Monthly Archives: November 2016

I was there 6 years ago

Today marks a little more than six years since this article was featured on The Sunday Times on 21 November 2010. The STI was 3197.3 then, and by today, it ended at 2859.33, about 10.6% down. It is time to … Continue reading

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Some notes about Investingnote

About two years ago when my stock-broker friend introduced InvestingNote to me, I was not exactly keen initially. The reason was that I have a business to develop and a family to take care. All these will draw away all … Continue reading

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Yield hungry? We need to change of our investing paradigm

The much anticipated interest rate hike in December had caused a sharp recent drop in the price of REITs recently. Many REITs are now trading at the 2016 low, retreating generally about 7-10% from its peak level at 2016 high … Continue reading

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What can we expect from the American election?

Now that the American election is over, and Donald Trump has been announced to be the president-elect. The inauguration is scheduled to be on 20 January 2017. As a biggest economy in the world, we can expect big event changes … Continue reading

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现金不是净利,净利也不是现金

说到盈利,许多人总是会把公司现金流动及净利扯在一起,以为在账目上的净利就是相等于公司那年所取得的现金。不仅是刚出道的投资者,甚至一些已经在股市混了一阵子的股友也有这错误概念。其实净利及现金流动是两回事。当然在定义上它们具有一定的关系,但在操作或分析时,我们必须把它们扯开。在一些行业,现金及净利数据可能非常接近,但另一些企业这两个数据却是天差地远。就用我们对面的煮炒摊位打个比方:除非摊主必须付出一些特异开支,我有十全的把握奠定其企业每天所收取的现金总是会高于其营业净利。 于同样说法,一家公司可能每年都取得正数净利,但是现金一直没有流入,那家公司如果还没倒闭就可能已经摔入一段非常艰难的日子。 以下是我教育中心给一家在新加坡交易所上市公司所整合的数字。通常我们在年度报表只能取得两年贯的数据,所能看到的信息非常浅薄,所以本中心特意为上课的学生设置合计版才能够更深厚了解公司的动向。图案的一览表数据正是我从合计版所取出的讯息。 为了避免读者能够寻出讯息背后的公司,本人特地把真实的股价乘上了一个定数。这样,读者才能够于非常中立的目光探讨所呈上的讯息。如果我们只是单靠每年所发出的两年贯报表买入股票,我们所采取的买卖策略有大可能非常不理想: 一卖就跌,再买又跌,逢买逢跌。因为近几年来公司股价一落千丈,从2011 年每股$3.00 的高峰掉到2014年的$0.60,跌幅百分之八十。公司最近的股价更显著低迷,已经跌破了每股 $0.35 的大关。   所以说,如果我们一直把重点集中在许多媒体所重视的净利数据上,那我们就疏忽了一些其他同等重要讯息而买进了已经正在腐烂的股票。 但我也必须预先警告:现金流入也并非是好事。在一些特殊情况下,公司钱库增加可能意味公司的领导人没办法有效的把现金流动发挥效应。更糟糕的情况,可能导致公司以后营业状况显著疲弱,甚至翻不起身。 祝大家股市行好运! Brennen has been investing in the stock market for 26 years. He trains occasionally and is a managing partner for BP Wealth Learning Centre. He is also … Continue reading

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An essential product does not mean its company share price will continue grow

I met two persons, who told me that they had Hyflux shares. I met one of them some 4-5 years ago and the other 2-3 years ago. Both of them have held the stocks for some time. So I presume … Continue reading

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