Nuffnang

Monday, 1 December 2014

Participation Analysis 【参与率分析】 @ 1-Dec-14

再次证明,散户还是专长在下跌时期做买家。
28-Nov-14,散户净买入RM62.7mil股值。属于今年的第二历史新高。(隔天,也就是今天,指数大跌42点。)
今年散户净买入最高纪录是RM128mil,在不久前的10-Oct-14。当时指数跌-20.85。
**青色箭头代表散户卖出。其他属于买进。**

Again, it proved local retails are the BUY expert in falling market.
28-Nov-14, Local Retails are the buyer with RM62,7mil net traded value. It is the 2nd highest in this year. (The next day, today, index plunged @ -42.)
The highest traded net value, RM128mil is on 10-Oct-14, which is not long ago and KLCI index dropped @ -20.85.
**Green arrow represent SELL by local retails. The rest are BUY in.**




Thursday, 23 October 2014

Participation Analysis 【参与率分析】 @ 21-Oct-14




LR - Local Retails 【散户】
LI - Local Institution 【本地基金】
F - Foreign 【外资】

Friday, 3 October 2014

[0090] ELSOFT

         前阵子投资MMSV的决定,让我得到非常丰富的回酬。除了有幸找到如此非凡的投资选择,我也很感激MMSV所有的高层和员工。因为他们的付出,才能得来非凡的业绩。非凡的业绩是主要让股价高飞的因素。

当我研究MMSV的期间,我也开始注意到他们的其中一个竞争对手,ELSOFT。所以也开始慢慢对他开始了一些研究资料,然后也放入我的投资雷达里。趁着MMSV大起期间,我也开始了套利活动,再把部分的资金分散在ELSOFT此股。


接下来就让我慢慢分析为何我会选择表面上看来不便宜,但事实上属于非常吸引的价值投资选择。此分析,比较属于思考型,数字分析为次要。大家要以生意的趋势和公司未来的前景去看待。

          My recent investment decision on MMSV has rewarded with a handsome profit. In addition fortunate to find such an extraordinary investment choice, I am also very grateful to all MMSV executives and staff. This is because they paid a great effort to get an extraordinary performance for the company. Extraordinary performance is the main factor to make the stock price soar. 

When I studied MMSV, I also began to notice and slowly do some of the research in one of their competitors, ELSOFT and then put it in my investment radar. Taking advantage on MMSV big hike moment, I also started arbitrage activity, and then some of the funds are dispersed in ELSOFT. 

Let me slowly analyze why I would choose ELSOFT as it seem expensive in very surface observation, but in fact is a very attractive value investment option. This analysis, we should focus more on thinking type, instead of just a mathematical analysis. We need to image on the future business trends and prospects for the company.


公司背景 | Company Background

ELSOFT部分与LED有关联的生意,就是MMSV正在做着的业务。公司也开始把业务分散在医疗和汽车领域。

          LED related business is one of the business segments for ELSOT, in which MMSV is doing it right now. Company has started to expand their business territory to medical and automotive fields.

参考资料1 | Source 1

ELSOFT科研是一家以槟城为基地的公司,它的业务涉足测试及烧录系统(test and burn-in systems)和特定应用程式嵌入系统(application-specific embedded systems)的研究,设计及发展活动。
该公司主要是为半导体,光电(即液晶电视,影像感应器和汽车灯饰)和自动化领域提供设计,确证以及生产测试方案。其主要客户包括安华高(Avago),飞利浦(Philips),欧司朗(Osram),英德科技(Intotest),建兴(Lite-On)和科锐(Cree)。

参考资料2| Source 2

以下RHB提供了有关该公司的背景的综合信息。
Below RHB research has provided comprehensive information regarding the company background.

