Canon Digital IXUS 26 HS - Black 
16 megapixel back-illuminated CMOS sensor
12x optical zoom
3"LCD screen
Full 1080p video at 30fps & built in wifi & NFC connectivity
20140729/599/PresidentQB






Samsung Galaxy SIII - White
20130927/699/Maxis Sunway






Iphone 5s - Gold
20131125/1499/Maxis Kulim

Budget Commentary 2014

A2 Income Tax - Changes affecting individuals
A2.1 Reduction in income tax rates and & change in income tax structure
-tax rate reduced by 1 to 3%
-restructure the chargeable income band exceeding RM100,000
-non-resident individual tax rate reduced by 1% from 26% to 25%
-w.e.f Ya2015

A2.2 Monthly tax deduction as final tax
-w.e.f Ya2014

A2.3 Special tax relief for middle income taxpayers
-special relief of RM2,000 for resident taxpayers with aggregate income up to RM96,000 in 2013
-Ya2013 only

A2.4 1Malaysia Pension Scheme (SP1M)
-government increase its contribution from 5% to 10% (max RM60 to RM120/year)
-w.e.f 1 Jan 2014 to 31 Dec 2017

A2.5 Incentive on Private Retirement Scheme
-one-off incentive of RM500 for individual age 20 to 30 years old with minimum cumulative investment RM1000 within a year
-w.e.f 1 Jan 2014 to 31 Dec 2018

A2.6 Taxability of withdrawal from a deferred annuity scheme

-tax at 8% for withdrawal from deferred annuity scheme before age of 55
-w.e.f 1 Jan 2014

A3 Income Tax - Changes affecting companies

A3.1 Gain or profits from a business arising from stock in trade parted wth by any element of compulsion

new Section 4C and section 24(1)(aa) gains arising from the disposal of stock in trade by compulsory acquisition or forced sales are subject to income tax

A3.2 Deemed interest income from loan or advances to director
-deeming interest income on loans or advances to directors as taxable income of the lending company
-w.e.f 2014
 

A3.3 Intepretation of director

-principal officer who own between 20-50% of ordinaryshare capital will be jointly and severally liable for the company's tax liabilities

-upon coming into operation of the Finance (No.2) Act 2013

 

A3.5 Review of corporate income tax rates

-tax rate reduced to 24%

-company with paid up capital of up to RM2.5mil (19% on first RM500,00 and 24% on remaining chargable income)

-w.e.f Ya2016

 

A3.6 Review of income tax rate for co-operative societies

-tax rate reduced from 20% to 18%, 22% to 21%, 24% to 23% and 25% to 24%

-w.e.f Ya2015

 

A3.7 Training expenses in line with GST implementation

-training in accounting and ICt for GST be given double tax deduction

-w.e.f Ya2014 and 2015

A3.8 Tax incentive for flexible work arrangements
-double deduction for expenses incurred for training and consultanct fees for implementation of FWA
-w.e.f application for FWA status received by Talent Corporation Malaysia Bhd between 1 Jan 2014 to 31 December 2016
 

A3.9 Tax incentive for implementation of minimum wages

-different between the original salary and minimum wages paid by SME eligible for double deduction

-w.e.f 1 Jan 2014 to 31 Dec 2014 

 

A3.11 Tax deduction for secretarial and tax filing fees

-Secretarial fees of up to RM5000 & tax filing of up to RM10,000 allowed for deduction
-w.e.f Ya2015

A3.12 Extension of accelerated capital allowance on information technology and communication equipment
-IA 20% and AA 80% on capital expenditure to purchase information and communication technology equipment
-w.e.f Ya2014 to Ya2016

A3.15 Amedment of defination of entertainment under Section 18 of the Income Tax Act 1967
-expenses incurred for the purpose of promoting the business with or without consideration would fall within the definition of entertainment
-w.e.f Ya2014

A3.18 Extending the deductibility of contributions to charitable organizsations
-contributions to charitable organisations can be used to purchase building instead of restricted to used for the contruction or improvement of buildings
-w.e.f Ya2014

