【TOPGLOV 7113 交流专区】顶级手套

Mr.Business

博客文章。

Thursday, April 06, 2006
Top of Ze World: Part V

Back in 2001... that was the year Top Glove was listed on KLSE. On Oct 2001, they announced their 2001 q 4 earnings. (it would good to note the announced their very aggressive ambition, Top Glove Forecasts 40% Sales Growth two days after releasing their 2001 results)

total sales. 138.662 million
net ytd profit. 17.217 million
Cash & equiv 9.824 million
total debts 13.958 million

Did it deliver? A year later on Oct 2002, they announced their 2002 q4 earnings.

total ytd sales. 181.055 million
total ytd net profit. 18.036 million
Cash & equiv 21.214 million
total debts 13.440 million (net cash 7.774 million)

Sales revenue increased a lot but profit were flat. Ahh.. cash grew nicely.

Under the title of Margin Pressure, dated 22 Oct 2002, Surf 88 wrote the following...

Margin squeeze. In our previous result commentary (see ), we highlighted that Top Glove (RM2.12, stock code 7113) could have locked in rubber stocks at lower prices and hence the impact of higher rubber prices would only manifest in Jun-Aug 2002. This appears to be the case, as operating margin dropped to 13.9% in Jun-Aug 2002 from 16.0% in the preceding quarter. As such, pretax profit only rose 6% despite 19.0% turnover growth. Deferred taxation further depressed net profit to show an 11% decline.

Results in line. Overall, the full-year results were within our expectations, where topline growth was largely driven by a 23% capacity expansion but profits did not keep pace as margins fell from 17.3% to 14.9% due to higher raw material costs.
And here is a snippet from a Star interview back in 2002...

According to Lim, Top Glove’s second factory in Thailand is scheduled to begin operation next month while the one in China will start in March next year. Top Glove currently also has five factories in Malaysia.
New 2nd factory starting in Thailand... the start... the begining of the explosive, promised growth in earnings.

Here is Top Glove's 2003 Q4 quarterly earnings.

total ytd sales. 265.089 million
total ytd net profit. 25.222 million (ahh... ze big jump in net earnings!!!)
Cash & equiv 22.051 million
total debts 39.289 million (net debt of 17.238 million)

point to note... last fiscal year, Top Glove was in a net cash position. To achieve the jump in net profit, from 18.063 million to 25.222 (or an an increase of 7.159 million), Top Glove went from a net cash position of 7.774 million to a net debt of 17.238 million.

So, a year later... the big jump in earnings happened and Top Glove delivered.... but alas.... Surf 88 sudah bungkus by then .... anyway we now see that this company has really, really been aggressive. Many new production lines were set-up, new plants... and most of all.... we have Ze birdie thingy!

Ahhh.... good birdie fortunes + aggressive expansion = fantastic growth for 2003.

Now, here is Top Glove's 2004 Q4 quarterly earnings.

total ytd sales. 413.967 million
total ytd net profit. 39.509 million (wow.. bigger jump in net earnings!!!)
Cash & equiv 30.226 million
total debts 63.063 million (net debt of 32.837 million)

again some points to note... last fiscal year, Top Glove was in a net debt position of only 17.238 million. To achieve the 'additional growth', from 25.222 million to 39.509 (or an an increase of 14.287 million), Top Glove went from a net debt position of 17.238 million to a net debt of 32.837 million. (or it increased its net debt position by 15.599 million). How was their expansion justifiable?

anyway how was Top Glove achieving its super duper Top Glove? Here is some RHB notes which indicates that the growth is via acquisitions of new factories and starting of new production lines...

It has commissioned two new lines each in Factory 5 in Ipoh and Factory 6 in Phuket at end-August 2004. In Factory 5, Ipoh, the target is to install 10 new lines, bringing its capacity to 175m pieces a month, from the current level of 110m pieces a month. In Factory 6, Phuket, the plan is to replace the existing seven production lines with 10 advanced production lines, lifting capacity from current level of 35m pieces a month, to 65m pieces a month. Meanwhile, installation of new lines in Factory 10 is in progress while construction of Factory 11, Klang is going on full steam. It aims to commission a total of at least 155 production lines with annual capacity of 13.0bn pieces a year by end-2005. It has identified two new sites for two new factories which will be constructed in CY2005 and CY2006, respectively.