更多资料 | More Information

公司网站|Company Website: http://www.elsoftresearch.com/
产品和服务|Product & Services: www.elsoftresearch.com/products.php



每季业绩| Quarterly Results

     近期Q2的报告,公司创造了历史新高的业绩。接下来的Q3,预测业绩应该不会比输给Q2,毕竟年尾都是生产商销售的高峰,所以需要提早买入机械和组件来提升生产线。Q4,也许会属于平静期,除非公司有新业务的明显贡献。

          In recent Q2 report, company managed to break it historical high in profit. In coming next Q3, expect its result will be as good as Q2 since year end will be a shopping sentimental period. Thus, most of the industrial will buy in machine, equipment and components to increase their production capacity. In Q4, expect it will return to calm period, unless there is significant contribution from its new business segments.



每年业绩 | Yearly Results

高达40%的非凡盈利率。
净现金公司。 (现金= RM24.33mil 对比 总负债=RM10.75mil
》近期的存货,应收帐,应付帐,一一提高。都是生意开始有明显加强的现象。
》经过过去几年的积极投资活动,加上经营活动带来的盈利,现金流会慢慢变得更加吸引。
》一目了然,ELSOFT的财政状况属于非常健康。比较深入的检查就免做了。

》Up to 40% of the extraordinary profit margin.
》A net cash company. (Cash = RM24.33mil compare total liabilities = RM10.75mil)
》The recent inventory, accounts receivable, accounts payable, all are in increasing trends. All of these signs are showing the business momentum is getting better and better.
》Over the past few years actively in investing activities and coupled with earnings from operating activities, the cash flow will slowly become more attractive.
》At a glance, ELSOFT financial situation are very healthy. Further check in balance sheet is not necessary.



分部业绩| Segment Results

》稳健成长。加上新业务又会带来怎样的变化?
》Steady growth. The new business segments will bring what kind of changes?





股本变动及派息纪录 | Capital Change & Dividend History

每年稳定地派息。但是还没有给红股的记录?
》The annual dividend payment is consistent. But no bonus shares issue in record?




三十大股东 | Top 30 Shareholders

》三十大股东都是以个人名义而占有。为何没有基金的参与?接下来的分析将会有答案。
》Top 30 shareholders are as an individual in possession. Why no funds participate in it? The following analysis will have the answer.




公司展望 | Company’s Prospect

23-Nov-13           Elsoft diversifies product base
          
          ELSOFT Research Bhd, a light-emitting diode (LED) test equipment maker, will design and develop embedded systems for medical device and automotive companies next year to broaden its revenue base and to mitigate the impact of the volatile LED market.

An embedded system is a computer system with a dedicated function within a larger mechanical or electrical system, often with real-time computing constraints.

It is embedded as part of a complete device, often including hardware and mechanical parts.
Embedded systems contain processing cores that are either micro-controllers, or digital signal processors, controlling many devices in common use today.

Tan says the group’s new RM12mil facility, which was financed internally, will start operations early next year and will be used for developing the embedded systems and the new range of LED test equipment.

2-Dec-13              开发新系统至医疗及汽车业 Elsoft扩大收入基础

          他说,公司目前在国内与多家本地及外国的医疗设备和汽车公司洽谈合作设计和开发自己的设备和仪器的嵌入式系统。

陈氏称:“我们预料将于明年初与一间医疗设备达致协议,以便于明年开始安装嵌入式系统。”

