“TheContrarian > Insas has new target price, RM1.80.”

Yes, RM1.80 if Insas ‘kill the Golden Goose’ Inari, and can afford to pay 35 sen Dividend..haha

“TheContrarian > ….Insas will receive RM207 million from the exercise of 230 million warrants by Thong. Insas still no money to pay dividend?...”

Some people don't understand if paying 90 sen converting Insas-WC pre Dividend of RM1 will get post Dividend of 35 sen; will end up Insas trading price of RM1 minus 35 sen; i.e. only 65 sen..$ only from left pocket to right pocket. I am in doubt can the Insas-WC $ can be used for Dividend payment, got to read the TnC for RPS RI. Dividend payment also got TnC, as what I know from reserve account or extraordinary sale proceed..
Another info from my company Accountant; accumulated Profit is not necessary the company doing well and accumulated losses not necessary the company doing badly for the current year. Company can pay us bonuses irrespective with previous year accumulated losses. Just food for thought for this particular statement.

“TheContrarian > …To exercise warrants you need to pay 90 sen into Insas…”

Some people think just paying 90 sen will get 1 Insas Mother share, forgetting the cost of 1 Insas Warrant? To get the free Warrant, you need to subscribe to the RPS paying a Ringgit. Why do many Warrants just expire without being converted? In the case of Insas‐WC, theoretically Insas-WC in $ when Mother share reach RM0.9 and free cost at RM1.80 i.e. RM0.9 plus conversion cost of another RM0.90. Therefore Leno is partially correct if Insas reach RM1.80..I will not be laughing at Leno if it do reach RM1.80..hehe

“TheContrarian > OMG, Insas can't afford to pay dividend.”

Yes, not many companies can pay a Dividend Yield of suggested 35% i.e. 35 sen over a Ringgit. What is the impact of 35 sen reduction of Insas share price? Will it take another 10 years to reach a Ringgit again? What happens to those Margin accounts which are pledged at a Ringgit? Only capital repayment can afford 35%. I don't see Insas will do Capital Repayment, IMHO. Insas can most afford another 1 sen extra as what has been paid now, after an increment of an extra 0.5 sen recently, many thanks to Sslee..

“TheContrarian > You don't understand lah.”

Yes, might not understand; but knows that $ doesn't grow on trees, even from so-called $ tree. $ for Dividend can only be taken from Insas reserved fund of 61,474k and profit, if actually that is available (page 4 of IB Q224.pdf). 235,328k of Insas $ deposit is actually pledge securities (page 7 of IB Q224.pdf). If any $ available, better pay off loan of 234,331k (page 10 of IB Q224.pdf) and RPS redemption in the year 2026.
I don't think Insas can afford to pay out hefty dividends and not affect the business of lending out $...therefore just wishful thinking using Dividend as a source of funding and not taking consideration in reduction of $ within Insas finances..affordability.

"TheContrarian > The 35 sen dividend of RM157 million will be earmarked to pay off the funding of RM157 million fully settling the funding, what force selling?"

Dividend payment from ex-date usually 3 weeks to months to be deposited into accounts. Settling of margin usually by 4pm the next market day, or will be forced-sell before the trading day ends. Any collateral by shares also will be monetised within a few days...the payment by Dividend can be taken as not feasible due to timing, IMHO.

“TheContrarian > After crossing 50%, Thong and PAC will collectively hold around 448 million shares in the enlarged share capital of Insas of 893 million. Insas can then pay out a dividend of 35 sen and Thong and PAC will receive around RM157 million, just nice to pay off the funding.”

Wishful thinking. 算盘不是这样打
的 (abacus not count this way).
Funding needs collateral, most likely using the Insas shares as collateral. When Dividend goes ex, Insas shares price will drop by 35 sen. There will be forced-sell if funds are not available to cover the difference, before actual Dividend payment. This will also affect shares under margin account, if any..
Just for argument sake, no offense intended.

