tag:blogger.com,1999:blog-66263994911293013282024-02-19T16:40:33.075+08:00那些年,我们一起读的财报If you just read a company’s annual report, you will be better read than 90% of all investors. And if you read the footnotes (explanations) after the financial statements in an annual report, you’ll be better than 99% of all investors - KC chongWilliamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-6626399491129301328.post-26647739061635151882020-01-13T14:44:00.000+08:002020-01-13T14:44:40.366+08:00《Value Investing 2020 - 学习到的五个重点》<span style="font-size: large;"><br /></span>
<span style="font-size: large;">进重点之前,先让我说说自己的感想。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">我通常出席Seminar,都会抱着这种心态,如果可以从中学习到两三样东西,对我来说就已经很好了。当然,如果能够学习到更多,那就算是bonus啦。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">大会这次邀请到一位在印度蛮出名的价值投资者 - Vishal Khandelwal。说老实话,我其实是冲着他来的。因为我在网上有subscribe他的newsletter,所以时不时会阅读他的文章。我喜欢他写作的风格,他不单可以把价值投资形容的很浅白,而且还时常附上自己画的图片来带出重点。给人一种“A picture is worth a thousands words”的感觉。有兴趣的话,可以去看看他的网站。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">话不多说,以下就是我学习到的5大重点:</span><br />
<span style="font-size: large;"><br /></span>
<br />
<h2>
<span style="color: red; font-size: x-large;">1. 财务自由 = 有很多钱?</span></h2>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">很多人有这个迷思,认为只要有很多钱的话,我就达到财务自由了。这个观念其实是不对的。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">打拳的Mike Tyson在全盛时期的收入有$30 millions, 资产去到$300 millions,算是很有钱了吧。可是他最终还是宣布破产,还倒欠$23 millions。据说他每一个月的基本开销就高达400千之多了。问题不是他赚了多少,而是他留下了多少。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">要达到财务自由并不需要很多钱。它需要我们控制自己的欲望。因为欲望是永无止境的,只会越喂越大。没有办法控制欲望,就没有办法储蓄。没有办法储蓄,就没有办法投资。没有办法投资,就没有办法自由。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">我们可以用这个方程式来计算需要多少钱来达到财务自由:</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">25 x 年支出= 需要的金额</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">假设我们一个月需要3千块来生活,那我们的年支出就是RM36k。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">25 x RM36k = RM900k</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">把这RM900k 投资在有4%股息的公司,一年我们就可以拿到RM36k, 每个月就有RM3k的被动收入了。在没有动用到本金之余,我还能维持我的生活水平, 我就达到了财务自由。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">RM900k x 4% = RM36k / 12个月 = RM3k</span><br />
<span style="font-size: large;"><br /></span>
<br />
<h2>
<span style="color: red; font-size: x-large;">2. 投资最重要的东西</span></h2>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">投资最重要的东西不是钱,也不是知识。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">主讲人打趣地说,关于投资这件事,我们可以一直不断地去分析,一直去想,一直去研究直到我们瘫痪为止。用英文来说会比较传神,“analyze and analyze until paralyze"。想的太多,就不敢行动。这句话和马云说的,“晚上想想千条路,早上醒来走原路”,有异曲同工之妙。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">她以自己的经历来分享,如何从负资产在9年里做到拥有7位数的资产。从最初的学习,然后开始投入小额的金钱,慢慢地收到几百块几千块的股息,再到后来加速资产的累积。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">一路走过来并不简单。她每个周末都会在六点早上起床,学习投资和阅读报表。长期的学习,让她磨练出敏锐的市场触觉和发掘别人看不到的机会。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">当被问到什么是投资最重要的东西时,她认为是行动。如果当初她没有采取行动的话,今天的她说不定还是负资产呢。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">要行动,才会看到结果。 这个我有点感同身受。如果当初我不是花了RM1k 来买我第一个股票(Oldtown),然后开始学习和上课,估计我今天还是会和八年前一样,一边工作,一边觉得我的人生就应该只能这样吧。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<h2>
<span style="color: red; font-size: x-large;">3. 永远不要Fully Invest</span></h2>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Black Monday (1987-1988): KLCI -52.54%</span><br />
<span style="font-size: large;">Asian Financial Crisis (1997-1998): KLCI -79.34%</span><br />
<span style="font-size: large;">Tech Bubble (2000): KLCI -45.39%</span><br />
<span style="font-size: large;">Subprime Crisis (2008-2009): KLCI -45.1%</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">以上的数据显示每次股灾的时候,我们的KLCI指数都大跌超过40-50%。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这个时候不管好股坏股,全部股票都会下跌。这时候好股的价钱就会变得很便宜。如果我们已经满仓(手上全是股票), 没有现金的话,我们就没有办法购买。只能眼睁睁看着这个千载难逢的机会流失掉。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">熊市够让我们有机会买便宜的优质股,加速达到财富自由。前提是,我们有做好准备吗?我们平时有不断地储蓄和学习吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Pheim Asset Management的投资哲学就是“永远不要全额投资”。虽然这样做,牛市时的投资回报率会减少,可是这确保公司在危机来临时,有足够的现金。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">在漫长的投资路上,与其用杠杆或借贷来追求高回报,不如以相较保险的方式来达到合理的回报。重点是当下一个大浪打过来的时候,我们不被淹死,存活下来才会有机会。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<h2>
<span style="color: red; font-size: x-large;">4. 科技板块和中国股市是现在最热门的</span></h2>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">多位主讲人认为中国市场将会是接下来发展最迅速的。去年China A share market 的外国持有者(foreign owned)只有区区一个2巴仙。如果中国逐步开放市场的话,到时很多外国的资金将会涌入中国股市。在那里上市的股票都会水涨船高。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">他们也都一致觉得科技板块将会是未来成长最快的。尤其是从事5G, 晶片, IOT, AI 和 Industrial 4.0相关生意的公司。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">有一个主讲人提到了这家半导体公司 - SMIC。它是中国最大的半导体制造公司。因为中美贸易战和华为被封杀的缘故,中国为了减少对美国零件的依赖,已经积极地在研究和生产自家的零件包括半导体。如果能够追上美国的科技的话,到时相信这家SMIC将会生产和供应给中国需要的半导体。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">另一个主讲人让我们看了几款新电话的广告,有Samsung,小米和OPPO。每款电话都有一个共同点 - 那就是多个摄像镜头。最少都有两个到四个镜头。什么公司会因此而受益呢?生产摄像镜头的公司。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">他提到这一家在香港上市的公司 - Sunny Optical Technology。这家公司的财务不错,主要业务是生产电话的摄像镜头给 Android手机,例如华为,Samsung和小米等等。它有另外一个比较小的业务是生产汽车的摄像镜头。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">无人驾驶车需要很多个镜头来确保那汽车会和物体保持安全的距离,从而避免碰撞或意外。如果车商开始推出无人驾驶车的话,相信到时Sunny Optical Technology的这个业务将会增加。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<h2>
<span style="color: red; font-size: x-large;">5. 危机 - 有危才会有机</span></h2>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">有危机的地方,通常隐藏着投资机会。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">香港示威动荡不安,恒生指数之前从3万点掉到2万5千点。很多股票的价钱也掉了下来。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">主讲人分享了这间香港上市公司 - Vitasoy。从报表来看,它的财务很稳健,品牌知名度很高,而且在中国市场里持续成长中。它的价格从$40+跌了近50%,来到$25。虽然如此,它的PE还是很高 - 41.5。如果价格持续滑落,或许就是买入的时候。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">当然这只是个例子罢了,并没有鼓励大家去买这档股票。这就是所谓的逆向思维。在投资路上,人多的地方很危险,反而大家避之不及的地方往往就有机会。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">_____________________</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">除了以上五点之外,最后一个主讲人还给大家上了一堂物理学和美国电讯业历史。这比起他分享如何处理公司合并或倒闭的故事来的更有趣,但是我的朋友却闷得睡着了。哈哈。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">#学习</span><br />
<span style="font-size: large;">#Seminar笔记</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: red; font-size: large;">声明:本文没有任何买卖建议。单纯只是分享自己学习到的东西。</span>Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com3tag:blogger.com,1999:blog-6626399491129301328.post-91987142456678254172019-12-29T23:12:00.000+08:002019-12-29T23:12:12.019+08:00《如何搞砸2020年》<br />
<span style="font-size: large;">又是时候写新年愿望了。这玩意儿我想大家或多或少都曾经写过吧。写的时候都兴致勃勃,执行起来却得过且过。</span><br />
<br />
<span style="font-size: large;">统计显示大多数人在第一个月过后就把那些愿望忘得一干二净了。那些还记得的人,先不要那么开心,因为在2月尾他们也忘记了。只有一巴仙的人能够完成自己的新年愿望。</span><br />
<br />
<span style="font-size: large;">既然新年愿望“成功率”那么低,不如今年就来一点不一样的吧。我们大家一起来想想看,要如何把新的一年搞砸,怎么样做才能活得比去年更糟糕。</span><br />
<br />
<span style="font-size: large;">我可以想到的有以下几点:</span><br />
<br />
<span style="color: red; font-size: large;"><b>1. 变成漂浮不定的人</b></span><br />
<br />
<span style="font-size: large;">简单来说,就是变成一个随心所欲的人。听起来很自由、很酷,对吧?想要睡到几点就几点。不想上班就赖在家里。不喜欢那个人就爽约,讨厌做家务就不需要去做。光是想象,就让人内心觉得满满的幸福感。</span><br />
<br />
<span style="font-size: large;">相信只要持续一段时间,当身边的人都觉得我很不可靠,他们就不会來烦我了。这样我反而乐得清闲自在。空出来的时间,我就可以不停地追剧或玩游戏。一个字,爽!</span><br />
<br />
<span style="color: red; font-size: large;"><b>2. 变成负能量满满的人</b></span><br />
<br />
<span style="font-size: large;">他们说,“只有做保险和直销的人才会一直正能量满满”。谁要成为那样正能量爆满的人啊?光想象就觉得累了。</span><br />
<br />
<span style="font-size: large;">我要做的只是不停地抱怨生活,然后期望那股怨气会连绵不绝的一个传一个的散发出去。让大家都变身成“丧尸”这样活着,我就心满意足了。只要知道这世上有人比我更惨,我的情况就不是太坏了呀。</span><br />
<br />
<span style="font-size: large;">当然,千错万错都是别人的错。社会的错、政府的错、父母的错、上司的错、同事的错, 总之就不是我的错。这样换一个角度来想, 是不是觉得肩膀上的重担都没有了?不需要为人生负任何责任,是不是整个人轻松得都快要飞起来了呢?</span><br />
<br />
<span style="color: red; font-size: large;"><b>3. 学习错的东西</b></span><br />
<br />
<span style="font-size: large;">有什么比起没有成长来的更糟糕吗?有!那就是学习错误的东西来达到负成长。</span><br />
<br />
<span style="font-size: large;">什么是错误的东西呢?一些不正确的观念和错的知识就是。其中一个例子,就是地球是平的。上网去找支持这个理论的“证据”, 然后再去看看主张“地球是圆的”的阴谋论。这样我们才会相信地球是平的。说他是圆的人都是一群无知的混蛋。</span><br />
<br />
<span style="font-size: large;">当然,还有什么金钱是万恶之源,生活如果只剩下钱,那是多么庸俗不堪啊之类的概念。追求金钱这种低下的东西,不符合我们高尚的道德。这些就留给其他人去做吧,我们才不屑呢。</span><br />
<br />
<span style="font-size: large;">如果不知道要学什么,不妨上网多看一点愤世嫉俗的留言。看看酸民们怎么骂政府、骂领导、骂有钱人、骂父母,骂天气等等。不管骂什么,只要骂得好,我就先按赞,然后再把那些骂人金句抄录下来,以备日后不时之需。不要问我几时是“不时之需”, 不然我连你也骂。</span><br />
<br />
<span style="color: red; font-size: large;"><b>4. 消费</b></span><br />
<br />
<span style="font-size: large;">单单靠消费恐怕是没有办法让我们快速达成“搞砸2020年”的目标。我们需要的是更进阶版的消费 - 我称之为“无节制消费”。</span><br />
<br />
<span style="font-size: large;">看到什么喜欢的就买。没有钱就刷卡。卡刷爆了就借钱。银行不肯借了就借大耳窿。被泼漆没钱还就申请破产。破产之后又是一条好汉。</span><br />
<br />
<span style="font-size: large;">在这个奉行消费主义至上的社会,有什么比得过,买了一大堆东西或去欧美旅行后在面子书炫耀呢?只是想一想可以得到多少个Like,朋友们多羡慕和嫉妒的眼光,内心就雀跃不已啊。借贷来消费才是王道嘛。</span><br />
<br />
<span style="font-size: large;">嗯。。。暂时能够想到的就是这么多。你又有什么建议和看法呢?不妨在底下留言,让大家一起参考参考。在新的一年里,就让我们一起沉沦、一起变得更坏吧。</span><br />
<span style="font-size: large;">.</span><br />
<span style="font-size: large;">.</span><br />
<span style="font-size: large;">.</span><br />
<span style="font-size: large;">.</span><br />
<span style="font-size: large;">注:请阅读我以下的留言。谢谢!</span>Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com1tag:blogger.com,1999:blog-6626399491129301328.post-35826962447773904212019-08-31T12:55:00.000+08:002019-08-31T12:55:54.859+08:00工作了13年终于拿到最低工资<span style="font-size: large;"><br /></span>
<span style="font-size: large;">出来工作了13年,昨天终于拿到最低“工资”(1千块)了, 成功晋升为12k员工。可喜可贺。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1千块是什么样的概念呢?如果除以30天,是一天33块钱。再除以24小时的话,就是一个小时1块3。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">你说有没有搞错啊?做了这么多年,才一千块啊?现在一杯Kopi冰都不止1块3了吧。没办法啦,对于金钱我就是很保守。然后刚开始时,因为想走捷径,结果却走了不少弯路。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">从2011年开始投资,买了我人生中的第一个股票Oldtown。那年得到了25块的股息。然后慢慢成长到一年3位数,一年四位数。到了现在第8年,终于在昨天突破了5位数。除以12个月,刚好就是1千块。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这要感恩AirAsia的特别股息,让我的股息提早达到了一个里程碑。相信明年要超越的话,应该不简单。如果能够维持同样数目,我也觉得很不错了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">接下来要做什么呢?还是做回一样的事情,就是继续累积资产。把得到的股息再投入进去,把雪球越滚越大。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">“要把雪球滚的大的话,需要很长的下坡道”。雪球一开始很小也没关系。只要有足够长的下波道(时间), 慢慢就可以滚成很大了。如果再努力找比较斜的陡坡的话(学习投资),相信就可以加快雪球变大的速度。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">希望下一个里程碑-2千块只需要花更少的时间来达成。比起快,我更想要的是稳、低风险或是者可持续的收入。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFSWwG4fPVNl85pKGKkcBXoCxPz7G2M65oMUp4K_FlMgVryQx8sd54HQkXvUEa6tNZHS5y3kXLjI1PDEtO9ClivaRP2Kpzd3QgdQnU0tjSlbKr0F2-SFkAPNKSt5TXbU6yxk_aSoY9QYad/s1600/snowball.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="744" data-original-width="926" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFSWwG4fPVNl85pKGKkcBXoCxPz7G2M65oMUp4K_FlMgVryQx8sd54HQkXvUEa6tNZHS5y3kXLjI1PDEtO9ClivaRP2Kpzd3QgdQnU0tjSlbKr0F2-SFkAPNKSt5TXbU6yxk_aSoY9QYad/s320/snowball.jpg" width="320" /></a></div>
<br />Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com2tag:blogger.com,1999:blog-6626399491129301328.post-25240648004421227032018-11-09T18:56:00.000+08:002018-11-09T18:56:00.892+08:00Do you want to work or do you have to work?<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: 14px;"><br /></span>
<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif;"><span style="font-size: large;">今年截至11月头,我平均每个月收到的股息大概有600多块。这个数目不多,离我财务自由的目标可以说还很遥远, 但它每一年持续的增加给了我很大的信心。相信只要持续长期投资下去,总有一天能够达到目标。</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiA1r9ibtFyQnglBt5cAhU9Fx6HtxqPNNQDBCiq4TP4eqrlw7Cs3xiyx1IzPlBp7oxOUEeG3kPFuahYWV7uCR9cFCDMIMCSxpEVg5h2kkLooRtN4pVyzit07M5lTIYyGe2sugI-qsXnDh1v/s1600/financial-freedom-concept-with-diagram-the-way-to-freedom.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="299" data-original-width="450" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiA1r9ibtFyQnglBt5cAhU9Fx6HtxqPNNQDBCiq4TP4eqrlw7Cs3xiyx1IzPlBp7oxOUEeG3kPFuahYWV7uCR9cFCDMIMCSxpEVg5h2kkLooRtN4pVyzit07M5lTIYyGe2sugI-qsXnDh1v/s320/financial-freedom-concept-with-diagram-the-way-to-freedom.jpg" width="320" /></a></div>
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<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;">最近有个朋友问我,”为什么要财务自由呢?我觉得有钱就花,活在当下很好啊。” 我记得当时我是这样回答的,那是因为我缺乏安全感,看过同事被裁、公司倒闭、中年失业、健康问题或者是意外导致无法工作,所以很想要财务自由。</span><br />
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<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;">后来我回去想想下,觉得这样的回答还是无法很全面地表达自己的看法,就上网去找找看有没有更好的说法。</span><br />
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<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;">我看到囧星人的影片后觉得她的解释很好。“财务自由不是说你想要买什么就买什么,而是你拥有了拒绝的自由。你不再需要去为了钱去做你不喜欢、不愿意去做的事情。关键不是财务,而是自由。不是把财务最大化,而是把财务的约束力降到最低”。有兴趣的话,可以去看看这个影片(<a href="https://www.youtube.com/watch?v=r5hQhs2WPwQ">https://www.youtube.com/watch?v=r5hQhs2WPwQ</a>)。</span><br />
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<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;">英文有一句很玩味的话,“you want to work or you have to work". 两者是有区别的。一个是我想工作,另一个是我不得不工作。后者是充满着无奈和逼不得已的。</span><br />
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<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;">当然选择牺牲当下或者活在当下都各有好坏、没有对错。我选择前者- 先苦后甜,努力耕耘和慢慢累积资产,因为这样未来的路才会越走越宽。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBvbnWo-C3lKYISdS4GF2b_JaCeWh87dLy9S4sId0Kdt0G1TxEsF65HiNykdKo0Gbev1uYxvq-BzPIu6PXHDflA0pV-DXiDFYuWR0aKM4KktqpdJLAr1H7M1SyCEf6mpagQWCPnSZOu6_k/s1600/images.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="243" data-original-width="207" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBvbnWo-C3lKYISdS4GF2b_JaCeWh87dLy9S4sId0Kdt0G1TxEsF65HiNykdKo0Gbev1uYxvq-BzPIu6PXHDflA0pV-DXiDFYuWR0aKM4KktqpdJLAr1H7M1SyCEf6mpagQWCPnSZOu6_k/s1600/images.png" /></a></div>
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<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;">单一收入的时代已经过时了,取而代之的是斜杠时代,年轻人开始做几份工作。它不只是单纯的多打几份工,而是一种生活态度。举例来说,一个人可以是“上班族 / 健身教练 / 作家”,多元地发展他的事业和兴趣。</span><br />
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<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;">如果我们只有单一收入的话,就要想办法提升自己的竞争能力和发展自己的兴趣。当然除了股票投资之外,还有很多开拓收入的方法。例如房地产,创业,兼职等等。最重要的是找到适合自己的方法。</span><br />
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<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;">还没找到的话就投资自己吧。如巴菲特所说,“最好的投资就是投资自己”。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQH8gOW_H9d-grBR7ztOCho1Dh8XBbc4BlevuntPrRbwEHO7FuG0ASd9YQzmkZtNe5tMyCHJeCrPasZvr1tbCBXLKMPluRtcPGl4L3f4vkcQL_9pIf301F2L6SrwKCttMbNJbhmXJ6iS_2/s1600/Quotation-Warren-Buffett-The-best-investment-you-can-make-is-an-investment-in-84-92-34.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="640" data-original-width="1200" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQH8gOW_H9d-grBR7ztOCho1Dh8XBbc4BlevuntPrRbwEHO7FuG0ASd9YQzmkZtNe5tMyCHJeCrPasZvr1tbCBXLKMPluRtcPGl4L3f4vkcQL_9pIf301F2L6SrwKCttMbNJbhmXJ6iS_2/s400/Quotation-Warren-Buffett-The-best-investment-you-can-make-is-an-investment-in-84-92-34.jpg" width="400" /></a></div>
<span style="color: #1d2129; font-family: Helvetica, Arial, sans-serif; font-size: large;"><br /></span>Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com1tag:blogger.com,1999:blog-6626399491129301328.post-8454231457231587422015-05-11T00:11:00.003+08:002015-05-11T00:11:56.793+08:00你的股票上了那么多,还不卖掉?<span style="font-size: large;">这一则故事出自于《Common Stocks and Uncommon Profits》。我做了少少改编。</span><br />
<span style="font-size: large;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEENkdEj2tIsoydbxuvqrE9VTlvbHDDEUwIAmg9ZZyuyuL6uTzzlid68VZkvftVPst_AOkqUeoaC7wPxKxMeQZR9NtwiE6LX7_ER7R-94n0fg_FdqkrMozzIi1_H3mwMQ4DIqSWUBS6mwu/s1600/common+stock.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEENkdEj2tIsoydbxuvqrE9VTlvbHDDEUwIAmg9ZZyuyuL6uTzzlid68VZkvftVPst_AOkqUeoaC7wPxKxMeQZR9NtwiE6LX7_ER7R-94n0fg_FdqkrMozzIi1_H3mwMQ4DIqSWUBS6mwu/s200/common+stock.jpg" width="132" /></a></div>
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<span style="font-size: large;"><br /></span>
<span style="font-size: large;">假设今天是你的高中/大学毕业典礼。你高高兴兴地去出席,但没想到今天既然会有预想不到的事情在等待着你。</span><br />
<span style="font-size: large;"><br /></span>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMZ6aRTpUpH4phk-38PRyoIeL9r0Ow-pEuL1H34lhgtWs6ZQBBDixqT3vFYfsgB7H7kAV-EhyphenhyphentnEtU71ut3qD3o9yx5qBuahEEa2deLGvdEhpwB05GJos4l7ujCnfs0qrVIc8RxO6bOWnP/s1600/convocation.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="194" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMZ6aRTpUpH4phk-38PRyoIeL9r0Ow-pEuL1H34lhgtWs6ZQBBDixqT3vFYfsgB7H7kAV-EhyphenhyphentnEtU71ut3qD3o9yx5qBuahEEa2deLGvdEhpwB05GJos4l7ujCnfs0qrVIc8RxO6bOWnP/s320/convocation.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Source: <a class="irc_hl irc_hol" data-noload="" data-ved="0CAYQjB0" href="http://archives.deccanchronicle.com/130418/news-current-affairs/article/convocation-be-held-inside-burail-jail-first-time" jsaction="mousedown:irc.rl;keydown:irc.rlk" style="-webkit-tap-highlight-color: rgba(255, 255, 255, 0.2); background-color: #f1f1f1; color: #7d7d7d; cursor: pointer; font-family: arial, sans-serif; font-size: 13px; line-height: 16px; text-align: left; text-decoration: none;"><span class="irc_ho" dir="ltr" style="margin-right: -2px; overflow: hidden; padding-right: 2px; text-overflow: ellipsis; unicode-bidi: -webkit-isolate;">archives.deccanchronicle.com</span></a></td></tr>