A3.20 Taxation of withdrawals of contributions made to a deferred annuity or a Private Retirement Scheme
-withdrawals of contribution made to deferred annuity before reaching the age of 55 subject to withholding tax of 8% excluded withdrawal due to permanent total disablement, serious disease, mental diability, death or permanently leaving Malaysia.
-upon coming into operation of the Finance (No.2) Act 2013

A3.22 Basis period of a company, limited liability partnership, trust body or co-operative society following change of financial year end
-w.e.f Ya2014

A3.25 Payment of withholding tax due

-DG be empowered to issue a notice to require a person to remit withholding tax that should be deducted and payable to IRB within a specific timeframe

A3.27 Furnishing of tax return by a company
-mandatory for company to file tax return with e-filling
-return furnished bas to be based on account audited by professional accountant
-w.e.f Ya2014

A3.28 Estimate of tax payable for small and medium enterprise
-SME first commences operations in a year of assessment and the SME has no basis period for that year of assessment and for immediate following year of assessment is not required to furnished an estimate of tax payable for that year of assessment and the immediate two following years of assessment
w.e.f Ya2014

A3.29 Amendement to Section 60F, 60H and 63B
-60F Investment holding company, 60H Closed-end fund companies, 63B Unit trust
-Permitted expenses = A x B/4C (standardise C = dividend & interest)
-w.e.f Ya2014

A4 Investment Incentives
A4.1 Extension of tax incentives for new four and five-star hotels
-(a) Pionner status with tax exemption of 70% (Peninsular Malaysia) or 100% (Sabah & Sarawak) of statutory income for a period of 5 years;
-(b) investment tax allowance of 60% (Peninsular Malaysia) or 100% (Sabah & Sarawak) on qualifying capital expenditure incurred within a period of 5 years, can be set-off against 70% (Peninsular Malaysia) or 100% (Sabah & Sarawak) of statutory income for each year of assessment
-Effective date: applications received by MIDA from 1/1/2014 untill 31/12/2016

A9 Real Property Gains Tax
A9.1 Changes in real property gains tax rates
-disposal within 3 years from date of acquisition 30%
-in the 4th year 20% (companies & individual), 30% (non-citizen individual)
-in the 5th year 15% (companies & individual), 30% (non-citizen individual)
-in the 6th year and subsequent years 5% (companies), 0% (individual), 5% (non-citizen individual)

ATRIUM REIT - Basic Fundamental Analysis

Financial Year End:- 31 December
Listing Date:-  2 Apr 2007
Distribution policy:
At least 90% of the distributable income of Atrium REIT shall be distributed semiannually

or at such other intervals as determined by the Manager in its absolute discretion; in arrears

Fund Manager: Atrium REIT Sdn Bhd

 

IOICORP - Basic Fundamental Analysis

Financial Year End:-
Listing Date:- 

KRETAM - Basic Fundamental Analysis

Financial Year End:- 
Listing Date:- 

PLENITUDE - Basic Fundamental Analysis

Financial Year End:- 30 June

Listing Date:-  6 November 2000

 



 

1. P/BV  2.01/3.13 =0.642
2. PER  2.01/0.2679 = 7.50
3. DY    0.005/2.01= 0.2%
4. Total Land 1,629acres

Source: Plenitude Annual Report 2012

TDM - Basic Fundamental Analysis

Financial Year End:- 31 December

Listing Date:- 1969

 

KMLOONG - Basic Fundamental Analysis

Financial Year End:- 31 January
Listing Date:-  2000

 

TWRREIT - Basic Fundamental Analysis

Financial Year End:- 31 December

Listing Date:- 12/04/2006

 

BSDREIT - Basic Fundamental Analysis

Financial Year End:- 31 December

Listing Date:- 08/02/2007

     

   

AMFIRST REIT-Basic Fundamental Analysis

Financial Year End:- 31 March
Listing date: 21/12/2006

     Substantial Unitholders as at 31 March 2012

PR 4/2000 Keeping Sufficient Records (Companies & Co-operative)

