tag:blogger.com,1999:blog-59538172188540245612024-03-06T00:19:49.025+08:00NTU ChartistBusiness and Finance Blogntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.comBlogger259125tag:blogger.com,1999:blog-5953817218854024561.post-84614891050407325322014-12-29T10:17:00.002+08:002014-12-29T10:17:27.607+08:00Oil Prices<div class="separator" style="clear: both; text-align: center;">
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<br />
<br />
I come from an Oil background and the recent drop in oil prices globally has indeed affected quite a lot of players.<br />
<br />
Brent and WTI and dropped by almost half in the last 6 months. Personally I feel that this is overdone, as fundamentally there is not THAT much of change from 6 months ago but instead a huge change in sentiments.<br />
<br />
To start off, maybe I should explain what are these futures about. Brent and WTI and both forward contracts of oil that are deliverable at a certain place and point in time. They are typically monthly contracts, for eg. Jan 15 Brent, Mar 15 WTI etc. When people talk about oil prices, they typically refer to the nearest month's contract price.<br />
<br />
As for bench marks, Brent is typically used as a global bench march, meaning all other oil in the rest of the world uses this as a fundamental price and start to build on it to arrive at a price where they will be consumed. For example, in Asia, crude prices are traded using a bench mark called 'Dubai', which is benchmarked against Brent. Essentially, when you are trying to value a particular crude at a certain point in time, you use the most liquid quote (Brent) and and add/subtract known differentials to arrive at the price of the actual product that you are looking to buy/sell.<br />
<br />
WTI is rarely used as a bench mark outside of USA because the price is greatly affected by the pipelines in USA and also because WTI cannot be exported out of America. It is somewhat correlated to the crude prices outside USA, but because brent is a better correlation, WTI is seldom used.<br />
<br />
So now back to the actual topic, these contacts are for oil prices somewhere in the future. Hence prices are a reflection of market sentiments and not actual supply/demand. The recent drop in prices have a thousand and one explanations, the favorite being the OPEC countries not wanting to budge on reducing their output so as to maintain their market share. If you think about it, I don't think such a move will justify a drop of 50% in oil prices. And if you notice how all those market reports on predicting oil prices, the analysts just keep on changing their target as the prices change. All these reports are always a look back on what has happend! and are not giving a netural and forward looking view.<br />
<br />
Anyway, at this price level (Brent at $60), they is probably still room for the oil prices to drop. However, similar to the stock market, it is very hard to pick the bottom. I would say that it make senses to start accumulating. You can do so by buying further out oil futures (like brent Dec 15) or like United States Oil ETF in the US. One good pick I think people should look out for are oil related companies who have been hit as hard as the underlying oil price itself. I might be wrong, but I feel that oil rig builders/maintenance, will still be in business, albeit slower. If you have the patience, I think it is a good time to accumulate these companies for the dividend and capital growth. ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-82768486315530822822014-12-21T16:03:00.002+08:002014-12-21T16:03:25.149+08:00Franchise<br />
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<br />
I was recently looking to buy into an F&B franchise. From what I have learned so far, this is the rough break down of a typical successful outlet.<br />
<br />
Rent: 20%<br />
Manpower: 20%<br />
Food: 30%<br />
15%: Depriciation + Utilites.<br />
Profits: 15%<br />
<br />
The break down above really varies from the kind of F&B that you are doing.<br />
<br />
If we start looking at an F&B objectively and try to optimise it, there are a lot of ways where the F&B business can be made much more competitive than others.<br />
<br />
1. Rent<br />
Essentially when you run an F&B, it is a brick and motar business. You are trying to captilise as much profits per square feet of rent that you are paying. If you are able to generate the same kind profits by doing other kind of businesses, there is really not much point in trying an F&B business. Another way to look at it is, finding a location where you are able to generate similar kind of revenue, but at a much cheaper rent. Much easier said than done. But if you can find such a location, it gives you a chance to 'capitalise' on this cheap rent, regardless if you are doing an F&B business, retail etc.<br />
<br />
2. Manpower<br />
How do you optimise the business that is naturally capital intensive? Either you automate more of the process, or pay your staff lesser. Automation can be done to a certain extent, like automatic ordering system etc. As for labour costs, it is know a fact that foreginers are much cheaper than locals and are generally more willing to do such labour. I was previously thinking, what if we can staff more foreigner talents into such industry, but yet still meet the local to foreigner ratio required by the goverment? I have thought of some ways about this before. What if a stall only hires 1 local manager and the rest of the 5 foreigner staff are sub contracted from an employment agency? Such agencies can be used as a holding company that have access to lots of Singaporean workers. Hence there is really no violation of the law.<br />
<br />
3. Food<br />
I don't have much comment about this because essentially I think it entails going further upstream to the source and buying more in bulk.<br />
<br />
4. Deprication / utilities<br />
Based purely on number, a smaller deprecation means greater profits. Essentially the lower the onset of start up cost, the smaller depreciation. If you can find an outlet that is fully renovated but is distressed, due to various reasons, you have an upper hand when starting the business. You are essentially starting a business with subsidized costs.<br />
<br />
The points I mentioend above are easier said than that. However it is always good to keep in mind the above points.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-44471372271656943682014-11-30T21:59:00.002+08:002014-11-30T22:00:25.655+08:00CPF optimisation <div class="separator" style="clear: both; text-align: center;">
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<br />
<br />
I know that a lot of Singaporeans complain about our CPF system but personally I think it is a really good one. After speaking to many of my foreign friends, they are all very envious of this retirement scheme that the Singaporean government has in place for its people.<br />
<br />
Here is an overview of the Singapore CPF system and how best to optimise your returns, assuming that you have more than sufficient cash for your day to day necessities.<br />
<br />
Basis CPF overview:<br />
<br />
<br />
<u><b>The Contribution Rates</b></u><br />
<br />
If your income is above SGD 5,000/mth, there is no contribution from the SGD 5,000 upwards.<br />
<table border="1" cellpadding="2" cellspacing="0" style="width: 100%px;"><tbody>
<tr><td rowspan="2" width="13%"><b>Employee<br />Age (Years)</b></td>
<td align="center" colspan="3" valign="top"><div align="centre" valign="centre">
<b>Contribution Rate<br /><i>(for monthly wages ≥ $750)</i></b></div>
</td>
<td colspan="3" valign="top"><div align="center">
<b>Credited to</b></div>
</td></tr>
<tr>
<td align="center" valign="top" width="12%">Contribution by Employer<br />
(% of<br />
wage)</td>
<td align="center" valign="top" width="13%">Contribution by Employee<br />
(% of<br />
wage)</td>
<td align="center" width="9%">Total Contribution<br />
(% of wage)</td>
<td align="center" width="9%">Ordinary Account<br />
(% of wage)</td>
<td align="center" width="9%">Special Account<br />
(% of wage)</td>
<td align="center" width="9%">Medisave Account<br />
(% of wage)</td></tr>
<tr>
<td align="left">35 & below</td>
<td align="center">16</td>
<td align="center">20</td>
<td align="center">36</td>
<td align="center">23</td>
<td align="center">6</td>
<td align="center">7</td></tr>
<tr>
<td align="left">Above 35-45</td>
<td align="center">16</td>
<td align="center">20</td>
<td align="center">36</td>
<td align="center">21</td>
<td align="center">7</td>
<td align="center">8</td></tr>
<tr>
<td align="left">Above 45-50</td>
<td align="center">16</td>
<td align="center">20</td>
<td align="center">36</td>
<td align="center">19</td>
<td align="center">8</td>
<td align="center">9</td></tr>
<tr>
<td align="left">Above 50-55</td>
<td align="center">14</td>
<td align="center">18.5</td>
<td align="center">32.5</td>
<td align="center">13.5</td>
<td align="center">9.5</td>
<td align="center">9.5</td></tr>
<tr>
<td align="left">Above 55-60</td>
<td align="center">10.5</td>
<td align="center">13</td>
<td align="center">23.5</td>
<td align="center">12</td>
<td align="center">2</td>
<td align="center">9.5</td></tr>
<tr>
<td align="left">Above 60-65</td>
<td align="center">7</td>
