券商買進心頭好．可趁勢柔州資本增值 吉星地價遭低估


券商：肯納格證券研究
目標價：3.56令吉

我們給予吉星集團（CRESNDO，6718，主要板房產）“跑贏大市”評級，根據每股重估凈資產值（RNAV）5.08令吉，在折價30%后，我們取得3.56令吉的目標價。

　我們預計該公司將繼續進行重新估價，作為純柔州房產發展商，該公司大規模在大馬依斯干達地區發展，並打著工業用與可負擔房產旗幟，受惠于穩健市場需求。

　吉星集團目前享有處于歷史新低的地庫成本，這提供了彈性以維持房價競爭能力或擴大公司賺幅。我們預計，該公司在2014財年至15財年的盈利可成長31%至34%，淨股息回酬率介于5.9%至7.5%。

　整體而言，該集團在柔佛擁有2983英畝的土地，其中1663英畝位于依斯干達地區。許多在南部大規模發展的發展商，其股價在今年的回報率達20%至90%。我們也看好柔佛的“政府對政府”（G2G）合作措施和提高經濟驅動能力，包括了新加坡中小型企業移居到依斯干達。

　吉星集團的地庫嚴重遭到低估，其平均賬面價格成本為每平方尺3.50令吉，目前未開發的“綠地”價格為每平方尺8令吉至10令吉。

　該公司地價為歷史新低，他們具備彈性趁勢搭上柔州資本增值的列車，或把產品定價得更具競爭力，藉以擴大公司賺幅。值得注意的是，其稅前盈利的賺幅已從2010財年的16%，擴展至本財年的28%。

　根據我們的評估，該公司擁有74億令吉的余下發展總值，具有8至9年的可預見收益，比起其他發展商來得更久。

公司的Net assets per share value是账面价值而不是market value. 而它大部分的资产lands是属于Iskandar特区一带的土地,他的market value最少是他账面价值的60%至100%以上(从它买进年份和现年价值作比较).
简单算;1)特区1663亩--每亩=43560平方英尺,几年前每方尺值10元,则1663*43560*10=7.24 亿
7.24亿/股数(2.2848亿股)=每股值RM 3.16
2)新山地不佬有865亩地,哥打丁宜526亩地,共1391亩,取每方尺5元算,则1391*43560*5=3.02亿
3.02亿/股数(2.2848亿股)=每股值Rm 1.32
因此共值RM 4.48
现在票数=22,8484 張,可转换债券（icls）有5,1978 張,在11-1-2016 到期.假如全部转换则，公司总共股数为22.8484+5.1978=28.0462張。
因此 a)7.24亿/股数(2.8046亿股)=每股值RM 2.58
b)3.02亿/股数(2.8046亿股)=每股值Rm 1.07
a) + b)= Rm 3.65
注--这里己发展掉的土地没有扣除,也沒加入发展后的净利,只是单单计算土地价值(实际上现在土地值己更高.)
个人推算,进出自负.
Company Net assets per share value is the book value instead of market value. While most of its assets lands are lands belonging to Iskandar, DC area, his market value is at least more than 60-100% of his book value (buy from it Year in and aged value for comparison).
Simple calculation; 1) DC 1663 acres - acre = 43,560 square feet, a few years ago the value of 10 yuan per cubic feet, then 1663 * 43 560 * 10 = 724000000
724,000,000 / D (2.2848 million shares) = RM 3.16 per share value
2) The new guy does not have 865 acres of mountain land, 526 acres of land in Kota Tinggi, a total of 1391 acres, take five yuan per count feet, then 1391 * 43 560 * 5 = 302 000 000
302 million / shares (2.2848 million shares) = value Rm 1.32 per share
Thus a total value of RM 4.48
Now the votes = 22,8484 Zhang, convertible bonds (icls) has 5,1978 Zhang, expires at 11-1-2016. Then if fully converted, the company total number of shares 22.8484 +5.1978 = 28.0462.
So a) 7.24 billion / $ number (2.8046 million shares) = value of RM 2.58 per share
b) 3.02 billion / $ number (2.8046 million shares) = value Rm 1.07 per share
a) + b) = Rm 3.65
Note - there has been no development of land swaps, net, did not join after net development, we simply calculate the value of the land (actually now have higher land values​​.)
Personal projection, out of conceit.

特区1663亩土地，未来变黄金地，部分转变成发展商业与住宅区，将会是生金旦的母鸡，趁着低（rm2.70)静静收集,未来最少都有rm4.00以上的价值.

公司買回股票,莫非看到幸福的未来,哈哈.

21 ) Ken Nanjia study is expected , expected revaluation of net assets up to 5.08 ringgit. 30% discount is calculated based on a target price of 3.56 ringgit analysts . Group's growth momentum is to develop high-end residential sector ( Detached and semi-detached townhouses ) , each unit priced at more than one million ringgit .
22 ) investment risk, factors to consider , including interest rates , play room or a negative policy , the slowdown in global economic or industry and other fields .
23 ) 30 major shareholder already holds 78.87% , only 21.13 percent market liquidity , a major shareholder of KIM LOONG RESOURCES BERHAD (55%).
24 ) use of the hands of the funds , concentrated fire , so to maximize capital appreciation , Gemstar institutions have to become an outbreak shares. Grasp the opportunities currently offered. Achieve impressionistic , relaxing , watching the sea day , ha ha, I entered , what are you waiting for it .
25 ) These are the catalyst for the share price rises , individual projections and finishing out of the ego. Company website - http :/ / www.crescendo.com.my/

6718 cresndo Gemstar Rm 2.68 admission reasons ---
1 ) Technically that this stock 's share price at 29-01-14 rm2.72. Rebounded after 15-04-14 to rm3.11. Now four months underscore ( 26-04-14 price rm2. 66 ) , already is oversold (RSI = 24%), RM2.68 is a chance.
2 ) fundamentals, its stable and strong fundamentals , there is no negative news , so you can play.
3 ) as a whole, Gemstar reported net profit of RM 100 million 21.22 million , up 118% yoy ; turnover grew by 10% to 300 million 10.355 million ringgit , as well as full-year earnings per share of 57.22 cents .
4 ) Now the price Rm2.70 (pe = 4.7), significantly undervalued , reasonable pe = 6, price = Rm3.43. , And there NTA = RM3.17
5 ) due to the revaluation of assets and the value of investments accounted for 38.9 million ringgit , Gemstar fiscal 2014 earnings of 82.3 million ringgit real , Gemstar sent the annual dividend 16 cents , higher than our forecast of 14 cents , equivalent to 5.4% in Week appealing interest rate.
6 ) revaluation of investment assets such as this , I believe the future is still there ( because the company has a large basement ) .
7 ) of securities recommended " hold " the stock , and earnings per share in 2015 based on 45.7 cents , to calculate the target price of 3.20 ringgit .
8 ) Kenanga Research analysts adjust the sales forecast , the industry is expected to earn a higher amplitude , under lower operating costs and additional interest expenses, the company fiscal year 2014 core earnings forecast by 4% to 83.6 million ringgit ; However, the 2015 fiscal year earnings forecast by 5 percent to 95.5 million ringgit. He maintained the stock " outperform " rating and a target price of 4 ringgit.
9 ) Now the company has begun to buy back the stock price , and therefore fall limited.
10 ) Gemstar recently with Mavern, Meiban resources, and Medini Capital Co., Ltd. signed the joint venture agreement , Wei Songlin said Johor NusaCemerlang Associates will develop industrial parks industrial development projects.
11 ) The company plans to industrial park about 16 acres of land for the development of advanced commercial and residential industry is currently undergoing the application . Local industrial land price per square foot is more than 70 ringgit , if successfully converted into commercial or residential land , land prices are up more than 100 ringgit. " The development of commercial and residential industry , but also enhance our profit increase.
12 ) the development totaled 20-3000000000 ringgit Bandar Cemerlang town plan , expected next year or the end of the third quarter began . " There are places in town development industries, is expected to take 10 years to complete development.
13 ) Wei Songlin do not think industry market Iskandar region will be saturated , because the government is committed to the development of the region , is expected in the next five to 10 years , the local population may be increased to 300 million , coupled with Singapore approaching, is expected to be support local industry needs.
14 ) Kenanga not worried Johor impose additional industry profits to overseas buyers tax measures , because the domestic industry, prices are still 30% lower than Singapore , coupled with tight supply of industrial lots Singapore , Singapore SMEs will force more operations base transfer to Malaysia .
15 ) Gemstar is a pure property developer in Johor , and the basement has 2,983 acres in the state , more than half ( 1,663 acres ) located within the Iskandar Malaysia area range.
16 ) According to the book value , the average price of our basement to 3.50 ringgit per square foot , far below the existing undeveloped basement -foot-8 ringgit to 10 ringgit per square valuations. On industrial projects, Gemstar provide competitive price advantage , from the basement to make pricing or capital appreciation based on the current valuation.
17 ) is expected to Gemstar remaining gross development value (GDV) of 7.4 billion ringgit, it also means that profits can be maintained for 8-9 years . The total value of 7.4 billion ringgit development is still conservative estimates , forecasts taken from each acre worth 2.5 million ringgit development , much lower than other developers from 3 million to 6 million ringgit per acre.
18 ) Gemstar 's main business activities can be summarized as follows: ( a ) industrial operations , ( b) the construction business ; and (iii ) other businesses, such as education, industry, investment and management services.
19 ) Dividend policy, Gemstar will distribute 30% of net profit as dividends , in the past three years, records show , the dividend payout ratio between 32 % and 39% of net profit .
20 ) Cash flow, although cash and cash equivalents from Gemstar fiscal 2012 75,806,000 ringgit drama reduced to 2013 fiscal year 22,346,000 ringgit , but capital outflow is mainly used in the acquisition and repayment of loans.

