分享锦集：地里木薯悄悄大

投资者通常是根据每股净有形资产、每股净利或是周息率，来评估股票的价值，根据这些标准作出的评估，往往流于表面化。

股票的价值，还应该将企业的“隐形资产”考虑在内，才比较精确。

隐形资产被忽略

许多上市公司，实际上拥有宝贵的“隐形资产”，这些隐形资产多数属于无形资产（INTANGIBLE ASSETS），所以很容易被投资者忽略。

其实，隐形资产往往比有形资产（TANGIBLE ASSETS），价值更高。

居领导地位

妈咪大宝达（MAMEE）日前宣布以每股4令吉39仙，将该公司私有化，出价等于妈咪每股净有形资产价值1令吉70仙的2.57倍。

该公司的大股东，显然是着眼于该公司产品的强劲品牌。

妈咪多种产品，在市场中居于领导性地位，是很宝贵的隐形资产。

隐形资产通常隐藏在以下领域

1. 品牌

品牌是无价之宝，切勿以有形资产价值（NTA）来评估名牌产品的股票。

2. 技术

达业集团（TATGIAP)将子公司的控制权出让给日本钢铁，目的就是获取日钢在电镀方面的技术及将产品打进大马的日本厂商市场。

3. 市场网络。

4. 市场领导地位。

5. 地产增值

许多制造业、产业及种植业公司所拥有的地产，仍以20年前的价值入账（请注意各公司年报中“地产名单”的地产买进日期及入账价）。

6. 机器设备价更高

过去1000万令吉的机器设备，现在要2、3千万才买得到，创设同样规模的工业，现在的投资额更大。从“替代成本”（REPLACEMENT COST）的角度看，资产肯定已被低估。

7. 人才及企业掌航人的经验。

8. 信誉

崇高的形象也是宝贵的隐形资产。

挖掘第二、三线股的隐形资产，选购被股市忽略、股价徘徊不前，却有强劲基本面的股票，耐心坚守，可获可观回报。

Rational Analysis = Fundamental + Technical: What is CAN SLIM?

Rational Analysis = Fundamental + Technical: What is CAN SLIM?: "My note: this stock pick methodology may apply to markets like DOW. But it is not likely workable for stocks in KLSE. CAN SLIM is In..."

Tips on Investing in Bursa Malaysia

posted by Smart Investor | 2:39 AM

Most of the peoples I surveyed losing money in trading or investing in Bursa Stocks Exchange Market. Investing in Kuala Lumpur Bursa Stocks Exchange will never be rewarding if you do not follow the some basic investing rules. I would like to share my two cents view on how to make money from Bursa Stock Exchange: -

1. Invest only in companies which consistently make considerable
profit through out many years after listed.
You should only invest on those companies consistently make profit through out many years. For my own guide lines, it should be at least 5 years after listed. By observing this rule, you are able to make sure yourself that you only invest in the companies which the management are capable to manage the companies well and consistently making profit for the companies and the shareholder like you. More importantly, you will prevent yourself to buy the companies who the management or big boss only interested to make money from Initial Public Offering and runaway after cheated investors money. Thus, new IPO stocks will never be in my portfolio so far. My golden rule to myself, although making profit is my high priority, prevent making loss is even higher. Thus, I will never consider new IPO stocks or any stocks without make considerable and remarkable profit over the past 5 years.

2. Invest in the people, not only the company.
Before I invest, I will ask this question, who own this company? Who manage the company is this person capable? Is this person trusted? Is this person managing the company well? What is his past record of managing the companies? For example, I have known that Tan Sri Teh Hong Piow is really a capable person by knowing his style, his management skill and more importantly, his integrity. I have studied the performance of his public bank for many years and concluded that he is really a genius to manage the bank. Thus, when his stock London Pacific Industries being listed, I will not give second thoughts before I invest in London Pacific Capital by trusting Tan Sri Teh. Ask yourself, if your got money and you want to invest in business, will you join venture with your friends who have cheated you before, or who have cheated many peoples before, you should know his character since he is your friend. However, if you know the person well, who is capable and honest, I believe you will feel more comfortable and secure by joint venture with him. Likewise to the stocks market, you should never invest in the stocks that you don’t know the management or the boss well, who may eventually collapse the companies and cheat all your money away. A good examples for capable and honest person like Tan Sri Dato' Lee Shin Cheng(IOI, IOI Property) and Robert Kuok Hock Nien ( PPB, PPB Oil, etc) . DiGi CEO Morten Lundal (DIGI) is really another genius I knew. For all the foreign owned companies like Nestle, Dutch lady, BAT, MOX, Shell, etc, they are manage by good management with good company culture, and you can be assured that your money invested are really go to the business and eventually will make money for you. For local companies, you shall be more selective and careful, and make sure you choose the right company with capable person, and more importantly, honest person who will not eat your money.

