Muhibbah Engineering (M) Bhd (“Muhibbah” or “the Company”) Award of Contract for the Proposed Redevelopment Project for Deepwater Facilities at Quay 6 (MMHE), Pasir Gudang, Johor
The Board of Directors of Muhibbah (“the Board”) is pleased to announce that the Company has been awarded a proposed redevelopment project for Deepwater Facilities At Quay 6 (MMHE), Pasir Gudang, Johor (“the Project”) by Malaysia Marine And Heavy Engineering Sdn Bhd ("MMHE") for a total contract sum of Ringgit Malaysia Eighty Million Three Hundred Thirty-Three Thousand (RM80,333,000) only.
The Project is scheduled to commence by end-April 2008 and is targeted for completion in October 2009.
Wondering if the rising material cost will squeeze up contructor's profit. Based on annual net profit margin of 6.29% in 2007, this RM80m will contribute about RM2.5m profit to 2008 and 2009 each, if the rising cost effect is thoroughly passed to the consumer. RM2.5m each year, perhaps it is a bit too little.
Noted from news that one of the major projects, SKVE may be postponed.
Tuesday, April 22, 2008
Sunday, April 13, 2008
2007通膨率=2%？
鉴于整个世界对原产品的需求与日俱增，大马米制物品也难逃涨价的噩运。
前几天于一间旧式咖啡店用早餐，点了一碗鲜煮粿条汤。RM3.20一碗，份量不会很多，但对于一个小市镇来讲，价钱可谓不便宜。这一摊的粿条汤，吃了也好几年。今年暂时涨了两毛，相信过不久还会涨。五年前一碗RM2.20，五年后居然涨了一块钱。一年涨7.8%！
大马政府之前公布2007年通膨率为2%，不晓得此数目究竟如何计算得来。正因为人都脱离不了吃，若要衡量通膨率，以食物为标准最适当不过了。区区一碗粿条汤，通膨造就了每年平均涨价近8%。至于个人收入，是否每年又有涨8%？无可否认，人民的消费能力已变成越来越弱了。把钱放在定存，也就是让钱慢慢贬值而已。
浏览了Tony Pua的部落，这是其中一个将会于国会通过书写发问的问题。
Tony Pua meminta Menteri Kewangan menerangkan dengan teliti kaedah penggiraan kadar inflasi Negara, termasuklah jenis dan harga barang ataupun servis yang diliputi untuk mendapatkan kadar 2% bagi tahun 2007.
就看看官方是如何回复此事。
政府每每公布的数据，似乎都经过美化。GDP不知是否也是如此。人民活得比其他国家好，但事实真的是如此吗？
前几天于一间旧式咖啡店用早餐，点了一碗鲜煮粿条汤。RM3.20一碗，份量不会很多，但对于一个小市镇来讲，价钱可谓不便宜。这一摊的粿条汤，吃了也好几年。今年暂时涨了两毛，相信过不久还会涨。五年前一碗RM2.20，五年后居然涨了一块钱。一年涨7.8%！
大马政府之前公布2007年通膨率为2%，不晓得此数目究竟如何计算得来。正因为人都脱离不了吃，若要衡量通膨率，以食物为标准最适当不过了。区区一碗粿条汤，通膨造就了每年平均涨价近8%。至于个人收入，是否每年又有涨8%？无可否认，人民的消费能力已变成越来越弱了。把钱放在定存，也就是让钱慢慢贬值而已。
浏览了Tony Pua的部落，这是其中一个将会于国会通过书写发问的问题。
Tony Pua meminta Menteri Kewangan menerangkan dengan teliti kaedah penggiraan kadar inflasi Negara, termasuklah jenis dan harga barang ataupun servis yang diliputi untuk mendapatkan kadar 2% bagi tahun 2007.
