Friday, 16 September 2011

(11) 分享集: 生意眼光决定成败 【冷眼分享集 by 冯时能】

分享集:生意眼光决定成败
2009/10/10


生意眼光决定成败
在我国880万就业人口中,有4百万人购买股票。
在这4百万股市大军中,相信绝大部份是上班族。
而上班族都是散户。
散户几乎都是投机者。
投机者绝大部份长期亏蚀。
我最近分别跟5名大计佣股票经纪用餐,作了一项抽样调查,目的是要找出,投资者中有多少巴仙赚钱。
这5名计佣经纪,都做了超过15年,每人拥有超过1千名顾客。
我的问题是:在他们的顾客中,成功者占多少巴仙?
“成功者”的定义是靠股票投资致富。
也就是通过股票投资成功累计财富。
比如10年前投10万令吉的股票,现在已增至20万、30万令吉。
这5名经纪的答案是一致的:能够做到这一点的,不会超过5巴仙。
当然,这也是个估计的数字。
他们的一致经验是:长期投机,几乎没有人赚钱。
投机者通常是赚了又亏,亏了又赚,10年8年之后结算,绝大多数亏蚀。
那么5巴仙赚钱的,是怎么的投资者呢?

根据基本面长期投资
他们的一致答案是:几乎都是根据基本面,进行长期投资者。
他们的经验是:即使长期投资也未必赚钱。有些人买进劣股,长期收藏,还是亏本。
只有买进优质股长期持有,才能赚钱。
在股市中亏本的,几乎都是投机散户。
为什么散户都当炮灰?
因为几乎所有投机散户,都把注意力聚焦在股市,对於企业的基本面不屑一顾。
他们认为:股票投资的成败,决定於看股市的眼光。他们认为准确预测股市起落,是股票投资成败的关键。
所以,他们全神贯注猜测股市动向,完全不理会企业的基本面。这就是散户的致命伤。
实际上,股票投资的成败关键,不决定於预测股市动向的眼光,而是决定於生意眼光。
“生意眼光”是指洞察上市公司是否有前途的观察力。
近1千家上市公司,包括了各行各业的企业。
所有企业都在做生意,做生意的最终目的是赚钱。
要找出那个行业或那个企业能赚钱,就要靠“生意眼光”。

非与生俱来可以培养
“生意眼光”不是与生俱来,而是可以培养的。
从行业的角度看,你必须对有关行业有深入的认识,才有可能对其前景和潜能作正确的判断。

“深入的认识”来自可能彻底了解其中的诀窍,才能作出正确的判断,这就是生意眼光。
从个别企业的角度看,你必须对有关企业的历史、背景、业务、组织、业绩、董事素质、营运作风等,有深入的了解,然后才有可能对有关企业的前途作出正确的判断,这种观察力就是“生意眼光”。
短期来说,股价与企业的业绩表现,往往脱节。
股市大势或人为操纵,都可以扭曲股价,使股票价值被极度高估或低估。
但百变不离其宗,长期来说,股价和股票的真实价值必然趋于一致。
股价有如钟摆,股票真实价值有如静止的钟摆——垂直在中央。
钟摆可以左右摆动,但无论摆得多高,最终还是要静止在中央——通常是在电池或链条用完时。

股市无论怎样波动,总有一天,会回到股票真实价值的水平。
无论怎样大的牛市或熊市,最终一定会恢复正常状态。次贷所引发的金融海啸使股市跌进万丈深渊,现在不是在恢复常态的途中吗?
所以,不必去担心股市会怎样,因为它最终必然会回到它正常的水平。故对股市,只看大势即可,不必去理会,更不可去猜测短期的起落。
因为影响股市的因素太多,太复杂,有时根本只是心理作用,去猜测股市,必然白费心机,老而少功。
故要在股市投资成功,不靠预测股市的眼光,而是靠观察行业及个别企业兴衰的“生意眼光”。
很不幸的,散户几乎都是上班族,缺乏从商经验,又不肯做功课,下苦功,花时间去研究行业和企业的特征、动向、历史、背景、业务……等,
无从培养“生意眼光”。
没有“生意眼光”,就无从判断企业的优势,就分不清何者是好股,何者是劣股。结果是道听途说,根据谣言,或是比他更无知的人的推荐购买股票。
这种情形就好像蒙着眼睛投掷飞标,要投中红心,难之又难。
所以大部份散户都屡次“中伤”,伤痕累累。
结论是:投资成败,不决定于“股市股市”,而是决定於“生意眼光”。
你想在股市赚钱吗?
现在就开始磨练你的“生意眼光”吧。
这才是治本之道。

Shipping \ Forwarding \ Logistics

物流,即logistics就是指将货物从point A以最经济和最快捷的2大条件下送到point B。而物流的活动包括了运输 (transportation),库存 (warehousing),配送 (distribution),包装 (packaging & labeling) 等等。而物流是供应链 (supply chain)的其中一个环节,很多人都误会supply chain就是logistics,logistics就是supply chain。

以前,logistics是军人后勤的意思,近几十年才被运用在运输业身上。而logistics的世界里主要有4个角色在操作着,这4个角色分别如下:

Shipper (企业物流):就是出货人的意思啦,不管你是trading house还是major exporter,你有货物要卖给外国的顾客(consignee),你就是这个身份。小的公司可能没shipping department,大公司就有,他们就会分别和forwarding company liase,forwarder就会分别和shipping line, haulier & transporter等等做出协调。而这些shipper各个领域都有,有电子业,食品业,制衣业,plastic业,等等。