3. Invest in companies which the nature of business will never losing money or the chance of losing money is very slim.Where got companies never losing money? Hur....to answer this question, I think I can name a few. For example, Bursa is one of them. Bursa earns money by earning commissions from you when you trade stocks. The more you trade the more Bursa earn. The less you trade the less Bursa earn. Their overhead and expanses are low and their business model is simple. It is a matter of low profit or high profit and the risk of losing money is minimal. If some play contra and suffer huge loss and runaway to Thailand, who bear the loss? Securities firm and the remisier, not Bursa. Thus, you should choose Bursa instead of any securities firm. Another good example is Nestle, you drink MILO, your children will drinks MILO, your children's children will drink MILO, and so what is your worry? If you think investing in those companies will never make significant profit, then I will prove you wrong. One of my favorite stocks Dutch Lady has gone up more than 200% after I bought it, and I still hold it, and I still believe it will consistently make profit and give high dividend! Thus, I have give you the principle here, you got to do your homework to find which companies business model is so simple that will sure make profit ! 3. Invest in companies really pay out the dividend. The principle is simple, what showed in the financial report may not be the real money, only those companies capable to pay it out is real money. I don want to discuss more on this too simple logic. You can find the high yield stocks easily in Bursa market.

4. Invest in big capital stocks or small capital who owned by the big capital stocks.Based on the past records, most of the companies suffer huge loss are from small capital of main board, second board and mesdaq. Thus, you should avoid these stocks. If you really want to invest in these stocks which may give you quick profit with up down 20 or 30%, then you should only considered any of these stocks are owned by Good Big capital or my principle 2, owned by good and honest and capable person.

5. If the companies consistently doing well for many quarters and make remarkable and impressive profit, even though the share price is up, it is still cheap.
If the companies consistently doing badly and suffer loss, even the share price is go down a lot, it is still expensive. Thus, do not hesitate to invest in the companies which consistently doing well, even it is high price, but is it still worth it. Unless you are very sure what happen, do not buy any limit down stocks.

6. Do not invest in High Debt or High Gearing Stocks
Check the balance sheet, the debt of the company should not be more moderate for none establish business or any local companies. However, exception is given to the establish companies like BAT or Nestle, or any foreign owned company as their objectives of the high debt is mainly improve the Return On Equity. For local companies, you must be careful and selective. Be cautious of any off balance debt statements.

7. Do not invest in outdated business.
What do I mean by outdated business ? For example, nowadays people start using digital camera, because of thechnology change, how is the conventional camera maker going to survive ? It includes also the fim manufacturer and related supporting business. Another example, when the electronic storage device 's price getting cheaper and cheaper, the outlook of the VCD/DVD manufacturer is getting dull. Be very cautious to invest in any technology companies, if another competitor have better technology, the company will lost their market share because of its outdated technology. Thus, try to avoiod this kind of companies unless you fully understand their business and their outlook. One of my favourite stocks in this sector is Uchitech. I leave it to you all to figure out why I have choose this company.

8. PE is less than ROE
Do not invest in stocks just based on the PE alone, low PE is good but sometimes it may mean that you are investing in business with low prospect. Grow business usually come with high PE. For my personal guideline, the PE can be moderate high, but must be equal or less than ROE. Thus, if ROE is high, I can accept the stocks with moderate high PE, of course, not to the extend of PE 100 or 1000. I will leave it to the investors to decide what is the moderate PE is.

9. Do not sell your stocks as long as it perform well and consistent exceed expectation significantly. Sell only when the price is rediculous high.You friend startup a chicken rice restaurant but he runs out of capital. Thus, he ask you to invest. You agree and invest 10000 ringgit. After 6 months, his chicken rice store business is fantastically doing well and he start paying you earning 500 this month. One month, he pay you 1000 earning, and two months later, he pay you 1500, do you want to sell this restaurant if someone willing want to buy your share of this restaurant for 15,000 ? You will immediately get profit 5000, together with your total earning 3000 he pay you, your profit is so impresive , 8000, or 80% of your initial investment. However, there are no sign that the business will do poorly, and everytime you visit the restaurant, the business is too good that it almost full house everydays. Even if the restaurant can maintain the earning 1500 monthy for another 9 months, you will get 13,500 more and your total profit for the year is will also be 16,500. The return of equity is impressive of 165% , mean you earn 165% from your invested capital yearly. More importantly, your monthly earning may continue to grow ........like wise for stocks, if your stocks are perform so well that it consistently deliver excellent result meet and exceed your expectation, hold it...........don't sell it.........unless someone is crazy want to buy your restaurant shares at rediculous price......if an idiot likes the restaurant so much that he want to buy your shares for 200,000 or 500,00 , yes, you can sell it to him immediately.