As reported by TheEdge,
Link: https://theedgemalaysia.com/node/710942
'RM180 bil available for construction sector jobs this year', it will most likely revitalize the construction industry for the next few years.
This involve materials required for typical construction i.e.
'- Steel bar
'- ingredients for Concrete making
'- Bricks and mortars
'- Fittings for the construction industry, etc
As Construction takes time, some of these materials are required earlier than others, so demand will be based on sequence of construction stages.
Looking forward to the improvement of the construction industries, happy trading and TradeAtYourOwnRisk

“TheContrarian > Insas sinners, repent! And Insas will rise again. Cepat insaf, hahaha.”

Sound more appropriate, Insas sinners insaf (repent), Inari AI ia (it) Insas saver..haha

“TheContrarian > Everyone should insaf.”

Insaf (repent)? I am not one of these ‘Everyone’ as my free holding cost less than 60 sen.
Why is Insas price trading at a great discount? Few days ago, I went to a member day sale. Most of the merchandise on sale at up to 80% discount; yet no taker. Are there any similarities? Is it Insas trading price not worth the calculated book value? Or is it the upside risk not worth taking the risk? I hope someone can contribute the answer to some of my questions above.
Meanwhile, my answer could be:
‘- the possibility of dilution risk if Insas-WC, paying 90 sen will get converted to one new insas share of NTA 3.57 and EPS 14.72. What happens when 331.423mil Insas-WC gets converted?
‘- how much earning is required to pay interest on 132.604mil Insas-PB half yearly?
‘- how much Inari shares to be disposed-off to prop up the EPS?
‘- the ROE of 4.12 is with Inari disposal, what will be the figure if excluding.

I am holding Insas for years because Insas gives better returns compared with FD rates and my other passive income. If the return does not meet my anticipated passive income rates; I will search for some other stocks which can... i.e. the higher Insas price, the expected return should be more. Is that the case? Therefore, Insas price can only go higher if the return gets a higher percentage return, not at the same return rate yearly..Happy Trading and TradeAtYourOwnRisk.

“xiaoeh > Noted and Thanks BLee”

Welcome. As it is lunchtime, and am in the mood to be cheerful; let me tell a real ‘joke’..
My Civil Engineering colleague and a group of boys and girls (me inclusive) went dating uphill at GH. This particular colleague keeps telling how nice the curve of the drain and the slope is. One girl gets quite angry; says of all things, why are you so interested in the drain with all the other nice curves around..hope all of you have a nice laugh (occupation joke, no offence intended) as what we did then. Happy working for those still slog it out.

Let me tell another investment story.
A very smart lady is selling an investment trust fund, promising 8 to 10% proven return over a very long period, a few years back. The max investment of RM200k and guarantee bank loan of the same amount with lower interest than BLR. Only the privilege qualified. I don't qualify, so she then tried very hard to sell another policy tied to EPF withdrawal. I declined saying I can get better return dabbling in Bursa (Insas inclusive)..
In recent years, that trust fund has paid a lower return than my EPF; luckily didn't entertain her. For those qualified, still can make $ provided the return stays above 4%..

“Xiaoeh > just to ask
Do all Warrents issued to be converted to mother share eventually?”

The answer is No. Warrants or Preference Share with attached auto-convert term will eventually convert to mother Share.
Insas-WC can be converted with 1 Warrant plus 90sen and Insas-PB will get back the subscription amount upon maturity. This the link on TnC:
https://www.klsescreener.com/v2/announcements/view/3318726

“CharlesT > RM300K div a year?

If u have capital RM4M with DY 7.5% a year can kaotim oredi

Some Reits can help u so”

Yes, a lot of other passive investments can get 7.5% return; but what happens to the principle outlay? When Dividend goes ex, the Payout will be deducted from the share price. It is just like $ take out from the right pocket into the left pocket!! At a good time, both Dividend and Share price appreciated. What happens when at a bad time?
One passive investment, my few endowment insurance policies taken around thirty years ago, has been consistently paying more than 7% return without reducing Principal value.

