| NAIM - 5073.KL 上篇 公司上市资讯 公司发行股数：236,944,000 公司股票面值：RM 1.00 公司总市值（根据最后交易价格）：RM 644,487,680 [RM 2.72] 公司发展历史 公司业务 公司目前主要经营5大主要业务： 1. 房地产发展业务 公司主要在砂劳越古晋，美里以及民都鲁发展房地产业务。 公司於1995年开始营运这项业务，目前在这个领域已经累积约20年的经验。 公司在砂劳越所发展的房地产项目可以浏览公司网站 http://www.naim.com.my/project/property-development/ 2. 房地产投资业务 公司在发展房地产业务之余，目前正积极发展房地产投资业务。 目前，公司拥有和管理位于砂劳越美里的Permy Mall，每年平均为公司贡献750万令吉的租金收入。它座落于Bandar Baru Permyjaya （BBP），砂劳越成长最快的城镇。它开幕于2011年11月29日，是一栋建在面积达8.43英亩土地上的时尚双层购物中心。其总建筑面积达275,000平方英尺，净可出租面积153,000 平方英尺，拥有超过1000个停车场车位。 公司管理层目前正积极物识商业产托管理人才，并在未来7年管理公司计划即将注入的30亿令吉商业产业。 3. 工程与建设业务 公司於1997年进军工程与建设业务。公司目前是一家拥有ISO 9001认证的A级土著承包商。按市值计算，它是马来西亚最大的土著承包商。到目前为止，公司已经完成了超过价值50亿令吉的工程。以下是公司过去完成的工程项目： 4. 石油和天然气基础设施和油气服务业务 公司目前持有联营公司Dayang Enterprise Holdings Berhad（DESB） 29.06%的股权。DESB是一家油气公司，而这家公司的主要业务如下： a. 提供岸外上舷维修服务 b. 设备租赁 c. 海事包租 除此以外，公司也曾参与石油和天然气工程： 公司被委任为砂劳越民都鲁马来西亚国家石油公司LNG Train九个项目之一的承包商。 公司曾参与韩国三星与马来西亚国家石油公司结盟共同建设沙巴位于Kimanis的天然气码头。 5. 建筑材料贸易业务 这项业务成立於1995年。这项业务主要提供建筑材料给公司的建设和发展项目，目前也已经拓展至供应建筑材料予外部客户。 这项业务主要专注在材料如钢筋，水泥和铁丝网。 公司宏观经济环境 美元兑令吉走势 根据公司年报分析指出，公司的外汇收益与亏损情况如下： 美元兑令吉在2014年8月15日抵触全年低点1美元兑3.1545令吉后，开始逐步走强。2014年12月31日收官时，1美元兑令吉攀升至3.4965令吉（升10.84%）。踏入2015年第一季度，1美元兑令吉平均为3.6224（升3.60%），而近期1美元兑令吉维持在3.60至3.75令吉之间。美国联邦储备局计划在2015年内升息，这将刺激资金回流回美国进一步加强美元兑令吉势头。 尽管美元升值对公司有利，但整体影响少于100万令吉。 泛婆罗洲大道计划 联邦政府於2015年财政预算案颁布落实价值270亿令吉的泛婆罗洲大道，以提升东马的交通服务。根据计划该项大道涵盖了从砂劳越通往沙巴，全程长达1663公里，砂劳越大道的长度达到了936公里及沙巴的长度则长达727公里。预计整个计划将耗时10年，并在2025年落成。 公司旗下工程与建设业务於1997年投入营运，目前公司也已经是一家拥有ISO 9001认证的A级土著承包商。按市值计算它是马来西亚最大的土著承包商。在过去数年公司完成砂劳越州内多项基建，大道与桥梁的建设，在该领域经验丰厚。再加上公司也与砂州日光组建合资公司 PPES Works，而这家合资公司主要参与砂劳越州内工程承包与道路管理业务。 综合上述要点，公司有能力在泛婆罗洲大道计划中分一杯羹。 马来西亚建筑与房产市场走势 过去3年（即2012年至2014年）马来西亚建筑市场发展蓬勃发展。以下是过去马来西亚建筑完工的数据：   马来西亚在2014年财政预算案祭出多项打房措施，其中包括将首3年产业盈利税（RPGT）增至30%，第四和第五年则增至20% 和15%，提高外国买家购房门槛，上调外国人的最低购房价从50万令吉增至100万令吉，并禁止发展商承担利息计划（DIBS）等。同时马来西亚也於2015年4月1日落时消费税，届时预计国民消费能力将下滑这可能进一步影响马来西亚的房地产业务发展。 公司管理层在2014年报中指出，2015年公司房地产发展将难免遭遇严峻的经济环境挑战。以下是管理层对2015年房地产业务展望： 1. 公司营运成本上涨； 2. 严谨的货币政策打击市场对房地产的需求与购买能力； 3. 消费税落实后将影响国人的消费能力，预计影响期可能长达6至9个月； 4. 2015年房地产市场需求将放缓。 砂劳越州人口 政府每10年将对砂劳越州进行一次人口调查，而上一次人口调查在2010年，下一次则在2020年。2010年砂劳越州总人口达247.114万，与10年前相比增加约40万人。当中人口最多的5个城市为古晋，美里，诗巫，三马拉汉以及民都鲁。而根据非正式统计，2013年砂州人口已达261.9万人。随着砂劳越州再生能源走廊计划顺利进行中，在加上建设泛婆罗洲大道，预计砂州经济活动将加快进而提振当地人民收入。公司旗下房地产业务主要集中在古晋，美里与民都鲁等区域，预计中长期而言日益蓬勃的砂州经济活动将有利公司房地产业务的发展。 砂劳越再生能源走廊 砂劳越再生能源走廊（SCORE）於2008年2月11日推出。SCORE计划涵盖砂劳越州5个地区，当中包括丹绒曼尼（TANJUNG MANIS），三玛拉朱 （SAMALAJU），木胶 （MUKAH），巴南（BARAM）以及都恼（TUNOH），总面积超过7万平方公里。SCORE发展将涵盖10个主要行业分别为铝，玻璃工业，钢铁，油气工业，棕油，水产养殖，牲畜养殖，木材工业，海事与旅游业。  