kcchongnz blog
The Last Bite from London to Holland? Kcchongnz
On 3rd July 2019, London Biscuits Berhad (LB) made the following announcement in Bursa,
“The Board of Directors of London Biscuits Berhad (Company) wishes to announce that the Company had on 4th June 2019 received a Notice of Demand (NOD) from the Bank of Nova Scotia Berhad (BNSB) for the sum of RM9,830,000. The NOD arose due to failure of the Company to pay the amounts due after the maturity dates under the facilities granted by BNSB to the Company.”
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6212873
The Company further stated that,
“There will not be any significant impact of the default in payment on the business, financial and operations of the remaining business of the Group.”
Following that, there was a further announcement on 5th July 2019 in the link below,
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6215837
It states that,
|
The Board of Directors of London Biscuits Berhad (“Company”) wishes to furnish the following additional information: “1. After due deliberation with the management on the impact of the Notice of Demand from Bank of Nova Scotia Berhad (“BNSB”), the Company feels that this incident will put a strain on its short term cashflow position. Nonetheless, the Board and management will continue to actively engage with BNSB as well as all other lenders to minimise any further financial impact to the operations and business activities of the Company. 2. Since the Company is unable to meet BNSB’s repayment obligation in the immediate term, the Board is of the opinion that the Company may not be solvent.” |
The share price of LB dropped sharply to close at 24 sen this afternoon on 8th July 2019. Year-to-date, its share price has dropped a whopping 65%, in just half a year as shown in Figure 1 below.
Figure 1: Share price movement of London Biscuits
What happens to an once high-flier in Bursa?
The over-emphasis of earnings in the Street of Bursa
If one were to read any touting of stocks in the internet space, it invariably talks about earnings, and growth of earnings, and nothing else; nothing about the business, its competitive advantage, how is the business funded and if it earns return higher than the costs, its financial health, and if it earns cash, etc. Think of the Golden Rule; this quarter’s earnings must be better than the last, and the following quarter must be better than this quarter; or this quarter’s earnings must be better than the corresponding quarter earnings last year, and the following quarter earnings must be better than the same corresponding quarter the previous year, etc., and the PE ratio must be below 10, or whatever, totally disregarding what the “E” in the ratio is made up of, whether there is one-time-off and non-operating item. Why a PE of 10? Why not 5, 15, 20, 30, or even 50?
This is in fact, normal. What else do you expect a normal investor does, as analysis reports from professional analysts and investment bankers do the same thing, by projecting earnings and arbitrary inject a PE ratio of 10, 12, or even 12.53 to come out with a “target price”.
Here was one by investment bank for LB 5 years ago, “London Biscuits, the irresistible bite”.
https://klse.i3investor.com/servlets/ptres/22855.jsp
“BUY with a Target Price of RM1.18 based on Fwd. PE of 10x on its FY15E EPS of 11.8 sen. Our Fwd. PE of 10x is based on a 10%-discount to current FBM Small Cap Fwd. PE valuation of 11x. The 10% discount is applied due to its relatively smaller market cap and lower dividend payout. Overall, we expect a potential total return of 30.6% from here (Upside 29.0% and dividend yield 1.6%.)”
I did provide some words of caution on the above analyst report in the link below,
https://klse.i3investor.com/blogs/kcchongnz/60180.jsp
London Biscuits has also been used as a case study for my online investment course on how to avoid investing in lemons.
Earnings of London Biscuits
Table 1 in the Appendix shows the consistent positive profit of LB for the last 13 years up to the last financial year in 2018. In fact, there has been a good growth of its revenue and earnings from 2006 until 2016. From year 2012 to 2016, the “Golden Rule” also applied nicely for LB as the year net income was higher than the previous year, and LB was selling at an average price of about 80 sen as shown in Table 1 below, or a PE ratio of below 10.
Also look at the quarterly results for London Biscuits in Table 3 in the Appendix. For the last 5 quarters, the profit went up every quarter for the last 5 quarters. London Biscuits made RM13.66 million, or 6.6 sen per share. At the close of 24 sen today, the price is just 3.6 times its latest annual earning. LB is indeed a perfect “Golden Rule” stock to invest in and become a super multi-millionaire!
But why is that the Board made a statement that LB may have become insolvent last Friday?
The usual suspect, the cash flow problems.