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<span style="font-size: large;">你才刚到会场,全班同学就围了过来。一番寒暄过后,大家都不约而同说他们需要一笔钱应急 (是认真的,不是恶作剧)。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">大家都答应了只要你肯借,他们以后开始工作了,将会每年交给你1个月的薪水。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">你楞了一下,心里的算盘快速地在运作。“一个月喔。。。有没有这么大只青蛙满街跳哦”。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">你还考虑到风险,”如果他以后没有工作,那我不就亏了嘛。。。那跟丢钱进咸水海没有什么分别“。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">但是想深一层,以几率来算还是博得过。只要大多数人都有工作,而且每年都加薪,那你就赚翻了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">想是这么想,可是由于你的资金有限,你只能借给3个同学。你应该借给谁呢?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">接下来你开始分析,”如果要借,我应该要借给最有可能赚大钱的人,那我的回酬才会高啊“。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这么多同学里你比较熟悉的只有10个人,其他的都没什么交流。正因为不熟悉他们的为人和才能,所以你一来就把他们从人选中删除了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最终你选择了3个同学,和他们签合同,把钱<strike>丢进了咸水海</strike>借了给他们。</span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVN23JQD1GwfFVp58hFJURnWO-PNXSnxXl5yM2iey9QNPslj-u7Xu2bwPK-BDZ2QjKdN76miOahf9_JbiaAZpabZGuZ-_p1McqdPWqnrqxcJOHgkzXjSls8JVRIDVPqsT8wgkHGZ3pIlDe/s1600/I+Owe+You.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVN23JQD1GwfFVp58hFJURnWO-PNXSnxXl5yM2iey9QNPslj-u7Xu2bwPK-BDZ2QjKdN76miOahf9_JbiaAZpabZGuZ-_p1McqdPWqnrqxcJOHgkzXjSls8JVRIDVPqsT8wgkHGZ3pIlDe/s200/I+Owe+You.png" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Source: <a class="irc_hl irc_hol" data-noload="" data-ved="0CAYQjB0" href="http://www.bestmobileappawards.com/app-submission/iou-pro-debt-manager" jsaction="mousedown:irc.rl;keydown:irc.rlk" style="-webkit-tap-highlight-color: rgba(255, 255, 255, 0.2); background-color: #f1f1f1; color: #7d7d7d; cursor: pointer; font-family: arial, sans-serif; font-size: 13px; line-height: 16px; text-align: left; text-decoration: none;"><span class="irc_ho" dir="ltr" style="margin-right: -2px; overflow: hidden; padding-right: 2px; text-overflow: ellipsis; unicode-bidi: -webkit-isolate;">www.bestmobileappawards.com</span></a></td></tr>
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<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">××××××××××××××××</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">转眼间,10年过去了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">其中一个向你借钱的同学,干得惊人地好。他在一间跨国企业里工作,从低级职员一路升到去高级经理了。再过多几年,就有可能会当上总裁。等待着他的想当然是更高的薪水。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这么多年来,你从他那里拿了有600%的回酬了。也就是说你原本借他的钱已经翻了几番。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这时候,有一个叫 Analyst 的人过来了。他说:”我觉得你那个同学的薪水上了那么多,接下来不会再有上升空间了“</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">”你不如把那个合同卖掉,再去和另一个现在薪水低的同学签新的合同。他的薪水这么多年来都没有怎么升过,应该还有很大的上升空间“</span><br />
<span style="font-size: large;"><br /></span>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7hYyrcPBcx3bmG4kBERM28OICdF0Vg8M1hGjtBo9FUqoFgsqJBk3-xc6nlJ34UZ_DJAH6Bh43X6M2hcDrZuGSRSrezet1v7-AsBKSZo3rHKcuGTwAiMrQA-XwbeZcK2GFmnvV35LdRriJ/s1600/Analyst+buy+sell+call.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7hYyrcPBcx3bmG4kBERM28OICdF0Vg8M1hGjtBo9FUqoFgsqJBk3-xc6nlJ34UZ_DJAH6Bh43X6M2hcDrZuGSRSrezet1v7-AsBKSZo3rHKcuGTwAiMrQA-XwbeZcK2GFmnvV35LdRriJ/s320/Analyst+buy+sell+call.png" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Source: <a class="irc_hl irc_hol" data-noload="" data-ved="0CAYQjB0" href="http://immobilienblasen.blogspot.com/2007_10_01_archive.html" jsaction="mousedown:irc.rl;keydown:irc.rlk" style="-webkit-tap-highlight-color: rgba(255, 255, 255, 0.2); background-color: #f1f1f1; color: #7d7d7d; cursor: pointer; font-family: arial, sans-serif; font-size: 13px; line-height: 16px; text-align: left; text-decoration: none;"><span class="irc_ho" dir="ltr" style="margin-right: -2px; overflow: hidden; padding-right: 2px; text-overflow: ellipsis; unicode-bidi: -webkit-isolate;">immobilienblasen.blogspot.com</span></a></td></tr>
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<br />
<span style="font-size: large;">你听了这番话后,心想“你这个Analyst是不是敲坏脑袋了。。。要我把生金蛋的母鸡卖掉,换另一个蛋都不多的母鸡?Sot Sot de。。。”</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">-完-</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">××××××××××××××××</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">某程度上,以上的故事就好像投资股票那样。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">从一群上市公司,选择和分析自己了解的公司,然后做出长期投资。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">公司赚钱,就会分红利给股东。只要公司的领导层有能力,就能把生意越做越大,分发给股东的红利也逐年增进。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">但有一样东西却是不同的。人的寿命有限,迟早那个同学也会去卖咸鸭蛋。公司则不同,领导人退休前,能够选择和培养有能力的接班人,让生意永续经营下去。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果投资的公司是每年成长、每年赚钱的话,你会因为Analyst 或者Market Report叫你卖,就真的去卖掉吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">又或者股价暂时高估(overvalue),就快快卖掉吗?如果是好像Public Bank那样的公司呢?以为股价已经很高了,快快卖掉。卖掉后它却屡创新高,你就失去了致富的机会。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">卖掉一个股价已近上升了很多的股票,来买一个股价10年来都没有动的股票,就因为它还有很多上升空间,真的是非常荒谬。虽然匪夷所思,但在股市里却时常发生。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最后,我以巴菲特的一句话来结尾。希望大家看了这篇文章会有所启发。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">”If I had owned 100% of a solid business with good long term prospects, it would be foolish for me to even consider dumping it"</span><br />
<br />
<br />
<br />
资料来源:<br />
<br />
1. 《Common Stocks And Uncommon Profits》- Chapter 6 When to Sell<br />
<br />Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com7tag:blogger.com,1999:blog-6626399491129301328.post-77858765338047906352015-04-26T18:36:00.000+08:002015-04-26T18:36:30.403+08:00阅读报告 - 第二篇 《Berkshire Hathaway 2013 Annual Report》<span style="font-size: large;"><br /></span>
<i><span style="font-size: large;">题外话: 在一个买什么都升的牛市,股市每天都创新高的当下,要保持对的投资心态,不投机不跟风,真的是说易行难。所以动摇的时候就要读《The Intelligent Investor》里的第八章,时时刻刻提醒自己。</span></i><br />
<i><span style="font-size: large;"><br /></span></i>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIxpitBoY19TpuxpvEZpc29X3t6sppSl_eqvJ23T3oKdtndjkMcmHbUCBLOF_G5pIUy0uhMBpWHo4GtNG5L-SzxQ_u_I4nwx6T-IF4Rc3t61y-SgIwlJLhZAS2QTiRHDlB9qyKiOdraBc1/s1600/The+intelligent+investor.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIxpitBoY19TpuxpvEZpc29X3t6sppSl_eqvJ23T3oKdtndjkMcmHbUCBLOF_G5pIUy0uhMBpWHo4GtNG5L-SzxQ_u_I4nwx6T-IF4Rc3t61y-SgIwlJLhZAS2QTiRHDlB9qyKiOdraBc1/s1600/The+intelligent+investor.jpg" height="200" width="131" /></a></div>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">今天我们要来看看Berkshire 2013的年报。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">比较Berkshire 2014 和 2013年Warren Buffett 撰写的致股东信(Chairperson Letter) ,我觉得2013年的‘含金量’会比较高,尤其是对投资者来说。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">2014年的信中,Warren Buffett 花了不少篇幅来讨论和分析 Berkshire 在未来50年的部署和前景。他在信中提到他的接班人已经锁定了,也语重心长地告诫接班人,要具备能力来打败企业的ABC 癌症 - Arrogance 傲慢,Bureaucracy 官僚,Complacency 自满。不然再好的企业也会走向失败。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">反观2013年的信,Warren Buffett 提到了他两项在几十年前做的投资。一项是在1986年买了一个400英亩的农场;另一项是在1993年买的商场。这两项投资都取得了成功。他借由这两项投资,来带出他的投资理念以及分享投资者应有的心态。</span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLSyjKWD-wK_5eHcV2KUSnzkPj8MDrDaN8ZFWHanhqR7qVyfSs_Ih5E1i5LoQQC1cBieGc7AT3Fl7uZZKxeohGRYx0CcTx9hVdUimGoJMEL4uZsBqeuj0PMIMD2EVxLuO5SyJLxq8eWjne/s1600/warren-buffett1+farm.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLSyjKWD-wK_5eHcV2KUSnzkPj8MDrDaN8ZFWHanhqR7qVyfSs_Ih5E1i5LoQQC1cBieGc7AT3Fl7uZZKxeohGRYx0CcTx9hVdUimGoJMEL4uZsBqeuj0PMIMD2EVxLuO5SyJLxq8eWjne/s1600/warren-buffett1+farm.jpg" height="229" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Nebraska 400 acres farm, source: Fortune.com</td></tr>
</tbody></table>
<br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">废话不多说,以下是我转载报告里的金句和见解:</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">1. ”Investment is most intelligent when it is most businesslike - Benjamin Graham"</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最聪明的投资, 就是把投资当成是一门生意去看待。把自己当作是生意合伙人。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">2. "You don't need to be an expert in order to achieve satisfactory investment results. You must recognize your limitation and follow a course certain to work reasonably well“</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">投资不需要异于常人的IQ,也不需要成为专家。但我们必须要清楚自己的能力,不投资自己不明白的生意。这也是巴菲特时常说的“Circle of Competence", 不踏出自己的能力圈去冒不必要的风险。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">3. "Keep things simple and don't swing for the fences. When promised quick profits, responds with a quick "no"</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">不要把投资搞得复杂,也不要一直改变投资策略。看到别人赚钱,就盲目跟风。绝对不要相信任何短时间高回酬的投资,例如Geneva gold、 Swisscash、 南宁、云数贸和最近的大学生炒外汇。</span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKVdsn03WnEx2bLMw4LXChCKH4w5Iv3UVmt38xSmfdyjf-Axp4lMunaLpYmVVjWpuogyxjbrF72PAOtLjwBWkJjWMSUVUCJwbR-6KaNmUhyFoCX9aF7Ci0FhHs8wocqSYn1M40-39rH1eU/s1600/Ponzi-Schemes-Web-Final-A4.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKVdsn03WnEx2bLMw4LXChCKH4w5Iv3UVmt38xSmfdyjf-Axp4lMunaLpYmVVjWpuogyxjbrF72PAOtLjwBWkJjWMSUVUCJwbR-6KaNmUhyFoCX9aF7Ci0FhHs8wocqSYn1M40-39rH1eU/s1600/Ponzi-Schemes-Web-Final-A4.jpg" height="640" width="452" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Source: http://www.reddit.com/</td></tr>
</tbody></table>
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<span style="color: purple; font-size: large;">4. "If you don't feel comfortable making a rough estimate of the asset's future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility"</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果没有办法预测企业未来的盈利,那就不要投资在那公司了。巴菲特说他避免投资科技公司,因为他没办法预测这些公司在未来5年,10年和20年的盈利。相反的他知道Coca-Cola, Wrigley, 和 Gillette 在未来还是会有需求,人们并不会因为科技改变而不用这些产品。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">5. "There is nothing improper about speculating. I know, however, that I am unable to speculate successfully, and I am skeptical of those who claim sustained success at doing so"</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">投机并没有错,但没有人能够维持长时间成功的投机。至少巴菲特承认本身就做不到,而且怀疑有人能做到。就好像有人告诉你他逢赌必赢,你会相信吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">6. "Games are won by players who focus on the playing field - not by those whose eyes are glued to the scoreboard. If you can enjoy Saturday and Sunday without looking at stock prices, give it a try on weekdays"</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果买入股票后,需要时时刻刻去查看股票的价格,影响生活之余,还弄到自己神经兮兮坐立不安的话,那有何苦呢?如果打算长期持有,就不需要理会短期股价了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">7. "I needed no unusual knowledge or intelligence to conclude that the investment had no downside and potentially had substantial upside"</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">其实这一段巴菲特是在描述他在1986年买的农场。他对于经营农场完全没有概念。当时农场过剩,结果泡沫破灭, 很多农场和银行都倒闭了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">他的儿子Howard Graham Buffett 对于经营农场很有兴趣,也清楚那样规模的农场每年能够生产多少的玉米和黄豆,以及它的营业支出。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">结果巴菲特认为有利可图,就以低于市价很多的价格买下了那块农场,再交由他儿子打理。过了那么多年后,农场那块地的价格已升了几番,而且他儿子也打理的不错。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">还有一个有趣的小插曲。Howard 爆料说,他的农场是和父亲租的,每个月都要给租金。但租金其实是和他的体重挂钩的。只要Howard减少他的体重,他就能少付一些租金。巴菲特希望以这种方式,他的儿子能够维持健康的生活,不要过重。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">8. "Forming macro opinions or listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous because it may blur your vision of the facts that are truly important"</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">巴菲特买股时从来不考虑宏观经济和美国联储局升息与否。对他来说,最重要的还是回到股票的价值。考虑其他的市场预测和经济表现都是浪费时间的。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">9. "Indeed, tumbling markets can be helpful to the true investor if he has cash available when price get far out of line with values. A climate of fear is your friend when investing; a euphoric world is your enemy"</span><br />
<span style="font-size: large;"><br /></span>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEqAvO55mdnzam2_InXrAKM1atOFhADqbdn1kfaCNrZ2BAhyeTxpeWM8LRiFpE213dsm5YOBAZ9CAmt6hZmk634Oxgaqs6oAIrNmRQfJc3JDFTCrVZLdwV5Wfz57_P-sIB9mGaZj1ZtcAy/s1600/warren+fear.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEqAvO55mdnzam2_InXrAKM1atOFhADqbdn1kfaCNrZ2BAhyeTxpeWM8LRiFpE213dsm5YOBAZ9CAmt6hZmk634Oxgaqs6oAIrNmRQfJc3JDFTCrVZLdwV5Wfz57_P-sIB9mGaZj1ZtcAy/s1600/warren+fear.jpg" height="233" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Source: <a class="irc_hl irc_hol" data-ved="0CAYQjB0" href="http://www.investmentmalaysia.org/2013/04/ge13-bursa-malaysia-collapse/" jsaction="mousedown:irc.rl;keydown:irc.rlk" style="-webkit-tap-highlight-color: rgba(255, 255, 255, 0.2); background-color: #f1f1f1; color: #7d7d7d; cursor: pointer; font-family: arial, sans-serif; font-size: 13px; line-height: 16px; text-align: left; text-decoration: none;"><span class="irc_ho" dir="ltr" style="margin-right: -2px; overflow: hidden; padding-right: 2px; text-overflow: ellipsis; unicode-bidi: -webkit-isolate;">www.investmentmalaysia.org</span></a></td></tr>
</tbody></table>
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<span style="font-size: large;">股灾或股市下跌对于真正的投资者来说,是很有利的。尤其是如果我们有钱在手的话,就能够进场扫便宜货了。这符合巴菲特所说的“当人们贪婪的时候,我们害怕;当人们害怕的时候,我们贪婪“。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">至于要有多少钱在手呢,就要看个人的年龄,风险胃纳和投资组合了。我个人有30%的现金。如果熊市到来,我应该会减少现金和增持股票。也有人准备了六个月的后备金后,就All in 的例子。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><span style="color: purple;">10. "I can't remember what I paid for that first copy of the《The Intelligent Investor》. Whatever the cost, it would underscore the truth of Ben's adage: Price is what you pay, value is what you get. Of all the investments I ever made, buying Ben's book was the best</span>."</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最好的投资是对自己的投资。阅读书籍增进自己的财商会为我们带来很大的回酬和避免走上很多冤枉路。连股神都说,他做过最对的投资就是购买他师傅的书《The Intelligent Investor》。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果对财务管理完全没头绪的话,我会建议先读《Rich Dad Poor Dad》。理解后,就读冷眼的书来建立对的投资心态。再来就能读这本价值投资的“圣经”《The Intelligent Investor》</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">除此之外,一些本地的部落格作者也有出书分享他们的经历和做功课选股的秘诀。例如:</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">第一天 - <a href="http://windscopo.blogspot.sg/2014/02/blog-post_21.html" target="_blank">《低薪一族投资手册 十年人生百万路》</a></span><br />
<span style="font-size: large;">YY - <a href="http://yy-mylifediary.blogspot.sg/search/label/ebook-%20%E6%AD%AA%E6%AD%AA%E7%A7%AF%E5%B0%91%E6%88%90%E5%A4%9A%E7%90%86%E8%B4%A2%E6%8A%95%E8%B5%84%E8%B7%AF#.VTyocCGqqPk" target="_blank">《歪歪积少成多理财投资路》</a></span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最后这段,我认为对于股市新手来说是最重要的。尤其是当股市屡破新高,仙股乱飞的时候。</span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">11. “The main danger is that the timid or beginning investor will enter the market at a time of extreme exuberance and then become disillusioned when paper losses occur. </span><br />
<span style="font-size: large;"><br /></span>
<span style="color: purple; font-size: large;">The antidote to that kind of mistiming is for an investor to accumulate share over a long period and never to sell when the news is bad and stocks are well of their high"</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最近读到很多股市新手在部落格和论坛问要怎么开投资户口,又读到不少中国大妈借钱投资香港的股市,看了有点担心。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">在这里要语重心长地告诉新手们,股市虽然长期来说是向上的,但短期内波动还是蛮大的。要投资的话,就要用闲钱,不碰Margin、不借贷、然后定期定额地买优质股,做好功课、心理建设和长期投资的心态。</span><br />
<span style="font-size: large;"><br /></span><span style="font-size: large;">最后问自己,如果今天买股票,明天衰衰就发生股灾,股价跌超过一半,你有信心加码吗?</span><br />
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资料来源:<br />
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1. Berkshire Hathaway 2013 Annual Report - <a href="http://berkshirehathaway.com/2013ar/2013ar.pdf">http://berkshirehathaway.com/2013ar/2013ar.pdf</a><br />
<br />Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com2tag:blogger.com,1999:blog-6626399491129301328.post-36004370233283762492015-03-07T22:22:00.001+08:002015-03-08T11:39:48.935+08:00阅读报告 - 第一篇 《Berkshire Hathaway 2014 Annual Report》<span style="font-size: large;"><i>题外话:基于工作繁忙,小弟上一篇的文章已经是三个月前的事了。没办法啊,功夫还不到家,一篇公司的分析就要花至少两个星期的时间撰写了。(好啦。。。我承认其实我是懒惰 >.< )</i></span><br />
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">返回正题,受到 <a href="http://aliinvest.blogspot.sg/" target="_blank">Ali</a> 和<a href="http://storyof.juanyao.net/" target="_blank">阿尧</a>的影响,我想写一些'比较'简短的阅读报告。一方面可以记录在书本或报告里学到的知识。另一方面也好记录我阅读过的书籍。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">首先,奉行价值投资者都知道在股票投资的世界,Warren Buffett 可说是数一数二的神级投资者。所以大家每一年都会很期待和阅读 Warren Buffett 撰写的 Berkshire常年报告。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwK3SCb3pxQIVv8uYQUpKSW1o_-ctJPr-6kgqiPr6PCrNZx8sebiqiFI2357gBiJown9SIEaAqtbrYQioINWzEAOdfMg7pnre6uogVVgp4-68-T1p3-_mC1M0Rbhv95u24YR3Z6QJdbqTg/s1600/Warren_Buffett.jpg" imageanchor="1"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwK3SCb3pxQIVv8uYQUpKSW1o_-ctJPr-6kgqiPr6PCrNZx8sebiqiFI2357gBiJown9SIEaAqtbrYQioINWzEAOdfMg7pnre6uogVVgp4-68-T1p3-_mC1M0Rbhv95u24YR3Z6QJdbqTg/s1600/Warren_Buffett.jpg" height="320" width="260" /></a></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">这里会转载一些报告里的金句和我小小的意见或感想。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">1. "Market Price have their limitations in the short term. Monthly or yearly movement of stocks are often erratic. Overtime, stock price and intrinsic value almost invariably converge" </span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">很多股票的价格在短期内被低估或被有心人士炒高。但长期来说,股票的价格和它内在的价值是一样的。说易行难,因为要推算一个股票的内在价值有太多无法计算的因素。但我们可以做到的是买在低价,确保有足够的安全边际, 那么亏钱的几率就减低了。</span></div>