6718 cresndo 吉星 Rm 2.68 进场的原因---
1)技术面说,此股在29-01-14的股价为rm2.72 .之后在15-04-14回升到rm3.11 .现在是四个月的底线(26-04-14股价rm2.66),己是超賣了(RSI=24%),RM2.68是机会来了.
2)基本面看,其基本因素強稳,并无负面消息,因此可以进场.
3)合计全年，吉星净利报1亿2122万令吉，按年涨118%；营业额则增长10%至3亿1035万5000令吉，以及全年每股盈利为57.22仙。
4)现在价位Rm2.70 (pe=4.7),明显被低估了,合理的pe=6,价位=Rm3.43 .并有NTA=RM3.17
5)因投资资产价值重估而入账的3890万令吉，吉星2014财年盈利实为8230万令吉，吉星全年派出16仙股息，高于我们预测的14仙，相等于吸引人的5.4%周息率.
6)像这样的投资资产价值重估,我相信今后还是有的(因为公司有大片地库).
7)达证券行 建议“守住”该股，并根据2015年45.7仙的每股盈利，计算出3.20令吉的目标价。
8)肯纳格研究分析员在调整销售预测、预期更高產业赚幅、较低营运成本及额外利息开销之下，將该公司2014財政年核心盈利预测调高4%，至8360万令吉；但是，將2015財政年盈利预测下调5%，至9550万令吉。他维持该股「跑贏大市」投资评级，目標价为4令吉.
9)现在价位公司己开始買回股票,因此下跌有限.
10)吉星近期与Mavern、Meiban资源，以及Medini资本有限公司签署联营合约，魏松林说，联营公司会发展柔佛NusaCemerlang工业园发展产业项目。
11）公司计划把工业园内约16英亩土地用作发展高级商业和住宅产业，目前正进行申请。当地每平方尺工业地价为70多令吉，如果成功转换成商业或住宅土地，地价则可达100多令吉。“发展商业和住宅产业，也可提升我们的赚幅。
12）发展总值达20至30亿令吉的Bandar Cemerlang城镇计划，预计在明年第3或末季开始。“城镇的发展以有地产业为主，预计需10年完成发展。
13）魏松林也不认为依斯干达区的产业市场将饱和，因政府致力发展该区，预计在未来5至10年，当地人口可增至300万人，加上与新加坡临近，预计可支撑当地产业需求。
14）肯納格也不擔心柔佛州向海外買家徵收額外產業盈利稅措施，因為國內產業價格仍比新加坡低30%，加上新加坡工業地段供應吃緊，迫使更多新加坡中小企業將營運據點轉移至大馬。
15）吉星是一家纯柔佛州产业发展商，并在该州拥有2983英亩地库，其中超过一半（1663英亩）位于大马依斯干达特区范围内。
16） 根据账面价值，集团的地库平均价格为每平方尺3.50令吉，远远低于现有未被开发地库每平方尺8令吉到10令吉的估值。就产业项目而言，吉星可提供具竞争的价格优势，或从地库资本增值中依据目前的估值作出定价。
17）预计吉星剩余的发展总值（GDV）达74亿令吉，这也意味盈利可维持8至9年。发展总值74亿令吉仍然是保守估计数字，预测取自于每英亩发展总值250万令吉，远低于其他发展商的每英亩300万到600万令吉。
18）吉星的业务活动主要可归纳为：（一）产业业务、（二）建筑业务；以及（三）其他业务，如教育、产业投资与管理服务。
19）股息政策方面，吉星将派发30%的净利作为股息，过去3年的记录显示，派息率介于净利的32%到39%。
20）现金流方面，虽然吉星现金与现金等值已从2012财年的7580万6000令吉剧减到2013财年的2234万6000令吉，但资金流出主要用在收购以及偿还贷款。
21）肯南嘉研究预计，预期重估净资产可达5.08令吉。依据30%折价计算，分析员的目标价为3.56令吉。集团增长动力是发展高档住宅产业（独立式和半独立排屋），每单位定价在百万令吉以上。
22）投资风险方面，考量的因素包括利率上调、打房或负面政策、全球经济或产业领域放缓等。
23）30大股东已持有78.87%，市场流通量只有21.13%，大股东为KIM LOONG RESOURCES BERHAD(55%).
24）善用手中的资金，集中火力，让资本增值最大化，吉星机构 具备条件成为爆发股。把握目前提供的良机。实现写意，悠闲，看海的日子，哈哈，我进了，你还在等什么呢。
25）以上都是股价上升之催化剂，个人推算与整理，进出自负。公司网站--http://www.crescendo.com.my/

6718 cresndo RM 2.68 进场。

1) latitud 纬树生产那么多的傢俬,很受欢迎,正所谓纬树家俬,
价廉物美,优良品质,畅销美国---你我看好的潜力股.
2)林老板是位正派的生意人,为人正直,把公司管理的很好,年年赚钱,因此我安心投资在纬树.
1) latitud latitude tree produces so much furniture, very popular, is called latitude Tree Furniture,
Cheap, good quality, best-selling American --- you I am optimistic about the potential of stocks.
2) Forest boss was a decent businessman, honest, good management of the company every year to make money, so I feel at ease to invest in latitude tree.

再谈 Latitud---
1）越南民族与汉族血统相近，为世界上最勤力与刻苦耐劳的民族之一，在越战对外抗争中可看出。
2）这也是外商把劳动力密集的行业选择在越南设厂，越南人口有9000万，劳动力充足。
3）纬树在越南的生产基地具有很好的成本优势。
4）从暴动到复工，只用八天的时间，一流的应变能力与管理，加倍我对公司的信心，看好未来的成长。
5）风险因素，主要是a)原材料上升。b)美元下跌。c)暴动。（这些问题我相信短期间不会发生）。
6）公司没有订单问题，只因-- LATITUD 93%产品出口到美国--a）美国的财富藏于民间，有3分之2的经济增長来自于消费领域。
b）美国人号称是全球最浪费的民族。
c）美国为全球最大的进口市塲。
d）区区傢俬算是小儿科，旧了就换新的，没什么的，因此任何时期傢俬都有不错的销量。
7）latitud 这种股扣除30大股东的票,市场流量只有约2万1千張.
8）在更多人看到公司的净利,前景,在大家持续買进,市场上的票将越来越少,今后在求过于供的情况下,股价向北在所难免,幸福的未来己看到。
9)芬兰的基金管理公司上个月又加码。就是看到公司光明的前景。这些基金只買素质好，有市场竞争优势的好股。
10）冯师父他更加坚定,不到rm 4.00不会走,可以安心睡觉了。
11)简单算,兩季己赚3357万,eps=34.5 sen . 5月底Q3(1,2,3的业绩)应有1500万,eps=15 sen
Q1+Q2+Q3=4857万,eps=49.5 sen .
a)现在价位Rm3.22 (pe=6.50),明显被低估了,合理的pe=7,价位=Rm3.46
b)Q4(停工8天，影响小)取赚1500万,EPS=15 SEN
Q1+Q2+Q3+Q4=64.5 SEN .合理的PE=7 .价位=Rm4.51
2)公司的净利提升是支持股价向上的基础.
3)在未来的季报也有亮丽的表现,因此,latitud我会咬住青山不放鬆,哈哈.
12）个人整理与推算，进出自负。

