Monday, 29 July 2019

2019年1月~7月文章目录

每个月的最后一天都会做个目录，方便自己也方便大家~
2019年7月：
何谓财务教育(2) : 精明地选择导师
何谓财务教育(1) : 态度
TOPGLOV 最新季度业绩
AEONCR股东大会2019+最新季度业绩


2019年6月：
我的2019年上半年投资成绩
不喜欢学习关于投资的人
PANAMY最新季度业绩
AEON股东大会+最新季度财政报告


2019年5月：
从股票投资中获得影子收入
我的2016年投资成绩
HARTALEGA最新季度财政报告
AEONCR最新季度财政报告
我的2015年投资成绩


2019年4月：
HUPSENG最新年度财政报告
我的投资理论之一--大便论
TOPGLOV最新季度财政报告


2019年3月：
我的2019年第1季度投资回酬
AEON最新季度财政报告
HARTALEGA最新季度财政报告


2019年1月：
AEONCR最新季度财报
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List of articles of January~July 2019

I will make a list of articles every last day of the month,
so that is easier for me and for everyone to refer~
July 2019:
what is Financial Education(2) : CHOOSE YOUR TEACHERS WISELY
What is Financial Education (1) : ATTITUDE
TOPGLOV latest financial result
AEONCR AGM 2019+latest quarter financial result


June 2019:
My investment result for 1st half of year 2019
Those who don't like to learn about investment
PANAMY latest financial result
AEON AGM + latest quarter financial result


May 2019:
The PHANTOM INCOME from shares investment
My investment return for year 2016
HARTALEGA latest financial report
AEONCR latest quarter financial report
My investment return for year 2015


April 2019:
HUPSENG latest annual report
One of my investing theorem--"The SHIT Theorem"
TOPGLOV latest quarter financial report


March 2019:
My investment return for 1st quarter 2019
AEON latest quarter financial report
HARTALEGA latest quarter financial report


January 2019:
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何谓财务教育(2) : 精明地选择导师


声明：本文是我看了Robert Kiyosaki的著作<<Why The Rich Are Getting Richer>>后有所启发而写下的。
今天我们继续谈谈真正的财务教育所应有的要素。

 之前我提到过的第一点是“态度”。
(链接：https://thecellist-investment.blogspot.com/2019/07/1.html)

 那么，
第二点就是“精明地选择导师”。

 应该很多人开始觉得奇怪了，
什么！？
连选择导师这件事也是一种教育吗？

 当然！！

 试想想，
我们从小到大，
有多少机会让我们去自己选择导师呢？
我们有多少选择导师的经验？

 特别是小学到中学期间，
我们的各科教师几乎都是学校安排的，
我们的选择权是零。

 在不懂得如何选择导师，
也没有被给予选择导师的学习机会，
我们就这样从学校毕业，
来到这个充满各式各样“导师”的社会，
请问我们有能力去分辨和懂得如何选择好的导师吗？

 老实说，
我个人觉得学生们在求学期间被剥夺了选择导师的权力，
是极其不人道的！

 怎么说都好，
这世上学校教师那么多，
素质自然参差不齐，
而且不同的教师适合不同的学生。

 有些学生在学校学习成绩不好，
就被打上“笨蛋”的标签，
但有没有可能就只是纯粹遇上不适合自己的教师呢？

 君不见有很多学生，
在遇见了适合的教师后，
成绩顿时突飞猛进？

 我个人觉得这也是现代教育系统如此被人诟病的原因之一。

 说到这一方面，
我个人就觉得KHAN ACADEMY甚合我意。

 我记得以前看过创办人的TED TALK，
说他的目的之一，
是让全世界顶级的教师把自己的教学视频上传到网络，
然后学生们就可以自由地选择适合自己的顶级教师的教学视频来看，
而不是单方面地被学校安排不适合的教师。