http://bursamalaysiastockstips.blogspot.com/
http://mybursa.blogspot.com/

分享锦集：保罗盖帝十问

《华尔街投资者》塑造投资理念
1.反向：股票是应在股市低沉时才买进的。
2.买股票就是买公司的资产与业务。
3.只有长期投资才有可能在股市赚钱。
4.投机是麻烦的开始。

满意答案才买

保罗盖帝说，在买时股票之前，每一名投资者都要回答十个问题，只有得到满意的答案时才应该买进，这十个问题为：

1.公司的历史反映它是不是一家坚实及信誉卓著的公司，是否拥有能干、有效率及经验丰富的管理层？

2.公司所生产的产品，或是所提供的服务，是不是在可以预见的将来，继续有需求？

3.公司所从事的行业，是否过于“拥挤”？公司是否具有竞争能力？

4.公司是否有远见的策略，不从事过分及危险性的扩展？

5.公司的账目，是否经得起严格及公正审计师的查账？

6.公司是否有令人满意的业绩纪录？

7.公司是否定期派发合理的股息？如果偶然停发股息，是否有合乎情理的理由？

8.公司的长短期债务，是否在安全的范围内？

9.在过去数年中，公司股价是否波动激烈，而又难以解释？

10.每股净资产价值是否高过股价？

保罗盖帝坚持，除非你能对这“十问”找到满意的答案，你就不应买进其股票。

他信心十足的说：经过严格筛选的股票，是最好的投资。

长期的持有，可以致富。

Basic financial statements interpreted

FOR a non-finance person, evaluating a company's financial can be daunting, let alone understanding it to form an opinion. The most basic form of financial statements comprises the Profit & Loss Account or sometimes referred to as Income Statement and the Balance Sheet.

Another two statements that make a complete financial information for reporting purposes comprise the Statement of Retained Earnings and Statement of Cash Flow.

The objective of a financial statement is to provide information about the financial position, performance and changes in the position of an enterprise.

The Balance Sheet represents the financial position or net worth of a business entity on a specified date. The presentation is based on a fundamental accounting equation of Assets = Liabilities + Shareholders Fund. The main categories of assets are usually listed first, usually in order of liquidity. Next follows liabilities, short and long term, which represent payables and borrowings held by the entity.

The difference between the assets and liabilities (Assets Liabilities = Shareholders Funds), is known as Shareholders Funds, or sometimes referred to as owner's equity, that entails the company's capital plus retained earnings. Borrowings (liability) or owner's money (owner's equity) are the two means used for financing an asset.

Mathematically, over a period of time, if the assets grow bigger than the liabilities, it would mean that the entity has made a profit (which represents the essence of the Profit & Loss Account); this is reflected via an increased asset base (taking shape in many forms from cash, inventories, accounts receivable, fixed assets or investments).

Reverting to the Balance Sheet equation, the Shareholders Fund will reflect the increment. Since the entity's capital remains constant (unless the new assets are caused by new share issues), the increment is credited to a special account called Retained Earnings, as the name denotes.

Next, the Profit & Loss Account represents summarised transactions of an entity's performance over a given period, showing its profitability (or losses). Acting as the management's scorecard, it identifies the revenues and expenses undertaken which results in either a profit or a loss, based on the fundamental accounting concept of: Revenue Expenses = Profit (or Loss if expenses exceed revenue).

This in return will drive the direction of the Shareholders Fund (in particular Retained Earnings sub-category), for good (profit) or for worse (loss).

The particulars of a regular company's Profit & Loss Account would look as in Table 1.

There is also a category of item to be on the lookout called Unusual Item, which represents non-recurring non-revenue based transaction undertaken by the entity that results in a profit or loss. Examples of MAS selling aircraft, discontinuing a business line, incurring losses from natural disaster, writing down of investment value, are a few, which should be evaluated separately from the results from operations.

Due to its importance, EPS or Earnings Per Share is also required to be disclosed at the end of the Profit & Loss account. It presents the earnings divided by the total ordinary shares outstanding.

This single measure differentiates the efficiency in the earnings between companies, and represents the most important criteria in determining the price of the entity's shares and is used as a component to derive the all important PE or Price to Earnings ratio.

A large Retained Earnings balance as compared to the total Shareholders Fund, will denote a profitable company (accumulation of profits over the years), and a negative Retained Earnings (or Retained Loss) reflects the opposite. In extreme cases, the Retained Loss (debit balance) can overtake the Share Capital (credit balance), thus resulting in a negative Shareholders Fund. One surely would not want to invest in such a company.

Some listed companies, when the Retained Earnings gets so large (coupled with other factors such as inability to pay out dividend), reward the shareholders via Bonus Issue exercise, whereby part of the retained earnings are converted into new shares, accruing to existing shareholders.

This not only represents a short cut of the dividend payout, but also a tax free option via capital returns.

Raymond Roy Tiruchelvam, who has problems reconciling his gross habits with his net income is a financial planner with SABIC Group of Companies.