PBBANK的海外业务

首先先来赶一赶客~

如果你觉得PBBANK的重点是在本地市场，

不需去在意海外业务的话，

那么你可以关掉这篇文章了~

就像我在2017年10月22日发表过的文章《对于海外市场的看法》里说过，

PBBANK的海外业务所贡献的盈利，

已经来到总盈利的10%左右，

假以时日，（最少都要20年吧.......）

当Cambodia和Vietnam的经济飞黄腾达后，肯定会有一番成就。

那么，

现在正式开始：

海外业务目前占了总税前盈利的9.7%。

老实说，

我本来预期2017年的海外业务就会超过10%的，

没想到本地市场表现挺不错........

然后海外市场进步少了......

PBBANK的海外业务共偏布于5个国家，

其中主要的3个地区是：

香港、柬埔寨和越南。

出乎意料地，

香港业务居然有大进步。

反观我最看好的柬埔寨业务居然缓慢了下来...............

至于越南方面，

由于持股变化，所以2016年的业务成绩只是9个月，

而2017年的业务成绩则是12个月，

所以不能直接比较。

首先来看看香港业务：

良好的表现~

管理层的发言：

总之就是环境竞争激烈，香港的金融市场嘛......

然后公司会继续努力成长的常见句子。

然后是柬埔寨业务：

有点失望的业绩.............

但存款多了很多。

年报里有提到说Campu Bank是在柬埔寨最大的外资银行，

如果我的理解没错的话...........

柬埔寨也有Lonpac~

然后是Prospects:

柬埔寨的经济成长展望正面，

归功于那里的亲商环境，以及几个关键领域的进步。

当然，

最低薪金的增加和政治大选可能会对经济带来不稳定的因素。

最后是越南那里：

最亮眼的，

是新开了6家分行，

从前一年的7家，变成现在的13家。

好激进，这还是我熟悉的PBBANK吗？

未来策略是继续开新分行和新产品与服务。

看来PBBANK很看好越南的前景。

剩下的两个国家，是：

寮国那里的业务看来情况不妙，

贷款者收到经济减缓冲击，而大量提升贷款拨备，以致盈利大幅下降，

存款也下跌28.9%，资金流通紧张。

PBBANK目前有4家分行在寮国。

最后是：

Sri Lanka那里共有3家分行，

2017年的业绩非常不错，

税前盈利增长33.4%。

不过目前看来，

PBBANK似乎都把重心放在越南那里。

以上就是关于PBBANK在年报里所刊载的海外业务报告，

可能有些人会觉得我是在浪费时间，

不过，

我就只是纯粹想从另一个角度才探讨PBBANK的年报~

感谢阅读。

PS:最近才发现我的BLOG没放FOLLOW的功能，已经在右边补加上去。

以上言论没有任何买卖建议，
大家买卖自负。

最近文章：
我面对大选的投资策略
我的2018年第1季度投资回酬
造神论
AEON 2017年第4季度财政报告
我的2012年投资成绩



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

我的推特：@TheCellist86

Oversea business of PBBANK

First of all,
if you think that there is no need to care about the oversea operations of PBBANK,
feel free to close this article~

Just like what I mentioned in my previous article <<My opinion about oversea markets>> which published at 22nd October 2017,
almost 10% of the total profit before tax were contributed by oversea operations of PBBANK.
At the future, (at least 20 years maybe......)
I believe that the profit contributed by oversea operations will be more significant when the economic of Cambodia and Vietnam become very good.

So.......
let's begin: 

9.7% of total profit before tax were contributed by oversea operations.

Frankly speaking,
I was expecting that it will be more than 10% for year 2017,
but I didn't expect that local operations were so much better......
and the growth of oversea operations have slightly decreased..........

The oversea operations of PBBANK mainly operating in 5 countries,
three of the areas are:

Hong Kong, Cambodia and Vietnam.

Unexpectedly,
there was a great improvement for Hong Kong operations,
whereas the Cambodia operations which I expected the most, significantly slowed down.........

As for Vietnam operations,
since there was a change of shares holding of Public Bank Vietnam Limited,
so the operation result of year 2016 only showing 9 months result,
while for year 2017 it is full year result,
so we can't just compare directly.

