Weekend: The 10 Maxims of Successful Investing
By Steve Christ | Saturday, June 25th, 2011
Templeton's 10 Maxims
He called them Templeton's 10 Principles for Successful Investing. They included the following:
Invest for real returns: “The true objective for any long-term investor is maximum total real return after taxes.”
Keep an open mind: “Never adopt permanently any type of asset or any selection method. Try to stay flexible, open minded and skeptical. Long term top results are achieved only by changing from popular to unpopular the types of securities you favour and your methods of selection.”
Never follow the crowd: “If you buy the same securities as other people, you will have the same results as other people. It is impossible to produce superior performance unless you do something different from the majority. Buying when others are despondently selling and selling when others are greedily buying requires the greatest fortitude and pays the greatest reward.”
Everything changes: “Bear markets have always been temporary. And so have bull markets.”
Avoid the popular: “When any method for selecting stocks becomes popular, you will need to switch to unpopular methods.”
Learn from your mistakes: “'This time is different' are among the most costly four words in market history.”
Buy during times of pessimism: “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.”
Search worldwide: “To avoid having all your eggs in the wrong basket at the wrong time, you should diversify. When you search worldwide, you find more better bargains than when you monitor only one nation. You also benefit from more safety thanks to diversification.”
Hunt for value and bargains: “Too many investors focus on outlook and trend. Therefore, more profit is made by focusing on value. In the stock market the only way to get a bargain is to buy what most investors are selling.”
No-one knows everything: “An investor who has all of the answers doesn't even understand the questions.”
Of course, those aren't the only words of wisdom Templeton had to offer. He also once said, "It's nice to be important, but it is more important to be nice."
Templeton passed away in July 2008 at the age of 95.
As for some places to start building a lifetime of wealth, our editors have put together a few of their best ideas for the years to come in this week's top-read articles from Wealth Daily and Energy & Capital, below.
Have a great weekend.
Your bargain-hunting analyst,
Steve Christ
Editor, Wealth Daily
马 到 功 成. Success is when the horses come. Success goes only to those who dare and act, it seldom goes to the timid. The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.
Sunday, June 26, 2011
Friday, June 17, 2011
Sell when Investors Are Most Optimistic
Everything has a value. In times of extreme optimism shares become overvalued. In times of extreme pessimism, shares become undervalued. A savvy investor is able to exploit these extremes.
When a stock becomes overvalued, it may become more overvalued and stay overvalued for a long time. As long as the trend keeps going up, you should hold on to your stock. In a bullish scenario, man can become mad with enthusiasm. Thomas Edison said, " I can calculate the movements of the stars, but I can't calculate the madness of man."
In the bull market of 1971 to 1973, OCBC went up to a high of $50 per share. Stocks were then traded at 1000 shares per lot. That means if you buy 1 lot of OCBC, you have to pay $50,000 which was then equivalent to the cost of 2 terrace houses that could fetch an annual rental of $4000. As for 1 lot of OCBC, your annual dividend is only $100. Such was the madness of the stock market then.
The bubble in OCBC eventually burst. Within less than 3 months, if I am not mistaken, OCBC plummeted to $3 per share.
You will do well to remember that when shares are sold ex-hope and cum-despair, it is the time to buy. But when shares are at the other extreme, you should get ready to sell everything, and sell everything when the trend reverses.
When a stock becomes overvalued, it may become more overvalued and stay overvalued for a long time. As long as the trend keeps going up, you should hold on to your stock. In a bullish scenario, man can become mad with enthusiasm. Thomas Edison said, " I can calculate the movements of the stars, but I can't calculate the madness of man."
In the bull market of 1971 to 1973, OCBC went up to a high of $50 per share. Stocks were then traded at 1000 shares per lot. That means if you buy 1 lot of OCBC, you have to pay $50,000 which was then equivalent to the cost of 2 terrace houses that could fetch an annual rental of $4000. As for 1 lot of OCBC, your annual dividend is only $100. Such was the madness of the stock market then.
The bubble in OCBC eventually burst. Within less than 3 months, if I am not mistaken, OCBC plummeted to $3 per share.
You will do well to remember that when shares are sold ex-hope and cum-despair, it is the time to buy. But when shares are at the other extreme, you should get ready to sell everything, and sell everything when the trend reverses.
Thursday, June 16, 2011
Bank Negara warns of phishing email
PETALING JAYA: Bank Negara Malaysia (BNM) has warned of an email aimed at deceiving members of the public into disclosing their personal banking details.
A statement issued by the central bank Thursday said the email, which claims to be from Bank Negara, urges people to update their account details through a provided hyperlink.
"Intended victims receive emails purportedly from BNM, informing them that BNM is collecting personal banking information to update its database. They will be prompted to either click on a link or reply to the email directly.
"Once the victim clicks on the link provided in the email, they are directed to a fake website requesting disclosure of personal financial details such as credit or debit cards details including card code verification or other personal identification numbers (PIN)," the statement said.
BNM said financial institutions, including credit card issuers and BNM and all banking institutions will never request for personal banking information when contacting customers, be it via telephone calls, SMS or emails.
People who have received such emails are advised to contact their respective banks or contact the Associations of Banks in Malaysia (ABM) toll-free service at 1-300-88-9980.
For more information on financial scams activities, visit the financial fraud alert site at http://fraudalert.bnm.gov.my.
The public can also contact BNMTELELINK (Customer Contact Centre) at 1-300-88-5465 or email to bnmtelelink@bnm.gov.my for enquiries.
A statement issued by the central bank Thursday said the email, which claims to be from Bank Negara, urges people to update their account details through a provided hyperlink.
"Intended victims receive emails purportedly from BNM, informing them that BNM is collecting personal banking information to update its database. They will be prompted to either click on a link or reply to the email directly.
"Once the victim clicks on the link provided in the email, they are directed to a fake website requesting disclosure of personal financial details such as credit or debit cards details including card code verification or other personal identification numbers (PIN)," the statement said.
BNM said financial institutions, including credit card issuers and BNM and all banking institutions will never request for personal banking information when contacting customers, be it via telephone calls, SMS or emails.
People who have received such emails are advised to contact their respective banks or contact the Associations of Banks in Malaysia (ABM) toll-free service at 1-300-88-9980.
For more information on financial scams activities, visit the financial fraud alert site at http://fraudalert.bnm.gov.my.
The public can also contact BNMTELELINK (Customer Contact Centre) at 1-300-88-5465 or email to bnmtelelink@bnm.gov.my for enquiries.
Tuesday, June 14, 2011
Control Your Emotion or Others will Control You
When you buy a stock,
Hope is high that you will make a lot.
But things are normally not that rosy.
The moment you buy, things become messy.
The price drops and drops and drops.
You become frustrated, 'cos your attempt flops.
Your hope of a profit vanishes.
Already set in are much damages.
You hope and pray for a rebound.
One day it comes and things seem to turn around.
Just when the going looks good,
The price stops moving and just stood.
Moments later, the price starts to retreat.
Nothing is left to benefit.
Your hope has turned forlorn.
Your hope remains unborn.
Next time it moves up, I will sell, you say.
But for long, the price has gone astray.
At the darkest hour, comes the dawn.
Despair is now a conclusion, forgone.
As the price turns around,
Your chance to sell at a small gain is abound
Soon the price hits your target.
You sell with joy and without regret.
But your joy soon turns to frustration,
'Cos you sell at a bullish occasion.
If you have held on to your gains,
You would have much much more to gain.
Hope is high that you will make a lot.
But things are normally not that rosy.
The moment you buy, things become messy.
The price drops and drops and drops.
You become frustrated, 'cos your attempt flops.
Your hope of a profit vanishes.
Already set in are much damages.
You hope and pray for a rebound.
One day it comes and things seem to turn around.
Just when the going looks good,
The price stops moving and just stood.
Moments later, the price starts to retreat.
Nothing is left to benefit.
Your hope has turned forlorn.
Your hope remains unborn.
Next time it moves up, I will sell, you say.
But for long, the price has gone astray.
At the darkest hour, comes the dawn.
Despair is now a conclusion, forgone.
As the price turns around,
Your chance to sell at a small gain is abound
Soon the price hits your target.
You sell with joy and without regret.
But your joy soon turns to frustration,
'Cos you sell at a bullish occasion.
If you have held on to your gains,
You would have much much more to gain.
Friday, June 10, 2011
Ten commandments for life
Someone has written these beautiful words. Must read and try to understand the deep meaning of it.
They are like the ten commandments to follow in life all the time.
1] Prayer is not a "spare wheel" that you pull out when in trouble, but it is a "steering wheel" that directs the right path throughout.
2] So a Car's WINDSHIELD is so large & the Rear view Mirror is so small? Because our PAST is not as important as our FUTURE. So, Look Ahead and Move on.
3] Friendship is like a BOOK. It takes few seconds to burn, but it takes years to write.
4] All things in life are temporary. If going well, enjoy it, they will not last forever. If going wrong, don't worry, they can't last long either.
5] Old Friends are Gold! New Friends are Diamond! If you get a Diamond, don't forget the Gold! Because to hold a Diamond, you always need a Base of Gold!
6] Often when we lose hope and think this is the end, GOD smiles from above and says, "Relax, sweetheart, it's just a bend, not the end!
7] When GOD solves your problems, you have faith in HIS abilities; when GOD doesn't solve your problems HE has faith in your abilities.
8] A blind person asked God: "Can there be anything worse than losing eye sight?" He replied: "Yes, losing your vision!"
