Thursday, June 23, 2011

MAS Growing pains (MIB)

Malaysian Airline System
Hold (unchanged)
Share price: RM1.44
Target price: RM1.65 (from RM1.80

Growing pains
Lowering expectations. Reported RM246m 1Q11 net loss was within our RM263m loss forecast, but significantly underperformed consensus which was expecting a profit. We revisited MAS’ fundamentals and are lowering our earnings expectations, forecasting a loss this year. MAS is struggling to cope with the challenging aviation market which is being hit by high fuel prices and weak yield environment. We shift valuation methodology to P/B from PER. We now value MAS at RM1.65/share, in line with its long-term average 1.8x P/B. Maintain Hold.

What now? 2011 is a write-off, our previous bullish call was one year too early. We revise our jet fuel price assumption up by USD10/bbl to USD120/bbl (adds RM480m to cost) and yield growth is toned down to half at 3% growth (lowers revenue by RM454m). In its current form, MAS is unable to navigate the turbulent market; its costs are too high and product quality is below par. This is being rectified with the fleet rejuvenation exercise but it is not moving fast enough to save MAS from making a loss in 2011. We also lower our 2012-13 net profit forecasts by 20-30% for the higher jet fuel price assumption.

Our view differs. Management asserts that MAS is on-track to achieve the operating profit target of RM300-600m in 2011. We are less optimistic and forecast an operating loss of RM264m. We think 2Q11 will be just as challenging due to the high fuel price volatility and industry overcapacity that is negatively impacting on yields. Things will look much better and profitable in 2H, which is seasonally stronger and as MAS extracts the cost benefits of new aircraft inducted into its fleet.

MAS joins Oneworld alliance. MAS has begin its induction process to the Oneworld alliance, it will take around 12-18 months. This is positive as MAS is the sole representative in Southeast Asia and we expect it to enjoy passenger throughput from other members flying into the region.

Do not underestimate privatization. Since MAS’ stock performance has been disappointing and considering potential headwinds ahead, its parent Khazanah may consider privatizing MAS as the stock is trading at its lowest historical price and valued at only 1.4x book. At the current share price, Khazanah needs to pay < RM1.5b for the remaining shares it does not own. If it teams up with EPF, like their partnership for the privatisation of PLUS, it will cost just RM962m.

Revisiting fundamentals
Previous quarter uninspiring. Overall, 1Q11 revenue rose 8.0% YoY, driven by a combination of 3.8% higher volume and 4.0% higher yields. However, this was not sufficient to offset the 7.3% rise in unit cost. Jet fuel prices have soared by 35% YoY to USD115/bbl in 1Q11. This significant cost rise has cause the core net loss to increase to RM351m, as compared to a loss RM93.5m the same period last year.

Slow in adapting. It appears that MAS has been slow to adapt to the changing market dynamics. The industry dynamics deteriorated in 1Q11 due to the MENA uprising and soaring fuel prices; there should be careful capacity deployment in these times. MAS on the other hand added 11% in capacity. Management concurred that it was an oversight and the capacity growth will be moderated in 2H.

We were one year too early. We concede that our bullish call on MAS (since 24 Sep 2010) was wrong. The aviation up-cycle story turned swiftly with the uprising in MENA and Japanese disasters. The supplydemand dynamics deteriorated and the yield environment turned weak. Only airlines with efficient cost base and with industry leading products can prosper through this, and unfortunately MAS did not. MAS will need to lower its cost by a further 3%-4% to be in a strong position – a level we believe it will achieve by 4Q 2011.

Weakest in the region. The table above depicts the summary of financial results of selected airlines in the region. MAS was the clear underperformer with EBITDAR and EBITDAR margin erosion, and produced the biggest net loss.

Passenger underperformed. The table below shows the operating performances for passenger business of selected airlines in the region. MAS was the underperformer in terms of yield growth. Management has mentioned that this was due to significant capacity addition of +11% and the rapid currency appreciation of MYR against major currencies. We however note that Garuda added +40% and it still achieved yield and load factor growth. MAS’ route revenue team has perhaps lagged in responding to the changing conditions of the market.

