Bullbear Buffett : Aeon Credit 23.8.2017

Wednesday, 23 August 2017

Aeon Credit 23.8.2017

Aeon Credit		23.8.2017
5 Years Quarterly Report History

Qtr	Financial	Revenue	PBT	PAT	PBT
No	Quarter	(RM,000)	(RM,000)	(RM,000)	Margin
1	31-May-17	302,282	101,869	75,812	33.7%
4	28-Feb-17	290,842	103,064	80,053	35.4%
3	30-Nov-16	280,347	90,807	67,053	32.4%
2	31-Aug-16	269,128	73,175	55,194	27.2%
1	31-May-16	261,638	84,116	62,727	32.1%
4	29-Feb-16	258,292	90,551	68,133	35.1%
3	30-Nov-15	245,780	70,502	53,362	28.7%
2	31-Aug-15	228,723	64,272	48,486	28.1%
1	31-May-15	232,439	76,266	58,241	32.8%
-	28-Feb-15	18,795	11,227	8,357	59.7%
-	20-Feb-15	226,374	74,022	55,363	32.7%
-	20-Nov-14	216,215	65,016	48,293	30.1%
-	20-Aug-14	209,316	63,487	47,431	30.3%
-	20-May-14	200,900	75,517	56,282	37.6%
4	20-Feb-14	187,989	64,571	47,818	34.3%
3	20-Nov-13	178,034	56,094	43,055	31.5%
2	20-Aug-13	162,868	57,176	43,136	35.1%
1	20-May-13	143,871	56,033	41,342	38.9%
4	20-Feb-13	131,683	52,101	39,008	39.6%
3	20-Nov-12	121,334	46,901	34,941	38.7%



5 Years Trailing 4 Quarters

No.	Financial	ttm-Rev	ttm-PBT	ttm-PAT	ttm-PBT
Qtr.	Quarter	(RM,000)	(RM,000)	(RM,000)	Margin
1	28-Feb-18	1,142,599	368,915	278,112	32.3%
4	28-Feb-17	1,101,955	351,162	265,027	31.9%
3	28-Feb-17	1,069,405	338,649	253,107	31.7%
2	28-Feb-17	1,034,838	318,344	239,416	30.8%
1	28-Feb-17	994,433	309,441	232,708	31.1%
4	29-Feb-16	965,234	301,591	228,222	31.2%
3	29-Feb-16	725,737	222,267	168,446	30.6%
2	29-Feb-16	706,331	225,787	170,447	32.0%
1	29-Feb-16	693,823	226,531	170,254	32.6%
-	28-Feb-15	670,700	213,752	159,444	31.9%
-	20-Feb-15	852,805	278,042	207,369	32.6%
-	20-Feb-15	814,420	268,591	199,824	33.0%
-	20-Feb-15	776,239	259,669	194,586	33.5%
-	20-Feb-15	729,791	253,358	190,291	34.7%
4	20-Feb-14	672,762	233,874	175,351	34.8%
3	20-Feb-14	616,456	221,404	166,541	35.9%
2	20-Feb-14	559,756	212,211	158,427	37.9%
1	20-Feb-14	509,374	198,733	147,379	39.0%
4	20-Feb-13	467,128	181,107	134,126	38.8%
3	20-Feb-13	429,720	165,907	122,834	38.6%



