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Recurring Income (经常性收入)


我们先来看看没有经常性收入的公司。我们拿棕油股举例,INNO, RSAWIT, JTIASA都是棕油股,而他们的生意模式纯粹依赖着棕油价钱和生产量。当生产量越高,公司就赚越多;又或者棕油价格越高,公司也会赚更多。除此之外,巴士公司例如PTRANS, GETS也是如此,他们只会在旅客很多,并且选择它们的巴士的时候才会有机会赚更多。



How good is a company when their business is wholly or part of it basing on recurring incomes? Recurring income means a company did a lot of work, or put a lot of money into capital expenditure beforehand, but the income will recur in the future, eventually.

Let’s take a look of companies that have NO recurring income. For example, we can look at plantation companies such as INNO, RSAWIT and JTIASA. Their business is merely basing on Crude Palm Oil (CPO) price and their production, which means the higher the production, the more they earn; or the higher the CPO price, the more they earn. Besides, bus companies are also examples that have no recurring income. They can only earn more when more people are travelling, and utilizing their buses.

On the other hand, companies that have recurring incomes includes REVENUE and MFCB. One of the business segment from REVENUE is servicing, where they will service their EDC terminal, regardless of their customers prefer to buy or rent the machine. MFCB is a company that operates through hydro energy, where they store the electricity generated from the dam and sell it to other people. Hence, MFCB is able to obtain recurring income and even increase this income when it is rainy season, as more water can be generated into electricity.

In short, companies that contain recurring incomes is like cars with airbags, that it will protect you when you are facing emergency. During this pandemic, although some companies suffer losses, but these two companies still remain profitable, even though they may earn lesser than pre-covid time. Hence, companies that contain recurring income will be easier to survive when they are facing uncertainties.

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