冷眼先生-交流记

冷眼先生-交流记

今天很有幸的，能与冷眼先生有个交流会。就在此和大家分享吧。
一直以来有99%的人都会问他对市场的看法。这让冷眼先生很不解，为什么大家都不是问他对公司的看法呢。投资本来就应该关心公司的营运和前景，而不是市场。他对目前市场走势也不了解。

投资模式有很多。无论什么数据和计价证明，只要你不能从股市赚钱，一切都是空谈。投资本来是件很简单的东西，但很多人却把他复杂化。只要你能从生意的角度去看价值，市场的行情走势和股价对你不会有影响。

以AirAsia为例子，他说如果给你选AAX和AirAsia，你会选哪个？其实这答案很简单。冷眼先生说如果想起国内航班或便宜班机，你会想起什么航线？如果想起国际航班，你又会想起什么航线?这答案顿时点醒了我! AirAsia最新季度扣除了外汇收入大概在每股10-15cent左右。至于它的价值呢，他说这要看看市场到底会给AirAsia什么PE。

谈起债务，冷眼先生也对此有另一番见解。以他过往的经验，债务并不是最重要的一环。就算一个公司债务再高，只要那公司能持续带来positive营运现金流，这代表公司营运没什么问题，也能解决债务的负担。只要那公司业务能持续增长，债务也只是个数字。Cash Flow和Profit才是一门生意的王道。这番答案不得不让我对冷眼先生的生意眼光和见解，感到佩服！

此外，冷眼先生也对NTA有不同的看法。NTA是一间公司的净资产，他是不属于股东的。就算cash和asset再多，只要公司不好好利用来增加收益，也与股东无关。当然，一间又高现金又有好业绩的公司，更是最好不过。所以呢，NTA不是他选支股票的考量。

总结来说，冷眼先生选股精髓就在以下。这已经排除了NTA。
G – Growth 成长
D – Dividend 股息
P – Price (PER) 价值
P – Profit 盈利
R – ROE 股东回酬
C – Cash Flow 营运现金流

最后，冷眼先生说市场有80-90%的人是没能赚钱的，有时不是因为选错股，而是缺少了真确的心态和定力！这点只有靠你自己磨练才能领悟。所以呢，他鼓励投资者不停地看书增加知识。活到老，学到老。

附上冷眼先生的名言！“复杂的事简单做，简单的事正确做，正确的事常常做。”

希望我的分享能帮助更多投资者减少撞板！这次的交流真的获益不浅，也很期待冷眼先生未来将推出的新书。


Note: Sharing from other source

Stock To Watch on 10/6/2016 - JOHOTIN (7167)

JOHOTIN Daily Chart

Currently, JOHOTIN is trading within the triangle pattern for quite sometime since the big fall since 24/11/2015 and a U-turn of trend from downtrend to uptrend took place after the bleeding was stop. 

Take a closer look on this counter should the breakout of the the upper downtrend line of the triangle patter really take place, foresee a bull run will lead the trend towards the resistance of MYR2.23.

Good luck and happy trading!

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

Stock To Watch on 9/6/2016 - EATECH (5259)

EATECH Daily Chart

Good luck and happy trading!

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

Stocks To Watch on 17/5/2016 - KIMHIN (5371)

KIMHIN Daily Chart

Look for possible breakout of MYR2.00 with significant increased in traded volume might see KIMHIN try to climb higher to test the resistance levels of MYR2.05 & MYR2.10. 

Good luck and happy trading!

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

Technical Stock To Watch on 11/5/2016 - YEELEE (5584) & SYF (7082)

YEELEE Daily Chart

Look out for possible range breakout of MYR2.26 might see a bullish take over the lead towards MYR2.38 and historical high of MYR2.41.

SYF Daily Chart

Improved volume was seen on SYF with white candle (upward). SYF should test towards the next level of MYR0.600.

Good luck and happy trading!

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.   

ECONPILE HOLDINGS BHD - Piling and Foundation Specialist

ECONBHD (5253)

Econpile founded by Group MD Mr The Cheng Eng in 1987, Econpile is a piling & foundation specialist in Msia providing piling solutions and foundation works, which includes earth retaining systems, earthworks, substructure and basement construction works. 

Econpile has a full range of piling (bored piling, driven piles and jack-in piles) & foundation works. Econpile serves the property development & infrastructure sectors, having been involved in the construction of bridges, elevated highways, electrified-double tracking projects and power plants.

To date, Econpile has successfully undertaken numerous piling and foundation projects nationwide, including the Klang Valley, Penang, Johor, Pahang, Sabah and Sarawak.

Econpile holds a Grade 7 License from the Construction Industry Development Board of Msia, which allows the Group to tender for projects of unlimited values in the categories of building, and infrastructure works.

Through their subsidiary companies as above which are principally involved in the following business activities:

• The provision of piling and foundation services; 
• Property investment, rental of machinery and sales of goods

Scope of Services

ECONBHD offer a wide range of services including:

1. Foundation and Geotechnical Works
   • Cast-in-situ bored piles
   • Driven and jack-in piles
   • Micropile
   • Earth retaining system including contiguous bored pile wall, secant pile wall, soldier pile wall, diaphragm wall, steel/concrete sheet pile wall
   • Lateral support system including ground anchors and steel strutting
   • Slope protection and stabilization, ground improvement works
2. Civil Engineering Works
   • Earthwork and basement excavation
   • Infrastructure
3. Structure Works
   • Pile cap and basement slabs
   • Top-down construction
   • Temporary steel platform and staging
   • Bridges
4. Design and build packages
• Piling, retaining system and structural works

Plant and Machinery

Econpile has one of the largest and most advanced arrays of piling equipment in Malaysia.

