2015年9月8日星期二

Hack into Password Protected VBA Projects



A few days ago, I had to pull out one of my old tricks to hack into a password protected VBA module. The file I was working on was protected by a former (evil) employee who, for some reason, did not leave the VBA password.
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I’m notoriously lazy, so there is no way I’m retyping code that’s already there. I’d rather hack into the workbook.
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Today, I’ll walk you through the steps I use to crack VBA passwords. I learned this trick a while back from one of my Excel Boot Camp students. I can’t remember who. Sorry…whoever you are. Even though I can’t remember your name, I value our friendship greatly.
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Step 1: Download a Hex Editor
You’ll need a Hex Editor. I use one called XVI32. Why this one? Because it’s the one my mysterious friend showed me. I’m not really into Hex Editors, so I couldn’t tell you if it’s good or bad. I just know it does the trick. Download the XVI32 Hex Editor and have it ready to go.
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Step 2: Save your Workbook as XLS and MAKE A BACKUP COPY
If you’re working with an XLSM file, you’ll need to save it as an XLS. Be sure you make a backup of your workbook before you start. Because you’re diddling the insides of the workbook, there is always a chance you could royally screw up. You’ll want a backup.
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Step 3: Open Your Workbook in the Hex Editor
Fire up the Hex Editor you downloaded and then (within the editor) select and open your workbook. In the XVI32 editor, my workbook looks like this:
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Step 4: Find and Replace the DPB Keyword
In your Hex Editor, look for the text string DPB.
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This text string apparently indicates Excel’s tag for the VBA Password.

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In order to confuse Excel and get around the VBA Password prompt, you just need to muddle the tag a little. You can do this by simply changing the DPB to something like DPX (replace the B with an X).

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Step 5: Save Your Changes
Close the Hex Editor and be sure to save your changes
Step 6: Open your Newly Diddled Workbook
Open the workbook you just finished molesting. You will get a few messages.
First this one, which you will say Yes to:

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Then you’ll see this one (a few times). Don’t panic, and keep clicking OK.
Step 7: Remove the VBA Protection
When Excel stops its bitching and moaning, go to the Visual Basic Editor (Alt+F11) and then select View>>Project Explorer.




Right click on the VBAProject for your workbook and select VBAProject Properties.
In the Properties dialog box, go to the Protection tab and clear any selections and text you see there.
Step 8: Save a Close your Newly Unprotected Workbook.
Save and close the workbook. At this point, you’ll have full reign over the VBA in the workbook.
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There you have it – another trick for your toolkit.
I could suggest that you use this trick only for good and righteous purposes, but you won’t listen anyway.
 



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oTHER METHOD

For older .XLS files:

  1. Open file in any hex editor
  2. Search for the text "DPB=" (no quotes, you should find it just above "[Host Extender Info]"
    1
  3. Change it to "DPx=", save and close the file
    2
  4. Open the file in Excel and press Yes if the following warning pops up:
    3
  5. Open the VBA editor (Alt+F11) and press OK whenever the following warning pops up:
    4
  6. Right-click the VBA project name, select Properties, go to the Protection tab and delete the existing passwords as well as uncheck the Lock project for viewing checkbox:
    5
  7. OK your way out and now the VBA code is accessible!

For newer .XLSM files:

  1. Change the file's extension to .ZIP
  2. Open the file in any archiver such as WinRAR or 7-Zip and you'll see the following directory structure:
    6
  3. Go into the xl directory and extract vbaProject.bin:
    7
  4. Perform steps #1-3 above (from the For older .XLS files section) with vbaProject.bin
  5. Replace the old vbaProject.bin in the ZIP file with the new hex edited version
  6. Change the file's extension back to .XLSM
  7. Perform steps #4-7 above
shareimprove this answer
   
Does this work for MS office 2013 with the older files? I have an impression Microsoft patched this. – maythesource.com Feb 19 at 12:42 
   
When I tried this method in Office 2010 & 2013, it didn't work directly. After following all the steps, I was not able to view the macros, then I tried to export the macro as .bas, I could get the macro out and view it. – Abbas Mar 31 at 14:34
   
This was tested with Office 2010 and that's where the screenshots are from. Also, for those who cannot install a hex editor, there are lots of portable ones available. –  Karan Apr 5 at 2:09
   
