,美国家私市场上的要求也一直在提升,看来三年的业绩上升记录不是梦</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">XD</span><br />
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25/2/2016 <a href="http://investmentkai.blogspot.my/2016/02/7089-liihen-6.html" style="color: #9c7fab; text-decoration: none;">7089 Liihen 利兴工业 业绩屡次突破新高!另外再送上6仙的特别股息!</a></h3>
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13/12/2015 <a href="http://investmentkai.blogspot.my/2015/12/7089-liihen.html" style="color: #9c7fab; text-decoration: none;">7089 Liihen</a></h3>
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<b><i><u>3. 8907, EG</u></i></b></div>
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EG<span lang="ZH-CN" style="font-family: 宋体;">本身是一间成功转型的公司,目前把主要业务放在一条龙服务的</span>EMS<span lang="ZH-CN" style="font-family: 宋体;">。在</span>2014<span lang="ZH-CN" style="font-family: 宋体;">年和</span>VS<span lang="ZH-CN" style="font-family: 宋体;">一起进入全球</span>50<span lang="ZH-CN" style="font-family: 宋体;">大</span>EMS<span lang="ZH-CN" style="font-family: 宋体;">公司,</span>EG<span lang="ZH-CN" style="font-family: 宋体;">也因</span>EMS<span lang="ZH-CN" style="font-family: 宋体;">而把盈利与净利大大提升了。另外</span>EG<span lang="ZH-CN" style="font-family: 宋体;">目前</span>30<span lang="ZH-CN" style="font-family: 宋体;">大股东里看到两位前辈的名字,一是冷眼,其二是</span>KYY<span lang="ZH-CN" style="font-family: 宋体;">老大了。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体;">目前</span>EG<span lang="ZH-CN" style="font-family: 宋体;">的股价是跌至</span>RM
0.850<span lang="ZH-CN" style="font-family: 宋体;">附近了,凯也在这价位附近买了少少少少(因为真的很少</span>XD<span lang="ZH-CN" style="font-family: 宋体;">)。另外有全球</span>50<span lang="ZH-CN" style="font-family: 宋体;">大</span>EMS<span lang="ZH-CN" style="font-family: 宋体;">公司里排名老大的智康崩(</span>Foxconn<span lang="ZH-CN" style="font-family: 宋体;">)和众人所知的苹果公司(</span>Apple
Inc<span lang="ZH-CN" style="font-family: 宋体;">)这季公布令人惊人下跌的业绩,所以不知这两大新闻是否会冲击半导体和</span>EMS<span lang="ZH-CN" style="font-family: 宋体;">领域。如有的话,</span>EG<span lang="ZH-CN" style="font-family: 宋体;">和</span>VS<span lang="ZH-CN" style="font-family: 宋体;">这季的业绩就会让人失望,不过目前两间公司还未公布业绩。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs4kzIKys5ugFilZIL0NWSpdClcqtBl_d88RHcXowyV8DRQa4-xpkMo_gGWft0Gh4AF_xWQHf5fB6qZVixgSADVFMHohSGHXUwS6pYQMXODFSJekoWjs_80__pcoCrX6zZ4Ux_V4wB-EwL/s1600/EG.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="386" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs4kzIKys5ugFilZIL0NWSpdClcqtBl_d88RHcXowyV8DRQa4-xpkMo_gGWft0Gh4AF_xWQHf5fB6qZVixgSADVFMHohSGHXUwS6pYQMXODFSJekoWjs_80__pcoCrX6zZ4Ux_V4wB-EwL/s640/EG.JPG" width="640" /></a></div>
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<span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">EG</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">今年的业绩都退步了。另外,这次</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">EG</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">就快公布的</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">Q3</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">业绩有</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">99% </span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">会高与去年同期的业绩,这是因为去年</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">Q3</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">的业绩都无比的低。高于去年的业绩不用担心了,然后这次的业绩需要高度留意下了,一旦比上一季</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">Q2</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">低,那么股价维持在</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">RM
0.800</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">以上可能有点难度了。最近科技股都爆冷门,尤其是</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">INARI</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">和</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">GTRONIC</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">,业绩大跌眼镜。</span><br />
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<b style="font-size: 11pt; line-height: 115%;"><i><u>4. 5162, ECS</u></i></b><br />
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<span lang="ZH-CN" style="font-family: 宋体;">佳杰科技的主要业务是帮它们的国际顾客在马来西亚代销它们的产品,大多数的产品都是智能手机和平板电脑。然后佳杰科技一向来作风是业绩平稳保持平稳,不过最新一季的业绩不如预期,跟去年同期比较一共跌了</span>45%<span lang="ZH-CN" style="font-family: 宋体;">。虽然业绩是跌了不少,不过股价方面就只是跌些许。这就是佳杰科技的强项了,它每天的交易量是非常低,可能很少投资者喜欢走平稳路线的股价吧。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">另外佳杰科技的基本面是非常不错的,它的现金是占市值的</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">32%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">的,而且是零负债。这两大强项就大大减低选错股的风险了。不过它只是适合保守型的投资者,投机者或激进的投资者就完全不适合了。另外凯在年报发现了一点,那就是冷眼前辈在去年卖了</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">870 LOTS</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">,最新的季报显示冷眼目前手上还有</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">6,130 LOTS</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">。</span><br />
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<span style="font-family: 宋体;"><span style="font-size: 14.6667px; line-height: 16.8667px;">旧帖:</span></span><br />
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08/05/2016 <a href="http://investmentkai.blogspot.my/2016/05/blog-post.html" style="color: #9c7fab; text-decoration: none;">上梁少“赚”,下梁“亏”,智能手机业怎么了?</a></h3>
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24/02/2016 <a href="http://investmentkai.blogspot.my/2016/02/5162-ecs.html" style="color: #9c7fab; text-decoration: none;">5162 ECS 最新业绩出炉!</a></h3>
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04/06/2015 <a href="http://investmentkai.blogspot.my/2015/06/5162-ecs.html" style="color: #9c7fab; text-decoration: none;">5162 ECS</a></h3>
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<b><i><u>5. 7117, CENTURY</u></i></b><br />
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<span lang="ZH-CN" style="font-family: 宋体;">世纪通运是一间运输为主要业务的公司,有时候还会在</span>high
way<span lang="ZH-CN" style="font-family: 宋体;">上看到它们的</span>Lori<span lang="ZH-CN" style="font-family: 宋体;">。凯去年放入组合里的第一间公司,而且当时股价大概在</span>RM
0.730<span lang="ZH-CN" style="font-family: 宋体;">附近吧。凯当时买入的时候,它的交易量也是蛮低的,过了不久后就好像被大户大量吸入,每天在排队的价位都过千</span>lots<span lang="ZH-CN" style="font-family: 宋体;">。另外,它也算是凯组合里其中一间放了一年多的公司,期间真的是一直收股息罢了,一年收四次股息,感觉特别爽</span>XD</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizQWOYiUGTGHByYmaWKTQpvFv4HRiGC0KWsEt5oCs7a6kDLX_lFip9b5cDXMVzGQfn1k1E4XV1ROaQtbVnH8eAAXg33jrrMTqzhWs0_39bStPFtfUbdYT4sEHF_8hboc2AMCbguTB4zlnL/s1600/CENTURY.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="382" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizQWOYiUGTGHByYmaWKTQpvFv4HRiGC0KWsEt5oCs7a6kDLX_lFip9b5cDXMVzGQfn1k1E4XV1ROaQtbVnH8eAAXg33jrrMTqzhWs0_39bStPFtfUbdYT4sEHF_8hboc2AMCbguTB4zlnL/s640/CENTURY.JPG" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">世纪通运近期公布的业绩不如预期,净利与同期比较跌了</span>40%<span lang="ZH-CN" style="font-family: 宋体;">。业绩是跌了,公司的股价也一样应声而下,目前股价跌至</span>RM
0.800<span lang="ZH-CN" style="font-family: 宋体;">,接近它本身的</span>NTA<span lang="ZH-CN" style="font-family: 宋体;">了。</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: 宋体;">另外,凯发现世纪通运的股价都一直上上下下,一上就上很多,而且每次一发现破不到</span>RM
0.900<span lang="ZH-CN" style="font-family: 宋体;">,首领就鸣鼓退兵了。除此之外,凯想表示管理层的</span>ESOS<span lang="ZH-CN" style="font-family: 宋体;">活动还真的不少。。。</span><br />
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<span style="font-family: 宋体;">旧帖:</span><br />
<span style="font-family: 宋体;">没有XD</span><br />
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<b><i><u>6. 7229, FAVCO</u></i></b><br />
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<span lang="ZH-CN" style="font-family: 宋体;">辉高,是一间以重型吊机为主要业务的公司,生产、出租和出售吊机都包括在内。凯喜欢辉高的一点是它每一年派的股息都一直在提升,凯在这列出它这</span>7<span lang="ZH-CN" style="font-family: 宋体;">年来的股息:</span></div>
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2009: 4 cents</div>
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2010: 5 cents<o:p></o:p></div>
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2011: 6 cents<o:p></o:p></div>
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2012: 8 cents<o:p></o:p></div>
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2013: 10 cents<o:p></o:p></div>
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2014: 12 cents<o:p></o:p></div>
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2015: 15 cents</div>
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<span lang="ZH-CN" style="font-family: 宋体;">所以明显可见辉高的高层这些年来都不吝啬大方派息给股东们,而且股息这</span>7<span lang="ZH-CN" style="font-family: 宋体;">年来的</span>CAGR<span lang="ZH-CN" style="font-family: 宋体;">是达到每年平均</span>24.64%<span lang="ZH-CN" style="font-family: 宋体;">!以这成长,不知明年的股息是不是</span>18<span lang="ZH-CN" style="font-family: 宋体;">仙呢</span>XD <span lang="ZH-CN" style="font-family: 宋体;">另外,个人觉得辉高每天的交易量也不会很高,是不是保守型的公司都特别不引人注目呢。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-Zsv4g8Otx47qa07YU_13ieXD79irxWh-g_ecBpUS5gPS2YgIbkj8pQkeYIavtfJegncr56cyRQRatCKOf3GL-GlbRPcfjGgezJANMORnZgvMRh3lYhk5J5wLRUBYzZr6_FRpiECc9O7M/s1600/favco.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="380" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-Zsv4g8Otx47qa07YU_13ieXD79irxWh-g_ecBpUS5gPS2YgIbkj8pQkeYIavtfJegncr56cyRQRatCKOf3GL-GlbRPcfjGgezJANMORnZgvMRh3lYhk5J5wLRUBYzZr6_FRpiECc9O7M/s640/favco.JPG" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">从近三年的季度报告来看,辉高的上升报告比下跌的来得多。而且注意看辉高每年的业绩,它都一直在成长中。另外,辉高这</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">年来的净利成长是达到每年平均</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">28.42%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">,而且这</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 115%;">年来的业绩都不曾落马。</span><br />
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旧帖:</div>
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18/12/2015 <a href="http://investmentkai.blogspot.my/2015/12/7229-favco.html" style="color: #9c7fab; text-decoration: none;">7229 Favco</a></h3>
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<b><i><u>7. 5247, KAREX</u></i></b> </div>
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<span lang="ZH-CN" style="font-family: 宋体;">康乐,它是一间以保险套为主要业务的公司,同时也是大马唯一一间生产保险套的公司,所以它可算是垄断大马市场上的保险套</span>XD
<span lang="ZH-CN" style="font-family: 宋体;">另外,康乐的保险套生产量占了全世界</span>10%<span lang="ZH-CN" style="font-family: 宋体;">,这</span>10%<span lang="ZH-CN" style="font-family: 宋体;">可不简单,因为它的销售量是全球的。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_MdW3-GPkhBhEzh-KERY_a3xVSw4_YUnPvtuBr5NYBDPGceJrZy2t0ejtMmaGAqgslq7vq1u2AJZIczhD8qT_uHvu9wZQX1Zoy1Io3gQ_xdHa-MEFSydOEXGJ-HA0tVcSRVWbckAuzyDi/s1600/karex.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="328" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_MdW3-GPkhBhEzh-KERY_a3xVSw4_YUnPvtuBr5NYBDPGceJrZy2t0ejtMmaGAqgslq7vq1u2AJZIczhD8qT_uHvu9wZQX1Zoy1Io3gQ_xdHa-MEFSydOEXGJ-HA0tVcSRVWbckAuzyDi/s640/karex.JPG" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">康乐是在前年上市,中间两年间有两次红股活动。红股后的股价会下跌</span>+<span lang="ZH-CN" style="font-family: 宋体;">调整一阵子,然后再配合业绩上升的催化剂,所以康乐的股价一度又一度回到</span>4<span lang="ZH-CN" style="font-family: 宋体;">块钱以上。目前康乐的股价是还在调整当中,以过往的两次记录,康乐红股后需要大概半年的时间才可重振士气,这段时间需要调理身体一下</span>XD<br />
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旧帖:<br />
<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #333333; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; margin: 0px; position: relative;">
04/03/2016 <a href="http://investmentkai.blogspot.my/2016/03/karex.html" style="color: #9c7fab; text-decoration: none;">其实KAREX,康乐值多少钱?</a></h3>
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最后再附上以上7间公司的基本面:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyvI6SrJ_6AXg3ZKum2oUbJjOFHRfissYkUId4VtWScKZsVOGg85swtNr01nFEqrSBy6kissmr1n_9mj0Amd5OKtLqqCc8XTdDCF7LPMqK911hKt3AwVVlHZEsHIaXDHcZpURe0JTdOi-G/s1600/7+watchlist.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="94" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyvI6SrJ_6AXg3ZKum2oUbJjOFHRfissYkUId4VtWScKZsVOGg85swtNr01nFEqrSBy6kissmr1n_9mj0Amd5OKtLqqCc8XTdDCF7LPMqK911hKt3AwVVlHZEsHIaXDHcZpURe0JTdOi-G/s640/7+watchlist.png" width="640" /></a></div>
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本文只供参考。共勉之。<br />
<br />KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com6tag:blogger.com,1999:blog-5862902800805316600.post-6449270595865185152016-05-08T09:22:00.000-07:002016-05-08T16:03:24.780-07:00上梁少“赚”,下梁“亏”,智能手机业怎么了?<div class="MsoNoSpacing">
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">首先说说第一个“上梁”——鸿海香港子公司<b><u>富智康崩(</u></b></span><b><u>Foxconn*</u></b><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><b><u>)</u></b>前几天公布预计今年上半年的净利会比去年同期大幅减少</span>84.4%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>92.2%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">!这下跌的幅度一度让我囧了。主因是小米、华为等客户降低需求而导致公司的销售、客户服务费等大大被打折扣。</span><o:p></o:p></div>
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Foxconn<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">全球</span><span style="background: white;">50</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">大电子制造服务业公司(</span><span style="background: white;">TOP 50 EMS
Providers</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">)第一名!</span>Foxconn<span lang="ZH-CN" style="background: white; font-family: 宋体;">全世界的</span><span style="background: white;">EMS</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">老大业绩跌了,同行的业绩相信会被影响不少。大马的</span><span style="background: white;">VS</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">去年排行在第</span><span style="background: white;">31</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">名(跟前年比较退了</span><span style="background: white;">6</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">名),然后</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">在</span><span style="background: white;">2015</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">的</span><span style="background: white;">TOP 50</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">榜上无名(不知是不是漏了</span><span style="background: white;">==</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">)这次一定要关注同行</span><span style="background: white;">VS</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">和</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">最新一季的业绩了,不知道会不会跟龙头一样大掉眼镜</span><span style="background: white;">XD</span></div>
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<i>*Foxconn</i><i><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">主要客户:</span>Acer, Amazon, Apple, Blackberry,
Cisco, Dell, HP, IBM, Intel, Nintendo, Sony, Visio, Xiaomi</i></div>
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<span lang="ZH-CN" style="font-family: 宋体;">第二个“上梁”——<b><u>苹果</u></b>第二季的业绩报告,右边的红框足以显示苹果的热度开始走弱。这是自</span>2003<span lang="ZH-CN" style="font-family: 宋体;">年以来,苹果季度第一次的下跌报告。这报告一推出市场后,苹果公司的股价在一个小时内跌了</span>8%<span lang="ZH-CN" style="font-family: 宋体;">,,一共蒸发了</span>460<span lang="ZH-CN" style="font-family: 宋体;">亿市值。不知智能手机这领域是不是已到市场饱和的程度,一切还要其他行业的报告。另外苹果下一季的业绩会比这一季好,因为有</span>IPhone
SE<span lang="ZH-CN" style="font-family: 宋体;">帮忙拉业绩,不过可能差过去年同期的。</span><br />
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<b><u>7022 Gtronic <span lang="ZH-CN" style="font-family: 宋体;">东益电子</span></u></b><br />
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<span lang="ZH-CN" style="font-family: 宋体;">接下来就是说“下梁”了——<b style="text-decoration: underline;">东益电子</b>近期公布最新一季的销售和盈利各下跌</span>34%<span lang="ZH-CN" style="font-family: 宋体;">和</span>78%<span lang="ZH-CN" style="font-family: 宋体;">后,股价前后两天泻了</span>16.70%<span lang="ZH-CN" style="font-family: 宋体;">和</span>12%<span lang="ZH-CN" style="font-family: 宋体;">,然后至上星期五已下跌了</span>35.83%<span lang="ZH-CN" style="font-family: 宋体;">!业绩猛衰退的主要原因是市场的需求量大量下滑以及外汇亏损的</span>460<span lang="ZH-CN" style="font-family: 宋体;">万零吉。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqKNjCchyphenhyphenRW1N7skJylwfIHMl3cBc48H6znsr6Xfx08hi1a6Fe__2VI-n5h4dE4po5U7MubuDJO92NE7UlwLR6LXQgfCpJeXpxRJmKJWVDubq1Mf3dw6sqUk69XuXjQBj6HYEFCZBOCriF/s1600/G5.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="120" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqKNjCchyphenhyphenRW1N7skJylwfIHMl3cBc48H6znsr6Xfx08hi1a6Fe__2VI-n5h4dE4po5U7MubuDJO92NE7UlwLR6LXQgfCpJeXpxRJmKJWVDubq1Mf3dw6sqUk69XuXjQBj6HYEFCZBOCriF/s640/G5.png" width="640" /></a></div>
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<span style="font-family: 宋体;">在最新的业绩里,管理层有表明下一季的业绩也会退步,因市场的需要已大大减退。所以东益电子上半年的业绩会让大众失望了。这次管理层在这一季表态,目的是好让各股东有心里准备。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span>
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">业绩一出过后,市场上的股东都表演连续几天的羊群效应,把手上持有的票一一卖掉,所以这几天的交易量是出奇的大,而且也是历年来东益电子首次的庞大交易量。这次的业绩大掉眼镜后,再加上下一季的业绩也会不如预期,这还真是雪上加霜啊!</span><o:p></o:p><br />
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">目前的股价已掉了</span>35%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,而且股价回到两年前的价位。没了业绩这靠山,东益电子唯一的催化剂是需要看今年</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月尾的业绩报告了,一旦连续三季都是失望的业绩,那么这第五大市值的科技公司要搭船去荷兰了</span>XD<o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_Ub-E5JYdpVbZF-1KO-a41DnG4AZ7mhrSlTn4qhYZbv4jyE4W0HQFkCE3zuE0VA17z3SDU-PPfHg3MzNGVRNhHT9G6mBpqi1py6gRyk8JpZIbzQEDyxd3GKyvBC3sQwS0D4VKIux228Ee/s1600/G6.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_Ub-E5JYdpVbZF-1KO-a41DnG4AZ7mhrSlTn4qhYZbv4jyE4W0HQFkCE3zuE0VA17z3SDU-PPfHg3MzNGVRNhHT9G6mBpqi1py6gRyk8JpZIbzQEDyxd3GKyvBC3sQwS0D4VKIux228Ee/s640/G6.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">上图是业绩公布后,各大股东们的交易。</span><span lang="ZH-CN" style="font-family: 宋体;">虽然业绩衰退导致股价猛泻,不过东益电子的大股东们都一直买进扶持股价,尤其是</span>EPF<span lang="ZH-CN" style="font-family: 宋体;">大量买进了大约</span>250<span lang="ZH-CN" style="font-family: 宋体;">万的股。</span><br />
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<b><u>5162 ECS <span lang="ZH-CN" style="font-family: 宋体;">佳杰科技</span></u></b><br />
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<span lang="ZH-CN" style="font-family: 宋体;"><span lang="ZH-CN">下一个“下梁”——<b><u>佳杰科技</u></b>近期公布的业绩也是令人失望,</span>营业额跟去年的</span>Q1’’2015<span lang="ZH-CN" style="font-family: 宋体;">比较,今年下跌了</span>16.90%<span lang="ZH-CN" style="font-family: 宋体;">,主因是去年的</span>1<span lang="ZH-CN" style="font-family: 宋体;">至</span>3<span lang="ZH-CN" style="font-family: 宋体;">月这期间是还没实行</span>GST<span lang="ZH-CN" style="font-family: 宋体;">所以营业额会比今年较高。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSgF16BvLKanH_5WqJeUN2gkeCmWU_hyphenhyphen7Xkq17s3V-cWfLca_zq3j7GfUAcVolz4y5UPXavQybzr4jfvpM2NBrIF1B1A5kjKxnB9FowFySjaWjtLII2ko0ShdTdS6hRGu0a_FvSyuOxDoL/s1600/G4.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="114" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSgF16BvLKanH_5WqJeUN2gkeCmWU_hyphenhyphen7Xkq17s3V-cWfLca_zq3j7GfUAcVolz4y5UPXavQybzr4jfvpM2NBrIF1B1A5kjKxnB9FowFySjaWjtLII2ko0ShdTdS6hRGu0a_FvSyuOxDoL/s640/G4.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后这一季的净利跟去年同期比较,一共跌了</span>45.45%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,这已接近跌一半了。以所有同期的业绩比较,这次是佳杰科技历来跌幅最大的。另外高层有解释这一季的跌幅是因为</span>GST<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的关系,不过去年已实行</span>GST<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>Q2’’2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>Q3’’2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>Q4’’2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这三季除了</span>Q3’’2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,其他都有不错的成绩,难道这两季的业绩没都被</span>GST<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">影响??</span><br />