First,
let's have a look at the Hong Kong operations:

Excellent performance~

The prospects by the management:

More challenging operating environment, it is Hong Kong, definitely challenging in financial market........
The group will continue to grow..........
Just those common sentences that we always seen in other reports..........

Next, Cambodia operations:

Actually I was disappointed with the operations result..............
Anyhow the deposits from customers increased~

Also mentioned in the annual report,
the Campu Bank is the largest foreign-owned bank in Cambodia:

There is Lonpac in Cambodia too~

Then the prospects:

Positive outlook for the economic growth of Cambodia,
due to business-friendly investment policies by the government and key economic sectors.
Of course,
there are some uncertainty to the business environment such as increases in minimum wage and run-up to general elections in 2018.


Next, Vietnam operations:

What caught my eyes the most,
was that 6 new branches were opened last year.
So the total number of branches increased from 7 to 13.
Wow..........so aggressive..........
Is this the PBBANK that I am familiar with?

Future strategies were to open new branches and offering new prodcuts and services.
Seems like PBBANK is expecting a lot from the future of Vietnam.

The last two countries:

Seems like the operation at LAOS was not doing good,
lower pre-tax profit due to higher loan provisioning for borrowers affected by economic slowdown.
The customer deposits also declined by 28.9% due to tight market liquidity.
Currently there are 4 branches in LAOS.

Finally:

There are 3 branches in Sri Lanka,
the operations result for year 2017 seems not bad,
the profit before tax grew by 33.4%.

Anyway,
seems like PBBANK is putting the focus on expanding operations in Vietnam.

That's all for the oversea operations which printed in the annual report,
maybe some people will think that I am just wasting time to study about oversea operations of PBBANK.
Well......
I just wanted to look at the annual report from another point of view~

Thanks for reading.


PS: I just realized that there was no FOLLOW gadget at my blog, so I added it at the right hand side.

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

Recent articles :
My investment strategy for upcoming General Election
My investment return for 1st quarter 2018
Human Tendency and Idolization
AEON 4th quarter 2017 financial report
My investment return for year 2012



Other links:
List of articles of year 2018
List of articles of year 2017
My investment return for year 2017
My self-introduction article

