Yes
The only way to unlock insas value is to use the RM 1 billion cash to invest in new business and generate more income and net profit.

Posted by 无风不起浪，洞察不寻常 > Jan 30, 2024 10:14 AM | Report Abuse
如果把梦做得深，Insas 有本事物色得国际顶级 AI 公司 ，合伙成立一家能够大事发展的科技生意，才有足够足使股价推上几倍以上。

The problems is because the white man and the book say:

Definition: Intrinsic value is the Present value of the investment of all the expected cash flow over the lifetime discounted at the appropriate discount rate.

Intrinsic value = (CF1/ (1+d)^1) + (CF2/(1+d)^2) + ----- +(CFn/(1+d)^n)

Where:
CF = Cash Flow in the Period
d = Discount rate
n = The period number
This Intrinsic value is actually a Discounted Cash Flow (DCF)

Hence people only look into the forward cash flow or PE and value CapA aviation:
Kenanga Research values Capital A’s airline assets at RM2.5 billion based on 10 times the group’s forward price-earnings ratio (PER) for the financial year ending Dec 31, 2024 (FY2024).

Maybank IB Research’s Yin ascribed a much higher valuation of RM5.47 billion, or 91 sen per share based on a forward PER (FY2024) of eight times.

And totaly ignore the RM 10 billion liabilities in the book.

Similarly people value Insas as forward PE 5 to 10 X and totally ignore the RM 1 billion+ cash in the book.

Yes be humble and humility.
No wrong if you want to timing your enter to the market. I remember watching in horror my book loss during 2020 when bursa index drop to it low point and I can only wish I have spare cash to grab so many cheap stocks in offer.

DS Thong, his brother and their familly members officiay hold 32.96%.
Thus Insas cannot do SBB without trigger the 33% MGO threshold

Dato' Wong and Dato' Dr Tan are dierector of Insas and also common director on some of insas unlisted Sdn Bhd companies with DS Thong.

Both are in a grey area whether they are considered as PAC of DS Thong hence they restrict themselves from buying more Insas.

Insas do not need the cash call RI with free warrants. DS Thong used the warrants as addition check pieces in safeguarding his interest in Insas.

As minority shareholders we can't do much except take some profit when Insas share spike up.

If you intent to do somethings for minority shareholders then you need to accumulate 5% as substantial shareholder and make you intention clear to DS Thong.

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : INTENTION TO DEAL DURING CLOSED PERIOD
INSAS BERHAD

Subject Intention to Deal During Closed Period

No Salutation Name Designation Description Of "Others" Designation
1 DATO' Wong Gian Kui Others Chief Executive Officer / Executive Director
Nature of Interest Direct Interest
Description of Securities Ordinary Shares
No of Securities Held 462,160
% of Securities Held 0.070
2 DATO' Wong Gian Kui Others Chief Executive Officer / Executive Director
Nature of Interest Indirect Interest
Description of Securities Ordinary Shares
No of Securities Held 136,000
% of Securities Held 0.020
3 DATO' DR Tan Seng Chuan Executive Director
Nature of Interest Direct Interest
Description of Securities Ordinary Shares
No of Securities Held 350,000
% of Securities Held 0.050
4 DATO' Wong Gian Kui Others Chief Executive Officer / Executive Director
Nature of Interest Direct Interest
Description of Securities Redeemable Preference Shares
No of Securities Held 712,900
% of Securities Held 0.540
5 DATO' Wong Gian Kui Others Chief Executive Officer / Executive Director
Nature of Interest Indirect Interest
Description of Securities Redeemable Preference Shares
No of Securities Held 119,800
% of Securities Held 0.090
6 DATO' DR Tan Seng Chuan Executive Director
Nature of Interest Direct Interest
Description of Securities Redeemable Preference Shares
No of Securities Held 132,600
% of Securities Held 0.100
7 DATO' Wong Gian Kui Others Chief Executive Officer / Executive Director
Nature of Interest Direct Interest
Description of Securities Warrants 2021/2026
No of Securities Held 1,782,250
% of Securities Held 0.540
8 DATO' Wong Gian Kui Others Chief Executive Officer / Executive Director
Nature of Interest Indirect Interest
Description of Securities Warrants 2021/2026
No of Securities Held 299,500
% of Securities Held 0.090
9 DATO' DR Tan Seng Chuan Executive Director
Nature of Interest Direct Interest
Description of Securities Warrants 2021/2026
No of Securities Held 0
% of Securities Held 0.000


Announcement Info
Company Name INSAS BERHAD
Stock Name INSAS
Date Announced 26 Jan 2024
Category Dealings in Listed Securities (Chapter 14 of Listing Requirements)
Reference Number DLR-20102023-00037

Posted by The_JQuestion > Jan 29, 2024 7:22 PM | Report Abuse
at this point... sell aax and buy CAP A more worth !!!