Talk Latitud ---
1 ) and Han ethnic origin similar to Vietnam , one of the world's most diligent and hard-working people, fighting in the Vietnam War can be seen outside .
2 ) It is also labor -intensive industries to foreign investors choose to set up factories in Vietnam , the Vietnamese population of 90 million , adequate labor force.
3 ) latitude tree has a good cost advantages in the production base in Vietnam .
4 ) From the riots to return to work , with only eight days time , first-class resilience and management, to redouble my confidence in the company, promising future growth .
5 ) risk factors , mainly a) increases in raw material . b) the dollar fell . c) riots . ( I believe that these problems do not occur during short ) .
6) The company does not issue orders , because - LATITUD 93% products are exported to the United States - a) U.S. wealth hidden in the private sector, there are two thirds of economic growth comes from the consumer sector .
b) Americans claimed to be the world's most wasteful nation.
c) the United States is the world's largest import market Shang .
d) be regarded as a mere Furniture pediatrics , on the old ones , nothing , so any period furniture has good sales.
7) latitud such shares , net of the 30 largest shareholders vote , the market flow only about 20,001 one thousand .
8 ) In the more people see the company 's net profit , outlook , we continue to buy in the ticket market will be less and less in the future in case of excessive demand for the stock north inevitable, happy future has seen .
9 ) The fund management company in Finland last month and overweight. Is to see the company a bright future. These funds buy only good quality , there is a good stock market competitive advantage .
10 ) von master he is stronger than rm 4.00 will not go, you can sleep at ease .
11 ) a simple calculation, autumn has earned 33.57 million , eps = 34.5 sen. 5月底Q3 (1,2,3 results ) should be 15 million , eps = 15 sen
Q1 + Q2 + Q3 = 4857万, eps = 49.5 sen.
a) is now priced Rm3.22 (pe = 6.50), significantly undervalued , reasonable pe = 7, price = Rm3.46
b) Q4 ( stoppage eight days , a small impact ) take to earn 15 million , EPS = 15 SEN
Q1 + Q2 + Q3 + Q4 = 64.5 SEN. Reasonable PE = 7. Price = Rm4.51
2 ) to enhance the company's net profit foundation is to support the share price up .
3 ) in the next quarterly report is also brilliant performance , therefore , latitud I'll bite Aoyama do not relax , haha.
12 ) Personal organize and projections, and out of conceit .

1)简单算,兩季己赚3357万,eps=34.5 sen . 5月底Q3(1,2,3的业绩)应有1500万,eps=15 sen
Q1+Q2+Q3=4857万,eps=49.5 sen .
a)现在价位Rm3.06 (pe=6.18),明显被低估了,合理的pe=7,价位=Rm3.46
b)Q4(因逢排华)取赚700万,EPS=7 SEN
Q1+Q2+Q3+Q4=56.5 SEN .合理的PE=7 .价位=Rm3.95
2)公司的净利提升是支持股价向上的基础.
3)在未来的季报也有亮丽的表现,因此,latitud我会咬住青山不放鬆,哈哈.
1) a simple calculation, autumn has earned 33.57 million, eps = 34.5 sen. 5 月底 Q3 (1,2,3 results) should be 15 million, eps = 15 sen
Q1 + Q2 + Q3 = 4857 万, eps = 49.5 sen.
a) is now priced Rm3.06 (pe = 6.18), significantly undervalued, reasonable pe = 7, price = Rm3.46
b) Q4 (because every row of China) to take earned 7,000,000, EPS = 7 SEN
Q1 + Q2 + Q3 + Q4 = 56.5 SEN. Reasonable PE = 7. Price = Rm3.95
2) to enhance the company's net profit foundation is to support the share price up.
3) in the next quarterly report is also brilliant performance, therefore, latitud I'll bite Aoyama do not relax, haha.

See it, small companies shh, good price performance of Flying ( 0.835 +0.30 limit ) , next week 's turn latitud flying , super good Q3 business quarter , extreme expectations.
Chat stock market , financial papers ( share from kukumalu 1989 fine brother Diego ) ---

Shh chat
Since yesterday, shh published results , whether in cash or cash flow , net income is very attractive
Today morning I bought a shh, Rate at 0.6-0.61
Although the share price has soared, and perhaps put this share up, somewhat belated
So we look like this , do not chase high
Industry : Furniture industry
1 ) PE ratio is low, the total net income this year is expected to break through 008 million at current market value : 031,000,000 , buy now , only a mere 3.8 PE ratio , I think shh reasonable PE ratio is 5 , and that the potential share price rose 40%
2 ) has a value of over 020 million land in Johor ( most of the land is leasehold)
3 ) has a net cash 015,000,000 ( net of bank loans )
4 ) a substantial increase in Q3 net profit
First Quarter : 1.3million
Second quarter : 1.4million
Third quarter : 3.7million ( divested land net 2million)
5 ) in the third quarter is off-season , but shh can achieve such beautiful results
I believe pohuat, eurospan, latitud, homeritz, hevea, these stocks are very watchable furniture
Words: always hard to find good stocks , good stocks should firmly seize see
Encourage each of

Yu Guangcheng chat stock market , financial papers ( share from kukumalu 1989 fine brother Diego )
Speculative considerations latitud
Price: 2.95
Target Price : 4.00
Speculative funds : 5%
Vietnam thing is over , latitud not imagine the situation is serious, but latitud have to buy insurance, the expected loss is not, the Vietnamese government agreed to grant tax rebates that manufacturers are destroyed on Vietnam protesters also went to a paragraph, employees have to go to work , pohuat also full capacity, coupled with the excellent performance of peer- shh , I started buying latitud, speculative results , the first statement , if performance is not up , I will not hold long-term
latitud the third quarter will be announced in 15 days
This is mainly talk about my views on the third quarterly
[ Every third quarter of the season is latitud ]
List the past four years , latitud third -quarter net profit
2010 : net profit of 2.4million
2011 : loss of 0.6million
2012 : loss 1million
2013 : net profit of 4.3million
The third will be released in May quarterly , latitud results will be?
SHH substantial increase in performance , I believe that will be true latitud third -quarter net profit
[ Acquisition will be reflected in this season of good ]
I believe that the third quarter net profit will come better than last year
So I guess the third quarter earns 6million ( excluding the contribution of the acquisition of non controlling interest in a subsidiary and autumn )
As the case has completed the acquisition of a subsidiary , early non controlling interest in net income will be reflected in this season
And this non controlling interest in net profit 8.5million
6million +8.5 million = 14.5million
So I predict latitud third quarter net profit of up to 14.5million , or at least higher
[ If the forecast is accurate, it latitud PE ratio value much ? ]
The current market value of 296 million latitud
First -quarter net income : 14.6million
Second -quarter net income : 18.9million
Third quarter net income : 14.5million ( this is my prediction data )
Total net income for the three quarters of 48million
latitud PE ratio < 6 ( not including a fourth -quarter net profit )
[ Latitud is a leader in the furniture industry ]
Cold recently become one of the major shareholders pohuat 30, is also one of the 30 largest shareholders latitud
So I looked up pohuat annual report , also compared pohuat and latitud
"It is my view on pohuat and latitud of "
latitud turnover is higher than pohuat
latitud 's net profit margin is more good than pohuat
latitud of rolling pe much lower than pohuat
latitud two quarters net profit growth of more good than pohuat
latitud net cash company , rather than pohuat
From the above data , I am more determined , latitud more than pohuat the potential to become the dark horse
[ The ] discovery pohuat
~ Pohuat management decided to increase capital spending , as companies increase the number of orders since last year
~ Pohuat annual written Chinese and American political tensions , leading the U.S. to Vietnam imported furniture
If pohuat orders increased , I think latitud sure orders of more than pohuat
If the United States turned to Vietnam imported furniture , pohuat and latitud have set up factories in Vietnam , are expected to benefit
[ Language ] after
Investment by the vision, courage speculation by
This war is a success or failure on the fate
Encourage each of

看到吗,小公司 shh,业绩好股价飞天(0.835 +0.30 漲停),下星期轮到latitud 飞天了,超好的Q3业季,万分期待.
闲谈股市，理财篇(分享自kukumalu 1989 兄的精迭)---

闲谈shh
由于昨天shh公布业绩，不论是现金流或是现金，净利都非常吸引
今天我就一早买了shh，价格位于0.6-0.61
虽然目前股价已大涨，或许把这篇分享上来，显得有些马后炮
所以这篇大家看看就好，千万别追高
行业：家具业
1）本益比低，预计今年总净利可突破0.08亿，以目前市值：0.31亿，现在买入，本益比只有区区3.8，我认为shh合理本益比为5，那股价潜在涨幅40%
2）在柔佛拥有价值超过0.20亿土地（多数土地是leasehold）
3）拥有净现金0.15亿（已扣除银行贷款）
4）3季净利大幅度增长
第一季：1.3million
第二季：1.4million
第三季：3.7million(脱售土地净赚2million）
5）第三季是淡季，反而shh能取得如此漂亮的业绩
我相信pohuat，eurospan，latitud，homeritz，hevea，这些家具股都非常有看头
后语：好股总是难寻，看到好股就要紧紧捉住
共勉之