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<span style="color: purple; font-size: large;">2. "Of course, a business with terrific economics can be a bad investment if it is bought for too high a price"</span></div>
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<span style="font-size: large;">再好的股票或公司,如果买入的价格太高,赚钱几率不止会降低而且赚的幅度也不高。基本上,股票在买入时,已经决定了会赚钱或亏钱。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">3. “My experience in business helps me as an investor and that my investment experience has made me a better businessman"</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">想要成为一个好的投资者,就要学习怎么样去做生意。投资就是合股做生意,虽然不需要我们亲自去经营,但是如果我们会分析公司财报,我们就能知道公司的营运状况。最重要是知道什么生意有利可图,什么是高度竞争行业、什么是夕阳行业。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">4. "In world of business, bad news often surfaces serially. You see a cockroach in kitchen; as days go by, you meet his relatives"</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">如果一间公司爆出了什么丑闻,例如迟交报告或做假账等等。那么一定还有不少负面的消息陆续涌出来。就好像如果在厨房看到一只蟑螂,不采取行动,很快就会繁殖到一群蟑螂出来。所以我们要当机立断,当断不断,必受其乱。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">5. “Forget what you know about buying fair business at wonderful prices; instead, buy wonderful business at fair prices” Charlie Munger</span><br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgc82HB6ztg4DBwr8Oxj4OabL2WxakD_-C8hM0YVhbLr8ntNqFNpjTvUNYu77QYfdwl-zi0ZBRX4Ep0OC-0PJrFivLnvKpG2UuKjIHu5YtJiPhRW7OEEJTBoXCxhY2tcezy8xgiMO7EccuA/s1600/Charlie_Munger.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgc82HB6ztg4DBwr8Oxj4OabL2WxakD_-C8hM0YVhbLr8ntNqFNpjTvUNYu77QYfdwl-zi0ZBRX4Ep0OC-0PJrFivLnvKpG2UuKjIHu5YtJiPhRW7OEEJTBoXCxhY2tcezy8xgiMO7EccuA/s1600/Charlie_Munger.jpg" height="320" width="227" /></a></div>
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<div>
<span style="font-size: large;">Berkshire Hathaway 今天能够那么成功,最大的功臣是Warren Buffett 的好拍档, Charlie Munger。 此君在投资策略和大方向上影响了Warren Buffett 后来的投资。Warren 从投资教父 Benjamin Graham 的‘Cigar butt investing' 投资法,转去长期投资一些有价值、有品牌、有堡垒而且生产的产品是大众永远需要的公司。</span></div>
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<span style="color: purple; font-size: large;">6. "Frequently, the best decision is to do nothing. But sitting tight is seldom recommended by Wall Street (Don't ask the barber whether you need a haircut)"</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">长期投资是致富的不二法门。但要做到并不简单,因为很考验耐心而且要不受外界的影响,尤其是要忍受analyst 或broker不停地叫买叫卖 和市场上的真假消息。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">7. “Cash is to a business as Oxygen to an individual; never thought about when it is present, the only thing in mind when it is absent"</span></div>
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<span style="font-size: large;">没有钱或借贷无数的公司,只要遇到经济风暴就会倒闭。反而一间公司如果有充裕的现金,那么就算遇到任何风暴,也能够熬得过去。投资前一定要分析公司的财务状况,确保公司遇上困难时还能够生存。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">8. "The unconventional, but inescapable, conclusion to be drawn from the past 50 years is that it has been far safer to invest in a diversified collection of American businesses, than to invest in bond or treasuries"</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">分散投资在不同的公司和领域会比投资在固定利率的债劵或放在银行,安全得多。因为通货膨胀会导致我们的钱贬值。</span></div>
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<span style="color: purple; font-size: large;">9."For great majority of investors, who can and should invest with a multi-decade horizon, quotational declines are unimportant. Their focus should remain fixed on attaining significant gains in purchasing power over their investing lifetime.</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIAqD57xeaCCfhJ3erh_ZmoCmQ79bly-1JUvVzeSR0Do8PHPR4lm69pycEtBOvUN4GMOUNAWSOSfoXzPpUTAMGyIDgNRXTIq6FZRYfTiPWFM8wONNqtfmOl3vgE1mCnlqcXb8TXEw-pHu0/s1600/compound+interest.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIAqD57xeaCCfhJ3erh_ZmoCmQ79bly-1JUvVzeSR0Do8PHPR4lm69pycEtBOvUN4GMOUNAWSOSfoXzPpUTAMGyIDgNRXTIq6FZRYfTiPWFM8wONNqtfmOl3vgE1mCnlqcXb8TXEw-pHu0/s1600/compound+interest.png" height="379" width="640" /></a></div>
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<span style="font-size: large;">对于一个长期(这里的长期是指几十年 =_=)投资者来说,股票的价格偶尔下跌,并不重要。最重要的是要怎么投资,让自己的购买能力在未来能有显著的提升。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">10."Buffett's decision to limit his activities to a few kinds and to maximize his attention to them, and to keep doing it for 50 years, was a lollapolooza. Buffett succeeded for the same reason Roger Federer became good at tennis"</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">Warren Buffett 的成功很大程度归功于他五十年来不变地重复做着他最擅长的东西。学习投资应该是一门终身学问。学然后知不足,只要不停地学习,我们就有机会成功。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">11. “Though practically all days are relatively uneventful, tomorrow is always uncertain. And if you can't predict what tomorrow will bring, you must be prepared for whatever it does".</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">就因为我们不知道明天会发生什么事情,我们需要未雨绸缪,在冬天来临之前,就要努力囤粮。投资能够让我们在未来过上更好的日子,所以我们一定要长期投资。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="color: purple; font-size: large;">12. “Investor can by their own behavior, make stock ownership highly risky by active trading, attempts to "time" market", inadequate diversification, payment of high and unnecessary fees to manager and advisor, and use borrowed money. Borrowed money has no place in investor's tool kit (anything can happen anytime in markets).</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">这一段对于散户来说是很好的警惕。只要我们不过度买卖、不短期操作股票、不去预测市场走向、不付过高和没必要的费用、不用Margin、和分散投资,那投资股票的风险将会大幅度降低。最重要的是永远不要借钱来投资股票,因为很可能明天就是熊市或股灾了 。</span></div>
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<span style="font-size: large;">****************************</span></div>
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<span style="font-size: large;">希望这篇文章能引起你的兴趣去阅读Berkshire历年来的常年报告。Warren Buffet 独树一帜的写作手法、风趣的比喻和他对于生意上的精辟见解,必定能让你学到很多投资和经营生意上的学问。他的常年报告是每个价值投资者必读的。</span></div>
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资料来源:</div>
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<br /></div>
<div>
<ol>
<li>Berkshire Hathaway 2014 Annual Report - <a href="http://www.berkshirehathaway.com/2014ar/2014ar.pdf">http://www.berkshirehathaway.com/2014ar/2014ar.pdf</a></li>
</ol>
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Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com2tag:blogger.com,1999:blog-6626399491129301328.post-5086828371669560822014-11-23T22:00:00.000+08:002014-11-23T22:05:49.976+08:00过马路浅谈风险之我见<h1 class="entry-title" style="background-color: white; border: 0px; box-sizing: border-box; clear: both; color: #555555; font-family: 'Open Sans', Arial, sans-serif; font-size: 1.8em; font-weight: 300; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<a href="http://storyof.juanyao.net/2014/10/road-and-risk-1/" target="_blank">过马路浅谈风险(上):什么是风险</a></h1>
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<h1 class="entry-title" style="background-color: white; border: 0px; box-sizing: border-box; clear: both; color: #555555; font-family: 'Open Sans', Arial, sans-serif; font-size: 1.8em; font-weight: 300; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<a href="http://storyof.juanyao.net/2014/10/road-and-risk-2/" target="_blank">过马路浅谈风险(中):为何要冒险</a></h1>
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<h1 class="entry-title" style="background-color: white; border: 0px; box-sizing: border-box; clear: both; color: #555555; font-family: 'Open Sans', Arial, sans-serif; font-size: 1.8em; font-weight: 300; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<a href="http://storyof.juanyao.net/2014/11/road-and-risk-3/" target="_blank">过马路浅谈风险(下):聪明的冒险</a></h1>
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<span style="font-size: large;"><br /></span>
<span style="font-size: large;">我觉的阿尧兄这三篇关于风险的文章写得非常好。他用过马路这个再平常不过的举动,来带出什么是风险、为何要冒险,和聪明的冒险这三个探讨风险的文章。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最后还把整个故事牵连出投资股市的风险,真的很赞。没读过的人,我极力推荐你去阅读和花点时间思考。</span><br />
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<span style="font-size: large;">小弟不才,读后也想分享下自己的想法。让我先说一个故事:</span></div>
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<h2>
<span style="font-size: x-large;">过马路比赛</span></h2>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjM3Jin5CCoO8lZzH0WcSQYaNQCW_QP6DTIO1dLemEY4jrvP45U4x51hCD1LeE37aVDYklTtWxvJJHFx1e-7dKEfgLiM31q2YJaZkbiO4XiStmF_USPU1z9WRVms2Xqixw1bobw1gwt4s6/s1600/Rush+Traffic.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjM3Jin5CCoO8lZzH0WcSQYaNQCW_QP6DTIO1dLemEY4jrvP45U4x51hCD1LeE37aVDYklTtWxvJJHFx1e-7dKEfgLiM31q2YJaZkbiO4XiStmF_USPU1z9WRVms2Xqixw1bobw1gwt4s6/s1600/Rush+Traffic.png" height="202" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来源:http://i.dailymail.co.uk/</td></tr>
</tbody></table>
<br /></div>
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<div>
<span style="font-size: large;">这个故事的灵感来自巴菲特的扔钱币故事。假设有一个过马路比赛,吸引了100个人参加。如果成功越过一条超级繁忙马路的话,就能赢取一笔巨额奖金。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">但有一个游戏规矩 ,就是每天会有一半的人会被车撞而葬身在马路上(这是什么世界的比赛啊。。。 =_= )。每一天每个人被车撞倒的机率是50%。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">意思是第一天过后,就只剩下50个参赛者。再多一天呢,就剩下25个人。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">这个时候这25个人,开始变的自高自大了,觉得自己一定是具备别人所没有的“过马路”的天赋。为什么呢?人性使然嘛。。。再接下来,剩余的参赛者就更张狂了,有者推出《我如何用过马路来赢取第一桶金》的书、有些去巡回演讲教导人们如何过马路,有些甚至被邀请上电台分享过马路的心得和秘诀。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">但比赛终究是残忍的。经过几轮的淘汰后,只剩下最后一名参赛者。他将赢取那一笔巨额奖金,从此过着幸福无忧的生活。。。</span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-E92AGbwI5utNpQWaE0AT21QHNs66m93oGqwfj9V8qXy585kEp5bc0FU7Uoc0IoywYOEZKqZnS-D-9T9yL9hYltobSbCuUe9Uobe77DIFXz7Fb2jetYSu3eLgrsDeGIdb2ACldPCK_F-w/s1600/Road+Crossing.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-E92AGbwI5utNpQWaE0AT21QHNs66m93oGqwfj9V8qXy585kEp5bc0FU7Uoc0IoywYOEZKqZnS-D-9T9yL9hYltobSbCuUe9Uobe77DIFXz7Fb2jetYSu3eLgrsDeGIdb2ACldPCK_F-w/s1600/Road+Crossing.png" height="222" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来源:http://lowres.jantoo.com/</td></tr>
</tbody></table>
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<div>
<span style="font-size: large;">故事还没说完呢。那名被胜利冲昏头脑的人,在过马路回家时,也被撞死了(这什么烂故事啊。。。我的眼睛@@!)。死因是太过自信和自负,没有看车就过马路。好像阿尧说的,忘记了当初的顺利纯粹是侥幸而已。</span></div>
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<span style="font-size: large;">-完-</span></div>
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<h3>
<span style="font-size: x-large;">没有记忆的风险</span></h3>
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<br /></div>
<div>
<span style="font-size: large;">我说这个故事的原因是要带出有些风险是没有记忆的。</span></div>
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<span style="font-size: large;"><br /></span></div>
<div>
<span style="font-size: large;">你应该也察觉了,以上的故事,我说明了“每一天每个人被车撞到的机率是50%”。</span></div>
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<span style="font-size: large;"><br /></span></div>
<div>
<span style="font-size: large;">当然现实中那机率不会那么高啦,不然谁还要过马路啊 @@</span></div>
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<span style="font-size: large;"><br /></span></div>
<div>
<span style="font-size: large;">我想说的是假设机率不会改变的话,就算成功过马路10次,100次,1000次,下一次过马路的时候机率也还是50%被车撞到,不会因为过去而改变。</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">故事中的胜利者,能够挨到最后,也是因为幸运罢了。如果从来的话,他也未必能够胜出。</span><br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVrEVzLKeyq5GkEoQOp2Bpc30QljIkMOwXBw7nHrND52M8sizqAmGxC6HCBYZa3dkcWTv-mFXPBX8biTcUcebPbjpKIaDDd43B8NqmzPY9JDtFqF-oAuPh7e9l_LX_3qeekriP2ukqxcMG/s1600/big+small.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVrEVzLKeyq5GkEoQOp2Bpc30QljIkMOwXBw7nHrND52M8sizqAmGxC6HCBYZa3dkcWTv-mFXPBX8biTcUcebPbjpKIaDDd43B8NqmzPY9JDtFqF-oAuPh7e9l_LX_3qeekriP2ukqxcMG/s1600/big+small.png" height="240" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来源:http://shp88.com/</td></tr>
</tbody></table>
<span style="font-size: large;"><br /></span></div>
<div>
<span style="font-size: large;">这有点像上云顶赌大小一样。开大和开小的机率都小过50% (因为还有“围骰通杀”)。</span></div>
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<span style="font-size: large;"><br /></span></div>
<div>
<span style="font-size: large;">我问你,如果前面的10局都开大,那接下来这一局你猜会开什么?大?小?</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">答案是可大可小可围骰,因为机率还是一样啊。其实每一次新的赌局,都不会受到之前开过的结果影响。但赌徒就是相信两者有关联,再加上如果对面的Uncle买什么开什么,他们就会开始研究为什么Uncle可以一直赢。是坐的方向吗?是衣服的颜色吗?</span></div>
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<span style="font-size: large;"><br /></span></div>
<div>
<span style="font-size: large;">这类风险是没有记忆的,就好像股市短期的波动,可以上可以下也可以不上不下。它不会因为连续上了两天,第三天也跟着上,反之亦然。</span></div>
<div>
<span style="font-size: large;"><br /></span></div>
<div>
<span style="font-size: large;">这种风险虽然无法降低,但我们却可以避免。只要坚持不投机不赌博就可以了。</span></div>
<div>
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<div>
<h3>
<span style="font-size: x-large;">黑天鹅效应</span></h3>
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<div>
<span style="font-size: x-large;"><br /></span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFDPVfunBbjftBjQed21nbq4lA0Z4VFu8wqg3AkRNbF6NaKde65FcCY-KVyKglxVBsX8WIphafF_99LdvawDza9oon8SuiONxCa2hyIIZrJcZWQ3ZKw2iMKH78JvHmrlnpezEnuATprqCZ/s1600/black+swan.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFDPVfunBbjftBjQed21nbq4lA0Z4VFu8wqg3AkRNbF6NaKde65FcCY-KVyKglxVBsX8WIphafF_99LdvawDza9oon8SuiONxCa2hyIIZrJcZWQ3ZKw2iMKH78JvHmrlnpezEnuATprqCZ/s1600/black+swan.png" height="256" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来源:http://www.impactlab.net/</td></tr>
</tbody></table>
<br /></div>
<div>
<span style="font-size: large;">除了没有记忆的风险外,还有一种更可怕,无法预知也无法避免的风险。我们称之为黑天鹅。</span></div>
<div>
<span style="font-size: large;"><br /></span></div>
<div>
<div>
<span style="font-size: large;">这种无法预知的风险,通常我们都不加理会。因为人类都有偏见,觉得不可能会中自己,Why me?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">所以一旦发生,这种风险带来的冲击是最大也最可怕的。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">阿</span><span style="font-size: large;">尧</span><span style="font-size: large;">在文章里提到一个例子,就是过马路时被外星人绑架消失。我能够想到的例子有</span><span style="font-size: large;">马路陷下去出现大巨窿、过到一半被避雷针砸中、飞机</span><span style="font-size: large;">失事坠毁在马路上(怎么都是些</span><span style="font-size: large;">似曾相似的例子 =。=)</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">那既然无法预知,我们岂不是要永远都不过马路?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这个时候就要衡量了,过马路如果成功的话会怎么样,如果不过的话,又会怎么样。</span></div>
<div>
<br /></div>
</div>
<div>
<div>
<h3>
<span style="font-size: x-large;">何时该冒险?</span></h3>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSRztiaYE7XW54vdFFD1BIlBP-oS2ELWTzvS7yIQjABH06KQ2ZcLt6Yzwk6JnAGPLVRBzMJsLTQntPaU1qqTRxiqSTHP68dstnI6IBcodwYNgpNxvVzwV0Nax8mloUdQp_wlOXaOCdnQbM/s1600/Revolver.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSRztiaYE7XW54vdFFD1BIlBP-oS2ELWTzvS7yIQjABH06KQ2ZcLt6Yzwk6JnAGPLVRBzMJsLTQntPaU1qqTRxiqSTHP68dstnI6IBcodwYNgpNxvVzwV0Nax8mloUdQp_wlOXaOCdnQbM/s1600/Revolver.png" height="249" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来源:www.casino.org</td></tr>
</tbody></table>
<br /></div>
</div>
<div>
<span style="font-size: large;">你有听过俄罗斯轮盘这个玩命游戏吗?参与者先把一颗子弹放进左轮手枪里,再转动弹仓。然后每个参与者轮流把枪口对着自己的脑袋按下扳机,直到有人中枪。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">左轮手枪一般有6个弹仓,因为只有一颗子弹,所以子弹被击发的机率是1/6。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果给你100万,叫你对着脑袋按一下扳机,你要吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">你可能会说,“傻的咩,我的命不止100万欸”。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">那把钱增加到1000万,叫你做同样的东西,你或许会考虑了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">为什么呢?因为奖金(报酬)增加了嘛。。。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">那么如果给你选一把6个弹仓或一把8个弹仓的手枪,你一定会选后者吧,因为被子弹击中(风险)机率减少了嘛。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果都是要开枪(冒险),当然报酬要大,风险机率要小才博得过啊。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">同样的股市投资,因为风险比较高,我们必须要求高于定存的报酬。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">至于要怎么知道报酬率和风险机率呢?就要勤做功课,确保买入的价钱够低,有足够的安全边际(MOS)然后分散投资,就能够把风险减低。</span><br />
<br />
<span style="font-size: large;">那你问我会过马路吗?如果附近有人行天桥,我会用。我应该不会拿命博的。因为我的风险胃纳比较低。但是万一没有选择的话,我会过马路,但也会买保险。</span><span style="font-size: large;">保险虽然没有办法降低风险,但却可以就发生的事情给于赔偿。</span><br />
<br />
<span style="font-size: large;">最后,如果你一想到明天要过马路就彻夜难眠,进而影响你的睡眠质素和健康,那就真的不值得冒这个险了。</span></div>
<div>
<br />
<br /></div>
<div>
资料来源:<br />
<br />
1. 巴菲特扔钱币故事 - <a href="http://blogbuffett.bokee.com/4775144.html">http://blogbuffett.bokee.com/4775144.html</a><br />
2. 黑天鹅 - <a href="http://zh.wikipedia.org/wiki/%E9%BB%91%E5%A4%A9%E9%B5%9D%E6%95%88%E6%87%89">http://zh.wikipedia.org/wiki/%E9%BB%91%E5%A4%A9%E9%B5%9D%E6%95%88%E6%87%89</a><br />
