[Today’s Guide]
○ SOEs reform top design documents to release in April
○ Shanghai state capital reform ferments various reform measures
○ First Beidou navigation global networking satellite to launch
○ Kunming Lake project of YunNan Metropolitan Real Estate Development sees smooth sales
[Authoritative Voice]
“1+N” documents for SOEs reform to release in April
------
XFA exclusively learnt that relevant officials convened a conference with the participation of executives of central enterprises in early March to solicit opinions on the SOEs reform 1+N top design documents. As relevant documents are under further revision, the market expects that the SOEs reform top design plan originally planned to be released after the two sessions will be postponed to April. Besides, the details on the reform of the first trial central enterprises, including China Energy Conservation and Environmental Protection Group, Xinxing Cathay International Group, China National Building Material Company Limited (03323.HK) and China National Medicines Corporation Ltd. (600511.SH) will be released at the same time.
Currently, the SOEs reform top design plan is defined as “!+N”, of which “1” refers to the instructions on the overall SOEs reform as the overall framework and principle and “N” refers to the plans and rules on various aspects in the SOEs reform.
[XFA View]
○ Inner genes determines the success of “Internet Plus” enterprises
------
The dispute between Shui Pi, a financial catalyst, and Wang Ruyuan, a well-known fund manager, over Longmaster Information & Technology Co., Ltd. (300288.SZ) has been expanded to the dispute over the “Internet Plus”. After communications with institutional investors, the author believes that the market value is not the decisive factor in judging if the “Internet Plus” sector has bubblization. It is the corresponding inner genes of enterprises that determine the success of the “Internet Plus”.
As a generally applicable means to boost technological progress and efficiency improvement, the “Internet Plus” will undoubtedly improve the overall economic and social efficiency. In terms of specific industries or enterprises, they may see different benefits. The “Internet Plus” technologies must integrate with the such “inner genes” of enterprises as the absorption, spreading and application of technologies in industries and enterprises as well as the manufacturing and operation abilities before transforming into real business revenues and profits. It means that the success of “Internet Plus” enterprises largely depend on whether they have the genes of “Internet Plus”.
As a result, the “Internet Plus” has firstly become the dominant trend for the transformation of some emerging service industries, such as Internet-based finance, medical treatment and education. Such industries are between the traditional companies and Internet companies with relatively high application of information technologies and it is easier to promote the Internet application. Institutional investors believe that such industries will see rapid development in the “Internet Plus” and are more likely to succeed. However, the bottleneck for the market value growth of companies depends on the fundamentals of the business development. For example, the market value of Shanghai 2345 Network Holding Group Co., Ltd. (002195.SZ) once reached 60 billion yuan, which is 1.5 times of Qihoo 360 (Qihu. NYSE), the cost competitive company with most users, products and ecological synergy in the industry. It has been questioned by massive institutes.
It shall be admitted that the “Internet Plus” has certainties on the development of domestic development in terms of the industrial transformation and technological upgrading. Investors do not need to worry that relevant enthusiasm on the A shares will diminish. With more enterprises, including traditional enterprises, joining the trend, the concept sector will fluctuate significantly and internal differentiation will arrive. The continuity of individual performances of stocks will be determined by the inner “Internet Plus” genes of enterprises. As a matter of fact, even in the opinion of relatively radical institutional investors, only 10 percent of the subject worth investment in the “Internet Plus” concept sectors. (Zhong Wen)
[Hotspot Investigation]
○ Shanghai state capital reform ferments big moves
------
Based on the research of the XFA, Shanghai will introduce big moves in the state capital reform this year with the gradual implementation of relevant key and specific plans on reform.
○ Promote the listing of overall enterprise groups and core assets
Shanghai will complete the overall listing of the Greenland Group and Shanghai Xian Dai Architectural Design (Group) Co., Ltd., promote the overall listing of such enterprise groups as Shanghai Eastbest & Lansheng International (Group) CO., Ltd. It will complete the listing of core assets of Lingang and promote the preparation for the listing of core assets of Shanghai Huayi (Group) Company. It will also promote the reform of the corporate and shareholding reform of groups and their subsidiaries, complete the corporate reform of one to two groups and implement the reform plans of one to two scientific and research academies.
