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Wednesday, August 31, 2005

Ftec become a take over target

I just mentioned about take over and general offer.

Today, The Star reported that one of the company that I have mentioned in my blog before........ FTEC has become a take over target by an ERP system developer Online One Corp Bhd.

The shares price and Chart of FTEC can be view Here

Tag Computers and internet


Sunday, August 28, 2005

The next likely General Offer (GO) target

Stock market have a lot of General Offer (GO) recently. The Star also feature about it last week. Punter and investor are guessing who will be the next.

Actually there is one company up for sale for quite some time. The company is Courts Mammoth Berhad. The holding company in UK is in financial difficulties and is under receivership. the receiver in UK does not rule out to dispose off it Malaysia operation.

As I mention before. The manufacturing cycle is

Textile------>Steel----->Automobile----->Electrical Home Appliance

Now, Malaysia has lost it competitiveness in manufacturing industry to China. We have to convert to services industry.

Electrical Home Appliance industry like Sony venture into Media and Entertainment Industry. In fact Sony new CEO now is a non Japanese from it US entertaiment and media industry.

Textile company. Usually venture into retail industry. In Malaysia, we have Padini, venture from textile industry to become retailer. Usually, when a develop country invest overseas. They usually invest in retail industry. Malaysia receive less Foreign Direct Investment(FDI) in manufacturing industry. However, we have a lot FDI in service industry, like from Europe, we have Tesco, Macro, Carrefour. From Japan, We have Isetan,Yaohan, Sogo, Jaya Jusco(Aeon).

The world biggest company in term of turnover is Wal-Mart. A retailer and not manufacturing company.

From retailing, they venture into consumer credit like Aeon Group of Jaya Jusco. They venture aggressively in consumer credit.

Courts Mammoth Bhd, a retailer and a consumer merketing player from UK. Availaible for sales. How much does it worth?


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Sunday, August 21, 2005

Beneficiary of trade liberalism in textile industry

US and EC has lifted the import quota on textile industry from 1 January 2005. EC has however has limit China's textile import to EC at 12.5% growth rate. Whereas China negotiation with the US is still on going.

Textile industry is a very labor intensive industry. Base on China agreement with EC. China labor cost has escalated and it textile industry would become uncompetitive after 3 years restriction lapse.

Who is the beneficiary of such liberalism and restriction on China? Ramatex Berhad, Malaysia largest textile manufacturing company, which has investment in China, Cambodia, and Africa would be benefited. It website listed 5 factory in Suzhou, China is under expansion.

In it home country Malaysia. It just obtain a USD10million term loan facilities from from BNP Paribas Labuan Branch. The purpose of the Facility is to finance the capital expenditures and working capital requirements of Tai Wah Garments Industry Sdn. Bhd., which is in tandem with the increase in its business orders. According to announcement to Bursa Malaysia.

Textile industry can be started at very low capital. Ramatex Bhd started with only S$80,000 in 1976. With less than 30 years. It turnover has expand into billion.

Toyota, automobile manufacturer in Japan started from textile manufacturing company. Same as Taiwan's automobile manufacturer, which joint venture with Nissan of Japan. Only Hunydai of South Korea started from contruction industry.

Unfortunately, China unable to follow this path of industrialization process after limitation and restriction from EC and now US.

However, Ramatex Berhad of Malaysia is a beneficiary. Rumors say that it factory in China and Malaysia remain busy, and is expected to announce a favorable result.


Sunday, August 14, 2005

New Economic Policy

My blog has numerous comment post by reader on New Economic Policy(NEP). A "Letter to Editors"published by The Edge on its recent printed edition has an interesting comment.

The reader claim that the bumiputra has dominant the banking industry, which I agree. And dominant the automobile industry in Malaysia.

Out of 10 anchor bank in Malaysia. Only PBB, Hong Leong Bank and Southern Bank are control by non-bumiputra.

Again, after Oriental Holding Bhd lost it franchise and dealership of Honda. Hyundai franchise has been acquired by Sime Darby. Only Tan Chong which hold distributorship of Nissan remain under Non-bumi.

Actually, it is ridiculous to excluded Government Link company(GLC) on it calculation on 18% ownership. If included GLC. Bumiputra is control more than 50% of Malaysia economy. All GLC are head by bumiputra and majority of its staff comprises bumiputra plus it has the bumiputra culture.

Other than the two industry highligh by the reader of The Edge. The reader fail to included plantation industry. With the GLC control of Sime Darby, Golden Hope and Guthrie. Bumiputra actually control the majority of the plantation land in Malaysia. It just that it yield of the company unable to compete with those control by Non-bumi like IOI, KLK and PPBOP. Thus, it's time to improve efficiency and competitiveness rather than improve percentage of ownership.

All the plantation company also have a property development arm to capitalize on the landbank like Sime UEP,I&P and Gutherie Land.

Bumiputra also control all the free to air TV via Media Prima Bhd. Holding company of TV3.

At one point of time. Bumiputra control the whole Kuala Lumpur transport system via IntraKota and Park May Bhd. However, both have been acquired by the government due to inefficiency and unable to pay it debt. Again, this is a question of efficiency and not question of ownership.

Sadly, savvy bumiputra entrepreneur like AIC Corporation Bhd's chairman Y. Bhg. Datuk Haji Sarip bin Hamid fail to get government support as he prefer to donate to the poor rather than make political donation.