KUALA LUMPUR (Feb 3): AirAsia Bhd is increasing its stake in Think BIG Digital Sdn Bhd (Think BIG) to 71.9%, from 46.1% currently, after acquiring a 25.8% stake from its affiliate Tune Money International Sdn Bhd (TMI) for RM101.5 million or RM49 per share.
In a filing with Bursa Malaysia, AirAsia said it has entered into a share sale agreement with TMI to acquire 2.07 million shares, representing 25.8% of the issued and paid-up share capital of Think BIG, which will be satisfied via the company’s internally-available funds.
The budget carrier said its increased stake in Think BIG would improve AirAsia’s topline and promises high returns on investment.
“Additionally, once AirAsia increases its stake in Think BIG to above 50%, Think BIG will no longer be classified as an associate and AirAsia will be able to consolidate Think BIG contributions to Company revenue, which would improve AirAsia’s top line,” the filing read.
“(Think BIG has a) high return on investment, as the company has a business plan to grow its loyalty business and membership base significantly,” it added.
AirAsia said a higher stake in Think BIG would also accord it with greater strategic control over the day-to-day operations of Think BIG, the owner and operator of AirAsia’s BIG loyalty programme.
AirAsia said greater control would also accelerate decision-making with regards to AirAsia priority items that would help support the Company’s business plan and commercial objectives.
“Acquiring the remaining 25.8% stake in Think BIG Digital will confer onto AirAsia additional benefits that can only be realised through greater controlling stake of Think BIG Digital.
“This would allow AirAsia to extract greater value from the AirAsia BIG loyalty programme, managed by Think BIG Digital,” it added.
The transaction is a related party transaction, as two of TMI’s shareholders and directors, Tan Sri Anthony Fernandes and Datuk Kamarudin Meranun, who is also AirAsia executive chairman, are shareholders and directors in AirAsia.
Both hold a 35% stake each in TMI and a 19% indirect stake each in AirAsia. AIMIA Holdings UK II Ltd holds a 17% stake in Think BIG.
AirAsia said upon acquisition, TMI’s stake will be reduced to 11.1%.
AirAsia also said the purchase price is based on the agreed valuation of Think BIG’s 100% equity at RM393.4 million, with the valuation taking into account the previous share acquisition and subscription in Think BIG by AIMIA in 2014, which valued the company at US$109 million (RM459.82 million).
The transaction is expected to contribute positively to the earnings and cashflow of AirAsia in the future, through its shareholding in Think BIG, AirAsia said.
However, it will not have an effect on the audited consolidated NA per share or the consolidated gearing of AirAsia for the financial year ending Dec 31, 2016, and AirAsia will not be assuming any of Think BIG's liabilities.
AirAsia closed 4 sen or 2.82% lower at RM1.38 today, for a market capitalisation of RM3.84 billion.
http://www.theedgemarkets.com/my/article/airasia-ups-stake-think-big
Thursday, February 4, 2016
Tuesday, February 2, 2016
2016 丙申猴年遇震卦 股市三难木业兴旺
2016年是个怎样的年？会不会与年度汉字“苦”字有关？马来西亚的老百姓会是苦尽甘来，还是叫苦连天？
进入2016年的丙申年，申是金地的开始，马来西亚远离火劫，2016年开始否极泰来？是否能真正的翻身？
本报请到大马易经学术研究会总会长白雅华（见龙居士），为你指点迷津。
苦尽甘来？叫苦连天？
马来西亚独立于1957年（鸡年），明年2017年（鸡年），马来西亚将度过一个甲子年（60年）。
