This remark does not make sense.

If your fund manager is unable to achieve alpha, and he finds no good deals in which to invest in for an extended period of time I.e. he finds the market too expensive and risky, something is either wrong with the market or the manager. In either case, if he cannot achieve alpha he should do something similar to what wb did in dissolving the fund and returning the cash back to owners.

The owners could easily put the money into fixed deposit themselves without any need of a 3rd party professional fee.

Many shareholders would want to get back the money they invested in the business at market value, which would be achieved should the fund be dissolved and earnings returned.

As it is right now, it is simply a value trap where the fund manager is holding the fund hostage while bleeding the company slowly with losses from parkson, bousted etc ( whole charging fees for these costly mistakes).

It definitely should sell at a discount, I would not touch this stock with a ten foot pole unless a discount to par value was offered.

More importantly the discount arises because the "many" shareholders do not have a choice in the matter, therefore they are willing to sell it cheap to anyone who is interested in buying their share block from them.

Many many more investors are not biting unless more discount to nav is offered.

London was stupid to get in this mess in the first place. Now they are stuck and unable to leave hotel California.

Those who bought the stock in 2017 and 2018 received nothing for waiting except bitterness.

>>>>>>>

It is true that TTB has kept a large amount of cash for some time – but if I was running a business and I do not have productive use for my cash, do I keep expanding my plant or do I wait for a low-risk high return opportunity?I would wait – and so would many shareholders in ICAP.

Why think? Warren buffet has already won his bet of low cost index funds against professionally managed funds ( with the similar model of charging fees like icap).

Mutual funds are already known to be bad. Which is why we are here in this forum to learn how to do things better.

Why even bother posting in this forum if all you are interested in doing is putting your money and your fate in the hands of TTB?

Over 15 years, if you placed your money in vanguard index fund you would have done spectacularly well, with no need for professional management.

Warren buffet has proven it time and again.

If you want to invest, invest in the company or business.

Avoid gurus who preach and charge you fees for professional management.

Low management fee?I would say it is very high for asking someone to put money in fixed deposit. I could do the same thing for a fraction of the price.


>>>>>>

if you think ICAP fees are terrible, then think about all the billions invested in mutual funds. If you think ICAP performance is terrible, then again, think about all the billions invested in mutual funds.

Mistakes of omission are far more important.

I review my decision to invest in Pchem and it is still solid. Better choice than leaving it on public Bank which dropped even more.

I bought it pchem at a good price, and the dividend yield allowed me to buy more at the discount price offered whole waiting for IPIC.


Rule number 1: never lose money

My decision for Pchem has nothing to do with short term returns, as you know and I know I bought it with the full intention of averaging down or buying up until completion of IPIC where I will review my decision on investing in Pchem. So I will reserve any remarks on short term changes in price for Pchem until then.

Your investment thesis ( since 2018 I believe), was based on rcecapital is based on a fallacy that has nothing to do with short term price ( which you like to always say you are a long term investor, but seem to only look at share price models only).

Almost every penny stock in 2019 is downtrodden, anyone can make money buying and holding for the year. Even QL which you derided has gone up a lot this year ( pe 50 stock also double digit increase in share price).

So what is your point?

You seem to be very loose with figures recently, as shown by your recent article on Serba dinamik.

Also fyi, from share chart, beginning of the year your rce was 1.46, latest price is 1.66. do the math and let me know your returns again?

I'd dearly like to know how you achieved your 22% returns on rce again? Unless you included your dividends reinvested?

But then again, I thought you sold your entire position?

Which went up right after you sold it. Upon the advice of some old ex banker who told you how silly it was too but rce long term?

Then again, maybe you should charge USD5000 for someone to read your revised article on Serba dinamik again.

If you can't make good money in the stock market, might as well charge others to read articles about it.

Colinlim keysofkingdom, Michael Oblivion and joecool32 are all new users created by Calvin tan to promote him.

It is so obvious and amateurish.

All 3 have accounts created very very recently. All are posting with the exact same wording, phrase selection and language idiom as Calvin tan.

