Nobody controlled IJM Corporation Bhd

IJM Corporation Bhd at one point of time one of the big three constrution company to watch. together with Gamuda and Road Builders Holdings Bhd. In fact, the largest market capitalise construction company on Bursa Malaysia is YTL Corporation Bhd.



Recently, Road Builders Holdings Bhd was acquired by IJM Corporation Bhd. This make IJM Corporation Bhd has an upper hand over Gamuda. Thus, the top two construction company might be YTL Corporation Bhd and IJM Corporation Bhd and Gamuda, one of the top three excluding governement link companies (GLC).



If IJM gain control of Kumpulan Europlus Bhd . IJM group control two public listed contruction company and two property development company. IJM,Kumpulan Europlus Bhd, RB Land Bhd and indirect associated company Talam. It become a giant company that you unable to ignore.



However, it seem nobody control IJM!



Who control IJM



IJM initially was part of the IGB Group. However, in order to raise capital for it Mid-Valley Megamall Project. IGB disposed off it stake in IJM to Zelan Holdings which ultimately control by Tan Sri Syed Mokhtar al-Bukhary.



However, Zelan Holdings’s shareholding in IJM shrank after IJM made a general offer to acquire Road Builder (M) Holdings Bhd last year via a share swap. This resulted in Zelan being unable to book in its share of IJM’s profits although it could still receive the dividends paid out by the latter.



Zelan is sitting on a cash pile of about RM280mil after disposing of part of its stake in construction-based IJM Corp Bhd. Its net cash per share rose to 99.7 sen after the share sale from 66.3 sen previously.



Zelan Chief executive officer Albert Chang confirmed that Zelan would continue to trim its interest in IJM, which currently stood at 9.67%.



This mean Tan Sri Syed Mokhtar al-Bukhary and Zelan has lost control over IJM.



Thus, IJM, such a large group of company, become a company that run by professional manager, it managing director Datuk Krishnan Tan with no controlling shareholder.



Control by Accountant, not Engineer

Other than previously bumiputra control contruction company like Renong's Halim Saad, who is Accountant by training. Contruction company control by chinese usually control by engineer.

Road Builder's Tan Sri Chua Hock Chin,Gamuda's Y Bhg Dato' Lin Yun Ling, YTL's Tan Sri Francis Yeoh, even smaller Mudajaya group was headed by engineer.

IJM, however, was one of the rare contruction company that lead by an accountant.

Managing Director Datuk Krishnan Tan qualified as a Certified Public Accountant in 1978 after graduating with a Bachelor of Economics (Honours) degree from University of Malaya in 1975, and holds a Master’s degree in Business Administration from Golden Gate University, San Francisco, USA. Prior to joining IJM, he was with Kumpulan Perangsang Selangor Berhad for seven (7) years, his last position was Group Financial Controller of the Group.

He joined IJM as Financial Controller in 1983 and joined the Board as Alternate Director on 12 June 1984, Director on 10 April 1990 and Deputy Managing Director on 1 November 1993. He assumed the post of Group Managing Director on 1 January 1997. He was redesignated Chief Executive Officer & Managing Director on 26 February 2004.

It is not easy for an accountant to grow a contruction company to such a size. So far, it seem no problem leading staff that was previously lead by engineer like staff he acquired from Road Builder Holdings (M) Bhd.

Potential takeover target

With no controlling shareholder in the company. IJM become a likely take over target. However, being one of the largest market capitalisation contruction group in the market. It is difficult for just anybody to swallow the group.

After spending so much for a company, the new controlling shareholder must be able to work with the current team or he must have the ability to manage such a large group if he intended to change the team.

If nobody acquired the company eventually. IJM might be the first company in Malaysia like company in US,that the company was invested by institutional shareholder and manage by professional manager with no controlling shareholder. In such instances, IJM must have a strong team of independent director on the board and must have good succession planning for managing director.

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse

Company's performance and it management

Investment in shares, other than read it financial report. One way to select a company is to select it management. When you invest in shares in a company. You become a shareholder, or a partner of your company. Don't you want to know your partner well before you invest in a company?

This is what a lot of speculator or investor in Malaysia did. In fact, it is a dangerous move if you invest in a company without knowing your partner well.

I have a post Would you buy Toyota Camry, Honda Accord or Proton Chancellor? which I have stated: I feel investment in company equivalent to investment in a company CEO. If government let Idris Jala to head Proton rather then MAS. I might be consider as he has the track record of turnaround a company.

