1. 分析能力要强
2. 生意触觉要锐
3. 投资心态要正
4. 心里建设要硬

IDR strengthens by 1%!

Hi 2noob2stupid .. MKH has significant assets in Indonesia so strengthening of IDR should benefit the company.

Hi overweight .. ya if you believe in the prospect of the company.

Indonesian election officials were expected on Tuesday to officially declare Jakarta Governor Joko “Jokowi” Widodo ... hurray!
Good to IDR and MKH.
Happy investing!

Public Bank owns close to 10% shares in MKH.
Property and plantation are working full steam ahead.
Has been profitable since its inception about 25 years ago.
High chance that MKH will leverage on current strengths .. already we see increasing trend of unbilled property sales, statement says that the management is actively looking for land bank and possible listing of its plantation.

See you again in 5 years time!

Just to share .. 如果以投机的心态看股市，股市是零和游戏，我赚钱别人要亏钱。
如果以投资的心态看股市，股市就像海洋，我要赚多少看自己的本事，和别人无关。

VALUE INVESTING 不必去猜指数几时跌，不必看指数，只要好好看着自己手中股票 业绩成长如何，CASH FLOW, 债务，以及 PE 或 DIVIDEND YIELD 就够了。

以VALUE INVESTING 的角度来看，卖掉股票是因为：
1）出现更好的目标。
2）公司素质出现变化。
3）公司估值过高。
KLCI 估值高不代表全部公司估值高。只是牛市就必须更努力做功课。

因为股价可能会跌而卖掉股票，是投机，不是投资。因为指数高而卖掉股票，是投机，不是投资。

It is worth to look at its warrants as the time value has not really been factored in.
FFB production will jump from 2016 ..
Properties projects will also keep MKH busy for at least the next 3 - 5 years ..
Happy investing!

hi kenken85, it is from
http://sbpov.blogspot.com/

MKH- 美景控股（6114）是一家近来相当火红的中型股，分派红股过后，目前的股价徘徊在RM3.90~3.95之间，已经好一段时间了，到底庄家意欲为何，很难说，短期来看，有几个不太有利的因素缠绕着这家宝石级潜能股。

但就MKH过往的纪录来理解， 6年来的平均ROE不超过8%，ROA也如是，感觉上不怎么超群，然而当我们把每年的数据逐一拨开来分析时，就会发现一些很有意思的数据：自2010年以来，ROE以及ROA都从4%逐步提升到11%，而今年的半年业绩，已经超越7%，如果单纯以倍数计算，也很可能达到14%的佳绩。

再让我们看看营业额和赚幅。翻查其7年前至今的账目，2008年的营业额只有区区的RM345M，直到2013年的RM689M，扩展了98%，而今年前两个季度的总合，营业额比去年前两季的总合多出了30%，扩展不言而喻。营业额的扩展显示了公司在业务方向的规划得当，管理层同时也向公众表达了，多年前撤换饮食业而投身种植的策略是正确的。

至于盈利，也从2008年的RM51M到2013年的RM107M，翻倍了。再看今年的两季盈利总合，也比去年多出了整整50%，这方面，健忘相信印尼盾的汇率扮演了相当关键的角色，算是潜在的风险。其实，这6年来，MKH的盈利并非一帆风顺，在2010、2011两年里曾经出现严重下滑，中肯的说，2012年才算复苏吧~ 尽管如此，赚幅方面，MKH管理层还是有办法把成本压住，回到7年前的水平，真不容易。

这是一个业绩逐步上升的趋势，产业固然是MKH的一大前锋，但油棕业务似乎有慢慢后来追上的感觉，形成双引擎。当经济不景，政府调低利率，银行放贷鼓励用钱时，产业部分有冲刺的本钱；而当经济高飞时，政府调整利率，收缩银根时，油棕业还可以继续供应那些经济高飞的先进国，两者在不同的时期有着互补的作用，的确很好。

美景控股的现金周转处在健康的水平上，CAT>1.0，现金流也在RM100M至200M之间，比较不良的是债务同样处于上升的状况，DER在1.0以上，虽不至于危险，但也需要多加留意。整体借贷已经超过6年前的3倍多，比现金流超出整整一倍有多，这是管理层需要小心处理、投资者必须注意的部分。