9] When you pray for others, God listens to you and blesses them, and sometimes, when you are safe and happy, remember that someone has prayed for you.
10] WORRYING does not take away tomorrow's TROUBLES, it takes away today's PEACE.
If you really enjoy this, please pass to others. It may brighten someone's day...
They are like the ten commandments to follow in life all the time.
1] Prayer is not a "spare wheel" that you pull out when in trouble, but it is a "steering wheel" that directs the right path throughout.
2] So a Car's WINDSHIELD is so large & the Rear view Mirror is so small? Because our PAST is not as important as our FUTURE. So, Look Ahead and Move on.
3] Friendship is like a BOOK. It takes few seconds to burn, but it takes years to write.
4] All things in life are temporary. If going well, enjoy it, they will not last forever. If going wrong, don't worry, they can't last long either.
5] Old Friends are Gold! New Friends are Diamond! If you get a Diamond, don't forget the Gold! Because to hold a Diamond, you always need a Base of Gold!
6] Often when we lose hope and think this is the end, GOD smiles from above and says, "Relax, sweetheart, it's just a bend, not the end!
7] When GOD solves your problems, you have faith in HIS abilities; when GOD doesn't solve your problems HE has faith in your abilities.
8] A blind person asked God: "Can there be anything worse than losing eye sight?" He replied: "Yes, losing your vision!"
9] When you pray for others, God listens to you and blesses them, and sometimes, when you are safe and happy, remember that someone has prayed for you.
10] WORRYING does not take away tomorrow's TROUBLES, it takes away today's PEACE.
If you really enjoy this, please pass to others. It may brighten someone's day...
Thursday, June 09, 2011
Published: Wednesday June 8, 2011 MYT 8:38:00 PM
Public warned about syndicate passing off as HK police
Be extremely careful when you remit money to another account, because the money remitted may never come back.
MALACCA: The state police have advised the public to beware of a fraud syndicate, which passes itself as the Hong Kong police and Bank Negara staff to cheat victims.
Explaining the modus operandi, state police chief SAC Datuk Chuah Gee Lye said that syndicate's members would introduce themselves as policemen from Bukit Aman and tell the intended victim that his identity has been used to launder money abroad.
They will ask the victim to contact the Hong Kong police using a number they give, Chuah told reporters here.
“On calling the number, the victim will be told that Bank Negara has been contacted. Shortly after that, he will receive a call from an officer, supposedly from Bank Negara, who will confirm that his account was used for illegal activity.
“The syndicate members will then advise their intended victim to transfer his money into another account if he does not want his funds to be frozen,” he added.
Chuah said that two cases had been reported in the state but the intended victims were lucky to escape from being cheated.
He advised members of the public who are similarly approached to contact the state Commercial Crime Investigation Department at 06-2854196.
Public warned about syndicate passing off as HK police
Be extremely careful when you remit money to another account, because the money remitted may never come back.
MALACCA: The state police have advised the public to beware of a fraud syndicate, which passes itself as the Hong Kong police and Bank Negara staff to cheat victims.
Explaining the modus operandi, state police chief SAC Datuk Chuah Gee Lye said that syndicate's members would introduce themselves as policemen from Bukit Aman and tell the intended victim that his identity has been used to launder money abroad.
They will ask the victim to contact the Hong Kong police using a number they give, Chuah told reporters here.
“On calling the number, the victim will be told that Bank Negara has been contacted. Shortly after that, he will receive a call from an officer, supposedly from Bank Negara, who will confirm that his account was used for illegal activity.
“The syndicate members will then advise their intended victim to transfer his money into another account if he does not want his funds to be frozen,” he added.
Chuah said that two cases had been reported in the state but the intended victims were lucky to escape from being cheated.
He advised members of the public who are similarly approached to contact the state Commercial Crime Investigation Department at 06-2854196.
Wednesday, June 08, 2011
The 6 Rules For Successful Investing In Chinese ADRs
By DOUG TSURUOKA, INVESTOR'S BUSINESS DAILY
Posted 05/11/2011 05:50 PM ET
The Chinese flag is displayed on an electronic screen at Nasdaq on Wednesday for the initial public offering of Jiayuan.com. China's largest dating... View Enlarged Image
A passel of U.S.-listed Chinese stocks have run into trouble lately. Some have restated earnings or undergone trading halts as the SEC probes accounting glitches or allegations of malfeasance.
Trading in the last two months was halted on China Electric Motor, NIVS Intellimedia Technology and Puda Coal, to name a few. Fertilizer and feed maker Yongye International's (YONG) production figures and ties are also being questioned by analysts.
Shares of several others tumbled without any company-specific news. The volatility comes at a time when Chinese IPOs in general are struggling. Renren (RENN), "China's Facebook," fell below its $14 IPO price Wednesday after hitting 24 intraday in its May 4 debut. But appliance maker Deer Consumer Products (DEER) brushed off criticism to post Q1 profit and sales growth above 40% on Tuesday.
There are no hard rules to investing in China-based companies that trade in the U.S. But analysts say these six points offer a good checklist:
1. Are they industry leaders in China?
2. Do the companies use any of the Big Four global accounting firms (KPMG, PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young)?
3. Do they have the sponsorship of big investment funds?
4. Is there serious backing from venture capital funds?
5. Are sizable chunks of equity owned by management?
6. Are Americans on the board?
"The best rule of thumb for investing in China is whether that company is No. 1 in its space," said venture capitalist David Chao, co-founder of early-stage tech VC firm DCM. "Competition is fierce in China. Such companies have withstood the test of time."
Chao compares China's situation to Japan, where giants like Sony (SNE), which led in the early 1960s, are still pretty much the leaders today. Chao is on Renren's board.
John Mattio, a senior vice president at investor relations firm HC International in New York, says many U.S. fund managers won't take a stake in a Chinese company unless its auditor is one of the Big Four. It stems from a belief that smaller bookkeepers can't check or balance their work.
But Mattio warns that bigness alone won't ensure accuracy. Chinese law requires large foreign auditors to join with local accounting firms, he notes. This means Chinese partners, not U.S. expats, often do the books.
"It's not like the team from midtown Manhattan is flying to China to do the audit," he said.
China MediaExpress (CCME) hasn't traded since March 11 after months of claims of cooked books. That same day, a Deloitte Touche affiliate severed ties.
Sponsorship and rising holdings by big mutual funds, hedge funds, banks and other institutions are other positives.
Janet Stites, publisher of China Business Knowledge, an online newsletter that tracks U.S.-listed Chinese firms, says big funds have the staff and resources to conduct due diligence.
"If Fidelity is investing, it's not a 100% good call, but it's a good place to start," Stites said.
Also desirable are credible margins and strong EBIDTA, though those can be hard to pin down in fast-changing, booming China.
Analysts like to see top executives with a stake in future performance. For example, managers own 17% of Chinese search engine Baidu (BIDU).
The downside: Some heavily family-owned Chinese firms are used as cash dispensers.
Depth and length of VC funding is another guide. Internet firm Qihoo 360 (QIHU), which raised $175 million in a successful March IPO, had over five years of substantial VC backing, Stites says.
DCM's Chao says having U.S. directors shows that a Chinese firm can tap U.S. expertise and will likely adhere to U.S. governance standards.
Stites cites hog producer Tianli Agritech (OINK). One director is Peter Gadkowski, an ex-SEC enforcement attorney and founder of a 30,000-sow farm in Colorado.
The Chinese flag is displayed on an electronic screen at Nasdaq on Wednesday for the initial public offering of Jiayuan.com. China's largest dating... View Enlarged Image
A passel of U.S.-listed Chinese stocks have run into trouble lately. Some have restated earnings or undergone trading halts as the SEC probes accounting glitches or allegations of malfeasance.
Trading in the last two months was halted on China Electric Motor, NIVS Intellimedia Technology and Puda Coal, to name a few. Fertilizer and feed maker Yongye International's (YONG) production figures and ties are also being questioned by analysts.
Shares of several others tumbled without any company-specific news. The volatility comes at a time when Chinese IPOs in general are struggling. Renren (RENN), "China's Facebook," fell below its $14 IPO price Wednesday after hitting 24 intraday in its May 4 debut. But appliance maker Deer Consumer Products (DEER) brushed off criticism to post Q1 profit and sales growth above 40% on Tuesday.
There are no hard rules to investing in China-based companies that trade in the U.S. But analysts say these six points offer a good checklist:
1. Are they industry leaders in China?
2. Do the companies use any of the Big Four global accounting firms (KPMG, PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young)?
3. Do they have the sponsorship of big investment funds?
4. Is there serious backing from venture capital funds?
5. Are sizable chunks of equity owned by management?
6. Are Americans on the board?
"The best rule of thumb for investing in China is whether that company is No. 1 in its space," said venture capitalist David Chao, co-founder of early-stage tech VC firm DCM. "Competition is fierce in China. Such companies have withstood the test of time."
Chao compares China's situation to Japan, where giants like Sony (SNE), which led in the early 1960s, are still pretty much the leaders today. Chao is on Renren's board.
John Mattio, a senior vice president at investor relations firm HC International in New York, says many U.S. fund managers won't take a stake in a Chinese company unless its auditor is one of the Big Four. It stems from a belief that smaller bookkeepers can't check or balance their work.
But Mattio warns that bigness alone won't ensure accuracy. Chinese law requires large foreign auditors to join with local accounting firms, he notes. This means Chinese partners, not U.S. expats, often do the books.
