Highlights
KLSE: MAA (1198)       MAA GROUP BHD MAIN : Finance
Last Price Today's Change   Day's Range   Trading Volume
1.02   -0.01 (0.97%)  1.02 - 1.02  194,000
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Overview

Market Cap: 279 Million
NOSH: 274 Million
Avg Volume (4 weeks):994,415
4 Weeks Range:0.595 - 1.04
4 Weeks Price Volatility (%):
95.51%
52 Weeks Range:0.40 - 1.04
52 Weeks Price Volatility (%):
96.88%
Average Price Target: 1.14
Price Target Upside/Downside: +0.12
Stamp duty exempted for year 2019

Financial Highlight

Latest Quarter | Ann. Date 31-Dec-2018 [#4]  |  27-Feb-2019
Next QR | Est. Ann. Date: 31-Mar-2019  |  28-May-2019
T4Q P/E | EY: -10.17  |  -9.83%
T4Q DY | Payout %: 2.94%  |  - %
T4Q NAPS | P/NAPS: 1.94  |  0.53
T4Q NP Margin | ROE: -16.19%  |  -5.17%

Headlines

Date Subject
28-Feb-2019 PublicInvest Research Headlines - 28 Feb 2019
28-Feb-2019 Mplus Market Pulse - 28 Feb 2019
07-Jan-2019 [转贴] 2019十大风云人物 乱世各显神通
24-Dec-2018 Technical Analysis - MAA Group
11-Dec-2018 PublicInvest Research Headlines - 11 Dec 2018

Business Background

MAA Group Bhd is a Malaysian investment holding company. The company along with its subsidiaries operates in four segments Investment holdings, Education services, Retail mortgage lending and loan securitization and General insurance. It generates the highest revenue from Investment holdings segment. The firm has investment holdings in companies engaged in manufacturing, oil and gas, education, assisted reproductive technologies and others.
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  6 people like this.
 
theong I don't know why people are angry .We are just trying for fair price.???Is it wrong to get a fair price?i found it very strange or wonder who are they?
15/03/2019 7:44 PM
candygirl Choivo doesn't MAA that's why he says it's fair ..
15/03/2019 7:50 PM
TheContrarian When I bought MAA at 50 sen I knew that one day I would make at least 100%. It came sooner that I expected. MAA at 50 sen was a steal, selling at such huge discount that one can only dream of and would not have been possible had our stockmarket not gone through a lengthy one year bear phase. A bear market is a buying opportunity.
15/03/2019 8:35 PM
Heavenly PUNTER wah choivo really fck around everywhere, every single counter also don't let go
15/03/2019 10:09 PM
moneycashrich I treat my investment in MAA different form other stocks is that is a fixed deposit. Outsiders will attack and never understand. OF course, many other stocks to buy too, that is different from MAA. we believe the value of this stock and all get attacked when if fall to 40 sen caused by bear market. Many 'cepat kaya' stocks bull run now. Why waste time to attack a FIXED DEPOSIT ?
16/03/2019 4:47 AM
dompeilee U look @ Choivo 's picture, u can trust that kinda face meh?
16/03/2019 1:49 PM
dompeilee Although I hv not much hope they will raise their offer price, I still hold on to my shares(have been holding on since 2011)
16/03/2019 1:51 PM
Choivo Capital Contrarian,

Stocks below cash now, is so many. Farlim, Sanichi etc etc.

I only held very little, as i had other companies that i considered to be more undervalued, whether in terms of net assets or earnings.

But i did buy a lot more after the acquisition was announced.
16/03/2019 1:56 PM
Choivo Capital People don't privatize at fair value, unless they are stupid. They also need to make money.

Realistically, i think Melewar is getting a 20-30% discount or so. Look at their track record, does not exactly belie skill in investment or capital allocation.

The people here trying to get higher price must not be thinking right. This is a 14 year high, of a mediocre insurance company that happens to be filled with cash.

Its one thing to just make noise and grumble, this is normal. Its another to be so stupid as to make noise at AGM and actually vote "No".

The expected value now is 90% chance to make 8%. 10% chance to lose 50%. Positive EV of 2.2%, with high range.
16/03/2019 2:01 PM
Choivo Capital AISB also below net cash.
16/03/2019 2:04 PM
TheContrarian Some companies may be trading below their cash values but their existing business could be bleeding.
16/03/2019 2:43 PM
TheContrarian Those who want a higher offer price should form a group and engage the Offerors now. By the time the EGM is convened it is too late.
16/03/2019 2:57 PM
Rjwealth Power of net net stocks! My favourite hunting ground!!
17/03/2019 3:31 PM
theong We already started forming minority group.if you own MAA shares and you feel you not getting a fair price on SCR you can join us.
17/03/2019 11:40 PM
candygirl Please email markus_see@yahoo.com with your hp no. to join in the minority shareholders watsapp group
18/03/2019 1:53 AM
Choivo Capital Yeah go do that. Be persistent and annoying enough, and they may even call it off, and you can then watch it drop back down to 50 sen.