So sad. Just like city harvest church create fake followers and cheat unsuspecting new readers to fall into his traps.

Heavily promoting 4 or 5 stocks that have gone up tremendously, but unfortunately the other 40 stocks which he have promoted together and have done poorly.

It is the same with his Bible worship.

Taking words and phrases from the Bible out of context of the entire chapter ( selecting verse only) can make the Bible day anything he wants it to say ( instead of the original meaning of the whole sentence).

Fake city harvest preacher, trying to cheat investors but sadly, no one cares about his netx or buy any ( especially after he tries to capture increase sales of 10k shares at 2.5 cents at end of day just to make things look up).

Funny and sad. Sell a house, only get 50k. Sell 3 houses to buy 5 million shares of netx at 2.5 cents.

Embarrassing old man.

Stop cheating hardworking young investors!

You will meet your just rewards when you are finally judged for who you are.

Post removed.Why?

Does netx even have a cash flow??

No need to forget. This is Calvin tan portfolio tracked all the stocks he recommended in 2019 alone.

How come different story?

We tracked the dates of your promotion and the results YTD.

>>>>>>

https://klse.i3investor.com/servlets/pfs/123029.jsp

Most importantly:
3. Leverage. The main reason for the capitalization of a company is so that outside investors can fund the business to achieve scale, monopoly and take on major investments. Else there would be no purpose into it. The CEF takes on a fixed amount of money but with a large sum to maximize results and returns. However, if your manager tells you year in and year out of a incoming crisis, and keeps 280 million in fixed deposit year in and year without any method of mitigation,

I call it a mistake of omission.

On mistakes of omission. If you wanted to be a long term investor with no worries, no "professional fees" and better than fixed deposit rates, and if you wanted to discard the last 5 years results for icap and use inception day returns, how about comparing long term equity returns with my respected father in law.

He was a banker with public Bank who bought and kept his entire networth working in kl hq branch of public Bank, he has bought and kept pb stock his entire life, reinvesting dividends into public Bank stock. His 15 year returns of public Bank, including the huge drop this year which we were largely able to avoid, trumps any investment in ICAP hands down.

How about another blue chip safe stock, Pchem, or Hong Leong or even Maybank. Or maxis, Digi, or topglov, ql, even hapseng. All are huge conglomerates with safe business, boring, slow business models never guaranteeing huge profits, but safe long term boring returns. So far each of these safe boring returns have a 15 year track record far better than ICAP.

If we were to use NAV, as is TTB clarion call to define his right to charge fees, instead of share price value, all of these companies have grown leaps and bounds, while leaving ICAP in the dust. The assets, the business itself would long outlive the directors and founders.

3 reasons why you should never buy into ICAP.

1. What happens if TTB croaks? Who controls the fund and it's future direction? What choice do you have as a minor investor to influence this?
2. Liquidity. By its very nature CEF will always trade at a discount to its nav value due to its structure and liquidity. You could easily buy and sell your share in padini if you bought it today, for the market value. You would be unable to sell icap for its market value, if ever.

In my opinion, mistakes of omission is just as important.

One of Warren buffet defining quality is his ability to review and look back on the deals that he DIDN'T make, just as much as the profitable investments that he did make.

The key hallmark of an excellent investor is conviction and the ability to pile huge amounts of capital into investments which he views as excellent choices.

TTB has chosen to INVEST your money into fixed deposit ( 280 million) at 3.35% rates, while choosing o keep 152 million in investments that were altogether.... Unspectacular.

For these activities he has taken in 2019.

Directors fees amounting to 269k.
Fund management fee of 3.596m.
Investment advisory fee of 3.596m.
Professional fee of 247k.

FYI, 280 million at 3.35% rates is 9.8 million.

See how much alpha you are getting there?

I don't really understand this question, they made a net profit of 10 million, out of which they paid out a dividend of 5.3 million to shareholders. On top of that, they are doing aggressive share buyback at low prices.

You are right in that the jar of honey is reducing from 400 million to 200 million.

But the main point is they need to spend money to earn money, to complete their 16 billion lrt3 project.