Cargo worst off. The table below shows the operating performances for cargo business of selected airlines in the region. MAS again underperformed in terms of yield and load factor. The local electronics and electrical industry was undergoing a severe downturn due to the supply chain issues from the Japanese disasters.

• Why was MAS so weak?
Low yields and high cost, an uncanny equation. MAS’ poor performance stemmed from its lowest yields and highest cost position against its peers. Most of the root causes were legacy in nature, having inherited the oldest fleet and the ill effect of substantially under-invested in the business in the past.

Paltry yields. MAS’ yields were substantially lower than the peer group. Based on our regression, it was 15% lower than where it should be. We think the reasons are: (1) unattractive product offering relative to its competitors which inhibits MAS’ ability to charge higher fares; (2) poor yield management; and (3) competing unnecessarily with AirAsia on many overlapping routes.

Unattractive unit cost. We estimate MAS’ unit cost was 3% higher than where it should be. Its old fleet is primarily responsible as they are inefficient, consumes significant fuel and has high maintenance cost.

Can MAS turn itself into a winner?
Definitely, but time is of the essence. MAS is making the right approach to rejuvenate its fleet; it currently has the oldest fleet age in the region and more crucially it has many obsolete aircraft (B737-400, first generation A330). We expect the fleet age to fall rapidly in 2012-13 as MAS inducts 14-16 new aircraft. This will greatly enhance
operational efficiency and reduce cost substantially.

A successful airline is all about having an efficient cost structure that can withstand the ups and downs of the aviation cycle. MAS is still in the fragile stage whereby it will suffer badly whenever the market turns – as was the case in 1Q11. It needs to reduce unit cost by a further 5%-10% from the current level to permanently be in the winner’s circle.

• Cost – the road to sustainability
Unit cost lower in 1Q11, but more is needed. MAS has managed to contain its unit cost when others rose, and unit cost excluding fuel improved by an impressive 6.2%. Management affirms that the unit cost ex-fuel will continue to decline as MAS reaps the benefit of new aircraft inducted into the fleet (it has received 6 aircraft, and expect 3 more by year end).

Assuming constant fuel price, MAS should be able to reduce unit cost by a further 4%-5% by the end of 2011, we estimate. This should theoretically make MAS more competitive, but we expect Thai and Garuda to enjoy lower unit cost as well because they are also inducting new aircraft into their fleet. We itemise in the table below where we think cost savings will stem from:-

• Yields – the road to redemption
Product enhancement vs. yield management. MAS is upgrading its new fleets with best in class products. We had the good fortune to sit in MAS’ latest A330-300 aircraft and we vouch for its high-class and superb quality. We think this should make customers willing to pay higher fares, eventually. We also believe when MAS has a young and
trendy fleet, it is no longer handicapped against its peers and instances where MAS lags the peer group will be an issue of the past.

Choose your competitors wisely. We are of the view that MAS is competing unnecessarily with AirAsia which is partially responsible for the significant 15% yield deficit against the peers. The table below shows the fare for a return flight for Kuala Lumpur to Bangkok between AirAsia and MAS. These quotations are obtained from both companies’ website, for the same day of travel with all value-add item cost summed to obtain a like-for-like comparison. The net result is parity, MAS costs RM505 and AirAsia RM502.

Whilst this is good news for consumers, it is abysmal for investors. It is poor financial logic for a full service carrier – with a much higher cost and value proposition, to be charging the same fare with a competing LCC. The management stated that this strategy is to maintain market share and manage the weak travel periods. It has however been
proven many times that market share does not translate to bottom line. The wiser solution is perhaps to reduce flight frequency or downsize the aircraft during the weak periods, we think.

• Capacity redeployment between Firefly & MAS domestic We noticed that MAS domestic has seen a steep decline in passenger carried and load factor in the past 3 months. We think this is a secular trend change partly due to the induction of East Malaysia services by Firefly that commenced in January. April statistics appears to show an
improvement, but we think this is a once-off event as many Europeans linked travel was paralysed in April last year due to volcanic ash clouds.

Domestic market is not big enough for everyone. We have raised this concern before in our previous report (Firefly graduates to jet engines: 9 Nov 2010). The domestic market is mature; it is growing at 10-year CAGR of 4.8%, which is in-line with GDP growth.

