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34 comment(s). Last comment by probability at Aug 8, 2015 12:52 AM
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soojinhou
868 posts

Posted by soojinhou > Jul 3, 2015 10:26 AM | Report Abuse

In FY2014, the profit margin from "investment related income" is 15% (RM3.7m from RM24.4m). Also, FYQ1 ending July typically sees a huge contribution from investment, presumably due to receipt of dividends. Over the past year, Magni has pumped in RM53m into investments, causing value of investment to more than doubled from end FY2014 at RM24.4m to end FY2015 at RM63.2m. All these points to a sharp increase in "investment related income" for the next quarter. With the anticipated income boost from investment, Magni should be able to do at least 15 cents eps next quarter, making it 3 consecutive quarters of 15 cents eps.


vinext
114 posts

Posted by vinext > Jul 3, 2015 12:03 PM | Report Abuse

in stocks? unit trust or with AMc?


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 4, 2015 1:59 PM | Report Abuse

According to annual report 2014, other investments consists of mutual fund (21%), malaysia's share (5%). 74% in unquoted shares (not listed company). For 2015, I am not sure how is the combination


probability
12332 posts

Posted by probability > Jul 4, 2015 5:21 PM | Report Abuse

Latitud in the making......


tonylim
4784 posts

Posted by tonylim > Jul 4, 2015 8:32 PM | Report Abuse

Be careful.
in the old days vc will issue or subscribe to inter company loans to help his other companies esp those classified unquoted

The writer will need to magnify and use a fine comb to see if the unquoted investments bore returns higher than market


tonylim
4784 posts

Posted by tonylim > Jul 4, 2015 8:33 PM | Report Abuse

Is vc and his companis hold major shares here ?


tonylim
4784 posts

Posted by tonylim > Jul 4, 2015 9:15 PM | Report Abuse

Net Purchase of other investments for latest fy is 52m less 14m mostly unquoted investments?


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 5, 2015 1:26 AM | Report Abuse

tonylim: I cannot find any information about the latest purchase of other investment. It have not disclosure in the quarter report. Perhaps we need to wait for the annual report to come out before we know the portion of the other investment. The main shareholder is berjaya group. Who is VC that u mention about?


Ricky Yeo
1606 posts

Posted by Ricky Yeo > Jul 5, 2015 6:25 PM | Report Abuse

so you just slap at 6.90 tp without coming out with a multiples?


fortunebullz
2698 posts

Posted by fortunebullz > Jul 5, 2015 6:31 PM | Report Abuse

Magni and Prlexus both are export theme! Both are Nike related! Both are $$$$$$$!


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 5, 2015 6:33 PM | Report Abuse

JT Yeo: please look carefully at the beginning. I written down the multipler of 11 same with prlexus


tonylim
4784 posts

Posted by tonylim > Jul 5, 2015 9:31 PM | Report Abuse

Itjust,
correct have to wait for annual report. No notes were attached to the unaudited fy 30.4.15 financial statement.

From the cash flow statement there is an increase investment in unquoted shares 52 minus 14 which is 38mil rm


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 5, 2015 9:35 PM | Report Abuse

ya increase by 38m. Annual report expected to come out at Sep and Oct 15. You can wait until that time if u wan to know wht is the portion of other investment


tonylim
4784 posts

Posted by tonylim > Jul 5, 2015 9:40 PM | Report Abuse

No. Should be out soon.
Isn't the financial year end 30.4.15


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 5, 2015 9:45 PM | Report Abuse

Audited report will come out around at end of Aug 2014 based on historical record but annual report only come out end of Sep or early 2015. You need time for auditor to perform audit work, manager review, partner review and management review before it come out. Just patiently wait.


tonylim
4784 posts

Posted by tonylim > Jul 5, 2015 10:35 PM | Report Abuse

Haha. Yes. I am an accountant


Ricky Yeo
1606 posts

Posted by Ricky Yeo > Jul 6, 2015 9:31 AM | Report Abuse

ok fair enough, even though a PE of 11 is what you consider as 'fair'. what the market considered a fair PE is a different matter, and thats the key

And i dont get the point of comparing revenue and profit of each other? Obvious magni is a bigger company thats why both numbers are bigger, but does that mean it is better? Magni has a lower ROE compare to PRlexus though.