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span>
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯觉得佳杰科技的基本面是非常地不错,零债务和手握多现金,业绩如果有<u><b>平稳上升/保持</b></u>应该是价值</span>RM
2.00<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(也是用自己的</span>model<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">算出来</span>XD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。凯曾经也是其公司的其中一个股东,不过最近在</span>RM
1.58<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这价位套现提高组合的现金了。个人觉得一旦跌入</span>RM
1.30<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">附近是可以买来收股息的</span>
XD</div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来就看看大马科技板来看看目前的行情吧。科技板经过大概</span>3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">个月在</span>22.8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">点这附近徘徊后,终于在上两个星期遇到死亡交叉(</span>MA10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">线跌破</span>MA200<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">线),然后就一直连续几天的狂泻了,看来这死亡交叉真是一触就不可收拾。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">目前的科技板在</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">21.07</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">点,所幸最近已拉回</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">MA10</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">线附近,再跌破</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">MA10</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">就一低还有一低低了。然后凯观察科技板以往的记录,它的死亡交叉和黄金交叉就维持短短的两</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">/</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">三个月,所以下一个黄金反弹点可能是在六或七月中。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不过近期的科技负面新闻真是太多了,最像以上提到的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">Apple</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">Foxconn</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这国际两大公司最近的新闻就足以让目前的跌势继续维持一段时间了。最后东益电子和佳杰科技这次的业绩相信是和</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 16.8667px;">Apple</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11pt; line-height: 16.8667px;">和</span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 16.8667px;">Foxconn</span><span style="font-size: 14.6667px; line-height: 16.8667px;"><span style="font-family: 宋体;">有联系的,所以间接也和其他智能手机牌子有关系,接下来就要观察看看其他牌子的业绩了,尤其是小米。不知上梁不正,下梁歪会不会在手机业里凑效。</span></span></div>
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<span lang="ZH-CN" style="font-size: 14.6667px; line-height: 16.8667px;"><span style="font-family: 宋体;">本文只供参考。共勉之。</span></span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com0tag:blogger.com,1999:blog-5862902800805316600.post-21841929421206554792016-05-02T09:01:00.002-07:002016-05-06T20:08:00.645-07:008907 EG Industries<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlRQUk4Fqbb6BBMLJle9xDquexGokOst5KbQUuKVnilnTL-4hrP_CW8uTuzxWEXSM2Xnz6oufcI9ruNvmtvGCoihNjo555VJvaRTCLdkEwdWAg8OaFUrxXaSb7MGmiy76vwCKP5wE5wBxf/s1600/logo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlRQUk4Fqbb6BBMLJle9xDquexGokOst5KbQUuKVnilnTL-4hrP_CW8uTuzxWEXSM2Xnz6oufcI9ruNvmtvGCoihNjo555VJvaRTCLdkEwdWAg8OaFUrxXaSb7MGmiy76vwCKP5wE5wBxf/s1600/logo.png" /></a></div>
<span style="background: white; text-align: justify;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">工业(</span><span style="background: white; text-align: justify;">8907</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">,</span><span style="background: white; text-align: justify;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">)前名是</span><span style="background: white; text-align: justify;">EG.COM</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">然后在</span><span style="background: white; text-align: justify;">2014</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">这转折年把名字换去</span><span style="background: white; text-align: justify;">EG Industries</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">。</span><span style="background: white; text-align: justify;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">起初是一间主要制造及卖扬声器系统和实木复合地板的公司。</span><span style="background: white; text-align: justify;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">曾面临连续五年的亏损,而且曾在</span><span style="background: white; text-align: justify;">2000</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">年</span><span style="background: white; text-align: justify;">12</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">月</span><span style="background: white; text-align: justify;">14</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">日因无法偿还价值</span><span style="background: white; text-align: justify;">RM 2</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">千万已到期的债券而被</span><span style="background: white; text-align: justify;">HSBC</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">重组这项债务至</span><span style="background: white; text-align: justify;">5</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">年期限。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">为了解决公司当前的困境,</span>EG<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">决定转型去<span style="background: white;">电子制造服务业(</span></span><span style="background: white;">EMS</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)这领域。这些年来,管理层都努力帮公司争取更多的客源,目前</span>EG<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的顾客有</span>Dyson,
OJE, Oxylane, SETO, WSI<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和新进的成员</span>Tramigo<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span>Tramigo<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的代工生产在今年的上半年将全面投产,所以</span>EG<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>Q3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>Q4<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">会有所惊喜。<span style="background: white;">然后</span></span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">旗下有</span><span style="background: white;">7</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">间子公司,较吸引人的是</span><span style="background: white;">SMT Technologies</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span><span style="background: white;">SMTT</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)和</span><span style="background: white;">SMT Industries</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span><span style="background: white;">SMTI</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。先说说这两间公司:</span><o:p></o:p></div>
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<b><i><u><span style="background: white;">SMT Technologies</span></u></i></b><b><i><u><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span><span style="background: white;">SMTT</span></u></i></b><b><i><u><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span><span style="background: white;"><o:p></o:p></span></u></i></b></div>
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<span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">
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<span style="background: white;">SMTT</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是在</span><span style="background: white;">2002</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年正式年被</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">收购,</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是以</span><span style="background: white;">4</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万(是用股份换)</span><span style="background: white;">SMT</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">买下。目前</span><span style="background: white;">SMTT</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是全球</span><span style="background: white;">50</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大电子制造服务业公司其中之一。这</span><span style="background: white;">50</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大里,马来西亚入榜的公司只有两间,其一是</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,其二是威城(</span><span style="background: white;">6963</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span><span style="background: white;">VS</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。然后根据前年三月的记录,</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">目前是第</span><span style="background: white;">47</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大,而</span><span style="background: white;">VS</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是排名在</span><span style="background: white;">25</span><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><span style="background: white;">SMTT</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">可以算是</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">的救星,</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">收购它前的近几年都面对业绩亏损和现金流量的问题,一直到</span><span style="background: white;">2004</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">年才转亏为盈。在这转亏为盈的一年,</span><span style="background: white;">EMS</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">占总销售</span><span style="background: white;">87%</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">,而</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">原本的主要业务扬声器和实木复合地板板分别只占</span><span style="background: white;">10%</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">及</span><span style="background: white;">3%</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">,看来</span><span style="background: white;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体;">是买对了公司。</span></div>
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<span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">这图明显可见</span><span style="background: white; text-align: justify;">2003</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">和</span><span style="background: white; text-align: justify;">2004</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">在各方面有大量进步及提升!尤其在</span><span style="background: white; text-align: justify;">2004</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">这转折年由亏转盈!</span><br />
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<b><i><u><span style="background: white;">SMT Industries</span></u></i></b><b><i><u><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span><span style="background: white;">SMTI</span></u></i></b><b><i><u><span lang="ZH-CN" style="background: white; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span><span style="background: white;"><o:p></o:p></span></u></i></b></div>
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SMTI<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是一间位于泰国曼谷的公司,主要业务是在泰国提供各领域的</span>EMS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。在</span>2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年</span>EG<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有意筹资将泰国的独资子公司</span>SMT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">工业在泰国交易所的另类投资市场(</span>Mai
Market<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)挂牌上市。</span>SMT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">工业是在</span>2006<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">成立,主要业务是通过生产电脑周边设备,消费者电子和汽车工业产品。目前位于泰国的厂地只是用了</span>38%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,还有</span>62%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的空间能扩充业务,在这可见</span>EG<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">还有很多很多的发展空间。这上市计划目前还需要一些筹备的时间,大概需要两年的时间。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">虽然</span><span style="text-align: justify;">EG</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的销售一年都比一年低,不过它的净利这几年来都一直在上升的,这明显显示公司一直在提高净利率。然后</span><span style="text-align: justify;">2015</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">年的业绩突飞猛进,跟前一年比几乎成长了接近</span><span style="text-align: justify;">1200%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">或者</span><span style="text-align: justify;">13</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">倍。虽然在这年的业绩是包括了出售部分投资资产而赚了</span><span style="text-align: justify;">RM
1.5 </span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">千万,不过在</span><span style="text-align: justify;">RM
2.6</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">千万的净利减了</span><span style="text-align: justify;">RM
1.5</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">千万还有</span><span style="text-align: justify;">RM
1.1</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">千万的净利,这是前一年的</span><span style="text-align: justify;">5</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">倍成长!</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外,</span>EG<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">正在通过改变产品组合,从机柜装配(</span>box-build<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)业务取得更多销售额。这</span>Box-build<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">业务几乎是一条龙服务,从设计、制造至运到客户手里。在最新业绩</span>Q2’’2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里,公司</span>CEO<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也声称手上也接了一些</span>box-build<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的订购,目前手上还有大概</span>RM
1.25<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的</span>box-build<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">订单。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">这几年来,</span><span style="text-align: justify;">EG</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">都逐步减少在马来西亚本地的</span><span style="text-align: justify;">EMS</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">业务,不过大马的销售还是占最高的地位。然后我们也可以看见</span><span style="text-align: justify;">EG</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">在</span><span style="text-align: justify;">2015</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">年大大地增加新加坡的业务,而且一加就加了三倍。凯认为往后</span><span style="text-align: justify;">EG</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">会一直增加在新加坡的业务,主因是大股东</span><span style="text-align: justify;">Jubilee</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">是来自新加坡,双方将联手合作通过</span><span style="text-align: justify;">box-build</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">这业务构成一间一条龙服务的国际电子产品中心。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgteu2clVrjtHDhC8nrBfBsCKvieEZhZOVsSJ_-KfMYr1l7pLoJm4rbFIvONl3EOtbWs8b14P3-kci9thpMHg94kaRTo1UASh7U75Bt2QKUh87rP-wXdFn1S8RFES9rkqS7cFqOya9UXPC/s1600/5.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="84" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgteu2clVrjtHDhC8nrBfBsCKvieEZhZOVsSJ_-KfMYr1l7pLoJm4rbFIvONl3EOtbWs8b14P3-kci9thpMHg94kaRTo1UASh7U75Bt2QKUh87rP-wXdFn1S8RFES9rkqS7cFqOya9UXPC/s640/5.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">接下来,一起看看这两张图。</span><span style="text-align: justify;">EG</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">在</span><span style="text-align: justify;">2014</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">年结束了<span style="background: white;">实木复合地板这业务,这是因为它每年都在“帮”公司净利。负责这业务的子公司是</span></span><span style="background: white; text-align: justify;">Mastimber Industries</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">,目前</span><span style="background: white; text-align: justify;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">掌控着</span><span style="background: white; text-align: justify;">90.5%</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">的股权。虽然</span><span style="background: white; text-align: justify;">EG</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">已停止这累人的业务,不过公司这两年还是白白扣了</span><span style="background: white; text-align: justify;">RM 1</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">百万的净利。如果要摆脱这“毒瘤”,</span><span style="background-color: white; text-align: justify;">EG需要把这间子公司完全转型至EMS以提高</span><span style="background: white; text-align: justify;">50</span><span lang="ZH-CN" style="background: white; font-family: 宋体; text-align: justify;">大电子制造服务业公司的地位。另外一个方法是出售这子公司来还债务,不过需要有买家。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBwudnsppc-8IF2UxId5nSIJ5zfW3rJUYxPB6lo_aqXQjbxoWCMUuYdxJ93bThuBjvPRzTWv0w5lXGIjHXsjYQO41GtobGedlmg944Os9ghWRurgSKg_lwmDKLs0CWGyqQBUZXZCmxevfT/s1600/6.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="262" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBwudnsppc-8IF2UxId5nSIJ5zfW3rJUYxPB6lo_aqXQjbxoWCMUuYdxJ93bThuBjvPRzTWv0w5lXGIjHXsjYQO41GtobGedlmg944Os9ghWRurgSKg_lwmDKLs0CWGyqQBUZXZCmxevfT/s400/6.png" width="400" /></a></div>
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<span style="text-align: justify;">(摘自<a href="http://www.nanyang.com/node/732557?tid=462" target="_blank">南洋网</a>)</span></div>
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<span style="text-align: justify;">EG</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的</span><span style="text-align: justify;">NTA</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">在最新一季里被调整至</span><span style="text-align: justify;">1.09</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,主因是</span><span style="text-align: justify;">EG</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">在去年</span><span style="text-align: justify;">11</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">月实现</span><span style="text-align: justify;">3</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">配</span><span style="text-align: justify;">2</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">送</span><span style="text-align: justify;">1</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">凭单的附加股计划,把公司的股本增加至</span><span style="text-align: justify;">2</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">亿</span><span style="text-align: justify;">5060</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">万股。这计划超额认购</span><span style="text-align: justify;">12.9%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,看来很多投资者都觉得这计划是值得投资。</span><span style="text-align: justify;">EG</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">每日的交易量也在这一个月开始变得很活跃,同时有两大前辈加入行列助阵,那就是冷眼和官佬。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2XLW8A8pXa7VhplaB6hYAkW1VsmAlkedRiA_Wem3eWuQ7cdkBu9MEttJM4qfuQIYK0iiRBB3pPG9gx0-e0bAXrZDmmpzcTSHDr2Uk4o9hZVMLf6bghfFqmAq6WmScw7Vl6r-Sa-Fu7vXF/s1600/7.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2XLW8A8pXa7VhplaB6hYAkW1VsmAlkedRiA_Wem3eWuQ7cdkBu9MEttJM4qfuQIYK0iiRBB3pPG9gx0-e0bAXrZDmmpzcTSHDr2Uk4o9hZVMLf6bghfFqmAq6WmScw7Vl6r-Sa-Fu7vXF/s400/7.png" width="400" /></a></div>
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<span style="font-family: 宋体;">(摘自<a href="http://www.nanyang.com/node/753106?tid=462" target="_blank">南洋网</a>)</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">去年意以</span>RM
