- Tropical Affairs: Beyond Rangoon
- TSM Global -- A Big Cash Generator Machine
- I Love it When it Rains
- The Yu Lung San Tien En Si Temple
- MIFW & Rootz for QueenKanch’s Birthday
- Fruits Clipper
- They were once pretty
- Traps Are Set Before Major Moves.
- KARAOKE opens 26 Nov 2009!
- The gunman in Fort Hood shouted "Allah Akbar", the military
- Small steps toward self-South
- Never-Ending Of Celebrities Suicides! [Jangan Bunuh Diri Noo..]
- Happy 24th Birthday Rif!
- nizar PKFZ: MACC closed case as there was no case! - nizar nizar nizar nizar nizar nizar
- Top Entrecard droppers October 2009
- Chinese man and English man "Gan Bei"! Cheers!!!
- US unemployment rises to 10.2% -- silver lining ??
- nizar Sodomy case: Court deals blow to Anwar - nizar nizar nizar nizar nizar nizar
- No more the clown
Posted: 07 Nov 2009 05:37 AM PST
After seeing me in Beyond Rangoon, my brother disowned me because of the tacky tourist clothes I wore, which I wrote about in "Beyond Rangoon Part 1" and "Tacky Tourist Clothes" in Tropical Affairs. Directed by John Boorman, the film is about an American doctor named Laura (portrayed by Patricia Arquette) who travels to Asia with her sister Andy (Francis McDormand, who won an Oscar for Fargo); while in Mandalay, Laura witnessed a political rally led by Aung San Suu Kyi (who later won the Nobel Prize for Peace in 1991). But then things go wrong, and there's a military crack¬down. Unable to leave Burma because of a lost passport, Laura tries to flee the country with the help of a middle-aged Buddhist priest whose life is also in danger.
For my small role as a hotel guest, they asked me to bring along some touristy clothes so I picked out a geometrical Balinese shirt, beige pants, beige socks and hush puppy shoes.
Deborah, who was in charge of Wardrobe, took one look at me and said, "I have just the thing for you." She asked me to follow her to Wardrobe, which was located inside a shipping container. She held up a pair of plaid shorts.
"You got to be kidding," I said. "That's really tacky!"
She smiled and said, "That's the look, I'm afraid," and asked me to put them on.
When an attractive woman asks you (orders you) to undress, who am I to say no? So down went the pants and up went the shorts. The beige socks and shoes remained. So did my pale legs. Not a pretty sight. It was a wonder Deborah didn't bolt out of the container.
My friend Joelle, however, had it worse; despite her red hair, she was asked to wear a pink dress. Boorman kept referring to her as the lady in pink.
Posted: 07 Nov 2009 05:13 AM PST
TSM Global is a very low profile company but they have very respectable clients.
What a pity that Proton is not buying from them? A-hem! If the Japanese can buy and recognized their outstanding quality, delivery and service, why Proton is not buying from them, again may I ask?
Don't get cynical too fast, they invested RM 30 mln last year to expand their Tapah operations, which is very close to Proton City Tanjong Malim -- breaking into Proton finally??
TSM Global basically invested in several companies that are in wiring harness business for automotive industry. Their subsidiaries are J.K Wire Harness(60%) and J.K Sumi Wire Harness(60%) and a rather odd fit wholly owned TSM Wellness, basically a fitness company operating in Klang area. They invested about 15% interest in a company in China way back in 1993 -- Fujian J.K. Wiring Systems. They have got a very credible partner, Sumitomo, of which is a big Japanese multinational. This joint venture relationship has been forged since 1983.
It has a market capitalization of about RM 105 mln (54 mln shares @ $ 1.95 quoted price).
Their margins have been very stable despite of crazy Japanese Yen in the last year. Gross margin has been hanging around 23%, is okay for a manufacturing company. Though serving their customers in heavy industry, the company is not really in a capital intensive business, depreciation/revenue around 4% only. The issue with this company is they already own a substantial market share. I was not sure whether they are doing any business with Proton which has about 26% market share, top line growth is a concern here. It will be a stretch for revenue to go up to about 370 mln(from present 230-250 mln). Beyond that they must go for regional expansion.
Assuming they did grow to about 370 mln revenue, EPS is roughly about $ 0.53 (370 * 13% Net income * 60% goes to equity holders of parent)/54 mln shares. Typical PE multiple for manufacturing is about 6 - 7 times, so I will value the company between $ 3.18 to $ 3.71 / share.