余光成 闲谈股市，理财篇(分享自kukumalu 1989 兄的精迭)
投机latitud的考量
现价：2.95
目标价：4.00
投机资金：5%
越南事情已经过去，latitud情况没有想象中的严重，而且latitud有买保险，预计亏损不大，越南政府答应给予那些被破坏的厂商税务上的回扣，越南示威也到一段落，员工纷纷工作去了，pohuat也全面开工，加上同行shh业绩大好，我开始买入latitud，投机业绩，先声明，如果业绩不达标，我不会长期持有
latitud将会在15天内公布第三季
这篇主要聊聊我对第三季报的看法
【每逢第三季是latitud的淡季】
列出过去4年，latitud第三季净利
2010年：净利2.4million
2011年：亏损0.6million
2012年：亏损1million
2013年：净赚4.3million
而5月将公布的第三季报，latitud业绩会如何呢？
SHH业绩大幅度增长，我相信latitud第三季净利也会如此
【收购利好会反映在这一季】
我相信今年第三季净利会比去年同期来得佳
所以我估计第三季可赚6million（不包括收购子公司两季non controlling interest的贡献）
由于收购子公司一案已经完成，所以早期non controlling interest的净利都会在这一季反映出来
而这笔non controlling interest的净利达8.5million
6million+8.5million=14.5million
所以我预测latitud第三季净利最少可达14.5million或更高
【如果预测准确，那latitud 本益比值多少?】
目前latitud市值为2.96亿
第一季净利：14.6million
第二季净利：18.9million
第三季净利：14.5million（这是我预测的数据）
那三个季度的总净利为48million
latitud的本益比<6（还没包括第四季度净利）
【latitud是家具业里的龙头】
冷眼最近成为pohuat 30大股东之一，同样也是latitud的 30大股东之一
所以我翻查了pohuat的年报，也比较了pohuat和latitud
《这是我对pohuat和latitud的看法》
latitud的营业额比pohuat来得高
latitud的net profit margin比pohuat来得佳
latitud的rolling pe比pohuat来得低
latitud这两季净利成长比pohuat来得佳
latitud是净现金公司，而pohuat不是
从以上数据，我更加确定，latitud会比pohuat更有潜能成为黑马
【研究pohuat的发现】
～pohuat管理层决定加大资本开销，因为公司去年至今的订单增加许多
～pohuat年报写了中国和美国的政治关系紧张，导致美国转向越南进口家具
如果pohuat订单增加，我想latitud肯定比pohuat的订单更多
如果美国转向越南进口家具，pohuat和latitud都在越南设厂，都可望受惠
【后语】
投资靠眼光，投机靠胆识
此战是成是败就听天由命
共勉之

有位朋友問馬雲：
我怎麼樣才能擺脫貧窮，
過上好的生活，
就像你一樣呢？

馬雲說：
你永遠不會像我一樣，
因為我所做的事你都不敢做，
要不然就是認為這件事有多難多難，

你窮的是你的思想！
只有打開思想，
用頭腦嘗試著去分析，
然後勇敢的去嘗試，
你才有可能成功！

如果區區只因為幾次的失敗跟挫折，
你就不去想了，不敢再嘗試了，
那麼這將註定了你的生活品質！

今天很残酷，明天更残酷，後天很美好，但是絕大部份人死在明天晚上！

馬雲 分享冷眼之文章--
2008年7月13日 ·
咬定青山不放松
Mon, 14 Jul 2008

“咬定青山不放松，

立根原在破岩中，

千磨万击还坚劲，

任尔东西南北风。”

这是清朝才子郑板桥，在他所画的一幅竹石图上的题诗。以诗书画三绝驰誉艺坛的郑板桥，以写“难得糊涂”四个字而脍炙人口。

这首诗将竹子高风亮节的个性，发挥得淋漓尽致，其中“咬定青山不放松”一句，常被引用以形容做事坚持到底的精神，最为人所熟识。

我特别欣赏“咬”字。

有一种猎犬，在咬到猎物时，在猎人到来之前，绝不松开牙齿，跟“咬定青山不放松”有异曲同工之妙。

我们做人做事，也一定要有“咬定青山不放松”的精神，才会有所成就。

理由是人有“三限”——“时间、精力、脑力”有限，除了天赋异禀的人之外，常人实无可能样样都精通。

如果样样都做，贪多务得，到头来是周身刀，没有一把利，倒不如专攻一门一科，登峰造极。

我们常用“一事无成”来形容一个失败的人，反过来说，“一事有成”岂不是成功的人生了吗？

所以，你在年轻的时候，就要经过谨慎的考量之后，选定一个行业，然后“咬定青山不放松”，把你全部的精力、时间、脑力倾注下去，坚持一生，少有不成功者。

我在做记者的第二年，观察老报人退休后的生活状况，知道单靠做报人的收入，不足以送四名儿女出国深造，告老离休时，恐怕还要为五斗米而折腰，所以我在记者工作之馀，把全部时间放在股票研究及股票投资上，我是以报业为经，股票为纬，编织兴趣与财经并驾齐驰的人生图景，如此过了数十年，从未言悔。

对事业狂热

要在你的志业上，坚持数十年，从不作改弦易辙之想，就一定要对他所选择的项目，有无穷的信心和狂热的豪情，否则，多数会落得半途而废。

我从来不怀疑股票是打工仔最好的投资管道。

你所选择的项目，如果局限性很大的话，那么，即使你做得最好，也只是“老鼠尾生疮，大晒有限”（粤语），你的所得，跟你所投入的资源、时间、精力、脑力不相衬，久而久之，你会产生“入错行”的感觉，多数会半途而废，那时候你损失最大的，还是时间，因为你已没有足够的时间改变跑道。

好的开始，是成功的一半，确有至理。

股票投资潜能无限，你的投资额，少则数百令吉，多则数亿令吉，海阔天空，任你遨游。

投资的范围也无限大，你可以投资于大马公司，也可以收购欧、美、澳、亚企业的股份，有无穷多的选择，大马就有不少人，靠汇丰银行的股息养老。

股票投资只要买对了，你就可以无所事事，财源滚滚来。

在时间上，也没有限制，你可以持有上市公司的股份数年至数十年。财富与日俱增。

你很难找到像股票那么多优点，那么多缺点，具有那么大的伸缩性，又那么简单易行的投资管道。

这就是股票引人入胜的地方。

如果你选择股票作为你的投资管道的话，要有成就，就一定要发展你自己的一套投资理念，作为你的指南针，这样你才不会有无所适从的感觉。

比如我是一个基本面投资者，在买进股票时，我对自己说：“我现在是参股做生意”，生意的好坏决定我的投资的成败。所以，我化全部时间和精神去研究有关公司的业务，我认为那才是最重要的。

我也是个反向思维者，我宁愿失去机会，也不愿高价买进。

我也很注重股息。

这是我的投资理念，每个人的处境、性格、看法、需求、年龄都不同，没有一种适合所有人的投资策略。不要去抄袭别人的理念，要发展适合于你的理念。
理念无所谓优劣，只要是能长期为你带来效果的，就表示你已走对了路，坚持下去，走你自己的路，不要理会别人所走的路，因为别人的路未必适合于你。你是特别的，所以要有一套你自己的特别的理念。
惟有具有“咬定青山不放松”的精神，才有可能在波谲云诡的股票投资路上，走得更远。


LATITUD 93%产品出口到美国--1）美国的财富藏于民间，有3分之2的经济增長来自于消费领域。
2）美国人号称是全球最浪费的民族。
3）美国为全球最大的进口市塲。
4）区区傢俬算是小儿科，旧了就换新的，没什么的，因此任何时期傢俬都有不错的销量。

LATITUD this a blessing in disguise , haha ​​---
"Please do not go Taiwan !" Offering more tax cuts to make an apology
Author : Hou Qingli | TVBS - 2014年5 18 afternoon 6:20
> Staring alert in the Vietnamese government , the situation is calm 518 Exclusion parade ! But before the disorder riots broke hearts Taiwan , including Hon Hai , Formosa , Pou Chen Group hit the heavy investment in Vietnam , a total of 28 billion dollars, but changed to such a consideration , forcing the government to promote the horse , the Vietnamese in Taiwan today Pei Zhongyun on behalf of Foreign Affairs, on behalf of the Vietnamese government " solemnly apologize ," he said " please do not leave a friend in Taiwan , they are willing to " reduce land tax , business tax , concessional loans , " not even calculate past loans to compensate for the loss of foreign investment ." . >>

Vietnam, Taiwan representative Peizhong Yun : "I hope Taiwanese friends to stay in Vietnam Investment and Development , called on everyone to encourage Taiwanese friends to stay in Vietnam , do not leave ."

Sound invitation to stay " Taiwanese do not go ," shouted the warmth of Vietnamese Representative to Taiwan because Taiwan foreign investment in Vietnam , but now ... superpower.

Vietnam, Taiwan representative Peizhong Yun : " For example, the way land tax relief , business tax , with relief or tax-free to cover their losses , or concessional loans to help them , not counting the previous or the entire loan ."

The loan is tax cuts is not yet , Ma layers of government pressure on the government to be more " specific protection of Taiwan " , or do not rule out the divestment , the Vietnamese official These guarantees sincerity enough?

Taiwan Ho : " To A money to bribe , to collect the money , here is uncommon, and is happening every day ."