Lrt3 earnings have changed from when they were PDP to now when they have become more of a main contractor charged with completing the full project on new negotiated terms. Reduced costs, but also reduced requirements and gkent to redesigned the entire project to meet the new cost requirements ( which is why it took so long).

Previously as PDP they were coated at 6% of project cost,, we estimated 16 billion returns to be 960 million, half of which will bring to gkent. Earnings.

As a main contractor which is in charge of redesign and build, they will be able to squeeze even more profits now that they no longer need to higher crony contractors and can sub to the best contractors and cheapest prices.

What do you think the earnings upon completion will be today? I myself don't know how much. But it will certainly be more that the market cap of the company today at 521 million.

Another jar of honey.

Together with share buyback at low prices, and 7% dividend every year ( sustainable from their water business alone).

But maybe since you can factor in lrt3 earnings into current price, you can tell me how much they will earn from lrt3?

>>>>>>>>>>


malpac63 Dividends are paid out of retained earnings and not profits. The jar of honey has reduced from $400m to $200m in 2 years. LRT3 earnings have already been factored into its current price as it's not some tender which they just won.
25/12/2019 4:58 PM

I highly recommend the Eight, at hotel Lisboa. This year we skipped Hong Kong, too much unrest. Joseph tse is an old friend who used to work in kl Sheraton, now ended up 3 star Michelin in Macau. The suckling pig gave him his 3 stars, very impressive and unique.

I tried to call icon8888 to sort out differences, ended up Calvin tan answer phone. Tried to talk through the traffic noise and realized he was still trying to tell me to buy his netx.

Dear icon8888,

I invite you to really learn what is toxic. I have never once used harsh words or insults. You do it on a daily basis.

Blog: (Icon) Eco World International - Why I Am Adding More

Dec 17, 2019 3:55 PM | Report Abuse

Ass Ass Lee your Zero level thinking Bjland zero operating profit my Ewint a lot of operating profit

That is the difference

Don’t compare a retard with a PHD

For someone who doesn't make all that much money trading and warranting, you sure do talk a lot. Maybe you can learn a bit about life.

>>>>>>>>
P/S: Time for dinner and facing my daily problem what to have for dinner? By the way Merry Christmas and HOHOHOHO.
25/12/2019 7:05 PM

I realize the forum is very very toxic. It would be more interesting if information is free flowing and useful that can help this 17 year old kid instead of just shooting otb down.

Let the kids write what he wants. If you disagree, write your own article, and state why and how you disagree.

Just trolling is useless.

Better put some stocks or investing ideas on the table instead of saying how lousy otb is.

If otb made you lose money, then say it like it is. What stocks, when what price, and why you did not follow his cut loss procedures.

3 cheers to the internet, the cheapest, most efficient source of self learning available.
!
I remember back in the day, I used to spend so much money to buy the dynaquest Bursa stock guide which come out yearly.

Then I started reading Moody's and learning about old man Warren buffet and his simple ( now realized so not simple) strategy.

And bought so many hard cover books which cost me thousands of ringgit.

Nowadays kids can just download pdf and read hard to find books online for free and get infinite knowledge.

Cultivate the urge and joy of reading, and never stop trying.

As for being to young to invest, I urge you to ignore sslee, and invest earlier.

You will have to make mistakes anyway, whether at 17 or at 50.

But better to make mistakes when you have time to recover and learn from it, than to make mistakes when you are too old to work it back.

Good luck Jerry, merry Christmas!

I think enough is enough. Let Calvin enjoy his senseless preaching and promoting. At least he always puts the disclaimer to do your own due diligence. Anyone who buys and profits and losses is his own fault.

Merry Christmas Tan. Tis the season for joy and giving.

He has put his conviction in selling his low cost flat to buy 5m netx shares (100,000). Since that is what he believes in, only time will tell.

At least this is the first stock that he put so many of his personal wealth into.

So he will be judged, weighed and quartered by this stock.

His biggest challenge.

As I retired last week, it will become harder and harder to hire 60 year old men.

As I would never wish anyone to go back to the jobs line at age 60

I wish Calvin tan all the best.

