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1988年12月22日: 激成投資(0184)購入澳門地塊

當日，激成投資(184，前信大輪船)購入金山發展有限公司25%的股權及環球地產有限公司20%的股權，作價9,200萬，以2.18元發行4,200萬股支付，據董事會指出，該公司有大量流動資金，且無任何負債，盈利更有大幅增長，預期1988年盈利增50%，至3,300萬，且資產值豐厚，故作出此項收購，並預期運用旗下資金將持續購入其他投資。

金山發展有限公司及環球地產有限公司業務均於澳門，分別持有一塊在「乙水」仔住宅及黑沙灣的工業用地，前者預期會建成一名為海洋花園的物業，後者則未定名，並和南洋商業銀行合作發展，估計稱為激成工業大廈，將在1989年落成，並預期作出售之用，前者的資產值估計達18.5億，後者為2.65億，即合計應佔資產值5.155億，折讓82.15%，可以見到這交易對股東明顯有利，對於現在這些不利股東關連交易真是應該感到慚愧。

至現時，據2011年年報稱，海洋花園權益增持至70.61%，但並未完全出售。但激成工業大廈應悉數賣出。這間公司資產優厚且增值中，派息良好，可能因為公司處事我行我素，但股價仍是原地踏步，真是較為可惜。

味皇及其他澳門的網友們，你知不知道這個項目在哪兒? 可以告訴我嗎。



PermaLink: https://articles.zkiz.com/?id=37168

激成投資(0184)專區

1 : GS(14)@2011-04-10 21:06:29

(blank)
2 : GS(14)@2011-04-10 21:08:40

http://www.hkexnews.hk/listedco/ ... TN20110331681_C.pdf

這派息應能維持
董事會建議派發本年度末期股息每股0.175港元(二零零九年：0.175港元)。連同中期股息毎股0.025港元(二零零九年：0.025港元)，二零一零年十二月三十一日止年度股息合共每股0.20港元(二零零九年：0.20港元)。待權益股東於本公司應屆股東週年大會上批准派發末期股息後，預期擬派之末期股息將於二零一一年六月八日派付。
3 : valueinvestor(7573)@2011-07-09 19:05:45

2樓提及
http://www.hkexnews.hk/listedco/listconews/sehk/20110331/LTN20110331681_C.pdf 這派息應能維持董事會建議派發本年度末期股息每股0.175港元(二零零九年：0.175港元)。連同中期股息毎股0.025港元(二零零九年：0.025港元)，二零一零年十二月三十一日止年度股息合共每股0.20港元(二零零九年：0.20港元)。待權益股東於本公司應屆股東週年大會上批准派發末期股息後，預期擬派之末期股息將於二零一一年六月八日派付。


這公司好似幾抵賣, 過往派息集資紀錄正正常常, 但比較多資產買賣 是價值股還是value trap?
4 : GS(14)@2011-09-06 21:12:47

http://www.hkexnews.hk/listedco/ ... TN20110829408_C.pdf
184
減少40%，至7,000萬，1.2元現金

前景
二零一一年上半年，在美國的投資氣氛及消費開支進一步惡化。失業率一直高踞不下，主權債
務違約仍然是多個歐洲國家面臨之風險。在中國及亞洲其他地區，已發展國家事件對亞洲經濟
將產生之衝擊程度愈來愈受關注，可能出現之不可預期事件因而將令本集團二零一一年下半年
之經營蒙上陰影。
在這環境下，無論如何本集團擬維持其尋求可提供長期價值之投資政策。風險帶來機遇，故本
集團將繼續把重點放在集團及管理層富有經驗的業務及經營地點。
5 : GS(14)@2011-09-08 07:51:20

http://www.hkexnews.hk/listedco/ ... TN20110907606_C.pdf
買酒店
6 : Louis(1212)@2012-03-07 18:18:10

非常渴望支持味皇買184。有什麼意見？
7 : gundamlotte(13580)@2012-03-07 20:22:02

6樓提及
非常渴望支持味皇買184。有什麼意見？

呢隻都幾高息，波幅又細，我都想買下......但現價的話，我比較想買88多d，唔知點算好
8 : GS(14)@2012-03-07 20:59:06

7樓提及
6樓提及
非常渴望支持味皇買184。有什麼意見？

呢隻都幾高息，波幅又細，我都想買下......但現價的話，我比較想買88多d，唔知點算好


買88好D，184現金就用晒
9 : Louis(1212)@2012-03-08 16:54:21

8樓提及
7樓提及
6樓提及
非常渴望支持味皇買184。有什麼意見？

呢隻都幾高息，波幅又細，我都想買下......但現價的話，我比較想買88多d，唔知點算好


買88好D，184現金就用晒



主要項目 2011/06 2010/06 2009/06 2008/06 2007/06 ( $X1000 )
存貨 310,545 315,457 335,166 338,386 335,270
現金及銀行結存 1,590,850 1,349,475 1,437,036 1,252,000 916,665
短期債項 404,856 367,172 0 5,000 15,600
總債項 742,595 754,554 0 5,000 15,600

激成<00184.HK>斥1.77億購心齋橋酒店
2011年9月8日  07:15:05 a.m. HKT, AAFN

激成投資<00184.HK>宣布，以現金代價1.77億元，收購大阪心齋橋一幢10層高永久業權之酒店，共有179間房間，藉以強化現有物業投資組合。(de/d)

阿思達克財經新聞

在30-6-2011, 184每股淨現金$2 (已扣除1.77億購心齋橋酒店)

(1,590,850 - 742,595 - 177,000)x1000/已發行股本(股) 340,200,000 = $1.973

佔今天184的股價($3.5)56.3%


主要項目 2011/06 2010/06 2009/06 2008/06 2007/06 (x$1000)
股本 340,200 340,200 340,200 340,200 340,200
儲備 2,216,570 1,970,606 1,745,768 1,700,570 1,464,356
股東權益 2,556,770 2,310,806 2,085,968 2,040,770 1,804,556
貨幣 港元 港元 港元 港元 港元


在30-6-2011, 184 NAV 2,556,770,000 / 340,200,000 = $7.51(沒有商譽), 今天的P/B比率=3.5/7.51=0.466


88 大昌集團

主要項目 2011/09 2010/09 2009/09 2008/09 2007/09 (x$1,000,000)
存貨 2,235 2,964 3,047 3,183 1,800
現金及銀行結存 3,049 994 651 666 319
短期債項 119 0 117 301 229
總債項 119 0 117 361 340

在30-6-2011, 88每股淨現金$$3.43
(2,235 - 119)x1,000,000 / 已發行股本(股) 617,531,425 = $3.43 佔今天的股價($5.15)66.6%

主要項目 2011/09 2010/09 2009/09 2008/09 2007/09 (x$1,000,000)
股本 62 62 62 62 62
儲備 5,106 4,409 3,743 3,670 3,472
股東權益 5,167 4,471 3,805 3,732 3,534
貨幣 港元 港元 港元 港元 港元

在30-6-2011, 88 NAV 5,167,000,000/617,531,425=$8.367(沒有商譽), 今天的P/B比率
=5.15/8.367=0.6155

看來，兩個這樣的股票同樣好。

不過, 在高通脹的今天，太多的現金未必是一件好事。
10 : gundamlotte(13580)@2012-03-08 17:35:24

仲諗住今日$5買小小88，點知升左上去，灰爆smiley
11 : GS(14)@2012-03-08 20:50:19

10樓提及
仲諗住今日$5買小小88，點知升左上去，灰爆smiley


有D野是難求
12 : redponza(12862)@2012-03-11 09:45:05

有冇人知184係90年代係做咩生意?
佢做酒店只係近來既事?

另外，酒店業係有好大既波動性，作為主業好似唔係太好
13 : GS(14)@2012-03-11 12:33:41

12樓提及
有冇人知184係90年代係做咩生意?
佢做酒店只係近來既事?

另外，酒店業係有好大既波動性，作為主業好似唔係太好


1982年之前應該是做航運，其後應該是財困重組，大約1984年先改到現在的名稱，1986年之後派息番

公司註冊處有當年上市的招股書，有興趣可買來一看
14 : GS(14)@2012-03-11 12:34:42

我翻了1973年2月至3月的報紙沒找到甚麼，1986年後有業績，但是無講公司做乜，從其他資料來看，應該做澳門地產，後來做埋越南那些吧
15 : Louis(1212)@2012-03-17 00:20:55

6樓提及
非常渴望支持味皇買184。有什麼意見？


我已經買一些184(每股3.48元)。 祝味皇和我自己好運！
16 : GS(14)@2012-03-17 00:24:05

祝你好運
17 : Louis(1212)@2012-03-20 11:17:33

在最近兩天內， 瑞銀已經購買了190,000股184（每股$3.7）。
事實上，它在14-3-2012已經購買了大約300,000股184(每股$3.5~$3.61）。


我希望這是一個好徵兆。
18 : GS(14)@2012-03-20 22:02:00

我也想買點
19 : gundamlotte(13580)@2012-03-20 22:08:45

18樓提及
我也想買點

唔駛諗，出手啦smiley
20 : gundamlotte(13580)@2012-03-27 20:03:00

末期業績

http://www.hkexnews.hk/listedco/ ... N201203271184_C.pdf

「董事會建議派發本年度末期股息每股0.10港元」

好野，搭沉船smiley
21 : ironforge(21491)@2012-03-27 20:20:05

唔通比機會我上船?
22 : gundamlotte(13580)@2012-03-27 20:22:01

21樓提及
唔通比機會我上船?

變左鐵達尼啦，點搭丫smiley
23 : GS(14)@2012-03-27 21:57:26

董事會建議派發本年度末期股息每股0.10港元(二零一零年：0.175港元)。連同中期股息毎股
0.025港元(二零一零年：0.025港元)，二零一一年十二月三十一日止年度股息合共每股0.125
港元(二零一零年：0.20港元)。待權益股東於本公司應屆股東週年大會上批准派發末期股息後，
預期擬派之末期股息將於二零一二年六月十九日派付。

真是現金減少就出手
24 : GS(14)@2012-03-27 21:58:45

盈利少一半，至1.2億，賺約35仙，得番60仙現金，4.1啦
25 : ironforge(21491)@2012-03-27 21:59:01

夠哂保守 :-)
26 : GS(14)@2012-03-27 21:59:14

過往年度不足撥備(附註(iii)) 65,561 2,561

(iii) 本集團一間附屬公司正就由於角子機經營業務及管理費用而應付之稅務撥備之查詢與越南當地稅務機關
進行磋商。僅就能可靠計量之稅務風險作出撥備。在二零一一年計提66,110,000 港元(二零一零年:
4,662,000 港元)以彌補部分所得稅不足撥備金額。然而，最終結果仍有不確定因素，其所產生之負債可
能超過或未超過該撥備。

若扣此項則減少4分1..
27 : GS(14)@2012-03-27 21:59:28

前景
二零一二年開始時，歐洲發生重大之主權債務風險事件，為全球經濟帶來嚴重後果。美國經濟
出現輕微復甦之跡象，惟就業及住房市場依然疲弱。中國最近公布之預測增長率較前幾年略低，
顯示中國及亞洲整體之經濟活動可能減少。在此背景下，本集團對其於二零一二年之前景保持
審慎。
本集團將繼續管理，以期實現長期之可持續增長，並將繼續審慎尋求投資，以提升股東之長期
價值。
28 : gundamlotte(13580)@2012-03-27 22:02:10

都正常，無錢就派少d囉
29 : david395(4434)@2012-03-28 13:18:58

味皇 3.49 selling 184
30 : Wilbur(1931)@2012-03-28 13:29:55

29樓提及
味皇 3.49 selling 184


你個衰仔,味皇你都數飛...