<td align="center">7.5</td>
<td align="center">14.5</td>
<td align="center">3.5</td>
<td align="center">1.5</td>
<td align="center">9.5</td></tr>
<tr>
<td align="left">Above 65</td>
<td align="center">6.5</td>
<td align="center">5</td>
<td align="center">11.5</td>
<td align="center">1</td>
<td align="center">1</td>
<td align="center">9.5</td></tr>
</tbody></table>
Table from : <a href="http://mycpf.cpf.gov.sg/Members/Gen-Info/Con-Rates/ContriRA" target="_blank">CPF</a><br />
<br />
<u><b>Interest rates earned:</b></u><br />
<br />
<u>Ordinary Account: 2.5% p.a.</u><br />
<ul>
<li>What is this? This contribution is for housing, insurance, investment and education </li>
<li>How is this calculated:3 month average of major local bank's 12 month fixed deposit or 2.5% p.a., which ever higher</li>
<li>What can you use this for? : Investments that are allowed by the government under this account, subject to a min of SGD 40,000 in the account</li>
</ul>
<br />
<br />
<br />
<u>Special and Medisave account 4.0% p.a. </u><br />
<ul>
<li>What is this? Special account is for old age and investment in retirement-related financial products. Medisave account is for hospitalization expenses and approved medical insurance.</li>
<li>How is this calculated: 12 month average yield of 10 year Singapore Government securities plus 1% or 4% p.a., which ever higher</li>
<li>What can you use this for? : Investments that are allowed by the government under this account, subject to a min of SGD 20,000 in the account </li>
</ul>
<br />
<u>Retirement Account 4.0% p.a.</u><br />
<ul>
<li> This account is created by transferring the saving from the special account and ordinary account on your 55th birthday.</li>
<li>How is this calculated: 12 month average yield of 10 year Singapore Government securities plus 1% or 4% p.a., which ever higher</li>
<li>The minimum sum will be SGD 155,000 where at least SGD 43,500 needs to be in your medi safe.</li>
</ul>
<u>Special additional 1%</u> : Government shall pay additonal 1% pa.a for first 60k of a member's combined balances, with up to 20k from the ordinary account. This additional interest will go either into the SA or RA <br />
<br />
<u><b>How to optimise your CPF</b></u><br />
<ul>
<li>Try to put contribute more CPF per year. From 2015, max you can contribute is SGD 31,350 per year or addition SGD 9750, over your mandatory contributions (assuming you earn more than SGD 5,000 / mth)</li>
<li>Try to hit a min of SGD 60,000 as soon as possible, so that you can earn the extra special 1% interest rate on your money. </li>
<li>If this money is purely for retirement and you do not need it till you retired, try to max out your special account as soon as possible. The max is the current CPF minimum sum, which is about SGD 155,000.</li>
</ul>
<br />
<u><b>Summary </b></u><br />
The above advice is for those who are not so investment savvy, or maybe others who just want some investments in low risk portfolios. I personally think that a stable 4% p.a. interest in the special account is a good low risk investment for the long term. And with the additional 1% special interest for the first SGD 60,000, I would say that this investment is as good as it gets, based on its risk/reward.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-36588532561250263952014-11-20T10:25:00.002+08:002014-11-20T10:25:49.802+08:00Rent at Paya Lebar Mall<!--[if gte mso 9]><xml>
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Rental at Paya Lebar New Mall<br />
<br />
Have a friend who is running a small business over there. Heard that rental
is about 5plus k/month. And that have to pay 3 months deposit plus current
month's rental upfront, every month.<br />
<br />
They were initially asked to sign a director's personal liability letter with
a 2 month rent deposit but eventually they negotiated to have a 3rd month
additional rental deposit and to waive the liability letter.<br />
<br />
The rent has 2 structures and they pay whichever is higher.<br />
1. The fix monthly rental of about 5k plus a small commission of all sales
(yes the point of sales system is linked to the mall)<br />
2. 12% of the revenue of the shop<br />
<br />
Sales has been brisk so far as the mall had just opened. I wish them all the
best in this venture! <br />
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
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<![endif]-->ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-91865832909530688292014-11-14T22:52:00.000+08:002014-11-14T22:56:21.529+08:00Brick and Mortar Businesses - Box RentalI am always fascinated by brick and mortar businesses. To be honest I have never worked in a retail outlet where your customers are the everyday people who are shopping. It is only untill recently did I find out about the basic idea of how such businesses are carried out and the kind of economics that you can expect.<br />
<br />
It all started when I tried renting a box in those outlets like toy outpost, box king, go to my box etc.<br />
<br />
It was my first try at such a 'retail' business. I admit it is not even a decent representation of a retail business but nonetheless it made me look more closely on how retail businesses operate and how profitable these toy box rental businesses are.<br />
<br />
To summarize roughly how I fared, it was almost a break even deal. My rental was $180/mth but I was not selling enough of my charm bracelets to cover my costs. And to add on, the only reason that I broke even, was because there was a Vietnamese client who wanted to do mass orders that I happened to meet when I was at the shop. This particular Vietnamese deal was done outside of the shop, hence I did not have to pay an 8% sales commission to the shop.<br />
<br />
Below is a summary of such a business <br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiS3a29Sm_Q0cfp3fhP-pTVMUROX4B8oSf0MQrSQx2sfXnRoQoCuwgIFCg_lS-vPLIFf0LErt-gTIZVqdTJ-h5531xPuWZwqXLuky6FzeF_9bslAWbcovEgfdzKdKkzcFgUTxz-_Z8PnDXy/s1600/Toy+Box.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiS3a29Sm_Q0cfp3fhP-pTVMUROX4B8oSf0MQrSQx2sfXnRoQoCuwgIFCg_lS-vPLIFf0LErt-gTIZVqdTJ-h5531xPuWZwqXLuky6FzeF_9bslAWbcovEgfdzKdKkzcFgUTxz-_Z8PnDXy/s1600/Toy+Box.jpg" height="259" width="320" /></a></div>
<br />
<br />
<u><b>Box Rental Business Model</b></u><br />
<br />
<u>Revenue</u><br />
This particular box rental shop has about 292 boxes, and I am guessing an average rental price of $150. Assuming 85% of the boxes are leased out, the revenue is about $35k<br />
<br />
<u>Rental</u><br />
Rental of the shop was about $22.5k. ( I was told about 20-25k)<br />
<br />
<u>Manpower</u><br />
I am estimating that they have about 2 full time staff at any one time and 1 manager So assuming a salary of 1.8k a month for the staff and 2.5k for the manager This equates to about 6.1k/mth.<br />
<br />
<u>Misc</u><br />
Give and take 2k a month.<br />
<br />
<u>Profits</u><br />
I would estimate their profits to be about 4.4k/mth. And this excludes the additional commision that they charge the box owners on every sale.<br />
<br />
<u>Conclusion / Caveat</u><br />
All in all, the business model is sustainable for the box shop concept owner, provided they can rent out as much of their space as possible. But one has to consider the return on invest (ROI) as a whole for the business owners.<br />
This type of retail place will typically require at least a 1+2. Meaning paying 3 months of rent upfront at any one time. So in this, the cash tied up is about 22.5 x 3=67.5k ( I have assumed this to be the investment and have ignored other costs like renovation etc.)<br />
If you make 4.4k/mth, your yearly profits are about 53k, a ROI of almost 80%. This is potentially much higher if the box take up rate is higher and having strong sales, which leads to higher commission.<br />
<br />
In one of my flea market experience, I met a few people who mentioned that they have tried to sell their products through these means previously but have failed miserably, i.e a total loss of 2k. In fact, I hear from box leasers and even the box shop assistants that most box leasers do not make money.<br />
<br />
I wonder how much longer can this concept of business last? If you noticed, now a days, some of these shops are increasing having more empty shelves. I personally think that this business model will not be sustainable in the years to come. This is because I believe the novelty of these shops will die out and 'new entrepreneurs' realized that it is not profitable to hawk their products at such places.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-24847922402461325882014-11-11T22:57:00.000+08:002014-11-12T10:38:39.572+08:00Private Equity InvestingIn my previous job, I was previously tasked to look into working together with a domestic oil distribution business in a neighboring country. The deal looked fantastic but due to the nature of such a business, it was hard to legally protect oneself when investing privately in an overseas company. The counterparty was more than willing to help keep me comfortable by even having a joint payment receivables account, but contractually it was tough to structure it such that I am able to enforce his customers to pay into such a joint account.<br />
<br />
