Family Money: Taking a technical look at income & growth stocks
Managing director of Westminster Portfolio Services (Thailand) Ltd.
If you’re a sophisticated direct investor who does
his own stock-picking, or a clever young fund manager whose focus is the
same objective, do you go for growth stocks or income stocks?
In theory one or the other shouldn’t exist. Shares
should not offer both a high dividend yield and high capital growth.
If a company is expected to deliver sustainable profits
growth, its shares ‘ought’ to trade on a relatively high multiple of
earnings, so the dividend it pays out of those earnings will consequently
be a low percentage (yield) of its share price. But after a three-year
bear market, that theory has lost favour since some companies out there
with good prospects for low price-earnings multiples are paying rather
nice big dividends.
Squaring the circle
Financial theory also states that shares offering high
growth should not exist because if a company is growing that quickly, it
ought to be pouring its profits back into finding more growth, not handing
out cash to shareholders.
That one too has been turned on its head by the recent
downturn. Many companies offer the prospect of profit growth not because
they’ve been investing in exciting new products and services, but
because they’ve been doing the opposite: cutting costs and getting back
to what they know works. Now, touch wood, they stand to benefit from a
stabilisation or modest recovery in sales, on top of a new slimline cost
Admittedly, profit growth created by cost-cutting is
hardly the same thing as creating value in an expanding market (if you can
find a high-yielding share where the company in question is also
profitably riding a high-growth market, it’s time to re-mortgage the
house and fill your boots, as they say), but it’s growth nonetheless.
Nobody wants to invest in a company that’s only means
of growth is cost-cutting. There’s got to be the prospect of some
topline growth too. But, when you put the two together, you can find
high-yielding shares that also offer the recovery story needed to underpin
It’s all about finding shares that have been oversold
on the back of bad news during the current global economic slump. You’re
looking for companies where overly sceptical investors have failed to
price-in recovery properly; leaving the shares trading on depressed
multiples of depressed earnings. That’s the way of squaring the high
income high-growth circle.
At this stage, you might be thinking this all sounds
rather unlikely. After all, you’re attempting to spot something everyone
else has missed. It’s the equivalent of saying: “I’m right, and the
thousands of clever, experienced investors who constitute the market are
If it is possible to find high-growth, high-yield
shares, the market must currently be guilty of systemic undervaluation.
There’s a fairly compelling story – investors could be suffering from
excessive pessimism as a response to the excessive optimism of the
internet bubble. But compelling-sounding rationalisations are 10-a-penny
(remember the internet productivity miracle?).
Matters of fact
So rather than rely on comforting stories, look at hard
fact: the market has an appalling track record of predicting earnings’
growth. As mentioned above, if a company’s shares trade on high P/E
multiples, it ‘ought’ subsequently to experience high earnings’
growth, and vice versa. In fact, history shows no correlation between P/E
multiples and subsequent earnings growth. There are plenty of examples of
failed growth stocks (12 of the 25 top-rated companies saw earnings fall)
but it’s the other end that interests us. Five years ago, Peterhouse
Group, to cite one example, was trading on a P/E of 6.3 and it went on to
grow earnings by 104%. Bloomsbury Publishing was on a P/E of 7.7 and grew
earnings 147%. T. Clarke traded on 8.4 and grew earnings a mere 3,511%
(which sails nicely off the top of my graph!)
In fact, 11 of the 25 companies with the lowest P/E
ratios five years ago went on to grow earnings by more than 50% over the
intervening years. The market clearly has a habit of applying low P/E
ratios – low enough to allow hefty dividend yields – to companies that
are destined to grow profits and deliver share price gains.
Other measures back this up. Income portfolios, of one
form or another, generally do better than other forms of investing –
with the exception of anomalous periods like the internet boom. There has
been an extraordinary divergence over the last century between the
cumulative return from high-yield investing and investing in a straight
A ฃ1 investment in 1900 in a high-yield index
would have turned into ฃ61,235 by 2000, compared with ฃ16,160
from the market index. That’s the magic of cumulative interest. Those
figures are for total return (including dividend income) but the same
holds true for pure capital returns.
The average performance is marginally better. It’s
notable that high-yielders (or ‘old economy’ stocks) underperformed
during the TMT bubble, then dramatically outperformed when it burst.
It’s also notable that high-yielders underperformed during the recession
of the early 1990s.