"It's not like the team from midtown Manhattan is flying to China to do the audit," he said.
China MediaExpress (CCME) hasn't traded since March 11 after months of claims of cooked books. That same day, a Deloitte Touche affiliate severed ties.
Sponsorship and rising holdings by big mutual funds, hedge funds, banks and other institutions are other positives.
Janet Stites, publisher of China Business Knowledge, an online newsletter that tracks U.S.-listed Chinese firms, says big funds have the staff and resources to conduct due diligence.
"If Fidelity is investing, it's not a 100% good call, but it's a good place to start," Stites said.
Also desirable are credible margins and strong EBIDTA, though those can be hard to pin down in fast-changing, booming China.
Analysts like to see top executives with a stake in future performance. For example, managers own 17% of Chinese search engine Baidu (BIDU).
The downside: Some heavily family-owned Chinese firms are used as cash dispensers.
Depth and length of VC funding is another guide. Internet firm Qihoo 360 (QIHU), which raised $175 million in a successful March IPO, had over five years of substantial VC backing, Stites says.
DCM's Chao says having U.S. directors shows that a Chinese firm can tap U.S. expertise and will likely adhere to U.S. governance standards.
Stites cites hog producer Tianli Agritech (OINK). One director is Peter Gadkowski, an ex-SEC enforcement attorney and founder of a 30,000-sow farm in Colorado.
Tuesday, June 07, 2011
Malaysia's Most Expensive Fish
Presently, the Empurau is the most expensive fresh-water fish in Malaysia. The fish is known as Wang Pau Liao in Mandarin. It can grow up to a size of more than 20 kg.
In KL Restaurants, the price ranges from RM1100 to RM1800 per kg. The fish originates from Sarawak.
Saturday, May 28, 2011
CMSB Is Undervalued
CMSB is a conglomerate involved in cement manufacturing, trading in construction materials, construction, road maintenance, property development, financial services, technology, education and other services.
Its vision is: To be the Pride of Sarawak.
The key statistics as at March 31, 2011 are as follows:
1Q2011: Vs 1Q2010
Revenue: RM 226.367m Vs 177.633m
Profit before tax: 43.095m Vs 21.347m
EPS : 9.30 sen Vs 3.68 sen
NTA: RM4.08
Current Assets: RM1,267,736,000 of which 189,614,000 is in cash
Current Liabilities: RM378,669,000
Borrowings: RM299,668
Share Capital: RM329,446,000
Par Value per share: RM1
In 2010, the government has allocated RM4.7 billion for the construction of roads & bridges, and RM2.6 billion for water supply & sewerage services. It is hopeful that more will be allocated in 2011. These government spendings will be a boast for the bottom line of the company. Looking at the above figures, there is every reason to believe that company will do well going forward. The stock was last traded at RM2.30 per share cum dividend of 10% less tax. At this price, the stock is undervalued.
Technically speaking, the stock was seen to be in demand when trading started last Friday. It is now coming out of a well-formed base. Demand is likely to continue when trading resume come Monday morning.
Review of performance (Excerpt from filings with Bursa)
The Group’s recorded a pre-tax profit of RM43.10 million for the three months ended 31 March 2011, compared to a pre-tax profit of RM21.35 million for the 3 months ended 31 March 2010. The higher contribution was registered by the Construction Division and there was a gain on acquisition of CMS Roads Sdn. Bhd. and CMS Pavement Tech Sdn. Bhd. of RM12.21 million.
The profit before tax for period ended 31 March 2011 was contributed by all Divisions except Property Division. The Manufacturing Division, being the largest contributor to the Group’s profitability, continued to achieve healthy results. The Construction Materials Division continued its excellent performance, recording a hike in profit before tax riding on the back of the government’s spending on continued projects.
The Construction Division registered a jump in profit primarily because of the re-acquisition of the profit-making entities namely CMS Roads Sdn. Bhd. and CMS Pavement Tech Sdn. Bhd., which contributed positively in the quarter under review. The higher contribution was also due to the profit from government’ s spending on periodic road maintenance work and road rehabilitation.
The Group’s associate in the steel fabrication and manufacturing of steel pipes industry, namely KKB Engineering Bhd continued its sterling performance in the 3 months period ended 31 March 2011. However, the Group’s other associate in the investment banking industry reported a lower profit for the current period compared to previous corresponding period.
B2. Material changes in profit before taxation for the quarter
The Group’s profit before tax of RM43.10 million in the quarter under review was 19% lower than the profit before tax of RM53.16 million in the preceding quarter. This was because the Construction and Manufacturing Division registered exceptionally high profits in the preceding quarter.
However, the Group’s associate in the investment banking industry returned to profit this quarter as compared to a loss in the preceding quarter primarily due to the loss incurred previously as a result of impairment made in respect of the investment bank’s loans and advances and impairment of investment in an associate.
In the stock market, nothing is certain. It is said that the only thing certain is uncertainty. Therefore, do exercise caution when you buy. Know your risk tolerance and don't be controlled by greed.
Its vision is: To be the Pride of Sarawak.
The key statistics as at March 31, 2011 are as follows:
1Q2011: Vs 1Q2010
Revenue: RM 226.367m Vs 177.633m
Profit before tax: 43.095m Vs 21.347m
EPS : 9.30 sen Vs 3.68 sen
NTA: RM4.08
Current Assets: RM1,267,736,000 of which 189,614,000 is in cash
Current Liabilities: RM378,669,000
Borrowings: RM299,668
Share Capital: RM329,446,000
Par Value per share: RM1
In 2010, the government has allocated RM4.7 billion for the construction of roads & bridges, and RM2.6 billion for water supply & sewerage services. It is hopeful that more will be allocated in 2011. These government spendings will be a boast for the bottom line of the company. Looking at the above figures, there is every reason to believe that company will do well going forward. The stock was last traded at RM2.30 per share cum dividend of 10% less tax. At this price, the stock is undervalued.
Technically speaking, the stock was seen to be in demand when trading started last Friday. It is now coming out of a well-formed base. Demand is likely to continue when trading resume come Monday morning.
Review of performance (Excerpt from filings with Bursa)
The Group’s recorded a pre-tax profit of RM43.10 million for the three months ended 31 March 2011, compared to a pre-tax profit of RM21.35 million for the 3 months ended 31 March 2010. The higher contribution was registered by the Construction Division and there was a gain on acquisition of CMS Roads Sdn. Bhd. and CMS Pavement Tech Sdn. Bhd. of RM12.21 million.
The profit before tax for period ended 31 March 2011 was contributed by all Divisions except Property Division. The Manufacturing Division, being the largest contributor to the Group’s profitability, continued to achieve healthy results. The Construction Materials Division continued its excellent performance, recording a hike in profit before tax riding on the back of the government’s spending on continued projects.
The Construction Division registered a jump in profit primarily because of the re-acquisition of the profit-making entities namely CMS Roads Sdn. Bhd. and CMS Pavement Tech Sdn. Bhd., which contributed positively in the quarter under review. The higher contribution was also due to the profit from government’ s spending on periodic road maintenance work and road rehabilitation.
The Group’s associate in the steel fabrication and manufacturing of steel pipes industry, namely KKB Engineering Bhd continued its sterling performance in the 3 months period ended 31 March 2011. However, the Group’s other associate in the investment banking industry reported a lower profit for the current period compared to previous corresponding period.
B2. Material changes in profit before taxation for the quarter
The Group’s profit before tax of RM43.10 million in the quarter under review was 19% lower than the profit before tax of RM53.16 million in the preceding quarter. This was because the Construction and Manufacturing Division registered exceptionally high profits in the preceding quarter.
However, the Group’s associate in the investment banking industry returned to profit this quarter as compared to a loss in the preceding quarter primarily due to the loss incurred previously as a result of impairment made in respect of the investment bank’s loans and advances and impairment of investment in an associate.
In the stock market, nothing is certain. It is said that the only thing certain is uncertainty. Therefore, do exercise caution when you buy. Know your risk tolerance and don't be controlled by greed.
Thursday, May 26, 2011
Whistleblowers To Get Reward
America has decided to reward whistleblowers who raise red flags against frauds, cheating and other insidious crimes that are detrimental to the health and growth of stock exchanges. To promote integrity and transparency at Bursa and elsewhere, Malaysia should follow suit. Here's the story:
WASHINGTON (AP) -- Whistleblowers who report corporate fraud or other misconduct to the government could receive sizable cash awards under new rules adopted Wednesday by federal regulators.
Tipsters would be eligible if they give the Securities and Exchange Commission information that leads to an enforcement action resulting in more than $1 million in penalties. The SEC would pay up to 30 percent of the money it recovers from a company or person.
A divided SEC voted 3-2 to adopt the whistleblower program. The two Republican commissioners objected.
The new rules will take effect in about 60 days. Whistleblowers who provided information starting in July 2010, when the overhaul law was enacted, also would be eligible to receive awards.
The whistleblower program was mandated by the financial overhaul law enacted last year. It was contested by big U.S. companies, like AT&T Inc., Best Buy Co., FedEx Corp., Google Inc., Target Corp. and Verizon Communications Inc., in addition to the U.S. Chamber of Commerce.
They argued that whistleblowers should first have to tell their companies of misconduct and give them a chance to correct problems before informing the SEC. Otherwise, the corporations contend, it will take longer to address wrongdoing.
On the other side, advocates and lawyers for whistleblowers say they would be discouraged from reporting wrongdoing if required to inform company officials first.
