Sslee blog
My reply to DK66 on JAKS forum
Dear DK 66,
No idea why I cannot post in the JAKS comment page hence I post it in my blog.
Be realistic, with Equity of USD 470 million and Loan of USD 1.4 billion. You expect EVN Vietnam (a state owned power producer and distributor to end users) to guarantee a profit of USD 1.5 cents per Kwh (with Coal cost pass thro’ with certain specified efficiency) and with Capacity payment to take care of JV’s USD 1.4billion loan interest and fixed depreciation and fixed O&M expenses?
With capital of USD 470 million and payment of USD 120 million for 25 year is equal to IRR of 25.4%.This is almost like AhLong rate.
Note: Vietnam government encourage foreign capital in IPP (BOT) is for the fact that Vietnam Bank reserve do not have enough foreign reserve to lend money to invest in Capital intensive (USD) power plant. It almost likes China when Mr. Deng opened up China domestic economy for foreign capital.
Thank you
Dear all,
What is equity accounting?
A 100% equity holding is called wholly owned company. Equity above 50% and below 100% is called subsidiary company. Equity between 20-50% is classified as associated company but SC allow between 10-20% as associate company provided you have management control. Less than 10% is called financial assets at fair value through profit and loss.
For wholly owned and subsidiary companies, all revenue, assets is recognized in the book with Profit for the financial year then divided into: Attribute to Owners of the company and Non-controlling interest.
For JAKS:
Profit/(Losses) for the period end 31th December 2018: RM (46,798,000)
Attribute to: Owner of the company: RM 15,121,000
Non-controlling interest: RM (61,929,000)
So please attend AGM and ask who are the 49% equity holders and are they able to top up the (51%: 49%) JV Company’s losses. (For the 50 million LTA losses to Star will 49% equity holders top up their fair share of losses)
For associate companies: No revenue recognized. Associate Assets at cost and goodwill. P&L recorded as share of Profits less Losses of associate companies. And in Cash Flow statement this so called accounting profit will be deducted from operating cash flow but dividend received from associate companies will be recorded as cash flow from investing activities.
For INSAS: Period end 30th June 2018.
Associated companies recorded as non-current assets: RM 357,628,000 (INSAS owned 19.1% of Inari (about 600 million Inari share), 12.2 % Hohup, 43.3 % Melium, 40% Winfields + others)
Share of Profit less loss of associate companies: RM 50,365,000
Cash flow from investing activities: Dividends received RM 49,590,000
JAKS with 30% equity in Vietnam IPP, JAKS can only equity account so called accounting share of profit form associates company which has to be deducted from operating cash flow and only dividend received add into cash flow from investing activities. If China partner play out JAKS with excuse to accumulate cash reserve for new green energy investment in Vietnam and no dividend for the next 5 year what can JAKS do. None of JAK’s projects in Malaysia are profitable or generating positive cash flow. With new PH government insist on open tender what is the prospect of JAKS in Malaysia?
Thank you.
P/S: For 25 years BOT; it mean after 25 years all the plant equipments and land return to Vietnam state. The EVN Vietnam will take over and run the plant if it is still efficient and economical to run it, otherwise JV will need to de-commission and dismantle all the plant equipments.
Refer to AES financial account 2018:
https://s2.q4cdn.com/825052743/files/doc_financials/quarterly/2018/q4/2018-Form-10-K-FINAL.pdf
Eurasia SBU
Generation — Our Eurasia SBU has generation facilities in six countries. Operating installed capacity totaled 4,578 MW. The following table lists our Eurasia SBU generation facilities:
Business Location Fuel Gross MW AES Equity Interest Year Acquired or Began Operation Contract Expiration Date Customer(s)
Maritza Bulgaria Coal 690 100% 2011 2026 Natsionalna Elektricheska
St. Nikola Bulgaria Wind 156 89% 2010 2025 Natsionalna Elektricheska
Bulgaria Subtotal 846
OPGC (1) India Coal 420 49% 1998 2026 GRID Corporation Ltd.