这项计划将带动外来投资，增加砂劳越州经济活动，提振当地人民就业机会，增加人民收入。预计公司的建筑与房地产业务将从中受惠。 国际石油价格 过去5年国际原油（布兰特原油）价格平均介于每桶80.34美元至111.68美元。2014年9月起国际原油价格开始大幅下滑。2015年首季度国际原油价格平均为每桶56美元，与2014年平均每桶价格99.57美元相比，油价大幅下滑43.76%。 根据综合过去的资料显示，国际原油价大幅下滑主要是页岩油的崛起，石油输出国组织（OPEC）拒绝减产，再加上目前全球经济仍处于低迷状态，这导致石油供过于求。美国与伊朗的核谈判取得良好进展，也可能提振伊朗石油输出，而这将进一步打击国际原油价格。2015年全年预计国际原油价格将介于50美元至65美元一桶。 国际原油价格大幅下滑导致国家石油公司(Petronas) 收入大幅减少，甚至在2014年最后一季更出现亏损达73亿令吉。因此在2015年，国家石油计划於今年与明年削减资本开销10%和15%，或是相等于200亿至300亿令吉。这可能会影响公司持股29.06%的联营公司达洋企业订单表现。 行业发展趋势 公司在砂劳越州的工程于房地产业务竞争对手如下： 工程与建设业务 1. Naim Holdings Berhad (NAIM) 2. Cahya Mata Sarawak Berhad (CMSB) 3. Hock Seng Lee Berhad (HSL) 4. KKB Engineering Berhad (KKB) 5. Shin Yang Group of Companies (SYGB) 6. IJM Corporation Berhad (IJM) 房地产业务 1. Naim Holdings Berhad (NAIM) 2. Cahya Mata Sarawak Berhad (CMSB) 3. Hock Seng Lee Berhad (HSL) 4. IBRACO Berhad (IBRACO) 5. Sarawak Oil Palm Berhad (SOP) 6. Harbour-Link Group Berhad (HARBOUR) 7. Shin Yang Group of Companies (SYGB) 地库遍布 NAIM - 1812.32 Acres (Based on AR 2014 top 10) • Muara Tuang, Kota Samarahan，Kuching – 446.77 Acres • Kuala Baram. Miri – 315.95 Acres • Kemena, Bintulu – 1030.60 Acres • Kuching Central, Kuching – 19 Acres CMSB – 4036.56 Acres • Muara Tebas, Kuching – 239.17 Acres • Kuching Town, Kuching – 40.80 Acres • Salak, Kuching – 3756.59 Acres IBRACO – 216.095 Acres • Muara Tebas, Kuching – 216.095 Acres HSL – 730.4 Acres (Based on AR 2014 Top 10) • Muara Tuang, Kota Samarahan – 193.20 Acres • Muara Tebas, Kuching – 140.8 Acres • Salak, Kuching – 314.7 Acres • Kuching North, Kuching – 81.7 Acres HARBOUR – 125.53 Acres • Kidurong, Bintulu – 125.53 Acres SOP – 106.253 Acres • Kuching + Miri – 106.253 Acres 公司未来发展计划 1. 公司目前正等待最佳时机脱售Dayang Enterprise Holdings Berhad (DESB) 股权，以释放自2007年进行的投资。公司目前一共持有DESB 2亿1446万2452股，按目前股价每股2.63令吉计算，这批股权价值为5亿6403万6249令吉。 2. 公司目前手持建筑订单达13亿令吉。以下是公司目前仍在进行中的建筑项目 Elevated Stations and Other Associated Works (MRT S2 & S4) Tanjung Manis Port Extension Tanjung Manis Water Treatment Plant and Associated Facilities Upgrading of Existing Bukut Road Bintulu Central Boulevard Road SPNB projects on affordable house Tanjung Manis Residential Housing Porject, Mukah, Sarawak 3. 联邦政府将在2015年5月公布大马第11发展计划， 而泛婆罗洲大道计划为潜在公布计划之一。凭借公司过去数年的经验与实力，公司有能力争取的该项计划。 4. 公司计划在未来将30亿令吉的产业组合注入发展商也信托。 5. 公司在东马砂劳越三个地区古晋，美里与民都鲁打造三个旗舰项目分别为古晋百乐城综合发展计划，民都鲁百乐城综合发展计划以及Southlake Permyjaya。 http://kuchingparagon.com.my/ http://southlake.com.my/ http://bintuluparagon.com.my/
