Wednesday, December 26, 2012

Route Distinguisher and Route Target

Route Distinguisher and Route Target … what are they for? aren’t they the same thing? why not to use only one of them for VPNs instead of the two? is it really necessary to have those two things? :)
I guess many of you got these same questions. At least it happened to me the first time I learned about MPLS VPNs. I will try to explain the difference between them and why it’s necessary to have these two elements for MPLS VPNs environments.
First, let’s have a look at MPLS VPNs technology.

MPLS VPNs gives the opportunity to use the same MPLS backbone for different customers or services without each one interacting with the other. It’s pretty common to find different clients using the same private range of IP addresses. How could an ISP company offer its infrastructure to give connectivity to different remote sites to customer “Cocke” and to customer “Pepsy” without mixing their routing info? Can you imagine the headlines on the news if Cocke Sales Department suddenly gets into the Pepsy Production Department because the ISP mixed their routing? By the way, Cocke and Pepsy are my imaginary Spanish refreshing drinks companies, any similarity with reality is pure coincidence :-D .
So here comes the first necessary element. I need to make the address of each site unique in the network. Both customers may use the same range of IP addresses (for example the well known 10.0.0.0/8 range), so I need to add something to each address to make it unique and different from each other. That’s what the Route Distinguisher is used for.
With the Route Distinguisher, we transform an IP address of 32 bits length into an address of 96 bits length, unique in the network. So PEs don’t announce 32-bits length IP addresses via multiprotocol BGP, but a 96-bit length prefix.
What is the format of these new 64 extra bits? Well, there are two possible formats, that I describe as follows:
Formats
The RD used within a network is entirely up to the discretion of the network administrators. Although there are some best practices such as using the Autonomous System value for the 2 octets of Administrator field if we use the first format, or using the Router ID for the 4 octets of Administrator field if we use the second format . In both cases, the value placed in the Assigned Number field is left to the discretion of the administrator.
PE1(config)#ip vrf Cocke-SiteA
PE1(config-vrf)#rd 10.10.10.1:1
PE1(config-vrf)#do sh ip vrf
  Name                             Default RD          Interfaces
  Cocke-SiteA                      10.10.10.1:1
PE1(config-vrf)#no rd 10.10.10.1:1
PE1(config-vrf)#rd 65002:1
PE1(config-vrf)#do sh ip vrf
  Name                             Default RD          Interfaces
  Cocke-SiteA                      65002:777
Now the question is: should I use the same Route Distinguisher for all the sites (VRFs) of the same client? or should I use a different Route Distinguisher per site? Well, it depends on what we are looking for.
For example, let’s imagine that Cocke headquarters connect to my MPLS network through two PEs, not only to get redundancy, but also to load balance the traffic from different remote sites.
MPLS VPN Topology
If I use the same Route Distinguisher at PE1 and PE2 for the Cocke VRF, both PEs would have the same Route Distinguisher, which means they would announce the exact same 96-bits long prefixes to the Route-Reflector. The RR would make a decision of which prefixes to choose, since it got the same prefixes from two different sources (PE1 and PE2). Let’s imagine it chooses the prefixes coming from PE1, so after choosing those prefixes, the RR would announce this final decision to the remote sites, the remote sites would have only the prefixes coming from PE1. I didn’t get load balance with this design.
Ok, let’s try it again, but this time using different Route Distinguisher for PE1 and PE2. Then the RR would receive two different 96-bits long prefixes. As both prefixes are different because they have different Route Distinguisher, the RR doesn’t make any decision. It instead reflects both prefixes to all the remote sites. So eventually the remote sites would have two prefixes for the same site. When importing those prefixes to the VRF, the PE will decide which one to use in order to reach the Headquarters. So, magically, some remote sites would choose PE1 and some others PE2. And here we go, load balancing the traffic.
We have seen that Route Distinguisher is for making the client’s addressing unique in the network and for achieving load balance in some cases. Do I really need something else? Could I use the Route Distinguisher alone to import and export addresses from one VRF to the other? Well, I could, but it wouldn’t give me much flexibility to build some interesting scenarios.
Route Target is a 64-bits BGP community used for tagging prefixes. When exporting prefixes from the VRF, we add to the prefixes a Route-Target community, so when the PE in the remote site has to import prefixes into the VRF, it can easily identify which prefixes to import.
Let’s imagine we are using the same RD for all the Cocke sites, but I don’t want to allow all sites connect to all sites. I mean, I could make Site-2 have visibility of the prefixes of Site-1, but not for Site-3. And the same for Site-3, I could make it has visibility of Site-1 but not to Site-2. How can I make this differentiation if all of them have the same Route Distinguisher? This is a typical scenario where different Route-Targets in the same VPN client apply. I could apply the Route-Target 1:1 for Site-1, 1:2 for Site-2 and 1:3 for Site-3. In that case Site-1 could import Route-Targets 1:2 and 1:3 in order to have connectivity with both sites. But Site-2 would import only Route-Target 1:1 (the one of Site-1), and the same for Site-3. These two sites wouldn’t have connectivity between them.
Another scenario would be when I use different RDs for the same site, in order to achieve load-balance. If I used only the RD for exporting prefixes, I would have to configure two import statements in each PE, each one for each RD I have. With Route-Targets, that’s simpler. Although I have different RDs, I could apply the same Route-Target to all sites when exporting prefixes, so in order to import prefixes, I would have to use only one statement, because all prefixes have the same Route-Target.
PE1(config)#ip vrf Cocke-Site1
PE1(config-vrf)#rd 10.10.10.1:1
PE1(config-vrf)#route-target export 1:1 PE1(config-vrf)#route-target import 1:1
In order to see the Route-Target of a received prefix in a PE, we have to use the command show ip bgp vpnv4 all followed by the prefix.
PE1#sh ip bgp vpnv4 all
BGP table version is 4, local router ID is 1.1.1.1
Status codes: s suppressed, d damped, h history, * valid, > best, i - internal,
              r RIB-failure, S Stale
Origin codes: i - IGP, e - EGP, ? - incomplete
   Network          Next Hop            Metric LocPrf Weight Path
Route Distinguisher: 1.1.1.1:100 (default for vrf Cocke-Site1)
*> 100.100.100.0/24 0.0.0.0                  0         32768 ?
*>i200.200.200.0    2.2.2.2                  0    100      0 ?
Route Distinguisher: 2.2.2.2:200
*>i200.200.200.0    2.2.2.2                  0    100      0 ?
PE1#
PE1#sh ip bgp vpnv4 all 200.200.200.0
BGP routing table entry for 1.1.1.1:100:200.200.200.0/24, version 3
Paths: (1 available, best #1, table Cocke-Site1)
  Not advertised to any peer
  Local, imported path from 2.2.2.2:200:200.200.200.0/24
    2.2.2.2 (metric 11) from 2.2.2.2 (2.2.2.2)
      Origin incomplete, metric 0, localpref 100, valid, internal, best
      Extended Community: RT:100:1       mpls labels in/out nolabel/17
....