○ More state capitals to flow into four emerging industries
It will endeavor to achieve the target of 70 percent of state capitals in certain emerging industries, including: promoting strategic emerging industries with the new energy vehicles, gas turbines and the new generation of information technology as the cores, facilitating the advanced manufacturing industries with the vehicles manufacturing, fine chemical engineering and fabricated houses as focuses as well as giving priorities to modern service industry while focusing on the transformation and upgrading of traditional trade, services informationization and producer services. In addition, it will facilitate the exit of industries that do not meet the functional positioning of Shanghai or without competitiveness and have been loss-making. It will guide Shanghai Electric Group Company Limited (02727.HK; 601727.SH), Bright Food (Group) Co., Ltd., Shanghai Huayi (Group) Company and other key enterprises in completing the industrial shrinkage and adjustment.
○ State capital flow platform likely to operate in the first half
Shanghai will establish the ancillary system framework for the assets operation platform, implement the equity transfer, operate capital flow accounts and form and implement the sustainable asset trusteeship in the overall listed enterprise groups.
[Data Reference]
○ More ST companies to cancel special treatments
------
Statistics show that except the listing suspension and the trading suspension as a result of significant events, 13 special treatment (ST) companies which have not disclosed their annual reports are expected to turn losses into profits or continue to record profits in 2014. Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd. (002459.SZ), Holitech Technology Co., Ltd. (002217.SZ), Tianjin Printronics Circuit Corporation (002134.SZ), Weihai Huadong Automation Co., Ltd. (002248.SZ) and AVIC Sanxin Co., Ltd. (002163.SZ) have disclosed the financial expresses and meet the basic financial requirements for cancelling special treatments.
Besides, Shandong Minhe Animal Husbandry Co., Ltd. (002234.SZ) and Sinopec Oilfield Service Corporation (01033.HK; 600871.SH) submitted the application for cancelling the special treatment on March 19 and 24. In accordance with the requirements, the Shanghai and Shenzhen stock exchanges will determine if it can be cancelled within ten and five trading business days.
[Institutions’ Movement]
○ Insurance capitals bullish about long-term trend and flow to phar. industry
------
The data from insurance regulatory departments show that various insurance assets management are tend to the pharmaceutical industry as it is a sunrise industry in health and elderly care and is likely to be bullish for a long term. Insurance capitals heavily invested 15 pharmaceutical stocks in the fourth quarter of last year, eight of which are new, including Humanwell Healthcare (group) Co., Ltd. (600079.SH) and Beijing Tongrentang Co., Ltd. (600085.SH). The annual reports of these 15 individual stocks highlighted “stable operation and improved results”.
[XFA Viewpoint]
○ First Beidou navigation global networking satellite to launch, industry to see explosive growth
------
XFA learns that the first Beidou navigation global networking satellite will be launched recently. The satellite has been transported to Xichang Satellite Launch Center and the tracking ship has traveled to observation area. Along with the launch of Phase III navigation satellite, Beidou satellite navigation system will stride towards global coverage from current coverage in Asian-Pacific region. By 2020, the Beidou system will be served by 35 satellites, globally-covering the world. According to the Twelfth Five-Year Plan of satellite navigation industry, the output value of Beidou industry will record 400 billion yuan and the Beidou products will occupy 80 percent of key application areas including aviation, navigation, traffic, etc.
Hwa Create Co., Ltd. (300045.SZ) is a leading enterprise producing electromechanical and radar communications simulation products in China. Based on technical advantages, the company occupies the upstream chips of the industrial chain and the integrated technology, and gradually explores application in Beidou area. Relying on the re-development by original military customers, the company obtained Beidou’s orders in the early stage. Under the steady promotion of military products, progress has been achieved in civil vehicle navigation chips. The orders of Coagent Enterprise Limited Co., Ltd. will see booming goods supply.
Anhui Sun Create Electronics Co., Ltd. (600990.SH) is a leading enterprise in meteorological radar and air traffic control radar in China. As the main enterprise of the 38th Research Institute of China Electronics Technology Group Corporation, the company might become the new technology application platform of the 38th Research Institute. The company has succeeded in developing multi high-end systems including forest fire prevention command system, hydrologic monitoring system, etc. by resorting to the location and short message functions of Beidou system and establishing various geographic space database, high- resolution satellite image database, and professional forest, ocean and hydrological databases.
