（吉隆坡9日訊）大馬產托表現超越新加坡同儕，回酬差距正逐步收窄，分析員看好谷中城產托潛在上市有望進一步提昇市場深度，加上2012年6.8%誘人淨回酬表現，產托領域前景看俏。
馬銀行金英研究認為，2011年大馬產業投資信托（REITs）表現超越新加坡同儕，特別是柏威年產業信托（PAVREIT，5212，主板產業投資信托組）上市後，拉近12月中旬兩國產托回酬差距至29個基本點。
谷中城上市
或提高市場深度
“據悉，怡保花園（IGB，1597，主板產業組）現已聘請投資銀行來進行谷中城產托計劃，有望在2012年首半年上路，我們相信隨著Kris Asset旗下總值28億令吉的谷中城和園中城（The Gardens）上市，可能進一步提高大馬產托的深度和廣度。”
馬銀行指出，多數大馬產托現有負債比低於0.4倍，其中AXIS產業信托（AXREIT，5106，主板產業投資信托組）和嘉德商托（CMMT，5180，主板產業投資信托組）在私下配售後，負債比更將降至0.24倍至0.3倍之間。
“更重要的是，大馬產托經歷2008年全球金融風暴考驗，現多採取積極的資本管理，促使其未來1年再融資風險不高，而強勁的資產負債表更可為擴展提供空間。”
不過，產托的成功關鍵在於維持租戶能力，馬銀行表示，桂嘉資產管理（QCAPITA，5123，主板產業投資信托組）和嘉德商托現有38%和32%租賃更新名列同儕最佳，儘管辦公市場持續受供應過盛影響，但桂嘉仍憑藉積極管理，以及維持與租戶的良好關係，每年仍取得2至3%的租金上調。
“嘉德商托32%租賃更新與綠野購物中心（The Mines）有關，但公司現已取得正面的合約更新進展。”
整體而論，馬銀行認為，在疲憊經濟環境時，工業和策略地點零售產托前景較辦公產托為好，主要是工業產業獲供應有限和長期租約利好扶持，而零售環節雖恐面對租金成長下跌、零售開銷減少等風險，但柏威年產業信托和雙威產業信托（SUNREIT，5176，主板產業投資信托組）等黃金地段購物中心仍是投資者首選。
“我們對辦公領域供過於求情況感到憂慮，數據顯示整體辦公出租率從91%下滑至84%，而租金更是自2010年第四季下滑0.2%，但我們仍看好整體產托市場前景，加上2012年6.8%淨回酬表現，維持領域‘加碼’評級，其中AXIS產業信托（AXREIT，5106，主板產業投資信托組）為投資首選。”（星洲日報／財經）
Wednesday, January 11, 2012
Miami not yet a big cheer
KUALA LUMPUR: The Genting Group inched closer to getting a casino licence in Miami yesterday morning. The bill that could pave the way for up to three casino-resorts in Florida cleared its first legislative hurdle, despite fervent protest from business bigwigs like Walt Disney Co, which operates the flagship Walt Disney World theme park in Florida.
However, the Florida Senate’s favourable 7-3 vote on the bill included a provision that existing rival “pari-mutuels” (referring to the smaller gaming operators) would be allowed to operate as full casinos at the same 10% tax rate as the new mega-resorts, without needing to make additional investments. Amendments made by the state Senate before passing the bill took out a recommendation that would have required pari-mutuels to invest at least US$125 million (RM394 million) to win a casino permit, according to local media reports.
The amendment on the pari-mutuels, “if it remains part of the measure, could serve as a poison pill to doom the bill”, especially in the gambling-averse House of Representatives, where Representative Erik Fresen had said success hinges on there being a net reduction of predatory gaming in Florida,” The Miami Herald reported on Jan 9. “This is the beginning of the discussion,” the bill’s sponsor, Senator Ellyn Bogdanoff, was quoted by Bloomberg as saying.
It is understood that a final copy of the bill will need to be passed by both the Senate and the House of Representatives before it is signed into law or vetoed by the US President.
Over at the Big Apple, however, Genting seems to be powering ahead, having won the support of New York governor Andrew Cuomo for it to be the state’s partner in a planned US$4 billion, 3.8 million sq ft convention centre cum mixed-use development with up to 3,000 hotel rooms next to its “racino” in Aqueduct, Queens. Last week Cuomo recommended that casino-gaming be legalised in New York, a decision that may give Genting a full-fledged casino licence. As it is, Resorts World New York City (RWNY) can only offer electronic table games and video lottery terminals.
Genting is looking to complete Phase 1 or 2.6 million sq ft of the New York convention centre project, dubbed The New York International Convention and Exhibition Centre, by 2014 with the construction of the hotel rooms to commence in November 2015, the Wall Street Journal reported on Jan 6. No breakdown on the cost for the US$4 billion project has been given thus far.
Vincent Khoo, who heads UOB-KayHian Research in Kuala Lumpur, pointed out that it may take at least a year before Genting Malaysia Bhd knows for certain if it will have a casino licence in Miami, even if the lawmakers approve it as the state would need time to call and evaluate proposals. “Although Genting Malaysia can be re-rated significantly on its chances of securing the highly-coveted casino licences, both New York and Miami are unlikely to issue licences in 2012, bearing in mind that 2012 is an election year,” he said.
Still, Khoo calculates that the potential value accretion to equity “could be almost US$1.3 billion”, hypothetically speaking, given that the Miami property commands a 10 times EV/Ebitda (enterprise value over earnings before interest, tax, depreciation and amortisation).