以上的都是过去，过去可以作为一种参考，可以看得出一家公司的管理层的一贯作风，和他们面对灾难性状况时的手法，然而，这不代表未来完全可取决于过去的成绩。

强项：
1. 产业：
Kajang 快铁（MRT）的兴建是一个改变整个地方经济的巨大因素，加上这个地方有大学，有大约15%的雪州人口，会形成城市枢纽，这自然也提升了MKH新产业计划方面的潜在价值。因此，凭着目前为止的销售成绩，MKH的2014年目标RM800M销售额不难达标。

2. 种植：
这是一个还有待持续升值的业务，直至目前，MKH的油棕树大约是4年树龄(老化翻种大概25年)，播种面积高达14.4kha，而且大概鲜果一年的产量是16MT/ha（2013年数据），据闻会在2014年逐步提升。别忘了，有赖于El-Nino、西南风等恶劣气候拉低区域生产量，还有中国、美国等地的经济好转，以及，东西方对再生能源的重新关注，棕油的需求量势必大增，如此一来，势必供不应求，棕油价格不回升也难。

弱点：
1. 产业：
GST将在2015年登场，让所有产业和发展商忧心不已，试想，材料，甚至专业评估、绘图等服务业都会征收6%的额外费用， 统计起来，其杀伤力是非常可怕的，尤其是已经销售但还未开始建的新产业计划，势必将发展商的赚幅狠狠地削掉一大块。这样一来，明年要比今年好，就很难了。这要看MKH的管理层要如何化解这数字上的谜思。

2. 种植：
种植的隐忧，主要不是来自种植生产本身，而是那里的地缘政治因素。MKH的种植地在印尼，而印尼近来逐渐关注并把政策倾向本土企业的作法，对外国企业的MKH来说，是有一定的潜在风险，况且，7月份的印尼总统选举，现任总统届满荣退已经是个事实，而反对党的亲民候选人佐戈占上风，很大可能出现改朝换代的新政局，所谓新人新作风，这对MKH日后的种植业务发展，究竟会有多大的影响呢？

3. 外汇
印尼盾的走势一直影响着MKH的盈利，第一季度的成绩也披露了，当印尼盾兑美元陷入弱势时，MKH的盈利也一度被拉低。 印尼盾兑美元走低，基本上会对MKH的盈利造成创伤，这一点需要注意。

好了，回来我们最终的展望。

AlianceDBS Research给MKH的目标价（红股过后）是12个月后，RM5.85，预测EPS - RM0.323。

我们稍微比对一下，红股过后，2013年的EPS是RM0.2628，大概是目前股价3.93的15倍。

至于2014年，Q1 = RM0.04, Q2 = RM0.10，如果保守估计RM0.323的剩余两季只达标80%，那么后两季的成绩可以达到平均的RM0.0732，年终的总成绩会是RM0.2864。以15~18倍PE来看，股价最终会在RM4.30至RM5.16之间徘徊。

健忘收编MKH是红股之前的事，当时，其气焰嚣张，飞扬跋扈，让很多人见识了这家股的冲力。

红股过后，遇上世界杯和斋戒月重叠，让股市出现低迷状态，美景MKH也随之停驾横摆，这究竟是个进场的契机，还是无力回天的先兆呢？

见仁见智，但健忘还是会收着，我们年终再来评价。

MYR: BNM hikes, but turns data-dependent

BNM today hiked the policy rate by 25bp as was widely expected, but their forward guidance was non-committal and data-dependent. The MPC statement avoided the word "appropriate" to refer to monetary conditions, suggesting that the policy bias remains hawkish but that the MPC was not on a predetermined course of tightening.

Even though the statement confirmed that policy settings remained accommodative, another change in the inflation paragraph was interesting: the MPC chose to highlight that "demand driven inflation remains contained."

These signals may dampen expectations for a successive series of rate hikes. Instead, the evolution of BNM policy is likely to depend on incoming data: we advise clients focus on inflation & its pervasiveness, and on systemic loans/deposits. Even though we would expect additional rate hikes at coming meetings, we expect markets may not price in more than one more rate hike at a time.

As a result, we do not encourage being short duration (or paid in IRS) at this time. And to the degree that hopes for aggressive BNM tightening were supporting the currency, we expect MYR may lose some of its recent momentum. However, continued recovery in external balances alongside favourable global environment remain supportive of the ringgit.
For now we retain our short USDMYR position, but we trail our stop-loss level to entry (spot ref: 3.1950).