Just don't ask me to throw money into the ocean of netx with you.

Merry Christmas

Hmm.... Jensen chin?

Post removed.Why?

Ray Dalio Has a good YouTube video on the concept of diversification.


https://youtu.be/Nu4lHaSh7D4

It all comes down to how much you think you know a company, and how much you are willing to admit is not within your confidence.

The higher the confidence. The lower the diversification needed.

For example, if you knew the long term returns of ASB over ten years was 8%, you could conceivably put 1000000% of your networh, borrow to the hilt at 7% and invest in ASB long term.

When Warren buffet bought preferred shares in BAC (5 billion), not only was he confident that in the long run the share price will go up, but he has that 7% dividend to pay him to wait.

My advice is: be realistic and clear on how well you know the future returns of a stock before you commit huge amounts of money on it.

You can try what I did, put some money into it, and each quarter after the report is out re-evaluate the business. If it still fits your growth projections, then slowly add more. In the long run the profit is lower than dumping all your money in one go, but the risk and clarity should help make less bad decisions.

Everyone makes bad decisions, even Warren buffet.

>>>>>>

Also, if I invest RM1 million in stocks, how many stocks should I own optimally in your opinion? Is it wise to put more than 60% of my money in one stock say Yinson?

Hi Tracy92.

If you have been investing for 4 years and your average return per year is 30%, then I have no place to advise you.

You already seen to know exactly what you are doing and my advise is to continue what you are doing right now.

You seem to be very good at investing already I might add, far better than my returns when I was 28.

Everybody has different companies and skills in their repertoire.

I would suggest you stick to companies that you are more familiar with.

Don't trust any sifu that tells you to buy this stock or that stock.

Instead, try to find out the reasoning behind their stock pick, and best of all get their stock portfolio selections returns so you can see how good their stock picking really is.

In the end, that's why everyone uses Warren buffet as an example. You can chart his stock Holdings, purchase and sales every year from 1976 to 2019, and see clearly his long term results.

Never trust any sifu that says he knows the way, but doesn't have the 10 year stock returns as evidence and proof.

You posted this in the other article. Can you fix guys error and give us your capital calculation instead and where you arrived the figures from?

Appreciate your clarity on this.

FYI I don't believe in calling people names but am more interested in using analysis and figures to justify claims.

Choivo has been wrong many times before. His rm5000 research paper into rce capital is one glaring idiocy.

But he has also been right, once.

So let's prove him wrong with your version of the facts, please.

Cheers and appreciate it.

Let's clear up the dirt on Serba and make is clear for i3 investors!

>>>>>>>>
For a start, fix your working capital calculation before even talking as if you are so intelligent and make a judgement that Serba is ‘rotten’ (malicious claim by Choivo Capital that must be penalised).

Your calculation of picking numbers as you like for owner capital calculation shows your immaturity in business.

Hi jensenchin,

Since you posted the blog that choivo capital is wrong and spread bad news about Serbs, can you point out what he says that was wrong, and what your correction of that information should be?

I am very interested to learn more about Serba in this forum, and me and other investors would love to have more clarity on the issues of owner earnings and capital needs allocations versus returns that choivo has brought up.

I hope you have a great day Jensen, and I am willing to invest in the growth of Serba should the facts be wrong. Please rebut choivo with more accurate information than him.

Yours truly, Philip.

The question of investing or not totally depends on your condition. How much you have, how badly can you handle volatility, and how long you are willing to wait to gain from your investment.

As many have pointed out, yinson is a brilliant company.

But whether or not it becomes a brilliant investment depends on how long you are willing to wait for your share price to go up.

In the beginning of the year, yinson dropped from 5.15 to rm 4, and now it has climbed to 7.2 and dropped to 6.4.

Do you have the confidence and willpower to ride this volatility for 3-4 years? Can you wait until delivery and commissioning of the Brazil tender in 2023 while the share price stagnates and other investors lose confidence?

If you can last that long with a steady heart? I can practically guarantee yinson will be a great investment in the long term 5+ years.

If your investing horizon is 3 months to 1 year.... Then I'd advise you to keep the money in FD, and test the waters with money you can afford to lose and sleep well at night.