Conclusions

We can conclude that the Route Distinguisher is there for making the prefixes of a VPN unique in the MPLS network, so the issue of having customers with overlapping IP addresses between different VPNs is solved. We can also play with the 64-bits lenght parameter to achieve load-balancing between PEs connected to the same site.
The Route-Target is a 64-bits BGP community used to tag the prefixes exported from an VPN. Tagging the prefixes with a Route-Target allows us to play with complex VPN environments, choosing which prefixes we want to import based on the Route-Target.

Tuesday, December 25, 2012

MPLS L3VPN – Route Distinguisher vs Route Target vs VPN label

A lot of people confuse the above 3 items. I’ll explain exactly what each of the 3 above items do, how you can see them, and how the routers use them to provide a L3VPN service.
Let’s take the following topology for this post:
\"RTRDVPN3
Here we have 2 L3VPN customers running over our MPLS core. R5 is advertising 5.5.5.5/32. R8 is also advertising 5.5.5.5/32

Route Distinguisher:

The route distinguisher’s sole job is to keep a route unique while the PE routers advertise NLRI (Network Layer Reachability Information) to each other. If R5 and R8 both advertise 5.5.5.5/32 to R3, how will R3 advertise both of those routes to R4 while keeping them unique. The VPNV4 family itself doesn’t run in a VRF. It runs in the global routing instance and hence it needs something to distinguish a route.
Let’s take a quick look at the vrf RD config for both customers and then the vpnv4 route for 6.6.6.6/32 in the BGP table on R3:
R3#sh run | include ip vrf | rd
ip vrf CUS1
 rd 3.3.3.3:100
ip vrf CUS2
 rd 3.3.3.3:200