The new rules would seek to discourage employees from bypassing their companies' compliance programs. Once employees report potential wrongdoing to their company, the SEC would officially designate them as whistleblowers, potentially eligible for awards -- provided they give the SEC the same information within 120 days.
In addition, the SEC will credit whistleblowers whose companies pass their information to the agency, even if the whistleblowers themselves do not. That way, whistleblowers could receive awards by reporting wrongdoing internally to their companies.
The new rules represent the first time that whistleblowers will be given a financial incentive to report misconduct to company authorities, SEC Chairman Mary Schapiro said before the vote.
Companies' internal compliance programs play "an extremely valuable role" in preventing fraud, Schapiro said. She said the new rules strike a balance between encouraging whistleblowers to pursue internal compliance when appropriate and giving them the option to go directly to the SEC.
"It is the whistleblower who is in the best position to know which route is best to pursue," she said.
Advocates of the new program say whistleblowers can be an effective line of defense against corporate wrongdoing. The SEC was embarrassed by its failure to halt Bernard Madoff's multibillion-dollar fraud over nearly two decades, despite red flags raised by whistleblowers.
The SEC has made few awards to whistleblowers under its bounty program. Until now, it's been limited to insider trading cases. And its system for processing tips from whistleblowers was criticized as chaotic.
Under the new program, if an insider at Goldman Sachs had given the SEC information leading to its $550 million civil fraud settlement with Goldman over its marketing of mortgage securities, that person could have collected up to $165 million.
"The SEC has chosen to put trial-lawyer profits ahead of effective compliance and corporate governance," the Chamber of Commerce said after the vote. "This rule will make it harder and slower to detect and stop corporate fraud, by undermining (internal) compliance systems."
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WASHINGTON (AP) -- Whistleblowers who report corporate fraud or other misconduct to the government could receive sizable cash awards under new rules adopted Wednesday by federal regulators.
Tipsters would be eligible if they give the Securities and Exchange Commission information that leads to an enforcement action resulting in more than $1 million in penalties. The SEC would pay up to 30 percent of the money it recovers from a company or person.
A divided SEC voted 3-2 to adopt the whistleblower program. The two Republican commissioners objected.
The new rules will take effect in about 60 days. Whistleblowers who provided information starting in July 2010, when the overhaul law was enacted, also would be eligible to receive awards.
The whistleblower program was mandated by the financial overhaul law enacted last year. It was contested by big U.S. companies, like AT&T Inc., Best Buy Co., FedEx Corp., Google Inc., Target Corp. and Verizon Communications Inc., in addition to the U.S. Chamber of Commerce.
They argued that whistleblowers should first have to tell their companies of misconduct and give them a chance to correct problems before informing the SEC. Otherwise, the corporations contend, it will take longer to address wrongdoing.
On the other side, advocates and lawyers for whistleblowers say they would be discouraged from reporting wrongdoing if required to inform company officials first.
The new rules would seek to discourage employees from bypassing their companies' compliance programs. Once employees report potential wrongdoing to their company, the SEC would officially designate them as whistleblowers, potentially eligible for awards -- provided they give the SEC the same information within 120 days.
In addition, the SEC will credit whistleblowers whose companies pass their information to the agency, even if the whistleblowers themselves do not. That way, whistleblowers could receive awards by reporting wrongdoing internally to their companies.
The new rules represent the first time that whistleblowers will be given a financial incentive to report misconduct to company authorities, SEC Chairman Mary Schapiro said before the vote.
Companies' internal compliance programs play "an extremely valuable role" in preventing fraud, Schapiro said. She said the new rules strike a balance between encouraging whistleblowers to pursue internal compliance when appropriate and giving them the option to go directly to the SEC.
"It is the whistleblower who is in the best position to know which route is best to pursue," she said.
Advocates of the new program say whistleblowers can be an effective line of defense against corporate wrongdoing. The SEC was embarrassed by its failure to halt Bernard Madoff's multibillion-dollar fraud over nearly two decades, despite red flags raised by whistleblowers.
The SEC has made few awards to whistleblowers under its bounty program. Until now, it's been limited to insider trading cases. And its system for processing tips from whistleblowers was criticized as chaotic.
Under the new program, if an insider at Goldman Sachs had given the SEC information leading to its $550 million civil fraud settlement with Goldman over its marketing of mortgage securities, that person could have collected up to $165 million.
"The SEC has chosen to put trial-lawyer profits ahead of effective compliance and corporate governance," the Chamber of Commerce said after the vote. "This rule will make it harder and slower to detect and stop corporate fraud, by undermining (internal) compliance systems."
Follow Yahoo! Finance on Twitter; become a fan on Facebook.
Saturday, May 21, 2011
The Red Collar Crime Wave
Before you invest in any Chinese stock listed in America, you are advised to read carefully the article appended below.
Better be knowledgeable than be sorry.
Joshua M Brown May 15th, 2011
We are under attack.
Chinese corporate criminals and their US-based enablers are committing Capital Genocide against American investors. We're not talking about "a few bad apples" or "a handful of exceptions", we're talking about a full-blown epidemic. Subterfuge and malicious avarice are simply the tools of the trade when many Chinese companies do business with outsiders.
This undeniable Red Collar Crime Wave is larger in scope and financial consequence than any other international criminal enterprise in the history of the world. We are talking about hundreds of millions of dollars, possibly billions should the Yahoo - Alibaba revelation prove itself to be a harbinger of shocks to come.
At the low end of the spectrum, corrupt representatives of sketchy or even non-existent Chinese companies are conniving their way onto US exchanges via backdoor IPOs, reverse mergers and SPACs. They are slithering through every exchange and regulatory loophole they can find to raise money and establish their fraudulent beachheads here. The penalties for Chinese nationals fudging numbers on a local exchange could range from exile to imprisonment to disappearance. The penalties they face for pulling that stuff here in the US? I don't know, a letter in the mail? "Don't ever do it again"?
Mainland Chinese fraudsters are untouchable, they can only be barred or banned from US exchanges once caught, and so they will get away with whatever they can as long as there are investors here who are stupid enough to capitalize them. And so the ownership of one factory in China becomes the ownership of three for the purposes of a quarterly balance sheet calculation. The ticker symbols will be cutesy and clever while the names of the companies will almost always include the word "China". After all, let's not forget that the name of this game is the exploitation of Americans who "want to play the growth".
It has become an absolute free-for-all.
For a nation that was so economically backwards and pathetic that it could barely feed itself 15 years ago, China's executives have certainly come a long way. They're employing every scam and dirty trick in the book against American corporations and investors while we say thank you and send even more opportunity and cash their way.
I've held my tongue for the last 9 months, watching one scam after another appear on our exchanges. I've said nothing as these financial landmines have been detonated beneath the feet of whichever unfortunate shareholders happened to find themselves in the wrong place at the wrong time. No longer.
We'll limit the scope of my rage here to corporate fraud. For the purposes of this post I'll leave out the Chinese poisoning of America-bound toothpaste, pet food and toys at their manufacturing operations. I'll also leave out the FoxConn factory at which all the Apple products are assembled, a workplace so abusive and abhorrent that the employees must take an oath that they won't kill themselves.
But no, let's not get distracted here, we should simply focus on the accounting chicanery and falsified filings with which Chinese companies are daily relieving US investors of their capital.
The reverse mergers are by far the most insidious manifestation of the contempt that Chinese companies have for our exchanges and rules. Working with American law firms and shameless stock promoters, these companies have found a financial engineering solution that lets them steal on our shores. They've been able to subvert the more highly scrutinized public offering process that would normally have weeded them out. By "cleaning up" shell companies, which should not be trading or available to begin with, the disease gets a foothold first on the pink sheets and then onto the American Stock Exchange where the real grifting can begin.
White Collar Crime columnist Walter Pavlo has collected a slew of recent examples on his blog at Forbes, including:
China Electric Motor – Shareholders lawsuit filed claiming underwriters violated federal securities laws by issuing materially false and misleading information.
China Natural Gas – Class action lawsuit alleges directors and officers issued materially false and misleading statements. CFO of company resigned in late 2010.
Duoyuan Printing – SEC investigating company for fraud, NYSE delisted April 4, 2011
China MediaExpress Holdings, Inc. – Deloitte quit as auditor because “no longer able to rely on the representations of management”. CFO resigned. Stock trading halted March 11
China Agritech – Shareholder lawsuit pending. Dismissed its auditor Ernst & Young.
China Sky One Medical – Under investigation by SEC.
Orient Paper, Inc. – Reauditing previous financials due to license issues with previous auditor (Davis Accounting Group)
The full list is actually quite larger, it includes some of the higher profile blow-ups you may remember with stocks like RINO International and China Green Agriculture - spectacular flame-outs complete with massive insider selling prior to the denouement.
Where are the regulators, you might ask? They are finally getting involved. The SEC's Mary Schapiro is aware of the epidemic and is now on the case...
From Barron's:
Since March 2011 alone, she noted, more than 24 China-based companies have disclosed auditor resignations, accounting problems or both – following the auditors' inability to confirm the amounts of cash or receivables shown on the companies' balance sheets. The SEC has recently suspended trading in three Chinese businesses that "reverse-merged" into U.S.-traded shell companies
The smarter thing to do would be to halt the entire shell company process in its entirety right this minute until we can get the rules up to a standard that will protect investors outright from these foreign liars and thieves. Capital formation can wait fifteen minutes while we get our act together and crack down on this disgusting shell syndicate.