From discounted cash flow perspective, if we discount the cash flow of RM 250 mln at 10% discount based on 5% growth model for the next 10 years and 3% terminal growth, the company worth $ 4.81/share.
Assuming the company takes about 4 - 5 years to achieve our target, the company has a potential market capitalization growth from $ 100 mln to $ 170 mln - 260 mln. So it has a potential appreciation of 15-20% p.a. over the next few years.
Credit Suisse has a 5% stake in this company. They increased their stake from 2.6 mln shares in 2008 to 2.8 mln shares 2009 is a vote of confidence that they really like the company when most foreign investors winding down their stake during the period of deleveraging. Other notable shareholders.
One of the things that they should do better is to have better capital management. They declare 5 sen dividend which translate to dividend yield of 2.5% only. Not sure why they want to keep almost 110 mln cash, returning half of it to shareholders in the form of special dividend will translate to $ 1/share. 60-70% annual payout as dividend, they definitely can afford $ 0.27/share or dividend yield of 13%. What is troubling me, like most Asian SMEs, they might piss away shareholders money by going into unrelated business like fitness center(WTH is that??!!**). They deploy 24 mln into short term investment, I hope they invest conservatively. Their investment in Fujian is quite good, putting 12 mln to work but booking almost 2 mln/year profit.
To sum up thing, this business has tremendous power to generate cash. I will swallow the whole company if I'm Warren Buffett. I hope their major shareholders will force them to return cash to them if they can't find good idea to invest. On balance, I quite like the company.
Financial results highlight
Disclosure : no position yet.
Posted: 07 Nov 2009 04:49 AM PST
i love it when it rains. it gives the sense of serenity to the atmosphere. it makes me feel refreshed.
good. especially at times like these. i just need to refresh.
photos are from my own archive, taken on September 2009, at Tok Wan's place.
p.s.: stay there, right under the umbrella.Posted in just because, photos, weather
Posted: 07 Nov 2009 03:13 AM PST
From Sibu temple "Omitofo," with a Buddhist salute, palms pressed against each other raised chest high. I am Ah Tuong and I am your guest blogger for today. I use a Canon PowerShot S5 IS From Sibu temple I went to Yu Lung San Tien En Si Temple with Bengbeng today. It was fun. From Sibu temple Thank you [...]
Posted: 07 Nov 2009 02:53 AM PST
Posted: 07 Nov 2009 03:19 AM PST
Ok again, i dunno what title to put so again, it is a song i'm listening by Capsule. Don't ask me. I dunno what is a fruit clipper. #1 Raspberry clipper (might as well play along). Top: Miss Selfridge Shoe: Some bazaar Studded hairband: BACI #2 Blueberry Clipper (quiet fun). Top: BACI Belt: BACI Heels: Some random market in Shanghai (i know right. buy ticket when [...]
See you at www.cheeserland.com :)
Posted: 07 Nov 2009 12:35 AM PST
fucking acrylics ruined my nails, now it's all short and yellow and ugly. And I think my left fourth and pinky nails are dying, it just keep chipping off, and the white tip (term?) is like keep extending to the inner side, not growing out. =(
can anyone tell me that if my nails will grow back to the same like last time? =(
Posted: 07 Nov 2009 12:23 AM PST
We trade what we think is the truth based on the time frame under scrutiny. Time bends the truth. Are we trading "the truth" or trading to make money? Opinion tweaks truth -- often monstrously. If we don't trade "the truth" and we make money, should it be considered dirty money? By that I mean, will winning with the wrong approach or strategy come back to haunt you, causing bad habits?
Not if you use discipline. Translation: You can do anything as long as you're disciplined enough to know where you're wrong. Discipline doesn't just equal a stop; it means exiting if the reason that got you in appears to be a shadow and not substance. You don't have to wait around for a price stop to get hit; you can employ a time stop.
Every good move in the market (either up or down) seems to start with a trap or a hook -- on all time frames. Such was the case in the secular bear (US) market from 1929 to 1949. Why do I say legitimate? Because that was the low prior to the advance that led to a new record high over the 1929 high. That was soon after the US government stopped crowding out the private sector, by the way.
Major moves on whatever time frame seem to erupt from traps that catch players wrong-footed -- a breakout puts many traders in the mode of buying all pullbacks, thinking the former thrust will be revisited; a breakdown puts many market participants in the mode of selling all rallies, thinking the former weakness will be revisited.
Markets KNOW this. This is their way of accumulating and distributing and clearing the decks before the ship sails, giving it an easier berth (birth?) as it were. In my speculative skepticism as to the markets, my thinking is that these bull and bear traps don't just happen -- they aren't just coincidences. Put another way, as my dear old dad used to drum into me, "Stocks don't move, they are moved."