R3#sh bgp vpnv4 unicast rd 3.3.3.3:200 6.6.6.6
BGP routing table entry for 3.3.3.3:200:6.6.6.6/32, version 106
Paths: (1 available, best #1, table CUS2)
  Not advertised to any peer
  Local, imported path from 4.4.4.4:200:6.6.6.6/32
    4.4.4.4 (metric 4) from 4.4.4.4 (4.4.4.4)
      Origin incomplete, metric 2, localpref 100, valid, internal, best
      Extended Community: RT:100:200 OSPF DOMAIN ID:0x0005:0x000000030200
        OSPF RT:0.0.0.0:2:0 OSPF ROUTER ID:10.0.47.4:0
      mpls labels in/out nolabel/21

R3#sh bgp vpnv4 unicast rd 3.3.3.3:100 6.6.6.6
BGP routing table entry for 3.3.3.3:100:6.6.6.6/32, version 108
Paths: (1 available, best #1, table CUS1)
  Not advertised to any peer
  Local, imported path from 4.4.4.4:100:6.6.6.6/32
    4.4.4.4 (metric 4) from 4.4.4.4 (4.4.4.4)
      Origin incomplete, metric 2, localpref 100, valid, internal, best
      Extended Community: RT:100:100 OSPF DOMAIN ID:0x0005:0x000000020200
        OSPF RT:0.0.0.0:2:0 OSPF ROUTER ID:10.0.46.4:0
      mpls labels in/out nolabel/23
You can see that R3 has 2 vpnv4 routes for 6.6.6.6/32 – 3.3.3.3:200:6.6.6.6/32 and 3.3.3.3:100:6.6.6.6/32. They are unique as one contains :100: and the other contains :200: – Note that R4 does not have to match this RD in any way. It simple needs to be able to accept 2 unique routes. This is especially important when using route reflectors as RR’s will normally only advertise the best route to it’s clients. If they were not unique, the RR would only be advertising one of these routes. The RD in no way determines what VPN a route actually belongs to.
That’s all the route distinguisher does. No more.

Route Target:

The route target’s job is to tell the PE routers what VPN a route actually belongs to. Let’s take a look at the target config on R3:
R3#sh run | inc ip vrf|target
ip vrf CUS1
 route-target export 100:100
 route-target import 100:100
ip vrf CUS2
 route-target export 100:200
 route-target import 100:200
When R3 receives an advertisement from R5, not only does it change the route into a vpnv4 route with the RD to make it unique, it also adds a community value to that advertisement. This is an RT value. Once this NLRI gets to R4, R4 will ensure that only routes that have a certain RT, will be placed in their respective VRF. As an example let’s have a look at the advertisements of 5.5.5.5 from R3 to R4:
R3#sh bgp vpnv4 unicast rd 3.3.3.3:100 5.5.5.5
BGP routing table entry for 3.3.3.3:100:5.5.5.5/32, version 37
Paths: (1 available, best #1, table CUS1)
  Advertised to update-groups:
     9
  Local
    10.0.35.5 from 0.0.0.0 (3.3.3.3)
      Origin incomplete, metric 2, localpref 100, weight 32768, valid, sourced, best
      Extended Community: RT:100:100 OSPF DOMAIN ID:0x0005:0x000000020200
        OSPF RT:0.0.0.0:2:0 OSPF ROUTER ID:10.0.35.3:0
      mpls labels in/out 24/nolabel
We can see the extended community of 100:100 is encoded into this NLRI on R3. This is advertised to R4:
R4#sh bgp vpnv4 unicast rd 3.3.3.3:100 5.5.5.5
BGP routing table entry for 3.3.3.3:100:5.5.5.5/32, version 178
Paths: (1 available, best #1, no table)
  Not advertised to any peer
  Local
    3.3.3.3 (metric 4) from 3.3.3.3 (3.3.3.3)
      Origin incomplete, metric 2, localpref 100, valid, internal, best
      Extended Community: RT:100:100 OSPF DOMAIN ID:0x0005:0x000000020200
        OSPF RT:0.0.0.0:2:0 OSPF ROUTER ID:10.0.35.3:0
      mpls labels in/out nolabel/24

R4#sh run | include ip vrf | 100:100
ip vrf CUS1
 route-target export 100:100
 route-target import 100:100
R4 has an import 100:100 configuration under it’s VRF, and hence matching the community of 100:100 on the received NLRI, the PE router knows that the advertisement is meant for vrf CUS1. Note that the RD has nothing to do with this.