5 Years Adjusted EPS, DPS, NTA and ttm-EPS for capital changes

Shrs m	216.0	adj	adj	adj	adj	adj
Qtr	Financial	EPS	DPS	NTA	ttm-EPS	ttm-DPS
No	Quarter	(Cent)	(Cent)	(RM)	(Cent)	(Cent)
1	31-May-17	35.10	0.0	4.99	128.76	44.15
4	28-Feb-17	37.06	22.6	4.60	122.70	44.15
3	30-Nov-16	31.04	0.0	4.32	117.18	42.30
2	31-Aug-16	25.55	21.6	4.20	110.84	42.30
1	31-May-16	29.04	0.0	4.19	107.74	42.02
4	29-Feb-16	31.54	20.7	3.81	105.66	42.02
3	30-Nov-15	24.70	0.0	3.65	77.98	41.05
2	31-Aug-15	22.45	21.3	3.59	78.91	41.05
1	31-May-15	26.96	0.0	3.62	78.82	19.75
-	28-Feb-15	3.87	19.7	3.15	73.82	38.01
-	20-Feb-15	25.63	0.0	3.24	96.00	18.27
-	20-Nov-14	22.36	0.0	2.92	92.51	34.26
-	20-Aug-14	21.96	18.3	2.85	90.09	34.26
-	20-May-14	26.06	0.0	2.79	88.10	16.00
4	20-Feb-14	22.14	16.0	2.53	81.18	16.00
3	20-Nov-13	19.93	0.0	2.54	77.10	13.00
2	20-Aug-13	19.97	0.0	2.22	73.35	13.00
1	20-May-13	19.14	0.0	2.17
4	20-Feb-13	18.06	13.0	1.99
3	20-Nov-12	16.18	0.0	1.74



Capital changes
No.	Financial	No of
Qtr.	Quarter	Shrs (m)
1	31-May-17	151.2
4	28-Feb-17	150.0
3	30-Nov-16	152.4
2	31-Aug-16	152.9
1	31-May-16	152.8
4	29-Feb-16	151.1
3	30-Nov-15	154.5
2	31-Aug-15	154.2
1	31-May-15	153.4
-	28-Feb-15	144.1
-	20-Feb-15	149.7
-	20-Nov-14	148.6
-	20-Aug-14	144.0
-	20-May-14	144.0
4	20-Feb-14	144.0
3	20-Nov-13	144.0
2	20-Aug-13	144.0
1	20-May-13	144.0
4	20-Feb-13	144.0
3	20-Nov-12	137.5
2	20-Aug-12	120.0
1	20-May-12	120.0
4	20-Feb-12	120.0
3	20-Nov-11	120.0

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My 18 points guide to Successfully compounding your money in Stocks

Be a good stock picker.
Think as a business owner.
Always look at value rather than the price. Do the homework.
Buy and hold is alright for selected stocks.
Compounding is your friend, get this to work its magic.
Mr. Market is there to be taken advantage of. Do not be the sucker instead. BFS;STS.
Always buy a lot when the price is low.
Never buy when the stock is overpriced.
It is alright to buy when the selected stock is at a fair price.
Phasing in or dollar cost averaging is safe for such stocks during a downtrend, unless the price is still obviously too high.
Do not time the market for such or any stocks.
By keeping to the above strategy, the returns will be delivered through the growth of the company's business.
So, when do you sell the stock? Almost never, as long as the fundamentals remain sound and the future prospects intact.
The downside risk is protected through only buying when the price is low or fairly priced.
Tactical dynamic asset allocation or rebalancing based on valuation can be employed but this sounds easier than is practical, except in extreme market situations.
Sell urgently when the company business fundamental has deteriorated irreversibly.
You may also wish to sell should the growth of the company has obviously slowed and you can reinvest into another company with greater growth potential of similar quality. However, unlike point 16, you can do so leisurely.
In conclusion, a critical key to successful investing is in your stock picking ability.

http://myinvestingnotes.blogspot.com/2012/07/my-18-points-guide-to-successfully.html

11 Lessons From Peter Lynch

Peter Lynch taught me:

1. Behind every stock is a company. Find out what it’s doing.
2. Never invest in any idea you can’t illustrate with a crayon.
3. Over the short term, there may be no correlation between the success of a company’s operations and the success of its stock. Over the long term, there’s a 100% correlation.
4. Buying stocks without studying the companies is the same as playing poker – and never looking at your cards.
5. Time is on your side when you own shares of superior companies.
6. Owning stock is like having children. Don’t get involved with more than you can handle.
7. When the insiders are buying, it’s a good sign.
8. Unless you’re a short seller, it never pays to be pessimistic.
9. A stock market decline is as predictable as a January blizzard in Colorado. If you’re prepared, it can’t hurt you.
10. Everyone has the brainpower to make money in stocks. Not everyone has the stomach.
11. Nobody can predict interest rates, the future direction of the economy, or the stock market. Dismiss all such forecasts and concentrate on what’s actually happening to the companies in which you’ve invested.