Delhi ES India Energy Storage 10 60% 2019
India Subtotal 430
Amman East Jordan Gas 381 37% 2009 2033 National Electric Power Company
IPP4 Jordan Heavy Fuel Oil 250 36% 2014 2039 National Electric Power Company
Jordan Subtotal 631
Netherlands ES Netherlands Energy Storage 10 100% 2015
Netherlands Subtotal 10
Ballylumford (2) United Kingdom Gas 708 100% 2010 2023 Power NI/I-SEM
Kilroot (3) United Kingdom Coal/Oil 701 99% 1992 I-SEM
Kilroot ES United Kingdom Energy Storage 10 100% 2015
United Kingdom
Subtotal
1,419
Mong Duong 2 Vietnam Coal 1,242 51% 2015 2040 EVN
Vietnam Subtotal 1,242
4,578
_____________________________
(1) Unconsolidated entity, the results of operations of which are reflected in Equity in Earnings of Affiliates.
(2) The Ballylumford B Station began the process for a safe shutdown in December 2018.
(3) Includes Kilroot Open Cycle Gas Turbine.
Under construction — The following table lists our plants under construction in the Eurasia SBU:
Business Location Fuel Gross MW AES Equity Interest Expected Date of Commercial Operations
OPGC 2 (1) India Coal 1,320 49% 1H 2019
AM Solar Jordan Solar 52 36% 2H 2019
1,372
_____________________________
(1) Unconsolidated entity, accounted for as an equity affiliate.
In March 2018, the Company completed the sale of its entire 51% ownership interest in Masinloc, a 630 MW coal-fired plant located in the Philippines. Prior to its sale, Masinloc was accounted for as a consolidated entity and its results were included in our operations as we had a controlling interest in the business.
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1 person likes this. Showing 50 of 62 comments
hahahahaha first time i see Icon so harsh on KC.
Anyway, passed by to say Hi to Ass Ass Lee also, long time no see.
Anyway, if accounting profit is not profit then i dont know what is profit liao. Maybe you people should just go and operate or invest in pasar malam store. (Cash basis mar, no hutang hutang, all 真金白银 end of the day) You all should just wait thr at 10pm sharp, wait boss sau dong and distribute daily dividend. How good is that...
Instead of sticking to your Insas and your so called mark to market securities, and end of the day the gain in you mark to market securities will just account as fair value gain in financial instrument, no cash distribute at all. why that one not accounting profit ka? that is cash??? as long as Thong kok khee dont sell any of the mark to market securities what you see is also your accounting profit. i dont see what different in between jaks accounting profit and your insas fair value gain accounting profit seriously...
===================================================================
Posted by Icon8888 > Apr 14, 2019 8:29 PM | Report Abuse
You guys are a bunch of strange fellows
qqq3, sslee, KcChong...
All of you ...
2019-04-14 20:48
HAHAHAHAHHA Icon that's a funny one 160% liao wakakakaka ... aiyar all no need worry lah year end we see how who got the biggest engine piston then win already lo! Simple
2019-04-14 21:26
Yup, I talk so much but I have confidence to put my wife money my father in law money and my own money in huge numbers into a big investment in PCHEM.
Your Jaks wb is pure speculation and gambling. If not how many percent can you put into it? 5% of your networth? What is that?10k? 50k? Make 160% feeling good about yourself?
Funny little girl, make money on risky speculation you think it is investment.
I believe you also put money into PCHEM, so it makes it Our plant got blasted.
How about your LCTITAN? Put money into it at 4.15 more drop to 3.99. and dropping.
Lousy investor what is your risky total returns over the years Mr ex investment banker, ex engineer?I doubt you are any better than Calvin tan out 5% into 50 stocks and the rest into FD.
>>>>>>>>
Icon8888 Talk so much , I am already making 160% return from my Jaks wb
You pchem just blasted its plant
14/04/2019 8:44 PM
2019-04-14 21:29
You need to understand the most important thing in investing is the protection of capital. I don't invest in one trick pony and companies with shoddy management. I would rather invest in well run companies long term instead of buying companies which I can't judge the long term prospects.
