Sunday, 4 March 2018

EKOVEST QUARTER RESULT ENDED 31 DECEMBER 2017







营业额增长8%, 净利起 34% 。整体看上去是蛮不错的成绩。 但是基于EKOVEST有三个不同的业务,让我们来一起看看



在三个业务当中,(1)建筑 (2)产业 (3)大道

产业方面取得了最大的成长,主要是因为产业方面销售提高了,然后该产业项目的建筑阶段也进展到不错,从而贡献进公司的营业额和盈利。

建筑方面营业额和盈利都下滑,主要是因为DUKE 2 在完成后,大道的建筑只剩下 SPE HIGHWAY 在建着。

大道方面主要是收取过路费 (TOLL FEES), 营业额和盈利在这个季度下跌的主要原因是因为去年的同个季度有一个一次性,大概RM8 MILLION 的赔偿。排除这个后大道方面的成长高达20%左右。 成长的主要来源也是因为更多车辆行驶以及去年 10月尾DUKE 2 完全通车了。



前景 

产业方面的贡献接下来将持续稳定,公司有未入账销售大约450 million。 主要来自EKOCHERAS 和 EKOTITIWANGSA

建筑方面也是会稳定,目前在建筑的SPE HIGHWAY 大约在2020完工,GDV 大约 RM3.7 billion。建筑方面目前的订单足够支撑公司大约3 - 5 年。

大道业务方面我相信也会持续成长, DUKE 2 在去年10 月尾全面运行。公司也有很大机会在今年正式签署 DUKE 2A 的BINDING AGREEMENT. 


风险

产业销售缓慢,未入账销售也跟着减少导致公司盈利下跌

建筑 (1)工程拖延,(2)如果DUKE2A签署后需要一笔庞大的资金,会加重公司的负债率。

大道的通车率下跌,无法符合预期的通车量。

总结

建筑是EKOVEST最大的贡献领域,在这个季度营业额和盈利的滑落下还好产业方面的贡献比例提高了导致这个季度的成长。接下来的整体成绩应该会持续上涨。












Friday, 15 December 2017

周末在家轻松学股票 ~




大家好,


我在周一到周五为大家提供了免费的网上教学服务,让大家可以在家学习股票投资。如果你错过了,没有关系因为我会在每周一到周五都开讲,详情如下:

星期一 = 投资的第一堂课也是最重要的一堂课因为如果学对了以后投资的方向就不会走错路。
大致内容 = 什么是股票,投资股票会赚钱吗?为什么那么多人在股市亏钱?新手投资必学的基本资料
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星期二 = 你知道吗,选对了股并不代表你一定会赚钱!投资是需要你左脑和右脑的应用才能够走得长远!
大致内容 = 细谈我成功实践过的投资理念和为什么投资理念对一名投资者来说是那么重要!
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星期三 = 你知道吗,投资股票就是投资生意,你绝对不可以在不了解一家公司的情况下投资
大致内容 = 介绍大家我的选股四部曲,也会和大家分享著名投资者Warren Buffet 和 Peter Lynch 的选股模式
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星期四 = 每个人都知道过去 NOKIA 手机的辉煌史但过去的辉煌不代表未来的成就,所以投资股票一定要买前景明朗的公司。
大致内容 = 为什么公司前景和发展方向那么重要?一起探讨公司管理层的重要性!
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星期五= 会买股票的是徒弟,会卖股票的才是师傅!为什么卖股票比买股票还要难?!
大致内容 = 大部分人误解什么是价值投资,如何决定几时要卖股?!


要报名免费网上股票课程的请点击 >> https://events.genndi.com/register/169105139238469253/90b0b9c825



至于

我们的 [學習更上一層樓的付費課程]也是通过网上教学的方式进行。这个课程会给大家一套完整的笔记,也会给大家两次的免费复习机会!最后有什么问题可以不停的发问!



在这边我也想要和大家分享在这5天课程里没有教到的?