Cash flows of London Biscuits
Table 2 in the Appendix shows LB made a total of RM102m profit for the last 7 years. Yes, and hooray, profit every year without fail. However, the cash flows do not tally with the accounting profit. There was actually a cash deficit of RM49m over the seven years period, due to the steep increase of receivables of 287% in just 6 years to RM286m. This means LB takes 318 days to collect its debts. The question is, how much of these debts will finally collected, and how much of them will turn into bad debts?
Worse still, the company spent a total of RM278m in the last 7 years, or RM40m a year for purchasing of property, plant and equipment, and yields just RM14m in net income in 2018! What kind of food business is that which requires such extremely heavy capital expenses? As a result, the operation sucks cash like nobody’s business, resulting a net cash outflows of RM305m in the last 7 years.
As the result of poor cash flows from operations, the company has to issue more shares with rights issues and private placements, and hence dilute earnings, and borrow more and more money from banks. As at to date, it can’t even pay the minute RM9.83 million loan as demanded by BNSB, and likely to become insolvent, as reported by the Board of Directors. Mind you, LB still has a total of RM400m bank borrowings in its balance sheet, and RM22m interest payment to be made every year.
Profit of a company is just a piece of the jigsaw puzzle for the performance of the company. PE ratio is just a simplistic way to value a company. There are many other things which are more important to look out for, if you wish to survive investing in your own in the stock market.
Do you own any other stock with the same characteristics as London Biscuits with profit, but poor cash flows and a precarious balance sheet? Have you read other articles of mine discussing some of those stocks recently? In fact, I have written a number of those stocks before as published in i3investor. Aren’t you worried if you have some? Are you able to analyze yourself first before buying those stocks as touted by interested individuals, analysts and investment bankers?
For those who are interested to learn more about investing by looking at investing in a stock as participating in part of a business, you may email me for a copy of eBook on personal finance and investing at,
It is free.
KC Chong
Appendix
Table 1: Financial performance of London Biscuit from 2012 to 2018
|
Year |
2018 |
2017 |
2016 |
2015 |
2014 |
2013 |
2012 |
|
Revenue |
308703 |
426021 |
436508 |
402539 |
359995 |
289979 |
253520 |
|
Net Income |
13658 |
1734 |
22375 |
18198 |
17312 |
15079 |
13764 |
|
EPS, sen |
6.6 |
0.8 |
10.4 |
8.1 |
8.8 |
8.7 |
8.4 |
Table 2: Cash flows of London Biscuits
Table 3: Quarterly Results of London Biscuits
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Discussions
12 people like this. Showing 50 of 299 comments
raider: Son, here is this bible of investing. Read this and invest well.
raider Jr: Dad, yes. I have read this from cover to cover already. Please teach me how to find undervalued stocks, Benjamin Graham's type.
raider: Hengyuan is very undervalued. Big margin of safety. PE of 3. Look at Petdag. PE of 26x. Hengyuan is as good a business as Petdag, if not better. It should enjoy a PE the same as that of Petdag.
raider Jr: Yes, dad. You are the best. What is your intrinsic value for Hengyuan.
raider: Son, easily at least $45. Buy and hold. Margin up. You will be very rich. I am the best. My margin of safety principle has never failed me. Look at all the others, they know nuts about margin of safety. Always look at margin of safety. You see, what can go wrong. Intrinsic value of Hengyuan is easily $45, and it is trading at only $18. HUGE margin of safety.
raider Jr: Yes, dad.
Poor Jr, he remains with his margin of safety principle today. How is he fairing? I don't know, because his dad, raider has not taught him how to do valuation, other than P/E and P/BV.
(Mickey Mouse)
2019-07-10 15:53
(US/CHN trade war doesn't matter) Philip
Well done qqq3, well done.
If using my old method of trading safety, my maximum exposure to any stock is around 5%. Let's say I have supreme confidence and a casual of 300,000myr. I can expose maximum risk of 15k in one trade, with a 40% return, you have just made 6k. Wonderful! Another months kopitiam trade.
Really, where to find exactly.
You have earned more than that Heavenly punter salary after being shanghaied from Malaysia.
Speculation at it's best. Contrarian pro.
>>>>>>>>>>>
Posted by qqq3 > Jul 10, 2019 3:48 PM | Report Abuse
up 37% T +1..............where to find?
2019-07-10 16:04
kc
big difference between pros and amatuers.....that is why I say, for the masses , stick to quality good enough.
but sad to say, I find kc promotions not suitable for pros and not suitable for the masses........
