Monday, October 5, 2020

IPO :SamAiden Group Berhad, 太阳能公司

 


SamAiden Group Berhad 是提供EPCC(Engineering, Procurement, Construction and Commissioning)关于太阳能工程,采购,建筑和调试服务,可再生能源和环境咨询服务以及安装和维修光伏发电系统(Solar Photovoltaic, PV)和电厂服务。他们的工程通常都会介于6个月到12个月,视乎工程的大小时间会有所不同。他们会去跟大厂,住户,一些集团销售他们的太阳能系统,帮他们审核环境,地理条件,建造,组装系统,测试,合约时间里面完成工程,交予客户,其后的售后服务和维修,一条龙的服务来赚钱。

SamAiden Group Berhad 是由3家公司组合,除了 SC Green hold 着60%股权,其他都是100%持有。


他们的资金有一大部分好像建筑版块,必须用于营运成本,Tender bond, Purchase of materials, General working capital。占了筹集资金的52.62%,15.44mil。上市费用用了3.2mil 10.9%。公司正在积极开拓马来西亚以外的市场,现时是越南。公司用了7mil,23.85%来购买了总公司办公楼。至于其他分行的拓展用了2.5mil,8.65%的筹集资金,这里包括 Penang office, Sabah Office, Vietnam Office。3.98%, 1.16mil 用来购买各种协助机器和软体。







他们没有外劳也不需要大量的工人因为粗工都是外盘建筑公司做,他们只需要监督和处理光伏发电系统的安装,接驳,测试。他们会利用这次招股的资金用于开拓新分行,屯货处,销售和维修办事处。管理层提到没有意思要给股息。




SamAiden Group Berhad 是一间净现金公司。 2020年的财务报表里可以看到 6,695,000 cash in hand + 421,000 FD + 14,498,000 short term investment - 37,000 Term Loans = 21,577,000 net cash company。


2017年到2020年的营业额有着明显上升的趋势(2017年到2018年, 4.8倍。2018年到2019年2.18倍。2019年到2020年1.11倍),盈利就维持在10%左右,Covid19瘟疫给予的冲击但是还是能维持9.49%的净利率。

公司打算在 Bachok Kelantan,建造营运一座综合沼气发电厂,它的发电量1.2MVac。它是由可腐化的有机物类似厨余,被集中和处理后产生出来的沼气被储存。被储存的沼气就会被用于启动燃气发电机发电,公司就会把电力卖出去赚钱。这个项目会由 SC Green 子公司负责。公司预计这个项目10年会回本,每年8.6%的回报率。这个厨余公司已经和吉兰丹当地的市政厅洽谈, Majlis Perbandaran Kota Bharu, Majlis Daerah Bachok, Majlis Daerah Pasir Puteh,这三个区域的厨余类型垃圾会交予公司用于产生沼气的原材料。预计每天150 tonnes 会由 Pengurusan Sisa Pepejal Mubaarakan Sdn Bhd (PSPM) 公司负责运送到厂。Syamshuar Bin Husin,是 SC Green 40% 的持股人和 Director,同时也是 PSPM 的持有人(都是自己人。。。呵呵)。基于公司的环保挂钩生意模式,他们是可以得到政府 MIDA,The Green Investment Tax Allowance 扣税奖励。


他们会联合合作公司一起投标政府 2020年5月28号公开招标,价值40亿的LSS@MenTARI工程。公司已经和另外一家公司在2020年越1号签署联合,在 2020年9月2号向马来西亚能源委员会投标位于 Sungai Petani, Kedah 的太阳能光伏电站建造计划。

这个是40亿的LSS@MenTARI工程的资料链接:https://www.mida.gov.my/home/10479/news/ministry-to-offer-1-000mw-solar-quota-under-lss@mentari-programme/

他们有提到2021财政年他们有31.35mil 的 book order。但是要注意这些是一次性的合约项目。



竞争对手和市场占有率。招股书里面有提到现在马来西亚太阳能市场大概是 RM1,684.8mil,公司自己的营业额 RM74.7mil们大概占了个4%。SamAiden 目前如果用2020财政年,最彪青的成绩来计算 PE,大概在14 左右,如果相比现在马来西亚同行的 PE,比如好的 Solarvest PE38,坏的例子 Cypark PE5(这家有很严重的债务和现金流问题),这个各位投资者得好好拿捏。



