2017年4月16日星期日

ASB 1481 先进联营是一支 物美价廉股.

这样的数据,能不能買入自己决定吧,近2亿的繳足资本都高过市值了,其他有健康资产负债表 .




Saturday, 15 April 2017

Winds of change at Advance Synergy

image: http://www.thestar.com.my/~/media/online/2017/04/15/00/18/imager20170415t0817155527.ashx/?w=620&h=413&crop=1&hash=5802F948C4B8AFD558CBDC59026877D248ADBC91
Father and son: Ahmad controls ASB while son Anton is now a non-independent director at the company.
Father and son: Ahmad controls ASB while son Anton is now a non-independent director at the company.
 
Two notable developments and the stock is up 70% since start of year
LOW-profile Advance Synergy Bhd (ASB) has been garnering investor interest since the end of February.
The stock is up close to 70% since the start of the year to close at 18.5 sen at last look.
Two notable developments are taking place in ASB, which is majority-controlled by 70-year-old Datuk Ahmad Sebi Bakar, a corporate high-flyer in the late 1980s.
Firstly, the diversified group with interests in hotels and resorts, among others, is seeing a recovery in its fortunes. It returned to the black in the financial year ended Dec 31, 2016 (FY16) with a net profit of RM4.07mil as opposed to a net loss of RM11.59mil previously.
In its fourth quarter of FY16, its revenue came in at RM90.65mil, its strongest in recent years.
The other development took place at the board level where Ahmad Sebi’s son, Anton Syazi Ahmad Sebi, was appointed as non-independent director.
Is the veteran corporate figure preparing to hand over a bigger role to his 39-year-old son in their family flagship company?
According to Bursa Malaysia filings, Anton holds 30.47 million shares of ASB via Eighth Review (M) Sdn Bhd “which were treated as his father’s interest in the ordinary shares of ASB pursuant to Section 59(11)(c) of the Companies Act 2016”.
image: http://www.thestar.com.my/business/business-news/2017/04/15/winds-of-change-at-advance-synergy/~/media/a3e18261bc99472bb5115483a3db3f56.ashx?h=388&w=300
Father and son: Ahmad (left) controls ASB while son Anton is now a non-independent director at the company.
Father and son: Ahmad  controls ASB while son Anton is now a non-independent director at the company.
A graduate from the London School of Economics, Anton is not new to the group, having served in various capacities in the group since joining ASB in 2001. He is currently general manager-corporate development of the company and chief executive of Singapore-listed Captii Ltd, in which ASB controls 58.3%.
However, his appointment to ASB’s board signals that Ahmad Sebi could be looking to pass on the reins to the next generation as part of succession planning, reckon industry observers.
Two years ago, Ahmad Sebi sold down his stake in textile manufacturer Kumpulan Powernet Bhd, sparking some talk that the corporate figure would be winding down and reorganising businesses under him.
With Anton on the board, some dealers speculate a process of unlocking value could begin for the asset-rich but undervalued company.
ASB carries a net asset value per share of 68.4 sen as compared to its share price of 18.5 sen, which is a discount of 72% to the former.
At the current price, the stock’s market capitalisation stands at RM129mil vis-a-vis its net assets of RM515mil.
Ahmad Sebi is currently the group executive chairman and ASB’s major shareholder. He owns a direct 11.57% in the company and another 13.91% indirectly, latest filings on Bursa Malaysia show.
The tycoon also has a daughter, Aryati Sasya Ahmad Sebi, on the board of ASB. She was appointed director in 2013.
The company declined to respond to queries on its plans from StarBizWeek.
ASB is a diversified group with interests in many industries, including hotels and resorts, information technology, property development, travel and tours, education and coach building and card and payment services. Its hotel and resorts division under the brand name of Holiday Villa, travel and tour business, and information and communications technology (ICT) division are the main revenue contributors to the group.
It, however, has been loss-making in the last few years.
“The company is seeing an earnings recovery and there is potential for growth. With the low ringgit environment expected to boost local tourism, the stock is proxy to a tourism play,” says a dealer.
ASB is also cash-rich. It had RM141.54mil in cash and short-term deposits as at the end of last year – higher than its RM129mil market cap.
Short-term borrowings stood at RM25.10mil, while long-term debt commitments were RM78.14mil as at that period. However, the attraction of the stock lies in its assets – land and property.
The group’s Holiday Villa Hotels and Resorts is a leading Malaysian brand name in the hospitality industry and has established itself in many locations worldwide such as the Asia Pacific, Africa, the Middle East, the United Kingdom, the People’s Republic of China and Switzerland.
In the technology space, its portfolio is led by Singapore Exchange-listed Captii, which has been showing improved profits in the last few years.
Captii made a net profit of S$6.4mil (RM20.2mil) in FY16. It has a market cap of S$19.2mil (RM60.5mil) and operates in the technology and telecommunications space in South-East Asia, South Asia, the Middle East and Africa.
Back to ASB, it has a strategic plan in place to grow its core business and explore new markets, according to its statement that accompanied its recently released fourth-quarter results. In the case of its non-core loss-making businesses, it says the focus will be on restructuring and divestment plans.
The company had divested its manufacturing unit in early 2016. .
As for prospects in 2017, the company says it is “cautiously optimistic” on the implementation of its business plan.
“Our group will continue to focus on measures to improve operational efficiencies and productivity, coupled with cost-reduction efforts.”
Elsewhere, Ahmad Sebi also controls SJ Securities Sdn Bhd through private vehicle Carta Bintang Sdn Bhd. The corporate figure, who has kept away from the public eye in recent years, once held top management posts in The New Straits Times Press (M) Bhd and Sistem Televisyen Malaysia Bhd.
He was also chairman of United Merchant Group Bhd, which was 39%-controlled by ASB from 1995 to 2002. With Anton on board as director, some reckon it could spell a new era for the asset-rich penny stock.
TAGS / KEYWORDS:advanced synergy , asb , ahmad sebi