Liner (船东): 就是有船的业主啦,他们有大船(mother vessel),小船( feeder vessel)。通常他们的顾客可以是shipper或者forwarder。他们会依据你货物的价值来定制运费,就好比说货主A的货是矿泉水,要运去 nagoya(名古屋),而货主B的货是酒,也是要去nagoya,但是价钱呢前者的却比后者便宜些,这主要是前者的货即矿泉水的价值会比后者酒的价值少,如果运费很贵的话,那货主A可能就不会考虑把货运出去了,即使在外地有顾客要采购。而酒类价值较高,货主不会把运费太高考虑在内,因为revenue已经cover回cost了。所以liner会制定不同的价钱来鼓励shipper出货,来达到满船的目的,才不会亏嘛。还有一些因素会影响运费的就是,每当旺季运费就会提高,因为liner懂你怎样都会出货的嘛,而淡季呢就降低运费来做一个鼓励shipper多多出货的作用。
For example: Maersk, Evergreen, CMA, Hapag Lloyd, OOCL, Wan Hai, Hanjing等等等。

Haulier & Transporter (运输商): 就是有Lorry的业主啦,他们是陆地的霸主,通常他们的顾客可以是shipper或者forwarder。你可以包他们整辆lorry,就是charted lorry的意思,有 1顿3顿8顿10顿20顿给你选,或者你想跟人家share车走散货的也是可以,叫做less than truck load。至于container的话,又分20尺和40尺,价钱多数haulier公会已经fixed死了,但是haulier会rebate给你,这就要看你order的量了。

For Example: Yinson, Tiong Nam, Xin Hwa, G-Force等等等。

Forwarder (货代):就是帮货主报关的中间人啦,我本身呢就是这个角色,可以没船,没lorry,没warehouse,主要都是跟以上的supplier买service回来再卖给shipper做协调工作。要帮别人报关得要有forwarding license才可以,据我所知,现在forwarding license政府没再出了,所以很多forwarding公司都是没forwarding license的,他们都是跟有forwarding license的公司买他们的报关service,这些货代都是local货代,他们在外国有agent联系,但是都不是under自己公司的。

而有自己的network在外国又是under自己公司的是international forwarder,比如DHL, Schenker, Kuehne + Nagel, Nippon Express等等。还有一种货代的分支角色是co-loader,他们主要做散货拼箱,专门收集不到一粒container的货,然后集合起来等够满一粒container再出货,达到minimize cost和maximize profit得效应,这些公司有 ECU Line, Vanguard, Asian Groupage, Globelink, P&O Trans等等。

Monday, 12 September 2011

听郭妈妈的话创商业神话 郭鹤年:不让外人看不起华人

二零一一年九月十二日 下午五时四十二分


亚洲糖王郭鹤年不爱“糖王”称号,喜欢从事酒店业,听妈妈的话成为世界成功华商领袖!
说到糖王,人们自然会想到郭鹤年,但其实,郭鹤年并不喜欢“糖王”这个称呼,并认为这是假的名气,反观,他透露自己喜欢酒店,因为酒店业不同其它行业,这为服务业,靠的是一般职员打拼,因此,他也从中体会到最大的责任,就是好好照顾自己的员工。

郭鹤年日前接受中国央视《对话》,从中带出其打拼事业的心路历程,打造商业帝国背后的故事。节目开始时主持人问了一句,怎么说得一口流利华语,郭氏归功母亲:“是先母家教的影响,他教我们不要忘本。”

从 郭氏谈话当中,了解母亲的一言一语,对其商业及生活上的影响。郭鹤年表示,妈妈在生时时常劝告他,做生意要跑道德的路,赚的钱不要自己崇拜物质。“我记得 当时是妈妈80多岁生日,我买了一部马赛迪送给妈妈,她老人家一看脸色一变,说买一台小日本车就行了,叫我把车退回。”

他说,如果妈妈还在,肯定会不断提醒他,做人要谦虚,要继续帮助穷人。



任何生意都有风险 “怕,就永远当穷人”

26 岁创办郭氏企业,40岁成为亚洲糖王,曾经在高峰时期控制全球20分之1的砂糖,回忆创业过程,郭鹤年说,当时做了决定,将全部资金投入炼糖业,当时大马 也没有其他人经营此行业。“市场最容易的行业不是化工、石油化工,这些有时有人要,有时没人要,那时也未进入IT时代,最简单,最聪明的方式就是,便宜的 原糖就可发财。”

他形容,经营糖业大部份时候顺利,惟一次在1963年,基于胆量太大,把现货抓了20吨,也到期货市场注资,原以为市场会涨,谁知反降,资力不足会因此破产,惟,一场事故帮了他。

"当时台风打到古巴,古巴砂糖业大破坏,国际糖价一直高涨,好像老天要帮我一样。"
他提及,做生意90%靠自己的勤奋和智慧,不断收集讯息,研究供求、生产、消费、运输等,看准时机,要快。

他提及,做每一种生意都有危险,怕就走开,如果有更好机会不是问题,可把握第二次,但如果每一次胆量太小,永远是穷人。

同时从事酒店、地产、船务、传媒等行业的郭鹤年披露,无论什么事业,要多做几种,因为有连带关系。

走入中国开拓奇迹 致使香格里拉遍全球

郭鹤年与中国关系密切,也在紧要关头给予该国协助!