风险要点

1. 越南分部,越南政府在2020年4月签署了 13/2020/QD-TTg 关于越南政府推行太阳能计划的条约政策,当中包括锁定电力回售价。第二,随着持续增加的光伏发电,2018年 134MV 到 2019年 4.5GW ,持续增大的流电量会提高发生电量负荷过度,让系统不稳定的概率升高。

2. 马来西亚的电力需求2019年低于总发电量的11.8%。我们有着36%的后备电力来以防忽然增加的电力需求。同时间,当国能自己已经有能力发出足够的电力和储备,公司这种额外外销的购买合约会优先被搁置,2018年政府就有取消4项 IPP 合约的记录。

3. 同行的竞争,其他种类的发电能源,风力,水力也是竞争对手。

4. 现在的机械或机器都提倡节省电力和环境友善,这也会有一定的冲击。

5. 政府的政策,减税或加税,电力的销售价,都会直接影响公司的收入。

6. Covid19 疫情冲击,无论是马来西亚还是越南。

7. 越南的销售意味着外汇兑换的浮动。

8. 一定程度的烂账。

9. 必须维持一些特殊的批准,许可证,执照(CIDB 建筑资格,马来西亚能源部的批准,越南政府的相关部门批文)。

10. 他们新开发项目,吉兰丹州的天然气发电厂,有很多不确定因素。他们现在和合作伙伴投标的大型计划 LSS@MenTARI programme estimated totalling RM4 billion 也是还在审核中。

11. 合约和工程因为时间的拖延而衍生的额外费用和成本。

12. 公司很依赖大中小型计划合约来维持营业额。

13. 光伏发电系统和零件的保证期和损坏。

14. 公司依赖建筑承包商的安装光伏发电系统素质和速度。

15. 公司的税务豁免在2020年6月30号到期。


小李以上概括我自己看到的风险和最差状况公司可能比想象中要危险,但是相比其他同行,他们过去几年的业绩和可以持续的 Profit Margin,现金流,他们筹集资金的用处,即将要进攻的市场和竞标合约,成长前景和风险差不多可以说是相符,我没有能亲自听管理层做 Presentation,不然多多少少可以 feel 得到管理层的气场和 Pattern,毕竟公司行不行,管理层是一大要素。这家公司如果能好像 MFCB 跑那样的营运模式,肯定会得到很多股息投资者的青睐。希望以上的资料可以帮助到大家。


光之军






Thursday, October 1, 2020

IPO 快讯 : Southern Cable Group Berhad

小李今天赶稿赶出来,关于新招股 Southern Cable Group Berhad ,让大家投标前可以知道公司的一些长短处,帮助大家做决定。

Southern Cable Group Berhad 是一家制造电缆和电线,电路控制和接驳零件的公司。


Southern Cable Group Berhad 主要市场是在马来西亚。旗下有三间公司组成,3间公司皆是100%自家所属。

Southern - 业务包括制造电缆,电线,和一些连带的零件

Nextol - 主要是负责塑料化合物这一块,自家的厂,用于制造电缆电线的绝缘和保护层材料。

Daya - 制造和销售电缆木圆筒(公司的电缆电线打包和运输是他们的业务,但是在 29FEB2020 他们要把 Daya 迁厂,所以业务暂时是外包公司处理)



他们制造的电缆和电线分为三种:


一,主打占营业额78.1%的电力电缆和电线

这些用于传输电力的电缆电线分三种等级: 

Low Voltage Cables (300V-1kV)

Medium Voltage Cables (3.5kV-33kV)

High Voltage Cables (up to 132kV)


二,占营业额5%的通信电线和电缆

电话线

电脑的同轴电缆 (Coaxial Cables)

警报电缆 (Alarm Cables)


三,占营业额5.8%的控制和仪表电缆

用于传输电力讯号和控制,多用于工业的自动化机器,电力控制台,感应器,摩多启动器


他们也有卖一些二线产品例如:

Rectifier 整流器(整流器是電源供應器的一部份,是可以將交流電轉換成直流電的裝置或元件)

aluminium rods 铝棒

plastic compounds 塑料化合物

wooden cable drums 把电缆捆成一卷的大木圆筒

电线,电缆,铜的小买卖


以上的盈利只是占了总业绩的一成(10%)左右。


他们的主要业务还是制造和销售各种电缆和电线。他们有2个电子熔炉和1个天然气熔炉,用来融化和铸造成铜棒和铝棒来储备,或者直接进行电缆电线制造程序。他们的副业也有制造塑料化合物,这些是会被用与绝缘和保护层材料,和电线电缆组合。他们的电缆木圆筒业务是外判外面的公司代办的。