[Industry Observation]
○ One Belt and One Road strategy keeps pace with oil price drop, prosperity of shipping industry to enhance
------
Three departments and commissions including the National Development and Reform Commission (NDRC) jointly distributed the vision and actions document of “One Belt and One Road” on March 28, promoting the economic development of Asia, Europe and Africa as well as surrounding seas. Data shows that the total population along the “One Belt and One Road” reaches 4.4 billion, while economic aggregate is around 21 trillion US dollars, accounting for 63 percent and 29 percent globally, respectively. The accelerated implementation of “One Belt and One Road” strategy will enhance the trading demand of countries along the way and bring opportunities to the special freighters engaged in large-scale equipment transportation and the shipping enterprises engaged in containers and dry bulk operation in China.
Moreover, international oil price fell sharply since the fourth quarter of 2014 and lifted the profitability of shipping enterprises. As the busy season of bulk commodities comes, BDI index shows signs of rebounding. The BDI index has totally rebounded by nearly 20 percent from late-Feb to now. Among listed companies, COSCO Shipping Co., Ltd. (600428.SH) is engaged in special freighter transportation and mainly accepts for carriage of Chinese enterprises’ large-scale equipment and building material needed by their overseas projects. It will benefit from the “going out” strategy first. The container transportation business of China Shipping Container Lines Company Limited (601866.SH; 02866.HK) mainly covers coastal states along “One Belt and One Road”. The company has cooperated with Alibaba to build a logistics service network oriented in international full container logistics maritime transportation service.
[Information Radar]
○ Kunming Lake project of YunNan Metropolitan Real Estate Development sees sound progress
------
XFA learns that the Kunming Lake project of YunNan Metropolitan Real Estate Development Co., Ltd. (600239.SH) is under sound progress now. The company’s sales volume in 2014 is around 4 billion yuan and the income carried forward is around 900 million yuan, while its sales volume in 2015 is targeted around 5 billion yuan. As its income in last year and this year to be carried forward in succession, its performance will grow. It is learnt that the Kunming Lake project totally covers an area of 5 million square meters with 12 parklands including Falls Park, Wetland Park, River Park, etc. and with complete supporting facilities including commerce, schools, hospitals, etc. It is noteworthy that the company launched private placement scheme last Oct. with its substantial shareholder planning to subscribe 1.5 billion yuan. Meanwhile, the company will also introduce strategic investors including China Life AMP Asset Management Co., Ltd., Caitong Fund Management Co., Ltd., Gopher Noble Asset Management Co., Ltd., etc.
[Editor's Thought]
○ “Internet Plus” still on road, wait for new opportunities
------
The breaking news this week is that the stock price of Guangdong Qtone Education Co., Ltd. (300359.SZ) starts to fall after recording the price of 348 yuan per share. It fell by nearly 100 yuan in just three days. Meanwhile, some growth stocks followed its pace to fall. Is “Internet Plus” over? The author’s opinion is that the “Internet Plus” itself is not ended, but the correction pressure of some growth stocks surging too much in the short term is increasing.
First of all, one question needs to be answered. What is added by “Internet Plus”, only finance or education? The answer is obviously “no”. The executive meeting of the State Council convened recently answered the question what is added by “Internet Plus”. The meeting explicitly proposes to go with the tide of “Internet Plus”, prioritize the development of ten areas including new-generation information technology, upscale numerically-controlled machine tool and robot, aerospace equipment, ocean engineering equipment and hi-tech ship, advanced rail transit equipment, energy conservation and new energy vehicle, electronic equipment, new material, biological medicine and high-powered medical devices as well as agriculture machinery equipment. It shows that many areas are possible to be connected with “Internet Plus”.
Secondly, does the correction resulted by some high-price stocks surging too rapidly in the short term mean that the whole sector is going downtrend? The answer is obviously “no” too. It is more possible that the sector is undergoing internal differentiation. Though Qtone Education, engaged in Internet education, drops, but it does not impede other companies from transforming towards Internet education. These new comers quickening their paces towards Internet will be favored by investors.
Therefore, if “Internet Plus” is admitted to be an important opportunity for the investment of this year, then what the investors need to do is to study what’s the next opportunity of “Internet Plus”. And the ten areas proposed by the executive meeting of the State Council are worthy of investors’ study.