“RAHMAN”王朝的神秘神话故事，是不是该落幕了呢？它的最后一个字母是N，N与end有同音同义似的。
从历史的角度来看，拉曼王朝是否到了（未）年呢？本报请到大马易经学术研究会总会长白雅华（见龙居士），点评大马猴年国运以及生肖创业运程。
根据历代历史的记载，当一个朝代到了未年，百物涨价，民不聊生，贪官处处是……会不会改朝换代，还需看2018年。
2016年是个什么样的年？会不会与年度汉字“苦”字有关？马来西亚的老百姓会是苦尽甘来，还是叫苦连天？
2016年岁次丙申年，皇级经世事的年卦为震卦！
何谓〈震〉卦，震卦的上卦是震，下卦也是震，这也可以说上震下震。
〈序卦传〉说：（主器者，莫若长子，故受之以震，震者动也。）震卦，是象征大地的坤卦，由最下方发生一阳，使大地震动，也有阴阳交合，发生雷电，又有纯阴的母亲的坤卦，与纯阳的父亲的乾卦，阴阳交媾得子的形象。
所以震卦，象征地震、雷震、震撼、震动、或长子。
运势表面似盛泰，但处于多事之秋，重雷发响，千里传声，有惊无险之象。
故此卦主大好大坏之卦象，要注意意外血光，有被惊吓的情形发生。
卜卦预测未来在中国已经有五十年的历史，总结来说，卜卦预测未来的价值，不只是用来打仗，替皇帝卜未来的国运那么简单。
如果你有认识卜卦预测，它还有更深入的一层意义，因为十卦是易经的一部分是先贤智慧的结晶，它能使我们对于古代文明有进一步的了解，古人最讲究〈天人相应〉，撇开其中迷信部分，先贤努力研究大自然的奥秘，寻求利用大自然的力量来避过种种灾难，也借此增加民众的幸福。
对领导人失信心
这也是说在2016年，整年的预测是〈震〉卦，到处都是震，地震必然会频密，人为的爆炸，（这也是震动），还有这个卦的上震下震的震卦，这也可以说国家政府之领导层也有震动之意！可以说到处都是震之意！小心为要，例如产业、股市、货币……都有震的可能性！
从2013年至2015年连续三年（巳午未，蛇马羊）的火焚，马来西亚在鸡年（酉/金）独立，用神是金，金忌火来克，火多必烧熔金，这也可以说过去三年大马的经济兵败如山倒，败得很惨！
连续三年火焚年
进入2016年的丙申年，申是金地的开始，马来西亚远离火劫，2016年开始否极泰来？是否能真正的翻身？还须看我们的领导者，但连续三年的火焚年，早已令马来西亚人对大马政府领导人失去信心。
（申）为驿马，（申）开（辰）小库，今年大马人以驿马为主，旅游、转工、搬屋、移民等，人人均应验一个〈动〉字。
旅游业成唯一主
旅游是目前大马的唯一主流，其他行业及文化活动，均进入前所未有的冷冻期。大马人心情恶劣，加上政府实施消费税，每个人的消费能力低，在低潮的今年稍见一些好转，立春八字中亦有暗禄之势，也是说今年贪污会比往年厉害，而且严重。
（申）开（辰）库，（申）又冲（寅），今年大马不利领导人，会有突发事故或病痛之劫。（申）冲正驿马，会有很多人坐轮椅或跌倒；尿酸、糖尿病今年会大幅增加，（丙）火影响心脏、头部、血液，均有异变，今年或须“通波仔”，小心心脏病！
猴年，金火相克年份，需用土通关，故在猴年物业市道会因银行不敢轻易批贷款，加上经济市道败退与供应过剩原因，再度下调百份之20至30之间。
尤其在秋季，到了冬至之后才会逐渐平稳。真正平稳期应该在2016年的夏季，还有在猴年手中有大量产业之人却沽出套现反而被困而入穷籍的会很多；想置业的人则在猴年冬季置业是最佳时机！
当心股市三难头
股市方面，今年依然有三个难头，小心辰月（农历三月）开水库所带来的动力，（申）（辰）开水库对属水的股票会有异动，（午）月（农历五月）必为股票的股灾暗涌，小心（戍）（农历九月）的狂泻，（亥）月（农历十月）与子月（农历十一月）急起直追。
今年紧记一事，明年（丁酉）年及股票年，今年年底于适当时间要入货了。
经济方面，今年失业率高，所以打工一族，要好好工作。
消费行业必然是猴年受害最大的，这和美元强势所致！今年（木）为贵，木代表整容会进一步流行。丙火代表太阳，人人身形光彩，大利服装业，人人整容，脱痣，整门牙已成新潮流，因隆胸使女人嫁得好老公，隆鼻使人增加智慧及读书运。
油价仍处于低水平，综合立春八字结构测油价，2016年会在30美元左右徘徊；金价起落不大，趋向平稳。有关美元对令吉，最近流行一句英语：“See You at Five！”
各‧行‧各‧业‧走‧势
猴年，木为贵，金火相克，以土通关，水则泄金生木。
火
主运动行业、矿业、石油、建筑业、电业、工厂生产、股票买卖等为火之行业。
主运动行业、矿业、石油、建筑业、电业、工厂生产、股票买卖等为火之行业。
今年火克金，克者为财，这些行业会旺，但是由于世界经济仍处于动荡不安困难期，出口业不理想，进口由于美元高涨，加上产业发展过剩、劳工问题，要旺却旺不起呀！
木
包括地产、产业买卖、种植农耕土地、石业、墓碑业、建村等、云石、花岗石、混凝土、土地交易、墓地交易、流年八字烈火生片土、易焦，因此流年土的行业受制，没大作为，会过剩而败市。
包括地产、产业买卖、种植农耕土地、石业、墓碑业、建村等、云石、花岗石、混凝土、土地交易、墓地交易、流年八字烈火生片土、易焦，因此流年土的行业受制，没大作为，会过剩而败市。
金
大小五金商、黄金、金饰品、银制品、律师、医生、药品、艺人、歌星、酒店、金融银行等，立春八字，金被火克，这些行业受到制肘、压迫而反复无常，也可以说，动乱则稳，安逸则衰，因此金行业成长在春，盛在夏，入火则败，冬则低潮期。
大小五金商、黄金、金饰品、银制品、律师、医生、药品、艺人、歌星、酒店、金融银行等，立春八字，金被火克，这些行业受到制肘、压迫而反复无常，也可以说，动乱则稳，安逸则衰，因此金行业成长在春，盛在夏，入火则败，冬则低潮期。
水
造纸、出版社、家具制造、贸易、网上购物、木材、发型屋、成衣业、鞋帽业、综合立春八字，八字中木为贵，这可以说木行业在猴年是最兴旺的，可说一枝独秀，不过仍得把握时机，更要配合天时、地利、人和。
造纸、出版社、家具制造、贸易、网上购物、木材、发型屋、成衣业、鞋帽业、综合立春八字，八字中木为贵，这可以说木行业在猴年是最兴旺的，可说一枝独秀，不过仍得把握时机，更要配合天时、地利、人和。
水
饮食、航运、邮轮、小贩、水果出入口商、雪商、设计、运输、物流。综合立春八字，八字中天干地支无水，这也是说水之行业在猴年极难生存，极不易为。
饮食、航运、邮轮、小贩、水果出入口商、雪商、设计、运输、物流。综合立春八字，八字中天干地支无水，这也是说水之行业在猴年极难生存，极不易为。
还是老话一句：以守为攻，再看明年。
最后：2015年与2016年是一个不好的年份，小心投资，时机不对提早脱身。
http://www.nanyang.com/node/746580?tid=696
透視成功集團企業動作
兩週前，成功集團（BJCORP，3395，主板貿服組）宣佈在越南贏得一紙為期18年的獨家彩票經營權，預料今年中推出第一項樂透積寶遊戲，之後再陸續推出數字遊戲。
更讓人驚訝的是，該集團打算在未來5年，於越南境內設立1萬個投注站，畢竟國內測字業龍頭、每年收取超過30億令吉投注額的成功多多（BJTOTO，1562，主板貿服組），目前也不過只有約680家投注站而已。
經反覆研究，《股海撈月》最終決定把2016年第一炮，射向沉寂多年的成功集團，看看這家作為大馬商界鉅子丹斯里陳志遠旗艦公司的大財團，能否順著勇闖越南彩票和數字市場的士氣，吹響股東們久候多時的反攻號角……
積極調整資產組合
成功集團是陳志遠一手打造的多元財團，業務覆蓋範圍非常廣泛，涵蓋了博彩、飲食、地產、零售、媒體、酒店、汽車、綠色科技和金融服務等等，掌控6家“成功系”上市公司和多家私人公司，總雇員人數達1萬8千人。
4年前，陳志遠毅然宣佈引退，把成功集團轉交其長子拿督陳永欽領軍，讓自己有更多時間參與慈善和私人事業；擅長企業活動的陳志遠退下火線後，該公司遂變得低調，再無大動作，加上業績無驚喜，於是漸被投資者忽略，股價也持續下滑。
