Tuesday, May 10, 2011
Thursday, May 5, 2011
4G – pure hype or hope?
Friday Reflections - By B.K. Sidhu
THE buzz word in the telecoms industry is 4G.
You cannot but notice the advertisements popping up claiming that 4G is here. It is a global phenomenon but some say operators are coining their own definitions for the term “4G'' as a marketing gimmick.
We have heard of 1G, 2G and 3G over the past two decades. The next is 4G and the flavour of the so-called 4G technology a new generation of radio upgrades is that it promises to improve the throughput and capacity of wireless phone networks.
Some weeks ago, a chief of a cellular company did ask if 4G was indeed here. He represents a 3G company, which is rival to the two companies now offering Wimax in the country. These two Wimax players claim their networks are 4G enabled.
The chief's cynicism can be understood and he is not alone to raise the question.
The view of the 3G players is that, they are able to deliver what the customers need today and when combined with LTE (long term evolution - which is the natural technology path from 3G) they can conquer the future.
Although the Wimax players had to go through some rough patches in trying to establish Wimax as a 4G technology “an effort is under way by leading Wimax and LTE suppliers and operators to provide a common framework for 4G coexistence.''
Experts claim the Wimax equipment market will reach US$6.9bil by 2014 and this is hardly a sign of a technology that is running out of steam and US-based Clearwire remains the biggest Wimax provider in the world,
It was YTL Communications that used the 4G word extensively at the launch of their “Yes” service last November. Rival Packet One Networks (P1) did not wait a second to rename theirs to 4G too. YTL claims that the speed it offers is three to five times faster than 3G.
So when YTL and P1 used the 4G word in November last year there was much buzz if Wimax was indeed in the 4G band.
Things have changed.
In early December the International Telecommunication Union (ITU) adopted a broader definition of “4G.” Among other things it said “all forerunners like Wimax can call themselves 4G.''
In essence, two of the technologies Wimax and LTE now counted as 4G are made of much of the same stuff.
All these technology lingo does not mean much to the consumer. He just wants what is promised by the provider, be it reliability of speed, capacity, coverage, quality and at a price which is reasonable.
The 4G networks may not be 100% mature and like any new technology, nothing is perfect, more so since choice of devices is still lacking.
But if the two players claim theirs is 4G and it meets ITU guidelines then 4G has arrived and if they are not transparent, the truth will be uncovered sooner rather than later.
There may be a lot of hype about 4G but this next generation technology is also hope for providers to take consumers on the next journey where the lifestyle demands will be more intense than in the 3G era.
So it would help if the licences for LTE were issued sooner rather than later. The eventual date for LTE spectrum assignment is Jan 1, 2013 and if this can be pushed a year ahead, it would help the market move faster and be in sync with other developed markets.
For any technology to mature, the consumer has a role too as mass adoption helps and we can begin by warming up to Facetime and Tango.
# Deputy news editor B.K. Sidhu feels that operators should give all the speed that users want with the bandwidth and not throttle and spoilt the user experience they talk about.
THE buzz word in the telecoms industry is 4G.
You cannot but notice the advertisements popping up claiming that 4G is here. It is a global phenomenon but some say operators are coining their own definitions for the term “4G'' as a marketing gimmick.
We have heard of 1G, 2G and 3G over the past two decades. The next is 4G and the flavour of the so-called 4G technology a new generation of radio upgrades is that it promises to improve the throughput and capacity of wireless phone networks.
Some weeks ago, a chief of a cellular company did ask if 4G was indeed here. He represents a 3G company, which is rival to the two companies now offering Wimax in the country. These two Wimax players claim their networks are 4G enabled.
The chief's cynicism can be understood and he is not alone to raise the question.
The view of the 3G players is that, they are able to deliver what the customers need today and when combined with LTE (long term evolution - which is the natural technology path from 3G) they can conquer the future.
Although the Wimax players had to go through some rough patches in trying to establish Wimax as a 4G technology “an effort is under way by leading Wimax and LTE suppliers and operators to provide a common framework for 4G coexistence.''