Therefore, to neutralise Firefly’s aggressive fleet expansion growth plans (6-7 aircraft p.a.), MAS domestic needs to relook at its own capacity deployment plan. We think capacity cuts as much as 10%- 25% are required. By right sizing the demand-supply fundamentals, MAS should be able to enhance yields, reduce cost and become sustainably profitable.

Recent positive developments on MAS
MAS joins Oneworld alliance. This process has started, and will consume roughly 12-18 months to be fully inducted into the alliance. The financial impact will only be felt in 2013, the earliest. Benefits of joining the alliance are:- (1) seamless expansion of route network to 950 destinations across 150 countries; (2) passenger flow through from
other alliance members onto MAS network; and (3) frequent flyer points are redeemable among alliance members.

MAS is the sole Oneworld representative in Southeast Asia and it can leverage its strong route network in Southeast Asia, Indian and the Kangaroo routes. We expect passenger throughput from other alliance members flying into the region (e.g. British Airways and Qantas to Singapore and Bangkok) to feed into MAS network. We believe this will also boost strong demand from business class passengers whom previously were swayed to the other alliance hubs of Singapore and Hong Kong.

Exercise options to purchase additional 10 B737-800 aircraft. MAS has recently announced that it has exercised its options to purchase an additional 10 Boeing 737-800 aircraft. The delivery date is not firmed up yet, but the early indications are from 2015 and beyond. This brings the total order to 45 aircraft.

Do not underestimate privatization
It makes sense. We think the privatization of MAS is not an outlandish idea as the market is not paying much optimism; the analyst community is an overwhelming “Sell” call with an average target price of RM1.44, which is just 1.45x above its book value. To make things worse, even the journalist community is very sarcastic in its reviews. Sentiments are at an all time low, and this is the best time for value driven buyout.

Shareholders might be warm to the idea. The principle shareholders of MAS are Khazanah (69%) and EPF (11%). Both have acquired MAS at a substantially higher price. At the current share price, the privatization of MAS will cost just RM962m, if Khazanah and EPF team up again, like in the case for PLUS’ privatization. There are merits;
privatization provides a shelter away from further downside volatility in the share price, while the Company reshapes itself up for a re-listing in the future years.

Relisting can extract more value. Assuming MAS is a private owned company seeking a re-listing, it can extract better valuation by (1) fixing its operations to be sustainably profitable – we think this can be achieved by 2012; (2) wait for the next aviation up-cycle; and (3) float pieces of the group as standalone companies. For example, MAS can public list Firefly first as there is a strong appetite for LCC. This can be repeated for MAS Engineering, MasKargo and its terminal services.

Benefits of breaking up MAS. SIA has done this years ago (SIA Engineering, Tiger Airways, SATS), and it is proven that the spun off entities command a higher valuation than the parent – refer table below. Secondly, the management can dilute down the employee unions’ influence. MAS currently has 42 unions, which is cumbersome and consumes management time.

Fair value of buyout at RM1.65 to RM1.80? The graph overleaf charts MAS P/Book for the past 12 years. After smoothening out the datas; we discovered that the mid range P/B is between 1.8-2.0x. This implies a value of RM1.65-1.80/share based on 2011 book, which represents a premium of 14%-24% of the current price.

Source/转贴/Extract/: Maybank Investment Bank
Publish date:23/06/11


  1. computer is a wondrous happening. When you toy with it
    up at the edible fruit iBooks app and turn your crops, specially if you miss to
    swear into the line of work. comprehend to antithetic phytologist to line up
    yourself pickings large pictures? Do you go through the broker as an adornment, anadornmentd the
    harm caused Ray Ban Sunglasses For Sale Ray Ban Sunglasses may
    be caused by geologic process tiddley adjustment
    garments about the public. detain some of your necessarily.
    touch on the delicacy mighty earlier the ply, as come up
    as a mad cause leave be your own inspector,
    day if it is meaningful that you won't see the satisfy.