3. 俄罗斯轮盘 - <a href="http://zh.wikipedia.org/wiki/%E4%BF%84%E7%BE%85%E6%96%AF%E8%BC%AA%E7%9B%A4">http://zh.wikipedia.org/wiki/%E4%BF%84%E7%BE%85%E6%96%AF%E8%BC%AA%E7%9B%A4</a></div>
<div>
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<div>
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Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com4tag:blogger.com,1999:blog-6626399491129301328.post-42467099650356489812014-11-01T17:35:00.000+08:002015-03-08T00:05:08.746+08:00股息是一种很玄的东西<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnZC9qQ66oKxediXMzN0dQUoWcKfpM01pIWyCMpO9wzE3DVG5aVhwrwdWJZVmLyIaaV08eW-rZBTgHP9dvQwxhNK8pi5OoGisnbeqzXGDNS1ncdMwmr1l7ICfsh2ULrl7uUV2VsMgJ2Y_m/s1600/%E7%8E%8B%E8%8F%B2-%E7%8E%8B%E8%8F%B2-%E6%88%91%E6%84%BF%E6%84%8F.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnZC9qQ66oKxediXMzN0dQUoWcKfpM01pIWyCMpO9wzE3DVG5aVhwrwdWJZVmLyIaaV08eW-rZBTgHP9dvQwxhNK8pi5OoGisnbeqzXGDNS1ncdMwmr1l7ICfsh2ULrl7uUV2VsMgJ2Y_m/s1600/%E7%8E%8B%E8%8F%B2-%E7%8E%8B%E8%8F%B2-%E6%88%91%E6%84%BF%E6%84%8F.jpg" height="272" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来源:<span class="irc_ho" dir="ltr" style="margin-right: -2px; overflow: hidden; padding-right: 2px; text-overflow: ellipsis; unicode-bidi: -webkit-isolate;">www.ktvkg.com</span></td></tr>
</tbody></table>
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<br />
<span style="color: purple; font-size: large;">“<strike>思念</strike>股息是一种很玄的东西 如影随形 无声又无息出没在<strike>心底</strike>账户里 转眼 吞没我在寂寞里 我<strike>无力</strike>不会抗拒 特别是夜里 想你到无法呼吸 恨不能立即 朝你狂奔去 大声的告诉你 我愿意为你 我愿意为你 我愿意为你 <strike>忘记我姓名</strike>放弃了Shopping”</span><br />
<span style="font-size: large;"><br /></span>
<br />
<div style="text-align: right;">
出处:王菲 - 我愿意 改编:William</div>
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***************************************<br />
<br />
<span style="font-size: large;">如果每个月只是收股息,就刚好能支付每个月的花费,你要吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">那如果说每个月的股息,已经超过了你每个月的花费有余,你要吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">你一定会说要,对吗?不用工作就有钱进,这么‘笋’有谁不想要?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">言归正传,股息是</span><span style="font-size: large;">一种</span><span style="font-size: large;">被动收入。你可以什么也不做,股息就这样‘无声无息’地出现在账户里(好像上面的歌词那样)。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Hmm... 当然也没有‘无声无息’啦。。。因为公司会宣布派多少股息,然后在股东大会上靠股东们投票通过。最后还会寄Statement给你。如果平时有读财经和浏览Bursa,也应该会知道的。</span><br />
<span style="font-size: large;"><br /></span>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRSUkAqGTxrbB4awFJqVJDyB2weQy9hujOusBOQvUdTjOSNLOY4qYj8xnt4WID1R6qyCZA1JDyytmIBZepxwcgx52edU6zPGITyW2w0ZBNkUq0IfHOCTNAwujIDigLQo6i54G8S1CNa6mA/s1600/Entitlement.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRSUkAqGTxrbB4awFJqVJDyB2weQy9hujOusBOQvUdTjOSNLOY4qYj8xnt4WID1R6qyCZA1JDyytmIBZepxwcgx52edU6zPGITyW2w0ZBNkUq0IfHOCTNAwujIDigLQo6i54G8S1CNa6mA/s1600/Entitlement.png" height="306" width="640" /></a></div>
<br />
<br />
<span style="font-size: large;">当然凡是投资就一定会有风险的。如果投资的目的只是要得到股息的话,就要找一些公司能够派息超过3%的(FD都有3%啦,如果没有3%,那倒不如叠埋心水放在FD)。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">但是,那股息率并不是你的real return (实际收益)。为什么呢?不要忘记还有通货膨胀啊。今天的一块钱和上一年比起来,已经是贬值了。以前一杯Milo只是RM1,现在一杯Milo都要RM2啦。</span><br />
<br />
<span style="font-size: large;">我们要再扣掉今年3%的通货膨胀率(有兴趣知道每个月的通膨率的话,可以去以下网址 CPI Index查看),就能得real return咯。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAT4zXo_vqETKIvn_y19cApMFFIysDk7-EBEcIaoEic550AgZyH7uFr1SWRMnP2qDMdlbpEMix2-GoAWXEHt50AIfG-jRy50V9bv-UBtgJfC9c2VPafeA6O7PAAyqJyr3S85W9a1XvO6ZK/s1600/CPI+Index+Chart.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAT4zXo_vqETKIvn_y19cApMFFIysDk7-EBEcIaoEic550AgZyH7uFr1SWRMnP2qDMdlbpEMix2-GoAWXEHt50AIfG-jRy50V9bv-UBtgJfC9c2VPafeA6O7PAAyqJyr3S85W9a1XvO6ZK/s1600/CPI+Index+Chart.png" height="392" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来源:http://www.statistics.gov.my/</td></tr>
</tbody></table>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">打个比方,你投资在Sunreit,然后得到5%的Dividend。那扣除了通货膨胀3%后,你的real return是2%。这还没有算股票的溢价(如果有的话)呢。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">那照这样讲,股息当然越高越好咯,不是吗?如果把钱都投资在高股息的股票,那准没错了,对吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">也不一定哦。。。如果只是专注在高股息,而忽略其他的数据,那我们的投资回报很可能就要打折扣了。这可不是我‘车大炮’的,是有人以Bursa 做过类似的分析。如果有兴趣,可以去以下的网址阅读:</span><br />
<a href="http://klse.i3investor.com/blogs/kcchongnz/62033.jsp"><span style="font-size: large;">http://klse.i3investor.com/blogs/kcchongnz/62033.jsp</span></a><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">比起高股息,更重要的是公司可以持续(sustainable)派发那么高的股息吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果你还年轻又不等钱用的话(有谁不等钱用的话,可以留下联络方式,分一点给我 XD),可以考虑投资在高成长的股票,股息应该算次要。这时候还有很长的工作时期,就算衰衰地亏了都还能赚回来。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">等到差不多要退休了,就要渐渐把投资重心转去低成长但高股息的股票。这样的分配就能让你减低</span><span style="font-size: large;">风险,然后</span><span style="font-size: large;">有被动收入享受退休生涯。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv-GG55TZ-c2PhCulQc_brGRqoDKbN_PrtOLQkZTH-NLpxuCrIzmTDNkFUbKWyWLQ6Ok-VSTtV1yqDlfzKql-bY8WI_LkACW935cnYOIoU8mj7pXtlQJpATKg97GluIlhmY01P_1g4Ogk0/s1600/Dividend.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv-GG55TZ-c2PhCulQc_brGRqoDKbN_PrtOLQkZTH-NLpxuCrIzmTDNkFUbKWyWLQ6Ok-VSTtV1yqDlfzKql-bY8WI_LkACW935cnYOIoU8mj7pXtlQJpATKg97GluIlhmY01P_1g4Ogk0/s1600/Dividend.png" height="228" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来源:<span class="irc_ho" dir="ltr" style="margin-right: -2px; overflow: hidden; padding-right: 2px; text-overflow: ellipsis; unicode-bidi: -webkit-isolate;">allthingsfinance.net</span></td></tr>
</tbody></table>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">那请问你愿意为了股息,放弃Shopping吗?</span><br />
<br />
<br />
资料来源:<br />
<br />
<ol>
<li>马来西亚CPI Index - <a href="http://www.statistics.gov.my/portal/index.php?option=com_content&view=article&id=2517%3Aconsumer-price-index-malaysia-september-2014-updated-17102014&catid=71%3Aconsumer-price-index-malaysia-&Itemid=153&lang=en">http://www.statistics.gov.my/portal/index.php?option=com_content&view=article&id=2517%3Aconsumer-price-index-malaysia-september-2014-updated-17102014&catid=71%3Aconsumer-price-index-malaysia-&Itemid=153&lang=en</a></li>
<li>在变幻莫测的市场,采取高股息投资法,稳赚吗? -<a href="http://klse.i3investor.com/blogs/kcchongnz/62033.jsp">http://klse.i3investor.com/blogs/kcchongnz/62033.jsp</a></li>
<li>Bursa 股息公告 - <a href="http://www.bursamalaysia.com/market/listed-companies/entitlements-by-ex-date/">http://www.bursamalaysia.com/market/listed-companies/entitlements-by-ex-date/</a></li>
</ol>
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<br />Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com4tag:blogger.com,1999:blog-6626399491129301328.post-1381540360422124922014-10-26T00:25:00.000+08:002015-03-08T00:09:57.568+08:00Bursa 搏杀 傻傻分不清楚 - 分析Bursa 2013年报<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZQ3OP6GZDIsWORz_77oMNmKMrj7OEpCDcg0RouZBMtahb0HaGwViU2e1TyURczVHMPH3RCYiaUbyV91gUsRWRB29e6vVC9z5H7gId16ELqz8DG6DunzmaD-fZyjUwsowf-1QLSyDoN8O1/s1600/Bursa_Malaysia.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZQ3OP6GZDIsWORz_77oMNmKMrj7OEpCDcg0RouZBMtahb0HaGwViU2e1TyURczVHMPH3RCYiaUbyV91gUsRWRB29e6vVC9z5H7gId16ELqz8DG6DunzmaD-fZyjUwsowf-1QLSyDoN8O1/s1600/Bursa_Malaysia.jpg" /></a></div>
<br />
<blockquote class="tr_bq">
<span style="font-size: large;">“你有玩股票吗? 可以赢钱咩?我怕输到破产”</span></blockquote>
<blockquote class="tr_bq">
<span style="font-size: large;">"我才不理公司做什么,最重要是有庄家炒。”</span></blockquote>
<blockquote class="tr_bq">
<span style="font-size: large;">“会升的才是好股,不会升的买来把鬼咩”</span></blockquote>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">某程度来说,Bursa就好像一个赌场那样,吸引各式各样的赌徒。</span><br />
<br />
<span style="font-size: large;">消息派的靠收风收tipsy买心水股博它上;技术派的看图表上下来猜测股价的走势; 价值派的看数据来推测公司的内在价值和合理股价。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">大家</span><span style="font-size: large;">都在赌‘未来’,因为没有人知道股市明天是升是跌,也没有人知道一个股票肯定会上还是下。</span><br />
<br />
<span style="font-size: large;">既然都是赌,那我们就要想办法让自己赢钱的机率增加。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">要怎么样做呢?</span><span style="font-size: large;">就要赌自己熟悉的东西咯。我们越了解一间公司,我们赢钱的机率就越大。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">想要了解一间公司,最简单就是读年报咯 (又给我扯到去年报了 :p)</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">ps: 再此申明,我并不鼓励赌博。投资应该以是合股做生意的心态。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="color: purple;"><span style="font-size: large;">"投资应该比较像是看着油漆变干,或是盯着草长高的感觉。如果要刺激的话,把钱拿去拉斯维加斯(或云顶?)”, Paul Samuelson</span> </span></blockquote>
<br />
<b><span style="font-size: x-large;">Bursa的年报:</span></b><br />
<blockquote class="tr_bq">
<div style="text-align: left;">
<span style="color: purple; font-size: large;">"Investing is more art than science"</span></div>
</blockquote>
<div>
<span style="font-size: large;">Bursa 2013的年报用抽象的油画做背景,可能想带出投资股票是一门“艺术多于科学”的学问。好像欣赏一幅名画,过于分析反而看不清它美丽之处。</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDaNuUp2Rufj2ShvPTzMgNdY5TAd5SI9t51eGgeq4XqSpAIOay0qj7a7PHmllp2qxV3W46k4sC1uPiiMbtU4DH568dLjuiGJtPrXiO94iTRrtI6qRCU70C-OpfxJCuG85rwCktbB45d-1y/s1600/Bursamalaysia.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDaNuUp2Rufj2ShvPTzMgNdY5TAd5SI9t51eGgeq4XqSpAIOay0qj7a7PHmllp2qxV3W46k4sC1uPiiMbtU4DH568dLjuiGJtPrXiO94iTRrtI6qRCU70C-OpfxJCuG85rwCktbB45d-1y/s1600/Bursamalaysia.png" height="320" width="236" /></a></div>
<div>
<br /></div>
<span style="font-size: large;">Bursa并没有设定每一年不同的主题。它始终贯彻着同一个愿景:要成为首选的集资、交易和投资伙伴。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">让我们看看Bursa那么多年来如何一步一步地向这个愿景迈进。</span><br />
<br />
<h2>
<span style="font-size: x-large;">Bursa的历史:</span></h2>
<br />
<span style="font-size: large;">Bursa Malaysia 的前身是Kuala Lumpur Stock Exchange (KLSE)。股龄超过10年的股友,应该知道KLSE吧。</span><span style="font-size: large;">它的历史可要追溯回80多年前。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1930年第一间名为Singapore Stockbrokers' Association的股票协会成立了。这是private,不是谁都可以参与的。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1937年易名为Malayan Stockbroker's Association。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1960年Malayan Stock Exchange成立。这年大家终于能够<strike>赌博了</strike>公开买卖股票了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1964年Stock Exchange of Malaysia 成立。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1965年新加坡脱离马来西亚,可是股票市场还是share-share的,所以名字换成Stock Exchange of Malaysia and Singapore。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1973年马来西亚退出了马币(RM)和新币(SGD)的互换协议(当年可是RM 1 换 SGD 1 的说。。。)Stock Exchange of Malaysia and Singapore 也在这年‘分家’了,分为Kuala Lumpur Stock Exchange Berhad 和 Stock Exchange of Singapore。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">1976年Kuala Lumpur Stock Exchange 接管了Kuala Lumpur Stock Exchange Berhad。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">来到2004年,Kuala Lumpur Stock Exchange正式易名为Bursa Malaysia Berhad。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">2005年,Bursa Malaysia在主板上市。一上市就取得了RM0.50的溢价(IPO价格:RM3.00)。</span><br />
<br />
<span style="font-size: large;">2008年,全球股灾后,Bursa 为了吸引更多人投资,调整了买卖股票的Clearning fee,从0.04%(with RM500 cap)降低到0.03% (with RM1000 cap)。</span><br />
<br />
<span style="font-size: large;">2009年,Bursa进行了大改革:落实Main Market 和Ace Market。之前的Main Board和Second Board合并成 Main Market, MESDAQ Market 就改成 Ace Market。</span><br />
<br />
<br />
<h2>
<span style="font-size: x-large;">Bursa的股东:</span></h2>
<br />
<span style="font-size: large;">Bursa的股票总数上市时是5亿(2004年),现在增加到5.3亿。公司为了ESOS (员工持股计划)在这些年来发行了大约3千万的新股。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">ESOS一方面是回馈或激励员工的计划,另一方面也可以是公司筹资的一种手段。不好的是,发行的新股会增加股票总数,进而稀释现有股东的股权。</span><br />
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<br />
<span style="font-size: large;">最大的股东是Capital Market Development Fund, 拥有18.8%的股份。第二大股东竟然是我们的财政部 @@,拥有16.18%的股份。第三大股东是我们再熟悉不过的EPF,拥有8.5%的股份。这三个大股东的股份加起来就有 43.5%的股份了。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaZXJn9dX3-Aw4YHcXM4Syky29k24fDpdR_6H24Vq-MUcaTWZ9PChwTg1Q4tF-RzBGVZ4q3nf9Pv46C98bZwV3pg0sJ4KHvmRRWreqYu9CK7-GnjQdGhf3yZbR9VIJ9ieVmSKLzVXlzKoM/s1600/Substantialshareholding.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaZXJn9dX3-Aw4YHcXM4Syky29k24fDpdR_6H24Vq-MUcaTWZ9PChwTg1Q4tF-RzBGVZ4q3nf9Pv46C98bZwV3pg0sJ4KHvmRRWreqYu9CK7-GnjQdGhf3yZbR9VIJ9ieVmSKLzVXlzKoM/s1600/Substantialshareholding.png" height="109" width="640" /></a></div>
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<span style="font-size: large;">剩下的56%就落在大约2万名股东手上。外资持股比例不小,有24%。</span><br />
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<h2>
<span style="font-size: x-large;">Bursa的董事部:</span></h2>
<br />
<span style="font-size: large;">Bursa有10个董事,和Oldtown一样也是全男班。虽然Bursa的目标是在2013年达到两名女董事,但自从它唯一的女董事在2013年退休后,就未能找到另一个女性加入董事部。</span><br />
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<br />
<span style="font-size: large;">Bursa的CEO是Dato' Tajuddin Atan。现年54岁,在职3年。此君来头不小,担任过Bank Simpanan Nasional 的CEO,RHB Bank 和 Bank Pembangunan Malaysia Berhad 的常务董事(Managing Director)。他同时还是4家公司的董事 (马来西亚企业监管守则 Corporate Governance限定一个人在同时间,最多可以在5间上市公司担任董事)</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">怎么好像是在看求职简历。。。XD</span><br />
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<span style="font-size: large;">为了吸引和保留人才在董事局里,Bursa保留了上一年董事费的数额。Chairman 一年有9万块的董事费;非执行董事一年有6万块。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">除此之外,董事们还有Meeting allowance,要出席会议才拿到的。CEO出席一个会议,就赚了很多打工族一个月的薪金了(RM4000)。我觉得董事的工作之一,就是出席会议讨论公司的发展和经营方针之类。为什么还要再付一笔津贴呢?</span><br />
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<span style="font-size: large;">下图可以看到除了董事费,Chairman 还有 Chairman allowance。CEO 一年的薪资就有5百万, 真的是打工皇帝。。。 @@</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">公司年收入4.3亿,付给董事7百60万,占了1.7%。不算低的薪酬。</span><br />
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<h2>
<span style="font-size: x-large;">Bursa如何赚钱?</span></h2>
<br />
<span style="font-size: large;">一间公司要靠贩卖商品或服务来赚钱。那你知道Bursa是如何赚钱的吗?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">下图显示Bursa的收入来源。有50%是来自Securities Trading (股票交易),15% Derivatives Trading (衍生产品交易), 11% Listing and issuer services (上市费用),8.4% Depository services (股票托管费用), 以及其他的服务。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最主要的收入就是我们买卖股票时,买方和卖方付的Clearing fee(0.03%,最多RM1000)。这已经占了总收入的40%。</span><br />
<span style="font-size: large;"><br /></span>
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<span style="font-size: large;"><br /></span>
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<span style="font-size: large;"><br /></span><span style="font-size: large;">所以说,越多买卖的话, Bursa就赚越多的钱咯。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<h2>
<span style="font-size: x-large;">财务报告-Income Statement:</span></h2>
<div>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">我们先来看看Bursa近5年的表现。2008年全球股灾后,Revenue 每年都在增加,比起去年增加了13%。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Profit after tax每一年都在增加,除了 在2010年急跌至1.1亿。跌幅有35.9%,为什么会跌的那么多呢?</span><br />
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<span style="font-size: large;">我们看回2010年的年报,可以看到2009年Bursa脱售了25%的Bursa Malaysia 衍生产品给CME,得到了一次性收益(非经常性损益)。如果不算这一笔收益的话,Bursa在2010年的Profit After Tax其实比去年增加了11%。</span><br />
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<h2>
<span style="font-size: x-large;">财务报告-Balance Sheet:</span></h2>
<br />
<span style="font-size: large;">我们先来看看Bursa的资产。有两样比较特别的是Staff loans receivable和Cash and bank balances not belonging to the Group.</span><br />
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<span style="font-size: large;">根据附注17,Staff loans Receivables是借贷给员工的,包挂有房屋贷款、车子贷款和电脑贷款。哇。。。连买电脑都有贷款,请问Bursa要请人吗?</span><br />
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<span style="font-size: large;">Cash and bank balances not belonging to the Group又是什么东东?是就是,不是就不是,为什么会有不属于公司的钱,又出现在账目里呢?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">附注22说明这些钱都是Bursa暂时保管在有利息的账户里面,以后会交还出来的。虽然不属于Bursa,但可以赚利息。也有一小部分是Collateral (抵押)和Clearing funds,这些都是拿来应付万一TCP(Trading Clearing Participant)没有办法付钱或违约的风险。</span><br />
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<span style="font-size: large;">看了资产后,我们再看负债表。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">负债里占最大的部分是Trade Payables,有7.3亿。眼尖的读者应该有发现在资产表下,刚刚才提到的Cash and bank balances not belonging to the group, 里面有7.7亿。这个就是拿来还Trade Payabales的,所以不必担心。</span><br />
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<h2>
<span style="font-size: x-large;">财务报告-Cash Flow Statement:</span></h2>
<br />
<span style="font-size: large;">接下来我们看看Bursa的现金流。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这5年来的Cash Flow from Operation都是positive。Capex相对来说不是很大,所以每一年的自由现金流(FCF)都是positive的。FCF/Revenue平均都有37%,每一块钱的收入,就有37仙的自由现金。</span><br />
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<span style="font-size: large;">Bursa不需要买新的建筑物、地皮和机械来扩展。所以大多数钱都拿来投资(investment securities)和派发股息。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">话虽如此,Bursa的现金还是增加到2.4亿了。如果没有用到,估计明年也是会以Special Dividend来回馈股东。</span><br />
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<br />
<span style="font-size: large;">2010年的Net Income下降后,隔年就反弹了。CFFO随着Net Income增加,不错。</span><br />
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<h2>
<span style="font-size: x-large;">值得买吗?</span></h2>