On May 29, 2007, Malaysia Airlines (MAS) reported a sustained turnaround with a net profit of RM133.1mil for its first quarter ended March 31, compared with a loss of RM319.9mil in the year-earlier quarter.

While on June 1, 2007, Proton posts RM591mil loss. The outcome was exactly the same as my prediction nearly one year ago on July 21, 2006.

MayBank and Ambank's management has recently implement a policy that not base on merit but base on racist selection of it panel lawyer until directed by cabinet to stop it .

But non of the management responsible for implementing such policy has been removed.

While Ambank was not appear not Reader's Digest Most Trusted Brand. Maybank appear on the list together with Public Bank. I would certainly choose Public Bank over Maybank if I want to invest in banking stock.

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse

TPP not related to Tan Sri Syed Mokhtar Al-Bukhary

My previous post Oil refinery and Electrical home appliance stated that the US$7bil Trans-Peninsula pipeline (Transpen) was awarded to Tan Sri Syed Mokhtar Al-Bukhary's SKS Development Sdn Bhd. This was followed by a special exclusive report by Nanyang one week after my post stating a similar claim.

However, last weeks, two ex-engineer with Petronas,Rahim Kamil Sulaiman (left) and Syed Izhar Al-Idrus (Right) claim the idea of the US$7bil pipeline was theirs but along the way the Government had also received two other proposals to build a similar pipeline connecting the west to east of Peninsular Malaysia.

One was from UEM World Bhd and the other the widely publicised SKS Development Sdn Bhd (a private company linked to Tan Sri Syed Mokhtar Al-Bukhary) that has an arrangement with the Iranian National Oil Co.

Rahim dismissed speculation that SKS and TPP were working together on the project.
“We have no relation with SKS by equity or contract in any form. If anyone claims this, we would be very keen to see the evidence.” reported The Star.

Rahim Kamil Sulaiman 53 and Syed Izhar Al-Idrus hold 50:50 equity interest in Trans-Peninsula Petroleum Sdn Bhd (TPP), the promoter and developer of the project, while former Kedah Mentri Besar Tan Sri Osman Aroff is a director in the company.

TPP has cleverly roped in big names such as Ranhill Bhd to carry out the construction and engineering, Saudi Arabia’s Al-Banader International Group to supply the oil and Middle Eastern investors to take up stakes in TPP, Indonesia’s Bakrie & Brothers tbk for pipe supply and PT Tripatra as its project manager.

Non of Malaysian pipe manufacturing company benefit from that project, including Wa Seong.

Ranhill shares price has rise before the announcement. As both promoter was not running a conglomerate company like Syed Mokhtar. It is difficult to demand them to invest their profit into other project like electical home appliance as they do not have the resources and skill to do it.

Update: SKS Development Sdn Bhd (a private company linked to Tan Sri Syed Mokhtar Al-Bukhary) still get the refinery portion of the project but not the pipeline

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse

Stock market and Reader's Digest most trusted brand

Leading stock market legend Warret Buffertt, who becomes the world second richest people after Microsoft's Bill Gates via investment in shares market, invest in brand name or what he call "Consumer Monopoly" like Coca Cola, McDonald, Wall Mart etc.

Usually, I feel company list on Reader's Digest Trusted Brand Award are company with good quality product. York air conditional, market by Malaysian leading company OYL Industries Bhd, perceived to be a blue chip stock after Genting before the company divested by Hong Leong group. share price go up to RM50 at one point of time before Asia financial crisis. The same shares price trend was seen on another regular recipient of Trsted Brand Award, Panasonic.

Non listed MNC product, like biscuit product categories recipient....Jacob's by Danone, also has good quality. I wouldn't invest in local biscuit company like Hwa Tai, Hup Seng etc unless they able to produce the same quality product like Jacob's.

Base on the above, there seem to be a relation between share price performance and recipient Reader's Digest Trusted Brand Award.

However, some value become too high, like Nestle at PE ratio of 21.3. Spritzr.... PE ratio at 17.4. Shares price already appear expensive.But, they is some gem yet to be discover.

One of it is Poh Kong under Jewellery categogy. It PE ratio was only 5.3. That means you can recoup you investment within 5.3 years if the company able to maintain it current profit, which is likely if it was listed on Trusted Brand Award. Your invetsment will be double without any grow. However, usually a strong brand company, or what Warren Buffett term as company that enjoy Consumer Monopoly, usually able to grow their profit. If a company able to grow their profit at 20% per year. Profit will be double within 5 years.