回想早前,有2名外资部中国官员寻求郭鹤年协助,当时有关官员提及国家缺糖和缺钱,需要30万吨砂糖,而在郭鹤年协助下,首次与没做过生意的巴西经商,成功协助中国买到了30万吨的糖。

此 外,在1984年,郭鹤年于北京长安街耗资5亿美元建造国家贸易中心,这为当时外资在中国投资最大项目。“另外,当时我的伙伴林楷告诉我,建国门外有一大 块地项目,当时有美国和日本集团竞争,我想今天中国还要依靠这些国家帮助?我们要争志气,不要给外面的人看不起我们华人,我当时刚好有一笔一亿美元现金在 香港,因此拿来投资。”当时亚运会,郭鹤年也捐献了北京200万美元。

另一方面,郭鹤年提及,早期到中国,发现该处住宿条件太差,要如何吸引国际游客,加上他看好未来中国旅游业市场,因为该处拥有许多历史文物和古迹,因此在80年代于杭州改建第一家香格里拉酒店。

目前,全球共有72家香格里拉酒店,中国有34家,全球兴建当中有45家,单是中国就有28家。

郭鹤年名言
~ 做生意要有一种胆量,如果每次胆量都太小,永远是穷人。
~ 做生意要有胆量,但胆量要对生意,不要用胆量对人。
~ 做生意90%靠自己勤奋和智慧,要不断收集讯息等,看准时机要快。
~ 我们要争志气,不要给外面的人(外国)看不起我们华人。
~ 比我聪明的人多,但一些聪明的人夜生活比较乱,第二天他们可能在桌上睡着而我没,所以我的马儿就跑得比较快。
~ 无论什么事业要多做几种,因为这些都有连带关系。
~ 我本人不爱钱,但是我很想每年公司结帐都有钱赚,给同事花红。

Saturday, 3 September 2011

Terms using in Stock Market Investment

Part 1

Capital of a Company

Capital refers to the amount invested in the company so that it can carry on its activities. In a company capital refers to "share capital". The capital clause in Memorandum of Association must state the amount of capital with which company is registered giving details of number of shares and the type of shares of the company. A company cannot issue share capital in excess of the limit specified in the Capital clause without altering the capital clause of the MA.

The following different terms are used to denote different aspects of share capital: -

1. Nominal authorized or registered capital

Nominal authorized or registered capital means the sum mentioned in the capital clause of Memorandum of Association. It is the maximum amount, which the company raises by issuing the shares and on which the registration fee is paid. This limit is cannot be exceeded unless the Memorandum of Association is altered.

2. Issued capital

Issued capital means that part of the authorized capital, which has been offered for subscription to members and includes shares allotted to members for consideration in kind also.

3. Subscribed capital

Subscribed capital means that part of the issued capital at nominal or face value which has been subscribed or taken up by purchaser of shares in the company and which has been allotted.

4. Called-up capital

Called-up capital means the total amount of called up capital on the shares issued and subscribed by the shareholders on capital account. i.e. if the face value of a share is Rs.10/- but the company requires only Rs.2/- at present, it may call only Rs.2/- now and the balance Rs.8/- at a later date. Rs.2/- is the called up share capital and Rs.8/- is the uncalled share capital.

5. Paid-up capital

Paid-up capital means the total amount of called up share capital, which is actually paid to the company by the members.

In India, there is the concept of par value of shares. Par value of shares means the face value of the shares. A share under the Companies act, can either of Rs.10/- or Rs.100/- or any other value which may be the fixed by the Memorandum of Association of the company. When the shares are issued at the price which is higher than the par value say, for example Par value is Rs.10/- and it is issued at Rs.15/- then Rs.5/- is the premium amount i.e., Rs.10/- is the par value of the shares and Rs.5/- is the premium. Similarly when a share is issued at an amount lower than the par value, say Rs.8/-, in that case Rs.2/- is discount on shares and Rs.10/- will be par value.

Types of shares:

Shares in the company may be similar i.e. they may carry the same rights and liabilities and confer on their holders the same rights, liabilities and duties. There are two types of shares under Indian Company Law: -

1.Equity shares means that part of the share capital of the company which are not preference shares.

2.Preference Shares means shares which fulfill the following 2 conditions. Therefore, a share which is does not fulfill both these conditions is an equity share.

a) It carries Preferential rights in respect of Dividend at fixed amount or at fixed rate i.e. dividend payable is payable on fixed figure or percent and this dividend must paid before the holders of the equity shares can be paid dividend.

b) It also carries preferential right in regard to payment of capital on winding up or otherwise. It means the amount paid on preference share must be paid back to preference shareholders before anything in paid to the equity shareholders. In other words, preference share capital has priority both in repayment of dividend as well as capital.

Types of Preference Shares

Cumulative or Non-cumulative

A non-cumulative or simple preference shares gives right to fixed percentage dividend of profit of each year. In case no dividend thereon is declared in any year because of absence of profit, the holders of preference shares get nothing nor can they claim unpaid dividend in the subsequent year or years in respect of that year. Cumulative preference shares however give the right to the preference shareholders to demand the unpaid dividend in any year during the subsequent year or years when the profits are available for distribution. In this case dividends which are not paid in any year are accumulated and are paid out when the profits are available.