(不過掛牌同股數吻合...)
31 : ironforge(21491)@2012-03-28 13:58:58

味皇可能換返3818..今日最低1.11
32 : Wilbur(1931)@2012-03-28 15:40:13

MacQ食晒200k股...
33 : ironforge(21491)@2012-03-28 16:04:07

今日味皇孖寶357 同184都麻麻地..
34 : Louis(1212)@2012-03-28 16:19:31

我今日也平手投降$ 3.5
35 : ironforge(21491)@2012-03-28 16:23:25

競價就走左咁勁@@
36 : gundamlotte(13580)@2012-03-28 17:08:22

29樓提及
味皇 3.49 selling 184

http://realblog.zkiz.com/lgaim/32200

「至於味皇暫時會繼續持有」
37 : GS(14)@2012-03-28 21:49:05

29樓提及
味皇 3.49 selling 184


你又數到的?
38 : GS(14)@2012-03-28 21:49:14

36樓提及
29樓提及
味皇 3.49 selling 184

http://realblog.zkiz.com/lgaim/32200

「至於味皇暫時會繼續持有」


可能他睇了
39 : david395(4434)@2012-04-01 16:32:38

37樓提及
29樓提及
味皇 3.49 selling 184


你又數到的?


on aastocks software
40 : GS(14)@2012-04-01 16:40:48

39樓提及
37樓提及
29樓提及
味皇 3.49 selling 184


你又數到的?


on aastocks software


有無圖?
41 : david395(4434)@2012-04-01 16:42:42

did not capture
42 : GS(14)@2012-04-01 16:53:37

41樓提及
did not capture


can upload photos
43 : beimian3006(1167)@2012-05-17 13:18:56

關注，大概值＄5，現價有3.x％厘

有樣也要注意
(vii)  本集團一間附屬公司正就由於角子機經營業務及管理費用而應付之稅務撥備之查詢與越南當地稅務機關進行磋 商。僅就能可靠計量之稅務風險作出撥備。在二零一一年計提66,110,000港元(二零一零年:4,662,000港元)以 彌補部分所得稅不足撥備金額。然而,最終結果仍有不確定因素,其所產生之負債可能超過或未超過該撥備。
44 : GS(14)@2012-05-17 21:24:01

43樓提及
關注，大概值＄5，現價有3.x％厘

有樣也要注意
(vii)  本集團一間附屬公司正就由於角子機經營業務及管理費用而應付之稅務撥備之查詢與越南當地稅務機關進行磋 商。僅就能可靠計量之稅務風險作出撥備。在二零一一年計提66,110,000港元(二零一零年:4,662,000港元)以 彌補部分所得稅不足撥備金額。然而,最終結果仍有不確定因素,其所產生之負債可能超過或未超過該撥備。


我們把它計進去，其實也不是差很多...

另外，為何不買1098
45 : beimian3006(1167)@2012-05-18 11:53:33

44樓提及
43樓提及
關注，大概值＄5，現價有3.x％厘

有樣也要注意
(vii)  本集團一間附屬公司正就由於角子機經營業務及管理費用而應付之稅務撥備之查詢與越南當地稅務機關進行磋 商。僅就能可靠計量之稅務風險作出撥備。在二零一一年計提66,110,000港元(二零一零年:4,662,000港元)以 彌補部分所得稅不足撥備金額。然而,最終結果仍有不確定因素,其所產生之負債可能超過或未超過該撥備。


我們把它計進去，其實也不是差很多...

另外，為何不買1098


真系好介绍！！！！1098破产都值hkd16，还有接近10％息....有D夸张
46 : GS(14)@2012-05-19 09:23:19

45樓提及
44樓提及
43樓提及
關注，大概值＄5，現價有3.x％厘

有樣也要注意
(vii)  本集團一間附屬公司正就由於角子機經營業務及管理費用而應付之稅務撥備之查詢與越南當地稅務機關進行磋 商。僅就能可靠計量之稅務風險作出撥備。在二零一一年計提66,110,000港元(二零一零年:4,662,000港元)以 彌補部分所得稅不足撥備金額。然而,最終結果仍有不確定因素,其所產生之負債可能超過或未超過該撥備。


我們把它計進去，其實也不是差很多...

另外，為何不買1098


真系好介绍！！！！1098破产都值hkd16，还有接近10％息....有D夸张


隻野個老細雖然之前欺詐有官非，但對股東算是好好，所以我覺得值得買
47 : beimian3006(1167)@2012-05-19 11:38:45

其实我一直好想请教你，为什么这些股票会有这么大折让？比如这个1098，我算清算价格大概就在hkd16左右，就算单看现金也有hkd4.4，还有这么多年稳定派息。真的觉得很不逻辑，这么多年似乎都公认的以折让价格在卖，以至于我都觉得我的估值方法有问题。。。
48 : GS(14)@2012-05-19 11:41:02

內房股加上知名度唔高，又是民企...
49 : beimian3006(1167)@2012-05-19 11:50:07

就这么简单？所以估值还是简单的用什么pe配什么股比较实际？会不会有翻身的一天？
50 : GS(14)@2012-05-19 11:52:55

49樓提及
就这么简单？所以估值还是简单的用什么pe配什么股比较实际？会不会有翻身的一天？


其實應該拆開兩部分，公路同房地產... 房地產用book value 計，公路用cashflow 好D...
51 : GS(14)@2012-05-19 11:53:10

不過點睇呢隻都是平...
52 : GS(14)@2012-05-19 11:53:35

如果一眼睇的平就真是平，不作多大計算了
53 : beimian3006(1167)@2012-05-19 12:35:58

50樓提及
49樓提及
就这么简单？所以估值还是简单的用什么pe配什么股比较实际？会不会有翻身的一天？


其實應該拆開兩部分，公路同房地產... 房地產用book value 計，公路用cashflow 好D...


如果这样算，价格可能会更高吧。。。总知呢只真系抵到烂
54 : GS(14)@2012-05-19 12:37:52

買少少囉
55 : pars(2406)@2012-07-11 16:38:04

其實澳門是否很多樓盤都係激成起的? 去澳門旅行時見唔少花園底層貌似停車場的地方印住大大隻激成集團4隻字，同埋去威尼斯時見最少兩個樓盤掛住大大個激成集團個BANNER。家下澳門的人均收入很強，兩公婆唔太大花，要上樓應該無問題，起碼比內房那些中產買唔起，富翁成手貨，貌似健康d。
56 : GS(14)@2012-07-11 22:28:44

我只知激成在澳門有D地
57 : Clark0713(1453)@2012-08-24 16:57:44

二零一二年中期業績公佈（未經審核）

http://www.hkexnews.hk/listedco/ ... TN20120824203_C.pdf
58 : pars(2406)@2012-08-24 17:39:26

份業績ok喎，之前齋睇無買smiley
59 : GS(14)@2012-08-24 22:48:54

盈利回復過往水平，增190%，至2億，4.1億現金，派3仙

前景
於二零一二年上半年，全球經濟及營商環境均受到歐洲主權債務危機所帶來之重大不明朗因素所拖累。
美國之復甦極其量只可說是在美國經濟之個別行業有緩慢、窄幅及不平均之復甦。即使是仍然以出口帶
動及非常依賴境外直接投資之中國經濟亦顯現疲弱跡象。本集團本年度上半年業績理想，主要由於澳門
市場相對未受環球事件影響，集團在該地區之物業銷售強勁。預期於二零一二年下半年，世界經濟及環
球金融市場依然會有重大不明朗因素存在。
然而，在這情況下，本集團仍有意持續其政策以尋求可提供長期價值之投資。
60 : lifengjjj(25972)@2012-09-10 16:27:07

59樓提及
盈利回復過往水平，增190%，至2億，4.1億現金，派3仙
前景
於二零一二年上半年，全球經濟及營商環境均受到歐洲主權債務危機所帶來之重大不明朗因素所拖累。
美國之復甦極其量只可說是在美國經濟之個別行業有緩慢、窄幅及不平均之復甦。即使是仍然以出口帶
動及非常依賴境外直接投資之中國經濟亦顯現疲弱跡象。本集團本年度上半年業績理想，主要由於澳門
市場相對未受環球事件影響，集團在該地區之物業銷售強勁。預期於二零一二年下半年，世界經濟及環
球金融市場依然會有重大不明朗因素存在。
然而，在這情況下，本集團仍有意持續其政策以尋求可提供長期價值之投資。


汤哥184现价抵唔抵买？长揸揸唔揸得过？

184同1098汤哥觉得边只好同边只安全啲？两只是唔是长揸之选？

如果汤哥觉得184同1098抵买，甘咩价买入你两只比较好？
61 : GS(14)@2012-09-10 22:32:06

60樓提及
59樓提及
盈利回復過往水平，增190%，至2億，4.1億現金，派3仙
前景
於二零一二年上半年，全球經濟及營商環境均受到歐洲主權債務危機所帶來之重大不明朗因素所拖累。
美國之復甦極其量只可說是在美國經濟之個別行業有緩慢、窄幅及不平均之復甦。即使是仍然以出口帶
動及非常依賴境外直接投資之中國經濟亦顯現疲弱跡象。本集團本年度上半年業績理想，主要由於澳門
市場相對未受環球事件影響，集團在該地區之物業銷售強勁。預期於二零一二年下半年，世界經濟及環
球金融市場依然會有重大不明朗因素存在。
然而，在這情況下，本集團仍有意持續其政策以尋求可提供長期價值之投資。

汤哥184现价抵唔抵买？长揸揸唔揸得过？
184同1098汤哥觉得边只好同边只安全啲？两只是唔是长揸之选？
如果汤哥觉得184同1098抵买，甘咩价买入你两只比较好？


1. 我覺得抵，長持是好時間
2. 其麼我覺得1098安全d，至少息高，同埋管理層是做緊增長，兩隻都是長持之選。
3. 184 現價都買得，要預守，輸20%左右，1098 計計其實呢個價都唔使考慮，預輸10%
62 : lifengjjj(25972)@2012-09-11 09:06:21