“TheContrarian > @MrSslee, entry price is important”

Totally agreed. As shown in my Insas CAGR over a 10 year period, my entry price was less than 60sen, DY almost twice compared to those paying at RM1.2.

CAGR investment for properties is a bit difficult to calculate; as one of my Condo stays vacant for more than a year during the pandemic as colleges stay closed. If not, based on the one third price purchased twenty years ago compared now, could easily get the 7% return..
Properties investment is not a bed of roses as location, location, location is very important. It takes more than 10 years for a new location to bloom.
Above discussion most likely for the young one, as time is always the essence for investment to bore results. Just sharing experience and 吹水 (Blow water) only.

“TheContrarian > The article was written at that time to promote Insas-WC.”

It could be partly true, but have to take the statement ‘nor I have any intention of promoting any share, which I never do.’ at face value. Will let the writer defend himself if he follows our discussion.

Many have doubts (myself one of them) on the type of warrants and Preference Share; his article is very educational, no doubt about it..

For example;”Warrants that give the right to buy a security are known as call warrants; those that give the right to sell a security are known as put warrants.”, the first part understood, but not the second part. I only understand the first one goes up then you make $ by selling and the second makes $ when it goes down by selling the warrants?? Both make $ by selling, not one buy and one sell to make $..or are we just talking about ‘right’; confusing??
Preference Share is another ball game, as some are Convertible (C) or not and Redeemable or Irredeemable (I or R); so Insas-PB will not follow the mother share as it is Redeemable and not Convertible..just sharing. Happy Trading and TradeAtYourOwnRisk
Sori for the time delay on topic as still a bit bz to follow the conversation..

“kcchongnz blog >
Insas Warrants WC and Its Valuation kcchongnz

Publish date: Mon, 22 Jan 2024, 03:11 PM
This article is for education purpose. It is not about how I made money (or lose money) buying any share mentioned, nor I have any intention of promoting any share, which I never do….”

I have re-read the above writer's article, very refreshing. I think he is another example of getting old gracefully…I hope he will write more.

“3iii > …Yes, they may not be able to risk losing money damaging their financial health, especially if they do not have another source of income.

Those who are financially better off, may take a different approach. In fact, they are not able to spend all their income. Incomes continue to accumulate and reinvested…”

Very well written, am almost at this cross road now.
I am very much in properties now collecting rental to sustain my daily expenses. Any extra will be used in traveling and reinvested in properties and the share market. At one time, I was almost out of the share market selling some bank stocks, selling one penny stock now at RM8 then and one great stock now at around RM4. The $ reinvested in properties which almost treble in price and the rental received enough to cover the bank loan.

“xiaoeh > wah...
good experience sharing...
appreciated and hope we have more of this kind of sharing coming”

Yes, good sharing. Let me share my experience, but still like to remain anonymous behind “BLee”.

My younger days not rich, but stays at a very rich environment, i.e. TOL land of 200'x50’ plank wood bungalow. My siblings and myself could do outdoor activities everyday cycling and playing hide and seek around the small squatter house. I couldn't give this environment to my children (1 ingenieur, 1 accountant and 1 IT).

Career wise, study Mechanical Engineering but more to Electrical Engineering and Technical Procurement after doing M&E works initially.

“TheContrarian > If 70 years old, don't speculate in the stock market.”


Why not, if got spare time and $?
If I am fully retire, I will take stock investing as my hobby and 吹水
(Blow water) everyday..now only during weekend.

“TheContrarian > Mr Sslee is asking why funds buy Inari via private placement rather than making a hostile takeover of Insas.”

“Sslee > And the best part if able to take over Insas then you still have whatever inside insas including the 1 bilion cash hoard.”

