Monday, November 6, 2017

HOVID - conditional voluntary takeover offer



PETALING JAYA: Pharmaceutical company Hovid Bhd
 has received a voluntary offer from its single-largest shareholder to take the company private for a total value of nearly RM243mil, or 38 sen per share.

In a filing with Bursa Malaysia, Hovid announced that Fajar Astoria Sdn Bhd and David Ho Sue San have issued a conditional voluntary takeover offer to acquire all the remaining shares of Hovid not owned by them.
Both parties have also offered to acquire the remaining outstanding warrants of Hovid at 20 sen apiece.
Shares of Hovid were suspended yesterday to make way for the announcement. It will resume trading today.
Ho is the single-largest shareholder of Hovid, with an equity interest of 33.72%. He is also Hovid’s managing director.
Fajar Astoria is a special-purpose vehicle incorporated to undertake the offer with Ho. It was set up by TAEL Two Partners Ltd.
“The joint offerers (Ho and Fajar Astoria) offer to undertake a conditional voluntary takeover offer to acquire 544,085,171 ordinary shares not already held by them, representing about 66.28% of the total shares.
“In addition, the joint offerers wish to acquire 181,841,209 units of outstanding five-year warrants, representing about 56.43% of the total warrants,” the announcement said.
The offer price for the remaining ordinary shares represented a premium of 20.55% to the adjusted five-day volume-weighted average market price (VWAP) of the shares until Oct 6.
As for the warrants, the offer price stood at a premium of 45.02% to the five-day VWAP until Oct 6.
Post-conditional voluntary takeover, both Ho and Fajar Astoria do not intend to maintain the listing status of the pharmaceutical company.
In the event of the joint offerers receiving acceptances resulting in them holding in aggregate 90% or more of Hovid’s shares, the company will take the requisite steps to withdraw its listing status from the official list of Bursa Securities,” the filing said.
Note that the takeover offer is conditional upon the joint offerers receiving acceptance of not less than 90% of the remaining total shares.
The offer will remain valid for 21 days from the day of filing, unless the joint offerers withdraw the offer with the Securities Commission’s written approval.

Read more at http://www.thestar.com.my/business/business-news/2017/10/10/hovid-receives-voluntary-takeover-offer/#9U0TgAdoxkkR6qjj.99




Note for reference:

0%强制收购是要扣除david ho已经持有的股份,所以冷眼的1.22%应该是在反对收购里占1.84%。 
除了冷眼,在30大股东里,基金和个人持股多年的要达强制收购应该很渺茫。2017的annual report 出现morgan Stanley 持有warrant。morgan Stanley 在2015年财报当时是30大股东,后来卖出了,这次再次出现在30大持warrant。

Saturday, November 4, 2017

MMAG corporate exercise


MMAG :


(A) Overall


Tomorow 6/11/2017, MMAG will have corporate exercise:

2things below will come out

1. MMAG OR - yellow color - (with free warrant) - ignore this corporate exercise.


2. MMAG PR (blue color) - AIM this.
Trade for 5days.

$$$ >> AIM this. If can 0.005sen - 1sen.   Mostly estimate 2- 4sen
From MMAG PR 1sen need top up 5sen, within 4days after cessation.
Need buy bank draft (yourself), or ask us to buy (need transfer fund to us), and send to ShareRegistrar .

After,1-2 weeks, you will get your MMAG PA (preference share) in your CDS

*note from MMAG PA to Mother, you need conversion of 1PA +15sen.(optional)

Your cost maybe at 1+5sen = 6sen. When got up to 12sen. U gain 100%





(B) Some idea / ideal case of my sifu:
15 sen is equal to 75% of conversion of 20 sen, thus MMAG pa has a good leverage gearing that will provide us good return rate..
For example, if MMAG 's logistic business turned profitable, then MMAG rises to 40 sen, 
theoretically MMAG PA is 40-15=25 sen, and if your cost of pa is 5 sen, and your profit 25-5=20 sen, 
then your return is 20/5x100=400%




(C) Subscription: buy bank draft:

If need i Help you to buy bank draft:

Example:
100,000 unit MMAG PR

100,000 x 5sen = Rm5000
add below RM27  all expenses and charges
Bank in to my bank so i can help you buy bank draft.





charges : RM27





(D) Fill up form and sign on MMAG PR form page 101




(E) Duedate: 20th Nov 2017 (click to enlarge it  for better view)




(F)  Bank Draft Payable to , as below (click on below pic to enlarge it for better view )





-------------------------------------------------------------------------
6/11/2017 MMAG OR AND MMAG PR Opening price







Wednesday, October 25, 2017

Skill: Arbitrage - PUC and PUC-LA



Skill: Arbitrage - PUC and PUC-LA




Arbitrage - PUC and PUC-LA - (Practical and educational purpose)


PUC <<  -  >>  PUC-LA

WHEN?
Whenever got GAP between Mother PUC and PUCLA.    CAN do the "Arbitrage"; 
So you still got SAME unit in CDS ;  but will lower ur cost 1sen (if u manage to do it 1sen).  Further reduce your Current holding cost.