Read more at http://www.thestar.com.my/business/business-news/2017/04/15/winds-of-change-at-advance-synergy/#jWx2eufvzkplofZW.99



感谢网友Calvin Tan,trader8899,SKLYTE之前对Asb 1481 的价值分析:

a)In the 2015 Annual Report of ASB Under Top 10 Properties 

A Freehold Industrial Land & Building Was Purchased In Section 22, Shah Alam, Selangor In Year 2003 for RM31,909,000 

The Land size is 61,492 sq meter. 

Now let's do a simple Calculation & Then Its Valuation 

Land is 61,402 sq. meter. 1 sq meter = 10.7639 sq ft 

So 61,402 x 10.7639 = 660,924 sq ft. 

According to PROPERTYGURU MY Listing. Industrial Land With Buildings are priced between RM200 psf to RM600 psf. For Section 22 Freehold Factories & Lands They are Priced around RM580 psf. 

Let's take a very conservative figure of The Very Lowest Price at Only RM200 psf 

So 660,924 x RM200 = RM132,184,800 

Now Minus Original Purchase Price of RM31,909,000 (Year Bought 2003 - 11 years ago) 

So RM132,184,800 - RM31,909,000 = A Surplus or Profit if Sold = RM100,275,000 

Now let's divide by outstanding shares of ASB - 513,720,000 shares 

So 100,275,000 divided by 513,720,000 = 19.5 Cts 


YES THIS WILL BE THE NET PROFIT IF THE SHAH ALAM SECTION 22 LAND & BUILDING IS SOLD. 

So at Current Price of 17 cts ASB IS SELLING FAR FAR BELOW NTA AND ALSO BELOW NET CASH VALUE IF JUST ONE PROPERTY IS SOLD. 

AND THERE ARE 7 MORE VERY HIGHLY VALUABLE PROPERTIES IN ASB'S TOTAL HOLDINGS. 

NOW CAN YOU SEE WHY ASB IS FAR MORE VALUABLE THAN LCTH MANY TIMES! 

Do Your Own Due Diligence. 

Get Accountants & Valuers To Double Check What I Say Whether It's True or Not 

Regards, 

Calvin Tan 

2.30a.m. 20.05.2014 Singapore Time 
b)Let's Look At Another Interesting Property By ASB 

In The Heart of Kuala Lumpur - The World Number 4 Shopping Destination according to CNN

ASB has an 18 Storey Hotel

Address is no. 69, Jalan Haji Hussein, 50300 Kuala Lumpur

It is Freehold with Land Area of 3,214 sq meter

1 sq meter is 10.7639 sq ft. So 3,214 x 10.7639 = 34,595 sq ft.

Date of Purchase or Last Value was 25/03/2005.