VPN Label:

The VPN label is to determine what VPN a packet belongs to. But hang on, surely that’s what the RT is for? No. The RT is for the control plane, while the VPN label is for the data plane. Let’s expand on that idea a bit. When R3 advertises NLRI to R4, the RT is used to determine where a route actually belongs. When it comes to R5 actually sending a packet to R6, the VPN label is used. Why? Because when a packet is sent, there is no field in the packet that the route-target is stored. Only the route advertisement contains the route-target as a community value. When R5 sends a ping to R6 from it’s loopback, it’s simply a packet with a destination address of 6.6.6.6 and a source address of 5.5.5.5.
So with L3VPNs we have two labels. The top label is the transport label and the bottom label is the VPN label. PHP will pop the transport label off the second to last router, but the VPN label will only be popped by the actual PE in question. When that frame comes in with the VPN label, R6 knows which VRF that packet belongs to.
VPN labels are advertised in the NLRI along with the RT. Let’s take a look at the 2 VPN labels that R4 is advertising to R3:
R3#sh bgp vpnv4 unicast rd 4.4.4.4:100 6.6.6.6
BGP routing table entry for 4.4.4.4:100:6.6.6.6/32, version 6
Paths: (1 available, best #1, no table)
  Not advertised to any peer
  Local
    4.4.4.4 (metric 4) from 4.4.4.4 (4.4.4.4)
      Origin incomplete, metric 2, localpref 100, valid, internal, best
      Extended Community: RT:100:100 OSPF DOMAIN ID:0x0005:0x000000020200
        OSPF RT:0.0.0.0:2:0 OSPF ROUTER ID:10.0.46.4:0
      mpls labels in/out nolabel/21
R3#sh bgp vpnv4 unicast rd 4.4.4.4:200 6.6.6.6
BGP routing table entry for 4.4.4.4:200:6.6.6.6/32, version 8
Paths: (1 available, best #1, no table)
  Not advertised to any peer
  Local
    4.4.4.4 (metric 4) from 4.4.4.4 (4.4.4.4)
      Origin incomplete, metric 2, localpref 100, valid, internal, best
      Extended Community: RT:100:200 OSPF DOMAIN ID:0x0005:0x000000030200
        OSPF RT:0.0.0.0:2:0 OSPF ROUTER ID:10.0.47.4:0
      mpls labels in/out nolabel/23
We can see that R3 will use a VPN label of 21 when sending traffic to the CUS1 VRF, while it’ll use VPN label 23 when sending to CUS2′s VRF.
Let’s run a traceroute from R5 and R8 to confirm this.
CUS1:
R5#traceroute 6.6.6.6

Type escape sequence to abort.
Tracing the route to 6.6.6.6

  1 10.0.35.3 36 msec *  52 msec
  2 10.0.13.1 [MPLS: Labels 20/21 Exp 0] 120 msec 120 msec 132 msec
  3 10.0.12.2 [MPLS: Labels 18/21 Exp 0] 92 msec 148 msec 104 msec
  4 10.0.46.4 [MPLS: Label 21 Exp 0] 104 msec 100 msec 68 msec
  5 10.0.46.6 172 msec *  140 msec
CUS2:
R8#traceroute 6.6.6.6

Type escape sequence to abort.
Tracing the route to 6.6.6.6

  1 10.0.38.3 44 msec 64 msec 40 msec
  2 10.0.13.1 [MPLS: Labels 20/23 Exp 0] 132 msec 132 msec 88 msec
  3 10.0.12.2 [MPLS: Labels 18/23 Exp 0] 124 msec 156 msec 104 msec
  4 10.0.47.4 [MPLS: Label 23 Exp 0] 192 msec 96 msec 76 msec
  5 10.0.47.7 156 msec *  116 msec
The first hop for CUS1 shows a label stack of 20/21 – 20 being transport and 21 being the VPN. CUS2 uses 20/23 – Notice that as the egress PE is the same, the same transport label is used.
On the 3rd hop on both, R2 is popping off the transport label. Both frames now get to R4. One has a VPN label of 21 and the second a label of 23. R4 knows which VRF both packets belong to and sends them on their way to the correct routers.
Hopefully this helps clear this up for some of you..

