Saturday, November 30, 2013

从不进银行兑现的空头支票

我的老友黄先生告诉我,

与人合伙做生意,

公司赚很多钱,

可是钱却不分给股东,放在保险箱或铁甲万里。

每月,每季或每年查账时,

里面除了一点点现金外,还有一张未写日期的支票,

公司所赚的钱,扣除那一点点现金外,余数就是那张支票数额。

账目对,查账师觉得没问题。

真正的钱已被那开支票的人挪走了,铁甲万里的是一张空头支票。


想想看,如果你查 guh 公司现金时,方木山打开铁甲万给你看,

里面有一张 RM175,683,000 数额的支票,你应该不会拿去银行兑现,求证支票真假吧。

(方木山,请你看仔细,音乐瀑布没说你开空头支票,也没说你挪用公司现金)。


公司有很多现金,派息率却非常低,甚至都不派息。

这管理层一定不好,诚信有问题,可能有如上面所说。


所以,为何每股拥有净现金超过85sen, 但市价才两毛钱的菜细粒无人问津。




备注:除了从不进银行兑现的空头支票外,还有很多门道挪用公司现金。

甚至银行还可提供更好的方法,教你怎样走法律漏洞,

正法途径,光明正大手法挪用公司现款。











Sunday, November 24, 2013

蓝天白云

多久没看天空了呢?

点击图片放大看

以下这张照片中有两只老鹰在盘旋,可看出来吗?

















早上天空,蓝天白云














Saturday, November 23, 2013

幽 女 客

一位黄先生在十三年前买了 unico 10粒(上市价 RM1.50),

2003年3月25日, 5送3,增加到 16粒,

2004年8月3日 ,1拆成4,变为 64粒,

2006年4月7日,25送1,增加到 66.56粒,

2007年5月3日,15送1,增加到 71粒

最近,被 ioi 以 RM1.17 私营化。

昨天,他拿着一张5位数的支票给我看,开心的对我说:“明天请你在星巴克等我”

以下是历年的股息等,

请读者们帮忙算算,这 13年来, 每粒unico 为它的忠实投资者创造了多少财富。


Ex Date
description

2000年3月上市
RM15K
10
12/09/2000
Final Dividend of 4% less 28% income tax and 1% tax exempt

07/03/2001
Interim Dividend of 6% less 28% income tax

10/09/2001
Final Gross Dividend of 4% less 28% income tax

26/02/2002
Interim dividend of 6% less 28% income tax

16/09/2002
Final Dividend of 6% less 28% Income Tax

28/02/2003
Interim dividend at 6% less 28% income tax

25/03/2003
Bonus issued 3 NEW ORDINARY SHARES FOR EVERY 5 EXISTING ORDINARY SHARES
16
15/09/2003
Final Dividend of 6% less 28% Income Tax

06/01/2004
First Interim Dividend of 6% less 28% income tax and 3% tax exempt

03/08/2004
Share split of ordinary shares of RM1.00 each in Unico-Desa on the basis of 4 new ordinary shares of RM0.25 each for every 1 existing ordinary share of RM1.00 each held in Unico-Desa at 5.00 p.m. on 5 August 2004

64
18/10/2004
Final Dividend of 8% less income tax 28%

24/02/2005
Interim Dividend of 6% less 28% Income Tax

14/10/2005
Interim Dividend of 8% less 28% Income Tax

07/04/2006
Share Dividend of one (1) Treasury Share for every twenty-five (25) existing ordinary shares of RM0.25 each held
66.56
16/10/2006
First and Final Dividend of 8% less 28% Income Tax

09/03/2007
First and Final Dividend of 6% less  Income Tax

03/05/2007
Share Dividend of One (1) Treasury Share for every Fifteen (15) existing ordinary shares of RM0.25 each held
71
28/09/2007
Final Dividend of 10% Iess Income Tax

31/01/2008
Interim Dividend of 16% less Income Tax

16/10/2008
Final Dividend of 20% less 25% Income Tax

31/03/2009
Single Tier Interim Dividend of 2.0 sen nett per RM0.25 share in respect of financial year ending 31 March 2009

15/10/2009
Single Tier Final Dividend of 2.0 sen per RM0.25 share in respect of financial year ended 31 March 2009