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 6, 2015 9:47 AM | Report Abuse

Ya prlexus might be win in roe 20 compare magni roe 19 but magni is a better company in many thing compare to prlexus. Refer my point no 5. For your information magni have a lesser number of sharss compare to prlexus. Their revenue is almost 2.5 times of prlexus yet their share price only 1.5 times of prlexus. For profit, magni also is 2.5 times of prlexus profit yet the share price only 1.5 times of prlexus. Why not undervalue?


Ricky Yeo
1606 posts

Posted by Ricky Yeo > Jul 6, 2015 11:21 AM | Report Abuse

Outstanding shares has nothing to do with ROE. Then you have to explain why market decide to give prlexus higher valuation compare to magni?


probability
12332 posts

Posted by probability > Jul 6, 2015 11:58 AM | Report Abuse

Ai yeo...JT Yeo! U so confuso...
are we explaining why market priced as such...or
are we explaining why its its undervalue?


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 6, 2015 1:08 PM | Report Abuse

I really dun understand what JT Yeo wan to ask. Because of undervalue that why u need to buy this kind of share. If not then u buy prlexus la. We cannot control what is the price of prlexus but u can do is find a undervalue share and invest into it.


Ricky Yeo
1606 posts

Posted by Ricky Yeo > Jul 6, 2015 7:00 PM | Report Abuse

A person that has invest in prlexus, 99% of the time they would look at Magni too, so now the question is, why people think Prlexus is worth current PE but not Magni? Why do they discount Magni compare to Prlexus?


tonylim
4784 posts

Posted by tonylim > Jul 6, 2015 8:43 PM | Report Abuse

The difference you ought to understand how vc and his gang manage his companies


siradrian
45 posts

Posted by siradrian > Jul 6, 2015 10:08 PM | Report Abuse

JT Yeo, what you're trying to say here is related to Efficient Market Theory (EMT), but the fact is that no two companies are born equal. It is the inefficient pricing of such stocks by the herd that grants investors opportunities to accumulate and amass great fortunes.

We wouldn't know the outcomes until the end of the day, but right now MAGNI may stand a better chance of outperformance due to it being priced relatively cheaper.


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 6, 2015 10:29 PM | Report Abuse

Thanks siradrian for your explanation... This is what i wanted to say. Thanks for the help and good luck in accumulating fortunes :)


Ricky Yeo
1606 posts

Posted by Ricky Yeo > Jul 7, 2015 5:33 AM | Report Abuse

but both being trading at historical PE high, won't that be the same to say PRLEXUS is overvalued, while MAGNI is fair but not undervalued?


nicholas1184
78 posts

Posted by nicholas1184 > Jul 21, 2015 2:19 AM | Report Abuse

May I know what is the currency used for transactions between Magni and Nike? since the geographic area is spread around few countries, are they using USD as well? (I mean for Nike in China for example)?


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Jul 21, 2015 8:09 AM | Report Abuse

The currency traed in USD, RMB and SGD. I have no idea how much is the percentage but from the currency risk disclosure you can know most of that is trading in USD as most of the trade debtor denominated in USD


nicholas1184
78 posts

Posted by nicholas1184 > Jul 21, 2015 10:43 AM | Report Abuse

cool, thanks for your explanation, it helps a lot!


probability
12332 posts

Posted by probability > Aug 4, 2015 12:53 AM | Report Abuse

USD to RM is exploding....
nice to watch when VT stop selling.


probability
12332 posts

Posted by probability > Aug 6, 2015 7:37 PM | Report Abuse

itsjustabouttheprofit...
You mentioned the fraction of sales revenue in 2014 from Nike alone was at 507M / 651 M = 77.8%

On Page 82, note 29 they mention it contributed 10% of Group Revenue..
How they mention 10 compared 78 above??
I don't understand.


itjustabouttheprofit
74 posts

Posted by itjustabouttheprofit > Aug 6, 2015 9:30 PM | Report Abuse

Maybe you dont know this. Usually the company need to disclose the major which is more than 10percent. That sentences clearly stated that only one major customer which contributed RM507mil to the company. The purpose to disclose that are more than 10percent is to inform to investor about the risk might incurrred if they lose this major customer


probability
12332 posts

Posted by probability > Aug 6, 2015 9:54 PM | Report Abuse

Oh OK. I really didn't know this.

Excellent piece of Information.
Thanks itjustabouttheprofit.

My salute...


probability
12332 posts

Posted by probability > Aug 8, 2015 12:52 AM | Report Abuse

http://www.wsj.com/articles/how-low-can-malaysias-ringgit-go-1438938355

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