FORMULA : Check conversion method :
Use 1PA + topup conversion 5sen method do abritrage

HOW ?
1. Buy PUCLA
2. CONVERT to mother (赚差价1-2分 )sell mother PUC , then buy back again PUCLA


Fees:
Sample:   100,000 units PUC-LA x 5sen need RM5000 bank draft.   
Plus processing : Rm29 and  bank draft plus Rm12

(transfer fund to me if you need me help you to submit the form)


Form can be get from me.


Duration of conversion from PUC LA to PUC mother:  
Duration:  7 - 14 days 
(much depend on MEGA CORPORATE , the ShareRegistrar)




-------////------
Alternatively,
If you got mother PUC
SELL PUC MOther 15sen
Immediate buy PUCLA 8.5-9sen
Gain diferent 1sen
100 lots gain Rm1000


Monday, October 9, 2017

3rd party bank in detail by BNM . 不能用第3方名字 存入钱 进入您的 股票交易户口:

3rd party bank in detail by BNM:
不能用第3方名字 存入钱 进入您的 股票交易户口


Reminder:  NO 3rd party bank in . Penalty Rm100.

提醒:不能用第3方名字 存入钱 进入您的 股票交易户口 (夫妻儿女: 得呈报 填写FORM )。 
罚款: Rm100


BNM的详细信息  . Detail by BNM:  


======================================

Announcement:

Part (A):
According to BNM -BANK NEGARA RULES and Regulation:

DO NOT use other people name (bank or cheque) to bank in into your share trading ac.
不能用第3方名字 存入钱进入您的 股票交易户口



Part (B):
Spouse or immediate family can, but you need to Disclose and sign form(with bank) and provide below certificate:
至親爸爸媽媽兒女之間可以 ,但是得呈報 點一次表格.

SPOUSE:

SPOUSE:夫妻
3rd party bank in need MARRIAGE cert declaration and sign form of Declaration.
用結婚證書呈報


SIBLINGS : 
3rd party bank in need Birth-cert to show relationship and, sign form of Declaration
兄弟爸爸媽媽之間 用報生紙呈報





Part (C):
For more info of AMLA and third party bank in you can surf here at BANK NEGARA website

关于第三方 进钱 (3rd party bank in ) 您可查看国家同行官方网页 如下:



https://www.bnm.gov.my/guidelines/03_dfi/02_anti_money/01_anti_money_guidelines1_for_banking_and_financial_ins.pdf

Wednesday, September 27, 2017

《浅谈红股与Share Split》 by wong wei loon



《浅谈红股与Share Split》
最近有朋友问我,Bison和Penta两者之间,同时Bonus Issue又Share Split,差别在哪里。我就分享下当中过程与区别。

首先,我们先厘清为何公司要做这些企业活动。真正的原因是大股东想 1)回馈股东;2)增加股票的流通量。

有些公司,需要现金继续成长或派息吝啬,但是又需要回馈股东。所以就会选择以发红股的方式,让股东的股票数目增长。在这方面,QL, MYEG和AEON可以说是佼佼者。2000年你持有的这些公司的1千股,目前都变成超过10千以上。股价和股息看似没什么增长,不过股票数目都是几倍计算的。

另外一些公司,则是股价一路往上冲,公司鉴于自己股价比较高,要买卖不容易。例如,在分拆之前,DIGI股价接近RM40,我们如果要买100股,就要特地用RM4000的倍数来买卖。所以公司选择每股进行share split,1股变10股。那么买卖就能够方便很多,我们不需要一定要花RM4000的倍数来买卖,我们可以选择卖出RM2000,或RM1000,其余的都可以保留起来。而且,这样公司的bids也不会差很远,例如RM40的sell bid是RM39.50,而buy bid是RM40.50,相差一块,每次起落的价格很大,现在这些spread可以是 1sen,2sen计算。所以变相增加成交的机会和成交量。

