大提琴家的股市投资笔记 / The Cellist's Share Investment Note: 2020

Thursday 31 December 2020

2020年1月~12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~

2020年12月：

我的2020年投资成绩

2020年9月：

我的2020年第3季度投资成绩

2020年8月：

SMF篇：用股票或定期存款来抵押有何分别？

2020年7月：
同一天进行的AEON和AEONCR股东大会

2020年6月：
我的2020年上半年投资成绩
KAWAN股东大会2020
我在2020年4月9日~28日之间的投资记录

2020年5月：
我在2020年3月24日~4月8日之间的投资记录
NESTLE最新季度财政报告

2020年4月：
ALLIANZ最新年度财政报告
我在2020年3月13日~23日之间的投资记录
AEONCR最新季度财政报告

2020年3月：
我的2020年第1季度投资回酬
TOPGLOV最新季度财政报告
AEON最新季度财政报告

List of articles of January~December 2020

I will make a list of articles every last day of the month,
so that is easier for me and for everyone to refer~

December 2020:
My investment return for year 2020

September 2020:

My investment return for 3rd quarter 2020

August 2020:

SMF Series : Any difference for using shares or FD as collateral?

July 2020:
AEON & AEONCR AGM which happened at the same day

June 2020:
My investment return for 1st half year 2020
KAWAN AGM 2020
My buying & selling record from 9th to 28th April 2020

May 2020:
My buying & selling record from 24th March to 8th April 2020
NESTLE latest quarter financial report

April 2020:
ALLIANZ latest annual report
My buying & selling record between 13rd~23rd March 2020
AEONCR latest quarter financial report

March 2020:
My investment return for 1st quarter 2020
TOPGLOV latest quarter financial report
AEON latest quarter financial report

我的2020年投资成绩

2020年9月到12月之间，

组合中手套公司纷纷股价大跌，

一方面其他行业公司股价则上涨，

互相弥补，

所以跟3个月前的回酬比起来只是下降了些许。

我的2020年投资成绩为ROA = 24.2%, ROE = 41.7%。

接下来对比看看2020年头和现在的投资组合，
2020年一开始时，
我的投资组合如下：
1) HARTA (26%)
2) AEONCR (20%)
3) LPI (14%)
4) ALLIANZ (13%)
5) STMKB (11%)
6) AEON (8%)
7) NESTLE (6%)
8) PANAMY (2%)

现在：
1) AEONCR (20%)
2) HARTA (19%)

3) ALLIANZ (16%)

4) STMKB (14%)
5) ELKDESA (10%)
6) KAWAN (10%)

7) KOSSAN (5%)

8) TOPGLOV (5%)

9) LPI (1%)

目前为止的回酬，
主要是靠在3月到4月之间所买入的各家公司股票，

当然手套公司提供了最多的盈利。

我在3月的大跌时一度失去3分之1的身家，

现在可说是好不容易赚了回来。

假设说，
我今年年头有100K，
那么大跌后我就只剩下66K左右，
靠着各家公司的大涨，
我才达到接近140K的水平。

从66K回到140K，
也就是要靠66K赚回74K，
所以只算我在股市最低点到如今的回酬其实是112.1%。

在这里顺便写下历年的投资成绩：
2011 : ROE = +28.0%
2012 : ROE = +32.8%
2013 : ROE = +15.0%, ROA = +13.3% (开始使用SMF)
2014 : ROE = -12.0%, ROA = - 8.0%
2015 : ROE = +21.6%, ROA = +13.3%
2016 : ROE = +38.0%, ROA = +22.2%
2017 : ROE = +40.5%, ROA = +24.9%
2018 : ROE = +16.0%, ROA = +13.3%
2019 : ROE = - 3.2% , ROA = - 2.2%

2020 : ROE = +41.7% ,ROA = +24.2%

也就是说，

如果2011年初我有1百万，

那么这笔钱经过10年的投资后，

会变成6百45万，

但很可惜，

2011年初还是大学生的我，

起始资金连5位数都不到。

如果没有利用SMF，

那么10年后只会变成4百万多，

不得不说SMF真的帮助了我不少。

关于接下来的投资方向.................