他们有着27年制造电缆电线的经验。他们是TNB, SESB, TMB, PETRONAS 电缆和电线的注册供应商。他们自2016年就持有 CIDB under category G7 资格。他们有出口电缆去柬埔寨,但是占总营业额不多,管理层有提及将来有机会会增加出口这一环。他们在塑料化合物这一块有持续的研发,未来有意扩大。管理层也有提到他们会用即将筹集到的资金来购买制造更多类型的电线的机器,其中包括

高压电力电缆

耐热铝导体电缆

工业电缆

汽车和电梯应用的控制电缆和电线

38号新工厂就会是汽车和电梯应用的控制电缆和电线的专用厂。




管理层说了公司会有 至少 15%  Dividend Policy


风险事项

1. 业务大多是涵盖马来西亚。

2. 公司的产品暂时没有涉及太多5G的项目。

3. 必须留意金属(铜和铝)市价影响本钱控制。

4. 购买 40-55% 的原材料是进口,外汇浮动会影响成本。

5. 公司的盈利水平会被顾客的损害赔偿(货品不达合约标准)影响。

6. 电力和天然气的价格会影响成本。

7. 他们仰赖着两大顾客,TNB 和 Telekom Malaysia。 TNB 占总业绩10-20%。 Telekom 的业务逐渐萎缩基于电话电缆逐渐被光纤代替。




这结尾,综合资料和看了管理层的解说Live,是可圈可点的行业,但是基于看不见管理层有意或是有野心拓展,我说的是那些占少部分的通讯电缆,控制和仪表电缆,有关于 Automation,仪器的电缆电线,这些朝阳的产品,会让市场给与更高的期望和 PE。管理层提及的新购买的机器,制造用于 Automotive and elevator cables,拓展新型的塑料化合物业务,补回了掉进夕阳行业的这个坑。过去2016-2019年的业绩报表可以看得他们的 Gross Profit 维持在10%左右。Profit before tax 和 Profit after tax 直至2019年都是一点一点上扬。最近的下跌是 Covid19 MCO 所导致。现金流比2016-2017强,但是要小心 175mil 的借贷。上市价如果以2019财政年的赚益为标准,他们会是在 PE9.5 左右。综合以上小李找到的资料应该可以给大家一个概念,至于值不值得,还是要看各位的判断。


光之军


Tuesday, September 29, 2020

FPGROUP ( 5277 ) - 大男人科技板块背后的女人( 支援型科技公司 )


小李我今天要讲一讲FPGROUP ( 5277 )。他是与 20161229日上市。他们的业务不是 BURSA 归类的semi-con之类的科技板块,是更多与 Precision Engineering stiffenertest socket hand lidlaser stencil。他们不是Outsourced Assembly, and Test (OSAT),严格来讲他们是支援型的版块,技术不能和做晶片芯片 IC的比,他们是提供后期组装,测试的支援型供应链。在小李还没有讲到其他部分,我先给大家脑补一下他们行业的一些机器,技术,用语。



什么是stiffener

Stiffener 可以理解为软性电路板的支撑板。现在很多科技产品都是必须细小容易携带,所以很多电路板和链接都进化成薄薄的纸形态,他们的两头 input output 是连接各种 hardware 零件,荧幕,喇叭,按键,接收器之类的,为了能够稳固电路纸上面的各种 IC, transistor,capasitor,两头链接强化以便不容易弄坏,同时不牺牲他们的柔软性(组装时,尤其是 laptop ,智能手机类似的小型科技产品)我们会垫一层软板在旁边或者底部来稳固,这个就是 stiffener。他们的原料有大部分是 resin

 








柔性印刷电路板(Flexible Printed CircuitFPC)又称为柔性线路板、軟性電路板、软性线路板、挠性线路板、软板等,是一种特殊的印制电路板。它的特点是重量轻、厚度薄、柔软、可弯曲。主要使用于手机、笔记本电脑、PDA、数码相机、液晶显示屏等很多产品。

印刷电路板,又称印制电路板,印刷线路板,常用英文缩写PCBPrinted circuit board)或PWBPrinted wire board),是电子元件的支撑体,在這其中有金屬導體作为連接电子元器件的線路。

 

什么是Laser Stencil?

