Tuesday, 30 April 2019

2019年1月~4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~April 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~
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:
AEONCR latest financial report

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Saturday, 20 April 2019

HUPSENG最新年度财政报告


话说有些公司的股票虽然我已经全部卖出，
但并不代表说我就从此不关注，
今天就来看一看其中的一家：

 看回过去5年的记录，
其实营业额还算有所增长：

只可惜盈利却是呈相反的趋势...............
EPS也是连年下跌的趋势：

不过ROE看起来还是挺漂亮的~
但漂亮归漂亮，
实际带给股东的回酬有多好，
就见仁见智了。

近年来的股息都维持在6.0sen，
都是派出超过盈利的数目。

 HUPSENG的业务其实可以分成3个部分：

 我就不在这里一一细说了，
毕竟跟占了营业额95%的饼干业务比起来，
其他的在公司营业额的比例根本没什么好提的。

 至于为什么营业额增加但盈利下跌呢？

 答案在这里：

简单来说就是原料成本的上涨，
但产品价格却没有跟着变动。

 营业额方面，
本地是72%，出口是28%:

2018年本地销量上涨4%，
出口则因为强势令吉而下跌0.8%。

 在Batu Pahat plant的ovens的capacity utilization是87%，
然后为了节省燃料成本，
两条baking lines换成natural gas作为燃料：
公司去年也买了新的cracker line，
将在2019年5月开始安装，
一直到2020年的第一季才会完全运作。

 然后花了2年时间的测试，
才总结说2016年买下的2个auto stacking system不能达到理想的效果...............

 出口方面：

前5大出口国家为泰国，沙乌地阿拉伯，新加坡，缅甸和印尼。
总共占据出口的58%。

 中国方面，
饼干的销量增加了47%：

不过中国方面只占了营业额的很小比例(2.6%)，
而且中国市场竞争激烈，
公司不敢太乐观看待。

沙乌地阿拉伯的经济政策改变，
导致入口商品价格变高，
也会影响公司在那里的销量。
 最后是公司对未来的展望：

首先公司对2019年的消费情绪悲观，
然后会开发更加天然健康的食物饮料。

 以上就是HUPSENG最新的年度财政报告，
如果想看完整的，
欢迎到BURSA的网站下载一本来细读。

 投资就是自己思考，自己做决定。

 感谢阅读。
以上言论没有任何买卖建议，
大家买卖自负。


广告时间：
欢迎来看大提琴家以笔名“黑正”，
在网上连载中的人气网络小说《半虫战记》：
繁体版：作品链接
简体版：作品链接

广告结束。
最近文章：
我的投资理论之一--大便论
TOPGLOV最新季度财政报告
我的2019年第1季度投资成绩
AEON最新季度财政报告
HARTALEGA最新季度财政报告



其他链接：
我的2018年投资成绩
关于本人
我的脸书专页
2019年文章目录
2018年文章目录
2017年文章目录




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HUPSENG latest annual report


There are some companies that I no more holding the company shares,
but this doesn't mean that I do not care about those companies anymore.

 So today let's have a look at one of these companies:

If we look at the 5 years record,
the revenue did have some improvements:

Sadly the profit were on the opposite trend............
EPS also kept dropping:

Anyway the ROE still looked beautiful~
HOWEVER......
How much gain it actually brought to the shareholders??
It depends........

For the past 3 years,
dividend still maintained at 6.0 sen per share,
the payout ratio is more than 100%.

 The business segment of HUPSENG actually can be divided into 3 categories:

I will not discuss the details here,
since the Biscuits Range already contributed 95% of the total revenue,
the other two categories were not worthy to mention here.

 As for why the profit dropped while revenue improved?

 The answer is here:

The increment in the price of major raw materials while the selling price of the products didn't fluctuate much last year.

 For the revenue,
domestic sales is around 72% while export is around 28%:

The domestic sales increased by 4% while the export sales decreased by 0.8% due to strengthening of Malaysian Ringgit against US dollar.

 The capacity utilization of the ovens in Batu Pahat plant is about 87%,
and two baking lines were converted to natural gas as its source of fuel to save costs:

The company also bought a new cracker line which will start the installation work at May 2019,
and expected to be fully operational by 1st quarter 2020.