General requirements
1) The books of account should be written up at regular intervals.
Appropriate entries for each transaction should be recorded not later than 60 days after the transaction
2) Supporting documents such as invoices, bank statements,pay-in slips, cheque butts, receipts for payments, payroll records and copies of receipts issued should be retained.
3) Receipts issued should be serially numbered if sale of goods exceeds RM150,000/year or performance of services exceeds RM100,000/year
4) A valuation of the stock in trade or work in progress should be made at the end of each accounting period and the appropriate records maintained

Period for keeping records
Records are to be retained for at least 7 years from the end of the year which records relate/return is furnished/to be retained until appeal is finally determined

Records to be kept in the national language or English
The Consequences if Sufficient Records Are Not Kept
a fine of not less than RM300 and not more than RM10,000 or to imprisonment for a term not exceeding 12 months, or to both.

Effective Ya2001 and subsequent years of assessment

source: summarised from
http://www.hasil.gov.my/pdf/pdfam/PR4_2000_Rev.pdf

單層股息不受落‧股息免稅似近還遠

單層股息稅制已起跑3年，但馬股迄今還有多達67%公司持續派發需扣稅股息，響應單層股息者屈指可數，馬股邁向股息免稅之路仍似近還遠。


僅33%公司派單層股息

根據《星洲財經》粗略計算，從2010年3月1日至4月27日止公佈業績的上市公司中，共有33家上市公司進行派息活動，其中67%或22家選擇派發普通需扣稅股息，僅有33%或11家公司改派單層股息。

究竟為何新稅務制度已落實3年，但仍有超過半數上市公司持續派發需扣稅股息政策，而非轉向單層股息制度，是否上市公司在過渡期操作面對困難，才導致如此奇特的局面形成？

會計準則盈餘未用完

志必得證券研究主管馮廷秀表示，多數上市公司仍普遍維持需扣稅股息政策，主要是第108條會計準則（Section108）盈餘仍未用完，因此仍未改派單層股息計劃。

“根據新制度，一旦6年過渡期限屆滿，或第108條會計準則盈餘用完，所有的公司將自動改派單層股息，因此全面統一只是時間上的問題。”

他指出，基於許多公司仍有第108條會計準則盈餘，未來派息率或總額有望走高，因利用第108條會計準則盈餘派息對淨現金流影響並不大。

另一位分析員認為，距離單層股息制度全面落實還有3年時間，上市公司為善用第108條會計準盈餘，可能傾向慷慨派息，從而提高馬股週息率表現。

高週息率能否延續未明朗

“不過，雖然新制度鼓勵派息有利推動週息率成長，但隨著第108條會計準盈餘耗盡，企業未來派息能力將取決於賺錢能力，以及未來發展規劃用途，高週息率表現能否延續仍未明朗。”

他補充，第108條會計準盈餘並非影響派息率的唯一因素，派息率仍可能受到保留儲備、現金流，甚至是現在和未來盈利能力以及未來業務擴充需要等因素左右。

單層VS雙層

其實，採用單層稅務系統的原因很多，首先扣抵系統並不能顧慮到日趨增加的複雜的商業交易，第二，本地公司需維持高成本的已納公司稅賬戶（Franking Account），第三，刪除相關約束，公司可分配盈利，但因資金不足仍未將之納為稅務減免股息。

不過，隨著單層股息系統落實，若公司沒有充足保留盈餘，根據公司法第368或386條例，將不可派發每股10仙股息，因此公司僅可派發每股7.4仙股息，相等於1000股將取得74令吉。

換句話說，一家公司將可透過保留盈餘（Retained Earnings）或任何可分發儲備（Distributable Reserves）進行派息。以成功多多（BJTOTO, 1562, 主板貿服組）為例，這間公司派發每股10仙股息，或相等於100令吉，74令吉將從保留盈餘扣除，而26令吉則從稅款賬戶（Tax Credit Account）扣除。

