Saturday, December 31, 2011

Your 10 questions for Tan Sri Lim Wee Chai



With the volatility of both latex prices and currencies, will the profit and growth of the glove industry be sustainable, and the targeted world market share by Top Glove achievable?
In the last one year, players in the rubber glove industry were surprised by the sharp and sudden increase in the latex prices which was at its all-time high of RM10.99/kg early this year. Coupled with the unfavourable currency movements, we were hard hit. However, just like any other problems in life, after you've encountered it once, you become wiser and are more prepared in overcoming it in the future.

We have come to accept that we are in an era of intensified economic cycles and strong volatility due to uncertain global economic situation, the unpredictable weather condition and rampant natural disasters. Therefore, we have to evolve our business model and re-strategise accordingly. We have learned that while being big, it is important to remain agile by having a diversified product mix and having flexible facilities that could respond to different market demands quickly. Once the volatility is factored in, profit and growth should become sustainable. After all, demand is still robust, as glove is a necessity in the healthcare sector.

We expect to see a 30% improvement in our profit in the coming financial year due to the lower latex prices and stronger US dollar.

Given our strong and positive net cash position, this would now be an excellent opportunity to gain market share. During such tough times, the cash-rich would have the ability to hold on. We would also have the financial capability to acquire other companies. Top Glove is still expanding organically and with a potential merger and acquisition (M&A) it is likely we could achieve the targeted world market share of 30%

How did you start your company from such a small size, to what it has become today? How much capital did you spend when you first started your rubber glove business? Who is your mentor?
My mentors are some of the successful Malaysian and international business entrepreneurs.

In 1991, foreseeing a larger emphasis on healthcare, I channelled my glove manufacturing skills into entrepreneurship. My wife and I saved very hard to come up with RM180,000 to start our business.

We had to earn the trust of customers, suppliers, bankers, staff and business associates. Not many companies were willing to order from us but I was not defeated in spite of numerous rejections. Eventually, our quality, cost efficiency and competitive pricing spoke for themselves and we established our presence worldwide. It was the sheer passion for what I enjoyed doing and what I believed in that gave me the strength and determination to keep working at expanding the business.

As we progressed and grew our business, research and development initiatives were undertaken to ensure we kept up with the stringent requirements and demands from our customers and to achieve continuous quality and efficiency. We believe in quality products, always keeping our cost low and being efficient. These are arguably some of the most important criteria for a good company to stay fit regardless of the economic situation.

Having the foresight to expand capacity was also another important factor to our success. It enabled the company to capture the growth in the rubber glove industry. Top Glove's focus on being an original equipment manufacturer since the early days allowed greater economies of scale which translated to more competitive pricing. By mid-2004 we became the world's largest rubber glove manufacturer. Today, we export to approximately 1,000 customers in over 185 countries through our sales and marketing offices in Malaysia, the United States and Germany.

Looking at the achievements of Top Glove today, no doubt your employees are the best assets in making this huge success a reality. How do you motivate your staff in delivering results for the company?
Yes, you're right. Our employees are our greatest assets. Many have stayed on with the company since the early days and have grown together with the company. The long-serving management team provides continuity and stability to the business and enables the development of forward-looking strategies. These strategic initiatives are in turn executed by a highly skilled and dedicated workforce.

We recognise that each employee has different needs and different motivating factors. Therefore we try to cover all bases. At the most basic level, we ensure that our employees' contributions do not go unnoticed. We reward them accordingly based on their performance through a competitive remuneration package, promotion, bonus as well as employees shares and option scheme. We also have monthly recognition for staff that have demonstrated the desired behaviour and delivered the best results in their respective areas. We also invest in the development of our people through regular training. At Top Glove, there is no limit to a person's growth. He or she has every opportunity to become a GM, MD or even a chairman.