However in the process, I realised that investing in private businesses can yield phenomenal returns if the risks are managed properly. On top of that, having small stakes in various companies will enable to create some form of synergy between controlled businesses.<br />
<br />
On the large scale, this would be big private equity funds like BlackRock Inc, a mulit billion dollar fund that buy huge companies. But as an individual, I realised that there was actually still room for smaller investors like myself.<br />
<br />
My personal goal is to look out for small sustainable business that needs cash to grow or even an active investor to push the business to a new leve, with the capital required being about SGD 50k.<br />
<br />
I have, in the past 1 year, been trying to find such opportunities. In the midst, I have made many new friends and learned about various business models. One business that I was very close to investing was a toy/game store retail business.<br />
<br />
This business has a healthy cash flow and business model. They had about a net profit of 30% with a yearly revenue of 300k. There were looking for an investor due to a mishap in one of the purchases of supplies and needed cash to place a reorder. The deal did not go through as it was a sole proprietor company and the owners were unwilling to fully disclose their books prior to me investing 50k. I might be willing to take high risks for high returns, but without doing my own due diligence, this would have been a reckless investment decision.<br />
<br />
You may call this angel investing, private equiting investment, venture capitalist, money lending etc. But principally, what I am trying to do is to play a part in multiple small sustainable business with great potential. By having various small controlling stakes in various companies, I believe synegies can be built where resources are shared, thus benefiting the bottom line.<br />
<br />
Going forward, I will likely be penning down my thoughts on various business model to serve as a reminder for myself.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com1tag:blogger.com,1999:blog-5953817218854024561.post-19911977218173690562014-04-22T20:48:00.002+08:002014-04-22T20:49:24.243+08:00Commodity Trader SingaporeI have recently started conducting sharing sessions for individuals who are interested in the commodity industry.<br />
<br />
For more information, please visit the following website:<br />
<br />
<a href="http://commoditytradersingapore.weebly.com/">http://commoditytradersingapore.weebly.com/</a><br />
<br />
<br />ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-26879064858998337562013-07-07T14:42:00.001+08:002013-07-07T14:43:58.032+08:00A new perspectiveIt's been a really long time since my last post. Life has changed by quite a bit since a year back. I'm now based in Singapore and have moved into a commercial role dealing in physical oil and base metals.<br />
<br />
The new role is tough but I'm enjoying it!<br />
<br />
However, at the back of my head, all the different ideas on how to build a business and grow passive income has still been bugging me non stop. I realized that this blog is a good way for me to pen down ideas that I had from a certain point in my life and so I might actually re start this again.<br />
<br />
<u>Passive Income</u><br />
For now, I'm stuck on property investment. I have bought a BTO years ago before I graduated so I'm now unable to buy any other properties! Might not be a bad thing as I'm currently bearish the property market in the medium term (3-5 years). But I still envy people making hundreds of thousands on their property investments<br />
<br />
On equities, I'm also bearish, in the medium term. But there might still be room for some upside in the next 1-2 years. I'm looking into this at the moment but am still thinking twice as I might need the cash for the BTO and possibly a small business.<br />
<br />
<u>Business</u><br />
A lot of ideas has been through my head the last 1 year. Below are some of them.<br />
<br />
1. Online Specs Shop in Singapore. But you will need a physical base to start this business from. I was thinking of buying into a local spec shop and building from there.<br />
<br />
2. Online free lottery. Using ads to fund a lottery. => Any internet marketer/web site expert who is interested in helping me develop this. Do let me know. I'm willing to fund this.<br />
<br />
3. Vending machines. Bring this one level higher in terms of product types and advertising<br />
<br />
4. Local food franchises.<br />
<br />
Anyone who is interested in building any of this together, do drop me an email.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-66430789603926227212012-05-05T07:02:00.001+08:002012-05-05T07:02:31.775+08:00Corporate finance<!--[if gte mso 9]><xml>
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Just some updates. I finished my risk management rotation at the end of Dec
2011. However prior to finishing, I moved from the Naphtha desk to the Gasoline
desk (early September), where I became the lead. Life wasn't easy but I learned
much and had greater responsibilities.<br />
<br />
Now, I am currently based in Geneva, Switzerland, doing my final rotation in
Corporate Finance. Essentially this is where all the corporate financing for
the company is done. I am involved in bond issuance, launching of revolving
credit facilities, selling asset backed securities etc. In this role, I also
get to monitor all the availability liquidity in the company and the expected
Capex of the company.<br />
<br />
This role has also given me great insights on the group level business
strategy (bulk & non ferrous metals, oil, industrial and asset management)
of not only my own company, but also my competitors in similar industries. I
also get to meet really senior bankers from various banks as my company has
over 100+ banking relationships worldwide.<br />
<br />
One interesting thing is that I get to see all the bankers who are in the
investment banking division of the various banks! I am essentially their
clients as they often come over to pitch their bank in order to secure the
deal. And seriously, it is easy to see a bank trying to smoke their way through
a pitch!<br />
<br />
Halve way though now and 4 more months to the end! <br />ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com6tag:blogger.com,1999:blog-5953817218854024561.post-53861693226596770142011-08-30T20:54:00.000+08:002011-08-30T20:54:30.088+08:00Searching for a commodity I have an idea in mind with regards to optionality trading. But besides oil, I can't seem to find similar products that work in the same way. <br />
<br />
The criteria are as follows <br />
<ul><li>The physical commodity prices off a transparent exchange on a regular basis (i.e the price of the commodity can fluctuate everyday but there should be a fixed/closing price at regular intervals that is recognised by market players)</li>
<li>There is a paper market that follows this price movement</li>
<li>Preferably, this commodity can be stored</li>
<li>Preferably this commodity's absolute value is low (to make financing the purchase easier)</li>
</ul>Thanks in advance. You can comment on this post or drop me an email at ntuchartist@hotmail.com ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com5tag:blogger.com,1999:blog-5953817218854024561.post-13188303323712358252011-08-21T17:36:00.004+08:002014-11-12T10:52:05.023+08:00Updates after 10 months! - Business ideas / stock market / oil tradingI must say that it has been a very long time since I actually looked at my own blog and did a post. So today, I will just like to share a few things that I have gathered over the past 10 months or so.<br />
<br />
1. Seems like many of my business ideas that I actually penned down in this blog has materialised.<br />
a. Coupon dispensing idea has been implemented, though still at the infancy stage<br />
b. Nandos is taking off<br />
c. Teaching financial education to students is getting more popular now<br />
<br />
Only the last idea of a landlord agency has not been implemented/taken off yet. <br />
<br />
2. The current market correction seems to be a good time to start picking up long term stocks. Look for high dividen yielding stocks to invest in! I would think that REITs with low gearing would be a good choice once their dividen yield goes up to 8+ %.<br />
<br />
3. My Job.<br />
<br />
I am currently working in a rotational program in one of the top few private oil trading companies. My rotations will bring me through shipping/cargo operations, risk management and corporate finance. So far, I have completed my operations rotation and am currently in risk management.<br />
<br />
Being in a physical oil trading industry is more like doing a business as compared to what speculative trading that banks do. The part that most resembles a financial institution is where we use derivatives like swaps and futures to hedge our physical underlying position.<br />
<br />
Just a brief summary of what I have done/learned over the last 10 months.<br />
<br />
<b>Operations:</b><br />