My Facebook Page

My Twitter : @TheCellist86

我面对大选的投资策略

相信大家都已经嗅到大选的味道越来越近了吧？
虽然我不是什么跟得上流行的人，
但既然大选快要来到，
当然也得应景一下，
写一篇关于大选的投资文章了~

在开始谈起如今的大选之前，
也得先回顾一下上一次大选我是怎么度过的，
用一些以前的故事来美化我自己，
塑造我自己成厉害强者的形象..........开玩笑啦~

话说，
我的投资生涯始于2011年，
所以第一次以股票投资者经历的大选就是在2013年，
那一次也是我人生中第一次的大选投票。

记得当时投票日之前，
投资界都弥漫着一种紧张气氛，
很多人都选择大量卖掉手上的股票，保留现金，
期待大选后大跌，然后可以大量买进。

当时我真的觉得大家都好神，
好厉害，
可以预见未来股市会大跌，实在太强了。

那时，
我则是现金ALL IN，SMF也用了些，
也就是说当时我已经ALL IN，但并不代表说万一股市大跌，我就没钱买进。

之后，
大选结束，结果出炉。

隔天，股市立刻一片青。

而我的股市组合价值，也在一个月左右的时间内大幅上涨，
加上我自己丢进去的主动收入，
足足增加了40%左右。

以上就是2013年发生在大选前后的事情。


怎样？
看起来我好像很厉害，敢敢在大选前ALL IN，
然后赚了很多钱，就像股神一样，对吧？

在跪下来拜我之前，
我必须承认说我不是神，
我当时并不知道大选结果是怎样，
也不知道大选后，股市会怎样。

对我来说，
未来一切将发生的事情都是“未知”。

首先，
当时很多人选择卖掉股票，保留现金，
大部分都是因为更前一届的大选结果吓人一跳，
导致股市大跌，
加上反风吹得很大，
所以谨慎为上。

那时我的疑惑是.........
保留现金以防大跌，
那么万一不跌，反而大涨的话呢？
原本可以赚到的钱不都白白地飞走了吗？

认定股市一定大跌，
会不会太一厢情愿了呢？
感觉就像在赌博，赌股市一定会跌，

不过成功率还挺高的，
毕竟可能的结果只有3个，不是大涨，就是下跌或横摆。
有三分之一的机率赌对，这么高的机率，
难怪人人把股市当赌市了~

我一直都认为Investment is not gambling, is a plan，
投资是一项计划。

既然是计划，
那么就应该各方面都想好才对。
大选后，股市大跌的话，那么我现在应该怎样怎样.....
大选后，股市大涨的话，那么我现在应该怎样怎样......
大选后，股市横摆的话，那么我现在应该怎样怎样.......

想好好各种局面应该怎样去准备，
对我来说这才是计划，这才是投资。

高中时相信大家都有学过这个Decision / Probability Tree:

什么先抽蓝色球的机率是多少，然后抽到红色球的机率又是多少。
或是下雨的机率，迟到的机率等等。

你会看到就算机率有多低都好，但我们都会放进Tree里计算，
要囊括一切的可能性。

但一来到投资，
大家就一厢情愿地认定这个一定会跌，那个一定会涨，
思维模式变成一直线了：

就只考虑蓝色球的事情，不去考虑其他的可能性。

这种在投资上，甚至生活上会对自己有用的知识，
既然在学校学了，
为何不拿来用呢？

数学课到此为止。

总之.........
当时我的计划就是：
大选后，股市大涨的话，那么至少我的现金已经ALL IN，不会错失机会。
大选后，股市横摆的话，那么我继续去人赚钱，再把赚到的钱投入股市。
大选后，股市大跌的话，至少我的SMF还有钱可以让我加码。

想好好以面对大选。

那么这一次大选后，
股市又会怎样呢？

我的预测就是股市将上涨或下跌或横摆，
这三个里面，一定会中一个。

你不信？
那么等大选后，你再来看回这篇文章，
你会发现我的预测有多么的准确，因为我就是股神..........开玩笑啦~

其实我可以大胆去预测上涨还是大跌，
反正这个blog的关注者不多，
错了也无所谓，
但对了的话，我就红了，可以当个假神，风光到原形毕露为止~

Ok，
我应该停止讲无聊的笑话，不好再浪费大家宝贵的时间了。

总之当时的计划，
也是我这一次面对大选的计划。
如果你读到现在还不清楚我的计划是什么的话，
最好去睡个觉，
等脑袋清醒后再来读多一次。

那么，各位又有什么计划呢？

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2018年第1季度投资回酬
造神论
AEON 2017年第4季度财政报告
我的2012年投资成绩
PANAMY 2018年第3季度财政报告



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

My investment strategy for upcoming General Election

I believe everyone also agree that General Election will be very soon, right?
So even though I am not a very fashionable person,
but since G.E. is coming soon,
of course I need to follow the trend and write an investment article about G.E..

Before start talking about the coming G.E.,
is better to review how did I invest in previous G.E.,
used some pass stories to perfect myself,
so that everyone will think that I am genius .............LOL just joking~

Anyway,
I started to invest since year 2011,
so the G.E. in year 2013 was my first time to experience it as a shares investor,
actually that was also my first time as a voter.

I remember that before the voting date,
the shares market was covered by tensed and nervous atmosphere,
a lot of people sold most of their shares,
holding a lot of cash in preparation of a bear market after election day.

At that time I was very impressed by them,
Wow.... you all can predict the movement of the market at the future,
must be some genius.

As for me,
I ALL IN at shares market with my cash, and used some SMF,
which meant that even I ALL IN already,
but I still can buy more shares if correction did happen after election day.

Then,
G.E. ended, the result were out.

The next day, the shares market was totally greenish.

The market value of my investment portfolio,
greatly increased within 1 month,
coupled with the money I earned from active income,
my portfolio value was increased by around 40%.

That was what happened before and after G.E. year 2013.


How was it?
I dared to ALL IN at shares market before G.E.,
and earned a lot of money after election day,
did I look like a genius in investment?

Okay,
before you start to bow down before me and worship me,
I have to admit that I am not God,
I couldn't predict the movement of shares market.