Lynch’s advice had a profound effect on my stock market approach. He taught me that investment success isn’t the result of developing the right macro-economic view or deciding when to jump in or out of the market. Success is about researching companies to identify those that are likely to report positive surprises.

Capital Expenditure

A great company with a Durable Competitive Advantage will have a ratio of Capital Expenditures to Net Income of less than 25%. Less is better.

Capital Expenditures are expenses on:
- fixed assets such as equipment, property, or industrial buildings
- fixing problems with an asset
- preparing an asset to be used in business
- restoring property
- starting new businesses

A good company will have a ratio of Capital Expenditures to Net Income of less than 50%.

A great company with a Durable Competitive Advantage will have a ratio of less than 25%.

Less is better.

Benjamin Graham's 113 Wise Words

The true investor scarcely ever is forced to sell his shares, and at all times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons' mistakes of judgement."

Philip Fisher's Wise Words

"The refusal to sell at a loss, while completely natural and normal, is probably one of the most dangerous in which we can indulge ourselves in the entire investment process.

More money has probably been lost by investors holding a stock they really did not want until they could 'at least come out even' than from any other single reason. If to these actual losses are added the profits that might have been made through the proper reinvestment of these funds if such reinvestment had been made when the mistake was first realized, the cost of self-indulgence becomes truly tremendous."

(Common Stocks and Uncommon Profits)

The Ultimate Hold-versus-Sell Test

Here is the overriding primary test, followed by observations on why it is so critically important:

Knowing all that you now know and expect about the company and its stock (not what you originally believed or hoped at time of purchase), and assuming that you had available capital, and assuming that it would not cause a portfolio imbalance to do so, would you buy this stock today, at today's price?

No equivocation. Yes or no?

Answers such as maybe or probably are not acceptable since they are ways of dodging the issue. No investor probably buys a stock; they either place an order or do not.

Here is the implication of your answer to that critical test: if you did not answer with a clear affirmative, you should sell; only if you said a strong yes, are you justified to hold.

Some thoughts on Analysing Stocks (KISS)

Ideally a stock you plan to purchase should have all of the following charateristics:

• A rising trend of earnings dividends and book value per share.
• A balance sheet with less debt than other companies in its particular industry.
• A P/E ratio no higher than average.
• A dividend yield that suits your particular needs.
• A below-average dividend pay-out ratio.
• A history of earnings and dividends not pockmarked by erratic ups and downs.
• Companies whose ROE is 15 or better.
• A ratio of price to cash flow (P/CF) that is not too high when compared to other stocks in the same industry.

Margin of Safety Concept: Stocks should be bought like groceries, not like perfume

The high CAGR in the early years of the investing period, due to buying at a discount, tended to decline and approach that of the intrinsic EPS GR of the companies over a longer investment time-frame.

Chapter 20 - “Margin of Safety” as the Central Concept of Investment

A single quote by Graham on page 516 struck me:

Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

Basically, Graham is saying that most stock investors lose money because they invest in companies that seem good at a particular point in time, but are lacking the fundamentals of a long-lasting stable company.

This seems obvious on the surface, but it’s actually a great argument for thinking more carefully about your individual stock investments. If most of your losses come from buying companies that seem healthy but really aren’t, isn’t that a profound argument for carefully studying any company you might invest in?

Bullbear Buffett

Wednesday, 23 August 2017

Aeon Credit 23.8.2017

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All equity security investments present a risk of loss of capital

The Ultimate Hold-versus-Sell Test

Some thoughts on Analysing Stocks (KISS)

Benjamin Graham

Sell the losers, let the winners run.

Investment Style

Warren Buffett

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