Works for .xlam files as well. +1 –  João Mendes Jul 2 at 9:57

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自欺欺人


  •     
出口導向經濟體,譬如大馬,最怕外圍環境的風吹草動,現在的局勢,正是我們最為苦惱的。
幾年前,美國成為次貸危機暴風眼,然後是歐洲債務危機,兩場風暴來襲,澆醒亞太國家的經濟成長。當時的解決方案,是亞太週邊國家互相加強雙邊貿易,藉此減少依賴歐美等發達經濟體的需求,在這波趨勢中,撐起半邊天的是巨龍中國。
那幾年,中國胃口大開,幾乎吞下所有天然資源,包括大馬的原棕油等,帶動亞太經濟體維持穩定的經濟成長。可是,中國需要那麼多資源嗎?如果中國情義相挺,消化全球商品的最終出口市場還是歐美經濟體,那麼,只是多了一層程序而已,因為進口半製成品的中國,沒法將加工產品賣出去。
放眼望去,沒有幾個發達經濟體的經濟穩定成長,就是說,亞太國家的天然資源和出口產品,根本找不到去處,這種不健康的經濟局勢,如何能夠延續?
美國忙著提高就業,最終目的是想要提振經濟,連續好幾年的印鈔行動,終於看到結束的跡象了,誰知道,看似無所不能的中國,竟然在這個時候一再發放經濟減緩訊號?
美國和中國是世界兩大經濟體,隨便打噴嚏,世界都會感冒。大馬的出口產品高不成低不就,即使馬幣大幅貶值,出口成長依然搖搖欲墬,這種毫無優勢的競爭力,即使出口市場成長時,表現也不怎麼樣,何況是市場需求放緩時?大家還是別自欺欺人吧。(星洲日報/財經小品‧作者:寶欽)


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2015年9月7日星期一

Why Sam? (TP:RM10.15) - Order book increased to RM4.5 billion, quarter result and AGM update


Author: itjustabouttheprofit   |   Publish date: Sat, 5 Sep 2015, 12:21 AM 



EPS estimation : 13.70+18.25+15.71+20
(estimated) = 67.66sen
PE ratio : 15 (higher PE ratio due to stable
income in the next 5 years, pure cash
company with no debt and high dividend
yield)
Target price : RM10.15 (3 to 6 months)

I am here to ANSWER a simple question.
Why SAM? (Updated version)

1) Total order books of RM4.5 billion for
the company (Aerospace+Equipment
Manufacturing+Precision Engineering)

2) Recover in Equiment Manufacturing
sector

3) Appreciation in US dollar

4) Strong balance sheet of RM116million
cash with zero borrowing, dividend yield of
6.5%

5) AGM update



1) Total order books of RM4.5 billion for
the company (Aerospace+Equipment
Manufacturing+Precision Engineering)
 
 
As per annual report pages 8, the company have RM3 billion order book in aerospace product. On 28 Aug 2015, the company website have announced that the company have secured another RM520million contract in aerospace product.  
 
http://www.sam-malaysia.com/wp-content/uploads/2015/08/Latest-News_28-Aug-2015.pdf
 
Also, from the information from chief executive officer, the company have another RM1 billion in equipment manufacturing and precision engineering sector. The breakdown are as below:
 
Calculations are as follows:
                 RM
Total order book as per annual report 2015           3,000,000,000
  
Order book from equipment manufacutring and precision engineering (information from AGM)           1,000,000,000
New contracts on 28/08/2015              520,000,000
  
Total order book as per 28/08/2015          4,520,000,000
 

With the RM4.52 billion order book, the company will able to maintain revenue for the latest quarter, which is RM134million for 8 years!!! (32quarters x 134 = RM4.288 billion)


2) Recover in Equiment Manufacturing
sector

From the AGM, chief executive officer, Mr Jeffrey Goh Wee Keng have highlighted that the equipment manufacturing sector have been recovered from downturn. As mention by him, equipment manufacturing sector have faced downturn during financial year 2013 and 2014 due to flood incurred on Thailand on 2011. On 2012, the company received huge order on equipment sector. It caused the company's earning spiked during Mar 2012 and June 2012.
With the huge order in Mar 2012 and June 2012, the equipment sector have incurred downturn during 2013 and 2014. According to Mr Jeffrey, the equipment started to recover during 2015. It have reflected in latest quarter result.

30 June 2015


30 June 2014


As per quarter result above, we have noticed that the equipment manufacturing sector have jumped doubled on 30 June 2015.