I did shipping and cargo operations for the following products: gasoil/jet/fuel oil. This involves getting vessels to bring the products from one country to another, while watching the quantity and quality of every loading and discharge. Quantity ranges ranging up to a million barrels per vessel. I estimated that the value of products that I personally shipped, is worth more than USD 1 billion during my time as an operator.<br />
<br />
I would say that this is really a big responsibility, considering how new I am in the industry. But the responsibility also came due to certain shifts on my desk whereby I became the most senior far east operator on my desk after only a few months. Hence I had to quickly pick up the skills and knowledge on blending, terminal operations on top of the regular cargo and shipping operation.<br />
<br />
The main take away that I had from this rotation is that everything in the world is flexible. People are the ones who make things happen. Most often, problems are solved by being creative, flexible and having good relationships with people all over the region.<br />
<br />
<b>Risk Management:</b><br />
This is currently where I am at the moment, working on Naphtha risk management. Essentially in a physically trading house, we minimize the speculative positions by hedging almost 100% of our cargoes. Knowledge of the different exposures in the book is crucial to knowing where the PnL (profit and loss) is coming from.<br />
<br />
Exposures can come about from a variety of reasons. The different hedging instruments that are used, or simply different pricing terms that are used on the buy and sell side. Some exposures are like the Front-to-Back exposure, crack position, east/east position etc. Hence my job is to find out these exposures and see how they affect the book, though some exposures are almost impossible to hedge fully. The ultimate decision on whether to flatten these positions will be determined by the trader.<br />
<br />
<b><br />
</b><br />
<b>T</b><b>o end off:</b><br />
Lastly, physical trading talks about optionality in doing a business. This is the fundamental concept on how to make money in trading and can be applied to any products, any where in the world. The basic concept is simple but it is up to the trader to decide on how to leverage on this and make money. Thus, if any of you out there who are running a simple import/export company and would like to see if this optionality ideal can be used in your business, feel free to drop me an email and we can discuss the possible of applying this concept.<br />
<br />
<br />
Cheers!ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com2tag:blogger.com,1999:blog-5953817218854024561.post-35157915799153527062010-10-10T04:11:00.000+08:002010-10-10T04:11:26.627+08:00Busy with workDear readers, the lack of updates recently is because of my commitment at my work place. Though the hours at my trading house are rather long, but I actually enjoy what I am doing now and am learning lots of stuff with regards to physical oil trading.<br />
<br />
Also because of work,I have also turned down an offer from Mr Tan Kin Lian's (ex CEO of NTUC income) offer to help set up and teach a financial course, but I feel honoured to have been approached by him too.<br />
<br />
In other news, currently I am not really actively trading the markets for 2 main reasons,<br />
<br />
1. Work makes it hard for me to monitor the markets as actively as in the past<br />
2. Just by looking at the charts, I feel that the market is going to correct soon. All the RSIs are above 70!!<br />
<br />
However, I do check my watchlists daily..which comprises of commodity stocks and REITS.<br />
<br />
Finally, I believe that I will be updating this blog much less frequently in the future and I thank everyone for the support over the years.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com2tag:blogger.com,1999:blog-5953817218854024561.post-753983975841918822010-08-30T21:58:00.001+08:002014-11-12T10:51:49.368+08:00Coupon dispensing machine business idea<div style="font-family: Arial,Helvetica,sans-serif;">
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<span style="font-size: 12pt; line-height: 115%;">I was in China for my graduation trip when I saw this particular machine dispensing deals via coupons on food/clothes/products etc. It has taken off in China but somehow no one has brought it into Singapore yet. Personally I find the idea very lucrative as I did a mini business plan with a few friends including asking around for potential investors. However I regret to say that nothing has been done as everyone that I talked too would like to concentrate on their jobs.<u1:p></u1:p><o:p></o:p></span></div>
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<div class="MsoNormal" style="text-align: left;">
<span style="font-size: 12pt; line-height: 115%;">Nonetheless, here is the idea that I would like to share and maybe someone will actually do it? All the best to the person!<o:p></o:p> </span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 12pt; line-height: 115%;"> Sample picture of the machines (from english.sina.com) </span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://images2.sina.com/english/business/p/2010/0610/U137P200T1D324261F8DT20100610204423.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://images2.sina.com/english/business/p/2010/0610/U137P200T1D324261F8DT20100610204423.jpg" height="213" width="320" /></a></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><u1:p></u1:p>Concept<u1:p></u1:p><o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">Build a machine that dispenses vouchers from merchants in the proximity to passersby, so that they will be enticed to visit these shops.<u1:p></u1:p><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">Charged the merchants for advertising on your machine<u1:p></u1:p><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">Over time, create a profile list of the users of these machines and more revenue can be gained for being able to target specific groups of people<u1:p></u1:p><o:p></o:p></span></li>
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<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 12pt; line-height: 115%;">Why I think it will work<u1:p></u1:p><o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">At least for people my age group, we tend to meet at a certain MRT station first before actually deciding what to eat. Because some people in a group will definitely be earlier than the rest, he can go take a look at the machine and decide what's having a promotion and propose to the group.<u1:p></u1:p><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">Singaporeans are price conscious<u1:p></u1:p><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">Putting these machines at MRTs is essentially targeting the middle/lower class people who will be more likely to be price conscious<u1:p></u1:p><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">Even if people do not use the vouchers, by having people looking at the machine and the respective merchants on it, advertising is essentially done already<u1:p></u1:p><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">It has been proven that coupons dispensed on these machines have a higher conversion rate as to those given by via pamphlets. (source from the China company)<u1:p></u1:p><o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: 12pt; line-height: 115%;">Rough costing<u1:p></u1:p><o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">1 x MRT panel in City hall per month is approx SGD400<u1:p></u1:p><o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;">15 merchants per machine, each paying SGD500/mth (Presently in China, some merchants pay up to SGD800) = SGD7,500<u1:p></u1:p><o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12pt;">
<span style="font-family: "inherit","serif"; font-size: 12pt;">So as in you can see, even with other costs, the potential returns are huge! If you put it at the major heartland malls where aunties/students are..it should be a hit!<u1:p> </u1:p><br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "inherit","serif"; font-size: 12pt;">Potential problems/Solution<br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--><o:p></o:p></span></div>
<u1:p></u1:p> <br />
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal" style="line-height: normal;"><span style="font-family: "inherit","serif"; font-size: 12pt;">Low barrier of entry. Essentially a big company like JCDecaux can just come in and build a similar machine beside yours and outlast you as they have more capital. Hence I propose teaming up with another big player in order to allow the company to be sustainable in the long term.<o:p></o:p></span></li>
<u1:p></u1:p>
<li class="MsoNormal" style="line-height: normal;"><span style="font-family: "inherit","serif"; font-size: 12pt;">Looking for merchants to partner up with will be a problem. But I propose that we can team up with 'The passion card'. Personally I do not think their card is as widely used as expected (I might be wrong), but essentially partnering with them would give a greater backing and also a list of their existing client. This is also good for them, as it will help promote the use of their card. (The china company actually issues membership card that can be used with the machine. Passion card can be promoted via this means too)</span></li>
</ul>