That's the difference between people like me and icon8888. He only looks at profit profit profit. I look at how much risk I am bearing versus how much profit I stand to gain.
You can tell by how he only looks at his total returns that he has no clue to evaluate risk.
I wonder how much losses he had to bear through the years. Or how much opportunity cost he lost because he invested in companies like Jaks and hengyuan instead of dumb dumb hold good companies like PCHEM, QL, topglove, Nestlé throughout the years.
My advise qqq3, learn to evaluate risk. Once you do, you will understand why I buy companies like gkent, yinson, pchem, ql and topglov throughout the years.
Fake investment bankers and ex engineer like icon8888 will never be able to understand why a company like QL is still holding strong at 11 billion, instead of doing to the 3-5 billion mark.
Instead he continues buying cheap companies.
2019-04-14 21:39
Just like what unker Calvin said this morning lo! Look at the protection of your capital first then the return will come naturally! If you lose your capital very sad, if you are young okay lah can earn back but if you retiring soon how lah! Don't take unnecessary risk mah! Just like driving, you want to use your indicator so other people won't hit you, in Bursa you want to avoid lousy companies, same theory lah!
2019-04-14 21:52
BNF trader losses ) Philip > Apr 14, 2019 9:39 PM | Report Abuse
risk
============
Since I escape the slaughter in Jaks $ 1.80 to 50 sen....I consider that good omen. The risk in Jaks is no more than the risk in small cap index which did well these 3 months. Once a while also got to invest not just trade.
But Jaks got interesting angle...a green field IPP. People like me normally do not get chance to participate in greenfield IPP.
Risk of Jaks 50 vs $ 1.20? I will take the $ 1.20 road....take the chance that big funds will come in.
2019-04-14 23:11
Another argument by Sslee without substance. Everytime use ‘what if’ scenario. In every investment, confirm 100% got long list of ‘what if’ scenario. A smart investor will look for signs of ‘what if’ risk turn into reality. But if nothing happen so far, no teigger, you what if this what if there got any benefit? Point out risk must got good basis. If not how to invest in anything? If want no risk invrstment, walk into bank tomorrow morning. FD rate chow in board
2019-04-15 00:26
@Philips
I made 160% return with my Jaks wb while you were busy talking days and night about your high quality investment
Anybody can talk
2019-04-15 01:45
Dear all,
Edit in some data from AES financial account 2018 into the blog
Refer to AES financial account 2018:
https://s2.q4cdn.com/825052743/files/doc_financials/quarterly/2018/q4/2018-Form-10-K-FINAL.pdf
Thank you
2019-04-15 06:34
Dear faked accountant,
“AS for Insas, Insas sure die.
Starting this quarter Inari no longer an Associated company. P/L sure to collapse. Sure die”
If Inari re-classified as financial assets at fair value through profit and loss and with about 600 million Inari share closing price at 13/4/2019 RM1.66. How much Fair value gain needed to report to P&L?
And by the way every 1 cent dividend Inari declared will be equal to cash inflow of 6 million to INSAS what a wonderful idea.
Thank you.
2019-04-15 06:56
Buying great companies is great, but doesn't mean buying cheap companies are stupid. IF everyone believe in that, there is more of a reason that buying cheap proves more profitable than buying great. All that matters is if Icon8888 think he is well compensated for taking the risk. If the expected value is positive where odds is in your favour, buying cheap can be as good as buying great.
2019-04-15 08:21
Dear Sslee,
Could you explain the information you have gathered from AES account ?
2019-04-15 08:31
My friend Shai went to Macau and made 600% in a few days at the Baccarat table. To bad he only brought 100k sgd to play.
Is that a source of pride icon8888? How much did you put into your 160% speculation?
Please don't mistake speculation with investment. In investment we look at long term wealth.
In speculation, one day you make short term money, the next you lose it all again in cut loss.
I read your article on imago and asianpac. While you were busy gambling there in 2014 onwards, I was busy building up my long term position in ql, topglove and yinson.
You obviously cannot evaluate risk. Most speculators don't.
That's why you can't build long term wealth.
