無止盡的漲風

無止盡的漲風，當然不是肚子漲風……

後話説十大候選年度漢字或最高提名的就是“漲”。

骯髒大選過面對的就是一連串的漲漲漲。
汽油漲，運輸費連帶的漲；
糖价漲，連鎖反應下飲食業也跟著漲價，沒糖的白開水也要漲；
再然後吉隆坡門牌稅又鐵定要漲。
雖然股市也小漲一番，但窮人資本有多少，吃得下多少呢？
現在的生活現在真的是壓力無窮……TNND吃不消啊。真的需要換份更高薪的小差才能看到生活下去的曙光啊，有沒有老闆要請我啊？T.T

昨天看到門牌稅漲價通知書，今天就看到了OCBC Titanium Card的新announcement。

從29/11/2013起，這張回扣卡不再徵收年費，但同時不再讓用戶享有5%的回扣，所有一律1% (1% rebate on total retail spending，詳情請參考這裡)。有網友說汽油消費依然享有5%折扣，但不知消息可靠性，可以自行致電OCBC詢問。
對我來説，這張曾經讓我享有小小回扣的信用卡基本上已經失去了它的存在意義了，可以剪卡尋求替代放案了。

HLB Wise？

No.	Categories	Merchants / Merchant Category Code (MCC)
1	Mobile	Maxis, Celcom, Digi, U Mobile and YES
2	Pharmacies	Guardian, Watsons, Caring and Eu Yan Sang outlets
3	Groceries	All grocery stores (MCC 5411)
4	Petrol	Automated fuel dispensers at all petrol stations (MCC 5542)
5	Dining	All dining outlets (MCC 5811, 5812, 5814)
6	Departmental	Parkson, AEON, Isetan, Metrojaya, Robinsons, Tangs, GAMA and Sogo outlets
7	Book Stores	MPH, Popular, Borders, Kinokuniya, Times, Smart and BookXcess stores
8	Utilities	Electricity and Water (MCC 4900)
9	Entertainment	All cinemas (MCC 7832), Ticket Charge, Ticketpro, Red Box and Neway
10	Travel	All airlines (MCC 3000-3299, 4511), hotels (MCC 3501-3999, 7011), tour packages (MCC 4722, 4723)

2 - 10 任選2項，加上第一項的mobile都能享有 10% 的回扣。麻煩在於，每個月要有10個以上RM50單項花費才能得到這10%回扣，電話費分5-6次還應該可以hit到吧？ =.=|||
另外就是第二年開始，年費和GST（RM160+RM50）沒有得跑，但如果rebate多的話可以cover到就不打緊。

UOB One？

Rebate Category	Cash Rebates	Total Purchase Entitled for Cash Rebates	Merchants
Petrol	5.0%	Up to RM500 per month	All petrol stations
Cinema	5.0%	Unlimited	Golden Screen Cinemas
Groceries	2.0%	Up to RM1, 500 per month	Tesco, Aeon Big, Carrefour, Giant, Cold Storage & Pasar Raya Jaya Grocer
Pharmaceutical	2.0%	Unlimited	Guardian, Watsons & Caring Pharmacy
Telecommunication	2.0%	Up to RM300 per month	Maxis, Celcom & Digi
Other purchases	0.3%	Unlimited	All other merchants not listed above ^

^ Refer to the Terms and Conditions

相對比較少的回扣，省在不需要所謂的xx次RMxx以上的花費（其實我滿討厭這些隱藏條件）。暫時還沒看年費和GST能不能waive之類的。

看來短期内需要二擇其一，這幾天需要多花時間研究自己的花費模式以及付款模式了，盡量maximize這種小利益，積少成多啊……

股市過山車序幕？

花了那得長時間推上去的綜指在短短一個星期就下挫到1,700點以下了，從最高點來看，下跌超過百點了。這段時間的心理歷程大概如下：

820，第一波衝擊我還真的沒什麽感覺，反正一直以來都期望大減價的到來，就拭目以待咯。

821，不跌了？怎麽搞，不會又是狼來了吧？生日禮物給我大份一點啊。

822，第二波衝擊，又跌了又跌了！但怎麽看起來還是那麽貴？

827，還以爲沒戲唱了，結果還是有的，這一天一度跌破1,700點，心裏有點既期待又害怕受傷害的感覺，哈哈哈……

828，直到今天，很多股貌似些跌了不少但是還是處在高位（個人覺得啦），沒達到個人設定的買進目標价。心血來潮看一看持有股的情況。我靠！紙上盈利下了好多啊，心痛到…… Orz 甚至一度懷疑自己選擇的投資方法有沒有問題，是不是拿現錢比較踏實，還開始考慮清倉了。不斷問自己接下來應該怎樣做呢？想起自己選擇的投資方式就是偏重基本面+股息，就要一咬牙，狠狠地把心理穩了一穩，雖然有很多心痛和一點擔心。