那么,share split和bonus issue差别在哪里?为何有些公司可以Bonus Issue,有些又不能?关键就在于公司的Retain profit。公司bonus issue是动用公司的retain profit户口来认购公司再发行的新股票然后再派发给股东。如果公司retain profit户口不足,那么就无法进行bonus issue了。而share split则是直接从股票现有的par value split出来,没有牵涉公司的retain profit或capital 户口,但是如果公司股票的par value已经是RM0.005 sen,那么公司就无法split了。而且公司做share split是根据par value进行,例如10 sen的 par value,你不能split 3个,变成3.3333sen par value的股票。反而,有些公司的bonus issue,如果retain profit够强,则能够每1股送2股的方式把股票送到股东手中。在美国,因为没有par value这个东西,所以所有的股票一概都是share split。马来西亚以后也会执行no par value的方式,所以长远来看会越来越多公司进行bonus issue,把手上的capital account清空来回馈股东。

我们回到Penta和Bison的case。Bison的retained profit够多,所以就能够1股送1股 进行bonus issue。 而Penta的retain profit不足,所以Bonus issue只能每25股送2股,过后再进行Share Split。

大家请记住,有些公司还可以玩consolidation/ reverse share split。这个就留下次讲解,免得大家消化不良。

Sunday, September 24, 2017

<< 股市长存秘 >>

<< 股市长存秘 >> by WWL  

股市长存秘诀,是一个方程式:

你的资金 x 你的投资能力 x 你的杠杆 = 你的回酬

请认真研究这个方程式,这是你开窍投资的秘诀。

你的资金规模,很重要。大部分投资者,开始投资股票时都是拿几千块出来投资。几千块资金不大,如果你不见了几千块,下个月出粮你就可以拿回来。换个角度想想,你放了RM5000,今天即使给你赚了10%,也只是等于RM500,甚至不够支付你一年的电话费。如果今天你的投资规模是RM5万,不需要1倍的回酬,只需要10%回酬,就已经等于你1个月的薪水。请记住这一点,因为你无法累计你的投资规模,再高的回酬也是徒劳的,即使有很好的投资机会,也未必能够帮到你走得更长远。你需要的是一个计划,一个规律和一个想法,如何想壮大你的资金,再来增强你的回酬和获益能力。投资是一辈子的事,如果你觉得你可以投资一辈子,那么请不要介意拿出你一年的薪水去建立你自己的组合,这也代表你自己的认真和付出。一开始,大家都只是想办法把自己的投资规模弄大,到了一定程度,即使我们再投入新的资金来源,组合的增长速度也已经无法加快,这就是雪球。这时你就知道你的雪球已经大了,不需要再弄雪球了。请记住,雪球未大之前,你就别想着加快滚雪球的速度,反之亦然;雪球滚大了,就别想着加大雪球的规模,而是思考如何增加雪球的速度。如何最快弄大自己的投资组合?这要视乎你个人的能力,环境和抉择。有些人省吃省用,有些人想亲人借贷,有些人和其他人合股壮大雪球,也有些人比较幸运(我不否认这点)。如果问我,要雪球要多大才真正有意义看到回酬,我会说应该是RM10万以上,过了这个水平,即使你每个月再加RM2千、3千(假设你和一般人薪水一样薪水5千),你的投资组合也不会变得更大,因为你会牺牲很多东西,不划算。同样的,组合超过RM1百万的人,如果想着每个月加RM1万下去,组合一年也只是增加12%规模,倒不如提高滚雪球的速度。

