I just dug deep and checked the previous public comments in Ice cream forum and that's what I found :-
1. according to members attending previous AGM, CEO Wong Fook Lin is a very humble and approachable persons, most minority's queries he will answer with honesty. Even queries vide email can reach him direct for answer.
2. He didn't talk big and lured people to invest, he just stated the facts and didn't over-hype this company.
3. As for the diversified investment in hotel or property developemnt, the JV agreement is for subscription for preference shares, meaning Ice cream will get paid of dividends (if any) first before other common shareholders in Lasseters (the biggest shareholder of Ice Cream, Kamal Tan is also a substantial shareholder in the property company) and ice cream will get priority in getting back their money first if there is any liquidation of the property company ! (read the JV agreement please )
4. 2.3 mil investment in the prop company do not need shareholder's approval,(as they have already subscribed) but for further fund of investment (around 90%) they need to call for EGM for shareholders' approval, (Kamal Tan (20+% share) can't vote, minority still have the chance to block and query) and as per 30-4-20 announcement, they decided not to proceed with the subscription of shares in the prop company.
5. how about the 2.3 mil invested ? according to latest announcement, the prop company must redeem (pay back) by 2-3-2022 with the rate of 1.1913. Meaning the 2.3 mil is like loan (bond) to the prop company with flat interest rate of 19.13 % for 2 years ! If the prop co can't pay, Kamal Tan's other company Lasseters International, guarantee to pay !!
6. Of course there is risk to shareholders, if Lasseters go bankrupt or Kamal Tan's company Lasseters international also fo bankrupt, 2.3 mil burnt ! But good news is 2.3 mil is just minor exposure with minimal risk.
But I think it is highly unlikely, Kamal Tan's own shareholding in Ice cream (around 20%) easily worth (40mil x 0.40) = 16 mil at present market price, can he default at 2.3 mil ??
7. On the other side of coin, (which is more likely) if Lasseters redeem the shares, 2.3 mil investment will give shareholder returns of 19.13% on 2.3 mil = 439,990 (about 0.2 cent per share on other income, much better than let the idle cash earning chicken feed of 2% p.a from bank FD !)

I just analysed on facts, hope fellow shareholders won't get over worried on this issue !

Recent i3 stock gurus' fight show :-

Top-Glove-Philip vs Chun Chun Call Clavin Tan .......
Round One ! Ding Ding Ding !

LoL !

Recent i3 stock gurus' fight show :-

Top-Glove-Philip vs Chun Chun Call Clavin Tan .......
Round One ! Ding Ding Ding !

Our "Chun Chun Call" Calvin Tan has been chun chun call over bursa 's 1,000 counters since the beginning of i3 and is the most profitable chun chun call investor .... by his own standard (of course) ! LOL

https://www.theedgemarkets.com/article/gst-level-field-es-ceramics

"According to Wong, ES Ceramics’ current capacity is about 100,000 to 150,000 formers a month, which is equivalent to a full month’s glove former orders by big glove players such as Top Glove Corp Bhd and Hartalega Holdings Bhd. "

Read this passage, Big 2 's one month orders already can fulfill their whole month capacity in 2015 ! Now ? I guess the CEO is busy expanding their output capacity until no time to talk to press !!

Their best ever annual profit is RM6.3mil in FY17, around EPS = 3.1 ,
for conservative PER = 20, fair price = 0.62
high side PER = 30, price = 0.93
if follow crazy Top Glove's PER = 80, price = 2.48 !

I just found out sth by reading their latest QR :-
share capital :- 22.9 mil ; retained profit :- 21.9 mil
Good enough to declared around 1:1 bonus if they want !!

Their BS & PL is so solid and good for value investors !
Just that they are low profile and haven't been talking to the press !

Just analyse in such a way :-

1. For glove making industry, we have Big 4 (in fact is Big 5, Riverstone, operation in Malaysia but listed in singapore !) Little 4, and many many tiny more ... operating day and night in order to fulfill crazy pandemic-driven demand all over the world at the moment. Everybody wants to expand output capacity, or even new players planning to enter this juicy business at Covic-19-hype period.
sooner or later down the raod, you will see tough competition amongst all the glove players, suppy will out pace demand ... profit margin drops.... inventories pile up ..... just an oridnary cycle for any business !

In fact most glove companies might already reach their fair value or even over value for those unproven small glove company !