Econpile own hydraulic and mechanical rigs of various brands and models, majority of which are manufactured by German-based Bauer Group. The selection of rigs is complemented with a wide range of customised accessories such as soil augers, boring buckets and coring tools. In addition, they have vibratory hammers with various capacities to help with the driving of casings and foundation supports into the ground.

Supporting their piling operation is a wide range of general construction equipment. Their extensive fleet of crawler cranes have the lifting capacity ranging from 30 tonnes to 100 tonnes. They also own and maintain various excavators, some of which with long reach capability which are ideal for basement work.

Hydraulic Rigs 
Units by Bauer with models ranging from BG7 to BG40 as well as units by G-Klemm and Liebherr capable of constructing piles up to 3200mm in diameter and up to 100m in depth

Mechanical Rigs
Units by CMV, Calweld, Soilmec, Watson capable of constructing piles ranging up to1800mm in diameter and up to 80m in depth

Diaphragm Wall
Diaphragm wall grabs ranging from 0.6m to 0.8m in width

Crawler Cranes
Units with lifting capacity ranging from 30 tonnes to 100 tonnes

CMobile Cranes 
Units with lifting capacity ranging from 20 tonnes to 40 tonnes

Excavators
Units by Kobelco, Hitachi, Komatsu and Sumitomo with various capacities

Vibratory Hammers 
Units by PTC with various capacities (PTC13 to PTC100)

Tools and Accessories 
Wide range of custom designed soil augers, boring buckets, cleaning buckets, coring buckets, coring tools, various diameter temporary steel casings, double wall casings

Workshops

They have a full-fledged workshop sitting on a 5.3 acre lot in Bukit Beruntung, Rawang. The operation is supported by a large workforce consisting mechanics, welders, drivers & administration personnel. The facility is equipped with overhead gantry cranes and ancillary lifting equipment making the repair and fabrication of the biggest tools and parts possible. With the workshop, we have the in-house capability to undertake refurbishment, fabrication, modification repair or maintenance works on our fleet of machinery, tools & equipment. Drilling tools & parts can also be fabricated or modified at their workshop to cater to the specific needs of each individual project.

In addition, their workshop acts as the resource centre in meeting different requests from projects. It plans & coordinates the mobilisation of technical teams, equipment & materials to projects sites in response to their respective needs.

Running their own workshop grants them the flexibility to offer customised solutions or undertake various projects of different scales and difficulty levels due to their ability to modify & customise tools and equipment. With less reliance on external parties, Econpile are in a better position to manage our project deliverables and ensure a shorter project completion period

Project Highlights

Through decades of experience & accumulated engineering knowledge, Econpile stand proudly among the few foundation specialists in Msia which have the capability to undertake large-scale projects in challenging urban environments.

• Prominent Retail and Residential development at Jalan Bukit Bintang & Jalan Raja Chulan, KL

• The Troika KL

36-storey office tower at Jalan P. Ramlee, off Jalan Pinang, KL

• Menara Hap Seng 2

• W Hotel and The Residences

• Electrified double tracking project between Ipoh and Padang Besar, Malaysia

•Piling works for mixed residential development at Sepang Gold Coast, Malaysia

•Earthwork, bored piles, contiguous bored piles, diaphragm wall for condominium development at Jln Menerung, Bangsar, KL

•Bored pile works using mechanical rigs for Johor River, Johor

•Contiguous Bored Pile Wall in Taman Desa Petaling

•Flood Mitigation Project in Gombak

•Secant Pile for Cofferdam at Jln Klang Lama

•Cantilever Contiguous Bored Pile in Putrajaya

Catalyst 

Positive industry outlook. 

• Booming infrastructure construction with several high profile projects in the pipeline including Klang Valley MRT, Damansara-Shah Alam, Sg Besi- Ulu Klang expressway, LRT 3 and others.
• A proliferation of high-rise developments on rising land scarcity in prime locations that require extensive piling.
• A possible chronic shortage of piling capacity in the market if all projects are to be carried out as originally planned.

Econpile's orderbook broke RM600m mark which should keep the company busy for next 1.5 years. 

The surge in bottomline translated to healthy cash flow which net cash and solid balance sheet.

Its strong profitability and efficient equity deployment translated to commendable ROEs of mid 20%.

The company is committed to paying out at least 20% of its profits to reward its shareholders.

RHB target price given : RM 1.51

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such. 

Stocks To Watch on 9/5/2016 - UMSNGB (7227), LEONFB (5232) & CHINWEL (5007)

UMSNGB Daily Chart

Look out for the trading volume to see whether the market depth is thicker than the few days back and if it does, there is high chance that this counter would fly in the coming trading days.

LEONFB Daily Chart

A strong support @ MYR0.475-0.480 was seen and in case LEONFB (5232) is traded well above this level with significant increased in trading volume, an upward trend to take place shouldn't be a problem for this counter.

CHINWEL Daily Chart

The support range level around MYR1.63 seems very strong as it is the range where a sideway or consolidation phase developed since 1/4/2016. If the resistance level of MYR1.71 can be broke decisively with notable increased in traded volume, a strong bull might leads CHINWEL further upside towards MYR1.87.

Good luck and happy trading!

Disclaimer:

All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.

You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such.