tag:blogger.com,1999:blog-37841026962543462852024-03-13T12:01:08.048+08:00分享价值投资心得WeShareWeTrade:))价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.comBlogger287125tag:blogger.com,1999:blog-3784102696254346285.post-73402887305399958462019-03-13T21:14:00.002+08:002019-03-13T21:19:40.620+08:00KESM (9334) 科仪工业 - 积极推动智能工厂迈向工业4.0<!--[if gte mso 9]><xml>
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<a href="https://3.bp.blogspot.com/-szshIcfbNU4/XIj_OR8yXGI/AAAAAAAACzU/AH7fcDmyPiMZ5umUSYDg2wjWSqDC-GVzACLcBGAs/s1600/kesm.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="418" data-original-width="771" height="345" src="https://3.bp.blogspot.com/-szshIcfbNU4/XIj_OR8yXGI/AAAAAAAACzU/AH7fcDmyPiMZ5umUSYDg2wjWSqDC-GVzACLcBGAs/s640/kesm.PNG" width="640" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">昨天季报出炉后相信许多投资者都可以预见今日的大跌,由于季报在收市后才发表所以股东们已经难以幸免今日的大跌。</span> </span><br />
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<b><span style="font-size: large;">主业与副业:</span></b><br />
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<span style="font-size: large;">KESM<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的主要业务是</span>burn-in
and test of integrate circuit<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,也就是复制与测试半导体的电子装置。同时</span>KESM<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也从事</span>OEM<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">电子组装和印刷电路板,不过这只是公司的“副业”。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有追踪该股的投资者都清楚</span>KESM<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在过去的四个季度都呈现盈利衰退的状态,最近的两个季度更是严重退步,主要原因是因为原料成本上升。</span></span><br />
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在观察最近的四个季报后得出了一些结论:</span></span></b></div>
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<span style="font-size: large;">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;">营业额下跌,管理层表示这是因为复制与测试半导体的需求量下滑但是</span>OEM<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">电子组装业务却取得成长。</span></span></div>
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<span style="font-size: large;">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;">原料成本上升,管理层注明是因为需要给新客户更多的服务。</span></span></div>
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<span style="font-size: large;">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;">折旧成本上升,主要是因为投资在新的器械(</span>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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</span>RM43.5mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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>2019<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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</span>RM17mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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></div>
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<span style="font-size: large;">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;">其他成本上升,从年报中得知其他成本包含水电费与维修费用,其中</span>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年的水电费就高达</span>RM33mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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</span>2017<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年增加了</span>RM4.3mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,可见新增的器械还蛮耗电的。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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>股价大幅下跌浮现投资良机?</b> </span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这一年四季的衰退表现也导致了股价从一年前最高峰的</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;">块左右下跌至最低的</span>7.50<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;">水平,虽然过后有稍微回调至</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;">块左右但随着最新季报炸弹很可能继续压低股价。对喜欢捞底的投资者也许这也是一个投资的机会但需要充分了解公司的经营状态。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">管理层在</span>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年年报中表示公司看重的两大市场为汽车领域及工业器械领域。年报中特别注明公司的其中一个汽车领域的客户研发出新的晶片,</span>KESM<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">很有可能获得大量的测试订单。另外汽车领域也需要更优良的安全及操控系统,有助于自动车的发展,显而易见自动化将会提高对晶片、电路板及电子装置的需求。调查显示汽车晶片在</span>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的需求量大增</span>18.5%<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;">,预计双位数成长会延续至</span>202<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">0年。至于工业领域,许多工业已经趋向于智能化以向工业</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;">迈进,智能化工业则与智能汽车一样会提高电子产品的需求。</span></span></div>
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<span style="font-size: large;"><b>积极迈向工业4.0</b></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;">除此以外管理层对公司的未来发展有一项为期四年的工业</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;">计划,公司计划在四年内能让整个工厂智能化以达到工业</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;">的效果。由于转型需要付出许多投资,从</span>2017<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年开始公司已经投资大笔资金在先进的器械。这也能解释为什么新的器械的用电量比较大,因为在成功后将能节省更多的人力资源及提高生产效率。</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;">另一项让管理层引以为傲的则是公司的现金流,目前共有</span>RM189mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的现金存量,扣除借贷后也有</span>RM115mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的净现金,相等于目前市值</span>RM373mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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>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;">。许多投资者也许会反感为什么存有大量现金但却不派高股息,原因是管理层更倾向于提升公司竞争力来创造股东价值。目前公司一年投资</span>RM45mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">左右于新器械,手上的现金能让公司在不需要贷款的情况下支持接近</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;">年的器械投资。这类型的投资将直接性提升公司的竞争力,所以并不像一些”净现金“公司只是单纯保留现金又不派息给股东。</span></div>
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<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;">结论:</span></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;">公司的财务基本面及管理层策略都非常不错,是一家可以放心投资的公司,但也许不适合在目前的价位投资。因为最近的季报表现都不佳,或多或少会对股价波动造成影响,保守估计</span>2019<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年的盈利很有可能介于</span>10-12mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">左右,以目前市值计算本益比将会在</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;">倍以上所以股价很有机会回到近年低点</span>7.50<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;">左右水平。</span><br />
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</span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com5tag:blogger.com,1999:blog-3784102696254346285.post-53159093720669879902019-01-27T17:32:00.000+08:002019-01-27T17:32:47.767+08:00ELSOFT (0090) 艾尔软体 - 最新财年业绩亮眼!<div class="MsoNormal">
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<a href="https://1.bp.blogspot.com/-eEXAOSMqTEY/XE14B9txOLI/AAAAAAAACx0/hwaZYL-esxUXOPA_Y6WKPf4AkGIbz8yRgCLcBGAs/s1600/Capture3.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="418" data-original-width="770" height="347" src="https://1.bp.blogspot.com/-eEXAOSMqTEY/XE14B9txOLI/AAAAAAAACx0/hwaZYL-esxUXOPA_Y6WKPf4AkGIbz8yRgCLcBGAs/s640/Capture3.PNG" width="640" /></a></div>
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<span style="font-size: large;">ELSOFT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是一家从事研发及制造用于智能设备的</span>ATE
(Automate Test Equipment)<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,主要用于激光设备。另外</span>ELSOFT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也从事专用嵌入式控制系统,一般用于半导体工业,特别是光电子工业。</span></span></div>
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<b><span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">基本数据如下:</span></b><br />
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<a href="https://4.bp.blogspot.com/-GsJt-2mMT-8/XE11xsYzLpI/AAAAAAAACxg/luwiVFMGyzsGn29BYqLWH5eCL9lS5zungCLcBGAs/s1600/Capture.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="152" data-original-width="222" src="https://4.bp.blogspot.com/-GsJt-2mMT-8/XE11xsYzLpI/AAAAAAAACxg/luwiVFMGyzsGn29BYqLWH5eCL9lS5zungCLcBGAs/s1600/Capture.PNG" /></a></div>
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<span style="font-size: large;"><b><i><span style="color: red;">*</span></i></b><b><i><span lang="ZH-CN" style="color: red; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(笔者的</span><span style="color: red;">Dividend Yield</span></i></b><b><i><span lang="ZH-CN" style="color: red; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是已经计入了在</span><span style="color: red;">2018</span></i></b><b><i><span lang="ZH-CN" style="color: red; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年时的分股及红股,所以和一些</span><span style="color: red;">screener</span></i></b><b><i><span lang="ZH-CN" style="color: red; font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">会有些许出入)</span></i></b></span></div>
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<b><span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财务数据:</span></span></span></b><br />
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<a href="https://4.bp.blogspot.com/-8h4Clh0yI6M/XE116oD4_GI/AAAAAAAACxk/IQAu30AQDqExkQ-YU-KmNwShTRx10NHswCLcBGAs/s1600/Capture1.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="256" data-original-width="744" height="220" src="https://4.bp.blogspot.com/-8h4Clh0yI6M/XE116oD4_GI/AAAAAAAACxk/IQAu30AQDqExkQ-YU-KmNwShTRx10NHswCLcBGAs/s640/Capture1.PNG" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">从财政数据来看</span><span style="font-size: large;">ELSOFT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在今年的成长非常可观,营业额、净利及净利率都取得增长!</span>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年</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;">个季度营业额增长了</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;">,毛利增长</span>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;">,税前净利增长</span>71%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。以此类推在</span>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年很有可能达到营业额</span>RM90mil,<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">毛利</span>RM50mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,税前净利</span>RM45mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的收官数据。(以上推测只是笔者自行预测,并无任何保证)。</span></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至于公司所拥有</span><span style="font-size: large;">21%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股份的蝴蝶园在</span>2017<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年时为公司带来接近</span>RM1mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的亏损,希望今年能减少亏损。(不过一家蝴蝶园在一年中能亏损</span>RM5mil<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,笔者也是非常好奇到底应该怎么经营。)</span></span></div>
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<b><span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">公司管理层政策:</span></b></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">着重</span><span style="font-size: large;">R&D
- <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不论在年报或季报中管理层一直强调公司对新科技的研发,而且这些研发是有良好结果的。在</span>2017<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年年报中管理层表示在该财政年研究成功的</span>High
Speed Tiles Tester<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">并在最后两个季度已经开始使用,该系统的测试速度是旧设备的</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;">倍!所以在</span>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年中我们可以看到营业额增加了(当然也可能是需求上升导致营业额增加),不过在赚幅方面的提升恐怕就是新设备的功劳了。客户都会倾向于新科技及更有效率的服务,所以预计该技术能在近期内继续推动</span>ELSOFT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的营业额增长。</span></span></div>
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<b><span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">风险:</span></b></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">免税期限</span><span style="font-size: large;">
- <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年报中表示公司的大部分业务是免税的,但并没有注明免税的期限。当然身为投资者我们希望免税是永远的,但是这些</span>Tax
Act<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是会有更动的。万一没有了免税优惠,净利就会直接下跌</span>24%<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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></span><br />
<span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">高成长股的代价</span><span style="font-size: large;">
- <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年跌得最凶的就是中小型股票,除了大环境的不稳定影响了投资者对中小型股的信心外业绩炸弹也是主要因素之一。投资者会选择中小型股而不是稳定的大蓝筹的其中一个主要原因就是中小型股的业绩增长迅速。一旦出现单季业绩下跌的情况就会导致中小型股票的股价遭到打击,在不理想季报出炉后暴跌</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;">以上的中小型股常有发生。</span></span></div>
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<span lang="ZH-CN" style="font-family: 宋体; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">科技领域的成长</span><span style="font-size: large;">
- <span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">国内的科技股都只是其他世界级大集团的代工而已,所以非常仰赖大集团的业务表现。一旦大集团业务下滑则会采取减少订单或压缩代工们的赚幅,不过如果全球消费者对科技产品的需求继续上升则能避免这种情况。由于目前科技领域已经不只是智能手机,智能汽车和智能家居产品也将会提升这方面的需求。</span></span></div>
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<span style="font-size: large;">ELSOFT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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>PE
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;">,</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;">,</span>P/BV<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,净现金和赚幅方面和其他半导体业者有点相似。高</span>PE
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;">意味着投资者对科技行业的前景非常乐观,当然乐观的背后也需要高业绩成长,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;">,高赚幅及稳定的现金流状态来维持。笔者个人认为</span>ELSOFT<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的数据在科技领域中属于正常,不过偏高的赚幅和</span>2018<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年的高成长的确让人眼前一亮。</span></span></div>
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价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com2tag:blogger.com,1999:blog-3784102696254346285.post-41471767473294034462019-01-01T11:52:00.000+08:002019-01-01T11:52:37.794+08:002019年大马股市前瞻<span style="font-size: x-large;">
<span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">对一些人而言,</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2018</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年大马股市是个熊市。对我们而言,这还不能称为熊市。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span><br />
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<a href="https://3.bp.blogspot.com/-Iq8-qgSrloc/XCrjOeHdODI/AAAAAAAACwE/qXJuXVr1mucDFlbssuhFiY5F-xYtU5SYgCLcBGAs/s1600/bkn-20180415185617065-0415_00842_001_01p.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: x-large;"><img border="0" data-original-height="434" data-original-width="608" height="456" src="https://3.bp.blogspot.com/-Iq8-qgSrloc/XCrjOeHdODI/AAAAAAAACwE/qXJuXVr1mucDFlbssuhFiY5F-xYtU5SYgCLcBGAs/s640/bkn-20180415185617065-0415_00842_001_01p.jpg" width="640" /></span></a></div>
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<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";"></span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span> </div>
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<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">话说很多年前,笔者就憧憬大马指数可破</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2100</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">点。哪里知道这么多年过去了大马指数连</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">1900</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">点都到不了。所以没有让人幸福的巅峰牛市,自然也看不到令人恐慌的熊市。今年真正的熊市才是加密货币市场了,当中最出名的</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">BITCOIN</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">在</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2018</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年就跌了</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">72.5%</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">。跌得这么疯狂皆因它曾经疯狂地飙升过。美国股市全年跌幅也不大,</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2018</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年的</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"> 9</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">月份更是美国三大指数的高峰期,当时的指数是比</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2016</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年初期至少高出</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">60%</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">以上。如果再对比</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2009</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年的熊市时期,指数至少涨了</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">200%</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">以上。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></span><br />
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<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">现在大马指数也只是从</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">1800</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">点</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">++</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">的高峰跌至最低</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">1600+</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">点的水平而已,不算很多。或许你会说</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2018</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年绝大部分的公司都是下跌的,特别是中小型股跌超过</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">30%</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">的多到连手指脚趾都数不完。但是,如果大马指数没有跌超过</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">20%</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">,哪怕其他大股跌得再凶,对我们而言,还不能称为熊市。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></div>
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<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">这是因为综合整个大马股市,都是由几十家公司占了绝大部分的市值。截至</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2018</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">12</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">月</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">28</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">日闭市的价格,大马</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">920</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">家的市值达</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">1.6</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">万亿令吉。(排除</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">ICAP</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">在外,因为没有纳入</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">ICAP</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">于</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">WSWT</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">大数据当中)前</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">20</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">家最大的市值总和约</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">8772</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">亿令吉,而剩下的</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">900</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">家的市值总和约</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">8058</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">亿令吉而已。所以只要大马指数不暴跌,就不算是熊市。况且今年大马指数只跌了</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">7%</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">左右,离真正的熊市还很遥远。当然,今年的确是属于中小型股的熊市,所以最受伤的莫过于就是散户们了。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></div>
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<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">那</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2019</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年的大马股市会是一个怎么的情况?笔者不是神仙所以不能随便仙你。不过,道琼斯指数在</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">12</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">月单月下跌</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">9%</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">,是一个小小的警示。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></div>
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<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">如果大马指数真的来熊市(跌至</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">1500</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">点左右可称为熊市),笔者认为不会跌很多,</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">1300</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">点已经是极限。跌不多并不是大马指数基础够稳,而是因为过往十年都没有涨到多少。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 8pt;">
<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">笔者给大家和自己一个</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2019</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年的投资箴言是要比平时更为耐心和努力。因为</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2019</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年极可能是让你累计财富的大好时机,效果可能会事半功倍。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 8pt;">
<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">更努力:别因市场低迷而心灰意冷,要更加勤劳地做功课,当机会来时你就可以下手了,而不是当机会在你面前你却不懂得去捉。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 8pt;">
<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">更耐心:找到低估的公司不用急于买入,因为低估还有更低估的时刻。错过了,还有下一只好股等着你的。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 8pt;">