In a nutshell, PP is internal funding inside Inari which can add Inari value whereas buying Insas from the open market could be a ‘futile hostile’ exercise…two different exercises with two different outcomes.
For example, both Inari and Insas are a piece of empty land (Insas own a small portion of Inari); PP is $ spend to build a tall building to add value whereas bidding/spending on the other piece of land could be a ‘futile hostile’ exercise with no value added…

“Sslee > I do not understand why people spend billion just to hold 330,000,000 inari share when they can use the same billion to become controlling shareholder of Insas and hence become controlling shareholder of Inari.”

Since after some time, no opinion forthcoming (only @TheContrarian opinion before finish typing) , my take:
‘- PP subscription at max of 10% discount from 5 days VWAP, chances of gain logically.
‘- PP $ added to paid up capital, unlike buying from the open market.
‘- if buying from the open market, the price will fluctuate; just like throwing $ into a bottomless hole..

There are pros and cons of PP, hope it will answer Sslee's question. Other opinions are welcome. Happy Trading.

“3iii> Value investing is about buying a stock at a sufficient discount to intrinsic value.”

Totally agreed; and there are many other factors to consider such as EPS, ROI, business risk, etc.

How I see below data:
52 Weeks Range > 0.805 - 1.35
At RM1, the down side is very limited.

52 Weeks Price Volatility (%) > 35.78%
Quite active, downtrend, but cyclically can reach the highest again during the next RPS if it happens.

T4Q P/E | EY > 6.79 | 14.72%
Comparatively among the best with others listed stocks.

DY | Payout % > 2.39% | 16.24%
Slightly below FD return, good CAGR over 10 years as shown in one of my articles. Cannot compare with MFCB, my other calc comparison.

T4Q NAPS | P/NAPS > 3.41 | 0.29
These are the only data perceived as ‘value trap’ at present price.

T4Q NP Margin | ROE > 53.42% | 4.31%
Good NP Margin, but ROE is not attractive; still better than FD rate.

Hi @TheContrarian, what do you mean “They think they are buying a dollar for a quarter.”? Better saying “a Ringgit for 3 Ringgit and 41sen”!!

“3i> Insas
Current Assets 1989 m
Total Liabilities 531 m
________________________

CA - TL = 1458 m

Market Cap = 663 m (@share price of RM 1)

Net-Net value 1458m - Market Cap 663 m = 795m

Therefore, you can take this company private, settle all the liabilities and still pocket RM 795 m cash.”

Never thought can calc Net-Net value this way? Impressive?
Since Market Cap is a ‘moving target’, how sure can ‘sapu’ all at RM1?
Only the cash portion in CA sure if..(not suggesting anything), how much ‘others’ CA can turn into cash easily? The ‘if’ makes share investing interesting. I will keep my zero cost holding, not worrying it will fall below RM1, happy Trading and TradeAtYourOwnRisk

IB write up on Insas-WC, as it is still in $...hope the mother Insas will be covered in the next write up.
https://klse.i3investor.com/web/blog/detail/PublicInvest/2024-04-09-story-h-184548980-Technical_Buy_INSAS_WC_3379WC

I thought jks for 'just kiddings'; never thought of the missing 'a'. No comment as never know any investment can bear fruits in the future...

“what will value investors decide to buy?”

Ordinary value investors will buy Stock A as it is higher than Bank FD interest.
A diversified value investor (me) will buy Stock B as the stock will give a higher return than most of my other passive income.
A gambler value investor will buy Stock C. I will NOT commit even 5% of my wealth. MFCB calculated over 20% CAGR of 10 years, is an exception as the growth is over a very long period; would not be a suspected “con Stock”..

"Sslee > Insas is definately not a con stock. Insas is just a value trap waiting for something or somone to unlock the value."

How do we define a "con stock" and a "trapped stock"?
In a nutshell, buying high and staying low for a long period could be considered a "con stock" or a "trapped stock"...
Insas RI of RPS every 5 years, is it a "con" act? I have made a gain close to 60sen/right selling the rights, to me, definitely not a "con stock" act. It is up to individual action.
What if for those who chase up to RM1.30 during recent meteoric rise and drop back to around a Ringgit? They will feel conned and trapped..Just my opinion.