經過一番沉澱，成功集團近兩年又悄悄活躍起來，除了積極調整旗下資產組合，套現兩項總值約22億令吉的地產及在多家上市公司的投資，還崛起成為立通國際（REDTONE，0032，創業板貿服組）的控制股東，並打算增持成功置地（BJLAND，4219，主板貿服組）股權至75%。
據觀察，成功集團的各種企業動作，頗有優化集團架構和強化核心投資的味道，這是好現象，因為龐大繁雜的企業架構往往難獲市場青睞，優化集團架構對投資信心或有正面助益。
資料顯示成功集團股價曾在2010年6月上探1令吉60仙高點，後來卻逐年下滑，一路敗退到去年8月的34仙才見底。
股票折價高達76%
不管怎樣，由於業績持續有盈利，同期每股淨資產值（NAV）卻持續升高，如今高企於1令吉60仙，意味以截至上週五的36.5仙最後掛價計算，成功集團目前只以其NAV的0.23倍交易，折價幅度高達76%。
此外，成功集團2007年至今每年都派至少1仙單層股息；以目前股價計算，其淨週息率最少有2.74%。
《彭博社》資料顯示，成功集團的偏低估值也引來一些海外基金的關注，如美國Dimensional基金顧問公司就持有該公司1億1千280萬股，全球首兩大資產管理公司――貝萊德（Blackrock）和美國先鋒集團（Vanguard），也分別持有3千零84萬股和1千128萬股。
進軍越賭業
擴大蛋糕
擴大蛋糕
越南是備受矚目的新興國家，經濟成長高達6至7%，因此自越南政府開放賭業的風聲傳出後，許多大財團都磨拳擦掌，準備在當地大展鴻圖；面對群雄割據，成功集團最終仍脫穎而出，將獨家彩票經營權收為己有。
文告資料顯示，成功集團是透過拍夥越南國有彩票公司Vietlott，贏得18年獨家彩票經營權，這意味該公司今次殺入當地賭業，背後有越南政府坐鎮，大大消除了政策風險，尤其在上週越共大會結果符合預期後。
綜合數據顯示，在經濟規模約達1.13兆令吉、非穆斯林人口約1千200萬人的大馬，首3大彩票與測字業者――成功多多、萬能和大馬彩，每年收取的投注額超過70億令吉。
以此為準，就能曉得為何成功集團勇闖越南彩票市場可能對其未來影響深遠，潛力不言而喻。
值得一提的是，成功集團5年前一度飆漲至1令吉60仙高位，關鍵原因正是“與賭有關”；當時，陳志遠打算把即將贏得賭球執照的愛勝閣（Ascot）的70%股權注入成功集團，讓後者深受追捧，不料大馬政府後來突然取消頒發賭牌，收購案也被迫腰斬，成功集團股價就此一蹶不振。
目前，越南經濟規模大約為1千860億美元（約8千億令吉），人口則約9千萬；長期來看，越南彩票與測字市場的潛在規模，比起大馬料有過之無不及，或許這多少彌補了該公司當年痛失賭球執照的遺憾。
至於能否成為成功集團未來的催化劑，就得看該公司如何開墾這塊新到手的寶地了。
購成功置地的背後
成功集團上月杪宣佈以4億1千911萬令吉，向陳志遠和Penta投資公司購買成功置地12%股權，這項購股計劃的付款方式引起《股海撈月》的興趣。
資料說明，成功集團是計劃以3億5千325萬股可轉換債券股（ICULS），外加7億零650萬單位免費憑單和現金6千586萬令吉，向賣家換取成功置地12%股權。
《股海撈月》仔細分析發現，上述安排可謂暗藏玄機，陳志遠和Penta投資讓出成功置地股權，與其說是套現，不如說是為強化在成功集團的權益。
這是因為，10年期ICULS和免費憑單轉換價雙雙設在1令吉，明顯高於成功集團的36.5仙市價，即使在馬股交易相信也不易脫手，若成功集團股價無法在未來10年裡衝破1令吉，大量持有ICULS和憑單的兩位賣家可就虧大了。
然而，若成功集團股價未來大幅高於1令吉，陳志遠和Penta投資如今自願以吃虧條件讓出成功置地股權，卻是極精明的做法，也是他倆看好成功集團前景的最實際表現。
《股海組合》元月小跌1.11%
全球股市在1月期間風聲鶴唳，主要股市全數淪陷，拖累《股海組合》在開年第一個月出師不利，小跌1.11%。
期間，遍視利（PENSONI，9997，主板消費品組）公佈了不俗的第二季業績，加上馬幣轉強有助紓緩成本壓力，業績續獲看好，股價因而在市場追捧下逆市走高14.16%，成為強撐組合表現的中流砥柱。
另外，其餘4家公司將陸續在本月公佈業績，相信業績好壞將直接左右組合在2月的整體表現。
聲明：股海撈月和股海組合提供的資料只供參考，志在助投資者認識一些不獲證券行重視的小型股，和追蹤相關股後續表現，不是買賣建議，任何投資決定還請先徵詢專業股票經紀的意見，盈虧自負。（星洲日報／投資致富‧股海撈月‧文：李三宇）
Monday, February 1, 2016
Top20 hedge funds
位于伦敦、专注于投资对冲基金的LCH投资公司公布的2015年20家“最成功基金“榜单显示，2015年全年，达里奥旗下规模820亿美元的“桥水纯阿尔法基金”剔除管理费后的净收益达33亿美元，索罗斯旗下规模290亿美元的“量子基金“净收益为9亿美元。
根据LCH的排名规则，截至去年底，按照基金成立以来的净收益计算，“桥水纯阿尔法基金”1975年成立至今的净收益达450亿美元，排名第一；“量子基金“1973年成立至今的净收益为428亿美元，排名由去年的第一名滑至第二名。
值得一提的是本次排名第8的Point72。亿万富翁Steve Cohen掌管的家庭基金Point72 Asset Management (之前名为SAC Capital)，去年为Cohen本人和他的员工带来17亿美元净收益。
其他对冲基金排名如下：
David Tepper旗下Appaloosa去年净收益10亿美元，1993年成立以来净收益228亿美元，最新排名由2014年的第五位升至第三位；Seth Klarman旗下Baupost Group去年净亏损8亿美元，1983年成立以来净收益226亿美元，最新排名与2014年一样，位于第四位；Andreas Halvorsen旗下Viking，去年净收益17美元，1999年成立以来净收益225亿美元，排名由2014年的第七升至第五位；Steve Mandel旗下Lone Pine，去年净收益12亿美元，1996年成立以来净收益224亿美元，排名第六，与2014年相同；John Paulson旗下Paulson & Co，去年净亏损21亿美元，1994年成立以来净收益214亿美元，排名由第三降至第七位；Steve Cohen旗下SAC/Point 72，去年净收益17亿美元，1992年成立以来净收益197亿美元，排名由第10升至第八位；Paul Singer旗下Elliott Associates，去年净收益5亿美元，1977年成立以来净收益185亿美元，排名第九，保持不变；Louis Moore Bacon旗下Moore Capital Management Partners，去年净收益6亿美元，1990年成立以来净收益181亿美元，排名由第11升至第10；Tom Steyer/Andrew Spokes旗下Farallon，去年净收益3亿美元，1987年成立以来净收益177亿美元，排名由第八降至第11；Alan Howard旗下Brevan Howard Fund，去年净亏损3亿美元，2003年成立以来净收益171亿美元，排名第12保持不变；Israel Englander旗下Millennium，去年净收益35亿美元，1989年成立以来净收益171亿美元，排名由第16升至第13；Daniel Och旗下Och Ziff Master Fund，去年净亏损1亿美元，1994年成立以来净收益152亿美元，排名由第13降至第14；Bruce Kovner/Andrew Law旗下Caxton Global，去年净收益2亿美元，1983年成立以来净收益146亿美元，排名由14升至第15；Brian Higgins, Francis Biondi旗下King Street Capital，去年净亏损5亿美元，1995年成立以来净收益136亿美元，排名由第15降至第16；Jonathon Jacobson旗下Highfields，去年净收益6亿美元，1998年成立以来净收益126亿美元，排名由第18升至第17；Lee Ainslie旗下Maverick，去年净收益11亿美元，1995年成立以来净收益120亿美元，首次进入榜单，排名第18；Peter Davies, Stuart Roden旗下Lansdowne Developed Markets，去年净收益21亿美元，2001年成立以来净收益118亿美元，首次进入榜单，排名第19；Paul Tudor Jones旗下Tudor BVI Global，去年净收益1亿美元，1986年成立以来净收益115亿美元，排名第20，与2014年一致。