When employees have a strong sense of belonging, they voluntarily go the distance to deliver the results. Therefore, at Top Glove, we encourage open communication and feedback from employees at all levels. We are like a big family that shares and learns from each other. Besides that, we are also committed to their health and safety. We monitor their body mass index (BMI) and strongly discourage smoking. In fact, it is a policy that we do not hire smokers. Top Glove has also employed two corporate nutritionists to design the company's cafeteria menu and counsel our employees on suitable diets for individuals. In addition, Top Glove offers its employees subsidised sports facilities to encourage them to exercise.

Besides rubber gloves , what do you or Top Glove plan to venture into and how can Malaysia be ahead or remain competitive in the making of rubber products?
Top Glove will focus on doing what it is good at. We currently have 20 glove factories in Malaysia, Thailand and China manufacturing more than 10 types of rubber gloves which include, among others, examination, surgical, household, cleanroom and industrial gloves. In addition we have moved upstream several years back to set up two latex concentrate factories for better quality control and to ensure more consistent supply.

In the long run, we plan to further integrate upstream into rubber plantation to minimise the fluctuation of rubber price impact on our earnings; as well as to balance our upstream and downstream activities and investment performance. Top Glove's demand from its rubber glove production is big enough to justify having its own plantation to supply its own latex needs. This project is for the long term. We have to start today; or else we would not ever have rubber plantations. These plans were already in the pipeline regardless of the current challenges.

In order for Malaysia to remain competitive in the making of rubber products, the rubber products industry would need to diversify further, emphasising on high value-added and high technology rubber products.

The Government also ought to step up production of rubber to ensure that the local producers can continue to secure latex at a competitive price. In addition, to provide support in the form of technical assistance in research and development, and in promoting our products in the international market through tradeshows and educational campaigns on the benefits of rubber-based products.
What is the one advice you would give to entrepreneurs who are struggling to build their business? What are some of the guiding points you would ask them to be mindful of?
Success is a journey and not a destination. It does not come easy at all. Hardwork is one of the most important elements. There is no short cut around hardwork. But hardwork alone is not sufficient, we also need to work smart and have good teamwork.

We must also commit to our dream and be persistent in the face of challenges. Never give up for if you give up the first time you fail, you will only end in failure. Just keep looking ahead, stay calm and be focused, continue doing what you are best at until you succeed. In time, excellent results will be yours. Always think positive and stay fit physically and mentally.

The important thing is profitability, there is no point being large but losing money. We are guided by the investment direction of “earn two healthy dollars and spend one efficient dollar”. What it means is that we should only spend RM1 for every RM2 earned and ensure that we earn it in a healthy manner. It is important that every company has a business direction. And always plan ahead to capture the growth in the market by setting medium and long-term targets.

Underlying all these, the entrepreneur needs to be principled and never compromise his integrity be honest and transparent.

I read that you are very health conscious. Are you a vegetarian, and what does your diet consist of? What sort of exercise do you still do?
Health is very important. We need to have a healthy body and a healthy mind in order to perform at our best and make the best decisions. I try to ensure that I eat healthily, work out often and have enough rest. Only by taking care of myself am I able to do well and compete in the intense global market. My wife and son are vegetarians but I am not. I just prefer to eat more vegetables. Exercising is part of my work schedule.

I exercise four days a week, which consist of two days of badminton and two days of evening golf. At times I will also go for a round of table tennis.

Are you a moderate or a liberal person? What are some of the life principles that you truly hold on to?
I don't think there is one word that can adequately describe a person. I can be moderate in my views on some matters and liberal on others. In my life, I have always adhered to a few simple guiding principles:

i) To always add positive values to my family, my company and the community

ii) To earn money ethically, compete in a healthy manner and to take care of society

iii) To always think positive, stay healthy and be honest

What do you want from life?
I am very driven to succeed. And success means staying healthy and doing well in all aspects of my life, including my family and my company and being able to contribute to the society.

You are one of Malaysia's most well liked corporate figures because of your humility and honest ways. Is this due to your humble background or was it something you learnt on your own through religion or a mentor?
Thank you for the compliment. To me, respect has got to be earned. It is not given nor can it be demanded. My humble background, education, Buddhist teachings and some life philosophies played a big part in how I live my life. Since young, I was also taught by my father to have zi ai or self-respect and self-discipline. We need to be mindful not to do anything to harm ourselves and we need to always take good care of ourselves. Therefore, I do not believe in behaving unethically for short-term gain but which in the long run may burn myself and destroy my self-worth. Likewise, being humble and respectful of others is also respecting myself.