It has completed the acquisition of the remaining 40%-stake in Factory 7 in Hatyai, Thailand on 11 October 2004. Plan is in place to increase its capacity from current level of 1.08bn pieces a year to 4.8bn pieces a year by end-FY06. Its proposed acquisition of the remaining 45%-stake in the China plant is expected to complete by end-1QFY05.
How?

ok ... let me try to give an unbiased view on what is happening... .... try hor...

Firstly when there is huge spikes in sales & net profit, the first thing i always check on is whether there was any company acquisition which might have caused the spike in earnings.

Well, what i saw is TG is simply a very aggressive and ambitious company. It started off by buying a couple of factories in Malaysia and started expanding its production lines. It then moved on to Thailand and it even moved into CHina.

So over the years, TG focus was simple. Aggressive growth thru acquisitions and organic growth. And plans to stick to this gameplan for the next few years.

And of course all this has been helped by the birdie issue in 2003.

And the end result, although we are seeing the fantastic growth in earnings, TG is paying a hefty price for their expansion.

And last year, Oct 2005, Top Glove reported its 2005 Q5 quarterly earnings.

total ytd sales. 641.827 million
total ytd net profit. 58.141 million (wow.. earnings still very good!!!)
Cash & equiv 31.755 million
total debts 154.191 million (net debt of 122.436 million!!)

How?

Let's look at those issue or rather those points again.... last fiscal year, Top Glove was in a net debt position of 32.837 million. To achieve the 'additional growth', from 39.509 million to 58.141 million (or an an increase of 18.632 million), Top Glove went from a net debt position of 32.837 million to a net debt of 122.436 million. (or it increased its net debt position by 89.599 million).

How was their expansion justifiable?

Which was why I blogged that posting in Oct 2005. And let me repeat the main issues.

Sooooooooooo despite it’s great sales and net profit growth… it’s bottom-line certainly ain’t too top-looking for me.

Btw…in my opinion, the need to have some sort of understanding of the explosive growth in Top Glove is kinda important.

So far, it looks to me it has been 'quite' prudent in the number of factories it has been adding per year. Yes, adding a new factory per year is indeed aggressive but i think it has not been too aggressive. (tiok boh?) From a management point of view, consideration should be given regarding the ability for Top Glove to manage the growth in its factories. (Layman's view: Buying and managing a business is always manageable, but if u buy 'too much' businesses, then the very obvious issue, is can we manage all these factories?) Yup, the issue of managing and cordination of all factories in a profitable and efficient manner becomes a concern if the company increases the number of factories too fast.

Whereas, the increment in production line should be a much easier task to handle compared to the number of factories. (tiok boh?)

Now one probably ask why all this? Growth in a company is always good however commonsense would tell us that excessive growth might pose some danger too. As such, this is why I am not discounting this issue.

Which is what is happening in Top Glove isn’t it? The company is expanding and expanding and expanding. Buy/adding a new factory here and there… but all these capex comes with a huge borrowing cost… and in me opinion…i the end result just does not justify all these expansions. Take a look at their Thailand and China segmental results. Does it justify all the moola spend expanding into these markets?

How? What say u?

Am I too prejudiced against what Top Glove has achieved so far?

Is all my mumblings not valid? Or am I mumbling just for the sake of mumbling?



http://whereiszemoola.blogspot.c ... e-world-part-v.html

Comments:

Moola,

"Buying good business at cheap price" undeniable is way to make money in stock market. I never dispute that TG currently is overpriced, what i am concern more is the foundamental of the business.

In glove industry, players are fighting purely on prices. More players enter into the game or more aggresive certain players fighting for market share tend to reduce the profit margin. This senario happens in many industries, the question is can a company survive in the price war and still make reasonable returns to the shareholders. (i would proposed to check on the ROIC)

150++million of debt can be repaid within few years if TG stop its capex.

What open my eyes on TG is the ability to pass the additional price increased in latex to the buyers.(As the latex prices excalating in last few years). TG appears to own some pricing power that other companies didnt own.

I do agree with you on the speed TG is expanding, however i have to admit that only handful companies can reinvest thier profit like TG does. I am also very selective and demanding.

2nd brother

XXXXX

Hi 2nd bro,

Quote:

"Buying good business at cheap price" undeniable is way to make money in stock market.... what i am concern more is the foundamental of the business.