目前来说还是一样，

疫情没有什么改变，

就算疫苗面世了，

病毒也不可能隔天就马上消失，

所以我的投资也没有什么重大的改变。

在此也宣布一下，

我会暂停把每篇文章翻译成英文，

先专心于中文部落格，

毕竟最近每次想到写了文后还要翻译成英文，

都会觉得有种负担，

令到写文的兴致也跟着消失。

最后在这里再次奉劝各位，

到处趴趴走或聚餐之前请三思而行，

就像3个月前我说过的：

“大家一起CUTI-CUTI MALAYSIA，

结果就是COVID-COVID MALAYSIA了。”

要不要到处趴趴走或聚餐就跟投资一样，

都是自己思考，自己做决定，
并对自己所做的决定负起责任。

感谢阅读。

以上言论没有任何买卖建议，
大家买卖自负。

My investment return for year 2020

From September 2020 to December 2020,

the shares price of glove companies dropped a lot,

while shares price of companies from other industries rose.

As a result,

my investment return for year 2020 : ROA = 24.2%, ROE = 41.7%.

Below is the comparison of my investment portfolio at the start of year 2020 till now:

Start of year 2020:

1) HARTA (26%)

2) AEONCR (20%)

3) LPI (14%)

4) ALLIANZ (13%)

5) STMKB (11%)

6) AEON (8%)

7) NESTLE (6%)

8) PANAMY (2%)

Now:

1) AEONCR (20%)
2) HARTA (19%)

3) ALLIANZ (16%)

4) STMKB (14%)
5) ELKDESA (10%)
6) KAWAN (10%)

7) KOSSAN (5%)

8) TOPGLOV (5%)

9) LPI (1%)

My positive return were mostly contributed by the appreciation of shares price which I bought during the bear market at March and April,

of course glove companies contributed the majority of the profit.

I lost around 1/3 of my net worth during the bear market at March,

so now I can say that I finally earn back what I lost.

For example,

if I have 100K at the start of year 2020,

then I only left with 66K after the bear market.

From 66K back to 140K,

I had to earn 74K by investing 66K only,

which means that my return from the lowest point of shares market until now is around 112.1%.

Anyway,

My investment return for the past few years:

2011 : ROE = +28.0%

2012 : ROE = +32.8%

2013 : ROE = +15.0%, ROA = +13.3% (started using SMF)

2014 : ROE = -12.0%, ROA = - 8.0%

2015 : ROE = +21.6%, ROA = +13.3%

2016 : ROE = +38.0%, ROA = +22.2%

2017 : ROE = +40.5%, ROA = +24.9%

2018 : ROE = +16.0%, ROA = +13.3%

2019 : ROE = -2.2% , ROA = -3.2%

2020 : ROE = +41.7% ,ROA = +24.2%

If I have 1 million at the start of year 2011,

after 10 years of investment,

it will appreciate to 6.45 million.

Sadly,

I was an university student at year 2011,

I didn't even have 10k as my initial capital....

If without using SMF,

after 10 years it will grow into slightly above 4 million,

so I have to admit that SMF really helped me a lot.

As for my investment strategy for the future......................

For now,

the pandemic seems like nothing is changing,

even the vaccines are out,

but the virus will not disappear right away,

so my investment is still no changes as well.

Just that.......

everyone please think twice before going out to travel.

Everyone CUTI-CUTI MALAYSIA,

thus now COVID-COVID MALAYSIA~

Traveling is same like investing,

all are about doing own thinking,
making own decision,
and you take full responsibility of your decision.

LAST THING....

I AM SORRY FOR ALL MY READERS WHO READ ENGLISH VERSION,

since I will stop translating my future articles into English.

For the past few months,

every time I feel like wanting to write something,

and thinking that after writing in Chinese version I still need to translate into English version,

I suddenly lost the interest of writing.