Taiwan for many years, riots ruined homes, the world's largest foundry shoe attack Pou Chen Group , Formosa Ha Tinh plants also suffer burned ruins, vivid horrors , including Hon Hai Group in North Vietnam , steel , the size of Taiwan investment 28 billion dollars or more, in case of divestment losses in Vietnam , the Vietnamese Prime Minister more bursts of six newsletters in the day, declared, "I determined not to allow illegal procession , disturbing the peace ."

Vietnamese workers , the elderly , the children took the "I 'm sorry , I'm sorry ," the brand, trying to quell the riot aftermath .

Vietnam riots Response Team convener Mao Chi-kuo : " very safe today , thank you ! "

Exclusion storm pause , chairman of Formosa Plastics plant in Vietnam in Premier Jiang Yi Hua Lin Hsin- side , the heart still thinking about the future development of Vietnam , hit the pace of corporate restructuring on how to make a comeback ? The test was about to start.

LATITUD这次 因祸得福了,哈哈---
「拜託台灣不要走」！　越使道歉祭減稅
作者： 侯慶莉 | TVBS – 2014年5月18日 下午6:20
>在越南政府緊盯戒備下，518排華遊行情勢平和！但之前脫序暴動，傷透台商的心，包括鴻海、台塑、寶成集團砸重本投資越南，共計280億美金，卻換到這樣代價，在馬政府逼促下，今天越南駐台代表裴仲雲在外交部，代表越南政府「鄭重道歉」，還說「拜託台灣的朋友不要撤走，他們願意以『減免土地稅、營業稅、優惠貸款』，甚至不計算過去貸款，來彌補外資損失」。>>

越南駐台代表裴仲雲：「希望台商朋友繼續留在越南投資發展，呼籲大家一起來鼓勵台灣朋友繼續留在越南，不要撤走。」

聲聲慰留「台商不要走」，越南駐台代表溫情喊話，因為台灣現在可是投資越南外資…第一大國。

越南駐台代表裴仲雲：「比如說減免土地稅、營業稅，以減免或免稅的方式，來彌補他們的損失，或者協助他們優惠貸款，或整個不計算先前的貸款。」

又是減稅又是貸款不用還，馬政府層層施壓，要越國政府「具體保護台商」，否則不排除撤資，越南官方這些保證誠意夠嗎？

台商何先生：「要A錢、要賄賂、要收錢，在這裡是屢見不鮮，而且是天天發生的事情。」

暴動毀了台商打拚多年的家園，全球第一大製鞋代工廠寶成集團遭到攻擊，台塑河靜廠也遭殃被燒，一片狼藉，慘狀歷歷在目，包括在北越的鴻海集團、中鋼，大小台商投資280億美金以上，萬一撤資越南損失慘重，越南總理更在一天內連發6則簡訊，宣示「堅決不讓違法遊行，擾亂安寧」。

越南工人、老人、小孩拿著「我很抱歉，I'm sorry」的牌子，試圖平息暴動的後遺症。

越南暴動事件應變小組召集人毛治國：「今天都很平安，謝謝大家！」

排華風暴暫歇，台塑越南廠董事長林信義人在行政院長江宜樺身旁，心還惦念著越南後續發展，受創企業如何重整腳步東山再起？考驗才要開始。

1)latitud 这种股扣除30大股东的票,市场流量只有约2万1千張.
2)在更多人看到公司的净利,前景,若无越南的排华,股价想信己到rm3.30之上了.
3)还好这次亊件快告一段落,公司将重新上路,在大家持续買进,市场上的票将
越来越少,今后在求过于供的情况下,股价向北在所难免,幸福的未来己看到.
4)放心,我问过冯师父,他说不到rm 4.00不会走的.哈哈.
1) latitud such shares, net of the 30 largest shareholders vote, the market flow only about 20,001 one thousand.
2) In the more people see the company's net profit, outlook, if not anti-Chinese in Vietnam, the stock has been above the rm3.30 want to believe it.
3) Fortunately, this 亊 pieces quickly come to an end, the company will be back on the road, we continue to buy the ticket on the market will
Less and less in the future in case of excess demand, the share price north inevitable, happy future has been seen.
4) Rest assured, I asked von Master, he said not to go less than rm 4.00 ha.

至现在大部分地区算平静--更新可看
https://www.facebook.com/groups/1374690332820209/
一名在越南的心声--16:05太平福慶工業區這裡一切安好，我司生管已宣布明天正常上班!

Share kydarun brother insights ---
1 see announcement: the machine has not been damaged.
2 newspapers have written is "false patriotism really robbery," since there is no nationalism issue, this event is very easy to solve.
3. LATITUD's theme is "growth." Since the machine is not broke, cargo intact, then said, "grow" power only temporarily disappeared a few days to a few weeks only.
4 Even if the results were affected by one-quarter, full year EPS is still at least 45 sen. Or grow several times more than last year.
5 Everyone was waiting for "after the event ends before buying," that time is long gone cheap stock. This is a more difficult to explain the truth: the market under the "We all already know that such and such a thing", it is certainly not give you the opportunity to buy cheap.
6 If you are really out of things, the stock is no reason it fell a little bit, even today opened lower rise. This is not a crisis into a production / growth crisis, the company's share price should be.

分享 kydarun兄的见解---
1. 看清楚announcement：机器没被损坏。
2. 报纸已经写了是“假爱国真打劫”，既然没有任何nationalism issue，这种事件是很容易解决的。
3. LATITUD的主题是“成长”。既然机器没坏，货物完好，那么就表示“成长”的动力只是暂时消失几天到几个星期而已。
4. 就算一个季度的业绩被受影响，全年的EPS依然至少有45 sen。还是比去年成长好几倍。
5. 大家都在等“事件结束之后才买”，到那个时候早就没便宜货了。这是一个比较难解释的道理：市场在“我们全都已经知道某某某事情”的情况之下，是肯定不会给你机会买便宜的。
6. 如果真的是出事情了，股价没理由才跌那么一点点，今天甚至开低走高。这不是一家陷入生产危机/成长危机的公司应有的股价走势。

分析员：埋没优质公司 越南概念股被低估
2010/04/13 6:15:47 PM
●南洋商报


（吉隆坡13日讯）由于越南具备良好的增长潜能，分析员认为一些早已进军越南市场的本地上市公司已被低估，并指出这情况若长期出现，大马交易所将丧失吸引力。

肯南嘉投资研究分析员指出，近期与一些基金经理到越南胡志明了解当地经济情况时，有机会拜会数家早期已到当地发展的大马公司。

透过这旅程，他观察到以下重要事项：

●由于人口庞大和推行开放政策，越南是出口主导工业业者所找寻的地点，进而有强劲的能力来吸引外资。

●越南拥有稳定和亲商政策，执行效率很高。

●有远见的公司，即早期已进入越南发展的公司，因抢先进军这市场而占据各种好处，尤其在设立成本方面（地段和厂房设立成本自2000年初便看是激增）。

●这些早已进入越南市场的公司评价很低，这情况不合理，也显示出大马交易所的效率欠佳。这些优质公司被错误定价，短期内仍情有可原，但若长期如此，本地交易所将丧失吸引基金经理的能力。

率先进军越南上市公司

大马纸盒厂（Boxpak，6297，主板工业产品股)

由于包装原料需求强劲，大马纸盒厂在2004年正式在越南设立设厂，越南厂房的初期产量为6000吨，2009年则激增至4万1600吨，占集团营业额的63%。

大马纸盒厂是一站式的包装方案供应商，该公司现有产量是每月4000吨，其新生产线将在2010年中正式运作。

饮食业是该公司销售额的主要来源（占42%），接下来则是家具业（占11%）和电子业（9%）；在2010年，该公司也开始生产球鞋盒。

大马纸盒厂预计，其产量在今年会增长18%至4万9100吨（2009年是4万6000吨）；同时，该公司计划今年内在将每月产量提高2000吨，目前是4000吨产量。

考量到客户的需求，该公司正探讨扩展至河内，惟还未时间和成本还不明确。

分析员指出，根据越南业务的18%增长预测，以及大马业务预计零增长，大马纸盒厂只以6.8倍评价交易。

金锋（GFB，8281，主板工业产品股）

金峰在胡志明市的业务，是由Alcamax包装（越南）有限公司负责管理；其越南厂房在1997年正式投入运作，目前每年和每月的产量分别是4万5000吨和3750吨，厂房使用率介于60%至65%。

该公司的主要客户包括：

●饮食业--Friesland Campina或子母牌（DLady，3026，主板消费产品股）、百事公司、雀巢（Nestle，4707，主板消费产品）和VBL。

●家具业--Interwood、堡发资源（Pohuat，7088，主板消费产品股）和Theodore。

●消费者电子业--三星、索尼、美的和矢崎（Yazaki）。

●消费产品--Koa、味之素（Aji，2658，主板消费产品股）、Vinacosmo和美国庄臣公司（SC Johnson）。

该公司计划扩充其河内厂房，但只在2011年初才会有议决。随着全球经济复苏，分析员预计金峰的展望会维持正面，该股目前则以8倍的评价交易。

纬树（Latitud，7006，主板消费产品股）

纬树在越南的两家主要家具制造厂分别座落在Song Than和Ben Cat，主要生产珍藏版家具系列，并销售至美国市场。目前，这两件厂房正以最高产能来运作，每月生1000万至1100万美元（约3220万至3542万令吉）的产品。