<u1:p></u1:p> <br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "inherit","serif"; font-size: 12pt;"><u1:p>Here is the link to an online article too. <a href="http://english.sina.com/business/p/2010/0610/324261.html"><span style="color: windowtext; font-family: "Calibri","sans-serif"; font-size: 11pt; text-decoration: none;">Click here</span></a></u1:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
<span style="font-family: "inherit","serif"; font-size: 12pt;"><u1:p></u1:p>Feel free to comment/email me to exchange ideas and views.<o:p></o:p></span></div>
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<div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Recently, I attended a seminar (speakers were from Aberdeen asset management and BCM) on the outlook of the Asian / US Economy and here are some takeaways from the seminar:<o:p></o:p></span></div><ul type="disc"><li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">The economy of Asia ex Japan can be growing, but the market (i.e stock market) might not truly reflect that in the short term. This is because though the Asian ex Japan economy has more or less decoupled from the western economies, the fact remains that our stock market is still coupled. Just look at the impact of a drop of the DJIA has on the subsequent day in the Asian markets! <o:p></o:p></span></li>
</ul><ul type="disc"><li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">But this can prove to be a good buying opportunities for the long term. However the speaker from Aberdeen said that they are currently underweight in China but are overweight in Singapore and Thailand <o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">If you want exposure to the China market, do it via the China companies listed on the Hong Kong Stock Exchange as opposed to those listed in the Shanghai Stock Exchange. This is due to various issues like accounting methods, transparency etc.<o:p></o:p></span></li>
</ul><ul type="disc"><li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Singapore has been trading at a long term average of 1.8x PTB(price to book ratio), though he did not mention how long the average was taken and also that presently, we are just slightly above average.<o:p></o:p></span></li>
</ul><ul type="disc"><li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">As for the US market, apparently the stimulus of around USD 787 billion has not been fully utilized yet. Only about 60%. Hence the remaining money can still be used to push up the economy. <o:p></o:p></span></li>
</ul><ul type="disc"><li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Currently the S&P 500 companies rake in around 37% of their revenue from non US markets. This means that even if the US economygoes into recession, US companies that actually do well overseas due to the growing world economy, they will still make money. He cited an example of MacDonald. It doesn't take a rocket scientist to predict the MacDonald will have an increase in worldwide revenue over the years. <o:p></o:p></span></li>
</ul><ul type="disc"><li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Overweight on technology stocks. They do not pick it because of the sector, but rather because they see many companies that have big potential coming from that sector. The speaker being based in San Francisco (not too far away from Silicon Valley) says that he has seen many exceptional talents who are setting up their companies, especially in the renewable energy sector, which he feels will do very well in the years to come.<o:p></o:p></span></li>
</ul><div class="MsoNormal" style="line-height: normal;"><br />
</div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">On the topic about price to book ratios, here are some clippings I gotten from The Business Times on 20 Aug 2010.</span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRvWxc9nmLbJt0DXJW7-hnO-kGmTR28WOtiFtnGf2l83QRRSFZyilMmL7VzSdXjy6Y6bFcuOgPpt9yDrITKUJRWS8zrhIzOaTnBumETr-Kfuu4OarMGZ7_7Re_uMH0AzH8B_Rs9wjMeaCI/s1600/NTUChartist-+SSE+PTB+%282%29.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRvWxc9nmLbJt0DXJW7-hnO-kGmTR28WOtiFtnGf2l83QRRSFZyilMmL7VzSdXjy6Y6bFcuOgPpt9yDrITKUJRWS8zrhIzOaTnBumETr-Kfuu4OarMGZ7_7Re_uMH0AzH8B_Rs9wjMeaCI/s320/NTUChartist-+SSE+PTB+%282%29.JPG" /></a></div><div class="MsoNormal" style="line-height: normal;"><br />
</div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal;"><span style="color: blue; font-family: "Times New Roman","serif"; font-size: 12pt; text-decoration: none;"></span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Looking at the STI graph above, our PTB ratio and dividend yield are almost going back to the pre-recession's value. This signify that the economy might be slightly overvalued now, as per during 2008. But as I mentioned earlier, according to the speaker, we are at a long term average of around 1.8x PTB now, whereas historical high is around 3x PTB, signifying potential upside.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><o:p></o:p>Together with my confidence in the Singapore economy, I am actually looking to buy into the STI ETF next month as a means to invest in the Singapore economy.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjczxX3UFLxaEjhz_XUssVUBwCHFiKZpu6oYTBPOsM4yw5wUw7l1bVUre3YBnYYHYTQVpYUikNqeYETq_HY8TPxKlRoWaQK-QoMsduuLquSPuptCA8aOL6MI6pVFSBk2NqKtUGuJ1qNmiDs/s1600/NTUChartist-+SSE+PTB+%281%29.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjczxX3UFLxaEjhz_XUssVUBwCHFiKZpu6oYTBPOsM4yw5wUw7l1bVUre3YBnYYHYTQVpYUikNqeYETq_HY8TPxKlRoWaQK-QoMsduuLquSPuptCA8aOL6MI6pVFSBk2NqKtUGuJ1qNmiDs/s320/NTUChartist-+SSE+PTB+%281%29.JPG" /></a></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><o:p></o:p></span></div><div align="center" class="MsoNormal" style="line-height: normal; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjczxX3UFLxaEjhz_XUssVUBwCHFiKZpu6oYTBPOsM4yw5wUw7l1bVUre3YBnYYHYTQVpYUikNqeYETq_HY8TPxKlRoWaQK-QoMsduuLquSPuptCA8aOL6MI6pVFSBk2NqKtUGuJ1qNmiDs/s1600/NTUChartist-+SSE+PTB+%281%29.JPG"><span style="color: blue; font-family: "Times New Roman","serif"; font-size: 12pt; text-decoration: none;"></span></a><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Even though the speaker was underweight on China's economy. Looking at the Shanghai Composite graph aboce, you can see that China's PTB ratio is now at a historical low point of around 2.5x, as compared to the peak at 7x. I am looking to put some money into China, but have not really done my home work as to what exactly to buy yet.<o:p></o:p></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><o:p> </o:p> </span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">In other news, I'm also overweight in commodities myself. The biggest recent event involves Wilmar International, with their entry into the Sugar market. I see big potential in this and will definitely pick up Wilmar stocks in the midst of the currently decline in their stock price. This is because the whole world is heavily dependent on Sugar, Asians being big consumers of it too. The other company is Noble Group.<o:p></o:p></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtaZw8OWS3OtDKKdz150J_izNZqEQ4gKpw-zWR-6ujP8iRiBZl6jT-rndyhritnWaaBJ0exyc795gofWnqhCbVQ_2TAoTXJE36vNPBv77Weym1ejw4EhGliYhgCxUhXR8nOtmmwOJpqfpw/s1600/Capture.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtaZw8OWS3OtDKKdz150J_izNZqEQ4gKpw-zWR-6ujP8iRiBZl6jT-rndyhritnWaaBJ0exyc795gofWnqhCbVQ_2TAoTXJE36vNPBv77Weym1ejw4EhGliYhgCxUhXR8nOtmmwOJpqfpw/s320/Capture.PNG" /></a></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><o:p></o:p>Looking at the graph above (source from Phillip Securities Research), Noble's main business is in energy and I foresee that the energy market will definitely rise in the long term due to greater consumption. Only thing I worry about Noble Group is the relatively thin margin of 2.1%. But if I am not wrong, I would believe a large chuck of the profits are actually paid to the traders as bonuses. Hence in a bad market, traders will be paid less, thus preserving the company’s margin.<o:p> </o:p></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">Just in case most of you do not know, commodities traders are paid crazy amount of bonus because of the profit sharing policy in which their remuneration package is defined.</span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div><div class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><o:p><br />
</o:p></span></div><div class="MsoNormal"><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"><o:p>Lastly, I believe that I will be updating this blog much less frequently as I embark on a new journey in my life. I aim to be an oil trader and will defintely strive hard to acheive my goals. Meanwhile, I will still actively search the markets for good investment opportunities in order to create a reliable stream of passive income.</o:p></span><o:p> </o:p></div>ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com1tag:blogger.com,1999:blog-5953817218854024561.post-49341784842391454622010-07-18T19:25:00.000+08:002010-07-18T19:25:32.625+08:00Shorting selling linked to hedge-fund loansRecently, I came across an article in 'The Wall Street Journal' that I found interesting.<br />
<br />