61樓提及
60樓提及
59樓提及
盈利回復過往水平，增190%，至2億，4.1億現金，派3仙
前景
於二零一二年上半年，全球經濟及營商環境均受到歐洲主權債務危機所帶來之重大不明朗因素所拖累。
美國之復甦極其量只可說是在美國經濟之個別行業有緩慢、窄幅及不平均之復甦。即使是仍然以出口帶
動及非常依賴境外直接投資之中國經濟亦顯現疲弱跡象。本集團本年度上半年業績理想，主要由於澳門
市場相對未受環球事件影響，集團在該地區之物業銷售強勁。預期於二零一二年下半年，世界經濟及環
球金融市場依然會有重大不明朗因素存在。
然而，在這情況下，本集團仍有意持續其政策以尋求可提供長期價值之投資。

汤哥184现价抵唔抵买？长揸揸唔揸得过？
184同1098汤哥觉得边只好同边只安全啲？两只是唔是长揸之选？
如果汤哥觉得184同1098抵买，甘咩价买入你两只比较好？


1. 我覺得抵，長持是好時間
2. 其麼我覺得1098安全d，至少息高，同埋管理層是做緊增長，兩隻都是長持之選。
3. 184 現價都買得，要預守，輸20%左右，1098 計計其實呢個價都唔使考慮，預輸10%


最后汤哥果句话唔是好明，1098是不是姐是现价贵10%唔抵买所以唔使考虑？
63 : lifengjjj(25972)@2012-09-12 08:01:18

最后汤哥果句话唔是好明，1098是不是姐是现价贵10%唔抵买所以唔使考虑？
64 : GS(14)@2012-09-12 22:28:45

63樓提及
最后汤哥果句话唔是好明，1098是不是姐是现价贵10%唔抵买所以唔使考虑？


唔是呀，較之前除息前貴左10%
65 : lifengjjj(25972)@2012-09-24 22:34:09

有幾個問題問下湯兄：

1.湯兄，我啲買房首期儲蓄想配置25%的資金入184，你覺得點？會唔會好危險？湯哥覺得184是唔是長揸的好對象？

2.湯兄覺得184管理層是唔是ok，會唔會呃小股東？

3.湯兄覺得它業務風險大唔大？財務風險會唔會好大？有沒破產之危險。

4.湯兄它自有物業價值中澳門，越南，美國，日本，加拿大在總資產中佔的比例各是多少啊？

5.宜家中日搞成甘，會唔會好影響新收購的日本的酒店的收入啊？

6。湯哥覺得2-3年內，尼只股有沒乜嘢催化劑，或者是乜隱憂呢？

7.酒店股裡面尼只是唔是算是好野？
66 : GS(14)@2012-09-24 22:35:15


1.湯兄，我啲買房首期儲蓄想配置25%的資金入184，你覺得點？會唔會好危險？湯哥覺得184是唔是長揸的好對象？

2.湯兄覺得184管理層是唔是ok，會唔會呃小股東？

3.湯兄覺得它業務風險大唔大？財務風險會唔會好大？有沒破產之危險。

4.湯兄它自有物業價值中澳門，越南，美國，日本，加拿大在總資產中佔的比例各是多少啊？

5.宜家中日搞成甘，會唔會好影響新收購的日本的酒店的收入啊？

6。湯哥覺得2-3年內，尼只股有沒乜嘢催化劑，或者是乜隱憂呢？

7.酒店股裡面尼只是唔是算是好野？


1. 我唔覺得危險，但價值發現要好耐。

2. 唔呃小股東，但唔理小股東。

3. 破產是一定唔會。業務風險因經營酒店較週期性，會大少少。財務好多現金應該好細，是管理層保守。

4. 詳情看年報
http://www.hkexnews.hk/listedco/ ... TN20120906432_C.pdf
本集團總資產之分析
分部資產 聯營公司權益 總資產
千港元 千港元 千港元
於二零一二年六月三十日
酒店業務
－越南 458,687 102,854 561,541
－美國 741,955 – 741,955
－中華人民共和國 234,460 – 234,460
－加拿大 – 94,126 94,126
－日本 176,318 – 176,318
物業發展 336,145 – 336,145
物業投資
－澳門 814,861 – 814,861
－日本 485,946 – 485,946
投資及公司 1,186,541 4,141 1,190,682
總計 4,434,913 201,121 4,636,034

5. 應該有影響，不過是暫時

6. 最大隱憂應該是老細老，其他風險唔大，催化劑無
67 : mannishmark(26310)@2012-09-24 22:37:50

價值發現要好耐呢樣係岩.. 但係我睇番佢過去十幾年都係慢慢咁升,唔會跑輸大市的
(想持有但係開戶多多阻滯..唉)
68 : GS(14)@2012-09-24 23:01:16

67樓提及
價值發現要好耐呢樣係岩.. 但係我睇番佢過去十幾年都係慢慢咁升,唔會跑輸大市的
(想持有但係開戶多多阻滯..唉)


收左息就買其他股票
69 : lifengjjj(25972)@2012-09-26 19:47:55

http://www.hkexnews.hk/listedco/ ... TN20120926463_C.pdf

卖出日本物业
70 : lifengjjj(25972)@2012-09-26 23:37:58

请教下汤兄点看尼单交易啊？
71 : greatsoup38(830)@2012-09-27 00:27:57

訂約方
(1) KSJ One；及
(2) 買方。
買方主要從事收購及投資房地產及房地產信託受益人權益之業務。
據董事作出一切合理查詢後所知、所悉及所信，買方與其最終實益擁有人均為獨
立於本公司及其關連人士之第三方。
標的資產
根據買賣協議，KSJ One同意出售及買方同意向KSJ One購買其於該等物業之權益。
該等物業包括兩幢住宅建築，分別為Iris Ginza East及Iris Nihonbashi Suitengu。
Iris Ginza East為一幢12層持有永久業權之多單元住宅建築，建於二零零五年，位於
東京五個中心劃區之一－中央區(Chuo-ku)，在四至八分鐘範圍內有三條火車幹線
可乘搭。距離日本享負盛名之購物區中央銀座1千米，並距離東京車站1.7千米。
Iris Nihonbashi Suitengu為一幢12層持有永久業權之多單元住宅建築，建於二零零五
年，位於東京五個中心劃區之一－中央區(Chuo-ku)，前往東京Metro地鐵半藏門線
之水天宮前站只需兩分鐘，而從水天宮前站乘地鐵往東京甲級商業區丸之內車程
為四分鐘，而前往日本享負盛名之購物區銀座車程為八分鐘。
根據本公司委聘之獨立估值師AS Management Co., Ltd作出之估值，該等物業於二
零一二年六月三十日之估值為4,780,000,000日圓（相等於約476,566,000港元）。有關
估值乃根據直接資本化及貼現現金流量法作出。
根據KSJ One之經審核財務報表，該等物業於截至二零一零年及二零一一年十二月
三十一日止年度之應佔除稅後純利分別約為108,793,722日圓（相等於約10,846,734
港元）及132,447,334日圓（相等於約13,204,999港元）。截至二零一零年及二零一一
年十二月三十一日止年度之已付稅項分別為2,593,542日圓（相等於約258,576港元）
及21,149,594日圓（相等於約2,108,615港元），當中已包括物業稅及其他稅項。
代價
出售事項之代價將為4,900,000,000日圓（相等於約488,530,000港元），將於二零一二
年九月二十七日或買賣協議之訂約方可能同意之任何其他日期以銀行轉賬之方式
支付予KSJ One。
出售事項之代價乃由KSJ One與買方經參考該等物業鄰近其他類似物業之市價後按
公平原則磋商而釐定。
...
進行出售事項之理由及好處
出售事項將有助本集團精簡其現有投資物業組合以達致更平衡及多元化。本集團
預期將維持建立優質投資物業組合之目標，並將繼續於日本及其他地區尋求投資
項目。
董事（包括獨立非執行董事）認為，KSJ One所訂立之買賣協議之條款是公平和合
理。經考慮出售事項將帶來預期現金收益後，董事（包括獨立非執行董事）認為，
出售事項乃符合本公司及股東之整體利益。
出售事項可能造成之財務影響
估計本集團出售後之現金收益約為99,000,000日圓（相等於約9,870,300港元），即出
售事項之所得款項淨額與該等物業於二零一二年六月三十日之估值之差額。

唔錯
72 : qt(2571)@2013-01-08 20:32:00

又係北漏洞拉

http://www.hkexnews.hk/listedco/ ... TN20130108279_C.pdf

本公司擁有 70%之本集團附屬公司 Ocean Place Joint Venture Company
Limited（「該附屬公司」）牽涉在越南於其酒店及會所業務之上述訴訟。
於二零一三年一月七日，越南社會主義共和國胡志明市第 1 郡人民法院對該附屬公司裁
定賠償金額 55,542,291.70 美元（「該裁定」）。
73 : Wilbur(1931)@2013-01-08 20:50:19

72樓提及
又係北漏洞拉

http://www.hkexnews.hk/listedco/ ... TN20130108279_C.pdf

本公司擁有 70%之本集團附屬公司 Ocean Place Joint Venture Company
Limited（「該附屬公司」）牽涉在越南於其酒店及會所業務之上述訴訟。
於二零一三年一月七日，越南社會主義共和國胡志明市第 1 郡人民法院對該附屬公司裁
定賠償金額 55,542,291.70 美元（「該裁定」）。


成日都咁能激既? smiley

冇同人地飲茶灌水咩?
74 : mannishmark(26310)@2013-01-08 20:57:29

今次奶野...
75 : qt(2571)@2013-01-08 21:06:38

73樓提及
72樓提及
又係北漏洞拉

http://www.hkexnews.hk/listedco/ ... TN20130108279_C.pdf

本公司擁有 70%之本集團附屬公司 Ocean Place Joint Venture Company
Limited（「該附屬公司」）牽涉在越南於其酒店及會所業務之上述訴訟。
於二零一三年一月七日，越南社會主義共和國胡志明市第 1 郡人民法院對該附屬公司裁
定賠償金額 55,542,291.70 美元（「該裁定」）。


成日都咁能激既? smiley

冇同人地飲茶灌水咩?


可能利是唔够大封
76 : mannishmark(26310)@2013-01-08 21:07:29

今個星期又學Wilbur兄講連中2個COMBO...
77 : Wilbur(1931)@2013-01-08 21:11:37

76樓提及
今個星期又學Wilbur兄講連中2個COMBO...


smiley

78 : mannishmark(26310)@2013-01-08 21:13:14

呢隻有得跌番去3.2我會再買的,可能咁先俾左個機會我增持
79 : greatsoup38(830)@2013-01-08 22:15:54

73樓提及
72樓提及
又係北漏洞拉

http://www.hkexnews.hk/listedco/ ... TN20130108279_C.pdf

本公司擁有 70%之本集團附屬公司 Ocean Place Joint Venture Company
Limited（「該附屬公司」）牽涉在越南於其酒店及會所業務之上述訴訟。
於二零一三年一月七日，越南社會主義共和國胡志明市第 1 郡人民法院對該附屬公司裁
定賠償金額 55,542,291.70 美元（「該裁定」）。


成日都咁能激既? smiley

冇同人地飲茶灌水咩?