If it works though, congrats, 5% more.

See how foolish it sounds.

===
theong We already started forming minority group.if you own MAA shares and you feel you not getting a fair price on SCR you can join us.
17/03/2019 23:40
18/03/2019 10:47 AM
Choivo Capital Yeah, and one of those companies is called MAA.

===
TheContrarian Some companies may be trading below their cash values but their existing business could be bleeding.
16/03/2019 14:43
18/03/2019 10:51 AM
Choivo Capital Really cute lah this place. Before the SCR offer, everyone here as if they have lost someone in the family. Everyday pray to god get SCR or privatization.

Now, want to work hard, open whatsapp group and write email, find 16m shares to vote against and break your own rice bowl. Really is too free.

If don't get discount, privatize this kind of co for what? Do charity work is it.

You think Philippines only got MAA do insurance, no competitors?
18/03/2019 11:01 AM
Choivo Capital This is the comments from Markus from back then. Even he know the company and management is lapsap.

You guys want to take the risk of having to work with a rubbish management, in a rubbish company, that has no edge in the industry they are in, for the next 10 years ah?

Its not like this is SPB where the land value is so obvious, sure can get 10% or 20% more.

Here you have insurance business that at one point got claim ratio of 40% plus.

Take the RM1.1 and pass the headache to the Tunku. He probably need to inject some of his own cash post acq also.

=====
Nov 23, 2017 10:25 PM | Report Abuse

"The lower profit arose mainly from lower underwriting surplus amounting to RM5.5 million (3Q-2016: RM8.4 million) caused by higher claim ratio of 47% (3Q-2016: 36%) mainly from fire, marine, bond, engineering and general account class of businesses....

The Group’s General Insurance business in the Philippines held via subsidiary MAAGAP continued its commendable growth in gross written premium (+13.9%), albeit a marginally lower profit before taxation (-1.7%) for the current financial period ended 30 September 2017, due to higher claims experience caused by catastrophe events that hit the country. "


Wahlao!... CLAIM RATIO of 47% ?!? For every 10 insurance contracts they sell, got claim almost half? Fire their risk management team. Wtf


Apr 4, 2018 05:46 PM | Report Abuse

"RM28.00 million for a potential investment in an independent oil producer in Kaliningrad, Russia. " .... RUSSIA?? Really????? Of all places.... What are they smoking in the office? Although 28 million is not super big amount ,I'm sure it wont be enough for such high risk oil biz, I think they will take a lot of debt to structure such biz deal.
Anyway " the transaction requires shareholders’ approval pursuant to the Listing
Requirements, the Company will seek the necessary approval from the shareholders of MAAG at an EGM to be convened " .... PLEASE VOTE NO to this ridiculous high risk plan . These people are sick or high on something.... gambling company's money in such high risk investment.
Have they not learn from their previous mistakes (Yes, his other company Melewar lost big time in their Siam power generation biz).... or other people's mistake when venturing into O&G (example WTK Bhd blew a big hole and still losing in their O&G venture).
I think we collectively should think of a way to put more pressure to the board. Set up a facebook group or something to discuss
18/03/2019 11:07 AM
sheep haha, going up...
18/03/2019 11:25 AM
theong Could not understand why some people could not accept some shareholders want a better price after so many years investment in company. With NTA of near rm 2 most of it in cash but SCR offer rm1.1 . I am still wonder who are they taking the time and trouble to write to ask us to take the offer?Do they get price or gain anything out of this?The monent we said we already form grouping. The attack become more serious and intense. I am not born yesterday.For better or worse I will take my calculate risk.
18/03/2019 12:26 PM
TheContrarian Choivo really sore.
18/03/2019 12:27 PM
moneycashrich claim ratio of 47% is still good. Still making money.
18/03/2019 12:36 PM
moneycashrich MAA must be a good future profitable business. Doing SCR for nothing ? Nice meat waiting.
18/03/2019 1:11 PM
candygirl Choivo sounding as if lost a close family member. Barking like a sore dog full of shit .
18/03/2019 1:17 PM
Choivo Capital Yes theong,

Because NTA is a the perfect valuation method of a insurance co.

if people want to privatize MNRB, they should pay at least RM4.

Im not saying you cannot do whatever you want to do. I'm telling you you're being foolish.
18/03/2019 2:56 PM
stupid very normal lo this is human behavious, greed. when give you something, they are asking more more more~~~greed is good har? if kena cancel aiyo aiyo again...
18/03/2019 3:14 PM
theong I will let you win this augment on this issue .What ever you are try to do will not change change my stand. I believed the rest of us will stick to our desicion.I know you are smart but please don't think other are stupid.
18/03/2019 3:19 PM
theong Who is more greed ? Offerer or offeror. A house price was rm2 but was told only rm1.
18/03/2019 4:16 PM
balvin71 I am hearing both side of the arguments. Both also have valid points. Main shareholder trying to to buy out cheap. If deal doesn't go thru, share price will drop.