2019-07-10 16:05
Mr Jho Heavenly Petron & GCB & ECONBHD
Philip he means all in sailang meaning you need to put in 13 million not just 300k
2019-07-10 16:11
Posted by qqq3 > Jul 10, 2019 3:48 PM | Report Abuse
up 37% T +1..............where to find?
Wow, blowing trumpet now just because bought a stock at 16 sen and now make so much money?
Can show us your trading statement to see how much you have made in a day so that we can celebrate your closer to your RM200m dream.
So good in trading skill ah? Modern time Jesse Livermore?
So how was your recent switch from Sendai sold at 40 sen and bought your Ekovest at 85 sen?
And what about your traing adventure for the last 3 years as recorded below here? All sold at peak prices when they all tanked now?
Stock price then 10-Jul-2019 Gain/loss Gain/loss %
Jaks 1.80 0.835 -0.97 -54%
Sendai 1.40 0.460 -0.94 -67%
Bornoil 0.10 0.04 -0.06 -60%
CBIP 2.25 0.98 -1.27 -56%
Ecoworld 1.29 0.805 -0.485 -38%
Taan 4.79 2.29 -2.5 -52%
Jtiasa 1.35 0.485 -0.865 -64%
Genting w 1.07 0 -1.07 -100%
2019-07-10 16:17
Mr Jho Heavenly Petron & GCB & ECONBHD
Jesse Livermore commited suicide last I hear
2019-07-10 16:19
kc..........u just don't have what it takes..............but if u want to serve the masses, stick to quality................better than your value here value there..............
2019-07-10 16:21
Posted by qqq3 > Jul 10, 2019 4:21 PM | Report Abuse
kc..........u just don't have what it takes........
Please answer below to show how good your trading adventure has been,
So how was your recent switch from Sendai sold at 40 sen and bought your Ekovest at 85 sen?
And what about your traing adventure for the last 3 years as recorded below here? All sold at peak prices when they all tanked now?
Stock price then 10-Jul-2019 Gain/loss Gain/loss %
Jaks 1.80 0.835 -0.97 -54%
Sendai 1.40 0.460 -0.94 -67%
Bornoil 0.10 0.04 -0.06 -60%
CBIP 2.25 0.98 -1.27 -56%
Ecoworld 1.29 0.805 -0.485 -38%
Taan 4.79 2.29 -2.5 -52%
Jtiasa 1.35 0.485 -0.865 -64%
Genting w 1.07 0 -1.07 -100%
2019-07-10 16:25
kcchongnz > Jul 10, 2019 4:25 PM | Report Abuse
Posted by qqq3 > Jul 10, 2019 4:21 PM | Report Abuse
kc..........u just don't have what it takes........
Please answer below to show how good your trading adventure has been,
=========
my trading adventure? From $ 50k to $ 350 k, last few years.....good enough for me.....and best of all, I am actually very bearish last couple of weeks................
2019-07-10 16:28
And show us your statement how much you have made.
Making 55% with a sum of RM1000 is just RM550. Then lose back all, and more, in the next few days.
Tell us how you can reach your dream of RM200m in 10 years time.
2019-07-10 16:29
and I remain bearish for wall street...........I think Malaysia not bearish not bullish.............
2019-07-10 16:29
Posted by qqq3 > Jul 10, 2019 4:28 PM | Report Abuse
my trading adventure? From $ 50k to $ 350 k, last few years.....good enough for me.....and best of all, I am actually very bearish last couple of weeks................
It is just from your mouth, the mouth of an "accountant" who was sacked 20 years ago for misbehavior. Cam be trusted ah?
You know being barred from professional practice is a very serious offense.
If you are so good in trading, how come at the age of 60, only had 50k to punt?
RM350k now? or is it -350k?
2019-07-10 16:33
Posted by qqq3 > Jul 10, 2019 4:29 PM | Report Abuse
and I remain bearish for wall street...........I think Malaysia not bearish not bullish.............
And tell me, who the f care about what you think?
2019-07-10 16:34
this london traded $ 30,000 worth, 180,000 shares, not even 10%, but $ 16k profits T +1.......good enough for me.....
comes just in time as my Ekovest not doing well.........sold some ekovest too.
2019-07-10 16:34
y kcchongnz > Jul 10, 2019 4:34 PM | Report Abuse
And tell me, who the f care about what you think?
======
do I care? I don't.............
I not looking to sell services................
