◆钟贵发博士 ◆马来亚大学商学院副院长
存款可以分为储蓄和定期存款；储蓄属于中介，定期存款则属于一种投资。
如上一篇所说，储蓄户头的钱在保存了足够3个月开支的款额后，个人就可以开始储存投资资本。
个人应该把足够1000令吉的投资资本，先存进定期户头，在投资资本累积至5000令吉时，就可以开始投资股票。
开定期户头需要的首期存款因银行而异。例如在联昌国际银行定期储存2个月或以上所需的首期存款至少为1000令吉。那么在个人的资本已经达到首期的定期存款的款额时，就可以先把这笔钱存入定期户头，以获得比较储蓄更高的利息回报。
把钱存进定期户头虽然可以获得比较高的利息回报，但是必须存放一个特定的期限。存放的期限越高，利息回报率也就越高。
但在该期限截止前，个人不能把存款提出来，否则会损失所有的利息。
个人在决定定期存款的存款为期时，应考虑在在期限时，个人想要获得并提出的款额是多少（定期存款+利息）。
存款的为期最好是不超过12个月，建议介于24至40岁的打工族在定期户头里的存款最好不超过1万令吉。因为在这群打工族可以利用其余的钱，转进其他投资产品，才能有效地累积财富。
此外，与储蓄户头获得的利息一样，个人从定期存款所获得的利息收入也是不用被征税的。
个人从定期存款获得的利息全数属于自己。
可供做投资资本
除了储蓄户头，定期存款的钱也可以拿来做投资资本。在这两个户头的钱到5000令吉时，个人就可以考虑做其他的投资，如购买股票。
一般上，要购买一股优质股，至少是要有5000令吉。有了5000令吉后，就可以购买一股优质股。这项投资产品将通过往后的的文章仔细讨论。
先比较存款利息
与储蓄一样，个人在开定期户头前，可以先阅读报章、上网查询或打电话咨询有关银行的定期存款服务。
在深思熟虑后，才决定要把钱定期存进哪间银行。
以下是我国其中两间银行所提供的定期存款利息率：
联昌国际银行（CIMB Bank） 存款为期（个月）定期存款利息率（%） 1～5 3.05 6～9 3.10 10 3.15 11 3.20 12 3.30 13～14 3.35 15～17 3.40 18～23 3.45 24～35 3.55 36～47 3.60 48～59 3.70 60 3.80 大众银行（Public Bank） 存款为期（个月）定期存款利息率（%） 1～2 3.00 3～5 3.05 6～11 3.10 12 3.15 13～60 有待斟酌 规划存款期限及回酬
◆规划一
一项好的投资，除了给与投资者高的回报率，也要维持他资金的流动。定期存款可以以不同的期限储蓄，个人可以把收入以不同的期限定期存起来。
例如把1000令吉定期储存3个月，把2000令吉定期储存6个月，及3000令吉定期储存1年。
那么当紧急事件发生，储蓄户头里3个月的款额又不足够应付时，存款者可以选择把为期短及利息率低的定期存款提出来，就可以把利息损失降到最低。
此外，把收入以不同期限定期存起来，可以让个人在想要购买股票时，把为期较短的存款提出来。
这样一来，既有投资资本，个人也不会损失其他存款的利息。
◆规划二
另一方面，当个人有额外收入（如：花红）时，个人可以选择把钱存进一个为期长的定期户头，这样获得的利息就会比短期的利息高。
例如把6000令吉存进为期1年的定期户头，所获得的利息就会比规划一来的高。在一年后，个人可以把这笔存款一次性提出来，购买一些优质的股票，从投资优质股票中获利。
Monday, August 8, 2011
Thursday, August 4, 2011
CIMB Research has Neutral call on MSM
KUALA LUMPUR: CIMB Equities Research has initiated coverage of MSM Holdings Bhd'' with a NEUTRAL call and a target price of RM5.50, which is based on 13 times forward P/E or a 10% discount to its target market P/E of 14.5 times.
It said on Thursday, Aug 4 the dividend yield of 5.5% will provide share price support.
MSM Holdings is currently in a sweet spot, thanks to its 57% share of Malaysia's refined sugar market. Current-year earnings growth prospects are also favourable, aided by a strong ringgit and higher selling prices.