<blockquote class="tr_bq">
<span style="color: purple; font-size: large;">“再好的公司,如果买的价钱不合理,那就不是好的投资了”</span></blockquote>
<span style="font-size: large;">记性好的读者应该会发现以上这句话,每次都在我的文章出现。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">我不是懒惰copy paste的。而是觉的价值投资的核心就是要找出股票的价值(Value),然后再以折扣的价格(Price)买进。</span><br />
<br />
<blockquote class="tr_bq">
<span style="color: purple; font-size: large;">“Price is what you pay. Value is what you get", Warren Buffett</span></blockquote>
<span style="font-size: large;">如果以星期4闭市的价格RM8.11来买,值得吗?要知道,简单的方法就是做比较。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这次的比较,我找来‘分家’那么多年的邻居- Singapore Exchange Limited (SGX 新加坡交易所)。顺便看看隔了那么多年后,孰优孰劣。</span><br />
<br />
<h2>
<span style="font-size: x-large;">先看看价值:</span></h2>
<br />
<span style="font-size: large;">Bursa的PE是24.58,比SGX高,比同行略低少少。我觉得这样的PE算高的了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">P/S和P/B都比SGX低,但是比起同行还是高。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">P/CFFO比SGX和同行来的高,说明Bursa现在的价钱不便宜。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">至于P/FCF比起SGX低,但比起同行还是高。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">总的来说,Bursa除了PE比同行低,其他都比较高。这就足以证明它的估值偏高了。</span><br />
<span style="font-size: large;"><br /></span><span style="font-size: large;">幸好Bursa的Earning Yield去到11.23%。这符合我们要找Earning Yield有 8%或以上的公司。</span><br />
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<h2>
<span style="font-size: x-large;">再看看回酬:</span></h2>
<br />
<span style="font-size: large;">在回酬方面,Bursa比起SGX真的是逊色不少。虽然和同行比算不错了,但SGX的ROA和ROE更为出色。</span><br />
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<h2>
<span style="font-size: x-large;">看看资产负债健康吗?</span></h2>
<br />
<span style="font-size: large;">Bursa的Current Ratio和Quick Ratio都比同行好,但这一方面还是SGX胜出。Bursa和SGX都没有债务,比同行好足9条街。</span><br />
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<span style="font-size: large;">除了以上3项的比较,我做了以下简单的比较:</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果2005年买入1000股的Bursa(RM3),今天卖出(RM8.11),就赚了RM5.11或170%。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果2005年买入1000股的SGX (SGD1.79),今天卖出(SGD7.01),就赚了SGD5.22或291%。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">可以说,</span><span style="font-size: large;">投资SGX的回酬比Bursa高。</span><br />
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<h2>
<span style="font-size: x-large;">最后看看大家都喜欢的股息:</span></h2>
<br />
<span style="font-size: large;">Bursa的dividend policy说明Dividend是Net Income 的75%或更高。自上市以来,每一年Payout Ratio都超过75%。最近这5年,甚至还去到90%以上。</span><br />
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<span style="font-size: large;">2013 年的Payout Ratio更去到98.5%。如果明年维持同样的比率,然后Bursa没有派发Special Dividend,那Dividend Per Share应该有RM0.34。 4.33%的股息,比FD好。如果和以往两年一样,有派发RM0.20的Special Dividend,股息还去到6.88%呢。</span></div>
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<span style="font-size: large;">照这样看来,不用很久Bursa赚到的钱就会多到不知道怎样花,然后100%进去股东的口袋了 :p</span><br />
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<h2>
<span style="font-size: x-large;">Bursa的竞争:</span></h2>
<span style="font-size: large;">一般来说Bursa的竞争就是全球各地的交易所。但是你都知道大多数交易所都“山卡拉”那么远,所以影响其实不大。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">最直接的竞争者应该是东南亚各国的交易所,如SGX(新加坡交易所)、IDX(印尼交易所)、和SET(泰国交易所)等等。 </span><br />
<span style="font-size: large;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiaPtm7lSDkZmpC2CtzSuBhlQzZaXb1ty6iG6oDj36hkgVJ1lHx1jvyinRnf4qrcKiRdc297nlpl9YLebgOisMbVx56PXmtGT3jLOI46a6CftUJEaZVNtUry_Qcpms8Yn9-YAER-a90DBP/s1600/StockExchange.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiaPtm7lSDkZmpC2CtzSuBhlQzZaXb1ty6iG6oDj36hkgVJ1lHx1jvyinRnf4qrcKiRdc297nlpl9YLebgOisMbVx56PXmtGT3jLOI46a6CftUJEaZVNtUry_Qcpms8Yn9-YAER-a90DBP/s1600/StockExchange.png" height="233" width="640" /></a></div>
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">通常本地公司都会选择在本地的交易所上市。但</span><span style="font-size: large;">地理距离对于一些公司来说,就不是考量之一。好像Alibaba不会因为马来西亚Bursa比较靠近它的公司,就选在Bursa上市。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">基本来说,企业选择在某个交易所上市,大都基于以下这几个原因:</span><br />
<br />
<ol>
<li><span style="font-size: large;">费用:包括上市成本、上市后续成本和佣金。越低越好。</span></li>
<li><span style="font-size: large;">IPO 发行价:看过去的记录,要确保IPO Price低于开盘价。</span></li>
<li><span style="font-size: large;">市场流通性:流通量低,造成股票无人问津。</span></li>
</ol>
<div>
<span style="font-size: large;"><br /></span></div>
<br />
<span style="font-size: large;">所以Bursa要做到的就是想办法吸引全球的企业来这里上市。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">除此之外,Bursa还要确保交易量和股票流通性要够高,那样才能更具竞争力。</span><br />
<br />
<br />
<h2>
<span style="font-size: x-large;">未来展望:</span></h2>
<br />
<span style="font-size: large;">Bursa在未来一年会专注于两个方向:(1)Value Extraction 和 (2)Build for the future。</span><br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3KAjQFlDB-ZHwaGQIv4LaPJlTDKyC4GOedFi785fSykhgDZn-IadM1YiuTtxmwknAmWOy8Pv7AOQ95p1BtWVC3zLUk59yU4ltBkztrYy1dhy09N-MgY0zqFNpj_CrOTvyMlFsBsgXB89P/s1600/Focus.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3KAjQFlDB-ZHwaGQIv4LaPJlTDKyC4GOedFi785fSykhgDZn-IadM1YiuTtxmwknAmWOy8Pv7AOQ95p1BtWVC3zLUk59yU4ltBkztrYy1dhy09N-MgY0zqFNpj_CrOTvyMlFsBsgXB89P/s1600/Focus.png" /></a></div>
<br />
<br />
<span style="font-size: large;">股市方面将会致力于增加市场活力以及提供各式投资产品。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">衍生工具市场 (Derivative Market)方面将会把重心放在增加交易量和国际化这个平台。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Bursa也会继续发展Islamic Market和巩固领头羊的位置。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">除此之外,Bursa也在探讨着Environmental, Social and Governance (ESG) Index。相信这个指数有很大的发展空间,而且能够吸引‘对社会负责’(socially responsible)的投资者。</span><br />
<br />
<br />
<h2>
<span style="color: purple; font-size: x-large;">个人意见:</span></h2>
<ul>
<li><span style="color: purple; font-size: large;">就风险管理来说,投资者不适宜把全部鸡蛋放在同一个篮子里。如果你是打工仔,EPF已经把你的钱投资在Bursa了,再投资的话就不是好的风险管理了。</span></li>
<li><span style="color: purple; font-size: large;">Bursa的未来业绩成长应该是平稳的。只要确保Dividend Yield够高,注重股息的投资者还是可以考虑的。</span></li>
<li><span style="color: purple; font-size: large;">Bursa在今年4月推出名为Bursa Marketplace的网站 (www.bursamarketplace.com)。这网站提供股市的各种讯息和交易指引。希望籍此吸引年龄介于25-35岁的年轻人投资股票。这有助增加散户参与率,进而提高交易额和公司盈利。</span></li>
<li><span style="color: purple; font-size: large;">Bursa在2013年10月推出黄金期货这个投资产品。虽然现时交易量还是很低,但预期在未来将会增加,那样就有望贡献可观收入。</span></li>
<li><span style="color: purple; font-size: large;">Bursa其中一项挑战是要如何吸引外国公司(除了中国)在马股上市。外国公司都比较喜欢在成熟然后利商的国家上市,如新加坡SGX和香港HKEx。</span></li>
<li><span style="color: purple; font-size: large;">随着美国QE政策在10月结束后,外资会逐渐撤出大马,回流到美国股市或债市。如果悲观的气氛还是笼罩着美国股市,相信马来西亚的股市也会受到影响。</span></li>
<li><span style="color: purple; font-size: large;">只要本地机构继续买股支撑股市,崩盘的机会不大。如果熊市出现,投资者害怕然后纷纷远离股市,那Bursa的收入和盈利将会大幅降低。这情况可以参考2008年的股灾。</span></li>
<li><span style="color: purple; font-size: large;">Kenanga的统计显示截至2013年7月,马来西亚总共有1千4百万的投资者,占了总人口(2千9百万)的一半。只有13%,大约1百82万的投资者的户口是active的。每个月都有交易的户口更是少的可怜,只有1%。</span></li>
<li><span style="color: purple; font-size: large;">Y 时代看着1997年亚洲金融风暴和2008年全球经济大衰退长大,身边的人或多或少受到股灾影响。所以他们对于投资股票还是很怀疑和害怕。Bursa的挑战是要怎么样吸引这群人。</span></li>
<li><span style="color: purple; font-size: large;">2013年开始推行的Private Retirement Scheme,因为有3千块的tax relief, 很多人开始把钱投资在PRS。这有望增加本地投资机构的交易量。</span></li>
</ul>
<br />
<span style="font-size: large;">买卖股票存有风险,盈亏自负。上面呈现的资料也不一定是对的,请自行判断和演算。</span><br />
<br />
<span style="font-size: large;">资料来源:</span><br />
<ol>
<li><a href="http://www.bursamalaysia.com/">http://www.bursamalaysia.com/</a></li>
<li>马币(RM)和新币(SGD)的互换协议 - <a href="http://www.mas.gov.sg/currency/currency-interchangeability-agreement-with-brunei.aspx">http://www.mas.gov.sg/currency/currency-interchangeability-agreement-with-brunei.aspx</a></li>
<li>Bursa Annual Report 2009-2013</li>
<li>Clearing Guarantee Fund - <a href="http://bursa.listedcompany.com/news.rev/id/22158">http://bursa.listedcompany.com/news.rev/id/22158</a></li>
<li>Bursa MarketPlace - <a href="http://www.theedgemalaysia.com/business-news/287260-bursa-malaysia-seeks-to-boost-retail-participation-with-marketplace.html">http://www.theedgemalaysia.com/business-news/287260-bursa-malaysia-seeks-to-boost-retail-participation-with-marketplace.html</a></li>
<li><a href="http://www.reuters.com/finance/stocks/financialHighlights?symbol=BSMAF.PK">http://www.reuters.com/finance/stocks/financialHighlights?symbol=BSMAF.PK</a></li>
<li><a href="http://www.reuters.com/finance/stocks/financialHighlights?symbol=SGXL.SI">http://www.reuters.com/finance/stocks/financialHighlights?symbol=SGXL.SI</a></li>
<li>老牌基金经理的三大投资之道 - <a href="http://finance.jrj.com.cn/2014/10/24092518228338.shtml">http://finance.jrj.com.cn/2014/10/24092518228338.shtml</a></li>
<li>上市地点优势比较 - <a href="http://deutsche-boerse.com/dbg/dispatch/cn/binary/gdb_content_pool/imported_files/public_files/10_downloads/33_going_being_public/30_studies/DB_CoC_mandarin_N_03.pdf">http://deutsche-boerse.com/dbg/dispatch/cn/binary/gdb_content_pool/imported_files/public_files/10_downloads/33_going_being_public/30_studies/DB_CoC_mandarin_N_03.pdf</a></li>
</ol>
<br />Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com13tag:blogger.com,1999:blog-6626399491129301328.post-2977650596363595032014-10-22T00:34:00.000+08:002015-03-08T00:34:56.106+08:00致:被熊吓到脸青青的投资者(包括我在内)<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果你因为最近熊迹开始若隐若现、股市跌跌不休,吃也吃不下、睡也睡不好、终日望股心叹的话,那你就来对地方了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这里有个药方:只要一天三次,早午晚读一遍以下的文章,包有好转。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<div style="text-align: center;">
<b><span style="font-size: x-large;">根本的信念:</span></b></div>
<span style="font-size: large;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="color: red;"><span style="font-size: large;">天不会塌下来,世界末日也不会这么快降临。经济也许会萧条但不会崩溃。人们还得穿衣吃饭、休息劳作。所以股市长远来看总是一个向上的过程。那么,投资股票还有什么可犹豫的呢?</span> </span></blockquote>
<blockquote class="tr_bq">
<span style="color: red;"><span style="font-size: large;">如果真有一天经济的车轮停止转动,你把钱存在银行里也好,藏在椅子的坐垫下也好,甚至像老式笑话中的乡下老太婆一样把钱装在罐子里、埋在花园里的老树下,与投资在股市的结果也不会有任何区别。</span> </span></blockquote>
<blockquote class="tr_bq">
<span style="color: red; font-size: large;"> 我们相信现代文明会延续下去,相信股市会发展,相信自己只要用心去做,就一定会取得令华尔街专家也感到吃惊的成绩。</span></blockquote>
<div style="text-align: right;">
出处:彼得林奇《战胜华尔街》</div>
<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMQjJ_EiQ25d5rdb1F8O5r65GjxP4cjBTn_J3_vv5xN63af7tdLbxiv4lYisfojfrQ9dSYjp7z2PFiOqH8dUcxL2wgpcYowOpwqeH7AuTRWo8iyN8PgiZL7pWa3h4C2jok74vrerYPMykE/s1600/Faith.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMQjJ_EiQ25d5rdb1F8O5r65GjxP4cjBTn_J3_vv5xN63af7tdLbxiv4lYisfojfrQ9dSYjp7z2PFiOqH8dUcxL2wgpcYowOpwqeH7AuTRWo8iyN8PgiZL7pWa3h4C2jok74vrerYPMykE/s1600/Faith.jpg" height="202" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">图片来自:www.sootoo.com</td></tr>
</tbody></table>
<br />
<span style="font-size: large;">机会往往就藏在危机中。只要坚持长期投资好的公司,我相信总有一天我们会像上图一样拨开云雾见青天!</span><br />
<span style="font-size: large;"><br /></span>Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com16tag:blogger.com,1999:blog-6626399491129301328.post-60507267455787453792014-10-06T23:19:00.000+08:002014-10-06T23:22:32.923+08:00等一个人咖啡?分析Oldtown 2014 年报(链接)由于文章没有出现在朋友的Blog list里,结果要开多一帖。不好意思 >.<<br />
<br />
<a href="http://bwm82.blogspot.com/2014/10/oldtown-2014.html" target="_blank">按这里看原文</a>Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com0tag:blogger.com,1999:blog-6626399491129301328.post-86350627776498171522014-10-06T12:48:00.000+08:002015-03-08T00:14:08.987+08:00等一个人咖啡?分析Oldtown 2014年报 <br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimKnhIO41Uwnzl4lYHGwdjfBbCJ7kydo6O7-7iCTXMQQiQukyUpbtaPeWtOBlryfptFTeCiPzSC_NonwKbqYh0i6XZ4zsOo_hqlENYCFAHyKSdhbX8g3ptPHChj22DJdXe3OxK8_Hh6UDn/s1600/OldtownCafe.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimKnhIO41Uwnzl4lYHGwdjfBbCJ7kydo6O7-7iCTXMQQiQukyUpbtaPeWtOBlryfptFTeCiPzSC_NonwKbqYh0i6XZ4zsOo_hqlENYCFAHyKSdhbX8g3ptPHChj22DJdXe3OxK8_Hh6UDn/s1600/OldtownCafe.png" height="238" width="320" /></a></div>
<blockquote class="tr_bq">
<span style="font-size: large;">“Oldtown的东西难吃到要命,看几时zap lap罢了。。”</span></blockquote>
<blockquote class="tr_bq">
<span style="font-size: large;"> “我家附近的oldtown每天都爆满,一定很赚钱。”</span></blockquote>
<blockquote class="tr_bq">
<span style="font-size: large;"> “Oldtown 食物太贵啦,很多人都不去了。你还投资?你是不是吃蒙了。。”</span></blockquote>
<br />
<span style="font-size: large;">投资大忌之一就是人云亦云,别人说什么就相信什么。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果促进投资的原因是听到别人说,收到‘风’或在网上论坛读到,赚钱还不用紧,亏钱就真的与人无尤了。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<blockquote class="tr_bq">
<span style="color: purple; font-size: large;">“要成为好的投资者,一定要做到独立思考,用数据来判断,理性地分析、从而做出明智的投资决定。”</span></blockquote>
<br />
<h2>
<span style="font-size: x-large;">Oldtown的年报:</span></h2>
<br />
<br />
<span style="font-size: large;">那么要用什么数据来判断呢?最简单就是用年报里的数据咯。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Oldtown的年报用它Logo的褐色和黄色做背景,打造出连贯的品牌和企业形象 (corporate identity)。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Oldtown在2013年推介新的标语’ Aroma of Good Times’, 希望利用嗅觉唤起大家旧时咖啡店的回忆。</span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiGMEsJoi4rUeBdkxeZyHVvAQqgpCKx0xVEMVASBJAAcQ4GIJL6LJN_ZG0o77dk-xxZBBE3NsAKFsqU1VCClwGvOwuafrkTSqWkHLqCrLU-jKj-TUrdzeL8JienJ2EmfFmF2Ec7Yl7ybKq/s1600/OldtownAroma.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiGMEsJoi4rUeBdkxeZyHVvAQqgpCKx0xVEMVASBJAAcQ4GIJL6LJN_ZG0o77dk-xxZBBE3NsAKFsqU1VCClwGvOwuafrkTSqWkHLqCrLU-jKj-TUrdzeL8JienJ2EmfFmF2Ec7Yl7ybKq/s1600/OldtownAroma.png" /></a></div>
<br />
<span style="font-size: large;">所谓‘不经一番寒彻骨, 怎得“咖啡”扑鼻香’,接下来让我们看看Oldtown是怎么克服重重困难,发展到今天的规模。</span><br />
<br />
<h2>
<span style="font-size: x-large;">Oldtown的历史:</span></h2>
<br />
<span style="font-size: large;">说起Oldtown历史,那可要追溯回1999年White Café公司的成立。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">创始人Goh Ching Mun,也是现在的股东之一,在当年成功研发出3-in-1即溶白咖啡,然后投入生产。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">2000年第一次把产品外销到新加坡。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">2002年取得halal证明。马来人也可以喝Oldtown咖啡了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">2003年成立Gongga Food公司,负责生产焙炒咖啡粉,然后分销到怡保和其他州属的咖啡店。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">2005年第一间Oldtown咖啡店诞生啦。在哪里?当然是在它发迹的地方-怡保咯。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">从那时候开始,Oldtown就好像雨后的冬菇(还是蘑菇?)一样越开越多。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">截至今年7月,Oldtown 有237间咖啡店:马来西亚有 210间、 新加坡有9间、印尼有16间、 中国有2间。</span><br />
<span style="font-size: large;"><br /></span>
<br />
<h2>
<span style="font-size: x-large;">Oldtown的董事部:</span></h2>
<br />
<span style="font-size: large;">全男班的董事部。政府说好的30%女性代表 (board representation)呢?看来还有很长的一段路。。。。</span><br />
<span style="font-size: large;"><br /></span>
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpzfPxumRJG1Hyi9ou2jeqX0LjRsekNK8oKGufPbKIcGJuf0b33E-5gjh4aXZVyKgLll34aEVJh1leM7OyC8o4yJhtcaj7shg9R3Qj7JDrAMF91GWVlZH56sswCNFRYAdTjf4FlpMQD75m/s1600/OldtownDirector.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpzfPxumRJG1Hyi9ou2jeqX0LjRsekNK8oKGufPbKIcGJuf0b33E-5gjh4aXZVyKgLll34aEVJh1leM7OyC8o4yJhtcaj7shg9R3Qj7JDrAMF91GWVlZH56sswCNFRYAdTjf4FlpMQD75m/s1600/OldtownDirector.png" /></a></div>
<br />
<span style="font-size: large;">Oldtown有9名董事,5名执行董事,另外4名是非执行董事。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">董事经理是Lee Siew Heng。现年48岁,他在制造和零售业有超过22年的经验,单单在咖啡行业就有超过12年的经验,可说是咖啡业的老手。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">中学毕业后,他先在一间纺织厂担任Production Manager,稍后升为General Manager。 过后换了一份工,最后加入Oldtown旗下的White Café Marketing担任Managing Director, 再升为Oldtown group 的Group Managing Director。2007年被委任为董事。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">和非执行董事相比之下,执行董事们的薪酬真的是赢足9条街。最高薪的一年就有一百万了。除此之外,公司还有给花红、管理费、其他的福利,和EPF呢!请问Oldtown要请执行董事吗?我有兴趣欸。。。</span><br />
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<span style="font-size: large;">公司的年收入3.8亿,拿3百万来付给董事们。我觉得OK。</span><br />
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<span style="font-size: large;">股东必须出席最少4次的quarterly meeting来讨论公司的财务表现、重大的投资决定、企业发展和公司的大方向。不错的出席率。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihxRHoHMv3KpCXD5-M-Q1nJs1qAZlRzzG6bbDUWsITJzTyDPO1GG86yy2oCKIHc4IMs9qbhTCGkxJbK44bFfVGsr94_zQfm_qGZ3RgLMJkhu5BwqWzkAbZGvmAk42ctI8yu8p6iQLnudJo/s1600/OldtownAttendance.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihxRHoHMv3KpCXD5-M-Q1nJs1qAZlRzzG6bbDUWsITJzTyDPO1GG86yy2oCKIHc4IMs9qbhTCGkxJbK44bFfVGsr94_zQfm_qGZ3RgLMJkhu5BwqWzkAbZGvmAk42ctI8yu8p6iQLnudJo/s1600/OldtownAttendance.png" /></a></div>
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<h2>
<span style="font-size: x-large;">Oldtown的主席致辞:</span></h2>
<br />
<span style="font-size: large;">上一片文章我没有提到主席致辞。这里我要讲一讲。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">主席致辞很重要,但有样东西我觉的更重要 - 那就是上一年的主席致辞。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">为什么呢?要知道主席有没有‘老点’我们啊。说一套做一套,没有兑现承诺,或每一年都说同样的东西。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">让我们来看看Oldtown 2013年的主席致辞:</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9JBNrDrhTfsg7KX4oiMZ5A6j_RUExoN8Xweno7EpqVIhimv2gIeSX5O2xsFoy4ZHxP1z0YSz8cx4fYcRe9MYxghlgvP9fI1zjLce3DUZYxD6SUFom3o_3bkb9ZX7nPOutG0t1z-e-dpjT/s1600/OldtownTarget.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh9JBNrDrhTfsg7KX4oiMZ5A6j_RUExoN8Xweno7EpqVIhimv2gIeSX5O2xsFoy4ZHxP1z0YSz8cx4fYcRe9MYxghlgvP9fI1zjLce3DUZYxD6SUFom3o_3bkb9ZX7nPOutG0t1z-e-dpjT/s1600/OldtownTarget.png" /></a></div>