Let's wait for independent report, see directors recommendations. Supposedly the non-executive directors will protect our interest.
18/03/2019 4:22 PM
theong I think it no point continue debate on this issue pls respect our desicion .It up to anyone who think it OK as rm 1.1 is a good price go ahead vote yes. But if you feel it a lousy offer vote against.I believed there are people who was piad to write to accept the offer just like manipulate price down during the last year.
18/03/2019 4:54 PM
ph88xing MAA have a net assets of RM1.94 per share and more than 65% of its total assets are highly liquid assets like Investments and cash.

Assuming it's being winding up through public tender and auction and get only 50% value on its PPE, Investment properties, Reinsurance assets, Insurance receivables and Trade and other receivables and completely write off its intangible assets, deferred tax assets and deferred acquisition costs. It'll still have a NTA per share of RM1.4234 after deduct all the liabilities and NCI, which is 29.4% above the offer price of RM1.10.

If anyone is able to gather at least 10% in MAA, they should just write a letter to the Board and request the Board and the Company to liquidate its business and assets through public tender and auction. The shareholders are likely to get a higher return than RM1.10 although have to wait longer and can be easily blocked by the offeror.
18/03/2019 6:43 PM
yasuyo We are institutional investors with a sizable holding in the stock and we are most likely going to vote against it. Dividends and partial or complete liquidation would be a better way to give shareholders value. There are valuable pieces of the business and anything significantly below nav is just being opportunistic. The appraisal by a supposedly independent firm isn't often worth much. If the the appraiser is selected by the board of the firm being acquired and if this is the case as the acquirer is related to the board often times the board selects a firm they believe will give an appraisal that lets them achieve their goals. If this is the case its clearly a conflict of interest. Even if "independent directors" select the appraiser these Director's are often not very independent as often the majority shareholders have significant influence on who are the 'independent' directors and often they are friends. In the more than 20 years I have been in this business its rare to see an appraiser's report that is really good and seems truly independent. In reality the minority investors should select the appraiser or if this isn't possible or practical the regulator or stock exchange should make the selection especially in a situation where the acquiring party sits on the board or manages the company being acquired. Anyway it is easy for the appraiser that wants to make the company happy to say the offer is good because it is above the recent share price allowing them to neglect or discount the real intrinsic value. Anyway, I hope other shareholders look at the situation and think for themselves what is fair and makes sense.
18/03/2019 8:11 PM
TheContrarian Dear yasuyo, maybe you could take the lead and engage the Offerors. Several individuals here hold millions of shares would definitely join you in your effort.
18/03/2019 8:58 PM
markus @yasuyo

We have formed a small minority group on Whatsapp group chat via this forum. Currently, our total shareholdings is almost about 15 million shares that will vote against. Some of them is in the biggest 30 shareholders. I believe your side will easily make up the deficit we need to block this nonsense resolution. We will give you full support. I hope we can work together to counter this shamelessly offer by Melewar. They will come up with all sorts of strategy to take MAA private cheaply. Even if they sweeten the offer, i think it will be still an insulting offer. I do not wish to discuss openly here but your guess is as good as mine what sort of tactics might come up to squeeze minority out later. Let's work together in this sensitive concern and be prepared. I am prepared to seek for legal intervention as last resort should this unfair transaction go through. I can be contacted at markus_see@yahoo.com . Thank you.
18/03/2019 10:30 PM
markus @yasuyo We would appreciate if you want lead us since you have more experiences in this business with institutional investing tools. If not, we are happy to just work closely with you. Let's keep our options open and do our best to stop this oppression of minority shareholders.
18/03/2019 10:43 PM
Cipta Some worry whether the share price will slide down if the Melewar's exercise fail.
Some worry whether minority has the power to deny Major shareholder.

Here is the example how minority win against a Malaysia top ten tycoon who own 79% share of the company. And please see how much the share price now compare to the offer price.