 说了这么多，
那么这又与“投资”有什么关系？

 君不见现今一大堆的“投资导师”，
什么XX大师，什么XX番王，什么XX专家等等的。

 可是有多少投资导师是真正地在教导？
有多少个其实只是销售人员？
有多少个其实只想要你把你的钱财交给他们？

 在你决定跟随某个投资导师学习前，
请问你有花点时间去了解对方的投资经历吗？
会不会有些导师其实只是所谓的“猜拳幸运者”？

 什么是“猜拳幸运者”？

 很简单，
集合上万人举办一个猜拳大赛，
一直猜拳到最后终会有一个胜利者，
那么请问那个胜利者是真的有实力还是纯粹运气好？

 如果以机率来说，
是“不确定”，
我们无法断言对方真的是猜拳高手或只是运气好。

 问题是，
那个胜利者只胜出了这一场大赛，
就开始出书<<我如何以猜拳战胜9999人>>或甚至开班教导如何猜拳，
然后还受到一大堆人的追捧！

 真正要验证的话，
必须要让那个胜利者再参加多几次猜拳大赛，
如果每次都是同样的胜利者的话，
那么我们才能断定对方是真的猜拳高手，
而不是纯粹地运气好。

 我们要懂得分辨对方是投资高手，
还是只是运气好买到个飙股。

 懂得如何精明地选择导师是非常重要的，
因为人最重要的资产就是自己的脑袋，
所以我们要很小心把怎样的教导和思想安装到自己的脑袋里，
不要轻易地被“假导师”挟持和摆布自己的大脑，
蒙蔽了自己的思想！

 投资如是，
各方面也是。

 财务教育的第二个要点，
就是“精明地选择导师”。

 请期待下一个要点~

 感谢阅读。
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What is Financial Education(2) : CHOOSE YOUR TEACHERS WISELY


Disclaimer : I wrote this article after reading <<Why The Rich Are Getting Richer>> by Robert Kiyosaki, so I referred to the book a lot.
Today let's continue to talk about the important aspects in REAL FINANCIAL EDUCATION.

 Previously,
I mentioned that the first important aspect is "ATTITUDE".
(LINK: http://thecellist-investment.blogspot.com/2019/07/what-is-financial-education1-attitude.html)

 Now,
the second important aspect would be "CHOOSE YOUR TEACHERS WISELY".

 HUH?
What??
We need to learn how to choose a teacher?

 YES!
OF COURSE!!!

 Just take a look at ourselves,
from as a child until now,
we had how many chance to be able to choose our own teacher?
We have how many experience of choosing a teacher?

 Especially during our time in school,
all the teachers were arranged by the school,
we had ZERO CHOICE.

 Thus,
we ended up graduating from school without knowing how to choose a teacher,
and came to this society which full of all kinds of different "TEACHER",
do we really have the ability to differentiate and know how to choose a TEACHER wisely?

 Frankly speaking,
I personally think that it is inhuman to take away the rights of the students in choosing their own teacher during school time.

 This is because there are so many teachers in the world,
thus the quality of the teachers are definitely different,
and different teacher might be suitable with different student.

 Some students are not doing good at school thus being labelled as "stupid",
but maybe those students just didn't have the chance to meet the teacher who is suitable for them?
Didn't we heard before that some students having better result after meeting the suitable teacher?

 "Being not able to choose your own teacher" which I think is one of the lacking of today's education system.

 That's why,
I personally think that the concept of KHAN ACADEMY is very good.

 I remember that I watched one of the TED TALK by the founder of KHAN ACADEMY,
one of his purpose is to have the top teachers in the world to upload their teaching video at internet,
so that all the students will be able to choose the video by their favorite teacher to watch.

 Thus,
students will be able to choose their own teacher instead of letting the school to assign them an unsuitable teacher.

 SO...................
What this has to do with INVESTMENT?

 As you can see,
nowadays there are a lot of "investment guru".

