China Gaoxian 2010 financial result

Just noticed that SGX website has updated with China Gaoxian 2010 full year financial result.

Summarized some key findings here:

      (1)  Full year revenue increased 6.7%.

      (2) Gross margin maintained at 30.5% compared with 31.8% in 2009.

      (3) Maintained its net profit margin at 21.1% in 2010, similar to that of 22.6% in 2009.

      (4) Net cash inflows from operating activities of RMB757.3 million as compared to RMB317.8 million last year.

      (5)  Full year earning per share abt 5.47 cents – base on current stock price 26 cents work out P/E ratio 4.75.

      (6)  NAV increased 28% to 22.74 cents.

      (7)  Cash or cash equivalent increased 77% to 14 cents per share.

      (8)  Quick ratio: 3.25, Debit / Asset ratio: 0.23.

      Entry price 34.05 cents - projected P/E ratio 6.22 (base on 2010 EPS 5.47 cents).

      If we estimate its EPS just maintained at 5.47 cents per share in 2011 and a reasonable P/E ratio of 8 (current industrial average was 12) the fair value of the stock price should be 43.76 cents.

Anyway in stock market there are no such thing called "reasonable" and I should not expect market to behave in a rational way.

Best World International (BWL) 2010 financial result highlights

On 22^nd another one of my holding counter BWL also released its full 2010 financial result.

Entry point: 29.05 cents

Current price: 27 cents – down abt 7.1%

Dividend pay out announced: 1 cent per share

Dividend yield: 3.44%

Base on the result released, I am a bit concerned about this counter.

Summarized some important findings here:

(1)   Revenue decreased 32% from 73M to 49.5M.

(2)   Net profit decreased 78% from 9.7M to 2.1M.

(3)   Net profit margin decreased from 13.3% to 4.9%.

(4)   Earning per share decreased 74.6% from 4.69 cents to 1.19 cents.

(5)   NAV per share decreased from 26.18 cents to 24.65 cents.

But if we just look at 4^th Quarter financial result alone, the future may look brighter now:

(1)   4Q10 contributed abt 16.8M revenue - projected full year revenue 67.2M.

(2)   The whole 2010 profit 2.1M actually came from 4Q10.

(3)   4Q10 net profit margin kept at 13.5%.

(4)   4Q10 earning per share 1.11 cents – projected full year P/E ratio 6.1.

In addition this counter was backed by 17 cents cash or cash equivalent per share.

In conclusion I will hold on my current position for another 3 months and am expecting some goods news come from 1^st quarter 2011 financial result.

HockLianSeng full 2010 financial result highlights

HockLianSend released its full 2010 financial result on 22nd Feb, revenue and profit looks within expectation and I am not going to spend any time to discuss abt these two factors here.

I summarized some important points to support my continuation holding onto this counter as below:

(1) 1.625 cents per share dividend payout - base on my entry point 31.55 cents abt 5.15% yield.

(2) Cash or cash equivalents abt 32.45 cents per share as per 2010 book closure data - entry point 31.55 cents was backed by 32.45 cents cash per share.

(3) NAV increased from 14.6 cents (2009 end)  to 17.5 cents (2010 end) - abt 20% increase.

Base on above 3 factors I am willing to hold this counter due to its good dividend payout as well as strong cash & book value per share backing.

Multiple source of incomes

I am intent to increase my other source of incomes (other than normal salary income) to 20% of my total annual income by the end of this year.

Here I listed down some possible source of incomes I can generate over the remaining 10 months period:

1.) Investment Gain / Dividends / Interests
2.) Rental income
3.) Freelance job (work at home) income
4.) Government cash bonus
5.) Others

My ultimate goal is to increase my non-salary income to 50% before reaching 40s.

Bought China Taisan @0.18

Business Summary

China Taisan Technology Group Holdings Limited, an investment holding company, engages in the manufacture and sale of knitted fabrics used for sports and casual apparels in the People’s Republic of China. It involves in the knitting, printing, and weaving of fabrics, as well as the provision of fabric-processing services, such as dyeing and finishing. The company sells performance fabrics under the Lianjie brand name. China Taisan Technology Group Holdings Limited was founded in 1996 and is based in Jinjiang, the People's Republic of China.