Purchase price was - RM29.077,000

Our Hotel Cum Restaurant in France Bought in Year 2009 for RM15 Mil Was Sold For A Huge Profit of Over RM30 Mil at A Sale Price of RM46.8 Mil

This KL Hotel Should Do Better Because:

1) KL Is In A Property Bull Run
2) Greater KL MRT Will Further Enhance Value
3) The World Famous Lonely Planet Has Included Malaysia as the Top 10 Tourism Nation
4) CNN mentioned Malaysia as World Number 4 Shopping Destination.

After MH370 bad patch is over Chinese Tourists will flock to Malaysia again.

SO WHAT IS THE CURRENT VALUE FOR ASB's 18 STOREY HOTEL IN THE HEART OF KUALA LUMPUR?

Since I am typing this in Singapore I think some one from KL can definitely do a better job

See you - leaving for Booming & Exciting Iskandar now

Regards,

Calvin Tan
20/05/2014 10:45

c)ASB potential take over target? 

ASB can be a potential takeover target with ample liquidity from the assets disposal of France properties and a free float shares of 62 percent. Based on 2012 Annual Report major shareholders hold about 38% of the share. 

In my previous article of July 28, 2013 posted on Trade Signum I had highlighted that we do not even have to evaluated the fixed assets of ASB because the current assets alone can cover for all their total debts outstandings. 

One just have to borrow RM 45-75 million to take majority control of the company. I was very surprised that it took close to a year for investors to take notice what this company is doing for the past few years. Restructuring and Reorganising. 

This counter like many said was the darling back then in 1999 when Mr. Quek Leng Chan and companies took a substantial stake in it. http://klse.i3investor.com/servlets/stk/annchsh/1481.jsp 

If that were the case, shouldn’t they have more knowledge what the shares price is worth now? 

Friends or Foes this counter is going to generate more excitements once it break the 22 sen major resistance level with volume support never seen before in the last 2 days. 

It is now high time for many analysts to take a second look at this counter that has so many business interests all over the world and in particular their undervalued properties asset. 

Just because earnings were not fantastic, this counter is only valued at RM70mio in 2013 Wakey! Wakey! Guys. RE RATE THIS COUNTER. 


-------------------------------------------------------------my posting in tradesignum in 2013...... 

Market capitalisation of ASB as at 26 July 2013 is only RM 75 mio. 

Assuming u take a loan of RM 75 mio and buy over all the shares of this company. 

Now after you have acquired the company start the assets stripping exercise. 

1. Use the Current Assets of RM 286 mio to settle all the liabilities of RM 137 mio. 

Now you still have a balance of RM 149 mio and use this to settle your initial loan of RM 75 mio. 

2. Now you have a cool RM 74 mio of Current Assets. 

3. That's not all. Take a quick look at the FIxed and Long Term Assets ,- 

Property, plant and Equip............ RM 156 mio 
Long Term Investment.................RM 69 mio 
Other Long Term Assets...............RM 11 mio 
Other Intangible...........................RM 8 mio 

So basically you are taking home over RM 318 mio or 62 sen a share without the goodwill of RM100 mio. 

This is a highly illiquid shares so patience is the virtue. 

Happy Investing! Invest at your own risk. 
by trader8899 28-Jul-2013 9:34 AM reply

D)I recommended ASB to Regain Choco Ship people in hope that they make some money. You see ASB was traded range bound between 13 cts to 17 cts. So at 14.5 cts the downside is very limited. 

And since ASB has sold a property to unlock Cash I calculated its asset value. To my surprise I found them very undervalued.

I bought 50,000 shares at 14.5 cts & 50,000 shares at 15 cts. A total of only 100,000 shares or 100 lots only. As Price Has Surged So Much I had Taken Some Profit. The Rest I Will Keep For Long Term As They Are My Profit. Let the profit run...

We should buy below Intrinsic Value & Sell When Market Is Overvalued.

As For ASB I have yet to fathom its True Value. I Think Longer Term ASB Should Rise Above 50 Cts to RM1.00

Short term I really cannot tell. Please trade carefully

Regards,

Calvin Tan
26/05/2014 22:35

E)

I recommended ASB to Regain Choco Ship people to buy ASB at 14.5 cts & Mulpha at 43.5 Cts.

Since then ASB has gone wild and flew up to touch 26 cts. I am definitely a very insignificant small fry to push up ASB. I think there may be 3 reasons

1) Many have opened their eyes to see the Highly Undervalued Assets of ASB so they chased up the shares.