Making this blog as Chinese version + English version somehow became a burden for me,

so I decided to stop English version,

and fully focusing on Chinese version.

Again,

I am sorry for English version readers.

Everyone please take care and good bye.

Thanks for reading.

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

Other links:

My investment result

My self-introduction article

My Facebook Page
List of articles year 2020

List of articles year 2019

List of articles year 2018

List of articles year 2017

Wednesday 30 September 2020

我的2020年第3季度投资成绩

2020年6月到9月之间，

股市起起落落，

我的回酬一时高，一时低，

就像坐过山车一样，

而且还是看不到终点的那种。

我的2020年第3季度投资成绩为ROA = 29.1%, ROE = 50.1%。

接下来对比看看2020年头和现在的投资组合，
2020年一开始时，
我的投资组合如下：
1) HARTA (26%)
2) AEONCR (20%)
3) LPI (14%)
4) ALLIANZ (13%)
5) STMKB (11%)
6) AEON (8%)
7) NESTLE (6%)
8) PANAMY (2%)

现在：
1) AEONCR (22%)
2) HARTA (20%)
3) STMKB (12%)
4) ALLIANZ (11%)
5) ELKDESA (9%)
6) KAWAN (8%)
7) LPI (7%)

8) TOPGLOV (6%)

9) KOSSAN (5%)

目前为止的回酬，
主要是靠在3月到4月之间所买入的各家公司股票，

当然手套公司提供了最多的盈利。

我在3月的大跌时一度失去3分之1的身家，

现在可说是好不容易赚了回来。

假设说，
我今年年头有100K，
那么大跌后我就只剩下66K左右，
靠着各家公司的大涨，
我才达到150K的水平。

从66K回到150K，
也就是要靠66K赚回84K，
所以只算我在股市最低点到如今的回酬其实是127.3%。

对比起6月尾结算时的投资组合，

我的AEONCR和HARTA持股量变多了，

然后KOSSAN变少了。

这是因为之前手套公司涨太多，

我有卖出一些股票，

KOSSAN股票更是卖掉一半，

然后加码AEONCR，

刚好之后股市大跌，

我有捞了一些HARTA，

才会形成现在的投资组合比重。

当然，

做这些买进卖出的繁杂动作，

充其量也只是多赚了几千块，

值得思考是不是真的值得..............

疫情没有什么改变，

那我也没有什么重大的改变。

在这里只能奉劝各位，

出去旅游之前请三思而行，

大家一起CUTI-CUTI MALAYSIA，

结果就是COVID-COVID MALAYSIA了~

旅游就跟投资一样，

都是自己思考，自己做决定，
并对自己所做的决定负起责任。

感谢阅读。

以上言论没有任何买卖建议，
大家买卖自负。

My investment return for 3rd quarter 2020

From June 2020 to September 2020,

the shares market was very drastic,

my investment return was sometimes high, sometimes low,

just like a never ending roller-coaster.

ANYWAY,
my investment return until 3rd quarter 2020 is ROA = 29.1%, ROE = 50.1%.

Below is the comparison of my investment portfolio at the start of year 2020 till now:

Start of year 2020:
1) HARTA (26%)
2) AEONCR (20%)
3) LPI (14%)
4) ALLIANZ (13%)
5) STMKB (11%)
6) AEON (8%)
7) NESTLE (6%)
8) PANAMY (2%)

Now:
1) AEONCR (22%)
2) HARTA (20%)
3) STMKB (12%)
4) ALLIANZ (11%)
5) ELKDESA (9%)
6) KAWAN (8%)
7) LPI (7%)

8) TOPGLOV (6%)

9) KOSSAN (5%)

My positive return were mostly contributed by the appreciation of shares price which I bought during the bear market at March and April,

of course glove companies contributed the majority of the profit.

I lost around 1/3 of my net worth during the bear market at March,

so now I can say that I finally earn back what I lost.

For example,
if I have 100K at the start of year 2020,
then I only left with 66K after the bear market.

From 66K back to 150K,
I had to earn 84K by investing 66K only,
which means that my return from the lowest point of shares market until now is around 127.3%.