A report done by four academics and accepted for publications in the Journal of FInancial Economics, tracks the trading of 105 U.S. companies that borrowed money from hedge funds between Jan 2005 and July 2007.<br />
<br />
Key information:<br />
<ul><li>Average company that receive a new loan from hedge funds saw a 75% spike in volume of short sales during the five days preceding announcement of the loan, as compared with the volume of short selling 60days before the deal</li>
<li>However, 255 similar companies which turn to banks for loans saw little change in short selling volume</li>
<li>Short selling also jumped 28.4% before any changes in existing loans from hedge funds as compared to a droped in 17.4% in short selling if the changes of loans was done with a bank</li>
</ul> Reasons(according to the report):<br />
<ul><li>Short selling after a loan is announced is actually expected as investors and lenders hedge their exposure against the company who will be taking on a debt at a higher rate. (After reading the article, I believe hedge funds charge a higher interest rate as compared to banks)</li>
<li>Hedge funds know that this 'shorting' will happen and thus do the shorting in advance before the public does it. ( Hence the article starts talking about insider trading and the fact that hedge funds are less regulated than banks)</li>
</ul>My opinions:<br />
<ul><li>I feel that in order for hedge funds to be willing to lend money to companies, it means that they have already scrutinized the companies. ( From my knowledge, I believe that the really smart people work in hedge funds instead of banks, as remuneration is much better, thus I choose to believe that hedge funds do make better decisions that banks) Hence it actually makes sense to buy up these companies' shares when the public are shorting it.</li>
</ul><br />
In other news, I attended the Asian Investment Banking Conference 2010 just a few weeks ago. The main thing I got out of the event is that for those people who are thinking of going into investment banking, just stay in Asia. There is no need to go to USA/Europe. This is because, Asia is now the focus for investment banking. The number of cases that you will get to work on is much much more plentiful in Asia (though it might not be bigger), but it does give you more exposure, which is much more important.<br />
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Also, for those who would like to get into the front office of a bank, it is better to work in a front office role in a small bank and learn the essential skills which are transferable, than a back office position in a large reputable bank. This is because it is almost virtually impossible to jump from back office to front office.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com1tag:blogger.com,1999:blog-5953817218854024561.post-20328081657877652392010-06-24T23:49:00.002+08:002010-06-24T23:54:37.294+08:00How will appreciation of Renminbi (Chinese Yuan) affect Singapore banks?According to a report by UOB Kay Hian: <br />
<ul><li>Potential appreciation has little impact on Singapore banks</li>
<li>Table below explains some of the exposure of the Singapore banks</li>
<li>DBS's wholly owned DBS Bank (HK) has 50 braches and a market share of 5% in Hong Kong. Hence they will benefit if the RMB appreciates.</li>
<li>OCBC owns a stake in Bank on Ningbo, which is worth around SGD661.9 million (about 2.3% of OCBC's current market capital) and hence with an appreciation of RMB, this will mean that the investment in Bank of Ningbo is worth more.</li>
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<table border="1" cellpadding="0" class="MsoNormalTable" style="border: 3pt outset;"><tbody>
<tr> <td style="padding: 0.75pt;" valign="top"></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><b><span style="font-size: 7.5pt;">Branch Network</span></b> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><b><span style="font-size: 7.5pt;">Investments in China</span></b> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><b><span style="font-size: 7.5pt;">Estimated % of Total Loans</span></b> <o:p></o:p></div></td> </tr>
<tr> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">DBS</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">Eight main branches and seven sub-branches in China</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">n.a.</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">2.5</span> <o:p></o:p></div></td> </tr>
<tr> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">OCBC</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">Five main branches and four sub-branches in China</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">10% stake in Bank of Ningbo</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">2.5</span> <o:p></o:p></div></td> </tr>
<tr> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">UOB</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">Eight branches in China</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">15.4% stake in Evergrowing Bank</span> <o:p></o:p></div></td> <td style="padding: 0.75pt;" valign="top"><div class="MsoNormal"><span style="font-size: 7.5pt;">2.0</span><o:p></o:p></div></td> </tr>
</tbody></table> * Table courtesy of UOB KH<br />
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In my view, I would think that if the RMB were to appreciate, the banks will actually stand to benefit much much more .This is because I believe that the banks would have also made other kinds of mini investments that are yet to be reported. (We all know that Singapore is heavily invested in China) Hence in general their total assets in China will appreciate!<br />
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But then again, though the RMB is expected to appreciate in the long term. We are still unsure about the short term direction!ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-13962183587005195042010-06-21T12:13:00.000+08:002010-06-21T12:13:27.512+08:00China removes Yuan peg!<div class="separator" style="clear: both; text-align: center;"><a href="http://www.reuters.com/resources/r/?m=02&d=20100413&t=2&i=91026242&w=460&r=2010-04-13T054211Z_01_BTRE63C0FUE00_RTROPTP_0_USA-CHINA-YUAN" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="223" src="http://www.reuters.com/resources/r/?m=02&d=20100413&t=2&i=91026242&w=460&r=2010-04-13T054211Z_01_BTRE63C0FUE00_RTROPTP_0_USA-CHINA-YUAN" width="320" /></a></div><br />
Picture source: reuters.com<br />
<br />
China announced a few days back that it will be removing the Yuan peg (6.38 Yuan to 1 USD), which was implemented during the global crisis in order to shield their exporters.<br />
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This decision in my opinion, came as the US has been pressuring China to let its Yuan revalue, citing unfair competition. However even with the unpegging of the Yuan, China said that it is only going to let the Yuan revalue slowly and not let it be a big one time jump.<br />
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Some implications for the strengthing Yuan might be:<br />
<ul><li>China citizens will have a higherpurchasing power, as imports will be cheaper hence indirectly increasing their lfestyle.</li>
<li>Paper companies in China will stand to benefit. This is because most of their pulp is imported (thus stronger Yuan, means cheaper pulp for the paper companies) and the final product is mostly kept within China.</li>
<li>Airlines will stand to benefit. Fuel cost which are normally demonited in USD and the cost of buying new Boeing planes will drop (in terms of Chines Yuan)</li>
</ul>In my opinion, this might reduce China's competitiveness in the short term as its exports will be more expensive. But in the long term, people will still realise that China's cost is still relatively low, as compared to the rest of the world and hence will be flocking back, when China improves their technology/capabilities. In addition, I feel that the stronger Yuan might help in China acquiring more skills/ technologies from the developed countries too!ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-21675635800118908962010-06-19T22:57:00.000+08:002010-06-19T22:57:34.332+08:00Danger! and Parkway holdingsWorld cup season has caused a drop in volume in trading activities, though the STI has been rising. In Technical Analysis terms, when a price is rising with dropping volume, there is danger!<br />
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Anyway to keep things in perspective, the graph below shows the performance of the STI since 1987. ( I gotten the data off yahoo.) As you can see corrections from peaks usually last quite a while.. <br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJyTD3aPeeiEHHUmOAxGziD6Izz49E6aGVo-MnmOoZA2RpS8y8_8VpvLCE0DlhXK5BADmxY7GGNU6i7DW-jwz-baW-1WEh34kKqp3IuoJazfr36ocE_I2WVZEpR4nmemod8hgRsIci_KxJ/s1600/untitled.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJyTD3aPeeiEHHUmOAxGziD6Izz49E6aGVo-MnmOoZA2RpS8y8_8VpvLCE0DlhXK5BADmxY7GGNU6i7DW-jwz-baW-1WEh34kKqp3IuoJazfr36ocE_I2WVZEpR4nmemod8hgRsIci_KxJ/s320/untitled.JPG" /></a></div><br />
In other news, the battle for Parkway holdings by the two firms, Fortis Healthcare Group and Khazanah is making quite a big headline.Here is a summary of events<br />
<ul><li>Fortis bought a part of parkway holdings 2mths ago, bringing their share to 25.3%</li>