2) Maybe some syndicate also joined in to goreng up.

3) Or some funds or individuals are accumulating Big Time because there is no Controlling Major Shareholder in ASB. If so the substantial share holder is in danger of losing his majority position to someone else.

As of now I really don't know. What I do know is ASB is a very undervalued counter. Long Term Investors are encourage to take position. Short term make or loss I cannot tell.

So please do your own due diligence.

Yes, Mulpha is also very undervalued. Please invest & not speculate too much

Regards,

Calvin Tan
27/05/2014 19:55
F)

1. 15 acres freehold Pahang land - Last revaluation Year 2005 RM32.5m (Should be close to RM50m)
2. 15 acres industrial land in Shah Alam - 2003 - RM32m (Using RM80psf, should be close to RM55m)
3. 1.5 acre 18 storeyhotel building in KL - 2005 - RM29m (Using RM1000psf, should be close to RM65m)
4.Sudan land with hotel - 2005, RM15m (Not sure, should be close to RM20m)
5. Paris hotel building -2009, RM13m (Gonna sell at RM45m?)
6. 9.7 acres industrial land in Tebrau - 2005, RM9m (At RM40psf, should be RM17m)
Other 4 buildings total RM15m valued, assuming no upside

Conservatively, all assets should be valued about RM270m, with cash 130million - debt RM70m ) = RM330m + remaining working capital RM100m =RM430m

RM430m/ 930million shares = RM 0.46 fair value
Correct me if I am wrong, my valuation super cheap only..
28/05/2014 00:56

注:(第五,六的资产己出售)
G)
For Shah Alam The Industrial Land & Building is in Prime Area of Section 22. According To Property Advertised For Sale in PROPERTYGURU MY.COM Factories here are around RM200 to RM600 psf. What I saw In Section 22, Shah Alam, Selangor is around RM580 psf.

And For Tebrau Industrial Land in Iskandar It Should Be Around RM100 psf to RM200 psf according to Mr. Ong who is The Boss of A Brick Factory. He supplies bricks for Major Construction projects in Iskandar.

I think ASB NTA Should Be Around RM1.50 to RM2.00 at the very least. Again the Best Answer Is Company Should Go For A Complete Revaluation by Professional Valuers to Give Exact Figures
28/05/2014 10:18

考,

2017年4月11日星期二

先进协作 Asb 1481 股价20 SEN 被低估了?

--公司于31-12-2016的存款与现金共有1.41亿 ,借款为1.03亿 ,为净现金公司.
--先进协作核心业务为酒店和旅馆、旅游、资讯和通讯科技,以及产业业务。
--先进协作比较吸引投资者的原因应该是该公司的资产值远比股价高数倍。NtA=68 sen,
  並持有价值的产业.
--2011年至今2016年每年都派息,0.25SEN股息将发给于8月份,股价20SEN计,周息率DY为1.25%
--2016年全年赚407万,随着公司脱售亏损业务,接下来的季报将有好的净利表现.
--估计2017年净利2000万,EPs=3sen,pe=17,stock price=51 sen ,马币贬值将吸引更多游客到訪,
  旅遊与洒店业可受惠。
--買股本是趁利好未出时于低价位进入,风险较小,只有待公司成長受限与净利低时,才出货。现呈强力買进机会。
  浅见,4月底 25sen,5月底 30sen,配合公司净利此股向上走势完整. 
--这样的数据,能不能買入自己决定吧,近2亿的繳足资本都高过市值了,其他有健康资产负债表 .
合理价:50sen
只供参考,进出自负
http://www.asb.com.my/

http://www.captii.com/







转贴:a)

Daily technical highlights - (ASB, )

Author: kiasutrader   |   Publish date: Tue, 11 Apr 2017, 09:23 AM 


ASB (Not Rated). Yesterday, ASB’s share price rose 2.5 sen (14.7%) to RM0.195 on high trading volume of 47.5m shares. Historically an illiquid stock, ASB has seen rising trading interest since the release of its FY16 report card in February (FY16 Net Profit of RM8.6m compared to FY15’s net loss of RM10.8m). Since then, the share price had rallied to as high as RM0.18, before entering into a meaningful consolidation phase back towards RM0.155. Nevertheless, yesterday’s bullish move marks a breakout of a “Flag formation” to signal a resumption of its prior uptrend after a brief 3-week pause. Concurrently, the MACD has also crossed above its Signal line to reflect a shift in momentum from bearish to bullish. Hence, we expect further gains ahead over the coming weeks towards RM0.205 (R1), and RM0.235 (R1) and finally the “Flagpole” measurement objective of RM0.24. Downside support is located at RM0.165 (S1) although a move below RM0.155 (S2) would be highly negative for the stock.

