Fiscal year is February-January. All values MYR Millions. 2023 2022 2021 2020 2019
ACCOUNT RECEIVABLE 1,023 644 575 548 433
ACCOUNT PAYABLE 462 202 178 148 113

Long-Term Note Receivable 10,334 6,688 4,405 1,501 15


[Often, a business will allow customers to convert their overdue accounts (the business’ accounts receivable) into notes receivable. By doing so, the debtor typically benefits by having more time to pay.]

Fiscal year is February-January. All values MYR Millions. 2023 2022 2021 2020 2019
CASH AND EQUIVALENT 1,660 2,873 2,050 1,465 1,290
ST DEBT & CURRENT PORTION OF LT DEBT 1,257 662 808 489 401
LT DEBT 10,208 9,967 7,173 5,221 4,324
TOTAL DEBT 11,465 10,629 7,981 5,710 4,725
NET CASH (DEBT) -9,805 -7,756 -5,931 -4,245 -3,435

All values MYR Millions. 2023 2022 2021 2020 2019
Cash Dividends Paid - Total -87 -64 -64 -65 -108
Change in Capital Stock 754 3 -33 -77 -30
Issuance/Reduction of Debt, Net 668 2,509 2,173 979 791

Fiscal year is February-January. All values MYR Millions. 2023 2022 2021 2020 2019
Net Income before Extraordinaries 855 716 580 331 344
Funds from Operations 1,052 615 580 391 683
Changes in Working Capital -2,689 -1,963 -1,846 233 -94
Net Operating Cash Flow -1,637 -1,348 -1,266 624 589
Capital Expenditures -1,119 -68 -285 -1,223 -1,172
Free Cash Flow -2,752 -1,415 -1,548 -592 -200

Yinson
Fiscal year is February-January. All values MYR Millions. 2023 2022 2021 2020 2019
Sales/Revenue 6,324.00 3,607.00 4,849.00 2,519.00 1,035.00
Gross Income 1,792.00 1,276.00 1,270.00 561.00 567.00
Net Income 452.00 401.00 315.00 210.00 235.00
Gross Profit Margin 28.34% 35.38% 26.19% 22.27% 54.78%
Net Margin 7.15% 11.12% 6.50% 8.34% 22.71%

Insas retains lots of cash. How good is it in allocating its capital?

Buffett's and Munger's forte is their capital allocation ability. They are just fantastic in allocating the excess capital to capture high rates of return for a long period.

Insas

Current Assets 1989 m
Total Liabilities 531 m
________________________

CA - TL = 1458 m

Market Cap = 663 m (@share price of RM 1)

Net-Net value 1458m - Market Cap 663 m = 795m

Therefore, you can take this company private, settle all the liabilities and still pocket RM 795 m cash.

Benjamin Graham loved such net-net companies. However, after 2 years of investing into these undervalued stocks, should they not perform, he sold them. There must be a reason for doing so? Probably, the opportunity costs for holding onto the non-performers.

Yes, Insas is severely undervalued. How do you capture the gains? When? (The story of Aesop as told by Buffett).

Fiscal year is July-June. All values MYR Millions. 2023 2022 2021 2020 2019
Cash & Short Term Investments 1,270 1,163 1,124 827 885
ST Debt & Current Portion LT Debt 213 248 224 338 441
Long-Term Debt 183 162 161 29 74

Fiscal year is July-June. All values MYR Thousands. 2023 2022 2021 2020 2019
Non-Operating Interest Income 25,551.00 12,137.00 10,690.00 14,712.00 19,973.00
Equity in Affiliates (Pretax) - - - - 43,902.00
Interest Expense 18,775.00 16,188.00 15,217.00 21,452.00 23,220.00

SSLee

As you realise, I always study the fundamentals of a company. Knowing which company to avoid, is just as important and perhaps, more important, than the occasional one that one loads up on in a big way.

Look for the big elephant with your loaded gun. 😀 Look for the multi-baggers. Not easy but possible.


With the internet, the world is opened up to all of us for our investing.

Is Insas a company that is severely undervalued and will continue to remain severely undervalued, longer than its shareholders ability to remain solvent? 😀😀

In the absence of a "catalyst", I am afraid so.

DPO over the last 5 Yrs was 10.5%. This company retained about 90% of its earnings.

Did these retained earnings translate into increase earnings? Is the return on retained earnings positive or negative?

Its earnings are erratic year on year. We like company with earnings that are CONSISTENT and GROWING.

Also, we like company that is able to generate high ROE (preferably > 15%).