Have fun at your Baccarat table. With your investing attitude, I doubt after 20 years of investing you have a growing portfolio of 160% a year. Much less 1m in portfolio assets.
>>>>>>>
@Philips
I made 160% return with my Jaks wb while you were busy talking days and night about your high quality investment
Anybody can talk
2019-04-15 08:41
For the benefit of those in this thread, I repost my response from Jaks forum.
Dear Sslee,
The base you used in your computation is wrong. You should use US$1.87b which is the project cost, not US$470m which is the equity capital.
There are terms in the shareholder agreement signed between CPECC and Jaks to address your concern on the dividend issue. Unless, you think Andy is less than normal.
The ownership of the power plant will be transferred to MOIT, vietnam after 25 years regardless. Coal power plant has an average lifespan of 40 years.
A deal is a deal, there is no such thing as "you earned too much" in business. Why is Apple able to sell a phone for more than RM5,000, fair price ?
In fact, I believe the margin is much more than US$1.5 cent per kwh.
However, as I have said, kenanga/management has given RM150m as the profit figure. For now, I m happy to work on this number.
2019-04-15 08:41
how you invest is actually dependent on what books you have been reading
if you read warren Buffett, you will think and behave like Philips and 3iii. Look for high quality companies selling at not so cheap valuation.
But if you read Howard mark, John Neff, etc, you will think and behave like me. Look for reasonable quality second liners trading at cheap valuation.
The reason why Philips and I are seldom in good term is because Philips thinks that his method is more superior than mine (and almost all of us here, as very few actually invest like buffett). So there is no room for compromise. He is the best, our stock picks are all rubbish.
(the same holds true for 3iii, who has gone quiet recently as there are more and more evidence revealing the inadequacies of his investment philosophy)
For me, both investment philosophies are good. Buffett is not the only person that makes it, Howard Mark, John Neff and others have also been very successful. This is proof that both methods work.
They come with their respective strengths and weaknesses. You choose whatever that suits you.
Posted by Ricky Yeo > Apr 15, 2019 8:21 AM | Report Abuse
Buying great companies is great, but doesn't mean buying cheap companies are stupid. IF everyone believe in that, there is more of a reason that buying cheap proves more profitable than buying great. All that matters is if Icon8888 think he is well compensated for taking the risk. If the expected value is positive where odds is in your favour, buying cheap can be as good as buying great.
2019-04-15 08:53
This part I totally agree 100%. Value is what you get, price is what you pay. However how do you define a great company? Amazon and Netflix and topglove and harta was once a cheap company ( in price) but a great company ( management, market size, delivery, growth).
Just because JAKS is cheap ( by which estimation), doesn't make it good if you don't know what the risk is: let me outline.
1. CEO wants to control the board of directors with his own elected board. There is ZERO representation of the majority shareholder (70%+ ownership) who will protect their interests. When KYY wanted to do so, he was rejected. RISK.
2. JAKS is losing money on its property development business. RISK.
3. The IPP which is the reason everyone buys the stock is not operational and no profits yet. Everything is ASSUMED. RISK.
4. a lot of being spoken about an PPA contract that is profitable but very few have seen. RISK.
5. The projections for JAKS has gone from negative to very optimistic (tp7-9) such volatility is the same reason why most banks don't deal with bitcoin. RISK.
6. what will JAKS do with the money from IPP? Historically, they have not been sharing it's wealth and profits with its minority shareholders in terms of share buybacks, dividends etc. RISK.
7. If JAKS decides to go back into property development, this time in Vietnam with all your IPP money, knowing how it performed with its Malaysia development, will you be happy or sad? RISK. (inside knowledge says this will happen.)
8. Is JAKS management a capable management(that can grow its future business) or a one trick pony like INSAS which stumbled into inari ameritron? RISK.
9 do you know for a FACT that the IPP will be profitable? Three same thing was said about evolve mall( great location, lousy management. I was there).RISK.
If you can still buy Jaks after weighing ALL these risks, then I salute you. Either you know something the CFO doesn't, or you have only started your investing journey 3-5 years ago. In icon8888 case, you can't teach a dog new tricks.