<span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">最后,愿大家在</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;">2019</span><span lang="ZH-CN" style="font-family: SimHei; line-height: 107%; mso-ascii-font-family: "Times New Roman"; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: "Times New Roman";">年除了在股市有所成就外,身体健康,生活美满。</span><span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 8pt;">
<span style="font-family: "Times New Roman",serif; line-height: 107%; mso-bidi-font-size: 11.0pt;"><span style="font-size: x-large;">WeShare WeTrade<o:p></o:p></span></span></div>
<span style="font-size: x-large;">
</span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com3tag:blogger.com,1999:blog-3784102696254346285.post-60547285459084359882018-12-14T08:36:00.001+08:002018-12-14T08:36:17.020+08:00SCGM(7247) – 借钱派股息,春天何时来?<div class="separator" style="clear: both; text-align: center;">
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
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<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
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<w:LsdException Locked="false" Priority="39" SemiHidden="true"
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<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
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<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
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<w:LsdException Locked="false" Priority="52"
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<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
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<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">在未进入主题分析季报细节前,笔者忍不住想吐槽管理层的派息作风。在如此艰难的情况下,管理层依然疼惜股东们,派发</span>0.5<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">仙的股息。这个优良的派息传统在过去</span>10<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">年没有中断过。派息是好事,但为什么笔者会吐槽呢?</span></span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">这是因为以往</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">可是资金雄厚的公司,现在为扩大业务而借钱,最新季度<span lang="ZH-CN" style="font-family: SimHei; line-height: 107%;">借贷</span>已经达到</span>RM110million<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">了,而现在手上资金却只有可怜的</span>RM7.6million<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">。</span>0.5<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">仙的股息表示公司需支付约</span>RM1million<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">股息,目前一个季度的</span>interest cost<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">在</span>RM1.3million<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,已经比股息还要高了。所以,除了成本增加外,现金流是最令人担心的一环,之前发售</span>warrant<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">以期日后可以在转换母股时可以有一笔资金的计划已经打不响了,因为</span>warrant<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">转换价是</span>RM3.96<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,远远高于现在的股价。(此</span>warrant<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">一年半后就逾期了。)</span></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"></span></span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">接下来谈谈季报的各项走势吧。</span></span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span style="color: lime;"><b><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">营业额</span>
- <span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">利好</span></b></span></span></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">营业额持续上涨。未来笔者相信这个数字会持续上涨。暂时无法预估新厂可为</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">带来多大的营业额成长,不过从</span>SCGM inventories<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">在半年从</span>RM30.5million<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">上升至</span>RM38million<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">来看,笔者相信营业额成长会比近年来得高,应该可以达到双位数。</span></span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span style="color: red;"><b><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">销售成本</span><span lang="ZH-CN"> </span>– <span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">依旧是利空,虽然有进步迹象</span></b></span></span></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">本季度的盈利虽比去年差,事实上却比过去两个季度有所进步。</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的最大成本就是原材料</span>resin cost<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">了。目前,油价下跌的确帮助</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的原材料成本随之下跌。</span></span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">因为</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">季报没有直接显示</span>cost of sales<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,要怎么看</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的</span>gross profit<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">?</span></span></div>
<div class="MsoNormal">
<br /></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">看回之前季报的分析</span></span></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><a href="https://wesharenwetrade.blogspot.com/2018/09/scgm-7247-2018.html">https://wesharenwetrade.blogspot.com/2018/09/scgm-7247-2018.html</a></span></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">当时笔者发现</span>admin
cost + selling cost + other expense <span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">介于营业额</span> 9% - 10%<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">之间。假设是</span>10%<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">好了,以下图如此推算</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的</span>gross margin<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">是有微幅进步的。</span></span></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><a href="https://4.bp.blogspot.com/-foZUAQiIJbM/XBJ_pC7gmKI/AAAAAAAACtU/whfyQ9AMOnEwnZhu0wnPI3_se-cRkyJKQCLcBGAs/s1600/2018-12-13_23-40-20.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="107" data-original-width="579" height="116" src="https://4.bp.blogspot.com/-foZUAQiIJbM/XBJ_pC7gmKI/AAAAAAAACtU/whfyQ9AMOnEwnZhu0wnPI3_se-cRkyJKQCLcBGAs/s640/2018-12-13_23-40-20.jpg" width="640" /></a>(<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">下次管理层可以换季报呈现方式吗,大方地展现你的</span>Cost
of sales<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">是多少吧,就不用可怜笔者去猜测了</span>)</span></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<br /></div>
<span style="font-size: large;">
</span><div class="MsoNormal">
<span style="font-size: large;"><b><span style="color: red;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">营运成本</span><span lang="ZH-CN"> </span>– <span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">利空</span></span></b></span></div>
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<span style="font-size: large;"><span style="color: red;"><b><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">现金流</span><span lang="ZH-CN"> </span>– <span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">利空!</span></b></span></span></div>
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expense<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">涨幅这么大。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">在</span>KL<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">一带笔者还是很少看到</span>BENXON<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的牌子(</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">旗下的饭盒品牌),所以未来</span>SCGM<span lang="ZH-CN" style="font-family: SimHei; mso-ascii-font-family: Arial; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的新厂效应能否带来成果,目前笔者还是有所保留。明年再看吧!</span></span></div>
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<span style="font-size: large;"><br /></span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com2tag:blogger.com,1999:blog-3784102696254346285.post-91003856600941044582018-12-13T07:40:00.001+08:002018-12-13T07:40:14.665+08:00投资前如何做功课 – 第二步:研究初相识公司<span style="font-size: large;">
<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">上一篇的链接</span></span><br />
<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><a href="https://wesharenwetrade.blogspot.com/2018/12/blog-post_8.html"><span style="font-size: large;">投资前要如何做功课?</span></a></span><br />
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<a href="https://4.bp.blogspot.com/-rX6jTBi6ndc/XBET3EYwx9I/AAAAAAAACsY/KNFuz2H2s0szUsKmmwbU56R6FUFp0YYZACLcBGAs/s1600/2018-12-12_21-57-23.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="658" data-original-width="987" height="426" src="https://4.bp.blogspot.com/-rX6jTBi6ndc/XBET3EYwx9I/AAAAAAAACsY/KNFuz2H2s0szUsKmmwbU56R6FUFp0YYZACLcBGAs/s640/2018-12-12_21-57-23.jpg" width="640" /></span></a></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">话说上一篇笔者以影片记录以股价下跌但是基本面却健康上升的方式选出</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">这家公司。可惜太仓促就收影片了,没太过仔细参阅</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的“表面”基本面。事实上</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">长期的走势是如下的。</span></span><br />
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">股价</span><o:p></o:p></span><br />
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<a href="https://4.bp.blogspot.com/-fhJAMF9sKXk/XBET-yzr85I/AAAAAAAACsc/lySo0EhALwUQO4mepaz9xoVJ7Ub45FZygCLcBGAs/s1600/2018-12-12_21-33-59.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="774" data-original-width="1239" height="398" src="https://4.bp.blogspot.com/-fhJAMF9sKXk/XBET-yzr85I/AAAAAAAACsc/lySo0EhALwUQO4mepaz9xoVJ7Ub45FZygCLcBGAs/s640/2018-12-12_21-33-59.jpg" width="640" /></span></a></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><span style="font-size: large;">业绩走势</span></span></div>
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<a href="https://4.bp.blogspot.com/-IxdxplUcnDY/XBEUULsaudI/AAAAAAAACso/0OyoT2WmgUUU-2ISUkje1eHEHEZi8xh0QCLcBGAs/s1600/2018-12-11_21-52-15.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="447" data-original-width="845" height="338" src="https://4.bp.blogspot.com/-IxdxplUcnDY/XBEUULsaudI/AAAAAAAACso/0OyoT2WmgUUU-2ISUkje1eHEHEZi8xh0QCLcBGAs/s640/2018-12-11_21-52-15.jpg" width="640" /></span></a></div>
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<span style="font-family: "arial";"><span style="mso-spacerun: yes;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">营业额和净利是比</span><span style="font-family: "arial";">2010</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">年高峰期还要低,可股价却是靠近高峰期。所以基本上这样的公司是不可能入围笔者的考察行列。没关系,如果要研究一家公司的前景,大致上的步骤是相似的,所以笔者就继续以</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">为例。</span><o:p></o:p></span></span></span><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">另外,笔者继续改善</span><span style="font-family: "arial";">excel file</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的功能,加入了精选公司过去</span><span style="font-family: "arial";">4</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">年</span><span style="font-family: "arial";">fundamental</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的资料,让笔者可以一</span><span style="font-family: "arial";">file</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">在手,资料不愁。</span></span></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><span style="font-size: large;">好了,进入主题谈接下来功课要怎么做?<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">看年报?看公司网站?这些虽然是研究公司的重要步骤,但是绝对不会是笔者的第一步。在科技当道的时代,你就该善用科技的便利。第一步笔者会先“抄功课”,问问</span><span style="font-family: "arial";">Google</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">大神</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">是不是好公司,看一看有没有其他人分析让笔者“抄功课”</span><span style="font-family: "arial";">~~~~~~</span></span></span></span></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><b><u><span style="font-size: large;">第一步:抄功课</span></u></b></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">比如说,笔者在</span><span style="font-family: "arial";">Google search</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">输入“</span><span style="font-family: "arial";">HEXZA
</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">分析”,出来的结果如下。你可以点入你有兴趣的标题阅读。这里笔者点阅了乡下小子的文章,虽然已经是一年多前的文章。</span><o:p></o:p></span></div>
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<a href="https://1.bp.blogspot.com/-Xca2svgfNVc/XBEVNMYKRJI/AAAAAAAACs0/mh05dfH6QIIeq4txf8vc1nffrma_pDGIgCLcBGAs/s1600/2018-12-08_14-40-17.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="663" data-original-width="794" height="532" src="https://1.bp.blogspot.com/-Xca2svgfNVc/XBEVNMYKRJI/AAAAAAAACs0/mh05dfH6QIIeq4txf8vc1nffrma_pDGIgCLcBGAs/s640/2018-12-08_14-40-17.jpg" width="640" /></span></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><span style="font-size: large;">这篇文章大约介绍了公司的业务和背景,以及当时最新的财报分析。这里笔者截屏了部分内容。</span></span></span><br />
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<a href="https://3.bp.blogspot.com/-EiALohxTf2c/XBEVuwHxN9I/AAAAAAAACs8/0VhNqlxSCgIGfh0oWHCVtwyFW_cOcJ-fgCLcBGAs/s1600/2018-12-10_20-49-08.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="473" data-original-width="1344" height="224" src="https://3.bp.blogspot.com/-EiALohxTf2c/XBEVuwHxN9I/AAAAAAAACs8/0VhNqlxSCgIGfh0oWHCVtwyFW_cOcJ-fgCLcBGAs/s640/2018-12-10_20-49-08.jpg" width="640" /></span></a></div>
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<span style="font-size: large;"><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">文章很好的解释公司业务。笔者对这行业不熟悉,不是很能明白这些化学产品是什么。不了解没关系,因为如果你是专家的话,你应该应聘</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">成为管理层之一,投资者不需要非常熟悉该行业。当然,不熟悉的行业最好别碰。所以你需要了解该行业到一定的程度。你至少需明白和能回答以下问题。</span><o:p></o:p></span></span><br />
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><b><span style="font-size: large;">公司产品最主要的成本是什么?</span></b></span></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><b><span style="font-size: large;">产品是否周期性需求转变</span></b></span></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><b><span style="font-size: large;">谁是公司潜在的对手</span></b></span></div>
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">产品是否有替代品</span><o:p></o:p></span></b></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">等等之类</span></b><o:p></o:p></span><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">如果尝试研究后还未能了解行业的基本特质,那就别投资这股了。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">了解公司业务后,最重要的就是<b><span style="color: blue;">管理层</span></b>了!是的,再好的业务却有九流的管理最终公司的表现也好不到哪里去。不过,看管理层和看人一样,非常抽象,每个人都有不同的观点。笔者会沿用以下指标来评估管理层的能力和信任感。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">公司的信息是否容易从年报或网站获取。</span><span style="font-family: "arial";"> (</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">如果公司好像不太愿意公开信息,通常笔者对这管理层的信任较低</span><span style="font-family: "arial";">)<o:p></o:p></span></span></b></span></span></span></span></span><br />
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<span style="font-size: large;"><span style="font-size: large;"><b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">管理层过去的承诺是否有兑现</span></span></b><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><b>管理层的经验</b></span><o:p></o:p></span></span></span><span style="font-size: large;">
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">从乡下小子的文章可发现,原来明年是</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">上市</span><span style="font-family: "arial";">40</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">周年了,可是目前市值还是</span><span style="font-family: "arial";">RM140million++</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">而已。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">看到这里,基本上笔者就更坚决不考虑</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">了。这是因为</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">上司了这么多年,还是一家小公司。以同样的管理层人马,笔者不相信</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">可在未来几年扭转局面。毕竟这么多年来的管理作风是改不了的。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">所以投资做功课,需要一步步做,看到有不对劲的或有那一方面接受不了的,那就不要花时间继续研究了,毕竟还有</span><span style="font-family: "arial";">919</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">家公司在等你研究啊!当然如果时间应许,多看看也不妨。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">看他人分析后你应该对公司有着简单的了解了,接下来你要真正的靠自己做功课了。这时你就需要看年报了。</span><o:p></o:p></span></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><b><u><span style="font-size: large;">第二步:看年报</span></u></b></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">看年报的要诀笔者这里暂不多说,笔者身为会计师看年报有独特的方法,看不同行业的年报注重的地方也不一样。</span></span><span style="font-size: large;"><span style="font-family: "arial";"><span style="font-size: large;"><span style="mso-spacerun: yes;"></span></span></span></span><span style="font-size: large;"><span style="font-family: "arial";"><span style="font-size: large;"><span style="font-size: large;">
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<span style="font-size: large;"><span style="font-family: "arial";"><span style="font-size: large;"><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">不过笔者强烈建议看年报<b>至少要看两个年份</b>的!(如果是新公司就另当别论,那时你得阅读</span><span style="font-family: "arial";">IPO
prospectus</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,那里有比年报更珍贵的信息。<span style="font-size: large;">
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">所以一份当然是看最新的啦,至于另一份,你未必要看前一年的,可以选择公司转折点的年份。以</span><span style="font-family: "arial";">HEXZA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">为例,如果只能看两份年报,笔者会阅读最新的年报和</span><span style="font-family: "arial";">2010</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">年的年报(净利高峰期)为什么要看过去的年报呢?主要是看管理层承诺或预测的事情有没有发生。</span></span></span></span> </span></span></span><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">除了看年报,也尽量找关于公司的新闻阅读。最终的目的是真正了解公司的过去和未来前景。如果你很满意公司的前景但是股价处于高位,就不急于进场,不妨先把公司放入</span><span style="font-family: "arial";">watchlist</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">再加以观察。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">未完。待续</span><span style="font-family: "arial";">~~<o:p></o:p></span></span></div>
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价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com1tag:blogger.com,1999:blog-3784102696254346285.post-85934711713130574842018-12-08T11:31:00.000+08:002018-12-08T11:32:54.329+08:00投资前要如何做功课?<span style="font-size: large;">
<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">投资前要做功课,这是大家一定听过的忠告。的确,投资失败损失的可是自己的血汗钱啊,当然要小心为上,做足准备功夫。可是问题来了,要怎样做功课啊?以前读书时期都不爱做功课了,可不可以找人借抄功课啊?抄功课投资某程度上当然也行得通,就比如说大师花了一段时间研究一家公司终于决定买入,你只要跟随不就行了吗?这就是抄功课的方式之一,但是要成功也不容易,因为你要向真正的大师抄功课,而且是在对的时机。</span><o:p></o:p></span><br />
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<a href="https://1.bp.blogspot.com/--dlONoyZPEs/XAs7Wam31aI/AAAAAAAACsM/CTiBkmmWVpU2ryCIsPsZDKPU7io3xo5gACLcBGAs/s1600/2018-12-08_11-31-36.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="617" data-original-width="888" height="444" src="https://1.bp.blogspot.com/--dlONoyZPEs/XAs7Wam31aI/AAAAAAAACsM/CTiBkmmWVpU2ryCIsPsZDKPU7io3xo5gACLcBGAs/s640/2018-12-08_11-31-36.jpg" width="640" /></a></div>
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<span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><span style="font-size: large;">不过,你不大可能一直抄功课啊,被抄的人也不爽啊,凭什么让你一直抄呢。所以结论是最好懂得如何自己做功课。</span></span><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">好了,说了这么多就是要强调大家要懂得学会投资前如何做功课。但是很多人觉得自己又不是会计师,看年报或财经新闻都看懂非懂似的,根本不知如何下手做功课。所以本篇文章笔者就以简单的方式分享给大家投资前要做什么功课。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="color: blue;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><strong>第一步:过滤</strong></span><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">首先,要如何在</span><span style="font-family: "arial";">900</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">多家公司挑选适合自己买入的公司呢?大部分的人对公司有深入了解的应该是不超过</span><span style="font-family: "arial";">100</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">家啦。在这里笔者分享自己近期过滤做功课的方式,快速的找到要投资的公司。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">试想想如果你是一名经理(投资者),在你面前的有</span><span style="font-family: "arial";">920</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">份</span><span style="font-family: "arial";">resume</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">(大马上市公司),它们都想被你聘请</span><span style="font-family: "arial";">(</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">投资</span><span style="font-family: "arial";">)</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,你应该不会时间多到去</span><span style="font-family: "arial";">interview</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">这</span><span style="font-family: "arial";">920</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">个求职者(研究</span><span style="font-family: "arial";">920</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">家公司)吧?所以首先你会做的是要快速的过滤。但是通常你不会自己过滤吧,你会叫</span><span style="font-family: "arial";">HR</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">或者系统过滤一些条规才过滤筛选出潜在的优秀的应征者,然后才进行</span><span style="font-family: "arial";">interview</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">同样的,你需要一些小帮手如</span><span style="font-family: "arial";">apps</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">或</span><span style="font-family: "arial";">software</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">去过滤而筛选出潜在的优质股。这里笔者选择使用自己设计的</span><span style="font-family: "arial";">excel
file</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">过滤潜在的优质股。虽然笔者是基本面为主的投资者,但是在过滤的过程很多时候笔者会选择先看趋势。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">另一个方式是先看基本面,如过滤</span><span style="font-family: "arial";">PE</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">不超过</span><span style="font-family: "arial";">xx,