汽车市场是一个增长的行业,这是由于板卡上的安全功能,汽车远程信息处理和电动汽车的需求大增所致。

12-May-14          Interview: Elsoft sees big boost from medical device segment




买入点 | Buy Points

1. 公司拥有非凡的盈利表,成长率,还有接下来也很亮眼的新业务。
2. LED核心业务,属于其中一个大马经济转型的计划,加上工业的需求而继续看好。医疗及汽车的新业务,将会把公司的业绩推上去另一个高峰。这个新行业的盈利,将会是一个以(销售)量来打造的收入。
3. 医疗业务,得到MOH(卫生部)的支持为出发点。也是大马经济转型计划里的其中一环。其中一个产品将会供应给洗肾仪器,也是可以在家用型的仪器。这个业务,先会打入政府医院。过后再介入私人医院和家庭用户。毕竟患病病者越来越多,现有政府医院的场所和设备已经供应不来了。
4. 汽车业务,对身边事物有比较敏感的人,也许会发现到,现在的汽车设备已经开始增加越来越多电子的功能了。所以,未来汽车业的趋势,将会朝向更多电子化的技术在汽车里。这些电子仪器,都需要用到嵌入式系统来控制电子仪器的系统。ELSOFT将会是这类产品的其中一个研发家。
5. 公司在今年的八月未公布股息政策为40%
6. 公司在今年五月尾申请转主板。十月正式向BURSA申请。预测明年头会完成所有转主板的程序。
7. 公司有能力给红股。随时会公布红股来提高流动票。
8. 流动票低(大概7%),只有13千多张票。
9. 基金喜欢型的投资选择公司。
10. 管理层的素质,过去高成长率的记录,和拥有未来亮眼发展的条件。

1. The company has extraordinary performance in earnings record, growth rate, followed by very bright new business segments.
2. In LED segment (current core business), is one of Malaysia's economic transformation program (ETP) and coupled with the needs of industry and this business is continue to be optimistic. For new medical and automotive business, the company's performance is expected to push up another peak. This new industry's profitability will be a volume game.
3. In medical segment, company has the MOH (Ministry of Health) support as a starting point. It is also part of ETP. One of the products will be supplied to the dialysis machine, and it is also a home-based device. This business will first enter the government hospitals and follow by the intervention of private hospitals and home users. The patients are growing, yet the existing government hospital premises and equipment are fully occupied.
4. In automotive segment, if you are sensitive enough the changes, you might find that the current automotive equipment has started adding more and more electronic function. Therefore, the future trend of the automotive industry will be toward more electronic technology in the car. These electronic devices are come with embedded systems that need to control the electronic system of the devices. ELSOFT is one of the player to develop such embedded systems.
5. The company has announced dividend policy of 40% on end of August in this year.
6. The company has proposed application to transfer into mainboard at the end of May this year. Company has officially submitted the application to BURSA on end of August. By forecast, it is estimated to be complete the listing by early of next year.
7. The company has the ability to award shareholder with bonus shares. It is one of the methods to improve the share liquidity by increase the floating share in the market.
8. Very low floating share (about 7%) which is about 13mil shares.
9. The kind of company which are fund managers’ favourite.  
10. Impressive management quality, high growth rates recorded in the past, and have a dazzling future development prospect.


忧虑点 | Weak Points

1. 市场的不稳定性,随时会迎来大调整,而导致公司的股价跟随调整。
2. 新业务的开发不成功或贡献不大。
3. 盈利的增长跟随不上现有的股价估值。

1. Market sentimental is unstable may lead to any market correction in any time, and company share price may follow to fall.
2. New business segments are not successful or insignificant contribution to company earning.
3. Probability is unable to catch up to current high valuation of the share price.


结论 | Summary

          ELSOFT表面上看来不便宜。但是如果投资者有深入对他研究,再加上未来不错的发展前景,其实现在买入来收都不属于贵。好的东西,价值会变得越来越贵。当事实发生在你眼前,他反而会变得比以前更贵。投资看未来,买股看价值。虽然笔者错过了早期更便宜的股价,但是觉得现有的股价,还是很值得投资。

以现在的股价,预测不多散户敢于在这个水平进场。因为大部分的散户都是把股价放在眼里的最前线和属于后知后觉的一群投资者。
还有一个重点,大型基金是不能买入创业板的公司(除了特殊情况)。基金也会对拥有发展前景亮眼的公司爱不释手。

以下是笔者预测过后将会发生在投资字典里的隐形数学公式:
公布股息政策 + 转去主板 + 业绩增长 + 亮眼业务发展前景 = 吸引基金的参与。
》吸引基金参与的附带条件 = 分发红股来增加流动票。

尝试再去思考,再想象。。。如果未来每季的平均EPS4sen5sen,或更高,以现在的股价,到底值不值得比基金早一步先买入来收藏?

