I compared M&A with OSK (now RHB) Investment Bank, I have nothing to say if you still think M&A grew faster than OSK.

Hopefully they will get more competent people to manage the merchant banking business.

Insas is more successful in investment than business management.

Perhaps it's good for M&A to go independent and more transparent rather than hide in the shadow messed up by friends and family of majority shareholders.

During the meltdown, I managed to get for my son over 300k shares at an average cost of 43 cents and the shares are still with him.

I guess DS Thong tries to swap Inari shares with Insas shares so that he can indirectly hold more Inari shares.

Even at a great loss, I cleared my half a million holding at 0.15 sometime ago. It's a hopeless counter. The only business they do is issuing new shares to pay their salary. And the software they are developing is nothing but smoke.

This Warren is going to be worth 0 if mother share doesn't go above 1.00.

Share price will definitely go up in the long run. Only investors with patience and holding power can make big money. Who cares whether the price will go up or down tomorrow. I haven't checked the price since January.

I always losed money on speculative shares. About 10 years ago I changed my strategy by investing low price shares with good potentials. 3A fits in just nice. And I always went in when people shied away. I retired almost 4 years ago knowing that my holdings are sufficient to tide me over my retirement years. And my fellow professional friends who still play on speculative shares are still struggling.

我的一個朋友，在這段低價時間裡，已經靜悄悄的累積了幾十萬股，現在已經賺了。但他不打算賣，留著當養老金用。

I don't think we should sympathize with the BOD especially the Thongs. They have run the company for over 30 years with the first 20 years losing money. They woke up only when the company was going to be wound up. They won a jackpot when they invested in Inari. However, businesses they run such as Millian?, car renting are still doing miserably. We would be lucky if these businesses do not drain up the cash reserve in due course of time. I suspect this is the reason for the low dividend rate.

因為它的逐年增加的股息(.018, .019, .02)政策，食品工業需求長期穩定，利潤也會逐年增加，現金流只會增加，我會收來做退休金用，有錢就買，好過玩那些長期展望根本沒法預測的爛股。

About the EGM, 10% or more of the shareholders can requisition the meeting. If the directors do not covene it, the shareholders can hold it themselves and to have the expenses reimbursed by the company later. Best if their camp do not attend, then all the resolutions can be passed even for resolutions requiring 3/4th majority because only shareholders present and vote at the meeting count. Of course they would attend and the resolutions would not be passed. So what? At least to vent our anger and to make our anger and arrogant management public knowledge and to tell minoritis of other companies the alternative way to air their voice in addition to the AGM. Minorities should not be at the mercy of majority.

Why not acquire just 10% of the issued shares, convene an EGM and pass resolutions to remove all the existing Directors en block, appoint some willing and capable persons as new directors and to have the company wound up, and realise the asset in cash to be distributable to shareholders. I thick each will receive more than RM 2 cash. I thick the directors and their related parties cannot vote agianst the resolution to remove them because they are interested in the resolution and should absent themselves when the resolution is being moved. I am a retired person and have long not updated with company and relevant laws. Can someone with more knowledge explore the options. Can we approach the minority shareholders protection association? for advice. The arrogant way they react to shareholders request for higher dividend as reported in the news really anger many people. They are never willing to share the fortune with us. It's time to take matter in our own hands.

The Contrarian. I suspect so. Thank you. That’s the reason I didn’t pose it out in the first instance. We must say something with facts and figures. My friends told me that TKK sold his shares which I did not verify. Can you help to put up the right figures so that others without the means can benefit. I hate to read all those long and meaningless pledges of good governance to which management only pay lip service. Reading the reports in PDF formats hurts my eyes and I would try to avoid doing it by all means. Why the question is important: “What control procedures are in place to ensure that fully depreciated motor vehicles are sold at their full market value?”. This is because in normal practice a fully depreciated asset is maintained in the accounts at book value of just RM1.00 even though its market value can be tens of thousand ringgit. So if it is sold at RM0.00, no significant loss is reported and miss the attention of shareholders. This is a fatal control risk considering the fleet of motor vehicles cost Insas hundreds of million ringgits.