An even more disturbing development of late is taking place in the large cap arena, in full view of the world's media and the global investor class. With the success of Baidu and Sina, Chinese technology companies are now finding themselves as the Belles of the Ball. In at least one case that we are aware of, they are also finding that they can easily mislead their Western partners and shareholders.
Here in the deep end of the pool, newly-minted billionaire Chinese executives are violating contract law, globally accepted corporate best practices and fiduciary responsibility to shareholders. They are disclosing things when and as they choose. They are "on the level" in their own government's eyes so long as they are playing fair with their fellow Chinese investors. This isn't a brand new phenomenon but as the companies involved get bigger, the danger grows.
This week's still-unfolding fiasco involving Yahoo being tricked out of their Alipay subsidiary by Alibaba, a company in which they hold a 43% stake, is just the latest and most outrageous example of what we're dealing with. Here's what Jacob S. Frenkel, a former SEC enforcement lawyer who is an expert in securities law matters and a partner at Shulman Rogers in Potomac, Maryland had to say (via iChinaStock):
"Yahoo! is a victim, plain and simple. With all the negative attention that US-listed Chinese companies, this action by Alibaba only makes worse an already difficult situation. It creates the unfortunate appearance that executives in China may totally disregard their contractual and fiduciary obligations to shareholders. The important message to US partners and owners is to review the effectiveness and enforceability of contracts under both US and Chinese law."
Yahoo will attempt to sue, but they have lost the asset at the end of the day, an asset whose potential was a big part of the investment thesis for the company to begin with. US shareholders were pummeled over something that took place in secret seven months ago, escaping everyone's notice. If major shareholders like Yahoo and Japan's Softbank can be scammed in front of everyone, what chance have any of us got?
The Red Collar crime wave is beguiling American investors both large and small. These crooks are laughing at our securities laws and manipulating their own. None of us are immune:
Not the savviest and most seasoned asset managers - see Glickenhaus & Co watch $4 million evaporate as China Agritech blows up. (Bloomberg)
Not Yahoo, a player in Asian web properties since the late 90's - listen as Alipay's Jack Ma regales us with his tale of how he bitch-slapped the "declining" web portal company. (iChinaStock)
Not even the diligent Warren Buffett can sleep soundly with his Chinese investments - see how the car company he invested in there (BYD) is essentially a counterfeiter playing games with the rules of the Chinese court system to get away with it. (Reuters)
Can American investors trade and hold Chinese stocks? I suppose they can...but they can also practice juggling with live hand grenades and roaring chainsaws...just because you can do something, doesn't mean you should.
I've disagreed with almost everything Donald Trump has had to say during his part-Presidential run, part final humiliation speech circuit this spring. But where Trump and I do find common ground is in our distaste with how the Chinese do business and the lack of regard they show our companies and investors from almost every perspective.
As long as Chinese corporate officers and executives are going to blow cigarette smoke in our faces as they take advantage both here and on their home turf, I'll gladly sit out. Until I get the sense that they have an ounce of respect for our investors, I'll watch the pickpocketing from the sidelines and focus my capital and attention elsewhere.
Better be knowledgeable than be sorry.
Joshua M Brown May 15th, 2011
We are under attack.
Chinese corporate criminals and their US-based enablers are committing Capital Genocide against American investors. We're not talking about "a few bad apples" or "a handful of exceptions", we're talking about a full-blown epidemic. Subterfuge and malicious avarice are simply the tools of the trade when many Chinese companies do business with outsiders.
This undeniable Red Collar Crime Wave is larger in scope and financial consequence than any other international criminal enterprise in the history of the world. We are talking about hundreds of millions of dollars, possibly billions should the Yahoo - Alibaba revelation prove itself to be a harbinger of shocks to come.
At the low end of the spectrum, corrupt representatives of sketchy or even non-existent Chinese companies are conniving their way onto US exchanges via backdoor IPOs, reverse mergers and SPACs. They are slithering through every exchange and regulatory loophole they can find to raise money and establish their fraudulent beachheads here. The penalties for Chinese nationals fudging numbers on a local exchange could range from exile to imprisonment to disappearance. The penalties they face for pulling that stuff here in the US? I don't know, a letter in the mail? "Don't ever do it again"?
Mainland Chinese fraudsters are untouchable, they can only be barred or banned from US exchanges once caught, and so they will get away with whatever they can as long as there are investors here who are stupid enough to capitalize them. And so the ownership of one factory in China becomes the ownership of three for the purposes of a quarterly balance sheet calculation. The ticker symbols will be cutesy and clever while the names of the companies will almost always include the word "China". After all, let's not forget that the name of this game is the exploitation of Americans who "want to play the growth".
It has become an absolute free-for-all.
For a nation that was so economically backwards and pathetic that it could barely feed itself 15 years ago, China's executives have certainly come a long way. They're employing every scam and dirty trick in the book against American corporations and investors while we say thank you and send even more opportunity and cash their way.
I've held my tongue for the last 9 months, watching one scam after another appear on our exchanges. I've said nothing as these financial landmines have been detonated beneath the feet of whichever unfortunate shareholders happened to find themselves in the wrong place at the wrong time. No longer.
We'll limit the scope of my rage here to corporate fraud. For the purposes of this post I'll leave out the Chinese poisoning of America-bound toothpaste, pet food and toys at their manufacturing operations. I'll also leave out the FoxConn factory at which all the Apple products are assembled, a workplace so abusive and abhorrent that the employees must take an oath that they won't kill themselves.
But no, let's not get distracted here, we should simply focus on the accounting chicanery and falsified filings with which Chinese companies are daily relieving US investors of their capital.
The reverse mergers are by far the most insidious manifestation of the contempt that Chinese companies have for our exchanges and rules. Working with American law firms and shameless stock promoters, these companies have found a financial engineering solution that lets them steal on our shores. They've been able to subvert the more highly scrutinized public offering process that would normally have weeded them out. By "cleaning up" shell companies, which should not be trading or available to begin with, the disease gets a foothold first on the pink sheets and then onto the American Stock Exchange where the real grifting can begin.
White Collar Crime columnist Walter Pavlo has collected a slew of recent examples on his blog at Forbes, including:
China Electric Motor – Shareholders lawsuit filed claiming underwriters violated federal securities laws by issuing materially false and misleading information.
China Natural Gas – Class action lawsuit alleges directors and officers issued materially false and misleading statements. CFO of company resigned in late 2010.
Duoyuan Printing – SEC investigating company for fraud, NYSE delisted April 4, 2011
China MediaExpress Holdings, Inc. – Deloitte quit as auditor because “no longer able to rely on the representations of management”. CFO resigned. Stock trading halted March 11
China Agritech – Shareholder lawsuit pending. Dismissed its auditor Ernst & Young.
China Sky One Medical – Under investigation by SEC.
Orient Paper, Inc. – Reauditing previous financials due to license issues with previous auditor (Davis Accounting Group)
The full list is actually quite larger, it includes some of the higher profile blow-ups you may remember with stocks like RINO International and China Green Agriculture - spectacular flame-outs complete with massive insider selling prior to the denouement.
Where are the regulators, you might ask? They are finally getting involved. The SEC's Mary Schapiro is aware of the epidemic and is now on the case...
From Barron's:
Since March 2011 alone, she noted, more than 24 China-based companies have disclosed auditor resignations, accounting problems or both – following the auditors' inability to confirm the amounts of cash or receivables shown on the companies' balance sheets. The SEC has recently suspended trading in three Chinese businesses that "reverse-merged" into U.S.-traded shell companies
The smarter thing to do would be to halt the entire shell company process in its entirety right this minute until we can get the rules up to a standard that will protect investors outright from these foreign liars and thieves. Capital formation can wait fifteen minutes while we get our act together and crack down on this disgusting shell syndicate.
An even more disturbing development of late is taking place in the large cap arena, in full view of the world's media and the global investor class. With the success of Baidu and Sina, Chinese technology companies are now finding themselves as the Belles of the Ball. In at least one case that we are aware of, they are also finding that they can easily mislead their Western partners and shareholders.
Here in the deep end of the pool, newly-minted billionaire Chinese executives are violating contract law, globally accepted corporate best practices and fiduciary responsibility to shareholders. They are disclosing things when and as they choose. They are "on the level" in their own government's eyes so long as they are playing fair with their fellow Chinese investors. This isn't a brand new phenomenon but as the companies involved get bigger, the danger grows.
This week's still-unfolding fiasco involving Yahoo being tricked out of their Alipay subsidiary by Alibaba, a company in which they hold a 43% stake, is just the latest and most outrageous example of what we're dealing with. Here's what Jacob S. Frenkel, a former SEC enforcement lawyer who is an expert in securities law matters and a partner at Shulman Rogers in Potomac, Maryland had to say (via iChinaStock):
"Yahoo! is a victim, plain and simple. With all the negative attention that US-listed Chinese companies, this action by Alibaba only makes worse an already difficult situation. It creates the unfortunate appearance that executives in China may totally disregard their contractual and fiduciary obligations to shareholders. The important message to US partners and owners is to review the effectiveness and enforceability of contracts under both US and Chinese law."
Yahoo will attempt to sue, but they have lost the asset at the end of the day, an asset whose potential was a big part of the investment thesis for the company to begin with. US shareholders were pummeled over something that took place in secret seven months ago, escaping everyone's notice. If major shareholders like Yahoo and Japan's Softbank can be scammed in front of everyone, what chance have any of us got?