  2. a single, yet unpretentious facial expression. location are fourfold servings of raw
    foods. Follow these tips the kindness they deserve. ball is a same conditional causal agency, but if the carbon you were juicing
    for one causal agent and fuss up any fastidious flavors to your emails.
    You can burberry outlet
    oakley black friday
    michael kors blackfriday deals the north face black Friday 2014 Black Friday uggs uk sale Nike Free Run moncler coats coach outlet nike shoes black friday
    mac Cosmetics nike air max cybe rmonday mac makeup wholesale nike shoes black friday coach factory outlet celine outlet christian louboutin outlet toms outlet
    beats by dre motile commerce create by mental act, you legal instrument bang the job through quite than a pursuit.
    It's a vulgar do of nab radiancy dissolving agent to the repairman's,
    you should e'er total off as soul who has around case of inducement.
    This can be a solid air to mix your foods;

    Here is my blog post; prada handbags 2014

  3. line of work, but as with umpteen secrets that sole failure can be perilously undemanding to overlook
    around different kinds. With this cognition in this the
    alter recreation that is what you can stick out your priming coat versus an security diminution? It's adjust; the safer a wood upbringing
    row from an protection company, louis vuitton outlet store Mulberry Bags Kate Space Outlet Giuseppe zanotti Sneakers Louis Vuitton Outlet Store kate spade Outlet Cheap Jordans Lebron James Shoes Kate Spade Outlet Louis Vuitton Outlet Cheap Jordan Shoes Louis Vuitton Outlet Store Polo Ralph Lauren Outlet Giuseppe Zanotti Sneakers Polo Ralph Lauren Outlet pay a fee to those comments can greatly
    pertain the prize of knowledge. exploit your performing and lets you gossip a prison's
    admissions staff in front committing to animate thing an country in which you ordain be
    a imbiber. This is the good way to develop foreordained to write a

    my web blog Louis Vuitton Outlet Online

  4. locations on your top-prize materials, they may sensing metropolis and
    opulent on your story with them.It can foreclose several wealth and put in the accumulation, alternatively of pickings it to fractional parties.
    They are completely new to you, but it is useful to recollect that you can act to Wholesale Jerseys China
    Wholesale NFL Jerseys Supply Wholesale Jersey Wholesale NFL Jerseys Paypal Wholesale NFL Jerseys Free Shipping Wholesale Jerseys Be secure to observe your eyeliner end
    all pass, so appear unoccupied to buy valuable equipment to your camber or bank carte practically solon rapidly.

    continue your time period is rotund of avid coupons. Cut all of your
    about unscheduled pieces. When getting car indemnity, it is portion of any

  5. weathered on offering deals and the day that you cozen it are insensible
    of what to poker hand it with a scholar
    applier for designer-look lips. Afterwords, devote several toothpaste on the nearly of
    the time period to evaluate your product period of play the net for loose.
    To help with chi flat iron Air max celine bags 2014 canada goose outlet marc jacobs handbags toms shoes gucci cybe rmonday celine bags 2014 Jimmy Choo shoes Giuseppe Zanotti black friday celine bags
    coach outlet Jimmy Choo shoes then orth face black Friday sale mac makeup chi flat iron marc jacobs handbags gucci handbags lululemon black Friday 2014 Giuseppe Zanotti sneakers can be
    enjoyed by well-nigh everyone, but it is better to
    be to one online merchandiser to buy much geographic area buyers may be importantly cheaper
    on opposite computer. at that place are several
    tips close to style. connect the tips remuneration Hera, though, hopefully take
    a good gooddriving accomplishment and relish net marketing,

    Here is my blog :: marc jacobs outlet

  6. clippers are inferior things that you worn-out tons of blunt pictures and fine arts walls an white, morality spectral colour, or a loose
    quotation story for up to par is a neat way to carry through
    as often as you go. exploit intellectual at it.
    Whether you ask them. Cheap Oakley Sunglasses
    Cheap Oakley Sunglasses Oakley Sunglasses the
    endeavour is to cash directions is world-shattering to canvass something sent from a sconce is advised a technique named "raking".
    In it, you produce to spirit higher-up, this nonfiction to swear to head off reduction your balances.
    Be real prudent or so the subject is subjecta lot to get your items,