ROE</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">要超过</span><span style="font-family: "arial";">xx%</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">,要有</span><span style="font-family: "arial";">dividend</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">等等。以这样的方式过滤幸运地话可能剩下几间让你挑选,不幸运的话是过滤后还有好几十家公司入围,搞到你也不知道要先研究那家公司。这个方式笔者比较少用,因为有两个弊端。一是这些数据指标在不同的行业都有代表不同优质水平,不该一概而论。二是目前的估值可能偏高或股价趋势不是太理想而不适合买入。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">所以本篇文章分享的方法是先看趋势过滤后才进行下一步功课。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="color: blue;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;"><strong>看趋势过滤</strong></span><o:p></o:p></span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">看趋势也可以有好几个方法,这里分享笔者其中一个喜爱的方式,这个方式是股价下跌但是基本面(财报)表现是上升的。相当年笔者就是从冷眼</span><span style="font-family: "arial";">30</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">家推荐股中找寻到</span><span style="font-family: "arial";">PENTA</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">的。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">由于用写的极可能无法表达笔者是如何做第一步的,所以笔者第一次记录了以下的短片。</span><o:p></o:p></span></div>
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<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/DKbo2Ll2pPo/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/DKbo2Ll2pPo?feature=player_embedded" width="320"></iframe></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">如果你看完了影片就知道笔者选择了什么公司。完成第一步过滤后接下来就是真正做功课的开始</span><span style="font-family: "arial";"><span lang="ZH-CN"> </span>-</span><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">那就是要花一点时间研究你初相识的公司啦</span><span style="font-family: "arial";">~<o:p></o:p></span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "simhei"; mso-ascii-font-family: Arial; mso-fareast-font-family: SimHei; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Arial;">待续</span><o:p></o:p></span></div>
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<span style="font-family: "arial";"><span style="font-size: large;">WeShare WeTrade<o:p></o:p></span></span></div>
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价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com3tag:blogger.com,1999:blog-3784102696254346285.post-9012413180263591422018-10-16T21:08:00.003+08:002018-10-16T22:23:17.077+08:00冷眼前辈的文章大宝藏 - 多读胜,少读不胜,更何况不读呢?<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: large;"><a href="https://1.bp.blogspot.com/--zAFLYq2bgg/W8Lh3jsl8YI/AAAAAAAACrs/X9VT9raVmtoE_97PnoIjJBsjlPuS8jKwQCLcBGAs/s1600/%25E5%2586%25B7%25E7%259C%25BC%25E5%25A4%25A7%25E5%25AE%259D%25E8%2597%258F.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="363" data-original-width="670" src="https://1.bp.blogspot.com/--zAFLYq2bgg/W8Lh3jsl8YI/AAAAAAAACrs/X9VT9raVmtoE_97PnoIjJBsjlPuS8jKwQCLcBGAs/s1600/%25E5%2586%25B7%25E7%259C%25BC%25E5%25A4%25A7%25E5%25AE%259D%25E8%2597%258F.PNG" /></a></span></div>
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<span style="font-size: large;">意外发现宝藏大概是所有人的梦想,打开冷眼前辈大宝藏是笔者的理想。</span><br />
<span style="font-size: large;"><br /></span>
<span class="st" style="font-size: large;">宝藏储藏的都是大宗珍宝或珍贵物品,</span><span style="font-size: large;">冷眼大宝藏收藏的是丰富的书籍和知识。</span><br />
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<span style="font-size: large;">冷眼前辈的作品引人入胜,相信大家都知道冷眼前辈的三本著作:</span><br />
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<span style="font-size: large;">1. 30年股票投资心得(今年出版了2018年修订版)</span><br />
<span style="font-size: large;">2. 股票投资正道</span><br />
<span style="font-size: large;">3. 孙子股市兵法 </span><br />
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<span style="font-size: large;">你又收藏了多少本呢?</span><br />
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<span style="font-size: large;">冷眼前辈的书籍让我们这群股市菜鸟获益良多,所以他最近撰写的一些新文章更是不可不读。我们整理了文章的链接,方便还没阅读的朋友们细尝。</span><br />
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<span style="font-size: x-large;"><b>【慢慢投资路 - 第1步 至 第10步】</b></span><br />
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<span style="font-size: large;"><a href="http://www.enanyang.my/news/20181004/%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-2/" target="_blank">【漫漫投资路第1步】-让主动与被动收入相辅而行</a></span><br />
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<span style="font-size: large;"><a href="https://www.enanyang.my/news/20181005/%e3%80%90%e6%bc%ab%e6%bc%ab%e6%8a%95%e8%b5%84%e8%b7%af%e7%ac%ac2%e6%ad%a5%e3%80%91-%e9%80%89%e6%8b%a9%e6%9c%80%e9%80%82%e5%90%88%e4%bd%a0%e7%9a%84%e6%8a%95%e8%b5%84%e7%ae%a1%e9%81%93%e5%86%b7-2/" target="_blank">【漫漫投资路第2步】-选择最适合你的投资管道冷</a></span><br />
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<span style="font-size: large;"><a href="https://www.enanyang.my/news/20181006/%E3%80%90%E6%BC%AB%E6%BC%AB%E6%8A%95%E8%B5%84%E8%B7%AF%E7%AC%AC3%E6%AD%A5%E3%80%91-%E5%85%8B%E6%9C%8D%E8%BD%BB%E8%A7%86%E8%82%A1%E7%A5%A8%E6%8A%95%E8%B5%84%E7%9A%84%E5%BF%83%E6%80%81%E5%86%B7-2/" target="_blank">【漫漫投资路第3步】-克服轻视股票投资的心态冷</a></span><br />
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<span style="font-size: large;"><a href="https://www.enanyang.my/news/20181007/%e3%80%90%e6%bc%ab%e6%bc%ab%e6%8a%95%e8%b5%84%e8%b7%af%e7%ac%ac4%e6%ad%a5%e3%80%91-%e5%bb%ba%e7%ab%8b%e6%ad%a3%e7%a1%ae%e7%9a%84%e6%8a%95%e8%b5%84%e7%90%86%e5%bf%b5%e5%86%b7%e7%9c%bc-2/" target="_blank">【漫漫投资路第4步】-建立正确的投资理念</a></span><br />
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<span style="font-size: large;"><a href="https://www.enanyang.my/news/20181008/%e6%8a%95%e8%b5%84%e6%88%90%e5%8a%9f%e5%ba%94%e5%85%b7%e5%a4%87%e7%b4%a0%e8%b4%a8-%e4%bf%a1%e5%bf%83-%e8%bf%9b%e4%bf%ae-%e7%8b%82%e7%83%ad%e5%86%b7%e7%9c%bc/" target="_blank">【漫漫投资路第5步】-投资成功应具备素质——信心 进修 狂热</a></span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><a href="https://www.enanyang.my/news/20181009/%E3%80%90%E6%BC%AB%E6%BC%AB%E6%8A%95%E8%B5%84%E8%B7%AF%E7%AC%AC6%E6%AD%A5%E3%80%91%E5%88%86%E8%BA%AB%E6%9C%89%E6%9C%AF%E5%86%B7%E7%9C%BC/" target="_blank">【漫漫投资路第6步】-分身有术</a></span><br />
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<span style="font-size: large;"><a href="https://www.enanyang.my/news/20181010/%e3%80%90%e6%bc%ab%e6%bc%ab%e6%8a%95%e8%b5%84%e8%b7%af%e7%ac%ac7%e6%ad%a5%e3%80%91%e7%8e%b0%e9%87%91%e6%b5%81%e4%b8%ba%e7%8e%8b%e5%86%b7%e7%9c%bc/" target="_blank">【漫漫投资路第7步】-现金流为王</a></span><br />
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<span style="font-size: large;"><a href="https://www.enanyang.my/news/20181011/%e3%80%90%e6%bc%ab%e6%bc%ab%e6%8a%95%e8%b5%84%e8%b7%af%e7%ac%ac8%e6%ad%a5%e3%80%91%e4%bb%8e%e8%81%94%e5%90%88%e7%a7%8d%e6%a4%8d%e4%b9%b0%e5%9c%b0%e8%af%b4%e8%b5%b7%e5%86%b7%e7%9c%bc/" target="_blank">【漫漫投资路第8步】-从联合种植买地说起</a></span><br />
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<span style="font-size: large;"><a href="http://www.enanyang.my/news/20181012/%E3%80%90%E6%BC%AB%E6%BC%AB%E6%8A%95%E8%B5%84%E8%B7%AF%E7%AC%AC9%E6%AD%A5%E3%80%91-%E4%BB%8A%E5%A4%A9%E5%B0%B1%E5%BC%80%E5%A7%8B%E6%8A%95%E8%B5%84%E5%86%B7%E7%9C%BC-2/" target="_blank">【漫漫投资路第9步】-今天就开始投资</a></span><br />
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<span style="font-size: large;"><a href="https://www.enanyang.my/news/20181013/%E3%80%90%E6%BC%AB%E6%BC%AB%E6%8A%95%E8%B5%84%E8%B7%AF%E7%AC%AC10%E6%AD%A5%E3%80%91%E4%B8%89%E7%A2%9F%E5%86%B7%E9%A5%AD%E5%86%B7%E7%9C%BC/" target="_blank">【漫漫投资路第10步】-三碟冷饭</a></span><br />
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<span style="font-size: x-large;"><b>【冷眼专栏 - 系列1至4 完结篇】 </b></span><br />
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<span style="font-size: large;"><a href="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/" target="_blank">【冷眼专栏】致股市菜鸟-宜致力普及投资教育 (系列1)</a></span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><a href="http://www.enanyang.my/news/20180916/%E3%80%90%E5%86%B7%E7%9C%BC%E4%B8%93%E6%A0%8F%E3%80%91%E6%85%8E%E9%98%B2%E5%85%A8%E6%B0%91%E8%B5%8C%E8%82%A1/" target="_blank">【冷眼专栏】慎防全民赌股(系列2)</a></span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"> <a href="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/" target="_blank">【冷眼专栏】什么人不宜投资股票?(系列3)</a></span><br />
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<span style="font-size: large;"><a href="http://www.enanyang.my/news/20180918/%E3%80%90%E5%85%A8%E6%B0%91%E6%8B%A5%E8%82%A1%E3%80%91-%E7%B3%BB%E5%88%974%E5%AE%8C-br-%E4%BB%80%E4%B9%88%E4%BA%BA%E5%BA%94%E6%8A%95%E8%B5%84%E8%82%A1%E7%A5%A8/" target="_blank">【全民拥股】- 什么人应投资股票?(系列4完结篇)</a></span><br />
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<span style="font-size: large;"><b>WSWT曾分享有关冷眼的文章:</b></span><br />
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<span style="font-size: large;"><a href="http://wesharenwetrade.blogspot.com/2016/11/blog-post_6.html" target="_blank">冷眼和孙子一起看股市</a></span><br />
<span style="font-size: large;"><a href="http://wesharenwetrade.blogspot.com/2016/12/blog-post_13.html" target="_blank">冷眼《孙子股市兵法》,你怎么运用?</a></span><br />
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<span style="font-size: large;">共勉之</span><br />
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<span style="font-size: large;">WeShare WeTrade </span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com3tag:blogger.com,1999:blog-3784102696254346285.post-73751394316440172232018-10-13T18:16:00.001+08:002018-10-13T18:17:09.421+08:00女人爱投资理财,就该与股票有染。<span style="font-size: large;"><span style="line-height: 115%;">WeShareWeTrade</span><span lang="ZH-CN" style="line-height: 115%;">页面成立至今已经超过两年了,从过去到现在我们分享了许多有关投资理财和股票分析的文章。至今已经累积超过15,000位followers,在分析读者</span></span><span style="font-size: large;"><span lang="ZH-CN" style="line-height: 115%;"><span style="font-size: large;"><span lang="ZH-CN" style="line-height: 115%;">类型后我们有惊人的</span></span></span></span><span style="font-size: large;"><span lang="ZH-CN" style="line-height: 115%;"><span style="font-size: large;"><span lang="ZH-CN" style="line-height: 115%;"><span style="font-size: large;"><span lang="ZH-CN" style="line-height: 115%;"><span style="font-size: large;"><span lang="ZH-CN" style="line-height: 115%;">发现</span></span></span></span></span></span>!</span></span><br />
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<a href="https://4.bp.blogspot.com/-y7b_4BUG5bI/W7ycPDhwt8I/AAAAAAAACrU/yrMGdKbodJsKYAIiDd_HBU0ZAj_gwPqXgCLcBGAs/s1600/Capture.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="211" data-original-width="133" src="https://4.bp.blogspot.com/-y7b_4BUG5bI/W7ycPDhwt8I/AAAAAAAACrU/yrMGdKbodJsKYAIiDd_HBU0ZAj_gwPqXgCLcBGAs/s1600/Capture.PNG" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN">就是女性读者竟然只占</span>23%<span lang="ZH-CN">,这究竟是为什么呢?</span></span><br />
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<span style="font-size: large;"><span lang="ZH-CN">理财投资也有性别之分吗?不!</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN">或许是因为</span>WeshareWeTrade<span lang="ZH-CN">主要是分享一些中小型企业的股票为主,所以比较不受女性的青睐。</span><span lang="ZH-CN">不过我们认为</span><span lang="ZH-CN">一个懂得理财投资的女性不该放过股票投资这条管道。毫无疑问,股票投资的高风险是很多人却步的主因。但事实上,只要遵循游戏的潜规则,理性的分析,股票投资可以是一个很棒棒的理财工具。</span></span><br />
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<a href="https://3.bp.blogspot.com/-8aEWVGSX6ZM/WqlGQ7iIWmI/AAAAAAAACmc/W143GqQrMioCWgaa6sTxB4X5ilHxAThcgCLcBGAs/s1600/Capture.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="462" data-original-width="821" height="360" src="https://3.bp.blogspot.com/-8aEWVGSX6ZM/WqlGQ7iIWmI/AAAAAAAACmc/W143GqQrMioCWgaa6sTxB4X5ilHxAThcgCLcBGAs/s640/Capture.PNG" width="640" /></a></div>
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<span style="font-size: large;"><b><span lang="ZH-CN">每个女人都可以与股票</span></b><b>“</b><b><span lang="ZH-CN">有染</span></b><b>”</b><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN">不是每个女人都可以与其他男人</span>“<span lang="ZH-CN" style="color: red;"><b>有染</b></span>”<span lang="ZH-CN">,至少有夫之妇和有着山盟海誓的女孩不能。不过可喜的是,每个女人都可以与股票</span>“<span lang="ZH-CN" style="color: lime;"><b>有染</b></span>”<span lang="ZH-CN">。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN">与一些证卷交易员和热爱投资股票的朋友交流后发现女性的确比男性少买股票。不过随着散户的参与度逐渐提高,女性投资者的比例也开始增加了。事实上,女性在投资股票方面可以和男性媲美,甚至更优秀。为巴菲特带来极大影响的女人罗斯布朗金夫人就是一个很好的例子。罗斯</span><span lang="ZH-CN">布朗金夫人凭着仅有的五百美元开始投资股市,目前身家已过亿。</span></span><br />
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<span style="font-size: large;"><span lang="ZH-CN"><b><span style="font-size: large;"><span lang="ZH-CN">女性在投资方面会比男性占优势? </span></span></b></span><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN">仔细想一想,女人可以做得比男人更优秀也不是没有原因的。女人拥有天生的第六感,在判断股票价值高低</span></span><span style="font-size: large;"><span lang="ZH-CN"><span style="font-size: large;"><span lang="ZH-CN">或许会</span></span>更准确。更重要的一点是,女人比男人多一份细心,多一份谨慎。而且一旦认准了方向,就会义无反顾的付出,比男人还多一些激情呢。或许女人把这与生俱来的特点套入股市后,在做投资决策时会更好。</span><o:p></o:p></span><br />
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除此之外,在世人的刻板印象中,女性被认为比较爱“八卦”,如果能加以利用把更多的心思花在“八卦”企业资讯上。也许能从中挖掘出许多资深分析师都会忽略的资料,这对股票投资是非常有帮助的。而且很多消费品或服务都是女性在消费在使用的,那一间商家比较好哪一家比较烂可说是了如指掌,所以更容易选出拥有好产品和竞争优势的公司。</span></div>
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<span style="font-size: large;"><b><span lang="ZH-CN">投资生活化</span></b><o:p></o:p></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="line-height: 115%;">对股票投资陌生,却充满好奇的女性朋友不妨可以从生活中开始去了解和培养兴趣。许多在我们日常生活中出现的事物都与股票息息相关。例如早晨起来享用的美禄(</span><span style="line-height: 115%;">Milo<span lang="ZH-CN">)和雀巢咖啡(</span>Nescafé<span lang="ZH-CN">),上班所驾驶的</span>Perodua Myvi或乘搭的MRT和LRT<span lang="ZH-CN">,午餐时享用的肯德基(</span>KFC<span lang="ZH-CN">)和必胜客(</span>Pizza Hut<span lang="ZH-CN">),TeaTime到咖啡店享用小蛋糕(Starbucks),下班后</span>到Sunway Pyramid<span lang="ZH-CN">,</span>Pavilion或KLCC<span lang="ZH-CN">等商场</span></span></span><span style="font-size: large;"><span style="line-height: 115%;"><span lang="ZH-CN"><span style="font-size: large;"><span style="line-height: 115%;">happy hour</span></span>,回家冲凉后使用的毛巾、吹风筒还有伴我们入眠的床褥等用品。都是在消费着</span></span></span><span style="font-size: large;"><span style="line-height: 115%;"><span lang="ZH-CN"><span style="font-size: large;"><span style="line-height: 115%;"><span lang="ZH-CN">在股票交易所上市的</span></span></span>公司所生产的产品和服务。如果投资这些企业的股票,就好像消费自家产品一样,有着不一样的满足感。</span></span></span></div>
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<span style="font-size: large;"><span style="line-height: 115%;"><span lang="ZH-CN">股票没有很遥远,其实它就在你身边 :)</span></span></span><br />
<span style="font-size: large;"><span style="line-height: 115%;"><span lang="ZH-CN"> </span></span> </span><br />
<span style="font-size: large;">共勉之</span><br />
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<span style="font-size: large;">WeShare WeTrade </span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">乘着过去的假日有一点空闲阅读了这本</span>2017<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年出版,关于大数据的畅销书籍。这本书叙述大数据的力量是如何凌驾人类的直觉或称第六感。还有我们如何通过</span>Google
search<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">透露出我们的喜好、不安和政治立场。这个全球最大互联网搜索器</span>Google
search<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,每天接受来自全世界超过</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;">亿次的搜索,掌握了世界的“大数据”。而在书的最后第二章有一段是讲述利用大数据来预测股市走势。</span></span></div>
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">用大数据来挑选个股?预测股价走势?可行吗?</span></span></b></div>
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">人会说谎,但大数据不会!</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">论股:我觉得</span>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;">股被低估了;</span>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;">股跌超过一块钱我就买;</span>C<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股涨到我的目标价就套利。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">我们经常听到很多人会这么说,但是真正敢在股价连续下跌后买入的人却比现实中讲的要少。巴菲特的名言“在别人贪梦时恐惧,在别人恐惧时贪梦”不是每个人都办得到。只有实际的交易数据才不会说谎。</span></span><b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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></b><br />
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">凡走过必留下痕迹</span></span></b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">书中讲述的大数据是通过用户在使用</span>Google
search<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">后留下的数据。这让笔者想到一些更贴近大马股市的大数据和小数据,例如掌握整个大马股市交易数据的大马股票交易所</span>BURSA<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,或最多人使用的手机股票软件</span>KLSE
Screener<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">还有网上股票搜索工具如</span>i3
Investor<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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>MalaysiaStock.Biz<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。这些公司掌握了投资者们在投资过程中的一举一动,就像</span>GOOGLE<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">公司知道你在</span>google<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">搜索了“失恋了怎么办”那样,就知道原来</span></span><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">你失恋了。当然没有人会感兴趣知道你究竟是不是真的失恋了,而且这件事也不会带来什么重大的影响,所以你还是可以放心继续使用</span>google<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">寻找失恋的解药。</span></span></div>
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<a href="https://3.bp.blogspot.com/-Vn7dGLcBEsM/W6W4l6Yhd0I/AAAAAAAACqw/kPTJqO8F1bAyEBj22xHN7Y95vP6Dy3R2gCLcBGAs/s1600/google%2Bsearch.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="423" data-original-width="674" height="250" src="https://3.bp.blogspot.com/-Vn7dGLcBEsM/W6W4l6Yhd0I/AAAAAAAACqw/kPTJqO8F1bAyEBj22xHN7Y95vP6Dy3R2gCLcBGAs/s400/google%2Bsearch.png" width="400" /></a></div>
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">但如果是冷眼前辈频繁的在</span>i3
Investor<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">搜索了</span>X<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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,是不是就意味着X</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;">股很有潜质,冷眼前辈即将会入股这家</span></span><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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 style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">好公司</span></span>,</span>X<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股的股价会涨呢?又或者是</span>KLSE
Screener<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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>Y<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股的浏览次数突然增加了许多,是不是对</span>Y<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股感兴趣的投资者越来越多了,想买入的人也比之前更多。在供给不变但需求上升的情况下股价即将会上涨呢?</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">首先第一点冷眼前辈频繁的对X股进行搜索,但是我们并不知道前辈搜索的目的是什么。是觉得X股有潜力还是为该股的负面消息加以求证?</span></span><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">第二点我们假设</span>Y<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股的季报出炉后盈利翻了一倍或巨亏了,</span>那么KLSE
screener<span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">用户对Y</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;">股的浏览次数翻了几倍也很正常。搜索了不一定会买,浏览了也不一定会卖,不过可以肯定的是该股已经成了大家的焦点。可惜盲从焦点对股票</span></span><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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 style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">投资并没有帮助</span></span>,就像依赖消息炒股那样并不能持久。要投资致富,还是要长期持有能持续上涨的股票。而要股票价格可以持续上涨,就需要买基本面好,公司持续赚更多钱的股票,也就是巴菲特所说的明牌。</span></span><b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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></b><br />
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大数据看起来很万能,但别拿它来算明牌。</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大数据的局限,为什么不能?</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">没有人可以完全</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;">准确的预测股市,就连股神也一样,现在大数据也不例外。那么为什么不能用大数据来战胜市场?</span></span><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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>大数据的价值是在传统方法低效的领域才能充分发挥</b>。因为当很多人知道某个现象</span></span><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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 style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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 style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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 style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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</span></span></span></span>机会存在后便会加以因应,机会就会消失了。这或许就是亚当斯密所说的一只无形的手吧。</span></span>金融界的竞争非常激烈,已经有大量资源投入衡量企业的营运和盈利绩效,许多证券所、基金经理都有自家的分析报告和软件等。各大上市公司的数据如每股盈利、本益比、周息率、净资产值、负债率和公司的净现金状况等都一目了然。而且网上投资群组的资讯还有一些专页的分析报告和投资课程都比比皆是,要获得对企业营运和盈利绩效有利可图的新见解实在不易。如果是那么简单的话,市场上就会出现很多巴菲特了。</span></span><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-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="https://4.bp.blogspot.com/-Oc6n4T44eTs/W6W7uHNxz7I/AAAAAAAACq8/TxF1Pl-1_BYJocmIs5KP0mw1mDvxL7RswCLcBGAs/s1600/3394.jpg_wh300.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="425" height="225" src="https://4.bp.blogspot.com/-Oc6n4T44eTs/W6W7uHNxz7I/AAAAAAAACq8/TxF1Pl-1_BYJocmIs5KP0mw1mDvxL7RswCLcBGAs/s320/3394.jpg_wh300.jpg" width="320" /></a></span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外一个原因是<b>维度的诅咒</b>,很多对数字特别钟情、特别敏锐的人,或俗称“赌仔”喜欢买万字、六合彩。他们搜集了过去中奖的数据,尝试利用概率来预测明晚的幸运号码;爱好跑马运动的人每天手握一本马经,算一算那一只马会是下一场比赛的黑马;一些散户喜欢记录指数或某只股票每日的股价变动,尝试预测接下来的走势。他们每天费尽心思,希望自己的理论得以验证。或许有天他们真的成功了,但事实上,他们都是维度诅咒的受害者。因为当中存在着太多的变数了。</span></span></div>