Experts claim the Wimax equipment market will reach US$6.9bil by 2014 and this is hardly a sign of a technology that is running out of steam and US-based Clearwire remains the biggest Wimax provider in the world,
It was YTL Communications that used the 4G word extensively at the launch of their “Yes” service last November. Rival Packet One Networks (P1) did not wait a second to rename theirs to 4G too. YTL claims that the speed it offers is three to five times faster than 3G.
So when YTL and P1 used the 4G word in November last year there was much buzz if Wimax was indeed in the 4G band.
Things have changed.
In early December the International Telecommunication Union (ITU) adopted a broader definition of “4G.” Among other things it said “all forerunners like Wimax can call themselves 4G.''
In essence, two of the technologies Wimax and LTE now counted as 4G are made of much of the same stuff.
All these technology lingo does not mean much to the consumer. He just wants what is promised by the provider, be it reliability of speed, capacity, coverage, quality and at a price which is reasonable.
The 4G networks may not be 100% mature and like any new technology, nothing is perfect, more so since choice of devices is still lacking.
But if the two players claim theirs is 4G and it meets ITU guidelines then 4G has arrived and if they are not transparent, the truth will be uncovered sooner rather than later.
There may be a lot of hype about 4G but this next generation technology is also hope for providers to take consumers on the next journey where the lifestyle demands will be more intense than in the 3G era.
So it would help if the licences for LTE were issued sooner rather than later. The eventual date for LTE spectrum assignment is Jan 1, 2013 and if this can be pushed a year ahead, it would help the market move faster and be in sync with other developed markets.
For any technology to mature, the consumer has a role too as mass adoption helps and we can begin by warming up to Facetime and Tango.