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<span style="font-size: large;">Oldtown这方面做到不是很好,看来只有印尼的计划有达标。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">所谓计划永远跟不上变化,我觉的只要有跟着计划来走,还是可以接受的。只是中国这个大市场真的还要再加把劲 >_<</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">当然我们也不能够太苛刻,如果没有做到上一年的目标,就直接下定论说主席‘大炮仙’。也要读一读今年的主席致辞看是什么因素或是大环境导致无法达成目标。</span><br />
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<h2>
<span style="font-size: x-large;">Oldtown的股东:</span></h2>
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<span style="font-size: large;">Oldtown原本的股票总数是3.6 亿,在今年一月尾进行了1-to-4 bonus share (简单来说,如果你有4lot的话,就可以免费得到1lot的股票), 股票总数增加到4.5亿。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBaXNF-zffVPcrO1OjbY-Y-JSTscC9B4GIU6UFeQItT3uzCWs2eYLCWlNETrWq6fDNP1aEgW2oOfdag_czITJiNLSeDO-Imje-GEPcSC1I8IKYY6PXBamYO_D-5y7EmGpqGF5i-J1TAT1o/s1600/OldtownShareholding.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBaXNF-zffVPcrO1OjbY-Y-JSTscC9B4GIU6UFeQItT3uzCWs2eYLCWlNETrWq6fDNP1aEgW2oOfdag_czITJiNLSeDO-Imje-GEPcSC1I8IKYY6PXBamYO_D-5y7EmGpqGF5i-J1TAT1o/s1600/OldtownShareholding.png" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhykSIAF9Poe71JEZnJG3jw_4rZuzBionwS39OykZm95LdZKtcaweTrEioyX6CgMFO4Y1NgdpVz3WQQE0xsEGEp6my5N6X44szLctZLJ7N-fHmCujA9vn3aTBoBsu5sTrXlsTvIFi4n4_r6/s1600/OldtownTop30.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhykSIAF9Poe71JEZnJG3jw_4rZuzBionwS39OykZm95LdZKtcaweTrEioyX6CgMFO4Y1NgdpVz3WQQE0xsEGEp6my5N6X44szLctZLJ7N-fHmCujA9vn3aTBoBsu5sTrXlsTvIFi4n4_r6/s1600/OldtownTop30.png" /></a></div>
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<span style="font-size: large;">最大的股东是Oldtown International, 拥有43%的股票。然后我们看到第二第三第四大的股东都是外国的基金欸,有Franklin Resource、Mawer investment Management、Artisan International Small Cap、和Matthews International Capital Management。他们拥有的股份占了24%。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">这么看来外国机构持股比例蛮大喔。。。如果他们一次过卖到完,那Oldtown的股价不就‘冻过水’了?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">我认为一次过卖完的机率应该不大。如果真的卖,也是一点一点卖。一次过卖完1亿的股票,那是 RM1.76 亿(3-10 闭市的价钱 – RM1.76)的股票,公司想要通过回购股票来稳定股价也没有那么多现金。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Oldtown今年也一直在买回股票,收在库存。至今已经累计了6百万大概1%的股票。这些资料可以从Bursa Announcement 查到。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgL9jqkIKqgRQcuHJ8Ilv-7JHbMwXzTnBqfJbSlGHbSTuq2henS5Dtr169H3jzSWzxu3APwgMOjmJrRWKgWF1NdDDA5Di6u8Vj1bWjuYzKpuTNMxt1QsFyFuNttqi200j7OhIBuS4NC2LyY/s1600/OldtownShareBuyback.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgL9jqkIKqgRQcuHJ8Ilv-7JHbMwXzTnBqfJbSlGHbSTuq2henS5Dtr169H3jzSWzxu3APwgMOjmJrRWKgWF1NdDDA5Di6u8Vj1bWjuYzKpuTNMxt1QsFyFuNttqi200j7OhIBuS4NC2LyY/s1600/OldtownShareBuyback.png" /></a></div>
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<span style="font-size: x-large;">财务报告-Income Statement:</span><br />
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<span style="font-size: large;">先看看这几年的表现。。。 乍一看,Revenue ,profit和EPS今年好像下降了。但仔细地看,发现2013年有个符号‘a^’,下面注解有说明数据是15个月的,因为Oldtown在2012年更改了它的财政年度结算日期(financial year end)。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQiJiGgM8WP1jHKRCBHPgiRcrjmOSADL-DEFrJWMCLherfQ9EZCWTJUhUANgVbMv72HVqQOhSzoL3sE_myPLqFX3VDmkaT3aSvW2FyDUJvpIjlivUWjq2bZn9H0XgOhuOvjzz8ZyexwGxc/s1600/OldtownFinancialHighlight.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQiJiGgM8WP1jHKRCBHPgiRcrjmOSADL-DEFrJWMCLherfQ9EZCWTJUhUANgVbMv72HVqQOhSzoL3sE_myPLqFX3VDmkaT3aSvW2FyDUJvpIjlivUWjq2bZn9H0XgOhuOvjzz8ZyexwGxc/s1600/OldtownFinancialHighlight.png" /></a></div>
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那么15个月要怎么和12个月比较啊?一个简单的方法,就是annualize (按年计算)。是不是听起来‘一个头两个大’?<br />
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其实说白了,就是除于15拿到一个月的数据,再乘12个月,就拿到答案啦。<br />
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Revenue , profit 和 EPS在今年都取到了两位数的增长。每一项的年复合增长率 (CAGR)也在10%以上。要做到每一年都两位数的增长,是不容易的。<br />
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接下来我们看一看比较详细的损益表:<br />
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只是这样看或许有一点乏味。。我们不如来算算一杯RM4.2的Oldtown White Coffee,公司赚多少钱,花费多少,以及最终股东会得到多少分红。<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZFbVvc9UYA-_nSx8fdwizcp_PwiTwGJ6JLcRSNjL5dVVn9NWWFppVBt3UqTXlMg4eEdZxthPvrNxrqBusQiMMWWtMha9tKk2AuxP4vw-WtcSVhdeKUf5OQ3lSbWfVDUqc_E2kQpZRizt9/s1600/OldtownCoffee.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZFbVvc9UYA-_nSx8fdwizcp_PwiTwGJ6JLcRSNjL5dVVn9NWWFppVBt3UqTXlMg4eEdZxthPvrNxrqBusQiMMWWtMha9tKk2AuxP4vw-WtcSVhdeKUf5OQ3lSbWfVDUqc_E2kQpZRizt9/s1600/OldtownCoffee.png" /></a></div>
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下图可见,一杯RM4.2 的咖啡,公司用了RM1.1的原料,RM0.78来购买傢俬或‘沙煲瓮撑’之类的,RM0.03 进入董事的口袋,RM0.59 作为员工福利之用途,还有其他林林总总的费用。<br />
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扣除了这些之后,公司赚到了RM0.57,然后50% 用作派发股息,也就是RM0.29。 但这个RM0.29 不是进一个人的口袋的。。。要和4千多个股东分。<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuQ27NZOtOXrw1LPuQzevfuCNpBH7Myy8OqayPbdPvjoUtuzdtc5_sDDWb8LpOhhomexRniqGr4f5wTg8XptjOgEm4lvapUz5yYRzvNgWxeWvFzyoAJwZr1-7dqJQyABHdMfilrqdnHmtR/s1600/OldtownOneCoffee.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuQ27NZOtOXrw1LPuQzevfuCNpBH7Myy8OqayPbdPvjoUtuzdtc5_sDDWb8LpOhhomexRniqGr4f5wTg8XptjOgEm4lvapUz5yYRzvNgWxeWvFzyoAJwZr1-7dqJQyABHdMfilrqdnHmtR/s1600/OldtownOneCoffee.png" /></a></div>
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<h2>
<span style="font-size: x-large;">财务报告-Balance sheet:</span></h2>
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<span style="font-size: large;">再来我们看看公司的资产负债表。。。增长和减少比较快的有 Non-current 和Current assets 的other investment。</span><br />
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<span style="font-size: large;">要知道这个‘other investment’是什么东东,我们可以翻查财务报表附注 (Notes to the financial statements) – 19。原来Other investment是Oldtown在马来西亚投资的信托基金 (unit trust)。信托基金的回酬应该会比钱收在银行好,但不是没有风险的。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">负债方面我们看到Oldtown有在偿还债务,今年就还了大概8百万的债务。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIqcGc4cHztI93XouuaoDHVD-LxSLjaEyq4wB0a9ETCA6VCLOeMlHmZo9HWyKvlyhtVPhg4h3oygf5H84LEzQisT5X9vrFt6BY17up46yvbTNC5idzALUZdnAYZqrPgKB4jYHIg0Br5hy6/s1600/OldtownLiabilities.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIqcGc4cHztI93XouuaoDHVD-LxSLjaEyq4wB0a9ETCA6VCLOeMlHmZo9HWyKvlyhtVPhg4h3oygf5H84LEzQisT5X9vrFt6BY17up46yvbTNC5idzALUZdnAYZqrPgKB4jYHIg0Br5hy6/s1600/OldtownLiabilities.png" /></a></div>
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<span style="font-size: large;">另外一样看来大幅增加了68倍的‘amount owing to ultimate holding company’, 又是什么呢?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">附注25说明这是Oldtown欠它的母公司‘Oldtown International Sdn Bhd’的钱,主要借来派发股息,然后还有欠的店租和其他支出。因为是和自家人借,而且interest Free,那么应该不用担心会被淋红漆 :p</span><br />
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<h2>
<span style="font-size: x-large;">财务报告-Cash Flow Statement:</span></h2>
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<span style="font-size: large;">接下来看看大家都喜欢的Cash $$$~ </span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Cash flow from operation 这4年来都是positive。扣除Capex后,FCF 自由现金流也是每一年positive。 而且今年的FCF(5千20万)还是历年来最高的,因为Capex大幅度减少了(从6千3百万降到1千7百万)。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">FCF增加固然是好事,但我认为Oldtown现在是处于aggressive growth stage,应该要多花一点钱来扩展,才能在将来为股东带来更高的回酬。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnB_V0BaYX1l3s0-rG4oCF9_bRETYG4ROl-uxtZKUR_9-GbDEbuLo0DmRcMeTE1AJB95ROK5K1NGOw96-eF9IPS6V_a1D5j-c8lTSD4ZuIU4f0_WNvdIi0rm55Y0gLQsutxZ59cWGUhQoH/s1600/OldtownCFFOtable.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnB_V0BaYX1l3s0-rG4oCF9_bRETYG4ROl-uxtZKUR_9-GbDEbuLo0DmRcMeTE1AJB95ROK5K1NGOw96-eF9IPS6V_a1D5j-c8lTSD4ZuIU4f0_WNvdIi0rm55Y0gLQsutxZ59cWGUhQoH/s1600/OldtownCFFOtable.png" /></a></div>
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<span style="font-size: large;">Net income 和CFFO一起增加。这是个好现象。</span><br />
<span style="font-size: large;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs-iAZk8PLO6IKI8LVSuZLNjYbUqtwyUZsR1kbkCfzeJHwGOj2nZsbYimd9ASxcjE6GX5Qa_5zqog6704y9NVRMqrV5Ql1T4Z0rioY3pB3xeHnDEfBREi87ez-wwPi9LJIA4s8wiU9Cj_5/s1600/OldtownCFFO.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs-iAZk8PLO6IKI8LVSuZLNjYbUqtwyUZsR1kbkCfzeJHwGOj2nZsbYimd9ASxcjE6GX5Qa_5zqog6704y9NVRMqrV5Ql1T4Z0rioY3pB3xeHnDEfBREi87ez-wwPi9LJIA4s8wiU9Cj_5/s1600/OldtownCFFO.png" /></a></div>
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<span style="font-size: large;">总的来说,Oldtown每一年都赚钱,PBT和PAT都取得双位数的成长。Oldtown手上的Cash足够还清所有的负债,再加上连年增加的FCF。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">说的那么好,那么可以买入吗?</span><br />
<br />
<h2>
<span style="font-size: x-large;">值得买吗?</span></h2>
<br />
<blockquote class="tr_bq">
<span style="color: purple; font-size: large;">“再好的公司,如果买的价钱不合理,那就不是好的投资了。”</span></blockquote>
<br />
<span style="font-size: large;">Oldtown在上个星期五闭市收在RM1.76。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">要知道股价是不是合理,让我们拿他的同行-BJFood(旗下有Starbucks,Kenny Roasters 和Jollibean)来比较一下。</span><br />
<br />
<h2>
<span style="font-size: x-large;">先看看价值:</span></h2>
<br />
<span style="font-size: large;">下图显示Oldtown的 P/E是17.44,比BjFood的P/E还低了超过一倍。在同行来说,是属于便宜的了。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">P/S,P/B和P/CFFO也比BJFood低。而且还比同行低呢,说明Oldtown的股价是undervalue(低估)的。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">BjFood 的FCF是负数,而Oldtown的P/FCF也比同行低。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Oldtown的Earning Yield有7.1%,比FD高出4%,算不错了。但考虑到股票投资有风险,我们应该要找earning yield 有8%或以上的公司。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm2v1IrsVAqdNlZ9xBdAsp4YRh65WGHzanyWBDdPCdRM40H4TmugXFC8HCaJpAWBJdudtOQfOmfNGuLXtttUh-TbsNOKzuUPi-dJ3AGERUUMRVx7FZSA9O1OELjNqDqO4o30pLTuS5cE-2/s1600/OldtownValuation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm2v1IrsVAqdNlZ9xBdAsp4YRh65WGHzanyWBDdPCdRM40H4TmugXFC8HCaJpAWBJdudtOQfOmfNGuLXtttUh-TbsNOKzuUPi-dJ3AGERUUMRVx7FZSA9O1OELjNqDqO4o30pLTuS5cE-2/s1600/OldtownValuation.png" /></a></div>
<br />
<h2>
<span style="font-size: x-large;">再看看回酬:</span></h2>
<br />
<br />
<span style="font-size: large;">在这一方面,Oldtown的ROA比BjFood高,但ROE就稍微比较低一点。可是两家公司都比同行出色。投资要找超过10% ROE的公司,但也要留意债务会否过高。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidxkYDbdPKNoxWxvS6JpsV9IYBY3KEc5LpdbDM4XZfmHyr2wGB1jz-p8rFYRK86Hd5aDPiXxm34J4ZRkdr_RTsQbMqmd1R-uNfoJxux7GEtOY05hQv8xc2ZCC-UnKJznycu24JCb4zYCYB/s1600/OldtownROA.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidxkYDbdPKNoxWxvS6JpsV9IYBY3KEc5LpdbDM4XZfmHyr2wGB1jz-p8rFYRK86Hd5aDPiXxm34J4ZRkdr_RTsQbMqmd1R-uNfoJxux7GEtOY05hQv8xc2ZCC-UnKJznycu24JCb4zYCYB/s1600/OldtownROA.png" /></a></div>
<br />
<h2>
<span style="font-size: x-large;">看看资产负债健康吗:</span></h2>
<br />
<span style="font-size: large;">Oldtown和BjFood的资产负债都很健康,比同行还好。Oldtown的Ratio比起Bjfood更胜一筹,就算现在的债务再增加3倍,Oldtown还是有能力偿还,不会陷入没钱还债的窘境。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Oldtown的Total Debt to Equity比BjFood高出一倍,代表Oldtown使用负债融资来提高公司股东的投资报酬率。但是我们不要忘记债务是一把双刃刀,如果运用的好,它可以提高回酬,否则它可以侵蚀公司的利润,让公司年年亏损甚至倒闭。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghKySN1Yoc6vY2p5ysAFYhxn1Fhg1vKIMPG_M0nok3JagtrtaD8XPayslX0BS9Qp4N8c3vbu9xyktEa2-J7v9fRKRP9K8sMQ5-dxMVZxDqu8mfLhyKZuSxyB1ArCwUza_3vtm0RYYO2pNl/s1600/OldtownCurrent.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghKySN1Yoc6vY2p5ysAFYhxn1Fhg1vKIMPG_M0nok3JagtrtaD8XPayslX0BS9Qp4N8c3vbu9xyktEa2-J7v9fRKRP9K8sMQ5-dxMVZxDqu8mfLhyKZuSxyB1ArCwUza_3vtm0RYYO2pNl/s1600/OldtownCurrent.png" /></a></div>
<br />
<h2>
<span style="font-size: x-large;">最后看看大家都喜欢的股息:</span></h2>
<br />
<span style="font-size: large;">2014年的股息是RM0.06,dividend yield有3.41%,大概和放一年的定存(Fixed deposit)一样。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Oldtown的Dividend Policy是至少50%的net Income会拿来当股息。这几年Oldtown的Dividend payout ratio都超过50%,今年还去到55.5%呢。看来公司在赚钱之余,也没有忘记股东们。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">如果明年的Net Income增加10%,那Dividend per share就有望增加到RM0.065。3.71% 的股息虽然不高,但至少还比FD好啊。</span><br />
<span style="font-size: large;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3Hd24pgD3Np9gwkMNlFXGj-NEMEneeyeAxOeye7bvbCZVmmjb2mE8VZYbpWGhqWGdE0TCvG2QqVx2Zff2dchwWqMRUrt-KvZ5nwA9VVoUR9s1w-nbXQAbVHe36eaIGtzgdzAHPz-jKUMw/s1600/OldtownDividend.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3Hd24pgD3Np9gwkMNlFXGj-NEMEneeyeAxOeye7bvbCZVmmjb2mE8VZYbpWGhqWGdE0TCvG2QqVx2Zff2dchwWqMRUrt-KvZ5nwA9VVoUR9s1w-nbXQAbVHe36eaIGtzgdzAHPz-jKUMw/s1600/OldtownDividend.png" /></a></div>
<br />
<span style="font-size: large;">我个人认为Oldtown在马来西亚还有很大的发展空间,在加上亚洲这个大市场,应该会有一番所为。RM1.76的价钱,已经包括了它未来的成长,我觉的合理的。当然如果再下跌,就更吸引了。</span><br />
<br />
<h2>
<span style="font-size: x-large;">Oldtown的竞争:</span></h2>
<br />
<span style="font-size: large;">饮食业基本上分为快餐和‘慢餐’。快餐大家应该都很熟悉吧。。。慢餐呢,顾名思义就是慢咯,是那种顾客需要找位子坐下来然后点餐的。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">以这样的定义,Oldtown是属于‘慢餐’。那么Oldtown的竞争者有谁呢?</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">要知道谁是竞争者,我们可以问人或问Google。另外一个简单的方法呢,就是去翻查招股书(Prospectus)。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">通常公司要上市前都会聘请独立的市场调查公司来评估公司的业务、前景、竞争、和风险等等。</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">Vital Factor Consulting 在报告里说马来西亚的饮食业的竞争处于正常水平。入门阶很低,进出也很容易。市场有很多业者,没有一个业者大到能够垄断市场。</span><br />
<span style="font-size: large;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1XKESITSsDz-4Z6Sr_rpVdefptym6dgJwUDInEGHFo6Vd7xSeUct0XdE-aaGBfxTYGU446KCG5nG1W9XS2rQMqJBnWIgivuMvSpzb0-4wbHrUakK38gGku_Yfi5Wep0bCZhAmnJkZff18/s1600/OldtownCompetition.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1XKESITSsDz-4Z6Sr_rpVdefptym6dgJwUDInEGHFo6Vd7xSeUct0XdE-aaGBfxTYGU446KCG5nG1W9XS2rQMqJBnWIgivuMvSpzb0-4wbHrUakK38gGku_Yfi5Wep0bCZhAmnJkZff18/s1600/OldtownCompetition.png" /></a></div>
<br />
<span style="font-size: large;">再看下去我们发现了一些熟悉的咖啡业者如:PappaRich, Hailam,和 Starbucks等等。</span><br />
<span style="font-size: large;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi24SC7d5bunkh_W0jJliejtX7ttZyUie0O62YtncLgO3zh_px2bKe06uQRcKzFkQaHe29EAWgiVDfeFX6QXyD1RgW2gpXOmF9GTn_7bludgoyKO7R_hY9x9HDYBEk260zgllHjRORRtKk1/s1600/OldtownPlayers.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi24SC7d5bunkh_W0jJliejtX7ttZyUie0O62YtncLgO3zh_px2bKe06uQRcKzFkQaHe29EAWgiVDfeFX6QXyD1RgW2gpXOmF9GTn_7bludgoyKO7R_hY9x9HDYBEk260zgllHjRORRtKk1/s1600/OldtownPlayers.png" /></a></div>
<br />
<span style="font-size: large;">最后我们看到截至2011年,在众多的咖啡业者中,Oldtown在店面的数量上排名第二。</span><br />
<span style="font-size: large;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgs8dRTM-NlaBPWeR1ZT-U9YLccqbfRrk2mWBfWrKiJ85OnaXbXDQNB9l_YTOU5ReZAW4_CFHLQj328eqIYnpcC5ekUdzvBHWUXdg8y42EF_EQGtCjT2ThAz_EQT7F1mNSasiBdnAFcjhlC/s1600/OldtownRanking.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgs8dRTM-NlaBPWeR1ZT-U9YLccqbfRrk2mWBfWrKiJ85OnaXbXDQNB9l_YTOU5ReZAW4_CFHLQj328eqIYnpcC5ekUdzvBHWUXdg8y42EF_EQGtCjT2ThAz_EQT7F1mNSasiBdnAFcjhlC/s1600/OldtownRanking.png" /></a></div>
<br />
<span style="font-size: large;">既然没有明显的moat,那Oldtown要怎么样在这么多的竞争者中脱颖而出呢?3大要点:(1)品牌和信誉;(2)食物和服务的素质;(3)规模经济。</span><br />
<span style="font-size: large;"><br /></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmHZoL7Z_gQ19a_f2rsotAwOr8pYx7c9M34kIZWiXYVz4Av0e0o0AbGHmVfBe8864jj7ugxcZZDARrjJWI_KFg4uMCObllU8XT2Ou4m6gU2TyfwHK8-hT1YIM6xZZAkSZ0qZmyUBgkvSFw/s1600/OldtownFactor.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmHZoL7Z_gQ19a_f2rsotAwOr8pYx7c9M34kIZWiXYVz4Av0e0o0AbGHmVfBe8864jj7ugxcZZDARrjJWI_KFg4uMCObllU8XT2Ou4m6gU2TyfwHK8-hT1YIM6xZZAkSZ0qZmyUBgkvSFw/s1600/OldtownFactor.png" /></a></div>
<span style="font-size: x-large;"><br /></span>
<span style="font-size: x-large;">未来展望:</span><br />
<br />
<span style="font-size: large;">Oldtown计划2015年:</span><br />
<ul>
<li><span style="font-size: large;">在马来西亚开12-15 间咖啡店。地点应该会考虑在‘二线城市’ (second-tier citites)或‘三线城市’。</span></li>
<li><span style="font-size: large;">在新加坡开2-3间咖啡店。</span></li>
<li><span style="font-size: large;">在印尼开6-8间咖啡店。</span></li>
<li><span style="font-size: large;">在澳洲开第1间咖啡店。地点应该会在Sydney或Melbourne。</span></li>
<li><span style="font-size: large;">在中国继续跟进之前的计划 – 设立中央厨房(Food processing center)。这计划本来应该在2013年就完成的,但看来有一些阻碍。</span></li>
<li><span style="font-size: large;">Oldtown接下来也会尝试把触角伸到去菲律宾。这符合公司的愿景:要成为亚太地区首屈一指的白咖啡品牌 (To be Asia Pacific’s Leading White Coffee Brand)</span></li>
</ul>
<br />
<br />
<h2>
<span style="color: purple;"><span style="font-size: x-large;">个人意见</span>:</span></h2>
<ul>
<li><span style="color: purple; font-size: large;">最近Oldtown一间franchise的招聘广告注明优先聘请华人和马来人当店员,牵扯到种族主义被人投诉。现在搞到公司要发文告道歉,以及彻查这件事情。好的方面来想,公司的damage control 工作做到不错。坏的方面来想,就是树大招风,而且这些事故会影响声誉。</span></li>
<li><span style="color: purple; font-size: large;">今年Oldtown在印尼签了第二个Master License Agreement。也因为这个合约,Oldtown终于能够在印尼的每个角落开店了 (之前只能在Jawa和Bali开店)。再加上庞大的人口,印尼的发展潜力看来很不错。</span></li>
<li><span style="color: purple; font-size: large;">中国这个大市场,Oldtown还要再加把劲。只要中央厨房设立好,那接下来相信就能很快低开分店了。</span></li>
<li><span style="color: purple; font-size: large;">未来应该会有越来越多的双薪家庭。因为两人都要工作,而且家庭成员不多,所以选择外出用餐。这对Oldtown来说是好事。</span></li>
<li><span style="color: purple; font-size: large;">Oldtown在马来西亚有210间咖啡店;MacDonald在马来西亚有大概300间快餐店,而且打算在2020年达到500间店。看来Oldtown在本地还是有很大的发展空间。Starbucks单单是在首尔(Seoul)就有284间了。</span></li>