就看看官方是如何回复此事。
政府每每公布的数据，似乎都经过美化。GDP不知是否也是如此。人民活得比其他国家好，但事实真的是如此吗？
Tuesday, April 08, 2008
上上策？
最近的市真是举棋不定，令人难以捉摸，何时见底根本无人知晓。大马的市还开始上演经济分析家所说的decoupling effect。开玩笑？！
这样的市，究竟采取什么策略，方为上上策？美国指数是否已筑底，相信只不过是暂时性的现象。紧接下来的报告出炉，相信会再调整一轮，甚至两、三轮。
格林斯潘至次贷问题引发后采取的应变措施，降低利率又再降（消费者那里还有本事借钱？），导致美元大幅贬值，间接造成原油及原产品价格飙涨，引发通膨效应，经济开始走软。这根本是一种循环。
利率调低（刺激经济：借贷/消费）〉通货膨胀〉消费能力降低〉经济放缓 已成定局
Fed之前资助/借USD200b于JP Morgan收购Bear Sterns，究竟动机何在？报导是说Fed不想整个美国的金融体系垮掉（一间公司倒闭，肯定会引起恐慌，以致引发连锁效应）。难道Fed是在掩盖事实的真相吗？这次贷的无底洞到底有多深，现在根本还没一个被证实的数目。治标不治本的举动，只能够暂时稳定市场。结果还是一样，只不过是快/慢知道最终答案而已。美国现在的状况就好像一个癌症病患者（subprime mortgage crisis），而这一支针（200b的美元）只能暂时止痛，让病人（美国经济）好过一点。而病人能不能够痊愈，就要看有没有新药物可治了。要不然病况只不过是被拖着而已，死亡还是最终要面对的那一回事。
我相信接下来的2008日子会是难捱的。与其成天研究股市的走向，不如努力收/赚取更多现金，等待下一个风暴的来临。因为当风暴发生时，唯有cash is money。
买股票，怕没机会？进入熊市后，好股周街都是，人家还担心你不买它呢。
当remisier/dealer拍乌蝇时、auntie回巴刹买菜时、论坛冷冷清清时、没人再跟你谈论unit trust时，那或许就是最佳买入时机。
这样的市，究竟采取什么策略，方为上上策？美国指数是否已筑底，相信只不过是暂时性的现象。紧接下来的报告出炉，相信会再调整一轮，甚至两、三轮。
格林斯潘至次贷问题引发后采取的应变措施，降低利率又再降（消费者那里还有本事借钱？），导致美元大幅贬值，间接造成原油及原产品价格飙涨，引发通膨效应，经济开始走软。这根本是一种循环。
利率调低（刺激经济：借贷/消费）〉通货膨胀〉消费能力降低〉经济放缓 已成定局
Fed之前资助/借USD200b于JP Morgan收购Bear Sterns，究竟动机何在？报导是说Fed不想整个美国的金融体系垮掉（一间公司倒闭，肯定会引起恐慌，以致引发连锁效应）。难道Fed是在掩盖事实的真相吗？这次贷的无底洞到底有多深，现在根本还没一个被证实的数目。治标不治本的举动，只能够暂时稳定市场。结果还是一样，只不过是快/慢知道最终答案而已。美国现在的状况就好像一个癌症病患者（subprime mortgage crisis），而这一支针（200b的美元）只能暂时止痛，让病人（美国经济）好过一点。而病人能不能够痊愈，就要看有没有新药物可治了。要不然病况只不过是被拖着而已，死亡还是最终要面对的那一回事。
我相信接下来的2008日子会是难捱的。与其成天研究股市的走向，不如努力收/赚取更多现金，等待下一个风暴的来临。因为当风暴发生时，唯有cash is money。
买股票，怕没机会？进入熊市后，好股周街都是，人家还担心你不买它呢。
当remisier/dealer拍乌蝇时、auntie回巴刹买菜时、论坛冷冷清清时、没人再跟你谈论unit trust时，那或许就是最佳买入时机。
Thursday, April 03, 2008
Credit Default Swap - Another type of insurance?
A credit default swap (CDS) is an instrument to transfer the credit risk of fixed income products. Using technical terms, it is a bilateral contract, in which two counterparties agree to isolate and separately trade the credit risk of at least one third-party reference entity. The buyer of a credit swap receives credit protection. The seller 'guarantees' the credit worthiness of the product. In more technical language, a protection buyer pays a periodic fee to a protection seller in exchange for a contingent payment by the seller upon a credit event (such as a default or failure to pay) happening in the reference entity. When a credit event is triggered, the protection seller either takes delivery of the defaulted bond for the par value (physical settlement) or pays the protection buyer the difference between the par value and recovery value of the bond (cash settlement). Simply, the risk of default is transferred from the holder of the fixed income security to the seller of the swap. For example, a mortgage bank, ABC may have its credit default swaps currently trading at 265 basis points (bp). In other words, the annual cost to insure 10 million euros of its debt would be 265,000 euros. If the same CDS had been trading at 7 bp a year before, it would indicate that markets now view ABC as facing a greater risk of default on its mortgage obligations.