2. Many investors still ignorant of the fact that at glove's hand former sector, there is little competition out there, only Big2 in Malaysia, Ice Cream is the Tai Koh, another 2nd Bro Ceremtec is not listed.
Ice Cream in hand former sector is just like Top Glove in glove sector, the biggest Tai Koh !
If all glove companies over optimistic to expand, their glove hand formers will surely fall into these big 2 , and they will enjoy the least competition in their sector as no other big players can carry out big orders !
.... bearing in mind , they have yet to be "hyped up", enjoying the least and minimal publicity, thus has the potential to explode once they announce their propsect in their coming QR !

Do you choose to invest in a over-hyped-glove-theme in which the glove players are facing tough competition soon or hand former players they are enjoying duo-poly sharing of the cake and still be ignored by investors ??

According to recent QR announcement by 2nd Bro (Harta), 3rd Bro (Kossan), 4th Bro (Supermax) of Bursa glove companies , they are all planning (or already opening out) their new factories, production lines !!
Tai Koh Bro (Top Glove) will announce QR next week , and expected to sing the same song in order not to lose out to others !!

With BIG 4 brothers all rushing to expand, LITTLE 4 brothers (comfort, rubbrex, careplus, adventa) will definitely follow soon, even using your backside to think you also know those expansion will SOLELY BENEFIT the only ice-cream licking baby brother who make glove's hand former in bursa !!

Kmwong8711. Supermax ceo is a good friend / business associate to ice cream s CEO ! If Superman want to expand , tonnes of hand former orders will surely be placed to ice cream !
Another good news for ice cream !!

That's how i understand malaysia Bursa's small caps are being played with ! LOL !

kmwong8711 , depends on how good this stock is to be pormoted !
short term might be up-down 0.36 - 0.45 (for traders)
medium term (1/2 - 1 year) can be 0.40 - 0.60 if CEO quiet and no publicity.

If one day the CEO starts talking to the press, analyst starts covering this stock, any of this malaysian stock gods KYY, cold eyes or famous i3 bloggers OTB, KC Chong , Icon8888 etc recommend it, TP is easily RM1 or above !!

Don't forget, so far CEO hasn't talking to the press for 2 years d ! (last press release is 2018 AGM)
only a few investors or traders bought this counters due to Chun Chun Call Clavin Tan's write up !
Without Chun Chun Call 's chun chun call, I almost forgotten this hidden jewel !
The potential EXPLOSION is there !!

Today is the t\show time for all glove big 4, small 4, second-liners !
Ice cream is the most under value among all those glove companies !

Ice cream is the biggest glove's hand former maker in the world and the only one listed in Bursa !
Almost no or little competition to their business !!
Balance sheet & P&L is pretty !
Plan to be transfered listing status to Main Board soon !

Any other good reasons for you not to lick and suck Ice cream ??
BUY BUY BUY !!!

"This time it is “healthcare.” Companies are queuing up to make facemasks, PPEs and other goods currently in demand during the Covid-19 crisis. Can they make it? No one knows now but investors have to be aware of a few facts.
Most pharmacies and convenience stores are now well-stocked with facemasks and hand sanitisers. There is no shortage and that means supply is abundant.
Then there is an export ban on face masks that is still in place. Those wanting to make face masks will have to sell in an increasingly saturated domestic market.
China has ramped up production of facemasks by 450% in February and it made half of the world’s supply in 2019.
China is not the only country making PPEs and facemasks. All over the world, production has increased. "

I have been reading this kind of news nowadays, other PPEs & facemasks can be easily produced all over the world ! or even aunties at home in India can produce facemask !

Not for gloves ... but we have big 4, small 4 or (tiny many more ?) glove companies and I have yet to read any news that other players involving in "glove hand formers" ! .... sounds like monopoly or oligopoly business ?? "economic moat" ?

Most glove , health care counters (good or bad, profit or loss one) already sprinting but ice cream is still just warming up !

When Chun Chun call Clavin Tan start promoting this counter, surely it will go UP lah !!
Chun Chun call got many followers also what ?!

Good analysis !

Beware of words from "cold eyes" recently also, this kind of company can be "value trap", if being under value for too long, the major shareholders might one day take it private by offering 10-20% above its suppressed market price !

words of wisdom today (quoted from others) :- 当一个行业飞的时候，通常不是基本面最强的起最多，而是股价最便宜的会起最多！
Ice cream is still the cheapest amongst all glove-related company !
Many factors I listed above could easily trigger the share price into rocket-pace !!