In a note yesterday morning, Khoo wrote that “the potential value creation will be clearly implied by a share price jump”, pointing out that the market capitalisation of Genting Singapore Ltd surged by some S$2 billion (RM4.9 billion) between late-2006 and early-2007, as investors bet on the company clinching the Singapore casino licence.
“However, we have not imputed this potentially sizeable option value into our calculation until more regulatory hurdles are passed in the state of Florida,” Khoo wrote in the note, retaining a “hold” recommendation and RM3.95 target price for Genting Malaysia. “Our entry price is RM3.50 and below,” he told clients. “We expect the share price to remain range-bound given the neutral reactions to the new developments in New York and Miami,” he wrote.
At the current juncture, Khoo prefers parent Genting Bhd to Genting Malaysia. “Genting Bhd is a nearer-term play on the expected good momentum achieved at Resorts World Sentosa (under subsidiary Genting Singapore Plc),” Khoo told The Edge Financial Daily, noting the peak seasonal boost in 4Q2011 and 1Q2012 as well as the potential positive effect of the recently added VIP room capacity. UOB-KayHian has a “buy” call and RM12.24 target price for Genting Bhd, which “ultimately benefits from the group’s foray into the US market”.
TA Investment Management chief investment officer Choo Swee Kee also prefers Genting Bhd, which benefits from having multiple income streams, including that from Singapore. However, Choo is not too positive on the UK operations, under Genting Malaysia, as return on investments is still low at this point.
Choo isn’t overly concerned about the Genting group’s big headline investment numbers in the US, for which specific spending timelines and near-term cash needs have yet to be specified. “At this point, we don’t know whether a cash call is necessary, but it is possible”.
Nonetheless, Choo, whose fund holds Genting Bhd shares, thinks “Genting Bhd is a buy for [future] growth”. “Sometimes when you need to grow, you need to take some risk (and) without which, there would not be growth,” he said, also noting that there “will be value in the [casino] licences”.
In any case, UOB-KayHian’s Khoo pointed out that Genting Malaysia, which generates some RM1.6 billion free cash flow a year, “would be able to secure substantial debt financing at favourable terms”, should additional capital needs arise.
Genting Malaysia traded between RM3.85 and RM3.90 before resting at RM3.88 yesterday, down three sen or 0.77%, while Genting Bhd rose to as high as RM11.16 before closing at its day’s low of RM10.90, down 24 sen or 2.15%.
This article appeared in The Edge Financial Daily, January 11, 2012.
However, the Florida Senate’s favourable 7-3 vote on the bill included a provision that existing rival “pari-mutuels” (referring to the smaller gaming operators) would be allowed to operate as full casinos at the same 10% tax rate as the new mega-resorts, without needing to make additional investments. Amendments made by the state Senate before passing the bill took out a recommendation that would have required pari-mutuels to invest at least US$125 million (RM394 million) to win a casino permit, according to local media reports.
The amendment on the pari-mutuels, “if it remains part of the measure, could serve as a poison pill to doom the bill”, especially in the gambling-averse House of Representatives, where Representative Erik Fresen had said success hinges on there being a net reduction of predatory gaming in Florida,” The Miami Herald reported on Jan 9. “This is the beginning of the discussion,” the bill’s sponsor, Senator Ellyn Bogdanoff, was quoted by Bloomberg as saying.
It is understood that a final copy of the bill will need to be passed by both the Senate and the House of Representatives before it is signed into law or vetoed by the US President.
Over at the Big Apple, however, Genting seems to be powering ahead, having won the support of New York governor Andrew Cuomo for it to be the state’s partner in a planned US$4 billion, 3.8 million sq ft convention centre cum mixed-use development with up to 3,000 hotel rooms next to its “racino” in Aqueduct, Queens. Last week Cuomo recommended that casino-gaming be legalised in New York, a decision that may give Genting a full-fledged casino licence. As it is, Resorts World New York City (RWNY) can only offer electronic table games and video lottery terminals.
Genting is looking to complete Phase 1 or 2.6 million sq ft of the New York convention centre project, dubbed The New York International Convention and Exhibition Centre, by 2014 with the construction of the hotel rooms to commence in November 2015, the Wall Street Journal reported on Jan 6. No breakdown on the cost for the US$4 billion project has been given thus far.
Vincent Khoo, who heads UOB-KayHian Research in Kuala Lumpur, pointed out that it may take at least a year before Genting Malaysia Bhd knows for certain if it will have a casino licence in Miami, even if the lawmakers approve it as the state would need time to call and evaluate proposals. “Although Genting Malaysia can be re-rated significantly on its chances of securing the highly-coveted casino licences, both New York and Miami are unlikely to issue licences in 2012, bearing in mind that 2012 is an election year,” he said.
Still, Khoo calculates that the potential value accretion to equity “could be almost US$1.3 billion”, hypothetically speaking, given that the Miami property commands a 10 times EV/Ebitda (enterprise value over earnings before interest, tax, depreciation and amortisation).
In a note yesterday morning, Khoo wrote that “the potential value creation will be clearly implied by a share price jump”, pointing out that the market capitalisation of Genting Singapore Ltd surged by some S$2 billion (RM4.9 billion) between late-2006 and early-2007, as investors bet on the company clinching the Singapore casino licence.
“However, we have not imputed this potentially sizeable option value into our calculation until more regulatory hurdles are passed in the state of Florida,” Khoo wrote in the note, retaining a “hold” recommendation and RM3.95 target price for Genting Malaysia. “Our entry price is RM3.50 and below,” he told clients. “We expect the share price to remain range-bound given the neutral reactions to the new developments in New York and Miami,” he wrote.