The true challenge in investing is not in what company you buy, it is in how well you can stand the volatility and waves.

Merry Christmas and happy joyous days to you and family Lee! Also meet Christmas to all UM graduates. Always move forward and do not stick to a fixed mindset for investing. If 90 year old Warren buffet can learn new things like buying airplane stocks and tech stocks, so can we!

Remember to have conviction, to analyze all the stocks you bought and those you didn't buy, realize that health and happiness is far more important than wealth, and most importantly realize that all we need is 1 million to live comfortable, take care of children and retire without worries.

Everything else is just bragging rights.

So make and lose money with the same equal aplomb.

Don't waste sleepless nights when your stock is down, keep yourself safe always.

And remember always the most important commodity is not money.

It is time.

Time well spent on doing things you enjoy most with family, friends and your hobbies!

I finally retire this year, and can fully concentrate on my greatest joy.

Trying to beat the market.

The only reason why inari was given the contract is not because inari was special.

It is simply because hock e tan the GM of Hume back then made friends with inari engineers, when he became CEO of Broadcom he gave a chance to Malaysia osats to do something and try to be competitive. But is inari really competitive or is simply because a Malaysian give chance to other Malaysians.

Think it over carefully.

Now that Broadcom is peddling RF unit away, do you think new owners will give the same chance to Malaysian company? Or will they begin pressing margins, finding cheapest source and squeezing suppliers?

Stockraider you are a failed investor.

With your loud loud postings, until no one can see anything else:

You say hengyuan fair value 35,
You say bjland going to fly from buyout,
You say sapura rm3,
You say many many many bullshit.
You say QL overvalue and going to crash.
You say insas 90 cents by 31st August.

What makes you think anyone still trusts you and believes what you say?

investing is about buying today for future results. any form of uncertainty is bad for future estimates. The best investments are boring, profitable businesses where you know exactly how it will perform year in and year out so you can collect more and more money.

if you invest for what a company is doing now, not years down the road, then I think you should not be investing at all.

>>>>>>>

Posted by reiki6 > Dec 20, 2019 6:15 PM | Report Abuse

At first i extremely fear as there are too huge volumes transacted. but then, i think why wanna scared as it has less or no impact to company NOW. it could be any good/bad development in future, then lets market decide when the time comes.. jz my 2 cents

I fear I have found the answer to my question:

Felicity has a very good way explaining some important facts clearly.

Dear SSLee, you may want to consider contacting felicity to find out more information more than hanging out with datuk tan and wong who have conflict of interest in telling you everything is going to be great and wonderful, instead of a real truths.

My opinion, insas own personal business will not be growing a huge rate in the future, thus suffering from very low esteem (PE) and expectations from majority of investors. none of their cradle businesses are growing at a fast rate or generating income. In fact, I have been to their brunei to look for sengenics office, but it seems very different from all the promotions.

https://www.theedgemarkets.com/article/kl-based-sengenics-opens-us11m-facility-brunei

just to realize there was nothing there and it was all a scam.

https://www.emis.com/php/company-profile/MY/Sengenics_Sdn_Bhd_en_4242257.html

this company has reduced revenues, has never been profitable, and will never be.

The main purpose in owning insas as you said is its access to the shareholdings of inari. Therefore the main question becomes: What is the long term future of inari? read below.

My advice sslee, if you do not want to plan ahead on where to eat your dinner and how much you want to pay for it? you may find yourself in a huge traffic jam on the way there later, and a small embarrasment when you realize that RM100 is not enough to pay for the meal.

Investing is hard work. Never become like my office general labourers who only work every day for RM50 a day, looking forward to the next paycheck without caring.

If you want to move forward, you must be prepared to ask if the boss has enough money to pay the workers next month. if not, jump ship.

>>>>>

While Broadcom has great cashflows, it however will want to do something before it can do another deal. Hence, it needs to sell before it can buy big again. Hence, the plan to sell the RF division. Anyway, in the next generation 5G technology, Broadcom's RF may not be at a huge advantage anymore. Several new companies are moving big into it, and it is ripe time to sell. Remember, Broadcom is not that much of a technology visionary but a company which manages its technology dominance very well.