 HOWEVER,
how many of the gurus are actually teaching about investment?
How many of them are just salesman?
How many of them are just trying to persuade you to hand over your money to them?

 Before you decide to follow a certain investment guru,
did you spend time to study the investment background of the guru?
Is there any possibility that the guru is just a "lucky winner of rock paper scissor game"?

 You might ask,
what is "lucky winner of rock paper scissor game"?

 Okay,
first we gather ten thousand people for a "rock paper scissor game" contest,
at the end definitely there will be a champion.
The question is...............
is the champion really good at "rock paper scissor game" or he was just lucky?

 In terms of probability,
we are "NOT SURE".
We can't conclude anything about the champion by just one contest only.

 The problem now is,
after the champion won the contest,
he started to publish his book <<How I defeat 9999 people in rock paper scissor game>> and even started to held classes to teach about how to win in "rock paper scissor game",
he started to gain a lot of supporters and followers.

 In order to truly find out whether or not the champion won the contest because of pure luck,
we have to let the champion to join a few more "rock paper scissor game" contest,
if every time also the champion won,
then only we can conclude that the champion is really good at "rock paper scissor game" and not because of luck.

 THUS,
we need to know how to analyze whether the guru is actually really good at investing,
or the guru just had a good luck in buying a shares which the price skyrocketed.

 It is very important to choose a teacher wisely,
because our mind is the most important asset.

 Thus,
we have to be careful when trying to install any teaching into our mind,
and do not let our mind be controlled by the "FAKE GURU"!

 So as to investment,
so as to other aspects of life.

 The 2nd important aspect of Financial Education,
is "CHOOSE YOUR TEACHERS WISELY".

 I will talk about the third aspect next time.

 Thanks for reading.
I don't provide any buying/selling suggestion above,
please make your own investment decision and be responsible with it.

List of articles of year 2018






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Saturday, 20 July 2019

何谓财务教育(1) : 态度


声明：本文是我看了Robert Kiyosaki的著作<<Why The Rich Are Getting Richer>>后有所启发而写下的。
我在以前的文章中时常提到过“财务教育”这4个字，
但.............
何谓财务教育？

 什么是财务教育？

 作者Robert Kiyosaki在上面提到过的著作里有写到，
财务教育并非只是学习一些经济理论和如何平衡账目而已，
而是牵涉到更多层面的。

 首先财务教育第一个应该教导的，
就是态度，
ATTITUDE。

 态度，
也可以说是“对金钱的态度”。

 有些人对金钱的态度就是“我不关心钱的。”
“我对钱没有兴趣。”
“人生苦短，快乐就好。”

 问题是，
说着这些话的人，
每天却花许多时间在工作赚钱，
把人生的一大部分都用在自称不关心的事情上，
那么是真的对金钱漠不关心？
还是其实是在口是心非？自欺欺人呢？

 此外，
有些人的态度就是喜欢说"哦，太贵了，我买不起。"，
然后就放弃了思考。

 作者就时常鼓励我们转换思考方式，
比起“我买不起”，
更应该去想“如何才能买得起？”，
以此来推动脑袋去思考。

 不只是金钱方面，
生活上各式各样的层面上都应该如此去思考，
因为开始思考才能促使人类进步，
所以我们如今才能过着挺便利的生活，
而不是停留在原始时代的生活方式。

 还有就是对“有钱人”的态度，
是觉得有钱人都是做了见不得光的事情才有钱的吗？
有钱人都是逃税的大骗子吗？

 如果一个人厌恶有钱人，
那么你觉得那个人会努力去成为他所厌恶的人吗？
或就算成为了他自己所厌恶的人，
那么请问他会开心吗？

 最后还有一点，
就是“依赖政府”的态度。

 有些人觉得自己没钱是政府的问题，
不是他的问题，
然后就兴致冲冲地去投票换政府，
期待新政府会照顾自己。

 但就像我在2018年7月22日写过的<<扮演受害者的倾向>>文章中提到，
现在一年都过去了，
请问生活有所改善吗？
变得更有钱了吗？

 态度决定了一切。

 财务教育的第一个要点，
就是“态度”。

 请期待下一个要点~

 感谢阅读。









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What is Financial Education(1) : ATTITUDE


Disclaimer : I wrote this article after reading <<Why The Rich Are Getting Richer>> by Robert Kiyosaki, so I referred to the book a lot.
I always mentioned about "FINANCIAL EDUCATION" in my previous articles,
but...............