Another company I like is Amway, it is the most Trusted Brand under water purifier category and Vitamin/Health supplement category. It attraction is it dividend yield at 8.8%. It is more than double, almost triple than fixed deposit rate at around 3%. Thus, can bet on it if your aim is dividend.

The other recipient on of Vitamin/Health Supplement category...Appeton. The brand was under Mesdaq listed Kotra. However, it PE ratio at 9, more expensive than Poh Kong and did not pay dividend as much as Amway. Dividend yield less than bank's fixed deposit rate.

Thus, my bet is on Poh Kong and Amway on share aprreciation and dividend respectively.


TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse

Vinod Sekhar on Forbes Malaysia 40 richest 2007

A name appear on Forbes top 40 richest Malaysian attract my attention. Ranked at no 16 Datuk Vinod Sekhar. In fact he appear on the list last year (2006) as well,ranked 16 also.




Describe as founder and majority owner of privately held Petra Group. I was mistakenly thought he founded oil and Gas group Petra Perdana Group. However, Petra Perdana was found by Terengganu royal YM Tengku Dato' Ibrahim Petra bin Tengku Indra Petra rather than Datuk Vinod Sekhar.



Actually, company control by Datuk Vinod Sekhar's company call Petra Group which is privately held.



Surprising that Forbes able to rate a owner of a Malaysia non listed company. It is difficult to rate a owner of a public listed company even in US.



Forbes stated that Forbes Vice Chairman Christopher Forbes is minor shareholder in group. that is how Forbes rate the company. Is it accurate base on such rating?



It is not sure why Company Commision Of Malaysia allow two unrelated company used such a similar name that create so much confusion.

Last year, Joshua Teoh's blog has discussion on Datuk Vinod Sekhar under his blog's comment column.

Excerpt:

newmal said: this is all i know so far - he is 37, and also heads the petra foundation - which is pretty huge, and apparently refuses to allow his name or picture to appear in tatler etc. and is a close friend of Tony Fernandes of air asia and Was told there was a story done on him recently - a friend saw it in sing. Will try get some info from there. According to the article also completely self made, not inherited. To me its just amazing that he has been so low key - and no one knew about him - a non bumi also!

He added: Just read that Vinod Sekhar’s father passed away last week. Also found out that both father and son are/were self made men. the bio is on the Petra website. From what i read on line - he started his company from college and was a millionaire by 21, and a Datuk by 26. then lost everything in the asian financial crisis, but rebuilt everything on his own. He also founded the first multiracial youth society - and here’s something interesting, apparently he wrote the template for the Rakan Muda programme - then walked away when they tried to make political and racial. Also, i believe he gave 40% of the company away to a charitable trust that educates a few thousand people now. He is actually the chairman of the Petra foundation. Thats about it. If someone actually knows him - then can actually ask him about the above. I’m sure some of us would be keen to hear about his true story. It seems fascinating and worth a read.

The Edge recently reported that: In 2001, Datuk Vinod Sekhar undertook a reverse takeover of a company listed on the Alternative Investment Market (AIM) in London. He injected an Islamic portal into the AIM-listed company, which was renamed Petra Multimedia plc. But it failed to sustain investor interest and was delisted a year later.

Whether he deserved on the list or not is your own judgement

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance

Real independent Managing Director in her 20s

My last post on 20 something Managing Director generate a lot of feedback online and offline. Unfortunately, Carmen Chua still have her father to coach and incubate her as her company Executive Chairman.





A week ago, The Star feature a 23 year old Managing Director of Clearwater Development Sdn Bhd...Dian Lee Cheng Ling. She is the eldest daughter of property tycoon Tan Sri Lee Kim Yew, the founder and chieftain of the Country Heights Holdings group, was named the Property Man of the Year in 1996 by Fiabci (International Real Estate Federation) Malaysian chapter.





Dian is the eldest of three girls and two boys. She reiterated that Clearwater Development was an entirely independent entity from Country Heights Holdings. What did Dad have to say about her striking out on her own as a property developer? He was supportive but, at the same time, reacted like any father would. He had his concerns, and when I needed advice I would go to him. Once in a while, he would give a bright idea as to how a unit should be launched, etcetera, but it just nice to sound him out,?Lee told The Star.

The profile of Lee’s partners reveals what one can expect of the project. They include renowned Singapore-based architect Sim Boon Yang and the rest — two investment bankers and a female lawyer — are based in Hong Kong. Except for Lee, her partners are in their 30s and 40s.