总体来看，尽管去年是大量对冲基金受难的一年，这排名前20的对冲基金去年依然累计带来150亿美元净收益。
LCH董事长Rick Sopher称，总体上2015年对冲基金带来的收益并不算令人满意，因为很多对冲基金在亏钱。不过，顶级基金经理的表现则再次超过一般人。
2015年有多惨？
华尔街见闻此前提及，行业数据显示，2015年对冲基金业绩惨淡，平均亏损3.49%。全年有多家对冲基金关门，其中三季度关门的基金达257家，比二季度的200家增加了接近30%。2015年前三季度，总共有674家对冲基金清算，多于2014年同期的661家。
而据彭博报道，2015年，欧洲关闭的对冲基金数量多于新开基金数量，为15年来首次。欧洲关闭的294家基金中，75%的基金管理的资金规模不足1.5亿美元。基金管理成本上升、收费下降，是中小基金运营困难的主因。
在LCH最新榜单上，去年给投资者带来21亿美元净损失的John Paulson尤为显眼。Paulson旗下规模180亿美元的Paulson & Co的排名也从2014年的第三降至如今的第七。
此外，Seth Klarman掌管的Baupost Group尽管去年给投资者带来8亿美元损失，其排名依然保住了第四位不变。
华尔街“男神“之一、潘兴广场（Pershing Square）创始人阿克曼，2014年以第19名首次登上该榜单，并以当时48的年龄成为其中最年轻者，但是今年则从榜上消失。
潘兴广场去年巨亏20.5%，创其成立以来最差表现。而截至1月19日，潘兴广场今年又亏14.5%。
BJCorp,cash cow in making?
兩週前，成功集團（BJCORP，3395，主板貿服組）宣佈在越南贏得一紙為期18年的獨家彩票經營權，預料今年中推出第一項樂透積寶遊戲，之後再陸續推出數字遊戲。
更讓人驚訝的是，該集團打算在未來5年，於越南境內設立1萬個投注站，畢竟國內測字業龍頭、每年收取超過30億令吉投注額的成功多多（BJTOTO，1562，主板貿服組），目前也不過只有約680家投注站而已。
經反覆研究，《股海撈月》最終決定把2016年第一炮，射向沉寂多年的成功集團，看看這家作為大馬商界鉅子丹斯里陳志遠旗艦公司的大財團，能否順著勇闖越南彩票和數字市場的士氣，吹響股東們久候多時的反攻號角……
積極調整資產組合
成功集團是陳志遠一手打造的多元財團，業務覆蓋範圍非常廣泛，涵蓋了博彩、飲食、地產、零售、媒體、酒店、汽車、綠色科技和金融服務等等，掌控6家“成功系”上市公司和多家私人公司，總雇員人數達1萬8千人。
4年前，陳志遠毅然宣佈引退，把成功集團轉交其長子拿督陳永欽領軍，讓自己有更多時間參與慈善和私人事業；擅長企業活動的陳志遠退下火線後，該公司遂變得低調，再無大動作，加上業績無驚喜，於是漸被投資者忽略，股價也持續下滑。
經過一番沉澱，成功集團近兩年又悄悄活躍起來，除了積極調整旗下資產組合，套現兩項總值約22億令吉的地產及在多家上市公司的投資，還崛起成為立通國際（REDTONE，0032，創業板貿服組）的控制股東，並打算增持成功置地（BJLAND，4219，主板貿服組）股權至75%。
據觀察，成功集團的各種企業動作，頗有優化集團架構和強化核心投資的味道，這是好現象，因為龐大繁雜的企業架構往往難獲市場青睞，優化集團架構對投資信心或有正面助益。
資料顯示成功集團股價曾在2010年6月上探1令吉60仙高點，後來卻逐年下滑，一路敗退到去年8月的34仙才見底。
股票折價高達76%
不管怎樣，由於業績持續有盈利，同期每股淨資產值（NAV）卻持續升高，如今高企於1令吉60仙，意味以截至上週五的36.5仙最後掛價計算，成功集團目前只以其NAV的0.23倍交易，折價幅度高達76%。
此外，成功集團2007年至今每年都派至少1仙單層股息；以目前股價計算，其淨週息率最少有2.74%。
《彭博社》資料顯示，成功集團的偏低估值也引來一些海外基金的關注，如美國Dimensional基金顧問公司就持有該公司1億1千280萬股，全球首兩大資產管理公司――貝萊德（Blackrock）和美國先鋒集團（Vanguard），也分別持有3千零84萬股和1千128萬股。
進軍越賭業
擴大蛋糕
越南是備受矚目的新興國家，經濟成長高達6至7%，因此自越南政府開放賭業的風聲傳出後，許多大財團都磨拳擦掌，準備在當地大展鴻圖；面對群雄割據，成功集團最終仍脫穎而出，將獨家彩票經營權收為己有。
文告資料顯示，成功集團是透過拍夥越南國有彩票公司Vietlott，贏得18年獨家彩票經營權，這意味該公司今次殺入當地賭業，背後有越南政府坐鎮，大大消除了政策風險，尤其在上週越共大會結果符合預期後。
綜合數據顯示，在經濟規模約達1.13兆令吉、非穆斯林人口約1千200萬人的大馬，首3大彩票與測字業者――成功多多、萬能和大馬彩，每年收取的投注額超過70億令吉。
以此為準，就能曉得為何成功集團勇闖越南彩票市場可能對其未來影響深遠，潛力不言而喻。
值得一提的是，成功集團5年前一度飆漲至1令吉60仙高位，關鍵原因正是“與賭有關”；當時，陳志遠打算把即將贏得賭球執照的愛勝閣（Ascot）的70%股權注入成功集團，讓後者深受追捧，不料大馬政府後來突然取消頒發賭牌，收購案也被迫腰斬，成功集團股價就此一蹶不振。
目前，越南經濟規模大約為1千860億美元（約8千億令吉），人口則約9千萬；長期來看，越南彩票與測字市場的潛在規模，比起大馬料有過之無不及，或許這多少彌補了該公司當年痛失賭球執照的遺憾。
至於能否成為成功集團未來的催化劑，就得看該公司如何開墾這塊新到手的寶地了。
購成功置地的背後
成功集團上月杪宣佈以4億1千911萬令吉，向陳志遠和Penta投資公司購買成功置地12%股權，這項購股計劃的付款方式引起《股海撈月》的興趣。
資料說明，成功集團是計劃以3億5千325萬股可轉換債券股（ICULS），外加7億零650萬單位免費憑單和現金6千586萬令吉，向賣家換取成功置地12%股權。
《股海撈月》仔細分析發現，上述安排可謂暗藏玄機，陳志遠和Penta投資讓出成功置地股權，與其說是套現，不如說是為強化在成功集團的權益。
這是因為，10年期ICULS和免費憑單轉換價雙雙設在1令吉，明顯高於成功集團的36.5仙市價，即使在馬股交易相信也不易脫手，若成功集團股價無法在未來10年裡衝破1令吉，大量持有ICULS和憑單的兩位賣家可就虧大了。
然而，若成功集團股價未來大幅高於1令吉，陳志遠和Penta投資如今自願以吃虧條件讓出成功置地股權，卻是極精明的做法，也是他倆看好成功集團前景的最實際表現。
點看全文: http://biz.sinchew.com.my/node/130649#ixzz3yur98t3l
更讓人驚訝的是，該集團打算在未來5年，於越南境內設立1萬個投注站，畢竟國內測字業龍頭、每年收取超過30億令吉投注額的成功多多（BJTOTO，1562，主板貿服組），目前也不過只有約680家投注站而已。
經反覆研究，《股海撈月》最終決定把2016年第一炮，射向沉寂多年的成功集團，看看這家作為大馬商界鉅子丹斯里陳志遠旗艦公司的大財團，能否順著勇闖越南彩票和數字市場的士氣，吹響股東們久候多時的反攻號角……
