Highlights

THE INVESTMENT APPROACH OF CALVIN TAN

Author: calvintaneng   |   Latest post: Sat, 21 Sep 2019, 11:12 AM

 

UZMA HAS GROWTH IN NTA OVER THE YEARS WHICH ALL HAVE OVERLOOKED, Calvin Tan Research

Author:   |    Publish date:


Hi guys,

The Growth of Uzma is in 3 Areas: 1) Revenue. 2) Cash Position. 3) Assets

Growth in Revenue is good but not enough if debt also increase exponentially. Then we have growth in cash like LionFib, Pm Corp or TA Enterprize which are good. Better if they give out good dividend like TA.

NTA Growth is also Real Growth

 

Let me explain:

Example:

If you get a salary of Rm10,000 per month

And you buy assets like a Car for Rm50,000 & a  house for Rm500,000

Say you pay off the car loan at Rm1,000 a month & house loan  at Rm3,000 per month 

After deducting your loan commitments you still have remaining Rm6,000 for monthly expense

Suppose you spent Rm5,500 and save Rm500 per month.

So it looks like your income is Rm10,000 and Net Growth is Rm500 or 5%

IS THAT THE CORRECT PICTURE?

NO. OF COURSE NOT!!

BOTH YOUR CAR (RM50,000) & HOUSE (RM500,000 (HOUSE) ARE PART OF YOUR WEALTH

ONLY THING IS THE CAR WILL DEPRECIATE OVER TIME. BUT IF YOU BUY A HOUSE IN A GROWTH LOCATION PRICE WILL GO UP OVER THE YEARS

SO YOUR NET GROWTH OVERALL IS MORE THAN 5%

NOW THAT IS WHY CALVIN TAN RESEARCH ALWAYS LOOK AT THE NET NET PERSPECTIVE (NOT JUST CURRENT CASH POSITION)

IT IS THE NET NET ADDED UP IN TOTAL MINUS ALL LIABILITIES = REAL NET WORTH.

HA!! THAT IS HOW WE ARRIVE AT THE INTRINSIC VALUE

AND WE SHOULD ALWAYS PAY BELOW INTRINSIC VALUE AS A MARGIN OF SAFETY

 

NOW LET'S TAKE A LOOK AT UZMA NTA GROWTH OVER THE LAST 5 YEARS

 

SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2014

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31/03/2014
31/03/2013
31/03/2014
31/03/2013
$$'000
$$'000
$$'000
$$'000
1 Revenue
97,718
88,897
97,718
88,897
2 Profit/(loss) before tax
12,302
12,181
12,302
12,181
3 Profit/(loss) for the period
9,500
9,339
9,500
9,339
4 Profit/(loss) attributable to ordinary equity holders of the parent
8,428
8,855
8,428
8,855
5 Basic earnings/(loss) per share (Subunit)
6.38
6.71
6.38
6.71
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
1.0400
0.9700
 
FOR MAY 2014 THE  NTA IS RM1.04
 
 

UMMARY OF KEY FINANCIAL INFORMATION
31 Mar 2015

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Mar 2015
31 Mar 2014
31 Mar 2015
31 Mar 2014
$$'000
$$'000
$$'000
$$'000
1 Revenue
148,529
97,718
148,529
97,718
2 Profit/(loss) before tax
13,086
12,302
13,086
12,302
3 Profit/(loss) for the period
9,577
9,500
9,577
9,500
4 Profit/(loss) attributable to ordinary equity holders of the parent
8,054
8,428
8,054
8,428
5 Basic earnings/(loss) per share (Subunit)
3.01
6.38
3.01
6.38
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
1.0300
0.9600

FOR MAY 2015 NTA IS RM1.03

 

 

UMMARY OF KEY FINANCIAL INFORMATION
31 Mar 2016

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Mar 2016
31 Mar 2015
31 Mar 2016
31 Mar 2015
$$'000
$$'000
$$'000
$$'000
1 Revenue
119,137
148,529
119,137
148,529
2 Profit/(loss) before tax
23,458
13,086
23,458
13,086
3 Profit/(loss) for the period
21,655
9,577
21,655
9,577
4 Profit/(loss) attributable to ordinary equity holders of the parent
20,974
8,054
20,974
8,054
5 Basic earnings/(loss) per share (Subunit)
7.21
3.01
7.21
3.01
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
1.2400
1.2200

FOR MAY 2016 NTA IS RM1.24 (UP BY OVER 20%)

 

SUMMARY OF KEY FINANCIAL INFORMATION
31 Mar 2017

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Mar 2017
31 Mar 2016
31 Mar 2017
31 Mar 2016
$$'000
$$'000
$$'000
$$'000
1 Revenue
94,504
119,137
94,504
119,137
2 Profit/(loss) before tax
6,994
23,458
6,994
23,458
3 Profit/(loss) for the period
6,273
21,655
6,273
21,655
4 Profit/(loss) attributable to ordinary equity holders of the parent
5,935
20,974
5,935
20,974
5 Basic earnings/(loss) per share (Subunit)
2.04
7.21
2.04
7.21
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
1.3600
1.3800
 

FOR MAY 2017 NTA IS RM1.36

SUMMARY OF KEY FINANCIAL INFORMATION
31 Mar 2018

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
Three Months
Three Months
Fifteen Months
Twelve Months
01 Jan 2018
To
01 Jan 2017 
To
01 Jan 2017 
To
01 Jan 2016 
To
31 Mar 2018
31 Mar 2017
31 Mar 2018
31 Dec 2016
$$'000
$$'000
$$'000
$$'000
1 Revenue
91,932
94,504
467,644
471,050
2 Profit/(loss) before tax
2,369
6,994
28,964
50,536
3 Profit/(loss) for the period
333
6,273
26,495
44,121
4 Profit/(loss) attributable to ordinary equity holders of the parent
-100
5,935
24,131
39,328
5 Basic earnings/(loss) per share (Subunit)
-0.03
2.04
7.88
13.52
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
1.4400
1.3800
 

FOR MAY 2018 NTA IS RM1.44

 

SUMMARY OF KEY FINANCIAL INFORMATION
31 Mar 2019

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Mar 2019
31 Mar 2018
31 Mar 2019
31 Mar 2018
$$'000
$$'000
$$'000
$$'000
1 Revenue
111,433
91,932
304,536
301,621
2 Profit/(loss) before tax
5,599
2,369
22,115
12,196
3 Profit/(loss) for the period
4,335
333
20,534
13,991
4 Profit/(loss) attributable to ordinary equity holders of the parent
2,485
-100
17,900
12,590
5 Basic earnings/(loss) per share (Subunit)
0.78
-0.03
5.59
4.11
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
   
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
1.5400
1.4800
 

LATEST QUARTER RESULT FOR MAY 2019 NTA IS AT A NEW HIGH OF RM1.54

 

AMONG THESE NET ASSETS ARE 9 HWUs & MARINE OIL BUSINESS & OTHER GROWING COMPANIES ACQUIRED WITH CASH

 

ASSETS BOUGHT WHEN USD WAS LOWER. SO WITH HIGH USD FEW OIL AND GAS ENTITIES COULD JOIN AS BARRIER TO ENTRY WILL BE PROHIBITIVE

AND THERE IS WEALTH IN THESE ASSETS OF VALUE

 

ON THE OTHER HAND COMPANIES THAT CANNOT GROW IN ASSETS WHEN INSOLVENT WILL FALL INTO PN17

OR THEY MIGHT GO INTO CONSOLIDATION LIKE 10 BECOME ONE

BUT THERE IS A HIGH POSSIBILITY THAT UZMA MIGHT GIVE OUT BONUS SHARES WITH FREE WARRANTS IF NTA KEEPS ON GROWING LIKE MEGA FIRST (MFCB) , TN LOGIS OR PINTARAS JAYA

I have good fortune of buying all 3 of the above by looking at them from ASSET GROWTH IN FOCUS

 

WILL UZMA JOIN THEM ONE DAY?

 

HOPEFULLY

 

BEST REGARDS

 

Calvin Tan Research

 

Please buy/sell after doing your own due diligence

 

 

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Labels: UZMA

Related Stocks

Chart Stock Name Last Change Volume 
UZMA 0.915 -0.01 (1.08%) 9,704,700 

  2 people like this.
 
Beary Honey pot or honey trap oh?

Remember your bjcorpse, Jatuhtiasa and CiBaIPuki?
16/08/2019 10:32 AM
apolloang just like BUTALAND have a few hundred million cash and been sleeping for 2 years already.....hahaha
16/08/2019 10:37 AM
deMusangking beware the Satan!!!!!

haha
16/08/2019 10:38 AM
carilembu HOLLAND KING has probably bought and promote UZMA when it was at 0.90+ and like all the stocks he promoted has dropped more than 30 % since then. Looks like a bleak future for the price as he is aggressively promoting again!
16/08/2019 10:40 AM
calvintaneng Hahaha

All forgot

Carimin up 100%

Naim up more than 100%

Lafarge cement limit up

All 3 above promoted by Calvin when naysayers also abound

Now all naysayers of carimin, Naim and lafarge have turned bullish. But they are no longer cheap now

Uzma will turn out likewise
16/08/2019 11:07 AM
calvintaneng Very good

TSFH clicked likes

Smart people don't make much noise are buying while others are making so much noise?
16/08/2019 11:10 AM
TSFH Yes calvin Uzma have good NTA and earning. Only need to wait once Uzma break downtrend slope.

If you want better NTA please check DGSB. Price 0.09 NTA 7.12 after share consolidation. Inari director also start buying everyday.
16/08/2019 11:14 AM
calvintaneng TSFH is correct.
Insas owns dgsb and inari
Their time to shine will come

For now Uzma will be in focus
16/08/2019 11:17 AM
stockraider It is an error in computation of DGSB NTA per share mah...!!
The shareholder fund of DGSB is Rm 53m and number of share is 745m units that means NTA per share is 7.12 sen and not rm 7.12 mah....!!

But DGSB is a good growth stock deserve to have a look but it is not a margin of safety stock like insas loh....!!

Posted by TSFH > Aug 16, 2019 11:14 AM | Report Abuse

Yes calvin Uzma have good NTA and earning. Only need to wait once Uzma break downtrend slope.

If you want better NTA please check DGSB. Price 0.09 NTA 7.12 after share consolidation. Inari director also start buying everyday
16/08/2019 11:39 AM
3iii UZMA


Total Equity (RM m)

2018 480

2017 -

2016 421

2015 371

2014 264

2013 135



Net Income (RM m)

2019 3Q 17.9

2018 17.6

2017 -

2016 39.3

2015 5.3

2014 36.0

2013 33.1
16/08/2019 12:37 PM
3iii UZMA


Total Equity (RM m)
2018 480
2017 -
2016 421
2015 371
2014 264
2013 135


Net Income (RM m)
2019 3Q 17.9
2018 17.6
2017 -
2016 39.3
2015 5.3
2014 36.0
2013 33.1



In 2013, UZMA generated 33.1 m earnings on book value of 135 m. A ROE of 24.5%.

In 2018, UZMA generated 17.6 m earnings on a bigger book value of 480 m. A ROE of 3.7%.

At 62.5 sen per share, its market cap today is 200.02 m.




Calvin is again in another value trap. He doesn't seem to learn.


The 2 things you should look for in earnings are: (1) consistency and (2) growth.
Another you should look for is ROE that is consistently > 15%.
16/08/2019 12:44 PM
TSFH OK raider thanks for the correction. The problem is i look into all the website including trading platform shows the wrong NTA 7.12 !!
kih3..
16/08/2019 12:46 PM
stockraider Again this 3iii show his sohai intelligent loh....!!

U look at the equity of Uzma it has been growing & growing mah....!!

The company has registered good profit with Pe 9x...!!

It has nta per share of rm 1.54 v share price Rm 0.625 loh....!!

Yes uzma is a margin of safety stock loh....!!

As usual as a margin of safety fundamental investor...if uzma is a value trap...u should chose to be trapped bcos of worthwhile investment mah....!!

Posted by 3iii > Aug 16, 2019 12:44 PM | Report Abuse

UZMA


Total Equity (RM m)
2018 480
2017 -
2016 421
2015 371
2014 264
2013 135


Net Income (RM m)
2019 3Q 17.9
2018 17.6
2017 -
2016 39.3
2015 5.3
2014 36.0
2013 33.1



In 2013, UZMA generated 33.1 m earnings on book value of 135 m. A ROE of 24.5%.

In 2018, UZMA generated 17.6 m earnings on a bigger book value of 480 m. A ROE of 3.7%.

At 62.5 sen per share, its market cap today is 200.02 m.


Calvin is again in another value trap. He doesn't seem to learn.


The 2 things you should look for in earnings are: (1) consistency and (2) growth.
Another you should look for is ROE that is consistently > 15%.
16/08/2019 1:00 PM
3iii UZMA (m)

ST Debt & Current Portion LT Debt
2018 144
2016 194
2015 209
2014 61
2013 17


Long-Term Debt
2018 241
2016 325
2015 102
2014 30
2013 16


Net Property, Plant & Equipment
2018 452
2016 498
2015 252
2014 127
2013 42




Despite its huge capex over the years funded mainly by debts, its earnings failed to grow.

Is this not an example of growth destroying value of the company?
16/08/2019 1:03 PM
stockraider Again 3iii sohai in his findings loh....!!

Look at the trends of debt it keep falling almost every yr and especially the latest yr loh....!!

The falling debts means Uzma cashflow is good and improving every yr mah.....!!

Posted by 3iii > Aug 16, 2019 1:03 PM | Report Abuse

UZMA (m)

ST Debt & Current Portion LT Debt
2018 144
2016 194
2015 209
2014 61
2013 17


Long-Term Debt
2018 241
2016 325
2015 102
2014 30
2013 16


Net Property, Plant & Equipment
2018 452
2016 498
2015 252
2014 127
2013 42


Despite its huge capex over the years funded mainly by debts, its earnings failed to grow.

Is this not an example of growth destroying value of the company?
16/08/2019 1:12 PM
calvintaneng No point talking to 3iii and waste precious time loh

A person with tunnel vision can never see the whole picture

So he cannot see NTA is cash accrued in solidification

Cash buy shophouses

Shophouses are cash solidified

Cash can buy gold
Gold is also another form of cash

Gold can be sold again for cash

Uzma got Nta at Rm1.54

That is not just a figure. Rm1.54 is real value

Even if Assets forsake at 30% discount

Uzma still worth Rm1.00

So at 62.5 sen we pay less than it's value

Myopic 3iii cannot see call this value trap

Go study from Walter Schloss
16/08/2019 1:21 PM
3iii >>>

Posted by stockraider > Aug 16, 2019 1:12 PM | Report Abuse

Again 3iii sohai in his findings loh....!!

>>>>




Stop pushing your trolley. It is becoming a sorry sight indeed.

As for your margin of safety based on Benjamin Graham's principle, please take my advice. Go and get some lessons from KC Chong.

Benjamin Graham laid down very firm criteria for his stock selections. It was not solely based on P/NTA alone.

Will Benjamin Graham be in favour of UZMA? Probably not, based on his check-list which is easily obtainable in the net.
16/08/2019 1:21 PM
3iii Here is a Ben Graham Checklist for Finding Undervalued Stocks

Criteria

Risk
1. Earnings to price (the inverse of P/E) is double the high-grade corporate bond yield. If the high-grade bond yields 7%, then earnings to price should be 14%.
2. P/E ratio that is 0.4 times the highest average P/E achieved in the last 5 years.
3. Dividend yield is 2/3 the high-grade bond yield.
4. Stock price of 2/3 the tangible book value per share.
5. Stock price of 2/3 the net current asset value.

Financial strength
6. Total debt is lower than tangible book value.
7. Current ratio (CA/CL) is greater than 2.
8. Total debt is no more than liquidation value.

Earnings stability
9. Earnings have doubled in most recent 10 years.
10. Earnings have declined no more than 5% in 2 of the past 10 years.


If a stock meets 7 of the 10 criteria, it is probably a good value, according to Graham.
16/08/2019 1:26 PM
calvintaneng 3iii so stupid to quote KcChong wrongly.

KcChong bought and made from Pm Corp as well as many others while 3iii was left high and dry
16/08/2019 1:33 PM
calvintaneng Earnings hidden in asset purchase

A tunnel vision like 3iii deny that NTA has grown to a new high of Rm1.54
16/08/2019 1:35 PM
stockraider Bankrupt of points & ideas this 3iii, now start attacking raider loh...!!

Thats the reason raider call him a sohai loh....!!

Posted by 3iii > Aug 16, 2019 1:21 PM | Report Abuse

>>>

Posted by stockraider > Aug 16, 2019 1:12 PM | Report Abuse

Again 3iii sohai in his findings loh....!!

>>>>


Stop pushing your trolley. It is becoming a sorry sight indeed.

As for your margin of safety based on Benjamin Graham's principle, please take my advice. Go and get some lessons from KC Chong.

Benjamin Graham laid down very firm criteria for his stock selections. It was not solely based on P/NTA alone.

Will Benjamin Graham be in favour of UZMA? Probably not, based on his check-list which is easily obtainable in the net.
16/08/2019 1:37 PM
stockraider Ok Ben Graham points

UZMA ACHIEVED 8 OUT OF 10 POINTS MAH...!!

ASK SOHAI 3iii TO PUT THIS THE SAME CRITERIA CHECKLIST TO TEST NESTLE, I BET IT WILL FAIL LOH.....!!

THIS IS BCOS NESTLE OVERVALUE WITH PE MORE THAN 50X LOH...!!

Posted by 3iii > Aug 16, 2019 1:26 PM | Report Abuse

Here is a Ben Graham Checklist for Finding Undervalued Stocks

Criteria

Risk
1. Earnings to price (the inverse of P/E) is double the high-grade corporate bond yield. If the high-grade bond yields 7%, then earnings to price should be 14%. MSIA HIGH GRADE BOND ONLY 4%. UZMA RETURN BASED ON PE 9 IS CLOSE TO 11% PA. PASSED LOH...!!
2. P/E ratio that is 0.4 times the highest average P/E achieved in the last 5 years. PASSED PE 9X UZMA IN FACT CLOSE TO BEST LAST 5 YRS LOH!!
3. Dividend yield is 2/3 the high-grade bond yield. FAILED
4. Stock price of 2/3 the tangible book value per share. PASS NTA RM 1.54 PASSED
5. Stock price of 2/3 the net current asset value. PASSED

Financial strength
6. Total debt is lower than tangible book value. PASSED
7. Current ratio (CA/CL) is greater than 2.PASSED
8. Total debt is no more than liquidation value. PASSED

Earnings stability
9. Earnings have doubled in most recent 10 years.PASSED
10. Earnings have declined no more than 5% in 2 of the past 10 years. FAILED

If a stock meets 7 of the 10 criteria, it is probably a good value, according to Graham.
16/08/2019 1:48 PM
3iii Calvin

It is amusing to see you trapped in so many undervalued stocks.

You must be honest with yourself.

As an analogy.

2 factories doing the same business are up for sale.

In factory A, the book value was 200 m and its profits consistently 30 m yearly. How much would you pay to own this factory A?

Another factory B, the book value was also 200 m and its profits were erratic. Its latest profit was 7 m. How much would you pay to own this factory B?


What are QUALITY BUSINESSES?

= Quality Stocks

1. Solid earnings growth
2 Undervalued
3. Cash rich
4. Low Debt
5. Growing sales.



>>>>
Posted by calvintaneng > Aug 16, 2019 1:21 PM | Report Abuse

No point talking to 3iii and waste precious time loh

A person with tunnel vision can never see the whole picture

So he cannot see NTA is cash accrued in solidification

Cash buy shophouses

Shophouses are cash solidified

Cash can buy gold
Gold is also another form of cash

Gold can be sold again for cash

Uzma got Nta at Rm1.54

That is not just a figure. Rm1.54 is real value

Even if Assets forsake at 30% discount

Uzma still worth Rm1.00

So at 62.5 sen we pay less than it's value

Myopic 3iii cannot see call this value trap

Go study from Walter Schloss
>>>>
16/08/2019 3:52 PM
3iii What are QUALITY BUSINESSES?

= Quality Stocks

1. Solid earnings growth
2 Undervalued
3. Cash rich
4. Low Debt
5. Growing sales.



UZMA

1. Solid earnings growth ???

Net Income (RM m)
2019 3Q 17.9
2018 17.6
2017 -
2016 39.3
2015 5.3
2014 36.0
2013 33.1



3. Cash rich ????

Cash & Short Term Investments
2018 60
2016 76
2015 69
2014 53
2013 38


4. Low Debt ?????

ST Debt & Current Portion LT Debt (m)
2018 144
2016 194
2015 209
2014 61
2013 17


Long-Term Debt (m)
2018 241
2016 325
2015 102
2014 30
2013 16


5. Growing sales. ????

Sales/Revenue (m)
2018 361.2
2016 471.1
2015 510.8
2014 473.4
2013 405.9
16/08/2019 4:10 PM
deMusangking tiket to holland
16/08/2019 4:12 PM
3iii Calvin is trapped and needs a bigger fool to bail him out.

Buy from sucker, sell to sucker! :-)




I have interacted with Calvin for many years now. He is very hardworking and writes profusely. But his investing is found wanting! (Just my observation.)


But a broken clock tells the right time twice a day too. Beware.
16/08/2019 4:17 PM
stockraider Value investment u based on margin of safety on the value of the company not quality of business mah...!!

If u based on quality of business u usually overpay mah..like the case of nestle pe 50x...thus no margin of safety loh.....!!

Posted by 3iii > Aug 16, 2019 4:10 PM | Report Abuse

What are QUALITY BUSINESSES?

= Quality Stocks

1. Solid earnings growth
2 Undervalued
3. Cash rich
4. Low Debt
5. Growing sales.



UZMA

1. Solid earnings growth ???

Net Income (RM m)
2019 3Q 17.9
2018 17.6
2017 -
2016 39.3
2015 5.3
2014 36.0
2013 33.1



3. Cash rich ????

Cash & Short Term Investments
2018 60
2016 76
2015 69
2014 53
2013 38


4. Low Debt ?????

ST Debt & Current Portion LT Debt (m)
2018 144
2016 194
2015 209
2014 61
2013 17


Long-Term Debt (m)
2018 241
2016 325
2015 102
2014 30
2013 16


5. Growing sales. ????

Sales/Revenue (m)
2018 361.2
2016 471.1
2015 510.8
2014 473.4
2013 405.9
16/08/2019 4:18 PM
deMusangking all the time value investment!!!!!!

talk cock all the time!
16/08/2019 4:21 PM
calvintaneng NO USE BEATING ROUND AND ROUND THE BUSH WITH ALL THESE SECONDARY FIGURES

THE VERY CORE NTA HE CANNOT SEE AT ALL

NTA HAS INCREASED FROM RM1.04 TO RM1.54 (UP ALMOST 50%)

THIS IS WHAT BIBLE DESCRIBE 3iii

King James Bible
Ever learning, and never able to come to the knowledge of the truth.
16/08/2019 4:22 PM
3iii >>>>

Here is a Ben Graham Checklist for Finding Undervalued Stocks

Criteria

Risk
1. Earnings to price (the inverse of P/E) is double the high-grade corporate bond yield. If the high-grade bond yields 7%, then earnings to price should be 14%.
2. P/E ratio that is 0.4 times the highest average P/E achieved in the last 5 years.
3. Dividend yield is 2/3 the high-grade bond yield.
4. Stock price of 2/3 the tangible book value per share.
5. Stock price of 2/3 the net current asset value.

Financial strength
6. Total debt is lower than tangible book value.
7. Current ratio (CA/CL) is greater than 2.
8. Total debt is no more than liquidation value.

Earnings stability
9. Earnings have doubled in most recent 10 years.
10. Earnings have declined no more than 5% in 2 of the past 10 years.


If a stock meets 7 of the 10 criteria, it is probably a good value, according to Graham.

>>>>




Allow me to elaborate.

The checklist is a guideline and example, not a cookbook recipe you should follow precisely. It is a way of thinking and an example of how you may construct your own value investing system.
16/08/2019 4:26 PM
calvintaneng https://books.google.com.my/books?id=OOZWykmT-KUC&pg=PA229&lpg=PA229&dq=it%27s+an+inocullation+warren+buffet&source=bl&ots=0wqbIEJcDI&sig=ACfU3U2tMbV407rV0rJDV-uMuVLhDPSNXw&hl=en&sa=X&ved=2ahUKEwilqsjg-4bkAhWg_XMBHd-iDpoQ6AEwF3oECAcQAQ#v=onepage&q=it's%20an%20inocullation%20warren%20buffet&f=false
16/08/2019 4:26 PM
stockraider Please try & test this checklist on your dlady, nestle and petdag all fail bcos of overvalue mah....!!

Posted by 3iii > Aug 16, 2019 4:26 PM | Report Abuse

>>>>

Here is a Ben Graham Checklist for Finding Undervalued Stocks

Criteria

Risk
1. Earnings to price (the inverse of P/E) is double the high-grade corporate bond yield. If the high-grade bond yields 7%, then earnings to price should be 14%.
2. P/E ratio that is 0.4 times the highest average P/E achieved in the last 5 years.
3. Dividend yield is 2/3 the high-grade bond yield.
4. Stock price of 2/3 the tangible book value per share.
5. Stock price of 2/3 the net current asset value.

Financial strength
6. Total debt is lower than tangible book value.
7. Current ratio (CA/CL) is greater than 2.
8. Total debt is no more than liquidation value.

Earnings stability
9. Earnings have doubled in most recent 10 years.
10. Earnings have declined no more than 5% in 2 of the past 10 years.


If a stock meets 7 of the 10 criteria, it is probably a good value, according to Graham.

>>>>




Allow me to elaborate.

The checklist is a guideline and example, not a cookbook recipe you should follow precisely. It is a way of thinking and an example of how you may construct your own value investing system.
16/08/2019 4:28 PM
3iii >>>>


calvintaneng NO USE BEATING ROUND AND ROUND THE BUSH WITH ALL THESE SECONDARY FIGURES

THE VERY CORE NTA HE CANNOT SEE AT ALL

NTA HAS INCREASED FROM RM1.04 TO RM1.54 (UP ALMOST 50%)

THIS IS WHAT BIBLE DESCRIBE 3iii

King James Bible
Ever learning, and never able to come to the knowledge of the truth.
16/08/2019 4:22 PM


>>>>



Sadly, I am too smart for these fellows in this forum.

For every $1 retained by the company, it should generate $1 in market value.

Too bad for UZMA. All the retained earnings translated to destruction of intrinsic value. It grew its PPE through capex, grew its debts too but look at its earnings, these have gone down over the last 5 years!


Sorry being smarter than Calvin and raider. But I should remain humble like before. :-)
16/08/2019 4:30 PM
calvintaneng This fella mistook arrogance for being smart?

Calvin bought Padini at Rm1.60 and sold into strength. Dumb 3iii rode Padini up and down without knowing how to take profit

THIS YEAR CALVIN ALREADY MADE 170% WHILE DUMB 3iii STILL TALKING WITH NO SUBSTANCE

SEE NAIM, CARIMIN & LAFARGE ALL GONE UP AND UP

3iii NEVER EVEN RECOMMEND ANY GOOD BUYS BUT JUST TALK LIKE A BUSYBODY
16/08/2019 4:36 PM
stockraider If the company have a value of Rm 1.54....if u buy at Rm 0.63...u already a positive value of Rm 0.81 mah...!!

Why do u want to waste time on 3iii time consuming formula, where u overpay on growth stock and wait for earnings to catch up with overvalue price paid leh ??

Posted by 3iii > Aug 16, 2019 4:30 PM | Report Abuse

>>>>


calvintaneng NO USE BEATING ROUND AND ROUND THE BUSH WITH ALL THESE SECONDARY FIGURES

THE VERY CORE NTA HE CANNOT SEE AT ALL

NTA HAS INCREASED FROM RM1.04 TO RM1.54 (UP ALMOST 50%)

THIS IS WHAT BIBLE DESCRIBE 3iii

King James Bible
Ever learning, and never able to come to the knowledge of the truth.
16/08/2019 4:22 PM
>>>>



Sadly, I am too smart for these fellows in this forum.

For every $1 retained by the company, it should generate $1 in market value.

Too bad for UZMA. All the retained earnings translated to destruction of intrinsic value. It grew its PPE through capex, grew its debts too but look at its earnings, these have gone down over the last 5 years!


Sorry being smarter than Calvin and raider. But I should remain humble like before. :-)
16/08/2019 4:37 PM
calvintaneng AMONG ALL 4 OGSE DAYANG, CARIMIN, PENERGY & UZMA

UZMA STANDS OUT WITH THE HIGHEST MARGIN OF SAFETY IN NTA

SEE

WHY NTA (NET TANGIBLE ASSET) IS YOUR MARGIN OF SAFETY IN SHARE INVESTMENT (Calvin Tan)
Author: calvintaneng | Publish date: Tue, 3 May 2016, 11:20 PM

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/95860.jsp
16/08/2019 4:40 PM
Azan Rasul I don't care the debate. What I care is the price has risen from double bottom 55c. So whoever purchase below 60c now make money
16/08/2019 4:42 PM
TheContrarian Go, go, go Uzma.
16/08/2019 7:54 PM
calvintaneng I just got the real interpretation for 3iii

Inferior complex.
Trying to boost his own low self esteem by belittling others

Irrelevant
Concepts and stocks outdated and overvalued
No new recommendations for the last 5 years

Instigator
Having no relevant positive stocks to recommend he goes round as a busybody

Better stay far away from this undesirable 3iii
17/08/2019 12:04 AM
apolloang how about kepala pusing a.k.a KPS.....new low.....margin of safety dividend 32.6cts,from 1.64 now become 0.80 cts…..hahaha
17/08/2019 12:15 AM
calvintaneng How come you didn't say you got buy Uzma at 62 sen

Calvin called for a buy on Kps after kps received compensation windfall

And as expected Kps price shot up on news of 32.6 sen special dividend.
Only price up then people chased ?


Now listen

Calvin say buy Uzma at 62 sen because results expected to be good.

And after result out and good people start chasing it about Rm1.00 then only get bullish?
17/08/2019 12:26 AM
apolloang why don't u say u bought uzma at over 80cts? I wouldn't wanna buy uzma at all
17/08/2019 12:32 AM
calvintaneng Correct.
I bought Uzma first at 89 sen.
If I think ok to buy at 89 sen then at 62 sen it becomes an even better bargain

So can certainly buy more

I also bought Naim at 48 sen. And after Naim gone up more than double over Rm1.00 I never tell people to chase but to sell into strength

This is the correct way to buy low and sell high.
17/08/2019 1:50 AM
3iii Question: What is the most important thing in investing and in life that you have learned in the past 50 or so years?

Answer: Honesty is the best thing you could have.

Walter Schloss



Walter Schloss conducted a recorded video / audio presentation at the Richard Ivey School of Business’ Benjamin Graham Center for Value Investing.
17/08/2019 7:40 AM
freddiehero calvin also cun cun buy call uzma
17/08/2019 7:57 AM
freddiehero real hero
17/08/2019 7:57 AM
lachai2004 Thumb up (^o^)
17/08/2019 9:51 AM
stockraider I doubt 3iii really a value investor, the way he says Nestle Pe 50x a stock to invest really confirm his dishonesty mah...!!

I hope 3iii, do not send people to holland like in the case of his call on Padini falling from above Rm 6.00 to close to Rm 3.00.

On the issue of honesty on calvin call on Uzma, i think calvin make a good call on uzma at its low and those who follow him yesterday will really benefited, bcos uzma jump up about 7% yesterday mah...!!

Surely calvin got good intention sharing with i3 members not like what dishonest 3iii trying to paint calvin as bad mah..!!

Uzma nta about rm 1.54, trading at PE 9x and with shareholders funds growing every year, all these showed uzma a potential margin of safety stock loh.....!!

Raider has no exposure on uzma, but raider find uzma has the same potential of appreciation like bjland a margin of safety stock loh..!!

Remember it is not quality or growth stock u pay...it is how much margin of safety u get, the bigger the safer your return loh...!!


Posted by 3iii > Aug 17, 2019 7:40 AM | Report Abuse

Question: What is the most important thing in investing and in life that you have learned in the past 50 or so years?

Answer: Honesty is the best thing you could have.

Walter Schloss

Walter Schloss conducted a recorded video / audio presentation at the Richard Ivey School of Business’ Benjamin Graham Center for Value Investing.
17/08/2019 11:57 AM
calvintaneng TRACKING UZMA HISTORIC PRICES SHOW GROSSLY UNDERVALUE POSITION, Calvin Tan Research

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/220058.jsp
18/08/2019 9:40 PM
calvintaneng THE GOOD PROSPECTS OF UZMA

1) PRICE NOW SELLING FAR BELOW NTA AS A MARGIN OF SAFETY

VERY DEFENSIVE


2) INSIDERS STARTED BUYING.

THERE MUST BE SOMETHING BREWING AHEAD?

3) PETRONAS REFINERY IN RAPID NEEDS 54 MILLION BARRELS OF CRUDE (EXTRA) SO MORE JOBS FOR OG UPSTREAM JOBS TO BE AWARDED

AND UZMA IS IN THE RIGHT PLACE AT THE RIGHT TIME


4) MONSOON NOW OVER

APRIL TO JUNE 2019 MONTHS RESULTS SHOULD SHOW PROGRESS IN 16 OIL WELL DECOMMISSIONING JOBS COMPLETED

THIS WILL BOOST PERFORMANCE FOR AUGUST 2019

SO BUY NOW BEFORE GOOD RESULT OUT

NOT PANIC CHASE UZMA LATER AFTER RESULT OUT IN THE OPEN

SEE HOW CALVIN CHUN CHUN FORECAST KPS CASH PAYOUT AFTER KPS RECEIVED COMPENSATION FOR WATER ASSETS

ONLY AFTER CASH PAYOUT 32.60 SEN ANNOUNCED PEOPLE PANIC BUY KPS OVER RM1.69 TO THEIR DETRIMENT

SO BUY UZMA WHILE CHEAP NOW!!!

NOT CHASE UZMA IN PANIC LATER AND THEN BLAME CALVIN?

LISTEN LISTEN LISTEN!!!

THE TIME TO BUY UZMA IS NOW NOW NOW!!!
19/08/2019 9:16 AM


 

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