Credit default swaps resemble an insurance policy, as they can be used by debt owners to hedge, or insure against credit events such as a default on a debt obligation. However, because there is no requirement to actually hold any asset or suffer a loss, credit default swaps can also be used to speculate on changes in credit spread.
Credit default swaps are the most widely traded credit derivative product.[1] The typical term of a credit default swap contract is five years, although being an over-the-counter derivative, credit default swaps of almost any maturity can be traded.
The Bank for International Settlements reported the notional amount on outstanding OTC credit default swaps to be $42.6 trillion[[1]] in June 2007, up from $28.9 trillion in December 2006 ($13.9 trillion in December 2005).
For more info - Click Here
Info from Wikipedia
Comments: It's not the end yet for subprime mortgage crisis, the next victims will be the insurance companies. Many thanks to the person who developed this derivative, Mr Blythe Masters from JP Morgan, last time. You have made this an insolvent crisis for the time being.
Tuesday, April 01, 2008
New Quarter, New Start
A report stated that manufacturing activity in US rose in March.
The Institute for Supply Management's (ISM) manufacturing index rose to 48.6 from 48.3 in February, the institute announced Tuesday. Economists were expecting a reading of 47.5, according to a consensus compiled by Briefing.com.
A reading below 50 represents a decline in manufacturing activity while a reading above that level indicates growth.
美元贬值间接造成制造业受惠，以致外国可以更低的价格购入美国产品。数据显示制造业有所增长，可以说是伯南克之前不断降息所造成。伯南克的策略，说不定就是要通过制造业拯救回美国经济。
Swiss bank UBS AG on Tuesday reported more serious damage from exposure to the U.S. subprime crisis, saying it would post first-quarter losses of $12.1 billion and that it would seek $15.1 billion in new capital.
Switzerland's largest bank said it expects writedowns of approximately $19 billion and announced the resignation of Chairman Marcel Ospel, just as Deutsche Bank AG, Germany's largest bank, announced similar writedowns of about $4 billion.
看似坏消息的消息，欧洲股市今天竟然背道而驰，一片草原；而道琼斯现在2%之间徘徊。难道次贷暂时来了一个了结？加加迷迷酱大amount的write off，肯定会打击整个世界，经济放缓相信已成定局，只是不晓得会拖多久。再来还要看看decoupling effect是否真有此事。现在银行就算采取什么措施/行动，这亏损是怎样都无能再挽救回来了。Lehman跟UBS发新股只能暂时稳住市场，避免成为第二个Bear Sterns而已。
The Institute for Supply Management's (ISM) manufacturing index rose to 48.6 from 48.3 in February, the institute announced Tuesday. Economists were expecting a reading of 47.5, according to a consensus compiled by Briefing.com.
A reading below 50 represents a decline in manufacturing activity while a reading above that level indicates growth.
美元贬值间接造成制造业受惠，以致外国可以更低的价格购入美国产品。数据显示制造业有所增长，可以说是伯南克之前不断降息所造成。伯南克的策略，说不定就是要通过制造业拯救回美国经济。
Swiss bank UBS AG on Tuesday reported more serious damage from exposure to the U.S. subprime crisis, saying it would post first-quarter losses of $12.1 billion and that it would seek $15.1 billion in new capital.
Switzerland's largest bank said it expects writedowns of approximately $19 billion and announced the resignation of Chairman Marcel Ospel, just as Deutsche Bank AG, Germany's largest bank, announced similar writedowns of about $4 billion.
看似坏消息的消息，欧洲股市今天竟然背道而驰，一片草原；而道琼斯现在2%之间徘徊。难道次贷暂时来了一个了结？加加迷迷酱大amount的write off，肯定会打击整个世界，经济放缓相信已成定局，只是不晓得会拖多久。再来还要看看decoupling effect是否真有此事。现在银行就算采取什么措施/行动，这亏损是怎样都无能再挽救回来了。Lehman跟UBS发新股只能暂时稳住市场，避免成为第二个Bear Sterns而已。
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