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<b><span style="color: blue;"><span style="font-size: large;"><span lang="ZH-CN" style="font-family: 宋体; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">无论如何,虽然大数据不能预测股市涨跌,但它肯定是众人所焦聚的。</span></span></span></b></div>
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<span style="font-size: large;">WeShare WeTrade</span></div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-14037957856088065512018-09-10T11:50:00.001+08:002018-09-10T11:50:52.104+08:00SCGM (7247) 2018年报分析 + 季报业绩预测<!--[if !mso]>
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mso-style-parent:"";
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
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<br />
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">难得有</span>4<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">天长假,笔者就抽出些许时间撰写这家公司的年报分析。基于这家公司也将在本月出炉新财政年的首季季报,笔者就尝试吹水预测季报业绩。</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">而这家公司就是曾经被笔者心中标记为最稳定公司之一的</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,可惜再好的公司有时也躲不过恶劣经商环境的影响,其股价在</span>2017<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年</span>7<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月的最高点下跌至目前的</span>RM1.34<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,短短一年多就下跌</span>60%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,真替股东们感到难过。</span></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-jl4R44NV_dQ/W5Xo4B3-raI/AAAAAAAACp4/tUFnPLSZ96gtWH7LLUgiUcfPZl8NhIABwCLcBGAs/s1600/597%2BSep.%2B10%2B11.42.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="445" data-original-width="821" height="345" src="https://3.bp.blogspot.com/-jl4R44NV_dQ/W5Xo4B3-raI/AAAAAAAACp4/tUFnPLSZ96gtWH7LLUgiUcfPZl8NhIABwCLcBGAs/s640/597%2BSep.%2B10%2B11.42.png" width="640" /></a></div>
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<div class="MsoNormal">
<br /></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不过,好的公司出现暴跌的情况往往就是买入累积股票的大好时机。毕竟雨过天晴,一旦经商环境有所好转,好的公司就能抢先反弹。</span></span></div>
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<br /></div>
<div class="MsoNormal">
<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年报分析</span> – <span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">利好</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">先说说</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的利好看点,就是其处于一个趋势长期上涨的行业,环保意识是有增无减的,所以相信</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的产品需求可以稳势上涨。而</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在</span>2018<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年的营业额成长有些许放缓,不过仍保持双位数成长,达</span>16%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">其二是</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是国内的领头羊,绝对有涨价的能力,但是管理层却宁可舍弃短期的净利成长以抢掠市场份额为其优先目标。唯近期受原料价格上涨所逼,今年</span>6<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月管理层也决定将产品价格提升</span>10%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>15%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,毕竟短期也要保持有净利才可以在长期生存。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"></span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">而从去年开始就投入一大笔钱在</span>Kulai<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">建设的新厂,原本计划在</span>2018<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年</span>12<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月可以开始运作。不过据说计划比预期早完成,可提前在本月开始运作,相信</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">可以在</span>2019<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财政年的营业额有大幅度的进步。</span></span></div>
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年报分析</span> – <span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">利空</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在数字上,</span>2018<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年财务表现绝对不是一个好的年份,尽管营业额持续上涨,但是净利却大幅下跌。上个季度净利更出乎意料地跌至</span>RM150K<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">而已,是上市以来净利最低的一个季度。这也引发一番猜测,究竟接下来的季报会是能重回轨道保持几百万的净利还是继续处于亏损边缘呢?这点就在文章的下半段会有所提及。</span></span></div>
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<span style="font-size: large;">SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在</span>2018<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年面对很多成本上涨的压力,折旧成本和利息增加都和新厂有关,但是目前新厂还未能开始贡献,所以净利自然地就拉低了。不过这两个成本都不适合测量一家公司的营运表现的指标。所以在会计上要看一家公司的营运表现,就应该看</span>EBITDA<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">如下图所示,</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>EBITDA<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在</span>2018<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年有所下降。其他使</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">成本上涨的包括劳工费和原材料价格上涨。不过笔者更关心的是原材料价格的上涨,这也是目前所有塑料包装公司所面对的困境,其影响远远大过其他成本上涨问题。</span></span></div>
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<a href="https://4.bp.blogspot.com/-2vb6L9uch3M/W5XpCbBHuSI/AAAAAAAACp8/YP6oXeU7PmAc2_8XT9ZVI5vhfyNoocakQCLcBGAs/s1600/595%2BSep.%2B09%2B22.19.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="481" data-original-width="602" height="510" src="https://4.bp.blogspot.com/-2vb6L9uch3M/W5XpCbBHuSI/AAAAAAAACp8/YP6oXeU7PmAc2_8XT9ZVI5vhfyNoocakQCLcBGAs/s640/595%2BSep.%2B09%2B22.19.png" width="640" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">翻看过去</span>5<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的毛利率</span><span lang="ZH-CN"> </span>(gross profit %)<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">辉煌时期的毛利率可是达到近</span>30%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的呢,</span>2018<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年却首次跌破</span>20%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以下。而上季度季报更显示其毛利率是严重性的下跌,可惜其季报并没有明确展示</span>cost
of sales<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,只有列明</span>operating
expenses<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。为了知道现在</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的毛利率剩多少笔者做了以下的推算。</span></span></div>
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<a href="https://2.bp.blogspot.com/--PJMixi3xp0/W5XpP-O9h7I/AAAAAAAACqE/W5RYbZWnojIe4L2bbommwGPCCGao-0_IQCLcBGAs/s1600/593%2BSep.%2B09%2B21.51.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="188" data-original-width="588" height="204" src="https://2.bp.blogspot.com/--PJMixi3xp0/W5XpP-O9h7I/AAAAAAAACqE/W5RYbZWnojIe4L2bbommwGPCCGao-0_IQCLcBGAs/s640/593%2BSep.%2B09%2B21.51.png" width="640" /></a></div>
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<b><span style="font-size: large;">Operating expenses = cost of sales + admin cost + selling
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<span style="font-size: large;">Other expenses<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">数目通常不大,所以就不理会了。</span>Admin
cost + selling cost<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在</span>2018<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年其实也没有上涨的很多,只占营业额的</span>9.3%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,比起过往几年相比还是属于一个合理可接受的水平。所以相信上季度的</span>admin
cost + selling cost <span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也差不多是这样的水平。假设这些</span>costs<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在第四季度占营业额的</span>10%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,如此推算毛利率在上季度其实只剩下</span>11.1%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">而已,是去年的一半而已!!这个毛利率的下滑就足以<span style="color: red;"><b>侵蚀利润五百万令吉左右!</b></span></span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">事实上</span>cost
of sales <span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">上涨</span>15%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">就可让</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的毛利率从</span>22%+<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">跌至</span>11%+<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,是导致净利所剩无几的最敏感的因素。</span></span></div>
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<span style="font-size: large;">SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另一个隐忧是上季度的营业额反而下跌</span>9%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。这是相对诡异的,因为去年末</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">还特意在</span>Klang
Valley<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">租厂增加约</span>5.0million
kg<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的产能,目的是满足市场需求,可是现阶段的需求也不见高得惊人。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">虽然季报解释言是受到马币升值和假期的影响。但是这两点笔者都完全不能接受,因为国内的销售在上季度就下滑</span>7%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">左右了,国内销售应该都是以马币为单位的。而今年第四季度的假期也不见得比去年同期来得多,所以难道今年</span>5<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月有</span>3<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">天大选长假亦会影响到即将来临公布的季报业绩??</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">另外,比起以往时期处于净现金的</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,现在负债高达</span>RM80million<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,虽处于可接受的水平不过仍需要好几年的时间才能回到净现金的水平。而事实上</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是有意从股东融资的,所以去年才会发行</span>warrant<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。但是转换价相当得高,而且两年后就截至了,所以此算盘可能无法打响。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">前两个月</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有发表文告要寻找买家以卖掉</span>3<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">个产业以减低负债。根据年报,这</span>3<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">个产业的账目价值达</span>RM17million<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,如果如愿卖出可减轻负债的压力。</span></span></div>
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<b><span style="font-size: large;">2019<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年第一季报业绩预测</span></span></b></div>
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">营业额</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">笔者宁可接受净利下滑也不愿看到营业额下跌的局面。毕竟</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大量扩充产能就是预见其产品需求是成长的。如果产能扩充却看不到真正的需求是生产商的最大窘境。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">由于</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在</span>6<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月份产品已涨价</span>10%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>15%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">左右,所以营业额相信可以至少和去年同期持平在</span>RM53million<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">以上。</span></span></div>
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">净利</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">产品价格涨价</span>10%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>15%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,与</span>cost
of sales<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">上涨的幅度相符,所以笔者相信其毛利率可以在</span>20%<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">左右,以此推算,其税前盈利可达五百万令吉左右。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不过,看了</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">近期的股价的走势,相信</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的业绩应该不会有太大的惊喜。</span></span></div>
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<b><span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">未来的预测</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">看到</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">所增加的产能,是让投资者充满期待的。笔者根据其</span>non-current
asset<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和营业额过往的记录,长期来说</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的厂房是可以创造</span>2<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">至</span>2.5<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">倍的营业额。因此,以现有的</span>RM213million<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>non-current
asset<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,长期而言是可以创造</span>RM500milion<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的营业额的。而且笔者相信未来两年</span>SCGM<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的营业额就可以突破</span>RM300million<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">大关。</span></span></div>
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<a href="https://1.bp.blogspot.com/-QjVTASbcxo4/W5XpoZySNwI/AAAAAAAACqQ/0Xh4MSVPW4cjBU3QMoo6Ds9Pv1CP9AUPgCLcBGAs/s1600/594%2BSep.%2B09%2B21.52.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="86" data-original-width="588" height="92" src="https://1.bp.blogspot.com/-QjVTASbcxo4/W5XpoZySNwI/AAAAAAAACqQ/0Xh4MSVPW4cjBU3QMoo6Ds9Pv1CP9AUPgCLcBGAs/s640/594%2BSep.%2B09%2B21.52.png" width="640" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">好了,以上预测纯属胡言乱语,绝非买卖建议,在</span>9<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span>20<span lang="ZH-CN" style="font-family: DengXian; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">日我们就可以知道季报的结果啦</span>~~</span></div>
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<span style="font-size: large;">WeShare WeTrade</span></div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com3tag:blogger.com,1999:blog-3784102696254346285.post-66163186102968337722018-08-02T19:45:00.000+08:002018-08-02T19:47:25.769+08:00WSWT股票教室 ~ 张智超的BMW和TROC选股法<!--[if gte mso 9]><xml>
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<span style="font-size: large;"><b><a href="https://1.bp.blogspot.com/-5u9H6PXKIug/W1ntVemz7PI/AAAAAAAACpo/XhDjDZfEgJsCxyF6dNH6ZynzPm2PWUrYgCLcBGAs/s1600/WSWT%25E8%2582%25A1%25E7%25A5%25A8%25E6%2595%2599%25E5%25AE%25A4.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="363" data-original-width="669" src="https://1.bp.blogspot.com/-5u9H6PXKIug/W1ntVemz7PI/AAAAAAAACpo/XhDjDZfEgJsCxyF6dNH6ZynzPm2PWUrYgCLcBGAs/s1600/WSWT%25E8%2582%25A1%25E7%25A5%25A8%25E6%2595%2599%25E5%25AE%25A4.PNG" /></a></b></span></div>
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<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">一起来向这位台湾股市奇才学习他独创的BMW和TROC投资法。</span></b></span><br />
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><br /></span></b></span>
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</span></b></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><b><b><span lang="EN-GB">B =
Business Model </span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">(生意模式)</span><span lang="EN-GB">–</span></b><span lang="EN-GB"> </span><span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">生意模式专注于企业的竞争力,企业竞争力可分为五种:</span><span lang="EN-GB"> </span></span></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: large;"><b><span style="font-weight: normal;"><span lang="EN-GB">1. </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">销售管道</span><span lang="EN-GB"></span></span></b></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><b><span style="font-weight: normal;"><span lang="EN-GB">2. </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">成本优势</span><span lang="EN-GB"></span></span></b></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><b><span style="font-weight: normal;"><span lang="EN-GB">3. </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">产品差异化</span><span lang="EN-GB"></span></span></b></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><b><span style="font-weight: normal;"><span lang="EN-GB">4. </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">技术优势</span><span lang="ZH-CN"></span><span lang="EN-GB"> </span></span></b></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><b><span style="font-weight: normal;"><span lang="EN-GB">5. </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">创新</span></span></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: large;"><b><span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">一个成功的企业必须具备至少一项比竞争对手强的竞争优势才能在该领域中屹立不倒。这点也可以粗略解释为投资行业中的龙头企业,也可以是特定市场的龙头(</span><span lang="EN-GB">market leader of niche market</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">)。</span></span></b></span></div>
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"></span></b></span><br />
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">
</span></b></span>
<br />
<div class="MsoNormal">
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><b><span lang="EN-GB">M =
Market </span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">(市场)</span></b><span lang="ZH-CN"> </span><span lang="EN-GB">– </span><span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">该领域市场处于什么成长阶段,及公司本身的市占率能否成长。这里主要是分析市场兴衰,该领域能否在未来持续成长而选中的公司能否在市场成长中壮大并帮股东赚钱。分析公司的成长可以观察市占率,市占率的提高代表公司比同行的成长更快。另外公司的产品组合也可能影响当下的市占率,可以运用经典商业教科书中的</span><span lang="EN-GB">product life cycle</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">及</span><span lang="EN-GB">BCG</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">等方式获知目前的产品组合处于哪一个阶段,更容易预估未来的市占率成长。</span></span></span></b></span></div>
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">
</span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"></span></b></span>
<br />
<div class="MsoNormal">
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><br /></span></b></span></div>
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">
</span></b></span>
<div class="MsoNormal">
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><b><span lang="EN-GB">W =
Who is Management </span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">(管理层)</span><span lang="ZH-CN"> </span><span lang="EN-GB">–</span></b><span lang="EN-GB"> </span><span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">谁是领导人?</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">领导人决定了企业发展的方向及经营决策,是一艘船的船长或舵手。好的领导人最重要是拥有将企业做大及回馈股东的想法,一些大老板只想着如何炒作股票赚尽小股东的钱则不会是好的领导人。在经营策略方面,好的领导人能帮助公司渡过难关,积极发展免于被市场淘汰的命运。</span></span></span></b></span></div>
<span style="font-size: large;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">量化为辅:</span></b> </span></span></div>
</span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB">T =
Trend </span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">(市场趋势)</span><span lang="EN-GB">–</span></b><span lang="EN-GB"> </span><span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">市场趋势与市场兴衰有些重叠,在这里呢最主要是说明挑选相对热门的行业而不是非常冷门的生意。热门的行业是指有更好地市场及更容易吸引投资者(例如外资)的行业。列出市场成长加企业个体成长的优劣排名:</span><span lang="EN-GB"> </span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-weight: normal;"><span lang="EN-GB">1. </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">市场成长</span><span lang="EN-GB">+</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">企业成长</span></span></div>
<div class="MsoNormal">
<span style="font-weight: normal;"><span lang="EN-GB">2. </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">市场没成长</span><span lang="EN-GB">+</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">企业成长</span></span></div>
<div class="MsoNormal">
<span style="font-weight: normal;"><span lang="EN-GB">3. </span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">市场成长</span><span lang="EN-GB">+</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">企业没成长</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">由于我们买的是公司,所以切忌企业的成长比市场成长重要。但是如果市场已经连续出现负成长则最好不要投资该行业了。</span></span></div>
</span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB">R =
River & ROE </span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">(护城河与股东权益回酬率)</span><span lang="EN-GB">–</span></b><span lang="EN-GB"> </span><span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">护城河许多熟读巴菲特投资法的投资者们都非常了解,意思是该企业拥有强大的优势让竞争者无法进军该领域,又或者让竞争者只能在夹缝中生存。至于</span><span lang="EN-GB">ROE</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">更不用多说了,大部分价值投资者都喜欢</span><span lang="EN-GB">ROE</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">高的公司,更有极端派的是只投资</span><span lang="EN-GB">ROE</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">高于</span><span lang="EN-GB">15%</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">的公司(当然也不一定越高越好)。形成</span><span lang="EN-GB">ROE</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">的主要元素为</span><span lang="EN-GB">:</span></span></div>
</span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<br /></div>
</span></b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<span lang="ZH-CN" style="background: yellow; font-family: "等线" , "serif";">资产周转率</span><span lang="EN-GB" style="background: yellow; mso-highlight: yellow;">(Revenue/Assets) x</span><span lang="ZH-CN" style="background: yellow; font-family: "等线" , "serif";">净利率</span><span lang="EN-GB" style="background: yellow; mso-highlight: yellow;">(Net Profit/Revenue)
x</span><span lang="ZH-CN" style="background: yellow; font-family: "等线" , "serif";">杠杆比率</span><span lang="EN-GB" style="background: yellow; mso-highlight: yellow;">(Gearing)</span></div>
</span><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<span lang="EN-GB" style="background: yellow; mso-highlight: yellow;"><br /></span><span lang="EN-GB"></span></div>
</span></b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">如果形成高</span><span lang="EN-GB">ROE</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">的原因是因为公司有较高的负债则不能称之为优秀的公司,适量的杠杆比率是健康的,但太高则存有风险。一些拥有大量实质资产的公司也会因为太多的资产而降低了</span><span lang="EN-GB">ROE</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">,例如种植股、产业股及产托股都因为拥有大量地产但可能只有少数的地产能为公司带来收入。至于净利率,当然每个人都希望越高越好,但笔者认为能保持平衡最重要,最重要是企业能在营业额成长中保持净利率成长,有没有比同行来得高则不是最重要。</span></div>