Key Data

52-wk range: 0.17 - 0.24
Book value per share: 0.30
Cash per share: 0.16 (this counter was backed by 0.16 cash per share)
P/E ratio: 8.5

Fundamental Analysis

Revenue growth - 1 star
Net profit growth - 1 star
Gross margin - 2 stars
Cash flow from operations - 2 stars
ROE - 2 stars
Quick ratio  - 2 stars
Debt / Asset ratio  - 2 stars
P/E ratio 8.5 - 1 star
--------------------------------------------------------
Total star points: 13

My consolidated analysis of Poh Tiong Choon Logistics Limited

Stock Information

Current price: 0.45 (as at 1st Feb 2011 closing)
52-wk range: 0.325 - 0.485
Book value per share: 0.26
Cash per share: 0.05
P/E ratio: 6.8

Business Summary

Poh Tiong Choon Logistics Limited, together with its subsidiaries, provides various logistics services primarily in Singapore. It offers services relating to land transportation, warehousing and drumming services, stevedoring, bulk cargo handling, container services, equipment renting, leasing, and general contracting. The company also engages in the operation of barges, freight forwarding and barge leasing services, trading in liquefied petroleum gas and diesel, and rental of an industrial property. Poh Tiong Choon Logistics Limited, formerly known as Poh Tiong Choon Contractors(Pte) Ltd, was founded in 1950 and is based in Singapore, Singapore.

Fundamental Analysis

Revenue growth - 2 stars
Net profit growth - 1 star
Gross margin - 0 star
Cash flow from operations - 2 stars
ROE - 1 star
Quick ratio 0.79 - 0 star
Debt / Asset ratio 0.54 - 0 star
P/E ratio 6.8 - 1 star
--------------------------------------------------------
Total star points: 7

Technical Analysis

As per below 3 months combined TA chart the best entry  point should be around 31st Dec 2010 @ 0.40 per share. It means about 12.5% profit within one month.

My improved Fundamental Analysis(FA) checklist

I would like to implement a stars rating system to access any potential fundamental strong counters and only invest into those counters which are able to pass the minimum 11 stars criteria:

Criteria	2 Stars	1 Stars	Max. Stars
Revenue Growth (5 yrs)	constant growth	most yrs show growth	2
Net Profit Growth (5 yrs)	constant growth	most yrs show growth	2
Gross Profit Margin (5 yrs)	>= 25%	15% to 24.99%	2
Cash flow from Ops (5 yrs)	constant growth	all show positive	2
ROE (5 yrs)	>= 15%	10% - 14.99%	2
Quick Ratio  (recent)	>= 1.5	1 - 1.49	2
Debt / Asset Ratio (recent)	<= 0.2	<= 0.4	2
P/E ratio (current)*	<= 6	6 - 12	2
		Max.	16

* for US stock <= 8 (2 stars), 8 - 15 (1 star).

Now I use China Gaoxian as an example to illustrate how it works:

Revenue growth - 1 star
Net profit growth - 2 star
Gross profit margin  - 2 stars
Cash flow from operations - 1 star
ROE - 2 stars
Quick ratio 1.13 - 1 star
Debt / Asset ratio 0.13 - 2 stars
P/E ratio 5.5 - 2 stars
--------------------------------------------------------
Total star points: 13

My Technical Analysis tools

After done so many fundamental parts to learn how to analyze a company's fundamentals, now I realised the important of technical indicators in order to start marking money from my selected counters. In other words, to determine the right price to enter the market and the right price to exit it.

As a matter of fact, there are so many indicators that can be used to make a buy or sell decision. I would like to only use the most effective and simple indicators:

1. Simple Moving Average (SMA) - using 20 & 50 days

Buy signal: price is above 20 SMA and the 20 SMA crosses over above the 50 SMA.
Sell signal: price is below 20 SMA and moving downwards to the 50 SMA.

2. Moving Average Convergence Divergence (MACD)

MACD can give meaningful feedback only as trends change, and the MACD is less useful if the market is not trending. Zero crossovers provide evidence of a change in the direction of a trend.

When the lines and histogram cross up, this is a simple buy signal.
When the lines and histogram cross down, this is a simple sell signal.

3. Trading Volume + Volume (MA)

Only consider buy a counter which is reasonably actively traded with the support of healthy trading volume.

If the uptrend of a stock price were supported by an increasing trading volume indicate the price have a strong support.

Extra caution is needed if the trading volume is high with a downward stock price movement.

4. Parabolic SAR (SAR - stop and reverse)

The indicator generally works well in trending markets, but not a good indicator during non-trending, sideways phases.

The price rises above the green dots is generally bullish sign,
while if the price is below the red dots is generally bearish sign.

5. Relative Strength Index (RSI)

The Relative Strength Index Technical Indicator (RSI) is a price-following oscillator that ranges between 0 and 100.