At that time,
I had no idea what will the election result be,
and also I didn't know what will happen to the shares market after election.

For me,
everything that will happens at the future are all "UNKNOWN".

Anyway,
at that time a lot of people chose to sell shares and hold cash,
most probably because of the shocking election result at year 2008,
which caused a huge correction at shares market.

At that time,
a question rose within myself,
yeah is alright if you keep cash just in case there is correction,
but what if no correction?
Instead, the market become bullish?
Then those money that you were able to earn all , right?

Thinking that the shares market confirm will have correction right after G.E.,
it was like you are gambling and put all your bets on the correction of shares market.

Anyway,
it is worthy to try though~
You will have 1/3 chance to be correct since shares market will only has 3 outcomes:
rise, drop or no changes.

Wow,
you always have 1/3 chance to bet correctly,
the winning chance is so high,
no wonder so many people treating shares market as casino~

Anyway,
I always think that INVESTMENT IS NOT GAMBLING, IS A PLAN.

Since it is a plan,
then we must plan carefully.
After election, if the shares market drops, I will bla bla bla...............
After election, if the shares market rises, I will bla bla bla...............
After election, if no changes at the shares market, I will bla bla bla...............

By considering all the possible outcomes and how will you react to each possible situation,
then that is what I called it as a PLAN,
A PLAN FOR INVESTMENT.

I believe everyone learnt about Decision / Probability Tree during high school era:

Yeah right,
those Maths question like the probability of picking blue ball,
then the probability of picking red ball.
Or the probability that it will rain or not, then the probability of being late.

You can see that even for a thing which has a very very low probability,
we still put it into the Tree for calculation,
because we need to include all the probabilities.

However,
when come to investment,
everyone suddenly 100% confirm that this stock for sure will drops, that one for sure will rises,
the thinking mode became one straight line only:

Only consider about blue balls, ignoring the red balls,
ignoring all other possibilities.

This kind of knowledge which not only useful in investment, but also in our lives,
since we already learnt at school,
why don't we apply it now?

That's all for the Maths lesson.

Anyway,
During year 2013,
my plan was like this:
After election, if the shares market rises, at least I already ALL IN my cash, so I won't miss the chance to earn money.
After election, if no changes at the shares market, I will just earn more money through my active income then pump it into shares market.
After election, if shares market drops, I will use SMF to buy more shares.

Plan carefully before election.

So what will happen to the shares market after the coming G.E. ?

My prediction is the market will rises, or drops, or no changes,

one of the three that I mentioned,

confirmed one will come true.

You don't believe me?

Well, just wait until the election ended,

then come to read this article again,

you will realized that my prediction was so correct,

since I am a genius.................

LOL just joking~

Actually............

I should try to predict the movement of shares market after G.E.,

is okay I predict wrongly since the followers of this blog is not a lot,

but if I predict correctly,

then I will become popular,

and everyone will worships me as God of Investment,

until one day my identity as a Fake God of Investment is discovered~

OKAY,

I shouldn't continue to waste everyone's precious time.

Sorry for my lame joke.

Anyway,

my investment plan for this coming G.E. will be the same as previous time.

If you still don't know what my plan is,

please go to bed and have a sleep,

after you woke up and be more energized,

then re-read this article please~

So............what's your investment plan for the coming G.E.?

Thanks for reading.

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

Recent articles :
My investment return for 1st quarter 2018
Human Tendency and Idolization
AEON 4th quarter 2017 financial report
My investment return for year 2012
PANAMY 3rd quarter 2018 financial report



Other links:
List of articles of year 2018
List of articles of year 2017
My investment return for year 2017
My self-introduction article

My Facebook Page

My Twitter : @TheCellist86

我的2018年第一季度回酬成绩

2018年，
睁眼间就过去了四分之一，
总觉得时间流失得越来越快。

今年第一季度的回酬为ROA=5.8%，ROE=6.9%。

接下来对比看看2018年头和3个月后的投资组合：
2018年一开始时，
我的投资组合如下：
1) AEONCR (30%)
2) LPI (22%)
3) NESTLE (15%)
4) PANAMY (12%)
5) PBBANK (6%)
6) F&N (5%)
7) 其他如COCOLAND, DLADY, HARTA, HUPSENG (共10%)