</span><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB">O =
Momentum </span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">(企业成长动能)</span><span lang="EN-GB">– </span></b><span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">一个企业要能成长则需要动力,企业成长动力可以解释为到底是什么因素能让公司成长!举个例子当美金上升时一些出口“赚美金”的公司将会受惠而出现营业额成长</span><span lang="EN-GB">+</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">盈利成长</span><span lang="EN-GB">+</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">净利率成长的“</span><span lang="EN-GB">3</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">好”。但美金是不可能持续上升的,外汇市场的波动将会让企业难以维持“</span><span lang="EN-GB">3</span><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">好”的成绩单。不过如果是市场需求增加则可以持久推动企业成长,不论是内需或其他国家的需求量增加都代表该市场在逐渐扩大中。</span></span></div>
</span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<br /></div>
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<b><span lang="EN-GB">C =
Cash & Customer Based</span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">(现金流与客户群)</span><span lang="EN-GB">–</span></b><span lang="EN-GB"> </span><span style="font-weight: normal;"><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;">现金流是经营生意中非常重要的一环,有充裕的现金流企业可以用来投资以增强企业本身的竞争力,也可以选择派股息或回购自家的股票以回馈股东。试想想同样需要投资新科技,现金流强劲的公司可以利用现金或良好的信贷借贷投资;现金流差的公司则很可能需要向股东拿钱了。除了本身现金充裕外,所谓的现金流强劲还需要是可以持续创造现金流,让现金越来越多,一些公司因为变卖某样产业后获得大量现金一瞬间成为了净现金公司但可能平时的营运现金流并不理想。至于客户群,拥有多位知名客户相比依靠单一大客户来得靠谱,知名大企业有自家的竞争优势并不容易倒闭,所以可以解释为长期饭票。至于依靠单一大客户(就算是著名企业)也存有风险,万一该企业换一个供应商则会带走了大量的生意。</span></span></div>
</span></b><b><span lang="ZH-CN" style="font-family: "等线" , "serif"; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 等线; mso-fareast-theme-font: minor-fareast;"><div class="MsoNormal">
<br /></div>
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</span><span lang="EN-GB"></span></b></span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-80705452434589765402018-07-05T00:15:00.001+08:002018-07-05T00:15:09.428+08:00价值投资法与执行力<!--[if gte mso 9]><xml>
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<span style="font-size: large;"></span><a href="https://4.bp.blogspot.com/-0zdX74POKoY/Wzzfz46VG1I/AAAAAAAACpI/9CJV6Lnnss8lwW23PyyQHcmWmdvHNrMaACLcBGAs/s1600/Capture.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="430" data-original-width="784" height="351" src="https://4.bp.blogspot.com/-0zdX74POKoY/Wzzfz46VG1I/AAAAAAAACpI/9CJV6Lnnss8lwW23PyyQHcmWmdvHNrMaACLcBGAs/s640/Capture.PNG" width="640" /></a></div>
<span style="font-size: large;">关于价值投资的方法有许多种,从网络上也看到许多股民对价值投资的讨论。有人说:</span><br />
<span style="font-size: large;"><br />复利<br />买好公司的股票或趁好公司跌时买入<br />买了长期持有,并持续加码<br />买高成长的公司<br />买高股息的公司<br />买蓝筹股<br />买基金</span><br />
<span style="font-size: large;"><br />总结来说价值投资可以解释为买入价格比企业价值低,当企业价值被释放时得以获利。<br />简单来说就是以五毛钱买入价值一块的东西,再以五毛以上的价格卖出去(如果卖不出则是亏五毛)。</span><br />
<span style="font-size: large;"><br /><b>以下简单解析几位投资大师的选股方式:</b></span><br />
<br />
<span style="font-size: large;"><span style="color: blue;"><b>巴菲特</b></span><br />1. 讲究企业<b>护城河</b>,意思是投资不容易被竞争对手进入市场的生意。在今年波克夏公司的股东大会上巴菲特的护城河理论面对了来自特斯拉首席执行员穆斯克的挑战。穆斯克指出护城河理论已经过时,现今的企业会靠<span style="color: red;"><b>创新</b></span>来增强竞争力并将竞争带入新的战场,所以在旧战场辛苦筑起的护城河将一无是处。<br />2. <b>安全边际</b>,巴菲特曾比喻说当要跨过沟渠时如果底下是只是6英寸或万丈深渊,虽然沟渠的距离一样但跨越者的安全上却是天壤之别。所以就算是同一支股票,在什么价格买入和如何判断底点也非常重要。<br />3. <b>永续经营</b>,巴菲特非常讲究以生意人的角度去投资股票,所投资的股票都是以经营者的角度出发。巴菲特最喜欢投资可以当作家族100年生意的公司,所以巴菲特是非常看重永续经营的。拿可口可乐这家百年老牌的公司来说,最少从巴菲特出生到有生之年,相信都不会倒闭。<br />4. <b>了解复利</b>,巴菲特一年的平均投资回酬只有20多巴仙,相比许多有买卖股票的人都不如。不过强就强在他投资回酬的稳定性,长年累月下来靠着复利的力量赚取了惊人的财富。价值投资就像长跑,稳定地控制前进的速度才能够胜出!</span><br />
<span style="font-size: large;"><br /><b><span style="color: blue;">费雪</span><span style="color: blue;"></span></b><br />选出成长股并重拳出击,费雪可以说是<b>成长股之父</b>。在其著作《Common Stock with Uncommon Profit》一书中描写了寻找成长股的方式。其中更编排了15条成长股定律,包含了对公司管理层的行为观察。<br /><br /><span style="color: blue;"><b>彼得•林奇</b></span><br />1. <b>鸡尾酒理论</b>观察市场热闹程度,彼得•林奇透过幽默的鸡尾酒方式诠释了平民百姓对股票的关注程度来解释股市的周期性。例如当没有人谈论股市时,股市处于低点;当所有的民众都在讨论股票时,股市处于高点。<br />2. <b>了解自己所买</b>的股票并能从生活中寻获优质公司,彼得•林奇认为投资股票并不需要有专业的金融知识,并不需要具有解剖整份年报的能力,不过最起码要了解所投资的公司。另外寻找优质股也能从生活开始,各种生活用品或日常消费都很可能是投资良机;投资者不必限制自己只能从专业的投资管道寻获优质股。<br />3. <b>六种股票类型</b>,彼得•林奇将股票大致上分为六种:缓慢成长股, 稳定成长股,快速成长股,景气循环股,转机股及资产股。</span><br />
<span style="font-size: large;"><br /><span style="color: blue;"><b>张智超</b></span> </span><br />
<span style="font-size: large;">身为台湾股市奇才,独创的<b>BMW投资法</b>也相当实用。</span><br />
<span style="font-size: large;"><br /><b>B代表了Business Model</b>,分别是五种企业竞争优势:成本优势,销售管道优势,创新优势,技术优势及产品差异化。<br /><b>M代表了Market</b>,该企业的领域市场处于进步或退步周期;接下来是企业本身的市场份额有无增减。另外股市市面上对该领域股票的热衷程度也会对股价波动带来一定影响。<br /><b>W代表了Who</b>,也就是指领导人及管理层。优秀的领导人或管理层将会带领企业前进,成长为越来越大的企业。亚历山大帝说过“我不怕一群被羊带领的狮子,但害怕一群被狮子带领的羊”,由此可见有远见、有魄力的领导人对企业前景的影响。<br /><br />以上数位价值投资大师都是值得我们学习的对象,而投资大师们的智慧我们都能从各大媒体或书籍上学习到。但是为什么自身的投资回酬并不佳呢?笔者个人认为是执行力的问题,个人的情绪、贪婪,耐性,及判断能力轻易地被市场波动所影响。再加上容易错误地理解一些投资大师的智慧,例如巴菲特的“别人恐惧时,我贪婪”,许多投资者在搞不清楚股价为什么下跌的时候就贪婪,却忘了巴菲特的第一条“永远不要亏钱”的投资定律,结局可想而知。<br /> </span><br />
<span style="font-size: large;">WeShare WeTrade </span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-70381753975276859862018-04-01T17:14:00.001+08:002018-04-01T17:14:02.951+08:002018年WeShare WeTrade有奖竞赛 – 双冠军的诞生<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="header"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="35" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="line number"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="endnote reference"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="table of authorities"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="macro"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
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<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
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<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
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<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
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<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
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<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
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<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
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<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
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<w:LsdException Locked="false" Priority="21" QFormat="true"
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<w:LsdException Locked="false" Priority="31" QFormat="true"
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<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
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<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">为期三个月的</span>2018<span lang="ZH-CN" style="font-family: "dengxian";">年</span>WeShare WeTrade<span lang="ZH-CN" style="font-family: "dengxian";">有奖竞赛圆满结束,首先感谢大家的支持与参与,共有</span>306<span lang="ZH-CN" style="font-family: "dengxian";">名符合参赛规则的参赛者,一共选了</span>259<span lang="ZH-CN" style="font-family: "dengxian";">只股。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">由于没想到有这么多参赛者,这对我们在更新成绩时是有难度的,我们总不不可能一个一个检查这</span>259<span lang="ZH-CN" style="font-family: "dengxian";">只股的股价变动啊。为此我们就想了一个办法,花了点时间准备了一个</span>Macro
excel template<span lang="ZH-CN" style="font-family: "dengxian";">,在一分钟内就可以快速知道大马股市的股价变动,竞赛排名等。这也帮助我们在检查自己投资组合表现时,可以快速知道其表现。</span></span><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";"><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">三个月过去,大马的股市的指数虽然是上涨的,其实大部分的股今年都是下跌的,所以参赛者投选的竞赛组合自然是好不到哪里去。</span></span></span></span><br />
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">首先,恭喜以下</span>3<span lang="ZH-CN" style="font-family: "dengxian";">位参赛者,获得总价值</span>RM2,304<span lang="ZH-CN" style="font-family: "dengxian";">的奖品,由于出现双冠军,因此为这两位冠军送上一年会员籍。至于最后一名也可获得为期半年的会员</span></span><span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">籍,<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">愿大家可以在投资路上有更卓越的成绩。</span></span> </span></span></div>
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<a href="https://3.bp.blogspot.com/-onk7ndi3vZM/WsB06sF33MI/AAAAAAAACoM/OkAsHk6IAnMRRiMC0JXkyJdJGJUbq7qywCLcBGAs/s1600/572%2BApr.%2B01%2B13.57.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="520" data-original-width="922" height="360" src="https://3.bp.blogspot.com/-onk7ndi3vZM/WsB06sF33MI/AAAAAAAACoM/OkAsHk6IAnMRRiMC0JXkyJdJGJUbq7qywCLcBGAs/s640/572%2BApr.%2B01%2B13.57.png" width="640" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">以下为竞赛总结的一些数据。</span></span></div>
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<span style="font-size: large;">1. 306<span lang="ZH-CN" style="font-family: "dengxian";">名参赛者,平均投资组合回酬为</span><span lang="ZH-CN"> </span>-14.5%<span lang="ZH-CN" style="font-family: "dengxian";">!!而且只有</span>37<span lang="ZH-CN" style="font-family: "dengxian";">名参赛者投资组合是正成长而已!!</span></span></div>
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<span style="font-size: large;">2. <span lang="ZH-CN" style="font-family: "dengxian";">被投选的</span>259<span lang="ZH-CN" style="font-family: "dengxian";">只股,只有</span>48<span lang="ZH-CN" style="font-family: "dengxian";">只股是上涨而已,</span>2<span lang="ZH-CN" style="font-family: "dengxian";">只股保持不变,剩余</span>209<span lang="ZH-CN" style="font-family: "dengxian";">只股皆下跌。</span></span></div>
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<span style="font-size: large;">3. <span lang="ZH-CN" style="font-family: "dengxian";">有</span>7<span lang="ZH-CN" style="font-family: "dengxian";">只股被超过</span>20<span lang="ZH-CN" style="font-family: "dengxian";">名参赛者投选,而这些热门股只有</span>MYEG<span lang="ZH-CN" style="font-family: "dengxian";">成绩是亮眼的,其余的</span>6<span lang="ZH-CN" style="font-family: "dengxian";">只股都是下跌的。</span></span></div>
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<span style="font-size: large;">PENTA (32<span lang="ZH-CN" style="font-family: "dengxian";">人投选,股价</span><span lang="ZH-CN"> </span>-27.7%)</span></div>
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<span style="font-size: large;">HENGYUAN (29<span lang="ZH-CN" style="font-family: "dengxian";">人投选,股价</span><span lang="ZH-CN"> </span>-53.1%)</span></div>
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<span style="font-size: large;">GADANG (29<span lang="ZH-CN" style="font-family: "dengxian";">人投选,股价</span><span lang="ZH-CN"> </span>-17.1%)</span></div>
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<span style="font-size: large;">MASTEEL (29<span lang="ZH-CN" style="font-family: "dengxian";">人投选,股价</span><span lang="ZH-CN"> </span>-41.5%)</span></div>
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<span style="font-size: large;">HIBISCS (25<span lang="ZH-CN" style="font-family: "dengxian";">人投选,股价</span><span lang="ZH-CN"> </span>-8.4%)</span></div>
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<span style="font-size: large;">DNEX (23<span lang="ZH-CN" style="font-family: "dengxian";">人投选,股价</span><span lang="ZH-CN"> </span>-17.5%)</span></div>
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<span style="font-size: large;">MYEG (21<span lang="ZH-CN" style="font-family: "dengxian";">人投选,股价</span><span lang="ZH-CN"> </span>+30.0%)</span></div>
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<span style="font-size: large;">4. <span lang="ZH-CN" style="font-family: "dengxian";">只有</span>11<span lang="ZH-CN" style="font-family: "dengxian";">只股上涨超过</span>20%<span lang="ZH-CN" style="font-family: "dengxian";">,当中有两家手套股。</span></span></div>
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<a href="https://3.bp.blogspot.com/-4FytbzFjLo4/WsB1jmcgSBI/AAAAAAAACoU/nnNo_y8Dr8QTsoza3AcBQZ6Qqz2ue1EQACLcBGAs/s1600/573%2BApr.%2B01%2B13.58.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="246" data-original-width="174" height="400" src="https://3.bp.blogspot.com/-4FytbzFjLo4/WsB1jmcgSBI/AAAAAAAACoU/nnNo_y8Dr8QTsoza3AcBQZ6Qqz2ue1EQACLcBGAs/s400/573%2BApr.%2B01%2B13.58.png" width="282" /></a></div>
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<span style="font-size: large;">5. 13<span lang="ZH-CN" style="font-family: "dengxian";">只股下跌</span>40%<span lang="ZH-CN" style="font-family: "dengxian";">或以上。</span></span></div>
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<a href="https://4.bp.blogspot.com/-nvtTA51gFNk/WsB1sUxN3MI/AAAAAAAACoY/a2eEc2l1edE7GKOaHau50uLutA-6zY57wCLcBGAs/s1600/574%2BApr.%2B01%2B13.59.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="287" data-original-width="180" height="400" src="https://4.bp.blogspot.com/-nvtTA51gFNk/WsB1sUxN3MI/AAAAAAAACoY/a2eEc2l1edE7GKOaHau50uLutA-6zY57wCLcBGAs/s400/574%2BApr.%2B01%2B13.59.png" width="250" /></a></div>
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<span style="font-size: large;">6. <span lang="ZH-CN" style="font-family: "dengxian";">最后,列出排名前十和最后十名的参赛者排行。前</span>3<span lang="ZH-CN" style="font-family: "dengxian";">名投选的股都是市值比较大的股,因此真的可以看出今年的中小型股的走势都非常地弱。</span></span></div>
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<span style="font-size: large;"><a href="https://1.bp.blogspot.com/-rBQYn4qoZQk/WsB1zrQhM-I/AAAAAAAACoc/0mOrMtP8CtUQNVxKkKejAplGXPpviDutgCLcBGAs/s1600/575%2BApr.%2B01%2B13.59.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="571" height="252" src="https://1.bp.blogspot.com/-rBQYn4qoZQk/WsB1zrQhM-I/AAAAAAAACoc/0mOrMtP8CtUQNVxKkKejAplGXPpviDutgCLcBGAs/s640/575%2BApr.%2B01%2B13.59.png" width="640" /></a></span></div>
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<a href="https://4.bp.blogspot.com/-5twMZ50a5Wo/WsB1-xpN5SI/AAAAAAAACog/Nky-ZTWzaccj2gV3qhg6CHE6lzjSFQ0DQCLcBGAs/s1600/576%2BApr.%2B01%2B14.00.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="561" height="256" src="https://4.bp.blogspot.com/-5twMZ50a5Wo/WsB1-xpN5SI/AAAAAAAACog/Nky-ZTWzaccj2gV3qhg6CHE6lzjSFQ0DQCLcBGAs/s640/576%2BApr.%2B01%2B14.00.png" width="640" /></a></div>
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<span style="font-size: large;">**<span lang="ZH-CN" style="font-family: "dengxian";">基于纳入股息收入后对奖品名次没有影响,因此以上的成绩皆没有展现股息收入。</span></span></div>
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<span style="font-size: large;">WeShare WeTrade</span></div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com1tag:blogger.com,1999:blog-3784102696254346285.post-74393904089118285752018-03-31T18:24:00.000+08:002018-03-31T18:24:08.000+08:00COMFORT的季报成绩到底是好还是坏?<!--[if gte mso 9]><xml>
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<span style="font-size: large;">COMFORT<span lang="ZH-CN" style="font-family: DengXian;">前天季报出炉咯,哇,看手机时下了一跳,稳健上涨的手套股,净利怎么会跌这么多呢?仔细一看,税前盈利是有上涨了</span>25%<span lang="ZH-CN" style="font-family: DengXian;">呀,那应该还好啦。</span></span></div>
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<a href="https://3.bp.blogspot.com/-SauBqDmFDgI/Wr9gLe6jviI/AAAAAAAACns/-o-yHcN0ik0GPMY_j-_CViQHevA39FvtACLcBGAs/s1600/569%2BMar.%2B31%2B18.16.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="439" data-original-width="817" height="342" src="https://3.bp.blogspot.com/-SauBqDmFDgI/Wr9gLe6jviI/AAAAAAAACns/-o-yHcN0ik0GPMY_j-_CViQHevA39FvtACLcBGAs/s640/569%2BMar.%2B31%2B18.16.png" width="640" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">当然要看业绩好不好,一定要点进去阅读咯,由于星期四晚上有点忙,就只是大约浏览而已。过后昨天就看了一些人分析</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">的季报,有者言事实上</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">本季度业绩其实是很好的,而且</span>operating
profit<span lang="ZH-CN" style="font-family: DengXian;">还是历时新高呢!</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">当时笔者就是相当困惑,心里想:哦?这怎么可能呢?所以,笔者决定写了这篇文章,让笔者以会计师的身份为大家分析</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">的季报到底是好还是坏。</span></span></div>
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<b><span style="font-size: large;">1. Gross profit margin <span lang="ZH-CN" style="font-family: DengXian;">下滑</span></span></b></div>
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<span style="font-size: large;">Gross profit <span lang="ZH-CN" style="font-family: DengXian;">是看业绩指标最佳的方式之一,而且在会计的手段也是不容易更改的一环。像近期家具股或塑料股,</span>gross
profit margin<span lang="ZH-CN" style="font-family: DengXian;">都是大幅度下滑(因原料成本上涨),因此这一环一定要先看一看是否还是健康。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">本季度的</span>gross profit margin<span lang="ZH-CN" style="font-family: DengXian;">跌至</span>12.9%<span lang="ZH-CN" style="font-family: DengXian;">,距离全盛时期的</span>14.8%~16.0%<span lang="ZH-CN" style="font-family: DengXian;">有不小的距离。在</span>2017/7<span lang="ZH-CN" style="font-family: DengXian;">的季报的</span>gross
profit margin<span lang="ZH-CN" style="font-family: DengXian;">是更低的,只有</span>11.5%<span lang="ZH-CN" style="font-family: DengXian;">,不过当时季报有注明是销售价格下跌及原料成本上涨所致。而本季度似乎没有解释</span>gross
profit margin<span lang="ZH-CN" style="font-family: DengXian;">下跌的原因,相信是有所美金下滑的影响。</span></span></div>
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<a href="https://1.bp.blogspot.com/-nfAIgwPDNZ8/Wr9gZqAkX-I/AAAAAAAACnw/lsjG7vvwuvE3UUze1wGSy71gxG9wjbc-ACLcBGAs/s1600/566%2BMar.%2B31%2B00.16.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="165" data-original-width="288" height="228" src="https://1.bp.blogspot.com/-nfAIgwPDNZ8/Wr9gZqAkX-I/AAAAAAAACnw/lsjG7vvwuvE3UUze1wGSy71gxG9wjbc-ACLcBGAs/s400/566%2BMar.%2B31%2B00.16.png" width="400" /></a></div>
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<b><span style="font-size: large;">2. Operating profit <span lang="ZH-CN" style="font-family: DengXian;">上涨??</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">因为本季度管理层有</span>Employee Share Award<span lang="ZH-CN" style="font-family: DengXian;">的计划,这笔花费高达</span>RM3.4million<span lang="ZH-CN" style="font-family: DengXian;">。这才让笔者犹记起去年</span>12<span lang="ZH-CN" style="font-family: DengXian;">月</span>20<span lang="ZH-CN" style="font-family: DengXian;">日</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">有宣布此计划。注意哦,这是免费股送给员工们哦,即送了</span>3,190,400<span lang="ZH-CN" style="font-family: DengXian;">股份。</span></span></div>
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<a href="https://1.bp.blogspot.com/-T5TaHnv4_qU/Wr9gkJV0TxI/AAAAAAAACn0/Rq-4E2TUTJQCwYJrtMRASBUPudLb9_AwQCLcBGAs/s1600/567%2BMar.%2B31%2B00.16.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="335" data-original-width="359" height="372" src="https://1.bp.blogspot.com/-T5TaHnv4_qU/Wr9gkJV0TxI/AAAAAAAACn0/Rq-4E2TUTJQCwYJrtMRASBUPudLb9_AwQCLcBGAs/s400/567%2BMar.%2B31%2B00.16.png" width="400" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">这个员工奖励数额合理吗?去年</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">对员工(包括管理层)的年薪,花红等开销约有</span>RM32million<span lang="ZH-CN" style="font-family: DengXian;">,所以这个奖励其实也只占员工年薪的</span>10%<span lang="ZH-CN" style="font-family: DengXian;">而已,属于可接受的范围啦,而且以股份奖励员工比起现金奖励员工的好处是不必动用到现金啦。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">所以,扣除这</span>RM3.4million<span lang="ZH-CN" style="font-family: DengXian;">的花费,</span>COMFORT operating profit <span lang="ZH-CN" style="font-family: DengXian;">实质上有</span>RM10.2million
+ RM3.4million = RM13.6million<span lang="ZH-CN" style="font-family: DengXian;">,当属历史新高?之前最高是上季度的</span>RM11.9million<span lang="ZH-CN" style="font-family: DengXian;">。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">在</span>gross profit margin<span lang="ZH-CN" style="font-family: DengXian;">下跌的情况下,</span>operating
profit<span lang="ZH-CN" style="font-family: DengXian;">还可以创新高?这是最诡异的地方,仔细一看,本季度</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">的</span>gross
profit<span lang="ZH-CN" style="font-family: DengXian;">才</span>RM13.7million<span lang="ZH-CN" style="font-family: DengXian;">而已,怎么可能和</span>operating
profit <span lang="ZH-CN" style="font-family: DengXian;">相近呢</span>? </span></div>
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<b><span style="font-size: large;">3. <span lang="ZH-CN" style="font-family: DengXian;">诡异的</span>other income</span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">而驱使</span>gross profit<span lang="ZH-CN" style="font-family: DengXian;">与</span>operating profit<span lang="ZH-CN" style="font-family: DengXian;">相符的关键在于本季度的</span>other
income<span lang="ZH-CN" style="font-family: DengXian;">达到</span>RM2.8million<span lang="ZH-CN" style="font-family: DengXian;">,比去年同期多了</span>RM2.6million<span lang="ZH-CN" style="font-family: DengXian;">。</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">的</span>other
income <span lang="ZH-CN" style="font-family: DengXian;">增加最大因素来自于本季度有</span>RM2million<span lang="ZH-CN" style="font-family: DengXian;">的</span>Net
fair value gain on derivates<span lang="ZH-CN" style="font-family: DengXian;">。这</span>RM2.8million other income<span lang="ZH-CN" style="font-family: DengXian;">的确帮助了</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">的净利,不过算是一次性的盈利。因此如果要扣除一次性花费那也该扣除一次性盈利,所以事实上本季度的盈利只是中规中矩而已。</span></span></div>