假設成功多多在今年才開業，並取得100令吉盈利，當中繳付26%稅款，74令吉則將注入保留盈餘。在多層或扣抵系統的情況下，公司仍可派發每股10仙的股息，公司僅需從保留盈餘扣除74令吉，其餘26令吉則來自於稅款賬戶，若股東稅率等級（Tax Bracket）低於26%，可從政府取得26令吉回扣。

相反，在抵扣系統下，公司根據獲利繳付正常的企業稅，而相關公司所派發予股東的股息並不能免稅，因此股東們仍需以最低利率或些許折扣進行繳稅，導致公司獲利雙重課稅問題產生，且無力推動派息，特別是家族控制企業。

扣抵系統與單層稅制比較

扣抵系統：
● 上市公司繳付的稅務並非最終稅務。
● 稅務將扣除支付，存放或派發給股東的股息。
● 股東將根據毛股息進行繳稅，並需遵守第110條文。
● 需透108條會計準則進行追蹤。

單層稅制
● 公司所繳稅款將是最終稅務。
● 向股東支付、存放或派發股息將不再享有回扣。
● 股東所持有股息將是免稅的。
● 無需追蹤機制。

高股息會否退潮

自政府決定從2008稅年起落實單層稅制，分析界普遍認為，在不受第108條會計準則限制下，擁有許多流動現金的上市公司，可更大方派發股息，馬股有望掀起一陣高股息熱潮。

分析員認為，馬股上市公司的股息回酬達3.5%，是區域股息回酬最高的國家之一，政府透過免除繁雜征稅程序，積極簡化稅務系統，具有鼓勵企業提高派息的作用。

成功多多派息滑落

“政府決定落實單層稅制後，‘第108條會計準’盈餘不再成為派息絆腳石，無論擁有賒賬余額與否，公司都可自由派息。”

但是，轉眼間3年時間過去了，不少公司確實因資金雄厚慷慨派息，令股東們個個眉開眼笑，不過資源過度開墾恐導致干枯結果，究竟馬股上市公司是否已經過度開墾第108條會計準則“資源”？高股息潮是否後繼無力？成功多多就是最佳的例子。

馬銀行研究報告早前指出，由於成功多多的“大方派息”，已悉數用盡第108條會計準則的餘額，且也大幅耗掉免稅餘額，預計2011財政年股息達31仙，相等於93%派息率，惟在考量25%的預扣稅下，23仙的“淨股息”意味著派息率只達70%，不如預期的75%。

“我們預見成功多多2010至2012財政年股息僅23仙，相等於每股盈利預測的派息率85%與淨週息率5.5%。”

分析員表示，基於距離單層股息制度全面落實仍有3年時間，為善用第108條會計準盈餘，上市公司可能傾向慷慨派息，從而令馬股週息率相對提高。

“新制度鼓勵派息有利推動週息率成長，隨著第108條會計準盈餘耗盡，屆時企業派息能力將取決於賺錢能力，同時還得應付未來發展用途，可能無法延續高週息率表現。”

不過，邱進元認為，從商業角度來看，108條會計準則盈餘並非影響公司派息多寡的唯一因素，其他可能影響公司派息率的因素包括可保留儲備、現金流，甚至是現在和未來盈利能力以及未來業務擴充需要。

另一位分析員指出，在當今挑戰重重的商業環境裡，落實單層股息制度可為公司（特別是大型財團），提供一個探討、擬定和規劃最大化派息率政策，以取得更好的稅務效率的機會，但在探討機會的同時，仍有部份特殊領域的問題需要解決﹔

●如何最佳利用108條會計準則盈餘
●是否選擇不理會108條會計準則盈餘
●是否將融資從貸款轉向股票
●是否檢討現有派息政策，與重組公司架構一致
●是否派發累積資本盈餘，但不進行派息，主要是108條會計準則盈餘匱乏

背景
單層務制度是政府在2008年財政預算案推介以取代現有的扣抵系統（Imputation System）。在新系統下，公司盈利僅需被徵稅一次，若相關公司派發股息時，股東也不再需要為可派發盈利繳稅。

