冷眼专栏：漫漫投资路 第1步

http://www.enanyang.my/news/20181003/%E3%80%90%E6%BC%AB%E6%BC%AB%E6%8A%95%E8%B5%84%E8%B7%AF%E7%AC%AC1%E6%AD%A5%E3%80%91-%E8%AE%A9%E4%B8%BB%E5%8A%A8%E4%B8%8E%E8%A2%AB%E5%8A%A8%E6%94%B6%E5%85%A5%E7%9B%B8%E8%BE%85%E8%80%8C%E8%A1%8C/

致股市菜鸟： 在“什么人应投资股票？”一文中，我提到一个名词“被动收入”（Passive Income） , 也许还有人（尤其是股市菜鸟）对这个词感到陌生，因此我认为有加以阐释的必要。

冷眼 前辈的新专栏来了 ！

http://www.enanyang.my/news/20180915/%E3%80%90%E5%86%B7%E7%9C%BC%E4%B8%93%E6%A0%8F%E3%80%91%E8%87%B4%E8%82%A1%E5%B8%82%E8%8F%9C%E9%B8%9F-%E5%AE%9C%E8%87%B4%E5%8A%9B%E6%99%AE%E5%8F%8A%E6%8A%95%E8%B5%84%E6%95%99%E8%82%B2/

【冷眼专栏】什么人不宜投资股票？

大马投资交易所发动“全民拥股”运动，目标是很高远的，但不易做到。“全民”实际上也没必要做到，因为在“全民”中，有些人根本是不屑，或是不宜投资股票的。

所谓“全民”，应该是泛指适合投资股票的人，包括有资金的非就业人口（例如退休人士），以及就业人口，但是，在这些适合投资股票的人中，有些是不会去买股票的。

例如：

①对股票根本没有兴趣。我们知道，我们的脑子分为两个部分，一个部分是理性的，脑子这个部分发达的人会成为科学家、工程师、数学家等。他们是理性盖过感性的，这类人如果他们有改善物质生活素质的欲望，他们是会进行投资的，而股票可能成为他们的投资管道，他们会买股票。

脑子的另一个部分是感性的，这个部分发达的人会成为艺术家，他们在考虑事情的时候，往往会感情用事，不按理性考虑事情。这类人有些偏重精神生活，对物质生活需求不高，所以投资意愿不高，他们不会去买股票。有些也有提升物质生活素质的愿望，但对于属于理性的书籍，如投资理论、公司年报之类，总是看不下去；他们所喜欢的，是艺术味浓的作品，如诗、词、歌、赋、小说、散文、电影之类。投资是要读很多理论和分析的著作，才能成功的，不看理性著作的感性人，投资不可能成功，所以这类人不适合投资股票。

简而言之，脑子感性发达的人投资股票，失败概率高于成功概率，故不宜买股票。

②商人不宜买股票。商人身在商场，对商业操作了如指掌，应该是投资股票的料子。问题是现金流是商业的命脉，现金流量不顺畅，将导致生意周转不灵，生意可能倒闭。如果商人将做生意的资金，用来买股票，股票价格波动激烈，在股价暴跌时，如果商人生意上需要现金周转，被迫贱价售股，套取现金作周转用途，他将蒙受严重的亏损。股票大多数是要长期枯守，渡过商场的风风雨雨，才有希望赚钱的，随时需要现金周转的商人，不应让资金“困”在股市中，影响其生意运作。

菜鸟肯学也能挖金矿

③不愿做功课的人。由于对股票略识之无，缺乏经验，不宜投资股票。

不过，股市新秀因为对股票没有成见，不在此例，他们对互联网的应用了如指掌，寻找资料比老兵快不知多少倍，更重要的是，他们年纪轻，吸收知识又快又多，学习能力强，一旦上手，成功机会高，速度快，是股市的可塑之才。对于那些虚心学习、上进心强的职场菜鸟，股市将是他们的金矿。

但有一个大前提：他们必须有正确的投资概念，如果他们概念不正确，偏离投资正道，自作聪明，钻旁门，走左道，股市将成为他们的坟墓。

④对股票、股市存有偏见的顽固分子。他们之中有些是在股市中被烧伤，从此对股票/股市恨之入骨；有些则是听信消极之言，认为股市是赌场，股票投资是旁门左道，本身不去找出真相，也懒得去思考，他的脑袋有如铁桶，什么东西/道理都打不进去，这类人虽然数目不多，但确实是存在的，他们不适合也不会去投资股票。

在扣除了以上四类人之后，交易所要争取的“全民”人数，肯定大减，但无损于股市的重要性。

定存回酬远逊投资

在所有的投资管道中，没有一种是适合所有的人参与的，如果有的话，那肯定不是上乘投资管道，例如定期存款几乎适合所有人参与，但其回酬远逊于大部分投资管道，若不是有些缺点，也不必劳动股票交易所，去展开“全民拥股”运动，鼓励定存者提出资金投资股市了。