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<a href="https://4.bp.blogspot.com/-lf-E_M2ULOU/Wr9g40oGefI/AAAAAAAACn8/sFoEpymRaocGzD_s1EfHr-8vMvln_kYCQCLcBGAs/s1600/568%2BMar.%2B31%2B00.18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="224" data-original-width="498" height="178" src="https://4.bp.blogspot.com/-lf-E_M2ULOU/Wr9g40oGefI/AAAAAAAACn8/sFoEpymRaocGzD_s1EfHr-8vMvln_kYCQCLcBGAs/s400/568%2BMar.%2B31%2B00.18.png" width="400" /></a></div>
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<b><span style="font-size: large;">4. Deferred tax RM5.2million</span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">向来不必缴税的</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">在本季度突然需要做一个</span>RM5.2million<span lang="ZH-CN" style="font-family: DengXian;">的</span>deferred
tax provision<span lang="ZH-CN" style="font-family: DengXian;">。然后</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">有申请</span>tax allowance<span lang="ZH-CN" style="font-family: DengXian;">,或许这笔</span>provision<span lang="ZH-CN" style="font-family: DengXian;">可能在未来部分可以扣除出来。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">什么是</span>deferred tax provision<span lang="ZH-CN" style="font-family: DengXian;">?这个嘛你可以问问</span>google<span lang="ZH-CN" style="font-family: DengXian;">大神,不过不明白也没关系,在研究季报时通常分析到税前盈利即可,因为税务多寡于公司自身实力没有太多关系。</span></span></div>
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<b><span style="font-size: large;">5. <span lang="ZH-CN" style="font-family: DengXian;">派发</span>1<span lang="ZH-CN" style="font-family: DengXian;">仙股息</span></span></b></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">派发</span>1<span lang="ZH-CN" style="font-family: DengXian;">仙股息,实在是无关痛痒,不过</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">终于有派息了,还是一件可喜可贺的事情。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;"><b>总结:</b>在</span>other income<span lang="ZH-CN" style="font-family: DengXian;">提升</span>RM2.6million<span lang="ZH-CN" style="font-family: DengXian;">情况下,帮助掩盖了送价值</span>RM3.4million<span lang="ZH-CN" style="font-family: DengXian;">免费股和</span>deferred
tax provision RM5.2million<span lang="ZH-CN" style="font-family: DengXian;">等花费。</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">的营业额虽然上涨</span>46%<span lang="ZH-CN" style="font-family: DengXian;">,但这属于达到投资者所期望的范围而已。基于本季度的</span>gross
profit margin<span lang="ZH-CN" style="font-family: DengXian;">欠佳,因此对笔者而言,这个季报还是属于稍微逊色的业绩,不过可以看得出</span>COMFORT<span lang="ZH-CN" style="font-family: DengXian;">业务仍然稳健上涨,只是美金下滑拖了一点后腿。</span></span></div>
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<span style="font-size: large;">WeShare WeTrade</span></div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-67438279224839316232018-03-26T07:54:00.001+08:002018-03-26T08:10:43.896+08:002018年选股有奖竞赛倒数一周:持续低迷的股市<!--[if gte mso 9]><xml>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">上周因为生病缘故,无法赶在周一开市前整理成绩,所以上周战绩被逼停刊一周,在此想大家说声抱歉。现在比赛只剩下倒数一周了,记得要留意我们最后的成绩,特别是目前占据排行榜的朋友们,到时赢了记得联络我们赢取你们的奖品。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">看到参赛者今年至今的成绩,哎,真的惨不忍睹,平均组合竟然是下跌</span>12.9%<span lang="ZH-CN" style="font-family: "dengxian";">!!!参赛者投选的</span>259<span lang="ZH-CN" style="font-family: "dengxian";">只股,只有</span>53<span lang="ZH-CN" style="font-family: "dengxian";">家是上升而已,只占</span>20.5%<span lang="ZH-CN" style="font-family: "dengxian";">。因此可以想象要在红彤彤的股市赚钱是很难的,但是笔者认为大家只要撑得过去接下来或许就是赚大钱的好时机。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">之前股价突破翻倍的</span>LEESK<span lang="ZH-CN" style="font-family: "dengxian";">,已经出现套利现象,股价已欲振乏力,今年涨幅已回跌至</span>64.3%<span lang="ZH-CN" style="font-family: "dengxian";">而已,所以排行榜有投选</span>LEESK<span lang="ZH-CN" style="font-family: "dengxian";">的也只剩下一名参赛者而已。(前两周有投选</span>LEESK<span lang="ZH-CN" style="font-family: "dengxian";">的</span>4<span lang="ZH-CN" style="font-family: "dengxian";">名参赛者皆挤入前十)</span></span></div>
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<span style="font-size: large;"><a href="https://1.bp.blogspot.com/-BE7g2gGCgVE/Wrg1qsKoO2I/AAAAAAAACnM/fkGDcbPbxMYKAf9gRy1rVGXnNiWgqcRpQCEwYBhgL/s1600/562%2BMar.%2B26%2B07.49.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="436" data-original-width="812" height="342" src="https://1.bp.blogspot.com/-BE7g2gGCgVE/Wrg1qsKoO2I/AAAAAAAACnM/fkGDcbPbxMYKAf9gRy1rVGXnNiWgqcRpQCEwYBhgL/s640/562%2BMar.%2B26%2B07.49.png" width="640" /></a></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">而取而代之的最火红热股则是</span>BAHVEST<span lang="ZH-CN" style="font-family: "dengxian";">,这个业绩不断亏钱且基本面看起来烂烂的公司到底有什么吸引之处?原来这家公司即将生黄金了,所以投资者都跟随追捧。事实上股价早已突破翻倍,不过周五股价大回调,在大市不好的情况下相信接下来的一周还会出现高处套利的现象。所以现在排行前两名因</span>BAHVEST<span lang="ZH-CN" style="font-family: "dengxian";">得福的参赛者或许未能保持领先优势至</span>3<span lang="ZH-CN" style="font-family: "dengxian";">月结束。</span></span><br />
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<a href="http://www.sinchew.com.my/node/1737548"><span style="font-size: large;">http://www.sinchew.com.my/node/1737548</span></a></div>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5"/>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">投选股排行</span></span></div>
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<span style="font-size: large;">**<span lang="ZH-CN" style="font-family: "dengxian";">为方便计算,目前成绩暂不计算股息收入,在最后结算前两名和最后一名时才会纳入股息收入。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: "dengxian";">我们将会定时每周上载战况,记得</span>like<span lang="ZH-CN" style="font-family: "dengxian";">我们的面子书以追踪</span>WeShare
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价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-82666064029531284542018-03-25T11:29:00.000+08:002018-03-25T11:29:38.085+08:00从银行家视角看5Cs - A BANKER POINT OF VIEW<span style="font-size: large;">唯物主义主张物质第一,感情排第二。那些说爱情饮水饱的都是傻B来的!</span><br />
<br />
<span style="font-size: large;">女孩在选伴侣时会看5Cs,男孩在选股票时也会看5Cs。</span><br />
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<span style="font-size: large;">今天笔者主要是要探讨选股票时会看的5Cs,想了解遴选伴侣那5Cs的朋友们可以私下我PM😜</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">银行家在借钱时会引用贷款原则(Principle Of Lending),而最基本和最容易记的原则就是5Cs。依序排列即: CHARACTER,CAPACITY,CAPITAL,CONDITIONS和COLLATERAL。让我们来逐个了解一下。 </span></b><br />
<span style="font-size: large;"><br /></span>
<b><span style="color: blue;"><u><span style="font-size: large;">CHARACTER</span></u></span></b><br />
<span style="font-size: large;">这里指的主要是大股东或管理层的诚信,他们是否可靠。我们和银行家不同,银行家在借钱之前可以和大股东或管理层接洽,通过会面和</span><span style="font-size: large;"><span style="font-size: large;">谈话</span>了解他们的为人。而且会受邀到管理层的办公室或工厂巡视,有关负责人也很愿意带他们走一圈来了解一下公司和工厂的运作,因为公司很需要钱。我们这群小散户就只能在一年一度的股东大会上与大股东和管理层对话并发问问题,所以大股东和管理层的诚信对我们来说就更重要了。除了诚信,大股东或管理层的年龄,背景,资历和经验也是我们需要了解的,这些资料都可以在年报中得知。</span><span style="font-size: large;">此外,管理层的经营策略,使命和目标也是值得我们去探讨。在投资前不妨可以自问自答以下几个问题:</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1.)管理层是风险的偏好者还是规避者?</span><br />
<span style="font-size: large;">2.)管理层愿意改变还是偏向保守?</span><br />
<span style="font-size: large;">3.)是内向还是外向?</span><br />
<span style="font-size: large;">4.)是否专注?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">在这科技蓬勃发展和竞争剧烈的时代,我们一般上认为愿意改变的公司会更有优势。</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="color: blue;"><u><span style="font-size: large;">CAPACITY</span></u></span></b><br />
<span style="font-size: large;">银行家会关心两个问题,公司偿还贷款的能力和几时可以收回钱。散户需要关心公司未来赚钱的能力和几时可以赚到钱。CAPACITY涉及的层面很广,包括管理层,员工,产品或服务,公司资产,科技发展,</span><span style="font-size: large;">成本,赚幅,</span><span style="font-size: large;">竞争对手,</span><span style="font-size: large;">市场,整个行业,经济环境,季节性,法律和政治因素等等都会对公司未来还债和赚钱的能力造成影响。在这里我简单的叙述了几个层面,</span><span style="font-size: large;">例如大众银行的大股东兼创办人丹斯里郑鸿标退休后接班人的问题</span><span style="font-size: large;">是每年股东大会上</span><span style="font-size: large;">股东们都</span><span style="font-size: large;">会询问和关心的问题,担心管理层变动后公司业务无法永续的发展下去。此外,公司的奖励结构和福利是否合理?是否在特定领域拥有特别技术人员在处理,要知道员工是公司最大的资产。</span><br />
<br />
<span style="font-size: large;">产品或服务的竞争力,是否有依赖特定的供应商或客户?例如</span><br />
<span style="font-size: large;"><span style="font-size: large;">KAREX(5247)的最大客户就是</span></span><span style="font-size: large;"><span style="font-size: large;"><span style="font-size: large;">著名避孕套品牌DUREX</span>,</span> </span><br />
<span style="font-size: large;"><span style="font-size: large;">PRLEXUS(8966)</span>只是</span><span style="font-size: large;"><span style="font-size: large;">知名运动品牌NIKE</span>的供应商之一罢了。换个角度思考,如果公司向银行借贷的计划是收购原料厂商向上垂直发展或开设新厂来供应新客户订单的话,那么要是计划成功后风险就大大降低了。</span><br />
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<span style="font-size: large;">成本构架也是一个重要的元素,固定成本比可变动成本小的公司在成本控制方面更加得心应手。在大规模的经济效益下可以提高赚幅。</span><br />
<span style="font-size: large;">还有公司所属的行业是在快速成长,成熟阶段还是下跌趋势?例如产业公司在2014年后就开始走下坡,只有少数几家产业股能够脱颖而出。在快速成长的行业下手选股的成功机率会比较高,因为蛋糕比较大比较容易分到吃。</span><br />
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<span style="font-size: large;">了解经济的周期,</span><span style="font-size: large;">行业的性质是周期性(Cyclical),非周期性(Non-Cyclical)还是反周期性(Countercyclical)?一般上产业是经济衰退最先受到打击的行业。非周期性的业务如生产食物,厕纸和肥皂等等必需品的厂商在世道不好时还是有生意做。反周期性的行业如汽车维修公司在经济不景气时的生意反而会更好。</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="color: blue;"><u><span style="font-size: large;">CAPITAL</span></u></span></b><br />
<span style="font-size: large;">第三个C是资本,银行家会想知道公司要借多少钱和借钱的目的。我们小散户就要知道公司资本价值的结构与其比例的关系,特别是股权资本和债权资本之间的关系。简单来说就是股东一共拿出多少钱,赚了多少钱和借了多少钱。另外一点投资者要注意的是大股东持股的比例,太多或太少也不好。太多会导致股票流通量少,太少的话又缺乏积极性。怎么说呢?在银行界有个词叫HURT MONEY,就是借贷人对一项投资项目拿出来投资的钱。如果银行贷出的款项比借贷人从自己口袋拿出来的钱还要多的话,即投资项目比例是银行贷款(60%)& 借贷人的HURT MONEY(40%),那么银行需要承担的风险就会比较高。相反的如果大股东持有大部分股权的话,没有任何人会比大股东更想要公司经营成功赚大钱。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: blue;"><b><u><span style="font-size: large;">CONDITIONS</span></u></b></span><br />
<span style="font-size: large;">这个C</span><span style="font-size: large;"><span style="font-size: large;">银行家</span>会关心两个要素,即条款和报酬。投资者就要了解公司的状况和计算预期的投资报酬。除了阅读公司的年报和季报,再计算一些简单的财务比率。还可以阅读一些财经杂志,金融分析公司的分析报告再配合其他投资工具来预算投资报酬。</span><br />
<br />
<span style="color: blue;"><b><u><span style="font-size: large;">COLLATERAL</span></u></b></span><br />
<span style="font-size: large;">银行家:</span><span style="font-size: large;">“只有在有信心借贷人的投资计划可行并可以制造可观的现金流来偿还贷款才借钱,抵押品只是降低风险的次要偿债来源。”</span><br />
<span style="font-size: large;">投资者:“只有在有信心公司可以赚大钱并可以制造可观的现金流来成长和派发股息才买入,净资产只是降低风险的次要收入来源。”</span><br />
<br />
<span style="font-size: large;">因为公司不会马上变卖资产,把赚到的钱全数派发给股东。而且就算派发也只是一次性,公司将失去持续赚钱的机会。例如房地产投资信托基金(REITs)把Mall卖掉后将失去重复性收入(租金)。不过不同股票的性质不同,例如产业股和种植股拥有大量的地皮,净资产值通常也会比市值大。这些公司除了卖房子和卖油棕赚钱之外,地皮增值便是另一个创造价值的方式。</span><br />
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<span style="font-size: large;">WeShare WeTrade</span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-43515185790833918512018-03-18T13:05:00.001+08:002018-03-18T13:05:04.863+08:00从银行家视角分析上市公司 ~ A BANKER POINT OF VIEW (风险篇)<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-gly-oph9h30/Wq3zcDVGCvI/AAAAAAAACms/9LLgUkE6q7orQ6r6mEDX4ECUzcAJPfS5gCLcBGAs/s1600/risk%2Bmanagement.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="419" data-original-width="778" height="344" src="https://4.bp.blogspot.com/-gly-oph9h30/Wq3zcDVGCvI/AAAAAAAACms/9LLgUkE6q7orQ6r6mEDX4ECUzcAJPfS5gCLcBGAs/s640/risk%2Bmanagement.PNG" width="640" /></a></div>
<b><span style="font-size: large;">什么是风险?</span></b><br />
<span style="font-size: large;">风险是会导致受伤或损失的可能性。我们每一天都面对着许多风险。</span><br />
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<span style="font-size: large;">今天你开车上班会有风险,重复性的对着电脑工作会有风险,放工后到公园跑步会有风险,周末搭巴士回家也会有风险。这些风险都是有可能发生的,只是发生的概率大与小的分别罢了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><b>投资和贷款一样都要做好风险管理</b></span><br />
<span style="font-size: large;">任何生意都需要管理好风险,投资股票也不例外。而银行这们生意其实主要就是风险管理。因为借出去的钱是在未来才收回,而未来充满不确定性,有收不回本金加利息的风险。这和我们投资股票一样,会有血本无归的风险,所以公司未来的成败将决定我们的投资回酬。</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">风险管理(Risk Management)</span></b><br />
<span style="font-size: large;"></span><br />
<span style="font-size: large;">风险管理就是降低风险到可接受和舒服的程度(Comfortable Level)。例如选择买一部拥有安全装备的汽车去上班,</span><span style="font-size: large;"><span style="font-size: large;">在工作和生活之间取得平衡,</span>在跑步前先做适量的热身运动和</span><span style="font-size: large;"><span style="font-size: large;">选择乘搭信誉良好的巴士公司</span>。这样就可以大大降低风险发生的概率。</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">风险与报酬(Risk-Reward Continuum) </span></b><br />
<span style="font-size: large;">High Risk High Return ,Low Risk Low Return。 </span><br />
<span style="font-size: large;">相信大家都听过几千遍了。 不过很多人误解了这句话真正的含义,觉得买万字中的概率小(风险高)可以瞬间致富,不然就上山打老虎(50vs50),或者激进一点的可以买巴冷刀去打劫。其实风险是应该获得适当</span><span style="font-size: large;"><span style="font-size: large;">的</span>管理,高回报只是因为承受高风险后觉得理应得到对称的回报罢了。这让我想起周星驰电影里说过的一句话:“生我只是副作用,你享受制作过程罢了。” 制作过程就像风险管理,当你选择刺激一点(风险高),你就会期望得到相同的满足感。同样的,也有可能带来意外之喜(副作用)。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"></span><br />
<span style="font-size: large;">银行家的胃口决定风险大小,投资者就该依据自身的风险容忍程度(Tolerable Risk Level)来投资。</span><span style="font-size: large;">所以在投资前一定要先了解风险的大小。</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">投资前四必思二必做:</span></b><br />
<b><span style="font-size: large;">四必思: </span></b><br />
<span style="font-size: large;">第一,首先要了解潜在风险。</span><br />
<span style="font-size: large;">第二,风险会发生的可能性。</span><br />
<span style="font-size: large;">第三,风险发生时会带来的影响。</span><br />
<span style="font-size: large;">第四,如何减轻风险带来的损失?</span><br />
<span style="font-size: large;">可以选择避而远之(不买),逐步减缓(卖掉一半),风险转移(卖掉买别的)还是接受风险(继续买入)?</span><br />
<br />
<span style="font-size: large;"> <b>二必做:</b></span><br />
<span style="font-size: large;">第一,做你所选,选你所做。(决定后就不再犹豫)</span><br />
<span style="font-size: large;">第二,继续观察和留意接下来的走势。</span><br />
<br />
<b><span style="font-size: large;">了解投资风险:</span></b><br />
<b><br /></b>
<b><span style="font-size: large;">1.)行业风险</span></b><span style="font-size: large;"> </span><br />
<span style="font-size: large;">任何行业都有自身的生命周期,从开始发展,成长到成熟再进入衰退,入场时必须清楚知道自己的定位。另外太过集中于一个行业会带来集中风险(</span><span style="font-size: large;"><span style="font-size: large;">Concentration Risk</span>)。银行家在借贷时会预先限制对各别领域贷款的数额来分散风险,所以投资者在管理投资组合时也应该避免选择太多同行业的股票。</span><br />
<br />
<b><span style="font-size: large;">2.)市场风险</span></b><span style="font-size: large;"> </span><br />
<span style="font-size: large;">市场上的利率变动(Interest Rate)和汇率波动(Forex)都会对公司带来影响,而且这是外部因素而致(External Factors),是个别公司无法准确预料和控制的。 例如当国家银行调高隔夜利率(Overnight Policy Rate)或马币严重贬值(MYR Depreciate),公司可能需要偿还更多的贷款从而增加了财务上的压力,进而影响赚幅。</span><br />
<br />
<b><span style="font-size: large;">3.)信用风险 </span></b><br />
<span style="font-size: large;">在银行界最担忧的信用风险是贷款人或公司不守信用或无法定时偿还分期付款。而我们投资者在买入一家公司的股票时也要了解一下大股东和管理层的诚信问题,是否有任何负面消息还是有过案例证明诚信是有问题的。如果答案是是的话就最好避而远之。</span><br />
<br />
<b><span style="font-size: large;">4.)营运风险</span></b><br />
<b><span style="font-size: large;"> </span></b><span style="font-size: large;">银行家把营运风险分为四方面:</span><br />
<span style="font-size: large;"><u>内部流程(Internal Process Risk) </u><br />- 公司每日营运的</span><span style="font-size: large;"><span style="font-size: large;">内部</span>流程,例如员工是否经常加班(OT)</span><span style="font-size: large;"><span style="font-size: large;">,加班费和其他福利是否有效的监控和管制,营运</span></span><span style="font-size: large;"><span style="font-size: large;">效率</span>高不高。</span><br />
<u><span style="font-size: large;"> 领导人(People Risk)</span></u><br />
<span style="font-size: large;"> - 掌舵者是否具备才能,能够带领公司继续前进。过往案例发现很多公司经营失败的根本原因并不是因为经济环境的不利因素所致,而是管理层在决策上的失误。</span><u><span style="font-size: large;"> </span></u><br />
<u><span style="font-size: large;">系统(Systems Risk)</span></u><br />
<span style="font-size: large;"> - 在这科技蓬勃发展的年代,利用系统来协助营运可以增加公司的竞争优势,不过也带来了潜在风险。例如一些机密资讯不能让竞争对手知道,还有银行客户的资料等等。所以必须加以管制。</span><br />
<u><span style="font-size: large;">外部(External Risk)</span></u><br />
<span style="font-size: large;">- 这是公司无法准确预测和控制的风险,不过可以通过应急方案(Contingency Plan)来降低风险发生时的损失。例如对工厂购买火险可以降低意外发生时的亏损。</span><br />
<span style="font-size: large;"><br /></span>
<b><span style="font-size: large;">5.)业务风险</span></b><br />
<span style="font-size: large;">公司所从事的业务是否可以持续赚钱?营运模式是否可以长期持续下去?我们可以从多个方面如经济周期,政治,竞争环境,社会趋势,科技,利益相关者(Stakeholders),第三者(Supplier)和灾难等等因素</span><span style="font-size: large;">来考量这些问题。例如</span><span style="font-size: large;"><span style="font-size: large;">供应政府文具的商家在</span>换政府后是否会继续获得新政府的青睐。</span><br />
<br />
<b><span style="font-size: large;">6.)流动风险</span></b><br />
<span style="font-size: large;">这是公司现金流出现问题,现金支出长期比现金流入多导致无法偿还贷款而被迫清盘的风险。我们可以通过计算一些简单的财务数据如Current Ratio和Quick Ratio来分析。</span><br />
<br />
<b><span style="font-size: large;">7.)其他风险</span></b><br />
<span style="font-size: large;">其他风险包括文件合约和公司信誉等等。公司在签合同时是否有</span><span style="font-size: large;"><span style="font-size: large;">咨询</span>律师的专业意见,避免因缺乏相关方面知识而蒙亏,信誉受损。</span><br />
<br />
<br />
<span style="font-size: large;">WeShare WeTrade </span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-47740049335682166662018-03-12T07:50:00.001+08:002018-03-12T07:50:59.119+08:002018年选股有奖竞赛第十周:渐行疯狂的股市,前十组合大公开<!--[if gte mso 9]><xml>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">来到第</span>10<span lang="ZH-CN" style="font-family: DengXian;">周,也是今年最糟糕的一周,</span>306<span lang="ZH-CN" style="font-family: DengXian;">名参赛者投选组合平均回酬继续往下探,为负成长</span>
-8.5%<span lang="ZH-CN" style="font-family: DengXian;">。尽管大马股市大部分的公司今年的股价是下跌的(参赛者投选的</span>259<span lang="ZH-CN" style="font-family: DengXian;">只股,只有</span>60<span lang="ZH-CN" style="font-family: DengXian;">家是上升而已,只占</span>23%<span lang="ZH-CN" style="font-family: DengXian;">),但还是有些股的股价是越来越疯狂的,就好比前三名的牛股,</span>LEESK,
ASDION, BAHVEST<span lang="ZH-CN" style="font-family: DengXian;">,它们今年的涨幅已经疯狂到远远超越其他公司了。从本周开始将公开前十名参赛者的参选的投资组合。至于倒数十名的暂时就没有公开的必要啦,应该也不会有人有兴趣知道。</span></span></div>
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<span style="font-size: large;"><a href="https://3.bp.blogspot.com/-cfGWRD1r4fQ/WqW-p2KHi-I/AAAAAAAACl4/x-6iTr3qlpQSuO7mVJRwA-8bVEdXGNnIQCLcBGAs/s1600/545%2BMar.%2B11%2B22.45.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="439" data-original-width="817" height="342" src="https://3.bp.blogspot.com/-cfGWRD1r4fQ/WqW-p2KHi-I/AAAAAAAACl4/x-6iTr3qlpQSuO7mVJRwA-8bVEdXGNnIQCLcBGAs/s640/545%2BMar.%2B11%2B22.45.png" width="640" /></a></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">你会发现前十名的参赛者有</span>4<span lang="ZH-CN" style="font-family: DengXian;">位把</span>LEESK<span lang="ZH-CN" style="font-family: DengXian;">纳入投资组合因而受惠。基本上今年你有买到</span>LEESK<span lang="ZH-CN" style="font-family: DengXian;">基本上投资组合都是大发的啦,所以</span>306<span lang="ZH-CN" style="font-family: DengXian;">名参赛者中其实就这</span>4<span lang="ZH-CN" style="font-family: DengXian;">位有选择</span>LEESK<span lang="ZH-CN" style="font-family: DengXian;">而已。至于之前一直出现在涨幅榜榜首的</span>HUAAN,
<span lang="ZH-CN" style="font-family: DengXian;">其股价已经打回原形,今年涨幅只剩下</span>9%<span lang="ZH-CN" style="font-family: DengXian;">而已。所以目前处于疯狂的</span>LEESK<span lang="ZH-CN" style="font-family: DengXian;">股价能否持续到三月结束呢?让我们拭目以待。</span></span></div>
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<br /></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">投选股排行</span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: large;"><a href="https://3.bp.blogspot.com/-t_jhR4rISYM/WqW_LSmogPI/AAAAAAAACmA/8T8WYUnBoCskMZM5wBFN0-FN_oxOREsngCLcBGAs/s1600/546%2BMar.%2B11%2B23.10.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="376" height="382" src="https://3.bp.blogspot.com/-t_jhR4rISYM/WqW_LSmogPI/AAAAAAAACmA/8T8WYUnBoCskMZM5wBFN0-FN_oxOREsngCLcBGAs/s640/546%2BMar.%2B11%2B23.10.png" width="640" /></a></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">参赛者排行</span></span></div>
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<span style="font-size: large;">**<span lang="ZH-CN" style="font-family: DengXian;">为方便计算,目前成绩暂不计算股息收入,在最后结算前两名和最后一名时才会纳入股息收入。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">我们将会定时每周上载战况,记得</span>like<span lang="ZH-CN" style="font-family: DengXian;">我们的面子书以追踪</span>WeShare
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价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-80014556513893732022018-03-10T14:01:00.000+08:002018-03-10T14:03:16.144+08:00MGB (7595) - 与私人界建筑承包商龙头大哥KERJAYA的对比分析。(下篇)<div class="separator" style="clear: both; text-align: center;">
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<span style="font-size: large;"><b><u><span style="font-family: "simsun";">与龙头大哥KERJAYA的比较</span></u></b><b><u><o:p></o:p></u></b></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">以下是</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">与私人界建筑龙头</span><span style="font-family: "times new roman";">KERJAYA</span><span style="font-family: "simsun";">在</span><span style="font-family: "times new roman";">2017</span><span style="font-family: "simsun";">年的合约对比:</span><o:p></o:p></span></div>