可能茶錢太少，人地畀得仲多...
80 : greatsoup38(830)@2013-01-08 22:16:31

76樓提及
今個星期又學Wilbur兄講連中2個COMBO...


人生總有幾次的...
81 : mannishmark(26310)@2013-01-08 22:17:26

湯兄你又有機買番手了
82 : greatsoup38(830)@2013-01-08 22:17:44

81樓提及
湯兄你又有機買番手了


未調到錢來，我睇來出糧順便搞掂他
83 : qt(2571)@2013-01-08 22:24:57

80樓提及
76樓提及
今個星期又學Wilbur兄講連中2個COMBO...


人生總有幾次的...


之前跟yoki入兩隻, 一核爆, 一炒車smileysmileysmileysmileysmileysmiley
依家都未返黎smileysmileysmiley
84 : mannishmark(26310)@2013-01-08 22:28:03

好彩呢隻野夠平..今次如果要賠足都唔太傷,我估今次應該2億就搞得店
85 : greatsoup38(830)@2013-01-08 22:29:20

83樓提及
80樓提及
76樓提及
今個星期又學Wilbur兄講連中2個COMBO...


人生總有幾次的...


之前跟yoki入兩隻, 一核爆, 一炒車smileysmileysmileysmileysmileysmiley
依家都未返黎smileysmileysmiley


八字唔夾囉，趁近排拿到少少股息同埋就出糧，搞搞個倉
86 : 鉛筆小生(8153)@2013-01-08 22:59:35

http://www.hkexnews.hk/listedco/ ... TN20130108279_C.pdf
好多錢
87 : mannishmark(26310)@2013-01-08 23:00:33

86樓提及
http://www.hkexnews.hk/listedco/listconews/SEHK/2013/0108/LTN20130108279_C.pdf
好多錢


但間野真係好抵..呢幾億錢無左都值5蚊
88 : greatsoup38(830)@2013-01-08 23:01:10

86樓提及
http://www.hkexnews.hk/listedco/listconews/SEHK/2013/0108/LTN20130108279_C.pdf
好多錢

http://www.hkexnews.hk/listedco/ ... TN20120824203_C.pdf
都手上3分1現金
89 : greatsoup38(830)@2013-01-08 23:01:27

87樓提及
86樓提及
http://www.hkexnews.hk/listedco/listconews/SEHK/2013/0108/LTN20130108279_C.pdf
好多錢


但間野真係好抵..呢幾億錢無左都值5蚊


他估值多數是酒店...
90 : mannishmark(26310)@2013-01-08 23:02:32

我當佢現金無晒咁計,佢資產一定唔止帳面個數,加上我用佢盈利計都抵,呢幾億野無左都未使死
91 : greatsoup38(830)@2013-01-08 23:03:19

90樓提及
我當佢現金無晒咁計,佢資產一定唔止帳面個數,加上我用佢盈利計都抵,呢幾億野無左都未使死


不過我覺得賠應該最後都是1至2億左右
92 : 鉛筆小生(8153)@2013-01-08 23:03:44

90樓提及
我當佢現金無晒咁計,佢資產一定唔止帳面個數,加上我用佢盈利計都抵,呢幾億野無左都未使死


應該係要折讓, 你咁講, 大把香港地產都折讓到飛起
93 : mannishmark(26310)@2013-01-08 23:04:00

91樓提及
90樓提及
我當佢現金無晒咁計,佢資產一定唔止帳面個數,加上我用佢盈利計都抵,呢幾億野無左都未使死


不過我覺得賠應該最後都是1至2億左右


係呀,所以有得跌多D實加多野
94 : greatsoup38(830)@2013-01-08 23:04:13

92樓提及
90樓提及
我當佢現金無晒咁計,佢資產一定唔止帳面個數,加上我用佢盈利計都抵,呢幾億野無左都未使死


應該係要折讓, 你咁講, 大把香港地產都折讓到飛起


他的折讓是雙重的
95 : mannishmark(26310)@2013-01-08 23:04:40

92樓提及
90樓提及
我當佢現金無晒咁計,佢資產一定唔止帳面個數,加上我用佢盈利計都抵,呢幾億野無左都未使死


應該係要折讓, 你咁講, 大把香港地產都折讓到飛起

係要折讓,我話既值係佢折讓40-50%既數..
96 : mannishmark(26310)@2013-01-08 23:06:04

最重要既係折讓唔係因為管理層有咩PK行為,呢D真既折讓I LOVIN IT
97 : greatsoup38(830)@2013-01-08 23:06:27

96樓提及
最重要既係折讓唔係因為管理層有咩PK行為,呢D真既折讓I LOVIN IT


他是派息保守d，其他無野
98 : mannishmark(26310)@2013-01-08 23:07:11

97樓提及
96樓提及
最重要既係折讓唔係因為管理層有咩PK行為,呢D真既折讓I LOVIN IT


他是派息保守d，其他無野

本身我諗住以我買入價計今年派到5%.. 宜家應該落空了
99 : ironforge(21491)@2013-01-08 23:07:27

成交疏落都要折讓的...
100 : greatsoup38(830)@2013-01-08 23:07:48

99樓提及
成交疏落都要折讓的...


唔理啦，長期升值就得
101 : ironforge(21491)@2013-01-09 09:47:30

-10%..GOGOGO..
102 : greatsoup38(830)@2013-01-09 21:58:25

跌多一成啦
103 : mannishmark(26310)@2013-01-09 21:59:05

102樓提及
跌多一成啦

尾市有支持,唔知堅定流
104 : 鉛筆小生(8153)@2013-01-09 21:59:23

102樓提及
跌多一成啦


等跌到3蚊, 唔知息口會唔會跌
105 : mannishmark(26310)@2013-01-09 21:59:55

104樓提及
102樓提及
跌多一成啦


等跌到3蚊, 唔知息口會唔會跌


3厘至少啦...
106 : qt(2571)@2013-01-09 22:00:21

104樓提及
102樓提及
跌多一成啦


等跌到3蚊, 唔知息口會唔會跌


但願係
107 : greatsoup38(830)@2013-01-09 22:00:24

104樓提及
102樓提及
跌多一成啦


等跌到3蚊, 唔知息口會唔會跌


下半年應該跌啦
108 : 鉛筆小生(8153)@2013-01-09 22:00:28

105樓提及
104樓提及
102樓提及
跌多一成啦


等跌到3蚊, 唔知息口會唔會跌


3厘至少啦...
.

全年3厘就PK
109 : greatsoup38(830)@2013-01-09 22:00:38

106樓提及
104樓提及
102樓提及
跌多一成啦


等跌到3蚊, 唔知息口會唔會跌


但願係


至少暫時跌
110 : greatsoup38(830)@2013-01-09 22:00:57

108樓提及
105樓提及
104樓提及
102樓提及
跌多一成啦


等跌到3蚊, 唔知息口會唔會跌


3厘至少啦...
.

全年3厘就PK


又唔會的，資產都值錢的
111 : qt(2571)@2013-01-09 22:01:45

109樓提及
106樓提及
104樓提及
102樓提及
跌多一成啦


等跌到3蚊, 唔知息口會唔會跌


但願係


至少暫時跌


個市好都要咁, 市壞會點
若減派息, 更加大煲
112 : greatsoup38(830)@2013-01-09 22:02:25

我唔是好覺得呢隻會差....市壞當年都無乜點跌
113 : 鉛筆小生(8153)@2013-01-09 22:03:04

112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌


我覺得呢隻只岩收息的人
114 : greatsoup38(830)@2013-01-09 22:03:21

113樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌


我覺得呢隻只岩收息的人


我是想收息嘛
115 : mannishmark(26310)@2013-01-09 22:03:44

112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...
116 : mannishmark(26310)@2013-01-09 22:04:20

113樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌


我覺得呢隻只岩收息的人


岩我..
117 : greatsoup38(830)@2013-01-09 22:04:23

115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦
118 : mannishmark(26310)@2013-01-09 22:05:07

117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦

所以結論都係抵..
119 : mannishmark(26310)@2013-01-09 22:05:30

乘錯數..係22.4..
120 : greatsoup38(830)@2013-01-09 22:05:33

我覺得有數圍
121 : 鉛筆小生(8153)@2013-01-09 22:06:18

117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊
122 : mannishmark(26310)@2013-01-09 22:06:22

120樓提及
我覺得有數圍

所以果時我由3.1睇到佢到3.7都肯買LOR..點知天有不測之風雲,一野爆4億..
123 : mannishmark(26310)@2013-01-09 22:07:26

121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈
124 : 鉛筆小生(8153)@2013-01-09 22:08:14

123樓提及
121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈


251 D 資產不是PROFITABLE?
佢D 收租大廈不好?
125 : mannishmark(26310)@2013-01-09 22:09:01

124樓提及
123樓提及
121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈


251 D 資產不是PROFITABLE?
佢D 收租大廈不好?

我好膚淺,用PE計184抵D
126 : 鉛筆小生(8153)@2013-01-09 22:09:43

125樓提及
124樓提及
123樓提及
121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈


251 D 資產不是PROFITABLE?
佢D 收租大廈不好?

我好膚淺,用PE計184抵D


若用PE PB 計, 我大把好過184
127 : mannishmark(26310)@2013-01-09 22:10:53

126樓提及
125樓提及
124樓提及
123樓提及
121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈


251 D 資產不是PROFITABLE?
佢D 收租大廈不好?

我好膚淺,用PE計184抵D


若用PE PB 計, 我大把好過184


但同時資產要有咁上下厚既唔多,我喜歡資產帶俾我既安全感
128 : greatsoup38(830)@2013-01-09 22:39:12

121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊


251 d資產盈利能力無咁好，他又無力開發
129 : greatsoup38(830)@2013-01-09 22:39:53

124樓提及
123樓提及
121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈


251 D 資產不是PROFITABLE?
佢D 收租大廈不好?


你自己扣扣條數，年年都是盈虧邊緣上落
130 : greatsoup38(830)@2013-01-09 22:40:10

126樓提及
125樓提及
124樓提及
123樓提及
121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈


251 D 資產不是PROFITABLE?
佢D 收租大廈不好?

我好膚淺,用PE計184抵D


273 啦
若用PE PB 計, 我大把好過184
131 : 鉛筆小生(8153)@2013-01-09 22:42:24

哈哈, 616
130樓提及
126樓提及
125樓提及
124樓提及
123樓提及
121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈


251 D 資產不是PROFITABLE?
佢D 收租大廈不好?

我好膚淺,用PE計184抵D


273 啦
若用PE PB 計, 我大把好過184
132 : mannishmark(26310)@2013-01-09 22:44:50

所以老細+PE+PB+個人感覺幾方面加埋黎講我喜呢隻多過其他
133 : greatsoup38(830)@2013-01-09 22:46:28

131樓提及
哈哈, 616
130樓提及
126樓提及
125樓提及
124樓提及
123樓提及
121樓提及
117樓提及
115樓提及
112樓提及
我唔是好覺得呢隻會差....市壞當年都無乜點跌

2.8X8=21.6.. 當佢D現金無晒都值5蚊...