配合相關制度的落實，政府將給予企業6年過渡期限，即在2008年1月1日時，那些第108條會計準則盈餘（或是零盈余）的公司，將自動過渡到單一層次制度，而有盈餘但不選擇單一制度的公司，可以在6年內（截至2013年12月31日）以派發股息方式，用盡戶頭內的盈余，過渡到單一層次制度。

星洲日報／投資致富‧產業焦點 2010-05-04 14:19

PR 6/2012 Reinvestment Allowance

Replace PR 2/2008 issued on 3 Apr 2008

Changes in PR 6/2012
1. Minimum Period of operation to be eligible for RA claim
 -prior to YA2009, not less than 12 months
 -w.e.f Ya2009, not less than 36 months

2. RA as an incentive
- 60% of qualifying capital expenditure
- deductible against 70% of statutory income (promoted area 100%)
- w.e.f 2012 restricted to 70% of statutory income (promoted /non-promoted area)

3. Qualifying Project
- Prior to YA2009
A project undertaken by a company, in expanding, modernization or automating its existing business in respect of manufacturing or processing of a product or any related product within the same industry or in diversifying its existing business into any related product within the same industry.

- From YA2009
to exclude processing, the above definition was amended to - 

a project undertaken by a company, in expanding, modernizing or automating its existing business in respect of manufacturing of a product or any related product within the same industry or in diversifying its existing business into any related product within the same industry. 

4. Meaning of manufacturing and processing 
- Prior to YA2009

Manufacturing

Manufacturing is the making of articles by physical labour or machinery. It is the creation of something which did not exist in that form prior to the manufacturing process. The element of change is an important characteristic in manufacturing. Manufacturing for the purposes of Schedule 7A of the ITA 1967 are basically divided into two categories:

(a)  different in character and form, for example, wood to paper, and

(b)  no change in character but change in form, for example, wood to furniture.

Processing

(a)  Processing is the subjection of goods to a process which means, goods or materials are subjected to a process which falls short of the manufacturing of a new article and involves the treatment of the goods in some way, other than natural growth.

(b)  technique of preparation, handling or other activity designed to effect a physical or chemical change in an article or substance.

(c)  Processing also connotes a substantial measure of uniformity of treatment or system of treatment. Thus, where each product is treated individually according to the specifications required, it cannot be regarded as being subjected to a process within the meaning of Schedule 7A of the ITA 1967.

(d)  a product has gone through a series of actions that are systematic, has a higher value than before and accepted by the market. 

-From YA2009
Manufacturing
Manufacturing for the purpose of RA is defined as -

(a) conversion by manual or mechanical means of organic or inorganic materials into a new product by changing the size, shape, composition, nature or quality of such materials

(b) assembly of parts into a piece of machinery or products, or

(c) mixing of materials by a chemical reaction process including biochemical process that changes the structure of a molecule by the breaking of the intra molecular bonds or by altering the spatial arrangement of atom in the molecule.

(d) Manufacturing does not include –
(i) the installation of machinery or equipment for the purpose of construction
(ii) a simple packaging operations such as bottling, placing in boxes, bags and cases
(iii) a simple fixing
(iv) a simple mixing of any products
(v) a simple assembly of parts
(vi) any activity to ensure the preservation of products in good condition during transportation and storage
(vii) any activity to facilitate shipment and transportation
(viii) any activity of packaging or presenting goods for sale, or
(ix) [Prescription Of Activity Excluded From The Definition Of Manufacturing] Rules 2012 - P.U.(A) 23 (Appendix C).

