QE3

市場完全不報導QE3，完全排除QE3的時候，就是美國推出QE3的時候，條件是美國的經濟數據必須非常糟糕，股市跌，他才有機會推出。這波美股修正，恰恰給美聯儲一個很好的機會，6月的時候，應該會有好消息。個人看法，美國從未放棄QE，只是找不到一個下手的機會，推出QE是全世界幫美國買單，製造全球通膨，然後刺破泡沫經濟，當世人還在忙著拯救經濟，美國早就完成整個產業結構改革，再次引領全球，無論是汽車，再生能源，世界必定有重新投入美國的懷抱~

QE3?

4-6月，全球股市进入盘整，各位弟兄要做好长期抗战的准备，第二波行情会在7-9月出现。等市场否定QE3的时候，就是QE3腾空出世的时候。什么时候？我想大约在6月。条件就是，美国的经济数据有多烂就有多烂，股市下跌，这时候Bernake又会扮演救世主的角色来拯救美国，拯救全世界。

歪歪理财记事本 - 名牌

4件人生大事

人一生都会被四件事绑着。
1. 税务
2. 债务的增加
3. 通货膨胀
4. 养老金问题

Hartalega ups the stakes in the nitrile glove business

KUAN Kam Hon, the managing director of Hartalega Holdings Bhd, sits patiently in a meeting room in his office and asks his son Kuan Mun Keng, who is a director in the same company, to tell the contractors busy refurnishing the upper levels of its office to cease their work for a moment while he speaks about something that is of great importance to the future of the company.
The contractors were getting ready the upper floors of the Hartalega office in Bandar Sri Damansara in preparation for more office space needed to cater for the massive investment the company is about to undertake. A move that is more about the future of Hartalega than the now.
Hartalega announced yesterday it is spending RM1.5bil to nearly triple the output of nitrile gloves it produces in eight years, an investment that it sees will not only reinforce its position as the largest nitrile glove manufacturer in the country but also fend off growing competition that has steadily eaten into the profit margin the glove maker has been enjoying over its peers.

Kuan Mun Keng (left), and Kam Hon at the company headquarters.

When rivals take a piece of Hartalega's business, the company is then forced to go elsewhere looking for new customers. Often when prices are thrown, that has to be met. But Kuan senior knows there is a limit to that.
“We have been doing that for some time and we reckon if we continue to do that, one day there is no more business for me to grab from the marketplace,” he tells StarBizWeek, giving an insight into the reason for the huge investment announced yesterday that has been given EPP status by Pemandu for its impact on gross national income (GNI). Hartalega calculates that the new plant's contribution to GNI is RM921mil a year.
Hartalega calls its new nitrile glove factory the Next Generation Integrated Glove Manufacturing Complex (NGC).
The new investment, cumulatively is the largest Hartalega has done but Kuan says it's really not that much of a difference than what the company has been investing in recent years.
It just stretches the committed amount over a longer horizon but its end result will see Hartalega, which is scheduled to see production capacity hit 13.7 billion glove pieces after its Plant 6 is completed, churn out 38 billion pieces by its financial year 2022. The first gloves from the plant are expected out in 2013.
The first phase of NGC will be between 2013 and 2017, where 40 production lines with total annual capacity of 14 billion will be installed.