○ SOEs reform top design documents to release in April
○ Shanghai state capital reform ferments various reform measures
○ First Beidou navigation global networking satellite to launch
○ Kunming Lake project of YunNan Metropolitan Real Estate Development sees smooth sales
[Authoritative Voice]
“1+N” documents for SOEs reform to release in April
------
XFA exclusively learnt that relevant officials convened a conference with the participation of executives of central enterprises in early March to solicit opinions on the SOEs reform 1+N top design documents. As relevant documents are under further revision, the market expects that the SOEs reform top design plan originally planned to be released after the two sessions will be postponed to April. Besides, the details on the reform of the first trial central enterprises, including China Energy Conservation and Environmental Protection Group, Xinxing Cathay International Group, China National Building Material Company Limited (03323.HK) and China National Medicines Corporation Ltd. (600511.SH) will be released at the same time.
Currently, the SOEs reform top design plan is defined as “!+N”, of which “1” refers to the instructions on the overall SOEs reform as the overall framework and principle and “N” refers to the plans and rules on various aspects in the SOEs reform.
[XFA View]
○ Inner genes determines the success of “Internet Plus” enterprises
------
The dispute between Shui Pi, a financial catalyst, and Wang Ruyuan, a well-known fund manager, over Longmaster Information & Technology Co., Ltd. (300288.SZ) has been expanded to the dispute over the “Internet Plus”. After communications with institutional investors, the author believes that the market value is not the decisive factor in judging if the “Internet Plus” sector has bubblization. It is the corresponding inner genes of enterprises that determine the success of the “Internet Plus”.
As a generally applicable means to boost technological progress and efficiency improvement, the “Internet Plus” will undoubtedly improve the overall economic and social efficiency. In terms of specific industries or enterprises, they may see different benefits. The “Internet Plus” technologies must integrate with the such “inner genes” of enterprises as the absorption, spreading and application of technologies in industries and enterprises as well as the manufacturing and operation abilities before transforming into real business revenues and profits. It means that the success of “Internet Plus” enterprises largely depend on whether they have the genes of “Internet Plus”.
As a result, the “Internet Plus” has firstly become the dominant trend for the transformation of some emerging service industries, such as Internet-based finance, medical treatment and education. Such industries are between the traditional companies and Internet companies with relatively high application of information technologies and it is easier to promote the Internet application. Institutional investors believe that such industries will see rapid development in the “Internet Plus” and are more likely to succeed. However, the bottleneck for the market value growth of companies depends on the fundamentals of the business development. For example, the market value of Shanghai 2345 Network Holding Group Co., Ltd. (002195.SZ) once reached 60 billion yuan, which is 1.5 times of Qihoo 360 (Qihu. NYSE), the cost competitive company with most users, products and ecological synergy in the industry. It has been questioned by massive institutes.
It shall be admitted that the “Internet Plus” has certainties on the development of domestic development in terms of the industrial transformation and technological upgrading. Investors do not need to worry that relevant enthusiasm on the A shares will diminish. With more enterprises, including traditional enterprises, joining the trend, the concept sector will fluctuate significantly and internal differentiation will arrive. The continuity of individual performances of stocks will be determined by the inner “Internet Plus” genes of enterprises. As a matter of fact, even in the opinion of relatively radical institutional investors, only 10 percent of the subject worth investment in the “Internet Plus” concept sectors. (Zhong Wen)
[Hotspot Investigation]
○ Shanghai state capital reform ferments big moves
------
Based on the research of the XFA, Shanghai will introduce big moves in the state capital reform this year with the gradual implementation of relevant key and specific plans on reform.
○ Promote the listing of overall enterprise groups and core assets
Shanghai will complete the overall listing of the Greenland Group and Shanghai Xian Dai Architectural Design (Group) Co., Ltd., promote the overall listing of such enterprise groups as Shanghai Eastbest & Lansheng International (Group) CO., Ltd. It will complete the listing of core assets of Lingang and promote the preparation for the listing of core assets of Shanghai Huayi (Group) Company. It will also promote the reform of the corporate and shareholding reform of groups and their subsidiaries, complete the corporate reform of one to two groups and implement the reform plans of one to two scientific and research academies.