Not only the birds, don't forget the bees also:

https://youtu.be/LzB23JO33cE?feature=shared

"Insas NTA RM3.57 but no one willing to buy at RM1.08? What is the reason? Why is Insas shunned?"

Very good questions. The answers/conditions could be how Insas went up from around 90sen to RM1.30 recently, an increase of roughly 45%.
My "blow water (吹水)" thinking:
'- rumors of takeover news or the lack of corporate activities can have an effect on share prices?
'- financial changes from the norm? If every quarter has the same performance, no IB will notice to write a good report.
'- what is the quality of assets in the NTA? Return of investment (ROI) will be a good indicator, how is Insas cash getting a good ROI?
The question mark (?) is due to uncertainty as there is no right or wrong, as it is just an uncertified opinion…

Believed is one thing, getting to par value of NTA RM3.57 will make one happy. Some more at zero cost after taking selling profit into consideration. Trapped or not is no more important; as one famous Forumer boasted, lock in safe and throw away the key. Haha

“TheContrarian > 5 minutes ago
I always wonder why people didn't sell off Insas at RM1.30+ in January.”

There is no if for shares investing; example why I invest 50% in MFCB around a Ringgit and 50% in Insas around 50sen few year ago? Reason: Insas half the value of MFCB. As price doesn't matter, it is the unknown “if” I have invested more in MFCB or Insas; the fortune could be reversed in a few years time?
Now, my MFCB (still holding with 1 to 1 BI) is getting more than twice the return compared with Insas as per my recent calc…(Sorry, telling the gain only. My ICPS investment another story; making 100% one day paper gain, losing back the next day without opportunity to sell)

"TheContrarian > 4 minutes ago |
Only 260 shareholders escaped."

And ready to be "re-trapped" if price falls below 1 Ringgit?? Next escape opportunity could be after 3rd RI RPS?? Caution, past trend not necessary future movements pattern... Happy Trading and TradeAtYourOwnRisk

“TheContrarian > 1 hour ago
Imagine 26,000 shareholders trying to get out of Insas trap, no wonder Insas cannot break out.”

To be exact, the 26,000 shareholders could have escape “the trap” a few times since the year 2016. I have had “escape the trap” during the 2nd RI RPS and still holding 20% with average cost below 60sen. In retrospect, I did not reinvest the Dividend earned; and got trapped elsewhere…

Article updated to include MFCB as a comparison with the title "Insas vs MFCB: Both having a good Meteoric Rise this 1Q2024" after MFCB showing a 'breakout' recently...

Hi, Mr KW Lim, I find your article very thorough, except not touching so much on past performance (CAGR over 10 year period and almost twice dividend payout per year). Also not forgetting, the power generation from the 260MW Don Sahong Hydropower (DSH) is by Run-of-river hydroelectricity (ROR) technology is very much different from having a dam which is more capital intensive, less reliable due to single point vs multipoint for ROR, not so efficient in energy distribution as ROR in this case going to be at 5 different locations and a single dam needs a larger storage area.

MFCB is having a good meteoric rise this year. Few days ago, I did a calc for Insas' CAGR, also checked on MFCB over a 10 year period. The results are much better than Insas. Will find time to post the results, maybe over the coming weekend. Meanwhile, maybe you can also do a calc based on your assumption, different from my assumption of dividend reinvestment.
Happy Trading and TradeAtYourOwnRisk.

“Jack888
Next resistance 5.40 ...???
19 minutes ago”

Yes, MFCB is having a good meteoric rise this year. Few days ago, I did a calc for Insas' CAGR, also checked on MFCB over a 10 year period. The results are much better than Insas. Will find time to post the results, maybe over the coming weekend.
Happy Trading and TradeAtYourOwnRisk.