Saturday, December 22, 2012

「房間」換季,「心」也跟著改變

有一位二十多歲的女性,在她將不再適合自己的舊衣服和包包捨棄之後,令人驚訝地,她的步伐變得輕盈。當她察覺到時,才發現自己已經成功達成多年以來的減肥目標。
另外,有一位三十多歲的男性,他花了好幾個月的時間與物品面對面,自問:「這個東西,現在對我而言是否需要?」在分類作業的過程中,同時也磨練了他的判斷力和果決力,工作效率開始飛也似的獲得提升。
只是精簡物品,整頓「看得見的世界」。不久之後,其影響也將擴及自己的內心以及運氣等「看不見的世界」。
甚至它還可能帶來轉機!例如就職、轉職、結婚等,使人生完全改觀。其實,這正是最自然的變化,因為原本被堵住的人生,宛如清除了「淤塞」似的,已經開始非常順暢地流動了。
「情感」放著不管,也會變成「重擔」
要丟棄「有感情的東西」,尤其是禮物、或具有紀念意義的物品,任誰都會猶豫不決吧。
例如,過去收到的信件。
信件等滿載著情意的東西,充其量只是傳達心意的工具而已。因此,在充分收到心意之後,就沒有必要一直拘泥在物件上了。
「丟了好可惜耶」、「遲早用得上嘛」,在這些囤積物品的藉口背後,一定隱藏著某種理由。我們為了避免面對這些理由,所以才一直無法對東西放手。
面對物品,就是面對自己。
如果仔細思考:自己為什麼丟不掉東西?為什麼要留著?你將會看見自己意料之外的內心層面。進一步試著比較下述的三種類型,如果能清楚知道自己在哪一種傾向比較強烈,將會成為你「捨棄」不需要物品的重要步驟喔。

○ 逃避現實型
逃避現實型的人的特徵是每天都很忙碌,不在家的時間壓倒性地佔多數。背景原因很多都是因為家庭問題等,逃避正視自己不想待在家中的原因,正是不能好好整理的理由。
忙碌於朋友間的聚餐、社團或義工活動的上班族女性和主婦,或是下班後一定去喝一杯、假日又連續外出從事自己嗜好的男性,應該都很符合這個類型。
○ 執著過去型
特徵是保留現在已經不使用的、但是藏著過去回憶的東西。
這一類型的人對於曾經擁有的幸福時光,抱持著非常強烈的執著與拘泥,會珍惜地保管相關證書、獎狀或相簿等等物品。
執著過去型的人,擁有的數量卻明顯多上許多,甚至可能因此導致連鎖效應,連其他的東西也丟不掉了。
這種人的心態也包含了逃避現實型的要素在內。就類型傾向而論,男性則佔了其中的多數。
○ 未來不安型
這類型人的特徵是,以物品來彌補未來可能匱乏的不安感。例如,明明衛生紙、日用品或速食食品都還有庫存,可是,每當遇上特賣會或是打折,還是會因為「將來總有一天會需要吧」而大量購入。
還有一種情形則是抱持著像「平時經常在用,萬一沒有了很麻煩」、「這麼便宜,不買起來就吃虧了」之類的強迫觀念。
物品和情緒都一樣,「新陳代謝」很重要
住在東京都內的友子小姐,她的房間裡堆滿了過去男朋友送給她的娃娃。那是她非常喜歡的卡通人物,聽說她一直非常珍惜。在和前男友交往的期間,每次看見這些娃娃都會讓她感覺幸福、被愛而有自信。