Redeemable and Non Redeemable

Redeemable Preference shares are preference shares, which have to be repaid by the company after the term of which for which the preference shares have been issued. Irredeemable Preference shares means preference shares need not repaid by the company except on winding up of the company. However, under the Indian Companies Act, a company cannot issue irredeemable preference shares. In fact, a company limited by shares cannot issue preference shares, which are redeemable after more than 10 years from the date of issue. In other words the maximum tenure of preference shares is 10 years. If a company is unable to redeem any preference shares within the specified period, it may, with consent of the Company Law Board, issue further redeemable preference shares equal to redeem the old preference shares including dividend thereon. A company can issue the preference shares which from the very beginning are redeemable on a fixed date or after certain period of time not exceeding 10 years provided it comprises of following conditions: -

It must be authorized by the articles of association to make such an issue.



The shares will be only redeemable if they are fully paid up.



The shares may be redeemed out of profits of the company which otherwise would be available for dividends or out of proceeds of new issue of shares made for the purpose of redeem shares.



If there is premium payable on redemption it must have provided out of profits or out of shares premium account before the shares are redeemed.



When shares are redeemed out of profits a sum equal to nominal amount of shares redeemed is to be transferred out of profits to the capital redemption reserve account. This amount should then be utilized for the purpose of redemption of redeemable preference shares. This reserve can be used to issue of fully paid bonus shares to the members of the company.

Participating Preference Share or non-participating preference shares

Participating Preference shares are entitled to a preferential dividend at a fixed rate with the right to participate further in the profits either along with or after payment of certain rate of dividend on equity shares. A non-participating share is one which does not such right to participate in the profits of the company after the dividend and capital have been paid to the preference shareholders.

Alternation of capital

A company limited by shares can alter the capital clause of its Memorandum in any of the following ways provided that such alteration is authorized by the articles of association of the company: -

1) Increase in share capital by such amount, as it thinks expedient by issuing new shares.

2) Consolidate and divide all or any of its share capital into shares of larger amount than its existing shares. e.g., if the company has 100 shares of Rs.10/- each (aggregating to Rs. 1000/-) it may consolidate those shares into 10 shares of Rs. 100/- each.

3) Convert all or any of its fully paid shares into stock and re-convert stock into fully paid shares of any denomination.

4) Subdivide shares or any of shares into smaller amounts fixed by the Memorandum so that in subdivision the proportion between the amount paid and the amount if any unpaid on each reduced shares shall be same as it was in case of from which the reduced share is derived.

5) Cancel shares which have been not been taken or agreed to be taken by any person and diminish the amount of share capital by the amount of the shares so cancelled.

The alteration of the capital of the company in any of the manner specified above can be done by passing a resolution at the general meeting of the company and does not require any confirmation by the court.

Reduction of the share capital can be effected only in the manners specified in Section 100-104 of the Act or by way of buy back under Section 77A and 77B of the Act. Notice of alteration to share capital is required to be filed with the registrar of the company in Form no 5 within 30 days of the alteration of the capital clause of the MA. The Registrar shall record the notice and make necessary alteration in Memorandum and Articles of Association of the company. Any default in giving notice to the registrar renders company and its officers in default liable to punishment with fine which may extend to the Rs. 50/- for each day of default.

Conversion of shares into stocks: Conversion of fully paid shares into stock may likewise be affected by the ordinary resolution of the company in the general meeting. Notice of the conversion must be given to the Registrar within 30 days of the conversion, the stock may be converted into fully paid shares following the same procedure and notice given to the Registrar in Form no 5. In this connection, the following provisions are important: -

1) Only fully paid shares can be converted into stocks

2) Direct issue of stock to members is not lawful and cannot be done.

3) The difference between shares and stock is that shares are transferable only in complete units so that transfer of half or any portion of share is not possible whereas stock is expressed in terms of any amount money and is transferable in any money fractions.

4) Articles may give the Board of Directors authority to fix minimum amount of stock transferable.
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PART II

5) Since stock is not divided into different units it is not required to be numbered. Shares on the other hand must be numbered.

Reduction of share capital with sanction of the Court

A company limited by the shares or a company limited by guarantee and having share capital can if authorized by its articles, by special resolution and subject to confirmation by the court on petition reduce its share capital. It may effect reduction of its share capital in any of following circumstances:

1.Where the company is overcapitalized: -

a) It may extinguish or reduce the liability of member in respect of uncalled or unpaid capital. For example, where shares are of Rs.100/- each with Rs.60/- paid up, the company may reduce them to Rs.60/- fully paid and thus release the shareholder from the liability on uncalled capital of Rs.40/-.

b) Pay off or return part of the unpaid capital not wanted for the purpose of the company. For example, where the shares are fully paid of Rs. 100/- they may be reduced Rs.40/- each and Rs.60/- may be paid back to the shareholders.

c) Pay off part of the paid up share capital on the footing that it may be called up again. If shares are of Rs.100/- each the company may pay off Rs.25/- per share on condition that when desired the company may call it again without extinguishing the liability of shareholders to pay the uncalled share capital.

d) Reduce by a combination of the aforesaid methods

2.Where the company has suffered loss of capital, in such situation the company can write off or cancel the share capital which has been lost or is unrepresented by available assets.

