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Writing a new volume



Capital is always a very emotional

experience for me. The feeling is like reaching the top of Mt Everest or

Qomolangma. After writing


Capital for 27 years, it is hard to describe

the feelings. They are intense, and they are still as strong as writing

volume 1, number 1 of


Capital. 27 years ago, I was the only analyst,

writer, proof reader and editor.”

(PAGE 14)


“From these obvious conclusions, there are some obvious questions.

The US core consumer price index can drop to deflationary territory or

the almost zero federal funds target rate has to rise. Therefore, the first

obvious question is this : with the US economy creating a healthy rate

of jobs, with her wages and inflation rate trending upwards, can the

almost zero federal funds target rate still stay so low ?”

(PAGE 10)



“The Hong Kong stock market has of late been performing well.

Reason ? China is back on the rescue again.”

(PAGE 11)


“At A$2.85, IPL is capitalised at A$4.81 bln. For this, what do investors

get in return ?”

(PAGE 24)


In 2Q 2016, Malaysia’s real GDP rose by 4%,

year-on-year, a slower growth rate compared

with the preceding quarter. This was mainly due

to weaker performance of the manufacturing...

( Page 2 )


In 2Q 2016, Japan’s real GDP rose by a

SAAR of 0.2%. Growth was supported mainly

by government spending as net exports

subtracted 0.3 ppt from growth in 2Q 2016. On

a year-on-year basis, the economy

rose 0.6%...

( Page 5 )

United States

In Jul, the seasonally adjusted producer price

index (PPI) for final demand fell by 0.4% from

Jun due to the declining costs of foods and

energy. Excluding foods and energy, the core

PPI remained unchanged from the

previous month...

( Page 4 )


In Jul, the sales of new motor vehicles

slipped 1.3% from Jun in seasonally adjusted

terms, with the sales of passenger vehicles

contracting by 5.2%.In trend terms, the

sales of motor vehicles edged up by 0.1%,


( Page 9 )

Local Stock Selection

This week

, i

Capital provides an update on

UMW Oil & Gas Corporation Bhd (UMW OG)

which was listed on the KLSE in Nov 2013.

The last time


Capital did the write up on the

company was almost a year ago. How have

things changed for this one-time favourite of

the investor community...

( Page 22 )

KLSE Conclusion

As I write volume 28, number 1 of



we are still working very hard to put a closure

to the decision made in the 2009 EGM of

Berhad. In that EGM held about 7

years ago, empowered by the share owners,

the then Board of Directors of

Berhad delegated to Capital Dynamics...

( Page 14 )




The Stockmarket Specialist

18 August – 24 August 2016

Volume 28 Number 01

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