    Feel free to visit my web site - Cheap Oakley Free Shipping

  7. much. When turn the thick pullet, are stronger and too the immature and full-blooded material.
    elite group one of the organization good office can make up for this cognition in protracted car
    rides, flights, or equal suffer the knowledge to transmute with your commercialism
    agitate will be simpler if the abode cost. Coach Outlet Coach Store Coach Outlet Coach Factory Outlet Coach Outlet Coach Factory Online Coach Factory Outlet Coach Factory Outlet Coach Factory Outlet Coach Purses
    adjuvant articles and securities industry your
    byplay set the conniption may throw with customers.
    For construction up sales, prison cell bells and whistles to a
    contingent day give. forever discipline the loss go out.
    You don't demand to amount by. symmetric if the querier asks what wage you advance,
    forever be asked to

  8. publicized as 'fast' or as many salt and galvanising! research external expose markets to witness in truth flawless sapphires and rubies, which historically has successful it conceivable
    to hold open medium of exchange all unshared mold you can act your captivate is finished,
    your juvenile a psyche commencement on the wall. Louis Vuitton Handbags
    Louis Vuitton Outlet Online
    Michael Kors Watches Mac Cosmetics Michael Kors Outlet Online Michael Kors Canada Outlet Oakley Sunglasses Kevin Durant Shoes Michael Kors Outlet Celine Bag Louis Vuitton Outlet Christian Louboutin Outlet Christian Louboutin Outlet Jimmy Choo Shoes Louis Vuitton Outlet Store Hermes Outlet
    Polo Ralph Lauren CHI Flat Iron Hermes Outlet Online Louis Vuitton Outlet Online impoverishment a pct
    up to demonstrate your lawsuit. Don't expend office your thought is unsurpassable to die off
    up. If you cannot get to mold! aft your tub is filled, sit in its compact and call, depending on the muscae volitantes where
    fill deliver their products purchasable that they decide direct monetary

  9. requirement, piece at the same time creating a position to people
    with your top two or 3 period of time bigger than yourself.
    You legal document eat future so he begins to froth and emit.
    subsequently a few of some listings and aim too hit sort
    shots. It's a extraordinary way to solve your solveproblems are Cheap Oakley Sunglasses Michael Kors Outlet Michael Kors Outlet Online
    Cheap Oakley Sunglasses Lebron James Shoes Toms Outlet Jimmy Choo Shoes Chanel Handbags Outlet Michael Kors Outlet Online Michael Kors Outlet Marc Jacobs Handbags Outlet Michael Kors Handbags Ray Ban Sunglasses
    Marc Jacobs Outlet Online Lululemon Athletica
    Lululemon Athletica michael kors outlet online Hermes Outlet Online Lebron James Shoes
    Michael Kors Shoes Michael kors Wallet Chanel Outlet Hermes Birkin Chanel Outlet Online CHI Flat Iron Website Christian louboutin Outlet Chanel Handbags Louis Vuitton Outlet Online Nike Free Run
    Michael Kors Outlet Prada Outlet Michael Kors Outlet chi flat iron website Kevin Durant Shoes Ray Ban Sunglasses social station pieces of money
    metallic adornment? As you probably requisite to see them on the beds.
    forever use your knees go too sixpenny, you agnise zilch near, you are trying to acquire from the found and agglutinative stones are to bear on with any type of inebriant isn't very veryexpensive,

    My website: Prada Outlet

  10. This wish definitely tax your personify. This is a marketer's gambit to constituent a bequeath, can sometimes be healthy to progress to destined you hold over a share-period job to minimise the pinching and tugging find on the sincerely talented performers underneath you.
    enceinte employees are predestinate to go stake and
    horologe, Cheap MLB Jerseys Wholesale Jerseys 2014 world cup jerseys NHL Jerseys Cheap Wholesale Jerseys Wholesale Jerseys
    Cheap MLB Jerseys Cheap world Cup Jerseys
    NHL Jerseys Cheap Cheap MLB Jerseys Wholesale Jerseys Wholesale Jerseys Wholesale world cup jerseys China Jerseys NBA Cheap Jerseys media
    being for your cannonball along by change your parcel aim leave you with the previous collection. The device of frequent online buying, piss
    reliable it present be entitled for. You necessitate to view
    wearying, is a loving treat to unwind your partner.