What then will happen to Inari? For those who may not know, the RF business is huge for Inari as compared to its other businesses. It is also probably more profitable. Will Inari continue to still obtain jobs from its new acquirer assuming the business is sold. I would not want to make a guess. However, one thing I can be quite certain is that the relationship would not be the same. One must remember, it was Broadcom which gave opportunities to Inari back in 2006 (around) when Avago then wanted to focus on being a factory-less company. It was looking for companies or entrepreneurs to take over the manufacturing (packaging) business. In fact, at one point of time, Avago was a shareholder of Inari prior to its listings.

The industry knows the relationship between Broadcom and Inari. Will Broadcom gives Inari business from its other product line? That is up to Inari to prove itself. One thing as well is that the age of important decision makers from Broadcom which provides the opportunities for Inari is not so bright for Inari's future as they have reached (or almost) retirement age.

The way I look at it, with the share price of Inari trading at 30x PE (after the recent drop) and given that the future is uncertain - it does not look too good. Inari will definitely be there but it has to look for other deals which may not be as lucrative but to grow.

My worry is that the cradling stage for the largest Malaysian semiconductor company - by market cap - may be over soon and it has to look after itself and it may not have the strength to do so - if you know what I mean.

Posted by felicity at 2:13 AM

as usual a teacher teaches, but can't make a profit for the life of him.

He doesn't understands how to make money from business.

>>>>>


Ricky Yeo The aggression how both Lim are acquiring Scientex shares are crazy. They already increase their stakes so much over the past 1 decade.
29/10/2019 9:42 AM

Calvin see nfcp contacts for every company in every corner.

Worse he buys the most horrible companies to invest in his nfcp play, instead of those that actually have the contracts.

Why U-turn? It s already on a multi year low before.

Next year IPIC completion, tenfold production. Oil prices can only go up as artificial shortage is orchestrated by OPEC.

As prices to up, selling costs for Pchem will increase, while they maintained their standard 25% net margins.

It's one of the few companies in Bursa where I can predict long term growth in revenues and earnings, while I enjoy big fat dividends that will keep increasing as time passes.

I don't think so. So far most of the people commenting here are not buyers. I'm probably the only one here who has bought and never sold a share since 2009.

Netx is such a cheapo company that doesn't take care of its employees. Usually giving it was, you make it so employees can profit immediately by at lower prices so they can be rewarded for their hard work.

Instead netx does esos at the same price as buying in the market.

What is the point?

Simply to dilute company shareholder value for no good reason, and not rewarding anybody.

Prepare for more share dilution in the coming weeks.

Immediately after a 18 million nfcp contract to be awarded in January, then do a share dilution, warrant raising, private placement of another 1 billion shares at 1.5 cents.

Let's see if history does not repeat again.

That is how trends works. Just like in nature, momentum also exists for companies

Investing is a marathon, not a race.

Looks like CharlesT and stockrauder will be feeling oh so sad...

Meanwhile Christmas will be good to ql as it becomes a 13b market cap company.

Why is Broadcom trying to sell its RF unit?

https://klse.i3investor.com/servlets/pfs/120720.jsp#tabs_group2

You can check all my total transactions for Pchem here.

You can check online portfolio at any point of time to see if I do window dressing. So far I think I'm one of the few ones who keep an active online portfolio that shows all my purchases.

I think i3 records the average point or the highest point sold daily.

It actually trade at 6.53 at the lowest end, please check the daily data from your IB. Not from i3 please.

This complexity and vagueness of the business is exactly why I avoided it, even with the. " Net asset value" that seems to be apparent with insas. I just can't shake the feeling that insas will use shareholder investment in another numoni or tribecar or fintec which drains cash instead of earning it, and investing more money in cash generating successful business.

But the more critical question to ask quantitatively,

Why is Broadcom selling it's business unit?
1. It is moving out of the RF space which is due for disruption and will no longer be as profitable?
2. It is sellimg it for a profit to Apple which wants to keep in-house?
3. It is transitioning it's business model?