-----

which is why i am posing this issue for everyone..

there are some who argue that Top Glove has been tops so far...

but then..

there are some who would argue that Top Glove is simply artificially engineering its growth in a very reckless manner. And they would argue that a more prudent company would always show value in their expansion...

anywayyyyyyy...

ah... yes ROIC would be interesting... and if u do a comparison (from 2002 to now) and also note the ttm (trailing twelve month's) roic is showing....

anywayyyyyy.... an alternative is also to gauge the end results... for example... TG expanded heavily in Thailand and in CHina... which is why i had highlighted the segmental results in these countries.... and the investor would have to ask themselves if they are satisfied with the end results...



cheers

XXXXX

Moola,

I knew what U said is correct, i also noticed that the argument pointed out is similar to the example in the "Intelligent Investor" by Jason Zweig, yes...the artificial engineering profit.

Besides investing, most of time i only observe what is happening around. How companies deal with tough business environment.

For PE glove, TG has to invest in China due to the raw materials are most produced by Japan and Korea. So it is economical and logical to set up plant in China, it make no sense to built a plant locally. As i mentioned earlier, TG yet to achieve scale of economy in China. Sometime, reported figure might not be a good gauge...ha...ha...maybe i was wrong. Like u, i just mumbling around to share my view.

2nd brother

Mr.Business

博客文章。

Friday, April 07, 2006
Top of Ze World: Part VI

Edited: April 7th. 7.20 pm

Let me bore everyone with numbers and more numbers for Top Glove.

1. FY 2001.
Shareholders Equity = 93.170 million. Total loans = 13.958 million.
Total capital used = 107.128 million.
Earnings generated = 17.217 million.
Return of total capital used for 2001 = 17.217/107.128 = 16.1%

2. FY 2002.
Shareholders Equity = 109.136 million. Total loans = 13.440 million.
Total capital used = 122.576 million.
Earnings generated = 18.036 million.
Return of total capital used for 2001 = 18.036/122.576 = 14.7%

3. FY 2003.
Shareholders Equity = 130.471 million. Total loans = 39.289 million.
Total capital used = 169.760 million
Current earnings generated = 25.222 million
Return of total capital used for ttm = 25.222/169.760 = 14.9%.

4.. FY 2004.
Shareholders Equity = 162.006 million. Total loans = 63.063 million.
Total capital used = 225.069 million.
Earnings generated = 39.509 million.
Return of total capital used for 2001 = 39.509/225.069 = 17.6%

5. FY2005.
Shareholders Equity = 216.082 million. Total loans = 154.191 million.
Total capital used = 370.993 million
Current earnings generated = 58.141 million
Return of total capital used for ttm = 58.141/370.993 = 15.7%.

6. TTM (Trailing Twelve Months or most recent 4 quarters).
Shareholders Equity = 255.538 million. Total loans = 199.478 million.
Total capital used = 455.016 million
Current earnings generated = 69.666 million
Return of total capital used for ttm = 69.666/455.016 = 15.3%.

How?

How would you want to evaluate such numbers?

On one side of the coin, a ROTC of 15.3% is still pretty impressive despite the huge debts being employed to fun the expansion. And because the ROTC is 15.3%, surely this simply vindicates that all the spending, the negative cash flow and all the borrowings is justifiable.

But.... butt.... buttt....

On the other side of the coin, one could argue that since hitting the peak in FY 2004, with a ROTC of 17.6%, Fy 2005 only showed a ROTC of only 15.7% and the most recent 4 quarters numbers are only showing a ROTC of only a 15.3%. Although the numbers is still impressive, one could argue that a visible downtrend can be seen. And the interpretation could be, yes the initial expansion is justifiable but pace of expansion has grown way too fast and that the company could not generate enough returns to justify the huge outlay in its expansion.

Again... two sides of a coin.

How would one interpret this?

And here is another more interesting issue. Blogger Ichi The Killer , mentioned the following:

I have many of the same reservations about it, but still it keeps going up ... so what can we say, right?
Ahh... this one issue that will forever exist in the share market and it depends so much on how the individual handles such situation.

Take Megan Media last quarterly earnings. Despite it reporting a huge jump in earnings, the investor finds their earnings so suspect since the main catalyst for the huge jump in the earnings is caused by a shift in accounting. Crudely put, it was simply an earnings made by the accountants.

And the market reaction? The stock went zoom, zoom, zooooom from 60 sen to 70 sen.

How?

Well stuff like this will always happen. Take trading for example. A trader could find a whole bunch of stocks that he or she is not comfortable with it. And yet, these stocks yet went zoom, zoom, zooooom too!