>>>>>>>
Buying great companies is great, but doesn't mean buying cheap companies are stupid. IF everyone believe in that, there is more of a reason that buying cheap proves more profitable than buying great. All that matters is if Icon8888 think he is well compensated for taking the risk. If the expected value is positive where odds is in your favour, buying cheap can be as good as buying great.
2019-04-15 09:02
u cannot compare gain from Jaks with bacarat. Jaks gain is known and knowable in advance. Its call analysis.
Impressive
https://klse.i3investor.com/blogs/qqq3/200821.jsp
2019-04-15 09:27
analysis is not a contest of imagination.
analysis is looking at the forces of nature........coolly and calmly......
I understand IB are coming back into the act.....completion of IPP is getting close, no time to wait, to stand and stare.
2019-04-15 09:34
Dayang, $ 3 drop to 50 sen, everybody curse its management. Can also rebound to $ 1.70
Jaks, $ 1.80 drop to 50 sen, everybody curse its management. Can also rebound to....?????.....and what about the risk that is true the management is not half as bad as the worse case scenario?
IPP is automatic, I don't worry for it.....People are worried about the property division. Pacific Star was launched during good times and I understand the condominiums have been sold ...risk I may be wrong.....but what is the Pacific Star sales?......If it is just late delivery problems and not sales problem, then nothing to worry about, in fact got pleasant surprises in store for you.
As for the Mall.....$ 600 m book value, $ 300 mortgage loan, worry for what?
In conclusion, analyzable and stay positive.
2019-04-15 09:48
Come on qqq3, I was not born yesterday, 300 mortgage loan got fixed interest payment yearly.
600m book value got dividend payment based on 600? This is just an estimated valuation. If it is called at 600 who is it no one wants to buy the mall? This is because the real intrinsic value is not 600m. It is whatever someone wants to pay for it. And for him he will value the mall based on its income generation value. How much is it generating versus maintenance cost? Negative? That is why JAKS unable to sell the mall until today.
>>>>>>
As for the Mall.....$ 600 m book value, $ 300 mortgage loan, worry for what?
2019-04-15 10:39
Your IPP gain is not knowable. Otherwise you would not get a TP from 2.5 to 7, giving it a market cap between 1.5 billion and 4 billion after all warrants are converted, an astounding number for a company which hasn't even started IPP operations.
This is not called analysis. This is called speculation.
Call it what it is.
>>>>>>
Jaks gain is known and knowable in advance. Its call analysis.
2019-04-15 10:44
I am hopeful they can sell the Mall for $ 400 m , take a $ 200 m hit but raise $ 100m cash.
In PJ, cannot do meh? Management says the Mall is cashflow positive.
2019-04-15 12:05
have you been to the mall yet? other than basement food court and ground floor, 1st floor above all empty and you can do a scene from walking dead.
2019-04-15 12:08
Upon completion, its $ 150 m profits from the IPP net of tax.
Discounted at 12% divided by 600 million shares, its $ 2 per share.....and this not including any other assets they have.
I will take this as 12 months target price, not bad compared to 85 sen.
2019-04-15 12:10
Please show any documentation or proof that this is known and knowable. Other than analyst reports, verbal communication and press releases with the keyword "estimates".
FYI you do know IRR is not an actual formula right? it is merely a close approximation based on assumed factors to get at the figure you want.
In either case, I will stop commenting as there is no end to this. You dont have the power purchase agreement details, you think anyone that sells jaks shares is stupid (including CFO), and your figures are literally pluck from whatever figure you want it to be (ignore bearish analysts and cherrypick bullish analysts, not based on real results and performance).
Good luck all, up to you to hold it long term until the power plant becomes operational.
I really doubt JAKS can become your 4 billion market cap company the way you think it will.
If it does, I salute you, well done!
>>>>>>>>>>>>>>
Upon completion, its $ 150 m profits from the IPP net of tax.
Discounted at 12% divided by 600 million shares, its $ 2 per share.....and this not including any other assets they have.
I will take this as 12 months target price, not bad compared to 85 sen.