前陣子爲了增加未來的股息收入，已買進了CSCENIC、YILAI，同時ARREIT也加碼了（平均价自然拉高了 T.T）。在這一波小衝擊下，持有股的紙上盈利總計真的縮減了不少，不知道會不會在短期内轉變成紙上虧損呢？衝擊最大的就是派息率降低了的老虎銀行， 唉唉~ 爲什麽要讓我失望？真是對它又愛又恨。Orz

無論如何，在9月到11月之間都會陸續收到所有的股息，希望這筆小進帳能安慰我弱小的心靈，舒緩下我綳緊的神經（到時還在緊綳的話），哈哈哈……

雖然身邊有人開始撤退，報本為上（有小賺），甚至友人也勸我先撤離，但我還是選擇了暫時不撤。雖然還不知道未來路會怎樣，但目前我做出的選擇是——基本面不變的情況下繼續持有吧。

Financial Result of CSCENIC (as at 30/06/2013)

Quarterly rpt on consolidated results for the financial period ended 30/6/2013

CLASSIC SCENIC BERHAD

Financial Year End	31/12/2013
Quarter	2
Quarterly report for the financial period ended	30/06/2013
The figures	have not been audited

Attachments 2Q 2013.xls 186 KB

• Default Currency
• Other Currency

Currency: Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION 30/06/2013

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/06/2013	30/06/2012	30/06/2013	30/06/2012
		$$'000	$$'000	$$'000	$$'000
1	Revenue	14,019	17,316	27,670	30,677
2	Profit/(loss) before tax	3,197	4,999	6,467	8,542
3	Profit/(loss) for the period	2,448	3,813	4,917	6,501
4	Profit/(loss) attributable to ordinary equity holders of the parent	2,448	3,813	4,917	6,501
5	Basic earnings/(loss) per share (Subunit)	2.03	3.18	4.08	5.42
6	Proposed/Declared dividend per share (Subunit)	4.00	4.50	4.00	4.50
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.7900		0.8100

受全球經濟低迷影響，CSCENIC這類生産非必需品的公司業績有所下滑可以説是預料之中，但情況比預計差了一點。單季營業額相比去年下降了大約19%，而盈利則下降了大約36%。報告的解釋是成本方面受到原料價格高漲和最低薪金制的衝擊造成盈利下滑幅度較高，這也還算合理。

CSCENIC預計在接下來的兩個季度歐美（主要市場）經濟有復蘇的情況，相信在沒有意外的情況下，預計年内還是會得到滿意的成績。

同時CSCENIC宣佈了個RM0.04的中期單層股息，比去年稍微低了個RM0.005。

如果接下來兩季的成績不太差，甚至比較好，相信接下來第二期的股息還是挺可觀的（在CSCENIC派出比自己設下50%派息率更高的情況下）。

就基本面來所，CSCENIC依然是不錯的，零債務高現金，業績也還算可以，就成長方面沒有超水準的表現，但也可以説是穩打穩紮的。再者，它一向來派高股息的作風還真的挺吸引我的。打算長期收股息的投資者不妨把它列入觀察名單。當然，買賣自負啊，呵呵……

Financial Result of ARREIT (as at 30/03/2013)

Quarterly rpt on consolidated results for the financial period ended 31/3/2013

AMANAHRAYA REAL ESTATE INVESTMENT TRUST

Financial Year End	31/12/2013
Quarter	1
Quarterly report for the financial period ended	31/03/2013
The figures	have not been audited

Attachments Financial Report 31032013.pdf 89 KB

• Default Currency
• Other Currency

Currency: Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION 31/03/2013

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/03/2013	31/03/2012	31/03/2013	31/03/2012
		$$'000	$$'000	$$'000	$$'000
1	Revenue	16,747	16,622	16,747	16,622
2	Profit/(loss) before tax	11,368	9,688	11,368	9,688
3	Profit/(loss) for the period	11,368	9,688	11,368	9,688
4	Profit/(loss) attributable to ordinary equity holders of the parent	0	0	0	0
5	Basic earnings/(loss) per share (Subunit)	1.98	1.69	1.98	1.69
6	Proposed/Declared dividend per share (Subunit)	1.88	1.81	1.88	1.81
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.0553		1.0774

最近心情有點煩躁，鬧心的事也不少，要處理的事也多，有一段時間沒跟進了，唉……

ARREIT的成績算不錯，租金收入上升不多，但盈利上升幅度高達17%，稍微留意了官方得分析，主要應該是這個other property operating expenses大幅降度（大概RM1.6m降低到RM0.3m），但無法得知這個expenses的詳情，就沒辦法做進一步觀察。

