@ gordonramsay ICPS just been granted Syariah status last week. I believe details will announce soon and issuant expected to be completed by this year

During the EGM, the management just mentioned the additional warrants is for existing holders. Logically, I assumed Existing holders refer to existing Warrant holders

What I'm not sure is the additional warrants is free for Existing Warrants holders or others and the yearly reduction is base on percentage of adjustment or 7 cents per year

1.56 is the new conversion in end 2020 after ICPS issue and yearly reduction will carry on till Oct 2023 as the lowest conversion rate

This is extracted from 11th Aug announcement
(i) the existing exercise price of the Warrants:

Adjusted exercise price =Existing exercise price x (C-D)/C
= 1.72 x (1.55-0.15)/1.55 = RM1.56

(ii) the number of Warrants:

Adjusted number of Warrants =Existing number of warrants x C/(C-D)
= 629,958,045 x 1.55/(1.55-0.15) = 697.453,550

Additional Warrants to be issued = 697,453,550 - 629,958,045 = 67,495,505

When ICPS is issue, ICPS expiry date is 5 years but can convert earlier if the holders wants to. So, if ICPS is convert into Sunway Shares before the expiry of warrants. Capital is enlarge even though the expiry date maybe after expiry date of warrants. So, conversion price have to adjust lower due to capital is assume enlarge. You can check the announcement on ICPS.

I believe this is why Cheah family control 62% Sunway and more than 70% WB

on 4/10/20 the conversion price for WB should be RM1.63. There will be further reduction of conversion when ICPS successfully issue. Further adjustment will depends on number of ICPS issue. I believe the final convention price from 4/10/23 will be around RM1.28-1.3. Couple with possible free 8-10% free warrants. Current WB at 0.24 is superb bargain

Besides, there may have some free warrants WB when ICPS are issue

By Oct 2023, The new conversion price will be around 1.28-1.30 when ICPS is launch

@micsoh check this profile of Sunway WB UNDER Remarks https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2894025.

ICPS obtained shari’ah compliance

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3093417

@gongxifachai They heard your voice, today company buy back 740,000 shares at 1.37. cheers

@AlfI3 Sunway management said the ICPS issuing expect to complete by end of this year

@wahd Some investors request ICPS is Syariah compliance. Currently proposed ICPS had submitted for Syariah approval and estimate by Nov will gets approval

Sunway Bhd (5211) – Healthcare re-rating?

Sunway could see some upside if research houses start raising the valuation of its healthcare business.

Bloomberg reported today that Sunway is looking to sell a 20-25% stake in its healthcare unit that could fetch at least USD250 mil.

That means:

If a 20% stake is worth USD250 mil, 100% stake is worth USD1.25 bil.
If a 25% stake is worth USD250 mil, 100% stake is worth USD1 bil.
USD1 bil is about RM4.15 bil.

That is much higher than the valuations given by some research houses, such as:

Kenanga IB: RM1,788 mil
Hong Leong IB: RM1,734 mil
Affin Hwang IB: RM1,800 mil
UOB Kay Hian: RM1,250 mil

Among the four above, Affin Hwang gave the highest valuation of RM1.8 bil.

However, using that USD1 bil (RM4.15 bil) valuation, that’s still a surplus of RM2.35 bil or 42 sen per share (based on fully diluted no. of shares).

42 sen is equivalent to 30% of Sunway’s share price of RM1.40.

@enning22, rather to said Huawei is "spyway". Those so called "advanced countries" claimed they are clean are making false evidence and suppress China because they are so worry to lose out Trillions of business.

Sunway dividend policy is minimum 20% from its core business PATMI. That means they will still pay out dividend

Nokia 5G cost 4x higher than Huawei and quality is inferior. At the end many countries will still go for Huawei.

Don't forget to take a look at Sunway WB, If ICPS is approve, Conversion price will reduce to RM1.32 from Oct 2023 onwards and very likely will get about 8-10% free Warrant due to enlarge capital.

@InvestNotGamble I see you really hard sell Sunway. But I like it cause it is truly good fundamental and potential company

@Ali Baba, ICPS will be listed for trade. Theorytically price quote will be not far from Sunway since is min 1:1 conversion. 1 ICPS right to subscribe is free for every 5 shares and you can sell it if you do not wish to subscribe before the expiry date. If you have 1000 units of ICPS, you are entitled to RM52.5 every year but paying out can be delay and accumulate if the management feels that is necessary. Buy delaying is very rare will affects Sunway's credit rating.

@Ali Baba, Conversion to Sunway is either 1:1 or 20% discount from Sunway price during fixing period, which ever is lower. Means, minimum 1 ICPS can convert to 1 Sunway share or more

If ICPS approve in coming EGM, Sunway WB will get some bonus and conversion price reduce to 1.32 after Oct 2023 due to capital enlarge. Take a look at Sunway WB

Just Prepare to buy in more Careplus on Monday...

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3075370

Mr Lim just acquired another 500,000 share at RM5.20 on 6/8/20

@Lisabell88, Just curiuos did you managed to switch Kossan to Careplus?