Simple mean an activity which does not need special skills, machines, apparatus or equipment specially produced or installed for carrying out the activity.

w.e.f YA2009, processing is no longer a qualifying activity for RA purpose

5. Meaning of qualifying project
- increase in production capacity or performance (saving in time, material, labour or better quality)
- expenditure on purchase, addition to or replacement of existing assets or parts is not eligible for RA (unless for qualifying project)

a) Expansion project
- increase in demands to a product and result in increased production capacity, capacity utilization, increase in production output and sales

b) Modernization project
- upgrading of manufacturing equipment and process to achieve greater efficiency in production, improvement in qualify of product and/or reduction in costs

c) Automation
- process whereby manual operations are substituted by mechanical operation with human judgement and control

d) Diversifying project
- to produce additional or new related product/s within the same industry

6) Meaning of factory
- From YA2012
Factory mean:-
a) building used for the purpose of qualifying project to place or install plant or machinery or to store any raw material, or goods or materials manufactured prior to sales
b) building used for storage of raw material or goods and shall not be more than 1/10 of the total floor areas

-not include building used for R&D
-not include building used for staff welfare e.g canteen, nursery, accommodation, sport and recreation
-company renting a factory may claim RA on qualifying expenditure incurred for qualifying project
-relocating the manufacturing activity to new location or change of ownership of factory not qualify for RA

Qualifying period
-15 consecutive years of assessment, calculated from the YA in which qualifying capital expenditure was first claimed

STAREIT - Basic Fundamental Analysis

The composition of Starhill REIT’s investment portfolio as at 30 June 2012 is as follows:-

RM'000  %  Real Estate - Commercial  – JW Marriott Hotel Kuala Lumpur  – The Residences at The Ritz-Carlton, Kuala Lumpur  – The Ritz-Carlton, Kuala Lumpur  – Vistana Kuala Lumpur  – Vistana Penang  – Vistana Kuantan  – Pangkor Laut Resort  – Tanjong Jara Resort  – Cameron Highlands Resort  – Hilton Niseko  349,700  223,881  253,017  101,207  101,778  75,980  98,365  88,050  50,649  255,898  21  13  15  6  6  5  6  5  3  15  1,598,525  95  Deposits with licensed financial institution  91,344  5 Total  1,689,869  100

FINANCIAL INFORMATION   2012 2011 2010 2009 2008  Net revenue (RM'000)   80,860   30,148   109,823 110,483   108,228  Income before taxation (RM'000)   107,264   59,923   31,077^ 355,847#   81,268  Income after taxation (RM'000)   106,161   58,239   31,077^ 355,847#   81,268  Total assets (RM'000)   1,769,144   1,586,102   1,618,702 1,656,676   1,381,961  Net asset value (RM'000)   1,515,536   1,356,659   1,374,877 1,420,257   1,145,896  Units in circulation ('000)   1,324,389   1,178,889   1,178,889 1,178,889   1,178,889  Net asset value per Unit (RM)   1.144   1.151   1.166 1.205   0.972  Earnings per Unit (sen)   8.36   4.94   2.64^ 30.18#   6.89  Distribution per Unit (sen)   7.635  6.4855   6.4855 6.9121   6.8936  #  Includes the fair value adjustment on investment properties of RM274.36 million that arose from the revaluation of the Trust’s parcels in Lot 10 Shopping Centre ("Lot 10 Parcels"), Starhill Gallery, JW Marriott Hotel Kuala Lumpur and the Trust’s parcels in The Residences at The Ritz-Carlton, Kuala Lumpur, during the financial year ended 30 June 2009.  ^  Includes the loss on disposal of the Lot 10 Parcels and Starhill Gallery of RM39.65 million mainly due to the decrease in fair value adjustment of RM24.66 million.