1.14<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万收购新加坡</span>Singyasin<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">控股</span>95.81%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的计划近期被宣布死在腹中,其因是取消这收购计划能让它更专注于其他的扩展计划。当中的计划是包括了引进更好的机器,扩展产房,添购工具,家具及其他设备。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外前年飞跃身为大股东的</span>Jubilee<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在去年从原本的</span>26%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股权增加至</span>30.5%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,同时新加坡</span>WE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">控股也一起升为</span>EG<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的大股东。</span>Jubilee<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">工业控股是一家精密注塑模具设计和制造商;</span>WE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">控股是电子元件、电子系统和电子能源的经销及制造商。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体;">最后</span>EG<span lang="ZH-CN" style="font-family: 宋体;">的执行主席郑耀楗同时是</span>Jubilee<span lang="ZH-CN" style="font-family: 宋体;">工业控股和</span>WE<span lang="ZH-CN" style="font-family: 宋体;">控股这两间公司的主席,而且兼是</span>Singyasin<span lang="ZH-CN" style="font-family: 宋体;">的</span>CEO<span lang="ZH-CN" style="font-family: 宋体;">。一切跟</span>EG<span lang="ZH-CN" style="font-family: 宋体;">有密切关系的公司都是郑耀楗所领导的公司,看来郑先生好像在计划把旗下领导的公司一拼连在一起。另外,</span>Jubilee<span lang="ZH-CN" style="font-family: 宋体;">工业控股和</span>WE<span lang="ZH-CN" style="font-family: 宋体;">控股这两间公司都是在去年成功转亏为盈的,所以情况几乎是跟</span>EG<span lang="ZH-CN" style="font-family: 宋体;">一模一样。看来郑耀楗有“点盈胜手”的能力</span>
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<b><i><u><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">总结:</span><o:p></o:p></u></i></b></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯个人认为</span>EG是价值 RM 1.13(自己的model乱算出来XD),所以<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">目前的价位是可以慢慢收,有机会的话可以在</span>RM
0.830<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">收一点</span>XD <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不过这只股可能需要等一段时间才有收成,一等可能等</span>1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年,因为它需要业绩来催化一下股价。另外它是不派股息的公司,所以可能会比较少受到投资者的青睞。官佬和冷眼都在</span>30<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大股东的</span>list<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里面,有“大师”和“大咖”双剑合璧助阵,凯就趁低吸入少少吧</span>
XD <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">可能哪一天也会跟</span>VS一样<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不小心坐上了火箭。</span><o:p></o:p></div>
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最后附上EG的功课:</div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com1tag:blogger.com,1999:blog-5862902800805316600.post-75006610794367770772016-04-24T10:09:00.000-07:002016-04-27T04:06:09.699-07:005105 CANONE 《园里有两只会下金蛋的母鸡》<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPaHXxX6r_sRrj9NfEZ4fzLwwd-495Lhfdlt1HJxrQbQy4ue9ImmKARMGEfl2f8DthIuMPgGogtu63yFj3oJ0ZoIxn-kiB1km-l40rUR6WomlIUAXWtXJ1EY4Ao6jzY1owwf3Ga2kbrRKp/s1600/2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPaHXxX6r_sRrj9NfEZ4fzLwwd-495Lhfdlt1HJxrQbQy4ue9ImmKARMGEfl2f8DthIuMPgGogtu63yFj3oJ0ZoIxn-kiB1km-l40rUR6WomlIUAXWtXJ1EY4Ao6jzY1owwf3Ga2kbrRKp/s400/2.png" width="400" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">冠旺(5105,CANONE)的主要生意被分为四大类,包括了</span><span style="text-align: justify;">General
cans</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">(锡罐和塑料罐)、</span><span style="text-align: justify;">Food
products</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">(乳制品),</span><span style="text-align: justify;">International
trading</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">(国际贸易)和</span><span style="text-align: justify;">Property
and investment holding</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">(房产及投资控股)。冠旺生产的锡罐和塑料罐业务占了公司</span><span style="text-align: justify;">13%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的净利,而它主要是包装奶粉、饼干、防腐食品和油漆产品等。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来的乳制品业务占了</span>53%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大部分的净利,这业务相信多多少少会跟子母牌(</span>3026<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,子母牌)扯上关系。子母牌的业绩都不错都在往上升,最新一季的业绩令人失望,主因是广告和宣传活动,所以对冠旺的乳制品业务影响不大。然后国际贸易,主要是对公司的乳制品以及原料进行交易,目前占了</span>3%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的净利。最后的房产及投资控股相信就是投资在建裕珍厂(</span>3522<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>KIANJOO<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)所得的回报,它占了总净利的</span>31%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5tYMS9Vd1-p2XpNfvmZqxSrA5lnXIGJidT1kCQTJ8IIZOub3ZuB2cdV14rUhnGOpcfUgNQ57Tg0ETmiLXuUu9sb7K_hTBDKGT_ubZZ2F2a42jOgZmifAVFdHn9wwolp7oZEPUZ7ixZMfV/s1600/6.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="120" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5tYMS9Vd1-p2XpNfvmZqxSrA5lnXIGJidT1kCQTJ8IIZOub3ZuB2cdV14rUhnGOpcfUgNQ57Tg0ETmiLXuUu9sb7K_hTBDKGT_ubZZ2F2a42jOgZmifAVFdHn9wwolp7oZEPUZ7ixZMfV/s640/6.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">从这销售表,可见锡罐以及乳制品这两大的业务明显每年都在增长,两大分别平均每年复利成长</span><span style="text-align: justify;">6%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">以及</span><span style="text-align: justify;">9%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,看起来这五年的成长算是刚刚好及格。然后国际贸易这业务就唯一只是在</span><span style="text-align: justify;">2012</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">年取得好成绩,平均每年的复利成长是负数的。最后的产业及投资控股这业务是属于零销售的。整体来看的话,其实销售方面的成长不是很吸引人。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP-yqyIDebtMud8z1RIbybunYWo-WVcAvGhqUM4xggVai0VuX0o2lrHGGX3WnZDwhBZ38dhDNIlfpOJQUMsxtzBNqaWCzWGaMO6B0ImZGXSvRzNSaHQ-UanVQ94K893_hBjC8g-p3WKb3l/s1600/5.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="120" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiP-yqyIDebtMud8z1RIbybunYWo-WVcAvGhqUM4xggVai0VuX0o2lrHGGX3WnZDwhBZ38dhDNIlfpOJQUMsxtzBNqaWCzWGaMO6B0ImZGXSvRzNSaHQ-UanVQ94K893_hBjC8g-p3WKb3l/s640/5.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">看了销售表后,接下来就看看净利表吧。锡罐和塑料罐这业务的净利明显可见是每一年都在下降的,而且在</span><span style="text-align: justify;">2015</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">年更创造新低的业绩。它平均每年的复利成长是负数</span><span style="text-align: justify;">20%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的,看来冠旺在这业务方面不是处理得很好。这可能是公司把主要业务都放在乳制品这项生意里了,它在</span><span style="text-align: justify;">2012</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">年的成长是让人大掉眼镜的,而且每年的复利成长高达</span><span style="text-align: justify;">37%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">!</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来的原料贸易就业绩平平,每年的复利成长是负数</span>3%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,它的业务占公司些许而已,所以影响不大。最后的产业和投资控股就真的不错了,这业务占了公司一半的净利,复利成长因</span>2011<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的负数净利而达到每年</span>228%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的佳绩!这业务还真不错,因为是属于零销售和会带净利入袋,所以相信这业务主要是在投资控股,而跟产业无关。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9ZddsI0_c4ubjB2o5u7gxzvkTe1AALQG3stiE3OS36Qxe50N7XAf7kFjN0CgheAB7B0duPDOMFfV9INn2wErAGWsCn7gbgJsqGRhyphenhyphenfkrnFVcF00c3QfNeXB-dVtUcr5acQjXSTSA50L_8/s1600/3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="83" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9ZddsI0_c4ubjB2o5u7gxzvkTe1AALQG3stiE3OS36Qxe50N7XAf7kFjN0CgheAB7B0duPDOMFfV9INn2wErAGWsCn7gbgJsqGRhyphenhyphenfkrnFVcF00c3QfNeXB-dVtUcr5acQjXSTSA50L_8/s640/3.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">上图可见税前净利以及分给股东们的净利是取得不错的成绩的,两项都有超过</span><span style="text-align: justify;">20%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的每年复利成长。这让人满意的成长主因是因为</span><span style="text-align: justify;">Share
of profit of equity-accounted investee</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">这一项,它是冠旺旗下所投资公司的净利分享,然后这净利大部分是来自之前</span><span style="text-align: justify;">2012</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">年收购的建裕珍厂</span><span style="text-align: justify;">32.9%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">股份。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">冠旺的净利在这几年大部分都以它为首,占了冠旺一半的总净利,这里就能解释有公司愿意高价买建裕珍厂的理由了。</span>2012<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的净利突然突飞猛进的主因是冠旺买建裕珍厂的成本价低于它的市场价,这差价就让冠旺“隐形”进了</span>RM
1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的口袋。冠旺本身的生意销售在这五年里都有起有落,有如坐过上车般,然后这五年的平均复利成长算是及格,达到</span>9%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">建裕珍厂目前的市场价值</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> RM 1,479,079,440.00</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">,冠旺拥有它的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">32.90%</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">的股份,所以冠旺手上的股份是价值</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> RM 486,617,136.00</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">的,这价值冠旺每股</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> RM 2.53</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">了。然后再加上冠旺旗下</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">F&B Nutrition</span><span style="font-size: 11.0pt; line-height: 115%;">价值</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM 677,400,000</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">或等于冠旺的每股</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> RM 3.53</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">,单单是这两件的子公司就价值冠旺每股</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> RM 6.06</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">(</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM 2.53+ RM 3.53</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">)了。目前冠旺的价位是</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> RM 4.35</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">,按照这个</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> RM 1.71</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">(</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM 6.06- RM 4.35</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">)的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">gap</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">就有</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">39%</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">的上升空间了。呃</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">…</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">或许看下图会比较了解</span></span><span style="font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 115%;">XD</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhj4A0QG19gGQHkIg086Tu2hyphenhyphenpYsEK4oX6h9vYgbp9H2v22IAftN1S08DT8W5iTxmMEbYTMt7nR0H3hT0OM5viid2K1YmSH8jT6As4W7gmIgmchRXKkvRhGgizQtKIoafpEwED04e0_IDv4/s1600/1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhj4A0QG19gGQHkIg086Tu2hyphenhyphenpYsEK4oX6h9vYgbp9H2v22IAftN1S08DT8W5iTxmMEbYTMt7nR0H3hT0OM5viid2K1YmSH8jT6As4W7gmIgmchRXKkvRhGgizQtKIoafpEwED04e0_IDv4/s400/1.png" width="400" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">单单靠两间的子公司就价值</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM 6.06</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了,在目前</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM 4.35</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的价位难免会有点吸引人。不过冠旺的贷款就真的有点高了,总额有</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM 5.4</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿或者每股</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM 2.82</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的借款。以目前手握</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM 6</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万的现金,</span><span lang="ZH-CN" style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> </span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">冠旺是属于净负债</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">RM
4.8</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的公司</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。接下来就浅谈这两间公司:</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<b><u><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">建裕珍厂(</span>3522</u></b><b><u><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>KIANJOO</u></b><b><u><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span><o:p></o:p></u></b></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">建裕珍厂主要业务是铝罐的包装,目前在销售以及净利方面都是有成长的。冠旺手上抓着建裕珍厂</span>32.9%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股份,双方算是联营公司的关系,所以建裕珍厂每年都有贡献大概</span>30%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的净利给冠旺。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后曾经有几家公司有意收购建裕珍厂,当中有</span>Insight<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">私人有限公司以及丰田通商(</span>Toyota
Tsusho<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。</span>Insight<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是雇员公积金局(</span>EPF<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)和徐啟良共同成立的一家特別通途公司,因徐啟良是建裕珍厂的执行董事所以曾一度被怀疑有意私有化建裕珍厂。</span>Insight<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的收购计划是自</span>2013<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年开始,有意以</span>RM
14<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿</span>7000<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万或每股</span> RM 3.30<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">收购后者,不过在上星期被宣告这拖了几年的计划告吹了。理由是双方谈不拢有关的献购价格。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">丰田通商(</span>Toyota
Tsusho<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)曾有意用</span>
RM 8.5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿或每股</span>
RM 3.74<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">购入建裕珍厂的</span>51%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股份。不过建裕珍厂很快就回复说</span>Toyota
Tsusho<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的收购议案不符合心中合理水平和该公司无呈上正式的献购文件。</span><br />
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<b><u>F&B Nutrition Sdn Bhd<o:p></o:p></u></b></div>
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F&B
Nutrition<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是冠旺的核心业务,也就是在乳制品方面的业务。它占了公司接近一半的销售与净利,所以这间公司算是冠旺的“灵魂人物”。另外虽然冠旺旗下的</span>F&B
Nutrition<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也最近传言公务员退休基金(</span>KWAP<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>Kumpulan
Wang Persaraan<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)有心想出资</span>RM
2.8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿购入旗下的</span>30%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股份。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">如果</span>F&B
Nutrition<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>30%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股份是值</span> RM
2.8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿,那么它</span>100%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股份是价值</span>RM
9.3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的!这单单一间子公司的价值就超越了冠旺母公司的市值了,母公司目前是价值</span>RM
8.5 <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的。不过根据公司的回应,他们目前还没收到</span>KWAP<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">正式的收购信,所以这消息还没能被完全证实的(虽然迟早会被证实</span>XD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。一旦这消息被证实,相信冠旺的股价又要飞了,最低也要</span>RM
4.84<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">才可跟</span>F&B
Nutrition<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这子公司平起平坐。</span><o:p></o:p></div>
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<b><u><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">总结:</span><o:p></o:p></u></b></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯个人觉得冠旺目前的内在价值不是胜在多现金,也不是胜基本面好;而是胜在它旗下有市场价值的子公司。旗下的建裕珍厂和</span>F&B
Nutrition<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">其中一间一旦被有心人买走的话,冠旺本身就不值钱了,毕竟它大部分的净利都是依靠这两间公司。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后冠旺手上有两只会为它下金蛋的母鸡,建裕珍厂这只母鸡就比较危险了,因为他们时时刻刻都在等有心人买走他们。公司最近也出通告指官佬荣升大股东,因为他目前抓着公司</span>8.305%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股份,相信官佬是看中公司旗下那两只不简单的“鸡”而大笔买入的</span>XD <o:p></o:p></div>
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最后再附上冠旺的功课:</div>
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本文只供参考。共勉之。</div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com15tag:blogger.com,1999:blog-5862902800805316600.post-72138670464897016422016-04-15T22:00:00.000-07:002016-04-15T22:00:20.575-07:00年报?可以吃的?Annual Report? Boleh makan punya?<div class="MsoNoSpacing">
<span style="font-family: 宋体;">年报方面,凯平时不会花很长的时间去看,同时也不会非常详细一字不漏地把整本年报吃了下去。其实要了解年报,有几点是要比较需要提防和注意罢了,同时只需要花不到半小时就可以了解整本年报的重点了。接下来就说说凯看年报的方法吧,方法被分为上、中、下三大部分:</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><b><i><u><span style="font-size: large;">上</span></u></i></b></span> </div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这一部分是从年报的第一页至</span>Financial
Statement<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">那一页,这中间是包含了很多重要的资料,有</span>Corporate
structure, Financial highlight<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以及</span>Chairman’s statement<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。相信在开头几页就能得知公司的主要业务了,例子有宝利机构(</span>9288<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>BONIA<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),它的头几页会看到很多模特儿穿着旗下或帮助传销的产品。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来</span>Corporate
structure<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了,这部分蛮重要,毕竟了解一间公司之前,必须了解它旗下的子公司。有些公司旗下有很多不同业务的子公司,例子有成功机构(</span>5248<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>BJCORP<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),它旗下有</span>TOTO<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>UMOBILE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>7-11<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>MOL<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">等。另外,在这一部分也能得知公司所有的业务类型,就打个比方美特工业(</span>7087<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>MAGNI<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">):</span><o:p></o:p></div>
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<span style="font-family: 宋体;">上图明显显示了美特工业各子公司的业务,主要是服装和包装。</span></div>
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highlight<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这一部分了,公司会放上引你为傲的业绩,也就是近</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的成绩单。不过凯相信在这一部分是只有公司美的成绩单,然后把美中不足的部分给删除掉,毕竟怕股东们失望。所以凯通常都自己做功课,自己看公司五年来的详细</span>Financial
highlight<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后最重要的一部分来了,这是整份年报的精髓,那就是</span>Chairman’s
statements<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。在这一部分,公司的</span>CEO<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">会对当年的表现作出评论,同时也会附上未来几年的目标。另外这一部分其实也蛮多“康头”看的,因为可以了解公司目前的状况和未来的打算,然后可以在下一年的年报里看看公司达到目标了没,所以这一部分需要把每一粒字吃进肚子了</span>
XD<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><b><i><u><span style="font-size: large;">中</span></u></i></b></span><o:p></o:p></div>
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<o:p> </o:p><span lang="ZH-CN" style="font-family: 宋体;">这一部分就是要看看</span>Financial
statement<span lang="ZH-CN" style="font-family: 宋体;">了,这当中最重要的就是</span>
Income statement<span lang="ZH-CN" style="font-family: 宋体;">,</span>Balance
sheet<span lang="ZH-CN" style="font-family: 宋体;">和</span>Cash