積極調整資產組合
成功集團是陳志遠一手打造的多元財團，業務覆蓋範圍非常廣泛，涵蓋了博彩、飲食、地產、零售、媒體、酒店、汽車、綠色科技和金融服務等等，掌控6家“成功系”上市公司和多家私人公司，總雇員人數達1萬8千人。
4年前，陳志遠毅然宣佈引退，把成功集團轉交其長子拿督陳永欽領軍，讓自己有更多時間參與慈善和私人事業；擅長企業活動的陳志遠退下火線後，該公司遂變得低調，再無大動作，加上業績無驚喜，於是漸被投資者忽略，股價也持續下滑。
經過一番沉澱，成功集團近兩年又悄悄活躍起來，除了積極調整旗下資產組合，套現兩項總值約22億令吉的地產及在多家上市公司的投資，還崛起成為立通國際（REDTONE，0032，創業板貿服組）的控制股東，並打算增持成功置地（BJLAND，4219，主板貿服組）股權至75%。
據觀察，成功集團的各種企業動作，頗有優化集團架構和強化核心投資的味道，這是好現象，因為龐大繁雜的企業架構往往難獲市場青睞，優化集團架構對投資信心或有正面助益。
資料顯示成功集團股價曾在2010年6月上探1令吉60仙高點，後來卻逐年下滑，一路敗退到去年8月的34仙才見底。
股票折價高達76%
不管怎樣，由於業績持續有盈利，同期每股淨資產值（NAV）卻持續升高，如今高企於1令吉60仙，意味以截至上週五的36.5仙最後掛價計算，成功集團目前只以其NAV的0.23倍交易，折價幅度高達76%。
此外，成功集團2007年至今每年都派至少1仙單層股息；以目前股價計算，其淨週息率最少有2.74%。
《彭博社》資料顯示，成功集團的偏低估值也引來一些海外基金的關注，如美國Dimensional基金顧問公司就持有該公司1億1千280萬股，全球首兩大資產管理公司――貝萊德（Blackrock）和美國先鋒集團（Vanguard），也分別持有3千零84萬股和1千128萬股。
進軍越賭業
擴大蛋糕
越南是備受矚目的新興國家，經濟成長高達6至7%，因此自越南政府開放賭業的風聲傳出後，許多大財團都磨拳擦掌，準備在當地大展鴻圖；面對群雄割據，成功集團最終仍脫穎而出，將獨家彩票經營權收為己有。
文告資料顯示，成功集團是透過拍夥越南國有彩票公司Vietlott，贏得18年獨家彩票經營權，這意味該公司今次殺入當地賭業，背後有越南政府坐鎮，大大消除了政策風險，尤其在上週越共大會結果符合預期後。
綜合數據顯示，在經濟規模約達1.13兆令吉、非穆斯林人口約1千200萬人的大馬，首3大彩票與測字業者――成功多多、萬能和大馬彩，每年收取的投注額超過70億令吉。
以此為準，就能曉得為何成功集團勇闖越南彩票市場可能對其未來影響深遠，潛力不言而喻。
值得一提的是，成功集團5年前一度飆漲至1令吉60仙高位，關鍵原因正是“與賭有關”；當時，陳志遠打算把即將贏得賭球執照的愛勝閣（Ascot）的70%股權注入成功集團，讓後者深受追捧，不料大馬政府後來突然取消頒發賭牌，收購案也被迫腰斬，成功集團股價就此一蹶不振。
目前，越南經濟規模大約為1千860億美元（約8千億令吉），人口則約9千萬；長期來看，越南彩票與測字市場的潛在規模，比起大馬料有過之無不及，或許這多少彌補了該公司當年痛失賭球執照的遺憾。
至於能否成為成功集團未來的催化劑，就得看該公司如何開墾這塊新到手的寶地了。
購成功置地的背後
成功集團上月杪宣佈以4億1千911萬令吉，向陳志遠和Penta投資公司購買成功置地12%股權，這項購股計劃的付款方式引起《股海撈月》的興趣。
資料說明，成功集團是計劃以3億5千325萬股可轉換債券股（ICULS），外加7億零650萬單位免費憑單和現金6千586萬令吉，向賣家換取成功置地12%股權。
《股海撈月》仔細分析發現，上述安排可謂暗藏玄機，陳志遠和Penta投資讓出成功置地股權，與其說是套現，不如說是為強化在成功集團的權益。
這是因為，10年期ICULS和免費憑單轉換價雙雙設在1令吉，明顯高於成功集團的36.5仙市價，即使在馬股交易相信也不易脫手，若成功集團股價無法在未來10年裡衝破1令吉，大量持有ICULS和憑單的兩位賣家可就虧大了。
然而，若成功集團股價未來大幅高於1令吉，陳志遠和Penta投資如今自願以吃虧條件讓出成功置地股權，卻是極精明的做法，也是他倆看好成功集團前景的最實際表現。
點看全文: http://biz.sinchew.com.my/node/130649#ixzz3yur98t3l
Tradeview - 2016 Value Pick No. 5 (Perusahaan Sadur Timah Malaysia (PERSTIMA) Berhad)
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Food for thought: Sacrifice is risking everything without guarantee.
I have shared 4 picks so far namely : 1.Magni 2.UPA 3.Apollo 4. FFHB
Once again, these writings are just my humble highlights (not recommendation), feel free to have some intellectual discourse on this. To join my telegram channel : https://telegram.me/tradeview101
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Value Pick No. 4: Perstima (Intial TP RM7.65)
With volatility in the market, I would suggest a more defensive pick and Perstima fits the bill. At current price, it is only trading at 10-11x trailing P/E while offering yields in excess of 6%. Given the above average dividend return, I think share price will be well supported. Further, Perstima has a strong balance sheet with a net cash position (RM0.96/share vs. current price of RM5.54). Considering this, the stock is priced at a mere 8-9x trailing P/E (ex-net cash).
What really excites me it is business prospects. Perstima has a monopolistic position in Malaysia with around 50-60% market share, granting it pricing power and the ability to maintain profit margins. For growth, it has exposure in Vietnam where the economy is still growing robustly. Further, Vietnamese Dong has strengthened against Ringgit over the past one year and this bodes well for Perstima. Another plus point is that its tinplates are used for the packaging of food, beverage and sanity cans, which are generally resilient in nature (non-discretionary consumer products).