○ More state capitals to flow into four emerging industries
It will endeavor to achieve the target of 70 percent of state capitals in certain emerging industries, including: promoting strategic emerging industries with the new energy vehicles, gas turbines and the new generation of information technology as the cores, facilitating the advanced manufacturing industries with the vehicles manufacturing, fine chemical engineering and fabricated houses as focuses as well as giving priorities to modern service industry while focusing on the transformation and upgrading of traditional trade, services informationization and producer services. In addition, it will facilitate the exit of industries that do not meet the functional positioning of Shanghai or without competitiveness and have been loss-making. It will guide Shanghai Electric Group Company Limited (02727.HK; 601727.SH), Bright Food (Group) Co., Ltd., Shanghai Huayi (Group) Company and other key enterprises in completing the industrial shrinkage and adjustment.
○ State capital flow platform likely to operate in the first half
Shanghai will establish the ancillary system framework for the assets operation platform, implement the equity transfer, operate capital flow accounts and form and implement the sustainable asset trusteeship in the overall listed enterprise groups.
[Data Reference]
○ More ST companies to cancel special treatments
------
Statistics show that except the listing suspension and the trading suspension as a result of significant events, 13 special treatment (ST) companies which have not disclosed their annual reports are expected to turn losses into profits or continue to record profits in 2014. Qinhuangdao Tianye Tolian Heavy Industry Co., Ltd. (002459.SZ), Holitech Technology Co., Ltd. (002217.SZ), Tianjin Printronics Circuit Corporation (002134.SZ), Weihai Huadong Automation Co., Ltd. (002248.SZ) and AVIC Sanxin Co., Ltd. (002163.SZ) have disclosed the financial expresses and meet the basic financial requirements for cancelling special treatments.
Besides, Shandong Minhe Animal Husbandry Co., Ltd. (002234.SZ) and Sinopec Oilfield Service Corporation (01033.HK; 600871.SH) submitted the application for cancelling the special treatment on March 19 and 24. In accordance with the requirements, the Shanghai and Shenzhen stock exchanges will determine if it can be cancelled within ten and five trading business days.
[Institutions’ Movement]
○ Insurance capitals bullish about long-term trend and flow to phar. industry
------
The data from insurance regulatory departments show that various insurance assets management are tend to the pharmaceutical industry as it is a sunrise industry in health and elderly care and is likely to be bullish for a long term. Insurance capitals heavily invested 15 pharmaceutical stocks in the fourth quarter of last year, eight of which are new, including Humanwell Healthcare (group) Co., Ltd. (600079.SH) and Beijing Tongrentang Co., Ltd. (600085.SH). The annual reports of these 15 individual stocks highlighted “stable operation and improved results”.
[XFA Viewpoint]
○ First Beidou navigation global networking satellite to launch, industry to see explosive growth
------
XFA learns that the first Beidou navigation global networking satellite will be launched recently. The satellite has been transported to Xichang Satellite Launch Center and the tracking ship has traveled to observation area. Along with the launch of Phase III navigation satellite, Beidou satellite navigation system will stride towards global coverage from current coverage in Asian-Pacific region. By 2020, the Beidou system will be served by 35 satellites, globally-covering the world. According to the Twelfth Five-Year Plan of satellite navigation industry, the output value of Beidou industry will record 400 billion yuan and the Beidou products will occupy 80 percent of key application areas including aviation, navigation, traffic, etc.
Hwa Create Co., Ltd. (300045.SZ) is a leading enterprise producing electromechanical and radar communications simulation products in China. Based on technical advantages, the company occupies the upstream chips of the industrial chain and the integrated technology, and gradually explores application in Beidou area. Relying on the re-development by original military customers, the company obtained Beidou’s orders in the early stage. Under the steady promotion of military products, progress has been achieved in civil vehicle navigation chips. The orders of Coagent Enterprise Limited Co., Ltd. will see booming goods supply.
Anhui Sun Create Electronics Co., Ltd. (600990.SH) is a leading enterprise in meteorological radar and air traffic control radar in China. As the main enterprise of the 38th Research Institute of China Electronics Technology Group Corporation, the company might become the new technology application platform of the 38th Research Institute. The company has succeeded in developing multi high-end systems including forest fire prevention command system, hydrologic monitoring system, etc. by resorting to the location and short message functions of Beidou system and establishing various geographic space database, high- resolution satellite image database, and professional forest, ocean and hydrological databases.