如果你发现自己是属于四类不适合投资股票的人，那也不必灰心，毕竟股市只是众多投资管道之一，股市之外，还有许许多多可以投资的管道，等待你去发掘，你只要肯花心思去寻找，一定可以找到适合投资的管道。找到之后，只要你专心致意于投资，同时持之有恒，肯定可以取得丰厚的回报。

但有一样是肯定的：如果你是打工仔，除非你学习投资，否则不易达到“财务自由”。

https://www.enanyang.my/news/20180917/%E3%80%90%E5%86%B7%E7%9C%BC%E4%B8%93%E6%A0%8F%E3%80%91%E4%BB%80%E4%B9%88%E4%BA%BA%E4%B8%8D%E5%AE%9C%E6%8A%95%E8%B5%84%E8%82%A1%E7%A5%A8%EF%BC%9F/

如果还有明天

6.2.2018 股市有惊吓！

做个记录，忙着。。。。

PENTAMASTER bonus split 后发神经！

实达2019加速推房屋

又要开始准备钱了，唉！

(转贴）实达集团收购壮大/万年船

国民投资机构（PNB）诚然是今年话题最多的公司之一，上个月我们刚度过一个令人惊讶的合顺油气（UMWOG）之月。

合顺油气的附加股乏人问津，白表格要卖也卖不出，小股东憋着一口气拿钱（每股30仙）来认购，没想到新股上市之后生龙活虎般跳跃，轻易攀上30仙以上，4送1的免费新凭单更一举站上25仙，让掏荷包的小股东赚到笑呵呵。

接下来的第二场戏轮到实达集团（SPSETIA）。自从实达集团和丹斯里刘启盛分道扬镳以后，见到后者的公司（绿盛世集团-ECOWORLD）来势汹汹，奋起直追，也激起集团的雄心壮志，要把业务做得更大更好；于是，产生了这次36.5亿令吉的收购活动，把岛屿和半岛（I&P集团）纳入旗下。

36.5亿令吉的资金，其中10至12亿的资金来自附加股建议，另外10至12亿令吉则以可赎回可转换的回教优先B股（RCPS-i B）募集，其余则从公司内部资金或贷款凑足。

市值上看150亿

经过这次并购，公司的股票资本将进一步壮大至40至45.5亿股左右，如果以其股价约是3.30令吉的话，市值可到150亿令吉，成功抛离渐渐逼近的绿盛世集团两家公司的市值总和（约70亿令吉）。

目前，实达集团的市值约是100亿令吉，和即将分拆的森那美产业市值不相上下。

回教优先股食髓知味

此外，实达集团食髓知味，再次建议回教优先股。这次的回教优先B股和之前的回教优先A股，性质上大同小异，除了预定股息和转换价有所差别。

如果一切符合所预测的盈利，回教优先A股的股息是6.49%，在15年后如果没有赎回，将每年增加1%，直到最高20%为止；建议中的回教优先B股，预定股息是5.93%，在5年后如果没有赎回，将每年增加1%，直到最高20%为止。

我们对这优先B股深感兴趣，只是担心公司在5年后即刻赎回，让我们无法享受到未来的高股息而已。

至于转换价基本上是根据优先股推出时的股价计算出来，基本上还算公平。

之前的回教优先A股的转换价是7股换2母股；而建议的回教优先B股转换价未定，可能是21股换5母股。我们投资这优先股，志不在转换，所以在这里打住，不继续讨论。

至于其附加股能否像合顺油气那么标青，大家不妨在股东会议里问问董事部，看他们如何反应。

本周股东大会焦点：

本周14日是侨丰控股（OSK）为红股建议召开特大，应该顺利通过。

至于16日除了实达集团的股东特大以外，还有巴迪尼的股东大会和腾达科技（PENTA）建议子公司上市香港交易所，同时派一部分股票回馈股东的股东特大。

http://www.enanyang.my/news/20171112/实达集团收购壮大万年船/

from KENANGA NEUTRAL again !!!

Kenanga Today Asian markets ended mostly mixed, with the FBMKLCI shedding 2.75pts or 0.16% to 1,759.09 yesterday, mainly dragged by loss in GENM (-0.11pts or -2.0%). Meanwhile, the broader market depicted strength after market breadth remained positive, with 487 gainers outweighing 360 losers while 373 counters traded unchanged. Chart-wise, the index opened lower and was traded in the negative territory within a thin 3 point range throughout the session with a low trading volume, reflecting lack of conviction in market movement. Despite most key indicators remaining in negative state, prior bullish reversal pattern of “Morning Doji Star” looks encouraging for near-term recovery. From here, resistance levels to watch are 1,783 (R1) and 1,796 (R2) beyond. However, weakness, if any, will bring the price towards 1,755 (S1) before buying activities emerge, while a breakdown below the technical picture could trigger a capitulation towards 1,750 (S2) further down. Key technical highlights for today include TGUAN (Not Rated) and VS (Not Rated).