Delving deeper into the financials, for the past 3 consecutive quarters, I observed that revenue and profit accelerated despite low tin prices. This was thanks to volume increase and forex tailwind. In turn, margins were lifted as well. I believe Perstima will continue to perform well in the upcoming quarters. To further back up my investment thesis, Perstima has raised its interim dividend to 18sen from 15sen recently, implying optimistic business prospects.
At RM9.00 (60% upside), Perstima would reflect 16-17x trailing P/E and 14-15x on an ex-net cash P/E basis. On the other hand, dividend yield is still attractive at 4% at RM9.00 (assuming 38sen DPS - already paid out 18sen and typically the 2nd interim dividend is 20sen). I don’t think this back-of-the-envelope valuation is steep since this is a growth stock. Further, as EPS grow, the P/E would narrow while dividend payout would increase and hence, provide higher yields. FYI, Perstima’s payout ratio is between 60-70% (so much more room to dish out dividends) and yet the yield is superior compared to many listed companies on Bursa. However, as Perstima traditionally have been undervalued despite its monopolistic position, conservative individulas can provide a 15% discount for a conservative TP of RM 7.65.
What really excites me it is business prospects. Perstima has a monopolistic position in Malaysia with around 50-60% market share, granting it pricing power and the ability to maintain profit margins. For growth, it has exposure in Vietnam where the economy is still growing robustly. Further, Vietnamese Dong has strengthened against Ringgit over the past one year and this bodes well for Perstima. Another plus point is that its tinplates are used for the packaging of food, beverage and sanity cans, which are generally resilient in nature (non-discretionary consumer products).
Delving deeper into the financials, for the past 3 consecutive quarters, I observed that revenue and profit accelerated despite low tin prices. This was thanks to volume increase and forex tailwind. In turn, margins were lifted as well. I believe Perstima will continue to perform well in the upcoming quarters. To further back up my investment thesis, Perstima has raised its interim dividend to 18sen from 15sen recently, implying optimistic business prospects.
At RM9.00 (60% upside), Perstima would reflect 16-17x trailing P/E and 14-15x on an ex-net cash P/E basis. On the other hand, dividend yield is still attractive at 4% at RM9.00 (assuming 38sen DPS - already paid out 18sen and typically the 2nd interim dividend is 20sen). I don’t think this back-of-the-envelope valuation is steep since this is a growth stock. Further, as EPS grow, the P/E would narrow while dividend payout would increase and hence, provide higher yields. FYI, Perstima’s payout ratio is between 60-70% (so much more room to dish out dividends) and yet the yield is superior compared to many listed companies on Bursa. However, as Perstima traditionally have been undervalued despite its monopolistic position, conservative individulas can provide a 15% discount for a conservative TP of RM 7.65.