3) Appreciation in US dollar


Refer to Q4 FY2014 and Q1 FY2015, exchange rate traded between USD1= RM3.5 to RM3.75. For Q2 FY2015, the USD spike up to USD1 = RM3.75 to RM4.25.
As the selling price determined in US dollar, the increased in currency rate will further improved the revenue and earning for the company as most of the business trading in US dollar.
4) Strong balance sheet of RM116million
cash with zero borrowing, dividend yield of
6.4%

Currently, the company stood at RM116million cash which is RM1.37!! Also the company did not have any borrowing. Also the company rewarded the shareholders with 6.4% dividend to shareholders.
5) AGM update

Here is some of the useful information  getting from attending the AGM:
1) The management planned to expand the production by building another factory at Batu Kawan. The factory expected to start operation during 2017.
2) The new factory expected to reach full capacity in 2020.
3) SAM is currently stood at 30% market share in engine casing industry in the world. SAM have 3 competitior. One from France, one from South Korean and another one from Taiwan.
4) The second largest shareholders have higlighted the illiquidity of the share. He proposed the company to have bonus issue and share split to increase the number of shares of SAM. Management said they will consider on the proposal.
5) The second largest shareholders also concern as the company holding too much cash. The management replied that the company will used the cash for acquisition of new business, growing of business and buying raw material.
6) The second largest shareholders to ask to reward the employees as the employees are skilled employees. He also suggest to the management to split the dividend in 2 times.
7) The management forecast that the company are able to archieve RM550million revenue this year.
8) The company will invest USD50million between 2015 to 2020 for the purchase of fixed assets.
9) The company hired more staffs during the year compare to last year as equipment manufacturing sector recovered during 2015.
10) Most of the cash are kept in US dollar as most of the transaction traded in US dollar.

After the AGM, the management have arranged factory tour for shareholders of the company for aerospace factory. Due to the employee not allowed us to take photo inside the production line, hence I am unable to take any photo inside the factory. These is some of the picture I am able to snap during the factory tour.

This engine costs around USD400,000 per pieces according to one of the employees (right side). Hence we walked with extra care during the factory tour to make sure the engine case did not suffer any scratches or damages.




Trade at your own risk!!! Do research before any investment decision!! Happy trading :-)

ytlreit 2015 annual report


ytlreit(5109, MYREIT)是续amfirst后,第二家发布2015年财报的大马产托,既然是年报,就得分析的仔仔细细,看表下:
2015(RM’000)2014(RM’000)change%
revenue417,669425,114-1.75%
Net property income201,548202,867-0.6%
Profit after tax94,992195,093-51.3%
change in fair value of investment property44,061179,440-75%
Total realised income43,20160,582-28.6%
Income available for distribution105,616117,142-9.83%
eps7.1714.73-51.32%
dividend7.97468.4613-5.75%
nav per unit1.3461.261+6.74%
gearing46.1947.56-1.37%
大家可以看到的是,除了gearing raito减少以及nav per unit呈正面以外,其余的数据,均是负面,revenue微微下滑了1.75%,然而profit则大幅下滑51.3%。profit下滑的最主要原因是由于2014年录得RM179mil的change in fair value of investment property,而2015年却只录得RM44mil。无需担心的是,change in fair value of investment property是unrealised income。此外也得归咎于opr(over night policy rate)提升后也导致ytlreit finance cost增加了RM6.3mil或8.6%,日元与澳元兑马币贬值也是原因之一。最后股息当然比2014年少,整整少了5.75%
值得庆幸的是,ytlreit旗下无论海内外的产业都录得正面估值增长(valuation),反映在nav per unit比2014年高以及gearing ratio较2014年低,说明了产业正在增值中,特别是位于澳洲的产业,录得5.5%的估值成长。
值得注意的是,本财政年期间,由于马币,日元,澳币都贬值的关系,3国的游客都录的不俗的成长,大马海外游客增长6.7%,日本海外游客增长29.4%,澳洲海外游客增长8%。公司从中受惠。澳洲三家酒店的occupancy rate都比去年高,可惜的是,在财政年期间,澳元兑马币贬值的关系,压缩了赚幅。可是目前马币对澳元贬值,2016年应该会不错。
对于刚认识ytlreit的股友,uncle jim这里有些资料补充,ytlreit的revenue分为两部分,fixed rental与variable rental,大马与日本的酒店都属于fixed rental,所以无论酒店表现的多好,都只拿固定数额。反之澳洲的酒店属于variable rental,表现越好则revenue越多。
ytlreit在财报中强调,vistana chain品牌下的三家酒店完成翻新工程后都录得不错的成长,occupancy rate比2014年高。可惜的是vistana属于fixed rate的酒店。
股东们最在意的private placement被延迟至29dec2015,且看private placement完成后,ytlreit会如何应对保持派息,很可能购入新产业哦,不然就再延迟private placement,哈哈
谢谢你的浏览,请在网页的右上角给我们一个like或到 malaysiareit tracker注册你的资料,让我们 update你最新的 REITs消息吧。如果你觉得 malaysiareit.com不错,请通过社交媒体把我们介绍给你的朋友吧!