At the current juncture, Khoo prefers parent Genting Bhd to Genting Malaysia. “Genting Bhd is a nearer-term play on the expected good momentum achieved at Resorts World Sentosa (under subsidiary Genting Singapore Plc),” Khoo told The Edge Financial Daily, noting the peak seasonal boost in 4Q2011 and 1Q2012 as well as the potential positive effect of the recently added VIP room capacity. UOB-KayHian has a “buy” call and RM12.24 target price for Genting Bhd, which “ultimately benefits from the group’s foray into the US market”.
TA Investment Management chief investment officer Choo Swee Kee also prefers Genting Bhd, which benefits from having multiple income streams, including that from Singapore. However, Choo is not too positive on the UK operations, under Genting Malaysia, as return on investments is still low at this point.
Choo isn’t overly concerned about the Genting group’s big headline investment numbers in the US, for which specific spending timelines and near-term cash needs have yet to be specified. “At this point, we don’t know whether a cash call is necessary, but it is possible”.
Nonetheless, Choo, whose fund holds Genting Bhd shares, thinks “Genting Bhd is a buy for [future] growth”. “Sometimes when you need to grow, you need to take some risk (and) without which, there would not be growth,” he said, also noting that there “will be value in the [casino] licences”.
In any case, UOB-KayHian’s Khoo pointed out that Genting Malaysia, which generates some RM1.6 billion free cash flow a year, “would be able to secure substantial debt financing at favourable terms”, should additional capital needs arise.
Genting Malaysia traded between RM3.85 and RM3.90 before resting at RM3.88 yesterday, down three sen or 0.77%, while Genting Bhd rose to as high as RM11.16 before closing at its day’s low of RM10.90, down 24 sen or 2.15%.
This article appeared in The Edge Financial Daily, January 11, 2012.
Sunday, January 8, 2012
Genting hits US jackpot?
Written by Cindy Yeap
Friday, 06 January 2012 12:19
Friday, 06 January 2012 12:19
KUALA LUMPUR: With yesterday’s announcement of the proposed expansion of the Resorts World New York (RWNY), Malaysia’s Genting Group appears to have won the support of New York governor Andrew Cuomo to build the largest convention centre in the US, a project that may come with a full-fledged casino licence.
Expected to cost US$4 billion (RM12.56 billion), the proposed integrated mixed-use development would expand RWNY and includes 3.8 million sq ft of convention and exhibition centre with up to 3,000 hotel rooms.
As it is, RWNY, which opened Oct 28 last year, is something of a “virtual casino”, offering only video slot machines and electronic table games via an arrangement with New York Racing Association which operates the Aqueduct Racetrack in Queens. Hence, RWNY is also known as a “racino”.
In the State of the State address where Cuomo delivered a blueprint for rebuilding New York on Wednesday, he announced the intention to make the state the No 1 convention
site in the nation with the proposed expansion at Aqueduct.
Cuomo, who is reportedly in favour of legalising casino gambling to generate new revenue for New York state as well as create more jobs, also said New Yorkers could also approve a constitutional amendment to have Atlantic City-styled casinos outside Indian reserve land.
“Let’s amend the constitution so that we can do gaming right,” he said in the speech, pointing out that over US$1 billion of economic activity could be generated from gaming within the state.
While Genting was named as the partner for the convention centre in the speech, Cuomo did not specify who would be granted a full-fledged casino licence if such amendments
were made.
In a statement to Bursa Malaysia yesterday yesterday, Genting Malaysia said wholly-owned unit Genting New York LLC (Genting NY) had on Tuesday entered into a non-binding
agreement with the New York State Urban Development Corp for the proposed development, and would work closely with the latter’s business entity, Empire State Development
Corp, to have a binding agreement by Nov 30 this year.
The proposed project will replace The Jacob Javits Convention Centre on Manhattan’s West Side and reportedly will be larger than Chicago’s McCormick Place, currently the largest convention centre in the US. The 18-acre Javits Centre site will become a mixed used facility to revitalise New York City’s West Side.
Genting Malaysia shares rose to a one-month high of RM3.93 intra-day after the news before closing at RM3.89 yesterday, up one sen or 0.26%. Its parent, Genting Bhd, rose to RM11.18 intraday, but ended unchanged at RM11.14 while Genting Singapore shed three cents or 1.9% to S$1.53 (RM3.73) yesterday.
Genting owns about 54% of Genting Singapore Ltd, 48.3% of Genting Malaysia and 18% of Genting Hong Kong Ltd, which houses Resorts World Manila.
It remains to be seen if Genting will get similar support in Florida, where the group has announced plans for a US$3.8 billion bayfront Resorts World Miami, complete with hotels, convention space, retail and recreational space, but is missing a casino licence.
Florida lawmakers are slated to discuss a gaming bill that could pave the way for the award of up to three casino-resort licences on Monday afternoon, according to the Senate session calendar.
Genting officials have won some local support with its promise of bigger revenue streams and higher job creation for Miami, but faces opposition from bigwigs like Florida’s
Orlando-based Walt Disney Co, as well as other community groups who still see casinos as a vice-filled industry linked to thug-like debt-collectors, prostitution and money laundering.
Clearly, the US — where there are some 23 million able but jobless workers — is quickly turning out to be an increasingly sizeable market for the Genting group as well as controlling owners, the Lim family, who through their private vehicle Kien Huat Realty Sdn Bhd, is among pioneer investors in Indian tribal gaming.