 What exactly is FINANCIAL EDUCATION ?

 In the book I mentioned above,
author Robert Kiyosaki said that the Financial Education is not just learning some economic theories or learning how to balance account,
it involves a lot more.

 The very first should be taught in Financial Education,
is..........
ATTITUDE.

 ATTITUDE towards MONEY.

 When talking about money,
some people's attitude is like "I have no interest at money."
"I don't care about money."
"Life is so short, we should just enjoy our lives."

 The problem is,
those who spoke like the above examples,
are spending a lot of hours a day to earn money,
they spent most of their lives on something that they said they don't care about,
is it that they really don't care?
Or are they not telling the truth?
Are they lying to themselves?

 Apart from that,
some people just like to say:"Oh, this is too expensive, I can't afford it."
Then they give up and stop thinking about it.

 The author always encourages us to change our way of thinking,
instead of saying "I can't afford it".
we should say "How can I afford it",
so that we will start to operate our mind to find a way to have the money to buy what we want.

 This is not just about money,
we should have this mindset in other aspects of life as well,
we human improved by started to think "HOW?",
that's why our lifestyle become so convenient nowadays,
and no more living in the cave.

 Also,
our attitude toward the rich people.

 Do you think that all the rich people gotten rich by doing something illegal?
Or do you think that all the rich people are crooks?

 If someone hate the rich people,
do you think that that person will work hard to be the person he/she hating?
Or even he/she successfully became the person he/she hating,
will he/she has a happy life?

 Lastly,
the attitude of thinking that government will take care of us.

 Some people still think that they have no money because of the government,
not their own problem,
then they gotten excited to vote to change the government,
and hoping that the new government will take care of them.

 Just like what I wrote in <<Enjoy Being The Victim>> article at 22th July year 2018,
now a year has passed,
did your lifestyle improve?
do you have more money now?

 THE ATTITUDE DECIDES EVERYTHING.

 Thus,
the first thing need to be in Financial Education,
is to learn about ATTITUDE.

 I will talk about the second thing next time.

 Thanks for reading.
I don't provide any buying/selling suggestion above,
please make your own investment decision and be responsible with it.

List of articles of year 2018




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Saturday, 13 July 2019

TOPGLOV 最新季度业绩


拖了这么长时间，
现在才终于有空写一写关于TOPGLOV上个月出炉的季报。

 首先，
虽然营业额增长令人高兴，
但一看到高企的Operating expenses以及下跌的盈利，
我的心情就像踩到大便一样糟糕：

唉.....
到最后的EPS都不是很好看：

管理层解释说Natural Rubber Latex Price的22%上涨是导致成本增加的主因：
不过从5月开始就调高了平均卖价，
下次的季报再看看怎样~

 以累积3个季度共9个月的成绩来看，
其实营业额增长了20.5%，
Sales Volume也增加了15%，
可惜税后盈利却下降了12.5%..........

这一次人见人爱的股息是每股3.5 sen。

 公司的扩展计划：

最后是展望：

推出Biodegradable的手套，
开始走环保路线。

 季度报告就到此为止，
觉得不详细的话欢迎去Bursa网站下载来看。

 投资就是自己思考，自己做决定。

 感谢阅读。
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TOPGLOV latest financial result


After so long time,
finally I am able to write about the latest financial result of TOPGLOV which released last month.