Notion is small sampan, anytime will overturn. Better stick to Careplus high speed Cruise

For ACE to move to Main board, needs to have 3 years PAT not less than 20m. Careplus before 2023 will not move to main board

@longtermvaluegain Carepls 应该会转去主板（from ACE to Mainboard）
03/08/2020 3:34 PM

By June 2021 Careplus Capacity will increase 114% to 8.8bn from 4.1bn In June 2021.
Compare to Rubberex, Careplus Has almost 300% capacity but just 200% share issue. Share price still 43% lag behind Rubberex. Compare market to market cap with relative size of capacity, If Rubberex is 5.23. Then Careplus potentially should be RM7.88. If Compare to Top Glove at 25.88 who has 100.4bn capacity in 2021 with share issued 2.7bn. Careplus who has 8.7% of Top Glove capacity with share issued 540m should have potential price of RM11.24. It shows that Careplus is extremely undervalued.


Ny036 Price. Pe(last4q). No of share. Nta
Carepls. 3.65. 63.48. 540m. 0.2641
Comfort. 5.37. 76.15. 583m. 0.56
Rubberex. 5.23. 77.78. 277m. 0.85
Hlt. 1.46. 152. 517m. 0.11
Esceram. 0.78. 67.16. 210m. 0.26
Supermx. 18.5. 178. 1360m. 0.92

Note; rubberex Capacity will more than double fr it new plant in Ipoh fr June onward.

Guy, which one is the most undervalue now????????

The latest updates is installing 10 lines for 2H FY2020.


Goldberg Goinvest88, the 9 newly installed lines will not involve the JV company.
01/08/2020 11:22 AM

@beng970804 Buy now or evening you will still make profit if you can wait. One risk to buy in the evening is.. It may limit up

@silverwave, IB don't cover a company which still have 3 years consercutively losses. But after Q2 results out, scenario will change. I bet in coming weeks, more coverage will be on Careplus

at 3.56, YTD Careplus up 2094%. Champion of all gloves

管他是大哥，还是小哥。会赚大钱的就是好哥

Invest in good fundamental will eventually be rewarded. With great Q2 results, Very soon Institutional players will slowly participate..

@Lisabell88, I don't have Supermax only have Careplus. But I think you can keep Supermax since is mainly OBM manufacturer. Their Q4 result out next month and I expect their results will be very good. The other 6 glove companies are mainly OEM and only Careplus is extremely undervalued. You can sell Kossan to switch to Careplus if you want.


Lisabell88 Thinking of selling supermax and Kossan units to buy in careplus. What you all think?
30/07/2020 9:47 AM

Lisabell88, depends on whether you believe glove demand still there and pandemic will not settle soon. If you do, current Careplus price is than cheap compare to the peer. I’d believe pandemic will not over so soon and therefore below 3.2 is still good buy.

@Gooner82, same though as me. I think base on additional average 1.5 new lines install per month from Q3 onwards. Average extra 5m per month for Q3 and 10m for Q4 is achievable

@Lisabell88. Careplus FY2020 production capacity is 6.2bn, share issue is 540m. Top glove is 86.2bn, share issued is 2,697m . Comfort is 5.2bn. share issue is 580m. Now glove is seller’s market. Do you think Careplus price should be lower than Comfort? market cap for careplus should be around 7% of Top Glove as the capacity is 7% of Top Glove . So, work out your own target price

karpai3, yes, Careglove is the 14 lines factory contribute the most PAT and mainly to Brazil.

Ansell is Number 1 Surgical supplier in the world. Currently CMSB contribute extremely low PAT not because CMSB is not efficient but is due to major modifications or upgrade to meet compliances like EN standard and etc so that CMSB meets the compliance to supply to Ansell existing customers. You can see from the CMSB account post JV, where the expenses is extra ordinary high. Net Margin only 6.8% where net margin for Careplus 100% owned is more than 25%

@air01557 At first i just ignored you. But you either pretend very smart or try to con the ignorant. I really cannot tahan you liao. FYI, up to June 2020 Careplus have total 28 lines in 3 factories. Ansell bought 50% Careplus (Malaysia) Sdn Bhd which have only 8 lines. Total profit contribution from CMSB is RM0.886m for period 15/5/20-30/6/20. For 1/4/20-14/5/20 is less than RM1.7m. So, even excluded100% CMSB PAT. CAREPLUS still have more than 18m core business PAT. Furthermore, Careplus will install another 9 lines for 2H FY2020. So, even without 100% CMSB, the PAT will still growing for Q3 and Q4.

@EngineeringProfit Careplus will lead Supermax by few horses not by nose length.

Why needs KYY if Invest IN Careplus? Is a no Brainer stock

@thesigncom, buy back careplus now or you may regret this afternoon

@SiLiaw good luck to you.

In March, My careplus TP is 1.62, After understand more about the company, My TP revised to 4. But, after seeing how other glove counters perform. I have no target price now.. Just hold till it burst

@EngineeringProfit, Do you know Supermax is actually Careplus NO 2? At 2.86, YTD Careplus already up 1682% which is from 0.17 to 2.86.


EngineeringProfit For those who rode SUPERMAX from 1.70 to 17.00 .................they can feel it

This is SUPERMAX no.2