基本上ARREIT借貸空間（目前gearing ratio 35%左右），它還是有成長空間的，可惜管理層好像都無色不到好的產業，這一點有點可惜。

由於手上有些閑錢，早前稍作加碼在ARREIT以增加一些被動收入。

以目前市價RM1.03而言，如果每一季租金回饋大同小異，周息率還是有6.6%（net），作爲防禦性定存股還算不錯。

Financial Result of LUXCHEM (as at 31/12/2012)

LUXCHEM CORPORATION BERHAD

Financial Year End	31/12/2012
Quarter	4
Quarterly report for the financial period ended	31/12/2012
The figures	have not been audited

SUMMARY OF KEY FINANCIAL INFORMATION 31/12/2012

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2012	31/12/2011	31/12/2012	31/12/2011
		$$'000	$$'000	$$'000	$$'000
1	Revenue	121,834	130,944	496,877	498,933
2	Profit/(loss) before tax	7,944	6,815	29,367	30,217
3	Profit/(loss) for the period	5,947	5,328	21,951	22,691
4	Profit/(loss) attributable to ordinary equity holders of the parent	5,984	5,345	22,041	22,708
5	Basic earnings/(loss) per share (Subunit)	4.57	4.10	16.89	17.45
6	Proposed/Declared dividend per share (Subunit)	5.50	6.00	8.50	9.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.0500		0.9700

LUXCHEM是目前的組合中成績相對成績不亮眼的一個，全年營業額和盈利稍微下滑，唯變化不大，所以我把它歸類為走勢平穩好了。

當初買入持股也是爲了他的股息，到目前股息囘酬也有接近7%，中規中矩吧。

從disclosure note看到以下兩點比較值得在意。

Expansion of existing operations

As stated in the Prospectus dated 10 Sep 2008, we have intended to utilise approximately RM3.0 million of the proceeds to purchase and install a new reactor and related equipment at our Unsaturated Polyester Plant in Melaka, to increase production capacity by another 50% in order to reach an output of 30,000 metric tones per annum. 

In addition, we intended to utilise approximately RM500,000 of the proceeds to increase

our warehouse storage capacity by installing improved rack systems at our manufacturing plant. We are currently preparing necessary reports to apply for regulatory approval to expand the production capacity. We expect our capacity expansion will be ready by end 2013.

Expansion of business and markets

As disclosed in our Prospectus dated 10 Sep 2008, we intended to utilise RM2.5 million of the proceeds to set up sales and marketing offices in Indonesia, Vietnam and China to improve our services to customers in the region.

The company has set up a subsidiary in Indonesia in Oct 2011.

The setting up of the Representative office in Vietnam was originally scheduled to be completed by Q3 2012.

The company has decided that it will not proceed with the setting up of the Representative office during this financial year. The company will focus on its growth locally, as well as in Indonesia.

海外開拓計劃可說暫時擱置了，LUXCHEM 接下來的方向是增加產能，並專注於本地和印尼市場。

對於這個行業的市場，我不是很熟悉，但營業額和盈利的trend來看，營業蠻高，但profit margin 是有點難看了…… 我覺得 LUXCHEM 得想辦法盡量提升 profit margin （入成本轉嫁）才有比較大機會突圍。當然，提高產能也能進一步降低成本，但相信成效不高……

如果LUXCHEM跌破我的底綫，我會選擇適量的加碼，畢竟股息囘酬還算不錯，就當作一小部分的定存吧。

Financial Result of ARREIT (as at 31/12/2012)

Quarterly rpt on consolidated results for the financial period ended 31/12/2012

AMANAHRAYA REAL ESTATE INVESTMENT TRUST

Financial Year End	31/12/2012
Quarter	4
Quarterly report for the financial period ended	31/12/2012
The figures	have not been audited

SUMMARY OF KEY FINANCIAL INFORMATION 31/12/2012

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2012	31/12/2011	31/12/2012	31/12/2011
		$$'000	$$'000	$$'000	$$'000
1	Revenue	16,829	16,392	66,915	65,306
2	Profit/(loss) before tax	16,181	41,457	46,887	73,672
3	Profit/(loss) for the period	16,181	41,457	46,887	73,672
4	Profit/(loss) attributable to ordinary equity holders of the parent	0	0	0	0
5	Basic earnings/(loss) per share (Subunit)	2.82	7.23	8.18	12.85
6	Proposed/Declared dividend per share (Subunit)	2.05	1.88	7.45	7.22
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.0774		1.0475

看到那profit少了那麽多，原本還真有點呆了一下。

仔細看了看它的Financial Statement，原來那差距是因爲去年的Revaluation of Properties（2012：RM3.5m； 2011：RM31.143m）大大比今年高才導致今年的profit看似“大縮水”。

而ARREIT面對的隱憂和前一篇提到的沒有太大差別。雖然銀鳥集團再度延長了7.5個月的租凴合約，問題的根本還是存在。

無論如何，這一季的租金囘酬比以往的高了那一點點，算是個小小驚喜。