          Apparently, ELSOFT seem not cheap. But if investors have in-depth research on this company, coupled with good future prospects, in fact, it is worth to buy in and keep. A good instrument, it will become more expensive by time. If you wait until the facts occurred in front of you, it will become more expensive than ever. Investment on the future, buy at the value. Although I missed the earlier cheaper price, but that the current share price, is worth to invest still.

At the current share price, retail investors most probably not dare to buy in. This is because they are the type of investors who rarely to look on future prospect and lagging in information reading.
Fund managers are not allowed to buy in ACE market listed company (except under special circumstances). But fund manager love too much on companies with great prospects.

Below is a special mathematical formula in my investing dictionary:
》Dividend Policy + Mainboard Transfer + Growing Earnings + Great Business Prospects = Attraction for Fund Manager Participation.
》Additional Condition to Attract Fund Manager to Participate = Bonus Shares Issue to Increase Share’s Liquidity.


Try to think and imagine... If the future quarterly average EPS is 4sen, 5sen, or higher, to the current share price, is it worthwhile to step in ahead before fund manager join the party?

Sunday, 31 August 2014

MMSV: Q2FY2014

今年第二季的业绩比我保守的预测好很多。但是业绩公布的时机在大市情绪不稳定而导致股价不能有新突破。个人也猜测部分的投资者趁着好业绩来套利,毕竟大市真的很难看。

这次的业绩,我只想做个简单的分析。这类型的公司,当他们在做新产品,很多面的消费都会令到早期的成本提高。当产品完成研究,盈利率就会提高。当公司又得到大型的订单,就会是高盈利时期。

简单来讲,很多成本都在第一和第二季付出了。第二季盈利率的变化已经是一个很好的证明了。第三季的订单应该不会少过RM10mil。所以,笔者预测接下来第三季的业绩,很大可能会比第二季的业绩好。

如果预测是对的,全年EPS=5sen应该有机会做到。现在股价43sen,Forward PE=8.6。给予一间基本面非凡的小公司,又有股息给,个人觉得一点都不贵。

但是,大市现在又那么糟糕。没票的人,应该买吗?有票的人,应该套利吗?可能有部分的投资会先套利,等大市稳了才重新买入。但是,便宜货通常都是在恐惧里而产生。接了便宜货,会不会变得更便宜?不要问笔者,因为这是很个人的决定。这也是令到投资世界里变得更精彩!

This year's Q2 result performed much better than my conservative prediction. Unfortunately, the result is announced in wrong timing and the share price can't perform as per its result. From my observation, it seem like some investors are disposing share during good result announcement. Bad market sentimental may become another reason for this.

For this quarter result review, I would like to make a simple analysis. For this type of business company, the expenses will be high during its initial stage of R&D for a new product. Thus, it will cause the cost of sales to be higher. Once the development of a new product is completed, the profit margin will be higher. If company is going to deliver a big deal for its customer, the following profit will be explosive.

In brief, most of the cost will be adsorb during past Q1 and Q2. This can be proved as Q2 is showing a much better profit margin compared to Q1. In Q3, estimate the revenue will not less than RM10mil. Thus, I predict the coming Q3 profit will be better than Q2.

If my prediction is correct, whole year EPS should able to hit 5sen. Current share price at 43sen, which mean Forward PE is 8.6. For a small cap company with such great fundamental and couple with dividend payment, I think it is not expensive at all.

Anyhow, the market sentimental is quite bad now. For those is not a shareholder, should you buy? For those is existing shareholder, should you sell? There may be some investors thinking to sell right now and buy back when market become stable. Normally, the cheap offer will only happen in bad market sentimental. Will the cheap offer become cheaper? I have no answer as everyone is unique and decision may be vary. This is the reason why the stock market is so exciting place to stay in!



Thursday, 28 August 2014

Participation Analysis 【参与率分析】 @ 27-Aug-14

散户还是继续卖。最近一个月,本地基金和外资的动作都不大明显。

Local retails still continues in selling. Local institutions and Foreign investors are not making significant changes in recent month.