How?

Should the investor or even trader adjust their strategy/game plan to try to catch every uptick, every stock movement?

My say? I believe in sticking to what I am comfortable with. Stick to my comfort zone and play the game that most suits me.. yup, play the game where my chances of winning is good!

Oh... remember the story of the 3 legged mahjong and dead dummy mention in this blog posting?

Let me repeat here again...

Now my Granny simply loves playing either Mahjong or Dead Rummy. Now she really excels in the game of mahjong, especially the 3-legged mahjong, in which I would say that she wins probably 7 out of 10 times whenever she plays. Her winning average is about 70%. In the game of dead rummy, she ain't as hot. (not so geng wor!) She has probably a winning average of about 30%. And because of her knowing exactly what she's good at, she always, always insist to play the game of 3-legged mahjong, because she knows winning is much easier for her.

So what about me?

Me? LOL!.. Firstly, I am good at Dead Rummy and my best strategy is to avoid her at all cost at the mahjong table and wait patiently to play Dead Rummy with her. LOL!.. yeah, I am indeed being very snake here (ho ho ho) but by playing only Dead Rummy with my Granny, I know very well that I am playing my best game verus her worse game. Won't this improve my chances of winning? (else? I will be slaughtered at ze mahjong table and be ze water fish!)

----------------------------------------------------------------------

Some interesting comments from hhc. April 7th. 7.20 pm

Let's look at the sector Topglov is operating with. It's a volume game business with pretty tight margin which means anymore price cut will hurt its bottomline.

Imagine what will u do if u r the owner? (of course we can just DONT invest in it). But, as the owner, the only logical way is to make yrself HUGE before anyone else and elbow them out. If u r the number one in these kind of volume game, u can control a lot of things to protect yr margin.

ok then, how to increase size?
1)Build new plant and reinvest yr profit (too slow , i think)
2)Leveraging and M&A. fast but will attract a lot of attention and risk of indigestion.

Topglov chooses the 2nd part which is , i will say pretty well run, at least until now.

I dont like its balance sheet but i do admire that Topglov boss has the gut to face the world. If i m not mistaken, MR Lim stil hold a lot stake in topglove.

And generally, no hanky panky deal between major shareholder and company so far which is the sign that the owner is willing to share the wealth with minorities.

Maybe that's why fund managers like it and it's all in its price. If they are not long term investor, u wont see topglov volume is decreasing a lot from last years. One explanation is that ppl are holding the share.

Lastly i fully agreed with yr concern and i was out from topglov not so long ago. There are value elsewhere...

http://whereiszemoola.blogspot.c ... -world-part-vi.html


Comments:
Dr C H Tan said...
may I add some comments though I also didnt own any Topglove.

1)Is glove industry a sunset business?
No! It is a thriving business as the populations and the amount of new comunicable diseases are increasing at tremendous speed and the usage of gloves will thus increase similarly.
------------thus investing in this business is justified but then

2)what is the preferred stock to invest in?
topglove ( an OEM manufacturer）with 75%revenue in low end/ high volume /low profit margin game of examination glove ?


or some one (an OBM patented manufacturer)with >55% revenue in high end surgical glove/high profit margin/difficult to penetrate by competitor?

11:43 AM

Mr.Business

博客文章。

Wednesday, August 16, 2006
Top Of Ze World: VIII

From AP News:

KUALA LUMPUR (AP)--The world's largest rubber glove manufacturer faces fines of up to MYR121.2 million ($33 million) for employing more than 2,000 illegal foreign workers, a company official and news reports said Wednesday.

However, Malaysia's Top Glove Corp. said it expects to be spared from paying the maximum penalty.

Immigration officers raided a factory in Klang town, west of Kuala Lumpur, based on a tip-off and found that work permits for 2,071 of its foreign workers had expired, Immigration Enforcement Director Ishak Mohamad was quoted as saying by the New Straits Times newspaper.

Another 353 workers had no permits at all and 72 were without passports, he said. However, they were not arrested so the factory's production would not be disrupted, the newspaper said.

"The managers gave the excuse that they forgot (to renew the permits) or there were too many of them, but we don't buy that," Ishak was quoted as saying.

The Star newspaper quoted Ishak as saying it was "the first time the department has come across a case involving such a huge number of illegal workers in a single premises."

Under immigration laws, an employer can be fined up to MYR50,000 for each illegal worker.