The strong share price performance of dividend-paying
companies is potentially explained by the discipline of having to pay a
dividend. It encourages management to concentrate on profitability and
cash-generation, hence avoiding overly risky growth strategies.
What’s more, the valuations of unglamorous high-
yielders don’t have unrealistic growth expectations built in, so share
prices aren’t overcooked and vulnerable to earnings disappointment.
Snap Shot: How Deep is Depth of Field?
by Harry Flashman
The Depth of Field in any picture can often make or
break the entire photograph. Knowing how to manipulate the depth of field
improves your photography instantly!
The term Depth of Field is really an optical one and
depends solely on the lens being used and the aperture selected. Altering
the shutter speed does not change the Depth of Field.
Depth of Field really refers to the zone of
“sharpness” (or being in acceptable focus) from foreground items to
background items in any photograph.
The first concept to remember is “One Third forwards
and Two Thirds back.” Again this is a law of optical physics, but means
that the Depth of Field, from foreground to background in your photograph
can be measured, and from your focus point extends towards you by one
third and extends away from the focus point by two thirds.
For those of you with SLR’s, especially the older
manual focus SLR’s, you will even find a series of marks on the
focussing ring of the lens to indicate the Depth of Field that is possible
with that lens (and you probably wondered why there were all those extra
marks on it!).
Take a look at this week’s photograph, which is
really two shots, taken seconds apart, of the Chinese lion statue. More
importantly, look at the background. In one you can clearly see the leaves
on the bush and the fountain spray, while on the other it is a soft blur.
How did I change this Depth of Field sharpness? Answer, with a flick of
You see, for each lens, the Depth of Field possible is
altered by the Aperture. The rule here is simple - the higher the Aperture
number, the greater the Depth of Field possible and the lower the Aperture
number, the shorter the Depth of Field. In simple terms, for any given
lens, you get greater front to back sharpness with f22 and you get very
short front to back sharpness at f4.
For example, using a 24 mm focal length lens focussed
on an object 2 metres away - if you select f22, the Depth of Field runs
from just over 0.5 metre to 5 metres (4.5 metres total), but if you select
f11 it only runs from 1 m to 4 m and if you choose f5.6 the Depth of Field
is only from 1.5 m to 3 m (1.5 metres total).
On the other hand, using a 135 mm focal length lens
focussed at the same point 2 metres away, you get the following Depths of
Field - at f22 it runs from 1.9 m to 2.2 m (0.3 metres) and at f5.6 it is
1.95 m to 2.1 m (a total of 0.15 metres).
Analysis of all these initially confusing numbers gives
you now complete mastery of the Depth of Field in any of your photographs.
Simply put another way - the higher the Aperture number, the greater the
depth of field; the smaller the Aperture number the smaller the Depth of
Field; plus the longer the lens, the shorter the Depth of Field, the
shorter the lens, the longer the Depth of Field.
Now to apply this formula - when shooting a landscape
for example, where you want great detail from the foreground, right the
way through to the mountains five kilometres away, then use a short lens
(24 mm is ideal) set at f22 and focussed on a point about 2 km away.
On the other hand, when shooting a portrait where you
only want to have the eyes and mouth in sharp focus you would use a longer
lens (and here the 135 is ideal) and a smaller Aperture number of around
f5.6 to f4 and focus directly on the eyes to give that ultra short Depth
of Field required.
As said before, while initially confusing, it can soon
become second nature. Try it out this weekend, but when you are doing it,
keep a note of what you have done to compare with the prints later.
Modern Medicine:Tripping down the stairway to heaven
Or a night in the ICU
by Dr Iain Corness, Consultant
There are those who are born naturally gifted. There are
those who are born naturally left hand dominant. Then there are those who
are born just naturally clumsy. I include myself in the latter group.
My dear old Mum will attest to my clumsiness. I well
remember my mother, full of good intent, trying to interest me in ballet
dancing, citing how manly it was, how athletic and what an achievement it
really was. We were on our way to pick up some ballet shoes for my young
sister at the time, and I tripped going in the doorway of the shop. At that
point, any ideas of her son becoming a ballet dancer were dashed.
Whether it be lack of attention to detail or not, I often
“miss” the doorway while walking out of the bedroom in the mornings, and
sort of bounce my stunned way into the dining room. More than once have I
stubbed my toe on the same bed end. And more than once I have broken it.
Within the confines of the household, I am known as “Mr. Clumsy.”