Where the company has passed the resolution for reducing the share capital, it must, by petition, apply to the court in the prescribed form to the court for an order confirming the reduction. Where the proposed reduction of share capital involves the either diminution of liabilities in respect of unpaid share capital or the payment to any shareholder of any paid-up share capital or in any other case if the court so directs the following provisions shall have effect: -

1.Every creditor of the company who on the date fixed by the court is entitled to debt from or any claim against the company shall be entitled to object to the reduction.

2.The Court shall settle a list of creditors so entitled to object and for that purpose shall ascertain as far as possible without requiring an application from any of the creditors, the names of creditors and the nature and amount of debt or claims and publish notices fixing the day or days within which creditors not entered in the list are to be entered if they so desire.

3.Where a creditor entered on the list whose debt or claim is not discharged or has not been determined does not consent to the reduction, the court may, if it thinks fit, dispense with the consent of the creditors if the company secures payment of this debt or claim by appropriating the following amounts as the court may direct: -

a) The company admits the full amount claim or debt or though not admitting it is willing to provide for it, then the full amount of debt or claim

b) If the company does not admit and is not willing to provide for the full amount of debt or claim or if the amount is contingent or not ascertained, then amount fixed by the court after due enquiry.

4.Where the proposed reduction of share capital involves either diminution of any liability in respect of the unpaid share capital or payment of any shareholder of any paid share capital, the Court may, having regard to any special circumstances of the case as it thinks proper so to do, direct that the above provisions shall not apply to any class or classes of creditors.

5 If the court is satisfied with respect to every creditor of the company entitled to object to reduction that either his consent to the reduction has been obtained or his that debt or claim has been discharged or has been determined or has been secured, make an order confirming the reduction on such terms and conditions as it thinks fit.

6.Where the court makes such an order, it may, if for any special reasons thinks fit and proper to do so, make an order directing that the company shall during such period commencing on and any time after the date of the order as is specified in the order add to its name as the last words the words "& Reduced" and make an order requiring the company to publish the same along with the reasons for the reduction or such other information in regard thereto as the court may think expedient with view to giving proper information to the public and if the court thinks fit the causes which led to reduction.

7.Where the company is ordered to add to its name the words "& Reduced" those words shall until the expiry of period specified in the order shall be deemed to be part of the name of the company.

8.The registrar, on the production to him, of an order of the court confirming the reduction of the share capital of the company and on delivering to him the certified copy of the order and of minutes approved by the court showing with respect to the share capital of the company as altered by the order register the reduction of share capital. On registration of order and minutes, the reduction of share capital shall take effect.

9.Notice of the registration shall be published in such manner as the court may direct.

Reduction of capital without the sanction of the court

Reduction of capital can take place without the sanction of the court in the following cases

1) Buy back of shares in accordance to the provisions of Section 77A and 77B

2) Forfeiture of shares - A company may if authorized by its articles forfeit shares for non-payment of calls by the shareholders. Such proceedings amount to reduction of capital but the act does not require court sanction for this purpose.

3) Valid surrender of the shares - A company may accept the surrender of shares

4) Cancellation of capital - A company may cancel the shares, which has not been taken up or agreed to be taken by the person and diminish the amount of its share capital.

5) Purchase of shares of member by the company under Section 402B. The Company Law Board may, on application made under Section 397 or Section 398, order the purchase of shares or interest of any member of the company by the company. These provisions come in force when a prescribed number of members make a complaint to the CLB for mis-management or oppression of the minority shareholders in the company.

6) Redemption of redeemable preference shares. Where redeemable preference shares are redeemed, it actually amounts to reduction of the capital. However, this does not require the sanction of the court.

Variation of shareholders rights

The rights, duties and liabilities of all shareholders are clearly defined at the time of issue of the shares. Once the rights of shareholders are fixed, they cannot be altered unless the provisions of the Companies Act for this purpose are complied with. The rights attached to the shares of any class can be varied only with the consent in writing of shareholders holding not less than 75 % of the issued shares of that class or with the sanction of special resolution passed at a separate meeting of the holders of issued shares of that class. However, the following conditions also must be complied with: -

1.The variation of rights are allowed by the Memorandum or Articles of Association of the Company.

2.In absence of such provision in the Memorandum or Articles of company, such variation must not be prohibited by the terms of issue of shares of that class.

Rights of Dissenting Shareholders:

The rights of the shareholders who did not consent to or vote for variation of their rights are protected by the Companies Act. If the rights of any class of the shareholders are varied, the holders of not less than 10 per cent of the shares of that class, being persons who did not consent to or vote in favor of resolution for variation of their rights can apply to the court to have the variation cancelled. Where such application is made to the court, such variation will not be given effect unless and until it is confirmed by the court.

Voting Rights of the Members

Every member of a public company limited by shares holding equity shares will have votes in proportion to his share in paid up equity capital of the company.

Generally, preference shareholders do not have any voting rights. However, they can vote on matters directly relating to the rights attached to the preference share capital. Any resolution for winding up of the company or for the reduction or repayment of the share capital shall be deemed to affect directly the rights attached to preference shares. Where the preference shares are cumulative (in respect of dividend) and the dividend thereon has remained unpaid for an aggregate period of two years before date of any meeting of the company, the preference shareholders will have right to vote on any resolution. In case of non-cumulative preference shares, preference shareholders have right to vote on every resolution if dividend due on their capital remains unpaid, either in respect of period of not less than two years ending with the expiry of the financial year immediately preceding the commencement of the meeting or in respect of aggregate period of not less than three years comprised in six years ending with the expiry of concerned financial year.