Comparing my portfolio at the end of June and now,

my holding of AEONCR and HARTA shares increased,

while holding of KOSSAN shares decreased.

Well,

when shares price of glove companies rose too much last time,

I sold some of it,

especially I sold half of my KOSSAN shares and I used that money to buy more AEONCR shares.

Then share prices of glove companies dropped a lot,

so I also bought some HARTA shares.

After all these selling and buying,

I did earn a few extra thousand bucks,

but considering all the troublesome,

is it really worthy??

Anyway,
My investment return for the past few years:
2011 : ROE = +28.0%
2012 : ROE = +32.8%
2013 : ROE = +15.0%, ROA = +13.3% (started using SMF)
2014 : ROE = -12.0%, ROA = - 8.0%
2015 : ROE = +21.6%, ROA = +13.3%
2016 : ROE = +38.0%, ROA = +22.2%
2017 : ROE = +40.5%, ROA = +24.9%
2018 : ROE = +16.0%, ROA = +13.3%
2019 : ROE = -2.2% , ROA = -3.2%

As for my investment strategy for the future......................

For now,

the pandemic seems like nothing is changing,

so my investment is still no change as well.

Just that.......

everyone please think twice before going out to travel.

Everyone CUTI-CUTI MALAYSIA,

thus now COVID-COVID MALAYSIA~

Traveling is same like investing,

all are about doing own thinking,
making own decision,
and you take full responsibility of your decision.

Thanks for reading.

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

Other links:

My investment result

My self-introduction article

My Facebook Page
List of articles year 2020

List of articles year 2019

List of articles year 2018

List of articles year 2017

Sunday 2 August 2020

SMF篇：用股票或定期存款有何分别？

闲着没事，
就来写写关于SMF(Share Margin Financing)户口好了。

强烈建议对SMF户口有兴趣的各位，
先看过以下两篇文章：
为何我使用SMF来投资
当年我迅速累积身家的3把武器

说到SMF户口，
很多人第一个的疑问就是.................
我应该用我的股票还是定期存款来抵押呢？

通常会产生这个疑问的原因，
就是SMF户口的宣传语都是这么写的：
Trading Limit : up to a maximum of 2.5 times against Fixed Deposit.
Trading Limit : up to a maximum of 1.5 times against Shares.

哇~~~~
抵押定期存款有2.5倍Trading Limit，
但是抵押股票才只有1.5倍Trading Limit，
看起来定期存款比较值得喔？

真的是这样吗？

当年我也是傻傻地这样认为，
但还好我的SMF Banker好心地解释了一番，
我才明白过来，
其实差别不大。

为什么呢？

首先来看看MoF (Margin of Finance)的计算方法：
(关于MoF，以后我会写篇文章。)

然后根据我这里马来西亚，
大部分SMF户口的MoF都是60%，
所以我就用60%好了。

首先是状况一，
抵押总价值100K的股票。

注意！
不是总“市”值100K的股票噢！
而是总“价”值100K的股票！

这是因为银行有设置各股的% of MV和Cap Price，
(关于这些，以后也会写篇文章。)
所以就算有总市值100K的股票，
但对银行而言，
未必是总价值100K!

不过，
本文的重点在于抵押股票和定期存款的分别，
而不是关于MoF或Cap Price，
为了方便解释，
我们先假定MoF = 60%，
% of MV = 100，
然后银行没有设置Cap Price好了。

首先是状况一，
抵押总价值100K的股票，没有定期存款：

由于没有定期存款，
所以MoF的计算方法可以简化成：

还没有开始负债买股票时，

负债额是0，

总股票价值只有所抵押的100K，

所以MoF是0%:

所谓的1.5倍Trading Limit，

就是1.5 X 100K = 150K，

也就是说大概可以多负债150K来买股票，

如此一来MoF刚刚好是60%:

就结果而言，

在负债150K的情况下，

拥有大约250K价值的股票。

接下来是状况二，
抵押100K的定期存款，

这时就要用回最完整的算法：

抵押定期存款的话，

是2.5倍Trading Limit，

就是2.5 X 100K = 250K，

也就是说大概可以多负债250K来买股票，

如此一来MoF刚刚好是60%:

就结果而言，

在负债250K的情况下，

拥有大约250K价值的股票。

总归来说，

不管是状况一或状况二，

最终都是拥有250K价值的股票。

这就是我为什么一开始说，

结果是差不多的。

当然，

状况一：负债150K，股票250K

状况二：负债250K，股票250K，定期存款100K

如果不单纯看结果，

从会计账面上来看，

是有所不同的。

然后，

Force Selling的风险是一样的。

当股票大跌，

MoF超过70%时，

就会启动Force Selling。

不管状况一或者是状况二，

股票价值从250K跌到210K都会启动Force Selling：

“用定期存款抵押，风险没变，并不会更安全。”

基本上除了计算过程稍微不一样，

就结果和风险而言，

是一样的。

当然，

除非用OPM~

以上就是今次所要探讨的主题，

若有任何疑问，

欢迎留言。

对于SMF有什么想知道的，

或有任何不清楚的，

也可以留言给我，

这样我才会有灵感写文~

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。

SMF Series : Any difference for using shares or FD as collateral?

Since SMF(Share Margin Financing) account is something that not many people write about it,

so I decided to start writing it.

For those who have interest at SMF account,

feel free to read the two chapters below first:

Why did I use SMF for my investment

My 3 weapons at shares market

When talking about SMF account,

the first question which appeared at everyone's mind is:

"Should I use shares or fixed deposit as collateral?"

The reason why this question arose,

is because of what is written on the promotion of SMF account:

Trading Limit : up to a maximum of 2.5 times against Fixed Deposit.
Trading Limit : up to a maximum of 1.5 times against Shares.

Wow~~~

2.5 times Trading Limit for Fixed Deposit,

but only 1.5 times Trading Limit for shares,

seems like using FD as collateral is much more worth it??

Is it???

I was thinking like that too,

only after my SMF Banker kindly explained to me,

I understood that the difference is not that significant.

WHY?

First let's see the calculation formula of MoF (Margin of Finance):

(I will write an article specially about MoF next time.)

Following the standard at Malaysia,

the MoF of majority of the SMF account is 60%,

so I will use 60% too.

Situation 1: 100K shares value as collateral

Beware!

It is 100K shares value!

Not 100K market shares value!

This is because the investment bank each set its won % of MV and Cap Price for different shares,

(I will write more about this at the future.)

so even though the shares is worthy of 100K market value,

but it might not be 100K shares value for the bank!

ANYWAY,

the main focus of this article is about the difference of using shares or FD as collateral,

and not about the MoF or Cap Price.

So to simplify everything,

we will assume that the MoF = 60%,

% of MV = 100,

and no Cap Price.

Again,

Situation 1: 100K shares value as collateral, no FD.

Since no FD,

so the calculation of MoF can be simplified like this:

When first started,

there is no outstanding loan,

and only 100K total shares value,

the MoF is 0%:

The 1.5 times Trading Limit,

is because of 1.5 X 100K = 150K,

which meant that maximum 150K loan can be used to buy more shares,

and the MoF will be exactly 60%:

At the end,

250K value of shares are acquired by having 150K loan.

Situation 2:

By using 100K FD as collateral,

this time we will use back the the complete formula:

By using FD as collateral,

2.5 times of Trading Limit will be given,

because 2.5 X 100K = 250K.

Thus,

250K loan can be used to buy more shares,

and the MoF will be exactly 60%:

At the end,

250K value of shares are acquired by having 250K loan.

As conclusion,

no matter it is situation 1 or 2,

at the very end still will have 250K value of shares.

That's why I mentioned above,

the difference is not very significant.

Of course,

Situation 1 : 150K loan, 250K shares

Situation 2 : 250K loan, 250K shares, 100K FD

If looking at it in terms of accounting,

it is sort of different.

However,

the risk of Force Selling is the same.