The second phase of NGC, from 2017 to 2021, will see the commissioning of 30 production lines with total annual capacity of 10.5 billion gloves.
Part of the reason for bumping up production by that much is also to meet orders the company simply cannot meet. Its production is running at full speed and demand is such that orders are being deferred.
“We have perpetually oversold and never had excess capacity waiting for customers,” he says.
NGC will be built on 100 acres and will require an additional 4,600 workers. Hartalega needs the new land because the current factory in Batang Berjuntai has used up all its available land.
The number of lines NGC will house once fully completed will be 70, and those lines will produce 40,000 pieces of gloves per hour. It's the fastest production lines Hartalega has and that will boost productivity of Hartalega by 60% over the average of its current production run.
Hartalega's existing plants have 45 lines, but 15 of which are old and slow. Plant 6 will see an additional 10 lines being built that are capable of producing 40,000 piece of gloves per hour.
The old lines average about 8,000 pieces of gloves per hour and is holding down the average speed of the plant at Batang Berjuntai to 22,000 pieces per hour.
Hartalega intends to mothball those old lines, which are needed to meet demand, once NGC is up and running.
To fund the start-up of NGC, Hartalega will borrow RM100mil but is banking on the conversion of warrants issued in a recent bonus exercise to eventuallly pay off its initial borrowing.
“Currently, the net cash of Hartalega is over RM100mil. We are not borrowing a lot for this project. The plant will be mostly paid from the warrants issued and it's convertible in the first anniversary up to the third year,” says Kuan.
“We will need the cash in 2013. We have the intention of borrowing RM100mil to take care of the front loading and when the warrants are converted, we will pay down all the loans. After the third year, we are home free.”
The ongoing operations of the business and the cashflow generated by Hartalega will then take care of the investment needs of NGC thereafter.
The cost of starting the operations, Kuan says, will probably not affect the profitability of the company which he says appears to pause from time to time. He says that is because of the cost incurred to prepare for the next phase of growth before a new plant is ready to deliver on capacity.
“As production goes up, the cost per thousand pieces of gloves should come down and profitability should improve.”
With production projected to rise to 38 billion pieces of gloves when NGC is fully completed, Hartalega feels its revenue should correspondingly rise.
It has forecast revenue to grow to RM3.5bil when NGC is 100% up and running, but the margins the company is enjoying will inevitably drop.
That will be due to competition. Its competitors are ramping up nitrile production as demand from the developed economies of Europe and the US shift towards consuming nitrile gloves instead of latex gloves. Furthermore, the automation process within its rivals is seen to be picking up with machines from China now capable of running at 26,000 pieces of gloves per hour, he claims.
With Hartalega's proprietary machines which are capable of making 40,000 gloves per hour, NGC should see productivity increase.
Output per worker is estimated to increase to 4.7 million of gloves per worker from the current 2.9 million and staff cost as a percentage of sales should drop from the estimated 6.2% for its 2012 financial year to 4.5%.
The improvement in productivity is a consequence of two reason more automation being put into the plant and the need for less labour in the more modern manufacturing process.
Hartalega is also planning to introduce new technologies in NGC that will lead to an improvement in productivity.
Productivity per worker as a result of it all is projected to rise to RM516,000 from the current RM306,000.
Dealing with competition
Furthermore, Kuan says natural gas consumption to produce a thousand pieces of gloves will also fall when NGC is in operation. The new complex will use biomass energy with an installed capacity of 58MW, which will account for 22% of NGC's energy needs.
Hartalega feels that the productivity improvements will lead to a margin expansion should everything remain the same but is cognisant of the current trends of the market where prices are being thrown to get new business.
Despite the margin competition, Hartalega feels it is more than able to compete with the other giants of the industry that are moving towards the nitrile glove market thinking there are superior margins to be had by doing so.
“When the numbers finally come in, I am projecting a 19% net margin. Shareholders will be happy with that margin when the size of the business grows,” says Kuan, who is focusing on earnings per share growth which should come as a result of the growth in volume.
What will all of this mean to the competition the industry is currently facing?
Kuan says industry players thinking there is more money to be made from nitrile gloves will be in for a tough time.
“Everyone assumes nitrile delivers better margins because they take our numbers. But when they start doing costing, they take a blended cost, but most operations are not sophisticated to do costing on each and every product,” he says.
Furthermore, he says, as companies shift the product mix towards nitrile, they may find their costs will also rise. That, he thinks, is why Hartalega's rivals are not seeing the expansion in margins even though the are aggressively moving into the nitrile glove market.
“Nitrile production cost is actually higher than latex but because of the material savings, the selling price is low.”
Will the world's leader of nitrile rubber gloves on day go back to making latex gloves?
“When the day comes when we need to do latex, we will but we believe our margins then will be in the teens. The same lines will be used but we can run the lines faster and our yields will increase.”

http://biz.thestar.com.my/news/story.asp?file=/2012/4/7/business/11064003&sec=business

HARTA的"8年磨一剑"

General Announcement

Reference No C&-120406-28688

Company Name	:	HARTALEGA HOLDINGS BERHAD
Stock Name	:	HARTA
Date Announced	:	06/04/2012