1 你想要学会如何轻松的了解年报和季报? (教你如何对年报一目了然)

2)你没有学过 Finance & accounting 但却想要了解公司账目? (简单易懂看账目)

3)为什么报纸上说公司盈利大起可是股价却不为所动? (教你分析出公司是否真正赚钱)

4)盈利表,债务表和现金流表看不明白 (教你如何从中得到秘密)

5)我们要学以致用 (在上完课后,我也会用一个股做 CASE STUDY,教大家从 A 到 Z 的投资步骤)(从开始看公司的账目, 到了解公司的前景,管理层,公司是否被低估到几时可以买股票)



我会通过网上教课的方式为大家一一解答。时间是 早上10点到5点


这个课程只需要区区的RM388 就可以了。想像一下,如果在学会了这些东西后,并把它应用到股票投资里,区区的 10%回酬就能够让你在RM4000 的投资里赚回你的课程费用。如果学会了这个东西让你避免了许许多多的陷阱,那么你减少亏损的钱也一定远远的超越这笔钱了。 别人已看到了这个价值, 你呢?

有些东西你现在不做,就一辈子都不做了。


要的朋友可以联络我们的 FB page - The Investman
或者是 Whatsapp 到 012-7386333

谢谢大家

























Friday, 1 December 2017

Ekovest- Quarter result review ended 30th September 2017












Ekovest 的业绩报告在11月28号出来了,基本上这个季度的报告中规中矩。一起来看看吧:



营业额成长大约13%,然而净利却微跌,主要原因是去年同个季度SPE 大道初建工程享有较高的赚幅。公司的地产业务在这个季度有了显著的贡献,因此对冲了建筑业赚幅下跌的空隙。

这图解释了为什么建筑业的盈利下跌

这图解释了各业务的贡献以及成长


公司未来的发展还是会专注在 SPE 大道的建设,大道业务的贡献,以及产业方面未入账销售的贡献

基本上这个业绩对我而言算是中规中矩,未来的发展也是很正面。然而股价方面确实是令很多投资者头疼。 在这里我想要和大家一同探讨下整个故事的发展。在10月31日 EKOVEST宣布了以rm1.50的现金,或是以一对一的股票交换方式来收购 IWCITY。


EKOVEST 献购 IWCITY的股东股权变化





然而这个计划并没有受到广大投资者的青睐。股价在开盘第一天暴跌。股价从之前的RM1.15跌到最低是RM0.91的价位


投资者大部分认为这项收购基本上是为了拯救IWCITY这家失去了大马城发展工程,又是一家亏损的公司,认为 Tan Sri 林刚河 此举是为了 bail out IWCITY. 同样的,分析员也对这项收购案表示不看好,也迅速的把之前买进的目标价RM1.55, 调整到卖出RM1.04的目标价。





尽管 TAN SRI 林刚河在 THE EDGE WEEKLY 的访问当中强调这项收购其实并不是 bail out.也对EKOVEST的股东有很好的利益,然而股价并没有因此回调。同样的一些 FUND MANAGER 依然对此不看好,觉得 IWCITY 是一家亏损公司,EKOVEST 的收购不是间好事。NOT EARNING ACCRETIVE.




尽管如此, TAN SRI 也说出了 IWCITY 之前卖地给 GREENLAND 公司的钱会分阶段收到, IWCITY 将不再是一家亏损的公司。




Greenland 方面也是上海政府,所以 TAN SRI 也是很有信心会收到付款。


IWCITY 同样的,也在11月30日的时候公布了业绩报告,证明了 TAN SRI 所说得是有根据
的。









IWCITY 公司对未来的展望



产业领域确实是面对了一些问题,我也不知道公司未来的发展项目会不会赚钱,可是我可以知道的是,售卖给Greenland 土地的钱,会分阶段慢慢贡献去给公司。而这笔钱一点都不小。




2020年甚至可以收到大约 1 billion



在IWCITY业绩报告出来后,投资者会不会还是觉得EKOVEST的收购只是为了拯救IWCITY?还是慢慢看到了这项收购案对股东的好处?我们拭目以待 !