Malaysia stock god "Cold Eyes" heavily promoting oil & gas companies these few days !! Time to collect !!

Malaysia stock god "Cold Eyes" heavily promoting oil & gas companies these few days !! Time to collect !!

I like Chun Chun call Calvin Tan 's FA write up when he dug deep to analyse the account of the company !! Can't agree with you more !

armada is Cold Eyes's favorite ! Don't know whether he is still holding substantial shares ?

If demand of oil resume to pre-lockdown level, avaerage TP by all research houses for Velesto is 0.40-0.45 !!

Recent posting by Cold eyes also recommend hold long term on oil & gas counter !!

knwong8711 then nothing for minority to worry about !
Just shaking legs waiting for ice cream goreng to explode !!

My suggestion to board of ice cream :-

1. come out to talk to press regarding your future plan , invite fund managers to participate
2. use your fat cash of RM20mil to start acquiring those small hand former competitors (fastest way to expand )
3. transfer listing from ace to main board soonest

If any of this happen, all minority shareholders can really have a good time to lick and suck ice cream goreng liao !!!!

Chun Chun call clavin,

facemask & sanitizer has thin or no margin, because too easy for anybody to produce, and tough competition from world factory china ! If you check the retail price of mask & sanitizer for the past 3 months , you know what i mean, once china lifted lock down, the mask & sanitizer retail price dropped drastically.
Only day trader can use TA to touch those counters, best to sell before they annouce their QR !!

Rubber gloves only been produced in Malaysia & Thailand, because we have readymade main material rubbers here, zero delivery cost for this material, China wont's do that because they will incur higher cost. thru out the past 20 + years, glove factory have built up their reputation, skills facilities and experience to export to all over the world.

Come back to ice cream here, if they are still the biggest manufacturer of hand formers IN THE COUNTRY & PROBABLY IN THE WORLD as reported 10 years ago, then this company could be enjoying the best hefty profit period of their life time !!

Biggest and only listed in bursa, they might enjoy near-monopoly or duo-poly market in hand formers sector ! Almost all rubber glove factories in malaysia & thailand have to order from ice cream for hand formers, because at this glove-demanding urgent time, ALL glove factories in this region (malaysia & thailand) expand their capacity, running hard at their hand formers and surely spoiling more, demand for hand formers will definitely rise !
nobody or few existing readymade factory can mass deliver this special products to glove manufacturer !! They are the hand formers KING, they dictate the price lah !!

I think maybe their next QR won't show huge improvement yet, because of MCO (don't know they allow to run factory during those lock-downed 2 months) ? BUT.... the next next QR is going to be record huge !! ... or news that all glove factories placing huge orders to ice cream !!

mike555, if you read the starbiz report carefully, they do not recommend you to buy those 23 companies ! In fact, they hinted that some companies are hype-playing and over value !

such as those companies rushed in to do face-mask, sanitizer, text-kit, IT related etc products. Those products have low entry-barrier, and most are lousy companies with lousy loss-making track records ! You go and research you know which cos I am talking about.
For example, face mask, now china factory can straight away produce X5 capacity and flood the market and squeeze the profit margin ! do you invest in those bursa companies just talk cock in press and said they are producing face mask now ??
Once those companies announce their QR with loss again, the share price will drop like F or the companies in deep trouble !

The report suggested only glove-related companies which is peculiar in Malaysia as the only competitors are from within malaysia and thailand comapnies are worth looking into !

https://www.theedgemarkets.com/article/acquisition-pains-over-es-ceramics

Read the edge report done 10 years ago on Ice cream :-
1. they are the biggest manufacturer of hand formers IN THE COUNTRY & PROBABLY IN THE WORLD !!
2. replacement period of hand formers is eight to 15 months, depending on the intensity of the production run in the rubber glove plant.
3. In 2010, their net borrowings is (RM23.9 million ), now they turn it into net cash 20 mil !! hard cold cash in their bank account, no fake accounting paper profit !! also means they accumulate around 40 millions cash in their account !!

https://www.theedgemarkets.com/article/es-ceramics-seeks-new-revenue-streams

https://www.theedgemarkets.com/article/es-ceramics-sees-better-earnings-visibility-fy19-pickup-orderbook
in fact they are big enough to be transferred to main board but they keep delaying it because want to save cost !!

share the articles and hope you can invest based on FA !

the only thing this company is lacking .....