The Red Collar crime wave is beguiling American investors both large and small. These crooks are laughing at our securities laws and manipulating their own. None of us are immune:
Not the savviest and most seasoned asset managers - see Glickenhaus & Co watch $4 million evaporate as China Agritech blows up. (Bloomberg)
Not Yahoo, a player in Asian web properties since the late 90's - listen as Alipay's Jack Ma regales us with his tale of how he bitch-slapped the "declining" web portal company. (iChinaStock)
Not even the diligent Warren Buffett can sleep soundly with his Chinese investments - see how the car company he invested in there (BYD) is essentially a counterfeiter playing games with the rules of the Chinese court system to get away with it. (Reuters)
Can American investors trade and hold Chinese stocks? I suppose they can...but they can also practice juggling with live hand grenades and roaring chainsaws...just because you can do something, doesn't mean you should.
I've disagreed with almost everything Donald Trump has had to say during his part-Presidential run, part final humiliation speech circuit this spring. But where Trump and I do find common ground is in our distaste with how the Chinese do business and the lack of regard they show our companies and investors from almost every perspective.
As long as Chinese corporate officers and executives are going to blow cigarette smoke in our faces as they take advantage both here and on their home turf, I'll gladly sit out. Until I get the sense that they have an ounce of respect for our investors, I'll watch the pickpocketing from the sidelines and focus my capital and attention elsewhere.
Friday, May 20, 2011
TDM on aggressive healthcare, oil palm drive
By Zaidi Isham Ismail
xydee@nstp.com.my
2011/05/20
KUALA TERENGGANU: TDM Bhd, one of Malaysia's smallest plantation and healthcare companies, is on an aggressive mode to expand its landbank by more than threefold to 100,000ha in eight years, and own more hospitals from four at present.
TDM chairman Datuk Roslan Awang Chik said the company plans to spend RM30 million to set up its first oil palm mill in Kalimantan, Indonesia, once its hectarage reaches 10,000ha in the next three years, from 3,000ha at present.
"Ultimately, we aim to own a total of 40,000ha in Indonesia in eight years and will need an oil palm mill for each 10,000ha. Each oil palm mill will cost RM30 million.
"We have spent RM44 million on our oil palm estates in Indonesia and the first batch will start to impact our earnings in 2013," Roslan told reporters after its annual general meeting here yesterday.
TDM, which is 70 per cent-owned by the Terengganu state government, has a total of 33,284ha and two mills in Malaysia.
It aims to own a total of 100,000ha of oil palm estates, of which 30,000ha will be in Malaysia and 40,000ha in Indonesia.
The location of the remaining 30,000ha has not been decided yet.
TDM chief executive officer Badrul Hisham Mahari said the firm, which has a warchest of RM208.7 million, plans to open estates in Cambodia and Papua New Guinea but it has to balance its growth with dividend payments, cash reserves and staff strength.
Badrul said it is also on the lookout to buy or build new hospitals when the opportunity arises.
"We want to grow both our plantations and healthcare businesses but plantations will always be our core business."
TDM's plantation division currently accounts for 90 per cent of its earnings, healthcare (9 per cent) and food (1 per cent).
It started construction of its RM120 million Kuantan medical centre last year, which is slated for completion by the first quarter of 2013.
TDM also owns and manages the Kuala Terengganu Specialist Hospital and Kelana Jaya Medical Centre. It acquired the Taman Desa Medical Centre for RM16.5 million last year.
"We plan to build a new medical centre in Kuala Terengganu to replace the current one for RM150 million with 150 rooms."
Roslan said TDM's growth prospects are good as crude palm oil prices are expected to remain above RM3,000 a tonne from last year's average of RM2,659 a tonne, and ride on good export of oil palm products.
The company also plans to build its second biofertiliser plant, which can give it a 15 per cent, or RM10 million, savings on chemical fertiliser purchase.
Roslan said the firm is still in the process of selling its poultry business to Vision Poultry Sdn Bhd for RM9 million. It will be completed in the next two to three weeks and the state government has no plans to divest its 70 per cent stake.
TDM has a dividend policy of paying at least 30 per cent of its annual net profit. It employs almost 3,000 workers and has total assets of RM965.6 million with almost zero gearing.
xydee@nstp.com.my
2011/05/20
KUALA TERENGGANU: TDM Bhd, one of Malaysia's smallest plantation and healthcare companies, is on an aggressive mode to expand its landbank by more than threefold to 100,000ha in eight years, and own more hospitals from four at present.
TDM chairman Datuk Roslan Awang Chik said the company plans to spend RM30 million to set up its first oil palm mill in Kalimantan, Indonesia, once its hectarage reaches 10,000ha in the next three years, from 3,000ha at present.
"Ultimately, we aim to own a total of 40,000ha in Indonesia in eight years and will need an oil palm mill for each 10,000ha. Each oil palm mill will cost RM30 million.
"We have spent RM44 million on our oil palm estates in Indonesia and the first batch will start to impact our earnings in 2013," Roslan told reporters after its annual general meeting here yesterday.
TDM, which is 70 per cent-owned by the Terengganu state government, has a total of 33,284ha and two mills in Malaysia.
It aims to own a total of 100,000ha of oil palm estates, of which 30,000ha will be in Malaysia and 40,000ha in Indonesia.
The location of the remaining 30,000ha has not been decided yet.
TDM chief executive officer Badrul Hisham Mahari said the firm, which has a warchest of RM208.7 million, plans to open estates in Cambodia and Papua New Guinea but it has to balance its growth with dividend payments, cash reserves and staff strength.
Badrul said it is also on the lookout to buy or build new hospitals when the opportunity arises.
"We want to grow both our plantations and healthcare businesses but plantations will always be our core business."
TDM's plantation division currently accounts for 90 per cent of its earnings, healthcare (9 per cent) and food (1 per cent).
It started construction of its RM120 million Kuantan medical centre last year, which is slated for completion by the first quarter of 2013.
TDM also owns and manages the Kuala Terengganu Specialist Hospital and Kelana Jaya Medical Centre. It acquired the Taman Desa Medical Centre for RM16.5 million last year.
"We plan to build a new medical centre in Kuala Terengganu to replace the current one for RM150 million with 150 rooms."
Roslan said TDM's growth prospects are good as crude palm oil prices are expected to remain above RM3,000 a tonne from last year's average of RM2,659 a tonne, and ride on good export of oil palm products.
The company also plans to build its second biofertiliser plant, which can give it a 15 per cent, or RM10 million, savings on chemical fertiliser purchase.
Roslan said the firm is still in the process of selling its poultry business to Vision Poultry Sdn Bhd for RM9 million. It will be completed in the next two to three weeks and the state government has no plans to divest its 70 per cent stake.
TDM has a dividend policy of paying at least 30 per cent of its annual net profit. It employs almost 3,000 workers and has total assets of RM965.6 million with almost zero gearing.
Monday, May 16, 2011
Rubbish Pork
Are you eating rubbish? Here's the story taken from theStar:
ABOUT 90% of pig farms sell low quality pork or “rubbish pork”.
The Malaysian Pork Sellers' Association claimed that this activity had been going on for over 10 years, reported Sin Chew Daily.
Association chairman Goh Chui Lai said rubbish pork was in abundance in Ipoh, Perak and in Tanjung Sepat, Selangor.
The sale of such meat, he said, became widespread after the Nipah virus outbreak.
“Some processed food operators also buy dead pigs for their products as it is cheaper,” he said.
Goh was commenting on a news report that low quality pork were used in the making of sausages, pork balls, dim sum and buns in the market.
However, Federation of Livestock Farmers Associations of Malaysia's pig unit chief Beh Kim Hee refuted Goh's claim.
He challenged Goh to lodge a police report, claiming that Goh had no evidence to support his claims.
He also accused Goh of trying to bring down the price of pork products “with his baseless claims”.
On Saturday, the Health Ministry and Agriculture and Agro-based Industries Ministry assured that it would conduct an investigation to ensure that pork-related products in the market were safe for consumption.
Since the issue was highlighted, Nanyang Siang Pau reported that sales of pork-based products were on the decline.
If you are not sure what is what, better avoid pork products, at least for now, than to fall sick.
ABOUT 90% of pig farms sell low quality pork or “rubbish pork”.
The Malaysian Pork Sellers' Association claimed that this activity had been going on for over 10 years, reported Sin Chew Daily.
Association chairman Goh Chui Lai said rubbish pork was in abundance in Ipoh, Perak and in Tanjung Sepat, Selangor.
The sale of such meat, he said, became widespread after the Nipah virus outbreak.
“Some processed food operators also buy dead pigs for their products as it is cheaper,” he said.
Goh was commenting on a news report that low quality pork were used in the making of sausages, pork balls, dim sum and buns in the market.
However, Federation of Livestock Farmers Associations of Malaysia's pig unit chief Beh Kim Hee refuted Goh's claim.
He challenged Goh to lodge a police report, claiming that Goh had no evidence to support his claims.
He also accused Goh of trying to bring down the price of pork products “with his baseless claims”.
On Saturday, the Health Ministry and Agriculture and Agro-based Industries Ministry assured that it would conduct an investigation to ensure that pork-related products in the market were safe for consumption.
Since the issue was highlighted, Nanyang Siang Pau reported that sales of pork-based products were on the decline.
If you are not sure what is what, better avoid pork products, at least for now, than to fall sick.