LR - Local Retails 【散户】
LI - Local Institution 【本地基金】
F - Foreign 【外资】

Wednesday, 23 July 2014

[6963] VS



公司的背景 | Company Background

如果投资者只以一般的方式去看待威城的数据,这间公司将会变成一个弃婴。投资要看未来,也要了解公司生意的性质。数据如低ROE,低盈利率,高债务,通通都不能带上用场。值得参考的数据有如现金流和营业额。可以带来盈利率变化的情况包括新产品的盈利率,运营成本和材料成本控制,货币兑换率的波动。

简单来形容,【威城】是一间做代工生意的公司。这类生意的盈利率会很低,也很依赖主要顾客给的订单。所以,业绩一般都会有很大的波动。每当大经济变坏,营业额就会大跌。主要原因是其顾客给的生意被影响而导致的连锁反应。其次,只要有某个大顾客退出或大量减少公司的订单,业绩就会变得很难看。观察过去10年业绩的波动,就明白背后的原理了。

在现有的情况,高应收债和高存货,都代表业绩转折点的现象。只有得到陆续增长的订单,才会造成现有的情况。

This company will become an abandoned selection if investors using a common view to look on its fundamental figure. We must invest on the future and understand the nature of the company business. Data such as low ROE, low profit margin and high debt, all are not suitable to make valuation for this company. Cash flow and revenue will be a good reference for fundamental valuation. Profitability is subject to change, including net profit of new products, operating costs and material costs control, fluctuations in currency exchange rates.

In brief, VS is a contract manufacturer doing OEM business for their customers. The profit margin for such business will be low naturally and very dependent on major customers for orders. Therefore, the results generally have large fluctuations. When economy in deterioration, turnover will collapse. The main reason is the business of its customers to be affected and cause a chain reaction. Secondly, if there is a major customer exit or significantly reduce the company's orders, the performance will becomes very bad. By looking on its performance over the past 10 years, we can understand the rationale behind the business nature.

In the current case, the high debt and high inventory accounts, represents a turning point in the performance of the phenomenon. Only get another increase orders, giving rise to the current situation.


每季/每年业绩 | Quarterly/Yearly Results


注:Q3FY2014带来了一笔外汇亏损,负数RM4.4mil。
ATTN: Q3FY2014 reported a derivative loss on currency forward contracts of -RM4.4mil.


三十大股东 | Top 30 Shareholders

大型投资机构,总共有7个。如果没有错,比去年增加了3个。
Total of 7 substantial investment institutions holding the company share. If not mistaken, it has increased 3 compared to last year.


分部业绩 | Segment Results

在Q1-3FY2014大马的分部业绩,可以看到盈利率会比去年好,反而营业额比较不达标。但是,重点不在Q1-3FY2014,而是接下来的下一季和未来。
印尼的部分,没什么影响力。不多谈。
去年把中国的子公司(VSIG)股份增加了17.18%。现在公司以53.84%持股率来掌控子公司的运作决定权。主要原因是来稳定零件供应给予大马的生产线。暂时子公司还是在亏损的状况。只要管理层成功把中国子公司的运作费管理好,就会把公司的盈利再步提高。

Malaysia segment results in Q1-3FY2014, we can see the profit margin is better than last year. But the revenue is less impressive than last year. However, the focus is not Q1-3FY2014, but next quarter onwards.
For Indonesia segment, it is not significant. Thus, just ignore it.
In last year, company has increased of 17.18% shareholding in VSIG, a subsidiary in China. As of now, the company has 53.84% shareholding ratio to control the operation decision of the subsidiary. The main reason is to give a stable supply of spare parts to Malaysia's production lines. At the moment, VSIG is still making loss. If the management succeeds to make a good operating costs control on VSIG, it will further improve the company's profitability.