然而,在兩人分手之後,慢慢地,看見這些娃娃卻讓她愈來愈痛苦。「交往的時候,我是那麼地幸福,相較之下,現在.....,」她說,一旦和過去的自己相比,心情就變得非常鬱悶。
物品裡棲宿著「心情」
物品所帶來的影響,比當事人自覺的還要大上許多。
以前我們所喜歡的物品,或是為我們帶來自信的物品,將來不見得能夠一直帶來正面的影響。
而且,物品裡棲宿著我們的「心情」,看著它,這些「心情」便會甦醒。
如同在醫學上也證明了「感情對身體所造成的影響」一樣,身心是相連的。也就是說,把東西放在自己看得見的地方,如果帶來的是正面情緒,就沒有問題。但是如果浮現的是負面情緒,就難保不會為身體健康帶來不好的影響了。
另外,壞掉或沾滿灰塵的物品、已經沒有功能卻還擺著的東西,就如同每天對我們咆哮的言語暴力一般,會一點一滴地對我們造成傷害。
――「此時、此地、自己」
在我們身邊,不能一直出現「不需要、不適合、不舒服」的物品。
所以我們必須經常依據「現在」的這個時間軸,一步步選擇、取捨,只留下自己「需要、適合、舒服」的東西。
果斷地捨棄現在自己不需要的東西,我們的身邊、心裡都會變得清爽。這就是所謂物品和情緒都可以做到「新陳代謝」的意思……想看更多心靈整理術,立即前往《斷捨離》──打造能量屋篇

Thursday, December 20, 2012

产托投资秘笈:了解产托风险

产托投资秘笈:了解产托风险趋势焦点 财经周刊  2012-11-26 12:39
http://www.nanyang.com/node/493994?tid=687