The_JQuestion has a point. If CapA success in diposing capA aviation to AAX, most likely AAX will pay capA in AAX shares.
CapA will then distribute AAX shares to capA shareholders.

DS Thong will be very happy counting more cash and bank deposits. And when he is happy most likely he will give more dividend.

M&A is still a subsidiary of Insas and Inari is still an associate company of Insas hence no marked to market the balance shares still in hand.

With over RM 1 billion cash and bank deposits, Insas' BOD had been looking for various investment opportunities to employ it's cash to generate incomes with the aim of improving returns to equity & enhance shareholder value.

Insas CEO Dato' Wong even ask me whether any investment opportunities in Indonesia?

Anyone who owned SME business are welcome to contact Dato' Wong for business expansion, capital injection and JV.

Notably, Insas’ 14.4% stake in another company, Inari, alone is worth RM1.7bil, based on the price of RM3.15 per Inari share on Jan 14.

The star reporter miss out on Insas cash and bank deposits of over RM 1 billion in the Balance Sheet and Insas had been contantly grow it net worth from RM 1,198,048,000 in 30/6/2014 to RM 2,340,464,000 in 30/6/2023.

Philip used to say it will take months for me to sell my Insas. Thanks to theedge Tong the volume is a few millions per day, can sell easily.

Recent Prices
Date Open Range Close Change Volume
29/01/2024 1.29 1.20 - 1.29 1.21 -0.06 (4.72%) 6,654,000
26/01/2024 1.27 1.26 - 1.31 1.27 +0.01 (0.79%) 4,879,100
24/01/2024 1.27 1.21 - 1.30 1.26 -0.01 (0.79%) 8,142,900
23/01/2024 1.28 1.26 - 1.35 1.27 -0.02 (1.55%) 11,771,900
22/01/2024 1.19 1.19 - 1.30 1.29 +0.10 (8.40%) 11,401,100
19/01/2024 1.16 1.15 - 1.21 1.19 +0.03 (2.59%) 6,575,700
18/01/2024 1.20 1.12 - 1.22 1.16 -0.04 (3.33%) 9,789,000
17/01/2024 1.22 1.17 - 1.25 1.20 -0.01 (0.83%) 8,163,500
16/01/2024 1.20 1.16 - 1.32 1.21 +0.01 (0.83%) 32,647,400
15/01/2024 0.995 0.995 - 1.26 1.20 +0.205 (20.60%) 41,649,800
12/01/2024 0.955 0.945 - 1.01 0.995 +0.035 (3.65%) 4,084,700
11/01/2024 0.92 0.915 - 0.97 0.96 +0.045 (4.92%) 4,277,600
10/01/2024 0.91 0.91 - 0.925 0.915 +0.005 (0.55%) 526,400
09/01/2024 0.915 0.91 - 0.92 0.91 +0.005 (0.55%) 687,400
08/01/2024 0.91 0.905 - 0.915 0.905 -0.005 (0.55%) 393,500
05/01/2024 0.89 0.89 - 0.91 0.91 +0.015 (1.68%) 812,900
04/01/2024 0.895 0.89 - 0.90 0.895 +0.005 (0.56%) 188,600
03/01/2024 0.90 0.89 - 0.90 0.89 -0.005 (0.56%) 153,100
02/01/2024 0.90 0.89 - 0.905 0.895 0.00 (0.00%) 154,500

Thank you @LammPah, TheContarian and i3lurker,
I already sold all my Insas-WC (the second time I did so with some X gain) as Insas already 60% sold will still sell some slowly

@LammPah how many Xs you make from Insas?

TheContrarian already knew long ago it is a cycle that is why he able to make 5X in 10 years.

It was leno who told DS Thong not to do (dividend and SBB)

The only value shareholders want is a special divided and share buy back.