等待时机出手 - 黄金十年


Author: Tan KW   |   Publish date: Mon, 7 Sep 2015, 01:57 PM 

 2015-09-07 11:22 

 
全球股市上周继续如坐过山车。美国道琼斯指数上下几百点成了平常事。
国内股市也一样,往回十来点,不过比较戏剧性的是周二一开市,股市大起50点,大家还以为公牛复活,没想到之后却泄了气,到收市反而落跌3点。
幸亏,这之后的母熊也不凶猛,只是爪了几下,把点数拉低到1600点以下收幕。
我们的投资策略变化不大,继续买进OMESTI的1万股(每股51仙);科恩马凭单A1万股(每股8.5仙);马星集团凭单B5000股(每股15.5仙);侨丰控股凭单C5000股(每股32.5仙)。
投资回酬-4%
还有商峰1000股(每股2.52令吉);商峰凭单2000股(每股1.61令吉)。现金跌至近2万5000令吉。投资回酬至今是负4%。经过一轮重组之后,股项已经减至18只,比3个月前的25只更精简。
在投资策略转为防守的阶段,是否要增加股项一直成为讨论的焦点。
另一个很具争论性的课题是,假设股市向下,我们是否有必要每周购买,还是把子弹收起来,等大市更明朗了以后才酌念投资?
我们先讨论后者。
当股市向下调时,的确是有一种学说,认为应该耐心等待,等股市跌到谷底时才出手。研究(其实无需研究)证明,在股市谷底出手,赚幅是非常巨大的。
CLIQ能源凭单一跌再跌
我们就自己股组合做个例子,拿表现最差的CLIQ能源凭单来说。
受了去年的教训以后,我们今年的的投资价格,坚持在12仙或以下。以去年为鉴,这个价位应该很安全;但是,人算不如天算,我们没有来得及在20仙套利,只好又看它沉沦下去。
如今看回来,当它退回低位时,我们把它卖掉,然后在现在以6仙买回来,如果它有本事再上到20仙,我们赚它个200%!
这是事后孔明的说法,当然,我们不排除有人有本事做到这点。无法在瞬息万变的股市应对自如,我们感到惭愧。
读者看惯我们每年都有盈利,有时会把我们的动作拟神化。这点我们也很抱歉,我们毕竟不是神,所以大家无需太过入戏。
就因为我们是和大家一样的普通平民百姓,作牛作马的草根一族,大家看了才有共鸣,才能投入。
疾风知劲草
我们不喜欢犯错,却不能避免犯错,只能尽量减少犯错。
如果永远没有错,那么读者的距离应该会和我们越来越远,虚幻性也越来越强,这不是我们想要见到的。无论如何,疾风知劲草,在股市低迷时,才见真功夫。
我们觉得,每个方法,都有它可行之处,我们目前只是觉得采用逢低买进的手法比较适合,和谷底投资没什么大冲突。
也有些投资擅于买高买更高,叫他去逢低买进可能害了他。
一动不如一静
至于增加新的投资,这念头无时无刻都出现在健诚的脑里。
若不是我苦劝他谋定而后动,读者看到的不只是这18只股了。
这点健诚倒听我的,由于在股市下滑时期,买一只新股的心理负担会比较大:第一,有人说,下跌的股市象把刀,还没抓住却可能会被它割伤。
第二,股市下跌,情绪悲观之际,任何股票都只能力保不失,这时候要向上爬,除了要克服离场者的卖压,还要有非常充足的理由向上,不然,这时候太激进,往往徒劳无功。
我们的结论是,有好的机会,我们还是会出手,但是在选择时,会更加挑剔,一动不如一静,非常时期出手更不该空手而回。
免责声明
除了股票基本面,本文内容纯属虚构,所有提及股项纯属学术上或经验上的建议,读者若有兴趣投资,应该自行深入研究或询问股票经纪才决定,盈亏自负。我们鼓励通过正确的投资方式创造财富,文中的建议,都有一个完整的买卖纪录。
 
草根牛马
http://www.nanyang.com/node/721899?tid=687

Insider Asia’s Stock Of The Day: APOLLO (04/09/2015)


Author: Tan KW   |   Publish date: Fri, 4 Sep 2015, 07:11 AM 



Insider Asia’s Stock Of The Day: APOLLO (04/09/2015)