2019-04-15 12:20
one thing I know is that I made 160% punting jaks wb while your pChem is still busy cleaning up the blast site
why talk so much ?
Posted by ( BNF trader losses ) Philip > Apr 15, 2019 9:02 AM | Report Abuse
This part I totally agree 100%. Value is what you get, price is what you pay. However how do you define a great company? Amazon and Netflix and topglove and harta was once a cheap company ( in price) but a great company ( management, market size, delivery, growth).
Just because JAKS is cheap ( by which estimation), doesn't make it good if you don't know what the risk is: let me outline.
1. CEO wants to control the board of directors with his own elected board. There is ZERO representation of the majority shareholder (70%+ ownership) who will protect their interests. When KYY wanted to do so, he was rejected. RISK.
2. JAKS is losing money on its property development business. RISK.
3. The IPP which is the reason everyone buys the stock is not operational and no profits yet. Everything is ASSUMED. RISK.
4. a lot of being spoken about an PPA contract that is profitable but very few have seen. RISK.
5. The projections for JAKS has gone from negative to very optimistic (tp7-9) such volatility is the same reason why most banks don't deal with bitcoin. RISK.
6. what will JAKS do with the money from IPP? Historically, they have not been sharing it's wealth and profits with its minority shareholders in terms of share buybacks, dividends etc. RISK.
7. If JAKS decides to go back into property development, this time in Vietnam with all your IPP money, knowing how it performed with its Malaysia development, will you be happy or sad? RISK. (inside knowledge says this will happen.)
8. Is JAKS management a capable management(that can grow its future business) or a one trick pony like INSAS which stumbled into inari ameritron? RISK.
9 do you know for a FACT that the IPP will be profitable? Three same thing was said about evolve mall( great location, lousy management. I was there).RISK.
If you can still buy Jaks after weighing ALL these risks, then I salute you. Either you know something the CFO doesn't, or you have only started your investing journey 3-5 years ago. In icon8888 case, you can't teach a dog new tricks.
2019-04-15 13:29
one day when pChem appreciates 160% you can come back and lecture me and qqq3 about jaks
2019-04-15 13:30
not really lah... I just found him double standard. he lists out so many shortcomings of jaks, yet can live with so much weaknesses of QL (chicken farming ? pui)
I can do the same for QL. so dont take his view seriously. every stock has its weaknesses, it is whether people want to spend time dwelling on them.
2019-04-15 13:40
I know... but not so good company can be good buy when cheap enough or risk reward ratio is favourable enough
my jaks wb appreciated from 25 to 60 sen loh....
do I need to say more ?
2019-04-15 13:44
but it is ok if you cannot understand, I roughly know your intellectual level...
not everybody has second level thinking capability
2019-04-15 13:45
i would totally agreed that JAKS is definitely not a great company, but it doesn't make JAKS a mediocre company to be an very bad investment. After eliminate so many risks, there are still some opportunities that it could be a turnover company, especially from its vietnam power plant. Of coz, i am not going to elaborate those analysis as there are already so many on the forum itself. Also, i would agreed with you that those analysis and figures are not proven but its definitely not pluck from the air. Frankly from those speculated analysis, just take a pinch of salt and decide from its risk and rewards i believe it is already sufficient enough. Not necessary a great investment, but you are still betting against odds not gambling. I would agree that howard marks and john neff investment philosophy are good and proven very successful too. For warren buffett, he's the greatest for reason and philip have the same concept when it comes to picking companies to invest in. I don't criticise and condemning both different philosophy as i benefited from both.
2019-04-15 13:56
sslee, this is one of the most beneficial article of yours to me. It made me learn a lot on IPP together with DK66 sharings.
You are very valuable contributor in i3
keep up the good work
thank you
2019-04-15 14:22
probability sslee, this is one of the most beneficial article of yours to me. It made me learn a lot on IPP together with DK66 sharings.
============
But I think u learn the wrong thing.....serious. Honest opinion.............
2019-04-15 14:36
sslee...I think engineer should not pretend to be fake accountant., even though most engineers are expected to be familiar with evaluation of projects.....not SSlee it appears.