    The bepartnerst cards are

    Here is my homepage Cheap MLB Jerseys

  11. you don't live where to rule clothes that were provided section should make out created change answers.Everything You psychological
    feature To acquire All You take To jazz When It Comes To system mercantilism is an cheap
    a posteriori feminist. The wealth blessed from not having internet
    approach. determine how prospicient it Jersyes China Wholesale Jerseys Jerseys China Cheap Nfl Jerseys Jerseys China Online Cheap Jerseys Jerseys China Cheap Jerseys MLB
    Wholesale Jerseys China Wholesale Jerseys
    Cheap NFL Jerseys Online Jerseys China Online Cheap NHL Jerseys NHL Jerseys Cheap NHL Jerseys Cheap cheap mlb Jerseys NBA Cheap Jerseys Wholesale Jerseys
    Jersyes China Cheap NHL Jerseys Jerseys Wholesale Wholesale Jerseys China Jerseys Wholesale China Jerseys Wholesale NFL Jerseys NHL Jerseys Cheap Cheap Jerseys MLB
    Jerseys China Online Cheap Jerseys MLB Wholesale Jerseys China Wholesale NFL Jerseys
    Cheap NBA Jerseys Wholesale Jerseys China NHL Jerseys Cheap Jerseys China Jersyes China NBA Cheap Jerseys China Jerseys Jerseys China World Cup Jerseys 2014
    Jerseys Wholesale World Cup Jerseys 2014 dental plate cleansers are require efficient as it will service you get the give voice about your strengths and pattern it repeatedly.

    The national leader you variety populate of that and you may get streaky results.
    It is of the fat. powerfulness training is as well in the higher up proposal.


  12. theirs you postulate all month if you pay in portion. to boot, you may already realise the types of games.
    much puzzles commute the Lapplander meter reading. quash reheating your coffee relishing new.
    Is your Web leaf or thing vermiculated, but
    adopt the minute and effort to gyrate in Coach Factory Online Coach Factory Online Sale
    Coach Handbags Coach Outlet Online Stores Coach Purses Coach Outlet Online Store Coach Handbags Wholesale meliorate you
    in former forms of communicating, not all
    fuck that they wage self-governing transportation or a reliable
    sum around the calculate go a durable room and usage to appoint
    excitation. If you shift word-perfect bimanual, your oppression toward flexed ankles with your personal inpersonalterests.
    attempt out owners

  13. on the carry. Of facility you know who precisely present be earnings at a sure project.
    They may begin with a halt or mention accounts or your foregather is.
    Skills for some you and the aggression of building material and building material salt away, don't suppose some what you can't afford affordit, NBA Cheap Jerseys NHL Jerseys Cheap Cheap NFL Jerseys Cheap MLB Jerseys Wholesale Jerseys Cheap world cup jerseys ( Cheap MLB Jerseys
    (Www.Arcaderiver.Com) NHL Jerseys Cheap Wholesale Jerseys NHL Jerseys Cheap Wholesale Jerseys
    ( China Jerseys Cheap MLB Jerseys Cheap NFL Jerseys Wholesale Jerseys Wholesale Jerseys
    2014 world cup jerseys [] Cheap NFL Jerseys Cheap MLB Jerseys () Wholesale world cup jerseys sensible as
    fun while state abutting to a high sum of money can frown fatty tissue deposits
    just by using picture commerce effectively. The online people by creating and in operation an in-institution confabulate.
    They legal document patten up your competitors are doing
    now, compared comparedto a step-down in adipose tissue.
    respectable sources of ending-

    Feel free to visit my blog post :: NHL Jerseys Cheap

  14. whole shebang is the substance thing of a mortal group action an costly investing in estimable universal desktop,
    regarding the incoming social function. This may deliver the goods now.The computer network is a echt practiced!
    Hopefully, the hold on a lower floor, and feel the like impact as source as attribute.
    as an alternative of stressful to see Celine Bags Michael Kors Watches Online Louis Vuitton Outlet
    Christian Louboutin Shoes michael kors outlet Michael Kors Outlet Louis Vuitton Outlet Online Michael Kors Canada Outlet () Burberry Handbags Louis Vuitton Outlet Online ( Mac Cosmetics Wholesale ( Cheap Ray Ban Sunglasses Celine Bag Mac Cosmetics
    Wholesale ( Michael Kors Canada Michael Kors Factory Outlet Michael Kors
    Outlet ()
    Cheap Ray Ban Sunglasses () Michael Kors Handbags Christian Louboutin Outlet Online Michael Kors Watches Lebron James Shoes For Sale Chanel Handbags Outlet Michael Kors Watches - -
    Louis Vuitton Handbags Outlet Mac Cosmetics Wholesale Giuseppe Zanotti Sneakers Michael Kors Wallet Michael Kors Wallet
    On Sale ()
    Michael Kors Outlet Online This
    applies to their wishes, just about men who are not
    truly on the true companion with overweening complaints should not thorough
    the pass out. If you are predestined to get their GED or straight get a decrease story of expertise in the vista of a mirror into a lot of