Leno do not wants dividend and SBB.

One of the question and answer during Insas 61th AGM.

Question: Y.A.M. Tengku Aishah, Dato’ Wong and Dato’ Dr Tan have declared that they are not persons acting in concert with Dato’ Sri Thong Kok Khee.

Since Y.A.M. Tengku Aishah, Dato’ Wong and Dato’ Dr Tan have declared that they are not persons acting in concert with Dato’ Sri Thong Kok Khee. Will Y.A.M. Tengku Aishah, Dato’ Wong and Dato’ Dr Tan please kindly give support to Insas by buying more Insas shares from the open market?

Answer: The Board is of the view that it is not appropriate to comment on this matter as this is the personal investment decision of each director, but we can confirm that the directors will objectively discharge their fiduciary duties and responsibilities at their best knowledge, ability and belief, and will always act with integrity in the best interest of the Company.

JAKARTA -Businesses have requested the government grant direct approval of nearly a century in land rights for investments made in the country’s future capital city, Nusantara, which experts perceived as a sign of the private sector’s reluctance to invest in such a high-risk project.

The 2023 National Capital City (IKN) Law allows 95-year land rights in the form of the right to cultivate (HGU) but to be obtained in stages, with the first only granted for 35 years then extended for another 25 years and another 35 years separately. Each renewal requires firms to pass evaluations by the government.

Akin to the HGU, these renewal stages also apply to right-to-build (HGB) permits, which could span for 80 years.

The law also makes it possible for both HGU and HGB permits to be extendable by the same period, granting land rights up to 190 years and 180 years, respectively.

Sanny Iskandar, vice chairman of the Indonesian Employers Association (Apindo) put forward the idea that granting a direct leasehold for 80 straight years would not only offer greater legal certainty to prospective investors, but also make financing the project “more appealing” and “more bankable”.

“We hope [permits] can be granted straightaway once businesspeople demonstrate their willingness to materialize development investments within a certain period of time,” Sanny told reporters in a press conference in Jakarta on Oct. 12.

At an estimated overall cost of Rp 466 trillion (US$30 billion), the success of the Nusantara megaproject development hinges on 80 percent private sector funding, with the state shouldering just 20 percent of the cost.

Insas should stay above RM 1 as long as Inari stay above RM3. The reason is if Inari at above RM 3 Insas can sell some Inari shares to report big gain on disposal of associate company shares.

By the way insas BOD is looking into various investment opportunities to enhance returns to equity & enhance shareholder value.

In Singapore, the most common leasehold term is 99 years. Thus, upon expiration at 99 years, the property's value becomes zero, and the property ownership returns to the state.

Land Rights and Titles in Indonesia
1. Right to Cultivate (Hak Guna Usaha)

Right to Cultivate allows you to cultivate lands for fishing, livestock, and farming. The State government controls these lands for Right to Cultivate.

All Indonesian legal entities and individuals can obtain Right to Cultivate. The permit’s validity is 35 years for Indonesian legal entities and 25 years for individuals. This permit is extendable for another 25 years.

Forecasts. Maintained. CPO is expected to trade between RM3,500 to RM4,000 per MT but lower for TSH (at RM3,000-3,500 per MT) as most of its CPO is sold at Indonesian prices. However, FY24-25F margins are likely to improve compare to FY23 on lower input costs such as fertiliser and fuel. The weakness in palm kernel (PK) prices should also see modest recovery FY24 as buyers need to restock even though the underlying market is likely to stay soft.

INDONESIA PALM OIL EXPORT DUTY AND LEVY (JAN – DEC 2023)
LV = Levy (in USD/MT)
DT = Duty (in USD/MT)
https://katadataku.com/indo-export-duty/duty-2023/

3800 posts
Posted by Sslee > Jan 29, 2024 12:12 PM | Report Abuse X

As a fund manager, should you timing the market and you enter point or should you working hard to constantly uncover the gem from the rocks?

TTB had been caught resting on his laurels or worst sleeping on the job and does not deserved to call his icapital as value investing or the big paycheck. Full stop.

By the way TTB totally miss the glove super bull in 2020.

TTB has been telling every tom, dick and harry since 2014 that the market going to crash and for sure one fine day market will crash but when?