Coupled with the over US$580 million Genting has already spent on RWNY so far, the US$4 billion planned expansion, will match the US$4.7 billion that Genting has invested in Resorts World Singapore, the group’s biggest investment thus far.
In Britain, where Genting Malaysia via Genting UK is already the largest casino operator, works are underway for a £120 million (RM586.31 million) Resorts World @ NEC in Birmingham that could be ready by late-2013 or early-2014.
At the time of writing, Genting had not provided a timeline for the US$4 billion potential capital expenditure (capex) in New York. For Miami, the US$3.8 billion planned capex is over a period of 10 years, and will be spent faster if it gets a casino licence.
Prior to the latest US$4 billion planned capex for New York, analysts had estimated that the existing RWNY “racino” could potentially shore up Genting Malaysia’s annual earnings by 10% with the UK operations possibly giving another 5% boost.
Melvyn Boey, who heads Southeast Asia research for Bank of America-Merrill Lynch (BoA-ML) in Singapore, said he wouldn’t be overly concerned over Genting’s expansion moves for as long as its balance sheet can support debt levels.
“I’d only worry if net gearing goes above 50% and stays at that level,” Boey told The Edge Financial Daily in a recent interview.
Boey calculates that Genting Highlands in Malaysia generates “easily RM1 billion free cash flow (FCF) a year, with very little capital expenditure requirement”.
He also sees Genting Singapore steadily generating about S$1.5 billion FCF a year from FY13. “In FY12, the number is already S$1.3 billion and that will grow as capex tapers off,” said Boey, who has tracked Genting since the 1990s.
Even so, details on its planned capex would likely allay any concerns investors may have. Even as capex tapers off across the causeway, talks are that Genting Singapore is looking to invest some of its newly minted cash in Japan, where gaming laws may be liberalised to aid the economy.
Sunday, December 18, 2011
Masterskill stake for sale?
The controlling block of shares attracts at least two parties
PETALING JAYA: A controlling block of shares in Masterskill Education Group Bhd may be up for sale with at least two parties said to be interested.
Sources said the block of shares up for sale could come from existing major shareholders who are interested in having a strong, strategic partner come into Masterskill.
Among the interested parties are said to be a government-linked fund, which has a presence in healthcare and would like to extend the education aspect of that sector. Another party is said to be large education group.
The top substantial shareholders of Masterskill are founder Datuk Seri Edmund Santhara with 22.1%, private equity firm Crescent Point with 21.5% and Siva Kumar Jeyapalan with a 10% stake.
Endless woes: Masterskill is facing low student enrolment arising from the higher nursing minimum entry requirements
Heavy trading volume was seen recently after the emergence of Siva as a substantial shareholder of the education group, following his acquisition of 41.2 million shares, or a 10.05% stake on Oct 5.
When contacted, Siva downplayed any likelihood of a sale and only said he would consider to exit the group if the price offered is comfortable for him.
“I acquired the shares from the open market and I believe in the business and the opportunities it present, which is worth more than what it is trading at right now,” he said.
He also expressed his disappointment at the group's recently announced quarterly results.
“To be very blunt, I am not happy with the results. The board needs to buck up and I have made known my concerns to the board,” he said.
Masterskill's third quarter ended Sept 30, 2011 saw its net profit plunging by a significant 78% year-on-year to RM5.5mil from RM26.18mil. Revenue shrank by 24% to RM61.2mil. It stated that part of the reasons for the declining numbers was weak student intakes.
Masterskill has been faced with low student enrolment arising from the higher nursing minimum entry requirements, coupled with a shift in industry trend whereby fewer students are pursuing diploma courses in private education institutions.
There seems to be no end to Masterskill's woes as the group was dealt with another setback when the National Higher Education Fund proposed to reduce loans for students studying at high educational institutions.
Before Masterskill was listed, Siva was the founding member of the group before he sold his stake to Crescent Point back in 2006.
Meanwhile, Edmund could not be reached for comment.
The stock has fallen sharply from its IPO price of RM3.80 in May last year, and reached an all-time low of RM1.06 on Oct 3.
The counter is currently trading near its all-time low at RM1.09 and at a price to earnings ratio of only 5.79 times.
It was speculated last year that Crescent Point was looking to sell their stake in Masterskill in a deal that could fetch more than US$200mil.
PETALING JAYA: A controlling block of shares in Masterskill Education Group Bhd may be up for sale with at least two parties said to be interested.
Sources said the block of shares up for sale could come from existing major shareholders who are interested in having a strong, strategic partner come into Masterskill.
Among the interested parties are said to be a government-linked fund, which has a presence in healthcare and would like to extend the education aspect of that sector. Another party is said to be large education group.
The top substantial shareholders of Masterskill are founder Datuk Seri Edmund Santhara with 22.1%, private equity firm Crescent Point with 21.5% and Siva Kumar Jeyapalan with a 10% stake.
Endless woes: Masterskill is facing low student enrolment arising from the higher nursing minimum entry requirements
Heavy trading volume was seen recently after the emergence of Siva as a substantial shareholder of the education group, following his acquisition of 41.2 million shares, or a 10.05% stake on Oct 5.
When contacted, Siva downplayed any likelihood of a sale and only said he would consider to exit the group if the price offered is comfortable for him.
“I acquired the shares from the open market and I believe in the business and the opportunities it present, which is worth more than what it is trading at right now,” he said.
He also expressed his disappointment at the group's recently announced quarterly results.