Type	:	Announcement
Subject	:	OTHERS
Description	:	HARTALEGA NGC PROJECT
Announcement Details/Table Section : Further to the announcement on incorporation of Hartalega NGC Sdn Bhd on 30 March 2012, the Board of Directors of Hartalega Holdings Berhad are pleased to announce further information on the said company as follows:- Hartalega NGC Project Hartalega NGC Sdn Bhd (company registration number 984586-P) was incorporated on 29 March 2012 as wholly owned subsidiary of Hartalega Holdings Berhad (“HHB”) and designated as the corporate vehicle for the setting up of a rubber glove manufacturing project (“HNGC project” or “HNGC” or “the project”) principally involved in the production of rubber gloves to cater to fast rising global demand. The capacity expansion project is scheduled to begin in 2013 and targeted to complete in year 2021. Hartalega NGC Sdn Bhd’s acronym refers to “Next Generation integrated Glove Manufacturing Complex”. The total project costing RM1.5 billion and consisting of 70 new high tech production lines was accorded the EPP (“Entry Point Project”) status under the Malaysian Government’s Economic Transformation Programme due to its high economic impact. The project will be housed within a new site of about 100 acres and linked to several dedicated buildings to be built notably: Research & Development Centre Learning & Development Centre Renewable Energy Plant Environment Friendly Worker Quarters Sports and Recreation Centre The whole location will be landscaped to be green and eco-friendly incorporating lush greenery with investment in environmental preservation mechanisms like water and waste treatment plants. The HNGC project will be spread over two 4-year phases and employ about 4,600 workers: First Phase (2013 to 2017) – 40 production lines with total annual capacity of 14 billion Second Phase (2017 to 2021) – 30 production lines with total annual capacity of 10.5 billion On completion of the HNGC project, the total installed production capacity of the HHB Group including the current factories in Bestari Jaya will be 38 billion pieces per annum.

S108 tax credit

單層股息能否退稅？

投資致富
  2012-03-19 11:38

劉小姐問：
請問甚麼是單層股息？單層股息還有得退稅嗎？

答：股票的股息有兩種，一種是有抵稅的，稱為稅務減免股息或可徵稅股息（Franked Dividend／Taxable Dividend），另外一種是單層股息（single tier dividend）。

稅務減免股息是指扣除企業所得稅的股息，根據25%稅率預扣稅金，假如納稅人的稅率不到25%，可呈報以索取多付的稅金：單層股息是直接扣了公司稅，再從保留盈利（retained earning）中派息。

由於單層股息在公司派發股息之前，就已經全統一扣了25%的稅，所以單層股息不需要報稅。相反的，稅務減免股息就必須報稅。

政府在2008年財政預算案推出單層股息，以取代現有扣抵系統（Imputation System）制度。配合相關制度落實，政府將給予企業6年過渡期限，即在2008年1月1日時，那些第108條會計準則盈餘（或是零盈余）的公司，將自 動過渡到單一層次制度，而有盈餘但不選擇單一制度的公司，可以在6年內以派發股息方式，用盡戶頭內的盈余，過渡到單一層次制度。

雖然政府說，單層股息不必報稅，但實際意思是指，公司先統一扣除25%的稅後，再把股息交給投資者，所以這不是免稅，是已經扣了稅，不必納稅人另外申報而已。

2013年全面採用單層股息

根據一名稅務專家，所有上市公司將自2013年全面採用單層股息，這意味所有股息不再能退稅，此舉，看似惠及民眾，實質是為方便政府，因為若按照以往的扣抵系統，政府扣了稅後又擔心民眾要退稅，若採用單層股息，就省了這麻煩。

目前仍有一些上市公司派發的股息是根據舊有制度，未採用單層稅制，若你收到扣稅股息，還是能夠呈報這筆收入以索回退稅。

稅務減免股息和單層股息，究竟那個制度較好？其實，稅務減免股息比較划算，因為個人可以隨自己的稅率來報稅，如若我的稅率是19%，拿到股息後，雖然需要報稅，但是也可以藉此索回6%的稅金。

