玉楼金阙
再办投资日●陈金阙
2013-10-23 10:25
去年资本投资（ICAP）的董事和基金经理陈鼎武要备战秃鹰基金的狙击，没心情筹备投资者日。经过了一年，挑战者不晓得是式微还是潜入海底，照看是没有威胁了。
于是，资本投资今年又再延续几年来的理念，于26日假吉隆坡会展中心（KLCC）复办投资者日，继续推广价值投资的教育活动。
说真的，一些投资者对今年资本投资颇有微词，原因是一来其股东大会选在2014年财政预算案宣读日（10月25日）下午，让人难以取舍。而财经记者和分析员得留在岗位即使点评预算案内容，则不得不失之交臂。
次日（26日）也有几场关于预算案剖析，投资者不能两头跑，必须择一赴会。此外，今年资本投资破天荒首度（应该也是最后一次）派股息。
这是应某些投资者的要求，用掉108条款的税务盈余。不过顺了哥情失嫂意，对资本投资秉承不派股息的原则被破坏，另一些投资者可是不大高兴。
迟迟未落实承诺
至于第三个不满，是资本投资去年击败犯境者的一个承诺，迟迟无法落实。据说是一项前无古人的创举，奖励现有的股东（或单位持有人）忠心支持和耐心等待。
去年股东大会之后。陈鼎武还举办了几次汇报会，却空雷不雨，让股东不知道葫芦里的药到底还要不要卖下去。
今年的投资者日，有项别开生面的慈善活动。
投资者日的每位来宾一登记，资本投资将捐出5令吉作慈善用途，至最多5万令吉（即至少一万名出席此盛会），因此大家应该踊跃出席，支持这项创举。至于今年的公司介绍，一贯的邀请资本投资有投资的公司派代表前来解说。
不过，我不明白为何伟特机构（VITROX）受到邀请，因为它并非资本投资的组合中股项。也许资本投资在2014财政年已投资了它，不然投资者日所选择的公司解说，所设下的准绳有待商榷。
对价值投资沉迷如我等者，有人主办这类活动交流，就象喜欢阅读者之必逛书展，务必拨冗出席。
不过，想要追贴士的散户，可能会失望，因为这不是股票贴士大会。
除了公司介绍和展览之外，资本投资也会举办一系列的价值投资和经济时事讲座，甚至还有求职指南（如何成为资威，CAPITAL DYNAMIC，陈鼎武的基金管理公司的团队）。
资本投资上市至今8年，根据今年年报所言，基金净资产值平均年成长约15%，现在手握2亿令吉现金，端的是了不起的成绩。
不过，本人对基金经理近来频频上报，表示马股市本益比相当昂贵，希望在11-12倍本益比才出手之说法有所保留。
毕竟我们是对物有所值的公司选来买，不是买一篮子贵的市场或其指数股，而且价值投资贵在随时随地做好准备，不是等大箫条之后捡便宜货。
我这属野人之见，想来陈鼎武经验丰富，必不以为然，但可一笑置之。
我等也不妄想挑战天威，以标奇立异，哗众取宠。
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2 people like this. Showing 3 of 4 comments
Tan KW has posted another good article, one written by a good independent analyst 陈金阙
Posted by ckleow79 > Oct 23, 2013 08:09 PM | Report Abuse
we always can find a egg which can turn to golden egg in the capital market even the PE of current market are high.
Questions:
1) Is the present market with PE 15-16 really high? Or may be a more appropriate description is "not cheap"? I mean this is equivalent to an earnings yield of 6-7%, which is twice you can get from the fixed income investment, albeit with some risks.
2) If ckleow79 can find a good egg, why can't Tan Teng Boo, the oracle of Bursa whose job is to do value investing and earns fat fees? I am sure there are many investors like ckleow79 who have found some many good eggs and many of these eggs have turned to golden eggs already.
3) TTB has been holding 1/3 to 1/2 of the total assets in cash for the last 5 years. Its portfolio is largely unchanged for the last 5 years. Couldn't find anything worth buying for the last 5 years? Tell me how many true value investors have made how much return for the last 5 years?
4) If one looks at the performance of NAV of icap since listing, the great performance icap in NAV happened before and up to early 2008. Since then it has been under-performing the market and the average performance of unit trusts until now. Of course we should also considered that early days great performance of TTB. But could it be some kind of temporary hot streak?
I cannot forget how capital dynamic carried out its campaign and went to the extent of putting down a major shareholder Lexey Partners last year who was trying to do something good for all the shareholders, instead of trying to look for some good eggs for icap.
One year has passed. Have the promises of capital Dynamic to icap shareholders fulfilled? This article by 陈金阙 clearly explained all.
2013-10-24 06:45
Where our good value has gone these days?
“陈金阙 专业财务规划师: 资本投资上市至今8年，根据今年年报所言，基金净资产值平均年成长约15%， 现在手握2亿令吉现金，端的是了不起的成绩. 不过，本人对基金经理近来频频上报，表示马股市本益比相当昂贵，希望在11-12倍本益比才出手之说法有所保留. 毕竟我们是对物有所值的公司选来买，不是买一篮子贵的市场或其指数股，而且价值投资贵在随时随地做好准备，不是等大箫条之后捡便宜货。我这属野人之见，想来陈鼎武经验丰富，必不以为然，但可一笑置之。我等也不妄想挑战天威，以标奇立异，哗众取宠。”
You claimed yourself a professional CFP, can you achieve 15% growth per annum on NAV for the last 8 years?
One can disagree with the statement but definitely should not give sarcastic remark (暗暗讽刺) to the view of people who can deliver 15% per annum for the last 8 years. You said you purchase those selected value company at anytime instead of great recession, so how is your return so far ? 15 % per year?
I am quite disappointed that when somebody with weight(you can disagree) such as Mr TTB gave free advice for the greater benefit of the public, many people do not appreciate but launching sarcastic remark or personal attach on him. Where our good value has gone these days?
2013-10-24 19:12
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CS Tan
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
ckleow79
we always can find a egg which can turn to golden egg in the capital market even the PE of current market are high.
2013-10-23 20:09