[Industry Observation]
○ One Belt and One Road strategy keeps pace with oil price drop, prosperity of shipping industry to enhance
------
Three departments and commissions including the National Development and Reform Commission (NDRC) jointly distributed the vision and actions document of “One Belt and One Road” on March 28, promoting the economic development of Asia, Europe and Africa as well as surrounding seas. Data shows that the total population along the “One Belt and One Road” reaches 4.4 billion, while economic aggregate is around 21 trillion US dollars, accounting for 63 percent and 29 percent globally, respectively. The accelerated implementation of “One Belt and One Road” strategy will enhance the trading demand of countries along the way and bring opportunities to the special freighters engaged in large-scale equipment transportation and the shipping enterprises engaged in containers and dry bulk operation in China.
Moreover, international oil price fell sharply since the fourth quarter of 2014 and lifted the profitability of shipping enterprises. As the busy season of bulk commodities comes, BDI index shows signs of rebounding. The BDI index has totally rebounded by nearly 20 percent from late-Feb to now. Among listed companies, COSCO Shipping Co., Ltd. (600428.SH) is engaged in special freighter transportation and mainly accepts for carriage of Chinese enterprises’ large-scale equipment and building material needed by their overseas projects. It will benefit from the “going out” strategy first. The container transportation business of China Shipping Container Lines Company Limited (601866.SH; 02866.HK) mainly covers coastal states along “One Belt and One Road”. The company has cooperated with Alibaba to build a logistics service network oriented in international full container logistics maritime transportation service.
[Information Radar]
○ Kunming Lake project of YunNan Metropolitan Real Estate Development sees sound progress
------
XFA learns that the Kunming Lake project of YunNan Metropolitan Real Estate Development Co., Ltd. (600239.SH) is under sound progress now. The company’s sales volume in 2014 is around 4 billion yuan and the income carried forward is around 900 million yuan, while its sales volume in 2015 is targeted around 5 billion yuan. As its income in last year and this year to be carried forward in succession, its performance will grow. It is learnt that the Kunming Lake project totally covers an area of 5 million square meters with 12 parklands including Falls Park, Wetland Park, River Park, etc. and with complete supporting facilities including commerce, schools, hospitals, etc. It is noteworthy that the company launched private placement scheme last Oct. with its substantial shareholder planning to subscribe 1.5 billion yuan. Meanwhile, the company will also introduce strategic investors including China Life AMP Asset Management Co., Ltd., Caitong Fund Management Co., Ltd., Gopher Noble Asset Management Co., Ltd., etc.
[Editor's Thought]
○ “Internet Plus” still on road, wait for new opportunities
------
The breaking news this week is that the stock price of Guangdong Qtone Education Co., Ltd. (300359.SZ) starts to fall after recording the price of 348 yuan per share. It fell by nearly 100 yuan in just three days. Meanwhile, some growth stocks followed its pace to fall. Is “Internet Plus” over? The author’s opinion is that the “Internet Plus” itself is not ended, but the correction pressure of some growth stocks surging too much in the short term is increasing.
First of all, one question needs to be answered. What is added by “Internet Plus”, only finance or education? The answer is obviously “no”. The executive meeting of the State Council convened recently answered the question what is added by “Internet Plus”. The meeting explicitly proposes to go with the tide of “Internet Plus”, prioritize the development of ten areas including new-generation information technology, upscale numerically-controlled machine tool and robot, aerospace equipment, ocean engineering equipment and hi-tech ship, advanced rail transit equipment, energy conservation and new energy vehicle, electronic equipment, new material, biological medicine and high-powered medical devices as well as agriculture machinery equipment. It shows that many areas are possible to be connected with “Internet Plus”.
Secondly, does the correction resulted by some high-price stocks surging too rapidly in the short term mean that the whole sector is going downtrend? The answer is obviously “no” too. It is more possible that the sector is undergoing internal differentiation. Though Qtone Education, engaged in Internet education, drops, but it does not impede other companies from transforming towards Internet education. These new comers quickening their paces towards Internet will be favored by investors.
Therefore, if “Internet Plus” is admitted to be an important opportunity for the investment of this year, then what the investors need to do is to study what’s the next opportunity of “Internet Plus”. And the ten areas proposed by the executive meeting of the State Council are worthy of investors’ study.
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