However, I managed to take this clumsiness almost to
‘art form’ levels the other week, catching my toe near the top of the
stairs at the office and stumbling. Feeling that I was falling, I grabbed
for the handrail, but missed and ended up going down ten steps rather
inelegantly, landing, by all reports, in a heap at the bottom, curled up
like a prawn! This description I have to assume to be correct, as by this
stage I had already hit my head and my brain was, for all intentions, a
‘passenger’ in my own body. I should also hastily add that this was
mid-day on a Friday and alcohol played no part in this drama.
Fortunately, the rapid descent was heard in the office,
and my old mate Bryant Berry organized the local motorcycle taxis to load my
semi-conscious form in his car, and with Khun Am playing Florence
Nightingale rushed me to the Bangkok-Pattaya Hospital.
In the ER, my brain decided it would commence work again
and I was conscious of doctors and nurses and much activity going on, but
most of it was confusing. CT scans and X-Rays all seemed to happen in
another blur, as X-Ray technicians did their best to get me to lie this way
and that, and, “Please stop moving.”
More trundling around on trolleys and we were back in ER,
where Bryant and Am were waiting, now joined by my friends Alan and Noi who
had brought Som, my ‘significant other’. The value of the presence of
friends and family cannot be over-estimated in these situations. You go from
feeling alone and helpless to being reassured by the faces of loved ones and
friends. Everything is going to be alright!
By now my ‘medical’ brain was back to functioning
well enough for me to accept Dr. Alongkorn’s decision that I had to stay
in hospital for observation for the next 24 hours. I was also functioning
well enough that I began to feel the various parts of my anatomy which were
now letting me know that they had worked as shock absorbers during my tumble
down the stairway from heaven.
The trundling began again, and so it was into the
Intensive Care Unit for Dr. Iain, and I shall continue this part of the saga
next week ...!
Heart to Heart with Hillary
I feel I am joining the band of women who are complaining about their maids. At
any functions I go to, the discussions are all the same, what the maid has done
this week! I will admit that I do not speak very much Thai and my maid speaks
even less English, but surely if she wants to be a maid for English speaking
people, should I not get someone who can communicate? I did not choose the maid
as she was supplied by my husband’s company and this is my first experience
with domestic staff.
I could go on for hours about the way she refuses to use hot water for the
dishes, will wash everything in the same sink, will use the dish cloth to wipe
the floor. I am sure you have heard it all before. She also does weird things
like leaving clothes out in the lounge room for a day, rather than putting them
away. Why? Is this some special Thai ‘sign’ to tell me something? Routine
cleaning and dusting seems to be beyond her and I have to tell her to do these
simple tasks every time. She also tries to leave before 6 p.m. and always comes
in late in the mornings, after 8 a.m. What can I do, Hillary?
You know the problem, right from the start when you say that you do not speak
Thai and your maid does not speak English. No communication! Could your husband
get what he wants done if his secretary only speaks Urdu and he speaks Pigeon
English? Speak to your husband, if his company has supplied the poor woman. She
probably goes home and talks to her friends, all of whom are complaining about
their mistresses. However, how much does your maid get paid, my Petal? If you
are only paying a low salary, you cannot expect a household whiz who is also
multilingual. If she were that good she would be working as your husband’s
secretary, not as your 10 hours a day slave. If it all becomes too much, you
can always do the work yourself, as you did back home. Finally, as I have to
remind many foreigners, this is Thai-land and the inhabitants speak Thai. How
many maids in the English speaking world are multi-lingual?
Why can nobody here spell? I have read your column for some months and notice
that you get angry, like I do, when people spell words incorrectly. This goes
particularly for place names and street signs, which are official signs, placed
by the municipality. There is no excuse for this as there are plenty of
Thai-English dictionaries in the shops. Should I send one to someone in
authority to make sure?
I’m sorry, my Petal, but I am not on your side. Sure I get annoyed at the
poor spellings, but that is for incorrect English spellings written by native
English speakers. They should know better and it is they that should have a
dictionary. Now getting back to street names, I am sure you must realize by now
that the English language has 26 letters, but Thai has 44. In other words, you
cannot take letters from one alphabet and put them exactly into the other. When
a Thai place name is written in English, it is a guesstimate of how it will
sound, when spoken by a native English speaker. This is why you will see
Chomthian, Jomthien or Jomtien. All of them are “correct” spellings.
However, please note that pleese, pleeze and pleaze written by an English
speaker are incorrect.