打個八折都4蚊啦


咁251 D 資產打8折, 都10蚊

要PROFITABLE既資產.. 所以我用PE計佢價值,資產只係安慰心靈


251 D 資產不是PROFITABLE?
佢D 收租大廈不好?

我好膚淺,用PE計184抵D


273 啦
若用PE PB 計, 我大把好過184


所以他是姑寒d，但是都唔算做得太差的...至少好過呢d先
134 : greatsoup38(830)@2013-01-09 22:46:41

132樓提及
所以老細+PE+PB+個人感覺幾方面加埋黎講我喜呢隻多過其他


我都幾喜歡，但未有錢調過來
135 : 鉛筆小生(8153)@2013-01-09 22:47:07

1838
136 : greatsoup38(830)@2013-01-09 22:47:29

135樓提及
1838


258
137 : mannishmark(26310)@2013-01-09 22:47:34

佢姑寒黎都有D用,至少爆一次咁既大野都唔使驚財政有大問題
138 : 鉛筆小生(8153)@2013-01-09 22:47:37

137
139 : greatsoup38(830)@2013-01-09 22:48:37

138樓提及
137


1101
140 : 鉛筆小生(8153)@2013-01-09 22:49:29

25
141 : greatsoup38(830)@2013-01-09 22:49:47

140樓提及
25


呢隻邊算? 126
142 : 鉛筆小生(8153)@2013-01-09 22:50:40

166
143 : greatsoup38(830)@2013-01-09 22:53:05

142樓提及
166


276
144 : 鉛筆小生(8153)@2013-01-09 22:53:19

959
145 : greatsoup38(830)@2013-01-09 22:54:05

144樓提及
959


70
146 : 鉛筆小生(8153)@2013-01-09 22:54:46

145樓提及
144樓提及
959


70


397
147 : greatsoup38(830)@2013-01-09 22:55:28

146樓提及
145樓提及
144樓提及
959


70


397


3886
148 : mannishmark(26310)@2013-01-09 22:55:50

要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley
149 : greatsoup38(830)@2013-01-09 22:56:16

148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒
150 : mannishmark(26310)@2013-01-09 22:56:50

149樓提及
148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒

OKOK..我當然知啦..同叔,華匯系..
151 : 鉛筆小生(8153)@2013-01-09 22:57:23

149樓提及
148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒


其實只要唔買老千股, 就應該冇問題
152 : greatsoup38(830)@2013-01-09 22:58:13

151樓提及
149樓提及
148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒


其實只要唔買老千股, 就應該冇問題


個市升你贏得好快
153 : qt(2571)@2013-01-09 23:00:43

151樓提及
149樓提及
148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒


其實只要唔買老千股, 就應該冇問題


鬥長命策略, 總有一天會上
154 : greatsoup38(830)@2013-01-09 23:01:31

153樓提及
151樓提及
149樓提及
148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒


其實只要唔買老千股, 就應該冇問題


鬥長命策略, 總有一天會上


是囉，慢慢就贏番來
155 : 鉛筆小生(8153)@2013-01-09 23:06:13

152樓提及
151樓提及
149樓提及
148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒


其實只要唔買老千股, 就應該冇問題


個市升你贏得好快


大牛市就要鬥快, 就好似城鎮化, 鬥快集資搶地
156 : greatsoup38(830)@2013-01-09 23:06:43

155樓提及
152樓提及
151樓提及
149樓提及
148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒


其實只要唔買老千股, 就應該冇問題


個市升你贏得好快


大牛市就要鬥快, 就好似城鎮化, 鬥快集資搶地


你用盡都是那些錢嘛
157 : 鉛筆小生(8153)@2013-01-09 23:09:59

156樓提及
155樓提及
152樓提及
151樓提及
149樓提及
148樓提及
要講NO.就一次過講晒佢啦..唔係我真係BJ架smileysmiley


玩下接龍，你睇下老千股個list有齊晒


其實只要唔買老千股, 就應該冇問題


個市升你贏得好快


大牛市就要鬥快, 就好似城鎮化, 鬥快集資搶地


你用盡都是那些錢嘛


所以要貨如輪轉
158 : greatsoup38(830)@2013-01-09 23:10:32

貨如輪轉有時好煩
159 : 鉛筆小生(8153)@2013-01-09 23:11:19

158樓提及
貨如輪轉有時好煩


看清況, 每個市況有唔同策略
160 : greatsoup38(830)@2013-01-09 23:11:42

159樓提及
158樓提及
貨如輪轉有時好煩


看清況, 每個市況有唔同策略


我喜歡一lot買晒
161 : mannishmark(26310)@2013-01-09 23:12:46

159樓提及
158樓提及
貨如輪轉有時好煩


看清況, 每個市況有唔同策略


我自問無鉛筆兄你轉親都中,所以我都係少做少錯,盡量坐貨
162 : ironforge(21491)@2013-01-31 14:47:55

其實你地有無查過佢單官司衰乜,要賠咁多...
單野真係好低b....
163 : qt(2571)@2013-01-31 14:56:30

162樓提及
其實你地有無查過佢單官司衰乜,要賠咁多...
單野真係好低b....


你有冇計搞掂北漏洞拉先？
164 : ironforge(21491)@2013-01-31 14:59:17

163樓提及
162樓提及
其實你地有無查過佢單官司衰乜,要賠咁多...
單野真係好低b....


你有冇計搞掂北漏洞拉先？

我又唔係越南法律界.點有計..只係我諗好多地方呢d官司無可能輸..
165 : qt(2571)@2013-01-31 15:05:29

164樓提及
163樓提及
162樓提及
其實你地有無查過佢單官司衰乜,要賠咁多...
單野真係好低b....


你有冇計搞掂北漏洞拉先？

我又唔係越南法律界.點有計..只係我諗好多地方呢d官司無可能輸..


你用香港的運作去理解北漏洞拉？ 效果可以係完全相反喎
166 : ironforge(21491)@2013-01-31 15:12:35

165樓提及
164樓提及
163樓提及
162樓提及
其實你地有無查過佢單官司衰乜,要賠咁多...
單野真係好低b....


你有冇計搞掂北漏洞拉先？

我又唔係越南法律界.點有計..只係我諗好多地方呢d官司無可能輸..


你用香港的運作去理解北漏洞拉？ 效果可以係完全相反喎

我只係用一般邏輯諗者...
唔通老虎機show 中1萬億..就要賠1萬億咩..機器真係有機會會壞架嘛..
167 : mannishmark(26310)@2013-01-31 19:49:37

應該都是避稅俾人話逃稅果類野啦
168 : ironforge(21491)@2013-01-31 21:16:58

賺下GJ先...
http://vietnam-gaming-news.blogs ... illion-of-game.html

Lawsuit for US$55 Million of Game-Winning Prize: Outcome will Change the Course of Entire Gaming Industry!


22nd May 2010

Mr. Sam Ly (Born in 1951, a businessman of US Nationals and currently doing business in Vietnam) sues Ocean Place Joint Venture Company Limited (a joint venture between Saigon Tourist, Saigon Real Estate Corporation, and a foreign partner - the owner of 5 star Sheraton Saigon Hotel) for over US$55 million in alleging to have won a winning combination on one of the slot machines (machine 13) at Palazzo Club on the night of 25th October 2009 but were refused payout - "released by Thanh Nien"

In conjunction, Ocean Place Joint Venture (O.P.J.V) and Palazzo Club disclose to have also presented to the People's Court of District 1 (HCMC) - the authority that announced to have accepted the case with evidence proving two crucial circumstances:

1. The malfunctioned Slot machine has never shown the "winning" of US$55,542,291.70.
2. Palazzo Club never promised to make any payout to Mr. Sam Ly of the alleged claim.

According to Thanh Nien, O.P.J.V confirms that on the night of 25th Oct 2009, after Mr. Sam Ly invested nearly US$3,000 at the Slot Machine, he announced and claimed to have won the above mentioned amount (which is US$55,542,291.70). The Club denied the claim after a series of investigation that proves only to be a "Machine Malfunctions".

"This is a classic case that has clear legal precedence established globally; and the player has no valid claim against the operator in case of malfunctions" according to Palazzo Club representative. Palazzo Club also stated that the maximum payout for this specific kind of slot machine is not more than US$46,620 (10 Cents Denomination) which far too much difference from the claimed amount of US$55,542,291.70.
BMM Australia, an independent gaming testing laboratary, retained and certified the case of Mr. Sam Ly was a machine malfunction.

Palazzo Club also emphasize on the club rules, which were established in accordance with Vietnam Gaming regulations, specify that "Malfunction voids all pays and plays" on all machine, facing the players.

However Mr. Sam Ly argues otherwise stated, "not withstanding the notice, and such policy is invalid in this case for the Club has taken the bet, so must accept all results" even though the club have shown their goodwill promised to returned his initial capitol (US$3,000) but he refused.

Decision will make "Breaking News"?

"This is not the first case of machine malfunction in Vietnam..." according to Palazzo Club, "but it is the first case where the authority (People's Court Dist 1 HCMC) accepted case of this nature.

Machine malfunction cases have been reported all around the world, but so far were all rejected by the courts and authorities. I.e;-

1. Cengiz Sengel against Silver Legacy Casino for US$1.8 Million (2000)
2. Brenda Pickle against IGT and Sam Town Hotel & Casino for US$4.7 Million (2002)
3. A woman against Macau Galaxy Starworld for US$5.5 Million (2007)

The world legal precedence so far shows no case in which player win in the event of machine malfunction of any kind.

As the malfunction rules is standard in the Gaming Industry, and should the authority (People's Court Dist 1 HCMC) rules otherwise in favor of the player, this will shockingly make the breaking news not only locally but globally and will change the course of the entire gaming industry.

All eyes are now turned to the case for the outcome, and will determined the fate of all potential investor here in Vietnam.