'But these pluses are offset by uncertain raw sugar costs in 2012, slower demand growth as well as rising competition and fuel costs,' it said.
It said on Thursday, Aug 4 the dividend yield of 5.5% will provide share price support.
MSM Holdings is currently in a sweet spot, thanks to its 57% share of Malaysia's refined sugar market. Current-year earnings growth prospects are also favourable, aided by a strong ringgit and higher selling prices.
'But these pluses are offset by uncertain raw sugar costs in 2012, slower demand growth as well as rising competition and fuel costs,' it said.
MBSB extends gains, RHB Research ups TP
At 9.15am, MBSB was up seven sen to RM1.75 with 3.71 million shares traded.
RHB Research maintained its Outperform call on the stock and lifted its fair value for MBSB to RM2.60 from RM2.06, based on unchanged 11x target 2012 PER.
'We have raised our FY11-13 EPS projections by 23.7%/25.1%/28.3% respectively, mainly after raising our net interest margin projections, partly offset by downward revisions to our non-interest income forecasts.
'Our FY11-13 net DPS projections have been raised by 25-30.8%, based on unchanged payout ratio of 30%,' RHB Research said.
MBSB announced on Tuesday its net profit for the second quarter ended June 30, 2011 jumped 58% to RM78.25 million from RM49.51 million a year earlier, due to higher income from Islamic banking operations and conventional business net interest income, lower other operating expenses and lower impairment allowances on loans.
RHB Research maintained its Outperform call on the stock and lifted its fair value for MBSB to RM2.60 from RM2.06, based on unchanged 11x target 2012 PER.
'We have raised our FY11-13 EPS projections by 23.7%/25.1%/28.3% respectively, mainly after raising our net interest margin projections, partly offset by downward revisions to our non-interest income forecasts.
'Our FY11-13 net DPS projections have been raised by 25-30.8%, based on unchanged payout ratio of 30%,' RHB Research said.
MBSB announced on Tuesday its net profit for the second quarter ended June 30, 2011 jumped 58% to RM78.25 million from RM49.51 million a year earlier, due to higher income from Islamic banking operations and conventional business net interest income, lower other operating expenses and lower impairment allowances on loans.
Affin, banks, GAB, Favelle Favco, Catcha
KUALA LUMPUR: MALAYAN BANKING BHD [] and CIMB Group Holdings could be in focus on Friday, Aug 5 after AFFIN HOLDINGS BHD [] decided not to go ahead with its proposed acquisition of an Indonesian bank on mounting concerns about Indonesia’s central bank limiting majority shareholdings in commercial banks.
Affin called off the proposed acquisition of Indonesia’s PT Bank Ina Perdana, one year after the share purchase agreement (SPA) and subscription agreement (SA) had lapsed. It said the conditions precedent to these agreements had not been fulfilled as of Aug 4, 2011.
Most importantly, Affin expressed concern about Bank Indonesia’s currently study of the policy to limit majority shareholdings in commercial banks in Indonesia.
Maybank and CIMB are the other two banks with major shareholdings in Indonesian banks. Worries about the central bank of Indonesia possibly introducing a cap on foreign ownership in local banks later this year had worried investors.
In mid-July, ECM Libra Research said although it remained cautiously optimistic that the new regulation may not be applied retroactively given the difficulties in implementing the policy without potential backlash from foreign investors, this could pose a downside risk to CIMB and Maybank’s earnings prospects, if it was being employed retroactively.
The research house said that current rules in Indonesia make it possible for local banks to be up to 99.0% controlled by one shareholder, including foreign parties.
“We view this development to be potentially negative for CIMB and Maybank, given their majority stakes in the respective Indonesia banks. At present, CIMB owns 96.9% of CIMB Niaga while Maybank owns 97.5% of Bank Internasional Indonesia (BII). As such, the implementation of this regulation could force the banks to dispose their stakes and dampen their earnings prospects,” it said.
ECM Libra Research also said CIMB would be more severely impacted, given that CIMB Niaga’s large contribution to the group’s bottomline and to remain its key earnings driver to the group going forward.
Meanwhile, on a more positive note for the market, GUINNESS ANCHOR BHD [] (GAB) rewarded shareholders with a single tier dividend of 44 sen per share for the financial year ended June 30, 2011 (FY June 2011) compared with 35 sen a year ago.