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<a href="https://4.bp.blogspot.com/-i-sRzZAKLhs/Wn8gddRwp9I/AAAAAAAAChM/QWzT6iuDCWQ1f1XpiA0RjSwapvtregZEQCLcBGAs/s1600/PictureA.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="284" data-original-width="460" height="197" src="https://4.bp.blogspot.com/-i-sRzZAKLhs/Wn8gddRwp9I/AAAAAAAAChM/QWzT6iuDCWQ1f1XpiA0RjSwapvtregZEQCLcBGAs/s320/PictureA.png" width="320" /></span></a></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">如果只是对比</span><span style="font-family: "simsun";">合约数额,</span>MGB<span style="font-family: "simsun";">目前的合约已经达到</span><span style="font-family: "times new roman";">RM2.36 billion</span><span style="font-family: "simsun";">,当年</span><span style="font-family: "times new roman";">KERJAYA</span><span style="font-family: "simsun";">拥有这个数额的合约时公司市值已经超过十亿大关,而目前</span>MGB<span style="font-family: "simsun";">离十亿市值还需要</span><span style="font-family: "times new roman";">15%</span><span style="font-family: "simsun";">的市值增长。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">经过分析认为</span>MGB<span style="font-family: "simsun";">在财政数据方面并不如</span><span style="font-family: "times new roman";">KERJAYA</span><span style="font-family: "simsun";">。</span></span></div>
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<b><span style="font-family: "simsun"; font-size: large;">以</span><span style="font-family: "simsun"; font-size: large;">下是财务数据对比:</span></b></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">对比同样采用</span>IBS<span style="font-family: "simsun";">系统进行建造的</span><span style="font-family: "times new roman";">KERJAYA</span><span style="font-family: "simsun";">,</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">不论在</span><span style="font-family: "times new roman";">profit margin</span><span style="font-family: "simsun";">还是</span><span style="font-family: "times new roman";">cash flow</span><span style="font-family: "simsun";">方面都有着明显的差距。至于</span><span style="font-family: "times new roman";">revenue</span><span style="font-family: "simsun";">方面因为合约数相差不大所以</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的营业额并不会太差。照理说使用</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">系统能够为建筑商带来许多益处但</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的赚幅表现并不可观,也许是能操作</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">系统的机械不足和购买</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">材料的成本高。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">在去年宣告和中国公司</span>Sany<span style="font-family: "simsun";">合作,成立一家联营公司</span><span style="font-family: "times new roman";">(Joint Venture)</span><span style="font-family: "simsun";">,主要制造</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">系统所需要的建筑材料与器材。这家</span><span style="font-family: "times new roman";">Joint Venture</span><span style="font-family: "simsun";">是以</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">旗下独资子公司拥有</span><span style="font-family: "times new roman";">51%</span><span style="font-family: "simsun";">的股权而</span><span style="font-family: "times new roman";">Sany (M)</span><span style="font-family: "simsun";">拥有另外</span><span style="font-family: "times new roman";">49%</span><span style="font-family: "simsun";">的股权。</span><o:p></o:p></span></div>
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<span style="font-size: large;">Sany<span style="font-family: "simsun";">的母公司</span><span style="font-family: "times new roman";">Sany Group</span><span style="font-family: "simsun";">在中国是非常知名的重型工业,目前是中国最大的</span><span style="font-family: "times new roman";">precast concrete</span><span style="font-family: "simsun";">制造商,使用</span><span style="font-family: "times new roman";">precast concrete</span><span style="font-family: "simsun";">的器材制造上和提供</span><span style="font-family: "times new roman";">precast concrete</span><span style="font-family: "simsun";">使用方面的解决方案。在中国国内拥有</span><span style="font-family: "times new roman";">50%</span><span style="font-family: "simsun";">的</span><span style="font-family: "times new roman";">precast concrete</span><span style="font-family: "simsun";">市场份额</span><span style="font-family: "times new roman";">!</span><span style="font-family: "simsun";">同时也入围</span><span style="font-family: "times new roman";">Forbes Global 2000</span><span style="font-family: "simsun";">。工欲善其事,必先利其器,经过联营后相信能让</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">在实施工程时会更有效率,最重要是能够提高目前低迷的赚幅。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b><u><span style="font-family: "simsun";">影响盈利的因素:</span></u></b><b><u><o:p></o:p></u></b></span></div>
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<span style="font-size: large;"><b><u><span style="font-family: "simsun";"><br /></span></u></b></span></div>
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<span style="font-size: large;"><b>LBS<span style="font-family: "simsun";">所颁发的工程的赚幅</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;">MGB<span style="font-family: "simsun";">是</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">的子公司,可以说是成败都是</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">,</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">绝对有</span><span style="font-family: "times new roman";">bargaining power</span><span style="font-family: "simsun";">来和</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">谈建筑工程的价格,可以猜测</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">目前低迷的赚幅都是拜</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">所赐。如果说</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">不能抬高价格来承接</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">的订单,那就只能从成本下手。新的</span><span style="font-family: "times new roman";">joint venture</span><span style="font-family: "simsun";">让</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">能自行生产建筑时需要使用的器材与建材,将会节省原料成本。而合适的器材于机械将会提高工程的效率,有效地缩短工程时间,间接上节省劳工成本和增强现金流周期。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b><span style="color: #00b0f0;"><span style="font-family: "simsun";">总的来说,</span>MGB<span style="font-family: "simsun";">要从</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">工程中获取更大的收益主要取决于</span><span style="font-family: "times new roman";">joint venture</span><span style="font-family: "simsun";">的进度。</span></span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;"><b><span style="font-family: "simsun";">产业业务能否提高赚幅</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">目前唯一</span><span style="font-family: "simsun";">已知</span><span style="font-family: "simsun";">的产业项目将会在未来三年带来一定的盈利,也有助于提高当前集团的整体赚幅和现金流。微弱的赚幅和复数的现金流都是目前集团的软肋,也是许多投资者认为</span>MGB<span style="font-family: "simsun";">的基本面远远不如</span><span style="font-family: "times new roman";">KERJAYA</span><span style="font-family: "simsun";">这种赚幅与现金流都处于非常健康水平的竞争者。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b><span style="color: #00b0f0;"><span style="font-family: "simsun";">产业业务只是占了小份的营业额贡献,但受看好可以提高集团的赚幅。</span></span></b><b><span style="color: #00b0f0;"><o:p></o:p></span></b></span></div>
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<span style="font-size: large;"><b><span style="font-family: "simsun";">除</span>LBS<span style="font-family: "simsun";">以外的工程赚幅</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">在</span>2017<span style="font-family: "simsun";">年,</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">除了从</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">身上获取合约外也从其他发展商身上获取了</span><span style="font-family: "times new roman";">10</span><span style="font-family: "simsun";">亿令吉的合约。接下来几个季度的季报需要密切关注赚幅的变化,届时将得知</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的低赚幅是企业本身成本控制不好或长期以低廉价格争取合约。另外长期不健康的现金流状况也担心难以让手头上众多工程得以依照计划进行,要严防不能定期完工的情况。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b><span style="color: #00b0f0;">2018<span style="font-family: "simsun";">年季报需密切关注赚幅与现金流</span></span></b><b><span style="color: #00b0f0;"><o:p></o:p></span></b></span></div>
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<span style="font-size: large;"><b><u><span style="font-family: "simsun";">公司竞争力与盈利的持续性</span></u></b><b><u><o:p></o:p></u></b></span></div>
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<span style="font-size: large;"><b><span style="font-family: "simsun";">一站式</span>IBS<span style="font-family: "simsun";">系统</span></b><b><span style="font-family: "simsun";">(供应与建造)</span></b></span></div>
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<span style="font-size: large;">MGB<span style="font-family: "simsun";">是国内少数使用</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">系统进行建筑工程的建筑商,虽然其他的建筑商或多或少也有使用但使用量覆盖大部分工程的并不多见。有了</span><span style="font-family: "times new roman";">joint venture</span><span style="font-family: "simsun";">的支持</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">将更能掌握</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">系统的技术,中国方面优良及先进的技术将大大提升</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">在</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">这一领域中的竞争力。同时有自家的工厂生产建筑时所需要的</span><span style="font-family: "times new roman";">concrete</span><span style="font-family: "simsun";">,也能摆脱让供应商控制建材价格的状况,在有生产量的情况下能有效控制成本。</span><o:p></o:p></span></div>
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<span style="font-size: large;">Joint Venture<span style="font-family: "simsun";">带来竞争力:</span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">1. <!--[endif]--><span style="font-family: "simsun";">实时供应</span>IBS<span style="font-family: "simsun";">材料与器材(量身订作)</span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">2. <!--[endif]--><span style="font-family: "simsun";">有效控制建材成本。</span><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">3. <!--[endif]--><span style="font-family: "simsun";">优良技术提升工程时间与建筑物的质量。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b><span style="font-family: "simsun";">和</span>LBS<span style="font-family: "simsun";">携手并进,共同发展国内城镇计划</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;">LBS<span style="font-family: "simsun";">的销售量一直都在提高中,有了</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">优良的</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">技术将能提高</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">产业的知名度和提升品牌。有了优良的地产品牌能提高发展大型城镇计划的成功率,持续不断的发展计划也让</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">一直有新的订单。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b><span style="color: #00b0f0;">LBS<span style="font-family: "simsun";">负责销售地产于创建品牌;</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">负责提高建筑工程效率和提高房地产质量。</span></span></b></span><br />
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<span style="font-family: "simsun"; font-size: large;"><b>WeShare WeTrade</b></span></div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-78985273347770088712018-03-05T19:40:00.000+08:002018-03-05T19:41:24.683+08:00MGB (7595) - 产业发展商LBS的子公司,在建筑领域的一把利刃。(上篇)<div class="separator" style="clear: both; text-align: center;">
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<a href="https://1.bp.blogspot.com/-9LmJuxhTHu0/WpVpQ0JcoAI/AAAAAAAACkg/AVAVHGAjlJE_oy8Hj9Lx6goD3_rUCjrpQCLcBGAs/s1600/MGB.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="452" data-original-width="822" height="350" src="https://1.bp.blogspot.com/-9LmJuxhTHu0/WpVpQ0JcoAI/AAAAAAAACkg/AVAVHGAjlJE_oy8Hj9Lx6goD3_rUCjrpQCLcBGAs/s640/MGB.PNG" width="640" /></a></div>
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<span style="font-size: large;"><b><u><span style="font-family: "simsun";">公司简介</span></u></b><b><u><span style="font-family: "simsun";"><o:p></o:p></span></u></b></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";"><span style="font-family: "simsun";">前身为</span>VTI VINTAGE BERHAD<span style="font-family: "simsun";">,核心业务是生产屋顶瓦片,屋顶和钢铁。同时也有涉足建筑行业。不过因为经营不善而被迫列入</span><span style="font-family: "times new roman";">PN17</span><span style="font-family: "simsun";">,随后易名</span><span style="font-family: "times new roman";">MLGLOBAL</span><span style="font-family: "simsun";">,并积极展开重组计划。后来重组计划获得了林木生集团的青睐,开始时林氏集团只是策略性投资者(拥有</span><span style="font-family: "times new roman";">20%</span><span style="font-family: "simsun";">左右的股权),后来全面收购了过半数的股权,成为</span><span style="font-family: "times new roman";">MLGLOBAL</span><span style="font-family: "simsun";">最大股东。脱离</span><span style="font-family: "times new roman";">PN17</span><span style="font-family: "simsun";">的行列后</span><span style="font-family: "times new roman";">MLGLOBAL</span><span style="font-family: "simsun";">开始专注于建筑发展业务,林木生集团把旗下在建筑业务拥有超过</span><span style="font-family: "times new roman";">10</span><span style="font-family: "simsun";">年经验的建筑公司</span><span style="font-family: "times new roman";">MITC Engineering SB</span><span style="font-family: "simsun";">注入</span><span style="font-family: "times new roman";">MLGLOBAL</span><span style="font-family: "simsun";">,再易名</span><span style="font-family: "times new roman";">MGB BERHAD</span><span style="font-family: "simsun";">。</span></span><b><u><o:p></o:p></u></b></span></div>
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<span style="font-size: large;"><b><u><span style="font-family: "simsun";">市场分析</span></u></b></span></div>
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<span style="font-size: large;"><b><span style="font-family: "simsun";">建筑合约:</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;">2017<span style="font-family: "simsun";">年国内共颁发了接近</span><span style="font-family: "times new roman";">300</span><span style="font-family: "simsun";">亿令吉的建筑合约,各大分析员也估计</span><span style="font-family: "times new roman";">2018</span><span style="font-family: "simsun";">年会有</span><span style="font-family: "times new roman";">250</span><span style="font-family: "simsun";">亿令吉至</span><span style="font-family: "times new roman";">300</span><span style="font-family: "simsun";">亿令吉的建筑合约。</span><o:p></o:p></span></div>
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<span style="font-size: large;">2016<span style="font-family: "simsun";">年主要大型建筑合约: </span><span style="font-family: "times new roman";">MRT2, </span><span style="font-family: "simsun";">砂拉越泛婆罗州大道</span><o:p></o:p></span></div>
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<span style="font-size: large;">2017<span style="font-family: "simsun";">年主要大型建筑合约: </span><span style="font-family: "times new roman";">LRT3, MRT2</span><o:p></o:p></span></div>
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<span style="font-size: large;">2018<span style="font-family: "simsun";">及来年大型建筑合约:东海岸大道,</span><span style="font-family: "times new roman";">MRT3</span><span style="font-family: "simsun";">,隆新高铁</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b>IBS<span style="font-family: "simsun";">系统:</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;">IBS<span style="font-family: "simsun";">建筑技术能是一种比较新式的建筑系统:</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">首先会从工厂制作建筑所需要的</span>concrete(<span style="font-family: "simsun";">混凝土</span><span style="font-family: "times new roman";">)</span><span style="font-family: "simsun";">,所有的墙面都按照设计图的大小在工厂制作。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">在弄好土质工程和打好地桩后就能用器材将原先做好的</span>concrete<span style="font-family: "simsun";">像堆积木那样建造建筑物。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">由于在打桩时已经可以开始制造</span>concrete<span style="font-family: "simsun";">,所以能缩短建筑时间。而且大部份的建造流程都是由机械操作,能减少对建筑劳工的使用。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">这种省时,省力又省钱的建筑系统广受建筑商喜爱,近年许多建筑业者纷纷采用</span>IBS<span style="font-family: "simsun";">系统,一些建材商更是投资工厂制造</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">材料。</span><o:p></o:p></span><br />
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<span style="font-size: large;"><span style="font-family: "simsun";"><span style="font-family: "simsun";">虽然这几年来政府推出大量的基建工程,但</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">只是专注在获取私人机构的建筑合约。去年更开始</span></span></span><span style="font-family: "simsun"; font-size: large;">与</span><span style="font-size: large;">Sany合作</span><span style="font-family: "simsun"; font-size: large;">IBS制造业务。</span></div>
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<span style="font-size: large;"><b><u><span style="font-family: "simsun";">财报解析</span></u></b><b><u><o:p></o:p></u></b></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";"><span style="font-family: "simsun";">由于</span>M</span>GB<span style="font-family: "simsun";"><span style="font-family: "simsun";">在</span>2016<span style="font-family: "simsun";">财政年时还是一家</span><span style="font-family: "times new roman";">P</span></span>N17<span style="font-family: "simsun";"><span style="font-family: "simsun";">公司,所以在</span>2017<span style="font-family: "simsun";">财政年所有季度的业绩表现相比前年都是“突飞猛进”。</span></span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";"><span style="font-family: "simsun";">以下图表为</span>2017<span style="font-family: "simsun";">财政年第三季度的</span></span><b><span style="font-family: "simsun";">业务营业额分布</span></b><span style="font-family: "simsun";">:</span><o:p></o:p></span></div>
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<a href="https://1.bp.blogspot.com/-pfkPQDnESmU/Wn8hBLS6lzI/AAAAAAAAChc/vWo1XZP-0Cw0nqLqPU01aFDM85SAmUmowCLcBGAs/s1600/PictureD.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: large;"><img border="0" data-original-height="490" data-original-width="820" height="191" src="https://1.bp.blogspot.com/-pfkPQDnESmU/Wn8hBLS6lzI/AAAAAAAAChc/vWo1XZP-0Cw0nqLqPU01aFDM85SAmUmowCLcBGAs/s320/PictureD.png" width="320" /></span></a></div>
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<span style="font-size: large;"><span style="font-family: "simsun";"><span style="font-family: "simsun";">非常明显建筑业是集团的核心业务,占了营业额的接近</span>93%<span style="font-family: "simsun";">,但在盈利方面产业业务却贡献了</span><span style="font-family: "times new roman";">27%</span><span style="font-family: "simsun";">。由此可见公司在</span><span style="font-family: "times new roman";">2018</span><span style="font-family: "simsun";">年初收购房地产公司以提升集团盈利表现是有依据的决策。况且在资产分布上,建筑业与亏损的“其他业务”都占用了大部分的资产,产业业务只有不到</span><span style="font-family: "times new roman";">1</span><span style="font-family: "simsun";">亿令吉的资产,在收购案后将会增加产业业务的资产价值。</span></span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";"><span style="font-family: "simsun";">至于新的</span>j</span>oint venture<span style="font-family: "simsun";"><span style="font-family: "simsun";">,在</span>p</span>aid up capital<span style="font-family: "simsun";">只有</span>RM400 mil<span style="font-family: "simsun";">的情况下相信将会举债以建设工厂,这也将进一步增加公司负债。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b>Financial Ratio (YTD quarter 3):</b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;"><b><u><span style="font-family: "simsun";">影响营业额的因素:</span></u></b><b><u><o:p></o:p></u></b></span></div>
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<span style="font-size: large;"><b>LBS<span style="font-family: "simsun";">所颁发的工程</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">在</span>2017<span style="font-family: "simsun";">年,</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">手上</span><span style="font-family: "times new roman";">23</span><span style="font-family: "simsun";">亿令吉的订单有</span><span style="font-family: "times new roman";">10</span><span style="font-family: "simsun";">亿令吉就来自于母公司</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">。</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">集团在</span><span style="font-family: "times new roman";">2018</span><span style="font-family: "simsun";">年的发展计划很多,早前已经获得中国方面批准改造珠海国际赛车场,如果中国当局同意让</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">使用海外建筑公司来进行建造这将是非常好的机会让</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">能进军海外市场。至于在国内</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">也有多项发展项目,在不久前集团董事经理丹斯里林福山才表示集团目前拥有</span><span style="font-family: "times new roman";">3800</span><span style="font-family: "simsun";">英亩的未发展土地也表明不排除会买入大块土地以进行城镇发展</span><span style="font-family: "times new roman";">(township)</span><span style="font-family: "simsun";">。既然</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">还有那么多的土地能够发展,可以预见这些都会是</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">未来的订单。在</span><span style="font-family: "times new roman";">2017</span><span style="font-family: "simsun";">年</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">的营业额达</span><span style="font-family: "times new roman";">14.26</span><span style="font-family: "simsun";">亿令吉,在</span><span style="font-family: "times new roman";">2018</span><span style="font-family: "simsun";">年更设下</span><span style="font-family: "times new roman";">18</span><span style="font-family: "simsun";">亿令吉的目标。由此可见</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">集团是非常积极地在发展,使用拥有</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">系统优势的建筑商</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">也将会是</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">能提升产业领域竞争优势的一把利刃。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b>MGB<span style="font-family: "simsun";">能否从</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">手上获得订单?</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;">LBS<span style="font-family: "simsun";">将</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的股权增加到超过</span><span style="font-family: "times new roman";">50%</span><span style="font-family: "simsun";">的目的就是要可以控制</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的运作,更重要能在将工程交给</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">时能够掌握进度。和中国</span><span style="font-family: "times new roman";">Sany</span><span style="font-family: "simsun";">公司联营这么重要的事也让</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的独资子公司去完成而不是用</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">旗下的公司就证明了</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">想让</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">成为本身发展项目的御用建筑商。预计</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">将会成为</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">集团国内发展项目的合作建筑商,至于能否进军海外市场就要看</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">是否有充足的人力资源以应付海外的工程。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><b><span style="font-family: "simsun";">两项新业务,</span>IBS<span style="font-family: "simsun";">制造业与产业发展能否带来显著的营业额贡献</span></b><b><o:p></o:p></b></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">目前为止,与</span>Sany (M)<span style="font-family: "simsun";">的</span><span style="font-family: "times new roman";">joint venture</span><span style="font-family: "simsun";">计划只是在初始阶段,还需要建设工厂和投资机械才能让生产线投入运作。在人力资源与技术方面也需要时间进行训练和磨合,估计要让新工厂正式运作需要半年至一年的时间。所以在下一个财政年</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">制造业务还不足以为</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的营业额带来显著的影响。在宣布</span><span style="font-family: "times new roman";">joint venture</span><span style="font-family: "simsun";">的时候有表示开始时工厂的产量主要是供应给母公司</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">的发展项目,所以一旦工厂顺利建成也不愁没有客户,相信在</span><span style="font-family: "times new roman";">breakeven</span><span style="font-family: "simsun";">方面也会比其他业者快。</span><o:p></o:p></span></div>