“To be very blunt, I am not happy with the results. The board needs to buck up and I have made known my concerns to the board,” he said.
Masterskill's third quarter ended Sept 30, 2011 saw its net profit plunging by a significant 78% year-on-year to RM5.5mil from RM26.18mil. Revenue shrank by 24% to RM61.2mil. It stated that part of the reasons for the declining numbers was weak student intakes.
Masterskill has been faced with low student enrolment arising from the higher nursing minimum entry requirements, coupled with a shift in industry trend whereby fewer students are pursuing diploma courses in private education institutions.
There seems to be no end to Masterskill's woes as the group was dealt with another setback when the National Higher Education Fund proposed to reduce loans for students studying at high educational institutions.
Before Masterskill was listed, Siva was the founding member of the group before he sold his stake to Crescent Point back in 2006.
Meanwhile, Edmund could not be reached for comment.
The stock has fallen sharply from its IPO price of RM3.80 in May last year, and reached an all-time low of RM1.06 on Oct 3.
The counter is currently trading near its all-time low at RM1.09 and at a price to earnings ratio of only 5.79 times.
It was speculated last year that Crescent Point was looking to sell their stake in Masterskill in a deal that could fetch more than US$200mil.
Tuesday, December 13, 2011
Now you and I can also be an independent power producer
Households as clean, sustainable electricity producers?
In the mid-1990s, there were only “big” boys in electricity generation such as YTL Corp, Genting Sanyen and Malakoff. They were popularly known as Independent Power producers' or IPPs and were looked upon with envy as it was alleged that they were making big bucks because of relatively high rates they received from TNB.
Fast forward 15 years. Now you and I can also be an IPP (the term “clean and sustainable electricity producer” is preferred) albeit a very much smaller one but with a difference.
Any owner of a link, semi-detached or bungalow house can now be, subject to approval, a small clean and sustainable energy producer by generating green electricity (as opposed to fossil-fuelled electricity by the big IPPs) and distribution licensee (such as TNB) is obliged to purchase it. What all this means is that if you have a solar photovoltaic (PV) generator at home, you can apply to connect this generator to the grid, and get paid for selling the electricity generated to TNB over the next 21 years.
Solar energy is clean, environmentally friendly and has zero emissions. There is no depletion of natural resources and it is one of the fastest growing energy sources in the world.
And yes the rates are very attractive for generating electricity using solar photovoltaic (PV) technology; it is about four times the normal domestic TNB electricity rates (at RM0.40 per kWh). All you have to do is simply to apply and obtain a feed-in approval from the newly-established Sustainable Energy Development Authority Malaysia (Seda Malaysia), sign a renewable energy power purchase agreement (REPPA) with TNB and install the solar PV system on your rooftop.
On the average, the bungalow is able to produce about 1,000 kWh of electricity per month (based on 10kW installed PV capacity). Given this, the owner may earn about RM1,200 per month (based on FiT rate RM1.20 per kWh if the PV system is commissioned by 2012) and recoup his investment within eight to nine years. The earnings may be even higher if the house owner meets other bonus criteria such as installing as a building-integrated PV system. The current cost of 1 kW solar PV system ranges from RM12,000 to RM14,000.
The interesting thing is that for your average household needs, you purchase the electricity from TNB at between RM0.33 to 42.6 per kWh but when you produce the clean electricity, you can sell it at between RM1.20 to RM1.70 per kWh depending on the installed capacity and the qualifying bonus criteria for solar PV.
The longer the sun shines, the more one can “export” electricity to the national grid during daylight hours (when power is urgently needed) and earn income. The downside and risk is that during cloudy days, the income can be reduced significantly when the sun is not shining. If you apply now, you can lock in these premium rates for the next 21 years!
Unlike the huge IPPs which use natural gas or coal as feedstock to generate electricity, the household does not need to pay for any raw material or fuel because sunshine is free. For as long as the sun is shining, the solar PV panels will generate electricity. Another advantage of solar power is that no extra space is required because the panels can be installed on the rooftop. (Suddenly rooftops have income potential. Many factory owners are now contemplating installing solar PV panels on their rooftop to earn extra revenue while others are approaching factory owners to rent them their roofs.)
On Dec 1 2011, Seda Malaysia invited the public including households, small and not-so-big IPPs (maximum size is 30 MW but only 5 MWp rated capacity for solar PV) to apply and book the amount of green electricity they intended to produce to sell it to the distribution licensee. There are fixed quotas for each of the four renewable energy sources namely biomass (including solid waste), biogas (including landfill), small hydro and solar PV. There was overwhelming response to solar PV especially for the non-individuals.
The good news is that bookings are still open for individuals and households intending to install solar PV systems as there is still available capacity for this category. As at Dec 7, Seda reported that the total unfulfilled quota for solar PV is 6,650 kW; 1,650 kW to be commissioned by the first half 2013, 2500 kW each for second half of 2013 and first half of 2014.
Translating these figures into households, it would mean that about 665 bungalow owners can avail themselves to the remaining capacity (assuming their average capacity is 10 kW). If all of the remaining capacity is taken up by semi-detached owners, the number will increase to 1,330 assuming their installed PV capacity is 5 kW. The figure for typical link houses, assuming an installed capacity of 3 kW, is 2,217 households.
The price guarantee for 21 years has been made possible by the Feed-in Tariff (FiT) scheme implemented by Seda Malaysia. This scheme will be financed by the newly-established Renewable Energy (RE) Fund, to which all electricity users (except for those domestic customers consuming less than 300 kWh per month) will be required to contribute an additional 1% of their electricity bill.