Thursday, May 12, 2011
Malaysian Durians To Enter China
Over the years the planting of durians in Malaysia has been a fiasco. It takes at least 7 years for a durian tree to bear fruits. For some variety, it may take up to 10 years. Once a durian tree starts to bear fruits, great care must be taken to ensure that the tree remains healthy. The worst is the D24. Especially those in the low flat land, many will die after fruiting once.
Durian trees are easily diseased and need to be sprayed with insecticide and fungicide periodically. Fertilizer is also a must. All these and labor charges cost a lot of money. The price of durians should be not less than RM7 per kg when collected by durian agents for a durian farmer to have any chance to show a profit.
In Malaysia, there are many varieties. The most popular and expensive is the Raja Kunit which originated from Gua Musang in Kelantan. The fruit is also known as the Musang King.
Next in line are the D24, D2, D78, D88, D168, Red Prawn, Tekar and many other varieties.
Malaysian durians are definitely a class above those in Thailand. Whether in taste or in smell. they are better. Once you have tasted the Raja Kunit, you will never like Thailand durians again. However, taste is subjective. Thus some may disagree with me.
China has never allowed Malaysian durians to be imported into China. After the recent visit of the Chinese premier, Wen Jia Bao to Malaysia, things have changed. Among the many agreements between the two countries, China has agreed that Malaysian durians are now allowed to enter China. As China has a vast population that is likely to like durians, the demand and import of the fruits could be tremendous. This will jack up the price and will benefit durian farmers.
Durian is said to be a powerful aphrodisiac. "Sarongs go up when durians come down", is a popular saying among Malaysians.
Lands in Bentong and Raub are suitable for durians. The most popular varieties are the Raja Kunit and D24. Swiftlet farming is also popular in these two districts. If you are thinking of investing in any of the above two activities and need help, you may contact me for assistance. Be assured that I don't charge you anything.
Doing the right thing at the right time yields the most profit. The time to get involved with durians is now.
Durian trees are easily diseased and need to be sprayed with insecticide and fungicide periodically. Fertilizer is also a must. All these and labor charges cost a lot of money. The price of durians should be not less than RM7 per kg when collected by durian agents for a durian farmer to have any chance to show a profit.
In Malaysia, there are many varieties. The most popular and expensive is the Raja Kunit which originated from Gua Musang in Kelantan. The fruit is also known as the Musang King.
Next in line are the D24, D2, D78, D88, D168, Red Prawn, Tekar and many other varieties.
Malaysian durians are definitely a class above those in Thailand. Whether in taste or in smell. they are better. Once you have tasted the Raja Kunit, you will never like Thailand durians again. However, taste is subjective. Thus some may disagree with me.
China has never allowed Malaysian durians to be imported into China. After the recent visit of the Chinese premier, Wen Jia Bao to Malaysia, things have changed. Among the many agreements between the two countries, China has agreed that Malaysian durians are now allowed to enter China. As China has a vast population that is likely to like durians, the demand and import of the fruits could be tremendous. This will jack up the price and will benefit durian farmers.
Durian is said to be a powerful aphrodisiac. "Sarongs go up when durians come down", is a popular saying among Malaysians.
Lands in Bentong and Raub are suitable for durians. The most popular varieties are the Raja Kunit and D24. Swiftlet farming is also popular in these two districts. If you are thinking of investing in any of the above two activities and need help, you may contact me for assistance. Be assured that I don't charge you anything.
Doing the right thing at the right time yields the most profit. The time to get involved with durians is now.
Manager loses RM4,200 with just one mouse click
Thursday May 12, 2011 (From StarOnLine)
KUALA LUMPUR: Accounts manager Chua Ming Choo opened a message in her e-mail informing her that there was some irregular activity occurring in her account.
The e-mail told her to click a link to her bank’s website to update her particulars for safer online banking.
Less than five minutes later, the simple mouse click cost her RM4,200.
Chua, 35, from Port Dickson, said she received the e-mail last Thursday.
She added that about two minutes after she clicked on the bank’s website, she received an SMS requesting a Transaction Authorisation Code (TAC) number.
Chua realised that something could have happened to her account and she called her bank to inform them about it.
“They told me they would block my account and I was told to change my e-pin number,” she told a press conference at the MCA Public Services and Comp laints Department here yesterday.
Chua said she then went to the nearest ATM to check her account and discovered the money missing even though she did not key in her TAC number on the website.
She lodged a police report on the same day.
Another victim, Chong Wen Shan, 24, from Teluk Intan, Perak, said he received an e-mail on May 1 informing him that his online services account was about to expire due to a database update on the bank’s system.
Chong said he was asked to update his particulars and being new to e-banking, he thought it was a normal procedure and clicked on the link.
He also keyed in his TAC number when asked and discovered that RM5,000 had gone missing from his account a few hours later.
Department head Datuk Michael Chong said the two cases were the first that he had received so far this year.
He asked Bank Negara and banks to be on alert for such scams.
“I do not rule out an inside job. Otherwise, how do these criminals know our personal details?” he added.
KUALA LUMPUR: Accounts manager Chua Ming Choo opened a message in her e-mail informing her that there was some irregular activity occurring in her account.
The e-mail told her to click a link to her bank’s website to update her particulars for safer online banking.
Less than five minutes later, the simple mouse click cost her RM4,200.
Chua, 35, from Port Dickson, said she received the e-mail last Thursday.
She added that about two minutes after she clicked on the bank’s website, she received an SMS requesting a Transaction Authorisation Code (TAC) number.
Chua realised that something could have happened to her account and she called her bank to inform them about it.
“They told me they would block my account and I was told to change my e-pin number,” she told a press conference at the MCA Public Services and Comp laints Department here yesterday.
Chua said she then went to the nearest ATM to check her account and discovered the money missing even though she did not key in her TAC number on the website.
She lodged a police report on the same day.
Another victim, Chong Wen Shan, 24, from Teluk Intan, Perak, said he received an e-mail on May 1 informing him that his online services account was about to expire due to a database update on the bank’s system.
Chong said he was asked to update his particulars and being new to e-banking, he thought it was a normal procedure and clicked on the link.
He also keyed in his TAC number when asked and discovered that RM5,000 had gone missing from his account a few hours later.
Department head Datuk Michael Chong said the two cases were the first that he had received so far this year.
He asked Bank Negara and banks to be on alert for such scams.
“I do not rule out an inside job. Otherwise, how do these criminals know our personal details?” he added.
Wednesday, May 04, 2011
Oil Palm The Golden Crop
TDM is now a member of RSPO. It is committed to sustainable practices, balancing economic viability with environment and social respensibility. By end 2012, one of its mill complexes is expected to obtain certification. This is a positive reflection of TDM, going forward.
Sunday, May 01, 2011
TDM Good For Long-term Hold
It came like a bolt from the blue when TDM announced a single-tier first interim dividend of 3 sen for the financial year ended 31 Dec 2011. This together with the single-tier first and final dividend of 13.5 sen for the year 2010 means that for every 1000 shares you will get RM165 which is payable on the June 09, 2011. The x-date for the dividends is May 25, 2011. At RM3 per share, the dividend-yield works out to 5.5%. Considering that the interest rate of fixed deposits at banks is at 2.75% p.a. it is worthwhile to buy TDM now.
As reported in the just released annual report for TDM, the company has cash of RM176.7 million and almost zero gearing. The company is well managed with a strong balance sheet and good earnings per share of 41.49 sen for the year ended 31.12.2010.
The management of the group is confident that its business will continue to do well. It has a piece of very good land measuring 25,000 ha in East Kalimantan. I understand that 5000 ha have been planted with oil palm in 2007 and the remaining land is scheduled for planting of oil palm within the next 3 years. This ensure that the company will have good growth in the foreseeable future.
On its healthcare division, TDM has acquired TDMC Hospital Sdn. Bhd, a 128-bed hospital in Taman Desa. This acquisition is expected to contribute positively to the group in the coming years. This sector has already been doing well, and with the new hospital, more profit is expected to come in.
The food division of the group is the sore spot. It has not been doing well over the years. For 2010, the division still shows some losses. Management has the intention to dispose off the sector when someone suitable to take over comes along.
Action to take: Continue to hold on to your TDM or buy more for long-term hold.
As reported in the just released annual report for TDM, the company has cash of RM176.7 million and almost zero gearing. The company is well managed with a strong balance sheet and good earnings per share of 41.49 sen for the year ended 31.12.2010.
The management of the group is confident that its business will continue to do well. It has a piece of very good land measuring 25,000 ha in East Kalimantan. I understand that 5000 ha have been planted with oil palm in 2007 and the remaining land is scheduled for planting of oil palm within the next 3 years. This ensure that the company will have good growth in the foreseeable future.
On its healthcare division, TDM has acquired TDMC Hospital Sdn. Bhd, a 128-bed hospital in Taman Desa. This acquisition is expected to contribute positively to the group in the coming years. This sector has already been doing well, and with the new hospital, more profit is expected to come in.
The food division of the group is the sore spot. It has not been doing well over the years. For 2010, the division still shows some losses. Management has the intention to dispose off the sector when someone suitable to take over comes along.
Action to take: Continue to hold on to your TDM or buy more for long-term hold.
Monday, April 25, 2011
The Chinese are coming
The Chinese are coming because America does not want them.
Listings via RTO / merger have recently been suspended in the U.S. stock exchanges. This is due to lack of interest in such listings.
Many Chinese companies listed in the U.S. are now being sued by investors for fraud, inflated reporting and misleading statements. In the light of the present scenario, Bursa is likely to experience an influx of Chinese companies applying for listing in Bursa. A few Chinese stocks are already listed here. They are not well received and some are still below their IPO price.