It may not be so much that the Street doesn't believe the Fed last week as much as it is that they realize they're winging it. They may be on this "extended" interest-rate holiday because it was a one-way ticket, and they're trying to get enough bonus miles together for a trip back to reality, out of the cave and into the light. Or, it could be that the market is sniffing out that they are clueless as to the next song in the rain -- after all, who was in the watchtower when Risk threw a riot in the prison yard?
Last Thursday morning, the Street was rife with the sentiment that Fed days that are strong pre-FOMC end strong. I don't know the stats on that but it seems that if the above is correct, then it's fair to say "Houston, we have a problem"; it's fair to say that the notion may be true but doesn't hold up when the trend has turned. This is the second time the market has slipped doing the FOMC Cha Cha. Remember that the September 23 Key Reversal Day was a Fed Day.
The market. 985 S&P or bust?
From the 1101 swing high to the recent low of 1029 is a range of 72 points (72 x 5 points/waves = 360-degree circle cycle). Yesterday's rally high came in pretty much as expected, as shown by the hourly S&P chart in yesterday morning's report, shown here again. And, as you know, 1060 is 50% of the range for the month of October's Doji month. A measured move of 72 points down from 1060/1061 projects to 989. At the same time, 50% of the July/October range is 985.
Connecting the dots from the daily dollar to the weekly shows that while the Street is crowded with dollar bears and chatter of a crashing greenback, when you hold a candle to the cave wall of the weeklies, in reality, the dollar is above a nice base from last year. Is the dollar carving out the mother of all backtests? When you step to the next drawing on the cave wall to peer at the VIX, it looks like a decisive breakout with a backtest over the last few days, which suggests a possible acceleration higher (chart above).
Posted: 07 Nov 2009 12:16 AM PST
The debut film by Chris Chong Chan Fui
"One of the most beautiful discoveries of this year's Cannes....
This posting includes an audio/video/photo media file: Download Now
Posted: 06 Nov 2009 10:07 PM PST
The army said Nadil Malik Hasan shouted "Allah Akbar" - "God is great" in Arabic - by opening fire on the military base in Texas, where 13 people died and 30 were injured. The family of the gunman, who said he was "shocked", said he is "an American citizen and loves America."
Commander Cone spoke before the cameras after the shooting (AFP)
DAccording to the commander of Fort Hood, Robert Cone, who spoke Friday, November 6 on NBC, the shooter yelled Fort Hood "Allah Akbar" ( "God is great" in Arabic), opening fire Thursday on his comrades in the military base in Texas. Thirteen people died and 30 were injured.
Asked by the American channel to see if the commander Nadil Malik Hasan shouted "Allah Akbar" in opening fire, General Cone said, "there are first-hand accounts of soldiers here who are saying".
Posted: 06 Nov 2009 09:48 PM PST
To put an end to the bloody insurgency in Muslim-majority region, Bangkok could, with support from Kuala Lumpur, leaving him more leeway.
The idea of granting some form ofautonomy or self-determination to the three southern provinces of Thailand with Muslim majorities in the grip of the insurgency is not new. But it is up today on the mat after being mentioned by the Prime Minister of Malaysia, Najib Razak, on the sidelines of the summit of theASEAN (Association of Southeast Asian Nations) in late October. It's a good thing. He said independence could respond to the violence prevailing in the extreme south and, over the past five years, made more than 3 800 victims. Thai Prime Minister Abhisit Vejjajiva responded positively and invited his Malaysian counterpart to assist the region in December.
Posted: 06 Nov 2009 07:58 PM PST
Persamaan ttg pics kat bawah? Lu fikir la sendiri...
Im sure that being pop stars isn't wonderful as what can be seen through our barely eyes. I do have links that have chosen this industry as their career and it makes me wonders what they really expect to be pop stars. What is it like to be on the TV screen, to have fans, fames and to be popular?
We are typical humans that surely would envy of wealthiest of a pop star. They've own big houses, big cars, overflowing money that can inherited to 7 lineages of their family and kids – sounds like Paris Hilton eh?. But does it really worth being a rich pop star that always full of pressure?
While we expected the delightful of pop star's life, some of them cry behind the cheers and applause as the never-ending pressure they faced. So what brings the pressure? There is no escapism from the pressures of being on stages, satisfying their fans, managing shows, business and a lot more. Any failure will haunt them and worst to worst, cheers will shift to booooo.