If the value of shares drop a lot until the MoF is over 70%,

then the Force Selling will be activated.

No matter Situation 1 or 2,

when the shares value dropped from 250K to 210K,

Force Selling will be activated:

"When using FD as collateral, the risk is still the same."

Basically,

only the calculation part a bit different,

the end result and the risk are the same.

Well,

unless it is OPM~

That's all I wanted to share about this topic,

feel free to comment below if there is any question.

Also,

feel free to ask anything about SMF,

then I will know what to share next~

Thanks for reading.

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

Other links:

My investment result

My self-introduction article

My Facebook Page
List of articles year 2020

List of articles year 2019

List of articles year 2018

List of articles year 2017

Tuesday 7 July 2020

同一天进行的AEON和AEONCR股东大会

AEON和AEONCR在同一天进行了年度股东大会，
由于都能从家里直接看股东大会直播，
所以幸运地让我听了不少的重点。

先来说说AEON方面好了。（想看AEONCR的可以跳到下面。）

以前的AEON股东大会，
大部分的股东提问都由Executive Director Mr Poh问答，
不过这次半年前新上任的Managing Director Mr Shafie却很积极地回答各种提问，
令我对他留下非常好的印象。

可能有很多人觉得比起举办实际的股东大会，
举办线上股东大会可以省很多钱，
不过管理层说了其实省下来的钱很Insignificant。

然后有很多股东提问关于公司未来运营的方针，
和应对疫情的策略等。

Mr Shafie的回答很清楚，
就是公司接下来一、两年都不会扩张开新Mall，
并且会把发展资金都投资在Digital Asset而非Physical Asset。

重点就是这个：
https://myaeon.com.my/

可能你会说现在才开始网上购物，
已经太迟了吧......
但有变通好过没变通。

以前公司不把网上购物当作重点，
现在则开始认真对待，
把资金全都投入进去，
可能会有所转机呢？

当然我个人也希望AEON的网上购物能够做得好，
那么我就不用每次都得亲自过去AEON买东西~

接下来是AEONCR方面。

过去一年公司注重在M40层级客户，
推出了一系列产品：
1) Executive Personal Financing scheme
2) Premium MOPED financing
3) Premium bicycle for Objective financing
4) New car & Japanese used car financing
5) Platinum credit card

公司目前在MOPED贷款市场的市占率是30%左右，
Consumer Financing方面，
公司开始扩展以囊括一些跟健康管理有关的产品，
如脚踏车和按摩椅等。

关于SME Financing方面，
公司说会非常小心谨慎，
只会在公司整体放贷Portfolio中占有不明显的比例，
毕竟公司的专长是在Consumer Financing。

公司目前的Average interest rates是介于3.16%到4.49%之间，
Average yield是17.09%左右。

公司主要的Funding是来自Bank borrowings和Debt Capital Market，
利率减低对公司的好处是Funding Cost降低了。

MCO期间，
公司分行全部停止营业，
但在CMCO期间，
申请个人贷款的客户增加了。

因为MCO期间公司让客户自动两个月不用还贷款，
所以目前NPL没有受到影响。

尽管可以两个月不用还贷款，
但还是有30%左右的客户照常还款。

然后公司也推出AEON Relief Program，
让无法一次过还累计两个月贷款的客户refinance那笔数目，
可以分期长达两年慢慢还。

这项服务申请期限到9月30日，
目前已有20%左右的客户参与ARP。

有股东提问说AEON E-wallet会如何跟市面上各种E-wallet竞争？

管理层回答说AEON E-wallet不会跟市面上的E-wallet竞争，
因为AEON E-wallet的定位只是Retail Loyalty E-wallet，
(个人觉得比较像是会员卡之类而已....)
然后今年12月31日之前所有普通的AEON会员卡都会换成E-wallet的AEON Member Plus Visa Card。