滚雪球的速度,就取决于你个人的投资能力。假设你今天有RM10万;你的每年投资回酬是10%,那么7年后你的组合就会变RM20万;你的每年投资回酬是25%,那么8年后你的组合就是RM47万;虽然两者之间看起来差1倍,不过20年后,10%的回酬,你的组合变RM67万,而每年25%的回酬会使你的组合变成RM860万,两者足足差了14倍!我相信投资是一辈子的事。投资在自己,是最大也是最好的投资。投资在自己的能力,你就不会担心任何人或任何情况,因为你知道你自己有能力去应付。如何提高你自己的投资能力?虽然说每个人的环境和遭遇都不一样,不过我相信最好的秘诀在于一个人的好奇心,好学与吸收的能力,以及做好事的心态。我记得刚开始投资,我喜欢去逛AEON,在那里观察各种商品和AEON做生意的方式,我就投资在AEON慢慢学习和观察。我发现公司的柜台一直收现金,生意也是很好,但是公司因为要建立商场而出现很多的折旧,影响了公司的盈利和估值。因此我明白当时的AEON是个现金流很好的公司,但是盈利和估值偏低。通过投资 AEON,我学会了现金流,折旧和公司估值的重要性。过后,我研究AEON的姐妹公司AEONCR,但是现金流和折旧已经不适用在金融公司。我要多谢一位前辈对我的提点,他说公司现金流是建立于公司未来的发展,公司赚取现金流后投入去生意换取更多的现金流,那么现在的投资就是换取这个对未来现金流的保障。因此公司的成长至关重要。如果公司不需要太多现金去成长,则股息可以派发去股东,否则这个现金交还给公司,让公司继续壮大继续成长,而且这种成长是能够累计,能够复利!这就改变了我的思维,与其着重公司的股息或资产,倒不如看看公司有没有办法把现金流利用起来换取更多的现金流。而AEONCR恰恰就是这种公司,记得当时AEONCR 股价才RM4.50。在往后的几年,公司爆发力的成长,所派发的股息已经远远超越当年RM4.50的价钱。去和多点人交流,接触不同的东西,那么你就会学习到不同的东西。

有位朋友对我说,越厉害投资的人买越低价的“投资”。我起初不明白这句话。后来我才明白,他指的是“杠杠”。或许大家以为我说的杠杠是Share Margin 或借钱,其实不是。杠杠,是计算好自己能够承担的风险,尽量把风险降至最低,赚取最大的回酬。我要感谢我的师父教会了我这个操作,希望我这个徒弟学习能力不会太差。2016年初,我的朋友介绍了我Gamuda-WR,我听都没听过。他说Gamuda WR 是一种Warrant 的Rights,只要买入这个rights就可以subscribe Warrant。Warrant本身是一种杠杠,而rights则是杠杠中的杠杠。用RM0.25购买了这个rights ,就可以用RM0.25 subscribe warrant,总成本是RM0.50,而warrant上市可以赚到中间的premium。后来Gamuda Warrant上市后,Mr. Koon那时就强烈推介,买入价是 RM1.20他也觉得是很好的投资,我们则花RM0.50认购的warrant,很乐意地卖出给他,整个过程才三个月时间。杠杠的方法有很多种,还有很多的投资工具。举个例子,某家公司有Preference Shares价钱是RM0.10,公司母股是RM1,PA的条件是10个PA换一个母股 或 1个PA再加给RM0.90 cash 换一个母股。公司母股如果跌10sen,那么10个PA换一个母股情况下,我也只亏1sen;但是如果公司母股去到RM1.10,我每个PA只需要给RM0.90就可以换到母股,也就是说每个PA的价值是RM0.20。同样的风险,母股起落10sen,但是我的亏损只有1sen,但是我却赚10sen。除了杠杠工具,有时你还可以杠杠身边人的能力。你看到的这篇文章,就是在杠杠着我的能力,这些你是在外面接触不到的东西,改变了你的思维。Leo Ting 老大一直分享关于钢铁领域,我就可以很快的了解整个领域,缩短了我做决定的时间,而我的朋友和师父,则互相共享大家的分析和研究,一起进行杠杠充实我们的情报和思维。股市里面,有句话很重要“花花轿子人抬人”,你帮助人家,人家也帮助你,大家共享赢利。世界上真正第一个共享模式的,就是股市本身。

所以,请记住《股市长存秘诀》的方程式,加以研究和开窍。

你的资金 x 你的投资能力 x 你的杠杆 = 你的回酬

我给大家一个case study。在2016年7月,我去参观了一家上市公司,建材公司的管理层告诉我们钢铁已经短缺和在涨价,AnnJoo 应该赚幅不错,加上Leo Ting老大的分析,我们更加肯定Annjoo是不错的投资选择。这就是杠杠资料了。Annjoo在这时候刚好要进行Preference Share right issue,而PA的条件就是每股PA可以用RM1.30的价钱换成母股,PA本身的认购价钱是RM0.50。当时的AnnJoo 母股才 RM1.20,如果认购PA再加上转换价格,拿到母股的成本就要RM1.80,PA就等于废纸。所以公司母股的价钱需要上去给大家甜头,好让现有的股东有资金去认购PA以及提高PA的价值。这就是要杠杠状况了。接下来,当Annjoo去到RM2.10的时候,就卖出母股,等preference shares的 right 出来认购。PR一出来的价钱大概是RM0.30,加上认购PA的成本,每个PA的总成本是RM0.80。等PA出来后,就等于投资了Annjoo公司,只要Annjoo继续涨,PA的价值水涨船高。目前Annjoo的母股价钱是RM3.70,我只需要给1个PA + RM1.30就可以拿到母股,Annjoo PA的价值相等于RM2.40,过程我还可以收取公司的股息。这就是杠杠工具了。假设当初投入的RM100k 购买Annjoo,在股价RM2.10卖出去,已经变成了RM175k,足以购买218k的Annjoo PA。以目前的Annjoo-PA收市价钱计算,总共价值是RM503k。从RM100k变RM503k,才用了1年时间。