 AUTOMOTIVE (NEUTRAL ↑) · We upgrade our rating to NEUTRAL given the outweighing of MP ratings in the total market capitalisation of our stocks coverage coupled with the YTD TIV matching our 2017 TIV forecast of 590,000. · Furthermore, the consumer sentiment gauge has been recovering, hovering at c.80pts level, nearing the optimistic threshold (>100pts) and aided by improvement in the loan approval rates which are hovering at c.50%-55% level. · Additionally, the recent strengthening of the MYR against USD/JPY is expected to show positive affect on automakers with gradual improvement in margin, starting 3QCY17. · We choose BAUTO (OP; TP: RM2.40), as our preferred pick for the sector.

 BUILDING MATERIALS (NEUTRAL ↔) · Overall, we maintain our NEUTRAL view on the Building Materials sector despite being positive on the steel and aluminium sub-sectors due to the larger market weightage of our negatively weighted cement sub-sector. · We are positive on the long steel sector as we expect construction activities within the infrastructure space to pick up pace which would buoy current high prices of c.RM2,600/t. · Maintain all calls within the space with unchanged TP for PMETAL (OP; TP: RM4.05) and LAFMSIA (UP; TP: RM4.33). However, upgrade TP for ANNJOO (to OP; TP: RM4.70) and lower TP for ULICORP (OP; TP: RM4.95).

 CONSTRUCTION (NEUTRAL ↔) · We reiterate our NEUTRAL call on the sector due to: (i) slow contract award news flow for 2017, (ii) heightened earnings delivery risks due to delays in work progress as well as high building material cost, and (iii) toppish valuation with the KLCON trading at 5-year +1.5SD. · Furthermore, we no longer have any OUTPERFORM calls in our core coverage for the sector. · Looking ahead, we advocate a sell-on-strength strategy on the sector in which we advise investors to take the opportunity to take profit on any positive news flow that is expected in 4QCY17.
HEALTHCARE (UNDERWEIGHT ↔) · We maintain our UNDERWEIGHT rating on the sector which is expected to be dull in terms of earnings growth and further capped by expensive valuations. · All in, healthcare stocks under our coverage are trading at rich PER valuations in contrast to their expected low-teens earnings growth. We believe their growth potentials are already reflected in the valuations. · The main drawback at this juncture is that healthcare stocks including IHH (UP, TP: RM5.08) and KPJ (MP, TP: RM1.10) are trading at rich valuations while offering low dividend yields.

 MEDIA (NEUTRAL ↔) · We are keeping our NEUTRAL view unchanged on the media sector in view of the persistent lack of key earnings catalyst coupled with potentially more kitchen sinking exercise ahead. · The prolonged weak consumer sentiment and rising cost of living are expected to continue to mire the country’s adex outlook for CY17. · On the other hand, while most of the over-the-top (OTT) video streaming platforms appear identical, the key differentiating factors are likely to depend on original IPs and localised contents. There are no changes to all our media companies’ earnings estimate. · ASTRO (OP, TP: RM3.00) remains our favourite pick in the sector in view of its relatively resilient earnings and decent dividend yield.

 PLASTIC & PACKAGING (NEUTRAL ↔) · Macro fundamentals such as fairly stable USD/MYR and higher resin cost in 1H17 (target of between USD1,200-1,300/MT in FY17-18) have been accounted for in our estimates. · However, we believe there is a possibility of lower resin prices in FY18 on increasing resin supply in coming quarters which may act as a re-rating catalyst for the sector if it materialises. All in, we make no changes to our earnings estimates. · We have recently re-valued all plastic packagers under our coverage using the rubber gloves sector as a benchmark for toppish valuations and attaching a discount to plastic packagers on rubber gloves’ PER based on their respective quantitative and qualitative factors. · Our Top Pick is TGUAN (OP; TP: RM5.67) which is a laggard despite solid earnings and fundamentals as its share price has yet to play catch up (-8% YTD). SHIPPING, PORTS &

 LOGISTICS (NEUTRAL ↔) · From our observations, logistics counters have already begun reversing earlier gains following a subpar results season. Likewise, earnings growth weakness within the logistics space is expected to persist for the next 1-2 years, underpinned by rising competition coupled with higher running costs for ventures and expansions. · Parcel delivery players are expected to continue recording top-line growth amid the burgeoning e-commerce trend in the country but margins suppression due to fierce competition may dampen the trickle-down effect on bottom-line earnings growth. · Coupled with lofty valuations, we are opting to stay side-lined from this sub-segment for now. Meanwhile, container throughput in domestic ports is expected to be weaker for the remainder of the year due to the reshuffling of global shipping alliance. However, we believe 2017 will serve as a low-base year for throughput volume to recover, starting from 2018. · Within the sector, MMCCORP emerged as our preferred pick and the upcoming listing of its ports operations may potentially serve as a re-rating catalyst.