01/04/2010
Single Tier Interim Dividend of 2.0 sen per RM0.25 share in respect of financial year ending 31 March 2010

01/10/2010
Single Tier Final Dividend of 2.0 sen per RM0.25 share

05/04/2011
Single Tier Interim Dividend of 2.0 sen per RM0.25 share

13/10/2011
Final dividend 2.5 sen per share

03/04/2012
Single Tier Interim Dividend of 2.0 sen per RM0.25 share

15/10/2012
Single Tier Final Dividend of 2.5 sen per share

14/11/2012
Distribution of 86,506,546 ordinary shares in its wholly-owned subsidiary company, ELK-Desa Resources Berhad to all shareholders of Unico-Desa by way of dividend in specie on the basis of one (1) ordinary share in ELK-Desa Resources for every ten (10) ordinary shares held in Unico-Desa as at 5.00 p.m. on 19 November 2012 ("Distribution")
71 unico + 7.1 ELKDESA
14/11/2012
Non-renounceable restricted offer for sale of 13,493,454 ordinary shares of RM1.00 each in ELK-Desa Resources Berhad ("Restricted Offer Shares") to the shareholders of Unico-Desa Plantations Berhad on a pro rata basis to all shareholders of Unico-Desa as at 5.00 p.m. on 19 November 2012 at an offer price of RM1.16 per share payable in full on application in conjunction with the listing of ELK-Desa Resources on the Main Market of Bursa Malaysia Securities Berhad ("Restricted Offer for Sale").

30/08/2013
Single Tier Final Dividend of 2.5 sen per share













停止交易


29/11/2013
We refer to the previous announcements made in relation to the Offer.
We wish to inform that the Company has today received a press notice from RHB Investment Bank Berhad, on behalf of IOI Plantation, that the closing date of the Offer has been extended from 5.00 p.m. (Malaysian time) on Monday, 25 November 2013 to 5.00 p.m. (Malaysian time) on Monday, 16 December 2013, being the final closing date of the Offer ("Final Closing Date"). Accordingly, a written notification on the extension of the Offer by IOI Plantation will be despatched to the holders of Unico.
Save for the Final Closing Date, all other details, terms and conditions of the Offer remains unchanged.
AS ANNOUNCED ON 21 NOVEMBER 2013, BURSA MALAYSIA SECURITIES BERHAD (“BURSA SECURITIES”) WILL SUSPEND THE TRADING OF UNICO SHARES WITH EFFECT FROM 9.00 A.M ON FRIDAY, 29 NOVEMBER 2013. IOI Plantation will procure Unico to file an application with Bursa Securities to withdraw Unico's listing from the Official List of Bursa Securities.
Once Unico is delisted, the holders of Unico who have not accepted the Offer will hold unlisted Unico Shares and accordingly, will not be able to realise their investments in Unico Shares through trading on Bursa Securities.
As at 22 November 2013, IOI Plantation had received valid acceptances for 423,638,361 (49.43%) Offer Shares from the holders of the Offer Shares, which resulted in IOI Plantation holding 91.08% of the voting shares of Unico (including those Unico Shares which were already acquired or held by IOI Plantation). The detailed disclosure of the level of acceptances of the Offer as at 5.00 p.m. (Malaysian time) on 22 November 2013 is set out in the attached press notice ("Press Notice").
Please refer to the attached Press Notice for further details.
This announcement is dated 22 November 2013.





Thursday, November 21, 2013

手中有一笔闲钱,该买甚麼股?

首先,先问自己,要怎样的回酬?

每年一定股息,例如 perstim, 每个财政年分两次给共 40sen须扣税股息(25%税可 claim 回来的)。

以它股价RM3.82,  周息率超过 10% 了。

但是,先别急,它是周期循环股,跟国际锡价息息相关,

因此,它的股价不会一路成长,会起会跌。

我的同学,作老师的,教中学。

20年前被抽中 petdag ipo 2零吉多,6粒共花十多千本钱,

收到今天,年年得股息,他没有股息再投资,也没加码,也没有再买其它股,

但是这20年来,petdag 分红股/拆细什么的,他手中已不止 6粒。

今天 petdag 收市于 RM30.52,

简直赛过大众银行云顶。

他从不看财经,也不关心股价。

要不是每几个月收到股息的信(以前是支票)提醒他,他几乎忘了他有买股票。

我们只能羡慕他命水好买到千里马。

问问自己,是否有买过其它千里马,又是否好好把握呢!

