[閱讀筆記]有升有息 - 作者黎家良先生

最近讀了一本在很多書店都會放在當眼處的新書

名為 有升有息 - 作者是黎家良先生

其實近年因為超低利率環境，很多收息股或是REITS過去幾年的價格表現都很好

談到REITS，當然不得不提香港的第一隻，也是最多人所認識的The Link REITS (0823) 領展房地產基金

Source: Yahoo Finance, HKMA figures

0823 在這段時間表現可以說是大幅度領先恆指

Source: Google Finance

同時，基於低通貨膨脹，有4-5% Dividend Yield 的投資所帶來的Net interest income 對於很多投資者來說相信也十分令人滿意

(現時領展即使股價創新高，Forward Annual Dividend Yield 仍然有3.53%)

以上兩個因素加起來 － 只要操作得宜，再配合適當的leveraging （槓桿）

相信其實不難做到書名所說的“有升有息“

《有升有息》 http://www.cp1897.com.hk/product_info.php?BookId=9789888395439
作者	黎家良
出版社	天窗出版社
ISBN	9789888395439
分類	金融與商務 > 投資 > 其他

我快快的讀了這本書一次，感覺實用性不錯

而且作者的解說非常容易理解，相信一般對投資沒有太多認識的人也能在短時間內明白書中的精髓

所以我會在未來的blog post 分享我找到的不同人的看法

以下是我讀書時候寫下的筆記，內容只是記下了一些我比較有興趣的部分

所以真的對本書有興趣的讀者不妨細讀這一本 有升有息

------------ Reading Notes Begins----------------

1. How to pick good stocks for Dividend investing - Criteria for good dividend stocks
2. 1. Making profit for the past 5years
   2. Stock price >$1 & Market Cap >1B HKD
   3. Select stocks in industries with High entry barrier
   4. Constant dividend distribution (better increasing dividend)
   5. With little/no derivative products using it as underlying assets —> Non-index composite [Otw would attract mkt player in manipulating its stock price]

Examples of Good Dividend Stocks
Utilities
Towngas (0003)	High business visibility/transparency
HK Electric (2638)
Transportation
MTR Corp (0066)	MTR stations + Property Development
載通(0062)	Mother company of KMB & LWB Benefitted from the Elderly $2 programme Potential land development of bus depot @ Kwun Tong
REITS
LINK REITS (0823)	Increasing disposable income of the residents as they only have to pay lower rents Leading to higher rental income of the shopping malls
Chi Fu REITS (0778)	Residential REITS - strong resistance to econ recession
Local Telecomm	***Note the relatively higher volatility - only buy at lower price***
Hutchison Telecomm (0215)
Smartone (0315)
HK Telecom (6823)

2. How to buy at the good price/ Deciding the point of entry
3. 1. Make use of the 樂活五線譜／曾氐通道
   2. 1. Use the 3.5 years price info, non-log
      2. Buy only when the price is a relatively low point
   3. Only buy when - Relatively higher div yield
   4. 1. Calculate the 12 month SMA of div yield to see the reference point
      2. 1. Taking the highest price of each month - using it to calculate the Div Yield for that month
         2. Avg the div yield for the past 12 months
      3. Only buy when the div yield is higher than the 12 Month SMA value
      4. Special Notes: LINK REIT <— buy only when yield >4%

3. How to achieve “Dividend Enhancement”
4. 1. If the stock was bought at a low price, then enter into "covered call” position
   2. 1. I.e. Short Call options (out of the money) so to receive option premium
      2. But do not short call options that would expire just days before ex-dividend date
      3. 1. (i.e. if call options exercised by the other party, the interest would be collected by the other party 😔 )
   3. Selecting the appropriate stocks to Short Call options
   4. 1. Choose those with lower 引伸波幅
      2. 
         

      3. Finance	Conglomerate	Utilities	ETF
         HSBC (0005) Hang Seng (0011) CCB (0939) AIA (1299) ICBC (1398) BOC (HK) (2388) BOC (China) (3988)	Cheung Kong (0001) Swire A (0019)	CLP (0005) Towngas (0003) Electric (0006) MTR (0066) China Mobile (0941)	CSOP A50 (2822) HSI H shares (2828) Tracker Fund (2800)

1. Implementation
2. 1. Open Options Account and Stock account at the Security House
   2. Place enough “margin money” into the options trading account
   3. 4.How to hedge during market fall

1. Author believes there is not need to exit position during market downfall if the stocks you are holding are quality dividend stocks that can be held for long term
2. The suggested way is to engage in “Hedging”
3. 1. HSI Futures
   2. Options
   3. Reverse ETF (SUGGESTED as it is most simple tool)
4. When HSI is dropping quickly + when VHSI is rising
5. 1. ==> Engage in longing Reverse ETF
6. Wait until the VHSI is stable and starts to fall, Note usually the stock market would continue to fall for 1 - 3 months
1. ==> Close the reverse ETF position - use the money earned to buy stocks at the relatively low price [Confirm if it is really cheap…maybe split the orders]

------------------ End of Reading Notes------------------