As you approach the second half of your life, what is it that you hope to achieve for yourself and your company?
I have always enjoyed working and keeping myself busy. I aim to stay healthy and live until 100 years old and it is my target to remain active till then. I hope Top Glove will be even bigger and stronger by the time I hand over the reins.

Wednesday, December 21, 2011

我的股票Portfolio21.12.2011

2011年已经接近尾声了,每年我们都在担心着下一轮经济风暴。2012风暴来不来?
世界已经从欧美国家转移到中国和亚洲经济了。如果这个区域经济开始放缓,肯定冲击比欧债问题严重,因为这个是长期的问题。

马来西亚明年可能大选了。2011我的股票获利不是太好,主要是因为玩太多投机的买卖了。
2012年我必须开始累计股票,而不是一味投机了。希望我研究和看好的公司可以表现好吧。


  Buy At Quantity Cost MktPrice MktValue Gain/Loss
PowerRoot 0.5964 500 298.18 0.480 240.00 (58.18)
Latexx 2.40 200 493.15 1.860 372.00 (121.15)
HuaYang 1.580 100 171.05 1.130 113.00 (58.05)
HuaYang 1.400 200 294.00 1.130 226.00 (68.00)
HuaYang(Bonus 1:3) 0.000 100 0.00 1.130 113.00 113.00
UOADev 1.500 100 163.05 1.330 133.00 (30.05)
UOADev 1.453 100 159.25 1.330 133.00 (26.25)
KKB 1.600 200 334.00 1.660 332.00 (2.00)
Leader 1.000 3000 3004.90 1.010 3030.00 25.10
Fitters 0.900 500 463.27 0.855 427.50 (35.77)

Tuesday, December 13, 2011

房地产投资-创造净现金流最重要

看了investalks Tan81的分享,自己大概做了整合。


这个世界,很多人以为买了房子,不自己住,就是投资。
事实上,是错误的。房产投资的方式,我觉得最好的是可以制造现金流的。Free cash flow concept在地产投资很重要。简单说就是让你的租户帮你供家供楼,最后资产还是你的。

简单的说,房产的银行供款,头期的利息,管理费用,维修费用,税务,保险等,
都是房产投资的开支。租金,停车位,给与租户的服务等,就属于你的收入。
拿收入扣除所有开支,每个月有剩余的,就是正现金流的投资
做不到正现金流的人,没有办法投资,这个还好。

最糟糕的是,我们不断看到,因为担心自己买不到房子,或者贪图房价继续上涨的人,
开始买入房子,我们开始替这些人冒汗。他们以为自己在做着房产投资。
房产,是需要管理,需要出租的。
除非你是发展商,你才会靠来赚钱。
不然,你靠,一开始,你就是 Loser 来的。

去年在北海的聚会时,我就分享过了,真正赚钱的人,都是卖东西的,不是买东西的。
有些人,也许会辩驳,那么我把房子买了下来,卖出去,还不是一样赚钱?
没有错,只要你卖得出的时候,就是赚钱。万一,你卖不出呢?

为什么会卖不出?
第一,风暴来的时候,你就卖不出。经济有周期,有起,就有落。我们迟早会面对经济不景气的。你买进来的房产,到时要怎么卖? 当然,有人会说,在风暴来之前,我把它们都卖出,就好了。真的有那么准吗? 如果这么会看Timing,每次周期,你也可以很容易的赚几百万了。每510年,做一轮就好了。你做得到吗?

第二,买卖房产的费用很高。你自己计算一下,扣除Agent fees,律师费,税务,银行利息,贷款惩罚等等,你会发现到,屋价没有相差 RM100K,是赚不到钱的。现在开始发现到,卖房子,要卖很高价了吗? 要差额RM100K以上,这么快,这么容易达到吗?

