THE INVESTMENT APPROACH OF CALVIN TAN
QL, JAKS, SENDAI, CARIMIN, HIBISCUS, ICAPBIZ & INSAS (COMPARE 7 REVENUE & PROFITS),Calvin Tan Research
calvintaneng
Publish date: Sun, 13 Jan 2019, 07:16 PM
calvintaneng
0 1,803
Hi Guys,
I have An Investment Approach I which I would like to all.
I have An Investment Approach I which I would like to all.
Hi guys,
I saw this stupid post by qqq3 in Jaks forum
qqq3 On Insas....Insas rubbish hunters think they find diamond....but most of the time, market is correct , rubbish hunters are wrong....just that u do not know u are wrong because u lack the skill set to analysis the thing properly.
Look at the revenue as a start.
Look at the revenue as a start.
12/01/2019 12:19
LOOK AT THE REVENUE OF INSAS?
IT IS NOT REVENUE
IT IS PROFIT GROWTH
ICAPBIZ HAS ONLY A REVENUE OF RM4 MILLIONS
BUT INSAS HAS 10X THE PROFIT OF ICAPBIZ AT RM40 MILIONS!
Let's Look at Their Performance
1) QL Resources
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Sep 2018
|
30 Sep 2017
|
30 Sep 2018
|
30 Sep 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
920,255
|
808,912
|
1,736,430
|
1,587,385
|
| 2 | Profit/(loss) before tax |
66,999
|
65,537
|
118,177
|
115,300
|
| 3 | Profit/(loss) for the period |
61,486
|
57,463
|
105,142
|
100,955
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
60,517 (6.5% Profit)
|
54,663
|
104,379
|
96,695
|
| 5 | Basic earnings/(loss) per share (Subunit) |
3.73
|
3.37
|
6.43
|
5.96
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
3.7300
|
2.7000
|
||
2. Jaks
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Sep 2018
|
30 Sep 2017
|
30 Sep 2018
|
30 Sep 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
125,155
|
140,395
|
513,688
|
466,128
|
| 2 | Profit/(loss) before tax |
-11,901
|
11,213
|
4,908
|
9,612
|
| 3 | Profit/(loss) for the period |
-12,013
|
9,915
|
3,322
|
7,728
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
-2,776{Loss 2.2%)
|
9,654
|
27,803
|
19,177
|
| 5 | Basic earnings/(loss) per share (Subunit) |
-0.52
|
2.09
|
5.25
|
4.16
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.4700
|
1.4200
|
||
Jaks will report losses for next 2 years according to Uncle Koon. True or not yet to be seen
3. SENDAI
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Sep 2018
|
30 Sep 2017
|
30 Sep 2018
|
30 Sep 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
432,206
|
449,321
|
1,213,254
|
1,311,159
|
| 2 | Profit/(loss) before tax |
16,371
|
19,706
|
53,222
|
64,166
|
| 3 | Profit/(loss) for the period |
16,848
|
18,874
|
52,397
|
59,271
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
13,136( 3% Profit)
|
20,826
|
50,503
|
56,699
|
| 5 | Basic earnings/(loss) per share (Subunit) |
1.68
|
2.69
|
6.47
|
7.32
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.1900
|
1.1300
|
||
Definition of Subunit:
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
Sendai has Rm432 Millions Revenue and a Razor Thin Margin of 3%. Bulk of "profit" is under Receivables (Or IOU)
4. CARIMIN (Curry mee)
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Sep 2018
|
30 Sep 2017
|
30 Sep 2018
|
30 Sep 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
84,087
|
24,734
|
84,087
|
24,734
|
| 2 | Profit/(loss) before tax |
11,643
|
-72
|
11,643
|
-72
|
| 3 | Profit/(loss) for the period |
11,529
|
-183
|
11,529
|
-183
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
11,716(13.9% Profit)
|
-277
|
11,716
|
-277
|
| 5 | Basic earnings/(loss) per share (Subunit) |
5.01
|
-0.12
|
5.01
|
-0.12
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
0.6207
|
0.5706
|
||
Definition of Subunit:
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
5 HIBISCUS
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Sep 2018
|
30 Sep 2017
|
30 Sep 2018
|
30 Sep 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
359,955
|
58,236
|
359,955
|
58,236
|
| 2 | Profit/(loss) before tax |
165,210
|
9,722
|
165,210
|
9,722
|
| 3 | Profit/(loss) for the period |
100,001
|
10,784
|
100,001
|
10,784
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
100,001(27.7% profit)
|
10,784
|
100,001
|
10,784
|
| 5 | Basic earnings/(loss) per share (Subunit) |
6.30
|
0.73
|
6.30
|
0.73
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
0.7000
|
0.6300
|
||
Definition of Subunit:
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
For hibiscus its fortune depends on World Crude Oil Prices & Oil reserves & extraction volume
6. ICAPBIZ
UMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Aug 2018
|
31 Aug 2017
|
31 Aug 2018
|
31 Aug 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
4,487
|
4,748
|
4,487
|
4,748
|
| 2 | Profit/(loss) before tax |
2,429
|
2,715
|
2,429
|
2,715
|
| 3 | Profit/(loss) for the period |
1,912
|
2,233
|
1,912
|
2,233
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
1,912(42.6% Profit)
|
2,233
|
1,912
|
2,233
|
| 5 | Basic earnings/(loss) per share (Subunit) |
1.37
|
1.60
|
1.37
|
1.60
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
3.5600
|
3.5600
|
||
ICAPBIZ has Investments in Other Companies. So its Revenue & Profit should not be the yardstick for calculation
Its Revenue only showed Rm4.4 Millions. Its Growth lies in its Intrinsic Value Growth of
NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
| ICAPITAL.BIZ BERHAD |
| Type | Announcement |
| Subject | NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE |
| Description |
On behalf of the Board of Directors of icapital.biz Berhad, we wish to announce that the Net Asset Value per share of icapital.biz Berhad as at 9 January 2019 was 3.22.
|
Its Net Asset Value is Rm3.22
Current market price is Rm2.46
So market has discounted ICapbiz by 76 sen or 23%. While QL is grossly overvalued.
7. INSAS
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Sep 2018
|
30 Sep 2017
|
30 Sep 2018
|
30 Sep 2017
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
40,688
|
92,738
|
40,688
|
92,738
|
| 2 | Profit/(loss) before tax |
28,790
|
41,828
|
28,790
|
41,828
|
| 3 | Profit/(loss) for the period |
26,644
|
39,396
|
26,644
|
39,396
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
26,632(65% Profit)
|
39,475
|
26,632
|
39,475
|
| 5 | Basic earnings/(loss) per share (Subunit) |
4.02
|
5.95
|
4.02
|
5.95
|
| 6 | Proposed/Declared dividend per share (Subunit) |
2.00
|
1.00
|
2.00
|
1.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
2.5400
|
2.4900
|
||
Definition of Subunit:
In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:
| Country | Base Unit | Subunit |
| Malaysia | Ringgit | Sen |
| United States | Dollar | Cent |
| United Kingdom | Pound | Pence |
INSAS Has 65% Profit!
Like ICapbiz INSAS also invest in Other Companies Like Inari, Ho Hup, DGSB, Omesti & others
It has an NAV of Rm2.54
Mr. Market has grossly underpriced INSAS at 70.5 sen or 73% Discount
If Walter Schloss and Ben Graham are alive INSAS will surely be part of their long term portfolio
Best Regards
Calvin Tan Research
Singapore
qqq3 On Insas....Insas rubbish hunters think they find diamond....but most of the time, market is correct , rubbish hunters are wrong....just that u do not know u are wrong because u lack the skill set to analysis the thing properly.
Look at the revenue as a start. (STUPD STATEMENT FROM A QUACK!!!)