Net profit fell 18% to RM29.08 million from RM35.48 million a year ago, mainly due to provisions made for its market restructuring. Revenue increased by 13% to RM348.76 million from RM308.71 million mainly due to price, sales mix and an increase in activities in the fourth quarter. Earnings per share were 9.63 sen compared with 11.74 sen.
FAVELLE FAVCO BHD [] has received purchase orders for two offshore cranes and a tower crane with a combined value of RM93.4 million. Its units Favelle Favco Cranes Pte Ltd, Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd had received the purchase orders for the cranes.
HSC Healthcare Sdn Bhd has emerged as a substantial shareholder in Catcha Media after it acquired 6.66 a 5.01% stake in the company. HSC Healthcare, which is helmed by Dr Lim Yin Chow, acquired 6.66 million shares in the company.
The acquisition comes on the heels of other strategic investments in Catcha Media by Genting group’s Datuk Justin Leong Ming Loong who acquired a 5.01%t stake on Aug 2 and STAR PUBLICATIONS (M) BHD [] that bought a 4.99% stake on July 4.
Affin called off the proposed acquisition of Indonesia’s PT Bank Ina Perdana, one year after the share purchase agreement (SPA) and subscription agreement (SA) had lapsed. It said the conditions precedent to these agreements had not been fulfilled as of Aug 4, 2011.
Most importantly, Affin expressed concern about Bank Indonesia’s currently study of the policy to limit majority shareholdings in commercial banks in Indonesia.
Maybank and CIMB are the other two banks with major shareholdings in Indonesian banks. Worries about the central bank of Indonesia possibly introducing a cap on foreign ownership in local banks later this year had worried investors.
In mid-July, ECM Libra Research said although it remained cautiously optimistic that the new regulation may not be applied retroactively given the difficulties in implementing the policy without potential backlash from foreign investors, this could pose a downside risk to CIMB and Maybank’s earnings prospects, if it was being employed retroactively.
The research house said that current rules in Indonesia make it possible for local banks to be up to 99.0% controlled by one shareholder, including foreign parties.
“We view this development to be potentially negative for CIMB and Maybank, given their majority stakes in the respective Indonesia banks. At present, CIMB owns 96.9% of CIMB Niaga while Maybank owns 97.5% of Bank Internasional Indonesia (BII). As such, the implementation of this regulation could force the banks to dispose their stakes and dampen their earnings prospects,” it said.
ECM Libra Research also said CIMB would be more severely impacted, given that CIMB Niaga’s large contribution to the group’s bottomline and to remain its key earnings driver to the group going forward.
Meanwhile, on a more positive note for the market, GUINNESS ANCHOR BHD [] (GAB) rewarded shareholders with a single tier dividend of 44 sen per share for the financial year ended June 30, 2011 (FY June 2011) compared with 35 sen a year ago.
Net profit fell 18% to RM29.08 million from RM35.48 million a year ago, mainly due to provisions made for its market restructuring. Revenue increased by 13% to RM348.76 million from RM308.71 million mainly due to price, sales mix and an increase in activities in the fourth quarter. Earnings per share were 9.63 sen compared with 11.74 sen.
FAVELLE FAVCO BHD [] has received purchase orders for two offshore cranes and a tower crane with a combined value of RM93.4 million. Its units Favelle Favco Cranes Pte Ltd, Favelle Favco Cranes Pty Ltd and Favelle Favco Cranes (M) Sdn Bhd had received the purchase orders for the cranes.
HSC Healthcare Sdn Bhd has emerged as a substantial shareholder in Catcha Media after it acquired 6.66 a 5.01% stake in the company. HSC Healthcare, which is helmed by Dr Lim Yin Chow, acquired 6.66 million shares in the company.
The acquisition comes on the heels of other strategic investments in Catcha Media by Genting group’s Datuk Justin Leong Ming Loong who acquired a 5.01%t stake on Aug 2 and STAR PUBLICATIONS (M) BHD [] that bought a 4.99% stake on July 4.
CIMB Group ventures into Sri Lanka
KUALA LUMPUR: CIMB Group Holdings Bhd's'' CIMB Securities International Pte. Ltd is venturing into Sri Lanka to set up an investment banking advisory joint venture.