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2015年8月28日星期五
Naim
What happens when HSI and China A50 warrants expire today?
Author: kltrader | Publish date: Fri, 28 Aug 2015, 10:32 AM
A total of 10 warrants comprising 6 HSI and 4 China A50 warrants are expiring today, Friday, 28th August. The expiring HSI warrants consist of HSI-CM, HSI-CN, HSI-CO, HSI-HA, HSI-HB, HSI-HC while the expiring China A50 warrants consist of CHINA50-C1, CHINA50-C2, CHINA50-H1 and CHINA50-H2.
What happens upon expiry?
The settlement value of an index warrant is dependent on the settlement level of its underlying futures for the same expiry month. For example, a call warrant will only have value at expiry if the closing level of its underlying futures is above the call warrant’s exercise level. This call warrant is said to be in-the-money (ITM), and therefore it will be automatically exercised upon expiry.
On the other hand, for a put warrant, the closing level of the underlying futures must be below the exercise level of the put warrant for it to be in-the-money.
Important dates for expiry
As with all structured warrants listed by Macquarie in Malaysia, the last trading day will be 3 market days before the expiry day.
What is settlement level?
The settlement level of the futures is the final settlement price for settling the corresponding spot-month index futures contracts. In this scenario, the settlement level is the closing level of HSI and China A50 futures in the month of August 2015 futures contract.
How to calculate the Cash Settlement Amount upon expiry?
For Call warrants
= Number of Call Warrants x (Settlement Level – Exercise Level) / Exercise Ratio x FX Rate
For Put warrants
= Number of Put Warrants x (Exercise Level – Settlement Level) / Exercise Ratio x FX Rate
Hypothetical example for HSI-HC (Expiry on 28th August, exercise level of 23,400)
Suppose on 28th August, the Hang Seng Exchange announces the settlement level of the HSI August 2015 futures to be 22,200 (after market hours) and the exchange rate for HKD/MYR is 0.50. The HSI-HC with an exercise level of 23,400 will expire with the following settlement amount:
(23,400 – 22,200) / 900 x 0.50 = RM 0.6667 (rounded to 4 d.p) per warrant
If you are are still holding 10,000 units of HSI-HC warrants after the warrant’s last trading day on 25th August 2015 (Tuesday), you will receive RM 6,667.00 which is calculated as per below:
10,000 units of HSI-HC x RM 0.6667 per warrant = RM 6,667.00.