# Deputy news editor B.K. Sidhu feels that operators should give all the speed that users want with the bandwidth and not throttle and spoilt the user experience they talk about.
Tuesday, May 3, 2011
分享锦集：买产业不如买产业股
Apr 29th, 2011 | By 冷眼 | Category: 分享锦集
在过去两年中，房地产价格暴涨，尤其是在尺金寸土的大都市，如吉隆坡，房屋供不应求，屋价作三级跳，涨幅尤其惊人。
首都居，大不易。首都市民，尤其是外来者，不少人只能望屋兴叹。
除非得到父母或亲人的帮助，否则的话，一般受薪阶级，要在吉隆坡购买最普通的民居，例如双层排屋，几乎已是可望不可及，即使付得起头期，每个月的供款，也把他们压得透不过气来。
房市不会形成泡沫
首都的许多职场中人，已终身成为“屋奴”。供屋子、供汽车、儿子昂贵的教育费、有增无减的生活费，已成为受薪阶级的噩梦。
房屋市场会形成泡沫吗？
我的看法是不会。理由是：
1. 在屋价上涨之前，屋价曾停滞不少过5年，就以八打灵的屋价来说，普通排屋在四、五十万令吉之间徘徊了最少5年，如今涨至七、八十万令吉，涨幅高达四、五十巴仙。
在过去5年中，建材、地价已上升了一截，再加每年约6%地通货膨胀，建屋的成本恐怕已上涨了四、五十巴仙，故过去两年的屋价涨幅，其实是调整了成本的上升，并不为过。
2. 在购屋者中，一部分是购买屋子作为自己及家人住用的，买进后就不会再卖出；另一部分是买屋作为投资的，这些都是手持多余资金，买得起屋子的投资者，有长期拥有屋子的能力，不会轻易抛售。
地皮涨幅比屋子大
投资者虽然有，但相信巴仙率不高。所以，房屋市场泡沫形成的可能性不大。
但是，另一方面，屋价也不大可能再上一层楼，理由是：
1. 受薪阶级的收入增幅，跟不上屋子的涨幅，买屋与供屋，已非中等收入受薪人士所能负担得起。
2. 租金的上升幅度，跟不上屋价的升幅。投资回酬下降，使买屋子作为投资，已不大合算。
3. 除了收租之外，房屋投资者希望产业增值。但在屋价上升之后，增值的幅度，跟投资额相比，已不具有吸引力。
在真正需要屋子的人买不起屋子，购买屋子作为投资的魅力已递减的情况下，买产业作为投资，已不具吸引力，作为反向投资策略的信徒，窃以为买产业作为投资，此非其时。
在屋价猛涨下，地皮的价格亦猛涨，而且涨幅比屋子更大。
从投资的角度看，地皮的涨幅通常比屋子大，理由是屋子会折旧，而地皮，尤其是永久地契地皮则不会。尤其是地点优良，接近市中心的地皮涨幅更加惊人。
上市产业公司3营运作风
犹记十多年前，吉隆坡黄金三角地带的商用地皮，每方尺售价不过五、六百令吉，如今每方尺2000多令吉仍有买方无卖方。
许多上市产业公司，拥有许多地点优良的地皮，假如你细读这些公司的年报的话，你会发现有些地皮，是在10年前，甚至20年前买下的。
地皮价格倍增
有关公司仍以十多二十多年前的价值入账，实际上，这些地皮的价格，可能已上升数倍，如果以目前的市价估值的话，每股净有形资产价值必然大增。
上市产业公司的营运作风，大致上可以分为三类：
第一类是买进地皮，就积极建屋出售，其盈利主要来自出售屋子。
第二类是买进地皮后，就慢慢的发展，他们的理由是屋价不断上涨，慢慢发展，较后兴建的屋子，由于屋价更高，而地皮成本低，故赚幅会更大。
与其积极发展地皮，倒不如放慢发展，这类公司的盈利，往往不如积极发展地皮的公司，但他们所持有的地皮已大幅度增值，每股净有形资产价值，比股价高一倍一点也不稀奇。
第三类是长期拥有房地产的办公楼、购物中心及工厂等，一方面有稳定的租金收入，一方面可以取得产业增值的利益，在上市公司中，雪兰莪实业和怡保花园是典型的例子，这也是所有产业投资信托公司所采的策略。
宜购二三线优质股
为什么上市产业公司不重估其地皮？
原来有关当局规定，凡是供发展用途的地皮，都不能重新估值后入账，这就是所有上市产业公司的账目中，供发展的地皮，仍以10年前，甚至20年前的价值入账的原因。
在大马股票交易所上市的产业公司，交投活跃及业绩表现标青的公司，其股价已大涨，目前的股价已反映其真实价值。
股价被低估
但第二、三线的产业公司，股价仍在低价区徘徊，以他们所拥有的地皮计算，股价肯定是被严重低估。
这些二、三线公司的股票，不受市场青睐，一方面是他们的业绩表现，乏善可陈；一方面是交投不活跃，投资及投机者不感兴趣，导致股价表现落后于大势。
投资者与其买产业作为投资，倒不如买第二、三线产业股作为投资，更加合算。
当然，在买进之前，投资者必须作严格的筛选，毕竟第二、三线产业股，良莠不齐，并非全部值得投资。
以买地皮的态度买产业股，应可获利。
在过去两年中，房地产价格暴涨，尤其是在尺金寸土的大都市，如吉隆坡，房屋供不应求，屋价作三级跳，涨幅尤其惊人。