Ishak and other immigration officers could not immediately be reached for comment.

Top Glove is the world's largest producer of rubber gloves for medical, household and industrial use.

Media reports did not identify the company, but Top Glove officials acknowledged it was their factory.

"It is an oversight on our part but we are giving our full cooperation to resolve this and to ensure it will not recur in the future," company executive director K.M. Lee told The Associated Press.

He said the fine was expected to have only a "minimal effect" on company earnings, noting that courts usually only impose maximum fines on employers who hire illegal migrants who enter the country without documents.

Lee said the company had been careless because of its rapid expansion in recent years but steps have been taken to strengthen internal monitoring. Most of the foreign workers caught were Indians, with some from Vietnam and Indonesia, he said.

Top Glove has 8,000 workers in eight factories in Malaysia, of whom 3,600 are foreigners, Lee added. The company also has two factories in Thailand and two in China.

Top Glove shares were down 3.3% at midday Wednesday at MYR8.70.

Top Glove closed at 8.65.









--------------------------------------------------------------------------------






Questions/Issues.


1. Besides the issue of fines, assuming that the fines impact would be minimal, it now appears that Top Glove had been keeping its production cost low by engaging in such unlawful practise such as hiring illegals. So what's next?

Top Glove can't have this luxury no more. Right?

Which means its production cost will increase since they have to hire 'legals'.

Which means its bottom-line will be HIT in the future in regardless of the size of the fine.

2. Integrity issue!

This will stick out like a sore thumb!

How?

If proven guilty, it means that Top Glove is willing to engage in such unlawful activities to boost its bottom-line.

So how much can an investor trust this company?

3. How do you rate the management handling of this crisis?

The initial excuse of forgetting to renew the permits was as lame as it could get.

How?

http://whereiszemoola.blogspot.c ... -ze-world-viii.html

Mr.Business

博客文章。

Saturday, August 26, 2006
Top Glove fined

Well the fine was expected when the law was broken.

Top fine for Top Glove Corp

PUTRAJAYA: A whopping RM11.4mil fine! That is the amount that Top Glove Corp Bhd, which was caught with 1,769 illegal workers on Aug 16, will have to pay.

It is the largest fine ever imposed on an employer for hiring illegal workers in the country’s history.

Immigration enforcement chief Datuk Ishak Mohamed said the Klang-based glove-making company has also been asked to pay RM2.3mil in outstanding levies for the illegal immigrants they hired.

Ishak said the previous record fine of RM500,000 was imposed by the Johor Immigration Department on a construction firm for a similar offence in 2000.

On Aug 16, Ishak led a raid on the factory which was found to have hired more than 1,000 illegal foreign workers who were either working without permits or with expired permits.

However, the department did not detain any of the illegal workers to ensure that the company, which is public-listed, could fulfil its overseas orders.

“I urge the public to continue to help the authorities identify unscrupulous employers. In the case of the rubber glove manufacturer, we were successful because we were tipped off,” he added.

Top Glove executive director K.M. Lee said last night the company would appeal on Monday for a reduced fine.

“There are a few mitigating factors. Firstly, the workers came in with proper papers. “Not a single one of them came in without a passport,” he said.

Secondly, it was an administrative failure on the part of the company and it was not intentional. Thirdly, when the company discovered the problem last month, it took steps to renew their papers, he said.
It would be nice to see the law be enforced and that Top Glove's appeal be rejected. The bottom-line is they broke the law and if the authorities are not strict on such issues, how do we expect a better future?

Think about this...

Laws would be totally useless if they can be broken and easily appealed.

http://whereiszemoola.blogspot.com/2006/08/top-glove-fined.html

Mr.Business

博客文章。

Tuesday, January 15, 2008
Regarding Top Glove share buybacks.

The Smart Investors wrote:
What do you think of Topglove's share buy back scheme. Seems every few days they buy back their shares. But doesnt seem to be affecting share price. As a company i really like Topglove and have taken their share buy back as a positive signal. Juz wondering what your thoughts on it might be.


Dear Smart Investor.

Here are some of my thoughts on this issue. (Do realise I am not a legal investment advisor, so do take my comments with a pinch of 'garam'. )

1. Regarding TopGlove share buyback.

In my opinion, I'm not too impressed with their share buyback program. I could be wrong but I do not see much point in initiating a share buyback based on the current prices for I do not see much value in doing so and I would certainly question why the need for it. Perhaps money could be utilised much better.