From Kenanga 全部都是NEUTRAL！！！

Kenanga Today

On Thursday, Asian markets finished mostly higher after major indices on Wall Street rose to fresh highs. Sharing the same optimism, the FBMKLCI added 2.17pts (0.12%) to 1,761.84. Sentiment on the broader market was also positive, with 454 gainers outweighing the 393 losers and 401 counters traded unchanged. Despite the low trading volume, follow-through buying drove the index higher, marking second day of gain from after a bullish reversal “Morning Doji Star” pattern was formed. Despite most key indicators remaining in a negative state, the improved technical landscape looks encouraging for near-term recovery. From here, resistance levels to watch are 1,783 (R1) and 1,796 (R2) beyond.However, weakness, if any, will bring the price towards 1,755 (S1) before buying activities emerge, while a breakdown below the technical picture could trigger a capitulation towards 1,750 (S2) further down. Key technical highlights for today include KRONO (Not Rated) and MEXTER (Not Rated).

BANKING (NEUTRAL ↔)

·         Our Neutral view on the sector remains with system and industry loan's growth for CY2017 expected to be in line as expected.

·         We don’t see any catalysts or game changers ahead with industry earnings likely to be driven by easing of credit costs and NIM. Thus, our valuation for the stocks in our banking universe remains unchanged

·         Some of the banking stocks’ valuations are looking undemanding due to the recent steep fall in share prices. Our preferred picks for the sector include AFFIN (OP, TP: RM3.00), AFB (OP, TP: RM4.15), AMBANK (OP, TP: RM5.00), CIMB (OP, TP: RM6.90) and RHBBANK (OP, TP: RM5.60).

CONSUMER (NEUTRAL ↔)

·         The progressive upticks in sentiment indicator on improved spending habits are a welcomed sign. However, the current low-based commodity prices are likely to be short-lived as the present state of oversupply could contract as adverse weather conditions may affect crop yield going forward.

·         The sector’s short-term prospects may boil down to the coming Budget 2018 delivering exciting market stimulants.

·          Despite 3QCY17 corporate report cards could see margins expansion (from better forex rates and lower average commodity cost), the low base growth expectations may yet to warrant a positive re-rating of the sector.

·          Our Top Pick for the sector is OLDTOWN (OP; TP: RM3.15) as the recent price weakness following the temporary closure of its central kitchen could present a buying opportunity as we believe its fundamentals are basically unaffected.

 GAMING (NEUTRAL ↔)

·         There are no changes in the fundamentals of the gaming sector except for the NFO players showing improved results with the stabilisation of ticket sales while luck factor normalised. The IBR tax claims on MAGNUM (OP, TP: RM2.17) have also put pressure on BJTOTO (OP, TP: RM2.95)while GENM (MP, TP: RM6.00) faced profit taking activities of late, following a strong rally prior to the selling on the GITP expansion story. We believe investors want to see the outcome of the expansion program first before placing more bets.

·         All said, GENTING (OP, TP: RM10.95) will be the clear beneficiary should a meaningful recovery occur at GENS and further improvement is seen in GENM.

 PROPERTY (NEUTRAL ↔)

·         Most developers under our coverage are banking on a stronger 2H17 (due to timing of launches mainly skewed towards mid-2017) and we believe the odds are better for developers to meet their targets this year vs. the last two years. Meanwhile, the recent increase of more land banking deals indicated that land prices may have stabalised.

·         We take the view that Budget-2018 will be ‘rakyat’-friendly or have muted impact to our listed developers.

·         All in, while we believe the industry’s footing has improved; the lack of strong re-rating catalysts has led us to keep our NEUTRAL view unchanged.  Preferred picks are SPSETIA (OP, TP: RM4.08) and A&M (OP, TP: RM2.50) for deep value plays but investors may have to take a longer-term investment horizon.

 PLANTATION (NEUTRAL ↔)

·         Maintain at NEUTRAL as strong CPO prices to-date support earnings growth despite a weaker price outlook ahead.

·         We are bearish on 4Q17E CPO outlook (average price at RM2,500/MT) on lower SBO prices and a stronger ringgit but upgraded our FY17E CPO average price to RM2,700/MT given the strong price performance on lingering drought effects throughout the year. We also introduce our FY18E CPO average price of RM2,400/MT (-11% YoY) as we expect the drought effect to fade with a rising stock outlook.

·         Post review, we have lowered our FY17/18E earnings forecasts by an average of +4%/-6%, with lower TP of 3% on average across the board. Our top pick is PPB (OP; TP: RM18.65) on Grains and Film expansions and new Property projects; and Wilmar’s China operations restructuring. Of our MidS coverage, we like SAB (OP; TP: RM5.25)on undemanding valuations, stable plantation earnings, healthcare expansions and strong balance sheet.

 OIL & GAS (NEUTRAL ↔)

·         The recent rally in oil prices (to c. USD60/bbl) might be capped despite slightly better oil fundamentals in 2H17 as it could trigger a resurgence of shale oil production. Having said that, the stabilisation of oil prices (at above USD50/level in 3Q17) could lead to better contract flows in the next 6-12 months. Besides, as the Pengerang Integration Complex (PIC) is currently at 70% completion, the peaking of PVF demand would benefit players such as PANTECH (OP; TP: RM0.75) while services players such as DIALOG (OP; TP: RM2.42) and SERBADK (OP; RM2.75) are eyeing the plant turnaround and maintenance opportunities beyond 2019.