https://www.thestar.com.my/business/business-news/2013/02/26/billionaire-queks-takeover-of-hong-leong-capital-hits-a-snag/
19/03/2019 10:40 AM
yasuyo We are not activist investors but we wont accept the buyout if it doesn't make sense. In our experience when there is an offer at a very low price if the buyer doesn't increase the offer during the initial buyout most of the time the buyer comes back although it can take sometime. Its fairly clear that there is also an incentive for the shareholders to want to pay dividends or buy back stock as they have done in the past. The share price in the short-term often can go down if a buyout fails but this can be a great opportunity for investors to buy more stock in an undervalued company as we have done in the past. In this case based on the history of the companies corporate actions and looking at the circumstance of the buyer it seems logical to us that the buyers would either eventually come up with a fairer offer or do other things that make sense for all parties to maximize value. We are not worried if the resolution fails and in the short-term the price goes down. In the past we have made good money for our investors waiting for acquirers to make reasonable offers. Its also the best thing for the stock market and investors as a whole to reject a poor offer which makes the statement to the investor community that minority investors need to be treated fairly. We have known this company for many years and are fairly convinced either now or later we will most likely get a fair price out of the shares. There is always risk but in this case the offer doesn't seem close to a price where we think the risks are a significant worry.
19/03/2019 3:17 PM
sheep Maybe PH gomen should take note of such unfairness...

PM says GLC heads paid ‘obscenely high’, MoF to scale down execs’ salaries.

https://www.malaymail.com/news/malaysia/2019/03/19/saying-glc-heads-paid-obscenely-high-pm-says-mof-to-scale-down-execs-salari/1734148

Hopefully business newspapers report a New Headline:
Buyout at ‘obscenely low offer’, MoF will help negotiate to scale up offer price

wakakakaka just for fun....

Serious, RM1.40 I sell
19/03/2019 4:22 PM
rc9799 bravo ..
19/03/2019 5:48 PM
jamesooi Look at current buy orders, I think some new investors just bought at average RM1.00 and hopefully to sell at RM1.10 waiting for the SCR to go through. The Melewar management has not buying extra shares yet. Until to date still no big volume except only 1 day.
20/03/2019 5:37 PM
balvin71 Bila itu independent report mau keluar?
20/03/2019 9:50 PM
sheep should be out soon. BOD has till 29/03 to announce offer accept or not. Hence independent report should be out earlier for BOD to deliberate..unless ask for extension...biasa tu.
22/03/2019 11:51 AM
afterlight @jamesooi yeah, free 10% money on the table...
22/03/2019 1:09 PM
linda77 This message is for those who greed asking for more.

What you need to do is to vote against the EGM and let it fail.

For EGM to be approved, there are 2 conditions:
1) They need at least more than 90% of the total shareholders to support.
2) They need at least 75% of total number shares for those present.

Major shareholders cannot be counted.

How to fail d EGM

For those who greed what u need to do is to bring ppl to vote against EGM, partial of ur shares transfer to ur family members / friends and bring them vote against during EGM or by proxy.

How many of u willing to do that?

If u can bring extra 200ppl to vote EGM, most lightly the EGM will fail.

Anyway I'm having two million shares but I will support the EGM.
23/03/2019 5:09 PM
TheContrarian The SCR must be approved by at least a majority in number (50% plus one) and 75% in value in shares that are cast in person or by proxy at the EGM and must not be voted against by 10% in value in shares of the total voting shares.
23/03/2019 10:51 PM
Cipta Hi Linda77 Me coincidently own 2mil share. Shall we cancel out each other?

your 2 mil is 0.65% of 90%
mine 2 mil is 7.29% of 10%

My holding is more heavy weight than yours. :) agree?
25/03/2019 5:00 PM
balvin71 Today announcement asking for renewal of related party transaction, share buy back etc. Major shareholder doesn't believe deal will go thru? So no longer taking private? Will this mean share will drop back to 0.60?
25/03/2019 6:37 PM
markus The essence of the stock market is to make money. You trade/invest/speculate to make money. If you define "greed" by that; then yes, I am "greedy". Even the world famous investor "He-Who-Must-Not-Be-Named" famous quote ; "Be greedy when everyone is fearful; be fearful when others are greedy"

In that case, you would agree too that the Offeror's greed must exceedingly offshoot to the orbit compared to ours (the minority); the fact that the Offeror have the guts to openly give such an insulting low offer to buyout us.

One would have to be greedy in order to accept the risks associated with the stock market. And in an efficient market, investor would expect to be compensated fairly for taking such risk. They called it the "Equity Risk Premium".
https://www.investopedia.com/terms/e/equityriskpremium.asp

With all due respect, I strongly advise you to sell your shares in the open market tomorrow onwards because with all sincerity, I am confident that this SCR proposal will FAIL.

I am not a short term shareholder. The market is unavoidably less efficient when market is too focused in short term. The price will swing to god-knows-where, either UP (if the market anticipate Offeror will offer more) or DOWN (if the market think the Offeror will abandon the plan and not up the offer)..or for whatever reasons that one can only speculate. It's bi-polar in nature.

Like said, I am a long term shareholder of MAA. The short term price swings does not bother me; and it should NOT be as the nonsense excuse that the advisor might come up to advise minority to sell.
25/03/2019 9:24 PM
theong As the date getting closer things will become intense use threaten, forceful or convincing minority shareholders to accept the offer.
25/03/2019 11:39 PM


 

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