Do not make blind guesses, the holders of warrants are as follows:

Total warrants 265,202,536
==========

Thong Kok Khee 86,319,570
Yeoh Kwee See 86,317,570
Thong Kok Yoon 29,358,230
Related parties 29,709,540
----------------
231,704,910 87.37%
==========

Minority holders 33,497,626 12.63%

And TKK has been selling mother shares recently. Why did he sell? You need to guess what's in his mind. If you guess it right and follow his steps, you will make big money.

会出席即将召开股东大会的股东应该在大会中提出这些问题。这些问题会直接影响到公司未来的的盈利表现，也可能会损害到资本结构和股息。

零售贸易和租车生意是非常不同的生意而把它们归纳在同一个组合的逻辑是真的令人难以想象。尤其是由Melium领军的零售贸易是43.4%的连号公司，而由Insas Pacific Rent-A-Car所领军的租车生意却是79.5%的子公司，它们在会计上的处理也是完全不同的。

零售贸易和租车生意组合
盈 /（亏) 连号公司欠英莎 子公司欠英莎
2009 (RM 1,222,000) RM 4,761,000 RM648,854,000
2010 (RM 427,000) RM21,497,000 RM632,924,000
2011 RM 2,469,000 RM17,484,000 RM162,689,000
2012 RM 1,409,000 RM 7,772,000 RM163,641,000
2013 RM 5,665,000 - RM683,387,000
2014 RM 4,964,000 RM19,145,000 RM694,156,000
2015 RM 1,017.000 RM92,371,000 RM232,605,000
2016 (RM11,268,000) RM92,519,000 RM114,217,000
2017 (RM 7,923,000) RM92,702,000 RM204,865,000

从2009到2017，这个组合的累积亏损为RM5,316,000。还有，在RM184,946,000的非流动资产中，逐渐折旧的汽车就占了RM146,706,000 (79.3%)，而会逐渐增值的地产才占RM32,310,000 (17.46%)。买这些汽车还未摊还的分期贷款为RM108,043,000。英莎在这个亏钱组合的投入是否太大？ 股东千万不要对Tesla的电动车抱有任何期望，那是因为这种气车的电供网络如果没有政府支持的话，将需要很多年才能建立起来。

很多年前管理层把Melium描绘为一片美景，说要把它挂牌。现在怎么了？看来好像什么都没有做去改善它的业绩表现，只会埋怨市况不好。如果市况决定一切的话，那些中国的小公司如阿里巴巴，华为也不会发展成为全世界令人注目的大公司。决定一切是有效率的管理层，不是市况。

现在的问题是：

1. 英莎在购入这些令人颓丧的公司股票的资金投入是多少?
2. 这个组合的公司欠英莎的账目有多少? 全部可以收回吗？会不会把这些账目一笔勾销？
3. 这个组合的公司最近两年的亏损是令人忧心的增大，需不需要再增加投入资金？
4. 董事部对这个组合的公司提升盈利表现的能力评估如何？
5. 如果这个组合的公司的未来表现没法确定的话，不把这些公司卖掉或结束营业的理由是什么？
6. 公司制定了什么样的控制标准和手续去肯定那些已经折旧完的汽车是以正确的市价卖掉？
7. 租车生意的管理层有什么策略和手段去面对如Uber等的竞争？
8. 当其他零售生意通过网络卖它们的产品以减轻固定费用时，Melium 开越来越多的店面是否是正确的策略？

我们也观察到其他的事项，在适当的时候我们会把它们透露出来。不过现在我们可以说英莎投资在新工艺领域的新公司是正确的。在富有挑战性的经营管理方面，英莎的管理层如果不是不合格的话，也是平庸的。你只要比较M&A Securities和被RHB集团买去的OSK Securities的个别发展就可以得到这个结论。