·         Overall, the upstream space could still stay unexciting in view of flattish oil prices outlook in the near future, but we believe the sector is still relevant as far as investment portfolio consideration is concerned. Keep NEUTRAL on the sector withDIALOG and WASEONG (OP; RM1.10) being our preferred picks.

 TELECOMMUNICATION (NEUTRAL ↔)

·         While competition appeared to be relatively stable thus far, players need to continue enriching value proposition and being aggressive in defending their market share which may pressure margins. Meanwhile, there are no clear-cut trends in our General Election study, and we do not expect any new initiatives introduced by the Government in the upcoming Budget.

·         All in all, we made no changes to our telecom companies’ FY17-FY18 earnings estimates as well as their respective target prices.

·          We continue to favour fixed-line over the mobile names under the current challenging times given that the latter’s earnings are set to be affected by the heightened competition. Telekom Malaysia (MP, TP: RM6.70) remains as ourfavourite pick for big cap space while OCK (TP: RM1.05) is maintained as ourpreferred choice under the mid-cap telecom space. Meanwhile, we maintain ourMARKET PERFORM call in AXIATA (TP: RM4.80) and DIGI (TP: RM4.85). Our MAXIS rating, on the other hand, is lowered to MARKET PERFORM (as per our rating definition) but with an unchanged target price of RM5.90.

On Our Radar: VS INDUSTRY (NR, TP: RM3.10)

·         VS has continued to see more stack-up orders from its key customers across all segments; thanks to its Vertical Integration capabilities and proven track of record servicing global customers.

·         With the commencement of new box-build assembly lines in Malaysia's operations alongside resilient orders in China and Indonesia markets, we expect a 2-year NP CAGR of 30%. That said, we believe most of the known positives have already been priced in following the 99% YTD share price appreciation. Switch to Non-Rated with a higher FD FV of RM3.10.

PENTAMASTER 腾达25送2红股股票“1拆2”

腾达25送2红股股票“1拆2”
腾达机构（PENTA）建议以25送2派发红股以及展开“1变2”股票分拆计划。
（吉隆坡21日讯）腾达机构（PENTA,7160,主板科技组）建议以25送2派发红股以及展开“1变2”股票分拆计划。

该公司在文告中表示，将以25送2比例派发1172万5386股，透过股票溢价户头资本化来进行，完成红股计划后该公司的股票溢价户头将从601万9703令吉，减少至15万7010令吉。

在完成红股计划，该公司也将展开“1变2”股票分拆活动，届时该公司股本将从原本1亿5829万2719股，倍增至3亿1658万5438股。

该公司进行股票上述企业活动原因包括：回馈长期支持公司股东、增加公司股票流通以及调整目前股价，以吸引更多扩大公司投资群体。

在完成所有活动后，腾达机构的负债比将从之前的0.04倍，走低至0.03倍。

文章来源：
星洲日报／财经‧2017.09.22 

Hai O and Sunway

一个月前随性换股是好是坏呢？钱不够用，无法加码时，没有动作或谨慎动作还是上上之策！

PENTAMASTER

预料中的成绩单，还没看内文，可惜还是没有股息！

那天remiser还特意打电话来问我几时要卖，还替我可惜买得不多，sailang下去现在可以环游世界去了。在这个市要不亏其实不难，等熊市来才来howlian啦，不是说退潮过后才知道谁在裸泳吗？

Current Year Quarter	Precending Year Corresponding Quarter	Current Year to Date	Precending Year Corresponding Period
	30/06/2017	30/06/2016	30/06/2017	30/06/2016
	RM'000	RM'000	RM'000	RM'000

Revenue	54,811	38,848	102,383	67,447
Profit/(Loss) before Tax	11,768	8,554	21,109	12,792
Profit/(Loss) after Tax and Minority Interest	10,274	6,664	17,812	9,833
Net Profit/(Loss) for the Period	10,316	7,245	18,811	10,647
Basic Earnings/(Loss) per Shares(sen)	7.01	4.57	12.15	6.94
Dividend per Share(sen)	0.00	0.00	0.00	0.00
			As At the End of Current Quarter	As At the Preceding Financial Year End
NTA per Share(RM)			0.8527	0.7382

转贴] 【南洋独家】专家:获利弱倾向股票整合 勿贪高股价忽略基本面

独家报道:刘颖政

(吉隆坡5日讯）近期马股上市公司的股票整合活动相当频密，但专家人士认为，股票整合虽然将推高股价，但投资者更应该注重基本面，尤其一些公司的获利能力较弱。

相比起去年表现，今年股市显得热闹，不少企业和股本变动建议和活动相继出炉，其中包括股本整合。在过去不到2个月内，就有3家公司提出股票整合的建议。

针对这现象，Areca资本总执行长黄德明在接受《南洋商报》电访时指出，他不会因为股票整合，而留意相关公司的表现。

他发现，一般上提议股票整合的公司多为表现不理想，因此他更关注于基本面。

“整合后，虽然股价‘高’了，但这只是心里作用，其业务表现没变化。一般上，我们在作出投资决策时，重视的是基本面，而不是股价数额。”