It said on Thursday, Aug 4 CIMB Securities International -- its indirect wholly-owned subsidiary ' had entered into a joint venture agreement with its partners Alex Lovell and Reshani Dangalia to establish an investment banking advisory JV.
Under the agreement, the shareholders have committed up to US$2 million for the venture. It will be a subsidiary of CIMB Securities International upon its incorporation.
'The JV company shall provide investment banking services such as corporate, equity and debt capital market and general advisory on mergers and acquisitions, initial public offerings and secondary offerings, primary and dual listings, privatisations, corporate restructuring and capital management, as well as such other related businesses that the Joint Venture company may choose to undertake in the future,' said CIMB.
It said on Thursday, Aug 4 CIMB Securities International -- its indirect wholly-owned subsidiary ' had entered into a joint venture agreement with its partners Alex Lovell and Reshani Dangalia to establish an investment banking advisory JV.
Under the agreement, the shareholders have committed up to US$2 million for the venture. It will be a subsidiary of CIMB Securities International upon its incorporation.
'The JV company shall provide investment banking services such as corporate, equity and debt capital market and general advisory on mergers and acquisitions, initial public offerings and secondary offerings, primary and dual listings, privatisations, corporate restructuring and capital management, as well as such other related businesses that the Joint Venture company may choose to undertake in the future,' said CIMB.
Tambun Indah posts RM4.73m net profit in 2Q
KUALA LUMPUR: Tambun Indah Land Bhd posted net profit of RM4.73m in the second quarter ended June 30, on the back of RM52.44 million in revenue.
The Penang-based property company said on Thursday, Aug 4 that its earnings per share were 2.14 sen. It declared dividend of 4.6 sen per share.
Tambun Indah said the 2Q pre-tax profit before tax was RM11.33 million, up RM9000,000 than 1Q's RM10.43 million.
'This is mainly due to higher revenue were recorded during the current quarter of RM52.45 million compared to revenue of RM35.95 million in the preceding quarter,' it said.
However, the increase in revenue was partially offset by increase in cost of sales, administrative expenses and selling and marketing expenses. Higher administrative expenses in current quarter mainly due to expenses related to three proposed acquisition of Pridaman, Ikhtiar Bitara and Bandar Tasek Mutiara land.
"Higher selling and marketing expenses were incurred in the current quarter as a result of more sales activities from development projects.
Elaborating on the financial results, it said the revenue was RM88.40 million in the first half while pre-tax profit was RM21.76 million.
It said the profit and revenue were mainly from its property development activities. Ongoing projects which contributed to the Group's profit and revenue include Pearl Villas, Pearl Garden, Juru Heights, Carissa Park, Dahlia Park, Impian Residence, Tanjung Heights and Capri Park.
Apart from property development, the group's CONSTRUCTION [] activities and investment holdings activities also contributed to the earnings.
The Penang-based property company said on Thursday, Aug 4 that its earnings per share were 2.14 sen. It declared dividend of 4.6 sen per share.
Tambun Indah said the 2Q pre-tax profit before tax was RM11.33 million, up RM9000,000 than 1Q's RM10.43 million.
'This is mainly due to higher revenue were recorded during the current quarter of RM52.45 million compared to revenue of RM35.95 million in the preceding quarter,' it said.
However, the increase in revenue was partially offset by increase in cost of sales, administrative expenses and selling and marketing expenses. Higher administrative expenses in current quarter mainly due to expenses related to three proposed acquisition of Pridaman, Ikhtiar Bitara and Bandar Tasek Mutiara land.
"Higher selling and marketing expenses were incurred in the current quarter as a result of more sales activities from development projects.
Elaborating on the financial results, it said the revenue was RM88.40 million in the first half while pre-tax profit was RM21.76 million.
It said the profit and revenue were mainly from its property development activities. Ongoing projects which contributed to the Group's profit and revenue include Pearl Villas, Pearl Garden, Juru Heights, Carissa Park, Dahlia Park, Impian Residence, Tanjung Heights and Capri Park.
Apart from property development, the group's CONSTRUCTION [] activities and investment holdings activities also contributed to the earnings.