2019-07-10 16:36
Posted by qqq3 > Jul 10, 2019 4:34 PM | Report Abuse
this london traded $ 30,000 worth, 180,000 shares, not even 10%, but $ 16k profits T +1.......good enough for me.....
comes just in time as my Ekovest not doing well.........sold some ekovest too.
Well, whether you make money or not punting London Biscuits; whether what you are trumpeting is true or not, you add zero value to this thread.
Who the f cares?
2019-07-10 16:40
Wah you guys last night argued until now ah ?
I am busy eating Musang king leh
3 biji RM140
Manyak sedap
2019-07-10 16:41
Posted by qqq3 > Jul 10, 2019 4:36 PM | Report Abuse
I not looking to sell services................
What service you can sell? Name one. Backside?
2019-07-10 16:41
(US/CHN trade war doesn't matter) Philip
Hi qqq3, that is 10% of your reading capital, in my humble opinion very risky levels, as in 1999 I was also playing around at those levels but became greedy when the profits was too good, in the end return everything back and more.
In the end it all comes back to discipline. I used to lose my cool a lot also back then. Especially when a pattern arose, I follow that pattern and doubled my 200k. Feeling confident I thought as long as I stick to my pattern I will make money. Then when things terbalik, I got angry and chased with more money, 10 bad trades? Finished.
Sadly things never turn out that easy.
Trading requires far more brains than I readily admit I have.
2019-07-10 16:42
Mr Jho Heavenly Petron & GCB & ECONBHD
HAHAHAHHA Aiyo KC ahhh why you got so much time to entertain this troll lah???? Aren't you in NZ? Why don't go out for road trips?
No need to talk with this 3q lah he can make millions in a day one
2019-07-10 16:43
Posted by stockraider > Jul 10, 2019 1:26 PM | Report Abuse X
U keep quoting hengyuan for what, i already make monies on this counter....mah...!!
Yes learn from raider on hengyuan ...how to maximise gain by riding on the upside of this share & learn how to cutwin, when the tide turn and it is not on your side loh...!!
THE RIGHTFUL ADVICE SHOULD BE AS FOLLOWS LOH..!!
Posted by 3iii > Jul 10, 2019 3:53 PM | Report Abuse
raider: Son, here is this bible of investing. Read this and invest well.
raider Jr: Dad, yes. I have read this from cover to cover already. Please teach me how to find undervalued stocks, Benjamin Graham's type.
raider: Hengyuan is very undervalued at Rm 2.50. Big margin of safety. PE of 3. Look at Petdag. PE of 26x. Hengyuan is as good a business as Petdag, if not better. It should enjoy a PE the same as that of Petdag.
raider Jr: Yes, dad. After i heard from u i research & find out for myself. Do u think Rm 10.00 the intrinsic value for Hengyuan .?
raider: Son, easily at least $45. U already Buy at Rm 2.50 and now hold. You will be very rich but remember if u invest based on profit, it is highly volatile this can disappear very fast. Meanwhile u may ride the wave of upside, as long as profit remain growth.
raider Jr: Now it is Rm 10.00 should i sell dad ?.
Raider: Profit growth is it still there ?, if yes why must u sell ? u ride the wave .
raider jr: It has hit above Rm 19.50 and now fallen back to Rm 18.00 and now again crossing below Rm 15.00 should i sell ?? Hengyuan result just came out, its below expectation, should i still hold ??
raider: Get the hell out, cut your win and enjoy your fruits, do not hold hengyuan anymore, take profit quickly at any price since your sell call is triggered.
raider jr, Quickly sold hengyuan at rm 13.00 {even it has further fallen from Rm 15.00 to Rm 13.00}, he just make a tidy profit of rm 10.00 per share, he proud that he did not argue with his dad.
THE MORAL OF THE STORY IS THAT, IF U STICK TO RAIDER ADVICE ON HENGYUAN U CAN STILL MAKE A TIDY PROFIT LOH...!!
WHEN YOUR ANCHOR FOR VALUATION ON HENGYUAN IS PROFIT, WHEN PROFIT GROWTH FALTER FALTER, U BETTER RUN FAST WITHOUT ARGUEMENT, IN ORDER TO PROTECT YOUR PROFIT.
DO NOT SIMPLY RUN, IF YOUR SELL MECHANISM HAS NOT BEEN TRIGGERED, U Shoould CONTINUE RIDE THE WAVE 1ST.