资深抽佣经纪陈玉麟直言，股票整合只能带来表现效应，实际上不会吸引到大型投资机构和分析员留意。

“大部分散户认为，股价仅数仙的公司获利能力低，而数十仙乃至数令吉的公司则具备一定水平的获利能力。”

“按照这样的想法，整合后的股票短期内确实能够吸引散户目光，惟大型投资机构和分析员还是视而不理。”

他强调，因这些专业人士观察的不是股价数额，而是未来的获利能力和股息政策。

黄德明

2个月3公司整合

在过去不到2个月内，就有3家公司提出股票整合的建议，当中包括在去年刚完成股票整合的升利吉科技（SANICHI，0133，创业板）。

升利吉科技在上周五提出将每3股整合为1股的建议，而该公司才在去年5月19日才完成4合1股票整合。

升利吉科技在去年5月16日收盘于5仙，隔天整合后收报19仙，但在不到3月内，跌至8仙。

若以原本4股换算，每股才值2仙。换言之，该公司市值在这期间暴跌60%。

另外两家提出相同建议的包括宜鼎系统（AT，0072，创业板）和美全（MTRONIC，0043，主板贸服股）。

废面值后更有弹性

对于短短两个月就有3家公司提议整合股票，不如以往数个月才见一次，可能是无面值时代降临的关系。

Inter Pacific研究主管冯廷秀接受《南洋商报》电访时也点出，随着今年2月起废除“股票面值”概念后，公司在股本更动方面变得灵活，无需依据面值来进行任何股本变动。

“股票整合的目的，在于相关公司认为本身股价低廉，无法吸引投资者的眼球；加上面值条例已废除，因此在进行这方面的活动变得容易。”

“我认为，在不受面值条例的限制后，这股趋势在未来将越来越活跃。”

冯廷秀认同这股小趋势受到今年股市活跃的带动，主要趁交投活跃的市况下，整合股票，指望股价由此被带动。

冯廷秀

优质股偏向拆细

若说进行股票整合的多数为低盈利表现的企业；相反的，进行股票拆细的，是否则为盈利较好的公司？

黄德明和陈玉麟都异口同声认同，多数进行股票拆细的，都是表现出色的高股价公司。

两者都提到，这些公司的收益长期表现良好，不断反映在股价上，激励股价不断攀升。

“这样一来，投资者会因为价格‘太贵’而失去购买意愿，因此部分公司通过拆细来‘降价’。”

“拆细后的股本规模随之扩大，价格也变得较低，这除了能够吸引更多投资者购持外，也能提升交投表现。”

http://www.enanyang.my/news/20170805/%e3%80%90%e7%8b%ac%e5%ae%b6%e3%80%91%e4%b8%93%e5%ae%b6%e8%8e%b7%e5%88%a9%e5%bc%b1%e5%80%be%e5%90%91%e8%82%a1%e7%a5%a8%e6%95%b4%e5%90%88-%e5%8b%bf%e8%b4%aa%e9%ab%98%e8%82%a1%e4%bb%b7%e5%bf%bd%e7%95%a5/

28.7.2017 PENTA

http://www.google.com/finance?q=KLSE:PENTA&sa=X&ved=0ahUKEwjg0vjZ_6rVAhXIHpQKHfJ0BBsQowEIEzAA

天天股语25.7.2017

手头上的股屡创新高的时候，想到的不是买进，而是how far can you go?
又不得不再翻翻可以看到的功课（不能看的还是看看较好）。

心理是复杂的，惋惜买得太少的同时也庆幸没跟风乱卖。@#$%^&*我是在骂粗口啦！

又心痒痒想开班了，我当然是开玩笑的！

却深切知道说得太好，研究得如何神奇，没有付诸行动都是没有用的！

实战经验是要有真金白银去体会的。

当然是要let the profit run。。。。股票起的时候是很恐怖的，虽然跌的时候也是很怕的！

天天股语19.7.2017

比如说刚好股市跌时，你手头上有笔资金，想要加码（为何说加码，而不是买入？人的时间金钱有限，看不了这么多只股，而且不熟不买，风险高点的也不买，所以股市跌时真的就只能加码，除非大股灾/熊市来临，而你的贮备资金多多，你又有冷眼/管老的眼光，不然都是看的分儿），而在屡创新低与刚好随市调整中选了后者。

那你也许又会在选择母股或子股中难于做决定，你也许去看了dividend date/rate，又有事没事重读一些报告，又去看了history data， 又去算了volume,又去算一大堆有的没的，最后你可能没买或买得不够。

那时候后悔已太迟！

选后者就已是走运了，就别问我了。

因为我买入后才发现我买得不够，入手不够凶！

天天股语7.7.2017

今天是好日子，因为股市跌了！
有几样事情要做：
1）要再买入2000 matrix， 凑足16000，就等他4: 1 红股。
2）Sunway的股份持有数乱七八糟了，再想如何凑成整数，把几个户口的股份拉去一个户口，还是不用想？乱就乱吧！
3）SP Setia 一直在跌，分析家们都说买入 I & P短期不好,长期看好，这长期有多长？已经跌到第二次的买入点，持股量太小了，股息不错，就暂时不管了。
4)  除了手套股，VS 也在盘整中，看看看，看得太久了！