Laser Stencil Production 影片链接

简单来讲就是电路地图,一层(金属片,化学胶片,resin)材料薄片,放进机器里面,按照蓝图电脑精准的用镭射在薄片上面割出洞洞,然后这张薄片会铺在电路板上面,让员工可以按照洞口铺排各种电子零件焊接,也有防止电板跑位,anti-rollinganti-deforming,就是强化,加强电路板精准和隔离外物粘黏。





FPGROUP 的业务 75% Stiffener 25% laser stencil,和PCB 印刷电路板有关。销售客户很多是来自于北美洲欧洲和亚洲,包括本地市场马来西亚。20182019 财政年亚洲地区销售的收入从 5,989 mil 增加了 78.61% 达到 10,697 mil 马币,归功于现有和新增的中国,香港,台湾客人(stiffener laser stencil的单)。北美的销售就上升了22.59%13,735 mil 马币。

 


他们的成本多来自于原料和劳工,至于比上年增加了42.79%1,726 mil 马币共5,760mil马币的生产间接费用,是来自于新机器 precision engineering and laser stencil segments 的折损。

 


他们的客人分布平均,虽然有一部分的货或单不是现做现卖,但是大部分都收得到钱,烂账不多。他们的顾客小李网络上找到有几个但是怕有误,大家还是当吹水看好了。

 



1. Verigy,曾经是 HP (Hewlett-Packard)  的子公司,是1999年以 semiconductor Automatic Test Equipment (ATE) 闻名的一家公司。后来被日本公司 Advantest 收购 生产 fiber optic 和无线设备 )。

2. Teradyne,一家在 Nasdaq 上市的公司。Teradyne, Inc., based in North Reading, Massachusetts in the United States, is a developer and supplier of automatic test equipment. Teradyne's high-profile customers include Samsung, Qualcomm, Intel, Analog Devices, Texas Instruments and IBM.

3. Xcerra Corporation ,一家 ATE 公司,听说是从 Teradyne 跑出来自己起旗。 (formerly LTX-Credence Corporation) is a semiconductor Automatic Test Equipment (ATE) vendor, founded in 1976 and headquartered in Norwood, MA (Greater Boston area).



4. 公司历年差不多10% Revenue的隐藏顾客,也是 Nasdaq 上市的巨头,Broadcom Inc. 。这个他们管理层没什么提到,但是之前几年的年报有出现过这个名字的踪迹,大家可以去翻看。

 


值得一提的是他们7成的单都是出口,汇率也会间接影响他们的收入和盈利。

 


 FPGROUP 是一家Net Cash Company,没有和银行借贷,公司本身有做 ESOS



他们有 dividend policy 30% of annual audited profit after tax attributable to owners of the Company

 


 FPGROUP 2019Q1 到最新的 2020Q4 profit margin 稳定的上扬,平均都在25%以上,营业额和盈利也是节节上升。他们最新的 Laser Stencil and precision engineering segment 贡献不少。现在当红的 5G 趋势,前提美国股市安稳,美廉署水喉继续开,科技股的带领和全球对于科技产品的需求量稳定(各种智慧型产品,电动车),FPGROUP  的支援型服务和产品就会水涨船高。现在 FPGROUP 的股价在9毛到1.1之前横摆,PE33左右,最高52周股价到1.23,这些有业绩表现,静静做生意,慢慢成长的,在跌出价值的时候,你们会怎么样?小李小咖,但是就会放进观察名单和价位铃铛咯。



小李在很多前辈和网络上有听过,买一间公司的未来,就是买它未来的现金流,FPGROUP 没借贷和 profit margin 和营业额稳定上扬为开头炮,加上5G 洪流带动的需求量,只要收票价位够低,无论是收股息还是资金增长, FPGROUP 都会是投资者不错的选择。

 

光之军

 

 

 

Sunday, November 15, 2015

How to Unsubscribe from Digi Prepaid Daily Internet

Sometimes when we need some service from the Telco we just subscribe the plan without look much into it. Some of the plan comes with the daily or weekly or monthly auto renew setting. the system will cut your balance and subscribe the plan without your permission and this is kinda annoying and frust you out, specially those who got budget in phone bill or prepaid user.

Now I've found a solution with a credit from goodyfoodies.blogspot, we can un-subscribe the plan we accidentally subscribed.

How to unsubscribe from Digi Internet Packages:

On your keypad, key in *116#.

Press Reply, key in "1" for Internet Packages.

Select the Internet Package that you are subscribed to..
For example, I was subscribed onto the Daily RM3 - so press Reply and key in "5".