@erickonsim, good observation, gearing ratio of 0.64 divided by 0.585 equals around 1.09, roughly convert will get 10% profit. Conversion will take roughly 10 days, and can take profit if mother price remains 0.64 then. Those who waited for the 3 year moratorium to be able to convert, this is the rewards..For info, I do not own this RCPS, only interested in any form of PS comparing with company warrants, and would like to comment on any mismatch of prices during any conversion. Tq

“speakup >
you guys still in Insas? OMG! 😱”

Why not, considering the CAGR of more than 10% and 2 to 4 fold of capital increase over a 10 years period. Only caution, past performance NOT necessary future trend.
The update yesterday just to analyze am I right to hold my investment for so many years against another investor of getting 4 fold capital gain.
Another point, my initial investment of around RM0.50 will be roughly equivalent to a 5% dividend of declared 2.5% per share, i.e. low price will get more shares as dividends are based on quantity of shares. Sorry for the long-winded as I would like to give a clearer picture. Tq

Good Morning, ytd updated my article with the following topic during the day off:
“Update today date: 28 March 2024, on below topic:
"Insas: Comparison of Dividend vs NAPS 30/6/2014 RM 1.728 to 30/6/2023 RM3.375 a CAGR of 7.72%.
Question: What is the return for Insas Principal plus Dividend for the last 10 years vs NAPS 30/6/2014 RM 1.728 to 30/6/2023 RM3.375 a CAGR of 7.72%?”

The results of my calc are:
Scenario 1: At initial cost of RM6k over 50sen price, the CAGR calculated to be 12.2992%.

Scenario 2: At initial cost of RM6k over 60sen price, the CAGR calculated to be 10.1342%.

The capital increase for both scenarios are quite satisfactory, at least more than 2 fold increase based on this year's max price of above RM1.30.
Happy Trading and TradeAtYourOwnRisk.

“Income >
In 2023, the annual sales value.. approximately 224.7 billion..

Uncle is saying Msia sells all the petroleum products and we don’t use any of them??? Fake news la.”

It is annual sales, not annual export. So it is up to the individual to digest the info.
Also, there are pros and cons of solar power generation; up to individuals to do their own read up..
Happy Trading and TradeAtYourOwnRisk for the coming week.

I think more to this statement in the same article: "Such heavy control tends to leave little freedom for investors to have any say in the goings-on of a chaebol, thus making them unpalatable investments." and recently, "could start with a corporate exercise to jolt their shares from slumber, attract some interest and allow some of the tired, trapped investors to exit after what seems like a lifetime." Interesting, is it??

Can't they set it at 60 sen? Yes, can. Then the NTA will come down drastically with RPS and Insas-WC fully converted using RPS face value of MYR1 together with 1 WC; balance of 40 sen will be returned. What is the point of this RPS exercise?

The conversion details extracted below:
"The difference between the exercise price of the Warrants (or the adjusted exercise price of the Warrants in accordance with the terms and provisions of the Deed Poll, as the case may be) and the issue price of the Rights RPS shall be repaid by the Company within 1 month from the date the Warrant holder exercising his Warrant".

One paragraph at the Star article:
“While it may make some sense to buy such stocks, a “cheap” stock can also mean a value trap, meaning it is merely masquerading as a compelling buy.”

Is Insas “masquerading”?? Can it become another topic? Insas can be cash rich, so is all the bank, as all the cash is tied to depositors and ‘paper money’ in the form of bank guarantee??

Although I am a long term Insas investor, I always keep an open mind and look the other ways..Happy Trading

“So 2 times RI raise funding ard RM 260 million .. no wonder so Rich .. Another RI fund raising exercise by 2026 ke …

No worries still can issue RI many times looking at the present NOSH …”

There is some misconception of RPS vs Insas Company WC vs Call Warrant (CW).
Abbreviation R in RPS stands for Redeemable which means upon maturity, Insas needs to pay the holders the face value. Instead of taking $ from the coffer, new RPS issued to pay for the redemption; no addition of capital.
For Company Insas-WC, there is no Redeemable but Convertible whereas Call Warrant Cx, example Insas-CA,CB,CC cannot be converted as NOT issued by the Company’s. Market maker only for Call Warrant so that CW issuer will reduce the risk for any fluctuation of counter prices..chances the issuer losing money is minimized as they freely ‘play’ the market..
This is my own understanding of this topic, any critique is welcome.

Thanks to a contributor at i3 forum, who highlighted a good read as in the link below, able to give me a new insight of ‘value trap’ and partly answering my article questions…

https://www.thestar.com.my/business/business-news/2024/01/29/beware-the-value-trap

Happy Trading in the coming weeks.

"Posted by Income >
I urge you to do this. Wake up 5 AM. People dread at waking up early. But this saves you 3 hours before your day starts.."

Good advice as early birds get the worm. Only problem is everybody gets 24 hours a day; 3 hours head start but most likely needs to sleep 3 hours early. Some of us could be better at working late hours? Just go with the flow.. It is always good to go to bed with a tired mind and wake up fresh the next day naturally. When we get older, a good night's sleep is a real bonus, forget about making more $ and bonuses. Tq

“Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)

BLee: Please also ask "if majority holders control 51% of a company, how to break out of the value trap?” Tq
06/03/2024 8:39 AM
>>>...and at the appropriate time, the company was taken private for a song.”

Agreed. I have had invested in Brem before taken private; making a small loss excluding dividend and bonus. It might just be a myth that taking private is good??

Another subject; why Insas doing RPS every five years?
My take: Interest for RPS lower than borrow $ from financial institutions and RPS/Warrants could be an instrument for protecting any take-over at a very low cost?? Any good discussion is welcome.
Happy Trading and TradeAtYourOwnRisk

Please also ask "if majority holders control 51% of a company, how to break out of value trap? Tq

"the turtle that doesn't exercise at all, lives over 200 years."

Another reason? If you keep your head inside the shell, most likely can live longer.. hear nothing, see nothing and speak nothing will keep us from trouble??
The problem; like the turtle, will slowly climb to the top and be left behind. Life is interesting, just do things at our own speed.. have a nice week ahead. Good night.

Yes, @TheContrarian, noticed on some undervalued stocks, switched 80% Insas holding last RI, bought TNB around 8.3 and sold above 11 recently..waiting to re-invest later.

@TheContrarian, also my wishful thinking Insas will be value priced to at least near NTA...then can take whole family for a free Europe holiday. Dream on. Happy Trading and TradeAtYourOwnRisk

“Posted by Sslee >
Nothing to argue whether Insas is a value trap…”

Yes, agreed. Very good discussion, and achieved the intention of my write-up; i.e. bringing out a balanced view of Insas investment. I will let the profit (dividend+capital gain if any) run, as if sold, nothing to get my interest in Insas forum..tq

"TheContrarian
Even a person who holds zero cost portion selling 100,000 shares of Insas at 1.10 makes a gain of RM110,000."

Correct ³, in addition getting 2.5sen dividend over the zero cost portion; how can it be "value trap"?
Let's compare latest Quarter report:
Basic earnings/(loss) per share (Subunit)
Q23Dec of 3.61 vs Q22Dec 7.20 and Cumulative QPE23 of 6.59 vs QPE22 9.71; is 2.5% dividend justifiable as value trap?

Therefore, another question in addition of questions raised earlier,

Is the last quarter with decreasing EPS over quarters (Q) and Cumulative Quarters PE (CQPE), yet giving same dividend considered a value trap? or

(Questions raised earlier)
Is the share price below NTA for a long period considered a value trap? or

Is the NTA moving up over the years at a greater rate than the share price considered a value trap? or

Is the share price moving up at a greater rate than NTA, can it be considered no longer a value trap? or
Edited: lately (NTA of increment of 3.57-3.56=0.01 vs price up by over 30sen from this YE Quarter reporting) moved out from 'value trap'??

My Conclusion: At different timing and reporting, there are many factors to consider such as NTA, EPS, ROI, etc to conclude is it a 'value trap' or not; that's make share investing interesting.
Happy Trading and TradeAtYourOwnRisk