RSI > 80 overbought - sell signal
RSI >60 probably bull - buy signal
RSI < 20 oversold - buy signal

Traditionally, RSI readings greater than the 80 level are considered to be in overbought territory.
RSI readings lower than the 20 level are considered to be in oversold territory.
In between the 20 and 80 level is considered neutral, with the 50 level a sign of no trend.

All in one chart:

等待离职良机十种方式（转）

1. Ramp up your networking. Join LinkedIn and Plaxo, and ask for recommendations from current and past coworkers. Use Twitter to update the world on your current projects as well as network with other like-minded individuals. Look for local networking groups, and start attending them。

　　提升你的关系网 加入LinkedIn和Plaxo，向当前和过去的同事征求建议。利用Twitter更新你目前计划的范围，扩大与其他志同道合个人的联系。寻求当地的网络群体，并加入进去。

　　2. Prepare for success. Consider registering a web site in your name. You can then create a professional-sounding email address that will encourage people to visit your web site. Get a professional photograph taken. This is for your web site, your advertising, or anything else that you will be doing to promote your image as a serious professional. Order your own business cards in your name with your web site and business number. Basic business cards can be obtained for a very reasonable rate at Vista print. If you don't want your cell phone ringing with business calls at work, consider a Skype In number, which will cost you just $60 a year。

　　做好成功的准备 考虑以你的名字注册一家网站。这样，你就能创建一个给人印象深刻的职业电子邮件地址，并能鼓励人们访问你的网址。拍一张职业的照片。这将为你的网址，你的广告，或任何其它你所能做的提升自己职业形象的事情做准备。定制印有你的姓名、网址和公司电话号码的自己的名片。基本的名片能够在Vista print获得非常合理的速度。如果你不想让手机在上班的时候收到业务电话，就考虑使用Skype In号码，每年只需花你60美元。

　　3. Expand your skill set. If you’re in the right career, critically examine where you may be lacking in experience or qualifications. If you’re weak at giving presentations, now is the time to join Toastmasters. This will improve your public speaking ability and eventually add solid achievements to your resume. Upgrade your credentials. Is there a certification of some sort that you can achieve? Perhaps it is time to consider finishing your MBA。

　　扩展你的技能，如果你有份合适的职业，那么，就精确地审视你可能缺乏的经验或资格。如果你不善表达，那么，现在就该加入Toastmasters。这将有助于提高你在公共场合讲话的能力，也将为你的简历添上实在的业绩。升级你的文凭。看看你能获得哪种证明。也许是考虑完成你的MBA的时候了。

　　4. Start thinking of yourself as who you want to become. Rather than being a banker who paints as a hobby, you are an artist who supplements your income with your banking job. This inner psychology is very important to realizing your dream. If you always think of your dream as something you’ll be doing in the future, there’s a good chance it will always remain in the future. Claim it as your reality now, and that will encourage you to take action. If you’re in the habit of thinking it and believing it, doing it becomes much easier。

　　开始把自己看做你想做的那种人，与其做个银行家，而把绘画当成业余爱好，不如把自己当做靠银行的工作增加收入的艺术家。这种内心的暗示对实现你的梦想很重要。如果你总是把梦想当成将来要 做的事，那么，它很可能永远留在将来。现在就宣称你的梦想就是现实，这样会激励你采取行动。如果你常常考虑自己的梦想，而且习惯了相信梦想，实现梦想就会 更容易。

　　5.Do something to earn money outside of your current job. Consider consulting or selling your creations. Having an outside income helps take the sting out of a miserable work situation. Working in a job that is a bad fit can be a demoralizing experience. Earning a second income is a consistent reminder that you are able to earn money apart from your main source of income. You may eventually find that you can turn your secondary income into a full-time business。

　　做点挣外快的事情 考虑做做咨询或出售你的创意。挣外快有助于使讨厌的工作令人愉快。做一件不适合的工作可能是令人泄气的经历。挣到额外的收入会不断地提醒你，你能从主要收入来源之外挣到钱。最终，你也许就会发现自己可以将产生第二收入的工作转变为全职事业。

　　6.Post a visible reminder that this job is only temporary. When I once worked in a job I hated, I helped bide my time by hanging a reminder on my bulletin board that said, “This is only temporary. De-invest。” Now this was a home office, so I had freedom over my environment. However, I would suggest you post something at work that will symbolize this concept for you. It could be a phrase like this abbreviated in a way that only you will understand. For example, if you want to become a novelist, post an image of your dream home office or the front cover of a book. Make sure this is in a location where you will see it frequently; every time those stressful moments at work arise, you’ll have this reminder: This is only temporary. I will not be doing this forever。