MKH is dealing with necessities ... housing and foods. What more you look for!

Reluctant seller ..

http://www.thestar.com.my/Business/Business-News/2014/07/08/RHB-Research-retains-Overweight-outlook-on-property-sector/

Chen elder, the executive chairman, again acquired MKH shares from the open market.

CK thanks for the posting .. the MD says MKH has internal target to achieve 1.5 bil GDV over the its landbank. Not only the plantation will experience exponential growth, it seems the property segment also. He further said currently MKH has 700 mil GDV over its landbank.

Share price of Tambun and Matrix Concept has climbed steadily .. MKH to follow suit?

Chen elder bought shares from the open market.

FX movement is not friendly this quarter. But that provides you with opportunity to accumulate.

There was already a catalyst when the major shareholder pumped in their own money. Expansion in many fronts of the businesses. Happy investing! Another Nestle is in the making!

Malaysian Investor Relations Association awarded 'Best Company for Investor Relations (small cap) 2014' to MKH.

Boilerm and Lay Hong both have a steady climb in its share price .. optimistic that QL, which has significant investment in both companies, should follow suit.

Your money is invested in the land .. which should appreciate over time. :-)

Its associate .. Lay Hong share price jumps!

My return was 34% over the last two years .. or 17% a year.
A proven business model.

http://klse.i3investor.com/servlets/ptres/23578.jsp

MKH market value now at RM1.6 bil, the highest ever .. but still a long way to go to exceed 2 bil. MKH leverages on its current strong positions, no doubt about. Fellow investors .. a good bet to also leverage? Happy investing :-)

Hopeful that the FY2015 revenue could come close or even break the RM3 bil mark.

Yes syariah compliant is a piece of good news. Could it be a request so that those funds could now invest in MKH. :-)

MKH is moving to increase its unbilled property sales aggressively. As reported the company has lined up RM1.4 bil sales this year with more than 50% to be launched in 2H. Imagine leverage of > 2 times over revenue .. that will power MKH to move forward.

Happy investing! Everyone. Sit tight!

Someone could not suppress a rising star .. no way.

First resistance 3.80 broken ..

.. Near term catalysts from the marine, livestock and palm segments are as
follows: i) doubling of prawn harvest in FY15 to 2.2kMt/year, ii) first time
manufacturing of surimi-based products in Surabaya with an estimated
capacity of 15kMt/year by mid-2016, iii) completion of the largest frozen
surimi-based product in Malaysia with a capacity of 15kMt/year in
December 2013, iv) expansion in egg production by 45% to 1.8bn eggs/day
in Indonesia and Vietnam by end of 2014, v) doubling in day old chicks
production by 2.5mn/month in Indonesia by mid-2014, vi) building of own
feedmill in Indonesia with a capacity of 300kMt/year by 4Q 2015, and vii)
increasing maturity from Indonesia plantation to 8kHa in FY15. As at
December 2013, there is a total of 10k Ha of planted area. ..

I like this heading:
''New Capacities Showing Muscles''

Just scenario:
EPS / PE
45 / 10 = 4.45
50 / 10 = 5.00
55 / 10 = 5.50

bing .. sit tight! MKH is about land, land and land. It hardly goes wrong with this. Happy investing!

Chia Song Kun bought more shares. Hurray!

Sell in May .. may be over soon.

bing .. see you at 7 :-) I'm sure you will buy more on the way to celebrate. right!

QL is reaping good 14% return on its investment in associates.

As reported in the quarterly report, the management is optimistic on Q1 2015 results. True, there are reasons to be optimistic. Cheers!

DBS values MKH at RM2.5 bil. But now MKH only at RM1.5 bil. Datasonic now at RM2.5 bil. Which one will you invest?

bsngpg .. your calculation should take in the tax element. Also the Q2 forex gain was just to reverse the huge loss in Q1, so cumulatively the impact is not huge. :-)

Look at the cash .. very strong positive operating cashflow.

Elder Chen said .. In the pipeline, we are actively looking out for lands within and outside Malaysia to expand our property and plantation business.

Excluding the forex gain .. plantation margin is very impressive. Hardly can recall anyone from the big boys has this .. and at this age of trees.

See the growing unbilled property sales .. property revenue and profit is visible up to FY 2015.

Agree .. best is yet to come