首都居，大不易。首都市民，尤其是外来者，不少人只能望屋兴叹。
除非得到父母或亲人的帮助，否则的话，一般受薪阶级，要在吉隆坡购买最普通的民居，例如双层排屋，几乎已是可望不可及，即使付得起头期，每个月的供款，也把他们压得透不过气来。
房市不会形成泡沫
首都的许多职场中人，已终身成为“屋奴”。供屋子、供汽车、儿子昂贵的教育费、有增无减的生活费，已成为受薪阶级的噩梦。
房屋市场会形成泡沫吗？
我的看法是不会。理由是：
1. 在屋价上涨之前，屋价曾停滞不少过5年，就以八打灵的屋价来说，普通排屋在四、五十万令吉之间徘徊了最少5年，如今涨至七、八十万令吉，涨幅高达四、五十巴仙。
在过去5年中，建材、地价已上升了一截，再加每年约6%地通货膨胀，建屋的成本恐怕已上涨了四、五十巴仙，故过去两年的屋价涨幅，其实是调整了成本的上升，并不为过。
2. 在购屋者中，一部分是购买屋子作为自己及家人住用的，买进后就不会再卖出；另一部分是买屋作为投资的，这些都是手持多余资金，买得起屋子的投资者，有长期拥有屋子的能力，不会轻易抛售。
地皮涨幅比屋子大
投资者虽然有，但相信巴仙率不高。所以，房屋市场泡沫形成的可能性不大。
但是，另一方面，屋价也不大可能再上一层楼，理由是：
1. 受薪阶级的收入增幅，跟不上屋子的涨幅，买屋与供屋，已非中等收入受薪人士所能负担得起。
2. 租金的上升幅度，跟不上屋价的升幅。投资回酬下降，使买屋子作为投资，已不大合算。
3. 除了收租之外，房屋投资者希望产业增值。但在屋价上升之后，增值的幅度，跟投资额相比，已不具有吸引力。
在真正需要屋子的人买不起屋子，购买屋子作为投资的魅力已递减的情况下，买产业作为投资，已不具吸引力，作为反向投资策略的信徒，窃以为买产业作为投资，此非其时。
在屋价猛涨下，地皮的价格亦猛涨，而且涨幅比屋子更大。
从投资的角度看，地皮的涨幅通常比屋子大，理由是屋子会折旧，而地皮，尤其是永久地契地皮则不会。尤其是地点优良，接近市中心的地皮涨幅更加惊人。
上市产业公司3营运作风
犹记十多年前，吉隆坡黄金三角地带的商用地皮，每方尺售价不过五、六百令吉，如今每方尺2000多令吉仍有买方无卖方。
许多上市产业公司，拥有许多地点优良的地皮，假如你细读这些公司的年报的话，你会发现有些地皮，是在10年前，甚至20年前买下的。
地皮价格倍增
有关公司仍以十多二十多年前的价值入账，实际上，这些地皮的价格，可能已上升数倍，如果以目前的市价估值的话，每股净有形资产价值必然大增。
上市产业公司的营运作风，大致上可以分为三类：
第一类是买进地皮，就积极建屋出售，其盈利主要来自出售屋子。
第二类是买进地皮后，就慢慢的发展，他们的理由是屋价不断上涨，慢慢发展，较后兴建的屋子，由于屋价更高，而地皮成本低，故赚幅会更大。
与其积极发展地皮，倒不如放慢发展，这类公司的盈利，往往不如积极发展地皮的公司，但他们所持有的地皮已大幅度增值，每股净有形资产价值，比股价高一倍一点也不稀奇。
第三类是长期拥有房地产的办公楼、购物中心及工厂等，一方面有稳定的租金收入，一方面可以取得产业增值的利益，在上市公司中，雪兰莪实业和怡保花园是典型的例子，这也是所有产业投资信托公司所采的策略。
宜购二三线优质股
为什么上市产业公司不重估其地皮？
原来有关当局规定，凡是供发展用途的地皮，都不能重新估值后入账，这就是所有上市产业公司的账目中，供发展的地皮，仍以10年前，甚至20年前的价值入账的原因。
在大马股票交易所上市的产业公司，交投活跃及业绩表现标青的公司，其股价已大涨，目前的股价已反映其真实价值。
股价被低估
但第二、三线的产业公司，股价仍在低价区徘徊，以他们所拥有的地皮计算，股价肯定是被严重低估。
这些二、三线公司的股票，不受市场青睐，一方面是他们的业绩表现，乏善可陈；一方面是交投不活跃，投资及投机者不感兴趣，导致股价表现落后于大势。
投资者与其买产业作为投资，倒不如买第二、三线产业股作为投资，更加合算。
当然，在买进之前，投资者必须作严格的筛选，毕竟第二、三线产业股，良莠不齐，并非全部值得投资。
以买地皮的态度买产业股，应可获利。
Wednesday, April 27, 2011
Masterskill to venture into business programmes with Newcastle
Written by Joseph Chin of theedgemalaysia.com
Wednesday, 27 April 2011 19:10
KUALA LUMPUR: Masterskill Education Group Bhd (MEGB) is venturing into the provision of undergraduate business programmes in a tie-up with The University of Newcastle.