所以我想要感谢很多帮助我的朋友和师父,希望没有令大家失望。同时也希望能够抛砖引玉,吸引更多优质的分享。

Tuesday, September 19, 2017

Warrant right adjustment ratio (unit)



http://www.bursamalaysia.com/market/listed-companies/company-announcements/5548753



                       

Calculation is (230/168)x100= about 137.

Each 100 shares become 137 shares so 100 shares will get about 37 bonus unit shares upon adjustment.

When mother is having right issue, warrant will get bonus units.

Tuesday, September 5, 2017

Titijaya and Titijaya PR

Titijaya and Titijaya PR

ALERT:  Duedate to apply TITIJAYA PA is 18 Sept 2017

Overall:



Conversion:
Conversion Option 1 : is 10 PA to 1 mother share

Conversion option 2 : is 1 PA  +RM 1.485 to 1 mother share



---$$--
Titijaya PR - (5239PR)

1PR + conversion 0.165 to get Titijaya PA(preference share)

1PA + 1.485 to convert to become Titijaya mother



Titijaya PR(5239-PR)

PR 1sen => 1PR +转换价 0.165获得Titijaya PA(优先股)

1PA + 1.485 转换成Titijaya 母股


=======================================================



TITIJAYA will split 1:2 later
TITIJAYA  分拆 一变二;


TITIJAYA PA will split too

TITIJAYA PA 分拆 一变二;







Part B: Titijaya Trading days - 5days

Start: 5/9/17
Ceasation date: 12/9/17













Part (C) :Titijaya PR to Titijaya-PA subscription NPA form:

Link:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5532657

(page 224)

This below form:




My sifu comment:

Titijaya is a good profitability second tier property development company,and its coming PA will actually provide us a VERY GOOD opportunity to make good money return over next 5 years with very minimum risk,till now it could be considered as once in OUR LIFE TIME, learn from me here and you could be smarter thereafter..for other counters
Titijaya PA : subscription price is 16.5 sen
: Duration is 5 years
: Conversion price is RM 1.65
: conversion option 1 is 10 PA to 1 mother share
: Conversion option 2 is 1 PA + RM 1.485 cash
Please take note that the conversion OPTION 2 has virtually turn PA as a NON-BURNT WARRANT-EQUIVALENT with VIRTUAL EXERCISE PRICE of RM 1.485...if your cost of PA is 17.5 sen each...meaning you are investing in a non-burnt warrant with gearing of 8.57 (1.50/0175) and premium of 10.67%...But the vital part of this investment is that ,it is like warrant providing leveraging effect and yet receiving dividends (Titijaya has paid yearly dividends so far )..so your holding cost will be reduced over next 5 years.... You may take OCR PA as a case study and reference.





FORMULA and DETAIL

Question:
If now I have 20,000 of titijya PR,what should I do ? If change to mother Titijya,how much I earn or lost after need to pay those cash commission and top up charges? Please guide.Tq



First, you need to pay to subscribe PA. Means to change PR to PA.
Then convert from PA to mother.
How much earning and loss depends on the mother price.

1) Convert from PR to PA
Conversion price = RM0.165
Your PR on hand 20,000 units.

