Sunday 14 September 2014

建设银行孝感分行“四个明确”加强操作风险管理



为了提高金融服务效率和良好社会形象,促进全行业务健康发展,建设银行湖北省孝感分行及时制订操作风险管理方案,多举措加强操作风险管理,取得一定成效。

一、明确组织架构
市分行成立风险管理与内控管理委员会,主要行领导为主任,分管领导为副主任,成员包括相关业务部门负责人,全面负责组织实施上级行操作风险管理政策、基本 管理制度以及上级行关于操作风险管理的各项决定,指导全行操作风险管理工作。建立操作风险管理三道防线机制,由各业务部门、操作风险管理职能部门和纪检监 察部门分别构成操作风险管理的第一和第二、第三道防线。

二、明确工作原则
全面管理原则。操作风险管理覆盖全行各级机构、岗位、经营管理活动和操作环节。职责明确原则。操作风险管理通过建立完善的制度体系和操作风险防范的责任体 系,明确和落实全行各级机构、部门和员工的具体责任。分散控制原则。根据操作风险的特征,在遵循建设银行统一的操作风险偏好下,实行各条线指导与监督下 的、分层级控制模式。

三、明确工作职责
市分行风险管理与内控管理委员会是操作风险管理的主要议事机构,组织协调全行操作风险管理工作。市分行分管行领导具体负责全行操作风险管理工作。市分行业 务部门是操作风险的直接承担者,承担对本条线操作风险归口管理的职责。各支行机构比照市分行完善本级机构操作风险管理制度和流程,严格执行上级机构操作风 险管理各项规定。机构主要负责人是辖内操作风险第一责任人。

四、明确激励机制
市分行建立操作风险考核制度,对各分支机构操作风险管理实施考评。依据考核评价方案,加强评价结果的利用,调整授权权限和经济资本分配,促进全行提高操作 风险管理能力。对因操作风险管理不力引发的损失事件或声誉风险事件,依照《中国建设银行工作人员违规行为处理办法》、《中国建设银行工作人员轻微违规行为 积分管理实施细则》的规定进行处理。(柳少明 张翼)

Reference:
http://finance.people.com.cn/bank/n/2014/0910/c202331-25633396.html

Monday 28 July 2014

Elevance inks deal on third biorefinery



Elevance Renewable Sciences Inc. hit another milestone on its long march to becoming one of the first companies to produce commercially viable chemicals from renewable resources, such as plant oils.
The Woodridge-based company is commercializing technology developed more than a decade ago by a Nobel Prize-winning researcher from the California Institute of Technology to make specialty chemicals for cosmetics, detergents and industrial lubricants.
Now it's teaming with a subsidiary of Malaysian conglomerate Genting Group to build another biorefinery using palm oil. Elevance will own 25 percent of the refinery in Malaysia and sell products made there to its customers, which include French chemical giant Arkema Inc. and Northfield-based Stepan Co. Genting also will pay royalties to Elevance on its technology.
Elevance joined with Singapore-based Wilmar International Ltd. to start up the world's largest biorefinery last year in Indonesia and is working to convert a former biodiesel refinery in Natchez, Mississippi, which is expected to come online in 2016.
The partnership with Genting to license Elevance's technology could be important to gaining widespread commercial adoption. That has been the goal since Elevance was spun off from Cargill Inc. in 2007 and K'Lynne Johnson, a Chicago-based former executive with Amoco and BP, took the lead.
Refining is an expensive undertaking even without the risk of new technology. Though it has teamed with several large, global corporations, Elevance has raised nearly $300 million. It employs about 150 people, most of them at its Woodridge headquarters.
Chicago has long been a hub for refining and chemical production, with multiple plants, as well as research and development operations for giants such as Honeywell's UOP subsidiary and BP PLC. If Elevance succeeds, it could help ensure that the region remains a leader in the industry long term.

Reference:
http://www.chicagobusiness.com/article/20140725/BLOGS11/140729948/elevance-inks-deal-on-third-biorefinery

Friday 25 July 2014

6 Things You Never Knew About Courts Asia (The Motley Fool)



It’s not always easy for retail investors to gain access to a publicly-listed company’s top-level management to ask questions and gain a deeper understanding of the company’s business – we recognise that at The Motley Fool Singapore.

Thus, when any opportunity arises for me or any of my colleagues to speak to important executives of publicly-listed companies, we would aim to bring you, dear readers, any interesting insights we can glean about the company’s business.

We’ve done that previously with instant beverage manufacturer Super Group (SGX: S10). Now, we’d like to do it with electronics and furniture retailer, Courts Asia (SGX: RE2).

Last week, my colleague Stanley Lim and I had the chance to sit down for a cup of coffee with Courts Asia’s Chief Financial Officer, Ms. Kee Kim Eng, and Regional Head of Strategy Planning & Communications, Ms. Tammy Teo. The indented portions below are six interesting insights Stanley and I heard from Kim and Teo on how Courts Asia manages credit-related risks.