The project marks the debut of the 40-something Sim in the property development arena. The founding partner of Singapore-headquartered Eco-Id Architect and Design Consultancy Ptd Ltd, Sim has been practising architecture for more than a decade, designing boutique hotels around the world. So, it is not as if property development opportunities had not knocked on his door.

Sim was on one his regular business trips to Bangkok (where he has an office) when he met Lee at Bangkok Metropolitan — of which Eco-Id was the lead design consultant. As fate would have it, things fell into place very quickly soon after that meeting. Lee stumbled upon a 0.5-acre tract on Damansara Heights that was available for development. The feasibility study was carried out, followed by concept and sketches of the brain-wave.

Together with Sim, she spoke to property managers and investors around Asia while fine-tuning the concept for Clearwater Residence. Well-known Singaporean advertising art director Theseus Chan was roped in to help put concepts on paper. And eventually, the marketing and management team was formed.

Dian Lee graduated from RMIT University in Melbourne with a Bachelor of Arts, majoring in Professional Communication and Marketing. While Down Under, she was executive director of Country Heights (Australia) Pte Ltd, actively overseeing her family’s property investments in Australia. During semester breaks in the last two years, she was back in Malaysia playing the role of special assistant to her dad, handling a portfolio of property and hotel management projects. And this was her choice. “I get to meet and be exposed to interesting people. As his assistant, I follow him around and do the necessary follow-ups and events for him,” Lee told The Edge. “Ever since I can remember, I have been interning with my father during my summer breaks.” Lee attributes her attention to details to her dad. “I have a visionary father, whose entrepreneurship inspires me. He’s extraordinary; he started with nothing… I remember when I was 15 years old when he rushed the building of the Palace of the Golden Horses in time for the G15 meeting. He was practically staying on site for three months! I saw for myself the progress of the project — from the model to construction and then reality. It was so amazing.”Reported The Edge

It look like she work like those second generation of tycoon....Donald Trump in US who famous for The Apprentice.

Donald Trump move from her father's low cost house to upmarket customer today after he taste the wealthy person lifestyle. Dian Lee of course taste the wealthy person lifestyle when she grow up. The difference is Tan Sri Lee Kim Yew's Country Height already target upmarket customer from the beginning.

Another different between Dian Lee and Carmen Chua other than she is independent from her father is.......Dian Lee is married!

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse Property

Real Property Gain Tax not abolished but exempted

My blog get a lot of search via Google search engine below for Real Property Gain Tax 2007 (RPGT)recently. Actually, the matter has been widely reported in mainstream media. As a lot of reader search for such topic. I just give my two sen worth here.

One thing that I would like to remind all people: THE Real Property Gains Tax Act 1976 (RPGTA) has not been abolished but exempted with effect from April 1,2007.

This mean that the government can re-introduce the RPGT if the market become too speculative. This can happen as the government have a track record of inconsistency in it policy. One of the example is make short selling become illegal during Asia financial crisis.

The exemption of RPGT, together with comprehensive changes to the public delivery system in the property sector means that we have shift our focus on attracting FDI in manufacturing sector to Property sector. Will Malaysia become Hong Kong where property sector become dominanat in it economy?



Carmen Chua


The star has reported that: It is not widely known that Carmen had played a key role in the Government’s recent move to abolish real property gains tax (RPGT) to reboot a languishing housing market.

Early this year, she was invited by Noordin Sopiee & Associates (NSA) - an offshoot of ISIS founded by the late Tan Sri Noordin Sopiee - for a closed-door presentation, together with three other corporate bigwigs (Lion Group's Tan Sri William Cheng, Tan Sri Rozali Ismail of Syabas, and Kuala Lumpur Kepong Bhd's Datuk Lee Hau Hian).







Her area of focus – how to revive the property sector, one of the pillars of the economy, to aid the nation’s target to grow private investments by 11%. Carmen, together with like-minded friends at NSA, essentially advocated and made a strong case for the abolishment of RPGT.

Truth is, the idea to abolish RPGT is not new. It has been lobbied for so long and by so many but the campaigns, until now, had fired blanks. The difference this time is there appears to be a concerted political will to see it through.


Who is Carmen Chua? She is daughter of Datuk Chua Ma Yu, co-founder of Rashid Husssein Security or RHB Group, founder of Waterfront Group and the person who advocated the merger of plantation group in the country....now under Synergy Drive.