If you bought PR at RM0.01,


Total cost you gonna pay (exclude remisers admin fee)
= initial PR cost + subscription for converstion
= (20,000 x 0.01) + (20,000 x 0.165) 
= 200 + 3,300 
= RM3,500

or 

Total PR units x (PR price + converstion price)
=20,000 x (RM0.01+RM0.165)
= RM3,500



2) Convert from PA to mother
If you choose options 2 (1 PA + RM1.485  = 1 mother)

Total cost involve (exclude remisers admin fee)
= 20,000 x RM1.485
= RM29,700




Sunday, August 20, 2017

AEON Credit LR

AEON Credit LR

https://www.facebook.com/nanyang.nysp/posts/1727629894208303



http://www.enanyang.my/news/20170820/%E6%B0%B8%E6%97%BA%E4%BF%A1%E8%B4%B7%E5%A4%AA%E7%B2%BE%E7%AE%97%E4%B8%87%E5%B9%B4%E8%88%B9/


AEON Credit LR :
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5514597







Monday, July 31, 2017

PN17 - MAA


Example for pn17 company:

http://www.sinchew.com.my/node/1667797/%E5%87%80%E7%8E%B0%E9%87%91%E5%9C%A8%E6%89%8B%EF%BC%8E%E9%A9%AC%E8%81%94%E4%BF%9D%E9%99%A9%E5%AF%BB%E6%A0%B8%E5%BF%83%E4%B8%9A%E5%8A%A1

Monday, June 5, 2017

Announcement / Things need to take note:



Announcement /  Things need to take note:

1. Sales proceed (sales RM) come out 3days Bursa to pay us.(default back into your shareTrading ac)

2. Same day SELL share sales proceed , can use for next stock you purchase.
(3days RM come out from Bursa into your acc, hence can ON time use the Rm to pick up t3 stock you bought)

3. NO 3rd party bank in , to comply BANK NEGARA rules and regulation except immediate relative.
(use CASAH bank in ok).

4.  3rd party bank in need declaration - husband-wife ,  father - son,   mother - son.
Need birthcert as proof.

5. Withdrawal cutoff time ,10am.   Estimate to receive same day 6-7pm.

6. Please send me bank in slip as bank in PROOF

7.  Bank in amount above RM50k by CHEQUE , please snap me the Cheque image.

Tuesday, May 23, 2017

Understand warant



Warrant:
http://www.investopedia.com/terms/w/warrant.asp

Premium:
http://www.investopedia.com/terms/w/warrantpremium.asp


Warrant: High Return investment tool (high risk)
http://www.investopedia.com/articles/04/021704.asp


猎人分享:何为Company Warrant, Call Warrant 和Put Warrant的概念?

http://klse.i3investor.com/blogs/warrant/103689.jsp





================================================================

More to read and learn: http://neonshare.blogspot.my/2007/01/wawbwccapaiculsoros.html?m=1

Credit to NEON:

14 January 2007

什么是WA,WB,WC,CA,PA,ICULS,OR,OS等

什么是WA,WB,WC,CA,PA,ICULS,OR,OS等
除了PA(preference share)之外,这些产品是统称为derivatives.所有的warrant,call warrant,iculs等都有以下的共同点,

1。转换价(excersise /strike price)
这是把warrant转换为母股的价格,cash settled call warrant方面,这是作为计算赚/损的价格。

2.寿命期(expiry/maturity period)
所 有的warrant,call warrant,iculs等都有一定的寿命期,warrant一般上是五到十年,能否延长是取决于发行warrant时的deed poll,以及Bursa and SC的批准。CA早期有四年的(例,Khazanah 发行的MISC-CA),但最近所发行的CA寿命期非常短,CIMB发行的CA是八个月,AMMB发行的CA是一年。CA不能延长。icul寿命期从二到 十年。

到期的warrant&call warrant假如没有转换为母股,将成为废纸,现金结算(cash-settled)CA例外。到期的iculs自动的以转换比率换为母股。

#2 Warrant 是怎样来的?

当 一间公司筹资时,会选择发行附加股(rights issue)或债券(iculs),为吸引小股东们认购,公司通常会加上甜品,也就是warrant.Warrant 本身起源自call options.请看看Investopedia 对于call option的定义:

An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument at a specified price within a specific time period.

Warrant因为不是股票,也不是债券,只是期权,所以没有股息,也没有利息。当一间公司支付股息时,warrant价格会受影响调整。

WA,WB,WC...有什么不同?
因为一间公司筹资方式及时间不同,所以,每一次筹资时所发行的warrant转换价以及寿命期都不一样,所以,各个warrant会以WA,WB,WC等来区别。

Warrant一定是由公司本身发行,所以,转换时是由公司本身发出新股。

#3 CA,CB,CC。。。

Call warrant 基本上也是call option,但和warrant有稍微不同。

-Call warrant 非由公司发行,issue者是第三者,通常这个第三者是大股东或者是Merchant bank 如CIMB,AMMB,OSK等。

-Call warrant分为covered或uncovered.covered warrant 是由大股东发行,(例khazanah发行的Telecom CA)covered warrant到期时只能够以转换价转换成母股,到期没有转换的covered warrant成为废纸。因为转换时没有涉及发行新的母股,公司的earning 不会dilute.