For starters, Top Glove's cash flow is weak and if you look at their recent announced quarterly earnings, you would see that their cash balances is much weaker if you compared to the previous year.

And amidst their rather insane everlasting global capital expansion (yes, I am not a fan of their continuous expansion over all these years.) Top Glove is a company which is in a nett debt position. And when you have more debts than cash, I am simply not in favour of such a corporate exercise.

2. Buybacks not affecting the share price.

Not all buybacks works. Some fail. Do read Dali's truly brilliant article on Why buybacks fail.

Hence, I ask you in return. Are you really expecting the share price to increase?

3. Regarding Top Glove.

I have posted before quite a number of postings on Top Glove ( See this posting: Top Of Ze World: VIII. It include links to other Top Glove postings) and I am sorry but I am not a fan of this company and I do see some valid reasons to be sceptical. For example, I seriously believe Top Glove has over-expanded and I am sceptical if the company can truly manage their expansions in a profitable manner. And then you have the rising costs issue. Rising fuel and high rubber prices simply means higher cost. And last but not least, I could be wrong but Top Glove's sales are predominantly in the US Dollar. And a shrinking US Dollar will have a huge impact on Top Glove profitability.

Hope my thoughts help as a second opinion.

rgds

http://whereiszemoola.blogspot.c ... share-buybacks.html

Mr.Business

- 经济新闻 -   
  


七大工业国警告 主要汇率剧烈波动不利全球经济 2008/04/12 18:15:25
●南洋商报


（华盛顿12日讯）七大工业国警告，主要汇率剧烈波动可能会对本已脆弱的全球经济产生不利影响。


七大工业国在会议公报中警告称，上次会议以来，主要汇率多次出现大幅波动，对主要汇率剧烈波动给经济及金融稳定带来的潜在影响感到担忧，七大工业国将继续密切监控外汇市场，并在适当时候进行合作。

自七大工业国官员们2月在东京会面以来，美元兑欧元和日元分别贬值了约8%和6%。美元兑欧元本周创新低至1.5913。

商讨应付金融危机

七大工业国财政部长们在华盛顿举行会议，讨论如何对付持续不断的金融危机。由美国房地产市场滑坡和信贷紧缩引起的这场金融危机导致全球经济增长放缓，通货膨胀压力上升。

此外，这些来自西欧、北美和日本的财长们还与商业银行界领袖举行会晤，就如何激活信贷市场、恢复投资者信心征求他们的意见。国际货币基金组织和世界银行的高层官员也出席有关会议。

过去的七大工业国会议公报通常都是呼吁汇率要反映经济基本面并避免过度波动，与之相比，此次公报中涉及汇率问题的措辞出现了数年来最为显著的变化。

鉴于成员国一致认为短期全球经济前景已经恶化，因此公报还对一项增强全球经济的计划给予了支持。

七大工业国在会后发布的公报中称，金融稳定性论坛（FSS）报告中的建议应尽快实施，这不仅可增强全球金融体系的长期活力，而且也应有助于提振市场信心，改善市场运行。

应该加强监管措施

“全球经济正处在困难时期。受能源价格高企、金融市场吃紧以及美国住房市场持续疲软影响，经济前景下行风险仍然存在。虽然新兴市场表现稳健，但没有哪个国家能够免受全球性因素的影响。”

针对目前金融市场的紧张局势给全球经济带来的压力，七大工业国财政部长们要求金融稳定性论坛寻找解决办法。

金融稳定性论坛在周五发布的一份报告中呼吁七大工业国采取措施增强流动性及风险管理、提高监管透明度、加强对资本的监控及其他一系列事项。

七大工业国在公报中表示，七大工业国非常赞成金融稳定性论坛的报告内容，并承诺将把这些建议付诸实施。

该公报中还对近期人民币汇率灵活性的增强表示欢迎，但指出在中国经常项目盈余继续扩大、国内通货膨胀升温的情况下，他们希望中国能允许人民币实际汇率加速升值。

七大工业国的财政部长们星期六和星期天将在华盛顿，参加国际货币基金组织和世界银行举行的春季年会。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=832913

Mr.Business

09/04/2008，以RM4.38的价钱买进300股Top Glove；
11/04/2008，以RM4.56的价钱买进500股Top Glove；
现在手上拥有800股Top Glove。