Look at the revenue as a start. (STUPD STATEMENT FROM A QUACK!!!)
12/01/2019 12:19
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Discussions
2 people like this. Showing 50 of 90 comments
equity accounting has boosted its Balance Sheet....in future cannot make money selling Inari shares, then how? wait to report losses every year?
2019-01-13 23:42
Inari is just another important investment of insas hathway just like coco cola to berkshire hathway mah...!!
Insas make much more profit on own compare to inari equity contribution mah.....!!
If insas decide to sell inari...., then Insas share price will shoot up to Rm 2.00 loh.....!!
Posted by qqq3 > Jan 13, 2019 11:41 PM | Report Abuse
equity accounting has boosted its Balance Sheet....in future cannot make money selling Inari shares, then how?
2019-01-13 23:45
cost in Balance Sheet soon exceeds market price....cannot make money selling Inari anymore........then how?
2019-01-13 23:49
Doesn't matter right and wrong. As long as I earn my money in pocket, money is real
2019-01-13 23:51
this is called business sense
Posted by paperplane > Jan 13, 2019 11:51 PM | Report Abuse
Doesn't matter right and wrong. As long as I earn my money in pocket, money is real
2019-01-13 23:53
Posted by qqq3 > Jan 13, 2019 11:59 PM | Report Abuse
soon.....selling Inari no longer profitable,
What is wrong with you?
Insas is not just Inari
INSAS is an investment holding like a Corporation
It has
1) Real Businesses like Stock Brokering. Now Insas even make monies from people short selling shares. Under writting for IPOs.
2) Lending monies. Like giving out margin loans
3) Car Rental
4) Coffee business
5) Others
INSAS also got INVESTMENTS
6) Inari
7) Ho Hup
8) DGSB
9) OMESTI
10) Others undisclosed
INSAS HAS CASH. Lots of Cash.
INSAS has also got PROPERTY INVESTMENTS
AND ITS BUSINESSES ARE WORLDWIDE
See what i3 comments
Insas Bhd is engaged in several business divisions, which include stockbroking, provisioning of corporate finance and advisory services and structured finance, investment holding and trading, retail trading and car rental. It also involves in property investment and development. The company has operations spread worldwide, while its Investment Holding and Trading segment earns majority revenue for the company. ( INsas Business background by i3 investors' comment on Insas)
2019-01-14 00:08
Correct, Even if inari is sold huge value is created and insas share price may even shoot up to rm 2.00 mah...!!
Posted by calvintaneng > Jan 14, 2019 12:08 AM | Report Abuse
Posted by qqq3 > Jan 13, 2019 11:59 PM | Report Abuse
soon.....selling Inari no longer profitable,
What is wrong with you?
Insas is not just Inari
INSAS is an investment holding like a Corporation
It has
1) Real Businesses like Stock Brokering. Now Insas even make monies from people short selling shares. Under writting for IPOs.
2) Lending monies. Like giving out margin loans
3) Car Rental
4) Coffee business
5) Others
INSAS also got INVESTMENTS
6) Inari
7) Ho Hup
8) DGSB
9) OMESTI
10) Others undisclosed
INSAS HAS CASH. Lots of Cash.
INSAS has also got PROPERTY INVESTMENTS
AND ITS BUSINESSES ARE WORLDWIDE
See what i3 comments
Insas Bhd is engaged in several business divisions, which include stockbroking, provisioning of corporate finance and advisory services and structured finance, investment holding and trading, retail trading and car rental. It also involves in property investment and development. The company has operations spread worldwide, while its Investment Holding and Trading segment earns majority revenue for the company. ( INsas Business background by i3 investors' comment on Insas)
2019-01-14 00:12
this forum dominated by raider and like, act as if stock market all about formulas.
2019-01-14 00:27
Raider is not saying qualitative aspect of investment no good mah....but quantitative aspect has it space in the sun too mah...!!