For those unfamiliar with Courts Asia, the sale of goods based on the company’s credit plans (i.e. Courts Asia’s many varieties of instalment plans) makes up roughly 20% of its total sales while the sale of goods based on cash payments constitutes the rest. So, credit control in relation to the sale of goods is pretty important for the company. Without further ado, here are the six insights as promised:
1) For the first three insights, see here.
4) In January this year, Courts Asia announced the expected opening of its first ‘Big-Box’ Megastore in Indonesia in the second quarter of the financial year ending 31 March 2015. The Indonesian Megastore would mark the company’s first foray into another geographical market apart from its traditional stronghold in Singapore and Malaysia.
With Indonesia, the company’s expansion will be very measured. Part of the reason is because Courts Asia wants to build up a strong database in order to better understand the behaviour of Indonesian shoppers when it comes to paying using the company’s credit plans. To mitigate some of the risks involved with issuing credit in a new and relatively alien market, Courts Asia intends to charge a higher average interest rate of 30% (simple interest – i.e. not compounded) for credit sales in the country. In Singapore and Malaysia, the company charges an average interest rate of 22%-23% and 27% respectively.
5) When it comes to customers’ eligibility in using the company’s instalment plans to pay for purchases, Courts Asia does not take things lightly. For instance, 70% and 80% of credit sales (in Malaysia and Singapore, respectively) are made to repeat customers, whose credit and payment histories Courts Asia has intimate knowledge of.
6) Courts Asia actually takes the loans it makes to customers (the company’s ‘loaning’ money to customers when customers sign up for instalment plans) and securitises it with banks. This securitisation process ultimately creates a banking facility with banks (i.e. a sum of money that can be borrowed by Courts Asia) from which the company can draw upon as and when it requires. During the securitisation process, Courts Asia’s loan book would also effectively become an asset for the banks it’s dealing with.
The quality of credit control that Courts Asia displays when it offers its instalment plans to customers was hinted at during the Great Financial Crisis of 2007-09: Back then, the banks which worked with Courts Asia for the securitisation programmes had treated Courts Asia’s loan book as a strong asset (the banks refused to sell Courts Asia’s loan book to raise capital).


Reference:
http://www.fool.sg/2014/07/25/6-things-you-never-knew-about-courts-asia/

Thursday 24 July 2014

嘉里物流多元化 長綫看漲




嘉里物流是以香港為基地的最大國際第三方物流服務供應商,於港股中可謂無直接可比較的同業,反而可與國際同業如DHL、DSV及Kuehne & Nage等比較。此外,嘉里物流設施遍及19個國家及地區,尤其於大中華及東盟地區擁有強大和完善的陸路運輸及配送網絡,加上具有為客戶提供綜合物流增值 服務的豐富經驗,的確可協助客戶打入及拓展亞洲及中國市場

Reference:
http://www.hket.com/eti/article/c6bcf653-ed68-4f3d-a932-98b326ff3afb-369322?section=015

Monday 2 June 2014

业绩差强人意对丰益国际来说可能是一个更美好的开端

转自Shareinvestor的文章

业绩差强人意对丰益国际来说可能是一个更美好的开端

    1.丰益国际的1Q14业绩欠佳,净利从1Q13的4亿1,680万美元大幅下跌48.7%至2亿零580万美元。
    2.丰益国际的油籽与谷物及制糖部门出现亏损,但集团预期制糖部门在3Q14开始带来收入贡献。
    3.分析师预期制糖业务将成为集团的主要动力,因为这个商品的价格已经见底回升。

丰益国际(Wilmar International)在上周宣布了表现欠佳的1Q14业绩,比市场预期来得差。1Q14净利从1Q13的4亿1,680万美元大幅下跌了48.7%至2亿零580万元。

表现欠佳主要是因为油籽与谷物及制糖部门出现亏损,集团解释这些部门出现亏损是属于季节性,并预期下个季度的表现会回升。

大豆的加工差价下跌是因为之前的大豆进口延迟运到,而中国爆发禽流感令需求减少。

至于制糖部门的欠佳表现并不令人感到意外,因为制糖季节通常是在第三季开始。

马来亚银行金英指出,集团的大豆加工差价预期会在第二季回升,因为大豆粉的价格在第一季下跌了14%后已经回弹了10%。

分析师预期制糖业务将会成为集团的主要动力,因为这个商品的价格已见底回升。

可是,第一季的表现也不乏好消息。种植园及棕油加工部门的表现大幅提高,因为原棕油价格开始回升。

棕油加工差价在第一季增加,并预期会在今年内将进一步提高。

丰益国际的估值目前处于低位,因为它是在接近52周(3.02元至3.65元)的低端交易。马来亚银行金英觉得丰益颇为“便宜”,因此给予其“买入”评级,而其潜在涨升空间为23.5%。

相关联接:
http://www.sharesinv.com/zh/articles/46856/

Sunday 1 June 2014

新的尝试

之前一直在investalks论坛发表关于投资的文章,现在想要将自己的想法发表在部落客,以便让更多各地投资的朋友能看到及探讨投资的课题

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