Fiscal year is July-June. All values MYR Thousands. 2023 2022 2021 2020 2019
NET INCOME 122,754 215,145 257,561 14,867 81,831 (5 Yrs Total Earnings 692,158 )

Fiscal year is July-June. All values MYR Thousands. 2023 2022 2021 2020 2019
FREE CASH FLOW 181,434 77,770 180,927 113,548 -5,915 (5 Yrs Total FCF 547,764)
DIVIDENDS -16,575 -16,575 -13,260 -13,260 -13,260 (5 Yrs Total Dividends -72,930 )

With ROE of 4.91%, it is not surprising it is trading at below its book value.

INSAS 19.4.2024

Fiscal year is July-June. All values MYR Millions.
TOTAL EQUITY (Book Value) 2,500.00
TOTAL ASSET 3,031.00

Fiscal year is July-June. All values MYR Thousands.
NET INCOME 122,754
NOSH (DILUTED) 663,021

Fiscal year is July-June. All values MYR Thousands.
FREE CASH FLOW 181,434.00
DIVIDENDS -16,575.00

FISCAL YEAR ENDING 2023
PRICE 1.00

MARKET CAP (MILLION) 663.02

ROE 4.91%
ROA 4.05%
P/B 0.27
P/E 5.40
EARNINGS YIELD 18.51%
DIVIDEND YIELD 2.50%

Posted by calvintaneng > 22 hours ago | Report Abuse

Happy morning

At this juncture due to heavy selling by major holders are actually opportunity to buy

>>>>


The problem with one without a firm philosophy.

In TSH, major shareholder was buying repeatedly. Calvin shouted it was time to buy. The price then was 1.78 and Calvin said it was cheap. Otherwise why would the major shareholder bought 500,000 shares repeatedly. (See my post on manipulation. 🤔. The price dropped from 1.78 to 1.00. (Facts).




Now in JTiasa, major shareholders were selling millions of shares. Calvin reappeared and shouted it is the best time to buy. His followers must be totally confused by Calvin’s postings.

Of course, a few here just noted the manic depressive behaviour of his wanton promotions to enrich only “her-self”.



Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

12,702 posts

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 4 weeks ago | Report Abuse

Jtiasa is now >> rM 1.00 amd Calvin asked to buy.

It was at a low of 30 sen when on hindsight, it must be undervalued.

In 2014, Calvin asked to buy when its share was 1.40+ and gave a target price of 2.50 at that time. However, after some slight fluctuations around 1.40 which excited Calvin a lot (observing hisposting activities), it soon trended downwards to below rM1 and then to 70 sen and eventually to 30 sen. Calvin too disappeared, as observed by total silence during this period.

The price drifted to 50 sen or so. Then a sudden jump to 80 sen (?2019). Calvin posted to sell to take profit and to reinvest into other stocks he liked. (I think for many it was Cut loss from their and calvin’s Buying price of > 1.40+).


Do you think Calvin is good in spotting undervaluation?
Was he rational in his approach?
How discipline was he in his investing?

If he lost money in Jtiasa from his promotion of this stock Jtiasa in 2014, how does he value Jtiasa today.

Maybe at today’s price, this stock is already overpriced? This maybe among a reason for a major shareholder selling shares, among many other reasons.

Good morning.

3iii

05 Apr 2024 Disposed
200,000 MR HO CHEUNG CHOI
05 Apr 2024 Disposed
200,000 MR CHANG MENG
05 Apr 2024 Disposed
200,000 GENINE CHAIN LIMITED
04 Apr 2024 Disposed
2,214,700 GENINE CHAIN LIMITED
04 Apr 2024 Disposed
2,214,700 MR HO CHEUNG CHOI
04 Apr 2024 Disposed
2,214,700 MR CHANG MENG
03 Apr 2024 Disposed
800,900 GENINE CHAIN LIMITED
03 Apr 2024 Disposed
800,900 MR HO CHEUNG CHOI
03 Apr 2024 Disposed
800,900 MR CHANG MENG
02 Apr 2024 Disposed
200,000 MR HO CHEUNG CHOI

Just visited the market, and it is so "red" today! Wonderful!!!😀

----- the silly one. 🤣

Don't be fearful when a stock price dropped by half. If you are confident in the business and have the conviction that its price should be higher and that in the future, its price (based on valuation) will be higher than its previous highest price, continue to own the stock for the long run.

33.120
Volume 22,000
VWAP 33.436
Change -1.000 (-2.9%)
Trade Value MYR 735,596

Use "normalized income after taxes."

(1) If you are calculating ROE on your own, it should be calculated using the most “stripped-down” income available; i.e., “normalized income after taxes,” which excludes all non-recurring and extraordinary items from the income derived from continuing operations. This is not all that easy to come by. Either you, or your data provider’s analysts must estimate the tax implications for the non-recurring items excluded, since such items appear above the tax line on the income statement. At this time, the only data providers I know of that offer normalized earnings are Value Line (www.valueline.com) and Market Guide (www.marketguide.com).

(2) As a practical matter, the second best and probably the “most likely to succeed” would be income available to common shares from continuing operations excluding extraordinary items.

(3) And the net income after taxes would be a near next choice.

More often than not, it is the politicians who have been messing up people’s life with their communal stand, bigoted views, ethnocentric posturing. But why should the people listen to them or allow them to govern with impunity?

Power ultimately resides with the people and they can - through the ballot box - reject and cross out all those politicians who sow the seeds of national discord.

👋👋👋👋

https://myinvestingnotes.blogspot.com/2020/10/hidden-hands-behind-penny-stock-surge.html

Hidden hands behind penny stock surge
Old article

https://theedgemalaysia.com/article/special-report-hidden-hands-behind-penny-stock-surge?type=malaysia


Special Report: Hidden hands behind penny stock surge

By The Edge Malaysia / The Edge Malaysia
30 Sep 2020, 06:00 pm

This article first appeared in The Edge Malaysia Weekly on September 21, 2020 - September 27, 2020

ASTUTE market observers would have noticed on the local bourse a group of individuals, supposedly acting in concert, who have amassed shares in more than 20 publicly traded companies. These companies — linked via shareholding and directorships — are often on the most actively traded list, with huge, fluctuating share prices.

“It (the companies) is all linked to the same person; usually, the most actively traded list on a daily basis involves these counters,” one source says when asked which are the companies that are linked.

https://theedgemalaysia.com/article/special-report-hidden-hands-behind-penny-stock-surge?type=malaysia


Special Report: Hidden hands behind penny stock surge

By The Edge Malaysia / The Edge Malaysia
30 Sep 2020, 06:00 pm

This article first appeared in The Edge Malaysia Weekly on September 21, 2020 - September 27, 2020

ASTUTE market observers would have noticed on the local bourse a group of individuals, supposedly acting in concert, who have amassed shares in more than 20 publicly traded companies. These companies — linked via shareholding and directorships — are often on the most actively traded list, with huge, fluctuating share prices.

“It (the companies) is all linked to the same person; usually, the most actively traded list on a daily basis involves these counters,” one source says when asked which are the companies that are linked.

https://theedgemalaysia.com/article/special-report-hidden-hands-behind-penny-stock-surge?type=malaysia

Home
Special Report: Hidden hands behind penny stock surge
Edge Weekly
Special Report: Hidden hands behind penny stock surge
By The Edge Malaysia / The Edge Malaysia
30 Sep 2020, 06:00 pm
Updated - 08:45 pm

main news image
This article first appeared in The Edge Malaysia Weekly on September 21, 2020 - September 27, 2020

ASTUTE market observers would have noticed on the local bourse a group of individuals, supposedly acting in concert, who have amassed shares in more than 20 publicly traded companies. These companies — linked via shareholding and directorships — are often on the most actively traded list, with huge, fluctuating share prices.

“It (the companies) is all linked to the same person; usually, the most actively traded list on a daily basis involves these counters,” one source says when asked which are the companies that are linked.

NVIDIA

Forecasted High Price: 1,187.4 Minus Forecast Low Price: 298.3

Buy Zone: 298.3 to 520.6
Hold Zone: 520.6 to 965.1
Sell Zone: 965.1 to 1,187.4
Current Stock Price of 853.64 is in the HOLD Zone.

Yields jump, futures plunge.

Core CPI YoY 3.8% vs 3.7% EST.

(March Inflation data hotter than expected)

Interest rates differential between US and Malaysia widen.

US$ will strengthen against the MYR.

For every transaction, there is a seller and there is a buyer. The seller thinks the share price will go down in future, the buyer thinks the share price will go up in future.

The rational investor, analyses the business of the company and comes to an intrinsic value for this stock. Then he/she acts accordingly, and to him/her, rationally. :-)

Price has risen a lot over last 2 weeks.

pang72 is bullish
calvintaneng is bearish

34.500

Volume 217,300
VWAP 34.459
Change 1.140 (+3.4%)

Trade Value 7,487,918

7.6.2012

Here are some examples of KLSE listed companies that have grown their earnings over the last 5 years. Their earnings (green lines on the chart) have doubled or almost doubled over this period. Therefore, assuming you have paid the fair PE for these stocks, your capital appreciation on the stock price would likewise have shown the corresponding gains. Investing can be as simple as this: invest into good quality growth companies at fair or bargain prices, and holding them forever, unless their business fundamentals deteriorated permanently.

Stock Performance Chart for Dutch Lady Milk Industries Berhad

Stock Performance Chart for Padini Holdings Berhad

Stock Performance Chart for Petronas Dagangan Berhad
Lastest EPS of PetDag was 91 sen.

Stock Performance Chart for Nestle (Malaysia) Berhad

Stock Performance Chart for Guinness Anchor Berhad

Stock Performance Chart for LPI Capital Berhad

Stock Performance Chart for Public Bank Berhad

Stock Performance Chart for Guan Chong Berhad
Guan Chong has shown rapid growth over the last year.
Do not expect this growth rate to be sustained at the same level.
It doesn't have the same level of quality as the other companies above.


How many of these stocks do you need in your portfolio?
Over-diversification will lead to attenuation of your potential gains in your portfolio.

THURSDAY 7 JUNE 2012

The Reasons You Should Invest in Quality Growth Companies for the Long Term. Illustrated examples.

The reasons you should review your philosophy and strategy in stock investing:

1. You can create wealth only by adding value to resources or by providing a service of value.
2. Only investments in active businesses are capable of adding value.
3. Owning a business, though very rewarding, is expensive and risky; but owning shares in a variety of successful businesses eliminates most of the risk while retaining most of the reward.
4. Buying the stock of quality growth companies and holding it for the long term provides substantial, predictable returns.
5. Short term trading (BFS/STS) is unpredictable and stacks the odds against you, because it relies upon winning at some loser's expense and because there's no assurance that you won't be the loser.
6. The benefits of long-term investing include carefree portfolio maintenance, the potential to double your money every five years, the deferment of taxes, and the fact that there are rarely any losers.



Let's review the simple mathematics that makes this method work:

1. Assume that 15 times earnings is a fair multiple for a good company and that the company earned $1 per share last year.
2. You will therefore pay $15 for the stock.
3. In five years, the earnings will have grown to $2 per share.
4. At 15 times earnings, the price will then be $30.

The value of your investment will have doubled - in five years!


Hopefully you're satisfied with the logic behind this investing approach and can see its advantages.

Let's dispel any doubts you might have about whether you can be successful.



The best way to minimize the risk is to invest in good quality companies for the long-term, expecting not to make a killing but to earn as much as good quality companies are capable of earning for their shareholders.

I have committed many mistakes and errors too. These resulted in permanent losses. Learning from these mistakes is humbling and yet rewarding.

By always focusing on the risks and the downsides ( keeping losses small), the upside takes care of itself.

WEDNESDAY 20 SEPTEMBER 2023

Comparing Farm Fresh with Dutch Lady
Market cap of Farm Fresh (RM'000) 2,283,742

Market cap of Dutch Lady (RM'000) 1,433,600


Farm Fresh
Adj PER – Latest 45.35
Dutch Lady
Adj PER – Latest 14.03

Performance Info
Farm Fresh
ROE - 5 Yr Avg10.56
ROE - Latest FY 7.94
Dutch Lady
ROE - 5 Yr Avg 62.91
ROE - Latest FY 11.66


Farm Fresh
Latest YR D/E 0.55
NAB/Share (RM) 0.34 Latest PX / NAB 3.59
EV/EBITDA 25.43
Dutch Lady
Latest YR D/E 0.02
NAB/Share (RM) 6.20 Latest PX / NAB 3.61
EV/EBITDA 14.72

FOMO - fear of missing out. (BUYING IN A RISING MARKET driven by GREED)

FOCO - fear of crashing out (SELLING IN A FALLING MARKET driven by FEAR).

After the sharp rise, profit taking activities appear.

These are stocks where I have conviction their earnings in the next 5 to 10 years will be a few times higher than today. For these stocks, and only for these stocks, you should love the market when it's price falls.

I am "overjoyed" when a stock price drops.
I am "heart-broken" when a stock price rises.

These are particularly true for those stocks I am holding long-term.

Dutch Lady - FY23 – End with a Strong Numbers

kltrader
Publish date: Wed, 21 Feb 2024, 05:07 PM
Maintain BUY (TP: RM27.00). Dutch Lady's (DLM) FY23 core net profit jumped by +26.4% YoY to RM131.5mn (excluding transition-related one-off costs of RM59.1mn), which is above our expectations, accounting for 132%. The deviation from our expectations was mainly due to lower-thanexpected operating costs, primarily driven by low raw material as well as distribution and marketing costs. DLM's 4QFY23 core net profit surged to RM54.7mn (+55.9% QoQ), driven by a softening in dairy raw materials prices, lower other operating costs, and a lower effective tax rate. We are positive on DLM's outlook, underpinned by robust demand for dairy products, stabilizing dairy raw material costs, and improving operational efficiency. We maintain our forecast at this juncture, with a BUY call and TP of RM27.00, based on DDM valuation (WACC: 7.5% and TG: 1.5%).
Key Highlights. DLM’s 4QFY23 revenue fell to RM364.5mn (-2.2% QoQ, 0.8% YoY) primarily due to an unfavourable product and channel mix. However, core net profit surge to RM54.7mn (+55.9% QoQ, +119.6% YoY), driven by softening in dairy raw materials prices, effective cost containment (especially promotional expenses) and a lower effective tax rate of 12.9% (-20.7 ppts QoQ). Consequently, the core net profit margin increased to 15% (+5.6ppts QoQ, +11.5 ppts YoY).
Earning Revision. Maintain forecast at this juncture.
Outlook. We are optimistic on DLM for its stable revenue growth driven by consistent demand, stabilizing dairy raw material costs, and improving operational efficiency. Dairy raw material prices have been trending downwards since reaching their peak in mid-2022 (dropping by c.30%-40% for skim and whole milk powder prices), and we project prices to remain at their current lower levels. Additionally, DLM demonstrates its capability to manage rising costs through price adjustments, thanks to its strong brand equity in the market.
Source: BIMB Securities Research - 21 Feb 2024

Multi-baggers

Vision to see them
Courage to buy them
PATIENCE to hold them

Conviction cannot be borrowed.

Stock price goes up and down. It is volatile. Volatility is NOT risk.

What are risks in investing?

1. Not investing is risk. Risk from inflation.
2. Not knowing what you are doing is risk. Risk of losing your capital permanently.
3. Investing in gruesome company is risk. Over the long period, it underperforms, fails to perform or destroys capital. Also, opportunity costs.
4. Entangling in a company run by dishonest manager is risk. You will never get a good deal from someone who is dishonest.
5. Buying at high price is risk. Probability of loss is higher than probability of return. Also opportunity cost.
6. Holding onto losers in your portfolio is risk. Lovers continue to lose money. Opportunity cost of reinvesting into a better stock.
7. Selling a great stock too early is risk. Misses out on the huge future gains from a great compounding company.

Many, if not all, of the above risks are behavioural in nature. The BIGGEST RISK to your investment is YOURSELF!😀

The enemy of your cash is INFLATION.

The friend of your cash is COMPOUNDING.

The best asset to compound your cash over the LONG TERM is STOCKS (EQUITY), as it offers the highest rates of return compared with all the other asset classes.

https://posts.voronoiapp.com/markets/The-Growth-of-100-by-Asset-Class-1970-2023-936


Growth of $100 by asset classes from 1970 to 2023.

>>>
Posted by Sslee > 10 minutes ago | Report Abuse

Timing beside on stock price you need to look into the micro and macro conditions that will affect the earning of that stock.
Sell if earning will drop and buy back when the earning will increase

And if that stock earning will depend on commodities price then monitor the commodities price trend
https://tradingeconomics.com/commodities

>>>

Focus on investing in companies with great businesses. 😀

You earn a lower return because the winners you sell and no longer have, continue to perform well while the losers you still hold, continue to perform poorly.

You have to love to take losses and hate to take gains.

STU

2006 2.50
2007 7.40
2008 2.20
2011 4.50
2015 1.85
2018 0.59
2024 0.28


How to game this stock?!!!
🤣

RST

2006 8.70
2007 11.30
2010 10.20
2014 24.50
2017 16.00
2024 18.00

How do you game this stock?

Buy when it is obviously available at low price or at fair price.
Do not buy when it is obviously at high price.
Do you sell when it is 50% over-priced (based on your estimates)?
Is it alright to just hold on for the LONG TERM and not sell (almost ever), just don't buy when it is high and only buy when it is at fair or bargain price?
It is.

QRS

2006 3.50
2008 10.00
2009 7.00
2010 16.00
2012 9.50
2014 13.50
2018 14.00
2020 19.00
2023 14.00
2024 16.00

How do you game this stock?

Buy when it is obviously available at low price or at fair price.
Do not buy when it is obviously at high price.
Do you sell when it is 50% over-priced (based on your estimates)?
Is it alright to just hold on for the LONG TERM and not sell (almost ever), just don't buy when it is high and only buy when it is at fair or bargain price?
It is.