看了hapseng的业绩得到一些看法，这个季度业绩最大的败笔是它的property division因为亏损了55mil,最主要是loss from value adjustment of investment properties,单单那个就亏82mil,但是这些只是1 off的，如果不算这个其实property division还是赚钱的，第二少赚的原因是这个季度的tax很高，占了它的盈利的39趴，这些税务的东西啊我也搞不是很懂，但是下个季度应该就会恢复正常，重点我们要看它的operating profit, 第一，二&三是165mil,176mil,172mil,如果不要算那些one off gain那些利润，其实今年这种烂行情是还行的，对比去年的operating profit,今年的hapseng的业绩肯定烂，但是去年的今天人家的股价是6.6上下，如果依照operating profit跌31趴的情况下，股价也跟随的话，那么股价就大概在4.56上下咯！要再大跌应该是不肯能的啦！毕竟人家的cash of operating 看起来很健康，基本上来讲股价可以维持在4.5-5块之间

Going forward, Hap Seng expects high CPO prices to remain a boon for its plantation business, increased tourist arrivals and spending to benefit the group’s hospitality segment under the property division, and for continued prudent lending to support minimising NPLs under its credit financing business.