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Disclaimer: This is not a recommendation to trade. It is merely the expression of the author's personal opinion and shall not be held responsbile for potential gains or losses executed by readers.
Legendary Investor Eric Sprott Shares the Greatest Financial Lesson He’s Ever Learned
In the wake of Japan announcing negative interest rates and chaos in the silver market with Thursday’s LBMA silver price fix smashed .84 below spot prices by the 6 fixing bullion banks, we welcomed The Admiral of the Silver Market, Eric Sprott himself to help us break down all the action. In Sprott’s words, the sheer brazenness of the silver fix smash “Reeks of Desperation“.
The discussion offers a unique look into the mind of the Billionaire Asset Manager, as Sprott shares insight into the thought process on how he evaluates whether a market is experiencing a bottom, and the legendary investor also shares the greatest financial lesson he’s ever learned…
Well, to heck with the first five trading days. January’s stock market action has been downright ugly! If it wasn’t for the Bank of Japan’s announcement of negative interest rates on Thursday and the Pavlovian ringing of the global liquidity bell, we wouldn’t have seen the S&P 500 gain 2.43 percent on Friday’s close. That gain repaired some of the mauling sustained by the benchmark. Nevertheless, carnage this January was exceeded only by the downside action of January, 2009.
I’ve warned many times this month on Weekly Metals & Markets as well as on Dr. Dave Janda’s show that we’re most likely going to see an ongoing bear market decline that takes time to unfold, not unlike the 2000 through 2002 and 2007 (in select assets) through the March, 2009 nadir. Spike-down crashes are possible. But an ongoing bear market, with plenty of “normal” bear market rallies is more common than spike down events like Oct., 1987. In fact, don’t be surprised if we see the S&P 500 rise, on balance, during the month of February. It’s ripe for a bounce, and with the Bank of Japan upping stimulus, the spice will flow; more global liquidity is coming, and “Super Mario” already “surprised” the markets with a doubling down on his “whatever it takes” mantra.
Frankly, while I can’t prove this, I think it’s a reasonable speculation to assume that the Bank of Japan is playing its role, taking its turn drinking from the “currency war canteen,” as Jim Rickards likes to joke. It’s reasonable to assume the BOJ’s action last night is fully coordinated with the ECB, the Fed and the Bank of England. You can probably toss into the mix the Swiss National Bank and the Bank for International Settlements as well.
The strong US dollar has been contributing to global deflationary forces upsetting financial markets. The transmission mechanism takes many forms, including the impact to oil (and in turn, degrading balance sheets of energy companies), and to the dollar denominated debt burden faced by developing countries that piled on debt after the Fed led the world down the path towards our zero interest rate paradigm. This debt doubles as collateral on the balance sheets of energy companies, and the treasuries/central banks of developing countries. In a roundabout way, the rising dollar is sending earthquakes through the global shadow banking system and financial markets.
The dollar took a breather during early January. But as you’d expect, the dollar leaped higher today in relation to the Japanese Yen. Interestingly enough, the Euro also rose against the US Dollar – and has been rising over the last few trading days. There’s every reason to expect the dollar to keep rising in the short-term, and this is going to probably put pressure on precious metals, quoted in US dollar terms. But everywhere one looks, incoming economic data paints a picture of the US having already entered a recession. Even official government stats paint this picture. At some point, the “currency war canteen” is going to be passed to the US and the Fed is going to take a swig. The reality of this transition will start to be priced into markets before Janet Yellen reaches for the liquidity canteen, and I expect this shift to start helping precious metals with a dollar tailwind starting within a couple of months.
But well before the dollar tailwind starts to help, we’ve got plenty of forces countering the dollar’s impact. The laws of economics haven’t been repealed, and the supply/demand trends for physical metal Mr. Sprott discusses will pull the sector higher. But don’t be surprised if we have another few months of cartel management and a generally stronger dollar before precious metals start to make a sustained move higher.
The discussion offers a unique look into the mind of the Billionaire Asset Manager, as Sprott shares insight into the thought process on how he evaluates whether a market is experiencing a bottom, and the legendary investor also shares the greatest financial lesson he’s ever learned…
- Sprott Breaks Down London Fix Silver Manipulation: It Reeks of Desperation! The sheer brazenness to think you can just put out whatever price you want…
- How Does Sprott Evaluate if a Market Bottoming Process is Underway?
- With the Value of the CAD Plunging, Have Canadians Started Turning to Gold & Silver For Wealth Preservation?
- Sprott Warns on Systemic Collapse: We Were Right There in ’08, Here We Are 8 Years Later, & the Situation is Worse!
- Sprott Reveals Gold and Silver Demand is WAY Off the Charts- Shortages Are Popping Up Again!
- COMEX Down to 2 Tonnes of Gold- Will Eric Soon Be Able to Take the Last Physical Gold Bar out of the COMEX?
Well, to heck with the first five trading days. January’s stock market action has been downright ugly! If it wasn’t for the Bank of Japan’s announcement of negative interest rates on Thursday and the Pavlovian ringing of the global liquidity bell, we wouldn’t have seen the S&P 500 gain 2.43 percent on Friday’s close. That gain repaired some of the mauling sustained by the benchmark. Nevertheless, carnage this January was exceeded only by the downside action of January, 2009.
I’ve warned many times this month on Weekly Metals & Markets as well as on Dr. Dave Janda’s show that we’re most likely going to see an ongoing bear market decline that takes time to unfold, not unlike the 2000 through 2002 and 2007 (in select assets) through the March, 2009 nadir. Spike-down crashes are possible. But an ongoing bear market, with plenty of “normal” bear market rallies is more common than spike down events like Oct., 1987. In fact, don’t be surprised if we see the S&P 500 rise, on balance, during the month of February. It’s ripe for a bounce, and with the Bank of Japan upping stimulus, the spice will flow; more global liquidity is coming, and “Super Mario” already “surprised” the markets with a doubling down on his “whatever it takes” mantra.
Frankly, while I can’t prove this, I think it’s a reasonable speculation to assume that the Bank of Japan is playing its role, taking its turn drinking from the “currency war canteen,” as Jim Rickards likes to joke. It’s reasonable to assume the BOJ’s action last night is fully coordinated with the ECB, the Fed and the Bank of England. You can probably toss into the mix the Swiss National Bank and the Bank for International Settlements as well.