uncovered warrant也称为naked warrant,发行者通常没有或者只拥有很少量的母股。近来发行的call warrant多为这类。uncovered warrant结算时以现金支付,不能以转换价转换成母股。(例-Bj Toto 今天闭市价为4.60,如果某人拥有一千股CA要求结算,他将获得4.60减去转换价,也就是4.43,等于RM170。既然现今CA市价为0.34,要 求结算者将要亏损RM170。手续费还没算入。)

covered and uncovered warrant结算时相对的一方(counter party)是issuer.


uncovered warrant寿命期一般上比covered warrant短。

不同时期由不同issuer发行的call warrant,由以转换价与寿命期个别不同,因此以CA,CB,CC等区别。

#4-Iredeemable convertible unsecured loan stock(Iculs)-LA,LB。。。

我暂时的跳过Preference share(PA),因为 PA不是derivatives.让我们先谈谈Iculs.

公 司筹资的方法之一是发行loan stock(债卷),发行loan stock事实上就是公司向股东借钱,表明利率,年仿及到期时的偿还方法。Loan stock到期时的偿还方法有二种,一是现金偿还,二是以早先表明的转换比率转换成母股。现金偿还者称为redeemable loan stock,可转换成母股者便称为Iredeemable convertible loan stock.我们现在只集中讨论Iredeemable convertible loan stock。


Iculs称为可转换债卷,不同于warrant,寿命期介二至十年,享有利息(如有)到期时以转换比率转换成母股,不会成为废纸。一些Iculs
转换时必须添加现金。

Iculs不是股票,也不是warrant,发行Iculs时有份Trust deed说明利率,年仿,转换比率等。

Iculs因为不是warrant,所以没有time decay的问题,接近到期时不会越来越没有time value.

同样的,因为不同期限与转换比率等的差别,loan stock以LA,LB等来区别。购买loan stock必须留意convertible还是unconvertible,后者的capital appreciation 较少。


#5-Preference shares(PA)

PA本身是优先股,不是warrant,也不是Iculs.

不同Ordinary share,Preference shares没有voting rights,股息取决于发行时相关的条款。股息又分为cumulative 和non-cumulative.

许多PA到期时可以转换为母股,不会成为废纸。


期权有二种,American style 和European style,American style 的期权可在任何时候要求转换,European style的期权只可以在到期时转换。

大部分的warrant,call warrant是American style,Iculs和PA是European style,也有例外。

要转换母股,请首先由Stockbroker or registrar处取得excercise form填好,把转换价以银行本票方式附上给Registrar,大约三个星期,DONE!!!

买iculs和买股票是一样的,找你的Remisier就行了。

回 筹方面,假如是convertible loan stock的话,它的起落应该会和母股平行。Unconvertible loan stock因为不能转换为母股,它的价钱起落不大,只会反映redemption amount on maturity减去/加上interest receivable and risk premium for redemption .

关于iculs有趣的一点是假如是European style(届满时转换),它的价钱起落的behaviour和warrant相反,越接近届满时,越靠近母股价,没有time decay 的问题。

实 际上,Bursa有许多iculs是被低估的。让我们来看看Ramunia-LA,此Iculs现价为RM1.02,母股价为RM1.25, coupon rate为1%,十二月发出。明年十二月即可以1比1转换为母股。Sime engineering 可能offerRM1.2 to take over.

假如现在以RM1.02买进1千LA,到了明年十二月,已经得到RM10利息(interest for two years),母股价如不跌或保持,这1千iculs便值得RM1.25。假如Sime engineering收购,便有RM1.20的"保险".这比银行利息好。
请问你如何计算利息呢? 拿coupon rate 乘 母股的par value?
是的。我忘了Ramunia LA par value 是50sen.谢谢你的提醒



什么是认购权(OR,OS)?

当一间公司发附加股或其他的筹资工具时,现有的股东们能享有以公司所定下的折扣价购买附加股或其他的筹资工具。这权利便称为"认购权"(rights to subscribe).一些公司的认购权是可以转卖的。这就是OS,OR的来源。

OS 和OR通常会在申请书寄出后,但before the closing date for subscription前在Bursa交易二个星期。最后的买方必须以公司所定下的价认购附加股或其他的筹资工具,假如没有购买的话,OS或OR will lapse and成为废纸。

认购权的价值(intrinsic value)是不难估计的,(例,母股市价RM3,附加股为RM2.5,认购权的价值便是RM0.50),可是当认购的附加股或其他的筹资工具有附送如 warrant时,认购权的估值便变得复杂。因为多了一个可变的因素(variable),ie,warrant price.