　　醒目地标示这只是一个临时工作 当我做令自己讨厌的工作时，我等待时机的方式就是在电子告示牌上挂上提示：“这只是临时的。完全是投资。”这是一个家庭办公室，因此我能自由布置自己的工作。

　　作环境。不过，我建议你在工作时为自己发个邮件，把这个理念传达给自己。你可以发送一个只有自己明白的像这样的短语。比如，如果你想成为一名作家，就发送 一个你想象中的家庭办公室图像或一本书的封面。要保证把它显示在你能经常看见的地方。每次在工作中感受到压力增强时，你都会得到这样的提醒：这只是临时的。不会永远如此。

　　7.Get busy in your off-work time. There are two halves to achieving a new reality: You must have time to dream, and you must take action. Give yourself time for creative visualization daily. Note ideas that come, and keep a record of these. Make a rule that you spend X amount of time daily taking action on your dreams. Artists produce artwork. Writers write. If you are not taking action, you will not achieve your dream。

　　在没上班的时候就开始工作，要想获得一种新的现实有两部分：你必须有时间梦想，你必须采取行动。给自己时间，创造形象化的每一天。关注并记录下出现的想法。形成每天花若干时间采取实 现梦想的行动的习惯。艺术家创作艺术作品。作家写作品。如果你不采取行动，就不会实现梦想。

　　8. View your current job as paid practice for your future dream job. Even in a miserable job, you have a wealth of opportunities to polish your skills. Have a boss who’s a hothead? This is your time to get paid to practice dealing with difficult people. Read about neuron linguistic programming (NLP), and give it a try. Find ways to streamline the processes at work. How can you be more efficient in dealing with email and phone messages? How can you better manage your time? Build good habits now that you will take with you when you leave。

　　把目前的工作看成为未来梦想的工作付出的实践，即使在一个令人厌恶的工作中，你也能获得提高技能财富的机会。你的老板是个性急的人吗？这正是你练习与难相处的人合作的机会。看看《神经语言学设计 (NLP)》，并付诸实践。想办法把工作流程合理化。如何才能更高效地处理电子邮件和电话留言？如何能更好地安排时间？现在就养成好习惯，等你离开的时候 你可以带走这个好习惯。

　　9.Maintain a satisfactory job performance, but de-invest emotionally. This one takes practice, and meditation helps with this. Keep in mind that this job is temporary, so it is not worth your losing sleep over. Practice not engaging with people who try to push your buttons. Think of yourself as working for yourself, not for the company. Do your best to stay below the radar by making sure you are performing satisfactorily, but as much as possible, reduce work-related activities that consume your energy but have little to no return on investment。

　　保持一个令人满意的工作表现，不过不要全身心地投入进去。 这需要练习，深思也有助于此。牢记这是个临时的工作，因此不值得你失眠。练习不要与试图触动你的人交战。想象自己在为自己工作，而不是为公司工作。努力做到表现令人满意，而不引人注意，不过，尽力而为即可，减少消耗你的精力又几乎没有任何投资回报的与工作有关的活动。

　　10.Get a life outside of work. This is vital to biding your time in a job you hate. When you have an active social life outside of the office, it becomes so much easier to tolerate mundane or stressful work. A balanced life helps to keep things in perspective。

　　争取获得工作以外的生活 这是在你痛恨的工作中等待良机的关键。当你在办公室以外获得了积极的社会生活，忍受平淡或充满压力的工作就变得非常容易了。和谐的生活有助于保持对事物的洞察力。

　　Employing all of these techniques will help reduce stress while you wait until the appropriate time to change jobs. By taking these steps you retain your sense of dignity and worth as well as prepare for success in your future work。

　　利用所有这些技巧将有助于降低你在等待变换工作的时机过程中受到的压力。通过采取这些步骤，你保持了自己的尊严感和价值感，也为未来工作的成功做了充分的准备。

人生职业生涯的五个黄金阶段 （转）

　　人生的职业生涯是很漫长的过程，但是其中的五个阶段被誉为黄金阶段，让我们来一起分享一下。

(一)首先是二十四岁到二十九岁，我称做〈工作试用期〉

　　在此期间要尽量去摸索、尝试各种工作，毕竟实际理论与理想总会有所差距，常听一些刚入社会的年轻人抱怨：这份工作没有前途、根本学不到东西。甚至一些年纪已不小的人，老在唱回想曲：当初如果怎样、怎样，现在就会如何、如何。其实，到了最后还在发牢骚，除了浪费自己的口水，还会吵到别人。