House-owners who do not participate in solar PV electricity generation should not begrudge the payment of the additional 1%. Instead they should view it as one of their contributions to a cleaner and healthier environment. This is their social contribution for cleaner air. The public and community must also share in undertaking this heavy responsibility with the Government.
Dr Pola Singh is a board member of the Sustainable Energy Development Authority (Seda), Malaysia. The views expressed are his own. The public can apply for the feed-in approval via efit.seda.gov.my and more information can be obtained from Seda's official portal at www.seda.gov.my
In the mid-1990s, there were only “big” boys in electricity generation such as YTL Corp, Genting Sanyen and Malakoff. They were popularly known as Independent Power producers' or IPPs and were looked upon with envy as it was alleged that they were making big bucks because of relatively high rates they received from TNB.
Fast forward 15 years. Now you and I can also be an IPP (the term “clean and sustainable electricity producer” is preferred) albeit a very much smaller one but with a difference.
Any owner of a link, semi-detached or bungalow house can now be, subject to approval, a small clean and sustainable energy producer by generating green electricity (as opposed to fossil-fuelled electricity by the big IPPs) and distribution licensee (such as TNB) is obliged to purchase it. What all this means is that if you have a solar photovoltaic (PV) generator at home, you can apply to connect this generator to the grid, and get paid for selling the electricity generated to TNB over the next 21 years.
Solar energy is clean, environmentally friendly and has zero emissions. There is no depletion of natural resources and it is one of the fastest growing energy sources in the world.
And yes the rates are very attractive for generating electricity using solar photovoltaic (PV) technology; it is about four times the normal domestic TNB electricity rates (at RM0.40 per kWh). All you have to do is simply to apply and obtain a feed-in approval from the newly-established Sustainable Energy Development Authority Malaysia (Seda Malaysia), sign a renewable energy power purchase agreement (REPPA) with TNB and install the solar PV system on your rooftop.
On the average, the bungalow is able to produce about 1,000 kWh of electricity per month (based on 10kW installed PV capacity). Given this, the owner may earn about RM1,200 per month (based on FiT rate RM1.20 per kWh if the PV system is commissioned by 2012) and recoup his investment within eight to nine years. The earnings may be even higher if the house owner meets other bonus criteria such as installing as a building-integrated PV system. The current cost of 1 kW solar PV system ranges from RM12,000 to RM14,000.
The interesting thing is that for your average household needs, you purchase the electricity from TNB at between RM0.33 to 42.6 per kWh but when you produce the clean electricity, you can sell it at between RM1.20 to RM1.70 per kWh depending on the installed capacity and the qualifying bonus criteria for solar PV.
The longer the sun shines, the more one can “export” electricity to the national grid during daylight hours (when power is urgently needed) and earn income. The downside and risk is that during cloudy days, the income can be reduced significantly when the sun is not shining. If you apply now, you can lock in these premium rates for the next 21 years!
Unlike the huge IPPs which use natural gas or coal as feedstock to generate electricity, the household does not need to pay for any raw material or fuel because sunshine is free. For as long as the sun is shining, the solar PV panels will generate electricity. Another advantage of solar power is that no extra space is required because the panels can be installed on the rooftop. (Suddenly rooftops have income potential. Many factory owners are now contemplating installing solar PV panels on their rooftop to earn extra revenue while others are approaching factory owners to rent them their roofs.)
On Dec 1 2011, Seda Malaysia invited the public including households, small and not-so-big IPPs (maximum size is 30 MW but only 5 MWp rated capacity for solar PV) to apply and book the amount of green electricity they intended to produce to sell it to the distribution licensee. There are fixed quotas for each of the four renewable energy sources namely biomass (including solid waste), biogas (including landfill), small hydro and solar PV. There was overwhelming response to solar PV especially for the non-individuals.
The good news is that bookings are still open for individuals and households intending to install solar PV systems as there is still available capacity for this category. As at Dec 7, Seda reported that the total unfulfilled quota for solar PV is 6,650 kW; 1,650 kW to be commissioned by the first half 2013, 2500 kW each for second half of 2013 and first half of 2014.
Translating these figures into households, it would mean that about 665 bungalow owners can avail themselves to the remaining capacity (assuming their average capacity is 10 kW). If all of the remaining capacity is taken up by semi-detached owners, the number will increase to 1,330 assuming their installed PV capacity is 5 kW. The figure for typical link houses, assuming an installed capacity of 3 kW, is 2,217 households.
The price guarantee for 21 years has been made possible by the Feed-in Tariff (FiT) scheme implemented by Seda Malaysia. This scheme will be financed by the newly-established Renewable Energy (RE) Fund, to which all electricity users (except for those domestic customers consuming less than 300 kWh per month) will be required to contribute an additional 1% of their electricity bill.
House-owners who do not participate in solar PV electricity generation should not begrudge the payment of the additional 1%. Instead they should view it as one of their contributions to a cleaner and healthier environment. This is their social contribution for cleaner air. The public and community must also share in undertaking this heavy responsibility with the Government.