第三,房产转让的时间很长。一单交易,快的话,就3-6个月,慢的话,说不定要花整年的时间。由于买卖房产,要看 Timing,交易的时间过长,可能会破化了你的 timing 的选择。

崇尚正现金流的投资者,他们怎么做呢?

他们把房子分隔成月份,卖给租户,或者说,把房子租出去。

由于目的在于租出去,一开始的考量,就会是人口流入或流出。
只有人口大量流入,租金高于投资开支的地点,才会被考虑。
一开始这么做,就降低了买房子的风险。因为买价过高,就会损害现金流,也做不成这个投资了。

所以,正现金流的投资,一向来,都是不容易,或者被认为是困难的。

当然,为了面对经济不景气的周期冲击,现金流不可以刚刚好,最好还有多几%额外的安全空间。那么在经济低潮的时期,就可以通过降低租金来获取租户。一个好地点,就算再糟糕,也不会空无一人的。

要获取正现金流的投资, 第一就是要找到这样的投资机会。很多人连这个门槛也过不了了。
第二,要长期获得现金流,就必须出租房子,管理租户。很多人找到了机会,也做不久,因为没有办法管理这些租户。更加不要说,第三,如何可以大量的去做,管理更多租户。

Claim your “Bantuan Rakyat 1Malaysia (BR1M)” Now

As highlighted in 2012 Budgets, households who earn less than RM3,000 per months are eligible to claim for one-off cash assistance under “Bantuan Rakyat 1Malaysia (BR1M)”.
For those who are eligible, the registration will be opened until 10th January 2012 at various locations including schools. Registration form we be distributed via newspapers and also can be downloaded from Ministry of Finance website.
An action will be taken against people who claim the one-off RM500 aid, but not qualify & submitting false information.
Below are the eligibility criteria,

  1. Malaysian Citizen
  2. Gross household income of less than RM3,000 per month.
  3. Senior citizen who are more than 60 years old, stay alone & earn less than RM3,000 per month
  4. Those receiving aid from the Welfare Department under the e-Kasih were also eligible
Definition of the household
  1. Head of family with dependant
  2. Father, mother or single with dependant
  3. Married children is considered separate household
For more information kindly browse the following webpage,
  1. Ministry of Finance webpage on BR1M
  2. BR1M mechanism
  3. List of registration counter
  4. Registration form

Monday, December 12, 2011

林國泰:博奕結合休閑‧雲頂營業多元化

雲頂(GENTING,3182,主板貿服組)擬斥資38億美元(約120億令吉)在美國邁阿密興建全球最大賭場兼休閒勝地,這項計劃舉世矚目,卻也令市 場人士擔心,這項計劃可能引來一些爭議,特別是賭場往往與“偏門收入”聯繫在一起,其所造成的社會與經濟影響效應,能否超越博奕收入所產生的經濟效益,確 實讓人關注。

雲頂主席兼首席執行員丹斯里林國泰表示,他有信心將亞洲的成功模式轉移到海外其他地方。該公司在新加坡經營47億新元(約115億令吉)的賭場兼度假勝地 “聖淘沙名勝世界”,手上也擁有充裕的現金,可以在現金緊張的美國市場派上用場,況且美國政府正探討減少失業率、降低國家財政開銷等方案,為雲頂的擴張計 劃減少擋路石。

林國泰認為,賭場結合有益身心的度假勝地,是比較理想的業務組合,不論是從金融或政治的層面來看,這不純粹只是博奕而已。

“如果只是為了賺錢,我們不會為了這個目的扼殺自己的前程。”

雲頂集團在大馬、新加坡及紐約擁有資產,主要圍繞在主題公園及度假勝地,賭場只是另一個吸引遊客的賣點。

林國泰表示,雲頂集團的經營方式也像家庭企業,他宣稱,員工不太常摩擦,部份原因是他們的就業環境不錯、工資也相當有競爭力。

林國泰(簡稱林)日前在新加坡接受《華爾街日報》(簡稱華)專訪,以下是訪談內容摘錄:

華:雲頂集團正把業務擴展至亞洲以外地區,你認為是否能將亞洲的成功模式複制,然後搬到美國的邁阿密市場?