Carmen Chua is a 20 something managing director of ONE KLCC Sdn Bhd. In US, You have seen a number of 20 something boss like Microsoft's Bill Gates, Yahoo's Jerry Yang. In Malaysia, we have Tony Pua. I have also personally work for a 20 something managing director before. He is a selfmade millionaire and extremely competitive.

The only different is....she is female and her father still sit on the board as chairman.

Carmen also sit on the board of Waterfront Incubator and Furniweb Industrial Products Bhd. Carmen has bought a 13.9% stake in Furniweb Industrial Products Bhd.

Another Mah Sing

Mah Sing's CEO Datuk Leong Hoy Kum has in 1992 acquired 20 unit of condominium at Mont Kiara area. In 1993, with shares market super bull run. Rumours said that Datuk Leong amass more than RM20 million in profit. It is not sure whether he paid RPGT at that point of time.

If Datuk Leong have to pay RPGT at 40%. It amounted to RM8 million. It is believe that he has arranged with the buyer for the buyer to bear the cost of RPGT.

Since then, Mah Sing, from a plastic manufacturing company, successfully transform to a property development company and the rest is history.

Now, without RPGT. It is less hassle to repeat what Datuk Leong did in 1993. The problem is....how the stock market perform compare to 1993?

Blog that link here: MindSpace

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse Property

Oil refinery and Electrical home appliance

It is glad to hear that leading bumiputra entrepreneur Syed Mokhtar was granted an oil refinery project in Pulau Bunting in Kedah.

Malaysia currently have 4 oil refinery factory. Two own by Multinational Company, Esso and Shell respectively and another two own by Petronas, a Government Link Company (GLC).

Thus, Tan Sri Syed Mokhtar venture would be the first Malaysia private sector investment in oil refinery.

When South Korea government awarded LG group and Samsung to build a refinery respectively. Both company has used the profit from the refinery to fund their venture in electrical home appliance industry. Now, both Samsung and LG become an entity that able to compete in world market in microwawe, semiconductor and handphone market.

It is not sure whether governement of Malaysia impose any condition: eg: develop electrical home appliance market via Tan Sri Syed Mokhtar's Fiamma, or has to develop national car industry via EON or maybe government required him to acquired Proton?

It would be a waste if such a lucrative license or concession granted without any condition or plan to make any specific industry more competitive.

The project involved the establishment of the refinery in Pulau Bunting in Kedah, and the construction of a 300km pipeline straddling Kedah, Perak and Kelantan.

Aseambankers Research said the production of the crude oil would come from the Middle East and not Malaysia.

Operationally, the crude oil will be moored off Kedah, refined and transmitted through the pipelines to Kelantan and subsequently loaded on to tankers and shipped to Korea, China and Japan, by passing Singapore.

Thus, it look like the project would like Tan Sri Syed Mokhtar's other project: to compete with Singapore and make MNC by passing Singapore. Syed Mokhtar's Port of Tanjung Pelepas and Johor port has make Singapore port authority feel threaten and now he is working on Senai air port to do the same.

The oil refinery venture apparently another attempt to take some food from Singapore mouth again from their oil refinery industry.

However, other than oil refinery industry. We should have plan to make our other industry more competitive, like electrical home appliance industry and automobile industry.

Update: Nanyang: 大马历来最庞大工程 700亿元炼油计划 2007/05/10 18:59:35
任绍阳：振奋人心巨型计划 原油从伊朗直输中国2007/05/11 14:02:53
避开甲峡省3天航程2007/05/11 14:01:42
征用土地迁移居民 2007/05/11 14:01:42
张日洲: 获中东与东亚赞同2007/05/11 14:01:42
拦截新加坡财路？ 2007/05/11 14:01:42




TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse

People still circulating Dr Ng Seng's racist remark

I rarely update this blog recently because I was busy on some other work. However, I find the traffic to my website growing without any update on my part. A trace find that the a large portion of the hit go to "Racists opinion in Prime Minister of Malaysia's website".

The traffic was from a website call Sharizal.net, which he republished Dr Ng Seng's letter which he claim he had received via an email recently.

The link to my website was a comment(No 8) posted by a lady Midnite Lily base in Sydney.

The reply of Sharizal show that he did not aware that the letter was wrote in 1995 when the Prime Minister's wife pass away.

Previously, we have concluded that the writer Dr Ng Seng (Dr Unsuccessful) was a non-chinese posting as a chinese. Now, as the letter still circulating, we can narrow down our search by analysing who will be beneficial from circulating such letter.