英莎不同的股息率将牵涉的下列现金的付出。即使是5%的股息，也不会对英莎造成任何财务的困难。那是因为英莎从Inari Amertron 收到的股息就有2,3千万，再加上卖掉2.6% 的Inari Amertron的股权所收到的整亿现金，可谓绰绰有余。这些现金现在还是被子公司保管著。较高的股息会提升股价。Nestle 就是很明显的列子。是英莎回报它的股东的时候了，不要忘记大部分的受益人还是董事和跟他们的有关联的人士呢。
1% RM 6,630,070
2% RM13,260,140
3% RM19,890,210
4% RM26,520,280
5% RM33,150,350

Shareholders attending the forthcoming AGM should raise questions about the following issues which may directly affect the results and erode the capital structure and so the dividend yield of the company in the future.

Retail trading and car renting are very different businesses and the logic of grouping them together under one segment is really unthinkable. Moreover, retail trading under the Melium Group are 43.4% associates and car renting under Insas Pacific Rent-A-Car Sdn Bhd, etc. are 79.5% subsidiaries the accounting treatments of which are very different.

Retail trading & Car rental Segment
Profit/(Loss) Due from Associates Due from Subsidiaries
2009 (RM 1,222,000) RM 4,761,000 RM648,854,000
2010 (RM 427,000) RM21,497,000 RM632,924,000
2011 RM 2,469,000 RM17,484,000 RM162,689,000
2012 RM 1,409,000 RM 7,772,000 RM163,641,000
2013 RM 5,665,000 RM - RM683,387,000
2014 RM 4,964,000 RM19,145,000 RM694,156,000
2015 RM 1,017.000 RM92,371,000 RM232,605,000
2016 (RM11,268,000) RM92,519,000 RM114,217,000
2017 (RM 7,923,000) RM92,702,000 RM204,865,000

Since 2009, accumulated losses of the Retail trading & Car rental segment amount to RM5,316,000. Moreover, out of total non-current asset value of RM184,946,000, RM146,706,000 (79.3%) is for motor vehicles which depreciate in value and which we assume is under the car renting business, whereas land and building which appreciate in value worth only RM32,310,000 (17.46%). Outstanding hire purchase liabilities to finance the acquisition of these vehicles amount to RM108,043,000. Has Insas committed itself too much in this losing segment? Shareholders should not pin their hope on Tesla electric cars because the power supply infrastructure for these vehicles would take many years to be available without state support.

Years ago the management painted a very rosy picture about the Melium Group saying that the group would be listed. What happens now? It seems that nothing has been done to improve the group’s performance and the management only know how to blame market conditions for the disappointing results. If market conditions determine everything, none of those small companies like Alibaba, Hua Wei in China would have risen into prominence. It is competent management that determines everything.

Now the questions:

1. How much was spent on acquiring the shares in companies of this segment that generates such frustrating results?
2. How much is owed from companies of this segment and are these amounts recoverable and not to be waived?
3. How much more is needed for injection into companies of this segment in light of the losses? Increased losses of the most recent years are particularly worrying.
4. What is the directors’ assessment of the prospect of these companies turning out handsome profit?
5. If the future of these companies is uncertain, what are the justifications for them not to be discontinued?
6. What control procedures are in place to ensure that fully depreciated motor vehicles are sold at their full market value?
7. What strategies or measures are taken by the car renting management to counter the competition from Uber, etc?
8. Is opening more outlets by the Melium Group an appropriate strategy when so many retail businesses go for internet trading that involves less overheads?

We have other observations and we will reveal them when the time is appropriate. For the time being we would say that investing in start-ups of new technology companies is the right move. Insas management is mediocre if not incompetent in challenging operating management. You just have to compare the growth of M&A Securities and the former OSK Securities acquired by the RHB group to come to this conclusion.

