Bursa Hunter-net-Hunter
深谈英莎，到底英莎（Insas）放了多少粒益纳利？
英莎最引以为傲的就是益纳利了，每年的年报英莎都会提一提该公司所持有的益纳利到底值多少钱？
2013年：“Based on our current 36.4% holding, the market value of this investment including warrants is about RM260 million compared to our book value of RM90 million, giving us an unrealised revaluation surplus of RM170 million. This surplus has not yet been taken up in our accounts.”
2014年：“The current market value of our shares in Inari Amertron including warrants is RM529 million compared to our book value of RM119 million (including share of associate profits and reserves), giving us an unrealised revaluation gain of RM410 million, or RM0.60 per share. This surplus has not yet been taken up in the audited accounts for the FY 30 June 2014 in conformity with the Malaysian Financial Reporting Standards (MFRS).”
那么英莎在认购益纳利附加股后，到底拥有了多少粒益纳利母股和涡轮？
总共是认购了22m的附加股，所以持股总数增至200m。认购附加股是1送1涡轮，所以也拥有了22m的涡轮-B。
市值一共是多少呢？
以现在益纳利母股3.5令吉和涡轮1.5令吉计算，英莎所持有的益纳利母股值700m令吉，涡轮值33m令吉，所以一共是733m令吉。跟截止2014年6月年报所提到的529m令吉，又拉开了一段距离。
也就是说你持有一股英莎，就等于拥有了价值一块钱的益纳利。
根据我国会计的规定，联营公司只能以成本入账，所以英莎的资产负债表一直都未能反应益纳利的价值。所以只能靠套现来释放益纳利的价值（unlocking value）。
英莎在2月认购了益纳利的附加股后，就开始进击的释放后者的价值了。那么，英莎总共套现了多少粒益纳利？
|
Disposed |
17-Mar-2015 |
500,000 |
0.00 |
|
Disposed |
16-Mar-2015 |
500,000 |
0.00 |
|
Disposed |
13-Mar-2015 |
1,000,000 |
0.00 |
|
Disposed |
12-Mar-2015 |
1,350,000 |
0.00 |
|
Disposed |
10-Mar-2015 |
1,000,000 |
0.00 |
|
Disposed |
04-Mar-2015 |
730,048 |
0.00 |
|
Disposed |
03-Mar-2015 |
1,500,000 |
0.00 |
一共卖了6.6m个，以3月3.2令吉的平均股价，英莎一共是套现了21m令吉的Inari。
也就是说英莎截止3月的季报，会有21m令吉的现金进账，或者0.03仙。
虽然不多，但也总算开了个头，证明了管理层不是只会死抱不放。
记得在去年股东大会，小股东们给了汤国基很大的教训，多数股东反对公司批准6万令吉的董事费，场面闹得很僵，还重新计票，但最终汤国基一众的董事不得不放弃董事费。
不懂这次汤国基会不会老老实实，通过派息与小股东一同分享益纳利的甜头呢？
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Discussions
2 people like this. Showing 7 of 7 comments
still can buy now, treating insas's preference share as liability n dilution of warrant, roughly nta still can worth rm1.50 from rm1.8
2015-04-21 13:59
since when holding company will trade at NTA?? what is their core business?
2015-04-21 14:02
sometimes NTA boost up, share price will also follow,
like BJcorp latest quarter nta boost from 1.35 to 1.65,
no matter how lame is the counter, share price will have to pick up with the nta.
most ppl look for earning boost, but some look for nta boost
diff view, diff play, hope calvintaneng to gv some long gas comment here
2015-04-21 19:37
holding co. can make their share price anywhere btw 10% to 100% of their nta.
bcos no fund will invest into holding company. only retailers.
fund go directly. eg, fund would buy inari from 30c to 3.50, but ignore insas all together.
its at the owner preference what level they want to move. unless they feel threatened by a hostile take over.
2015-04-21 19:41
another time ppls will look at holding co is when it has impending spin-off of lucrative biz. or General offer.
what does Insas has to spin off? Dome restaurant? profit too small.
nothing to spin off.
General offer?
possible. but not in the near futures. as they are still collecting Hohup. they may still need a listing vehicle to raise fund on the Hohup deal.
going fwd Insas will become mainly a property co. tech earning is too erractic and competitives. i believe dato thong is smart enough to unload all inari when there r keen interest.
2015-04-21 19:51
I also dun hv too much confident on holding co, thats y I take a book value based approach, ie ncav, nnwc or rnav, once exceed the MOS, then i'll let go.
Everything price too low below liquidation value is a good buy
2015-04-25 10:10
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More n more ppl take note on Insas share nw which is totally undervalue....
2015-04-19 17:36