林:當然可以,而且相信會成功。我們指的是邁阿密,不是擁有30個賭場的拉斯維加斯,邁阿密是一個世 界級大都會,假如你準備前往南美洲,轉換班機的地方會是邁阿密,歐洲人也經常前往邁阿密經商與度假。邁阿密是一個中心點,比較不足的是缺乏與亞洲的聯繫, 如果能將邁阿密與亞洲聯繫在一起,我認為那將會是一個令人雀躍的地方。

為博奕事業增添休閑概念

華:你對經營賭場的概念,如何與一般人認為的抽雪茄、飲酒的賭場區分?

林:在西方世界,他們將博奕視為賭博,在亞洲,博奕的發展,不單單只是賭博,也許西方市場在開始有關行業時純粹是賭博;可是,在亞洲並非如此,博奕的發展提供不少就業機會,也能讓一家人前來度假、消遣,這並沒有甚麼不妥。

我們從休閒的角度發展博奕,提供人們選擇的空間,他們可以到賭場或度假勝地消遣,而不一定只是吸引賭客,他們可以自己定位。以雲頂集團來說,當我們投資博奕,需要的是額外的元素如家庭休閒,我們認為可以帶給當地社區、甚至是一個國家最大的利益


華:與博彩背道而馳的家庭消遣概念,如何從雲頂集團衍生而來?

林:在大馬的熱帶氣候,英國人習慣到高原勝地避暑,以遠離熱帶炎熱的氣候。何不讓亞洲人也帶他們的家人一起來度假?這就是雲頂集團當年開始發展高原勝地的推動因素,那時腦海里並沒有閃過單單經營博奕務的念頭。

不過,在時任首相的倡議之下,為加速推動大馬的經濟發展,需要更多的投資、興建更多的大型設備、塑造更多就業機會,進而推動經濟成長,這就是大馬經濟成功的過程。先父林梧桐的成功事蹟,也是許多人認為大馬成功的實例。


數字不是最重要的

華:你是否花相當多的時間在公司每日的運作、或比較多監督式的管理?

林:對我來說,數字不是最主要的,身為集團領導人,我要兼顧的是數字以外的東西,集團的經營理念儘量簡單,我們要顧及的是共同目標,好比一支足球隊,每個人扮演不同的角色,假如每個人是進攻者,這樣就不大好。

我儘量確保大家工作開心,不讓他們認為那是朝九晚五的工作,沒有他們,我也動不了,這是我看待本身角色的重點,如果你問我複雜的管理決策,坦白說,我沒有。


華:一些亞洲國家,包括新加坡,嘗試限制博奕活動在遊客範圍,而不鼓勵自己的人民前往賭場,請問:政府的條規是否妨礙你們業務的發展?

林:我不認同“只供外國人”的策略,這樣等於是單程交通,凡事必須互惠互利,你不希望只來賭博的遊客,而是期待打造一個可讓遊客感到舒適的地方,同時可讓他們瞭解你的國家。

把僱員當成一家人

華:你如何看待僱員對公司的滿意度,有助於企業的成功?

林:對我們的僱員,我們是以大家庭成員來看待他們,我們希望他們感到舒適、開心。譬如,在郵輪上,我 們面對工作准證限制的情況不多,那是一個學習交易的平台。我們尊重本身的員工,他們不需要填寫一大堆表格或是蓋上手印,如果受到類似刑事犯的對待,那不是 他們準備面對的情況。基於國家保安考量,我的方案是:要當一名負責任、讓工人信服的僱主,如果工人開心,他們也不會做錯事

Thursday, December 1, 2011

我的网赚 Nov 2011

My online income Oct 2011 :
Nuffnang: RM36.00
Google Adsense :USD15.90

Google adsense income improve a bit this month. I have restructured most of my blogs and website, in future will only be focusing on my free personal development site which is http://freepersonaldevelopment.net/ 


Nuffnang income also remain slow, luckily got a few new Buffered ads which helps to move forward to another paycheck soon.