Your Road Map For Sucess

John C. Maxwell

Misconceptions about success
Success = Wealth/Happiness/Possesions/Power/Achievement

Success is a journey
Success is
knowing your purpose in life
growing to reach your maximum potential and
sowing seeds that benefit others

Chapter 2: Where Would I Like To Go
You need to identify and sail toward your destination, you need to discover your dream

The Power of a Dream
1) a dream give us direction
2) a dream increase our potential
3) a dream helps us prioritize
4) a dream adds value to our work
5) a dream predicts our future

Stages for developing a dream
1) Believe in your ability to succeed
2) Get rid of your pride
3) Cultivate constructive discontent
4) Escape from habit
5) Balance creativity with character

Chapter 3: How Far Can I Go
Your attitude determines your altitude
How you think affects your approach to the success journey in a powerful way

7 signs of a great attitude
1) Believe in self
2) Willingness to see the best in others
3) Ability to see opportunity everywhere
4) Focus on solution no problem
5) Desire to give
6) Persistence
7) Responsibility for their lives

Top tips for getting your attitude in tip-top shape
1) Claim responsibilities, not right
2) Associate with positive people
3) Make the present moment your happiest
4) Find ways to relieve stress
5) Don't take yourself too seriously
6) Take action to change your attitude

Chapter 4: How Do I Get There From Here?
Plan ahead and know where you're going, you can successfully make the journey and you can do it in good time and enjoy the trip along the way

Goals create a route for success
1) Goals draw out your sense of purpose
2) Goals give you "Go"
3) Goals show you what to do
4) Goals get your focus on improvement, not activity
5) Goals create mile markers of process

Creating your own road map
1) Recognize your dream
2) Observe your starting place
3) Articulate a statement of purpose
4) Define your goals (written, personal, specific, achievable, measurable, time-sensitive)
5) Move into action
6) Adjust your plans
7) Point to success and celebrate

Chapter 5: Growing To Your Maximum Potential
Growth is change
Growth is a choice
Growth is a decision that can really make a difference

Ten principles that help you develop into a person dedicated to personal growth
1) Choose a life of growth - continual growth and improve
2) Start growing today
 - Growth is not automatic (you can be young only once, but you can be immature indefinitely)

 - Growth today will provide a better tomorrow
 - Growth is your responsibility
3) Be teachable
4) Focus on self-development, not self-fullfilement
5) Never stay satisfied with current accomplishments
6) Be a continual learner
7) Concentrate on a few major themes
8) Develop a plan for growth
9) Pay the price
10) Find a way to apply what you learn

Chapter 6:How Do I Handle The Detours?
Keep moving forward on the journey, making the best of the detours and interruptions, turning adversity into advantage.
The two greatest detours: Fear and Failure
Face your fear
1) Discover the foundation of fear
2) Admit your fear
3) Accept fear as the price of progress
4) Develop a burning desire
5) Focus on things you can control
6) Put some wins under your belt
7) Feed your faith, not your fear

How to Fail Forward
1) Appreciate the value of failure
2) Don't take failure personality - "I have failed" / vs "I am a failure" x
3) Let failure redirect you
4) Keep sense of humor
5) Ask why, not who
6) Make failure a learning experience
7) Don't let failure keep you down
8) Use failure as a gauge for growth
9) See the big picture
10) Don't give up

Chapter 7:Are We There Yet?
Significant trade-offs to keep moving to a higher level during the success journey:-
1) Achievement over affirmation (affirmation from others is fickle and fleeting)
2) Excellence over acceptability (excellence is always a choice)
 - to achieve excellence :-
   a) pay attention to details
   b) seek continual improvement
  c) practice self-discipline
  d) maintain high personal standard
3) Personal growth over immediate pleasure
4) Future potential over financial gain (money ofthen brings options, but it doesn't necessarily add value to your life)
5) A narrow focus over scattered interests
6) Significance over security

The secret to continually trading up to increase your persistence level
1) Develop character
2) Focus on the big picture (your goal is to finished the race- to do the best you're capable of doing)
3) Get rid of excuses
4) Understand the odds
5) Stay hungry

Chapter 8: Is it a family trip?
step to building a strong family
1) Express appreciation for each other
2) Structure your lives to spend time together
3) Deal with crisis in a positive way
4) Communicate continually
- develop platforms for communication
- Control communication killers
- Encourage honesty and transparency in conversation
- Adopt a positive communication style
Communication styles
Retaliation-destroys positive communication-against each other-degrading
Domination-destroys open communication-over each other-intimating
Isolation-