There is no UMNO assembly that required such racist issue to be bought up. In fact, there is by-election held in Melaka and Selangor that Barisan National governement required the support of all race.

Then, who would benefited most from such letter?

With the retirement of Gerakan President Datuk Seri Dr Lim Keng Yaik, and the speculation that Penang's Chief Minister Tan Sri Dr Koh might move to Central Government to take over Dr Lim's Minister position.

Apparently, the party most beneficial from the letter should be the person in UMNO likely to take over Chief Minister position in Penang.... looking at how UMNO takeover Sabah Chief Minister post.

When UMNO take over Sabah's Chief Minister postion. Even UMNO president and Prime Minister at that point of time, Dr Mahathir disagree as he want to honour his promise to rotate the post, but the move was still organised by UMNO grass root to create a position for themselves as the benefit and temptation for such a powerful high position is simply difficult to resist. Who cares....the feeling of component party. Who cares....national unity. Who cares about peace of the nation. The important things is my greed for power and money

Would Sabah history repeat again in Penang? One advantage is Penang was not under rotation system like Sabah, which cause a lot of uncertainty and policy inconsistency. It look like Gerakan acting President have to remain as Penang's Chief Minister like Sarawak Taib Mahmud and ex-Sabah Chief Minister, PBS's Pairin. MCA already has 4 ministers representing Chinese in cabinet, chinese do not need one more minister from Gerakan. Indian and other race also well represented in cabinet. People want Gerakan to remain in Penang. Penang should not head by UMNO nor MCA, but a multi racial party like Gerakan.

TechnoratiTag: Malaysia Opinion finance News and politics Opinion Politik Shares Social

Stock market trend similar to 1994

A lot of people expected that Malaysia's stock market will performed similar to super bull run in 1993.

However,1993 stock market closed positively in February or after Chinese New Year.

This year, stock market ended lower in the month of February and before the end of Chinese New Year. Thus, it is more similar to 1994 than 1993. Especially China stock market which seem overheated like what happen at the end of 1993 for Malaysia stock market.

Thus, investor in Malaysia at least should expect a volatile year ahead if they think the fundamental is still intact.

Note: the author is not licensed Investment Analyst

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse

范蠡学说比儒家实用

南洋商报 2007/03/01 12:55:50

曾少白

报载现在中国正在拓展软实力，努力在世界多个国家建立孔子学院；姑不论孔子学院好像英国文化学会般只教授语文，还是包括文化的教授。

中国及海外华人一直把孔子的儒家文化视为中国文化之本，固然，儒家文化如“士为四民之首，商为四民之末”等概念一直在华人，甚至是韩国人及日本人心中。 -->-->

但是，儒家思想曾被认为是中国衰弱的原因之一，并在五四运动中被胡适及康有为等人，用赛先生（Ｓcience）及德先生（Ｄemocracy）即科学及民主取代了。而韩国的企业家，大宇集团的创办人金宇中在风光之时曾在一本他写的书中，写出他能打破儒家思想之“商为四民之末”的概念，而成为成功企业家而感到自豪。

所以，用孔子来作为中国或华人的文化代表似乎不大恰当，那么，应该用哪一种学说来代替孔子的学说呢？

我认为应该用范蠡，就是协助越王勾践卧薪尝胆，十年生聚，打败吴王夫差的范蠡上将军。

范蠡能把一个小小的越国，发展成当时的春秋五霸之一；功成后身退，泛舟北上，出三江，入五湖，北上来到齐国，隐姓埋名，自号“鸱夷子皮”，经商为生，也耕种一些田亩。由于经营有方，几年之后，居然成为积财数十万的大富商。齐王听到他的名声，要聘请他为相国。

这就是“经商富至千金；居官位至卿相”。他谢绝了齐王的聘请，把财产分给同乡好友离开了齐国。

范蠡两次出走，都没带走很多财产，可能因为当时还没有货币，带着数目庞大的黄金很不方便。除此之外，当时的主要财产为田地，也是带不走的东西。

陶朱公成了富商代名词

范蠡之后又迁到陶邑，又改名为陶朱公。很快的，又获利千金。之后，陶朱公三个字，几乎成了富商大贾的代名词。

陶朱公师承何处，已不可考，传说是计然，也有的说是鬼谷子。他没有如孔子有孟子般出色的学生，把他的学说发扬光大。甚至他自己的儿子，他也是请孔子的弟子教导的，所以陶朱公其实也为发扬儒家思想作出贡献。

