contrarian, if Thong wants to takeover, I thought it will be cheaper for him to let the warrants expire and make an offer to the month shares after that, no?

It is cheaper to takeover when the warrants expire.

Competent management ? Acquire warrants and disposed within a month looks more like a failure to plan. Integrity is also questioned.

salee, he actually accepted your advice by stop writing articles on stock. Your effort is not wasted! I strongly believe he can help more people in his new advisory role with his knowledge and experience (he just needs to control his ego when work with others, else will be removed from the role within a year because nobody can work with him, this is the problem of strong leaders LOL.)

Really ? Will look for it. Thanks

How I wish i3 has an “ignore” button to ignore some PLP people LoL.

83 years old already still can't see the intention of the writer? or just want to win the last argument? Haizzz.....

Lousy quarter... what is "adjustment for non-cash item" in the CF statement ? Increase RM4m as compared to same period last year

I don't own MNRB. I think some of the points in the article are not entirely correct. Just to share what I observed in their accounts:

1. Gross premium should be 2.5b, not 1.3b. It is not clear what caused the drop in the last quarter. A drop in revenue is usually not a good thing unless they stop writing some loss making business. To be fair, their claim also came down during the quarter.

2. High management expense - we can't tell whether MNRB has high or low expenses unless you compare that with their product loadings and other life/general companies to form a better view. Insurance companies incur high marketing costs on branding and incentives to the sales people (in addition to commission). Major insurance companies usually have a branch in almost every state to serve their policyholders. Syarikat Takaful incurred RM260m (they put some under "other operating expenses") for the first 6 months, it will be more RM500m a year. For some life insurance businesses, part of management expenses can be charged to policyholders' fund.

3. High receivables - I believe part of these is outstanding premiums which is backed by policyholders' policy values, there is little risk here. The other is outstanding claim recovery from reinsurance companies, usually backed back strong international reinsurance companies. These are the reasons why they are not impaired else their auditor EY surely won't let go such a big amount.


5. On right issue - obviously they don't have enough money! My understanding is that insurance is a capital intensive business. They don't have inventory but Bank Negara requires them to put aside huge fund to support the risks they are taking to ensure policyholders are protected. I read that MNRB set up a new company recently. This triggers additional paid up capital and their RM320m debt (not sure whether this is subordinated debts) is maturing this year. What is not clear to me is why are they have a right issue instead of issuing subordinated debt.

Buying at your own risk... Good luck..

When a person is older and has nothing to fear, the natural behaviors of the person become more obvious. Kyy is an authentic leader. He is passionate, intolerable, persistent and a super confident guy. He has some good CEO characters that allow him to succeed in business, especially doing things he can influence the outcome. Not many people can stand him though.. friend can be enemy tomorrow ...and the only person he listens to is his wife :). If he sits in JAKS' board, ALP will be fired within 3 months...

It is a complete different story when it comes to investment world where he has little influence in the market.

funny, when someone sells, he expects others to follow him and grow up to be a "mature" investor... really cute.

I believe KYY has no bad intention, but he should be aware that they are brainless followers just blindly follow when the articles were published even with warning statements like "I am not encouraging readers to buy". It is the best for him not to post anything.

I cannot understand why KYY keeps mentioning his past successes (VS, Lii Hen, Latitude) in almost every of his articles. When you bought so many counters over the years, you sure have a few winning picks. I also don't understand how his articles can "educate" investors here differently when they are so many sifus here.

As a state advisor, I don't think it is appropriate for him to post articles in i3 which could potential bring unintended consequences to the state government. He should spend his time and experience to help the state government to make people life in Perak better instead.

need new contracts to move....this one not for short-term players

was watching the price movement of the warrant on Friday, liquidity was low, someone just snapped it up in a few occasions with high spread. .. why so impatient?

USD34.5m is 80% stake, they are paying RM778k/tower

shares buy back again after two years! last time they bought back below Rm1....

they can afford to distribute 10% of Inari shares to Insas shareholders each year for the next 10 years...

agreed that 4Q is typically a weak quarter, but 4Q17 was rather disappointing in view of weaker USD, the expected savings from raw material did not happen.

good to see it goes back to the normal earnings pattern....

Any renegotiate means more contracts in future.. not all bad. Suncon has good bookorder.. can last for quite a while with strong parent company support. The valuation looks attractive.

80% of the business is outside malaysia with strong bookorder, earnings should be strong this year. bought some today..