b)2016-05-03 12:48


衡量一家公司時,每股淨資產值(NAV)固然是許多投資者喜愛的指標之一,但我們不能完全以此判斷一家公司是否被低估,頂多只能視作參考。


不過,若是一家資產值夠強、業績有機會好轉、股價也看似觸底的公司,或許就值得細細評估一番了。
本期《股海勞月》,想與大家討論的即是一家NAV比股價高出452%、但業績欠穩的公司——先進聯營(ASB,1481,主板工業產品組),看看這家近幾年忙於重整業務和資產的多元業務公司,能否如願翻盤。

先進聯營的歷史非常悠久,可追溯到1920年,前身是Batu Lintang橡膠公司,成立初主要涉足農業,如橡膠和棕油;後來,大馬股票交易所在1960年成立後,Batu Lintang隨即在1961年上市,也因此成為馬股資歷最深的上市公司之一。
後來,配合90年代初的重大內部改革,Batu Lintang才易名為先進聯營,由種植公司轉變成投資控股公司,開始多元化旗下業務。
經多年經營,先進聯營涉獵的業務變得非常廣泛,涵蓋酒店、旅遊、資訊科技、產業發展、金融、教育、製造、中醫等,但卻也正因涉獵太廣,最終分身乏術,多項投資失敗收場,拖垮集團業績。
過去15年虧多賺少
過去15年,先進聯營業績非常波動,且虧多賺少,主要是一些投資失敗收場,被迫承擔數筆巨大撥備損失,但渡過2000年中期的高撥備週期和2009年次貸風暴後,先進聯營管理層吸取教訓,開始調整資產組合,脫售部份資產,強化資產負債表,加上主要業務持穩,終於阻止財務進一步惡化。
從大方向看,該公司目前最舉足輕重的業務有4種,分別是酒店、旅遊、資訊科技和產業發展,其他業務整體未成氣候,所以被統一歸類作“其他業務”,且整體仍在虧損中。
先進聯營旗下酒店業務的招牌是Holiday V i l l a酒店,旅遊業務的主力則是兩家旅遊代理公司Orient Escape Travel和Synergy Tours,資訊科技業務則是透過持股58.3%的新加坡上市公司Captii有限公司進行,也是該公司目前最賺錢的生意,產業發展則以小規模方式進行,收入不穩定,卻持續有利可圖。
新領導上陣
業務合理化
為重整內部策略,先進聯營在2012年委任當時的首席執行員李淑妮(譯音)出任董事經理;觀察先進聯營在李淑妮上任後的種種企業活動,《股海撈月》發現該公司有合理化業務的跡象。
李淑妮上任後,先進聯營就停止4大業務以外的非核心投資,還調整資產組合,把一些表現欠佳的海外資產或投資套現,儘管這些套現活動大都伴隨一些虧損,也拖累了近年業績,卻對長期業績和財務有正面影響。
在合理化資產組合之際,先進聯營還在同期進行了一些投資,惟投資方向不再散亂,而是集中火力在酒店和旅遊業務上。暫時看來,這是很好的轉變。
主要業務賺錢
“其他業務”拖垮業績
據《股海撈月》觀察,先進聯營旗下幾個主要業務,包括酒店、旅遊、資訊科技和產業,其實都在賺錢,造成業績仍無法擺脫虧損的主要原因,是綜合多種零碎生意的“其他業務”持續虧損,如何挽救相關業務是先進聯營業績能否如願翻身的關鍵。
在2015年,“其他業務”合計為先進聯營帶來3千156萬4千令吉營業額,但蒙受973萬1千令吉稅前虧損;對比下,2014年營業額為3千299萬1千令吉,稅前虧損1千160萬6千令吉。
考慮到先進聯營2015年的全年稅前虧損只有46萬6千令吉,“其他業務”儼然是拖垮集團業績的主因。
不管怎樣,先進聯營在今年2月時宣佈脫售的澳洲ADVANSA公司,其實就是“其他業務”中表現最糟的製造業務,顯示管理已在積極整頓。
在上週剛公佈的2015年年報中,管理層預見“其他業務”表現將會在今年改善,原因是拖垮整體表現的製造業務已被脫售,其餘業務營業額則料取得更佳成長表現。
今年業績有望改善
整體而言,先進聯營在李淑妮帶領下暫停投資新業務,把焦點放在合理化現有業務和資產組合是正面發展,雖然目前還不曉得改革戰果何時才能顯現,但相信只要沒再出現新非營運虧損,該公司今年業績有望按年改善。
在2015財政年,先進聯營因在第四季認列撤出柬埔寨酒店投資的1千170萬令吉一次性資產註銷虧損,而淨虧1千121萬2千令吉。
持8千萬現金支撐派息
透過內部整頓,先進聯營的財務狀況漸漸改善,手握大量現金,這允許該公司能在整體業績未明顯改善的情況下,於2011年開始派息,過去5年派息額介於0.25仙至0.5仙。
截至去年12月31日,先進聯營共掌握約1億6千萬令吉現金,扣除8千萬令吉貸款,淨現金仍高達8千萬令吉,相當於每股12.04仙,單是現金就稍高於股價,如此財務狀況,相信足以支持該公司繼續派息。
每股資產值奇高
另外,先進聯營的一大特點是每股資產值奇高;截至去年杪,先進聯營每股資產(NAV)高達66.3仙,意味股價目前以NAV的81.9%折價交易。
先進聯營股價大幅低於資產值,最大原因相信是業績欠穩,再者則是NAV在過去5年持續下滑,從2011年的每股91.6仙,減至去年的66.3仙,使投資者擔心NAV可能繼續滑落。
然而,NAV過去幾年明顯下跌,主要不是資產縮水,而是因先進聯營最大股東拿督阿末瑟比在2014年將其持有的可轉換債券股LA全數轉換成普通股,造成NAV被稀釋。
股價有觸底跡象
據觀察,先進聯營仍在努力穩定業績中,股價也處低迷,雖有強大NAV和繼續派息等兩大支柱,股價卻有觸底跡象。
過去1年間,馬股最糟的時刻當屬去年8月,馬股當時因馬幣暴跌而慘遭驚慌拋售,綜指一度跌近1500點;不過,先進聯營當時最低也只跌觸10.5仙即反彈。
此外今年2月時,先進聯營公佈的第四季業績因取消柬埔寨酒店投資所作賬面減記而慘虧1千零40萬令吉,股價卻不為所動,繼續鞏固在介於11至12仙之間。
由此可見,除非該公司傳出重大利空,又或宏觀危機再現,否則先進聯營現有股價相信已見底,短期下行風險相對低;然而,欲達成可持續的反彈,相信還得先在業績和派息方面有進一步突破。