 After 2 years of testing,
the 2 sets of auto stacking system are yet to achieve desired result,
so the management is looking for new packaging concept......

 For the export:

The top5 countries of export sales are Thailand, Saudi Arabia, Singapore, Myanmar and Indonesia,
which altogether contributed 58% of total export revenue.

 As for export sales to China,
the sales volume of biscuits grew by 47%:

However,
export sales to China only around 2.6% of total revenue,
and the China market is intense with competition,
so the company will not be over optimistic about it.

There is a change in Saudi Arabia's economic strategy,
which prices of imported products are higher and will affect the export sales to there.

 Lastly,
the future prospects by management:


The operating environment will still be tough for year 2019,
and the company will explore and expand new products with healthier ingredients to meet the market trend.

 That's all for the latest annual report of HUPSENG,
if you want to read more by yourself,
feel free to go to download one from BURSA website.

 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, 13 April 2019

我的投资理论之一--大便论


如果一直有阅读我的文章，
就会发现到每次结尾我都会加上这句话：
“投资就是自己思考，自己做决定。”

 以前我在Investalks论坛里时常遇到用户询问我关于投资的各种东西，
如：
“你觉得这家公司怎样？”
“这家公司可以买进吗？”
“可以帮我看看这家公司吗？”
“我应不应该借钱投资？”
等等。

 面对这些问题，
我就提出了“大便论”。
(在吃饭的，请小心。)
(当时”大便论“是用英文所写，
想要原汁原味的大便......论~
请看英文版。)

 “我无法给任何意见，
我不是你，
我也不是神，
并不清楚任何关于你的事情，
所以我也不知道怎样才是最适合你的。

 其实投资是很个人的，
你自己做决定，
然后你自己去担负责任。

 举例来说，
如果你想大便，
“喂！你觉得我应该去大便吗？”
你会跑去问其他人吗？

 如果你没大好，
大便满厕所都是，
请负起责任去清理，
不要期待别人会来帮忙清理你的大便。

 还有，
请不要责怪建造厕所的人没把坑洞造得更大。”

 投资是很个人的，
就像要不要大便也是很个人的事情，
自己思考，自己决定。

 如果投资亏钱，
也不要期待会有他人打救，
也不要去责怪他人令自己亏钱。

 就像你大便出问题，
大到满厕所都是，
不要期待别人会来帮忙清理，
也不要责怪说建造厕所的人有问题。

 以上，
就是所谓的“大便论”。

 投资是很个人的事情，
所以请自己思考，自己做决定。

 感谢阅读。
以上言论没有任何买卖建议，
大家买卖自负。


广告时间：
欢迎来看大提琴家以笔名“黑正”，
在“漫延文创网”连载中的网络小说《半虫战记》：
在马来西亚两大网络小说网站的排行榜都名列前茅哦~



广告结束。

最近文章：
TOPGLOV最新季度财政报告
我的2019年第1季度投资成绩
AEON最新季度财政报告
HARTALEGA最新季度财政报告
AEONCR最新季度报告



其他链接：
我的2018年投资成绩
关于本人
我的脸书专页
2019年文章目录
2018年文章目录
2017年文章目录
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One of my investing theorem -- "The SHIT Theorem"


If you always read my articles,
I think you already realized that I every time will put this sentence at the end of my articles:
"Investment is about doing own thinking, making own decision."

 Last time when I was very active at Investalks forum,
there were many users kept asking me for investment advice,
for example:
"What do you think about this company?"
"Shall I buy this company shares?"
"Can you help me to have a look at this company?"
"Should I borrow money to invest?"
and bla bla bla...........

 That's why,
I came out with "The SHIT Theorem".
(Please beware if you are eating.)

  "I can't give comment, 
I am not YOU,
I am not GOD, 
I don't know anything about you, 
so I don't know what is suitable for you.

 Actually INVESTING is very PERSONAL, 
YOU make your OWN DECISION,
YOU take FULL RESPONSIBILITY of it.

 For example.....

 If you want to shit, 
will you ask other people: "Hey, do you think I should go shit?" 