flow statement<span lang="ZH-CN" style="font-family: 宋体;">。这一部分对大部分的基本面投资者来说是非常重要的,因为这是他</span>/<span lang="ZH-CN" style="font-family: 宋体;">她们要入手做功课的地方。在这里,公司是提供前后两年的资料,一来增加公司的透明度,二来给投资者过目和比较</span>XD</div>
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Income statement<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">部分当然是比较前后两年的业绩了。然后少做功课的可以留意下</span>Balance
sheet<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>Current
asset<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>Current
liabilities<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,这两项算是功课最重要的地方了。最后的</span>Cash
flow statement<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">部分,凯个人比较注重在</span>Investing
cash flow<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,它代表了公司当年用了多少资金来扩大业务或者卖了多少的资产套现。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">除此之外,不喜欢</span>Free
cash flow<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的复杂计算方法的投资者不妨可以试试用这项</span>cash
flow statement<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>Operating
cash flow <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">加上</span>Investing
cash flow<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>Investing
cash flow<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大多数是负数)就是公司当年的</span>Free
cash flow<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了,这样就可以直接知道公司当年有没有遇到自由现金流的问题了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><b><i><u><span style="font-size: large;">下</span></u></i></b></span><o:p></o:p></div>
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<o:p> </o:p><span lang="ZH-CN" style="font-family: 宋体;">最后年报后面的部分大多数都是</span>Notes<span lang="ZH-CN" style="font-family: 宋体;">,也就是对前面的</span>Financial
statement<span lang="ZH-CN" style="font-family: 宋体;">多加解释的内容。在这一部分,凯通常是看</span>Segment<span lang="ZH-CN" style="font-family: 宋体;">这一部分的,主要看公司在各业务的销售以及净利,看看哪一个是占大部分的。然后就看看</span>Geographical
segment<span lang="ZH-CN" style="font-family: 宋体;">这一部分,主要是看看公司的业务主要是在哪一个国家,这是因为不同的国家会有不同的货币强势、经济输出、政治问题等,这会对公司上的销售有一定的影响。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后接下来就是看股东方面了,也就是</span>Substantial
shareholders<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以及</span>30
largest shareholders<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span>Substantial
shareholders<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是看目前握着</span>5%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上的股东有谁,这项大多数会出现基金或者各大集团的名字,毕竟它们的资金比较庞大。然后接下来的</span>30
largest shareholders<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里就是看看当年握着最多股份的</span>30<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大股东。相信很多人会在这注意一些股神或名人,例如冷眼(</span>Fong
Siling<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)和官佬(</span>Koon
Yin Yew<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><b><i><u><span style="font-size: large;">总结</span></u></i></b></span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体;">凯主要是看这以下</span>8<span lang="ZH-CN" style="font-family: 宋体;">个部分罢了,所以看年报的时间不是很长,主要需要有方向和知道哪个是重点就行了,反而做功课的时间是看年报的几十倍长呢!年报上的技巧是基础功夫,功课上的技巧才是师傅级的功夫。</span></div>
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<!--[if !supportLists]-->1.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Corporate structure<o:p></o:p></div>
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<!--[if !supportLists]-->2.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Company products<o:p></o:p></div>
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<!--[if !supportLists]-->3.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Financial highlight<o:p></o:p></div>
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<!--[if !supportLists]-->4.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Chairman’s statement<o:p></o:p></div>
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<!--[if !supportLists]-->5.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Financial statements<o:p></o:p></div>
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<!--[if !supportLists]-->6.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Geographic segment<o:p></o:p></div>
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<!--[if !supportLists]-->7.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Substantial shareholders<o:p></o:p></div>
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<!--[if !supportLists]-->8.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->30 largest shareholders<o:p></o:p></div>
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<o:p>本文只供参考。共勉之。</o:p></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com0tag:blogger.com,1999:blog-5862902800805316600.post-16146058285334203352016-04-10T09:13:00.000-07:002016-04-10T15:56:37.935-07:00MAXIS,CELCOM和DIGI,哪一个是您最好的选择?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaenlCiqCddtqqvYqLs6oQ8twuE1KI5ZquqaoKqP_Re_6Bjy3z4D9JbS-VKz-ofIdRHm73g38UL6_fR-UexU4AE6EzhqfsNGVTptQ5_2IVkw9ZpsFsBLEDsiVnLvE5yzv50srIy1i7lVvw/s1600/0.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="166" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaenlCiqCddtqqvYqLs6oQ8twuE1KI5ZquqaoKqP_Re_6Bjy3z4D9JbS-VKz-ofIdRHm73g38UL6_fR-UexU4AE6EzhqfsNGVTptQ5_2IVkw9ZpsFsBLEDsiVnLvE5yzv50srIy1i7lVvw/s640/0.png" width="640" /></a></div>
<br />
<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">相信大家都知道最近蛮火红的新闻,是关于手机</span><span style="font-family: "arial" , sans-serif; text-align: justify;">data
plan</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的,而主角是明迅(</span><span style="font-family: "arial" , sans-serif; text-align: justify;">6012</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,</span><span style="font-family: "arial" , sans-serif; text-align: justify;">MAXIS</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">)。这是因为大多数的明迅用户都觉得自己所签的上网配套跟其他公司比较的话是不值得的,凯个人觉得明迅的配套是蛮贵的,而且当月所剩余的</span><span style="font-family: "arial" , sans-serif; text-align: justify;">data</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">不可以带去下个月。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">虽然凯本身也是明迅的忠实粉丝,因为用了大概有</span><span style="font-family: "arial" , "sans-serif";">11</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">年了吧,中间也从来没转台,不过凯本身是用着</span><span style="font-family: "arial" , "sans-serif";">HOTLINK
#</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的配套(龟速上网,</span><span style="font-family: "arial" , "sans-serif";">RM30/monthly</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">),所以这新闻自然对我没影响了。</span><span style="font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">不过今天讨论的不是这个新闻,而是讨论以上三大通讯股,分别有明迅(</span><span style="font-family: "arial" , "sans-serif";">6012</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,</span><span style="font-family: "arial" , "sans-serif";">MAXIS</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">)、亚通(</span><span style="font-family: "arial" , "sans-serif";">6888</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,</span><span style="font-family: "arial" , "sans-serif";">AXIATA</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">)和数码网络(</span><span style="font-family: "arial" , "sans-serif";">6947</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,</span><span style="font-family: "arial" , "sans-serif";">DIGI</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">)你会选哪间公司?不是以它上网配套的角度做选择,而是往基本面的角度选</span><span style="font-family: "arial" , "sans-serif";">
XD <o:p></o:p></span></div>
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<span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">PS</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">:需要知道详情的朋友不妨可以游览这</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"><a href="http://focus.cari.com.my/portal.php?mod=view&aid=79228" target="_blank">Link1</a></span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,然后再游览这</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"><a href="http://cforum.cari.com.my/forum.php?mod=viewthread&tid=3838727" target="_blank">Link2</a></span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">就可以知道故事的来龙去脉。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhw-cyEIOz8dLsK2vo3ac3Z1MUnpuQHPm1IsVKDICjQstUeIVIgAM9vxQo8yA1-1DlN24QEK_-uTRH8LGOfxzCsJt1JVCeMZkl61NLMDVZiiNl7Sho080Njngp7Mi_eq72pE0MXxStAFp0E/s1600/3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="464" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhw-cyEIOz8dLsK2vo3ac3Z1MUnpuQHPm1IsVKDICjQstUeIVIgAM9vxQo8yA1-1DlN24QEK_-uTRH8LGOfxzCsJt1JVCeMZkl61NLMDVZiiNl7Sho080Njngp7Mi_eq72pE0MXxStAFp0E/s640/3.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">首先是讨论它们交上的业绩,凯用了</span><span style="font-family: "arial" , "sans-serif";">2009</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">至最新</span><span style="font-family: "arial" , "sans-serif";">2015</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的数据。在销售(</span><span style="font-family: "arial" , "sans-serif";">Revenue</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">)的角度,亚通是明显地在</span><span style="font-family: "arial" , "sans-serif";">2012</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">年开始就压倒性大胜明迅和数码网络。明迅的销售在这几年来都平平淡淡而且它是属于下势线;而数码网络在这几年就一直不断在成长,目前还有能力跟明迅一较高下。</span><span style="font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">另外,从上图明显可见亚通的净利是每年都挑战自己,屡破新高,形成了非常美的上势线,不愧是通讯市场的老大;明迅的净利就一直保持着不上不下的水准;而次于明迅的数码网络还在慢慢地成长中,不知几时会成长成人把明迅打倒</span><span style="font-family: "arial" , "sans-serif";">XD<o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">除此之外,通讯的主要客户是来自</span><span style="font-family: "arial" , "sans-serif";">MaxisONE
postpaid</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">以及</span><span style="font-family: "arial" , "sans-serif";"> Hotlink prepaid</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">。近期闹到热火沸腾的新闻是跟</span><span style="font-family: "arial" , "sans-serif";">
MaxisONE</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">这客源有关系。虽然通讯</span><span style="font-family: "arial" , "sans-serif";">CEO</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">已出面处理,更提高了这客源的配套,不过凯个人认为还是很贵,看来这方面的解决方案“有排搞了”。</span><span style="font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">然后亚通的业务非常广大,它的业务扩展至</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">8</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">个国家,而且它发展通讯这行业的时间都比明迅和数码网络早几年,所以它在大马的手机通讯这领域算是一哥了。最后的数码网络的业务是集中在大马,它目前还在继续成长当中,凯是蛮看好它的</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;"> XD </span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">而且凯也在前一篇文章有提到它,这是因为它的</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">ROE</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">在众多上市公司中是非常吸引人的,因为高达</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">331.67%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">。这可证明数码网络是非常有效率地在使用公司自有的资本赚钱,看来里头有不错的领导层。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwv8e7nF8xXTh_Yv_PFzxKZH1_ENQOFH_b21LOy9Yhm8O7rHtnS1ee99vujFjjdQgbhyBHsBCleerp9WML5uPzQa_lMWA1ei49azU5OU2xKOCN5GiQVqJuf3rBLWwyb44oZXOzHJfgMBkP/s1600/1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwv8e7nF8xXTh_Yv_PFzxKZH1_ENQOFH_b21LOy9Yhm8O7rHtnS1ee99vujFjjdQgbhyBHsBCleerp9WML5uPzQa_lMWA1ei49azU5OU2xKOCN5GiQVqJuf3rBLWwyb44oZXOzHJfgMBkP/s640/1.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">接下来就谈谈资产和负债,个人比较注重在流动性的,所以上图就比较关注在蓝色(流动资产)和青色(流动负债)部分了。流动资产(</span><span style="font-family: "arial" , "sans-serif";">Current asset</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">)和流动负债(</span><span style="font-family: "arial" , "sans-serif";">Current
liabilities</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">)分别代表公司的现金、债务人以及现货等和公司的短期借款以及债权人等,所有流动资产是越高越好,而流动负债就与其相反了。在上图,我们可以看见明迅和亚通的流动资产和流动负债都相差不远;数码网络的流动负债远远超过了流动资产,而且还占大部分呢,这可以暗示数码网络是欠银行</span><span style="font-family: "arial" , "sans-serif";">/</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">别人很多钱的</span><span style="font-family: "arial" , "sans-serif";">XD <o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">另外非流动资产(</span><span style="font-family: "arial" , "sans-serif";">Non-current
asset</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">)和非流动负债(</span><span style="font-family: "arial" , "sans-serif";">Non-current
liabilities</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">)分别是代表产业及零件价值和公司的长期贷款。然后从上图看,我们可以看见明迅和亚通的非流动资产是一样占大部分的,而且它们的非流动负债同时是属于第二高,凯有点怀疑它们两是同父异母的兄弟,公司的资产负债部分都大同小异。然后最后的数码网络很明显就不同爸爸生了,它的非流动负债是明显地少,这可能是公司欠了一屁股的短期债务,没能力跟银行申请长期贷款了。</span><span style="font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
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<span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">PS</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">:各项的数目可参考这篇文章最后的附上文件。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwWIsgA7vw-lhyphenhyphenKMFM9rbveHwPx0tSNSHmk9b_D3bbnzOC6qb0hK_ki1AgDK-iSYquEoXOdwkPPER4e4sCq8hg9qNzeuDVd3xajMuMazyjc100NLU02Ok1heme4t8gXmItkuJkM_cJLUxm/s1600/2.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwWIsgA7vw-lhyphenhyphenKMFM9rbveHwPx0tSNSHmk9b_D3bbnzOC6qb0hK_ki1AgDK-iSYquEoXOdwkPPER4e4sCq8hg9qNzeuDVd3xajMuMazyjc100NLU02Ok1heme4t8gXmItkuJkM_cJLUxm/s640/2.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">然后接下来就是说钱了,这包括了短期借款(</span><span style="font-family: "arial" , sans-serif; text-align: justify;">Short
term borrowing</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">)、长期借款(</span><span style="font-family: "arial" , sans-serif; text-align: justify;">Long term borrowing</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">)、现金(</span><span style="font-family: "arial" , sans-serif; text-align: justify;">Cash</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">)以及现金流量(</span><span style="font-family: "arial" , sans-serif; text-align: justify;">Free cash
flow</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">)。这四项钱都非常非常的重要,每一项的都会影响投资者对公司的看法。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">首先说说明迅,它的长期负债这一项还真明显的高,而其他差不远数目的短期负债、现金流量以及现金都占小部分。接下来亚通,它的长期负债也占最高,不过它拥有大量的现金,足以弥补它的弱点。另外它去年的现金流量好像也太低了吧,这可能是因大量地发展业务而导致的,如购地、投入现金去子公司、购入器材等。</span><span style="font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">最后的数码网络,大家有没有觉得它的图有点像蒙面超人?</span><span style="font-family: "arial" , "sans-serif";">XD
</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">谈正经的先,它的短期负债和现金流量的是一样占大部分的,这还真不知道是好事坏事呢,不过加上高现金和非常低的长期负债勉强算是好事了。</span><span style="font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
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<span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">PS</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">:各项的数目可参考这篇文章最后的附上文件。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzsYNWOY6BkiExNCFhGGO6IlgLhmeInr-A8eEtRzpQf_K6qSclG7sMqjCHHnFJb8XsE3qgebuOeD4bfIofO2YfFMylV1aisSmFRuNWPoH7BB0iKzL3Sr-jr9aBfPLVQ6A-AltTO3lmN-kr/s1600/4.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="86" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzsYNWOY6BkiExNCFhGGO6IlgLhmeInr-A8eEtRzpQf_K6qSclG7sMqjCHHnFJb8XsE3qgebuOeD4bfIofO2YfFMylV1aisSmFRuNWPoH7BB0iKzL3Sr-jr9aBfPLVQ6A-AltTO3lmN-kr/s640/4.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">在这图,明迅和数码网络最新的净利率都非常不错,双方都达到</span><span style="font-family: "arial" , sans-serif; text-align: justify;">20%</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">以上,从</span><span style="font-family: "arial" , sans-serif; text-align: justify;">RM 1.00</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的销售取得</span><span style="font-family: "arial" , sans-serif; text-align: justify;">RM 0.20</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的净利。而亚通虽然在销售和净利都勇夺冠军,不过净利率就输给它们了,只能在</span><span style="font-family: "arial" , sans-serif; text-align: justify;">RM 1.00</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">吸取</span><span style="font-family: "arial" , sans-serif; text-align: justify;">RM 0.13</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">的净利。虽然双方只差小小的</span><span style="font-family: "arial" , sans-serif; text-align: justify;">RM
0.07</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">,不过以大数量的销售就不同故事了。在有效的控制消费中,明迅和亚通看来是比较占优势的。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">然后接下来就谈谈</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2009</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">至</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2015</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">年的销售以及净利的平均复利成长。明显是在这三大之中最慢成长的,只是微微取得</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2.06%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">和</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">1.71%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的销售以及净利复利成长。看来它公司的</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">CEO</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">是在维持业绩,而不是在增进业绩。然后亚通和数码网络都取得刚刚好</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">pass</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的成绩。亚通的销售在这些年的平均复利成长是险胜数码网络</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">1%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhniJ28BVPy7kc_Ea6yxFKfnHgBoGS040Hq_QhMNdE3G0CT0wcloNl9_kRHPqzOV9XNTEqZ_L2aCSUcoPipLv5vJRKjJlJ0mRdb2hHhaE32Nvf7YiZiexF7QDQ6O5o6ys9hMUYs4EGG04EH/s1600/6.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="370" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhniJ28BVPy7kc_Ea6yxFKfnHgBoGS040Hq_QhMNdE3G0CT0wcloNl9_kRHPqzOV9XNTEqZ_L2aCSUcoPipLv5vJRKjJlJ0mRdb2hHhaE32Nvf7YiZiexF7QDQ6O5o6ys9hMUYs4EGG04EH/s640/6.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">在市值角度,亚通是第一的,第二的明迅在后面快马加鞭紧追上来,最后的数码网络看来需要争气点了。另外数码网络的总负债是高过它的股东权益</span><span style="font-family: "arial" , sans-serif; text-align: justify;">7</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">倍的,这也难怪它的</span><span style="font-family: "arial" , sans-serif; text-align: justify;">Current