169 : mannishmark(26310)@2013-02-02 22:08:09

http://www.eehoehean.org/index.p ... memberslist&page=17

我想問下呢個係唔係佢既樣(NO.239),我搵黎搵去都搵唔到佢個樣..
170 : greatsoup38(830)@2013-02-02 22:12:36

BBJune 4, 2010 at 4:08 AM

Vietnam court shld not accept this case. Slot Machines Malfunctions are rare, but they do happen. In the case of very large jackpots, the display on the reels or screen usually is checked against the random number generator record. If they don't match, it's not a jackpot. so the amount shldn't claim by Player. Vietnam Court seem have very less knowledge in slot machine rules & regulation... B4 accept, pls study more!!!
http://www.bjrnet.com/member/gatl/index.cgi?read=4
http://www.slotmachinecash.com/news/april07/slotmalfunc.shtml
171 : mannishmark(26310)@2013-03-22 23:02:51

業績,仲有17仙!!算我賭贏掛~
172 : mannishmark(26310)@2013-04-03 15:38:03

湯兄認為呢個人點?
173 : greatsoup38(830)@2013-04-03 22:09:04

唔差又唔好，中性
174 : mannishmark(26310)@2013-04-03 22:10:35

173樓提及
唔差又唔好，中性


似同東南亞幾熟,有1768
175 : greatsoup38(830)@2013-04-03 22:12:28

174樓提及
173樓提及
唔差又唔好，中性


似同東南亞幾熟,有1768


426都是
176 : greatsoup38(830)@2013-04-06 23:05:31

http://www.hkexnews.hk/listedco/ ... TN20130322534_C.pdf
184
盈利增1倍，至2.6億，10.2億現金
177 : mannishmark(26310)@2013-04-26 17:15:35

在此之際，本人謹藉此機會肯定先父何瑤焜先生離世前對本集團所作出之貢獻。於一九四三年，其在新加坡Market Street
前舖後居的二樓共同創立稱為「chop Keck Seng」之小生意。其開始時為新加坡與印尼港口城市井里汶(cirebon)之間的
貿易生意，不久擴展至馬來西亞。於一九五三年，「chop Keck Seng」成為新加坡大米批發商，直接從泰國、越南及緬
甸入口大米，並出口往印尼、印度、斯里蘭卡及菲律賓。其亦買賣橡膠、胡椒、咖啡豆、椰子及其他商品。於印尼衝突
期間，先父在香港設立基地，以協助經香港進行印尼與新加坡之間的貿易。於一九六九年至一九七二年期間，其於香港
物業市場之投資帶來回報，其公司則於一九七二年開始投資於澳門物業。他其後於一九八零年收購一家在香港聯合交
易所上市之小公司，並將公司名稱更改為「激成投資（香港）有限公司」。 即呢間野係買殼番黎?
178 : GS(14)@2013-04-26 17:52:22

177樓提及
在此之際，本人謹藉此機會肯定先父何瑤焜先生離世前對本集團所作出之貢獻。於一九四三年，其在新加坡Market Street
前舖後居的二樓共同創立稱為「chop Keck Seng」之小生意。其開始時為新加坡與印尼港口城市井里汶(cirebon)之間的
貿易生意，不久擴展至馬來西亞。於一九五三年，「chop Keck Seng」成為新加坡大米批發商，直接從泰國、越南及緬
甸入口大米，並出口往印尼、印度、斯里蘭卡及菲律賓。其亦買賣橡膠、胡椒、咖啡豆、椰子及其他商品。於印尼衝突
期間，先父在香港設立基地，以協助經香港進行印尼與新加坡之間的貿易。於一九六九年至一九七二年期間，其於香港
物業市場之投資帶來回報，其公司則於一九七二年開始投資於澳門物業。他其後於一九八零年收購一家在香港聯合交
易所上市之小公司，並將公司名稱更改為「激成投資（香港）有限公司」。 即呢間野係買殼番黎?


是一間小的航運公司，但我找不到當年新聞的資料
179 : y2kcatman(5671)@2013-06-04 20:08:57

【個股信息】專訪：激成(0184-HK)暫無意出售旗下澳門物業，租金5月創新高
2013/06/04 14:32
財華社香港新聞中心
激成投資執行董事謝思訓接受《財華社》專訪時表示，由於澳門六個賭場分別宣佈發展，配合澳門建築業前景蓬勃，對澳門租賃市場前景樂觀。現時澳門地產市道暢旺，暫無意出售公司旗下澳門的物業，待物業市值升至合理水平，再考慮出售。

他提到，今年首季澳門遊客數字上升，博彩業有增加，公司澳門租賃業務5月份收入創新高，首季住宅、寫字樓的出租率接近100%，租金收入比去年同期有增幅。(Q)

http://www.finet.hk/mainsite/newscenter/553909.html
180 : y2kcatman(5671)@2013-06-04 20:09:12

【個股信息】專訪：激成(0184-HK)正物色酒店和地產項目，日本酒店外營業額略跌
2013/06/04 14:32
財華社香港新聞中心
激成投資執行董事謝思訓在股東周年大會後向《財華社》表示，公司現金有17億元，手頭上有足夠資金收購物業，而公司正積極物色酒店和地產投資項目，強調有關投資項目的營運是公司有經驗及熟悉。公司考慮現時全球政府、經濟不明朗因素，故將審慎作進一步業務拓展。

他又指出，由於國際經濟環境不太暢旺，首季1-3月於美國、加拿大、中國等地酒店營業額比去年同期有些少回落。但由於日圓下滑，吸引大量遊客到日本旅行，因此公司在日本大阪的酒店首季入住率相當可觀。總體酒店入住率和房租的趨勢視乎外圍經濟狀況，暫較難作有關預測。(Q)

http://www.finet.hk/mainsite/newscenter/553910.html
181 : mannishmark(26310)@2013-06-04 20:10:15

180樓提及
【個股信息】專訪：激成(0184-HK)正物色酒店和地產項目，日本酒店外營業額略跌
2013/06/04 14:32
財華社香港新聞中心
激成投資執行董事謝思訓在股東周年大會後向《財華社》表示，公司現金有17億元，手頭上有足夠資金收購物業，而公司正積極物色酒店和地產投資項目，強調有關投資項目的營運是公司有經驗及熟悉。公司考慮現時全球政府、經濟不明朗因素，故將審慎作進一步業務拓展。

他又指出，由於國際經濟環境不太暢旺，首季1-3月於美國、加拿大、中國等地酒店營業額比去年同期有些少回落。但由於日圓下滑，吸引大量遊客到日本旅行，因此公司在日本大阪的酒店首季入住率相當可觀。總體酒店入住率和房租的趨勢視乎外圍經濟狀況，暫較難作有關預測。(Q)

http://www.finet.hk/mainsite/newscenter/553910.html


文昌兄,我今日都有去WOR,點解唔覺有人做訪問既...
182 : y2kcatman(5671)@2013-06-04 20:12:16

記者唔俾入呀，激成無咁大方，完左先我個記者先入到去做呀。
183 : y2kcatman(5671)@2013-06-04 20:13:45

算好，肯接受訪問，好多乜都唔肯。
唔俾多D投資者認識，閂起門。
真係唔明點解要上市了。
184 : mannishmark(26310)@2013-06-04 20:14:12

182樓提及
記者唔俾入呀，激成無咁大方，完左先我個記者先入到去做呀。

原來係咁,我陣間寫番今日既野,其實今日都係投票走人..
185 : mannishmark(26310)@2013-06-04 20:15:29

183樓提及
算好，肯接受訪問，好多乜都唔肯。
唔俾多D投資者認識，閂起門。
真係唔明點解要上市了。

個主席算好人,今日同佢握左次手~但我肴底唔敢影相>.<
186 : y2kcatman(5671)@2013-06-04 20:17:17

好呀下次不如派你做特派員，報料來啦 HAHA。
187 : mannishmark(26310)@2013-06-04 20:19:22

186樓提及
好呀下次不如派你做特派員，報料來啦 HAHA。

得D蛋糕同茶水,今日無食過就走了smileysmiley
BTW,你見唔見到有個高高地著藍色衫既鬼佬?唔知點解佢好EYE-CATCHING,應該係基金派黎既代表
188 : greatsoup38(830)@2013-06-04 23:33:03

183樓提及
算好，肯接受訪問，好多乜都唔肯。
唔俾多D投資者認識，閂起門。
真係唔明點解要上市了。


他可能都唔是想畀太多人玩
189 : greatsoup38(830)@2013-06-04 23:33:30

185樓提及
183樓提及
算好，肯接受訪問，好多乜都唔肯。
唔俾多D投資者認識，閂起門。
真係唔明點解要上市了。

個主席算好人,今日同佢握左次手~但我肴底唔敢影相>.<


有手握真是好，我都是握左一次
190 : y2kcatman(5671)@2013-06-05 12:12:45

不是我去，要問我個記者。
191 : patricklau1236(18474)@2013-06-23 08:50:35

各位師兄, 你認為激成今半年結要為五千萬美金做撥備嗎? 不知越南是否要先交錢, 後上訴呢?
192 : greatsoup38(830)@2013-06-23 10:07:58

191樓提及
各位師兄, 你認為激成今半年結要為五千萬美金做撥備嗎? 不知越南是否要先交錢, 後上訴呢?


那個人好似那個之前老虎機女人咁，其實就是咁無賴
193 : 大劉(5965)@2013-06-25 22:22:48

留名學野
194 : GS(14)@2013-06-25 22:31:55

http://hkstockinvestment.blogspot.hk/2013/06/blog-post_24.html
至於184越南單官司，自己覺得官司本身匪夷所思，應該不會有事。
195 : GS(14)@2013-06-25 22:32:26

184是長期都有跟進的股份，而在3月公佈業績後我已即時追貨在3.87元買入，其後在4.18元(除息前)沽出。現在留意看看有沒有機會在3.6元左右買回。此股折讓相當大，加上年年派息都頗穩定，中長線持有都應該OK。
196 : siuman1986(6109)@2013-08-23 17:31:24

出左業績
197 : GS(14)@2013-08-27 23:12:36

盈利降43%，至8,000萬，10.6億現金
198 : ironforge(21491)@2013-11-06 15:27:25

今日乜事爆升呢..4.9了
連422都升
199 : mannishmark(26310)@2013-11-06 15:41:12

應該唔關事，近排咩都炒一餐
200 : mannishmark(26310)@2013-11-06 15:41:24

Repeated
201 : mainfree(26769)@2013-11-06 16:07:57

mannishmark在200樓提及
應該唔關事，近排咩都炒一餐


可能睇好越南呢
202 : qt(2571)@2013-11-06 17:02:34

唔通單官師無事？
203 : ironforge(21491)@2013-11-06 17:11:05

單官師咁搞笑..正路應該無事..可惜越南唔係一個正路既國家..
唔係連官司都唔駛打..
204 : greatsoup38(830)@2013-11-06 22:25:00

ironforge在198樓提及
今日乜事爆升呢..4.9了
連422都升


真是日日升，打心口中
205 : greatsoup38(830)@2013-11-06 22:25:20

ironforge在203樓提及
單官師咁搞笑..正路應該無事..可惜越南唔係一個正路既國家..
唔係連官司都唔駛打..


那單野他一早勝訴啦

可能真是看好東南亞
206 : ironforge(21491)@2014-01-03 14:15:03

今日終於出公告..原告撤銷官司...一毫子都唔駛賠
207 : greatsoup38(830)@2014-01-04 17:13:45

ironforge在206樓提及
今日終於出公告..原告撤銷官司...一毫子都唔駛賠
208 : kuenhello(37643)@2014-01-13 19:55:15

其實呢隻野 借問聲 YEN跌到咁對佢地係行好定利淡
209 : GS(14)@2014-01-13 23:03:09

kuenhello在208樓提及
其實呢隻野 借問聲 YEN跌到咁對佢地係行好定利淡


他好似賣左那個物業啦
210 : kennyice(39871)@2014-03-04 12:06:28

越南人工便宜. 好多廠都搬去果度. 三星仲投資成百億係果邊.
可見將來越南相關股票有得諗.
211 : 鉛筆小生(8153)@2014-03-04 12:33:33

TPP?
212 : greatsoup38(830)@2014-03-04 22:03:41

近排真是一關一關過，好勁
213 : iniesta(1400)@2014-03-04 22:18:14

kennyice在210樓提及
越南人工便宜. 好多廠都搬去果度. 三星仲投資成百億係果邊.
可見將來越南相關股票有得諗.