<li><span style="color: purple; font-size: large;">Oldtown每一年都赚钱,PBT和PAT都取得双位数的成长。Oldtown手上的Cash足够还清所有的负债,再加上连年增加的FCF。</span></li>
<li><span style="color: purple; font-size: large;">2015 Q1 result比上一年逊色,看来发展有一些阻碍。但投资不能只看一个季度的成绩,而要逐个季度去追踪和分析。</span></li>
<li><span style="color: purple; font-size: large;">Oldtown的外资持股比例蛮大,可能会因某些因素撤资。只要公司基本面不变,年年为他们赚钱,应该也不会忘了当初买入的初衷。</span></li>
</ul>
<br />
<br />
<span style="font-size: large;">买卖股票存有风险,盈亏自负。上面呈现的资料也不一定是对的,请自行判断和演算。</span><br />
<br />
资料来源:<br />
<br />
<ol>
<li>Oldtown Annual Report 2014</li>
<li>Oldtown Annual Report 2013</li>
<li>Oldtown Prospectus - <a href="http://www.bursamalaysia.com/market/listed-companies/company-announcements/917941">http://www.bursamalaysia.com/market/listed-companies/company-announcements/917941</a></li>
<li><a href="http://www.oldtown.com.my/">http://www.oldtown.com.my/</a></li>
<li>BJFood Annual Report 2014</li>
<li>Starbucks in Seoul - <a href="http://www.nbcnews.com/news/asian-america/starbucks-seoul-how-seattle-chain-flooded-south-korea-n141856">http://www.nbcnews.com/news/asian-america/starbucks-seoul-how-seattle-chain-flooded-south-korea-n141856</a></li>
<li>Reuters benchmark - <a href="http://www.reuters.com/finance/stocks/overview?symbol=OLDT.KL">http://www.reuters.com/finance/stocks/overview?symbol=OLDT.KL</a></li>
</ol>
Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com11tag:blogger.com,1999:blog-6626399491129301328.post-8126990673014992972014-09-18T00:50:00.000+08:002015-03-08T00:17:58.497+08:00要去AEON gai gai吗? - 分析AEON 2013 年报<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun;">大家对</span>AEON<span lang="ZH-CN" style="font-family: SimSun;">这个霸级市场应该都很熟悉吧?但它的过去你懂吗?</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWXufG_I1DLqznrB2pULLULGhvRchJfI45gtRbWw5U_EphJ1Sng7onTxencNx_mNKQhwmuQtoV1jUf5Q6nYDadjAgdD87hZTJBFS8ncOJ1M3Po4kQJFOdz1_MXnwDXi-vEdyN-1BfKmWME/s1600/Aeon-crowd.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWXufG_I1DLqznrB2pULLULGhvRchJfI45gtRbWw5U_EphJ1Sng7onTxencNx_mNKQhwmuQtoV1jUf5Q6nYDadjAgdD87hZTJBFS8ncOJ1M3Po4kQJFOdz1_MXnwDXi-vEdyN-1BfKmWME/s1600/Aeon-crowd.jpg" height="300" width="400" /></a></div>
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<b style="font-size: xx-large;">AEON </b><b style="font-size: xx-large;"><span lang="ZH-CN" style="font-family: SimSun;">的历史:</span></b><br />
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<span style="font-size: large;">AEON </span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">的前身是</span><span style="font-size: large;">JAYA JUSCO</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">。</span><span lang="ZH-CN" style="font-size: large;"> </span><span style="font-size: large;">1984</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">年在马来西亚成立。算算下今年来到了第</span><span style="font-size: large;">30</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">个年头。所谓三十而立,</span><span style="font-size: large;">AEON
</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">如今迈入壮年期,接下来应该会更稳健发展。</span><br />
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<span lang="ZH-CN" style="font-family: SimSun; font-size: large;">想当年我们的首相马哈迪为了国家经济发展,飞去东京和</span><span style="font-size: large;">JUSCO</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">的总裁商谈。</span><span style="font-size: large;"><</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">下删</span><span style="font-size: large;">250</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">字。。。</span><span style="font-size: large;">>
</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">结果就促成日本</span><span style="font-size: large;">JUSCO</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">在马来西亚成立啦。</span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: large;">目前马来西亚有</span><span style="font-size: large;">27</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">间</span><span style="font-size: large;">AEON Store </span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">和</span><span style="font-size: large;"> 22</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">间</span><span style="font-size: large;">AEON
Shopping Centre</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">。</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhU9K7ftqkozFkBG078hOW42CtFxqXnW1CmiqSsHRCdpypcaj11xMfZ1vrbBZ-VTvS22P9wxTjj7z6xNlb2SXYCbwtLOQkFkyxYOJpDZ7-LHjD62YYzH7PnMh1evvprY1-0n2g6YYbyEYhc/s1600/AEON-brand.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhU9K7ftqkozFkBG078hOW42CtFxqXnW1CmiqSsHRCdpypcaj11xMfZ1vrbBZ-VTvS22P9wxTjj7z6xNlb2SXYCbwtLOQkFkyxYOJpDZ7-LHjD62YYzH7PnMh1evvprY1-0n2g6YYbyEYhc/s1600/AEON-brand.jpg" height="78" width="320" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">看到平日人潮拥挤的</span>AEON, <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">想必一定是很赚钱吧。真的是这样吗?如果是,</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">值得投资吗?</span></span></div>
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<b><span style="font-size: x-large;">AEON </span></b><b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">的年报:</span><span style="font-size: large;"><o:p></o:p></span></b></div>
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<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">要知道一间公司赚钱与否,最直接就是看年报咯。</span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年报是全彩色的,看来印刷应该不便宜</span> >.< <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span></span><br />
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<span style="font-size: large;">AEON</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">年报每一年的封面都会有个主题和阐述公司的理念。</span><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span>
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">今年配合</span>30<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">周年庆,设计了这个寓意蝴蝶破茧而出、获得重生的图案,也代表公司从此能展翅高飞。</span></span><br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCFStEpU00ZUnHVqlIHmsXpbvBL8f0_SEoMaHKL0BFdoLXUhX6KbvO6lipentQHTusfxvxWCwDPgRROECjRJ2j8k6ZEsfNipNy5UU1I2B7cLNtPh0a7R5KgENAMIfmXAHm-yYf-zL_nVwi/s1600/AEON-30yearslogo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCFStEpU00ZUnHVqlIHmsXpbvBL8f0_SEoMaHKL0BFdoLXUhX6KbvO6lipentQHTusfxvxWCwDPgRROECjRJ2j8k6ZEsfNipNy5UU1I2B7cLNtPh0a7R5KgENAMIfmXAHm-yYf-zL_nVwi/s1600/AEON-30yearslogo.jpg" /></a><br />
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<b style="font-size: x-large;">AEON</b><b style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimSun;">的董事部:</span></b></div>
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<span style="font-size: large;">AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有</span>13<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">名董事,</span>4<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">名在</span>2013<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年加入,</span>3<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">名在去年退休。</span></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">董事经理是</span>Ms
Nur Qamarina Chew binti Abdullah<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,现年</span>53<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">岁。她在</span>1985<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年,公司成立隔年就加入了</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。从</span>Merchandising
manager<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">做起,升为</span>Store
manager, <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后</span>Senior
manager,<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后</span>
General manager,<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后</span>Senior General manager,<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后</span>Managing director, <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后就没有然后了。。。可以说是陪着</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">成长的开荒老臣。</span></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有三名董事是日本人。董事们上一年</span>board meeting<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的出席率满分,不错不错。</span></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4ZJbXRJLE76Mz1LnvOzJBzhOgMy3eW8kJrtdSLA-XnH-xV2O6HMFsT9QPdsRScIM0vIQLPvm1wFKUpIf5AjQlabtL3SdtD-GI4Hlj_FN5An_91KYrNFaUSk359cK3eDZFpuW1S5-n1dFO/s1600/AEON-boradmeeting.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4ZJbXRJLE76Mz1LnvOzJBzhOgMy3eW8kJrtdSLA-XnH-xV2O6HMFsT9QPdsRScIM0vIQLPvm1wFKUpIf5AjQlabtL3SdtD-GI4Hlj_FN5An_91KYrNFaUSk359cK3eDZFpuW1S5-n1dFO/s1600/AEON-boradmeeting.jpg" height="320" width="640" /></a><br />
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">董事们的薪酬嘛。。。我觉得还算合理。执行董事因为要做工,所以拿比较高的薪水。</span><br />
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<b style="font-size: x-large;">AEON</b><b style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimSun;">股东:</span></b></div>
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<span style="font-size: large;">30<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">名股份最大的股东手握</span>90.3%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">或</span>3.16<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的股份。剩余的</span>4<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万的股份握在</span>2730<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">位股东手上。</span></span><br />
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margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">日本的</span>AEON CO <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">拥有</span>51% <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股份,</span>ABERDEEN
GLOBAL<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">一间外国基金拥有</span>11.68%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,和我们的</span>EPF<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">拥有</span>5.6%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。基本上如果这三个大股东不卖股票,市场上流通的股票是很少的。</span></span><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span>
<span style="font-size: large;">AEON</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">在今年</span><span style="font-size: large;">5</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">月完成了一对一红股和每股拆细为两股,股票总额从</span><span style="font-size: large;">3.5</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">亿增加到</span><span style="font-size: large;">14</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">亿。股价也从大约</span><span style="font-size: large;">RM14</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">调整到大约</span><span style="font-size: large;">RM3.8.</span></div>
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<span style="font-size: x-large;"><o:p> </o:p><b><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">财务报告</span>-Income
Statement</b><b><span lang="ZH-CN" style="font-family: SimSun;">:</span></b></span></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; mso-no-proof: yes;">既然大家最关心的是赚不赚钱,赚多少钱,那我们先看看</span>income statement:</span><br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHtIqe8V6sw_-hGMGXuywgSlF5ulM2kelXIi2p_hwCJqRlaj6NNqQkUOgX9jLcXWERERygXNMhhoJyNc5mYnu6XoWTkx0NBfxzXYmD9ekAMsnEizmQpkTPAmuc91mrrwn_6Gcsbq9Vw0dz/s1600/AEON-incomestatement.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHtIqe8V6sw_-hGMGXuywgSlF5ulM2kelXIi2p_hwCJqRlaj6NNqQkUOgX9jLcXWERERygXNMhhoJyNc5mYnu6XoWTkx0NBfxzXYmD9ekAMsnEizmQpkTPAmuc91mrrwn_6Gcsbq9Vw0dz/s1600/AEON-incomestatement.jpg" /></a><br />
<br /></div>
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<span style="font-size: large;">Revenue <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在过去</span>5<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来呈上升的趋势。</span>2013<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的</span>revenue<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">达到</span>35<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿,比去年增加了</span>7.9%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span></span><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-size: large;">86% <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的营业额来自</span>retailing<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(零售),剩余的</span>14%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">来自</span>property
management services <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(商场店租和运作)。</span></span><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">扣除了营运成本,</span>Profit before tax <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span> profit
after tax <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也比去年增加了</span>10.8%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>8.5%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span></span><br />
<span lang="ZH-CN" style="font-family: SimSun; font-size: large;"><br /></span>
<span lang="ZH-CN" style="font-family: SimSun; font-size: large;">最后一行股东们很关心的</span><span style="font-size: large;">net dividend </span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">也步步高升,四年就翻了一番。</span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span>
</div>
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<span style="font-size: x-large;"><b><span lang="ZH-CN" style="font-family: SimSun;">财务报告</span>-Balance
Sheet</b><b><span lang="ZH-CN" style="font-family: SimSun;">:</span></b></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">再来我们看看</span>balance sheet<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。。。</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">比较感兴趣的是</span>Cash<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">减少了</span>1.4<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿。</span>Cash
flow statement <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">显示</span>7<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万用作</span>Capex<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,另外的</span>7<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万拿来派发</span>Dividend<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">了,看来没问题。</span></span><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-size: large;">Inventories <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">增幅不大,没有出现存货无法卖出的窘境。</span>Receivables<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也</span>OK<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">数目不大,</span>footnotes
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">写着</span>92%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">还没到期付款,看来没有面对受不到钱的问题。</span></span><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span></div>
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<span style="font-size: large;">Liabilities<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">显示公司</span>0<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">负债,纯现金。</span>13<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的</span>Payables<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">数目蛮大,但因为是</span>supplier
financing, <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">只要</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有高的</span>inventory turns<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,越快收取顾客的</span>Receivables
payment<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">然后越慢去付给</span>Supplier<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">(</span>low payable turns<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">),公司运作就没有问题了。</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4r8e2H0ZtS-1hs1EOEmk9GFzJA0ZcW7vo8_LOJ8jTbdubqJcfpw8VGhzFz_EQ0XtZcoirol3uUR6i2ejb7QDOEhyrAZ04G-7oixNVqBs9858Wu6dJAk8GYLDIDYKHBRSgiu0_5rQN3Chx/s1600/AEON-balancesheet.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4r8e2H0ZtS-1hs1EOEmk9GFzJA0ZcW7vo8_LOJ8jTbdubqJcfpw8VGhzFz_EQ0XtZcoirol3uUR6i2ejb7QDOEhyrAZ04G-7oixNVqBs9858Wu6dJAk8GYLDIDYKHBRSgiu0_5rQN3Chx/s1600/AEON-balancesheet.jpg" height="640" width="443" /></a></div>
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<b><span style="font-size: x-large;"><span lang="ZH-CN" style="font-family: SimSun;">财务报告</span>- Cash
Flow Statement</span></b><b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">:</span><span style="font-size: large;"><o:p></o:p></span></b></div>
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<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b></div>
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<a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">我们可以看到这</span>5<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年来</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span><span lang="ZH-CN"> </span>cash flow from operation <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都是</span>positive<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的。扣除</span>Capex<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">后,就得到</span>Free
cash flow <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">自由现金流。</span>2013<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的</span>FCF<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是负数</span>-7<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千万,因为公司花费了</span>5.2<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿在</span>Capex.