Monday, November 28, 2011

新加坡賭業起飛‧雲頂末季業績料更好


雲頂(GENTING,3182,主板貿服組)第三季淨利挫22.02%至5億9千719萬2千令吉,首9個月淨利按年增長20.55%至20億9千458萬8千令吉,基於新加坡聖淘沙名勝世界第四季料吸引更多豪客進場,分析員多預計末季與2011財政年會更好。

大部份分析員並未因其第三季淨利下挫而下調評級,反認為是區域最廉宜的賭場股,料可從穩定大馬市場和起飛的新加坡賭業獲利。

馬銀行研究與黃氏唯高達研究認為,預計聖淘沙名勝世界西區(West Zone)年杪開放,豪客賭廳增加3倍後料吸引更多豪客進場。“樂園中的“變形金鋼”城12月3日開放,長假將吸引更多人潮前往。

紐約聖淘沙則於10月28日營運。

雲頂首9個月,國內賭業賺益按年增長0.3%,主要在豪客賭局更具運氣。同期新加坡賭場也貢獻73.7%稅前盈利,其第三季賺益按年增長2.4%,按季挫1.6%。倫敦賭場營業額按季雙位數增長,勝算則按年增長20%,主要是豪客與普通賭客都有增長。

雲頂大馬有望改善賺益
種植業因原棕油價按季下跌而失利,預料旗下雲頂大馬(GENM,4715,主板貿服組)印尼更多種植地成熟,有望改善賺益。

雲頂第三季核心淨利按年僅增2%、按季增1%,主要是在美元債券交易上失利;另外,電力挫4.2%至1億4千零80萬令吉,儘管電費調整,但仍不能抵銷按年增長9%的高煤炭價拖累;油氣按年挫205%至虧損420萬令吉,主要是人力成本提高所致。

肯納格因其聖淘沙名勝世界業務雖有改善,然而仍低於預期,下修雲頂2011至2013財政年淨利預測4%至6%;黃氏唯高達下修淨利預測3%至9%;達證券喜愛雲頂,因是雲頂新加坡(GENS)的廉宜代言者。

各證券行維持雲頂大馬淨利預測,主要是新加坡賭場業務改善,英國賭場轉虧為盈,紐約新建賭場初期營運良好,平均每台賭機每日勝算564美元,高於預測70%,預計不過回復正常預測。

Saturday, November 26, 2011

购迈阿密名胜世界 云顶近期公布细节

云顶马来西亚(GenM,4715,主板贸服股)表示,很快将对外公布美国迈阿密名胜世界发展蓝图中的收购计划。

云顶(Genting,3182,主板贸服股)向大马交易所报备,配合迈阿密名胜世界发展蓝图,云顶子公司——迈阿密名胜世界可能在迈阿密沿海一带开设一间赌场及酒店大楼。

云顶企业事务部副总裁郑成福(译音)指出,截至目前,公司无法给予任何评论。

云顶于9月公布迈阿密名胜世界发展蓝图,该蓝图为综合发展计划,囊括主题式酒店(5000间酒店房间)、一栋零售平台(拥有会展中心)、娱乐商场、餐厅、商业设施和住宅大楼。

同时,公司也收购一块拥有永久地契的产业称Omni中心,该收购也是迈阿密名胜世界发展蓝图的部分计划。

Omni中心座落于迈阿密佛罗里达市中心,该地段拥有占地6万400平方尺的购物商场、3万2500平方尺的办公楼、希尔顿酒店(525间房间)和停车场(2300个停车位)。

云顶马来西亚股价起起伏伏,今日以3.85令吉开市,一度涨至3.87令吉,早盘以3.86令吉暂收,半日成交量为178万9500股。

闭市时,云顶马来西亚以3.85令吉作收,下跌1仙或0.26%,全日成交量518万2000股。

云顶今日以上涨2仙(10.30令吉)之姿的优势报开,该股早盘在10.22令吉和10.06令吉的价位游走,早盘休市时报10.08令吉,下跌20仙或1.95%,半日成交量为133万1300股。