反觀單層股息，收入低的人因不能再退稅而不利，但對個人所得稅高的人較有利，因為他的差數較小。（星洲日報／投資致富‧投資問診室）


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税月催人恼：呈报股息索回税金

理财专栏
财经周刊
2011-04-05 17:51
问：股票收入需要报税吗？

答：纳税人投资股票，从市场差价赚取的盈利免税，但股息则需要付税。

股票的股息有两种，一种是有抵税的，称为可征税股息（taxable dividend），另外一种是单层股息（single tier dividend）。

单层股息在公司派发股息之前，就已经全统一扣了25%的税，所以单层股息不需要报税。相反的，可征税股息就必须报税。

虽然政府说，单层股息是不必报税，但实际意思是指，公司先统一扣除了25%的税后，再把股息交给投资者。

这不是免税，是已经扣了税，不必纳税人另外申报而已。

其实，可征税股息比较划算，因为个人可以随自己的税率来报税。

譬如说，我的税率是19%，拿到股息后，虽然需要报税，但是也可以借此索回6%的税金。

目前，越来越多公司转到单层股息的派息制度，但如果你得到的股息是可征税股息，就把该股息收入填在表格E10内，并依照你的税率索回多缴的股息税。

另外，如果你的股息是需要报税的，可以把股票买在妻子或超过18岁孩子的名义上，那在报股息收入的时候，可以因妻子较低的税率，退还更多的股息。

虽然政府已实施单层股息(single tier dividend)制，但目前仍有一些公司派发的股息，未实施这项措施，所以报税上也有些不同，纳税人更需要注意。

一般上，非单层股息是根据25%税率预扣税金，假如纳税人的税率不到25%，则应该呈报，以索取多付的税金；若是单层股息因为不涉及退税的问题，所以就不必呈报。
●南洋商报主办

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经济眼：2014股息变革

言论
经济眼
2009-08-30 18:07

8月将随着国庆日庆典之后而宣告落幕，9月揭幕的，将是为新任首相纳吉在10月呈上的2010财政预算案热身。各界专业人士已经议论纷纷，希望政府能听取 民间意见，在落实“一个马来西亚”政策之际，进一步承接前任首相在上一年“爱心政府”（A Caring Government）的主题。其中一个甚嚣尘上的是检讨个人征税率或结构，因为公司税在过去三年已经从28%递减至25%了，而个人征税则文风不动，最 高税率仍然高企在28%，所以，大家都认为，是时候减低个人征税率，以减轻纳税人的负担了。

各界关注预算案征税率

这里且不揣测新财政预算案所要倡行的利民措施，却要带大家回去时光隧道，了解一下2008年财政预算的一件税收大改革。

两年前，政府第一次推出单层税务制度（single-tier tax system），名义上是增进税务效率及简化公司税的行政，同时给予一个过渡期，让公司可以在最迟2013年12月31日依照旧税体制派发股息。在 2014年开始，所有公司将强迫性采用单层税务制度了。

一直以来，我国的公司税是沿用估算税制度（Imputation Tax System），新旧制度，其中一个很大的不同就在于股息分发方面。照旧制度，公司盈利的缴税，将会存放于一个开设在S108条款的户头。公司在派发股息 时，可以选择派发免税股息，或者应扣税股息。在估算税制度之下，如果是派发应扣税股息（franked dividend，又叫税务减免股息），顾名思义，就是股东在获得股息之后，可以根据自己的征税率来计算，以获得真正的税率。如果是课税过多，可以向内陆 税收局申请退款，所应退款项，由S108条款的户头补足。

退休人士的应扣税股息

举例来说，一个退休人士，在其所投资的公司获得1万令吉应扣税股息，按照今年公司税25%的计算，他真正到手的股息金额只有7500令吉，其余的25%为 已缴税款，暂存在S108条款户头。如果他所有收入不必缴税，他可以向内陆税收局申请另外2500令吉（25%）的退款。乍看之下，这对纳税人似乎没什么 不好，问题就出在高收入者。由于个人征税率最高是28%，相对之下，这对高收入高缴税者并没有好处，反而要多缴付300令吉的税，实收到只有7200令 吉。

众所皆知，上市公司老板都是属于高收入一族，因此，新的税务制度对他们十分有利，因为其股息所得税已经在公司一次过扣除，无需呈报，也不用多缴，省了许多 麻烦。反观小股东们，少了S108条款户头的退款，即将面对实收股息减少的损失。不只如此，许多上市或非上市公司的股东，也对他们们即将失去索回S108 条款户头的积存一无所知，这里建议他们应尽快请教税务顾问，以帮助他们更灵活的运用这笔款项来配合个人缴税率，不然，到2014年，就为时已晚了。