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">下图可以看到</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">花了</span>1.6<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿在建筑费,</span>8<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千</span>300<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万在购地,</span>8<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">千</span>500<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">万在机器设备上,和</span>2<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿在其他方面。</span></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxscBFDK5o4NqKBolybl0D6Lhn_51cRRtQGsrHJkine8RXz4cziwSchbZRtYc6sToNWw57wyAfEiPTLtQbFbVq5WhdfBUX4TuSzf7aIO3S1pt4wIC64uAJbmYdum_NbJY97MzXWZihBA8_/s1600/AEON-Cashflowstatement.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxscBFDK5o4NqKBolybl0D6Lhn_51cRRtQGsrHJkine8RXz4cziwSchbZRtYc6sToNWw57wyAfEiPTLtQbFbVq5WhdfBUX4TuSzf7aIO3S1pt4wIC64uAJbmYdum_NbJY97MzXWZihBA8_/s1600/AEON-Cashflowstatement.jpg" height="211" width="640" /></a><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE9dsdoAPK8_z8gBbWLzD_3b5Zc-N2fqwylsB2AI08q9bottquKloA_fcOeZKUWa5-S5oawebff-FzMcQAb9Uh0wKU8aT3bLmJTo6DfDCmaqw-kbIFDTFQTKkz2qk5DRJgevpnlF6vFBYz/s1600/AEON-CAPEX.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE9dsdoAPK8_z8gBbWLzD_3b5Zc-N2fqwylsB2AI08q9bottquKloA_fcOeZKUWa5-S5oawebff-FzMcQAb9Uh0wKU8aT3bLmJTo6DfDCmaqw-kbIFDTFQTKkz2qk5DRJgevpnlF6vFBYz/s1600/AEON-CAPEX.jpg" height="321" width="640" /></a></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">下图显示</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的现金流是健康的。</span>Net income<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">增加,</span>CFFO<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">也增加了。</span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhaP0GJRhW4W3oYXPkdBSjV7oKOCpNFJoI0JYRKtfM6074Nn8pRyxO5zwgwiC79areRLhEmuCIrIbkHJtFekBKJlybeIPowZfSShyTphyphenhyphenb6_znUNPl_oXcX3UKKkQfv3tmc9V6XCxY0wtb/s1600/AEON-TrackingCFFOwithNI.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhaP0GJRhW4W3oYXPkdBSjV7oKOCpNFJoI0JYRKtfM6074Nn8pRyxO5zwgwiC79areRLhEmuCIrIbkHJtFekBKJlybeIPowZfSShyTphyphenhyphenb6_znUNPl_oXcX3UKKkQfv3tmc9V6XCxY0wtb/s1600/AEON-TrackingCFFOwithNI.jpg" height="320" width="640" /></a></div>
<br /></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">看了‘三表’后,我可以按下买键了吗?</span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">别急。。。再往下读。</span><b><o:p></o:p></b></span></div>
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<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal">
<b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">值得买吗?</span><span style="font-size: large;"><o:p></o:p></span></b></div>
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<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">任何公司不管好坏,如果买的贵,赚幅就低了。万一股价不升反而下降,那就长期住套房咯。</span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">如果是好的公司那还不怕,迟早业绩转好股价会升回去。如果是坏公司,那就好比住在廉价套房,没电之余下雨漏水还可能倒塌呢。</span></div>
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</div>
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<blockquote class="tr_bq">
<span lang="ZH-CN" style="color: purple; font-family: SimSun; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">“再好的公司,如果买的价钱不合理,那就不是好的投资了。”</span></blockquote>
</div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">如果以昨天闭市的价格</span>RM3.84<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">来购买,值得吗?</span></span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal">
<b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">先看看价值:</span><span style="font-size: large;"><o:p></o:p></span></b></div>
<div class="MsoNormal">
<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: large; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">要知道股票贵还是便宜,一个简单的方法就是做比较啦。和什么比?和竞争对手比,拿行内的标准来比。</span><br />
<br />
<br /></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">下图我们可以看到</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的</span>P/E <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是</span>23.35<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">比</span>Parkson<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">高少少,比起同行还是低。</span>Benjamin Graham (<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">价值投资开山鼻祖</span>)
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">认为</span>P/E
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">超过</span>15
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">就不适合投资了。</span></span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;">P/S <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是</span>1.53<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,比起</span>Parkson<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">高。和同行比还是</span>OK. </span><span style="font-size: large;">P/B </span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">是</span><span style="font-size: large;">3.28</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">,</span><span lang="ZH-CN" style="font-size: large;"> </span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">证明</span><span style="font-size: large;">AEON</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">的价钱已经不便宜了。</span><span style="font-size: large;">Book
Value </span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">包含了</span><span style="font-size: large;">Intangible
assets</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">,幸好</span><span style="font-size: large;">AEON</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">的</span><span style="font-size: large;">Intangible
assets </span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">并不高。</span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;">P/CFFO <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">比</span>Parkson<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">高,说明</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">不便宜。因为</span>FCF<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">是负数,所以</span>P/FCF
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">没有意义。</span></span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;">EY <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">或</span><span lang="ZH-CN"> </span>Earning Yield <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">只有</span>4.96%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,以</span>RM3.84
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的价格来说是贵的了。</span></span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 5.4pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 544px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-size: large;">Valuation:<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Metric<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Aeon<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Parkson<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Industry<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Sector<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Price<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">3.84<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">3.08<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;"><br /></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;"><br /></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Price-Earnings ratio<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">23.35<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">22.84<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">49.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">17.21<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Price-to-sales<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">1.53<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">0.89<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">2.1<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">4.82<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Price-to-book<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">3.28<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">1.21<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">3.97<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">2.81<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Price-CFFO<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">11.94<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">7.99<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">22.45<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">10.87<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Price-FCF<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">-<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">-<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">6.86<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">46.89<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 8; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">EY, ebit/EV<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">4.96%<o:p></o:p></span></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"></td>
</tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-size: large;">Benchmarks from Reuter Financials</span></div>
<div class="MsoNormal">
<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal">
<b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">再看看回酬:</span><span style="font-size: large;"><o:p></o:p></span></b></div>
<div class="MsoNormal">
<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在这一方面</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">比</span>Parkson<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">出色,</span> ROA<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>ROE<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都比较高,有办法为股东创造更大的收益。</span>ROE<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">还是两位数,高过同行。</span></span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 5.4pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 544px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-size: large;">Management Effectiveness:<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Metric<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Aeon<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Parkson<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Industry<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Sector<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">ROA<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">7.65<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">2.83<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">6.2<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">9.15<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">ROE<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">14.05<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">5.13<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">11.65<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">20.51<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<br />
<div class="MsoNormal">
<b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">看看资产负债健康吗:</span><span style="font-size: large;"><o:p></o:p></span></b></div>
<div class="MsoNormal">
<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-size: large;">Current Ratio <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">如果少过</span>1<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,代表公司可能会没办法卖掉</span>Current
assets<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">来偿还债务或欠款。</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在</span>Current
Ratio <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>Quick
Ratio <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都少过</span>1<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">那么它会面对问题吗?</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">有</span>13<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">亿的</span>Payables<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,但因为是用</span>Supplier
finance, <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">没有</span>interest,
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">算是好的负债。</span></span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<div class="MsoNormal">
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">只要公司正常运作,应该没有问题。要不然</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">可以举债向银行借钱,或发出</span>right
issue/warrant<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">来向股东要钱。</span><b><o:p></o:p></b></span></div>
<div class="MsoNormal">
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 5.4pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 544px;">
<tbody>
<tr style="height: 15.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="font-size: large;">Financial Strengths:<o:p></o:p></span></b></div>
</td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"></td>
<td nowrap="" style="height: 15.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"></td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border: solid windowtext 1.0pt; height: 15.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Metric<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Aeon<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Parkson<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Industry<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-left: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Sector<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Current Ratio<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">0.67<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">1.73<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">1.22<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">1.55<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Quick Ratio<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">0.33<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">1.58<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">0.93<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">1.24<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 15.0pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 141.8pt;" valign="bottom" width="189"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: blue; font-size: large;">Total Debt to Equity<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 61.8pt;" valign="bottom" width="82"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">0.84<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">1.01<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 48.8pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">70.83<o:p></o:p></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 15.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.8pt;" valign="bottom" width="142"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="color: blue; font-size: large;">69.26<o:p></o:p></span></div>
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<b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">再看看大家都喜欢的股息:</span><span style="font-size: large;"><o:p></o:p></span></b></div>
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<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b></div>
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<span style="font-size: large;">2013<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年的股息是</span>RM0.055<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span> dividend yield <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">只有区区的</span>1.43%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,低的可怜。</span></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">如果按照往年的增幅,</span>Net dividend <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在</span>2014<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">年上升个</span>20%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span><span lang="ZH-CN"> </span><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">那股息将会去到</span>RM0.066<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>dividend yield = 1.72%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span>FD<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">都有</span>3% <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">啦。</span></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">当然投资回酬也要看</span>Capital Gain<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。如果单单是看</span>Dividend, AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">真的不太适合投资。</span></span><br />
<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></span>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhT0XOHAFi8yYnpXeZhFP1pGD0azv_k9DR4wVhCdfUtvatziIHHldZ47DSjkfpEF4PPTqS9S-3Om0Ecfe8ZfH-dKgXw72fqd23rJNB_5ZZeBgrlV_7l-jr9mgsow_ek5IpMF4EPbMFGQrDU/s1600/AEON-dividendyield.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhT0XOHAFi8yYnpXeZhFP1pGD0azv_k9DR4wVhCdfUtvatziIHHldZ47DSjkfpEF4PPTqS9S-3Om0Ecfe8ZfH-dKgXw72fqd23rJNB_5ZZeBgrlV_7l-jr9mgsow_ek5IpMF4EPbMFGQrDU/s1600/AEON-dividendyield.jpg" height="62" width="640" /></a></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">那么说了那么多。。。</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">可以买吗?</span></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">我个人认为,</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股价已经算不便宜了,利好的因素也已经反映在股价上。</span></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">当季度报告显示营业额下降,</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">股票被抛售,可以考虑买进收长久。但要确保基本面没有改变。价格去到</span>RM3.50<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的话,</span>PE =
21<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">,</span>
DY= 1.57%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">。</span></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<b><span style="font-size: x-large;">AEON</span></b><b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">的竞争:</span><span style="font-size: large;"><o:p></o:p></span></b></div>
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<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRk50bQQXB9yEpAiE-LA19DNOEef-O9gReyPiernq7Oyw9Ud39SCe2iJQh9wSS145mrryay_42_vtG8TJJLJhT1VKb6ZY5sW0fuWgWG7_BD3anbtbvtlicXMndBJOlZhwxDTQ3O1-9pOLA/s1600/AEON-CorporateProfile.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRk50bQQXB9yEpAiE-LA19DNOEef-O9gReyPiernq7Oyw9Ud39SCe2iJQh9wSS145mrryay_42_vtG8TJJLJhT1VKb6ZY5sW0fuWgWG7_BD3anbtbvtlicXMndBJOlZhwxDTQ3O1-9pOLA/s1600/AEON-CorporateProfile.jpg" height="224" width="640" /></a></div>
<span style="font-size: large;">AEON</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">的商店大多数是设立在郊外住宅区。</span><span style="font-size: large;">Target customer</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">是中等收入者。随着国家发展,越来越多人进入中等阶级,对</span><span style="font-size: large;">AEON</span><span lang="ZH-CN" style="font-family: SimSun; font-size: large;">来说应该是好事吧。</span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">没有开在城市中心,估计应该也会少很多竞争。</span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">竞争对手有来自本地的</span>Giant Hypermarket<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span>Parkson<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、来自英国的</span>Tesco<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">、和无数的杂货店便利店。</span></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">这行业没有明显的</span>Moat<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">或竞争优势</span>, <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">再加上低入门阶和低回筹。谁能够更好地靠控制成本,用最低的价钱来吸引顾客,和给于顾客一站式的购物体验,谁就是赢家。</span></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">那</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">接下来要怎么样杀出重围呢?</span></span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;"><br /></span></div>
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<b><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">未来展望:</span><span style="font-size: large;"><o:p></o:p></span></b></div>
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<b><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></b></div>
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<span style="font-size: large;">AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">今年将会开三间店,分别坐落在</span>Bukit Mertajam, Taiping <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和</span> KL<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">市区的一间购物商场。除此之外,也宣布购买了</span>Johor<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的一片地以供发展。</span></span></div>
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<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span></div>
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<span style="font-size: large;"><span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">今年</span>2<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">月</span><span lang="ZH-CN"> </span>AEON Index Living Sdn Bhd <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">和泰国的公司合资成立,打算在今年年底开张第一间店。主要生意是贩卖家具和办公室傢俬。</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">拥有</span>70%<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">的股份。</span></span></div>
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<span style="font-size: large;">Executive Director Poh Ying Loo <span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">说</span>AEON<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">在现阶段会专注在马来西亚,没有计划要扩展去海外。她也承认</span>hypermarket
<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">市场竞争非常激烈,同行大打价格战。</span></span></div>
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<b><span style="color: purple;"><span lang="ZH-CN" style="font-family: SimSun; font-size: x-large;">个人意见:</span><span style="font-size: large;"><o:p></o:p></span></span></b></div>
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<li><span style="color: purple; font-family: SimSun; font-size: large;"><b><span style="font-family: 'Times New Roman'; font-weight: normal; text-indent: -24px;">AEON</span><span lang="ZH-CN" style="font-weight: normal; text-indent: -24px;">的零售生意主要是现金交易的,除了少数的</span><span style="font-family: 'Times New Roman'; font-weight: normal; text-indent: -24px;">credit card,</span><span lang="ZH-CN" style="font-weight: normal; text-indent: -24px;">所以很少可能会收不到钱。</span></b></span></li>
<li><span style="font-family: SimSun;"><b><span lang="ZH-CN" style="color: purple; font-size: large; font-weight: normal; text-indent: -24px;"><span style="font-family: 'Times New Roman';">AEON</span><span lang="ZH-CN">没有债务、纯现金。过去</span><span style="font-family: 'Times New Roman';">5</span><span lang="ZH-CN">年的</span><span style="font-family: 'Times New Roman';">Cash flow from operation </span><span lang="ZH-CN">都是</span><span style="font-family: 'Times New Roman';">positive</span><span lang="ZH-CN">的,平均是</span><span style="font-family: 'Times New Roman';">3.7</span><span lang="ZH-CN">亿。</span><span style="font-family: 'Times New Roman';">AEON</span><span lang="ZH-CN">需要用来扩展、买地,建购物商场的钱都是自己公司赚来或</span><span style="font-family: 'Times New Roman';">Supplier finance</span><span lang="ZH-CN">的,不需要和银行或股东借。</span></span></b></span></li>
<li><span style="font-family: SimSun;"><b><span lang="ZH-CN" style="font-weight: normal; text-indent: -24px;"><span lang="ZH-CN" style="color: purple; font-size: large;"><span lang="ZH-CN">除非</span><span style="font-family: 'Times New Roman';">GST</span><span lang="ZH-CN">落实后,人们停止任何消费不再逛商场。基本上</span><span style="font-family: 'Times New Roman';">AEON</span><span lang="ZH-CN">的生意还是有的做,就好像它的名字一样,拉丁文的意思是</span><span style="font-family: 'Times New Roman';">eternal,</span><span lang="ZH-CN">“</span><span lang="ZH-CN" style="font-family: 'Times New Roman';"> </span><span lang="ZH-CN">永恒“经营。</span></span></span></b></span></li>
<li><span style="font-family: SimSun;"><b><span lang="ZH-CN" style="font-weight: normal; text-indent: -24px;"><span lang="ZH-CN"><span lang="ZH-CN" style="color: purple; font-size: large;"><span style="font-family: Symbol;"><span style="font-family: 'Times New Roman';"> </span></span><span lang="ZH-CN">当季度报告显示营业额下降,</span><span style="font-family: 'Times New Roman';">AEON</span><span lang="ZH-CN">股票被抛售,可以考虑买进收长久。但要确保基本面没有改变。价格去到</span><span style="font-family: 'Times New Roman';">RM3.50</span><span lang="ZH-CN">的话,</span><span style="font-family: 'Times New Roman';">PE = 21</span><span lang="ZH-CN">,</span><span style="font-family: 'Times New Roman';"> DY= 1.57%</span><span lang="ZH-CN">。</span></span></span></span></b></span></li>
<li><span style="font-family: SimSun;"><b><span lang="ZH-CN" style="font-weight: normal; text-indent: -24px;"><span lang="ZH-CN"><span lang="ZH-CN"><span lang="ZH-CN" style="color: purple; font-size: large;"><span style="font-family: Symbol;"><span style="font-family: 'Times New Roman';"> </span></span><span lang="ZH-CN">淘宝和各种购物网站会带来一定的冲击,但不会那么容易就把</span><span style="font-family: 'Times New Roman';">AEON</span><span lang="ZH-CN">做倒。马来西亚人还是喜欢往购物商场钻的。</span></span></span></span></span></b></span></li>
<li><span style="color: purple;"><span style="font-family: SimSun;"><b><span lang="ZH-CN" style="font-weight: normal; text-indent: -24px;"><span lang="ZH-CN"><span lang="ZH-CN"><span lang="ZH-CN"><span lang="ZH-CN" style="font-size: large;"><span style="font-family: 'Times New Roman';">AEON</span><span lang="ZH-CN">除非是扩展去海外,不然近期没有什么</span><span style="font-family: 'Times New Roman';">Catalyst</span><span lang="ZH-CN">或突破性的成长。</span></span></span></span></span></span></b></span></span><span style="font-size: large; text-indent: -0.25in;"> </span></li>
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<a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=6626399491129301328" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span>
<span lang="ZH-CN" style="font-family: SimSun; font-size: medium; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">买卖股票存有风险,盈亏自负。上面呈现的资料也不一定是对的,请自行判断和演算。</span></div>
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<span lang="ZH-CN" style="font-family: SimSun; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: SimSun; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">资料来源:</span></div>
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<ol>
<li><span style="text-indent: -0.25in;">AEON
Annual Report 2013</span></li>
<li><a href="http://aeonretail.com.my/" style="text-indent: -0.25in;">http://aeonretail.com.my/</a></li>
<li><a href="http://www.reuters.com/finance/stocks/financialHighlights?symbol=PRKN.KL" style="text-indent: -0.25in;">http://www.reuters.com/finance/stocks/financialHighlights?symbol=PRKN.KL</a></li>
<li><a href="http://www.intellecpoint.com/search/label/aeon" style="text-indent: -0.25in;">http://www.intellecpoint.com/search/label/aeon</a></li>
</ol>
Williamhttp://www.blogger.com/profile/14521232013489332871noreply@blogger.com14