由于需求强劲，该公司计划在今年杪将产能提高20%，即投资大约2000万令吉来设置新设备（预计在2011年初开始运作）。

分析员指出，纬树过去拥有良好的执行记录和财务表现（净现金超过1亿令吉），该公司也放眼在截至今年6月份的财年内，让营业额增长至少25%至5亿令吉。

根据20%的派息率，拥有5.2%潜在回酬率的纬树，目前是以2010财年预测的3.8倍来交易。

堡发资源（Pohuat，7088，主板消费产品股）

堡发资源在越南拥有两座厂房，分别座落在Binh Duong和Dong Nai，目前已70%至80%的产能来运作。

据悉，该两座厂房每月有能力为该公司带来700万美元（约2254万令吉）的销售额。

该公司越南业务的客户包括 Standard 家具、Ashley家具工业和Pulaski家具；在2009财年，其主要销售额是来自美国市场（60%），接下来则是加拿大（14%）和中东（10%）。

分析员表示，堡发资源管理层相当看好今年的展望，并预计越南业务今年会增长10%至15%。

该公司也预计整体集团今年的表现良好，其股票目前是以2010年首季数据的6倍来交易。

China and Vietnam will go beyond that, the reality of the situation in Vietnam will be clear, attract new foreign investment to come and to ensure the safety of persons and property, China will restrain its international image. Final peace ended

中越将会点到为止，越南会清楚现实的处境，从新吸引外資进来并保证人身财产的安全，中国会克制自身的国际形象。最终和平落幕。https://www.facebook.com/groups/1374690332820209/?notif_t=group_r2j_approved

1) Thank you for the good news came again, people here are a big issue, everything is restored them, do not believe will soon be a normal start.
2) next Monday to start down that way, the boss will start the envelopes sent to employees, in order to thank investors do not give leave when the storm chaos, there are also expressed appreciation shareholders (pulled up the price).

3) rm2.80 big time dealer receipt, so do not worry about more of the company a lot of money, such as ticket collector, not any lower price too, has had the worst (rm2.71).
4) Most of the Vietnamese still sensible to work have a future, we must be able to quickly normalize.
5) a simple calculation, autumn has earned 33.57 million, eps = 34.5 sen. 5 月底 Q3 (1,2,3 results) should be 15 million, eps = 15 sen
Q1 + Q2 + Q3 = 4857 万, eps = 49.5 sen.
a) is now priced Rm2.86 (pe = 5.7), if a reasonable pe = 7, price = Rm3.46
b) Q4 (because every row of China) to take earned 7,000,000, EPS = 7 SEN
Q1 + Q2 + Q3 + Q4 = 56.5 SEN. Reasonable PE = 7. Price = Rm3.95

1) 谢谢你又传来好的新闻，这里的人都大题小作，一切都在恢复当中，想信很快可正常开工.
2)下周一开工大吉呀，老板会发开工红包给员工，为了谢谢投资者在困乱时不棄不离，也有答谢股东的表示（拉升价位）.

3)rm2.80时莊家大收货,因此更本不用担心.公司大把钱等收票,不会任价位下太多,最坏己过(rm2.71).
4)大部分的越南人还是理智的,要工作才有前途,一定可以很快正常化.
5)简单算,兩季己赚3357万,eps=34.5 sen . 5月底Q3(1,2,3的业绩)应有1500万,eps=15 sen
Q1+Q2+Q3=4857万,eps=49.5 sen .
a)现在价位Rm2.86 (pe=5.7),若合理的pe=7,价位=Rm3.46
b)Q4(因逢排华)取赚700万,EPS=7 SEN
Q1+Q2+Q3+Q4=56.5 SEN .合理的PE=7 .价位=Rm3.95

RM2.82 Conviction reason latitude tree Latitud 7006 ------
1 ) Exclusion of Vietnam these days every event , fell just bought , not the company losses , but is net income improved, so I have confidence to be restored everything to normal business , the company stock price will rebound Jedi .
2 ) This time I'm all in Latitud, ready to hold 1-2 years to achieve affluence life.
3 ) Take 28% average payout , if the annual EPS = 60sen, net income was 58.32 million , dividends have 16.30sen, now RM2.82 count , dy = 5.7%, the company should be in the December payout this year will be a new high dividends.
4 ) February 2013 a total of two seasons to earn 33,570,000 , EPS = 34.5sen, taking the annual earn 60sen count, now RM2.82 only PE = 4.7 times the transaction significantly undervalued , and reasonable price should RM4. 20 (PE = 7 times ) , earned 29.21 million in 2010 , now has two broken historic quarter net profit of the year and more success, generally the most willing to be the largest shareholder in the company's net profit is good, such as bonus shares , split or special dividend , etc. , it is worth the wait.
5 ) 2011 2 get 1 bonus issue in proportion to retained earnings have 128 million in cash , shares of the Company issued 9,700 shares of view, one to send a proportionate bonus , are within the capacity range.
6 ) Taiwan's Lin family ownership for over 40% of the general management of the company -funded enterprises came good and happy payout .
7 ) 30 major shareholder already holds 77.57 percent ( 75,398 ) , the market liquidity of only 21,809 , cold also holds 1.4% ( 1365 ) , is the company's ironclad confidence.
8 ) the company's vice earned 11.6 % of peers regarded BEAUTIFUL .
9 ) Today's world economy is rejuvenation , Europe , America, Japan , are positive towards the light , no external factors influence .
10 ) in the past 14 years , from 2000 to 2013 fiscal years , the annual money, good fundamentals , the dollar higher against net favorable performance , as the United States at the end of the end of QE , flow of capital, the U.S. dollar is strong stable , which the company is good.
11 ) ended December 2013 , there are 147 million in cash , net cash per share RM1.51, Latitud net cash companies, financial stability , can ride out any economic downturn, the peace of mind to invest in this stock .
12 ) the company has three factories in Malaysia , Vietnam 6 , Thailand 1 , 93% of products exported to the United States , net contribution to the Vietnam plant accounted for 95% , the company best climate, geography raw materials, labor , etc., advantage of people 's strong market competitiveness , completely invincible.
13 ) The Company is mainly used for the production of furniture, rubber wood, foreigners , as are environmentally friendly, and therefore to be welcomed in overseas markets .
14 ) The recent decline in raw materials and RM , the company's net profit to help the future will show rising interest earned on the road .
15 ) furniture stocks, on dividends, management , competitive advantage, earning deputy , assets, ROE (ROE = 12.43), integrity , growth prospects, risk factors , Latitud definitely preferred stock investors good potential value of the company , will be the dark horse stocks have been .
16 ) use of the hands of the funds , concentrated fire , so to maximize capital appreciation , Latitud qualified to become outbreaks shares. Grasp the opportunities currently offered. Achieve impressionistic , relaxing , watching the sea day , ha ha, I entered , what are you waiting for it .
17) Bubi brother selection share analysis greatly experience more confident to invest in Latitud.
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=2146&extra=&page=48
18 ) These are the catalyst for the share price rises , individual projections and finishing out of the ego. Company website - http :/ / www.lattree.com/

RM2.82强力买入纬树 Latitud 7006 的原因------
1）这几天逢越南排华事件，股价下跌正好买入，不是公司亏损，反而是净利提升，因此我有信心待一切正常恢复营业，公司股价会绝地大反弹。
2）这一次我 all in Latitud，准备持守1-2年，以达到丰衣足食的生活。
3）取28%的平均派息，全年若EPS=60sen，净利为5832万，股息有16.30sen，现RM2.82算，dy=5.7%，公司派息应在12月份，今年会是新高的股息。
4）2013年2月共两季赚3357万，EPS=34.5sen，取全年赚60sen算，现RM2.82只是在PE=4.7倍交易，明显股价被低估了，合理的价位应有RM4.20(PE=7倍)，在2010年赚2921万，现两个季已破历史净利了，全年更创佳绩，一般上大股东最乐于在公司净利好时进行，如红股，拆细或派特别股息等，值得期待。
5）2011年以2送1比例分送红股，保留现金盈利有1.28亿，公司发出的股本9700万股来看，1送1比例分送红股，都是能力范围之内。
6）台湾林氏家族持股逾40%，一般上台资企业管理公司良好，且乐于派息。
7）30大股东已持有77.57%（75398张），市场流通量只有21809张，冷眼也持有1.4%（1365张），就是对公司的铁定信心。
8）公司的赚副有11.6%，同行中算是标青的。
9）当今的世界经济正回春，欧，美，日，中都正走向光明，无外围因素影响。
10）过去14年，2000至2013年财政年，每年赚钱，基本因素好，美元汇率走高对净利表现有利，随着美国QE在年底结束，资金回流，美元的走势是强稳的，这对公司是利好。
11）2013年12月止，现金有1.47亿，每股净现金RM1.51，Latitud 为净现金公司，财务稳固，可安全渡过任何的经济低迷，安心投资在此股。
12）公司在大马有3间厂，越南6间，泰国1间，93%产品出口到美国，越南厂的净利贡献占了95%，公司在原材料，人力，等方面占尽天时，地利，人和的优势，市场竞争力强，完全可立于不败之地。
13）公司用于制作家具主要用的是橡胶木，外国人视是环保的，因此受到海外市场的欢迎。
14）近期原材料与马币下滑，对公司净利有帮助，未来的赚利将呈现上升的道路。
15）家私股中，论股息，管理，竞争优势，赚副，资产，股东回报率（ROE=12.43),诚信度，成长前景，风险性等因素，Latitud 绝对是投资者的首选股，公司的潜在价值好，将会是一直黑马股。
16）善用手中的资金，集中火力，让资本增值最大化，Latitud 具备条件成为爆发股。把握目前提供的良机。实现写意，悠闲，看海的日子，哈哈，我进了，你还在等什么呢。
17）Bubi 兄的精选分享，大大的经验分析更加有信心投资在 Latitud。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=2146&extra=&page=48
18）以上都是股价上升之催化剂，个人推算与整理，进出自负。公司网站--http://www.lattree.com/