今天就四点。

双威拟5年内将医疗保健子公司上市

THE EDGEMARKET.COM

（吉隆坡14日讯）随着双威（Sunway Bhd）拟进一步打造及加强医疗品牌，该集团计划在未来5年内将医疗保健子公司上市。
双威创办人兼主席丹斯里谢富年表示，该集团将扩大医疗保健业务，并称可能在未来5年内将子公司上市。
“它最终必须（上市）。我们也需要资金，而上市是从市场筹资的方法之一。我们也想扩大海外业务，但我们首先需拥有一个强大的品牌。”
他是在今日双威的常年股东大会后，向记者发表上述言论。
“我们赢得一个奖项，这也使我们足以媲美新加坡伊丽莎白医院（Mount Elizabeth Hospitals），同时也有助于加强我们的品牌。”
谢富年所指的奖项是2017年GHT-Bernstein年度骨科服务供应商奖。
他补充道：“这需要几年时间，尽管我们可以现在就上市，若我们想要这么做的话，因为我们拥有良好的过往记录。但如今或无法提供我们所需的价值，所以，我们宁愿再等几年。”
由于令吉走贬，从而令大马的医疗成本降低，海外的病患也对来马治疗倍感兴趣，因此，谢富年认为，医疗保健是一个极为重要的领域。
“我们放眼正蓬勃发展的医疗旅游市场。我们也接获许多人对来马治疗表示感兴趣，其中包括日本和中国。”
目前，该集团的医疗保健业务包括双威医疗中心（Sunway Medical Centre），预计将在未来两年半内扩充至1000个床位。
双威医疗中心料将为该集团截至2017年12月31日止的财政年（2017财年）带来约5000万令吉的净利，相比2016财年的3700万令吉。
谢富年表示，双威计划增设5家医院，估计5年内耗费约10亿令吉。
此外，该集团放眼在槟城增设两家医院，另外一家在霹雳州，而柔佛和白沙罗（Damansara）各别增设一家医院。
与此同时，位于蕉赖Sunway Velocity的新医院已开始兴建，这家医院预计在2019年完工，一开始将有240个床位，随后将增添100个床位。
闭市时，双威收升12仙或3.32%，以3.73令吉挂收，全日一共有518万股易手，市值达76亿令吉。

（编译：倪嫣鴽）

V.S. Industry 3Q net profit surges 2.6 times, pays 1.5 sen dividend

Adela Megan Willy

/

theedgemarkets.com

June 13, 2017 19:06 pm MYT

KUALA LUMPUR (June 13): V.S. Industry Bhd’s net profit increased 2.6 times to RM50.5 million in the third financial quarter ended April 30, 2017 (3QFY17) from RM19.31 million a year ago, on higher sales orders from its clients in Malaysia, Indonesia and China.

Earnings per share rose to 4.26 sen from 1.66 sen.

Revenue rose 68.2% to RM854.11 million in 3QFY17 from RM507.84 million in 3QFY16.

It also declared a third interim dividend of 1.5 sen per share for the financial year ending July 31, 2017 (FY17), payable on July 28.

For the cumulative nine months (9MFY17), V.S. Industry posted an 11.7% increase in net profit to RM119.51 million from RM106.98 million in 9MFY16, while revenue grew 41.7% to RM2.3 billion from RM1.62 billion.

Malaysia remained V.S. Industry’s primary revenue contributor at 67.8%, followed by China (27.3%) and Indonesia (4.9%).

In a filing with Bursa Malaysia today, V.S. Industry said its Malaysia segment recorded higher pre-tax profit for 3QFY17 and 9MFY17 mainly due to higher sales orders from key customers, including the new box built
orders from key customers.

"The new production lines that were commissioned earlier are now running at optimal capacity, which further contributed to the increase in revenue in Malaysia," it added.

Following the award of the vertical integration status by the group’s key customer in May 2016, V.S. Industry said it has gradually received much more box built orders, which on a collective basis are expected to contribute to substantial growth in revenue.

"As production volume increases, the group benefits from higher production efficiency and greater economies of scale," it said.

On its operations in China, V.S. Industry said it continues to strive to secure new and replenishment sales orders from its customers, and it expects performance to be satisfactory going forward.

While the group is aware of the increasing challenging operating
environment in view of the volatile US dollar against the ringgit, V.S. Industry said with prudent management, coupled with continued strong support from existing as well as newly acquired customers, it is optimistic that it will achieve better performance for the current financial year.

"In our previous engagements with media, we had said our 2HFY17 results would be stronger than that of 1HFY17, and now, our 3QFY17 results have indeed proven to be so. The execution of our growth plans is on track and is starting to reflect in our financial performance from 3QFY17 onwards," said V.S. Industry managing director Datuk SY Gan in a separate statement.