MFRS9 impact is only 6.2m for a loan portfolio more than 1b..hahaa .. good quarter! Announced 4 cents final dividend, this brings the full year dividend to 7 cenrs ..wow

@CAF-POW, my guess...I could be wrong.
1. Say DS Thong has the intention to takeover, he will not do anything that could potentially increase the share price like paying a higher dividend. He may end up offering a higher takeover price later. He will wait till the warrants expire so that he doesn't have to offer the 2/3 wb that he does not own, this will make him a few hundred millions richer.
2. If he has no intention to takeover, and if the mother share price goes up, he may get diluted or he can convert his warrants to maintain his holdings, but this may trigger MGO given his current interest in the company. He needs to manage it properly. I don't think this is a big problem for him.
3. If he as an insider sells some warrants or shares to avoid MGO, the share price is likely to drop.
4. Alternatively, he keeps the cash in the company to "sapu" some companies after the election?

So, if I were him, I just wait, do nothing and keep all my options open. We need some heavy weight investors to join the party and rock the boat, otherwise we just wait for two years or go "kacau" at the AGM ... LOL.

it is cheaper to takeover after the warrants expire...

Thanks. I thought the Q4 is bad because of lower margin as a result of lower selling price and higher raw material costs. Provision for receivable /write off was reported zero in the page 9 of Q4 report. Can anyhow report ? Look forward to seeing the audited report.

@booyeah, can you share where in the 4Q results shows the impairment ? Thanks.

the only plus point is that compared to Q3, the revenue only dropped 1.6% when broiler's price dropped 10% in Q4.

jia lat leow.. "comparatively higher cost of raw material" for a stronger RM.. wtf.. .kena conned.

Always nice to see record revenue with record profit..
What I like:
- better operating cash flows (+200m in Q4 alone)
- lower debts (-RM100m)
- complete disposal of plantation business (P&L should improve 5-10m/year), further streamlining their business is good.
What I don't understand:
- O&G business - excluding one-off items, PBT in Q4 was 36.6m, lower than 49.8m in Q3 even with a much higher revenue, Gross profit was not growing much in Q4.
- not sure why they have impairments (RM73m) on PPE in their O&G business every year

I am hoping that they can do 3.3 cents in the 4Q, about 300% higher than the same period last year

haha.. the ceo and directors must be very uncomfortable to read the messages here.. so many shareholders want to kick their backside..

Good for you..

Waseong has been very rewarding.. up more than 60% in two months while waiting for the release of the quarterly results next week. Just hope that they can get another big contact like NS2 and further streamline its operations.. too many subsidiaries involved in many other small businesses.

I am thinking, why would DS Thong want to take the company private if there are 265m WB outstanding. He owns about 1/3 of it. Isn't it cheaper for him to privatize the company after the warrants expire?

3rd attempt for 1.47.. hopefully we can break it this time.

Everyone wants to buy cheap LOL.. long queue

Haha., I was curious why they hold so much cash after the quarterly report. At least now they make a better use of the RM200m cash to purchase land.

i thought accounts will be reinstated under MFRS9, changes will be treated as prior year adjustments? Equity will have one off impact, but less so on future earnings.
With a higher provision , effectively more buffers to absorb future losses. if portfolio's credit profile is not deteriorating, earnings should improve instead, no? i could be wrong, i am not an accountant.

Bought some...

Weida’s book value 3.31, offered 2.50 or around 22% above the market price of Rm2.05. When is our turn ?

Guess who is selling in the last two days ..

Such a big gap is less likely to happen in more efficient markets, especially when the assets are mostly in liquid form.

The most annoying part is that I don't see much reaction or effort from the management to respond to the requests over years. I believe the management becomes complacent due to lack of alternate major shareholders to knock their door to request for better performance. The company is still very much managed like a family business.

Just realised last quarter was the highest quarterly revenue ever posted by Waseong. Sit tight for the highest ever quarterly net profit in the coming quarter!

Are Inari's insiders (including Thong) selling their shares? Please sell all Inari shares and distribute the cash to us... LOL

http://www.malaysiastock.biz/Company-Announcement.aspx?id=1030784

Historically Q3 is the best quarter. I don't expect too much in Q4. Hopefully stronger RM further reduces their cost of raw material use in the manufacturing of feed as mentioned in Q3

Anyone knows what is in "other expenses" - Went up Rm2.8m this quarter. Other income came down... These two items are causing the q-o-q performance lower by RM4.4m .

Drawing down RM92m of bank loan.. paying about 5%-7% interest when they have more than RM200m cash is earning 3%. Wonder why they keep so much cash?

With about RM74m+ gain from the disposal of properties ("Land 1") and another full quarter of NS2 revenue contribution in 4Q17, the coming 4Q earnings should be good

I doubt Singapore has a PE of 11. I thought it is around 15.

Impressive turnaround since the new MD came on board... amazing.