孔子教授礼、乐、射、驭、书、数六艺。陶朱公的学问则只有四大类：道、数、兵、游。最主要的差别是，孔子的学问以礼为中心，陶朱公重视相传以道为核心。孔子不言兵，而陶朱公重视兵法。这是他能协助弱小的越国打败强大的吴国原因之一。

孔子不懂游，曾在周游列国之时，在陈、蔡二国之间断了炊，险些饿死。中国人是否应该用一个生前没有一个国家愿意用的学问，及现在年青人都不尊重的礼，以及差点断炊饿死的人来代表自己的文化？还是用一个弱小国家变强，以很少本钱，三番四次创业，赚取千金的学问呢？

陶朱公的学问，除了以上道、数、兵、游之外，就是计然七策。他曾说：“当初计然献出的七策，越国用了其中五策就如愿复仇，灭了称霸中原的吴国。它既能用于治国，也能用于治家。”（大意，见史记，货殖列传）（上篇）

Excerpt from 南洋商报 2007/03/02 11:49:56

相传由计然著作，陶朱公整理的《万物录》或叫《范子计然》中写道：

“……断长续短，一岁再倍，其次一倍，其次而反。水则资车，旱则资舟，物之理也。” -->-->

“天下六岁一穰，六岁一康，凡十二岁一饥，是以民相离也。故圣人早知天地之反，为之预防。昔汤之时，比七年旱而民不饥；禹之时，比九年水而民不流……”（自《越绝书》）

第一段说在丰收的三年里，头一年就要储备粮食，第二年再储一倍的粮，第三年再储备一倍的粮食，这样，到了出现水灾的三年，就反过来，能够逐年发放相应的粮食。在有水灾的年份要备好车，在有旱灾的年份要备好船，这是事物告诉我们的道理。

第二段说自然界规律是每六年一次丰收，每六年一次安康，每十二年必有一次饥馑，百姓流离失所就是因为灾荒。圣人能预见天地间的气象变化，早作预防。商汤王的时候，天大旱七年，老百姓没有受到饥饿；夏禹王的时候，发生大水灾九年，老百姓没流离失所，这是因为他们的君主能通晓事物起源与发展的道理，能任用贤能之人缘故。

尽管这种经济循环理论有许多不足之处，但比起孔子儒家学说，其实更为实用。

陶朱公还有一本现在在市场书局中买到的书，就是《陶朱公商训》，英译本也有。只不过笔著觉得这本书所说的就好像商学院中学的基本常识。《万物录》或《范子计然》中所写的比较能突现范蠡的智慧。

测中大牛市及经济危机

阴且尽之岁，亟卖六畜、货财，以益收五谷，以应阳之至也。阳且尽之岁，亟发耀，以收田宅，牛、马，积敛货财，聚棺木，以应阴之至也，此皆十倍者也。（自《越绝书》）

依照太岁年法，寅、卯、辰、巳、午、末这六个位置为阳、申、酉、戌、亥、子、丑这六个位置为阴。当太岁居阴行将结束时，应快卖掉牛、马、羊、豕、鸡、犬等六畜及货物财产，增加五谷收进，以准备太岁在阳的到来。在太岁居阳行将结束时，应赶快卖掉多余的粮食，买进田宅、牛马等，征集物资，积聚棺木，以准备太阴的到来。这些都能获得十倍的利益，次一等也可获得五倍利益。

利用以上的理论，再加上以六岁一穰，六岁一康的学说，范蠡的理论准确预测了１９９３年及１９８１年大牛市及１９９９年及１９８７年经济危机。虽然最近的大牛市比预期中迟了二十多个月，但如果不投机或进期货市场，也不会有损失出现。

我觉得，这是一个无论在孔子时代或现代都实用的学说。（下篇）

ASLI founder

When the controversial bumiputra equity ownership by ASLI-CPPS occured. The focus was on Dr Lim Teck Ghee, director of Centre for Public Policy Studies (CPPS).

However, I am more interest on Asian Strategy & Leadership Institute (ASLI) founder and Chief Executive Officer Dato Michael Yeoh but focus was given to him by the mainstream media.

An article on Nanyang yesterday reveal that Asian Strategy & Leadership Institute (ASLI) founder and Chief Executive officer joint a Think Tank form by Malaysia Chinese Association (MCA) in Federal Territory in 1979. A service centre was form by MCA by Tan Koon Swan in Federal Territory in 1979. At that point of time, Tan Koon Swan was newly become a Member of Parliament. He set up a service centre in Federal Territory despite his constituent was in Pahang. A think tank was set up to help the service centre to research on politic, economic and social issue.