c)

免费分享心得/陈金阙

Author: Tan KW   |   Publish date: Wed, 5 Apr 2017, 09:33 AM 




谢清海倾囊以授投资的道理,也少不了分享股市投资的心得。
名人来马主讲,我们这些本土的子民,未必有机会一亲芳泽。
要听这些名人一席话,要付出不菲的代价。刚刚结束的2017年全球转型论坛,主办单位邀请到阿里巴巴集团创办人马云、世界飞人博尔特等,可说是精英荟萃。
不过,这个论坛虽然获得政府拨款1500万令吉作为活动开支,入场券还是要介于4000令吉到1万令吉之间,不是普罗大众负担得起。
这种票价,我们固然希望亲自聆听他们分享成功,但是探探自己的荷包,担心自己型转不到,口袋倒破了一个大洞,最后大多数还是放弃算了;有些还自我安慰的调侃自己,其实通过视频或网站也可以看到一样的演讲。
有时我自己也会想,我已经过了那种会冲动到花一笔钱去奥马哈出席伯克夏的股东大会,听股神巴菲特演讲的年龄,可是,万一以后巴菲特受邀来大马演讲,门票售价5000令吉,挟地利之便,我舍得出这笔钱吗?
幸好,这次拿督斯里谢清海的投资分享会,由《星报》主办,卖了星报好大个人情,完全免费,无需我去思考这个难解的问题。
闲话表过,言归正传。虽然免费主讲,谢清海这番来教我们投资的道理,还是倾囊以授,当然也不会少了分享他在股市投资的心得。他举出了五个要点,摘录如下:
1.价值投资最有效
我们不须要博士学位来做投资,只须应用最普通的常识,依照3R来投资股票:正确的业务(RIGHT BUSINESS)、正确的领导层(RIGHT PEOPLE)和正确的价钱(RIGHT PRICE)。
他也点出,因为金融市场是情绪化和没有效率的,有时投资者会被迷惑了,完全无视价值,疯狂追逐股票。
经验告诉他,即使还有其它投资方式例如技术分析、阅读图表、分析风水等,价值投资还是最值得信任的方式。
2.成为长期投资者
短线投资者可能在短时间内取得强劲的成绩,但是,通常这种绩效无法长期(例如5到10年)持续。这是因为大多数短线投资者,容易受到市场噪音的影响,最后买高卖低。反观长期投资者专注在公司的基本面,无惧于市场的波动。
因此,我们要学习成为投资者,而不是投机者,这才不容易犯下错误。
不但如此,谢清海提醒我们,一个成功的投资组合,往往要经过5年的潜伏期慢慢经营,才能奠定日后的成功,如果没有耐心,往往半途而废,失去让它茁壮成长的机会。
3.选择高周息率股
在一个投资组合里,股息往往占了投资回酬的20至30%。不可忽略的是,当面对艰难的市场时,高股息是个保护网,在防守当儿同时可以供给投资者稳定的收入。