There are still some things I do not understand with my Thai wife of two years.
She is a wonderful person and our times together are very special, but when her
family comes down from up-country she becomes quiet and grumpy. They do not
stay with us, but with another daughter. Do you think that it is because she
left the family village to come and live with me (I am from the UK) rather than
marrying a Thai that she has problems when her mother comes down? I try and
tell her that everything will be OK, but that makes her even more distant. Have
you any suggestions as to what I can do to make it easier for her?
You have to understand that Thai families can be very strong and traditional,
and it sounds as if your wife comes from one of those. By leaving the family
village she has broken one tradition, and by not marrying a Thai she has broken
another. The family may not say anything about this, but your wife will
“know” what was expected and how she turned her back on these. When the
family comes down there will be much mental pressure, from her point of view,
so she will naturally be withdrawn. Sometimes the most difficult thing to do is
to do nothing - and that is what you have to do, Petal. Just ‘be there’ for
her, when she indicates that she needs you. In the meantime, don’t tell her
that “everything will be OK” as in her mind, it is not.
A Slice of Thai History:The beginnings of the Thai Postal Service
by Duncan steam
The world’s first post office was established in
Britain in 1619 and in 1840, regular mail received a boost when the first
commercial postage stamp was issued. In Thailand, prior to the
establishment of an organised postal service, internal messages were
divided into two classes: ordinary and urgent. An ordinary message was
delivered by a regular, but slow, service from province to province. A
special courier conveyed urgent messages as fast as possible.
Changes were implemented in the message and letter
delivery system. Initially, major cities and towns were staffed with
regular couriers, meaning, for example, that a Bangkok courier need only
go as far as Saraburi where he handed his mail on. The message would then
continue to each major city or town by regular courier until it reached
its destination, a very slow and laborious process.
Ordinary correspondence destined for overseas was
entrusted to traders who were going in the direction of the letters or
messages in question. Hardly a regular or even efficient method of
maintaining contact with the outside world. If no traders could be found,
special messengers had to be employed for the task. Important
correspondence was necessarily handled by specially employed couriers.
All foreign mail destined for Thailand arrived under an
arrangement with the British-controlled Straits Settlements in Singapore
and Hong Kong. The British Consulate in Bangkok acted as the intermediary.
In 1875, the government decided to begin the
distribution of its newspaper Court to citizens in Bangkok, rather than
require them to come to an office in the Grand Palace and pick it up.
Stamps were attached to the wrapper of the newspaper and couriers were
hired to deliver Court to subscribers. This marked the beginning of a
By 1876, stamps were being used for letters to
subscribers and delivered by mail carriers. The cost of a stamp was one
Att, approximately three satang. For deliveries within Bangkok, the price
was one Att, anywhere outside the city it doubled to two Att.
Court failed soon after and with its demise, stamps and
postmen also became redundant.
However, four years later the issue of a postal service
was again raised and in 1881 King Chulalongkorn noted that ‘...the
introduction of modern postal and telegraphic systems for using (sic) in
the country would greatly help to develop trade and commerce as well as to
ensure and accelerate the dispatch of official and individual
The monarch appointed one prince and one high-ranking
official to oversee ‘...the organisation of a Local Letter Post for the
City of Bangkok as an experiment with a view to expanding same throughout
The first major hurdle to overcome was house numbering.
Previously unknown in Bangkok, residences had to be numbered or identified
in some unique way to simplify the delivery of mail.
There was also a problem of public resistance to house
numbering, as many people were afraid that they would be compelled to
contribute funds to the fledgling postal service. Others were worried that
they would be taxed more.
The public acquiesced after the government issued a
statement clarifying the aims of the new postal system, outlining the
reasons for its inception, and assuring the public that they would not be
subject to new or increased taxes.
With the public onside, the Department of Postal and
Telegraphs was established in 1883 with Prince Bhanarungsi as
director-general. A number of Europeans were employed as officials in the
initial stages to oversee the service. Thais gradually replaced them.
The main post office was located on the Chao Phrya
River, near the mouth of the Ong Ang Canal, with a series of postage stamp
shops dotted about the city and countryside serving as postal branches. In
the early years there were no postal boxes and people wanting to post a
letter had to go to their nearest postage stamp shop. Shopkeepers were
paid four baht per month to take care of the postal box in their shop.