The first person who joint the think tank is Stanley Koh and later Michael Yeoh both just newly graduated from Australia.

Kidnap late Tun Abdul Razak

Rumour said that Michael Yeoh was detent and question by the authority before this on suspicious of him involve in intention to kidnap and intention to injury the late Tun Abdul Razak.

In 1975, when late Prime Minister Tun Abdul Razak on official visit to Australia. A large group of oversea student held a peace protest, opposing the late Abdul Razak implementing New Economy Policy and quota system on University.

They request the late Prime Minister to have an open debate on the issue with them. When the Prime Minister refused, they plan to over power the Prime Minister and force him to do so.

With the help from police of Australia and some security personal from Malaysia. The Prime Minister able to escape. The news has spread to whole Australia at that point of time but media in Malaysia unable to published such news.

Dato Michael Yeoh joint MCA after he come back to Malaysia.

Earlier, a feng shui book written by Lilian Too stated that Michael Yeoh install a water feature, a fountain, if not mistaken in the front garden of his house. Six months after the fountain installed. Michael Yeah was offer a job he unable to deny. Apparently, that could be a job offer from Multi-Purpose Holding Bhd by Tan Koon Swan. He has change to a new house after that and Now Michael Yeoh operate Asian Strategy & Leadership Institute (ASLI) .

On the webpage of ASLI, Mirzan Mahathir, so of ex-Prime Minister is co-founder and President of ASLI. Tan Sri Dato' Seri Dr Jeffrey Cheah of Sunway Group sit on Chairman of Trustee of ASLI Foundation. Dato' Michael YEOH now is also Chairman of the Socio-Economic Development and Research Institute (SEDAR), a non-racial, non-partisan Think Tank initiated by the Parti-Gerakan. He graduated in Economics from Monash University and obtained his Doctorate in Organizational Development and has authored three books on Leadership and Management and co-authored several books on Malaysian politics.

TechnoratiTag: Commentary Malaysia Opinion klse News and politics Politik

Best Analyst 2006 in Malaysia

The year end issue of The Edge feature the Best analyst in 2006:

First place: Stephen Hagger strategist, Credit Suisse
Second place: Tan Ting Min analyst, Credit Suisse
Third place: Gan Kim Khoon executive director, AmResearch Sdn Bhd

Top Three Research House in 2006:

Credit Suisse
CIMB
JP Morgan

What intriguing me was Muhibbah Engineering (M) Bhd rated as Best call Awards 2006. It was the only stock with more than two nominations (Muhibbah received three) and its value has grown almost fourfold since the earliest "buy" call on it. Wrote Cindy Yeap of The Edge.

Kevin Khoo Hsien Ming, who is attached to Asia Analytica Sdn Bhd, was the earliest amongst the entries to issue an extensive report and call a "buy" on Muhibbah, way back in September 2005.

My blog feature the company on 5th April 2006, as Likely Hyundai of Malaysia .

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse

Top 8 highest hit page on my blog in 2006

Top 8 highest hit page on my blog in 2006

1 Home page

2 Malaysia's richest 40

3 Ananda Krishnan's empire missing link

This is a posting in year 2005 but still get top 3 highest hit in 2006. Thank you Maxis and Astro Sucker who post a comment on Malaysia-today.net that provide a link to such page.

4 GST and Income Tax

Again this page posted in 2005. This could be a link at the bottom of my home page.

5 Racists opinion in Prime Minister of Malaysia's website

This is also a posted in 2005. Thank you UMNO-reform

6 January 2006 archive

7 December 2005 archive

8 The most competitive bumiputra CEO in Malaysia 2005

I discover that my conclusion of" most competitive bumiputra CEO in 2005" is wrong as MISC result in those year including profit on disposal of ship which is on off, non recurring profit.

In developed country where Merger & acquisition(M&A) are normal. It is difficult to separate an "Extraordinary Item" from ordinary profit. However, in the above MISC case. It proved that the new accounting standard was creating confusion to investor as M&A was not as frequent as companies in developed countries. This cause profit in company like MISC become unsustainable and investor might make mistake base on such new Financial Reporting Standard.

Conclusion: It look like my post in 2005 has more quality than my recent post. Maybe it's time for improvement.

TechnoratiTag: Business Commentary competitive Economics Economy Malaysia Opinion finance Shares Stock Market klse