Now, different rates of dividends payable to shareholders would involve the following amounts. Even at 5%, Insas can easily afford considering the dividends received from Inari Amertron Berhad (“IAB”) and the sale of IAB’s stake from 22.8% to 20.2%. Cash from these transactions are still retained in subsidiaries. Increased dividend rate would boost the market price of the shares. Just look at Nestle. It’s time for Insas to reward its shareholders not forgetting that the majority of them are related parties of the directors.

1% RM 6,630,070
2% RM13,260,140
3% RM19,890,210
4% RM26,520,280
5% RM33,150,350

All those who cannot wait hurry up sell. We do not depend on share trading for our livelihood. So we can wait. At RM1.40 we have already make almost 100% profit. We expect to make at least 200%.We are still accumulating. So all those expects please sell so that we can buy.

Why are you all so impatient? I consider this the future Nestlé, though probably only at half the price over the same period. I entered at RM0.90. The last time I brought was RM1.32 and I am still accumulating it for my retirement fund. My friend bought Nestlé at RM1.00 in 1975. Who would expect it to go beyond RM80.00? If bonus issues all through the years are taken into account, The value might have multiplied a few hundred times.

@greatfunds. He was a Nestle's distributer before Nestle's shares were listed. Nestle just converted his purchase deposit into shares at par with a lien on them.

All those who sold their shares frantically today would regret their foolish response to something happened in2009. The question is whether the business of the company has since been affected adversely. Did the insiders make a profit by subsequently selling the shares. If they retain the shares until today this is good news rather than bad news because this shows they have confidence in the company. My only regret is that I have no more fund to seize this golden opportunity.*

@alooloo. You are being over-pessimistic. I have witnessed 4 recessions. 1997 is the worse because nearly every business had liquidity problems. In my opinion we are already at the worst but liquidity is still not a problem. The private sector and households are still flooded with cash. The government may be poor because of corruption and mismanagement of funds. But this is BN’s problems, not ours. Unlike Greece, not only the government had no money to spend, their banks also ran out of cash. We have yet to come to that worse. We should thank the former Bank Negara governor who held a thigh grip over the banks and financial institutions. However, if we are still entangled with the IMDB problems, Malaysia may miss out a lot of opportunities. In 10 years time, Malaysia may be overtaken by all the other countries in ASEAN because none of them has serious racial, religious and corruption problems. They can focus on development. That’s why some of my friends already took up foreign citizenships, even that of Indonesia.