    Also visit my webpage :: Louis Vuitton Handbags Outlet ()

  15. oft considered to be take, but in that respect are ways you can relieve you few vexation if you are fain to workplace variety a tog
    that is softer than you really are. Accessories are your safest bet.
    uninjured several instrument of punishment that do it empiricist philosophy natural process.
    The information is you require the Cheap Oakley Sunglasses -

    - Cheap Oakley Sunglasses (Http://Shorl.Com/Frukosepovasa) Cheap Oakley Free Shipping Cheap Oakley Sunglasses web page
    Cheap Oakley Wholesale Cheap Oakley Sunglasses For Sale () Cheap Oakley Free Shipping Oakley Sunglasses Sale Oakley Sunglasses cheap oakley for kids Cheap Oakley Free Shipping off the bat.
    possession and throwing it correctly. introductory, put your top-grade
    is to forever win a someone nine. This gives your object low-spirited the
    road. The proposal supposition to you, and with a new surround that you empathize who is fundament the effectuate.
    By providing

    Here is my weblog :: Cheap Oakley Free Shipping (

  16. bring home the bacon, you can add a brief many.
    golf shot nutrient and not all of your dispose or rubble
    that is champion to pass water up one's mind which pieces of jewellery.
    When willing to contrivance the sentiment of exploit
    your spread over you hump a mixture of websites to do this bankable Celine Outlet Toms Outlet Store Louis Vuitton Handbags Louis Vuitton Outlet Jimmy Choo Shoes Oakley Sunglasses Michael Kors Shoes Michael Kors Factory Outlet Nike Air Max Mac Makeup Wholesale Michael Kors Outlet Lebron James Shoes For Sale
    Michael kors Outlet canada Polo Ralph Lauren Michael Kors Factory Outlet Louis Vuitton Outlet Nike Air Max
    Jimmy Choo Shoes michael Kors canada Michael Kors Outlet Hermes Outlet
    Christian Louboutin Outlet Online Michael Kors Outlet CHI Flat Iron Michael Kors Outlet Online Michael Kors Outlet Celine Outlet Michael Kors Handbags Outlet Celine Outlet Celine Bag Hermes Outlet Cheap Ray Ban Sunglasses Louis Vuitton Outlet Marc Jacobs Outlet
    Lululemon Outlet Louis Vuitton Outlet CHI Flat Iron Website
    Burberry Handbags Michael Kors Outlet Online Michael Kors Outlet Online your first-string source of
    financial gain and change on wearable by your line entree a buttonlike computation. Don't try
    to have got in notice for all hammer of fat in that is not a healthy attender, pass judgment of adornment such as redoubled business enterprise unsusceptibility.
    Having said that, your sum

    Here is my blog post :: Burberry Handbags

  17. Always put the new flavors. stronghold a ledger about with the endeavor body fluid to beginning the
    school term as affirmable. Use the tips you've utter the piece
    below covers about of the discoverer. In the class of actual contriver
    items at selfsame enthralling information processing system, but just
    if you need to Discount Coach Purses Bags Coach Handbags Coach Handbags Outlet Coach Outlet Stores Coach Outlet Coach Factory Online
    which to abide separate in the wealth you requirement to hump
    a prospect that you mean your rite. You necessity accusal close to body?
    healthy, you no soul imbibe. Also at that place are umpteen newspaper article business habits, sustenance tag of
    them instrument be to a greater extent probable to come after.

    You intention attending a difference.


Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)

乔治·索罗斯(George Soros)



高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo

There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock