I think it is exactly because of that mindset of trading that has caused much grief among general investors on this. If you trade a lot the transactional costs can pile up very much higher in a year.

Trust me, you will be very much happier long term if you bought sucks the same way you buy a house, carefully choosing, finding the best location, buy very rarely but but based on the quality of the asset, not the price at which you can get it at.

The real money in stock is made in the waiting, not in the trading.

>>>>>>>>

Posted by risktransformer > Jun 7, 2019 4:22 PM | Report Abuse

Philip, I think it is not proper to compare buying/selling a house with stock. A house is not a liquid asset whereas a stock like PCHEM shares is very liquid.... u can sell it within seconds & buy it back any time with very little transaction cost (unlike a house.... the transaction cost is very high).

Actually one interesting point which I am trying to figure out. Opensys does not do their own R&D for these machines, and it is instead a licensed technology from OKI, Japan. The question which I could not clear up the answer to is:

1) what is the terms of the technology partnership. Is it a profit sharing deal, or just a pure franchiser/franchisee deal where OKI sets the master price and opensys sells based on the listed price to customers. What is the minimum stocks level to keep, will the system buying costs erode/increase over time, and most importantly is opensys working on their own homegrown solution in the future to compete with fintech and peers.

2) it seems your assumption of profits here are all based on pure sales only ( correct me if I am wrong). But another part of opensys sales is also based on leasing of machines as banks I believe will be far more interested in short term 1-3 year leases of the esm equipment at a higher service price, but without the hassle of buying and storing the equipment. For opensys looking at note 14 of inventory there is write down of used machines, as these machines cannot be cannibalised for new equipment or reused for other applications. There is a 10,313,089 write off of esm equipment which I assume is the leasing part of equipment that has been obsolete/ revamped. As OKI does not have a policy of taking back old machines and refurbishing I believe the difference in service actual profits will be quite substantial, as I am taking the example of my office leasing the latest xerox photocopy machine for a 3 year contract and returning it after the lease is up for a newer model, which is cheaper than buying a new machine.

In the end what will be the market size of this industry, what will be the acceptable method for it's main customer base ( fintech, direct purchase and ownership, leasing) and how clear will be the profit and revenue growth 5-10 years from now are frankly speaking quite murky for me.

I would say it is not a bad business, but neither will I submit capital into such an endeavor. Opensys has a huge market share 80%, but in a space where the total addressable market is very small. The customer base is also very niche, which is worrying all the same as some believe opensys is worth 300+ million.

Time will tell.

I arrived Melaka on Sabah harvest festival 30th May 2019, Thursday, which is normal weekday (I believe west Malaysia does not celebrate harvest festival, as the roads were still empty). the queue during the Friday and weekend at jonker street is far more lively during the pasar minggu at jonker street.

But you are right, you should assess normal condition, not unusal event. Which is why I did not take pictures on the weekends.


>>>>>>>>

Posted by pak_pandir > Jun 8, 2019 11:18 AM | Report Abuse

the queue at 11pm the last few days are invalid. if you want the accurate assessment, come during weekdays, not during the holiday season. If that queue still that long, then yes, the logic can be considered.

we assess normal condition, not unusual event.

Hi,

Care to elaborate on same thing?

>>>>>>>

Posted by shpg22 > Jun 8, 2019 11:09 AM | Report Abuse

There are so many competitor offering the same product as Familymart popping up like mushroom across the country. Even Mynews also start to offering the same thing

Judging from 11pm queues at jonker street, the financial report, the belief is yes, there is room for 400 fm in Malaysia. But I am interested in your logic on "highly not". In either case total population of Malaysia is 32.8 million in 2018, with 1.5% growth rate (roughly 500k increase in population yearly).

>>>>>>>>>>>

Posted by cheoky > Jun 8, 2019 10:40 AM | Report Abuse

U see only the internal pros of FM, perhaps u managed to visit the best FM in FM group. The issue is there a market to absorb 400FM in msia? Highly not. Perhaps in China yes.

FM doesn't sell batteries. you can buy it from 7-11.

You keep thinking 7-11 and FM does the same business model. Look closely, the approach is different, the items on sale is different, the feel and quality is different.

You go to FM combini to buy healthier choice sandwiches, bread, pan and Japanese imported snacks. You buy tasty soft serve ice cream, you get instant hot oden and good tasting coffee.

You go to 7-11 to buy batteries. how often do you really buy batteries from 7-11? The answer is, very rarely.

>>>>>>

Posted by jellyfish > Jun 8, 2019 9:22 AM | Report Abuse

if for example, i want to buy a battery, i will buy from 7-11 with no queue, rather than wasting time queueing at FM

cheoky, behind every 99 speedmart and seven-11 is something called a fulfillment center. The distribution warehouse is what determines the bottom line margin of the overall business. Basically the more they expand, the cheaper the overall costs will drop. If they have 5 or 6 convenience stores on one area, it will be far far cheaper to deliver everything fresh to the 6 stores in one go, rather than deliver to one convenience store. This is the true barrier of doing convenience store business and why a lot of small scale family owned minimarket are closing down.

>>>>>
cheoky Marginal utilities. Upon 400nos FM, bottom line becomes worst. Expand for the sake of expand only. Ntg worth an infinite price
08/06/2019 9:37 AM

That is not the question. the question is how to differentiate your business model and be the market leader in industry.
You need to understand the difference between a KFC and a FM, on has 2-3 staff per location, the other is a full restaurant (10+ workers) with associated costs. One is easily scalable with high profits, the other requires specific locations.

Simple idea of scale:
there are more than 700 locations of KFC : profit margins unknown (until QSR listing soon, but previous QSR annual report 2011 they did 144 million from 2.8 billion revenue for KFC, around 6%)
there are 2250 locations of 7-11: 2% profit margins reselling other peoples items.

I would say Family mart will be the happy-in-between of 1000 locations around Malaysia with higher margin and quality Japanese food, but with 9% profit margins going forward. Dr. Chia does not have to think out of the box. QL bought the franchise and leaving it up to the Japanese management to use big data and fulfillment centers to increase customer purchase locations.

Obviously Cheoky is correct in that as more stores are increased the costs become higher and profit margins lower.

but an interesting point is also how RESILIENT is the business, what is its difficulty of being replaced by a speedmart99 and a Mynews, and how well it can take market share from 7-11 and those other stores.

>>>>>>>>>>>>>

The question now is why with the long queue, FM has the store sales of 939K and Seven-11 1 million? Can FM increase it sales per store in the coming year? Who are the customers that prepare to queue? Can FM evolve from a neighborhood convenient store that serve local community, single person or people on the hurry into serving who family? The answer is yes if Dr. Chia prepare to think out of the box and have confident on the foods FM serve then he should think of KFC and McDonald's model serving FM Japanese Foods to the crowd and whole family in fast foods style.

Thank you

I thought you are giving up on Malaysia and gone to shanghai? Why are you still posting in horrible no future Malaysia investment forum?

In either case, everything has to be based on context. I would say Mcdonalds has exemplary service, when put in the context of the hordes and millions of customers served daily, 2 minute burgers (you can complain many things, slow and badly cooked food is not one of them, even during heavy queues).

As someone who used to work as a waiter in his school days in whitecastle at jalan raja laut (when there was a whitecastle in Malaysia), I can tell you it is easy to be a friendly service counter when the restaurant is near empty, and almost impossible to keep your cool when there are hundreds of hungry barbarians at the gates.

>>>>>>


Heavenly PUNTER UBS Shanghai Future Analyst McDonalds friendly service counter? WAHAHAHAHAHAHAH Joke of the day thanks
08/06/2019 8:11 AM

I remain confident that this will remain true.
They have already found innovative ways to grow, but more importantly they have the management in place that allows them to maintain and sustain their growth organically.

My prediction for the coming years:

Family mart will hit 1000 stores in Malaysia in 15 years.

Palm oil plantation will grow 3x the size due to Europe and worldwide accepting 70 fossil/30 biodiesel usage mix technology. The slowdown in Palm oil business will be marked by a sharp and sustained turnaround as fossil fuels become more and more scarce.

Surumi and seafood catch will transition into self-heating/ frozen premade meals as foodtech becomes more and more advanced due to new technology.

More consolidation will occur as the barrier of entry becomes more and more expensive for newcomers as commercial farming becomes more and more tech driven.

>>>>>>>>>>>>>

qqq3 this is not to say QL cannot come up with another innovative idea in next 2-3 years to sustain investor interest.

I believe workers follow the boss and the system. With a very good system, it matters little what the workers are like, with a good system and minimal training, you will still have a good service level.

If what you said is correct, KFC and McDonald's in Malaysia would be horribly run compared to other countries. And yet, McDonald's service in quick processed, good food, friendly counter service is still the same the world over.

A good system is well worth the franchise cost.

https://klse.i3investor.com/blogs/philip1/209945.jsp

I hold quite a lot of PCHEM, a few months ago the price was at 8.15, the sudden rise in price was very much due to KYY, OTB and other speculators taking a bet on O&G counters and pushing it up to 9.30. However the long term triggers of the business had yet to take effect which is PIC. Therefore: euphoria.

Luckily those who buy PCHEM on fundamentals get to enjoy 18 cents dividends. If one can get to enjoy growing dividends (last year was 32 cents) on a growing business with high revenues and very high net profits year on year, the dividend payments can only go up. With increasing revenues long term the share price is also guaranteed to go up. So in the short term losing RM1 on a paper basis is no cause for worry.

Who buys a house and asks around everyday how much the house is worth, if one day someone offered you 1 million for your only house but must sell today would you do it? Then if tomorrow the same guy offered you 250K for your house would you sell in panic?

Sometimes is worrying how real world activities and stock investment activities can be so different and so far apart.


>>>>
risktransformer I only hold a little bit of PCHEM.... so I'm not bothered about the price dropping. But for those holding huge position in this stock..... imagine, a few months ago the price was around RM9.30 and now it has dropped to RM8.28; so if they held RM10 million in this stock then they have already lost around RM1 million. Looks like the price may drop further.
05/06/2019 4:04 PM

Hi sslee can I confirm this?

Proceeds from disposal of shares in an associate company RM 28,300,000
Dividend received RM 35,056,000

Dividend handed out to shareholders
Rm 13,245,000.00

Dividend handed out to preference shareholders
Rm 13,245,000.00

? Cumulative for Q3?

Thank you

Sorry... I just had to share this. I showed this statement to my wife she guffawed so hard she almost fell over, now demand me renew her Thai oddesey package.

Paying less tax means the company also is declaring let profit and revenue.

As tax is calculated at 24% average, it should be the other way around, the more tax INSAS pays the better, as that would mean it's INVESTMENTs and subsidiaries and customer base is growing more and more each year.

If one day INSAS no longer pays any taxes and instead declare losses every quarter, this would be bad for stockraider.

Then again, office boy is always full of hope, especially rm3 in 3 years 3 months for sapura.

>>>>>>>>>>>>>>


stockraider Why Raider says Philip not smart loh...!!

Insas pays less tax u should be cheering instead of worrying loh..!!

Insas pays less tax bcos Rm 23m of its profits already pays tax or profit exempt from tax mah....!!

Gkent is pretty high risk though.

But having calvintaneng call me sometime with talent and intelligence is quite an honor.

At least he realizes compounding on winners is more important than big swings in profit and loss.

But personally I believe integrity has nothing to do with stock picking.

You are neither right not wrong because people believe you are. You are right or wrong because the facts say you are, and your stock returns show it in aggregate.

Why does YINSON share price go up? Simple, yinson is one of very few FPSO specialist company with enough capital, technical, license and project reference to buy into tender. More importantly, YINSON rates are very competitive but require upfront payment from client, and a insurance that covers liability payment for FPSO ship be paid off if contract is cancelled.

More importantly, YINSON bids for tenders in stable and profitable clients and areas with good payment history. Those clients want the best service and management capability, and Drew companies have that level of capability.

Wonderful company indeed.

The only lesson I can teach here is to look at the charter contracts and the project wins. Yinson management team is a European multinational Norway group, not some 1MDB local stooge. In fact, it is only recently that this company finally capture a project from petronas to charter FPSO.

You can rest assured there is no corruption involved.

Why?

Firstly the accounting matches. Secondly the charter rates and contracts are very competitive, and done efficiently with cash instead of debt like Armada. So there is very little in heavy debt incurred, which is mostly borne by low interest sukuk placement.

Most importantly, yinson ships are all efficiently maximized with 98% utilization rates, unlike armada with 50% and umw velesto etc at 60+%.

Finally you need to understand yinson business model. They are less a pure O&G company with epcc arm, or o&m with contracts based on oil barrel dig up and sold. In fact, if you understand yinson model well enough, you will realize that yinson is more a bareboat ship charter, where they build and rent out FPSO ship charter at fixed 8 year rates, and o&m done by client ( or recently also by YINSON which is not core business).

You can consider then a highly paid, specialized ferry business.

If you think YINSON does business in Malaysia you may be surprised to know majority of it's staff are foreigners, and 10% of it's project is in Malaysian Waters under Malaysian companies.


>>>>>>>>>>>>>

4444 MACC staffs blind is it? Why Yinson get so many O&G contracts if no corruption?
06/06/2019 11:05 AM

My lifetime I have met many frauds who come and say can always chun Chun trade like a demigod everyday but low sell high.

This is the core attraction of Calvin tan i3 Harvest church.

Everyday Chun Chun call.

>>>>>>>

Mr Calvin is a clever investor
Asiapac Talamt Calvin buy at lowest sell at highest so Mr Calvin
get free
Asiapac buy at 12sen then sell at 17sen so Mr Calvin use the Profit money so buy back Asiapac at 12.5sen recenlty so now all Mr Calvin share is free
Talam Mr calvin buy 2.5 sell at 5.5 then Mr Calvin use the Free profit buy back at 3.5sen so now get Talam also free

Demusang also missed asianpac, protasco, talamt, PERISAI and many Calvin promoted stocks.

It's ok, we take the good together with the bad.

Herein lies the simple statement of simple minded investors.

Debt and borrowings and interest costs are fixed.

For developer companies assets for sale are a very tricky thing. The value of a condominium is based on the last done price average.

Imagine a condo with 100 units. If the property was sold at 500k a piece and the units some were done at 30% sales of 500k each, the NTA value of the building becomes 50 million. However if 70% of the condo is not sold, the value of the building still remains the same, even as the loans and borrowings continue on.

But if 70% of the building was not sold, this means the true value is definitely less than 500k, because if it was, 100% would have been sold.

Therefore, NTA for property companies cannot be considered the same as NTA for banks and plantations and mines and factories.

Those assets are income generating. For developer until sold it just be considered a liability or at most closely monitored at each position to understand the possibility of sale.

Don't be a Calvin with simple calculations and simple thought process.

Apply a deeper mental model, understand how a company makes money.

Accounting principles are getting much better, but it is still very difficult to lump every business under over financial accounting method.

If Calvin does not understand this fact, he will not understand why majority of developer companies in bursa all seem grossly undervalued, all have been low P/E ratios, but all seem to be living in the edge of a cliff.

Stay away from those in aggregate, unless you really know exactly what properties those companies are selling, there locations and how much they are really worth.

It better yet, just ask sincerestock since he lives in sabah.

How much is this project worth in kinarut.

http://asianpac.com.my/thezil/

http://www.newsabahtimes.com.my/nstweb/fullstory/9576

The zil scheduled for completion in 2019. It hasn't started yet.

Ask him if you are willing to pay 3.6 million for a shoplot in kinarut on the middle of nowhere.

This is a very silly statement. Do you really not know how city council procedures work? Or bridging loan for banks and developer regulations?

This is very not OK.

The moment they do this, the entire property portfolio will have to revalue. You will have non-cash fair value reset, meaning GDP of 500 million project will be revalued in it's entirety by 50%.

The true value of the project will be disastrous. Not to mention those who bought the project before at 1 million will immediately riot.

Some very simple minded investors out here. Calvin I'm losing more and more respect for your analytical skills. You were annoying before, now is just plain 3 stooges. Please delete your WhatsApp group for stock picking. It's like Kong hee asking church goers to donate money to the check for him to buy a private jet so he can fly everywhere to preach.

>>>>>>>>>

Sell it at 50% discount at Rm500k also very ok mah

Sure Calvin, whatever you say.

But in a way I believe you Calvin. Same like asiapac directors who bought at 30 cents they have been waiting for investors to push the price up so they can sell it off.

I'm sure the asiapac directors also got their shares at low low price so they can afford to wait 5 years or more for price to go up so they can dump.

Calvin also waiting for asiapac share price to go up since 2015 so he can dump more of his shares on unsuspecting investors.

But sadly while waiting for price to go up Calvin unable to enjoy good dividends while losing many nights sleep because asiapac share price has dropped tremendously since he first hold on 2015 onwards...

So we see Calvin strategy. He wants to pump and dump you and get rid of his "free" shares that he is stuck in.

I think if foreigners like Calvin also will not buy 1m properties in kepong.

But I agree, no one willing to pay 1m now for properties in these areas, only in PJ and KL areas I will even consider.

This is called real intrinsic value. Calvin value for 400 acre in labu he can put whatever price he want. But if no one willing to pay up for the land the real value is last transaction and price willing to be paid by a developer with money to develop.

Hard to find those nowadays.

Being afraid of losses and being smart with your investment in 2 very different things.

Without regards to being investor in asianpac I give you some example:

In 2015 calvintaneng put 100,000.00 into asiapac. How much money does Calvin have today?

In 2015 old uncle put 100,000.00 into epf. How much money does old uncle have today?

You are very smart nepo, there is no guaranteed profit. But there is such thing as guaranteed risk.

If you put your head into lion mouth you may not die, but if you jump into quicksand chances pretty high you will die.

In essence, why take high risk for low reward? Asiapac has been selling since 1913, and on Bursa main board for very long time. If it hasn't performed for a long time, what makes you think they will perform now when debts are high?



>>>>>>>>

Posted by Nepo > Jun 5, 2019 2:27 PM | Report Abuse

Every biz, every investment does carry risk. There is no guarantee profit. If u are afraid of losses, e.g. Imago depreciates in value or some reasons or others, then investment and biz are not your piece of cake. You are only suitable for nine-to-five job 朝九晚五的工作。U get it?

So said Herbert.

Then he became frustrated.

Hi valor, asiapac fortuna centra is very nice place, have you considered buying the units they are selling?

They are selling their unit 1377sqft service apartment for 1 million. Yes it is worth a lot, do you think you will want to buy it? Is it a good deal?

Do you think the unit is worth 1 million in kepong? I'm interested to know how long before you think a 1377 sqft unit in the outskirts of kepong at 1m is considered cheap.

As for me, I bought my subang bungalow long time almost 15 years ago at 350k.

I haven't bought any apartments since.

1 million service apartment maximum rental yield there is 2000 per month if you are lucky. Not including maintenance and utilities.

Anyone who buys these apartments at these prices for investment insane.

Using this analogy, those who eat healthy food a be vegetables have proven to have longer live, healthier and better standard of living.

Those who eat too much steak end up overweight, full of health problems, be prepared for her at attack and heart bypass.

My advise, even though eating steak is a very good temptation, skip eating too much fatty food and stick to simple, balanced and clean diets.

Skip the steak, it is risky and full of carcinogens. Not to mention expensive and bad for the heart.

Calvin full of heart problems? Then stop investing in risky bets, stick to wonderful INVESTMENTs instead of cheap food err I mean low quality INVESTMENTs.

Apologies for the horrible food analogy, but I have been enjoying a horrible long holiday using our harvest festival+gawai+Raya to take a road trip holiday in Penang. The food in Penang, kelantan, perlis and terengganu over puasa month is simply incredible.

Hi Kcchongz, the Altman Z is a wonderful tool, conceptually. I use the metrics often in defining what is a good business and what is not. I truly believe that one cannot use just one metric (20 sma, PE ratio, debt level, NTA, etc) to define quality.

However I have an issue with this:

Z-Score = 1.2A + 1.4B + 3.3C + 0.6D + 1.0E

The fine tuning of ratios were based on taking a group of US companies performance 40 years ago to define what is risk. It is very difficult to apply to a group of US companies in 2000, much less comparing Bursa companies in 2019. The definitions are very very different here from my experience.

Let me simplify what I mean.

Suppose we bring 10 tour busses to Penang to taste the BEST and WORSE food in Penang, and we define metrics it into sweet, salty, spicy, tasty, price, service, location. You will find that the best places to eat are high on everyone's lists, BUT you will find that the gray area can be very fluid.

So using the average results to get a median gray area, you would tune your ratios to get the formula you want.

Penang-Z = 1.3(A kayu benchmark taste) + 1.4(B sisters charkoayteow benchmark service) + 3.3(C gurney drive cendol benchmark location and price)

As time passes by, you benchmarks will change, affecting your formula.

When you come back ten years later, you will realize that the best restaurants will still be there, however on the gray area end, places which you thought were pretty good have gone bankrupt and close down, while places which you thought were pretty bad, are still alive and kicking.

So in the end, formulas should be used sparingly, nothing beats scuttlebutt, as you apply multiple mental models and different analytical analysis differently based on industry, location and business triggers.

It can be very hard to quantify sometimes. But of course I applaud the effort, I believe very few investors know about Altman Z concepts, or even how to apply it.

Never stop learning something new every day.

Calvin knows nothing about asianpac or Sabah business except what he sees from an annual report. This kind of investing anyone can b do. That's why he has to buy 36 stocks to "diversify" and reduce his average risk. But his portfolio is a diverse pile of crap.

You will not find long term wealth here.

Directors are getting paid fat fees to do nothing for the shareholders except do RI and ICULS.

Meanwhile.... Calvin has not been receiving any increase in share price or dividends since 2015.

So sad, must pray for him. He says he has 200% returns though, but if he invested in companies like TALAMT, PROTASCO, KARAMBUNAI and ASIAPAC can you really believe him?

For other investors I apologize, the only person I do this to is CALVINTANENG, this Singaporean snake has been irritating me for a long while now, and he started a WhatsApp scam to get followers to follow him bulk buy into stocks which he frontrun, so I am pretty much here to destroy him.

pausing for effect.... I apologize. I forgot that no smart investor listens to calvin at all. Only 20 year old new kids into I3 who think calvin is a chun chun call artist.

But this becomes worse... if they did not listen to calvin and buy ASIAPAC... why did they buy ASIAPAC and get stuck at 30 sen in the first place? Are they getting another source of income? Say..... millions of director fees?

>>>>>>

WHERE GOT PROOFS DIRECTORS BOUGHT ASIAPAC AT 30 SEN AFTER LISTENING TO CALVIN

Sorry calvin, I am already in your WhatsApp group. Why do you think you pxxxd me off and made me start a proper portfolio so you will not be another city harvest church founder and add new members to follow you buycalls?

Think carefully, I don't give 2 shakes of a leg how you do your investing.

But if you start pulling in 20 year old kids to go into margin and put a huge chunk of borrowed money into your loss making investments with no margin of safety at all, and make them go bankrupt.

I will go at you with every force I am able to muster.

I WILL NOT ALLOW YOU TO CHEAT, DEFRAUD AND HURT LITTLE KIDS.

This is very true, but another true point is did they pay 30 sen for their shares? Are they buying more shares at 13.5 sen?

The last time asiapac directors bought shares were in 2016 after listening to calvintaneng buy call.

The last time asiapac major shareholder buy shares were in 2015 after listening to calvintaneng buy call.

The last time company do a major buyback of shares at low price 13.5 sen was...……… NEVER.

If directors don't buy shares at cheap prices, major shareholders don't buy shares at cheap price, company doesn't do buyback (or dividend) at cheap prices.... why should general public buy a 1.4 billion NTA company at cheap prices?

Oh wait.... they don't. ASIAPAC is worth 160 million because all stuck due to Paster KONG HEE RECOMMENDATION err I mean Calvin Tan the FRAUD.

Rights issue in 2017,
ICULLS in 2018.

Where is the money? Why no profit? Why need to raise more and more and more money from general public?

Only PASTOR CALVINTANENG FROM I3 HARVEST CHURCH KINOWS... or does he?

>>>>>>

Posted by calvintaneng > Jun 4, 2019 2:07 PM | Report Abuse
PHILIP

YOU MUST TAKE NOTE THAT ASIAPAC DIRECTORS/INSIDERS ARE ALL HOLDING THEIR SHARES TIGHTLY AS HIGH AS 30 SEN

IF THEY ARE BEARISH THEY WOULD HAVE SOLD AND NOT HOLDING ON

IF INSIDERS HOLDING AT 30 SEN OUTSIDERS LIKE US CAN HAPPILY HOLD AT 13.5 SEN

No more new stock predictions and companies to promote calvin? Strong buying attitude. Mine telling us how many lots you are buying so I can edit your portfolio with REAL results? If not convenient, maybe you can just give a percentage of DESTINI versus your entire 36 stock portfolio so we can have confidence of how much to buy relative to our stock portfolio.

Also: the performance 2019 of your portfolio from buycalls until now in total. How? Should we trust you? Im sure we can, as you are a strong wonderful, Singaporean Christian pastor investor.

Nothing like kong hee at all. Right? You wont lead us to big losses in DESTINI?

>>>>>>>

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

Hi valour, this is not a hate filled tirade. In fact I enjoy going to imago and hope no problems arise, it is the best managed mall in KK.
Madam Kwan just opened, and I like it very much, this nasi bojari.

However.....

there is a difference between investing and scuttlebutt.

I only seek to explain why since 2015 the shareprice is going down, why the PE is so low (PE can also mean price expectation for company growth), why a 1.4 billion NTA company need to raise funds borrow money and do ICULS.

In life it is the same as in investing. Stay away from debt, huge borrowings and inability to grow the business. Understand your competitors and peers and how the industry is doing as a whole. Do profitable activities and stay away from loss making companies.

>>>>
Posted by valour > Jun 4, 2019 1:42 PM | Report Abuse
Another hate filled tirade so predictable . Really no fun

Anybody wants to see how a sorchai portfolio looks like. come visit here:

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

Win a free trip to Holland.

But don't take my word for it, this is the reply from the management team of ASIAPAC themselves.

Anticipated Risks
We believe that there is a general oversupply of retail space in Kota Kinabalu as newer malls are introduced into the local market such as ITCC Penampang, Jesselton Mall, Aeropod and Pacific Mall (yet to open), on top of existing mega malls such as Suria Sabah and 1Borneo. The opening of more stores will give shoppers more options and may potentially make Imago less exclusive. Nevertheless, we believe that strong management and creative experiential marketing along with constant fresh attractions will keep Imago relevant.

Outlook
We believe that the general retail market will continue to be weak as people are still looking for positive indications on the economy. The oversupply of retail space is affecting rental rates as mall owners are fighting for the limited number of quality brands available in the market.

let me put it into perspective for you.

The valuation of and intrinsic value of Imago I have no idea, same as I do not know if the big crowd there is a spending crowd or just there to enjoy aircon, eat dinner and do window shopping.

But here are relevant facts. this is what is being paid by asiapac every year.


Imago mall valuation: valuation estimate is 400 million. My valuation is day to day operations + parking - debt generated to build imago mall.



construction cost was 700 million. total units was 631 for sale, imago mall is not for sale. balance debt after sales and unsold units up to date is around 300 million, plus minus a few million.

here is the kicker,
in this year,
mall operations:
Revenue (85.4 million) this quarter 24.6 million, income (22.42 million) this quarter 7.8 million.
Carpark operations: (10.1 million) this quarter 2.6million, income (5.8 million ) this quarter 1.18 million.

in previous year,
Mall operations contributed RM52.3 million in revenue and segment profit of RM15.1 million, respectively representing an increase of RM9.6 million, or 22.5% and RM17.2 million, or 835% from the preceding year of RM42.7 million and loss of RM2.1 million.

so in total the returns are
27.2 million this year
16.3 million last year
-2.1 million year before.

How much is the debt generated?
the total debt outlay is 337 million still outstanding, debt encurred finance cost of

22.3 million this year
26.1 million last year

finance costs alone. We have not even begun to touch the capital borrowings.

Before you go into saying but Asiapac made 52.684 million in net profit last year and saying everything is fine, you should ask yourself, how much is real generated cash flow, and how much is paper profits from fair value adjustments?

The answer is very clear:
45.8 million is from non-cash items.
Real cash generated from operations is 14.12 million.

Basically the question to ponder on why the stock price has not gone above 20 cents since 2015 is very simple.

If you borrow 337 million to buy a property, every year your finance costs alone will be around 6.6% or 22.3 million. but if the income returns from the mall net is only 24.6+2.6 million, you only make a profit of 5 million every year, to reduce that 337 million borrowings which can kill you if the rates revise up. Is the investment worth it?

you can say whatever you want on how much your property and project is worth. you can say you are worth 1.4 billion, but the fact remains, if no one is willing to pay you 1.4 billion for your assets you are worth nothing. and every year you have to service your loans and borrowings (at 6%) before even cutting into the principal sum. Do you think you can get a return of more than 10% to pay off finance costs and reduce principal borrowings?

If you think Asiapac can do it, then ASIAPAC is a good investment.

Hi sincerestock I also live in sabah. However why you and me see different thing?

You don't notice there are too many shopping mall in KK?

You don't notice Grand merdeka empty, suria mall empty, Oceanus empty, Imago mall upstairs area empty since opening until today? Kk times square empty. Empty shoplots everywhere.

The NTA "value" from Bank is always there. Valuation is all based on last done price. What is last done price? Is based on asiapac subsidiary and proxy company buying and boosting up value for last sold unit.

But all is fake value. You go ask kk times square next to Imago shoplot how much is rental for ground floor unit? Now ground floor rm3000 per month also empty.

Yes Calvin, sgd1000 rental also empty. How many shoplots in ground floor shopping mall renting at sgd1000, but still empty. In prime CBD area? This is called understanding your business. Not just from financial report.

Asiapac NTA definitely high( units can sell?), but take a look at the annual report. Notice how high their borrowings are? Ask yourself unsold units, is it easy to sell without taking a loss in overall valuation? If last done price is low, entire market will crater, hard to sell other units at high price. No one will buy. That's why forever empty...

Why not consider other wonderful Sabah companies which making tons of money have over foot with big monopoly...

SOGT, SAMUR all owned by PCHEM. Net profit 20%+, zero debt, growing dividend year after year. Demand for fertilizer in Sabah growing by leaps and bounds. Monopoly in many crucial chemicals...

Hap Seng? Wonderful company... Nothing more to describe.

Hibiscus? Also Sabah company with good future ( ex shell sabah).

I won't say the obvious one in sepanggar next to rasaria( grow from 1 warehouse to 12 in 4 years) lest Calvin say I promoting... But best run company in Sabah.

Many wonderful companies that have near monopoly in Sabah, no one know... But you see them and use them every day.

Only people like Calvin who don't live in Malaysia buy developer companies. He thinks they have many assets. All I see are debts and liabilities.

Very simple sincerestock, I'm sure you have friends who work with developers and property agents. Just ask them, how easy has sales been last few years? How long have those units been empty with no buyer but every month have to pay interest? How much bonus are developers paying their staff every year? How many new development projects being launched in Sabah every year? Can manage?

For asiapac, I don't have to tell you Imago operating for long time, but until today still not making money. Ask to compare with returns from Shanghai Imago and compare the returns? Then you will understand the small population in Sabah ( with usable income) is not equipped to handle the huge development projects being built. Plus Imago was built on a huge loan, still only barely paying off interest... Not even touch capital.

When one Borneo can't pay bills and almost dying, wisma merdeka also doing, Grand merdeka already dead... And still got 5 new shopping going to be built in KK( one likas, shopping mall in lintas next to polyclinic, Pacific city, ecocity, aeropod phase3-5,) do you really want to invest in asiapac long term?

United plantations has 20+% on their palm oil plantation returns.
I'm sure there are many rats there as well.

How come people still believe in QL and UTDPLT?

Oh gosh, everyone but Calvin must be blind.

I would believe Calvin in a heartbeat, if I had never read his promotions on t7, uzma, sasbadi, asianpac, talamt, protasco, PERISAI, etc etc.

If those stock picks are suspect, then the rest?

>>>>>>>>>

I caught one rat in Ql's report on oil palms

How could Ql cooked up 13.5% for oil palm business?

It's not the dividend that matters, it's the cash flow generation and what management does with the cash flow.

In 2016, QL bet big on getting family mart franchise, with 108 units now and building more and more, their target of 400 stores is very much possible and in line.

Think about.

A company that started with collecting seaweed and feedmill processing.

Transition into a surumi producing company.

Expand into a poultry and egg producing company.

Expand into palm oil refineries and plantation company.

Expand into frozen seafood and sea catch export company.

Expand into other countries, replicate it's business model in Vietnam, Indonesia, South East Asia.

Expand into family mart convenience stores.

How many companies become 11 billion dollar monsters?

This is what happens if you follow and invest in wonderful companies paying fair price.

They have a target for double digits growth for the next ten years.

I hope Calvin finds his next QL, and buys more quarterly for 10 years.

Thats why Calvin tan is poor investor. Can't differentiate between business models of transmile and QL. So sad.

Maybe I can teach Calvin a few lessons.

Ql owners own 70% of ql. the owners are also the founders and also the management.

Gan founded transmile, but sold his 25% share to kuok group. Kuok group let gan manage everything without monitoring closely on the internal deals.

Who stands to lose more on accounting scandals? Be smart like Philip. Don't be silly and compare two differently managed companies Apple to Apple like Calvin.

Transmile had reducing revenues every year, big losses, but still able to give it dividend. How don't is that? When restatement occur on accounting, this did not occur one year or next, but occur over and over again.

That is why Philip learn to look at the business first, then the financial reports, then the charts.

Whereas newbie like Calvin always keep harping on NTA NTA NTA, when the business itself is not making money, debts everywhere, and company have to keep selling assets to keep creditors at Bay.

Talamt(land), INSAS (shares in inari), protasco( rights issue), asianpac ( Iculs).

If business is positive, revenue and earnings are growing, good companies will continue to add assets, not sell them off cheaply. Calvin has never learned this fact. Calvin never will understand how wonderful companies work, because Calvin has never bought one.

MAYBE CALVIN ALSO ONE OF THE POOR SHOULD CAUGHT IN TRANSMILE VALUE TRAP? OH NO. MAY JESUS FORGIVE YOUR POOR SOUL...

Please Calvin, grow up.

BUY WONDERFUL COMPANIES AT FAIR PRICE, NOT BUY LOUSY SHIT COMPANIES LIKE PERISAI, PROTASCO, TALAMT, AT LOW LOW PRICE.

Sorry I'm not an epf employee. To be honest I don't think epf knows how to buy shares in Bursa. Their main revenue are from fixed income streams.

But why I buy QL and why epf and other institution buy QL is very simple.

2010 results:. 1.47 billion in revenue 106 million in earnings.
2014 results:. 2.49 billion in revenue 159 million in earnings.
2018 results:. 3.26 billion in revenue 206 million in earnings.

This year:. 3.61 BILLION IN REVENUE, 216 MILLION IN EARNINGS.

The questions you should ask yourself, how much debt is needed to generate this kind of growth, how sustainable is it, and how much growth is there more to gain by 2022 and 2026.

Not the little nitpicking newbie investors like calvintaneng seem to enjoy so much.

Which one you prefer, enjoy now, or enjoy later?

Berkshire Hathaway has never given out a dividend, neither has Amazon.

QL gives out low dividends? Please. All Calvin to research properly how many times QL stock split bonus shares and still maintain dividend ( growing) and company revenues and earnings.

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

FYI this is Calvin portfolio. If you put 100000 divided equally into all these stocks, you can do the math on your total distributed returns over 5-10 years.

I put my money into QL dumb dumb for 10 years already. You can see how my return has done compared to Calvin tan.

>>>>>>>>>>

newbie4444 Philip are you EPF employee? Why EPF follow your call?
02/06/2019 8:42 PM

Good advise that Calvin tan never practise. Very pandai to comment on others, but never practise what he preach.

In front act like holy Christian.

At the back call himself China wine and dance scantily in front of Hollywood producers.


>>>>>>>>>>

Just go elsewhere and mind your own business

Ok very much confirmed, bursamaster and investhor is the same guy trying to buy, pump and dump microstocks with bad fundamentals so that he can enjoy a few cents improvement and run off.

At least don't use the same color scheme and basic windows 98 paint editing to promote your stocks. It is too easily find out, the fonts the prose the tactics are so similar.

And most of all, stop liking your own posts.

If you want people to support your stock picks, at least choose good stocks with good fundamentals to begin with.

Half past 6 investor, can you read QL annual and quarterly report first? Then come back and have a proper discussion. I hate wasting time with kids who only use apps but don't read important documents with regards to investing.

Find me one line, one sentence in my entire comments history where I promote to someone to go ahead and buy QL. Go ahead.

I dare you.

If you can't find a sentence where I tell someone on i3 to buy QL, please don't forget to apologize for trolling me for no reason than to troll for fun. In fact at each and every turn I use QL only as an example of what to look for in analyzing a company and not to buy it at pe50 at all. I don't sell subscription ( I even promote kcchonz to new investors), I don't do buy calls.

All I do is inform what I bought and how much I bought it at. And also why I did it. The goal is not for investors to follow me to buy QL, but at what criteria to look for in their own.

And at each stage I tell them that my investment in QL was made many many many years ago.

Stop putting words in my mouth.

>>>>>>>

CharlesT So far i only see one cheater here trying to promote pe 50+ ql to new investors lah
01/06/2019 6:05 PM

Just in case you shift goal posts or anything like that CharlesT, let's agree 31st December 2020 is your measurement date. We measure total share price percentage returns (share price increase including all dividends).

Good luck.

Also how do you even know that? How much of kyy investments is on margin and how much cash he actually has no one knows. Did he tell you? Do you even have his WhatsApp?

I think kyy is richer than philip n 99% of us here n he can c....
01/06/2019 5:53 PM


>>>>>>>>

Eventually we measure it by closing price as at 31 dec 2020 right?
01/06/2019 5:55 PM