0.945 进场.

rm 3.05 进场,当做收定期股息.

分享kydarun兄之精选----3484 DBHD - Damansara Realty Berhad 白沙罗实业

看点：
1. Taman Damansara Aliff
(a) 公司在Iskandar的重点产业发展计划，地点位于Danga Bay和Tampoi之间。最近Phase 2刚刚卖完。
(b) 此项产业发展计划完全没有新闻报导。
(c) 此项产业发展计划早在2011年已经开始，参考Balance Sheet附图和Notes 15附图。
(d) 唯一问题是GDV未知。只知道这块地段的价值接近200 million。
(e) 由此推断，此股今年净利有99%机会连翻几倍。

2. Chairman DATO’ KAMARUZZAMAN BIN ABU KASSIM，和Johor Sultan关系密切，除了是DBHD的主席，同时也是Johor Corp的CEO，也是KULIM和KPJ的Chairman。

3. 得到市场关注
(a) 过去几年差劲的财务表现让许多人认为这家公司根本不需要看，因此几乎没有成交量。
(b) 前几天的爆涨 + UMA让这只股获得了关注。
(c) 吸取CVIEW的失败经验（业绩大突破股价却不破），个人看法是“市场不喜欢CVIEW”。因此相信DBHD会获得市场的喜爱。当然需要时间证明。

我已经在89 sen买入。看好今年可以去到2块。这是考验前阵子提到的“尝试新的操作方式”的其中一个试验。
没有买卖建议。

投资愉快。

1.32 chance to buy in,haha

dbhd 3484 机会浮现, rm 1.36 进场,看到幸福的未来.

ho hup gain chance very high like inari

和合,看到暑光---
1)公司经重组后己显示良好的资产表,想信很快可以脱离 pn 17,回到建筑组.
2)公司持有的武吉加里爾地段猶如“皇冠上的珠寶”，一旦獲批，當地的發展總值將從目前的21億令吉，倍增至40億令吉，並在未來7至10年作出貢獻。
和合建築擁有武吉加里爾地段的獨家發展權，並與馬頓（MALTON，6181，主板產業組）簽署了聯營協議，其中和合建築享有發展總值的18%，或最低2億2千萬令吉，加上8千萬令吉預支現金。
3)和合建築重估淨資產值或介於每股1令吉55仙至2令吉55仙，相等於2令吉零5仙平均價，因為武吉加里爾地段開價介於每平方呎250至400令吉。
4)取全年(2013年12月)赚2249万,eps=22 sen 算,现Rm 1.68在交易,pe=7.6倍 ,很明显是低估了.个人估计,取pe=10,合理价=rm2.20
5)大股东频频增加股份,就是看到公司前景好.
6)ho hup的内在价值好,良好的资产表,市场上许多好的股己上升许多,ho hup正在奋力直追,随着更多人发掘ho hup的价值,前景看好,辛福的未来已看到,哈哈.
7)公司为净现金，财务强稳，可安然渡过任何的经济风暴，所以可安心投资在ho hup。
8)以上都是刺激股价上升之催发剂，个人整理与推算，进出自负。
http://www.hohupgroup.com.my/index.html
Hop , see the summer light ---
1 ) After the reorganization of the company has displayed good balance sheet , do not believe will soon be freed from the pn 17, back to the construction group .
2 ) Bukit Jalil lots held by the company as if the "jewel in the crown ", once approved, the total value of local development from the current 2.1 billion ringgit , doubled to 40 billion ringgit , and contribute in the next 7-10 years .
Hop has the exclusive right to develop building lots Bukit Jalil , and with Marton (MALTON, 6181, the motherboard industry group ) has signed a joint venture agreement , which enjoys 18% of the total value of building harmony development , or minimum 220 million ringgit, plus 80 million ringgit cash advance .
3 ) Hop construction or revalued net asset value per share of between 55 sen to RM1 RM2 55 cents , equivalent to 2 ringgit zero average price of 5 cents , because lots of Bukit Jalil asking price ranged from 250 to 400 ringgit per square foot .
4 ) Take the whole year ( December 2013 ) earned 22.49 million , eps = 22 sen count, now Rm 1.68 in trading , pe = 7.6 times , obviously underestimated . Individual estimates , taking pe = 10, a reasonable price = rm2 .20
5 ) major shareholders frequently increase shares , is to see good prospects for the company .
Good intrinsic value 6) ho hup , and good asset table , the market share has been rising in many many good , ho hup is struggling catching up , as more people explore the value of ho hup , prospects, Fu- future already see , ha ha.
7 ) Net cash companies , financial stability and strong , you can ride out any economic storm , so you can feel at ease to invest in ho hup.
8 ) These are stimulated rising price muster agents, individuals organize and projections, and out of conceit .
http://www.hohupgroup.com.my/index.html

5169 HOHUP Rm 1.64 进场.我为hohup 脱离 pn17而来,赚点零用钱,haha

tks ,i have interest for ptaras

erkongseng@gmail.com

0.79 sen ,next target is 0.90

5100 bpplas南源塑胶看到机会---
1)bpplas 每股净资产(nta)rm 0.85 +每股净现金rm0.25=实际价值rm1.10
2)目前价位才rm0.76 ,eps=5.63sen . pe=13.9
3)很明显是被低估了,2014年2月派出6 sen的股息,周息率(dy)有7.8%(现价位rm0.76算)
4)从高息股的本益比(pe)偏高来说,取pe=20算是 ,目标价=rm1.12
5)个人觉得未来同行scientx的成长,带领股价上升机会很大.
6)大股票共持有73.3%的票数,若加上30大股东共计85.65%,公司股数为180120張(1000股为1張),
市场上流通只有25847張,很大机会公司会私有化.
7)公司有RM4626万的现金，财务强稳，可安然渡过任何的经济风暴，所以可安心投资在bppalas.
8)公司净利润的提升,未来股息相信也会有所增加，大大加强股价上升的动力。
9)以上都是刺激股价上升之催发剂，个人整理与推算，进出自负。http://www.bpplas.com/new/
5100 bpplas South chance to see the source of plastic ---
1) bpplas Net assets per share (nta) rm 0.85 + net cash per share rm0.25 = actual value rm1.10
2) the current price only rm0.76, eps = 5.63sen. Pe = 13.9
3) is clearly undervalued, in February 2014 sent a dividend of 6 sen, Yield (dy) 7.8% (price-bit rm0.76 count)
4) From the high interest stocks PE ratio (pe) is high, it takes pe = 20 considered a target price = rm1.12
5) personally feel that the future growth of peer scientx lead risen a great chance.
6) large stock holding 73.3% of the votes, if coupled with a total of 30 major shareholder of 85.65%, the company Chunghwa 180,120 (1,000 shares of a),
Only 25,847 circulation, a large market opportunity for the company will be privatized.
7) The company has RM4626 million in cash, financial stability and strong, you can ride out any economic storm, so you can feel at ease to invest in bppalas.
8) to enhance the company's net profit, dividend believe will increase in the future, greatly enhance the risen power.
9) These are stimulated rising price muster agents, individuals organize and projections, and out of conceit. http://www.bpplas.com/new/

預測成長潛質高於油棕 南源塑膠投資柬樹膠園
2010年12月10日 02:51


　　（吉隆坡10日訊）在許多非種植公司積極進軍油棕種植的同時，南源塑膠有限公司（BPPLAS，5100，工業産品組）反而轉向投資樹膠種植。

　　該塑膠包裝公司主席兼董事經理林尊耀預測，鑒於樹膠的有限供應成長及需求強勁增加，樹膠的潛質將高於油棕。

　　他表示：“世界樹膠生産約為每年900萬公噸，而需要則達到1000萬公噸左右。”