机会只给有准备的人/陈金阙

Author: Tan KW   |   Publish date: Wed, 12 Apr 2017, 11:40 AM 




谢清海
上期谈了拿督斯里谢清海的三个投资心得,本期继续摘录剩下两点:
4. 成为逆向投资者
我们必须了解,在大多数时候,你所知道的信息,都是“无用”的,原因在于资讯科技的发达,导致信息和观点很快的传达出去,你所能得到的,几乎都已经反映在股价上。
因此,要在“大家都知道”的情形之下赚大钱,等于缘木求鱼。
当大家在追逐热门炒作的股项时,投资在不出名或者没被热门炒作的股项,与大市反方向运作,被称为逆向操作投资。
如果你独具冷,噢不,独具慧眼,选对了未来的黑马,结果可以为你带来很大利润。
不过,成为一名逆向操作投资者须要具备勇气、卓越的基本价值投资知识,以及很长的耐心来等待投资开花结果。
5. 善用性格优点
最后,是压轴的第五点。谢清海说,个人强大的性格优点才是投资成功真正的秘密。
每个人都有优点和弱点,如何善用自己性格上的优点,改正性格上的弱点,才是制胜之道。其中,包括了:
●有纪律、谦虚和道德;
●对投资的艺术充满热情;
●求知若渴、好学不倦;
●在重要关头能够当机立断,
   做出重要的决定;
●百战不殆,勇于克服挫折,
   等等。
对于那些要从谢清海那儿寻找股票贴士的小股民,可能很失望,因为上述五点,看起来像老生常谈,琢磨起来的确是普通的投资道理,没什么神奇。
不过,这番话出自一位过去20年,专注于价值投资而且很有成就的投资大师,如果您觉得他的秘诀没什么了不起,却又没有他那么辉煌的成绩,或许您应该想想,到底是您的投资出了什么问题?
谢清海为人谦逊真诚,尤其注重虚心学习,不打诳语。其中一件围绕津津乐道的轶事,是他后期的签名,已经改成了英文字“学习”(LEARN),可见他对学习的重视。
放大雄心创更美好未来
另外,谢清海的公司聘请员工时,鼓励员工签署一份里面详细注明公司的道德观如诚实、公平、上进、负责任、以顾客利益为首等等的个人承诺,贯彻人生道理;而且,在好景时,他善待下属,颁发的薪水和花红使他和几名高层成为香港最高赋税人士的一群,足以引以为傲,因此20多年来员工离职不多。
最后,有人提问,十年一度的金融风暴即将来临,他如何面对?
对此,他认为,不管有没有风暴,投资者都应该做好准备,面对一切风险。机会只给有准备的人,过去几十年,每次的风暴以后,有准备的人变得更富有了。
他用了一个比喻:如果我们想要赚1亿,不过害怕金融风暴让我们的投资缩水,那么,不妨把雄心放大一点,蛋糕做大,将目标调高到2亿,那么当金融风暴来时,我们的财富缩水一半,还是有1亿。
我的未来观和这点倒是一致;与其担心未来不可预测的危机而惶惶不可终日,不如发奋图强的把未来创造得更好,将破坏减到最低。
如何做到这点?请重新端详拿督谢的投资五诀。