对于投资者来说,了解了监管单位应如何加强竞争力及众产托须具备哪些成功因素后,投资产托将会面临哪些风险,也是非常值得关注的。
凡是投资,都会涉及风险,因此,认清相关的风险是必须的。
谈及产托的风险,安联投资研究主管程宏扬,分析了以下6项风险因素:
1.可包含不同类型产业
投资者须了解,不同类型的产业,将对产托造成不同的影响,带有不同的风险。
因此,对于投资者,包含单一类型产业的产托,评估和管理或许会来得比较简单。
2.与资金市场息息相关
产托一直被视为具有抗跌能力,而且属于收入稳定的资产类型,但不幸的是,产托的部分回酬,是源自单位价格(即在交易所上市的“股价”)。
调查显示,虽然产业投资提供多元化的组合,但产托与全球股市相关,加上市场资金自由流动,加强了产托回酬与股市之间的关联;比如2008年全球经济趋弱时期,产托的表现也一样不理想。
因此,投资者必须了解相关产托的特质,并采纳长期展望来投资产托。
对于产托管理公司,股市波动也可能冲击他们的筹资活动,进而影响收购计划,特别是在低周期时以廉价购入优质产业的机会。
3.风险调整回酬率压缩
随着投资者因外围市况不明确,而采取谨慎投资态度,产托的风险调整回酬率,近期已被压缩。
必须注意的是,产托虽属低风险投资产品,但并非毫无风险。
在回酬稳定的政府债券回酬滑落之际,如美国10年国库券回酬率,从3.7%滑落至1.7%及大马政府债券回酬率从4%跌至3.5%,将进一步冲击投资者的情绪,包括了产托的表现。
4.平衡长短期融资计划
投资者必须知道,财务议决会影响产托的表现和回酬率。
较短期的融资如商业票据和透支的成本,一般上比长期融资来得更便宜。
不过,短期融资会让产托面临再融资的风险。
在全球陷入经济危机时期,这种情况相当常见,当时有许多产托拖欠贷款,一些更透过脱售资产来解决财务问题。
5.没有阐明增长潜能
资讯不足,导致投资者无法真正了解相关产托的特质,从而不能与市面其他产托做比较。
产托的回酬率,也依该产托的增长方式而定,即透过内部增长,或者是收购方式。
产托管理人持续加强现有资产和鉴定资产潜能的能力,以及拟定合适的融资计划等等,都会影响产托的表现。
投资者往往会觉得,更低的回酬分配,是为了该产托未来的增长潜能。
因此,分析员和投资者在鉴定产托的增长潜能方面,面对着一定的挑战,即该为未来的增长潜能支付多少的溢价。
6.交易流通量偏低
交易流通量偏低,是投资产托的主要风险之一;尤其在大马,本地产托的规模并不会很大。
不过,近期已有一些规模比较大的产托加入大马市场。
如何仔细分析风险?
程宏扬指出,产托的回酬率压缩并非不好,因这意味着资本回酬(即股价)走高;不过,回酬率压缩之际,每单位股息(DPU)同时必须增加,才符合原有的回酬率。
“因为这表示收入增长,抵消了回酬率被压缩的冲击。至于DPU的素质,产托透过收购或资产提升来给予更高的DPU,会比调整租金所带来的DPU更好,因为产托管理公司无法控制租金的调整,这是以市况而定。”
他补充,另一个有助于提高DPU的因素,是产托管理公司进行再融资,惟此情况比较少见。
程宏扬也指出:“从单位持有者的角度,他们可根据正常化或市场平均回酬率(如在大马是4%),在长期内评估相关产托价值,而不是根据现有利率。”
“从产托管理公司的角度,在融资产托时,他们也可使用同样的方式。他们在收购一项资产时,必须确保根据正常化利率(而不是现有利率),该资产长期内是项合理的收购。”
单一或混合类型?
Khong&Jaafar集团公司董事经理艾尔文费南德斯表示,很多人认为混合类型的产托比较复杂,特别是散户。
他称:“但精明投资者(sophisticated investors)却偏爱混合类型产托,因为综合多类型的产业,意味着该产托包含更多元化的类型,或者说分散风险。”
“这从而降低投资者可能面对的波动情况。因此,此类型产托相当具吸引力。”
程宏扬认同上述看法,因为市场上有部分管理非常良好的混合类型产托,此类产托也确实给予稳定的回酬。
但他说:“问题是产托管理公司和投资者之间,并没有很透明化的沟通,那投资者该如何评估混合类型产托的风险呢?”
他补充,目前,本地未设有任何法律架构,规定产托管理公司必须公开哪类讯息给投资者。
“如果相关产托管理公司未自愿提供所需的资讯,投资者将面对评估和决议方面的问题。”
外资流入带动
此外,在欧元区市况疲弱和展望不明确之际,当地的资金也不断流入亚洲。
古玛说:“这些资金过去多流向悉尼、新加坡和香港,惟随着这些经济体的产业价已过高,他们因而探讨其他潜能市场,包括大马、泰国和印尼。”
“这些因素,一一对大马产托的主要平台———零售产业市场,带有非常多的惠利!”
因此,他预见本地会有更多产托加入本地股市,如在本地拥有多间零售广场的永旺(Aeon,6599,主板贸服股)、拥有国油双峰塔的吉隆坡城中城(KLCC),以及拥有许多办公楼和医院的森那美(Sime,4197,主板贸服股)等等。
产托种类多元化
古玛相信,本地未来会增添更多种类的产托,其中之一就是基建产托,尤其是南北大道(PLUS)。
“关于基建产托,我不认为南北大道(PLUS)会持续维持私有地位,它是个良好的产托机会,因其现金流量稳定,也将会是深受本地人欢迎的产托!”
再来,是英国和美国相当盛行的学生住宿产托,古玛披露,目前,伦敦是此类型产托规模最大的市场。
他也说:“还有就是教育产托。更多教育城的发展,如在赛城和努莎再也,显示着本地非常有潜能推出教育产托和学生住宿产托。”
国内可探讨新产托类型
基建产托
●机会 收入稳定 轻资产服务供应商 有效的成本管理
●例子南北大道(PLUS)旗下大道、国能水力发电厂、港口、机场等。
学生住宿产托
●机会 长期收入担保 群集式教育中心
●例子 赛城、努莎再也、Seri Iskandar
教育产托
●机会 学生人口逐渐增加 更多优质的私人和外国大学
●例子 依斯干达教育区、多媒体大学
城市化催化产托发展
大马产业机构(MPI)总执行长古马塔马林甘指出,商务产业市场(包括零售、办公室、酒店和医院),是本地产托成功主要平台。
他说:“近年来,随着平均收入和旅游收入增加,本地的零售产业市场也表现不俗。国内主要的地区的零售产业仍相当健全,大吉隆坡内的零售空间租用率介于80%至85%水平。”
他补充,“城市化”情况增加,也持续支撑我国的零售产业市场。
“大马2010年城市化比率是71%,这表示只有29%本地人居住在郊区。国内搬迁进度一直在加快,一旦比率达致75%,我们将被视为‘全面城市化’国家。”
他指出,人们主要搬迁到国内的3个主要地区,即雪隆、柔佛和槟城,他们大部分的年轻的专业人士。
“随着每年都有新的毕业生加入社会,这3区的人口一直在迅速增加。其中,雪隆的人口在10年内便增加了200万人,即从2000年557万人在2010年增加至720万人。”
他补充,捷运(MRT)系统的发展,也塑造就业率、扩大联系网络,沿着捷运路线的产业和土地,皆会受到带动。
亚洲产托强劲复苏
过去11年内,亚洲的产托市场取得非常大的发展;据亚太房地产协会资料,本区域的产托数量从2001年仅有的两项激增至133项(截至今年6月1日),市值也从20亿美元(61亿令吉)大幅扩大至1013亿美元(3089.6亿令吉)。
亚太房地产协会总执行长彼得米切尔表示,虽然这期间,各类型产托曾受2007/2008年的金融危机影响,但亚洲产托市场在香港和新加坡的领导下,已重新强劲复苏。
“随着亚洲退休基金进行改革,这给予区域产托市场进一步发展和扩大的机会。”
据亚太房地产协会旗下一项关于“亚洲退休基金对产业的重要性”的研究报告,在全球20大退休基金当中,有8个来自亚洲。
报告也指出,亚洲的退休基金预计资产会在2006至2015年期间倍增,并且会在2020年增加至超过4.3兆美元(13.1兆令吉)。
彼得说:“然而,亚洲的退休基金,目前却鲜少将产业纳入它们的投资组合。
相比之下,西方国家的退休基金,一般上会有7%至10%的管理资产(AUM)是投资在产业方面。”
“这是因为,许多亚洲退休基金采纳比较保守的投资方式,即多专注在比较有保障的国内固定收入产品。”
基金不熟悉暂却步
他披露,随着老年人口迅速增加、退休计划的覆盖率较低及整体经济环境因城市化而转变,亚洲退休基金也正经历相当大规模的改革过程。
“持续专注投资低回酬的固定收入资产,将可能导致这些亚洲退休基金未来难以应付对老年人口的义务。”
他补充,这也是如今可看见一些亚洲退休基金,包括大马的雇员公积金局(EPF),开始将更多资金投入在产业方面的原因。
但彼得也称,对产业资产类型不熟悉、产业缺乏如其他资产类型的基准来做比较、资讯不足和缺乏技巧,是阻碍许多亚洲退休基金投资产业的原因。
“一旦有了能提供相关工具、风险管理和资讯的管道及产业业者积极提高退休基金的信心,后者自然会投资产业资产,产托从而具备良好的增长机会和潜能。”