Press Reply and key in "1" to unsubscribe.

Finally, key in "1" one more time to confirm unsubscribe.

You will no longer be charged RM3 for daily internet. You will receive a SMS confirming that you have unsubscribed.




Whala~ problem solved~

Saturday, March 15, 2014

Google Chrome scrolling / scroll not working ? Here's the solution

You neither need to install any extensions. Nor need to uninstall and re-install the old version. It's a bug with windows not being able to accept the new updates of Google Chrome.

1. Close your Google Chrome completely.

2. Go to Start > All Programs > Open Google Chrome folder > Right click on Google Chrome icon then select Properties > Under Shortcut Tab Copy the file path in "Start in" C:\Users\(WINDOWS ID)\AppData\Local\Google\Chrome\Application

3. Go to start > Control Panel\All Control Panel Items > Select Mouse > Select Wheel tab > Under Wheel section select Exceptions > A pop up window will show up > Select Add

Type the following under
Application Name: Google Chrome
Program Path: (Paste the file you copied and add \chrome.exe

example: C:\Users\(WINDOWS ID)\AppData\Local\Google\Chrome\Application\chrome.exe

4. Click on Apply and Ok until you exit mouse settings
5. Re-open Google Chrome

Should you have any further queries, please advise and I will do my very best to assist you.

Thank you and have a nice day.

Tuesday, January 28, 2014

Tips And Location Of Files For Resident Evil 3 / Biohazard 3

Tips And Location Of Files For Resident Evil 3 / Biohazard 3

If you want to unlock Jill's Diary, you MUST COLLECT ALL FILES IN ORDER, but then there are many emergency choices might lead you to the wrong sequence, you will need to choose the one I recommend to make you game flow and file collection go by order. Here's some note for your reference:

1) You need to stop by the restaurant before you go to the Raccoon Press building.
2) Take the nearer file 'Photo C' then only 'Reporter's Notebook' at the back of the Raccoon Press building office.
3) When you reach sales office pick up the report stack with remote control first, then the fax place in the drawers to the side of the room, near Murphy's corpse.
4) After Mikhail last stand with Nemesis, you need to choose to pull the emergency brake when the trolley car out of control. You will start outside of the clock tower which you will see file #17 before file #18.
5) When you play as Carlos, go to the fourth (4th) floor of the hospital before you go down basement.
6) Choose to shove Nemesis off of the bridge in the park and You will be able to reach the lounge before the monitor room, file #27 will shows before file #28.

========================================================
HERE'S The FULL List OF FILES THROUGH OUT THE WHOLE GAME
========================================================

#1: Game Instructions #1 : Begining of the game
#2: Game Instructions #2 : Begining of the game
#3: Clock Tower Postcard: On the counter in the bar where you meet Brad.
#4: Photo A: Remember the gate tied with oil soaked rope? Check the corpse behind the barricade, behind the red herbs.

#5: Marvin's Report : If you got play RE2 he is right where Leon or Claire had to shoot him back in the game. Marvin's lying on the floor in the office in the RPD building.

#6: David's Memo : On the table in the darkroom, behind the typewriter.
#7: Fax from Kendo : Check the fax machine right beside the door in the STARS office.
#8: Merc's Diary : Afteryou get the lock pick from RPD you will go through a alley with a red barrel, Drain Deimos crawl out from the window, check the corpse of mercenaries lying in the corner for the handgun bullets and file.

#9: City Guide : On a table in the restaurant.
#10: Photo B : Lying on top of a pay 'phone in the lobby of the Raccoon Press building.
#11: Photo C : On one of the desks in the third-floor office of the Raccoon Press building.
#12: Reporter's Notebook : In the Raccoon Press office, At the very end back of the office.
#13: Mechanic's Memo : Check the sparking control panel in the trolley car.

#14: Manager's Report : Sales office stack with remote control
#15: Business Fax : Sales office too, in the drawers to the side of the room, near Murphy's corpse.

#16: Dario's Memo : At any time after talking to Nicholai and Carlos in the trolley car, make your way back downtown and revisit the warehouse where you started the game. The trailer Dario shut himself up in is now open and the memo is inside.

#17: Operation Instructions : Check the body of the mercenaries in the front hall of the clock tower, it stack together with the mine thrower.

#18: Picture Postcard : On an end table in the clock tower's library, near an open drawer with
an ink ribbon in it.