Dr Pola Singh is a board member of the Sustainable Energy Development Authority (Seda), Malaysia. The views expressed are his own. The public can apply for the feed-in approval via efit.seda.gov.my and more information can be obtained from Seda's official portal at www.seda.gov.my
Monday, December 12, 2011
分享锦集：从零和到正和
Dec 9th, 2011 | By 冷眼 | Category: 分享锦集
这些年来，我不断摸索，想从投资理论的探讨，到实际投资经验的印证，找出一条较有把握的股市赚钱之路。
我说“较有把握”，是因为只要做到赚多亏少，对多错少，就可以达到累积财富的终极目标。
到目前为止，十全十美的投资秘诀，根本还没人找到。
这就是我写《败在心术不正》和《投资之道，利人利己》的目的。
这两篇文章刊出后，引来了一些闲言闲语，很明显的，有些读者对这两篇文章有些误解，误解源自：
1.断章取义，尤其是对《败在心术不正》。
2.把两篇文章孤立阅读。
这两篇文章其实是有连续性的，《败在心术不正》是从消极的角度，提醒大家避免掉进陷阱；《投资之道，利人利己》是从积极的角度，希望大家循正道投资，长期创富。
最明显的误会，是大家以为我把“低买高卖”，视为“骗人”的行为，这根本不是我的原意。
文中的例子已讲得很清楚，将只值得2令吉的股票，推高到10令吉，最后遭殃的必然是无知的散户，“把没有价值的股票推高，然后脱售给无知的散户，是损人利己的行为”（原文），形容这种“低买高卖”方式是“骗人”的行为，过份吗？
低买高卖，是一切商业赚钱的正当途径，我即使再无知，也不会幼稚到视低买高卖为“骗人”的行为。
以2令吉买进一只每股净利30仙的股票，当有关公司的每股净利增至40仙时，股价跟着上涨至3令吉，你赚了1令吉，这是绝对正常和正当的，股票原本就是应该这样投资的。
损人利己
但是，一只长期亏蚀，股价一向在10仙左右浮沉的垃圾股，由于人为的因素，短期内暴涨至1令吉以上，过后炒家饱食远飏，股价暴跌至一、二十仙，使无知的散户，血本无归，你同意不同意这是损人利己的行为？
我所指的“低买高卖”，是这一类的低买高卖行为。
这种一方得利，就必有另一方损失的做法，就是“零和游戏”。
股票投资的终极目标是累积财富，只有通过正当的经营手法，长期投资，才有可能创富，投机是零和游戏，很难创富。
只有将“零和”转化为“正和”，才能创富。
什么是“正和游戏”？
举一个例子：星狮（F&N）在2001年时，每股净赚23.6仙，股价为3令吉，到2005年时每股净赚37仙，股价涨至6令吉；到2010年时，每股净利涨至195.1仙，股价涨至16令吉。
由2001年至2010年，星狮的股价虽有起落，但10年都保持上升的趋势，而此种升势，是星狮的每股净利，每年都上升造成的。
有赚没亏
投资者在10年中的任何一年，以任何的价格买进该公司的股票，紧握不放，到现在都是有赚没亏，没有任何一人蒙受亏损。
投资于星狮，就是“正和游戏”。
其他投资于大众银行、健力士、安裕、吉隆甲洞、联合种植、IOI、安利、雀巢、DIGI、QL、顶级手套、云顶等好股的投资者，以10年为期，无论以何价买进，都无人亏本，他们有一个共同点，都是靠公司盈利继续上升而赚到钱。
在这10年中，这些公司的股价，也是跟着股市波动，每个投资者的买进价格都不同，但都赚了钱，这就是典型的“正和游戏”。
假如你检视一些业绩不断走下坡的公司的话，你会发现，现在的股价，反而比10年前更低，投资者如果投资于这类股票而赚到钱的话，他们所赚的，是来自别的投资者的损失，与公司的业绩无关，这就是“零和游戏”。
轻松赚钱
采取“正和游戏”投资法，你可以：轻轻松松投资，快快乐乐赚钱，悠悠闲闲过话。
采取“零和游戏”投资法，你会：烦烦恼恼投机，忧忧虑虑赚钱，提心吊胆过活。
你现在所过的是那一种投资生涯？所用的是那一种投资法？请自我检讨吧！
本周建议研究股项
常青油棕（Rsawit，5113，主板种植股）
资料搜寻及导读
1. 开电脑，进入www.bursamalaysia.com。
2. 点击Listed Companies。
3. 点击Prospectus。
4. 点击By Company。
5. 点击R，找出Rimbunan Sawit Berhad。
6. 点击及下载26/09/2011发表的附加股说明书（Abridged Prospectus）；详读这份178页的说明书，这是了解常青油棕和大马油棕业的最有用资料。
7. 请特别注意说明书第5.32页（在第13页）“该集团的展望及将来的计划”（Prospects and future plans of our group），你可
以在这里找到该集团的地库、种植面积、每公顷产量、树龄及未来三年的种植计划。
这些都是你评估该股价值的最重要资料。
（请参考拙作《30年股票投资心得》一书第161页“怎样评估种植股”）。
8. 常青油棕最近完成发附加股和红股，11月21日发表的到9月30日为止的第三季季报，来不及反映发红股和附加股后的情况，所以我建议不要过份重视第三季季报，而以《附加股说明书》的资料为评估根据。
思考重点
The Edge报道常青油棕将成为常青集团的油棕业旗舰公司，是否如此，你可以在《附加股说明书》第5.3项中找到答案。
特别声明
本栏旨在协助读者研究种植股，所提股票，是作为研究的范本，并非推荐购买。笔者可能拥有也可能没有拥有有关股票。