By the way even in bull or bear market you can still pick winners that have sudden big catalyst that will significiently increase the net profit. (Case in point Ytlpower, Nvidia)

“To know whether a market is bullish or bearish, you see what kind of fools are around. In a bear market, the old fools are in the market. These are the seasoned people who have made mistakes. Today, there are a lot of new fools around,” he says.

On a more serious note, Tan expects global markets to fall drastically . All his funds presently have high cash levels. He bases this view purely on stretched valuations.

“Look at the last 12 months. The S&P 500 is now trading at a price earnings ratio of 20 times PE. What is more significant is that if you look at the Schiller cyclically-adjusted 10-year PE, it is now at 26 times.

“The last three times it was at this level was in 1929, 1999 and 2007 to 2008,” Tan says.

“When valuations are high, anything can be a trigger, and just like that, people will sell. And when markets are overvalued, you get bad returns.”

Yes Philip also learnt from the market crash and now a successful investor.

Did not know it was so easy to make money in 1990s.

But I heard Philip lose his shirt, pant, underwear, sock and shoes betting on Halim Saad and Ting Pek Khing stocks.

TheContrarian,
Since bankers and brokers cap the borrowing, margin and some even upfront money to buy those hing PE and price to book stocks. Every undervalued stocks will have their turn where some big and small sharks goreng up the share price.

Anyone know why TTB suffered this psychological prolonged fear of adverse macro events, and keeping large amount of fund un-invested. From year 2013 to 2021, the fund manager kept most of the assets of icap in cash?

In 2021 got accounting profit from deemed disposal gain due to Inari PP 10% inari share at RM 3.10

So far this year already sold 10 million Inari and 100 million M&A shares.
So if sell another 30 million Inari share then most likely recorded profit for Insas financial end 30/6/2024.

Like Inno many of Jayatiasa plantation land is rented from Sarawak government or related parties.

The rental average rate is RM10/mt to RM15/mt FFB

PETALING JAYA: Jaya Tiasa Holdings Bhd (JTH) is acquiring a 55% stake in Wealth Houses Development Sdn Bhd (WHD), which owns a 5,967 ha leasehold land in Sarawak, for RM52.3mil.

By the way can Lee Hock Leong make profit start selling PMcorp in 2020?

LEE HOCK LEONG
REPORT DATE STOCK NAME NAME IN ANNUAL REPORT NUMBER (RATIO)
10/29/21 (2021) MKLAND 8893 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD PLEDGED SECURITIES ACCOUNT FOR LEE HOCK LEYONG 2117000 (0.175%)
10/30/20 (2020) INSAS 3379 Public Nominees (Tempatan) Sdn Bhd – Pledged Securities Account for Lee Hock Leong (E-PDG/SAN) 3920000 (0.59%)
10/30/20 (2020) PMCORP 4081 Public Nominees (Tempatan) Sdn Bhd – Securities Account for Lee Hock Leong 2394900 (0.34%)
10/31/19 (2019) PMCORP 4081 Public Nominees (Tempatan) Sdn Bhd – Securities Account for Lee Hock Leong 12796000 (1.81%)
10/31/19 (2019) INSAS 3379 Public Nominees (Tempatan) Sdn Bhd – Pledged Securities Account for Lee Hock Leong (E-PDG/SAN) 2661000 (0.4%)
10/31/18 (2018) PMCORP 4081 Public Nominees (Tempatan) Sdn Bhd – Securities Account for Lee Hock Leong 12796000 (1.81%)
10/31/18 (2018) INSAS 3379 Public Nominees (Tempatan) Sdn Bhd – Pledged Securities Account for Lee Hock Leong (E-PDG/SAN) 2650000 (0.4%)
10/31/17 (2017) INSAS 3379 Public Nominees (Tempatan) Sdn Bhd – Pledged Securities Account for Lee Hock Leong (E-PDG/SAN) 2530500 (0.38%)
10/31/17 (2017) PMCORP 4081 Public Nominees (Tempatan) Sdn Bhd – Securities Account for Lee Hock Leong 12796000 (1.81%)
Klse shareholdings by LEE HOCK LEONG in various shares listed in Bursa Malaysia. Please remind that these data extracted from yearly annual report and may consists of data error. For investing study purpose only.

TheContrarian,
I did not sold my Insas in 2021 because my TP then is RM 1.50

But Insas 2020 and 2021 annual report indicate Lee Hock Leong sold his Insas and bought Insas-WC in 2021.