 First of all,
I was happy to see the growth of the revenue.

 HOWEVER,
when I saw the higher operating expenses thus lower profit,
I totally felt like stepping on a shit:

Aiks..........
At the end the EPS also not beautiful at all:


The management explained that the main reason of higher cost is because of the 22% increase of Natural Rubber Latex Price.

TOPGLOV had revised to higher average selling price starting month of May,
so let's see how will profit be at next financial report~

 If looking at the cumulative 3 quarters result,
the revenue actually grew by 20.5%,
sales volume increased by 15%,
but profit after tax dropped by 12.5%...........
This time the dividend is 3.5sen per share.

 The expansion plan:

Lastly the prospects:

The company recently launched a Biodegradable glove,
starting to be more environmental friendly.

 That's all for the financial report,
for more details please feel free to download it from BURSA website and read it.

 Investment is about doing own thinking, making own decision.

 Thanks for reading.
I don't provide any buying/selling suggestion above,
please make your own investment decision and be responsible with it.

List of articles of year 2018
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Saturday, 6 July 2019

AEONCR股东大会2019年 + 最新季度业绩


6月20日是AEONCR股东大会的日子：

今年的股东大会不是在学校假期期间，
考虑到KL市中心早上严重塞车，
从我家出发应该会耗时2个小时(虽然只有50公里远.....)，
我只好忍痛从股息中拨出一笔钱，
在前一晚就先到InterContinental酒店过夜：

幸好酒店泊车费用是AEONCR出~~~

 当天股东大会的Slideshow重点：

 首先，
过去一年的生意量增长是多得个人贷款、摩托车贷款和信用卡这三个领域：

过去一年也因为招了很多M40客户，
所以公司资产素质有所改善。

目前E-wallet方面，
公司还在整合AEON和AEONBIG的客户Database。

 等这些都完成后，
才会跟其他领域的关键公司合作，
让AEON E-wallet使用者不只在AEON，
在其他地方消费也能享有更多优惠：

生意方面，
之前都是消费贷款为主，
接下来会推行Objective Financing，
让客户不只购买消费品，
连医疗、结婚或房子装修等都能跟AEONCR贷款。

 SME Financing方面，
公司也获得了新的准证，
之前只能贷款给SME公司购买Equipment hire purchase，
现在也能贷款给SME公司当作Working Capital：

接下来是股东发问环节。

 公司有提到说每年target的LOAN成长是10%-15%，
然后信用卡每年target双位数成长。

 有股东提问关于美元波动的影响，
CFO说其实公司的美元贷款已经是fully hedged了，
在每3个月的季报里可能会出现波动，
但到最后Settlement时是没有影响的，
毕竟美元贷款成本从一开始就已经固定好了。

 公司的美元贷款其实都是来自日本银行，
日本银行的美元贷款利率只是4%，
而且提供上面所说的对冲优势。

 关于跟税收局的官司，
管理层说官司应该会拖个几年，
衡量了官司成本和公司及股东的利益，
管理层认为官司应该继续打下去，
毕竟对这场官司有信心。

 在现场我才真的感受到，
管理层对这场官司的信心，
亲自来股东大会是值得的~

 有股东担忧关于公司进军SME贷款领域，
管理层也说公司在消费贷款领域算是专家，
但在SME贷款领域还是新手，
所以会谨慎地进行。

 有股东担忧世界经济，
特别是美国和中国的贸易战，
管理层说他们也只能做好本分，
专注于马来西亚这里的生意。

 以上就是我在AEONCR股东大会里的所见所闻，
想知道得更详细的话，
下次欢迎亲自出席~

 股东大会之后过了差不多一个星期，
AEONCR就释出了最新一季的财报。

 一开始我看到营业额有所增长，
是很高兴的，
但继续往下看到高涨的Operating expense...........

还有更高的Finance cost:

看得我心里一凉，
这一季的业绩没以前那么好看了..............