提示
买种植股就是买土地，地价有起没落，故种植股是稳当的投资。
这些年来，我不断摸索，想从投资理论的探讨，到实际投资经验的印证，找出一条较有把握的股市赚钱之路。
我说“较有把握”，是因为只要做到赚多亏少，对多错少，就可以达到累积财富的终极目标。
到目前为止，十全十美的投资秘诀，根本还没人找到。
这就是我写《败在心术不正》和《投资之道，利人利己》的目的。
这两篇文章刊出后，引来了一些闲言闲语，很明显的，有些读者对这两篇文章有些误解，误解源自：
1.断章取义，尤其是对《败在心术不正》。
2.把两篇文章孤立阅读。
这两篇文章其实是有连续性的，《败在心术不正》是从消极的角度，提醒大家避免掉进陷阱；《投资之道，利人利己》是从积极的角度，希望大家循正道投资，长期创富。
最明显的误会，是大家以为我把“低买高卖”，视为“骗人”的行为，这根本不是我的原意。
文中的例子已讲得很清楚，将只值得2令吉的股票，推高到10令吉，最后遭殃的必然是无知的散户，“把没有价值的股票推高，然后脱售给无知的散户，是损人利己的行为”（原文），形容这种“低买高卖”方式是“骗人”的行为，过份吗？
低买高卖，是一切商业赚钱的正当途径，我即使再无知，也不会幼稚到视低买高卖为“骗人”的行为。
以2令吉买进一只每股净利30仙的股票，当有关公司的每股净利增至40仙时，股价跟着上涨至3令吉，你赚了1令吉，这是绝对正常和正当的，股票原本就是应该这样投资的。
损人利己
但是，一只长期亏蚀，股价一向在10仙左右浮沉的垃圾股，由于人为的因素，短期内暴涨至1令吉以上，过后炒家饱食远飏，股价暴跌至一、二十仙，使无知的散户，血本无归，你同意不同意这是损人利己的行为？
我所指的“低买高卖”，是这一类的低买高卖行为。
这种一方得利，就必有另一方损失的做法，就是“零和游戏”。
股票投资的终极目标是累积财富，只有通过正当的经营手法，长期投资，才有可能创富，投机是零和游戏，很难创富。
只有将“零和”转化为“正和”，才能创富。
什么是“正和游戏”？
举一个例子：星狮（F&N）在2001年时，每股净赚23.6仙，股价为3令吉，到2005年时每股净赚37仙，股价涨至6令吉；到2010年时，每股净利涨至195.1仙，股价涨至16令吉。
由2001年至2010年，星狮的股价虽有起落，但10年都保持上升的趋势，而此种升势，是星狮的每股净利，每年都上升造成的。
有赚没亏
投资者在10年中的任何一年，以任何的价格买进该公司的股票，紧握不放，到现在都是有赚没亏，没有任何一人蒙受亏损。
投资于星狮，就是“正和游戏”。
其他投资于大众银行、健力士、安裕、吉隆甲洞、联合种植、IOI、安利、雀巢、DIGI、QL、顶级手套、云顶等好股的投资者，以10年为期，无论以何价买进，都无人亏本，他们有一个共同点，都是靠公司盈利继续上升而赚到钱。
在这10年中，这些公司的股价，也是跟着股市波动，每个投资者的买进价格都不同，但都赚了钱，这就是典型的“正和游戏”。
假如你检视一些业绩不断走下坡的公司的话，你会发现，现在的股价，反而比10年前更低，投资者如果投资于这类股票而赚到钱的话，他们所赚的，是来自别的投资者的损失，与公司的业绩无关，这就是“零和游戏”。
轻松赚钱
采取“正和游戏”投资法，你可以：轻轻松松投资，快快乐乐赚钱，悠悠闲闲过话。
采取“零和游戏”投资法，你会：烦烦恼恼投机，忧忧虑虑赚钱，提心吊胆过活。
你现在所过的是那一种投资生涯？所用的是那一种投资法？请自我检讨吧！
本周建议研究股项
常青油棕（Rsawit，5113，主板种植股）
资料搜寻及导读
1. 开电脑，进入www.bursamalaysia.com。
2. 点击Listed Companies。
3. 点击Prospectus。
4. 点击By Company。
5. 点击R，找出Rimbunan Sawit Berhad。
6. 点击及下载26/09/2011发表的附加股说明书（Abridged Prospectus）；详读这份178页的说明书，这是了解常青油棕和大马油棕业的最有用资料。
7. 请特别注意说明书第5.32页（在第13页）“该集团的展望及将来的计划”（Prospects and future plans of our group），你可
以在这里找到该集团的地库、种植面积、每公顷产量、树龄及未来三年的种植计划。
这些都是你评估该股价值的最重要资料。
（请参考拙作《30年股票投资心得》一书第161页“怎样评估种植股”）。
8. 常青油棕最近完成发附加股和红股，11月21日发表的到9月30日为止的第三季季报，来不及反映发红股和附加股后的情况，所以我建议不要过份重视第三季季报，而以《附加股说明书》的资料为评估根据。
思考重点
The Edge报道常青油棕将成为常青集团的油棕业旗舰公司，是否如此，你可以在《附加股说明书》第5.3项中找到答案。
特别声明
本栏旨在协助读者研究种植股，所提股票，是作为研究的范本，并非推荐购买。笔者可能拥有也可能没有拥有有关股票。
提示
买种植股就是买土地，地价有起没落，故种植股是稳当的投资。
林國泰：博奕結合休閑‧雲頂營業多元化
大馬財經 財經焦點 2011-12-12 18:30
（吉隆坡12日訊）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。（星洲日報／財經）
（吉隆坡12日訊）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。（星洲日報／財經）
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