 After shit, remember to flush.

 If you didn't shit nicely, 
and the shit is everywhere inside the toilet,
please be responsible and clean it, 
don't hope for other people will clean it for you,
and don't blame other people for not making the hole big enough...."

 For me,
INVESTING is very PERSONAL,
same like whether to shit or not is also very personal,
so please do your own thinking, and make own decision.

 If you lose money at investment,
do not hope that other people will save you,
and do not go and blame other people for causing you to lose money.

 Same like when you didn't shit properly and your shit is everywhere in the toilet,
do not hope that other people will clean it for you,
and do not blame that there is problem with the construction of the toilet.

 That's all for "The SHIT Theorem".

 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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Friday, 5 April 2019

TOPGLOV的最新季度财政报告


今天来前所未有地看一下TOPGLOV最新的季度财政报告。

首先，
看到营业额和Profit from operations都有所进步，
心情挺高兴的：



但是，
再继续看下去：


跟去年同一季比起来相差不大，
甚至可说是倒退一点.....

当然，
是有种种理由的。

来看看管理层的发言：


从上面的数据看不到，
但管理层有提到是说跟去年的Q2比起来，
Sales Volume增长了16%，
而且平均销售价页比较高。

但盈利增长不大的原因，
是因为更高的税务支出。

Natural rubber latex价格是RM3.62/kg，
跟去年的Q2比起来降了17.7%，
但Nitrile的价格则是1.08/kg，上涨1.9%。

跟同年的Q1相比的话：


因为成本较低和定价压力，
而调低了平均销售价，
造成Sales Volume虽然增长1%，
但营业额却下降了8.1%。

也因为同行竞争和美元弱势，
造成盈利有所下跌。

上面提到的较低成本而调低销售价，
是因为Natural rubber latex降了4.2%，
Nitrile latex则下降14.3%。

在这里也放上公司的工厂完成时间表：


方便以后看回和比较。

最后是管理层的展望：


首先，
Exchangeable Bonds顺利发行，
然后会改善Aspion公司的运作。

最后还有写说公司对手套行业仍然保持正面。

以上就是最新的季度财政报告。

如果觉得不够详细的话，
随时欢迎你们自己去Bursa网站下载一份来看。

目前来看，
TOPGLOV的股价从高峰滑落了很多，
是危？还是机？

投资就是自己思考，自己做决定。

感谢阅读。

2018年文章目录
2017年文章目录







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TOPGLOV latest quarter financial report


Today let's have a look at TOPGLOV latest quarter financial result.

 First of all,
I was quite happy to see that both the Revenue and Profit from operations improved:



HOWEVER,
when I continued to read:


The profit was not much different than last year same quarter.......
We can even say that the profit decreased a bit..........

 Of course,
there are several reasons.

 Let's see what the management commented:

There are things that we couldn't observe from the above date,
for example like the Sales Volume increased by 16%,
and the average selling price was higher than last year Q2.

 The reason of not much increment of profit,
was because of higher tax expenses.

Comparing with last year Q2,
price of Natural rubber latex dropped 17.7% (RM3.62/kg),
whereas price of Nitrile increased by 1.9% (RM1.08/kg)

 If comparing the Q1 this financial year:

The average selling price was lower because of downtrend in raw material costs and pricing pressures.

 That was why even though Sales Volume grew by 1%,
but Revenue dropped by 8.1%.

 The profit also dropped because of competitive environment and weakening of USD.

 The lower average selling price was because price of Natural rubber latex dropped by 4.2%,
and price of Nitrile latex dropped by 14.3%.

 The expansion schedule:


Put it here so that it will be easier for me to refer back at the future.

 Lastly,
prospects by the management:

The issuance of Exchangeable Bonds was completed,
and improvement on operations of Aspion will keep going on.

 The management still remains positive on glove industry outlook.

 That's all for the TOPGLOV latest quarter financial report.

 If you want to know more details,
feel free to download the financial report from Bursa website and have a read.

 As for now............
the shares price of TOPGLOV dropped a lot comparing with last time.

 Is it a chance? Or a trap?

 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
List of articles of year 2017

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