云顶终场报10.02令吉,下跌26仙或2.53%,终日成交量为372万3900股。

Genting Q3 2011

Quarter:3rd Quarter
Financial Year End:31/12/2011
Report Status:Unaudited
Submitted By:LOH BEE HONG


Current Year QuarterPreceding Year Corresponding QuarterCurrent Year to DatePreceding Year Corresponding Period

30/09/201130/09/201030/09/201130/09/2010

RM '000RM '000RM '000RM '000
1Revenue5,143,8993,909,20914,495,86411,108,023
2Profit/Loss Before Tax1,431,8091,418,3934,870,8873,211,549
3Profit/Loss After Tax and Minority Interest1,086,5111,222,7273,730,1592,604,524
4Net Profit/Loss For The Period597,192765,9182,094,5881,737,524
5Basic Earnings/Loss Per Shares (sen)16.1620.7256.5847.00
6Dividend Per Share (sen)0.000.003.503.30



As At End of Current QuarterAs At Preceding Financial Year End
7Net Assets Per Share (RM)

4.58004.1800

Sunday, November 20, 2011

New 2012 Financial Guidelines by Bank Negara Malaysia

On the 18th November 2011, Bank Negara Malaysia (BNM) unveiled new financial guidelines to the financial institutions aimed at promoting prudent, responsible and transparent retail financing practices. The guidelines will take effect starting from 1st January 2012.
The guidelines would be applicable to home and vehicle financing, credit and charge cards, personal financing including overdraft facility and financing for the purchase of securities with an exception for share margin financing, which comes under stock exchange rules.
BNM requires all financial institutions to make assessments of a borrower’s ability to afford financing facilities based on a prudent debt service ratio.
The table below is the summary of the guidelines.

ItemsDescriptionEffective Date
Car LoanMaximum tenure capped at 9 years18th Nov 2011
Debt Service RatioCapped at 60% for civil servants. Others, bank to determine1st Jan 2012
Calculated after tax and EPF statutory deductions. To consider all debt obligations.1st Jan 2012
Early Loan SettlementBanks will only be allowed to charge for the cost incurred in processing the loan and not for profit lossJuly 2012
Financial Institutions ObligationTo provide consumers with information on total repayment amount and total interest cost & the impact of an increase in the financing rate1st Jan 2012
Co-operative BanksCooperatives Commission will be imposing the similar requirements1st Jan 2012

Friday, November 18, 2011

OSK Research is maintaining its Overweight stance on the rubber gloves sector.

OSK Research is maintaining its Overweight stance on the rubber gloves sector.

It said on Friday that amid expectations of moves to set a floor price, latex has dropped by about RM4.50/kg from its peak price, and has only RM2.50/kg to fall before reaching its low at RM4/kg, which was the price before the H1N1 outbreak (assuming there is no floor price).

“In light of this, we believe that customers will start to stock up on gloves from now on before the wintering of rubber trees sets in come 1H12. We maintain Overweight on the rubber glove sector,” it said.

OSK Research said Thailand’s Deputy Agriculture Minister, Pornsak Jarernprasert said that the government plans to intervene in the market to keep the rubber price stable by setting a minimum rubber export price of US$3/kg.

The world’s top three rubber producing countries of Thailand, Indonesia and Malaysia are expected to meet this week to discuss the matter.

The research house said assuming the floor price for hard rubber is set at US$3/kg at a US$/ringgit rate of 3.10 and a latex rubber concentration of 60% (with the balance 40% made up of water), the expected floor price would be about RM5.60/kg (US$3/kg x 3.10 x 60%).

“Nevertheless, we believe there is a 50% possibility of the price going either way from the current RM6.60/kg.

“Although we expect some upward bias due to the recent sharp drop in latex price, this would still depend on the outcome of the upcoming officials’ meeting as well as the extent of price speculation on this commodity,” it said.