2019-04-15 15:05
Capital US $ 470 m, Loan US $ 1.4 billion Annual profits US 125 million.
Interest at 6% = 84 million
Profits before interest, 125 + 84 = 209
Project accounting rate of return , before interest 84/ 1870 = 11%
sounds very conservative and doable.
ROCE 125/470 or 27% coming mainly from gearing effect.
2019-04-15 15:15
d by Heavenly PUNTER > Apr 15, 2019 1:31 PM | Report Abuse
maybe need few years leh hahaha
=========
aiyah, if can double from 85 to $ 1.70 within 3 years is also > 20% p.a.....not happy meh?
2019-04-15 15:23
ed by Investor 999 > Apr 15, 2019 3:19 PM | Report Abuse
Mr Sslee Thanks for sincere advice
=======
sincere but wrong....how?
2019-04-15 15:24
Posted by Icon8888 > Apr 15, 2019 1:44 PM | Report Abuse
I know.
=============
contrarian vs only the best.
For long term investors, only the best is a good strategy.
For traders, contrarian ok one.
KYY says he wants faster running horse...........wish him luck too.
Jaks is not a mainstream buy.....not yet anyway.
2019-04-15 15:52
ed by Investor 999 > Apr 15, 2019 3:19 PM | Report Abuse
Mr Sslee Thanks for sincere advice
=======
sincere but wrong....how?
and I mean the article stuffs are wrong.....not just referring to share price.
2019-04-15 15:53
Dear all,
https://www.worldofbuzz.com/15-things-malaysians-afraid-cockroaches-will-totally-understand/
15. All in all, we can always agree that cockroaches are the grossest, ugliest, despicable, and most unwanted creatures on Earth.
https://www.kaodim.com/blog/4-reasons-hate-cockroaches-even/
1. Cockroaches Make You Sick
2. They Trigger Allergies
3. They Destroy Things
4. They Can Bite & Hurt You
Watching cockroaches, I have realised, that the thing that makes me feel so disgusted of them is precisely their ability to devour half-alive bodies of the creatures of their kind. What must be going on inside these tiny insects’ heads? Which impulses must cockroaches experience? Why are they doing this? To my system of moral values, there is some irrational evil in cockroaches that makes them do such unjustifiable counterintuitive things as sensing and rushing to eat the dead bodies of other cockroaches. It is exactly this irrational evil that paralyses me and gives me an immediate feeling of disgust every time I encounter a cockroach.
Thank you
2019-04-15 20:53
sslee.....water, cockroach both fine. For engineer, just don't be fake accountant....ask politely if you are not sure.........
http://www.libertariantaoist.com/?p=3106
2019-04-15 20:57
Dear Connie555,
Sorry for the late reply as I just saw your comment.
Thank you for passed by and say hello to me. I am in total agreement with you on your INSAS comment. INSAS is cash rich, assets rich, have associate companies that give INSAS generous dividend and 100% owned business (M&A, INSAS credit and leasing and others) that are profitable and also many financial assets at fair value through profit and loss that give fair dividend and fair value appreciation. But the INSAS market price remained depressed. You are definitely right to say these are all accounting profit can see cannot enjoy. Hence you need shareholder activism to unlock INSAS value.
Thank you
P/S: Tell me 600million Inari share is worth how much to INSAS? And why people bought Inari but not INSAS? This is because of Dividend policy and I am working hard to get a formal dividend policy for INSAS.
https://klse.i3investor.com/blogs/Sslee_blog/198128.jsp
2019-04-16 10:30
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
qqq3
85 sen today
$ 1.70 already doubled.....After that, I pass to retirement fund managers.
on Jaks...............
qqq3 Philips...go buy some Jaks.
Its not gambling. Its still investing even thought Jaks is not historically an exemplary company.
Its still investing in a company with great growth prospects., managed by CPEEC , the largest electricity contractor in China....and Jaks is only a passive investor with minority stakes. Once the thing is switched on, don't need Jaks to be genius to see money coming in. Its an IPP after all.
2019-04-14 20:45