#19: Mercenary's Pocketbook : In the clock puzzle room, left hand side of the pictures, check the corpse of a mercenarie and a girl hold together.

#20: Director's Diary : In the doctor's office in the hospital. It's visible on the floor next to the dead man on the couch.

#21: Photo D : In the back room on the fourth floor, by the sickroom key.

#22: Medical Instruction Manual : On a counter in the hospital's basement laboratory.

#23: Photo E : The room you lock pick in and get the park key.

#24: Written Orders To The Supervisors : In the Raccoon City Park, head east go pass the wooden bridge then in the woods, one of the dead men on the path has a park key and this file.

#25: Supervisor's Report : Room behind the fireplace in the graveyard tool shed, on the table
#26: Fax from HQ : Room behind the fireplace in the graveyard tool shed, the fax is posted on the nearby chalkboard.

#27: Manager's Diary : In the lounge in the dead factory, by the typewriter. If you pushed
Nemesis off of the bridge, you'll run into Carlos in here.

#28: Security Manual : On a desk in the monitor room in the dead factory, near where you
get the water sample. When you walk in, it'll be in the foreground.

#29: Incinerator Manual : In the room below the control tower, on the wall next to the
ladder. It's very easy to overlook.

#30: Classified Photo : In the junkyard, on the ground. It's right in front of the door
that leads to the final battle with Nemesis.

~ 光之军 ~

Wednesday, January 22, 2014

Resident Evil 2 / Biohazard 2 Notes and Tricks

This is actually the first ever game I play with Play Station 1, ah.... the old days..... Seriously, this is the best ever game I play at that moment, then I play RE3, only then finally I play RE1, you will know how annoying that playing RE1 is more difficult without the auto aim and evade system of RE3. Right, enough old tales, I conclude some of my experience and tricks for Resident Evil 2 / Biohazard 2, check it out:

Side Pack & Sub-machine Gun :
Playing Disc A will be more easy from every presepctive, the key item locations tag with play flow, less enemy (Mr X only appear in Disc B), Final Boss and preparation, weapons (Most of Claire weapons takes two space, stun gun, sub-machine gun, grenade launcher need space for ammo), so I'm suggest you when you play as Leon, don not take the side pack and sub-machine gun in the police station armory, sasve it for Claire, this will make Claire gameplay more easy.

Special Key (changing clothes) :
You must get to the RPD without picking up any items. Brad (the yellow vest zombie) from the STARS Team is now a Zombie and will appear in the tunnel under the RPD entrance, kill it and check the cropse. The Special Key is used on the locker in the Storeroom/Darkroom. For Leon, it will give him access to two changes of clothes. For Claire, the Special Key will give her a new Western costume complete with authentic Six-Shooter (fast shooting 6 bullets hand gun).

Ranking System : 
After beating the game, the ranking screen will display a letter grade (A-F), the number of saves, and the time it took to complete the scenario. The main focus is clearly on the time clock, but the number of saves will also factor heavily into a point system that Resident Evil 2 tracks internally. Try not to save more than 10 times per scenario. The point system is also affected by the use of any weapons with infinite ammo - in other words Special Weapons. You will not get an "A" grade with the use of


Special Weapons:
•Infinite Ammo Rocket Launcher - Complete the 1st Scenario in under 2 1/2 hours. Achieve a grade of A or B
•Infinite Ammo Gatling Gun - Complete the 2nd Scenario in under 2 1/2 hours. Achieve a grade of A or B.
•Infinite Ammo Submachine Gunn - Complete the 2nd Scenario in under 3 hours. Achieve a grade of A or B.
•All 3 Infinite Weapons - Complete the 2nd Scenario in under 2 1/2 hours. Achieve a grade of A or B.

The 4th Survivor - Hunk :
Hunk is one of the Umbrella Corporation's goons sent to steal the G-Virus from William Birkin. To plays as Hunk you must beat the 2nd Scenario in under 3 Hours with a grade of A. If you have accomplished this task correctly, a screen with Hunk will be followed by the option to create a Hunk save file. Save and you will be able to load Hunk's game from either Resident Evil 2 disc.

The Tofu Survivor :
This trick is completely whacked out and requires incredible dedication to playing the game through and through and through again. Here's how to find Tofu.
The entire game (1st + 2nd Scenario) must be played through three times, plus you must find Hunk along the way. You must start from the newly created Leon or Claire save file each time through. In addition, the Hunk File must exist on your memory card BEFORE playing the game through for the third time.