Promotion & publicity to the mass investment public !!

problem with ice cream is because nobody (even their own CEO) to promote it with strong FA analysis !
If KYY , OTB or even chun chun call Calvin can promote this counter every week, then we can have ice cream goreng to eat lah !!

This is what i3 stock god KYY 's comment when promoting his comfort counter just now :-
"Since many scientists predicted that Covid 19 pandemic will continue for 1 or more years until a vaccine is approve by FDA of USA. Under the circumstances, Comfort share price can go up higher for a long time until the demand for gloves is reduced. "

now is just the beginning of glove theme play ! More to come !!

Two way to play with ice cream :-
For FA, lock it in your freezer and to open up after news of vacine of covic-19 invented,
For TA, use your month (or others' mouths) IN OUT IN OUT licking the ice cream but heart pounding every second !! lol

Be patient lah... after finish frying big 4 & comfort (KYY s counter), they will come and give you a yummy "ice-cream goreng" !

Chun Chun call Clavin coming again ah ! lai ah lai ai !!!
Chun Chun call always win one ah ! Never lose money one ah !!
Chun Chun call, chun chun call, semua chun chun call ah !!!

Today Glove big 4's turn to be fried up, all small cap glove counters taking a break !!
After finished frying Big 4, they will come back to goreng small co, hope for "goreng ice cream" lah !! sooner or later, you all will have one !!

short term trading will be very excited and heart pounding !! Those with heart problem better don't trade with this kind of counters, or else lock your stocks in freezer and do sth relaxing , only open your freezer to sell your ice cream once covid 19 subdue !!

Not just ice cream experiencing volatile price movement, look at other glove, health care products counters all the same ! Bursa is moving with this theme play now, as long as covic 19 threat is still out there, this trend and theme play will continue or even strengthen in the future !
comparing to other volatile counters, Ice cream is one of a few with strong fundamental, net huge cash, profit every year since listing 2005 (except 2011, very astonishing !), their balance sheet in 2011 have high gearing with bank borrowing of around 15mil, and in latest Q report, all bank borrowing has reduced down to minimal with net cash of aorund 20 mil !! Are you not impressed ??
Do the research yourselves !
I think they are very conservative and low profile, hardly see the CEO or directors giving interview to press ! If one day they do .... sky is the limit liao !!!

I read most glove companies (big or small) planning to expand, who doesn't want at this timing ?
Ice cream's products are surely in high demand now or in the future !
I just think maybe they need to expend their manufacturing output also to catch this glove-bull-run trend ! they have the expertise, experience, customers, goodwill, and .... ready cash of RM20mil in their balance sheet to do that !!
From FA point of view, I start to like this company becasue of their net huge cash position (almost 10c per share) , comparing to most glove companies with high gearing ! YEt they are making profit every years and giving up dividends !
For example, LKL & careplus, recent 2 punters' darling , both are huge loss making past few years with high gearing, and be fried up to ridiuclous price ! Those counters really need to be beware !!

If you are FA investors, and can't stand the excitement of watching your trading screen up down every second, you can buy tonnes of "ice cream" and just lock in inside the freezer, wait for the time covid 19 pandemic subdue, then only open up your freezer, lick and eat your grown delicious big fat ice cream then !!

TP by end May = RM1.00 !

This is a FA strong company, the CEO not yet to come out and talk to press, the share price already reached 55ct ! If CEO come out and talk talk talk, analysts write write write, fund managers buy buy buy ... the share price will shoot up to the sky !!

everybody here makan ice-cream sampai shiok shiok liao lah !! :) :)
thank you chun chun call + engle's eyes Calvin Tan !

ice cream manament very quiet and low profile,
LKL 's managment showing off and talking big at the edge & business daily during weekend ! although LKL have been loss making for past few years, now PE = -123.30 !!
at this time, any health care glove companies can do just by talking to push up the price !!

close one eye above 50ct. open two eyes will be RM1.00 !! :) :)

Chun Chun call Clavin Tan, pls do a research on this sector and publish in your blog to help push up the price !! because the managment is very low profile with zero publicity !!

comfort, rubberex s PE =35-40, careplus = negetive PE 73 (loss making)
ice cream = actual PE is just 14 !!!!