The postal service proved very popular and within a
short time an average of 127 letters a day was being posted. In 1885, the
postal service was gradually extended throughout Thailand with the first
up-country branch established at Samut Prakan. Others were soon set up at
Bang Pa-in, Nakhon Pathom, Samut Sakhon, Samut Songkhram, Ratchaburi, and
Phetburi among others. A letter took two days to go from Bangkok to Nakhon
Pathom and four days between Bangkok and Phetburi. Parcels and registered
mail were included in the system from the very beginning, although there
were restrictions on certain items. For example, dynamite and other
explosives were prohibited and any person found violating the law could be
fined up to 800 baht.
Social Commentary by Khai Khem
A new growth industry in Thailand - build more
prisons and hand down longer sentences
Corruption and dishonesty is so ingrained in many
societies that attempts to root it out and replace it with moral ethics
and respect for law and order will demand more than propaganda campaigns
and lip-service from community and national leaders.
Generations of ordinary citizens who are born into and
grow up under the knowledge that they are powerless in the face of forces
that undermine the laws that govern their nation learn to avoid getting
involved, or adapt the old adage; if you can’t beat them, join them.
Thailand, like many other countries around the globe,
is facing a dilemma. How do we keep the rabble of criminals and
delinquents at bay since they now pose a threat to all of us - rich, poor,
powerful or inconsequential?
Crime is on the rise in Thailand and it’s no secret
outside our borders. But more alarming is the viciousness of the
perpetrators and the alarming statistics of senseless murder and
assassinations motivated by petty revenge, small amounts of money, drug
deals gone sour, romantic quarrels, territorial disputes, and daylight
What has changed so drastically in the past few years
that triggered this blatant disrespect for law, order and human life in a
Buddhist nation that supposedly bases its primary guidelines for social
and moral behavior on teachings that hold most dear the respect for all
Contempt (like wisdom, knowledge, and wealth) is
accumulative. Decades of corruption, lack of law enforcement, lazy and
dishonest officials running the show, poverty and indifference toward
modern education adds up - and eventually a huge number of citizens simply
take matters into their own hands and the outcome is small-scale anarchy.
Because of neglect, a huge proportion of our population
lacks the knowledge and instruction for rules that govern a civilized
society. Left to their own devices the masses act on basic primal
principals. That doesn’t mean that all ordinary Thais are born thieves
and killers. However, it does send a signal through the years that if and
when individuals feel thwarted and realize they will never have access to
opportunities which would improve their lot, criminal activities which
will either enrich them or empower them are very tempting options.
With this in mind, we can deduce that entrenched
corruption in law enforcement and political administration is certainly
more an advantage than an impediment to anti-social behavior. In other
words, the criminal elements in our society are pretty sure they can get
away with it because their so-called ‘role models’ have already
written the handbook entitled, “How to make a killing without getting
To be fair, the central government in Bangkok has
finally conceded this whole crime thing has gotten out of hand and without
some tough laws and cooperation from authorities round the nation, things
look set to get a lot worse. New legislation needs to be expedited since
the laws on the books are outdated and address a Thai society which
doesn’t exist anymore.
One of the most heartbreaking ramifications of rapid
social changes taking place in Thailand during the past decade is the
perpetration of brutal crimes committed by our young people. Traditional
Thai values were effective in the days when the kingdom was basically an
old fashioned agrarian society and kids on the farm were trained and
supervised by their family and community.
These old ways don’t connect with our youngsters
anymore. The chasm between the old teachings and the reality of modern
life makes a mockery of these outdated methods. Our young people are too
informed and savvy to be fooled into absorbing what they interpret as
‘fairytales’. What we are experiencing here in Thailand is a
There is another highly visible factor that has to be
added to the equation in our increasing social problems which crosses all
income, class and educational boundaries. It is obvious that the mental
health of our citizens is deteriorating. And the system is completely
inadequate and unprepared to address and provide aid to fix this problem.
Mental illness and emotional disorders have always been
with us. Although Thai medical services, expertise and access have
improved to the level of proud achievement, the area of mental health care
has been noticeably neglected.
Schools do not provide psychological councilors, most
of the clergy is not equipped to help mentally disturbed people in their
districts, and law enforcement agencies are already overwhelmed and
The present crime rate involving young people signals a
serious escalation of personality disorders and psychopathic misfits. Left
untreated and ignored, these wayward youths grow up to be hardened
criminals with long rap-sheets, and eventually become assassins, gangsters
and even powerful members of our own communities.