Before a stock is allowed to get listed, a due diligence must be carried out. This means visiting its factories, testing and checking its products, talking to its CEO and workers and its customers as well. Bursa should have its own team of auditors to do this instead of depending too much on other auditors to ensure propriety. Does Bursa have the workforce to do this? If not, it should upgrade itself first.
Integrity, transparency and reliability must be implemented without compromise. Unless people feel safe to invest, they would rather leave their money in the banks.
Therefore if Bursa wants more activities in the stock market, it must do everything to ensure that it is a safe place to invest.
Most of our ACE counters are rubbish shares. Over the years, they show no growth, no dividend and no appreciation in their prices. They should be classified under a category called, "Useless". I wonder why anyone wants to invest in such counters.
Listings via RTO / merger have recently been suspended in the U.S. stock exchanges. This is due to lack of interest in such listings.
Many Chinese companies listed in the U.S. are now being sued by investors for fraud, inflated reporting and misleading statements. In the light of the present scenario, Bursa is likely to experience an influx of Chinese companies applying for listing in Bursa. A few Chinese stocks are already listed here. They are not well received and some are still below their IPO price.
Before a stock is allowed to get listed, a due diligence must be carried out. This means visiting its factories, testing and checking its products, talking to its CEO and workers and its customers as well. Bursa should have its own team of auditors to do this instead of depending too much on other auditors to ensure propriety. Does Bursa have the workforce to do this? If not, it should upgrade itself first.
Integrity, transparency and reliability must be implemented without compromise. Unless people feel safe to invest, they would rather leave their money in the banks.
Therefore if Bursa wants more activities in the stock market, it must do everything to ensure that it is a safe place to invest.
Most of our ACE counters are rubbish shares. Over the years, they show no growth, no dividend and no appreciation in their prices. They should be classified under a category called, "Useless". I wonder why anyone wants to invest in such counters.
Monday, April 18, 2011
Time for harsher penalties
There are many ways to destabilise or mismanage a company, and in Kenmark case, its top executive and directors from Taiwan went AWOL
There are many ways to destabilise or mismanage a company, and along the way, upset and annoy its minority shareholders.
In the case of Kenmark Industrial (M) Co Bhd, its top executive and directors from Taiwan went AWOL. The furniture maker's shares were sold down, losing some RM140 million of market value in a matter of days. The stock did bounce back, but not before a big damage was done and a new, "friendly" major shareholder was installed.
The latest file marked "How to upset your minority shareholders" involves Linear Corp Bhd. Initial company probe showed that one of its directors had used his autocratic rule to hand out RM36 million to a project owner/developer. The amount was an advance for a RM1.66 billion contract Perak Linear had secured from the developer, but appeared not viable.
Kenmark and Linear are among a list of listed companies that have run foul of corporate rules. Kimble Corp Bhd and Tat Sang Bhd are counted in the list, too.
Kimble, another Taiwan-owned furniture maker, breached a listing requirement in 2008 for failing to disclose in its fourth quarter 2007 results that it had made provision for doubtful debts of RM33.7 million.
Its managing director Datuk Yao Bor Bin and former executive director Yao Po Chen were fined by Bursa Malaysia a total of RM75,000 "for being ambiguous and inaccurate in the announcement". The company was delisted in April 2009.
Tat Sang, another furniture maker, shocked investors with its accounting irregularities and the disappearance of key management personnel back in 2002.
Its former managing director Lim Chai Hock was sentenced to five years' jail by the Sessions Court for making false statements to Bursa Malaysia. The sentence was revised by the High Court to a five months' jail and a fine of RM200,000 in default of two months' imprisonment.
Tat Sang was plagued with financial woes just a year after its listing in 2000. It was eventually delisted in 2003.
The point here is that once a corporate manipulator is caught and goes to court, make sure he (interestingly, women is almost or non-existent in the issue) is punished accordingly.
While our local stock market watchdogs, the Securities Commission particularly, may have been swift in their action, the punitive measures appear lenient on corporate manipulators.
Some have said in jest (or are they not kidding?) that our corporate punishments are the laughing stock among foreigners. Swindle loads of money from your company and leave the country, you can then come back and face the low-decibel music.
We may have read that a man was sentenced to 25 weeks in jail for stealing 80 pairs of women's panties. For mismanaging or embezzling millions of ringgit or causing hurt and grievance to many investors, you just get a fine or a brief spell in prison. Some balance in blue and white collar crimes, right? Is there a very fine line in steal, cheat or lie between a corporate man and an ordinary Joe?
In February 2006, it was reported that Fountain View Development Bhd former director Datuk Chin Chan Leong and ex-remisier were found guilty of share manipulation.
Chin was fined RM1.3 million or in default of 13 months' jail as well as sentenced to serve one day in prison for manipulating its share price seven years before.
Hiew Yoke Lan, a former Avenue Securities Sdn Bhd remisier, was fined RM1 million or 10 months default jail sentence for abetting Chin in the offence.
The offence was committed between November 18 2003 and January 20 2004. During this period, Fountain View stock had a low of RM1.99 and a high of RM6.15.
Back in November 2003, at a low of RM1.99, Fountain View carried a market capitalisation of RM885 million. At the peak of the share manipulation of around RM6.15, Fountain View carried a market capitalisation of RM2.73 billion!
If Datuk Seri Idris Jala can overhaul the various subsidies enjoyed by us, how hard can it be to review and slap the harshest possible punishment on corporate manipulators?
The above article is written by Zuraimi Abdullah of Business Times
There are many ways to destabilise or mismanage a company, and along the way, upset and annoy its minority shareholders.
In the case of Kenmark Industrial (M) Co Bhd, its top executive and directors from Taiwan went AWOL. The furniture maker's shares were sold down, losing some RM140 million of market value in a matter of days. The stock did bounce back, but not before a big damage was done and a new, "friendly" major shareholder was installed.
The latest file marked "How to upset your minority shareholders" involves Linear Corp Bhd. Initial company probe showed that one of its directors had used his autocratic rule to hand out RM36 million to a project owner/developer. The amount was an advance for a RM1.66 billion contract Perak Linear had secured from the developer, but appeared not viable.
Kenmark and Linear are among a list of listed companies that have run foul of corporate rules. Kimble Corp Bhd and Tat Sang Bhd are counted in the list, too.
Kimble, another Taiwan-owned furniture maker, breached a listing requirement in 2008 for failing to disclose in its fourth quarter 2007 results that it had made provision for doubtful debts of RM33.7 million.
Its managing director Datuk Yao Bor Bin and former executive director Yao Po Chen were fined by Bursa Malaysia a total of RM75,000 "for being ambiguous and inaccurate in the announcement". The company was delisted in April 2009.
Tat Sang, another furniture maker, shocked investors with its accounting irregularities and the disappearance of key management personnel back in 2002.
Its former managing director Lim Chai Hock was sentenced to five years' jail by the Sessions Court for making false statements to Bursa Malaysia. The sentence was revised by the High Court to a five months' jail and a fine of RM200,000 in default of two months' imprisonment.
Tat Sang was plagued with financial woes just a year after its listing in 2000. It was eventually delisted in 2003.
The point here is that once a corporate manipulator is caught and goes to court, make sure he (interestingly, women is almost or non-existent in the issue) is punished accordingly.
While our local stock market watchdogs, the Securities Commission particularly, may have been swift in their action, the punitive measures appear lenient on corporate manipulators.
Some have said in jest (or are they not kidding?) that our corporate punishments are the laughing stock among foreigners. Swindle loads of money from your company and leave the country, you can then come back and face the low-decibel music.
We may have read that a man was sentenced to 25 weeks in jail for stealing 80 pairs of women's panties. For mismanaging or embezzling millions of ringgit or causing hurt and grievance to many investors, you just get a fine or a brief spell in prison. Some balance in blue and white collar crimes, right? Is there a very fine line in steal, cheat or lie between a corporate man and an ordinary Joe?
In February 2006, it was reported that Fountain View Development Bhd former director Datuk Chin Chan Leong and ex-remisier were found guilty of share manipulation.
Chin was fined RM1.3 million or in default of 13 months' jail as well as sentenced to serve one day in prison for manipulating its share price seven years before.
Hiew Yoke Lan, a former Avenue Securities Sdn Bhd remisier, was fined RM1 million or 10 months default jail sentence for abetting Chin in the offence.
The offence was committed between November 18 2003 and January 20 2004. During this period, Fountain View stock had a low of RM1.99 and a high of RM6.15.
Back in November 2003, at a low of RM1.99, Fountain View carried a market capitalisation of RM885 million. At the peak of the share manipulation of around RM6.15, Fountain View carried a market capitalisation of RM2.73 billion!
If Datuk Seri Idris Jala can overhaul the various subsidies enjoyed by us, how hard can it be to review and slap the harshest possible punishment on corporate manipulators?
The above article is written by Zuraimi Abdullah of Business Times
Thursday, April 14, 2011
Gaming for Gambling, the only winner is the House
The only winner in the casino or lottery game is the house or the banker. When odds are not in your favor, over time, you are bound to lose. Unfortunately many people do not realize this. It’s okay if you bet what you can comfortably lose and get some excitement out of it once in awhile. But to bet the farm, you must be out of your mind.
Don’t ever think you can beat the house, whether it gaming or gambling. Read more here.
Don’t ever think you can beat the house, whether it gaming or gambling. Read more here.
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