Based on pictures, those pop stars – which are from Westside, committed suicides when they thought they had enough of their lives. Most of them took their own lives with hung, shot, take overdose pills, and drowned themselves to death. I'm not certain weather it's go on in Malaysia as it seldom happen. It might happen perhaps it's just left unnoticed.
I really hope that, we manage properly in whatever career we involved in. Look out for family and friends that we do care about and ask them for help. Any difficulties come up, there are always ways to overcome it and suicides for-ever is not the way especially for Muslims. – Tak cium bauu syurga nanti. Allah murka.
P/s : Dah lama tak tulis essay. Macam nak berak rasenye. Ha-ha.
Posted: 06 Nov 2009 06:05 PM PST
Posted: 06 Nov 2009 05:57 PM PST
PAC REPORT The MACC decided there was no case with regards to the PKFZ and the controversial 'letters of support' back in 2004 but reopened investigations...
Testifying before the Public Accounts Committee inquiry regarding PKFZ.MACC's investigation director Mohd Shukri Abdull (pic: right) revealed that MACC had probed alleged graft involving the Port Klang Free Zone (PKFZ) project back in 2004 but no action was taken because it concluded there was 'no case' .
Shukri testified that (investigations) were done by Selangor ACA (as it was then known), and the (investigations into the) case were completed but the prosecution (department) decided to close the case as there was no case.
Always the case with MACC: Open case, no case, close case. Better for MACC to close shop!
Posted: 06 Nov 2009 04:31 PM PST
Posted: 06 Nov 2009 04:17 PM PST
Posted: 06 Nov 2009 04:29 PM PST
A Chinese man and an English man were dining in a restaurant.
The Chinese man lifted his glass up and made a toast to the English man, "Gan Bei" (Cheers).
The English man was confused but he continued eating.
This happened a few times and whenever the Chinese man wanted to drink he would always say "Gan Bei"
The English man only nodded and silently continued to drink and eat. Not long after, the Chinese man once again said, "Gan Bei" whilst lifting up his glass.
This time, the English man put down his cutlery and angrily said to the Chinese man, "It's all right if you CAN'T PAY! I'll pay! So just shut up".
Posted: 06 Nov 2009 03:35 PM PST
First reaction of the US unemployment crosses 10.2% was horrible but equities bounced off after the first negative reaction.
(1) (MarketWatch) The Labor Department revised its payroll tallies, adding 91,000 to the figures reported for August and September, meaning that the job losses for those months were less than previously estimated.
The report pointed to health care, education and professional and business services as the sectors that added jobs in October, while also illustrating a rise in the hiring of temporary workers -- seen as a precursor to a rise in permanent positions.
(2) Oppenheimer and Bernstein upgrades on GE was very powerful. The stock surged almost 7% limiting market losses on Friday.
Looks like the worst is behind us, not strong enough to crash the market.
Posted: 06 Nov 2009 02:20 PM PST
UPDATED 6.20PM The Court of Appeal today quashed a lower court's ruling ordering the prosecution in Anwar Ibrahim's sodomy case to hand over evidence which the opposition leader said is crucial for his defence.
Lest we forget, read RPK's posting 'Let's talk a walk down memory lane'.
In a sex crime, the sole testimony of the alleged victim is not sufficient but corroboration is required. In the case against Anwar Ibrahim, however, there was no corroboration other than the sole testimony of the alleged victim.
Posted: 06 Nov 2009 11:00 AM PST
I was listening to pint-sized Gerard Hugh Sayer last week. In the 1970s, he scored a number of hits on both sides of the Atlantic and of course, here too. Of his two albums that I have, The Show Must Go On and Endless Flight, I preferred the latter. I think you'll recognise his chart-busting hits from these two albums:
Side 1: Hold On To My Love, You Make Me Feel Like Dancing, Reflections, When I Need You, No Business Like Love Business
Side 2: I Hear The Laughter, Magdalena, How Much Love, I Think We Fell In Love Too Fast, Endless Flight
Side 1: The Show Must Go On, Bells Of St Mary's, Only Dreaming, Silverbird, On The Old Dirt Road, Moonlighting
Side 2: Giving It All Away, Bedsitterland, Another Year, Oh Wot A Life, One Man Band, Why Is Everybody Going Home?
|You are subscribed to email updates from xBlog ☪ Lifestyle Entertainment Blogs |
To stop receiving these emails, you may unsubscribe now.
|Email delivery powered by Google|
|Google Inc., 20 West Kinzie, Chicago IL USA 60610|