ratio</span><span lang="ZH-CN" style="font-family: 宋体; text-align: justify;">会那么低了,先说明这不是件好事呀。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">然后前面有提到的</span><span style="font-family: "arial" , "sans-serif";">ROE</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">(</span><span style="font-family: "arial" , "sans-serif";">Return on equity</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">),数码网络是远远超过明迅和亚通的。它们中间的距离几乎是地球与月球表面的距离那么远。不过明迅的</span><span style="font-family: "arial" , "sans-serif";">ROE</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">可以算是美了,比较凯个人觉得一间公司的</span><span style="font-family: "arial" , "sans-serif";">ROE</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">要超过</span><span style="font-family: "arial" , "sans-serif";">30%</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">是有难度的。</span><span style="font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">通讯答应派息率高达净利的</span><span style="font-family: "arial" , "sans-serif";">75%</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,今年的派息率是</span><span style="font-family: "arial" , "sans-serif";">86%</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">。不过去年和前年的派息率就可怕人了,它高达</span><span style="font-family: "arial" , "sans-serif";">175%</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">和</span><span style="font-family: "arial" , "sans-serif";">170%</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">。一旦一间公司把一整年的净利派完给股东,公司就没更多的资金给下一年流动和发展,这时候唯有的办法是借钱了。</span><span style="font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">另外,凯发现到通讯都习惯性在业绩失水准的那一季派发</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">16</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">仙的股息,这几乎是平时派发股息的两倍,这可能是为了拉回股东们的心。亚通和数码网络就一样有蛮高的周息率(</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">DY</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">),不过双方的派息率达到</span><span style="font-family: "arial" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">95%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Arial; mso-bidi-font-family: Arial; mso-bidi-language: AR-SA; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">以上,几乎都把净利派给了股东。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxOotp7JXL2zDFmDrrh8qFfpBpe2KxoT2XnYpMuafQocYBHTdRSTAl4-akkaiczVUXqGgMfNX0mOPRS6yRoetXSkgg3G0n7jt8vdzxlefxamoytNjCCH3CZrzf27wnl6WMZX76D0yXheSH/s1600/7.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="464" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxOotp7JXL2zDFmDrrh8qFfpBpe2KxoT2XnYpMuafQocYBHTdRSTAl4-akkaiczVUXqGgMfNX0mOPRS6yRoetXSkgg3G0n7jt8vdzxlefxamoytNjCCH3CZrzf27wnl6WMZX76D0yXheSH/s640/7.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在最后的一部分附上</span>2011<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至最新</span>2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的股价浮动,明迅在这几年的股价看来跟业绩一样不上不下都在</span>RM
6 <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>RM
7<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">中间徘徊,这次的负面新闻不知道会让明迅吃多少苦头了。接下来的亚通今年一月就破了去年的支撑点,目前的形势是从支撑点拉回来了,还算是蛮乐观,不过股价跟</span>2012<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年时的黑色十月相差不远。最后的数码网络目前是跌破了在</span>RM
5.00<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这心灵支撑点,而且跌势持续了蛮久了。另外,凯观察了这三大在上星期的股价形势,结果是明迅的负面新闻是会影响到其他同行的股价!</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">总结:</span><o:p></o:p></div>
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<!--[if !supportLists]-->1.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">明迅</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">业绩不上不下,没突破。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">手机通讯市场第二老大。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">负现金。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">希望用股息拉回股东们的心。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">长期贷款是现金的</span>8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">倍。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]-->ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">高达</span>42%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">去年的现金流量高达</span>RM 10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿。</span><o:p></o:p></div>
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<!--[if !supportLists]-->2.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亚通</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">业务广大,业绩更屡破新高。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">业绩、市值都排名第一。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">现金多,不过净现金是负的。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">长期负债也非常高,是现金的</span>2<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">倍。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">周息率是当中最高的</span>4.78%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
<div class="MsoNoSpacing" style="margin-left: 54.0pt; mso-list: l3 level1 lfo3; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]-->ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">只有</span>10.86%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
<div class="MsoNoSpacing" style="margin-left: 54.0pt; mso-list: l3 level1 lfo3; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">去年的现金流量非常低,只有</span>RM 7<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万。</span><o:p></o:p></div>
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3.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">数码网络</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">业绩目前龟速前进,还在成长中。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">市值是排名第三,要做第一需要很长的时间。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">现金是离奇的少,加上占多数的负债,所以也是负现金。</span><o:p></o:p></div>
<div class="MsoNoSpacing" style="margin-left: 54.0pt; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">周息率是不错,高达</span>4.61%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
<div class="MsoNoSpacing" style="margin-left: 54.0pt; mso-list: l0 level1 lfo2; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]-->ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">非常漂亮,达</span>331.67%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: 'Times New Roman'; font-size: 7pt; font-stretch: normal;">
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</span></span><span lang="ZH-CN" style="font-family: 宋体; text-indent: -18pt;">太低的股东权益,这是因为公司欠太多钱了。</span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com4tag:blogger.com,1999:blog-5862902800805316600.post-90806682585477880262016-04-04T04:10:00.000-07:002016-04-07T05:47:56.403-07:00浅谈三大《大象股》—— NESTLE,BAT,DLADY<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKxqQzDB3s3O1oHbI7CL5Wft0iLuCLzrK4EsG5cudA-Tt5BPEEvRJsQAGzqpL9zOZeGIwznx9mZw2C2sF27YySnKNIamE6oD2SBPz3zcSXk2SOrvCTcRWHoW2J1V_BqZ1N621Pav_2xvCr/s1600/7.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="144" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKxqQzDB3s3O1oHbI7CL5Wft0iLuCLzrK4EsG5cudA-Tt5BPEEvRJsQAGzqpL9zOZeGIwznx9mZw2C2sF27YySnKNIamE6oD2SBPz3zcSXk2SOrvCTcRWHoW2J1V_BqZ1N621Pav_2xvCr/s640/7.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">相信很多人都对这三间公司的大名都不陌生,那就是雀巢(</span>4707<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,</span>NESTLE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">),英美烟草(</span>4162<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,</span>BAT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)以及子母牌(</span>3026<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,</span>DLADY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)。首先我们先大概了解下这三间公司,这三间公司旗下卖很多种类的产品,大多数的产品都出现在我们的生活中,同时每间家都有以上公司其中有一样的产品。例如:雀巢的</span>MILO<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">相信大家都非常非常地不陌生,或者常当宵夜的</span>MAGGI<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">牌子快熟面。英美烟草就主要卖成人用品了(当然不是保险套</span>XD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">),那是香烟</span>XD <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">最后的子母牌主要是卖各式各样的优质奶类产品,上图的产品相信大家都曾经买过(凯是没买过第二图了)。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体;">接下来就谈谈各大象股的业绩,雀巢的销售是在三大里面排名第一的,随着是相差不远的英美烟草,最后是子母牌。然后税前盈利就把英美烟草推去第一名了,它的盈利还真远远超过雀巢;而子母牌就感觉是“路人甲”,销售和盈利都和两大相差得天渊之别。在这里看来卖香烟的是蛮好赚的</span>XD<span lang="ZH-CN" style="font-family: 宋体;">,不过香烟的时代不知道会不会被电子烟取代,毕竟英美烟草在电子烟还没红的时候是一直在垄断大马的香烟市场。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">说到业绩,凯发现到雀巢在年尾的盈利是比较低沉的,也就是</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">月至</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">12</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">月这期间。这是因为雀巢要在新年前做准备,把大多数的消费都花在广告和宣传活动了。而英美烟草就在去年受到的波折比较多了,因为要面对刚实行不久的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">GST</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">和电子烟的出现。虽然英美烟草的销售量是比去年低了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">4.47%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,不过它的盈利还是保持平稳略升</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">0.89%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,相信它是大量地降低营业消费。最后的子母牌在最新的一季表现不佳,相比去年同季的下跌了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">25.71%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。子母牌在前几季都表现非常好,不过这一季的业绩就大让股东失望了。不过子母牌有解释是因马币贬值和在广告及宣传的投资,才让到第四季的业绩下跌。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体;">接下来,这三大的利润率还真是相差不远。排名第一的依然是英美烟草,后者是子母牌和雀巢。三大在最新一年的业绩都不错,比较每</span>1<span lang="ZH-CN" style="font-family: 宋体;">零吉的销售就可带给他们</span>1<span lang="ZH-CN" style="font-family: 宋体;">毛钱的利润;而英美烟草就接近</span>1<span lang="ZH-CN" style="font-family: 宋体;">零吉净赚</span>2<span lang="ZH-CN" style="font-family: 宋体;">毛钱了。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">虽然英美烟草在利润方面都超过另外两位,不过说到</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年的销售以及利润复利率就远远输给雀巢和子母牌了。销售和利润两方面,英美烟草在</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年里,只是寥寥无几地平均每年各成长</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2.67%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">和</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2.64%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">;雀巢达是达到</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">4.43%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">和</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">9.35%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,雀巢在利润的成长是不错的。不过一山还有一山高,子母牌在这两方面的成长都占第一名,它的利润复利成长是销售复利成长的两倍!看来子母牌在这</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">10</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年里是喝了自己的牛奶牌子,把它的成长加快速度了。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体;">接下来就说说大象股的股息了,这三大的股息还真不平凡,都是零吉以上的。就拿雀巢的例子来讲,它去年是派了</span>RM 2.60<span lang="ZH-CN" style="font-family: 宋体;">的股息,也就是说你每拥有最低限度的</span>100<span lang="ZH-CN" style="font-family: 宋体;">股或</span>1 Lot<span lang="ZH-CN" style="font-family: 宋体;">的雀巢股票,那么你去年就拿了</span> RM 260 <span lang="ZH-CN" style="font-family: 宋体;">(</span>RM2.60 x 100<span lang="ZH-CN" style="font-family: 宋体;">)的股息了。不过前提是要手握这三大的股票,它们的股价是不便宜的哦</span>XD<br />
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<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">另外,这三大象股的派息率还真高,全部都接近</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">100%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">了。难道它们都把赚来的钱都派完给它们的股东们?尤其是雀巢,它的派息率高过</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">100%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">了,也就是说它把所以的净利派完,然后自己再贴钱,再派息。怎么左看右看,这三大感觉比较像慈善机构,都把所赚来的都大方派给股东了。他们没把净利留上来,哪来累计的资金继续扩展业务呢?不过也不怕啦,这是因为这市场没人有资格跟它们抢XD</span></div>
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<span lang="ZH-CN" style="font-family: 宋体;">接下来就是关于公司的内在美,包括资产,负债,借款以及现金。在资产方面,雀巢和英美烟草双方都有接近</span>1<span lang="ZH-CN" style="font-family: 宋体;">比</span>1<span lang="ZH-CN" style="font-family: 宋体;">的流动和不流动资产。子母牌在资产方面是惨败给雀巢和英美烟草,不过它的借款是压倒性大胜它们的,这是因为子母牌的借款是零的,所以它的负债同时也非常低。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">最后,雀巢和英美烟草看起来都不怎么喜欢现金,它们手握现金就只有区区的</span>1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">至</span>2<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">千万。而子母牌就在现金方面就不同它们了,它是非常喜欢现金的。所以它的手握现金达到</span>1.6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">亿的,是非常丰厚的,现金牛!</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体;">上图的股价是根据上星期五的闭市价,所以</span>PE<span lang="ZH-CN" style="font-family: 宋体;">(</span>Price
earning<span lang="ZH-CN" style="font-family: 宋体;">),</span>DY<span lang="ZH-CN" style="font-family: 宋体;">(</span>Dividend
yield<span lang="ZH-CN" style="font-family: 宋体;">)和</span>CY<span lang="ZH-CN" style="font-family: 宋体;">(</span>Free
cash flow yield<span lang="ZH-CN" style="font-family: 宋体;">)可能和现在有点不一样了。以上的大象股,雀巢以市值</span>180<span lang="ZH-CN" style="font-family: 宋体;">亿战胜</span>150<span lang="ZH-CN" style="font-family: 宋体;">亿的英美烟草和</span>33<span lang="ZH-CN" style="font-family: 宋体;">亿的子母牌。另外在大马股市,雀巢和英美烟草的市值还是在三十大里面,目前各排名在</span>23<span lang="ZH-CN" style="font-family: 宋体;">和</span>26<span lang="ZH-CN" style="font-family: 宋体;">。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">上图最引人注目的是</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">(</span>Return on equity<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)了,这是因为这三大大象股的</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">都非常非常地高。尤其是英美烟草的</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,达到</span>157.31%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,这水准还真不是盖的呢!不过话说是不是目前高</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的以后会变成大象股?凯在这儿有找到几个高</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的,那就是</span>DIGI<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">(</span>316.5%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)、</span>ASTRO<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">(</span>100.27%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)、</span>GAB<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">(</span>63.38%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)和</span>CARLSBG<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">(</span>62.67%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">),这四间看起来蛮有潜力的</span>XD<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">最后就说说</span>DY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">了,三间的</span>DY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">都符合标准,都接近定存所给的</span>3-4%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。不过这里比较突出的就是英美烟草了,它去年就给了股东们</span>5.77%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的定存!老实说,凯个人觉得资金较庞大的投资者不妨可以选以上的大象股,毕竟它因重而稳,也很适合保守作风的投资者。</span><o:p></o:p></div>
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<span lang="ZH-CN">PS: </span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">想更了解</span>CY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">(</span>Free cash flow yield<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)不妨可游览这</span><a href="http://klse.i3investor.com/blogs/kcchongnz/76694.jsp" target="_blank">LINK</a><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">(凯强烈推荐)</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_ySECvzIMY-t3-mLzENrJyp9tztNaK2XkfCcNO3nBFIce_P32rDqZ3V2fUZjwE-aqTSuRvdtASt9kPuZZmJFmzfvB3PMMgMMIBcC5-X-EGglSUjphYFQ_VtHdA6fMqZvyu_1X0F-O4Gx1/s1600/8.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_ySECvzIMY-t3-mLzENrJyp9tztNaK2XkfCcNO3nBFIce_P32rDqZ3V2fUZjwE-aqTSuRvdtASt9kPuZZmJFmzfvB3PMMgMMIBcC5-X-EGglSUjphYFQ_VtHdA6fMqZvyu_1X0F-O4Gx1/s640/8.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后,我们就看看握着大象股这</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来的股价吧。想当年,</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年前的雀巢,英美烟草和子母牌分别是价值</span>RM 24.30<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">、</span>RM 40.50<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">和</span>RM 6.25<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的。然后</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年后的今天分别价值了</span>RM 75.00<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,</span>RM 54.48<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">以及</span>RM 51.90<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年后的股价都没跌,加上有股息拿,大象股就是大象股!不过这里有个从成长股跃升去大象股的,那就是子母牌!它的股价平均每年复利成长了</span>23.57%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">!所以在这里有个</span>point<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">了,要找这样的“康头”就要找高</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">和产品在大马市场是属于龙头的公司。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span></div>
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<span lang="ZH-CN"><span style="font-family: 宋体;">本文只供参考。共勉之。</span></span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com2tag:blogger.com,1999:blog-5862902800805316600.post-9391688546536866262016-03-26T09:03:00.000-07:002016-04-19T08:14:36.324-07:004731 SCIENTEX 《47年の20%平均复利成长率!》<div class="MsoNoSpacing">
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">森德(</span>4731<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>SCIENTEX<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)是全球三大工业拉伸膜生产商之一,不了解这产品可以点击这<a href="https://www.google.com/search?q=%E6%8B%89%E4%BC%B8%E8%86%9C&source=lnms&tbm=isch&sa=X&ved=0ahUKEwi-xoab297LAhXLCY4KHTRNBtYQ_AUIBygB&biw=1366&bih=643" target="_blank">link</a>看看,看了图片后就大概明白了。森德的总部定于</span>Shah
Alam<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,成立于</span>1968<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年,今年是森德的</span>48<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">周年。从想当年的</span>RM
380<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千的营业额变到去年的</span>RM
18<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿,这相当于平均每年的</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">复利成长!这</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的复利成长还真的不是开玩笑了,意思是说从</span>1968<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年开始至</span>2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年,森德平均每年的营业额成长高达</span>20%。高成长的营业额<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是一间高成长股需具备的基本条件。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">森德的主要生意分为两大类,那就是制造业以及房地产业:</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">制造业包括工业包装、消费包装、汽车内饰以及绿色节能产品,另外同时提供了各种内、中、外的包装产品:</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">v<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">内——粘合剂,层压薄膜,和聚氯乙烯(</span>PVC<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">v<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">中——无纺布袋,集装袋,以及瓦楞纸箱</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">v<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">外——拉伸膜,拉伸套管</span></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">房地产业是集中在南马柔佛区,有</span>Pasir Gudang<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>Kulai<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>Skudai<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>Senai<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以及马六甲。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">制造业和产业生意在森德的营业额里分别占了</span>70%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以及</span>30%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外,森德近来建议发送红股</span>1:1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">来回馈股东们,这还真是天大的好消息了</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。森德上市那么多年以来发送了两次红股,分别在1994和2007年。虽然红股是好,不过它会淡化公司的</span>EPS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,这是因为股份的量变大了,每股净利自然会被消减,不过大家投资在森德的成本还会保持不变的。红股实行后,股价会被分为一半,在目前的</span>RM
12.44 <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">会变成</span>
RM 6.22. <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这样被分为一半股价有没有吸引到你呢?接下来我们看看红股后,公司的基本面有在哪一部分变了:</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggVMYRJUyq9TL-Dmq8Lru4Xx-v6IkANY4F1DUWYUKwi8LWoyQ6g5HgAaE9byD3NxNm1vCn3l3DAfAmOpxyKUweWdg4fDNLuW6_dhsgTZIDt9Q-XeeS5v6X-xXpgcMNgu3gci_g8mzLTZsJ/s1600/Scientex.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggVMYRJUyq9TL-Dmq8Lru4Xx-v6IkANY4F1DUWYUKwi8LWoyQ6g5HgAaE9byD3NxNm1vCn3l3DAfAmOpxyKUweWdg4fDNLuW6_dhsgTZIDt9Q-XeeS5v6X-xXpgcMNgu3gci_g8mzLTZsJ/s640/Scientex.png" width="432" /></a></div>
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(PS:上图的Net cash used in investing acitvities和Net cash used in financing activities是负数)</div>
<br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">总结起来基本面改变的部分有:</span><o:p></o:p></div>