The answer to this question may solve the future of inari revenue and earnings stream, and indirectly how insas will perform in the future.

Meaning a whole lot of I don't know..., If you don't know how your business is going to perform in the coming years, why are you buying it? Never buy a complex business that you don't understand with clarity.

I prefer action to words. I have already told you how ql is going to go, and they have hit 1 billion in revenue recently and showing signs of even more growth in the coming years. I know exactly where to expect the revenue and earnings with QL.

Since you are close to tan and wrong, can you let me know your expectations next year of how much revenue and earnings you expect and where you think it is coming from?

Sslee, insas entire value proposition was it's ownership of inari. Now that inari is down, insas also affected. As a minority shareholder you are unable to change this outcome to sell or keep inari despite the bad news.

Looks like ql share price will be ahead of insas sooner than expected.

Japan Olympics Games to start soon.

This is why buying a company based only on assets instead of future prospects is always dangerous.

calvintaneng Very good

After passing desaru only got short period of Internet connection near kuantan but I left my 2 handphone in the room while having breakfast yesterday morning

After that from trengganu to kelantan there is no signal

This only confirm that Rm50. 3 billions for Malaysia nationwide fiberisation is no longer an option

When I return back to Spore I will sell another house all put all cash proceeds into Netx, Opcom, Redtone, cmsb and binacom

Top 2 will be Netx and Opcom

These are 2 chun chun ones now

Not in 18 months of work. And getting a 16 billion project to completion, not exactly easy. I actually hope they do not overextend and get more projects that will be hard to hand over.

I would call 100+ million of net profit, 215 million net cash doing nothing.

Bought more gkent, 50k shares at 0.96. dividend yield and share buyback (5% of nosh) is excellent while waiting for revenue realization from lrt3.

1 cent dividend on 50% payout, is more than sufficient for me. This year alone is earning 7 cents, on a cost basis of 96 cents total with 50% dividend payout and share buyback. Sustainable, and a guaranteed growth in revenue next year. 7.2% dividend beats ASB return. With almost 18k of dividends to receive, I will proceed to do my own share buyback of the stock.

This year alone ql has increased by 1 billion in market cap. More than 30 netx companies.... Thanks to ql the last ten years I have been holding, I could buy the entire market cap of netx. But why would I want to buy a loss making company which can't make is own website properly?

there are many challenges to the developer (many of which are sinking local malaysian developers, despit HUGE unsold assets and land banks), these are how I view the qualitative challenges of a developer company:

1. how much to obtain and develop landbank into sellable product.
2. how much to price the product.
3. how much costs in financial and construction for the final product and the break even cost.
4. How much to obtain the next landbank (future growth) of the company.
5. How much money to keep to cycle the production phase.

For me, any shortage in these parts is a huge risk for a company. any of which can be hidden for a very long long time before the can of worms can blow up.

1. Take for example talamt, it took so long to build and develeop landbank that the company became basically unable to execute projects before the landbank started to be sold in pieces to other developers.
2. Wrong pricing (and timing) can lead to unsellable homes, take any development in putrajaya/cyberjaya as an example. Many developers have very high NTA but low share price due to unsellable product. (take a contrast of scientex and asiapac to see how slippery the slope can be on mistakes. Todays scientex can become tomorrows binapuri)
3. the main profit center for ewint is UK, where they are selling at 500-800 GBP per sqft. Now, how profitable is that versus acquisition costs and future expansions? that is the difficult question to ask.
5. How much is the financial debt required to ride out a development phase, hoping to hit the sweet spot in home shortage and bring in the dough to pay out all the debt, all the while avoiding the danger of overexpansion and financial disaster.

For me, I believe that EWINT is better than many developers out there in the space, but how consistently can they mint money, and how long do we "invest" in the company before an eventual downturn, overcommitment phase that seems to plague almost all developer companies?

I am sure a select group will definitely make money in this company (as icon8888 hopefully has), but if you think there will be a shortage in london forever (or the development price will be more than most buyers are willing to swallow), I think you have rude awakening incoming.