Every equity shareholder has a right to vote at a general meeting. No company can prohibit any member from exercising his voting right any ground including the ground that he has not held his shares for a minimum period before he becomes eligible to vote. However, a member’s voting rights can be revoked if that member does not make payment of calls or other sums due against him or where the company has exercised the right of lien on his shares.
-----------------------------

PART III

-Preference Shares


--------------------------------------------------------------------------------

Traditionally, Preference Shares have been seen as one of the principal methods of financing companies. However, their use in recent years has become soemwhat limited.

Preference Shares are shares that have several features, namely:

1.    they carry a fixed percentage dividend
2.    they are normally "cumulative", i.e. if the dividend can not be paid in one   year, it carries forward to the following year, where it becomes a priority item
3.   they do not carry voting rights or any other rights to participation in the running or policy of the company
4.   they do not participate, in any way, in any growth in the company or improvement in the company's profitability or value
5.   in terms of priority of payment of dividend and, in the event of corporate failure, repayment of capital, they rank ahead of ordinary shares, but behind loan notes and debentures.
Preference Shares now have very little use in the financing of companies, although there remain a few, very specialist, uses for them. They are, at best, seen as being a "halfway house" between ordinary shares (at one end of the financing spectrum) and long-term loans (at the other end of the spectrum) and they are seen to enjoy the advantages and privileges of neither ordinary shares or long-term loans.

The general view is that, if you want a fixed interest rate, priority on payment of interest and repayment of capital (in the event of corporate failure), no participation in the growing profits and value of the company and no participation in the company's organisation and policy and would like the security to be repaid by the company (i.e. a safe investment with very limited growth potential), buy a loan note / debenture.

If, on the other hand, you want a variable dividend, which (hopefully) rises with the growing profits and value of the company, with participation in the organisation and policy making, accept that the security will never be repaid by the company and you are prepared to take some degree of risk (i.e. you are prepared to be a limited risk taker, but one who seeks some return for the acceptance of that risk) then buy the company's ordinary shares.

In neither case should you consider Preference Shares, as they offer the advantages of neither ordinary shares nor long-term loans.

Preference Shares are valued on the Stock Market as less secure fixed-interest long-term loans.

Friday, 2 September 2011

投资者常用的词汇

转载于佳礼论坛 - 股票专区

在这里,我想尝试给投资新贵一些基本的投资概念与介绍前辈们的选股方式。
当然在还未进行投资前,了解一些投资的词汇与术语是必要的。我会以最简单的方式为大家介绍这些将在投资路上与我们纠缠的字眼,希望大家能够从中获益。。

EPS - Earning Per Share
每股盈利 - 将公司除税后的可分配盈利除以已发行的股数,所得的盈利数目。

PER - Price to Earning Ratio
PE(本益比) = Share Price(股价)/EPS(每股盈利)
这一比率反映了投资者对公司未来盈利的预期,比率越高,越表现出投资者对股票的预期越乐观,反之则不然。其原因在于,正因为投资者对公司未来盈利的预期大,股价才会上升,这一比率才相应地增加。一般说来,那些有着高成长与稳定的公司都会有着较高的本益比。许多朋友都会认为把钱存在银行是件很划算的事,其实并不然,若以本益比来计算话,你就会知道为什么了:
当利率4%时,P/E = 1/0.04 = 25
当利率5%时,P/E = 1/0.05 = 20
当利率7%时,P/E = 1/0.07 = 14
这也说明了为何股市对利率的走势是多么敏感。这是因为每个精明的投资人,都懂得把资金放在最高回酬与最低风险的产品上。当然,我们还得运用其它的指标来估计股票的合理价格与其潜在的风险。

本益比也是衡量股票投资收成(回酬)期限的推算方式。10倍本益比表示回酬期为十年,这也就是说你将在十年后将取得相当于投资额的回酬(若不计算复利的话)。PE(本益比)不是一个死的指标,公司每年的每股盈利都会有所不同。而PE也将会随股票的价格与公司每年的盈利而有所改变。在KLSE上市的公司盈利都可以在KLSE的官方网站中轻易取得,以下是连接:
http://announcements.klse.com.my/linkwebmainpage.nsf/lca.htm
请选择Announcements-〉Current-〉By Type-〉FINANCIAL RESULT-〉再选择你想查询的公司。
在这里,你就能够看到上市公司最新的业绩报告了。

ROE - Return On Equity
股东回报率 - 净收入除以股东基金
ROE是基本派投资家的最神奇投资武器之一,它包含了三个管理层常用的重要杠杆-- 收益率(profitability)、资产管理(asset management)、财务杠杆(finance leverage)。ROE越高就表示管理层的管理效率越佳。同时,这也显示管理层能够平衡与有效的使用这三个杠杆来为公司赚取最高的利润。


DY - Dividend yield
股息率 - 一年的总派息额与市价的比例

Indicator Formula
Performance Ratio
Gross Profit Margin = (Profit Before Tax/Turnover)*100
Net Profit Margin = (Profit After Tax/Turnover)*100
Return on Shareholders Equity = Profit After Tax/Total Shareholders Funds
Current Assets Turnover = Revenue/Current Assets
Fixed Assets Turnover = Revenue/Fixed Assets
Total Assets Turnover = Revenue/Total Assets
Revenue Per Share = Revenue/Issued Shares
Inventory Turnover = Revenue/Inventory