Monday, August 1, 2011
股市能屡战屡胜，方能致富。
为了避免双重损失的“机会成本”出现，最有效的方法，是在买进之前，货比三家，找出最有价值，最有希望跑赢大势的股只，使你有限的资金，发挥最大的赚钱潜能。
问题是怎样找出“最有价值”的股票？
要回答这个问题，就要返璞归真，弄清楚股票是什么？
股票就是公司股份的证明书，买股票就是买公司的股份，买公司的股份就是参股做生意。
既然如此，我们就要问：做生意的目的是什么？
答案是：赚钱。
赚钱越多的公司，其股份价值越高。
所以，假如数只股票的价格大同小异的话，那么，很明显的，每股净利最高的最值得买进。
通常我们是以本益比作为取决的标准。
假设三只股票的价格均为2令吉，它们的每股净利分别为15仙、20仙和30仙，则本益比分别为13、10及6倍。假如其他条件相同的话，那么，就应购买本益比6倍的那只股票。
参股做生意，我们希望每年都获得红利，也就是股息。
假如三只股价都是2令吉的股票，他们所分发的股息分别为5仙、10和20仙的话，则周息率（Dividend Yield）分别为2.5%、5%和7.5%。
比定存好
那么，你应该选购周息率7.5%的股票。
因为7.5%的股息回酬，比银行定期存款的利息高一倍，你可以将你的投资视为定期存款，这样就可以放心进行长期投资。
我们投资于一家公司，总希望有关公司底子扎实，经得起经济风暴的考验。
所以，最好是购买有形资产价值高过股价的股票。
通常我们是以股价与每股净有形资产的比值为标准，假如比值是低于一倍的话，表示股价被低估，可以买进。
例如股价为2令吉，每股净有形资产为2.8令吉，则股价∕资产比值为2 ÷ 2.8 = 0.71，低于1，这表示你以2令吉买进2.8令吉的资产，值得投资。
除了比较本益比，周息率和每股净有形资产价值之外，最好还要比较其他的因素，例如三家公司的财政情况、历年的业绩纪录、业务的稳定性等，然后选出优点最多的公司，买进其股
票作为投资，这样就可以减低“机会成本”出现的机遇率，提高胜算。
经过严格比较而选出的优质股，股价表现更有把握超越股市大势。
能够做到这一点，你在股市才能屡战屡胜。能屡战屡胜，方能致富。
问题是怎样找出“最有价值”的股票？
要回答这个问题，就要返璞归真，弄清楚股票是什么？
股票就是公司股份的证明书，买股票就是买公司的股份，买公司的股份就是参股做生意。
既然如此，我们就要问：做生意的目的是什么？
答案是：赚钱。
赚钱越多的公司，其股份价值越高。
所以，假如数只股票的价格大同小异的话，那么，很明显的，每股净利最高的最值得买进。
通常我们是以本益比作为取决的标准。
假设三只股票的价格均为2令吉，它们的每股净利分别为15仙、20仙和30仙，则本益比分别为13、10及6倍。假如其他条件相同的话，那么，就应购买本益比6倍的那只股票。
参股做生意，我们希望每年都获得红利，也就是股息。
假如三只股价都是2令吉的股票，他们所分发的股息分别为5仙、10和20仙的话，则周息率（Dividend Yield）分别为2.5%、5%和7.5%。
比定存好
那么，你应该选购周息率7.5%的股票。
因为7.5%的股息回酬，比银行定期存款的利息高一倍，你可以将你的投资视为定期存款，这样就可以放心进行长期投资。
我们投资于一家公司，总希望有关公司底子扎实，经得起经济风暴的考验。
所以，最好是购买有形资产价值高过股价的股票。
通常我们是以股价与每股净有形资产的比值为标准，假如比值是低于一倍的话，表示股价被低估，可以买进。
例如股价为2令吉，每股净有形资产为2.8令吉，则股价∕资产比值为2 ÷ 2.8 = 0.71，低于1，这表示你以2令吉买进2.8令吉的资产，值得投资。
除了比较本益比，周息率和每股净有形资产价值之外，最好还要比较其他的因素，例如三家公司的财政情况、历年的业绩纪录、业务的稳定性等，然后选出优点最多的公司，买进其股
票作为投资，这样就可以减低“机会成本”出现的机遇率，提高胜算。
经过严格比较而选出的优质股，股价表现更有把握超越股市大势。
能够做到这一点，你在股市才能屡战屡胜。能屡战屡胜，方能致富。
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