报道: 沈素蕾

凡事做給別人看,容易傷了自己

~【 凡事做給別人看,容易傷了自己 】 網路文章分享

我很喜歡畫畫,但我就是不能畫!高中時,我的一位同學向我訴苦,為什麼?我好奇的問,他心情沉重地說著...因為我媽媽說畫圖會沒出息!

前一陣子,遇見一位老朋友,看他年紀輕輕,就已經繼承家中事業,當上一家大公司的總經理,我不禁連聲恭賀他.怎知三天後他打電話來訴苦,說他根本對作生意沒興趣,雖然身為總經理,但是不論大小事都要向他爸爸和大姊報備,公司一些老幹部意見也特別多,讓他越做越難過,正準備離家出走和女朋友私奔.. 

《太在意別人的想法,為別人而活,或是凡事做給別人看的人,內傷的痛,只有自己知道!!》

人生在世,不可能事事都能順著自己的心意,不管你長的帥或不帥,不管妳是千金小姐或家庭主婦,每個人都有一些人生義務和人生課題要去完成.

※ 或許你有高齡父母要扶養 。
※ 或許你有另一半和小孩要照顧 。
※ 或許你必須賺錢去買一棟房子 。
※ 或許你有親人生病要靠你協助 。

但是,你仍然可以按照自己的方式去完成這些事,不需要凡事都做給別人看.即使是自己的工作,興趣和生涯,甚至感情和婚姻,也都不要放棄自己的自主權,因為人生有限,扣掉一些義務和工作的時間,你能有的生命真的不多,你應該珍惜這些生命,讓自己活得快樂!! 

我想,不得不上班,養家,交會錢,付貸款的你,心中多少有一些壓力.如果可以,想辦法讓自己做自己想做的事.如果現實不允許,請你每天給自己一些時間.做自己的主人.做一些自己想做的事,做一些讓你覺得有成就感,讓你快樂的事吧!【感恩合十】
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