买点 | Buy Points

1. 自从DYSON这位大顾客离去大部分产品生产线后,Keurig Green Mountain化身为其身边更大的巨人。Keurig Green Mountain的合作伙伴包括SUBWAY(全世界最多连锁店的公司),STARBUCKS,COCA-COLA,NESTLE,等等的消费大品牌公司。
2. 新咖啡机组装生产线在5月正式投入运作。6月新款咖啡机产量将达到10万台,而7月数量更将倍增。这代表FY14Q3的业绩(二月至四月),是还没有新厂带来的贡献。所以,FY14Q4的业绩预测会非常亮眼。【22-Jul-14 產能料雙位數增長‧威城財測調高
3. 股息政策:盈利派发率为最少40%或以上。盈利上升,股息也会跟着上。
4. 很好的股息派发记录。也有给分红和派库存股(现在有超过0.6%)的习惯。

以上简单又非凡的状况,已经有足够理由让我去投资【威城】了。
笔者的平均买入价为RM1.61。

1. When DYSON, a major customer retreat its business, Keurig Green Mountain turns to be a greater major customer immediately. Keurig Green Mountain's consumer brand partners include SUBWAY (the largest chain restaurants company), STARBUCKS, COCA-COLA, NESTLE and so on.
2. New coffee machine assembly line has started its operation in May. In June, the new coffee machine production will reach 100,000 units, while in July, it will further doubling the number. This represents FY14Q3 performance (February-April), is not yet contributes by this new coffee machine order. Therefore, the performance in FY14Q4 is expected to be very strong. 【22-Jul-14 VS Industry Fair Value
3. Dividend Policy: Profit payout rate is not less than 40%. Increase in profit mean dividend will increase too.
4. Having a good track record of dividend payout. Also, company did distributed bonus and treasury share (>0.6% at this moment) in the record.

With above simple but extraordinary criteria, I have no hesitation to invest in VS.
My average purchase price is RM1.61.

关于KEURIG绿山公司 | About Keurig Green Mountain, Inc.

As a leader in specialty coffee, coffee makers, teas and other beverages, Keurig Green Mountain, Inc. (Keurig) (NASDAQ: GMCR), is recognized for its award-winning beverages, innovative Keurig®brewing technology, and socially responsible business practices. The Company has inspired consumer passion for its products by revolutionizing beverage preparation at home and in the workplace. Keurig supports local and global communities by investing in sustainably-grown coffee and by its active involvement in a variety of social and environmental projects. By helping consumers drink for themselves, we believe we can brew a better world. For more information visit: www.KeurigGreenMountain.com. To purchase Keurig® products visit: www.Keurig.com or www.Keurig.ca.

Press Releases: 
http://www.keuriggreenmountain.com/Media/PressReleases.aspx?ResultPage=1&Year=2014