第二线优质股应具备的五个条件

①合理的盈利表现
②合理的股息
③现金流量平稳
④本益比低(8倍以下)
⑤有成长潜能

产业股投资法

1.股价/资产比
-股票市价和每股净有形资产的比值,从资产的角度衡量股价是否合理，如果是在1以下的话，表示价值被低估，值得投资。
2.本益比
3.周息率
4.公司的地库有多少？何时买进？可以供发展多少年？
5.地皮的地点何在？该区有屋子的需求吗？
6.公司的负债情况。
7.已卖出屋子，但未收到款有多少？（Unbill Sale）
8.公司5年来的业绩如何？
9.管理层是否积极发展业务？

基本面剖析

辨认基本面强弱八大标准:
每个标准分为1、2、3分。积分越高，表示基本面越强。
如果积分是在8以下，表示基本面孱弱，不值得投资；如果是在8至16之间，表示中等，是否值得投资，决定于基本面以外的因素；如果积分在16至24之间，表示基本面强劲，可以投资。

标准一：流动比率（Current Ratio）
流动资产（Current Assets）为一年内可以化为现金的资产，流动负债（Current Liabilities）为一年中必须偿还的负债。
流动比率是流动资产÷流动负债所得出的比值，越高越好。
A股在今年3月31日首季结账时的流动比率为306（百万）÷156（百万）=1.96，远远超过一倍，属于超强，此标准应得3分。

标准二：营运资本（Working Capital）
以流动资产减流动负债得之，A股在今年3月31日时的营运资本为306（百万）-156（百万）=150（百万），足以应付营业所需的资金而有余。
该公司完全没有负债，手头还有4000万令吉现金。此标准应得3分。

标准三：负债对股东基金比率 （Debt-To-Equity Ratio）
总负债除以股东基金所得比率，数目越小，表示该公司主要是靠现有资金而不是靠借贷做生意，故数字越小越好。
A股的负债对股东基金比率为：150（百万）÷154（百万）=1。财务稳如泰山，应得3分。

标准四：每股净利（EPS）
每年净利除以股数得之，越高越好。
A股去年每股净利为20.70仙，属于中等，应得2分。（我认为每股净利要超过30仙才属上等）。

标准五：本益比（PER）
股价除以每股净利，为赚回投资额所需的年数。
以A股1令吉40仙的股价计算，目前的本益比为RM1.40÷0.257=5.5（倍），国际的本益比标准通常为10倍，A股5.5倍的本益比偏低，应得3分。

标准六：股东基金回报率（Return On Equity，即ROE）
每年净利除以股东基金的得数。此比率是用来测试管理效率，越高越好。
A股去年净赚2900万令吉，股东基金为1亿4700万令吉，故股东基金回报率为29（百万）÷147（百万）=19.7%，比银行定期存款3%高数倍，应得3分。

标准七：周息率（D/Y）
每股股息除以股价的得数。周息率通常以净股息为计算标准。
A股去年派净股息8仙，以1令吉40仙的股价计算，周息率为8仙÷140仙=5.7%，比银行定存利息3%几乎高一倍，应得3分。

标准八：每股净有形资产价值（NTA）
股东基金除以股数得之。
A股的每股净有形资产价值为RM147（百万）÷120（百万股）=RM1.23，略低于股票市价，应得2分。

总结这八个标准，A股取得24分中的22分，可说是基本面很强的公司。
企业的基本面有如建筑物的地基，基本面强表示地基坚稳，经得起狂风暴雨的袭击。在买进之前，如果能照以上方法做功课，找出股票基本面的强弱，可以减低风险。减低风险，等于提高胜算。

冷眼

CIMB-Historical Dividend Payout

Dividend Per Share (Sen)
2006 - 15.00
2007 - 40.00
2008 - 25.00
2009 - 25.00
2010 - 36.58

If dividend payout for FYE2012 is 24 sen per share
share price vs dividend
RM8.380 ~ 2.86%
RM6.700 ~ 3.58%
RM6.000 ~ 4.00%