MEGB said on Wednesday, April 27 the proposal covered the bachelor of business and bachelor of commerce programmes.
It said under the arrangement, students who had successfully completed Part One of the programme at Masterskill, Newcastle will give one year (80 units) advanced standing into Part Two of the programmes.
“This agreement is in line with Masterskill’s planning for its diversification into other fields of education,” said the company.
MEGB is principally involved in the provision of education in nursing and allied health sciences in the healthcare industry.
MEGB said it would market the programmes in Indonesia and Malaysia and be responsible for advertising. It would also be responsible for all local programme administration and organise student enrolments.
Wednesday, 27 April 2011 19:10
KUALA LUMPUR: Masterskill Education Group Bhd (MEGB) is venturing into the provision of undergraduate business programmes in a tie-up with The University of Newcastle.
MEGB said on Wednesday, April 27 the proposal covered the bachelor of business and bachelor of commerce programmes.
It said under the arrangement, students who had successfully completed Part One of the programme at Masterskill, Newcastle will give one year (80 units) advanced standing into Part Two of the programmes.
“This agreement is in line with Masterskill’s planning for its diversification into other fields of education,” said the company.
MEGB is principally involved in the provision of education in nursing and allied health sciences in the healthcare industry.
MEGB said it would market the programmes in Indonesia and Malaysia and be responsible for advertising. It would also be responsible for all local programme administration and organise student enrolments.
Tuesday, April 19, 2011
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。
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。
Thursday, April 14, 2011
Masterskill’s strategic move into Indonesia
Written by Financial Daily
Thursday, 14 April 2011 11:48
Masterskill Education Group Bhd CEO Datuk Seri Edmund Santhara is an avid chess player. And like a game of chess, yesterday’s announcement of Masterskill’s venture into Indonesia is the latest in a series of strategic moves after two earlier major “checkmates” — the threat of lower PTPTN (National Higher Education Fund Corp) funding and persistent selling of its shares by foreign portfolio funds.
Of the two checkmates, analysts believe concerns over the large PTPTN deficit are overblown. Masterskill is appealing against PTPTN’s new ruling that caps loans at RM45,000 for new courses. Analysts believe that the new loan ruling, if implemented, would still cover more than 75% of a typical tertiary course.
Analysts also note that the government was unlikely to stop funding the programme, which was an important initiative to help students finance their higher education. Rather, they note that the fund will tighten the debt collection process.
The other setback was the persistent selling of Masterskill’s shares by two US-based portfolio funds — Smallcap World Fund Inc and Fidelity Management and Research LLC. On a positive note, the selling appears to have ended, given the large amount of shares traded since they ceased to be substantial shareholders in mid-February this year.
Indeed, Masterskill’s stock has rebounded by 36.5% to RM2.28 yesterday, from its mid-March low of RM1.67. Apart from the likely end of foreign selling, there was also positive news flow, including results for 2010 that met analysts’ expectations, generous dividends and the latest Indonesian venture.
The company’s full-year net profit for 2010 rose to RM102.1 million from RM97.4 million, after which it declared a final single-tier dividend of 7.9 sen.
Total single-tier dividends of 14.9 sen for 2010 gave the stock a high net dividend yield of 6.5%.
The latest positive move involves its venture into Indonesia, confirming The Edge Financial Daily’s earlier report on April 7, 2011.
Yesterday, Masterskill announced that it has entered into an MoU with PT Sejahteraraya Anugrahjaya Tbk (PTSA) to develop academic exchange and cooperation in the teaching and training of Masterskill students at the Mayapada Hospital owned by PTSA.
More significantly, the MoU involves forming a joint venture to establish Universitas Masterskill-Mayapada in Indonesia. It added that the university will offer programmes in nursing and allied health education, similar to those offered by Masterskill in Malaysia. This follows an earlier subscription by Masterskill in PTSA’s IPO.
The move into Indonesia will boost Masterskill’s geographical base, which is critical as the company has a relatively narrow, specialised product base.
Indeed, analysts say one major disadvantage that Masterskill has compared with other education peers such as HELP International Corp Bhd and SEG International Bhd is its narrow focus on nursing and healthcare-related courses. The other two listed colleges offer a wider choice of courses, catering for a broader spectrum of society.