如果网友们有兴趣在第一时间看到我们的分享,或是想要加入我们的 FACEBOOK LIVE, 欢迎 点击以下的 LINK

https://www.facebook.com/theinvestman/

并 "LIKE" 和 “ FOLLOW” 这个专页。 也记得在FOLLOW哪里点击 “SEE FIRST” 以在第一时间看到我们的分享。

谢谢大家








Thursday, 23 November 2017

Ekovest(8877) - 32nd AGM, 23rd November 2017

board of directors

digitize vote for the 10 resolutions





The AGM started with queries posted by Minority Shareholder Watchdog Group(MSWG) and Ekovest replies. Didn't managed to record down but I believe they will upload the meeting minutes just like how they did on last year AGM.

Questions from the floor : (please note that the order of how's the question being asked or answered during the AGM might not be the same as how I record here)

Question 1) The question is regarding to Islamic medium term notes(IMTM) and why is it issued in lump sum instead of in progressive way so that interest can be saved, the cost of IMTM is about 6% while the return of reinvest into investment funds is 3 to 4%




I believe it is pertaining to this

Answer 1) Duke 1 and 2 have implemented this method in their funding, it is also safer in the sense that the company can secured the funds first and make sure the project can be complete, instead of trying to raise the rest of the fund from time to time. When market is good, every bankers can guarantee you but if market is bad, the cost could be even doubled. We have a team of risk management committee to look out for all the potential risk and cost of debts have been factored into our financial cash flow. The management would like to save some interest too but that will be risky unless Ekovest has parents company like EPF or PNB.



Question 2) Second question is about Duke 2A highway and how is the funding is going to be done with a project that cost more than RM6 billion GDV.




question in regarding to this



Answer 2) The company has finished the design and they have few options when it comes to funding. They are looking for interest rate of around 6% so that the project can be done in cheaper rate. The company wanted to provide value-in-money to the road users and that is why they are success in Duke 1.




Question 3) The question was about the profit guarantee of IRR 12% to EPF for the disposal of 40%Kesturi stake and the listing of DUKE highway



Answer 3) This morning 12.01am Duke 2 has started to collect toll fees, the company will monitor the traffic for couple of months and so far the traffic number are very accurate as per estimation. If the traffic number is good they will try to list the highway earlier and they are confident to achieve the 12% IRR as promised to EPF.





Question 4) One of the shareholder question about the effective tax rate is quite high




The standard corporate tax rate is 24% while the tax incurred by the company is way higher 



Answer 4) The reply from management is despite toll business is generating good cash flow, it is still not making profit  yet in accounting due to amortization, and the expenses is not deductible. Besides that, the higher tax rate is also due to different timing in tax expenses. (I do not quite understand this part maybe someone else can explain better)



Question 5) Why is the other income so much lesser compare to FY16


the income statement is self explanatory
Answer 5) It was due to fair value gain on investment properties of 123 million



Question 6) Why is the admin cost increased so much compare to FY16? (refer to the income statement above)


Answer 6) The one off ESOS expense of 22.6million is one of the reason, however, excluding this one off expense the admin cost still increased around RM 33 million. The management explanation on this matters is due to the company has achieved more than 1 billion revenue at the first time and that is the reason for admin cost increase. Due to my limited knowledge, I am somehow not quite understand and convinced by it.


Question 7)Can the company provides more information in regarding to the provision for liquidated and ascertained damaged (LAD) and when will it be actually realized.



Answer 7) (I don't quite get the answer at the beginning part) based on my understanding, the provision for LAD that comes from the late of completion is because of the enhancement job after completion. The impact is minimal and could be reversed. Such provision is due to accounting treatment.


 Attached together with the result of poll





 
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