The strong US dollar has been contributing to global deflationary forces upsetting financial markets. The transmission mechanism takes many forms, including the impact to oil (and in turn, degrading balance sheets of energy companies), and to the dollar denominated debt burden faced by developing countries that piled on debt after the Fed led the world down the path towards our zero interest rate paradigm. This debt doubles as collateral on the balance sheets of energy companies, and the treasuries/central banks of developing countries. In a roundabout way, the rising dollar is sending earthquakes through the global shadow banking system and financial markets.
The dollar took a breather during early January. But as you’d expect, the dollar leaped higher today in relation to the Japanese Yen. Interestingly enough, the Euro also rose against the US Dollar – and has been rising over the last few trading days. There’s every reason to expect the dollar to keep rising in the short-term, and this is going to probably put pressure on precious metals, quoted in US dollar terms. But everywhere one looks, incoming economic data paints a picture of the US having already entered a recession. Even official government stats paint this picture. At some point, the “currency war canteen” is going to be passed to the US and the Fed is going to take a swig. The reality of this transition will start to be priced into markets before Janet Yellen reaches for the liquidity canteen, and I expect this shift to start helping precious metals with a dollar tailwind starting within a couple of months.
But well before the dollar tailwind starts to help, we’ve got plenty of forces countering the dollar’s impact. The laws of economics haven’t been repealed, and the supply/demand trends for physical metal Mr. Sprott discusses will pull the sector higher. But don’t be surprised if we have another few months of cartel management and a generally stronger dollar before precious metals start to make a sustained move higher.
AirAsia to introduce Airbus A320neo this year
AirAsia Bhd will introduce four Airbus A320neo aircraft to its fleet in the second half of this year and 200 more by 2028.
The new A320neo aircraft are powered by CFM International’s new LEAP-X engines and will fly all routes operated by the budget airline.
Group Chief Pilot Technical and Efficiency Rajesh Gill said the A320neo aircraft will deliver fuel savings of up to 20 per cent and have the ability to carry two tonnes more in terms of payload for a given range.
“AirAsia placed orders for four A320neo aircraft earlier and the first delivery is slated for either June or July of this year,” he said, adding, the engines are still being certified at the moment by the manufacturer.
“The move to bring in the A320neo aircraft is in line with the company’s commitment towards climate change and taking proactive steps to reduce the carbon footprint,” he told reporters after the #GREEN24 community event here today.
Rajesh said AirAsia will be the first airline globally to use the Airbus A320 Sharklet equipped aircraft, which reduces carbon emissions caused by wing tip drag.
AirAsia Bhd Chief Executive Officer Aireen Omar said the A320neo is expected to replace some of the existing aircraft which are too old and consume more fuel.
“The new aircraft, to be delivered in stages until 2028, is more fuel-efficient and produces less carbon for the environment,” she added.
Meanwhile, the two-day #GREEN24 community event which began yesterday across the AirAsia Group and all its global offices, is aimed at saving energy, reduce wastage and encourage recycling.
Aireen said all across Malaysia, AirAsia offices are conducting activities such as beach, park and hill clean-ups, as well as recycling drives to further promote good environmental habits among staff and the public. – Bernama
The new A320neo aircraft are powered by CFM International’s new LEAP-X engines and will fly all routes operated by the budget airline.
Group Chief Pilot Technical and Efficiency Rajesh Gill said the A320neo aircraft will deliver fuel savings of up to 20 per cent and have the ability to carry two tonnes more in terms of payload for a given range.
“AirAsia placed orders for four A320neo aircraft earlier and the first delivery is slated for either June or July of this year,” he said, adding, the engines are still being certified at the moment by the manufacturer.
“The move to bring in the A320neo aircraft is in line with the company’s commitment towards climate change and taking proactive steps to reduce the carbon footprint,” he told reporters after the #GREEN24 community event here today.
Rajesh said AirAsia will be the first airline globally to use the Airbus A320 Sharklet equipped aircraft, which reduces carbon emissions caused by wing tip drag.
AirAsia Bhd Chief Executive Officer Aireen Omar said the A320neo is expected to replace some of the existing aircraft which are too old and consume more fuel.
“The new aircraft, to be delivered in stages until 2028, is more fuel-efficient and produces less carbon for the environment,” she added.
Meanwhile, the two-day #GREEN24 community event which began yesterday across the AirAsia Group and all its global offices, is aimed at saving energy, reduce wastage and encourage recycling.
Aireen said all across Malaysia, AirAsia offices are conducting activities such as beach, park and hill clean-ups, as well as recycling drives to further promote good environmental habits among staff and the public. – Bernama
Thai AirAsia increases flights
HAT YAI, 29 January 2016: Thai AirAsia will add a flight on its Hat Yai-Chiang Mai route to give passengers the option of two flights daily starting 1 April.
The additional flight aims to serve growing travel demand between north and south destinations in Thailand.
It is a response to customer demand that called for more direct flights between northern and southern destinations to avoid the inconvenience travelling via Bangkok.
Direct flight cut travelling and airport transfer time in Bangkok and significantly reduce the overall cost of air travel.
It also supports the government’s policy to encourage domestic travel across the country, between provinces, rather than focusing on just Bangkok residents’ travel needs.
*Starts 1 April
The airline offers a lowest one-way fare, inclusive of airport tax and fee, from Hat Yai to Chiang Mai at THB3,571. In comparison, Nok Air sells an inclusive one-way fare on the route at THB2,743.
http://www.ttrweekly.com/site/2016/01/thai-airasia-increases-flights/
The additional flight aims to serve growing travel demand between north and south destinations in Thailand.
It is a response to customer demand that called for more direct flights between northern and southern destinations to avoid the inconvenience travelling via Bangkok.
Direct flight cut travelling and airport transfer time in Bangkok and significantly reduce the overall cost of air travel.
It also supports the government’s policy to encourage domestic travel across the country, between provinces, rather than focusing on just Bangkok residents’ travel needs.
Flight schedule Hat Yai (HDY) – Chiang Mai (CNX) 
*Starts 1 AprilThe airline offers a lowest one-way fare, inclusive of airport tax and fee, from Hat Yai to Chiang Mai at THB3,571. In comparison, Nok Air sells an inclusive one-way fare on the route at THB2,743.
http://www.ttrweekly.com/site/2016/01/thai-airasia-increases-flights/
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