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<!--[if !supportLists]-->1.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Earnings per share (EPS)<o:p></o:p></div>
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<!--[if !supportLists]-->2.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Dividend per share (EPS)<o:p></o:p></div>
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<!--[if !supportLists]-->3.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Net tangible asset (NTA)<o:p></o:p></div>
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<!--[if !supportLists]-->4.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Total share outstanding<o:p></o:p></div>
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<!--[if !supportLists]-->5.<span style="font-size: 7pt; font-stretch: normal;">
</span><!--[endif]-->Stock price<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">其实以上的改变部分对股东们和公司双方都不大影响,唯一对双方有利益的是股价。因为森德其实是属于高成长型的公司,它近</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年在净利的平均复利成长高达</span>18%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,所以它未来的内在价值会再反映在森德的股价上。</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">说到内在价值,凯这次也使用了</span>Earning
valuation model<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>EV<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)以及</span>Discounted
cash flow model <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>DCF<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">):</span></div>
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EV – RM 8.16 <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(净利需保持</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的成长)</span><o:p></o:p></div>
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DCF – RM 14.73 <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(现金流需保持</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的成长)</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上内在价值的</span>33%
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">安全边际(</span>Margin
of safety<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)是在</span>RM
5.47<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>RM 9.87<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,所以目前森德的股价对凯来说是贵了点,还是趁大跌的时候慢慢吸入组合里吧</span>XD <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外这只是公式算出来的数字,所以不可以完全相信它,毕竟公司的股价是因人而异,简单来说也就是需求供应法则。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">除此之外,森德在去年用了大约</span>RM 6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万收购了</span>Mondi
Ipoh <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">厂房,这让森德的包装生产量更上一层楼,</span>20<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿营业额的目标预计在今年也可达成。除此之外,这厂房的营业额有</span>70%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是出口至亚太地区(</span>Asia-Pacific<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),这让森德在包装领域里的地位又大大提升了。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来谈谈森德的基本面,主要谈本益比(</span>PE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),股息率(</span>DY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),股东回酬率(</span>ROE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)以及净现金(</span>Net
Cash<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)森德目前的本益比</span>13<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是低于大马股市的平均本益比</span>
17<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,所以目前的股价不算是严重被高估。而且对一个高成长型的森德,本益比</span>13<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是算低了。另外近五年来,森德的本益比都不断在提升,这说明了森德的业绩惊人成长反映是反映在股价上了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">森德的股息率算是及格,为什么说及格,而不是非常好呢?这是因为它每年的股息率都逐渐减少,这不是因为森德的股息派少了,而是股价与股息的比率变大了,这样才让股息率变小了,所以错不是在股息,而是股价高了。</span><span lang="ZH-CN" style="font-family: 宋体;">股东回酬率是股神巴菲特的选股标准,而且他最低要求是</span>14%<span lang="ZH-CN" style="font-family: 宋体;">。在这里,森德近</span>5<span lang="ZH-CN" style="font-family: 宋体;">年的股东回酬率都高过</span>14%<span lang="ZH-CN" style="font-family: 宋体;">,而最新达到</span>20.81%<span lang="ZH-CN" style="font-family: 宋体;">,这几乎是这几年新高的股东回酬率。森德的股东回酬率已远远超过了股神的</span>14%<span lang="ZH-CN" style="font-family: 宋体;">要求,所以森德是一间值得投资的好公司!</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">投资里,大家都时常听到现金为王!那么森德的现金是足够为王吗?凯在这里告诉你,森德目前手握的现金是不足为王的,这是因为它目前手上的现金是有</span>RM
8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万或者每股</span>RM
0.37<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的现金扣上接近</span>RM
6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的银行借款,它是剩下负</span>RM
2.19<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的每股净现金。虽然它这</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来都背着负净现金这包袱,不过它的股价从</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年前的</span>RM
2.47<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">来到了今天的</span>RM
12.44<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。所以在这里也证明了,投资者是看业绩重于公司的现金。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<a href="http://klse.i3investor.com/servlets/ptres/35256.jsp" target="_blank">RM 15.32 TA</a> <o:p></o:p></div>
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<a href="http://klse.i3investor.com/servlets/ptres/35232.jsp" target="_blank">RM 13.25 KENANGA</a> <o:p></o:p></div>
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<a href="http://klse.i3investor.com/servlets/ptres/35185.jsp" target="_blank">RM 13.05 RHB-OSK</a> </div>
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<a href="http://klse.i3investor.com/servlets/ptres/34083.jsp" target="_blank">RM 12.50 UOB KAY HIAN</a> </div>
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最后再附上森德的功课:<br />
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本文只供参考。共勉之。</div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com3tag:blogger.com,1999:blog-5862902800805316600.post-36148267262152317962016-03-18T22:50:00.000-07:002016-03-18T22:50:47.483-07:00浅谈《四大》手套股——Topglov, Harta, Kossan, Supermx<div class="separator" style="clear: both; text-align: center;">
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">相信大家对主题的四大手套股不陌生,尤其是顶级手套(</span>Topglov<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)。顶级手套都是各投资行强力推荐的手套公司,这是因为它是世界最大的手套生产商,而且它最近也打算在新加坡股市挂牌。一旦挂牌成功,相信它会展开一连串的</span>M&A<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">活动,以足以让它保着手套龙头老大的地位。然后其二老大是</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">高产尼品工业(</span>Kossan<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),它的股价在这几个月被抛售了大约</span>28%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。高产尼品工业也推出了</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的计划,把剑指在</span>2020<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年达到两倍的手套生产量。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体;">另外根据</span>The
Edge<span lang="ZH-CN" style="font-family: 宋体;">的报道,贺特佳(</span>Harta<span lang="ZH-CN" style="font-family: 宋体;">)有两间厂在今年二月已完全商业化,然后另外两间厂将在今年</span>6<span lang="ZH-CN" style="font-family: 宋体;">月逐步商业化至明年</span>6<span lang="ZH-CN" style="font-family: 宋体;">月,所以今年的贺特佳会有所表现。最后速柏玛(</span>Supermx<span lang="ZH-CN" style="font-family: 宋体;">)管理层称在今年也解决一些延迟业务的问题,同时目标在未来三年里达到</span>15<span lang="ZH-CN" style="font-family: 宋体;">至</span>60%<span lang="ZH-CN" style="font-family: 宋体;">的</span>EPS<span lang="ZH-CN" style="font-family: 宋体;">成长率。四大手套股简单的介绍完毕了,后面将介绍</span>+<span lang="ZH-CN" style="font-family: 宋体;">比较它们的基本面,现金流以及利润,看看哪间的内在价值成分比较高。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjek04er4vIKcP4je-_8wYjl9z_m4Mp9M_oNYKOTzapiQQ1zLTToswx59lg1GmvR0KGIBBlMQtwykoAsBYWI0xmeLgb_2H8-gGcqqGei7M2jULAtS083ThYGD7niK4KMbmer8GMO2vOaMJ9/s1600/%25E6%2589%258B%25E5%25A5%2597%25E8%2582%25A1.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="464" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjek04er4vIKcP4je-_8wYjl9z_m4Mp9M_oNYKOTzapiQQ1zLTToswx59lg1GmvR0KGIBBlMQtwykoAsBYWI0xmeLgb_2H8-gGcqqGei7M2jULAtS083ThYGD7niK4KMbmer8GMO2vOaMJ9/s640/%25E6%2589%258B%25E5%25A5%2597%25E8%2582%25A1.png" width="640" /></a></div>
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<span style="font-family: 宋体;">我们可以在上图明显看到几个重点:</span></div>
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<!--[if !supportLists]-->1.<span style="font-size: 7pt; font-stretch: normal;"> </span><!--[endif]-->2013<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年</span>2<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">月是手套股起飞的时间。</span><o:p></o:p></div>
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<!--[if !supportLists]-->2.<span style="font-size: 7pt; font-stretch: normal;"> </span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">顶级手套和贺特佳的</span>trend<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">是接近一样的。</span><o:p></o:p></div>
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<!--[if !supportLists]-->3.<span style="font-size: 7pt; font-stretch: normal;"> </span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">速柏玛的反应比较迟钝。</span><o:p></o:p></div>
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<!--[if !supportLists]-->4.<span style="font-size: 7pt; font-stretch: normal;"> </span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">目前四大手套股是处于跌势。</span><o:p></o:p></div>
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<!--[if !supportLists]-->5.<span style="font-size: 7pt; font-stretch: normal;"> </span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">它们都在今年</span>2<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">月开始调整。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMuVOHKhapDhYqLxDXErmqN7tAWOMQcigp1Tpzi54H5PKPikclC1S6U7u_mCRhHojkMY2mPjnzlIvGBjb_JHnhcxrbEcT9NFt-7iG2zgjTmNoTFGo-6aKaUsY8l3XngiiPNcALBXAVflSc/s1600/%25E6%2589%258B%25E5%25A5%2597%25E8%2582%25A12.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="72" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMuVOHKhapDhYqLxDXErmqN7tAWOMQcigp1Tpzi54H5PKPikclC1S6U7u_mCRhHojkMY2mPjnzlIvGBjb_JHnhcxrbEcT9NFt-7iG2zgjTmNoTFGo-6aKaUsY8l3XngiiPNcALBXAVflSc/s640/%25E6%2589%258B%25E5%25A5%2597%25E8%2582%25A12.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">接下来观察四大手套股的基本面,凯在这里只是附上一些比较重要的选股标准。贺特佳是里面占最高市值的,其后是顶级手套。这两大的市值相差不远,加上顶级手套的积极扩展业务,贺特佳再不加把劲的话,冠军宝座就快被摘下来了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">在净现金(</span>Cash – Borrowing<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)的角度看,</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">高产尼品工业是唯一一个是净现金的公司。其他的公司都在负现金的状况。速柏玛是其中负现金最严重的一位,它的借款是手握的现金的四倍,这倍数顿时让我睁大了眼。虽然贺特佳是市值最高的一位,不过它的手握现金是四大当中最低的一位,还真不知是好事还是坏事呢。而顶级手套的现金就是四大当中最高的一位,不过借款也是最高的一位,这结果还真讽刺呢。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外,</span>Graham<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大师引以为傲的</span>Net
Net<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(也可称</span>Net
Working Capital per share<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)是非常出名的选股投资法。在这四大里,每一间公司的</span>Net
Net<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都小过市场价,所以不算是严重被低估了。然后顶级手套和高产尼品工业是当中最高</span>Net
Net<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的两位,分别是</span>RM
0.40<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>RM0.35<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span>Net Net<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">越高,公司的流动资产就越高,同时负债相比起来较低,所以可证明公司是处于健康稳健的状态。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">周息率(</span>DY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)是一些投资者最</span>LIKE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的项目,顶级手套和速柏玛也勉强达到标准,在</span>3%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">附近。高产尼品工业虽然在各领域都略胜其他公司,不过在股息方面就比较吝啬了。它的年周息率只有区区的</span>0.68%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_lv2a7rGSceLtlBSYmQIuGFLmAj6_rjU5vz3v-Q1cjVef0rkxEPKs2Iz9dLpcPuBoDypoAsfFwKfdQH2g-GyRIcPWuH31ec3C1R04wUYoOkNiJRhl9U280LtDSQJHJvzFdG5eCfIL-tDb/s1600/%25E6%2589%258B%25E5%25A5%2597%25E8%2582%25A13.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="134" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_lv2a7rGSceLtlBSYmQIuGFLmAj6_rjU5vz3v-Q1cjVef0rkxEPKs2Iz9dLpcPuBoDypoAsfFwKfdQH2g-GyRIcPWuH31ec3C1R04wUYoOkNiJRhl9U280LtDSQJHJvzFdG5eCfIL-tDb/s640/%25E6%2589%258B%25E5%25A5%2597%25E8%2582%25A13.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">上图显示四大手套股五年来的现金流,我们来看看它们在前五年有多少多余的钱。现金流记录里,高产尼品工业是唯一五年来都交出正数的成绩,其他公司就有几年是交出了负数的现金流。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">顶级手套是里面交出最多负数现金流的一位,看起来它非常积极地扩大它的手套王国。另外,负数的现金流会带给公司不好的印象,因为它可能是在暗示着公司财务状况有点问题。贺特佳以往的记录是没负数记录的,不过它也在</span>2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里交上了首次负现金流的成绩。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">从现金流的角度来看,凯个人推荐高产尼品工业因为它是里面最突出的那位。虽然它的平均现金流没顶级手套高,不过来往记录里它是跑着平稳路线的现金流。另外顶级手套常平均现金流现金流出现负数,在这里个人觉得它存在了一点风险。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDrRKbbWw67WUAx3D4is2fEeFZn_fvzvRCQTPkXs4XY4U0EaXgAnre_aywcIRtzepSlrrX2zHkMXLnTpbVshyphenhyphenSrH_2LA2yTJmTPqBxtjcvE2nQfwA9VoM9bttWlQWJvDK6rT6M-crhN7Rs/s1600/%25E6%2589%258B%25E5%25A5%2597%25E8%2582%25A14.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="134" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDrRKbbWw67WUAx3D4is2fEeFZn_fvzvRCQTPkXs4XY4U0EaXgAnre_aywcIRtzepSlrrX2zHkMXLnTpbVshyphenhyphenSrH_2LA2yTJmTPqBxtjcvE2nQfwA9VoM9bttWlQWJvDK6rT6M-crhN7Rs/s640/%25E6%2589%258B%25E5%25A5%2597%25E8%2582%25A14.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来看看各手套股在最近五年里的吸金能力,毕竟业绩成长对一间公司的内在价值是很重要的。顶级手套和高产尼品工业是四大里面最耀眼了,每年平均成长了</span>23-25%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。这成长真的不是开玩笑了,每年平均</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">成长的公司在大马股市里是非常难找到的。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外,高产尼品工业每一年交出的业绩都有成长,无落马记录;顶级手套就在</span>2013<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里不小心地落马一次。虽然落马一次,不过它在去年追上了贺特佳赢了利润总冠军。说到贺特佳,它的成长还真是非常平稳的,都在保持在</span>RM200
million<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">附近的记录。不过从</span>2013<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年开始,它交出的业绩逐渐下降了。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后速柏玛的业绩是当中比较不平稳的那位,每年交出的成绩单都漂浮不定,一上一下的。不过它的平均复利成长还是赢了平稳路线的贺特佳。从业绩表现的记录来判断,相信大家的选择都一样是顶级手套和高产尼品工业了。</span><o:p></o:p></div>
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最后,经过一番比较后,顶级手套和<span style="font-family: 宋体;">高产尼品工业这两大是比较突出的,很难在其中选一个。</span>凯个人觉得<span style="font-family: 宋体;">高产尼品工业还有很大的发展空间,不过唯一的坏处是较低的股息率,这点能让许多的投资者把</span><span style="font-family: 宋体;">方向舵转去顶级手套。不过最好是两间一起收在投资组合里,这样就不会左右两难了XD。</span></div>
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<span lang="ZH-CN"><span style="font-family: 宋体;">本文只供参考。共勉之。</span></span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com0tag:blogger.com,1999:blog-5862902800805316600.post-24042170404277794732016-03-13T10:41:00.000-07:002016-03-13T10:41:56.419-07:00出口股,是真的没落了吗???<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqkFWaS9vCxtA3_2pehjVcE-nj26iD79QTta5brLi2924zvCHwqxUjxctlPLlEF9AAyjTQ4gnU_GmcUFDUzqG2f_7_ol-6Sp-8alLggXTFJzds5U8NSSVFP2M71sK-wlM3ZdAcstjnLl4l/s1600/aaa.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="464" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqkFWaS9vCxtA3_2pehjVcE-nj26iD79QTta5brLi2924zvCHwqxUjxctlPLlEF9AAyjTQ4gnU_GmcUFDUzqG2f_7_ol-6Sp-8alLggXTFJzds5U8NSSVFP2M71sK-wlM3ZdAcstjnLl4l/s640/aaa.JPG" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">近来这几个星期里,马币的走势越来越强,而且强到今天的美金兑换马币价值</span>
RM 4.0680/ USD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。今天就来谈谈</span>USD/MYR<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和其他股的相接关系吧,看看是否是同个爸妈生的。上图是用了</span>2013<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年</span>1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span>1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">号至</span>2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年</span>3<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span>11<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">号的数据。在</span>1/1/2013<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">里,</span>USD/MYR<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是</span>3.0573<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,它至今天是上升了</span>33%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。然后它冲破</span>RM4.000<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这阻碍线是在</span>13/8/2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,它最高水平是升到</span>4.4517<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的(</span>29/9/2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。一旦心理阻碍线被破了后,接下来一个月的马币走势还真是惨不忍睹。好了,马币的伤心事就暂不提了,我怕继续提会让这篇文章变成《伤心的马币》,哈哈</span>xD<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来就说出口公司的走势了,凯用了三间大家都不陌生的公司,那就是</span>FLBHD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、</span>VS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span><span lang="ZH-CN">Latitude</span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。在第一青色格子里,我们可以明显地看到三间公司都往上游。在这青色格子里,当时的</span>USD/MYR<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是</span>3.52<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>3.90<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的水平。我们可以明显地看见</span>VS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>Latitude<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">好像换了</span>F1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>KYY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">提供)跑车一直往上跑了,然后</span>FLBHD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">就只是稍微地往上动几下,看来它只是换个本地</span>SAGA<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">车。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来的红色格子里,三间公司都有明显的不一样,看起来是吵架不合了。首先</span>Latitude<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是一路向北了,可能</span>F1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">遇到车祸了,不小心落马跌下悬崖。下一个</span>VS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">就有稍微地蛙式往上游,很明显之前驾着的</span>F1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">被分成一半后就没力气跑了。最后一个</span>FLBHD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">就突然非常争气了,偷了一辆</span>F1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(一样</span>KYY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">提供)后就把</span>VS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">抛在后头,自己先往北走了。另外在这里要提醒大家记住一点,红色格子里的</span>USD/MYR<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是处于在高水平的</span>4.0<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上的,然后重点在结尾那提</span>xD<o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">紫色格子里都明显地看到三间公司都遇到了小车祸,一起形成了跌势。伤势最严重的是</span>Latitude<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,伤了接近</span>45%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">;</span>FLBHD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>VS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也受了轻伤,伤势大概</span>30%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上。然后在这格子里,</span>USD/MYR<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是在</span>4.40<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>18/1/2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)至今天的</span>4.0680<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>11/3/2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)附近的。在这格子里,相信很多人听了马币走强的新闻,然后迫不及待跟着羊群把手上握着的出口股抛售。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体;">最后,凯认为出口股的价值不是由美金或马币走强来决定的,以上的红色格子就能证明。在</span>USD/MYR<span lang="ZH-CN" style="font-family: 宋体;">的</span>4.0<span lang="ZH-CN" style="font-family: 宋体;">高水平里,出口股不是顺势而上,反而是造成了跌势。另外在以上的三个格子里有很多种类的投资者在里面,有的是短炒的、长期的、被套的、跟风的以及投机的。这种种类型的投资者就是股价漂浮不定的最大祸首了。所以,出口股并不是没落了,只是这主题已过,目前是短暂的技术调整或者暂时的被低估价值。</span></div>