"Our clients are experiencing brisk sales growth with their new products, effective marketing campaigns and enhanced distribution channels. As for us, we will ride on our clients’ growth, supporting them in every step of the way with our integrated manufacturing capability to produce quality products at the quantity required by them on a timely basis,” he added.

V.S. Industry shares closed up three sen or 1.5% at RM2.03 today, with 3.98 million shares traded, valuing the group at RM2.42 billion.

6 月不绝 --- 草根牛马

6 月不绝 --- 草根牛马

http://www.enanyang.my/news/20170604/6%e6%9c%88%e4%b8%8d%e7%bb%9d%e8%8d%89%e6%a0%b9%e7%89%9b%e9%a9%ac/

写稿时，美国三大指数又再恢复涨势，看来今年上半年是过去4至5年来最佳表现的一年。

而巴菲特曾经说过的道琼斯指数3万点如果真的发生，散户可能受益不多，因为大家都开始动摇了。动摇的是调整何时来临，想在调整或崩溃前离场。所以说，这是最好的时代，这是最坏的时代。

马股受到全世界的激励，周内也起了不少。

我们又再一次和迪耐（DNEX）擦身而过，原本看它在世纪软件（CENSOF）的差劲业绩出炉以后，股价一起大跌，但是它似乎是不想给我们买到，在上周五股价回勇，母股站回60仙以上，凭单也收在33.5仙，我们又一次的买不到它的低价。

倒是世纪软件让我们有所警惕，因为不知不觉，它已经成为组合的其中一个主要投资。

组合的主要投资包括协德控股债券（HIAPTEK-LA）、侨丰控股（OSK）、多美包装（TOMYPAK）和Reach能源。除了Reach能源，其他都是有业绩增长能力，而且也有能力派息的公司。

协德债券有点特别，我是看中它的周息率（8%左右），如今它已除权，很快的又为组合进账5000令吉，是个很好的防守工具。

如果世纪软件不如我所预料的母凭子贵，或者迪耐前往1令吉的道路，在60仙时受到强烈的地心吸力拉扯，那么我没有必要一直增持下去。

不过本周其实它大跌至很吸引人的价格，惜乎周五反弹，我决定买入母股1万股（每股35.5仙），以及凭单2万股（每股16.5仙），如果它这星期强劲上扬，我可能套利，反之如果下跌，我继续累积。

暂停增持Reach

以同样的心理来看Reach能源，本季度的亏损也是让我对增持有所犹豫，看来必须要在这个月的股东大会去了解一下，为此我暂停买入Reach能源。

不过，如果说凭单是牛市的指标，那么Reach能源凭单可以长期站在高溢价，显示投资者对Reach能源的前景还是充满信心。

之前提过，其股价的败退，一部分是投资者担心它进行私下配售（原本订价59仙）时，如果时价太高会导致套利活动更炽热，因此事先抛售；没想到一卖，就卖到这么低了。那么，私下配售价还能在59仙进行吗？

沽1万股大红花石油

至于大红花石油（HIBISCS）停牌，宣布国油对它购买油田的建议放行，市场对这个消息反应不错，一复牌股价因此大起，曾冲破50仙。

不过鉴于公司稍后又再计划私下配售来筹钱，进一步增加股额和冲淡股东利益，股价回跌，我先卖掉1万股（每股46仙），进行小套利。

谨慎寻找新成长股

同样的，我的小试牛刀之作，买入依海城（IWCITY）没有带来短期效果，反而因为业绩不佳而滑落，我暂不买进，先观望才决定。

我寻找新的成长股的念头一直没有中断，因为找到好的成长股，可说是一本万利，况且，就算它不会大起，由于成长的关系，也不至于大跌。

去年成功捉住了多美包装和齐力（PMETAL），却跑掉了美佳第一（MFCB），今年如果找到要小心捉紧了（或者现在已经较有本钱捉紧了）。

另外那个G3，股价有所回稳，我们也暂时不买入。

此外，多美包装公司除权，连红股和分拆以后，股票1变2.5（一拆二和四送一红股），票多了，股价低了，重新开始新的周圈。

5月力保不退

上周拜一位读者会员所赐，我花了一些时间去研究一只C股。

那位会员只是略提他将出席其股东大会，引起我的好奇心，研究之下发现它的前景很好，虽然股价已经起了，不过或许未来依然可取，于是我不嫌价高，先小量买入1万股，每股38仙，希望有个好开头。

无论如何，这个五月总算是力保不退，交出还不错的成绩。

至于6月，本来是六绝，又是斋戒月，而且是业绩报告后的真空期，看来很难讨好。

有时候，赚钱不容易；有时候，守成也不容易，因为我们是情绪化的动物。

守住五月，延伸六月，上周组合回酬保在28.56%。

免责声明:除了股票基本面，本文内容纯属虚构，所有提及股项纯属学术上或经验上的建议，读者若有兴趣投资，应该自行深入研究或询问股票经纪才决定，盈亏自负。我们鼓励通过正确的投资方式创造财富，文中的建议，都有一个完整的买卖纪录。