Liquidity Ratio
Current Ratio = Current Assets/Current Liabilities
Acid Test Ratio = (Current Assets-Stock)/Current Liabilities
Interest Coverage = Profit Before Tax/Interest Charge

Growth Ratio
Annual Revenue Growth Rate(%) = ((Current Year Revenue-Last Year Revenue)*100)/Last Year Revenue
Annual Profit Growth Rate (%) = ((Current Year Profit-Last Year Profit)*100)/Last Year Profit

Debt Ratio
Debtors Turnover (Days) = (Debtors/Turnover)*365
Creditors Turnover (Days) = (Creditors/Turnover)*365
Debt Ratio (%) = (Total Liabilities/Total Assets)*100
Current Debt To Equity Ratio (%) = (Current Liabilities/Shareholders Fund)*100
Total Debt To Equity Ratio (%) = (Total Liabilities/Shareholders Fund)*100

===============

1)对如果你买如了A公司的股票,当A公司给股息时只要你是在除权日前买入你就会得到股息!而股息是如何计算,如果你问的是他们会派多少的话那是看公司自己定的!如果你是问DY的话,如A股价1500
股息给50,那么DY=50*100/1500=3.33%

A公司该年的业绩下降,理论上你是不需要赔赏,但是业绩下降会间接的影响了股价照成了你的损失!
===============

無論公司业绩是否下降,保持或是增加,只要公司有宣佈股息派發,任何該公司的股東都有權力收取股息,不過,持股必須通過股息注冊截止日,也就是Entitlement Date,不然是收不到股息的.
股息分兩種,一種是現金股息(Cash Dividend),另一種則是股票股息(share Dividend),現在就來談談現金股息是如何计算的:
現金股息有兩種,一種是以零吉或Sen來發的,另一種則是以百分比來發.我舉個以零吉或Sen來發的例子:
舉例:某公司宣佈要派發股息每股20 Sen,假如你持有1000股(10 lot),那麼計算你所得到的股息將會是
毛股息=RM0.20x1000=RM200.00

為什麼稱為毛股息呢?因為還沒有扣掉28%的股息稅,扣掉後就是你將會拿到的潔股息了

潔股息=毛股息-(毛股息x28%)=RM200-(RM200x28%)=RM200-RM56=RM144

以百分比來發的例子:
假設某公司股票的每股面值是RM 1,而公司即將派發高達20%的股息,那每股毛股息將會是20 sen.
要計算出你的總所得的話就以這20 sen 乘以你的總持股既可,毛股息和潔股息可依照上面計算出來.有一點要注意的是,每股面值並不是每股股价,每股面值在上市時就已經擬定好,是無法改變的,至于股價,會隨著市場供須和每股實值而產生變化.
===================

你例子里的股息是以"%"来发息。
你不明白这个例子可能你已现时的股价来算。

以你以上的例子:
1)假设你待有 10 lots,注意 1 lot = 100 share
10 lots = 1000 shares
2)假设 Par Value = RM 1.00

3) 现在股息 = 22%

(share) (par value) (dividend in ratio 22/100 = 0.22) (公司发的股息)
1000 x 1.00 x 0.22 = RM220

4) 股息是 RM220, 但这股息必须交 28% 的 income tax.
(公司发的股息)
28% income tax = 0.28 x 220 = RM 61。60

5) (公司发的股息) (income tax)
你将得到的股息= 220 - 61.60 = RM158。40
==================

warrant 就是普通上市公司发售他们自己的股票。
call warrant 举例:
A 大集团 拥有 Proton Holding 的 股票。
那么 只要程序许可的话,A 大集团就可以发售 Proton Call Warrant 了。

两者没有什么不同.
转换的方式虽一样,但其实两者之间还是有点不一样。
Call warrant - 不会增加股本(转换A公司所拥有的股票)
Warrant - 会导至公司的股本增加(认购公司新发出的股票)
=================

各位前輩, 本人有一個疑問關於可換股債券(CONVERTIBLE BONDS)。
本人從東方 的日報4月24 日文章 ,可換股債券屬於債券的一種,債券持有人可以把債券換成股票, 這是上市公司集資的一種途徑。不過發行債券有弊端,會導致公司的負債比率(DEBT RATIO) 上升。可換股債券,上市公司在發行債券的持有人有權把債券換成股票,所以公司所要付出的利息較同等年期的普通債券為少。如果公司在發行債券之后,能夠好好運用所籌集的資金發展公司業務,令公司的股价上升,可更誘可換股債券的持有人換股,那麼到期之時,公司不但不用贖回債券,反而多了一筆股東資金 . 有什麼意見?可有此事?謝謝。

convertible ---可以转换成 普通股
redeemable ---可以用现金赎回
secured ---就是说,公司破产的话,你比较安全,你可以优先获得赔偿。

债券 分为可上市交易的, 和不可上市交易的。
对前者而言,通常股价上升,债券价格也会跟着上升的。

1.債券的持有人換股
2.公司不用贖回債券

这两句话前后矛盾,債券的持有人換股,上市公司是必须发新股来赎回它们的。

只要債券的持有人愿意,他们是可以在债券截止期之前,换成公司股票的。

在balance sheet 中,
asset - liability = equity

它可以整理成 下列形式 :
Non-current asset + Current asset - Current liabiilty = Equity - Long term liability

所以我们在 annual report 中看到的 balance sheet 是这样的。
+ Non-current asset
+ current asset
- current liability
*****************************************************************
+ Equity (分为 share capital,shareholders' premium 等等)
- Long term liability