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<span style="font-family: 宋体;">最后附上出口主题的一些资料:</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir6TLslL7REvnDqvzDqnZkqWUntqRzrxJW8flKsMtBzLYa24KFjHygOJLD1EUsE1p17sK0zKtWIvhJj5IC2X_1UlRIe65P_Ut8YNqhq5uUdJd7RcIL4Sa0XHke5cLi3P0SB3S-lbpBwEq4/s1600/bb.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir6TLslL7REvnDqvzDqnZkqWUntqRzrxJW8flKsMtBzLYa24KFjHygOJLD1EUsE1p17sK0zKtWIvhJj5IC2X_1UlRIe65P_Ut8YNqhq5uUdJd7RcIL4Sa0XHke5cLi3P0SB3S-lbpBwEq4/s400/bb.png" width="382" /></a></div>
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11/3/2016</div>
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<span lang="ZH-CN"><span style="font-family: 宋体;">本文只供参考。共勉之。</span></span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com4tag:blogger.com,1999:blog-5862902800805316600.post-22970156769836363602016-03-04T20:25:00.001-08:002016-03-05T06:01:31.433-08:00其实KAREX,康乐值多少钱?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhP_gvlleZyxn-pbgdT6LjQm7zTFX2f_XU8PdkNQT4bDahqxsiVIzp1Ojww036SFD77jxuHd0b204xI5sD7BOOnbKwH3poa-C2ZyUtMVdWQAGsd1i7nR8yXKQY6TCV0ytoe0X4PeggOO7B3/s1600/P22+%2528730x400%25291511201300121860941474464857.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhP_gvlleZyxn-pbgdT6LjQm7zTFX2f_XU8PdkNQT4bDahqxsiVIzp1Ojww036SFD77jxuHd0b204xI5sD7BOOnbKwH3poa-C2ZyUtMVdWQAGsd1i7nR8yXKQY6TCV0ytoe0X4PeggOO7B3/s640/P22+%2528730x400%25291511201300121860941474464857.jpg" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">进主题之前,我们先了解下康乐的背景和基本面。康乐目前有三间厂来生产它的主要产品—保险套!话说别小看这保险套,有则报道说康乐的保险套生产量是占全世界的</span>10%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,这也意味着康乐的牌子在这市场是占有</span>10%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的,所以是属于国际牌子。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">康乐的业务里也有帮助世界两大保险牌子生产保险套,那就是</span>Durex<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>Lifestyle<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。另外帮助生产这两大牌子的生意其实在康乐的经营活动里占了接近一半。不过康乐旗下也有自己保险套的牌子,那就是</span>Carex<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以及</span>Inno<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">目前康乐目标在</span>2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年里把目前</span>50<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的生产量提升至</span>60<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿,所以打算融资</span>8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万来建造新的厂以达到目标。</span>50<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿至</span>60<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿是需要</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的提升,这</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的提升是远远超越了同行的</span>10%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">平均增长。,这几乎是同行的两倍成长啊!</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外在今年</span>2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的一月里,康乐公布了扩展业务的消息。那就是它们买下了美国制造保险套的公司,</span>TheyFIt<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span>Theyfit<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">对康乐非常有价值,这是因为它拥有了制造保险套的专利而且</span>TheyFit<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的主要市场是在欧洲。康乐买了美国制造保险套的专利,同时也在欧洲的保险套市场占了不少优势。</span><o:p></o:p></div>
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<span style="font-family: 宋体;"><span style="font-size: 14.6667px; line-height: 16.8667px;">接下来说说康乐上市后近年来的业绩,上图明显地显示净利是属于稳定的上升势;销售量也是一路向北。康乐的净利是一季比一季更好的,目前是9季上升的记录,还没落马。它的业绩就像大众银行的业绩每一季都在稳定上升的。另外,康乐的净利率近季来是保持在20%以上,看来康乐的保险套是蛮赚钱的 XD。</span></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;"><br /></span></span></div>
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<o:p>了解康乐的公司背景和基本面后</o:p><span lang="ZH-CN" style="font-family: 宋体;">,接下来就进入主题了。。。其实</span>KAREX<span lang="ZH-CN" style="font-family: 宋体;">值多少钱呢?以下有几个算法,都是针对</span>FY2016<span lang="ZH-CN" style="font-family: 宋体;">的业绩:</span></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以最新业绩每股</span>3.39<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙的净利,再加上今年预算</span>50%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的成长率的话,一年应该会取得每股</span>20.34<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙的净利。以现在大马股市平均</span>PE
17.25<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">做基础的话,康乐是值</span>RM
3.51<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>0.2034
x 17.25<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),不过目前康乐的股价是</span>RM
3.89<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><o:p></o:p></div>
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<!--[if !supportLists]--><span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;">
</span></span><!--[endif]--><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凯也用了</span>Earning based model<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以及</span>Discounted cash flow model <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">算出康乐的本身价值,而结果分别是</span>RM
4.33<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">及</span>RM
4.17<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这两个</span>model<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的算法凯就跳过了因为发现讲解的文章太长</span>XD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。另外这两个</span>model<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都要有基本条件,</span>RM
4.33<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的条件是要康乐的净利达到</span>50%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的成长;而</span>RM 4.17<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是要现金流达到</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的成长率。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体;">最后,如果把以上三个价位综合起来的话,康乐是价值</span>RM 4.00<span lang="ZH-CN" style="font-family: 宋体;">的。昨天,康乐闭市价是</span>RM 3.89<span lang="ZH-CN" style="font-family: 宋体;">,你觉得它是贵还是便宜呢?凯个人是看好康乐未来的发展,毕竟目前保险套市场上的净利有</span>10%<span lang="ZH-CN" style="font-family: 宋体;">是给它吃了,而且管理层也非常积极扩大康乐的业务。除此之外,康乐最近也建议发送</span>2<span lang="ZH-CN" style="font-family: 宋体;">送</span>1<span lang="ZH-CN" style="font-family: 宋体;">的红股来回馈各位股东,这消息可以做康乐的短期催化剂。成长中的康乐会不会成为以后的大象股呢??同时康乐在你心里是值多少钱的呢?</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在这里也附上各投资行的目标价(附上了连接参考):</span><o:p></o:p></div>
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<a href="http://klse.i3investor.com/servlets/ptres/34649.jsp" target="_blank">RM 4.56 – RHB-OSK (25/2/2016)</a><o:p></o:p></div>
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<a href="http://klse.i3investor.com/servlets/ptres/34632.jsp" target="_blank">RM 4.52 – HLG (25/2/2016)</a><o:p></o:p></div>
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<a href="http://klse.i3investor.com/servlets/ptres/34238.jsp" target="_blank">RM 4.50 – TA (27/1/2016)</a><o:p></o:p></div>
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<o:p> 最后再附上它的功课:</o:p><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSCzT_fKS310raxhNc-r8_MJhrAF3qSOzOXQr7TklBUotBaVIhPJabbMV4QxOreFUpFJiThSbJXF-dbm25LXeldoc9EsYw32mTAGwLlKMS5ibnNRKlOpdYXYDsHc9PUc0cNzpwaNr5Inwm/s1600/a.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSCzT_fKS310raxhNc-r8_MJhrAF3qSOzOXQr7TklBUotBaVIhPJabbMV4QxOreFUpFJiThSbJXF-dbm25LXeldoc9EsYw32mTAGwLlKMS5ibnNRKlOpdYXYDsHc9PUc0cNzpwaNr5Inwm/s640/a.png" width="494" /></a></div>
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<o:p>本文只供参考。共勉之。</o:p><br />
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com3tag:blogger.com,1999:blog-5862902800805316600.post-61763541822832415112016-02-25T05:35:00.001-08:002016-02-25T08:40:29.168-08:007089 Liihen 利兴工业 业绩屡次突破新高!另外再送上6仙的特别股息!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0JLD87IElUE4RhpqOiSRaA8SzxKUnhjWaN7w6j5U8qHlbL_BulnXhQXc2jAI-iOuZyjHI_PX9X6ftA0fXQLELjxLNSmiMW6Y68zkemOPwa1R6fByQIHa2SbnBGiALVKSquONNoPRQGD09/s1600/Capture.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0JLD87IElUE4RhpqOiSRaA8SzxKUnhjWaN7w6j5U8qHlbL_BulnXhQXc2jAI-iOuZyjHI_PX9X6ftA0fXQLELjxLNSmiMW6Y68zkemOPwa1R6fByQIHa2SbnBGiALVKSquONNoPRQGD09/s400/Capture.JPG" width="371" /></a></div>
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<span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Liihen</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Q4’’2015</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">真是太美了,销售量和净利都一起突破新高。比较同期业绩的话,销售量和净利分别飞高了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">48%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">和</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">143%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。另一方面综合年业绩的比较,销售量是上升了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">37%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">和净利是上升了</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">102%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。在这一业绩内也有解释</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Liihen</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">在销售量及净利的提升,理由是前年的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">$ 1</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">美金平均值</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">RM 3.29</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,然后去年的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">$1</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">美金平均值</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">4.27</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,美金上升了接近</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">30%</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">呢!所以由此可见美金的强势对</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Liihen</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的业绩是有很大的影响力。接下来今年少了强势美金这催化剂,管理层会怎样带领</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Liihen</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">度过难关呢??</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyYU8bYi7Wf-iIIheXfhTYnU9nyBNOqUA8jlNUAVqJUjlxgMJZ6YvNvkDv-xwacbhTHa9hQMCpuxz2Ocf9fU7GjEqYAhdVxNPx8W8vw5Fi9KP6m7sdwOEK_6bvv66sxkcIDlwblSeEeNZK/s1600/a.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyYU8bYi7Wf-iIIheXfhTYnU9nyBNOqUA8jlNUAVqJUjlxgMJZ6YvNvkDv-xwacbhTHa9hQMCpuxz2Ocf9fU7GjEqYAhdVxNPx8W8vw5Fi9KP6m7sdwOEK_6bvv66sxkcIDlwblSeEeNZK/s400/a.png" width="400" /></a></div>
<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><span lang="ZH-CN" style="font-size: 11pt; line-height: 107%;"><br /></span></span>
<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><span lang="ZH-CN" style="font-size: 11pt; line-height: 107%;">从上图来看,</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Liihen</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 107%;">的销售和净利是一年比一年高的,而且是屡次破新高。这期的业绩也是突破新高,综合</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">2015</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 107%;">整年的业绩,销售和净利双双都是最高点了。话说</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Liihen</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 107%;">是卖家私的,而且大多数的生意都是出口的,看起来外围对家私的需求量是一直再增加了。另外</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Liihen</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 107%;">的出口生意有</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">78%</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 107%;">是来自美国的,去年强势的美金以及出口股的主题让</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 107%;">Liihen</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 107%;">沾了不少光。</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYcrfBfBfUWxPsbyaEdXE9e08j3sICVfLwpvz6Canxvcl8oQKou_f-KDUlxl5oIaRIWJC7yaVZF86QtUqnFZleL8EfOmWaWddZYDZEKFydt6ChR6j-JcN2v1stZ87uXUIdF19_aeuFQH23/s1600/b.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYcrfBfBfUWxPsbyaEdXE9e08j3sICVfLwpvz6Canxvcl8oQKou_f-KDUlxl5oIaRIWJC7yaVZF86QtUqnFZleL8EfOmWaWddZYDZEKFydt6ChR6j-JcN2v1stZ87uXUIdF19_aeuFQH23/s400/b.png" width="400" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">接下来就说说现金(</span>Cash<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)和现金流(</span>Free Cash Flow<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">)了。上图明显地显示</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的现金是在大幅度地提升中,目前已经累计了高达</span>1.2<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">亿,同时在它用了仅仅</span>6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年的时间把现金增长了</span>6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">倍。另外凯需要再补充的是</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">只用了短短</span>1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年的时间就把前年的</span>6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">千万现金变成了</span>1.2<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">亿(不是跟银行借的钱哦),看起来它还真的不简单,不知道是不是偷来的呢</span>XD<o:p></o:p></div>
<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">现金时说完了,接下来说说现金流吧。这里应该很多人还不是很了解它,我同时在这里大概地介绍它吧。现金流是公司扣除一切的消费后所剩下来的现金,而这现金也足于让公司做其他扩大计划。凯个人觉得看一间公司的财务状况不是看现金存款,而是看现金流。其实简单来说</span>Free cash flow<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">就是多余的钱,这解释好像有点不雅</span>XD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">解释完毕,了解它后看看以上的红色线条吧。</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的现金流是逐年成长的,而且最新的现金流量达到</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">千万了,足以让</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">施行多项扩大生意的计划,不过话说我每年多余的钱达到这数目有多好。。。</span><br />
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最后是股息主题了,</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">派发的股息还真是一山还有一山高,而且惯例是每一季公布业绩后都有股息拿,每三个月都有钱进袋的感觉是无比开心的。</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这期的业绩又要派发</span>6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙的特别股息,看来特别股息对</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">来是惯例了。</span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">除此之外,</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">还有一个</span>4<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙的</span>Final
Dividend<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">等股东大会后询问诸位股东的意见后就会被批下来,到时又有钱进袋了!</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的管理层对股东们还真不吝啬,非常大方地把赚来的钱分点给股东们。就因如此,它的周息率(</span>DY<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)一直维持在</span>7%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上,看了以上每年的周息率是不是心痒痒呢?</span><o:p></o:p><br />
<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span>
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最后附上它的功课:<br />
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想更了解它,可以浏览以下链接:<br />
1. <a href="http://investmentkai.blogspot.my/2015/12/7089-liihen.html" target="_blank">7089 Liihen</a><br />
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本文只供参考。共勉之。<br />
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com0tag:blogger.com,1999:blog-5862902800805316600.post-78237475837145730892016-02-24T09:30:00.000-08:002016-02-24T09:30:42.346-08:005162 ECS 最新业绩出炉!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggEmYhgvrPMmOD9tQE7ALuxLzR5w2IAdSB1mU04nN5Kh5xoSG8bCgZ1GuWlfK3xID7laEMfrFUPPW2_apuPVa6xGiH9ZCFDdiLF21-ACG22i3fDOlisleZQ4bgPq3e2pS3ENeEvgEA0Oq_/s1600/aa.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggEmYhgvrPMmOD9tQE7ALuxLzR5w2IAdSB1mU04nN5Kh5xoSG8bCgZ1GuWlfK3xID7laEMfrFUPPW2_apuPVa6xGiH9ZCFDdiLF21-ACG22i3fDOlisleZQ4bgPq3e2pS3ENeEvgEA0Oq_/s400/aa.JPG" width="375" /></a></div>
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ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的最新业绩也出炉了!最近还真多公司的业绩好像赶着出炉,不出就是不出,一出就全部一起出了。这篇文章其实是在星期二写的,因为最近在忙一些不紧要的东西而耽误了这篇文章。其实我目前也在写着</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的文章,它的业绩在今天(也就是星期三)出炉了,而且业绩是非常的美,有</span>100%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">上升哦!诶!好像离题了,拉回</span>ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">先,再不拉就变成</span>Liihen<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的文章了。</span>ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的业绩一路以来都走着平稳路线,所以它的股价也随跟在业绩后面一起走平稳路线。这次的业绩跟去年同期比较的话,销售量上升了</span>10% <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">而净利上升了</span>5%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。另外比较全年业绩的话,它的销售和净利都各上升了</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">以及</span>10%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">,怎么净利的成长都是销售成长的一半啊。。。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">以上是</span>ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">拥有在大马多样国际牌子的经销权,就像</span><span lang="ZH-CN"> </span>Berjaya Food<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">拥有</span>Starbuck<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的经销权,或者</span>YEELEE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">拥有红牛</span>Red Bull<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的经销权,所以说</span>ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">所拥有的经销权是不是太多了?一旦拥有了其国际牌子的代销权,那间公司就有权利在本地售卖其牌子的物品,所以其牌子的销售量及热门度是有利公司的。</span><o:p></o:p></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhURsWpX2eFFC8lNn_ZRqEaauv6HyLhoduuzmO_cJNRBI6Pa7iSp1KDgKue0ssl-dFNxRMAMpCWrxSShYpBi0aTNizDPRpexU2KcT5zlN02jSbBEG0ANj8Savfq3wp9BdZ_sF_amFl2E6Ea/s1600/b.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhURsWpX2eFFC8lNn_ZRqEaauv6HyLhoduuzmO_cJNRBI6Pa7iSp1KDgKue0ssl-dFNxRMAMpCWrxSShYpBi0aTNizDPRpexU2KcT5zlN02jSbBEG0ANj8Savfq3wp9BdZ_sF_amFl2E6Ea/s400/b.png" width="400" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;"><br /></span></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">接下来谈谈</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">ECS</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">的销售及净利,上图显示的是</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">6</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">年的数据。销售量虽然在</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">2010</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">至</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">2013</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">年是处于在忐忑不定的情况,不过</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">2014</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">和</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">2015</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">年的成长是明显浮现了,这是因为公司再争取了更多牌子在大马的经销权,例如:</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">Veeam</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">软件,小米平板电脑。小米在去年也很红,尤其是小米</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">powerbank</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">,因为便宜又实用所以受到许多人的称赞(红的时候个个都准时上小米网抢购)。销售讲完了,接下来就是净利了。上图的浅红色线代表净利,走势与销售一样,都是在</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">2014</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">年净利反弹,由此可见</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">ECS</span><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">的高层是有在努力为公司付出及争取更多的经销权。</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6SNnIbJOkfcuMLC4S3fQ0rNgsSd7UEWy3k9etR0WxqXDhEpmSGKN5FYSaKhxgN7zMEMUhFgqBGuJ41-_WgrRljszlJ1GYTrPpsc4c2OS00mxioIJ9ZYbiheGA7fUhI8u5WuanKr6Lmo6R/s1600/c.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6SNnIbJOkfcuMLC4S3fQ0rNgsSd7UEWy3k9etR0WxqXDhEpmSGKN5FYSaKhxgN7zMEMUhFgqBGuJ41-_WgrRljszlJ1GYTrPpsc4c2OS00mxioIJ9ZYbiheGA7fUhI8u5WuanKr6Lmo6R/s400/c.png" width="400" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这时候看看股息(</span>DPS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)和现金(</span>Cash<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)图,两者都有明显的上升势,只不过</span>2011<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的股息给的离奇的多。今年的股息非常不错,惊喜的</span>special