有得諗, 但呢個概念4-5年先炒一次
上一次已經係2009前, 所以而家可能有機
214 : greatsoup38(830)@2014-03-23 16:42:00

184

盈利減25%，至1.5億，11.7億現金
215 : mannishmark(26310)@2014-07-06 16:37:33

http://www.cornerofberkshireandf ... g-investments-0184/
鬼佬嘅討論
216 : greatsoup38(830)@2014-07-06 16:39:05

0184.HK - Keck Seng Investments
« on: March 01, 2014, 09:03:15 AM »
It looks really cheap at face value. Looking at how much cash it generates, at their property values and their cash stash. Not sure what the catch is here?

They own and develop properties in hong kong thailand singapore and Macau and the US. FCF yield is like ~20%. But they had a drop in revenue in 1st half 2013 so far.
« Last Edit: March 01, 2014, 05:49:53 PM by Parsad »
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king888

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Re: Keck seng investments - 0184
« Reply #1 on: March 01, 2014, 09:18:42 AM »
They don't have property in Thailand . They own Sheraton Saigon (Vietnam) which is bith hotel & casino.
The litigation with this casino and player had been a drag to share price for many years. The lawsuit was dismissed last year , not sure if the play can still appeal.
Will Thrower of Global VI board has followed this company for 2-3 years . You can check his long in that board thesis http://investorshub.advfn.com/bo ... message_id=95561211

I have a small position since last year . My long case is it's legit with good dividend and was trading at discount to nav and the lawsuit was non-sense ( Player claimed to win jackpot from slot machine's malfuncion)
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yadayada

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Re: Keck seng investments - 0184
« Reply #2 on: March 01, 2014, 09:24:12 AM »
yeah got them switched up your right. And it looks like they will pay v large dividends soon, now that they paid off most of their debt? Is the law suit the only reason it was cheap? Price didn't really jump up after that announcement.
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rayfinkle

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Re: 0184.HK - Keck Seng Investments
« Reply #3 on: March 02, 2014, 08:01:58 AM »
Any governance issues to think about?
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yadayada

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Re: 0184.HK - Keck Seng Investments
« Reply #4 on: March 22, 2014, 04:26:59 PM »
It seems insiders own a large amount, and what about those minority interests? Half the dividends go their way. I also cant figure out why they have almost their market cap in cash. What will they do with that?

If minority interests get those dividends, does that mean there are like private preferred shares for this company? And what % of the assets do regular equity holders really own then?

Only like 1/6th of the profits went to shareholders through dividends. They generated roughly 2 billion in cash the last 8 years or so. But most of it is just in bank deposits now still on their balance sheet. You would think they should buy back some of their own shares.

Does anyone have acces to the VIC write up?

They did do some serious investments in real estate in 2009-2011. So i wonder what that is worth now.
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Re: 0184.HK - Keck Seng Investments
« Reply #5 on: April 12, 2014, 04:44:20 AM »
To be compliant with IFRS they need to perform annual RE appraisals on their properties so the book value of equity should reflect any increase in value. I don't understand the VIC posting as it writes up the already IFRS adjusted book value based upon recent transaction (pretty speculative unless you are RE appraiser). If you use the IFRS numbers you come up with a discount of 43%, pretty typical of HK real estate hold cos.

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yadayada

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Re: 0184.HK - Keck Seng Investments
« Reply #6 on: April 12, 2014, 06:05:43 AM »
yeah i think your right. They didnt make a significant gain on sale when they sold alot of real estate, like the VIC article implies. So the book value of 3.4 billion should be roughly correct. Still not a bad pick to invest in tho, but i guess not nearly as much upside.
« Last Edit: April 12, 2014, 06:24:19 AM by yadayada »
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thefatbaboon

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Re: 0184.HK - Keck Seng Investments
« Reply #7 on: April 12, 2014, 06:26:08 AM »
The main uncertainty is regarding the value of the macau assets - which I think do have the potential to be significantly higher than their book/ for example they sold two apartments there during 2012 or 2013 at a good clip over book

As regards the minority interests you mentioned earlier it is predominantly the two Vietnamese hotels where they own 64% of the Sheraton and 25% of the Caravelle

The big sale you mentioned where they only realized a small gain was of two properties in Japan/ They had only bought the properties in 2010/ I think the sale was either lucky or clever because they got out just before the yen revaluation and with a small gain

They made an excellent purchase of the W hotel in san francisco in the summer of 2009/

Other than a small run in with the tax man decades ago the controlling family is typical wealthy singapore with a history of working together with some other big and reputable families in singabpore and hong kong i.e. this doesn't look anything like a typical fraud

I have no idea what the cash balance is for



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yadayada

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Re: 0184.HK - Keck Seng Investments
« Reply #8 on: April 12, 2014, 06:37:33 AM »
Quote

  (g) Fixed assets
  (i) Investment property
  Investment properties are land and/or buildings which are owned or held under a leasehold
  interest (note 1(i)) to earn rental income and/or for capital appreciation. These include land held
  for a currently undetermined future use and property that is being constructed or developed for
  future use as investment property.
  Investment properties are stated at fair value, unless they are still in the course of construction
  or development at the end of the reporting period and their fair value cannot be reliably
  determined at that time. Any gain or loss arising from a change in fair value or from the
  retirement or disposal of an investment property is recognised in profit or loss. Rental income
  from investment properties is accounted for as described in note 1(s)(ii).
  When the Group holds a property interest under an operating lease to earn rental income
  and/or for capital appreciation, the interest is classified and accounted for as an investment
  property on a property-by-property basis. Any such property interest which has been classified
  as an investment property is accounted for as if it were held under a finance lease (note
  1(i)), and the same accounting policies are applied to that interest as are applied to other
  investment properties leased under finance leases. Lease payments are accounted for as
  described in note 1(i).
  (ii) Hotel property
  Hotel properties are stated at cost less accumulated depreciation (note 1(h)) and impairment
  losses (note 1(j)).

So it looks like the VIC article is right about their hotels being worth more.

And the real estate could also be worth more, if they are still technically under construction?

Quote

  Profit from sale of properties in Macau rose to HK$96.4 million during the year as
  compared to HK$14.3 million in 2011

so revenue there was 129 million i think. and 96 million in profit. This means a 4x mark up right?

So coming back to accounting rules
Quote

  Property development 335,931 – 335,931

that is at cost. And not fair value.
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Re: 0184.HK - Keck Seng Investments
« Reply #9 on: April 12, 2014, 06:38:24 AM »
They may be able to be sold a premium to book but the VIC report has the properties held for sale at HK$1.939 b versus a BV of HK$283.5 m. These properties are appraised annually see footnote 29 (a) (i) and 12 (a) (i). Is this amount of mark up believable? If the financial statements are this far off using the fair value standard then I think the auditors would have a big problem with Keck's financial statements.

For the hotels there may be some mark-up but if you look at there assumption for the Vietnam hotels @ 10x earning/FCF that is not cheap considering it is in Vietnam. This marks up cost by about 150%. If we look at NOI then BV is cap rate of 38% and the VIC report is 15%. If we use the mid point we write-up $450m. The other big hotel mark-up is SF about 100%. I could not find the implied $109m of NOI but was only able to find about $58m. So the BV is pretty close to the NOI/cap rate (7.8%). So if you mark to BV the investment properties and Vietnam hotels to the mid point between VIC and BV is 40% of BV similar to Wheelock.

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« Last Edit: April 12, 2014, 07:26:24 AM by Packer16 »


If you search fro macau, in the beginning:

Quote

  Macau
  As a result of strong economic activity arising from increased visitors arrivals to Macau, robust gaming receipts, as
  well as continuing development and construction of hotels and infrastructural projects, the property sector has been
  a significant beneficiary. The sector witnessed enhanced capital values as well as strong increases in rental rates
  for properties across the board. Profit from sale of properties in Macau rose to HK$96.4 million during the year as
  compared to HK$14.3 million in 2011, whilst profit from leasing activities increased to HK$85.7 million as compared
  to HK$59.1 million in 2011.


And note 17':

Quote

  At 1 January 303,384 306,190 10,727 10,727
  Properties sold during the year (note 5(c)) (19,857)


So 19 million was written off, and a 96 million HK$ profit was noted. So that is a mark up of 5.5x right?

If you look at the revaluation of their regular property then it was rerated by 78 million hkd

The sale of property in japan:
Quote

  In September 2012, the Group disposed its interest in the investment properties in Japan to an
  independent third party with an aggregate consideration of JPY4,900,000,000 (equivalent to approximately
  HK$488,530,000) and realised a gain on disposal of HK$9,870,000


So if you add up the stated profit of development profit of 96 million something doesn't add up. shouldn't this be 96+ 10m = 106 million, instead of 78 million?

I dont think that property held for sale is held at fair value, but at cost. That is the only way this makes sense here.

Seems that properties held for sale is treated as inventory, so the profit of that doesn't show up in fair value adjustment. And inventory is held at cost normally
« Last Edit: April 12, 2014, 08:36:28 AM by yadayada »
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Re: 0184.HK - Keck Seng Investments
« Reply #11 on: April 12, 2014, 08:50:36 AM »
They did obtain good pricing for those units about 7% of the total held for sale but I think it is a big assumption they would be able to obtain that pricing across the rest of the development sales.

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yadayada

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Re: 0184.HK - Keck Seng Investments
« Reply #12 on: April 14, 2014, 05:38:08 AM »
they sold them for 6.5-8.5k$ usd per square metre untill now. His valuation of 2.7 billion assumes slightly under 10k$ per square meter. Given that they have 38k square meters to sell, that is 380m us = 2.9bn HK$. Since their last sales in 2012 real estate prices have risen more then 50%. various websites say average real estate price for living space is now 10k$/sqm. Since they sold the last apartment.

And it is still half of that in hong kong with 20k$/sqm and singapore with 17k sqm$. Japan at 11k$/sqm. And Macau has limited space with more and more business flowing in every year. So not weird that prices of real estate are high. also their blocks seem to be in a good location.

Also the newly built light rail transit will stop right before one of their apartment blocks when it is finished this year.

What is really convincing in this argument, is that soon Macau will open up to more chinese people when the bridge is finished. I read a blog post on some casino stock in macau a while back. And his research looked pretty convincing with some interesting links. He deleted his blog tho. Ill try to dig up some stuff on that.

The fact that real estate shot up 50% in almost 1.5 years should tell you something as well about anticipation of increased revenues from main land china. I dont think that is because of a bubble forming.