These warrants will be automatically exercised at 5.00 pm on 28th August and a cheque for that amount will be mailed to the relevant warrants’ holders within 7 market days after the expiry. The exercise expense for all warrants listed by Macquarie will be absorbed by Macquarie.
For further questions, please call us at 03 2059 8840.
Source: Macquarie Research - 28 Aug 2015
What happens upon expiry?
The settlement value of an index warrant is dependent on the settlement level of its underlying futures for the same expiry month. For example, a call warrant will only have value at expiry if the closing level of its underlying futures is above the call warrant’s exercise level. This call warrant is said to be in-the-money (ITM), and therefore it will be automatically exercised upon expiry.
On the other hand, for a put warrant, the closing level of the underlying futures must be below the exercise level of the put warrant for it to be in-the-money.
Important dates for expiry
As with all structured warrants listed by Macquarie in Malaysia, the last trading day will be 3 market days before the expiry day.
What is settlement level?
The settlement level of the futures is the final settlement price for settling the corresponding spot-month index futures contracts. In this scenario, the settlement level is the closing level of HSI and China A50 futures in the month of August 2015 futures contract.
How to calculate the Cash Settlement Amount upon expiry?
For Call warrants
= Number of Call Warrants x (Settlement Level – Exercise Level) / Exercise Ratio x FX Rate
For Put warrants
= Number of Put Warrants x (Exercise Level – Settlement Level) / Exercise Ratio x FX Rate
Hypothetical example for HSI-HC (Expiry on 28th August, exercise level of 23,400)
Suppose on 28th August, the Hang Seng Exchange announces the settlement level of the HSI August 2015 futures to be 22,200 (after market hours) and the exchange rate for HKD/MYR is 0.50. The HSI-HC with an exercise level of 23,400 will expire with the following settlement amount:
(23,400 – 22,200) / 900 x 0.50 = RM 0.6667 (rounded to 4 d.p) per warrant
If you are are still holding 10,000 units of HSI-HC warrants after the warrant’s last trading day on 25th August 2015 (Tuesday), you will receive RM 6,667.00 which is calculated as per below:
10,000 units of HSI-HC x RM 0.6667 per warrant = RM 6,667.00.
These warrants will be automatically exercised at 5.00 pm on 28th August and a cheque for that amount will be mailed to the relevant warrants’ holders within 7 market days after the expiry. The exercise expense for all warrants listed by Macquarie will be absorbed by Macquarie.
For further questions, please call us at 03 2059 8840.
Source: Macquarie Research - 28 Aug 2015
謝錦彬 : 高收入國不是夢
“挑戰貧窮，1天6令吉能活嗎？”，看了這項活動標題后，相信許多人都未挑戰先舉白旗了。在當今的社會，1餐6令吉能吃什么都可能是項挑戰，更何況1天6令吉，那該怎么活?
若以1餐平均6令吉來計算，1天3餐至少得花上18令吉，一個月30天要540令吉，這還只是保守估計。倘若哪天一個不小心買貴了或吃多了，或是親朋好友生日或飯局，每月伙食開銷恐怕更高。
生活四大基本需求衣食住行，食就已經如此如此高了，住、行開銷就更讓人苦不堪言。
根據國庫控股研究院調查，大馬房價屬于嚴重不可負擔，平均房價是平均年收入的4.4倍。另一調查也顯示，大馬人每月收入的四分之一，都用于償還房貸。若現在不願負擔沉重房貸，隨著房價逐年上漲，房貸負擔將更為沉重，現在沒錢買，往后可能買不起。
大馬公共交通系統沒有完善規劃，是導致大馬高擁車比例的主要原因，沒車寸步難移，有車煩惱多，車貸、維修費，還有隨處可遇的“大盜費”，沒車煩，有車更煩。
國際油價過去2年從最高點跌至最低點，2013年8月時大馬RON 95汽油為每公升1.90令吉，如今卻是每公升2.05令吉，油價下跌究竟利了誰，又苦了誰？
消費稅時代，百物高漲，基本需求開銷就已讓人吃不消了，若再加上就學貸款、電話費、醫療費和保險費等，沒有一定收入該如何應對。
收入增長遠不及通脹速度，你還在靠政府補貼或最低薪金制來推動收入增長？別傻了，多找一份兼職或學投資來增加收入可能更為實際。
難怪政府能夠信誓旦旦的說：大馬能在2020年成為高收入國。因為在這個百物高漲的時代，沒有高收入，請問要怎么活？
高消費時代推動人人都必須成為高收入族群，屆時大馬勢必能變成“高收入國”，高收入國的夢看似不遠了。
7 of the BEST 4GB RAM smartphones for August
4GB RAM has been becoming a trend in 2015. Check out until this month, what are the best 4GB RAM smartphones from 7 best brands: ASUS, Lenovo, Samsung, Xiaomi, ZTE, Elephone and OnePlus.