dividend 5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙然后再加上两期的</span>6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙股息,</span>11<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙的股息在目前</span>RM1.55<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的价位是有高达</span>7%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的周息率。</span>ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有习惯在最后两季的业绩给股息,通常是在</span>5<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月和</span>11<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月这两个月份。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><span lang="ZH-CN" style="font-size: 11pt; line-height: 115%;">
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来是凯本人最喜欢的项目了,那就是现金!</span>ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">最新公布业绩的现金还真丰厚,它手握高达</span>1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的现金,接近它目前一半的市值了。除了每股价值</span>RM0.65<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的现金以外,</span>ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的债务是零的。另外,刚入门学习看年报的新手们不妨可以拿</span>ECS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的年报当入门学,因为它的账目简单又容易明白。</span><o:p></o:p></div>
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<span style="font-family: 宋体;">最后附上它的功课:</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHCfJh_1xZqGbT3fs_kbH3k2KF7X7Gg8CMSeLYGuSk9dfzYDozU639uf63WqLmG4TD4qQ6oIYulfn_jbzt9Fb9ViG4QibN8JcsDBWxT6cFcJIXKh4NPtM9F4ruXX1ksCN0qosZxQdZwtJy/s1600/a.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="635" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHCfJh_1xZqGbT3fs_kbH3k2KF7X7Gg8CMSeLYGuSk9dfzYDozU639uf63WqLmG4TD4qQ6oIYulfn_jbzt9Fb9ViG4QibN8JcsDBWxT6cFcJIXKh4NPtM9F4ruXX1ksCN0qosZxQdZwtJy/s640/a.png" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-family: 宋体;">想更了解它,可以浏览以下链接:</span></div>
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<span style="font-family: 宋体;">1. <a href="http://investmentkai.blogspot.my/2015/06/5162-ecs.html" target="_blank">5162 ECS</a></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN"><span style="font-family: 宋体;">本文只供参考。共勉之。</span></span></div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com0tag:blogger.com,1999:blog-5862902800805316600.post-3429571657265005872016-02-22T06:02:00.001-08:002016-02-22T14:45:02.173-08:005197 FLBHD 最新业绩<div class="MsoNoSpacing">
2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月至</span>12<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月,</span>USD/MYR
4.4265<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">跌到</span>4.29750<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,跌了</span>2.91%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。虽然马币在这两个月走强,不过相比</span>2014<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的兑换率是十万八千里的。当时</span>2014<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月至</span>12<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月的兑换率是</span>USD/MYR
3.27021<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">去到</span>3.50050<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,美金当时是在走强的轨道上。不过当我们拿这两年</span>10<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月和</span>12<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月的兑换率比较的话,它们相差了</span>35.36%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>22.77%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。这代表什么呢?那是美金在短短一年里走强了最少</span>20%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上,真替我目前赚的马币感到不值又难过。。。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUJe3Jm-RYCERYUH8rU6TOqip9xt1S1P9-DxyMZ56_Rm2mM7FOiS4ozwYqMBVgb_EqTjvK11yORBSCXHZqU9O3oDZeROjChpjN0mqx3DG_UBA4CyBjpx7PpbK7CVIQxDbDNmcN3Ve91igt/s1600/a.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUJe3Jm-RYCERYUH8rU6TOqip9xt1S1P9-DxyMZ56_Rm2mM7FOiS4ozwYqMBVgb_EqTjvK11yORBSCXHZqU9O3oDZeROjChpjN0mqx3DG_UBA4CyBjpx7PpbK7CVIQxDbDNmcN3Ve91igt/s400/a.JPG" width="376" /></a></div>
<span lang="ZH-CN" style="font-family: 宋体;">这业绩也太美了,净利上升了</span>110%<span lang="ZH-CN" style="font-family: 宋体;">,而营业额上升了</span>40%<span lang="ZH-CN" style="font-family: 宋体;">。业绩的上升也是因为美金的关系,毕竟</span>2014<span lang="ZH-CN" style="font-family: 宋体;">时的</span>USD/MYR<span lang="ZH-CN" style="font-family: 宋体;">跟现在是相差很远了。</span>2015<span lang="ZH-CN" style="font-family: 宋体;">的全年营业额比去年升长了</span>20%<span lang="ZH-CN" style="font-family: 宋体;">,然后净利上升了</span>98%<span lang="ZH-CN" style="font-family: 宋体;">,接近翻倍了!最新的业绩公布后,接下来就是等</span>2015<span lang="ZH-CN" style="font-family: 宋体;">年报了,还真想看看里面的</span>notes<span lang="ZH-CN" style="font-family: 宋体;">和</span>30<span lang="ZH-CN" style="font-family: 宋体;">大股东。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLkuLQ0rXBeZR4qB_wH5-lVbAm4SzOz_Ajc95PIDGeO89dTBHngiLu9kpJbsS7REsCjyh69bXywdRo99Fv3Suhy_LEEoBeyMBs-jW4XtFdIcS5C5fQwg_1zNQLUQxZtru1C1ZQF5-JbTul/s1600/c.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLkuLQ0rXBeZR4qB_wH5-lVbAm4SzOz_Ajc95PIDGeO89dTBHngiLu9kpJbsS7REsCjyh69bXywdRo99Fv3Suhy_LEEoBeyMBs-jW4XtFdIcS5C5fQwg_1zNQLUQxZtru1C1ZQF5-JbTul/s400/c.png" width="400" /></a></div>
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<span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">Focus Lumber </span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">历年来的业绩是非常不错的,上图也明显地显示是个上势图。净利是一年比一年的高(也算</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2012</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年在内吧,毕竟跌点点而已,哈哈),而营业额就真的是每年都在提升的,</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2015</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年的提升比较明显是因为强势美金的关系,同时也是弱势马币的关系</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">XD</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">。凯个人认为业绩还可以爆发多</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">季(除非</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">USD/MYR</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">跌去</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">3.5</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的水平),也就是<span style="font-family: calibri, sans-serif;">6</span></span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">个月。所以接下来</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2016</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年的头两季的业绩多数比</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2015</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年的来得好,毕竟</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2015</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">和</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">2016</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">年的</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">USD/MYR</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">相差蛮远的,而</span><span style="font-family: "calibri" , "sans-serif"; font-size: 11.0pt; line-height: 115%;">Focus Lumber</span><span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">的业绩是在美金上占优势。</span><br />
<span lang="ZH-CN" style="font-family: 宋体; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-language: ZH-CN; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;"><br /></span>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">看了业绩后就看股息(</span>DPS<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)和净利率(</span>Profit
Margin<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),这两者虽然是完全不同的意思,不过图的走势是一模一样的,都不知道高层是不是照着净利率派息的(开玩笑</span>XD<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">)。先讲股息,</span>Focus
Lumber<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股息是两年比两年高的,怎么讲呢?你看看,</span>2011<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>2012<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的股息是</span>6<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙;</span>2013<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>2014<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的股息是</span>8<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙;</span>2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的股市是</span>15<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙,那么</span>2016<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年股息会不会也跟着一样</span>15<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">仙呢?目前的</span>RM2.55<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">价位收到</span>15<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股息就有</span>5.88<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股息率了!这是接近产托所给的周息率。</span><o:p></o:p></div>
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<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来说说净利率,它的净利率也是一年比一年的高,只不过</span>2011<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的比较叛逆一点,不跟着势走,不然图就美美上势了。在</span>2015<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的净利率是达到</span>18%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的成果,也就是每卖</span>RM1<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的木板会得到</span>RM0.18<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的利润。一个基本功夫好的公司,凯个人觉得</span>Focus
Lumber<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是符合要求了,毕竟它是不愁现金,而且是零债务的公司,不过接下来的走势还是要看管理层和市场走势。</span><o:p></o:p></div>
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<span style="font-family: 宋体;">最后附上它的功课:</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6l3ylolKsAUTrTlfak0z0BCfp2neqq7lzN5a4wo7KcZn6R3Qfbf_KjBom5W4ZtEEdksJJgBrb4Nv-m9K64k0RM5QnrZWlqIXoH6AQ7HAOwNaOqSXUBQJ65avCMV_el1GFdAiK2YjhhkIa/s1600/b.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="632" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6l3ylolKsAUTrTlfak0z0BCfp2neqq7lzN5a4wo7KcZn6R3Qfbf_KjBom5W4ZtEEdksJJgBrb4Nv-m9K64k0RM5QnrZWlqIXoH6AQ7HAOwNaOqSXUBQJ65avCMV_el1GFdAiK2YjhhkIa/s640/b.png" width="640" /></a></div>
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<span style="font-family: 宋体;">想更了解它,可以浏览以下链接:</span></div>
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<span style="font-family: 宋体;">1. <a href="http://investmentkai.blogspot.my/2015/05/5197-flbhd.html" target="_blank">5197 FLBHD</a></span></div>
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<span style="font-family: 宋体;">2. </span><a href="http://investmentkai.blogspot.my/2015/08/5197-flbhd-q2.html" target="_blank">5197 FLBHD 非常亮丽的Q2</a></div>
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<span style="font-family: 宋体;">3. </span><span style="font-family: 宋体;"><a href="http://investmentkai.blogspot.my/2015/11/5197-flbhd.html" target="_blank">5197 FLBHD 双喜临门</a></span></div>
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本文只供参考。共勉之。</div>
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KaIhttp://www.blogger.com/profile/16969752422652186770noreply@blogger.com0tag:blogger.com,1999:blog-5862902800805316600.post-13107626798731287692016-02-15T21:07:00.002-08:002016-02-15T21:07:25.512-08:00新手の九大《工具》<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIR3HQgHYayvZ-nogofG19a8wL9Wi-ef17DR471pg038SeeE3m13IPZsKlt6kgyQjiNstuc_GIgi_PH4Uuc3rhc2sNvbnt8FbB193jLaHnAQOdb0kcwMTthRsr-1i7Ui9zlaIMBAYJ4xRP/s1600/08.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIR3HQgHYayvZ-nogofG19a8wL9Wi-ef17DR471pg038SeeE3m13IPZsKlt6kgyQjiNstuc_GIgi_PH4Uuc3rhc2sNvbnt8FbB193jLaHnAQOdb0kcwMTthRsr-1i7Ui9zlaIMBAYJ4xRP/s400/08.jpg" width="400" /></a></div>
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1.<span style="font-size: 7pt; font-stretch: normal;"> </span><b style="text-indent: -18pt;">Bursa Malaysia</b><span style="text-indent: -18pt;"> - </span><a href="http://www.bursamalaysia.com/market/" style="text-indent: -18pt;">http://www.bursamalaysia.com/market/</a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">这网站不错好用的,各式各样有关上市公司的资料都可以在这里找到的,不过凯基本是使用这网站下载的年报,毕竟功课上是非常需要年报。</span>Bursa<span lang="ZH-CN" style="font-family: 宋体;">里所提供的年报是从</span>2001<span lang="ZH-CN" style="font-family: 宋体;">年至最新的</span>2016<span lang="ZH-CN" style="font-family: 宋体;">年,想做功课的朋友,不妨可以从年报开始。</span><o:p></o:p></div>
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2.<span style="font-size: 7pt; font-stretch: normal;"> </span><b>KLSE Screener</b> - <a href="http://www.klsescreener.com/v2/">http://www.klsescreener.com/v2/</a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">这是家喻户晓都会用的网站,而且专为基本面功夫的投资者设计的。它基本跟</span>GOOGLE<span lang="ZH-CN" style="font-family: 宋体;">没差别,只是它是用来查找你理想的股票。里头一共有</span>12<span lang="ZH-CN" style="font-family: 宋体;">个选股标准,你可以在标准里</span>set<span lang="ZH-CN" style="font-family: 宋体;">一个</span>range<span lang="ZH-CN" style="font-family: 宋体;">来查找你所要求的股票。刚开始介入股市的新手可能对里头一些字眼比较陌生,例如:</span>NTA<span lang="ZH-CN" style="font-family: 宋体;">,</span>ROE<span lang="ZH-CN" style="font-family: 宋体;">,</span>PE<span lang="ZH-CN" style="font-family: 宋体;">,</span>DY<span lang="ZH-CN" style="font-family: 宋体;">等。摸不着或不明白这些词的新手们不妨可以参考我写的一篇文章《二十四节令“股”》,里头有新手们要的东西</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: 宋体;">。</span><o:p></o:p></div>
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3.<span style="font-size: 7pt; font-stretch: normal;"> </span><b>Malaysiastock.biz</b> - <a href="http://www.malaysiastock.biz/Latest-Announcement.aspx">http://www.malaysiastock.biz/Latest-Announcement.aspx</a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">这是凯每天都会开的网站,因为要看看哪间公司的业绩出炉了。这个网站除了提供最新业绩的公告之外,它还提供了公司的基本</span>ratio<span lang="ZH-CN" style="font-family: 宋体;">、</span>5<span lang="ZH-CN" style="font-family: 宋体;">年的业绩对比、多年的股息图等。它综合了公司最新</span>5<span lang="ZH-CN" style="font-family: 宋体;">年的资料,以方便投资者可以比较每年的业绩。另外它也提供了最新一星期在大马股市的资金流动,也就是散户,本地基金,外资的资金流动。</span><o:p></o:p></div>
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4.<span style="font-size: 7pt; font-stretch: normal;"> </span><b>Klse.my</b> - <a href="http://www.klse.my/index.jsp">http://www.klse.my/index.jsp</a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">这网站提供的资料非常齐全,而且还很充足。比较其他网站的资料,凯个人觉得这网站是最好的。我经常用这网站看公司的基本面和历年来的表现,个人时常用这网站查看公司的</span>insider trading<span lang="ZH-CN" style="font-family: 宋体;">,也就是最大股东,高层和公司的交易。另外,这网站还具备了</span>Stock Screener<span lang="ZH-CN" style="font-family: 宋体;">。这和以上介绍的</span>KLSE Screener<span lang="ZH-CN" style="font-family: 宋体;">是一样用途的,不过</span>Stock Screener<span lang="ZH-CN" style="font-family: 宋体;">的查股标准比</span>KLSE Screener<span lang="ZH-CN" style="font-family: 宋体;">来得很多很多。</span><o:p></o:p></div>
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5.<span style="font-size: 7pt; font-stretch: normal;"> </span><b>Investalk</b> - <a href="http://www.investalks.com/forum/index.php">http://www.investalks.com/forum/index.php</a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">这网站基本是个投资论坛,凯强烈推荐这个网站给新手。里面的资料非常完整,而且很齐全。这论坛去年还非常体贴准备了“点评“功能以缩短评论和过滤一些不重要信息,好让我们可以很快地看到重点。另外,一旦面对投资上或功课上的困难,不妨可以来这里坐坐,然后问问大大们的高见。</span><o:p></o:p></div>
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6.<span style="font-size: 7pt; font-stretch: normal;"> </span><b>I3investor</b> - <a href="http://klse.i3investor.com/index.jsp">http://klse.i3investor.com/index.jsp</a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">这网站也有提供上市公司的基本</span>ratio<span lang="ZH-CN" style="font-family: 宋体;">,同时它也提供了各投行对其公司的</span>target price<span lang="ZH-CN" style="font-family: 宋体;">,也就是目标价。凯比较常看这网站的部落格站,它是综合了当天所有</span>i3<span lang="ZH-CN" style="font-family: 宋体;">的博客所分享的文章。另外,</span>I3<span lang="ZH-CN" style="font-family: 宋体;">也提供了评论功能,所以可以看看大家对公司或一些文章的评论(凯个人觉得</span>i3<span lang="ZH-CN" style="font-family: 宋体;">的评论会比</span>investalk<span lang="ZH-CN" style="font-family: 宋体;">来得“毒”,里头是蛮多毒舌的)。第一次使用</span>i3<span lang="ZH-CN" style="font-family: 宋体;">的朋友们记得把左上角的</span>Site<span lang="ZH-CN" style="font-family: 宋体;">换去马来西亚,因为不同国家会不同</span>platform<span lang="ZH-CN" style="font-family: 宋体;">。</span><o:p></o:p></div>
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7.<span style="font-size: 7pt; font-stretch: normal;"> </span><b><span lang="ZH-CN" style="font-family: 宋体;">資匯</span> The busy weekly</b> - <a href="https://www.facebook.com/BusyWeekly/?fref=photo">https://www.facebook.com/BusyWeekly/?fref=photo</a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">这类似报馆,不过它只是刊登投资的资料,大多数以上市公司为准。它的资料非常实用,不过是要付钱的(买报纸都要付钱了,更何况是这个</span>XD<span lang="ZH-CN" style="font-family: 宋体;">),凯个人觉得它的价格非常合理,我是它的其中一个顾客。資匯是一星期刊登一次,它都会时常更新市场的动向,这样让工作忙的你一次过</span>update<span lang="ZH-CN" style="font-family: 宋体;">在市场上的资料。目前它</span>1<span lang="ZH-CN" style="font-family: 宋体;">年</span>51<span lang="ZH-CN" style="font-family: 宋体;">期(</span>hardcopy<span lang="ZH-CN" style="font-family: 宋体;">)的价格是</span>RM 141.80<span lang="ZH-CN" style="font-family: 宋体;">(西马)和</span>RM 182.30<span lang="ZH-CN" style="font-family: 宋体;">(东马)。另外,資匯也有提供电子书(</span>softcopy<span lang="ZH-CN" style="font-family: 宋体;">)的刊登,有兴趣的朋友不妨可以联络它们的面子书。</span><o:p></o:p></div>
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8.<span style="font-size: 7pt; font-stretch: normal;"> </span><b>Chart NEXUS</b> - <a href="http://www.chartnexus.com/">http://www.chartnexus.com/</a></div>
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<span lang="ZH-CN" style="font-family: 宋体;">这是一个画图软件,是非常适合技术面投资者。凯个人觉得技术面该有的,它都有了;一些不该有的,它也有了。它还有更不该有的,不过那些就要自讨腰包付费了。本人的技术面是半桶水,只是了解</span>MACD<span lang="ZH-CN" style="font-family: 宋体;">,</span>MA<span lang="ZH-CN" style="font-family: 宋体;">,</span>Stochastic<span lang="ZH-CN" style="font-family: 宋体;">,</span>RSI<span lang="ZH-CN" style="font-family: 宋体;">,</span>Parabolic<span lang="ZH-CN" style="font-family: 宋体;">之类的,所以对它有点点陌生。得空要多多跟技术面打交道了,毕竟凯觉得股票的买卖价格还是以技术面做标准为好。</span><o:p></o:p></div>
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9.<span style="font-size: 7pt; font-stretch: normal;"> </span><b>57<span lang="ZH-CN" style="font-family: 宋体;">金錢爆</span></b> - <a href="https://www.youtube.com/user/The57Watcher" style="text-indent: -18pt;">https://www.youtube.com/user/The57Watcher</a></div>
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<span lang="ZH-CN" style="font-family: 宋体; text-indent: -18pt;"> 这是一个台湾的财经节目,它都会报道世界各地的财经新闻,报道后会将节目的内容上传去</span><span style="text-indent: -18pt;">youtube</span><span lang="ZH-CN" style="font-family: 宋体; text-indent: -18pt;">。主持人是杨世光,曾任华人商业台研究员、运通财经台投顾分析师,他的分析和讲说能力是一级棒的!有时也会吸收到一些关于投资和经济的冷知识。有兴趣的朋友不妨可以听听,一边做功课,一边听的感觉是最好了。</span></div>
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<span lang="ZH-CN" style="text-indent: -18pt;"><span style="font-family: 宋体;">本文只供参考。共勉之。</span></span></div>
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