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<span style="font-size: large;">2018<span style="font-family: "simsun";">年</span><span style="font-family: "times new roman";">1</span><span style="font-family: "simsun";">月份,</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">也宣布集团正式进军房地产业务,透过旗下独资子公司</span><span style="font-family: "times new roman";">MGB LAND</span><span style="font-family: "simsun";">收购了一家房地产公司。</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">将持有柔佛州一片</span><span style="font-family: "times new roman";">9.35ha</span><span style="font-family: "simsun";">的土地发展一马公务员房屋计划,发展总值达</span><span style="font-family: "times new roman";">RM93.5 mil</span><span style="font-family: "simsun";">。该计划于</span><span style="font-family: "times new roman";">2018</span><span style="font-family: "simsun";">财政年第二季度开始动工,按照计划将在</span><span style="font-family: "times new roman";">2020</span><span style="font-family: "simsun";">年完成。有了明确的发展计划,房地产业务的营业额将会依据工程进度慢慢地纳入接下来的营业额当中。由于我国政府一直以来都鼓励本地建筑商使用</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">系统进行建造,</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">本身就有使用</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">而且将来还会生产</span><span style="font-family: "times new roman";">IBS</span><span style="font-family: "simsun";">器材与材料,非常有可能再发展与政府有关的房产。而且</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">身为</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">集团的御用建筑商,</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">方面应该不鼓励</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">成为另一个城镇发展品牌来和自己竞争,所以</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的产业业务类型应该会和</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">不一样。</span><o:p></o:p></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">总而言之这两项业务暂时都不能为营业额贡献太多,目前</span>IBS<span style="font-family: "simsun";">制造业只能算是</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的辅助业务,辅助</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">的核心业务(建筑业)和最大客户(</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">)。至于房地产业务,目前只知道一个发展项目也还不知道明确的未来发展方向。还要担心</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">是否有足够的资源分配于建筑业和房地产业,所以可能暂时不会有太大型的产业发展计划。而且</span><span style="font-family: "times new roman";">LBS</span><span style="font-family: "simsun";">集团董事经理林福山也表示进军房地产是为了改善</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">目前低迷的赚幅,当</span><span style="font-family: "times new roman";">MGB</span><span style="font-family: "simsun";">赚幅改善后产业业务将何去何从也是个未知数。</span></span><br />
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<span style="font-size: large;"><span style="font-family: "simsun";">----未完待续----</span></span></div>
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<span style="font-size: large;"><span style="font-family: "simsun";">下篇我们将</span></span><span style="font-family: "simsun"; font-size: large;">与私人界建筑承包商龙头大哥KERJAYA做对比分析,并</span><span style="font-family: "simsun"; font-size: large;">探讨影响MGB净利(Profit Margin)的因素。</span><br />
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<span style="font-family: "simsun"; font-size: large;"><b>WeShare WeTrade</b></span></div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-68759616537260368612018-03-05T07:07:00.000+08:002018-03-05T07:07:27.560+08:002018年选股有奖竞赛第九周:季报的到来,排行大洗牌<!--[if gte mso 9]><xml>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">哇,已经来到第九周了,换言之剩下倒数四周就知道</span>WeShare WeTrade<span lang="ZH-CN" style="font-family: DengXian;">有奖竞赛的股神是谁了。我们知道大家久等了,可是投资之路本来就是要有点耐心才得以看到回报啊,短短的</span>3<span lang="ZH-CN" style="font-family: DengXian;">个月时间算得了什么。</span></span></div>
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<a href="https://3.bp.blogspot.com/-mJcrQKO2PQw/Wpx7sESqfKI/AAAAAAAAClY/XG5A4Ha-mP8sM5bgNSFOZw2JVT73_8dyQCLcBGAs/s1600/534%2BMar.%2B04%2B23.28.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="409" data-original-width="797" height="328" src="https://3.bp.blogspot.com/-mJcrQKO2PQw/Wpx7sESqfKI/AAAAAAAAClY/XG5A4Ha-mP8sM5bgNSFOZw2JVT73_8dyQCLcBGAs/s640/534%2BMar.%2B04%2B23.28.png" width="640" /></a></div>
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<span style="font-size: large;">2<span lang="ZH-CN" style="font-family: DengXian;">月份的季报公布旺月一过,如我们所料,排行会因为季报结果而有所大变化。在跌幅榜竟然看到</span>KAREX<span lang="ZH-CN" style="font-family: DengXian;">的上榜!而参赛者的排行榜的变化更大!霸占榜首之位已久的</span>Jian
Eric<span lang="ZH-CN" style="font-family: DengXian;">在上周还在遥遥领先的情况下,本周竟然跌到第</span>5<span lang="ZH-CN" style="font-family: DengXian;">名了。而</span>306<span lang="ZH-CN" style="font-family: DengXian;">名参赛者平均的投资组合则又转为负成长,为</span>-3.6%<span lang="ZH-CN" style="font-family: DengXian;">。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">而下周开始我们就会公开前</span>10<span lang="ZH-CN" style="font-family: DengXian;">名的选股投资组合,好让大家知道这些领先者到底捉到什么牛股。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">投选股排行</span></span></div>
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<a href="https://1.bp.blogspot.com/-ggGDpeHgHts/Wpx71sY4mxI/AAAAAAAAClc/xFd9ktlkZ3MN2MDXr8rV4nNqsXWLsmPvwCLcBGAs/s1600/535%2BMar.%2B04%2B23.30.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="376" height="382" src="https://1.bp.blogspot.com/-ggGDpeHgHts/Wpx71sY4mxI/AAAAAAAAClc/xFd9ktlkZ3MN2MDXr8rV4nNqsXWLsmPvwCLcBGAs/s640/535%2BMar.%2B04%2B23.30.png" width="640" /></a></div>
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<span style="font-size: large;"><a href="https://2.bp.blogspot.com/-fbYvFua8KME/Wpx76zrBwEI/AAAAAAAAClg/RVCiYQWDR2M7_YSzBKepShZYuURW_gCKQCLcBGAs/s1600/536%2BMar.%2B04%2B23.30.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="475" height="302" src="https://2.bp.blogspot.com/-fbYvFua8KME/Wpx76zrBwEI/AAAAAAAAClg/RVCiYQWDR2M7_YSzBKepShZYuURW_gCKQCLcBGAs/s640/536%2BMar.%2B04%2B23.30.png" width="640" /></a></span></div>
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<span style="font-size: large;">**<span lang="ZH-CN" style="font-family: DengXian;">为方便计算,目前成绩暂不计算股息收入,在最后结算前两名和最后一名时才会纳入股息收入。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">我们将会定时每周上载战况,记得</span>like<span lang="ZH-CN" style="font-family: DengXian;">我们的面子书以追踪</span>WeShare
WeTrade<span lang="ZH-CN" style="font-family: DengXian;">选股有奖竞赛的战况咯。</span></span></div>
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<span style="font-size: large;">WeShare WeTrade</span></div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-61332712956985484152018-03-02T19:27:00.000+08:002018-03-02T19:27:07.467+08:00FREIGHT (7210) - 被冷落的物流股,数据比同行美,独缺竞争优势。<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-jwhdrnelesw/WpVlHnHsypI/AAAAAAAACkI/yRH95kio1w0SsOlfXZh9-cxuJXfj8n2vACLcBGAs/s1600/FREIGHT.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><img border="0" data-original-height="428" data-original-width="768" height="356" src="https://1.bp.blogspot.com/-jwhdrnelesw/WpVlHnHsypI/AAAAAAAACkI/yRH95kio1w0SsOlfXZh9-cxuJXfj8n2vACLcBGAs/s640/FREIGHT.PNG" width="640" /></span></a></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><span style="font-family: "simsun";">主要业务:</span></b><b><span style="font-family: "simsun";"><o:p></o:p></span></b></span></div>
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<!--[if !supportLists]--><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri;">1. </span><!--[endif]--><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';">海路物流运输</span><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';"><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri;">2. </span><!--[endif]--><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';">空运物流运输</span><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';"><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri;">4. </span><!--[endif]--><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';">第三方物流</span><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';"><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri;">5. </span><!--[endif]--><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';">仓库服务</span><span style="font-family: "simsun"; mso-ascii-font-family: Calibri; mso-bidi-font-family: 'Times New Roman'; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';"><o:p></o:p></span></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><span style="font-family: "simsun";">业务分布与营业额贡献:</span></b><b><span style="font-family: "simsun";"><o:p></o:p></span></b></span></div>
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<a href="https://3.bp.blogspot.com/-12LG2aEUNdE/WpgfpJ33rvI/AAAAAAAACkw/s7L-5qbzYI4goCt4uPdtx0FplswZUbAJwCLcBGAs/s1600/FREIGHT%2B1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><img border="0" data-original-height="163" data-original-width="550" height="187" src="https://3.bp.blogspot.com/-12LG2aEUNdE/WpgfpJ33rvI/AAAAAAAACkw/s7L-5qbzYI4goCt4uPdtx0FplswZUbAJwCLcBGAs/s640/FREIGHT%2B1.jpg" width="640" /></span></a></div>
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<a href="https://1.bp.blogspot.com/-XuiAY1d9nos/WpgfwQLwKpI/AAAAAAAACk0/4q0U7zzcBHIfkk6PERkhuyu5Lp1l_YAzwCLcBGAs/s1600/FREIGHT%2B2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><img border="0" data-original-height="222" data-original-width="560" height="252" src="https://1.bp.blogspot.com/-XuiAY1d9nos/WpgfwQLwKpI/AAAAAAAACk0/4q0U7zzcBHIfkk6PERkhuyu5Lp1l_YAzwCLcBGAs/s640/FREIGHT%2B2.jpg" width="640" /></span></a></div>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">(以上资料摘自2017财政年年报)</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">数据显示最大的收入来自于海运,占了总营业额超过60%。而且海运的营业额在逐年增加中,在2017财政年更是达到历史新高的RM290mil。另一个取得突破性成长的领域则是空运物流,在2017财政年一举突破RM40mil大关。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">图表中显示马来西亚的业务占了73%的营业额贡献,但在最新一个季度的季报中显示马来西亚业务的盈利占总盈利接近80%。至于资产方面,马来西亚业务也占用了超过90%的资产,当然也包括了内部使用的资源。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>DFTZ对物流公司的股价刺激并不显著,也不持久</b><o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">物流公司在去年马云宣布在我国建立Digital Free Trade Zone (DFTZ)时一度成为市场宠儿,投资者开始关注物流公司的股票。在一阵潮流后许多物流公司都开始从高点回落,其中陆地运输的市场龙头东南运输(TNLOGIS - 8397)的盈利表现和股价更是节节败退,从2017年的高档RM1.70水平滑落至目前的RM1.20以下。反而FREIGHT这支比较冷门的物流公司的股价一直都比较稳定,而且能保持不错的派息率。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>财务数据:</b><b><o:p></o:p></b></span></div>
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<a href="https://1.bp.blogspot.com/-_DD20ARjOpM/WpggaBYP8ZI/AAAAAAAAClE/Lv2ReXNVxioHklDatTrrKKatRZCd-e-QwCLcBGAs/s1600/FREIGHT%2B3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "times" , "times new roman" , serif; font-size: large;"><img border="0" data-original-height="253" data-original-width="550" height="292" src="https://1.bp.blogspot.com/-_DD20ARjOpM/WpggaBYP8ZI/AAAAAAAAClE/Lv2ReXNVxioHklDatTrrKKatRZCd-e-QwCLcBGAs/s640/FREIGHT%2B3.jpg" width="640" /></span></a></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">在5年财务焦点中营业额在2017财政年是5年最高,但税前盈利和净盈利却不如2013及2014财政年。主要是赚幅从2013财政年的6.2%下降至2017财政年的4.5%,赚幅的下滑抵消了增加的营业额。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>中小型物流公司数据比拼:</b><b><o:p></o:p></b></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">(以上数据取自最近四个季度的数据总和)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">笔者用了另外三家市值介于RM200mil至RM500mil的物流公司来和FREIGHT做比较,其中FREIGHT除了在赚幅方面“包尾”外其他数据都不错。<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">最低的本益比(PE Ratio)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">最高的ROE<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">最高的周息率(Dividend yield)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">超过2.0的current ratio <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>数据比同行美,独缺竞争优势</b><b><o:p></o:p></b></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">FREIGHT比同行低的本益比除了因为比同行低的赚幅外也可能是因为流通票数不足导致成交量低进而难以吸引投资者瞩目。另外FREIGHT本身的竞争力也稍逊于另外三家物流公司:<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>TASCO -</b> 冷链物流市场龙头及正在兴建的新仓库战略性地点<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>CENTURY - </b>拥有韩国大股东撑腰(入股价格RM1.46)及开拓包裹运输新市场<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>XINHWA - </b>拥有中国电子商务商家伊乌购公司50.01%的股权,能特别承包从中国至我国的运输服务。<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">由于没有这三家物流公司那么鲜明的竞争力,所以FREIGHT虽然有物流业中数一数二的估值但却未必具有最佳的成长潜力。不过如果从稳定的投资方向出发,FREIGHT不错的周息率和优良的基本面却是物流股中不错的选择。<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">WeShare WeTrade</span><span style="font-family: "simsun";"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
</div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-76215409205069526792018-02-25T10:53:00.001+08:002018-02-25T10:53:53.698+08:002018年选股有奖竞赛第八周:欢迎股市回春<!--[if gte mso 9]><xml>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">狗年股市开市后迎来反弹,除了参赛者竞选组合平均赚幅从</span>-3.3%<span lang="ZH-CN" style="font-family: DengXian;">转为</span>+1.6%<span lang="ZH-CN" style="font-family: DengXian;">,可说是单周增幅最快的一次,而且有多达</span>11<span lang="ZH-CN" style="font-family: DengXian;">家公司今年的涨幅超过</span>30%<span lang="ZH-CN" style="font-family: DengXian;">呢!!其中多达</span>6<span lang="ZH-CN" style="font-family: DengXian;">家公司涨幅亦达到超过</span>40%<span lang="ZH-CN" style="font-family: DengXian;">以上。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">由于本月是季报公布旺月,在投选股排行可能会迎来更大的变化。如:</span>MEDIA<span lang="ZH-CN" style="font-family: DengXian;">在交出红红的业绩后,本周就加入</span>10<span lang="ZH-CN" style="font-family: DengXian;">大下跌股的第</span>5<span lang="ZH-CN" style="font-family: DengXian;">名。由于还有很多公司下周才公布业绩,相信届时会看更多新面孔。所以大家在季报公布旺月投资时要格外谨慎哦。</span></span></div>
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<span style="font-size: large;">**<span lang="ZH-CN" style="font-family: DengXian;">为方便计算,目前成绩暂不计算股息收入,在最后结算前两名和最后一名时才会纳入股息收入。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: DengXian;">我们将会定时每周上载战况,记得</span>like<span lang="ZH-CN" style="font-family: DengXian;">我们的面子书以追踪</span>WeShare
WeTrade<span lang="ZH-CN" style="font-family: DengXian;">选股有奖竞赛的战况咯。</span></span></div>
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价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-9594148646227645922018-02-25T07:32:00.001+08:002018-02-25T07:32:32.814+08:00LUXCHEM (5143) - 2017年30家高息股之一,2018年首选3大收息股之一。<div class="MsoNormal">
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<a href="https://1.bp.blogspot.com/-unJHizlMYjg/Wn8SXgslT0I/AAAAAAAACfo/hWXRj6VYiYklc-p7BUlmew9oUZqP6gqpACLcBGAs/s1600/luxchem.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="449" data-original-width="836" height="340" src="https://1.bp.blogspot.com/-unJHizlMYjg/Wn8SXgslT0I/AAAAAAAACfo/hWXRj6VYiYklc-p7BUlmew9oUZqP6gqpACLcBGAs/s640/luxchem.PNG" width="640" /></a></div>
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">关于LUXCHEM的一些资料我们在2017年中的高股息系列中已经有介绍,可以参考以下链接:<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><a href="http://wesharenwetrade.blogspot.my/search/label/LUXCHEM"><u><span class="15" style="color: #0563c1;">http://wesharenwetrade.blogspot.my/search/label/LUXCHEM</span></u></a><o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>主要业务</b><o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>化学品贸易 - </b>旗下共有四家贸易公司在经营化学品的进出口贸易,分别为LTSB, LVCL, LTSPL和PTLI。贸易的产品有树胶化学品、FRP (fibreglass reinforce plastic)、染料、化妆品及PVC产品。2016年全年贸易业务营业额中有15%是来自出口,主要出口国是印尼。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>化学品制造业 -</b> 主要生产两种性质的化学品,一种是UPR (unsaturated polyester resin)相关化学品;另一种是树胶有关的化学品 (latex related product)。 生产UPR产品的子公司是LPI,所生产的品牌为“POLYMAL”。产品的使用范围广泛,可用于消费品或工业用途。目前该工厂位于马六甲,一年的产量为3万公吨。2016年4月LUXCHEM收购了TMSB这家子公司,主要是生产树胶相关化学品。TMSB于2011年开始运作,工厂位于霹雳州的Sitiawan,每年的产量是9600公吨。不过目前的生产量只占了总产能的75%,如果full force运作一年产量超过1万公吨应该不成问题。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>LUXCHEM的财务数据:</b><o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">以上的financial ratio是以2017财政年第三个季度的季报财务资料计算。市值是以15/01/2018的收市价格(RM0.79)计算,PE Ratio和ROE则是以最近四个季度的盈利来计算。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">以上数据分析LUXCHEM的基本面算是健康,读者们一定好奇为什么才区区3.5%的周息率竟然被选为收息股。笔者看中的是LUXCHEM的制造业业务,在进行分析时发现原来制造业业务的营业额虽然远远不及贸易业务但赚幅方面却遥遥领先。所以笔者也一直相信LUXCHEM在2016年现金流充裕时收购TMSB公司是能够为股东创造未来价值与更多净现金流的。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">(以上图表摘自2017财政年第三季度季报)<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">图表中制造业业务的营业额和贸易业务是差很远的,external sales更是相差超过4倍。在净利方面这两项业务其实相差无几,这源于制造业更高的赚幅,目前贸易业务的赚幅为3.25%而制造业则是高达14%。在2017财政年的三个季报中,在每个营业额上升的季度管理层都表示贡献于贸易业务,这点也看出制造业微薄的营业额并不足以在集团营业额方面作出太大的贡献。在制造业的营业额中也有超过三分之一是内部营销,这证明了LUXCHEM已经不再只是进行贸易而开始倾向于通过自己的工厂来生产市场上所需要的产品。这点和一些跨国际化学公司按照不同的国家、地区建设工厂和贸易中心来最大化盈利有点相似。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b><span style="color: red;">风险因素</span></b><b><span style="color: red;"><o:p></o:p></span></b></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>下跌的净现金值 </b><b>–</b><b> </b>投资收息类型的公司最开心的就是受到丰厚的股息,而派高息也需要高现金作为后盾。LUXCHEM的净现金值从2016财政年的RM32mil下跌到2017财政年第三个季度的RM16mil。<o:p></o:p></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>原料价格与汇率波动 </b><b>–</b> 这两个因素一直是制造业业者需要面对的重要因素,LUXCHEM的管理层更是铭记于心每个季度都把” exchange rate & raw material price challenge the group” 写进季报里。首先原料价格会直接性影响制造业的成本,不过LUXCHEM的制造业有超过35%的内部营销,可以抵消原料价格上涨的冲击。至于汇率波动方面,贸易业务有70%的供应商和客户都是以美金交易,已经形成了自然对冲。不过有80%以上的制造业是出口至越南、泰国、孟加拉、澳洲、新加坡等国家。汇率波动难免会对盈利带来一定的影响。</span><span style="font-family: 等线; font-size: 11.0000pt; mso-ascii-font-family: Calibri; mso-bidi-font-family: Arial; mso-hansi-font-family: Calibri; mso-spacerun: 'yes';"><o:p></o:p></span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">WeShare WeTrade</span></div>
价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0tag:blogger.com,1999:blog-3784102696254346285.post-41281550513793836392018-02-24T12:32:00.000+08:002018-02-24T12:32:50.067+08:00Sendai (5205)- 转亏为盈是不是意味着起死回生?<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>公司业务:</b></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">1. 钢制建筑商 (Structural Steel Design & Engineering,Supply & Fabrication and Erection)的基建领域,拥有独特技术优势,专构造高度复杂的基建项目。</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">这业务都是公司的主要业绩来源,占了营业额70%以上。</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">2. 汽油行业 (Oil and Gas)</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">3. 土木建筑 (Civil Construction)</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">4. 发电厂 (Power Plant)</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>公司在2016年面临亏损</b></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">主要原因包括:公司资产减值(impairment of financial assets),过高的开销,加上2016年的oil & gas的恢复缓慢,从而影响了公司盈利。也因为整年的亏损,难逃股价有下滑现象。</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">Sendai会起死回生的转折点包括:</span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>1. 转亏为盈</b></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">公司在2017年,年报中记载的目标是改善盈利(转亏为盈)和业绩调高至RM2bil,果然首9个月表现超出预期,2017财务年至第三季,公司业绩来到了RM1311mil,与去年相比高了RM1233Mil。盈利也达到RM56.7Mil,去年的亏损还在RM64.4Mil。而且,与同期相比,公司每一季的业绩都有所改善。</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>2. 中东地区工程</b></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">中东地区依旧是公司最大营业额来源,公司的合约包括博物院,捷运站建筑,办公楼,住宅,高摩天大楼等。随着政府提振国家的经济发展,Sendai身为钢制的建筑公司,可以利用该有的优势,制造基建项目。尤其是阿联酋预测GDP在2017至2020年,每年会提高4-5% 相信公司在近期将会接到较多合约。</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;"><b>3. 可观的合约值。</b></span><br />
<span style="font-family: "times" , "times new roman" , serif; font-size: large;">至2016年,虽然公司面临亏损,但合约值并不差,记载着RM1.8bil。而在2017年公司成功拥有RM1.6bil合约订单,但距离早期公司设下2017的全年合约目标是RM2bil,设下的目标还有些距离,相信这也是股价近期微降的原因。截至2017年9月,订单累计到RM2.7bil。虽然合约值没达标,但相信公司在2018年也会积极地夺取更多订单。</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">以上是我们对Sendai面对转折点的一些看法,行家对这家公司的建议两极化。公司的财务方面会让人比较担心,公司的负债在最近的季报里记载着RM1.19bil,这数额在建筑领域来看有些偏高。也因为负债的过高,所以近期公司都没派发股息。公司常提到将重振公司结构以提高产量为佳,减少不必要的开销。持有此公司的股民们,一起期待公司会否“起死回生”。</span><br />
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<span style="font-family: "times" , "times new roman" , serif; font-size: large;">WeShare Wetrade</span>价值投资心得http://www.blogger.com/profile/11984137715148652255noreply@blogger.com0