我曾在这个平台用英文谈论我的投资理念。朋友说应该用中文写，以便不懂英文的人也能看到。就试试吧。回到2005年当我稍有一点储蓄也想像人一样从股市赚一点快钱，炒一炒股。但只是随风逐流地跟人买，就连输了三次，赔了几千令吉。再看看炒股的新交，都好象都在不断地交学费。有一位似乎对每一间公司的底都摸的清清楚楚，但他却在不到两年内把从新加波提回来的五十万新元公积金输的干干净净。我就马上发现到短期在股市投机取巧的人都在赌博，输的多，赢的少，完全靠运气。什么买底卖高，技术分析等都不管用，因为人性难测。每个人买股的时候都小心翼翼，都想买到比较便宜的，所以股价在平时只会慢慢爬上去。但股价在跌时，每个人都怕来不及脱身而慌张出票， 所以股价在跌时是跳水似的。所以长期来说，输的总比赢的多。我觉的这种投资策略不对，我不想把我辛苦赚的钱丢进垄沟里。这时我想起在七十年代后期我二十多岁时帮忙一位老医生报税时知道他有一些新加波银行的股票当时已值得六百多万，而他却说他是在三十多年前以二千塊买回来的。又想起另一朋友在1975以三万塊买了Nestle的股票，不辛在八十年代后期因生意而被逼把全部包括红利股以过百万卖掉。我猜如果没卖掉而留到今天的话，应该打底值得一千五百万吧。 一个股在一天之内都可能上下几次，即使是几个月，也无法预测它的上下。但在长期里，有所谓的经济循环，所以我就在经济低潮时买进股票，高潮时卖出股票，而能真正的做到买底卖高。以这个策略投资，过后也就没输过钱。但这个策略的成败决定於三个条件。第一是你只能动用你长期不需要动用的储蓄买股。第二是你要选好股，就是那些基本因素好，成长潜能佳，资产低估或没被高估，管理层诚信没问题，会照顾股东的（你看看大众银行和Nestle就知道了，但它们的股价太高了，不是我们玩的）。第三就是要定，买股后就要守住，不要受股价的短期波动影响，或听别人说三到四。我有一次痛苦经验。在2005初进股市时，我看到BJCorp才卖RM0.095，在我看来它的基本因素根本是没有理由的被严重低估，打算买一百万股守住。但那些经验丰富的老uncle却一直劝我别买，因为管理层诚信有问题，他们在这个股已经亏到连渣都没有了。但在我看来，便宜到这个程度，其他因素都可以置之不理了。但我还是有点犹豫。但我的一个朋友，却不管三七二十一的买了半百万股。几天后，它涨到RM0.135。我朋友把它卖了，赚了20K。我却过不了心理障碍而没有买。不到两年，它大概涨到RM1.70。而我也就失去这个赚一百五十万的机会。但从此我就以长期策略投资，在稻草中找还没有人发现的珍珠而从没亏过，达到增加财富的目的。说回Insas，开始时是因为我喜欢它的号码，在2005年在几次大跌时陆续进货，从六毛多买到两毛多而买了大概四十万股。因那时基本因素不好，公司连续亏了二十年才第一次赚到一百万，并不想长期持有，所以在2006年新年期间大涨时把货清光，大约赚了十八万。后来因为要安排退休，也就把钱投资在我可依赖不需担心的，会长期成长而被严重低估的股项，就好像前面所说的老医生的做法一样。但我都是在股票没人要时进货，买低，所以都很便宜。计划是可能在十年，二十年后，需钱用时，就卖一些过关。 我的三个三十出岁的孩子，其中两位是英国的特许会计师，他们都听我的忠告，不买新车，不买房，因为房价已经高到离谱，已经模顶。与其高贷款买房子而供利息供到半死而一世被绑手绑脚，不如把储蓄投资在股价有可能大幅度上升的好股，又有股息可收，到时可能以现金就可以买到一套房子了。Insas是我们选择股项之一，因为它已经脱胎换骨，每年都有几千万的盈利，净资产每股超过二零吉，以现在股价计算，PE也只是六倍。我累积了一百万股，我孩子也累积了另外一百万股。因为是在股价低的时候买，再扣掉以前卖掉的付加股权，所以平均买价少过RM0.50。所以有什么好担心的。即使上次股价高到RM1.30时，我们也没有卖，所以失去了一次赚一百五十万的机会。但算了吧，我们目标并不在此，就再等吧。有担心管理层耍我们吗。没有。因为我相信如果管理层不想与我们分享公司的机会和好处，如大众银行，Nestle老板或李嘉诚一样，他们的财富也会被限制而做不大，到时他们的损失更大，我们只是小股东，随时可以脱身。我相信能容乃大的道理。不会再谈论了。

@TheContrarian. Sorry, I mispelled the name. It should be Sir Ka-Shing Li, the richest man in Hongkong.