1. ASUS ZenFone 2
The Taiwanese company had made a huge hit in terms of sales since they introduced the ZenFone 2 with 4GB RAM. The phone soon went to other international markets and was welcomed excitedly by customers. Until now, the ZenFone 2 is still one of the hottest devices of 2015.
For more information about ASUS ZenFone 2 4GB RAM, please click HERE.
2. OnePlus 2
One of the hottest machines of this month: ONEPLUS 2. As we know, it is the successor to the OnePlus One, the only smartphone OnePlus company released last year but turned out to be a huge success. This time, OnePlus has improve their next flagship a lot. Specifically, it sports 4GB RAM, 5.5″ FHD, Snapdragon 810 chip and 3,300mAh battery. Until now, though OP 2 has not gone on sale officially, it has been receiving a lot of reservations. Good job, OP 2!
For more information about OnePlus 2 4GB RAM, please click HERE.
3. Samsung Galaxy Note 5
We all know that Samsung is going to hold their Unpacked event on August 13, 2015. Just a few days ahead, then we can see the Samsung Galaxy Note 5 and S6 edge Plus, which have been rumored for a long time. Basically, it will have a 5.7″ 2K screen, 4GB RAM, and Exynos 7420 SoC, chip. Of course there are more interesting and high-end features if you click HERE.
4. Lenovo K80
Definitely the Lenovo K80 comes with 4GB RAM, featuring a 5.5” FHD display and a 64-bit Intel Atom processor clocked at 1.8GHz. K80 also has 64GB of the on-board storage, 13MP rear cam with OIS (Optical Image Stabilization) and 5MP front one. Besides, it includes a sort of huge 4,000mAh battery, quite larger than many other devices in its kind.
For more information about Lenovo K80 4GB RAM, please click HERE.
5. Xiaomi Mi Note Pro
This year, Xiaomi has been doing well by launching several new devices. But the ones that got hugest attraction so far are Xiaomi’s Mi Note and Mi Note Pro.
“Mi Note Pro is by far Xiaomi’s most beautifully designed phone, using the most sophisticated technology and delivering an amazingly powerful performance,” said Lei Jun, Xiaomi’s CEO. Since Xiaomi Mi Note has come to Malaysia, we hope that the Pro version will also arrive soon!
For more information about Xiaomi Mi Note Pro 4GB RAM, please click HERE.
6. ZTE Nubia Z9
Nubia Z9 owns a 5.2-inch Full HD using 2.5D high hardness glass and an octa-core Snapdragon 810 processor, running on Android 5.0 Lollipop with a new Nubia UI 3.0. More specifically, Z9 includes an Adreno 420 GPU with two SIM slots, Bluetooth 4.1, a 2,900mAh battery and a combo of 16-megapixel camera , 1/2.6″ Sony IMX234 (found in the LG G4) with f/2.0 aperture and 4K UHD video capture and 8-megapixel front cam up to 80° field of view.
For more information about ZTE Nubia Z9 4GB RAM, please click HERE.
7. Elephone Vowney
Elephone is drawing a lot of attention due to their flagship 4GB RAM Elephone Vowney. It owns a beautiful design and strong specs such as the powerful 4GB RAM, Android 5.0 Lollipop, 2K Screen (2560 x 1440, 534ppi), and 32GB ROM. As for the camera combo, there is a Sony IMX 230 21.0MP HD back shooter and an up to and 8.0MP selfie snapper. Amazing, right?! On the other hand, it also supports NFC and Touch ID.
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