1-Jul-14:NESTLÉ COFFEE-MATE Finds its Perfect Mate in Keurig
"We're excited to welcome Coffee-mate into our ever expanding Keurig family of brands," said John Whoriskey, President, U.S. Sales & Marketing of Keurig. "As a company, we're dedicated to bringing new innovation and flavor combinations to our Keurig brewer users. With a beloved consumer brand like Coffee-mate in K-Cup® packs, we hope to make consumers' coffee routines that much simpler while delivering the great taste they expect."
Keurig® brewers use innovative brewing technology to deliver a fresh-brewed, perfect single cup of hot or brewed over ice coffee, tea, cocoa, or fruit brews every time at just the touch of a button. The Keurig® single cup brewing system was recently recognized as the "Brand of the Year" in the single serve coffee maker category in the 2014 Harris Poll EquiTrend® Equity Study. For the third consecutive year, the Keurig® system has received the highest ranking in the coffee maker category based on consumers' perceptions of familiarity, quality, and purchase consideration, a selection of several qualifying elements evaluated.
20-Jun-14 Keurig Green Mountain's First Cold Pod Manufacturing Unit - Analyst Blog
Similar to the coffee machines, Keurig Cold machine expected to be launched in 2015, will use pods to make sodas, sports drinks and other beverages at the touch of a button.
In order to increase the brand power of Keurig Cold, Keurig Green Mountain has inked a 10-year partnership deal in Feb 2014 with beverage giant The Coca Cola Company ( KO ). Per the deal, Keurig Green Mountain will exclusively make Coca-Cola branded pods for the cold beverage system. Additionally, both the companies will work toward the development and launch of the new brewer. The strategic partnership will not only aid the launch but also provide a strong platform to the new brewer for global growth. (Read: Green Mountain Coca Cola Close Deal )
18-Jun-14 Keurig Green Mountain Hits a 52-Week High
Keurig Green Mountain shares have been on the rise this year as it reaps benefits from its several strategic alliances, which help it to maintain a leading position in the single serve brewing category.
KeurigGreen Mountain recently signed a deal with America’s most popular restaurant Subway to widen the homemade single-serve coffee options for Keurig users. Under the agreement, Keurig Green Mountain’s new K150 brewer series will be installed at the Subway restaurants across the U.S.
Earlier this year, Keurig Green Mountaininked a multi-year agreement with Italy’s coffee company Luigi Lavazza SpA under which Lavazza SpA’s flagship coffee Lavazza will now be available in K-Cup packs for use on Keurig brewers.
Moreover, the Zacks Rank #3 (Hold) company is foraying into the cold beverage and soda market. It will launch the new Keurig brewer  The Keurig Cold Machine — which will make sodas, sports drinks and other beverages using pods at the touch of a button — in the second half of fiscal 2014.
10-Jun-14 Keurig Green Mountain, Inc. and SUBWAY Announce Hot Beverage Partnership
Keurig Green Mountain, Inc. (Keurig) (NASDAQ: GMCR), a leader in specialty coffee, coffee makers, teas and other beverages with its innovative brewing technology, and the SUBWAY® restaurant chain today announce a partnership to bring Keurig's single serve brewers to thousands of the restaurant brand's North American locations.
14-Mar-14 Keurig Green Mountain and Starbucks Amend Agreement
Keurig Green Mountain, Inc. (Keurig) (NASDAQ: GMCR), a leader in specialty coffee, coffee makers, teas and other beverages with its innovative brewing technology, and Starbucks Coffee Company (NASDAQ: SBUX), the global leader in the premium single cup coffee category, announced today amended terms to the companies' existing five-year agreement.
The companies have updated their agreement to continue to expand Starbucks range of K-Cup® pack offerings and to promote expanded consumer choice as Keurig continues to build its Keurig® brewing system. In exchange for eliminating the super-premium coffee exclusivity terms of the existing agreement Starbucks will receive improved business terms, including significantly expanded Starbucks K-Cup® pack and variety types.
9-May-11 V.S. Industry unit appointed OEM partner by US-based Keurig
V.S. Industry Bhd (VSI) unit V.S. Plus Sdn Bhd has been appointed by US-based Keurig Incorporated (Keurig) as an original equipment manufacturer (OEM) partner to produce Keurig's Single-Cup coffee brewers.

Sunday, 20 July 2014

Participation Analysis 【参与率分析】 @ 17-Jul-14

OPR升息0.25%后,部分投资者都预测外资会开始撤离股市。最近的几天,反而看到外资资金明显回流大马股市。
散户持有率继续创新低,KLCI指数却继续创新高。

Some investors predict foreign fund will retreat from Malaysia stock market after Malaysia announced OPR increased by 0.25%. From the observation on recent days, foreign fund is increasing their stake instead of selling.
Local retails still continues the selling activity aggressively to hit its historical low. KLCI index react differently and continues its up trend on peak level.



LR - Local Retails 【散户】
LI - Local Institution 【本地基金】
F - Foreign 【外资】

Monday, 14 July 2014

灯饰立法 (Lighting Legislation)

A light bulb


Facts About the Incandescent Light Bulb Law


New efficiency standards mean we're changing the way we light our world for the better.