还是每天担忧指数太高早早卖了呢!

最理想的长期投资是在盈利每年增加,股息每年增加,股价每年增加的公司。

例如: digi.



备注:找到好股,还得看合理价钱,在适度的安全边际价钱买。






Monday, November 18, 2013

I L B 还剩多少?

看看它最新一季财政报告里的资产负债表:














点击上图放大看。

现金 =  RM76,458,000

欲脱售的资产 = RM356,275,000

这两项是最主要的,加起来共 RM432,733,000.















点击上图放大看。

总票数 = 178,026,000 - 12,969,000(库存) = 165,057,000

它的总负债是 RM220,868,000



RM432,733,000 - RM220,868,000 = RM211,865,000

每股现金 = RM211,865,000 / 165,057,000 = RM1.28

今天它ex 股息 每股 118.93% (每股面值 RM1)

派息后,现金才

RM1.28 - RM1.1893 < 10 sen


耐人寻味的是 liabilities of disposal group classified as held for sale RM94,521,000

这笔债是不是随着欲脱售的资产 (RM356,275,000)被买主接手去还?

由于我不是会计师,只是小散户,只好精打细算,多种可能发生的算。

就当着被买主接手去,

那麼就得从总债务中扣出来。

总债务就少到 RM220,868,000 - RM94,521,000 = RM126,347,000

现金减总债务 = RM432,733,000 - RM126,347,000 = RM306,386,000

每股现金 =  RM306,386,000 / 165,057,000 = RM1.8562

扣今天除权的股息,剩 RM1.8562 - RM1.1893 =  67sen.



总结:如果待售债务 RM94,521,000 被买主接手,

那麼,扣除了所有一切,包括今天除权的特别股息 118.93%,

ILB 还有每股现金 67sen.

而今早它股价处在80sen 左右尚算合理,

但没甚安全边际,不符我投资准则。

如果 ILB 须承当那 RM94,521,000 债务,那麼现金也只剩 10sen 不到。

而今早它股价处在80sen ,有没有被高估,投资家/投机客 心里有数。



备注:以上计算现金资产中,只取主要的来算,所以 10sen 或 67sen 现金只是一个大慨。

读者们可能会拿它与牛比,

guh 派红股后,每股现金 也只63sen 左右,股价在RM1以上。

ILB 股价理应 还可再上吧?

但是 ILB是卖它的生意,所以应该把这点考虑进去。



算错请指点, 可以 shoot, 但谢绝人身攻击。







Saturday, November 16, 2013

make or earn ?

绞尽脑汁,费尽力气,赚些蝇头小利,英文叫 earn money,

轻轻松松赚大钱,making money.

起 1 分,

1,000单位只赚 $10,                  (1 lot earn $10)

10,000单位赚 $100,                  (10 lot earn $100)

100,000单位赚 $1,000,            (100 lot earn $1,000)

1,000,000单位赚 $10,000,  (1,000 lot make $10,000) 散户在此阶段,几万又几万,相当厉害了。

10,000,000单位大赚 $100,000    (10,000 lot make $100,000)

100,000,000单位大赚 $1,000,000 ( 100,000 lot make $1,000,000)


你在那一个层次?

怎样努力?

买 batman? nestle? 还是买 dgsb? 或两者都不是?

 不须告诉我,自己知道自己努力吧!