Quantitative aspect is also a proven investment approach but many sifu like B.Graham, Walter scholls, Peter Lynch, Warren Buffet too mah...!!
For qqq u r only a trader mah....why u so kepoh leh ??
Posted by qqq3 > Jan 14, 2019 12:27 AM | Report Abuse
yes qualitative aspects...
qqq3
7084 posts
Posted by qqq3 > Jan 14, 2019 12:27 AM | Report Abuse
this forum dominated by raider and like, act as if stock market all about formulas.
qqq3
7084 posts
Posted by qqq3 > Jan 14, 2019 12:28 AM | Report Abuse
but that is simply not true.
2019-01-14 00:32
if QL is unable to borrow more, then possible PP or RI
either way share will be priced down.
other solution is to chop expenses and reorganize internally, stop store openings. This looks possible now coz it looks like a new onset problem which can be solved easily.
2019-01-14 00:47
QL cashflow issues is due to bloating inventory.
means continuing production without sales.
QL increasing inventory wiped off the free cash.
2019-01-14 01:00
In Spore my bank has just raised housing loan interest this year
A rising interest rate environment is bad for Ql with high debt as interest payment increased
Whereas Cash rich companies like Insas, Cscsteel, Dutaland, TA, ecs ict and Eksons stand to gain
2019-01-14 09:19
Insas has 65% profit?? another misleading statement from Calvin.
Just look at Insas quarter results on June 30, revenue 78,108k profit 6,938k and on 31 March revenue 76,459k profit 7,930k how many % 65%??
2019-01-14 14:11
Yes ah ?? Misleading meh ??
The insas latest qtr 30-9-2018 the margin is really 65% mah...!!
That is the truth mah...!!
Posted by gladiator > Jan 14, 2019 02:11 PM | Report Abuse
Insas has 65% profit?? another misleading statement from Calvin.
Just look at Insas quarter results on June 30, revenue 78,108k profit 6,938k and on 31 March revenue 76,459k profit 7,930k how many % 65%??
2019-01-14 14:16
but calvin, we r more interested to know why u r not joining stock pick 2019.
we want to see u walk the talk.
or u scared of coming a ranking lower than me????
lol..............
2019-01-14 15:22
have to ask calvintaneng on this question.
he only know nta method.
lol......
Posted by qqq3 > Jan 14, 2019 03:41 PM | Report Abuse
nta investing is the favoured tool of rookies.....but does it work or not?
2019-01-14 15:42
its funny...calvin, not an accountant favors NTA investing
me, an accountant favors business sense.
2019-01-14 15:46
lol..........
this reminds me of the palm plantation acquisitions during cpo boom yrs.
many plantation firms, big and small, use cpo at dcf rm3k/mt for 25 yrs to value the land.
many of them must be having a big pocket burnt into their books.
Posted by qqq3 > Jan 14, 2019 03:46 PM | Report Abuse
its funny...calvin, not an accountant favors NTA investing
me, an accountant favors business sense.
2019-01-14 15:50
calvin, r u following my every postings????
lol..........
btw, we r more interested to know why u not joining stock pick 2019.
r u afraid of coming in at a ranking lower than me????
i give u handicap of 10, ok???
2019-01-14 15:55
but u only has cow sense, how ??
Posted by qqq3 > Jan 14, 2019 04:21 PM | Report Abuse
I want LiKahshing business sense... I don't want calvin sense,..
2019-01-14 16:52
Qqq is quack quack quack
NO wonder this duck flies everywhere
Now better go and take your medicine quick
2019-01-15 00:30
but calvin, u r the one and only quack billionaire of i3.
lol............
Posted by calvintaneng > Jan 15, 2019 12:30 AM | Report Abuse
Qqq is quack quack quack
NO wonder this duck flies everywhere
Now better go and take your medicine quick
2019-01-15 10:11
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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
equity accounting has boosted its Balance Sheet....in future cannot make money selling Inari shares, then how?
2019-01-13 23:41