An analyst notes that there will come a time when the Malaysian market, with its small population of about 28 million, will become saturated with nurses and healthcare personnel. Masterskill will have to either expand its product offering or market reach.
Given that its niche and branding is largely in healthcare and nursing education, going into new markets will be a better near-term strategy, analysts say, although it can expand into other healthcare-related courses.
Indonesia, with its 230 million population, annual GDP growth of over 5% and a rising middle class, serves as a good diversification platform for Masterskill.
Indeed, Malaysia’s small size does have limitations. Even HELP, which is already diversifying its courses and market reach locally, is expanding abroad — to Indonesia, Vietnam, China and elsewhere — mostly through twinning affiliations with small local colleges. Masterskill’s setting up of a full-fledged university is on a far more ambitious scale, and is a calculated strategic move by Santhara.
Many Malaysian companies have made it big in Indonesia, especially those in the banking and finance, plantations and telecommunications sectors. Only time will tell if Masterskill will be the next success story there.
Thursday, 14 April 2011 11:48
Masterskill Education Group Bhd CEO Datuk Seri Edmund Santhara is an avid chess player. And like a game of chess, yesterday’s announcement of Masterskill’s venture into Indonesia is the latest in a series of strategic moves after two earlier major “checkmates” — the threat of lower PTPTN (National Higher Education Fund Corp) funding and persistent selling of its shares by foreign portfolio funds.
Of the two checkmates, analysts believe concerns over the large PTPTN deficit are overblown. Masterskill is appealing against PTPTN’s new ruling that caps loans at RM45,000 for new courses. Analysts believe that the new loan ruling, if implemented, would still cover more than 75% of a typical tertiary course.
Analysts also note that the government was unlikely to stop funding the programme, which was an important initiative to help students finance their higher education. Rather, they note that the fund will tighten the debt collection process.
The other setback was the persistent selling of Masterskill’s shares by two US-based portfolio funds — Smallcap World Fund Inc and Fidelity Management and Research LLC. On a positive note, the selling appears to have ended, given the large amount of shares traded since they ceased to be substantial shareholders in mid-February this year.
Indeed, Masterskill’s stock has rebounded by 36.5% to RM2.28 yesterday, from its mid-March low of RM1.67. Apart from the likely end of foreign selling, there was also positive news flow, including results for 2010 that met analysts’ expectations, generous dividends and the latest Indonesian venture.
The company’s full-year net profit for 2010 rose to RM102.1 million from RM97.4 million, after which it declared a final single-tier dividend of 7.9 sen.
Total single-tier dividends of 14.9 sen for 2010 gave the stock a high net dividend yield of 6.5%.
The latest positive move involves its venture into Indonesia, confirming The Edge Financial Daily’s earlier report on April 7, 2011.
Yesterday, Masterskill announced that it has entered into an MoU with PT Sejahteraraya Anugrahjaya Tbk (PTSA) to develop academic exchange and cooperation in the teaching and training of Masterskill students at the Mayapada Hospital owned by PTSA.
More significantly, the MoU involves forming a joint venture to establish Universitas Masterskill-Mayapada in Indonesia. It added that the university will offer programmes in nursing and allied health education, similar to those offered by Masterskill in Malaysia. This follows an earlier subscription by Masterskill in PTSA’s IPO.
The move into Indonesia will boost Masterskill’s geographical base, which is critical as the company has a relatively narrow, specialised product base.
Indeed, analysts say one major disadvantage that Masterskill has compared with other education peers such as HELP International Corp Bhd and SEG International Bhd is its narrow focus on nursing and healthcare-related courses. The other two listed colleges offer a wider choice of courses, catering for a broader spectrum of society.
An analyst notes that there will come a time when the Malaysian market, with its small population of about 28 million, will become saturated with nurses and healthcare personnel. Masterskill will have to either expand its product offering or market reach.
Given that its niche and branding is largely in healthcare and nursing education, going into new markets will be a better near-term strategy, analysts say, although it can expand into other healthcare-related courses.
Indonesia, with its 230 million population, annual GDP growth of over 5% and a rising middle class, serves as a good diversification platform for Masterskill.