<li>Khazanah, who has been a shareholder for some time already, then wants to take control of parkway by making an offer to buy more shares in order to reach 51.5% holding, with an offer price of $3.78. This translate in them buying 364 out of every 1000 shares that they do not own. </li>
<li>If Fortis wants to block Khazanah from doing so, they will have to buy ALL the shares that they do not currently hold. This is because of SGX ruling that states that if a firm has recently became a substantial shareholder, they cannot make a partial offer for the company but would instead need to make an offer for the WHOLE company.</li>
</ul>This translates to the following issues<br />
<ul><li>Fortis need to spend more $$ than Khazanah in order to take control of parkway, because they need to make an offer for the WHOLE company, while Khazanah needs to reach only 51.5% to control the company</li>
<li>Fortis can actually give up their recently bought share to Khazanah and make a decent profit of around 6%</li>
<li>Shareholders wise, if you are unsure how the saga will end, and are happy with the current offer price of $3.78 by Fortis, just sell into the market (which I believe is trading around that price) Else, you might not be lucky enough to be the 364/1000 shares people that Fortis intend to buy</li>
</ul>ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com4tag:blogger.com,1999:blog-5953817218854024561.post-1953851691964326922010-06-13T02:31:00.000+08:002010-06-13T02:31:53.626+08:00World Cup 2010Had a good trip to Redang and China. Saw quite a few things over in those 2 countries. For example in China, after speaking to the tour guide, she mentioned that the common people are backing off the property and the stock market, though many local people who are earning around SGD800 had already been flipping properties for a while.<br />
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Hearing this, I believe it is really time for foreign investors to stay out and let the situation cool off, which includes giving the time needed for the China property laws to settle down too.<br />
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Anyway, for the time being, I have exited all my positions and it seems to be a rather good decision for the pass few weeks.<br />
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For those of you who did not subsribe to the world cup, here is a good fast streaming site for the world cup. Enjoy!<br />
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<a href="http://www.footyfire.com/">http://www.footyfire.com/</a>ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-37302692311049037122010-05-17T16:51:00.000+08:002010-05-17T16:51:52.217+08:00Sell in May and go away? World cup on stock markets?1) 'Sell in May and go away' , this is the common saying that has been around for years.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5XeV126GTd5-xqK6s-4WEG5FFrevBnO3X6HfAwXTKiB1ERD_9kKkc6VyPVKDIM2Ryk9sjuXyViT7_wtXt2W-7NESElW5cjVNUgnB35ag376jo6ZoK-jOJ-_NrPATMYJlfuLB6ZUpzkYka/s1600/24-april-1b.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="230" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5XeV126GTd5-xqK6s-4WEG5FFrevBnO3X6HfAwXTKiB1ERD_9kKkc6VyPVKDIM2Ryk9sjuXyViT7_wtXt2W-7NESElW5cjVNUgnB35ag376jo6ZoK-jOJ-_NrPATMYJlfuLB6ZUpzkYka/s400/24-april-1b.jpg" width="400" /></a></div> <br />
Picture courtesy of http://www.ritholtz.com <br />
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So as you can see, based on the US's S&P 500, if you sell in May and buy back in Nov, you will generally do better (though one thing to note is that, on average, all months actually generate positive returns). In Singapore's context, I am not very sure, but I guess that it should show a similar trend as the world's economy are interlinked.<br />
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2) <br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://blogs.timeslive.co.za/soccer/files/2009/12/2010-world-cup-logo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="http://blogs.timeslive.co.za/soccer/files/2009/12/2010-world-cup-logo.jpg" width="170" /></a></div><br />
Picture courtesy of http://blogs.timeslive.co.za<br />
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I have also read reports that during the world cup period, stock markets will drop too. This is because people will be pulling money out of stocks to bet and/or spending more time watching soccer and hence not be as participative in the stock market. These reports were also supported by accompanying statistics.<br />
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Though I do not believe 100% what these reports have said, I do believe that they should be some truth in it, considering the statistic were not faked. <br />
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<b>In conclusion</b>, statistically, it is not a good time to hold stocks over the next few months. Personally, I have sold away around 80% of my holdings, leaving behind some preference shares which I few should be relatively non-volatile.<br />
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Also, besides the above 2 reasons that I have mentioned, I am actually going overseas for my grad trip.(Will be visiting Malaysia and the Shanghai World Expo) Thus without the time/access to my trading accounts, I would rather take my profits and have a peace of mind during my trips.<br />
<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div>ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-25399404658642868112010-05-12T15:21:00.001+08:002010-05-15T16:03:51.542+08:00Graduated! (Greece, Goldman, DJIA)<div class="separator" style="clear: both; text-align: center;"></div>Sorry for the lack of posts, was busy with school exams. But finally,I have graduated!<br />
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Anyway, many major events happened over the past few weeks. Here are some of the more interesting ones:<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://www.defimediacdn.info/media/audio/flags/greece-flag.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="108" src="http://www.defimediacdn.info/media/audio/flags/greece-flag.gif" width="160" /></a></div>Picture courtesy of : http://www.defimediacdn.info/<br />
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<b>1.</b> The biggest one is the Greece bailout. It caused the market to go into a panic stricken sell off mode. Hence I bought up some blue chips last week too. Not 100% sure that the market will not be sold down again, but I believe that the fundamentals of Asian markets are strong and especially that of Singapore. So I have basically bought into Singapore companies dealing with land/telco. Also, most of Greece's debt is limited to the EU, with little exposure to the rest of the world. Even America did not take on too much of its debt. I am not saying that it will not affect Asia/Singapore, but rather, I do not personally think the actual impact will be too big.<br />
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<div class="separator" style="clear: both; text-align: center;"><a href="http://standupforamerica.files.wordpress.com/2009/08/goldman-sachs-fbi-doj.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="150" src="http://standupforamerica.files.wordpress.com/2009/08/goldman-sachs-fbi-doj.jpg" width="200" /></a></div>Picture courtesy of : http://standupforamerica.wordpress.com/<br />
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<b>2.</b> The Goldman Sach case. It might be true that Goldman Sach might have a little conflict of interest when structuring their products. BUT, I feel that if the institutional investors can afford to pump in so much money to buy the products, they should actually be smart enough to understand the products before buying it. I mean, we can understand if aunties/uncles who invests $20,000 in structued products and got mislead, but for companies who spend millions in investing, there is really no excuse for them not doing their homework prior to buying such products.<br />
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<b>3.</b> The drop of almost a 1000 (approx 10%) points in the Dow Jones Industrial Index last week before a strong recovery to close approx 3% down.. There was speculation that some person keyed in a sell order of 'billions' instead of 'millions. However reports were quick to say that this wasn't the case, and investigations are still undergoing. Personally, I choose to believe that it is due to some computer glitches. If you do not know, with the invention of algorithm trading (i.e computer trading on its own based on predefined rules), it has actually increase the liquidity in the stock market by more than 50%!. So in this particular instant, say for example when a particular stock get sold off by a large institutional investor, it might have triggered a involuntary cut loss mechanism in many trading algorithm, which in turn exacerbated the effect and caused the almost 10% drop in the index.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com3tag:blogger.com,1999:blog-5953817218854024561.post-22611988706270888322010-04-24T16:35:00.001+08:002010-04-24T20:03:37.563+08:00Commodities (Deutsche Bank) , Oil, World Cup, HDB business ideaHere are some stuff interesting stuff that I have experienced and read over the past few weeks.<br />