@Ammar Roshidy. OK, one last comment. My long-term and stupid strategy in the mind of most people was inspired by an old doctor who grew his wealth by an additional RM6M by merely invested RM2,000 in a Singapore-based bank some 40 years ago. Think of all those who bought and keep the shares in Nestle and Public Bank. One of my friends invested RM30,000 in Nestle in 1975, he was forced to sell the shares and bonus shares for more than a million in late 1980’s in order to tide over his financial problem. If he retained the shares until today, they were probably worth 15M. He is quite broke now. I found later this is also Warren Buffet’s strategy. Why I hate unfounded gossips so much? Because I learned it the hard way. In about 2005, BJ Corp’s shares was only RM0.095. To me the price was ridiculously low considering its fundamentals. I wanted to buy 1M shares but I was stopped by all those “experienced” speculators who suffered heavy loss on the shares before. Being new to the share market, I was hesitant. But one of my “experienced” friends, bought half a million shares right way. A few days later, it went up to RM0.135 and he sold them and made RM20 K. I could not get over my psychological barrier and I never bought the shares. Less than 2 years later, the price went up to something about RM1.70. I missed my first opportunity to make RM1.5M. Nevertheless, I keep on finding germs covered by hay, companies which have growth prospect, good business, good management, seriously under-valued assets, etc. When I first speculated on Insas’s shares, the company just made the first 1M profit after 20 years of consecutive loss. Now it’s NTA is over RM2.00 and it has made tens of million of profits every year. At current price, PE is only about 6. Have I the slightest worry? No. Because I believe everyone is desirous of making profit and if the major shareholders are not willing to share the opportunities and profits of the company like Lee Kah Seng, Public Bank’s boss and others, they won’t go very far and they would never make it big even if they think they are the cleverest people in the world. Last words, you must have a livelihood and you only put your savings in good shares, just like my children, and keep on accumulating. For your reference the lowest price I paid for the shares is probably RM0.23 when Insas did not fare so well. The latest price I paid for the shares is over RM0.80. Who cares if you know the shares are unfairly under-valued because of emotional response.

TheContrarian. As a retired finance professional, I have no appetite to engage in unproductive activities such as asking the directors to increase the dividend rate as you suggested because that’s the board’s discretion. I am absolutely at ease with my holding of 1M shares because out of the less than half a million I invested, slightly less than RM200,000 is the profit I made from my previous holding of the shares at a time when its fundamentals were so haphazard. I will make no further comment in this forum because I do not want to turn this forum designed to help prospective investors make sound decision into a chat room for unhelpful gossiping that overshadows well-researched opinions from others who may want to share their thoughts.

I don’t think anyone who speculates on short term can really make a profit out of share investment. I have seen so many of my friends get burned using this strategy. They are gamblers rather than investors. Share price climbs up slowly but dives unexpectedly because of panicky selling, the loss is always greater than the profit. One of my friends lost more than half a million SD of his CPF fund from Singapore in just 2 years though he knew every details of the companies. Now he is penniless. Share price moves up and down in a day which you can’t predict even with all the techniques you have in your arsenal. I lost a few thousand when I first tried to make some money from shares. I changed my strategy to ride on the economic cycles and this enables me to really buy low and sell high. To me this is the time to go in if I have the fund. I have since never failed to make money from share investment. Insas is one of the shares I picked for financial planning. For me a retiree I use it as a retirement planning tool. I just keep the 1M shares until I need to sell a few shares to get the money I need for whatever purposes say, 10 years from now. For my children who are chartered accountants in their early 30’s who hold another 1M shares, they hold it for wealth creation purposes so that when they need to buy a house of their own, they can buy it for cash. We didn’t make the 1.6M because of underestimation of the IMDB problem when the price went up to RM1.30. But even at current price we still have a few hundred thousand profit because our cost per share is under RM0.50. For the positive fundamentals of Insas, I am not worried at all. If you hold long term, you play out all market manipulators. So we just wait. Time will do the work. What you need to do is to attend the AGM and screw the directors for any under-performance which you discover. You push them to improve. Otherwise they may just focus on the wine and alcohol business which is hopelessly in need of restructuring. I do not understand why people still hold the warrant at such a high price which is supposed to be valueless at current market value of the mother share. Think about it.