OSK Research said over the longer term, it continues to believe that latex price will fall because fundamentally, the demand for latex has been anaemic.

The factors are that demand growth is no longer as hot as before because rubber glove manufacturers are gradually shifting to a higher portion of nitrile gloves and global demand is currently not as strong as in 2009/2010 when there was a H1N1 pandemic.

Secondly, the automotive sector has suffered a string of setbacks as the global economic recovery is faltering and the severe flooding in Thailand has caused serious disruptions in many auto manufacturers’ operations.

All these have resulted in weaker demand for hard rubber, which is used to produce tyres.

Monday, November 14, 2011

國行明年或降息至2.5% 基貸率有望減至6%

聯昌證券研究報告指出,面對國際不明朗因素,通脹和經濟成長成為我國最大隱憂,其中貨幣政策會議(MPC)更關注明年經濟成長。

 “若我國內需情況出現惡化,國行將加快降息步伐。”


 資料顯示,自貨幣政策會議決定將利息,由2.75%調升至3%后,銀行基貸率由6.3%上調至6.6%。


不會即刻受重擊


 去年5月,當國行宣佈升息至2.5%時,當時銀行基貸率上調至6.05%。


 對于降息預期,馬銀行投銀則持不同看法,該行研究報告指出,我國內需增長穩健,儘管面臨國際動蕩,大馬並不會即刻受到重擊。


 該行認為,我國目前的利率處“中立”水平,加上實際利率(Real interest rate)仍維持負增長,預計明年的隔夜官方利率將維持在3%。


亞洲各國轉策略
降息攻內需增長


國際經濟充滿變數,亞洲各國紛紛轉換策略,轉攻內需增長,各國亦計劃在明年降息,以寬鬆貨幣政策穩住國家經濟成長步伐。


 MIDF證券研究報告指出,除了日本以外的亞洲各國,如印尼已準備在明年實行寬鬆貨幣政策。


 該機構認為,全球成長步伐減速,導致原產品價格放緩,將在短期內推高通脹數字,在此情況下,寬鬆貨幣政策為可行辦法。


 綜觀亞洲各國情況,在過去數個月,澳洲和印尼央行逐步降息,澳洲儲備銀行將現金利率目標下調25個基點至4.5%;印尼銀行在本月10日,大舉將指標利率削減50個基點至6%。


 至于中國、韓國和泰國則是抱持觀望態度,近幾個月來都維持相同水平利率。


 興業證券研究報告指出,泰國在大水災重創后,泰國銀行已頻頻釋出降息訊號,預計本月底利率將調降25至50個基點,屆時利率預計介于3.25%至3%。

Thursday, November 10, 2011

看巴菲特如何买股票的

See how Warren Buffett buys share in this interview

http://youtu.be/X3T4CEN_ovc

Wednesday, November 9, 2011

马来西亚手套公司的分析

Name  Revenue  Net Profit PM LT Lia TL TL/NP  BVPS  P/B EPS P/E
HARTALEGA HOLDINGS BHD        897,826,000.00 201.80 22.48% 55.58 158.10 0.78     1.53 3.64 0.555 10.01
LATEXX PARTNERS BERHAD        458,214,000.00 60.66 13.24% 72.33 200.74 3.31     1.20 1.64 0.274 7.19
SUPERMAX CORP BHD        988,629,000.00 108.78 11.00% 175.38 368.11 3.38     2.21 1.73 0.319 12.01
KOSSAN RUBBER INDUSTRIES      1,025,784,000.00 91.82 8.95% 64.93 343.77 3.74     1.45 2.02 0.287 10.20
TOP GLOVE CORP BHD      2,053,916,000.00 113.14 5.51% 36.86 241.08 2.13     1.85 2.37 0.183 23.99
ADVENTA BHD        421,000,000.00 17.20 4.09% 39.17 194.25 11.29     1.47 1.15 0.113 15.01
CAREPLUS BHD          45,934,000.00         5.45 11.87%       -           -   0.00     0.16    2.18 0.03 13.27