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1) I attended a talk by DBS on an insight to commodities. The presentation was however done by 2 bankers from Deutsche Bank. Somethings that I took home from there are.<br />
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<ul><li> At the talk, it was said that commodities have outperformed equities for the past 10 plus years, however I feel that the method of comparison is a little flawed. For one, they only compared the basic price of the commodity with that of the Dow Jones. However, we must always remember, when looking at equities, you must power of reinvesting dividends is actually huge!</li>
<li>The 'cost' price oil, which is also the fundamental support, is around USD 70 now.</li>
<li>LPG is undervalued.</li>
<li>Gold is overvalued, however other metals like palladium (used in car catalyst) will see a surge in price, as the automotive industries in emerging markets like India and China picks up.</li>
</ul>2) Oil. This is somewhat related to what I will doing in the future, hence the current interest. Some interesting facts:<br />
<ul><li>Lots of companies (private and non-private) are not trading any more oil with Iran This is because the US and their allies do not wish to have Iran benefiting economically, which will indirectly support their nuclear plans. </li>
<li>For oil trading, the best kind of environment is to have low oil prices and high volatility.This is because traders live on volatility and with low oil prices, it is cheaper to fund purchases. This means that in the crisis years of 2008/2009, some companies might actually be making a windfall, contrary to what most people believe.</li>
</ul>3) I have been reading articles that predict that the stock market will be weak from around now to June/July. Why? Because the world cup is coming!And it has been proven for the past 5 or so world cups.<br />
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4) I have been looking at HDBs at the moment, both resale and the new Punggol Emerald and Punggol Waves. In the process I have though of a business ideas as many property websites are really un-user friendly. So I am looking for any person who is able to do programming and build a website, do drop me an email.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com1tag:blogger.com,1999:blog-5953817218854024561.post-34834842759793249542010-03-31T19:52:00.000+08:002010-03-31T19:52:00.316+08:00Keppel Corp and Sembcorp MarineDid you know that Keppel Corp and Semcorp Marine are the world's larges and second largest rig builders respectively?<br /><br />Also, they have announced new orders this month (March)<br /><br /><span style="font-weight: bold;">SembMarine </span><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge_mI_VnsNx_2T87aSc5U00-UxjmR2IzfEwEJZcwXWKxqZp7usqH2Qh3UzAbpxle6Ktpms6qt9VhkvDfaTFCKNazpx3toCUOtiyHgaEhORdCZDv_nSbAeAqtES7C-rcfvjAFwBpAzEXXOM/s1600/logosem.gif"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 190px; height: 93px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge_mI_VnsNx_2T87aSc5U00-UxjmR2IzfEwEJZcwXWKxqZp7usqH2Qh3UzAbpxle6Ktpms6qt9VhkvDfaTFCKNazpx3toCUOtiyHgaEhORdCZDv_nSbAeAqtES7C-rcfvjAFwBpAzEXXOM/s320/logosem.gif" alt="" id="BLOGGER_PHOTO_ID_5453654513746421938" border="0" /></a>SGD $550 million contract from ConocoPhillips to construct the Ekofish accomodation topside, situtaed in the North Sea<ul><li>Project to start in 3Q2010 and ready for delivery in 2013</li></ul><ul><li>Will cause year to date orders to SGD $810 million, and lift order books to SGD 6.3 Billion</li></ul><ul><li>Apparently this project will help to contribute to profits of around SGD $27 million for FY 2011 and FY 2012</li></ul><span style="font-weight: bold;">Keppel Corp</span><br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZEzMcpKDP9fiSuHuuLCFNTkycTu2vNmL5V8Sje9YDhVuVU3J4zv0T0ej4SUHkuc5R3fITb5CkXS0RpfaJQNTYFeKXdAelC0tbmArjOFv2LKJak5GlCrlzNvr1LJ72sJLJrci9ovfR-mXs/s1600/keppellogo.gif"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 174px; height: 23px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZEzMcpKDP9fiSuHuuLCFNTkycTu2vNmL5V8Sje9YDhVuVU3J4zv0T0ej4SUHkuc5R3fITb5CkXS0RpfaJQNTYFeKXdAelC0tbmArjOFv2LKJak5GlCrlzNvr1LJ72sJLJrci9ovfR-mXs/s320/keppellogo.gif" alt="" id="BLOGGER_PHOTO_ID_5453654507868131714" border="0" /></a><br /><ul><li>Its subsidiary Keppel Verolme and Areva Energietechnik GmbH have secured a 62 62 million euros (SGD $117.6 million) contract from Wetfeet Offshore Windenergy GmbH to build a mobile offshore application barge</li></ul><ul><li>It will also be situated in the North Sea</li></ul><ul><li>Scheduled to be completed in 4Q11</li></ul><br /><br /><span style="font-weight: bold;">Some interesting facts (from Citigroup)</span><br /><br /><ul><li>Operating expenditure in deep water floaters in 2Q02 is USD $60,000 per day</li></ul><ul><li> Operating expenditure in deep water floaters in 2Q09 is USD $115,000 per day</li></ul><ul><li>It is expected that between 2010 and 2013, median day rates are to be more than USD<br /></li></ul><ul><li>$100,000 for jack-up units and USD $400,000 for deep water units</li></ul><ul><li>Demand for jack-up rigs should continue to fall as the new oil finds are in deeper waters<br /></li></ul>ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com0tag:blogger.com,1999:blog-5953817218854024561.post-821039272658908212010-03-27T23:04:00.002+08:002010-03-27T23:45:03.431+08:00China's Yuan valuation : Undervalued?Firstly, let us start off by looking at the big mac index. It is based on the theory of purchasing-power parity, which is basically showing how hard you need to work in order to make enough money to buy a Big Mac from MacDonald.<br /><br />Below is a picture of the index, benched marked to the USD. An example, based on the picture, is that a person in Norway needs to work about 90% lesser than a person in the USA in order to buy a Big Mac.<br /><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-wFuZLn3J78f2Ol0ATuN0n3xHQeY1Ot3Wiki_fXMB9XA-EpwV8mN2Oxyho5LhoBwgM9ap_lEblokFsITLWY8HFUAZ6NbawMI1nx9oEBvMHB_1NPXf076cMIhl_C0-hqM6p3YKYR6pe2f6/s1600/Mac.JPG"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 310px; height: 320px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-wFuZLn3J78f2Ol0ATuN0n3xHQeY1Ot3Wiki_fXMB9XA-EpwV8mN2Oxyho5LhoBwgM9ap_lEblokFsITLWY8HFUAZ6NbawMI1nx9oEBvMHB_1NPXf076cMIhl_C0-hqM6p3YKYR6pe2f6/s320/Mac.JPG" alt="" id="BLOGGER_PHOTO_ID_5453335556003962834" border="0" /></a><br />According to the picture above, China's yuan is about 49% below that of the USD, based on this index.<br /><br />However, will the USA actually benefit if China strengthen the Yuan? On first thought, it might. Because people will say that with a stronger Yuan, China's goods will be more expensive, hence they will export less to the USA.<br /><br />But if you look closely, and for those of you who have been to the USA, most of the goods in the USA are actually 'Made in China'. With a stronger Yuan, companies in the USA will have to pay more to purchase their supplies from China, adding to their cost and thus lowering their profits.<br /><br />An actual example that most of us can relate to is the Iphone. The actual cost of an Iphone is around USD300. The amount that goes to the workers in China who only assemble the parts is only USD 4. The rest of the money actually goes to the other countries that the parts are manufactured in.<br /><br />So the conclusion is: Yes it is true, with a stronger Yuan, China's goods will be more expensive. However there will be negative repercussion on the USA's economy, whose supplies inevitability comes from China. With more expensive China goods, the USA will have to incur higher cost in their supplies. Thus either the USA companies will have to work with lower profit margins, or pass on the extra cost to their customers. Either way, I personally feel it is quite a lose-lose situation for the USA.ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com2tag:blogger.com,1999:blog-5953817218854024561.post-89548797102506886602010-03-21T20:11:00.005+08:002010-03-21T23:43:50.725+08:00Fish and Co promotion : $1 Fish and Chips promotion for Earth DayNot exactly a financial post, but just to let you all know.. Fish and Co is having an Earth Day promotion.<br /><br />Fish and Chips for $1!<br /><br />For more information, visit : <a href="http://www.fish-co.com/earthhour">http://www.fish-co.com/earthhour</a><br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzH4g569XITfDr4NEAE5nRBgDnQEDjJMNjE3IRFcJphaDZbnHolmUEZTH7s5OtrDg6VLfTAKee_r1vsKAj7fS7vvfuHSiHEVyeBMGTdxWy0jBsGpUJBIgNsauN-WyeuO4tKtBLMfvpZfNc/s1600-h/fish-co-earth-hour-promotion.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer; width: 264px; height: 320px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzH4g569XITfDr4NEAE5nRBgDnQEDjJMNjE3IRFcJphaDZbnHolmUEZTH7s5OtrDg6VLfTAKee_r1vsKAj7fS7vvfuHSiHEVyeBMGTdxWy0jBsGpUJBIgNsauN-WyeuO4tKtBLMfvpZfNc/s320/fish-co-earth-hour-promotion.jpg" alt="" id="BLOGGER_PHOTO_ID_5451101473596047378" border="0" /></a><br />Enjoy!ntuchartisthttp://www.blogger.com/profile/00601670816224543861noreply@blogger.com2