Understand your options.
Lighting choices are changing between 2012 and 2014 in favor of options that use less energy

The Story on Lighting Legislation


Light Bulb Legislation Law

Between 2012 and 2014, standard 40- and 100-watt incandescent light bulbs must use 30% less energy to meet minimum efficient standards. What does it all mean?
  • You are not required to throw out your existing bulbs.
  • Manufacturers simply can't manufacture certain bulbs as time goes on.
  • There is a range of specialty incandescent bulbs that are exceptions, including 3-ways, reflectors, appliance bulbs and some decorative options.
  • Moving forward, you'll choose from better technology like energy-efficient soft white, CFL and LED options.




What are the alternatives?

There are many no-compromise, energy-efficient options that fit your fixtures and provide the light you need.



GE energy smart<sup>®</sup> CFL Light Bulb

GE energy smart® CFLs

GE energy smart® CFLs are a common energy-efficient replacement option. With GE energy smart® bright from the start™ bulbs, there's even a CFL that achieves instant brightness the moment you flip the switch.
  • Use 75% less energy than incandescent bulbs
  • Last more than 7 years*




GE energy-efficient soft white Light Bulb

GE energy-efficient soft white

GE energy-efficient soft white offer the closest alternative to traditional incandescent bulbs.
  • Use 28% less energy than incandescent bulbs
  • Same size & shape
  • Nearly the same light output
  • Dimmable & instantly bright

GE energy smart<sup>®</sup> LED Light Bulb

GE energy smart® LEDs

GE energy smart® LEDs provide a highly energy-efficient and long-lasting lighting solution.
  • Last up to 22 years*
  • Use 75% less energy than incandescent bulbs
* Based on three (3) hours use per day.
These bulbs use less energy but some provide less brightness. See package for details.
http://www.gelighting.com/LightingWeb/na/consumer/inspire-and-learn/lighting-legislation/


Phase-out of incandescent light bulbs
Governments around the world have passed measures to phase out incandescent light bulbs for general lighting in favor of more energy-efficient lighting alternatives. Phase-out regulations effectively ban the manufacture, importation or sale of incandescent light bulbs for general lighting. The regulations would allow sale of future versions of incandescent bulbs if they are sufficiently energy efficient.
Brazil and Venezuela started the controversial phase-out in 2005,[citation needed] and the European Union, Switzerland,[1] and Australia[2] started to phase them out in 2009.[3] Likewise, other nations are implementing new energy standards or have scheduled phase-outs: Argentina,[4] and Russia in 2012, and the United States, Canada,[5] Mexico, Malaysia[6] and South Korea in 2014.[7]
Phase out of incandescent light bulbs around the world
  A full ban
  A partial ban
  A programme to exchange a number of light bulbs with more efficient types


Lighting Legislation

The Phase-Out of Inefficient light bulbs
Inefficient light bulbs are being phased out and being replaced by energy saving lamps. Energy saving lamps are not just traditional Compact Fluorescent Lamps (CFLs) but include energy saving version of halogen, linear fluorescent and even LEDs:-
  • Compact fluorescent lamps (CFLs): these are the most common energy saving light bulbs and come in stick shape, candle shape, small or medium screw and bayonet fittings
  • Energy saving halogen light bulbs: a good option if a consumer already has halogen lights in their home. They consume around 30% less electricity than standard halogen bulbs
  • LED lights: these have progressed rapidly in recent years and can now be used to replace existing halogen spotlights.The first LED lamps will be endorsed under the ESR scheme by April 2009.
http://www.thelia.org.uk/lighting-guides/lamp-guide/legislation/


全球白熾燈禁用時間表 (2009.01)

LEDinside 整理「全球白熾燈禁用時間表 (2009.01)」,本表格將不定期更新。

可替代白炙燈泡的光源有很多,包括CFL螢光燈、LED照明光源、OLED照明光源等等。隨著各國陸續停止生產、禁用白炙燈泡,其他替代照明的普及度會慢慢提高,並依據光源的屬性和特點,在不同的領域中享有優勢。

http://www.ledinside.com.tw/knowledge/20090109-8979.html