Indeed, Malaysia’s small size does have limitations. Even HELP, which is already diversifying its courses and market reach locally, is expanding abroad — to Indonesia, Vietnam, China and elsewhere — mostly through twinning affiliations with small local colleges. Masterskill’s setting up of a full-fledged university is on a far more ambitious scale, and is a calculated strategic move by Santhara.
Many Malaysian companies have made it big in Indonesia, especially those in the banking and finance, plantations and telecommunications sectors. Only time will tell if Masterskill will be the next success story there.
Wednesday, April 13, 2011
Masterskill, CEO to invest US$3m each in Indonesia JV
Written by Joseph Chin of theedgemalaysia.com
Wednesday, 13 April 2011 14:02
KUALA LUMPUR: Masterskill Education Group Bhd (MEGB), its group CEO and PT Sejahteraraya Anugrahjaya Tbk (PTSA) are teaming up to look into the setting up of a university in Indonesia.
MEGB said on Wednesday, April 13 its unit Masterskill (M) Sdn Bhd had signed an MoU with PTSA and MEGB group CEO Datuk Seri Santhara Kumar A/L Ramanaidu to work together to teach and train MEGB’s students at the Mayapada Hospital. The next step is to form a joint venture company in Indonesia to set up Universitas Masterskill – Mayapada in Indonesia.
“The parties proposed to form a JV company in Indonesia with proposed paid-up capital of US$10 million wherein MEGB and Santhara will each hold a 30% stake and the remaining 40% by PTSA," it said. MEGB and Santhara would each invest US$3 million and PTSA US$4 million in the JV.
PTSA is listed on the Stock Exchange of Indonesia and is the owner of Mayapada Hospital in Indonesia.
Under the MoU, PTSA shall be responsible to obtain all approvals and consents for the establishment and operation of Universitas Masterskill–Mayapada.
The university will offer programmes in nursing and allied health education similar to the programmes offered by Masterskill University College of Health Sciences and Masterskill College of Nursing and Health.
MEGB said Masterskill would provide the standard operating procedures, curriculum and guidelines relating to the programmes in nursing and allied health education to be offered by Universitas Masterskill–Mayapada.
The parties would be responsible in renovation works to the buildings of Universitas Masterskill–
Mayapada.
They would also be jointly responsible and take reasonable steps in the recruitment of students to study in Universitas Masterskill–Mayapada.
Wednesday, 13 April 2011 14:02
KUALA LUMPUR: Masterskill Education Group Bhd (MEGB), its group CEO and PT Sejahteraraya Anugrahjaya Tbk (PTSA) are teaming up to look into the setting up of a university in Indonesia.
MEGB said on Wednesday, April 13 its unit Masterskill (M) Sdn Bhd had signed an MoU with PTSA and MEGB group CEO Datuk Seri Santhara Kumar A/L Ramanaidu to work together to teach and train MEGB’s students at the Mayapada Hospital. The next step is to form a joint venture company in Indonesia to set up Universitas Masterskill – Mayapada in Indonesia.
“The parties proposed to form a JV company in Indonesia with proposed paid-up capital of US$10 million wherein MEGB and Santhara will each hold a 30% stake and the remaining 40% by PTSA," it said. MEGB and Santhara would each invest US$3 million and PTSA US$4 million in the JV.
PTSA is listed on the Stock Exchange of Indonesia and is the owner of Mayapada Hospital in Indonesia.
Under the MoU, PTSA shall be responsible to obtain all approvals and consents for the establishment and operation of Universitas Masterskill–Mayapada.
The university will offer programmes in nursing and allied health education similar to the programmes offered by Masterskill University College of Health Sciences and Masterskill College of Nursing and Health.
MEGB said Masterskill would provide the standard operating procedures, curriculum and guidelines relating to the programmes in nursing and allied health education to be offered by Universitas Masterskill–Mayapada.
The parties would be responsible in renovation works to the buildings of Universitas Masterskill–
Mayapada.
They would also be jointly responsible and take reasonable steps in the recruitment of students to study in Universitas Masterskill–Mayapada.
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