There is no one solution to this long list of social
ills because of the variations and complications. Even if we could find a
‘quick fix’ we need to concede that some individuals are just not
going to be rehabilitated, no matter what. What we really need to consider
is taking this dangerous element of society off the streets and locking
them up for a very long time. It’s called ‘zero tolerance’.
A little more than a decade ago the USA was fed up with
its evil reputation for crime and its negative consequences. A growth
industry was introduced which allowed states to compete to submit tenders
to build more prisons to house the rising population of hardened prisoners
which either would not or could not successfully re-enter society.
Thailand’s jails and prisons are overflowing and
convicts are being released to prey on the innocent public simply because
of the massive turnover. We really ought to think about building more
prisons. Does Thailand really need another 5-star hotel or shopping
center, or another low cost, ill built housing estate? Think about it. It
did wonders for regional economies in the USA and definitely lowered the
Woman's World:That golden glow Part 3
by Lesley Warner
Last week I promised you a safe tanning method - well here it
is: way back in the 1920’s DHA (dihydroxyacetone), a chemical refined
from sugarcane, was discovered to be a temporary skin-colouring agent. It
works by reacting with the keratin protein to produce a brown colouring in
the top layer of your skin. Even though this had been discovered it
wasn’t really until the 1950s that the first self-tanning products came
on the market, when the craze to have a tan began to become fashionable.
I remember my own experience using a self-tanning cream
way back in my youth when I tried one of the early creams. It was equally
fashionable at the time to have a tan and my urge to be golden brown all
over was enough to make me try any new product. I purchased a tanning
lotion, the instructions were quite clear and stated that the lotion was
easy to apply. Well for those of you who have tried these ‘easy to
apply’ tanning creams you know that instructions can lie! I had orange
streaky legs that when caught in a rain shower washed off leaving white
patchy streaks. I was so humiliated. Do not despair; today’s
self-tanners really are, when correctly applied, difficult to tell from
the real thing.
These days there are hundreds of cosmetic products to
choose from, all marketed as a safe and effective alternative to direct
sun exposure. It is difficult to advise which is the best product to use,
as it’s really trial and error. An example of those makes available are:
Lanc๔me Flash Bronzer Magic Mousse, Dior Bronze Transparent Self
Tanning Body Spray, Ambre Solaire Instant Shimmer Bronzer and Clarins
Self-Tanning Instant Gel. Please remember that paying more money does not
necessarily mean that you are buying the best product. Read the
instructions and make sure that they are right for you.
If you experience a problem with the result, it is
probably down to something that you have done before or during
application, or something that has happened after.
The number one rule to remember is that the result of a
self-tan is only as good as the skin that you are applying it to. Some
hints to bare in mind: if you have dry, uneven patches of skin or uneven
pigmentation it is advisable to carefully apply the tan in greater or
lesser amounts accordingly.
It is always a good idea to exfoliate before
application to ensure an even, natural looking result. The skin should be
clean, dry and free from oily moisturizers.
If you do have a problem I can only suggest that you
exfoliate again to try and even out the streaks or white patches, and
reapply the tanning cream carefully.
Dark patches can be caused by the colour or texture of
skin on certain parts of the body. For example, elbows or knees. Gently
and selectively exfoliate to even out colour.
The use of some medications can result in no colour at
Technology is still working on improving our tan and
there is a new system out now called Airbrush Tanning. After reading about
it I think in theory it sounds a perfect solution. You get a beautiful
even tan all over that lasts for up to six days; I do not speak from
experience. At the moment the only place I can find the airbrush tanning
available is in London and other large cities. Although, it is possible to
buy a home airbrush kit for around 300 pounds with a promise of a streak
free bronze colour that looks completely natural. I still haven’t worked
out how you could manage to airbrush yourself all over without getting
everything in the surrounding area as well. The solution is Aloe Vera
based with 8% DHA, and according to the instructions it take 15 minutes to
apply and dries in 5 minutes with no orange, patchiness or streaking…
It is best not to apply a fake tan until 4 hours after
showering, the tanning lotion should be applied quickly and evenly making
sure all areas are covered evenly.
Remember, while fake tans are safer than suntans or
solarium tans, it is important to be aware that self-tanning lotions offer
little or no protection from UV radiation. So if you’re taking a trip
outside in the sunshine to show off your new fake tan, you’ll still need
to use some sun cream.