IF U SELL HENGYUAN AT RM 5.00 B4 SELL mechanism IS TRIGGER...U ONLY MAKE 100%, but U MISS YOUR OPPORTUNITY TO MAKE 400% WITHOUT RIDING WAVE LOH..!!
THIS IS WHAT RAIDER ADVICE TO I3 readers too. Raider ask them to run when Hengyuan is at Rm 13.00.
U need to realize the initial valuation of Rm 32 and Rm 45 no longer valid when the profit growth fell, thus the sell mechanism trigger a sell when earnings falter..!!
2019-07-10 16:49
Posted by Mr Jho Heavenly Petron & GCB & ECONBHD > Jul 10, 2019 4:43 PM | Report Abuse
HAHAHAHHA Aiyo KC ahhh why you got so much time to entertain this troll lah???? Aren't you in NZ? Why don't go out for road trips?
No need to talk with this 3q lah he can make millions in a day one
You are right young man. Even you at such an age can see that. I am stupid wasting my time entertaining this troll.
Thanks for the advice.
2019-07-10 16:58
So whenever u invest always ask yourself where is your margin safety anchored ??
Is it profit growth ??
Low PE ??
Strong Cashflow ?
Strong dividend ?
High NTA ?
Huge Hidden Reserve ??
High cash holdings ??
If the anchored u highly depended on for your initial investment falter, n no longer valid, u better run quickly & swift b4 too late loh....!!
U quickly lock in your profit & cut your losses fast loh...!!
If the sell not trigger, u hold & ride your gain loh....!!
2019-07-10 17:01
share market and capitalism...........
I think 40 years of globalisation, share market and capitalism is at huge risk........too much inequality in America.
China?? China will continue to rise.........The digital economy just started in China and people underestimates the power of digital revolution and domestic economy of China.
China will continue to prosper on the back of its strong domestic economy......America is in permanent decline..
I think for the millennials, those in real economy, especially digital economy, AI, will do better than the finance guys ...............
2019-07-10 17:07
as for bufett worshippers...........I see no future for them....Bufett is a creature of the last 40 years, his time is up already...........
2019-07-10 17:10
y kcchongnz > Jul 10, 2019 4:58 PM | Report Abuse
Thanks for the advice.
===========
In particular, I refer to value here value there guys like u........kc, your methodology is too rigid, no flexibility, no adaptability, no brains, depends on formulas.........cannot pakai already....at least Philips still got a number of years left to make money.
as for icon and contrarian plays........there is always room for contrarian plays but have to be pros.
2019-07-10 17:15
a bad stock can be a good buy at right price.true expert can gain from the opportunity.
2019-07-10 17:28
Icon 8888 sifu, where can you bought three for RM140? So cheap?From old tree? With a lot of wrinkles on the surface of the fruit?
2019-07-10 17:31
One kilo RM32
I bought 4 kilos mah
Where got cheap ? Standard price leh
casualplay888
19 posts
Posted by casualplay888 > Jul 10, 2019 5:31 PM | Report Abuse
Icon 8888 sifu, where can you bought three for RM140? So cheap?From old tree? With a lot of wrinkles on the surface of the fruit?
2019-07-10 18:30
Icon8888 sifu, with good taste for RM32/kg is cheap. I can't get this price at my area.
2019-07-10 20:46
Mr Jho Heavenly Petron & GCB & ECONBHD
from london biscuit to musang king wahahahahaha
2019-07-11 06:23
Posted by (US/CHN trade war doesn't matter) Philip > Jul 10, 2019 4:04 PM | Report Abuse
Speculation at it's best. Contrarian pro.
================
speculation and contrarian pro is not easy , never easy.
contrarian for the sake of being contrarian will lead to disasters.
I mean, the advice about not buying falling knives is good advice is majority of cases. Contrarian for the sake of contrarian will lead to disasters.
So, I must also genuinely believe the company got hope one, that PN 17 is not the end of the story. Its a good thing I am already familiar with London Biscuit.
2019-07-11 12:10
now kcchong looking like a fool.cannot see opportunity make quick money.
2019-07-11 17:25
experttanengyee now kcchong looking like a fool.cannot see opportunity make quick money.
11/07/2019 5:25 PM
Congratulation. You are a genius winning this game of Russian roulette. Please continue.
But seriously this article of mine is not suitable for you. Don't waste your time reading my article which merely teaching people how to avoid pitfalls in investing, not a thread to boast about making some big money playing Russian roulette.