生意量是越做越大，
NPL也终于低过2%，来到了1.92%。

 Operating expense增加的原因有两个：
1)更高的impairment losses on financing receivables
2)Promotional expenses

Finance cost更高的原因则是因为higher borrowings。

 公司对今年的展望：
公司觉得可以保持如今的业绩表现。

 季度报告就到此为止，
觉得不详细的话欢迎去Bursa网站下载来看。

 至于AEONCR是不是还值得投资呢？

 投资就是自己思考，自己做决定。

 感谢阅读。








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AEONCR AGM 2019 + latest quarter financial result


20th June was the date for AEONCR AGM year 2019:

Since the AGM for this year wasn't around school holiday,
considering the KL heavy traffic jam at morning,
which might cost me 2 hours of driving to arrive....
(even though my house is just 50km away from the hotel....)

 Anyway I decided to take some of the dividend from AEONCR and booked a hotel room at InterContinental Hotel a night before the AGM:

Luckily AEONCR helped to pay my parking fees~~~

 First,
below are some of the slides shown during AGM:

 The volume growth of business were driven by Personal Financing, Motorcycle Financing and Credit Card:

The asset quality is better since AEONCR recruited more M40 customers:


For AEON E-wallet,
the company still integrating all customer database together from AEON and AEONBIG.

 Then only will work together with other industry players,
so that the user of AEON E-wallet will not only enjoy benefits at AEON,
but also some other places:

For the business,
AEONCR will provide Objective Financing for customers with specific needs of cash such as medical care, wedding, renovation.

 For SME Financing segment,
AEONCR also obtained new license which now the company not only can provide finacing for SME to purchase Equipment hire purchase,
but also as Working Capital:

Next is Q&A session.

 The management mentioned that the annual target LOAN growth is around 10%~15%,
and annual target growth of Credit Card is double digit.

 A shareholder was concerned about the fluctuation of US dollar,
CFO answered that the US dollar loan are all fully hedged,
maybe it will be fluctuated when shown in the quarter financial report,
but upon settlement it will be no effect at all,
since the cost of US dollar loan is fixed at first.

 Basically,
the US dollar loan are from Japan banks,
which the interest rate is only around 4%,
and the hedging advantage is provided as mentioned above.

 As for the lawsuit,
the management said that it might be dragged for few years,
considering the cost of lawsuit and the benefits of company and shareholders,
the management still think that the lawsuit needs to continue,
since they believe that they are at the stronger ground.

 By attending the AGM myself,
I was able to sense the confidence from the management regarding this issue,
seems like is worthy to attend~

 A shareholder was concerned about AEONCR entering SME Financing market,
the management mentioned that they are expert in Consumer Financing,
but they are still new at SME Financing,
so they will operate with cautious.

 A shareholder was concerned about the world economic especially the trade war between US and China,
the management said that they can only do their best in managing the company and focus at business in Malaysia.

 That's all for what I saw and heard during AEONCR AGM,
if you want to know more details,
feel free to attend the AGM next year~

 After around 1 week of AGM,
AEONCR finally released latest quarter financial report.

 I was happy to see that the revenue grew,
HOWEVER,
next I saw the high operating expense.............


Coupled with the higher finance cost:


Suddenly I felt like there is a butterfly in my stomach,
and yeah,
the profit dropped................


Though the business is growing,
and NPL finally reached 1.92%.

 There are two reasons of highe operating expense:
1)higher impairment losses
2)higher promotional expenses

Higher finance cost was due to higher borrowings.

 The current year prospects:
The company expects to maintain its financial performance.

 That's all for the financial report,
for more details please feel free to download it from BURSA website and read it.

As for whether AEONCR is worthy to invest or not?

Investment is about doing own thinking, making own decision.

Thanks for reading.
I don't provide any buying/selling suggestion above,
please make your own investment decision and be responsible with it.

List of articles of year 2018
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