有股东提问公司有没有打算进军Digital or Virtual Bank，
管理层说公司一直都不会拒绝任何的机会，
并会持续寻找新的商机。

以上就是一些部分的股东大会内容。

面对疫情，
AEON选择专注在网上购物，
推出AEON Online。

AEONCR则体贴客户，
担忧客户还不起贷款，
不只让客户两个月不用还款，
还推出AEON Relief Program帮助客户。

这两家公司面对变故而做出改变，
在未来会对公司盈利有何帮助呢？

就让我们拭目以待吧！

投资就是自己思考，自己做决定，
并对自己所做的决定负起责任。

感谢阅读。

以上言论没有任何买卖建议，
大家买卖自负。

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我的2020年上半年投资成绩
KAWAN股东大会2020
我在2020年4月9日~28日之间的投资记录
我在2020年3月24日~4月8日之间的投资记录
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AEON & AEONCR AGM which happened at the same day

The AGM of AEON and AEONCR were held at the same day,
luckily I was able to listen parts of both the AGM since both were virtual AGM,
which I just watched it at the comfort from my house.

I will talk about AEON first. (You can skip to below for AEONCR.)

I attended AEON AGM few times before,
usually Executive Director Mr Poh is the one who always answer shareholder's questions.

HOWEVER,
this time the newly appointed Managing Director Mr Shafie is the one who anwered most the questions,
he only appointed around half year ago but already left a good impression at me.

A lot of people thinking that virtual AGM can save a lot of money comparing with the actual AGM, but the management said the money saved is actually insignificant.

Many shareholders also asked question about future strategy,
changes because of the outbreak.

The answer from Mr Shafie is very clear,
there will no new mall opening for the next one to two years,
instead the company will invest more at Digital Asset and not Physical Asset.

The main point is this:
https://myaeon.com.my/

Maybe you will say that is too late to start online mall now,
but changes is better than just standing still right.

Last time AEON didn't take the online shopping seriously,
but now the management changed attitude,
and started focus on it,
so maybe there will be light at the end of the tunnel?

Personally I also hope that AEON online shopping platform will be a success,
so that I don't have to go to AEON but instead just a few clicks at home then the groceries will come to my house~

Next is about AEONCR AGM.

For the past one year,
the company focused more on M40 customers and designed all these products:
1) Executive Personal Financing scheme
2) Premium MOPED financing
3) Premium bicycle for Objective financing
4) New car & Japanese used car financing
5) Platinum credit card

The company market share at MOPED financing market is around 30%.

As for Consumer Financing,
the company expanded to healthcare related products,
such as bicycle, massage chair and etc.

For SME Financing,
the company said that they are always prudent and careful at it,
and it will remain insignificant in total financing porftfolio,
since the company is expert at Consumer Financing.

The average interest rate is between 3.16% to 4.49%,
average yield is aroud 17.09%.

Main funding is from Bank borrowings and Debt Capital Market,
the low interest rates favor the company because the funding cost will be lower.

During MCO period,
all the branch stopped operating,
but during CMCO period,
there is a rise in Personal Financing application.

The NPL ratio still remains low since the customers enjoyed loan deferment for 2 months,
however 30% of the customers chose to opt out from it.

The company also started AEON Relief Program,
so that the customers who are not able to repay that 2 months repayment,
they can refinance it for max 2 years.

The program application will be lasted until 30th September,
currently around 20% customers applied for it.

There is a shareholder asked about how AEON E-wallet will be competing with the many E-wallets?

The management replied that AEON E-wallet will not compete with other E-wallets,
as its position is just Retail Loyalty E-wallet,
(personally I feel like it is just eletronic member card....)
all the current AEON member card users are required to change to AEON Member Plus Visa Card by the end of this year.

When asking about Digital or Virtual Bank,
the management replied that they are always open for opportunities and continue to look for new business.

That's all about what I heard from the virtual AGM.

During the outbreak,
AEON chose to focus on online shopping.

AEONCR chose to help the customers,
by having 2 months loan deferment and AEON Relief Program.

How will the changes help with the profitability of the company?

Let's just wait and see!

Investment is about doing own thinking,
making own decision,
and you take full responsibility of your 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.