Wednesday, May 17, 2017

No more PAR value / corporate execise



Education of share: http://www.enanyang.my/news/20170516/%E4%B8%8D%E5%86%8D%E4%B8%A4%E6%A2%AF%E7%BA%A7%E5%94%AE%E9%99%84%E5%8A%A0%E8%82%A1%E9%99%88%E9%87%91%E9%98%99/


Sunday, April 16, 2017

L&G 3174 right iisue


To:

L&G holder

You will have L&GOR form today.
Start trading from today until 25/4/17 ceassation date.

You can:
1. Sell the L&G-OR form (take back some money) ,IF you dont have money to subscribe the 0.21 right issue.
alternatively
2. Sell L&G MOTHER share and then buy L&G-OR at cheap 0.005 or 0.01 ; Keep it and subscribe for right issue with top up 21sen (buy bank draft and sign right subscription form. Find me after 25/4/17 )



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


If you have NO L&G-OR form

You can invest if the price is good aka 0.005 or 0.01.
Hahaha dream?

Then add bank draft 0.21 Sen to subscribe it.

TEXT Me if you don't know .



COUNT and think , case to case basis.


Thanks


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


Where to  DOWNLOAD form:
link: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5398309



How to Help you buy bank draft?

Pls bank in to my Alliance Bank ac: LEE HAN BOON
ACC: 1410 300 200 82 108


1. stamp : RM10
2. bank draft : RM5
3. Runner and processing fees: Rm8

Extra Rm23

Once bank in pls send me the bank in picture of the slip.

TQ





Tuesday, April 11, 2017

Kgroup -OR application steps

 Kgroup OR subscription steps:

1. After you buy Kgroup OR - pay and pick up the share.
example: 0.01 x 100,000 share = RM1000


2. Form download here:  (this: RSF pdf file)
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5378669


3. Fill up above form with CDS number. (if dont know, get from me)


4. Buy RM10 stamp and glue it.


5. Buy Bankdraft for it Rm0.05 sen.   (Bank draft pay to KAG RIGHTS ISSUE ACCOUNT ) - See from the form
Calculation: 100,000share x 0.05sen = Rm5000


6. If wana EXTRA right issue share. Buy ANOTHER Bank Draft (will got get all if alot people apply)
Extra 50,000 share wan to apply: 50,000share x 0.05 = RM2500
Bank draft payable to " KAG EXCESS RIGHTS ISSUE ACCOUNT "  - See from the form


7. Attach the 2 bank draft, post to them . OR Hand-in to them at Bangsar Office : TRICOR (on the lower right of the form)



Link to read more:

https://www.facebook.com/groups/199953563383728/





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

If you need i help to buy BANK DRAFT:

Share of Kgroup-OR wana apply example: 100,000 unit x 5sen = Rm5000 Transfer to my Alliance Bank: 1410 300 200 82 108 - LEE HAN BOON
So i can withdraw Rm and help you buy bank draft. Fees: 1. processing fees Rm8 (to the company) 2. bank draft Rm5 3. Government Stamp Rm10 Total :Rm20

Monday, March 20, 2017

Reference price / corporate exercise



Reference price:
L&G reference price: formula calculation: http://taadress.ta.com.my/Circular/G%200011%20of%202016%20Guidelines%20Reference%20Price%20Calculation_Corporate%20Action_New%20Listing.pdf



Tuesday, March 7, 2017

DBE - new chicken in the town








Counter: DBE
Code 7179
Business: Chicken
Price to EPS, PE ratio : 165 

Warrant:  Recently listed
Warrant conversion: 0.05 sen
Mother now : 3.5sen
Premium 溢价: 85%


Last few year high: Near 50sen ; now 4sen
Warant B: Just come out. 0.01 - 0.015sen now.

New product: HARMUI CHICKEN.
Advantage: Got HALAL cert!!  (malay can eat)

website: http://www.dbegurney.com/


mySifu buy in some at 0.015sen for its warant B. park some to buy 1sen.
If u worry high premium, AVOID. and consider DBE mother share.

Recent:
Harumi Chicken expanding in Johor and Perak.
DATO DING bought in

THEME: Transformation

Study and monitor it.