It is best you partner with the character above to start a thread to talk about your wonderful adventure.
2019-07-11 18:27
catching falling knives.........This year Seacera and London Biscuit worked for me....
similarities....both have compelling reasons to buy, compelling reasons for strong rebound. Longer term, have to be more careful.....
2019-07-12 09:30
kcchongnz > Jul 11, 2019 6:27 PM | Report Abuse
avoid pitfalls in investing,
===================
investing is participating in the growth of high quality companies, excellent companies in many cases with high PEs.........
Every thing else is speculating/ trading..........
pitfalls? one man's pitfalls are another man's bread............
2019-07-12 09:46
d by (US/CHN trade war doesn't matter) Philip > Jul 10, 2019 4:04 PM |
You have earned more than that Heavenly punter salary after being shanghaied from Malaysia.
=========
so he left for Shanghai already??
not a bad idea, and Shanghai can take in a lot more Malaysians as Malaysian workers are very popular in China...language skills.
2019-07-12 11:52
kcchongnz > Jul 11, 2019 6:27 PM | Report Abuse
Congratulation. You are a genius winning this game of Russian roulette.
=============
I do not know what shares u holding but if these are not shares of the highest quality, u also russian roulette ma...................
2019-07-12 12:06
kcchongnz > Jul 11, 2019 6:27 PM | Report Abuse
Congratulation. You are a genius winning this game of Russian roulette.
==================
u know what is the yield on riskless investments nowadays?
Nowadays the yield on riskless investment is close to zero in most countries.
2019-07-12 12:13
kcchongnz > Jul 11, 2019 6:27 PM | Report Abuse
Congratulation. You are a genius winning this game of Russian roulette.
=============
I do not know what shares u holding but if these are not shares of the highest quality, u also russian roulette ma...................
risks and uncertainties can come in many forms and from many directions.
2019-07-12 15:28
Dear KC,
I can't seems to tally your figure in table 2 2015 & 2016 PPE & Proceeds from PPE against LB annual report. did you make an adjustment ?
2019-07-17 21:23
Posted by Aunjoe89 > Jul 17, 2019 9:23 PM | Report Abuse
Dear KC,
I can't seems to tally your figure in table 2 2015 & 2016 PPE & Proceeds from PPE against LB annual report. did you make an adjustment ?
The problem with the accounts of London Biscuits are often doggy. Their audited accounts were often different from what they first reported in the un-audited account. They even changed the financial year in 2016, given account for 15 months and hence would have been adjusted and blinded investors from seeing the true accounts etc. Hence some of my figures could have been from the un-audited account or previous original accounts.
Anyway, in investing, it is better to be approximately correct, rather than precisely wrong. It is an art as well as a science.
2019-07-18 05:59
>>>
Posted by stockraider > Jul 10, 2019 5:01 PM | Report Abuse
So whenever u invest always ask yourself where is your margin safety anchored ??
Is it profit growth ??
Low PE ??
Strong Cashflow ?
Strong dividend ?
High NTA ?
Huge Hidden Reserve ??
High cash holdings ??
If the anchored u highly depended on for your initial investment falter, n no longer valid, u better run quickly & swift b4 too late loh....!!
U quickly lock in your profit & cut your losses fast loh...!!
If the sell not trigger, u hold & ride your gain loh....!!
>>>>
Just take a look at Hengyuan.
Then you will realise how dishonest raider is.
Even he cannot trust himself!
Today Hengyuan is 5.10.
So long for his abilities, his margin of safety principles, his verbosity, and his big troll-ey.
Those who have listened and acted on raider's comments on DLady, Nestle, PBB, Petdag, Padini, Guinness, LPI, Aeon Credit, .... over the last 5 to 10 years, would have been harmed financially. All these stocks have been proven to be great investments with great returns. Also, it meant they were all great under-valued growth stocks with huge margin of safety, available at high reward to risk ratio at their given past prìces. All these companies have grown their intrinsic values over time.
2019-07-19 15:22
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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
by qqq3 > Jul 10, 2019 3:45 PM | Report Abuse X
hahaha 22 now...some one with deep pockets read all my posts.....
Stock: [LONBISC]: LONDON BISCUITS BHD
Jul 10, 2019 12:07 PM | Report Abuse
looks like I have to revise my selling price to 25 instead of 20..................cost 16............
2019-07-10 15:46