公司巧妙运用股息政策

上市公司其实也可以巧妙的运用股息政策。当公司在扩充业务时，或邀请股东加购附加股，或向银行借贷，是常有的事。如果要公司把保留的盈利快速派完，以耗尽 S108条款户头存额，这会导致流动现金拮据，可能性是不大的。便有股东建议，在这个过渡期，以派发应扣税股息为本，另提议用该股息来献购公司债券，这样 一来，公司可免于因派股息而流失现金，及获得股东的低息贷款；股东们也不必自掏腰包，又有机会得到高于定期存款的利率回酬；日后还可兑换成股票来分享公司 盈利，一举数得，值得公司去细思量。类似的例子，可以作参考的，大概只有追溯回９年前成功多多的派发135仙股息以协助股东认购公司的利率8％、135仙 面额可转换债券。
●陈金阙 财务规划者

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经济眼:新形式的股息发放●陈金阙

言论
经济眼
2010-05-06 18:25

投资的管道日新月异，可投资者希望得到的回酬不外有二：资本增长以及股息回酬。今日单从股息回酬来看，许多公司已经另辟一条阳光大道，为过往一成不变的现金股息带来不同的创意与改变。

现说单层股息（single tier dividend）与已扣税股息（franked dividend）。大马自2008年开始的单层股息政策，给许多仰赖股息收入的退休人士带来轩然大波。这项被形容为亲富商的策略，名义上是减少税收局的 繁文缛节，事实上让许多低收入的散户收入大减，税收局可名正言顺的接收所有公司盈利的缴税款项。

残余单位不易脱手

这里不是行文讨论这两项股息的利与弊，因为许多税务专才已撰文谈及，而且，事过3年，米已成炊多时。如果散户想要捍卫自己的权利，不如成立扣税股息委员 会，全心贯注在这最后的3年（已扣税股息必须在2013年12月31日前派发，2014年后，公司只能派发单层股息，已扣税股息自动成为历史），敦促公司 把所有的108则会计盈余户口用完，把已扣税股息极大化，而不是用拖字诀来把它报销掉。

在下来，许多公司都有得到股东的委托，能进行股票回购（share buyback）以稳定公司股价。这里也不谈甚么时候才是最佳回购时机(很明显的，股东在这方面常常会和董事局的想法有出入)，只是要提一提那批库存股(treasury shares) 的用途。

通常，有3个方法来解决这库存股：1)注销掉它；2)将它在好价时售回公开市场；3)派发给股东。不论哪个方法，其实都能促进股东权益。

不过，笔者对注销的方法比较有所保留，因为这将限制股票流通量；同时把一个有市面价值的东西一笔勾消，是有些可惜。

马银行再投资计划

笔者倒觉得将之当股息派送是相当有意义的，是对忠诚股东的奖赏，只是有时派发的比例太悬殊，例如一百送一股等等，造成所得股息票数不满一百股(即残余单位-- Odd lots)，难以在公开市场卖出的窘态。

下个星期，马银行将提出一个全新的股息再投资计划(dividend reinvestment plan), 寻求股东通过。在大马，这是第一间公司提出的全新概念，不过，其实在欧美国家是相当普遍的了。由于细节有待马银行在股东特大厘清，这里只是略为表过。

公司说明其目的是极大化股东价值，让股东可以同时选择接受现金股息或将股息以一个合理价再投资于公司。如果是选择股息再投资，这将加强股东权益，也加强股票流通量。这让我想起国内的信托基金也是有这类股息再投资的计划。

所不同的是，你随时可以把多出来的单位卖回给基金公司；在股市，你却可能会面对残余单位，无法自由买卖。所以，马银行应该创立独立的交易机制，在公开市场协助那些拿到残余单位的股东脱困。

也有一些公司，在派发股票为股息时，考虑到残余单位的问题，主动提出用现金股息来取代那些少过100股的单位，从而减少股东脱售的问题。

这里也顺便建议马股市应设法促进及改善残余单位的交易，例如以低佣金奖励那些回购残余单位的公司，或允许公司设立一定的制度(有如信托基金般)，来购回公司残余股票。
●陈金阙