Wednesday, November 13, 2013

放松

静坐,就是静静的坐住,

脑中浮现思绪,就任它。

不抗拒,不赋予意义,更不要老想把它灭掉,压制。



看台湾偶像连续剧,”幸福选择题“,甜蜜教主王心凌主演,

剧中美女有黄心娣,饰演李怡闵。

俊男谢坤达,饰演何立方。

另一位修杰楷,饰演何立伟。



今天,刚看完 “晚两秒,心自在”,张庆祥著。


许久没去草场慢跑,昨天跑了一圈,心情愉快。


听歌,我车放的都是音乐,没有人唱歌,只是音乐cd,轻松优美的音乐。


朋友,一个人每天最少要有3个小时私人时间做自己喜欢做的事。


不包挂工作,睡觉,冲凉,大小解。

有钱,没时间,不平衡。

没钱,有时间,享受不到。

有钱又有时间,再加上健康身体,正确思想,优良品德,这才是幸福人生。





今晚到此为止,改天再聊。




最有爆发力的炒股 :dgsb

  insas, inari, hohup, frb, microln 都跑了,只有 dgsb 还在 10sen 以下,













点击上图放大

有幸在5sen 与庄家一起累积票的朋友,

目标价多少,心中有数,好好把握手中票。

祝大家好运。


相关文章:


Monday, November 11, 2013

为何鹏发赚幅最高?

在大马上市建筑公司中,为何鹏发赚幅最高(profit margin),

1。鹏发会要求额外支付,如果他们认为有任何变化在工作范围,

2。它们的完工只是可接受的标准,(A-  instead of A ),

3。。。。还有其它因素。。。。。






Wednesday, November 06, 2013

为何巴菲特对鹏发的生意流口水?

先来看看大马挂牌建筑公司的股价:

股价越高,排位越上。





前三名是

1。ptaras

2。ijm

3。gamuda

为何 ptaras 能居榜首。

在这三间公司中,鹏发的资本很少,但是每股盈利却最高,理所当然股价最高。

为何它的每股盈利最高?

大家同属建筑行业,

ptaras 最擅长打桩,

打桩工程不会化很长时间,

工程时间通常9个月完工。

它的老板是个非常精明人,

而且对于建材及用料方面,包括货源价格,非常清楚。

比比看它们赚幅(profit margin):


























ptaras 赚幅每年增加约5%,这是全世界任何一间公司很难做到的,
它2013财政年赚幅30%,

赚幅=100% x 净利 / 营业额
如果净利与营业额相等,赚幅就是100%,
意谓每做一元生意,净赚就是一元,不用本钱似的。

本少多利,它的行政开销管理等一定非常严谨节省。

这样有效率的管理在小公司容易办到,
但是,它的营业额年复年增加,代表它的生意越做越大,它的开销与营业额比例反而下降,
这就是全世界很少公司可办到的。

难怪巴菲特对它垂涎三尺。{:6_371:}


敬请留意后续,还未分析完。

备注:除了以上它的每股盈利增加,还有ROE,  等等。

























Sunday, November 03, 2013

杂交,乱伦

26-3-2012 公司建议发附加股,

4粒原有的dgsb , 配给一粒附加股,另送1粒涡轮,发售价 10sen。

”On behalf of the Board of Directors of the Company, M&A Securities Sdn Bhd wishes to announce that the Company proposes to undertake a proposed renounceable rights issue of up to 338,969,273 new ordinary shares of RM0.10 each in DGSB together with up to 338,969,273 Warrants at an issue price of RM0.10 per Rights Share on the basis of one (1) Rights Share for every four (4) existing DGSB Shares together with one (1) free Warrant for every one (1) Rights Share subscribed at an entitlement date to be determined later by the Board.“


dgsb 的大股东是 formis 公司



上图可点击放大看


formis 的大股东是 red zone dev



上图可点击放大看



inari 的大股东是 insas,   red zone dev 也在 30大之内。





上图可点击放大看


hohup 的大股东是 Low Chee & Sons Sdn Bhd. 股份21.92%
第二大股东是 formis公司,股份 20.59%



上图可点击放大看


microln 的大股东是 formis 公司



上图可点击放大看


insas的大股东是 M&A 投行,dato thong











上图可点击放大看


1-11-2013 收市价:

microln ,code 0126, 股价 62sen

insas, code 3379, 股价 64.5sen

formis, 也即是 FRB code 9008, 股价 76sen

inari,code 0166, 股价 RM1.37

hohup, code 5169, 股价 RM1.83

只有dgsb 才 6.5sen

希望 dgsb 股价很快向它的家族其它成员看齐。65sen.



备注:只是希望罢了,买卖亏盈自负。