　　“這個領域擁有龐大的潛質。中國每年生産大量汽車（2009年中國汽車市場為1350萬輛），需要大量輪胎，而且還有替代市場。除此之外仍有印度。”

　　南源塑膠曾考慮種植油棕，但卻難在馬來西亞和印尼以合理價格獲得農業地。

　　在印度支那，則擁有較廉價土地，但地質和氣候條件都更適合種植樹膠。

　　該峇株巴轄公司在9月向大馬交易所透露，它已在柬埔寨蒙多基裡申請約1萬公頃土地的‘經濟特許權’，作為農業用途。

　　這項特許權的成本，基本上是土地成本，為每公頃280美元，或總額280萬美元（880萬令吉）。

　　林尊耀稱，這幅土地更廉宜但具水準，而土地申請結果預料將在明年初揭曉。

　　雖然樹膠價格攀升，但供應依然短缺，因樹膠種植的孕育期較油棕來得長。

　　盡管兩者都擁有25年的循環期，但橡膠樹需要7年時間成熟及生産，比較油棕只須3年。

　　林尊耀表示，樹膠業的平均加工成本介於每公頃4000至6000美元，以此計算，南源塑膠在柬埔寨1萬公頃園丘的耗資成本將達4000萬至6000萬美元。

　　不過，實際投資成本將較低，因南源塑膠計劃持有上述樹膠種植投資的80%股權，而另一個現已涉及樹膠加工業務的馬來西亞夥伴，則將持有其余20%。

　　以7年每年1429公頃種植率計，上述投資的常年種植成本是572萬至857萬美元之間，而南源塑膠的80%股份則為458萬至686萬美元，這將占其現有常年經營流動現金的大部分。

　　透過1萬公頃土地，上述園丘的常年生産將在高峰期觸及每年1萬8500公噸，基於利用於輪胎製造之SMR20樹膠價格每公斤4.23美元，將帶來7830萬美元收益。

之前的scientex ,tguan 都大副度上升了.
bpplas 依然落后许多,虽然pe=14+,但公司的经营良好,買入收息真的不错.

而周息率则介于4.5至7.5%。为同行中最高的,公司为净现金：4626万6千令吉

每股现金值：25仙
我想信股价近期有望去到rm 1.00 的价位,前途光明.
Before scientex, tguan mate degrees are increased.
bpplas still lag behind many, though pe = 14 +, but the company's business is good, really good buying interest income.

The dividend rate of between 4.5 to 7.5 percent. The highest for the peer, the company net cash: 46,260,006 RM'000

Cash value per share: 25 cents
I do not believe the recent share price is expected to go to rm 1.00 price, a very bright future.

http://klsecompany.blogspot.com/2014/04/4bpplas.html?showComment=1397385003483
分享自扬帆起航兄.
0.80 strong buy in.

1.26 low price can buy in now.

http://chartpick.blogspot.com/2014/03/insas-3379supermx7106-3301306.html
王意大师在股项起涨前向门徒推荐Insas (3379)

drop can add again.

insas是资产雄厚而业绩又标青的股票，肯定是上上之选。

1）老板湯国基 thong kok khee 与thong kok yoon共持有54.38%在insas berhad(m&a investments internasi0nal limited为thong所属).是时候释放公司的价值了.
2)这兩張是位置在taman bukit indah,skudai,johor bahru的m&a证行,这证行持有许多insas的股票,也从职员口中获取,有很多客户在收集insas的票,
看来大家对公司信心满满,未来丰衣足食呀,哈哈.
1) boss Tang Guoji thong kok khee and thong kok yoon hold 54.38% in insas berhad (m & a investments internasi0nal limited to thong belongs). Was released when the value of the company.
2) This is the position in two taman bukit indah, skudai, johor bahru of m & a card line, which holds many insas issuing bank stocks, also taken from the mouth of the staff, there are a lot of customers in the collection insas ticket,
It seems that everyone on the company confidence that the future clothed Yeah, ha ha.
http://www.investalks.com/forum/viewthread.php?tid=5959&extra=page%3D1&page=28

inari 的估值为rm 3.09 ,现在己近反应价值,未来的上升还待净利是否可再成长.
但insas 才rm 1.31的价位,明显是低估了,我估计完全反应内部价值最少有rm 2.00 .因此还可继续上車,
未来会是丰衣足食的.安心吧.
insas 持有34%在inari berhad,看来会持续反应insas的价值.
Inari Amertron Bhd - Not Too Late, Still Has Legs TP = RM 3.09
Share price continued to gain bullishly accompanied by financial results which consistently exceed expectations thanks to effective management executions coupled with favorable semiconductor outlook. We continue to like this firm and believe that there is more room to grow.
RF business is poised to propel further due to:
1. Positive semiconductor outlook (~5-10% growth).
2. Smart communication devices remains as the main application growth driver for the overall industry.
3. Higher demand for Avago’s RF ICs.
4. Asset-light adoption by global players.
Although Amertron’s products are relatively more mature relative to RF ICs, OIDA believes that this segment’s steady growth will be supported on the back of strong demand creating a potential market size of ~USD1.2tr by 2017.
Acquisition of Amertron is synergistic and complementary, as proven by past two quarters’ results where Inari’s top and bottom line saw major improvements. Besides, this also allows Inari to have access to expertise in fibre optics which is crucial for its ISK’s development.
By leveraging on Agilent well-established T&M market and its role as electronics and electrical industry lead partner for ETP, CEEDTec is expected to grow rapidly with exposure to international market.
ISK’s contributions is expected to rise thanks to:
1. Insatiable demand for data as user usage behavior migrates from voice coupled with introduction of more online services.
2. Copper transition to fibre as the latter offers high bandwidth allowing huge data to be carried more efficiently.
Catalysts
Wireless communications / mobility / IoT (M2M) / LTE
Business diversifications into optoelectronics and T&M
Favorable FOREX
Continuous effective operational strategy.
Risks
Single major client risk (Avago) / high dependency
FOREX risks
Patent disputes
Resources / labour shortage.
Rating
BUY, TP: RM3.09
Positives - Synergy from acquisition, 40% dividend payout at reasonable yield, listing transfer to Bursa Main Board.
Negatives – innovation stalemate in telecommunication.
Valuation
We value the stock with a fair value of RM3.09 based on 15.1x CY15 P/E multiple, average P/E multiple of its Malaysian and US-based peers (see Figure #13).
Source: Hong Leong Investment Bank Research - 2 Apr 2014

Rm 1.25 进 insas 讓净利继续跑---
1)估计取全年eps=25 sen 算,现Rm 1.25在交易,pe=5倍 ,很明显是低估了.
2)一般上,公司的净利創新高,老板会选择此时进行企业活动.因此会先把股价推进至合理的价位.(估计全年2014年6月可赚Rm 1.73亿 ,eps=25sen ,取pe=8倍算,insas 合理价为Rm 2.00)
3)拿督汤国基领导的英沙，于2003年一度面对529万令吉亏损后，即便过去10年里一直取得盈利.
4)该公司董事部或探讨让Melium集团上市，价值或高达6亿令吉。进一步巩固英莎的后备金。
5)Melium是国内高档潮流服饰零售业者，在国内有约40家商店，每年销售额达1亿5000万令吉。持有Dome咖啡厅，和Etienne Aigner、Hugo Boss、Christian Lacroix、Cole Haan和Emilio Pucci高档服饰品牌的特许经营权；英莎持有Melium43%股权。
6)配合子公司上市计划，英莎料推出更固定的股息派发政策，同时为了发行凭单和股票分拆，将发行新股扩大股本。
7)INSAS 的前景將是光明的.
Rm 1.25 Net income continues to run into insas let ---
1 ) estimate the annual eps = 25 sen to take count , now Rm 1.25 in trading , pe = 5 times , obviously underestimated .
2 ) In general, the company's net new highs , the boss will choose this time to carry out business activities and therefore will first price advance to a reasonable price. ( June 2014 estimated annual earn Rm 1.73亿, eps = 25sen, take pe = 8 times the count , insas reasonable price Rm 2.00)
3 ) British leader Datuk Tang Guoji sand , in 2003 was 5.29 million ringgit face after a loss , even in the past 10 years has been profitable .
4) The Board of the company or explore let Melium Group listed , value, or up to 600 million ringgit. Further strengthen Lufthansa 's British gold reserve .
5) Melium is the high-end fashion apparel retailers in the country , about 40 stores, annual sales of $ 100 million 50 million ringgit. Dome holds a cafe, and Etienne Aigner, franchise Hugo Boss, Christian Lacroix, Cole Haan and Emilio Pucci upscale clothing brands ; British Lufthansa holds Melium43% stake.
6 ) with a subsidiary of the listing plan , the British Lufthansa expected to introduce more fixed dividend policy , and in order to issue warrants and stock split , will issue new shares enlarged share capital .
Outlook 7) INSAS will be bright.