And his other argument on that fully serviced apartment blocks should fetch a premium also sounds reasonable. When apartment hunting I looked at those places and they generally seemed to want higher rents. Especially if they are not much around. 21k of the 38k sqm is serviced.

So if they only get 6k$/sqm, that is still 1.7 billion x 0.7 = 1.2 billion HK$ for keck seng. And that really seems like lowballing it. a 40% discount to current average prices! For better then average real estate.

Only problem i might have with the sqm, is that often they count hallways and elevators as well. So the real number could be smaller. Especially if there are several apartments in a hallway. I doubt they did this in their annual report tho.
« Last Edit: April 14, 2014, 05:41:12 AM by yadayada »
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thefatbaboon

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Re: 0184.HK - Keck Seng Investments
« Reply #13 on: April 14, 2014, 06:06:26 AM »
yada,

you're looking in the right place - macau is the key uncertain value.

keep in mind though that the sale you referred to was of a couple of filet-mignon apartments, and the sale was to the brothers who control KS ;)

i'm not implying that the values were inflated (or deflated) - and you're right that values in Macau have risen significantly since then.


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yadayada

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Re: 0184.HK - Keck Seng Investments
« Reply #14 on: April 27, 2014, 02:18:08 PM »
http://www.samachar.com/Macau-ga ... is-oehhLbajdfe.html

http://www.businessweek.com/arti ... bling-boom-in-macau

@thefat: they were sold pretty much at average market values I think. Just have to wonder who will buy those appartments. But I guess as long as prices keep shooting up, it means there is loads of demand.
« Last Edit: April 27, 2014, 02:32:52 PM by yadayada »
217 : mannishmark(26310)@2014-07-06 16:41:33

啲鬼佬都唔明留咁多現金做乜,又無動作
218 : Louis(1212)@2014-07-06 16:46:51

我在6.61元賣掉我所有的184, 獲得現金在0.62元購買385收末期股息每股3.5港仙。
219 : GS(14)@2014-08-14 09:09:40

184 hotel acquistion
220 : GS(14)@2014-08-20 02:28:35

184

維持賺8,000萬，13億現金
221 : mannishmark(26310)@2014-08-29 12:00:14

http://seekingalpha.com/article/ ... rcent-upside-to-nav
http://seekingalpha.com/article/ ... through-acquisition
兩篇股評
睇嚟隻野鬼佬重視過香港人
222 : greatsoup38(830)@2014-08-29 23:01:21

http://seekingalpha.com/article/ ... through-acquisition

Summary

  KCKSF offers 150% upside and pays you 3% to wait.
  In the first half of 2014, net income was up 12% YOY without any property sales.
  The acquisition of the Sofitel hotel in New York for $273M is almost equal to the entire market cap of the company; everything else is free.
  1% ownership of the company would cost you $2.9M and you would receive 13 hotel rooms, 1.5 Macau units, and $1.6M in a hypothetical world.
  Macau property divestures starting in 2015 will be a catalyst as fair value is significantly higher than book value.

This article will provide a quick update on Keck Seng's (OTCPK:KCKSF) half-year results, as well as the recently announced acquisition. There have not been many significant changes since my previous article, and I recommend starting with that one if you have not already read it.
Review of First-Half 2014 Results

The first half of 2014 was solid for the company as they continued to pay down debt and build up cash. Income across the general asset base was higher, and on a segmented basis the results were as follows:

Macau FlagMacau: Increased rent, no sales of properties. I do not expect to see any sales until the light rail track is completed in 2015.

Vietnam FlagVietnam: Recovered significantly, hotel occupancy rates were up as were room prices per night. Further recovery can be expected for the second half of the year.

America FlagAmerica: Occupancy rates were in line, but room prices were up 9%. The San Francisco housing market remained high.

China FlagChina: Occupancy rates were up 7% and room rates were down 5%. China GDP grew by 7.5% and should stay in line for the remainder of the year.

Canada Flag

Canada: The Sheraton improved on both metrics, but the DoubleTree declined on both metrics. Canada continues to be a struggling market for the company.

Japan FlagJapan: Both occupancy and room rates were up.

Source: Flag images found here.

Overall solid results and higher occupancies and room rates drove revenues all the way down to the bottom line. Profit was up 12% YOY. Considering profits were up 12% and guidance indicated a strong second half of 2014, shares were only up 1% overnight. The company will continue to be under-loved and undervalued, and will continue to react lazily to news. Increased profits did not increase management's desire to pay back a higher dividend, which remained at HK$0.03. In light of the recently announced hotel transaction, it makes sense to leave the dividend at present levels. Remember that the company typically pays out a much larger dividend at year-end.
223 : greatsoup38(830)@2014-08-29 23:01:44

http://seekingalpha.com/article/ ... rcent-upside-to-nav

Summary

  KCKSF has an upside to NAV of 149%-224%.
  Hidden real estate values create opportunity for large gains.
  With a market cap of HK$2.2B and holding HK$1.9B in cash and deposits, you are getting the entire real estate portfolio nearly free.
  Property sales will be a catalyst in the coming years.

LogoSummary: Keck Seng Investments (OTCPK:KCKSF) has a tremendous portfolio of undervalued assets that are hidden by historical carrying values; in addition, it pays a 3% dividend. At its current price, KCKSF has an upside to net asset value ((NAV)) of at least 149%. This huge discount provides a margin of safety, which should not be needed, because it's a profitable business that is far from liquidating. The sale of the Macau properties in the next 2-5 years will be a major catalyst.

KCKSF conservatively has an upside to NAV of 149%-224%. A full breakdown of the properties can be found later in the analysis; this table is provided as a teaser of what is to come.

NAV Calculation

Background: Situated in one of the towers of the Shun Tak Centre at the Macau Ferry Terminal, overlooking Victoria Harbour to the North and the Hong Kong business centre to the South, sits the headquarters of Keck Seng Investments. (This is not to be confused with Keck Seng Malaysia, a separate business run by the same family; this analysis is of the Hong Kong business.) KCKSF trades on the Hong Kong stock exchange under the ticker 0184, and is currently trading at HK$6.50 (assuming a 7:75:1 HKD-USD exchange rate) with a market cap of HK$2.2B ($290m USD). From its minimalist website, we get a cursory overview of its business operations:
224 : pcp7838(1616)@2014-11-06 14:05:51

二十億買紐約 Sofitel 酒店, P/E 約 20 倍.
225 : patricklau1236(18474)@2014-11-11 13:44:17

pcp7838在224樓提及
二十億買紐約 Sofitel 酒店, P/E 約 20 倍.


20倍pe, 未計折舊. 平時收利息都成三千萬, 買了酒店扣埋折舊, 分分鐘連利息都不如. 但長遠還是好的.
226 : griffon(33288)@2014-11-11 20:57:12

美國房地產仲係未弱勢?
227 : greatsoup38(830)@2014-11-12 00:16:18

應該開始轉強
228 : greatsoup38(830)@2015-08-31 02:02:46

盈利增1成，至9,000萬，輕債
229 : greatsoup38(830)@2016-03-26 03:04:33

盈利增20%，至1.8億，輕債
230 : greatsoup38(830)@2016-09-18 14:23:41

盈利增11%，至9,000萬，輕債
231 : chenzhen(39156)@2017-01-12 17:39:57

其實呢隻屬於咩類型公司?
見分類係地產管理/投資
但見佢主要收入90%以上係酒店蕪務,
佢係直接營運酒店/GAMING 蕪務 定純粹比錢投資無operation?
佢operation D 乜?
232 : GS(14)@2017-01-12 23:31:29

chenzhen在231樓提及
其實呢隻屬於咩類型公司?
見分類係地產管理/投資
但見佢主要收入90%以上係酒店蕪務,
佢係直接營運酒店/GAMING 蕪務 定純粹比錢投資無operation?
佢operation D 乜?


他們是搞埋酒店收租，管理應該唔關他們事
233 : chenzhen(39156)@2017-01-13 08:49:59

greatsoup在232樓提及
chenzhen在231樓提及
其實呢隻屬於咩類型公司?
見分類係地產管理/投資
但見佢主要收入90%以上係酒店蕪務,
佢係直接營運酒店/GAMING 蕪務 定純粹比錢投資無operation?
佢operation D 乜?


他們是搞埋酒店收租，管理應該唔關他們事


收地租? 佢地係買酒店定點? 定買房收租?
234 : GS(14)@2017-09-26 20:08:27

盈警
235 : GS(14)@2018-03-11 20:03:44

激成投資（香港）有限公司（「本公司」）董事會（「董事會」）兹通告，本公
司於二零一八年三月九日與 Accor S.A.簽署一份股權承諾函件，據此，本公司將
收購及 Accor S.A 將出售 AccorInvest Group S.A（「AccorInvest」）約 0.7%股權，
現金代價為 25,000,000 歐元（「該交易」）。
本公司經作出一切合理查詢後，於本公告日，根據董事所深知及盡信確認，
AccorInvest 及 AccorInvest 最終實益擁有人為獨立於本公司之第三方及並非本公司
關連人士。
有關 ACCORINVEST 之資料
AccorInvest 為一間於盧森堡註冊的有限責任公司，由 Accor S.A.設立。該公司持有
的投資組合包括自己擁有及租賃的 891 間酒店，這些酒店主要位於歐洲。
AccorInvest 為全球酒店房地產行業的領導者，擁有近 30,000 名僱員及於 27 個國家
開展業務。據本公司所知，Accor S.A.有意向全球選定的投資者出售 AccorInvest 之
多數股權。
本公司將根據 62.5 億歐元的企業價值對 AccorInvest 進行投資。
完成
該交易須通過若干監管機構之批准，預期將於二零一八年第二季度完成。
該交易將透過本公司內部產生資金的方式撥資。
進行該交易之理由及裨益
預期 AccorInvest 可為本公司帶來取得主要位於歐洲、具備穩定收入現金流及擁有
創造價值機會的酒店多元化投資組合的持倉機會。除固有酒店行業風險之外，本
公司並未預見任何與該交易有關之異常風險。預期該交易不會對本公司截至二零
一八年十二月三十一日止財政年度之淨資產及資本負債率產生任何重大影響。

...
上市規則之涵義
由於本公司有關該交易之適用百分比率超過 5%但低於 25%，根據上市規則第
14.06(2)條，該交易構成本公司一項須予披露交易。因此，本公司須根據上市規則
第 14.34 條就該交易作出公告。
Keck Seng (Malaysia) Berhad（「KSM」），一間於馬來西亞註冊成立之公司，其
股份於馬來西亞交易所上市，亦單獨向 AccorInvest 投資 25,000,000 歐元。本公司
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與 KSM 存在部份共同董事及股東，但根據上市規則之定義，KSM 並非本公司之
關連人士。此外，本公司執行主席何建源先生亦單獨向 AccorInvest 投資 5,000,000
歐元。本公司、KSM 及何建源先生之建議投資彼此獨立且並非互為條件。
據本公司所深知，除以上所披露者外，概無本公司其他董事及／或主要股東及／
或與彼等有關連之人士投資 AccorInvest。
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