PS：不鼓励任何人跟我买进，谢谢。

stereo

原来你喜欢追高的，看不出来。

弹煮

七八块才叫高吧？？
技术面来看，顶级随时会再飚高！
同时也要密切留意Kencana！一样的pattern。

stereo

如果可以更高当然好啦！不过股价开始飙了才来追，好象有点投机的成分酱。
如果在黄金交叉时买进就亮亮仔鸟。你有进没有？
我是KOSSAN的KAWAN来得。

弹煮

原帖由 stereo 于 14-4-2008 11:28 PM 发表
如果可以更高当然好啦！不过股价开始飙了才来追，好象有点投机的成分酱。
如果在黄金交叉时买进就亮亮仔鸟。你有进没有？
我是KOSSAN的KAWAN来得。

偶不买手套股。
在commodity高涨的今天，偶尽量选择“不太受涨价影响盈利”或“因原料高涨而受惠”的公司。

Mr.Business

偶尽量选择“不太受涨价影响盈利”或“因原料高涨而受惠”的公司。

Cepat呢？

弹煮

原帖由 Mr.Business 于 15-4-2008 10:46 AM 发表
偶尽量选择“不太受涨价影响盈利”或“因原料高涨而受惠”的公司。

Cepat呢？

Cepat是后者。

Mr.Business

原帖由 stereo 于 14-4-2008 10:19 PM 发表
原来你喜欢追高的，看不出来。

其实Top Glove在RM４时我已经打算分注买进了，可是我又贪心，希望她再跌一些再买进。另外也是因为我以为28号后Top Glove才会有好的发展，因为28号是旧ESOS到期的日子，所以那些in the water的ESOS应该会在之前行使，造成卖压；而且新ESOS发出之后，我们就可以跟公司员工一起看起了。

突然有人拉高股价，是我意料不到的。我还是看跌，可是为了预防我看错，我分注买进。如果Top Glove继续起，离开我的成本区，我就比较安全了；如果Top Glove跌，RM4时我将买进一注，RM3.50时我将买进一注，RM3时我将买进一注，股价跌对我没有影响。请注意我不是average down，而是有计划的分注买进。我打算hold住这些股票到熊市，所以熊市来不来跟我买进Top Glove就没有关系了。

我认为公司基本和行业前景是ok的。人们常说，要以好价钱买进好股票。通常只有人们不看好的时候，我们才有好价钱可以买进嘛，不现在买一点，又要等到什么时候呢？

Top Glove是手套业的老大，她是1991年开业的，我想Kossan和Supermax也是那个时候开业的。17年后，Top Glove成为老大，有全球市场的25％。这证明了Top Glove的优势，我自然应该买她，买手套业的老大，而不会去买老二或老三。将来投资者看好手套业，老大一定最好，投资者不看好手套业，老二或老三一定不比老大好。

[ 本帖最后由 Mr.Business 于 15-4-2008 02:23 PM 编辑 ]

江湖

原帖由 Mr.Business 于 15-4-2008 02:22 PM 发表


其实Top Glove在RM４时我已经打算分注买进了，可是我又贪心，希望她再跌一些再买进。另外也是因为我以为28号后Top Glove才会有好的发展，因为28号是旧ESOS到期的日子，所以那些in the water的ESOS应该会在之前行 ...

老大你的分批买入是不是说不管市场什么价钱， 过了28号才慢慢买入？
我试过， 只要你选错股。。。就。。。

Mr.Business

老大，我已经写得这么清楚了。。。

原帖由 Mr.Business 于 15-4-2008 02:22 PM 发表
如果Top Glove跌，RM4时我将买进一注，RM3.50时我将买进一注，RM3时我将买进一注，股价跌对我没有影响。请注意我不是average down，而是有计划的分注买进。

Carlos-Tevez

真够力,来到4.84了
没什么量但是确一直起

[ 本帖最后由 Carlos-Tevez 于 15-4-2008 05:18 PM 编辑 ]

江湖

原帖由 Carlos-Tevez 于 15-4-2008 05:14 PM 发表
真够力,来到4.84了
没什么量但是确一直起

topglove 神话再次重演

goodluck88

RM3.88 ----> RM4.64 = 24.8%的涨幅。。。
所以说，没有人能准确地预测股价。。。
当你以为他即将继续下跌时，就是他反弹的时候了。。。。

股友

应该把标题改一改了，如死而后生，脱胎换骨，重获新生、浴火凤凰之类的博个好意头，希望它早日归位，一圆Mr Business 的梦。