3个月后，
变成了这个样子：
1) AEONCR (25%)
2) LPI (21%)
3) PANAMY (12%)
4) NESTLE (10%)
5) PBBANK (6%)
6) F&N (6%)
7) 其他如COCOLAND, DLADY, HARTA, HUPSENG, PWROOT, AEON(共20%)

目前的投资回酬，主要是：
NESTLE从RM103.20涨到RM154.50，
LPI从RM18.16涨到RM19.82。

有些公司则股价跌很多，以致拉低了回酬：
AEONCR从RM13.46跌至RM12.36，
PANAMY从RM38.96跌至RM34.60。

过去3个月，
我都在加码或买进一些感兴趣的公司，
但暂无打算加码到成为组合的主力，
所以组合主力还是上面那几个。

最可惜的，
就是分别在RM116和RM145.10的时候卖掉一些NESTLE，
害我少赚了很多..........
没办法，我又不是神，
哪里会想到NESTLE可以涨到现在的RM154.50.................

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%

去年2017年我的投资口号是“去杠杆化”，
结果害我在NESTLE那里赚少了很多.............

至于今年2018年，
我的投资口号应该就是“稳中求进”了，（希望不会再害我自己。）
希望今年剩余的9个月，我的投资能够继续在稳定中前进。

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：
FMCO期间在家闲着没事做？
欢迎来看大提琴家以笔名“黑正”，
在“巴纳纳小说网”连载中的网络小说《半虫战记》：

https://novel.banananetwork.com.my/section/19063

2021年6月排行榜第3名，2021年7月第1周的周排行榜第2名~ 

广告结束。

最近文章：
造神论
AEON 2017年第4季度财政报告
我的2012年投资成绩
PANAMY 2018年第3季度财政报告
一股致富！



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

我的推特：@TheCellist86

My investment return for 1st quarter 2018

In the blink of an eye,
a quarter of year 2018 already passed by,
so fast.......

This year my 1st quarter return is ROA=5.8%, ROE=6.9%.

Let's have a comparison between my investment portfolio at the start of year 2018 and now:
When year 2018 first started,
this was my investment portfolio:
1) AEONCR (30%)
2) LPI (22%)
3) NESTLE (15%)
4) PANAMY (12%)
5) PBBANK (6%)
6) F&N (5%)
7) Others: COCOLAND, DLADY, HARTA, HUPSENG (totally 10%)

After 3 months,
it became like this:
1) AEONCR (25%)
2) LPI (21%)
3) PANAMY (12%)
4) NESTLE (10%)
5) PBBANK (6%)
6) F&N (6%)
7) Others: COCOLAND, DLADY, HARTA, HUPSENG, PWROOT, AEON(totally 20%)

Currently my investment return was mostly contributed by:
NESTLE which from RM103.20 rose to RM154.50,
LPI which from RM18.16 rose to RM19.82.

Sadly,
shares price of some companies also dropped a lot and caused my return to be lower:
AEONCR which from RM13.46 dropped to RM12.36.
PANAMY which from RM38.96 dropped to RM34.60.

For the past 3 months,
I bought shares of those companies that I am interested at,
but still no plan to make those companies to be large portion of my portfolio,
so my main contributors of investment return will not be affected at all.

The saddest thing for me...............
was when I sold some NESTLE at RM116 and RM145.10,
and it caused me to earn less.................

Well.........
I am not God,
how would I know that NESTLE could rose until RM154.50 at that time............

Also,
hereby listing down 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%

Last year 2017,
my slogan was "De-leverage",
and it caused me to earn less in NESTLE...............

As for this year 2018,
guess my slogan would be "To Progress While Ensuring Stability".
(will it again caused me to earn less??)

Hopefully for the remaining 9 months of year 2018,
my investment can continue to progress while ensuring stability.

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.

Recent articles :
Human Tendency and Idolization
AEON 4th quarter 2017 financial report
My investment return for year 2012
PANAMY 3rd quarter 2018 financial report
Diversification VS Focused Investing



Other links:
List of articles of year 2018
List of articles of year 2017
My investment return for year 2017
My self-introduction article

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My Twitter : @TheCellist86