上下两部分的总和,是一样的。

发放 loan share 的时候, current asset 增加, long term liability 增加。

假如是loan share 换 ordinary share 的话(无附带条件的情况下), 公司必须发新股来赎回 loan,所以
share capital 增加,long term liability 减少,所以,通常
股东基金是会增加的,因为公司不是以现金赎回loan,而是发新股赎回loan。

不过这些动作,是会冲淡股东未来的赚钱能力的 (diluted eps).
凡是上市公司有大量的 loan share, warrant,和 preference share 的时候,eps 和 diluted eps 的 差值就越大。
当然还有很多因素影响 diluted eps 的,由於跟主题无关,这里就不回答。
===============

因为我想数每间公司的EPS EPS = (Profit after tax + miniority interest)/Issued Share 所以我想知道它们的total share issued. shared issue(股票发行量)的找法。

第一个方法,找它们的 报告,最好是最新的(quarter),找 balance sheet,找share capital。 (注,不能有 preference share.) shared issued(市场发行数量) = share capital/par value (注,不能有 preference share.) (shared issued = paid up capital / par value) 举例: 假如 par value 是 0.50 的话,那么 股数就等于 share capital x 2. (paid up capital x 2)

第二,星期一 的 <星洲财经> 有列出来,这是最方便的,不过常常不准。

第三,-------删除-------------

第四,假如有 online trading account 的话,可以直接找,比如这个 osk 的。











第5,假如公司近几年来没有 发附加股,bonus, share spilt(分拆),或者少量的ESOS(雇员认股计划) 的记录. 那么,这个网站是安全的。否则,还是最好不要用。
eon 的
http://www.klse-ris.com.my/CDB/owa/cp_summary?cmp_code_in=4774
genting 的
http://www.klse-ris.com.my/CDB/owa/cp_summary?cmp_code_in=3182
--------------------------------

另外,假如有preference share的话, share capital = nominal value ordinary share + nominal value preference share. Nominal value. 你可以借读成 par value. 十张 par value =0.10的股票,就是 RM1

计算eps时,不需把preference share的票数算进去,只需算ordinary shares的就可以了。
==============

preference share 是优先股。
ordinary share 是 普通股。

假如公司赚钱,优先股的股东必须先拿利息,然后省下的才可以分给普通股的股东。
优先股的利息是固定的,普通股的是随意波动的。
所以,每年给优先股的股东的利息,可以当作 "固定费用" 。

假如公司亏损的话。。。。。
优先股的利息又可分为两种,累积的,和不累积的。。。。
==============

以下是网友谈话

kching
股息权利的问题

除权日 (28/6/04)
过戶日 (30/6/04)
派息日 (23/7/04)
请问如果在 1/7/04 把这股票卖出去,我们还可能得到所有的股息吗?
**************************

klse_invest

其实根据我的了解,有没有享有股息是看 EX-Date 的,只要在EX-Date之后卖就可享有股息。而 Entitlement Date 通常是给那些大股东用的,至于是如何的情况要询问过股票经纪人才知道。
支票是在 Payment Date 那天才寄出的,通常是要等3,4天就可以收到了。Entitlement Date(过戶日),在我的印象当中,应该是给那些大股东要把这个股息转让给他人的截止注册日期。真实的解释要问过经纪人才知道。
***************************

os

除权日 / Ex-date 之前买的才有.
除权日 / Ex-date 那一天开市的 Ref price 就会减掉dividen的了.
**************************

tekyong

我想现在电脑进步了,所以我们才可以在expired date那天马上卖掉。
你们不信的话,可以问问 老一辈的 broker。
有些还以为 要等三天才能卖。
其实在以前,为了确保能拿到股息,你必需要把股票留着三天的。
****************************************

klse_invest

根据我进一步的了解,Entitlement Date(过戶日)的解释如下:
因为以前是没有CDS户口的,只是一张张的股票证书,所以他们要在Entitlement Date(过戶日)的截止时间之前完成割名手续,不然就不能享有股息。
那么为什么现在还有呢?现在我们已有CDS的户口了,一切的买卖股票都会直接存入或扣除。所以Entitlement Date(过戶日)通常对我们散户是没有作用的。除非是你手上有股票而还没有存入CDS的就有作用。
所以终结来说,Entitlement Date(过戶日)是给那些手上有股票又还没有存入CDS的人的最后的期限。所以一定要在期限之前把股票存入CDS才能享有股息。
*****************************************

whchua2000

如果赚得股息需要付Income Tax??
如果是, 再投资,情况如何??
如何要回?
由于股价的差额所得利润是毋须交税的是吗?
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tanhin :

Let say your taxable income was RM 45,000(fall within the bracket of 13 %),and out of the 45000, Rm 1000 was from the dividents you received(Not tax exempted dividents) and had been deducted 28 %, thus you can claim back 15 % for that 1000.
Thus, if your wife was of lower tax bracket,then you can claim back more.
sorry to write in English.
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请问。。WARRANT在什么情况下会=$0。00?

warrant 不会变 0.00, 它只会变废纸,或者变成 RM 0.005 这样。。。。

warrant 的 expired date 到期,然后。。。。。
exercised price(转换价)      小过     母股价格    的话,
就会变废纸。。。


变 0 ?  可能还要倒贴 brokerage fee,, 哪里有酱傻的事。。。