　　我要奉劝所有的年轻人，这段期间，在找到真正适才又适所的工作之前，宁愿不断的换工作！是的，不喜欢老板、工作环境不如想象的好……都可以马上离开。海阔天空，想做什么就做什么，千万不要勉强自己，明知道工作不适合，却没有勇气站起来辞职，或顾于面子——要证明自己也有工作，能胜任任何工作，再加上人类天性攫取厌动，所以对工作〈食之无味、弃之可惜〉的情形屡见不鲜。工作不快乐，却一直耗着，拖过一天算一天，慢慢的就自然会掉进了工作只是糊口的陷阱。

　　对很多人而言，不换换工作，有时还真不知道自己最喜欢的会是什么。比方讲商科的人，能做的事太多了，可以拓展市场，可以做市场分析师，也可以做商务行政的事，如果不多尝试，老是在头一个工作上原地踏步，岂并成了井底之蛙？因此，要好好利用这五年去挖掘潜能，如能及早认清自己，便已在成功的路上迈出了一大步。

(二)二十九岁到三十四岁，我称做〈奠基期〉

　　孔子强调〈三十而立〉是很有道理的。到了这个时候还不知道在做什么，还在天天换工作，那可就要拉警报了，你在二十九岁以前找到了一个真正适合自己志趣的工作后，下面五年就必须静下心来，全力在工作上学习，奠定基础。我认为这是年轻人在创业阶段中最重要的一还环。

　　一个人到了三十四、五岁，如果还看不出一点点成功的倪端，潜力无法发挥，甚至还在摸索、彷徨的话，根据专家指出，他的〈前途〉大致已定。

(三)三十四岁到三十九岁这五年，我称之为〈冲刺期〉

　　在此期间，无论体力、脑力都达到了最颠峰的状态，由于已经奠定了基础，可以在最擅长的工作岗位上，好好冲刺，充分发挥。据我观察，一个真正有实力的人，到这一阶段几乎可以独当一面，成为高级主管了。

(四)三十九到四十四岁，是〈发扬光大期〉

　　这时冲刺已经结束，正迈向成功之途，所以要顺势将奋斗的精神发扬光大，找寻全方位的磨练与挑战机会，将工作的局面增量扩大。

(五)四十五岁以后则进入〈享受期〉

　　此时并不是什么都不用做了，而是要准备把工作经验传授给下一代，在〈施比受更快乐〉的人生最高境界中好好享受一下。这就是说，你一方面在工作岗位上仍要贡献智慧，另一方面则要多花时间去培育子女或训练员工。

Passed CMFAS M5 exam.

Today is another remarkable day for me, I passed Markets and Financial Advisory Services Examination (CMFAS) Module 5 - Rules and Regulations for Financial Advisory Services on my 1st attempt.

In order to pass M5 exam candidate need finish 100 multiple-choice questions within 2 hours and the minimum passing grade is 75%.One mark will be awarded for each correct answer.  No mark will be awarded or deducted for any wrong or blank answer.

The CMFAS Exam comprises the following Modules:

Rules & Regulations

Module 1A - Rules and Regulations for Dealing in Securities (SGX-ST Members)

Module 1B - Rules and Regulations for Dealing in Securities (Non-SGX-ST Members)

Module 2A - Rules and Regulations for Trading in Futures Contracts (for members of the Singapore Exchange Derivatives Trading Limited (“SGX-DT”))

Module 2B - Rules and Regulations for Trading in Futures Contracts (for members of the Singapore Mercantile Exchange (“SMX”))

Module 3 - Rules and Regulations for Fund Management

Module 4A - Rules and Regulations for Advising on Corporate Finance

Module 4B - Rules and Regulations for Advising on Corporate Finance (Solely Debt Securities)

Module 5 - Rules and Regulations for Financial Advisory Services

Module 10 - Rules & Regulations for REIT Management, with Product Knowledge & Analysis

Product Knowledge & Analysis

Module 6 - Securities Products and Analysis

Module 7 - Futures Products and Analysis

Module 8 - Collective Investment Schemes

Module 9 - Life Insurance and Investment-linked Policies

Modules: 1A,1B,2A,2B,3,4A,4B,6,7 & 10  are conducted by The Institute of Banking and Finance (IBF).

Modules: 5, 8 & 9 are conducted by The Singapore College of Insurance (SCI).

Modules marked in green - passed the exam or exempted from taking the exams

Modules marked in yellow - my next stage exam modules
Modules marked in light blue - may take exam in the near futures (depends on the situation)