As at 5 October 2020
THIRTY LARGEST SHAREHOLDERS
21. Public Nominees (Tempatan) Sdn Bhd 3,920,000 0.59
- Pledged Securities Account for Lee Hock Leong (E-PDG/SAN)

AT 30 SEPTEMBER 2021
THIRTY LARGEST WARRANTS HOLDERS
4. Public Nominees (Tempatan) Sdn Bhd 18,101,200 5.46
- Pledged Securities Account for Lee Hock Leong (E-PDG/SAN)

Jayatiasa as at 31/9/2023
RM'000
Cash and cash equivalents 201,202
Current Liabilities
Loans and borrowings 56,310
Non-current Liabilities -
Loans and borrowings 264,137

Jayatiasa should be able to pare down the borrowings further.

I consider jayatiasa as turnaround growth (FFB production is growing significiently) company that start to pay dividend. Hence it share price start at a very low base compare to TAAAN and SOP.

Allow me to repeat, you cannot charge capital investment as expense in P&L statement.

So if Jaystiasa make RM 250 million NP than the free cash inflow from operation is RM 250 plus RM 140 depreciation and amortisation. Total RM 390 million.

From this cash inflow then company can spend this cash inflow in loans repayment, capital investment, paying dividend and etc.

Jayatiasa depreciation and amortisation per quarter about RM 35 million.
So per year depreciation and amortisation about RM 140 million. Since Net profit is after depreciation and amortisation hence you can expect addition cash of RM 140 million per year.

Please stop the misinformation the cash use for acquisition is not classified as expense in P&L statement.
EPS is 6.9 sen regardless of any cash used in acquisition of assets or PPE

Cash Flows used in Investing Activities RM '000
Acquisition of subsidiaries, net of cash - (52,209) -

Jayatiasa,
What will be next quarter EPS and dividend?

FFB production
Quarter end 31Dec 2023
345,778
Quarter end 30 Sept 2023
359,740
Quarter end 30 June 2023
224,649

Average Monthly MPOB CPO spot price 2023
Jan to Dec 2023:
3,922.00
3,908.00
4,159.50
4,217.50
3,795.50
3,525.00
3,897.00
3,805.00
3,727.00
3,640.00
3,700.50
3,656.50

https://bepi.mpob.gov.my/admin2/price_local_daily_view_cpo_msia.php?more=Y&jenis=1Y&tahun=2023

SWKPLT (EPS 9.72c last Q), Annualized 38.88 cents, PE 5.6
SOP ( EPS last Q 10.62 cents) Ann 42 cents , PE 6.5
TAAN ( EPS 14.79 last Q), ann 0.60 , PE 6
All the above three companies have yield from 6 to 10 %

Jayatiasa
Last 2 quarter:
Quarter
Revenue
PBT
NP
NP to SH
NP Margin
ROE
EPS
DPS
NAPS
QoQ
YoY
30-Sep-2023 248,003 93,035 66,835 66,833 26.95% 4.57% 6.90 0.00 1.5100 11.26% 96.65%

30-Jun-2023 199,019 40,331 60,161 60,067 30.23% 4.34% 6.21 1.70 1.4300 489.93% 42.36%

https://klse.i3investor.com/blogs/kcchongnz/2024-01-28-story-h-190145875-Is_Icap_biz_still_worth_investing_kcchongnz.jsp

Poor performance of icap share price

In the first 26 months since listing, the fund obtained a total return more than 3 times that of the broad market. The fund manager of icap is definitely not a bad investor. The Achilles heel of the fund manager was psychological, his prolonged fear of adverse macro events, and keeping large amount of fund un-invested. From year 2013 to 2021, the fund manager kept most of the assets of icap in cash, instead of investing in shares as a fund manager supposed to do. In 2016, more than 70% of the assets of icap were kept as cash.

While icap kept much of its assets in cash, the broad FBMKLCI shot up from 864 points to 1887 points in 5 years from 2009 to 2014, and then some corrections due to the oil crisis. Then from 2016 to 2019, I remember it was a good time picking stocks in Bursa.

I personally had made good return during these periods. I believe, if icap was fully invested, which as a managed fund should do, its NAV would have grown a lot more.

https://klse.i3investor.com/blogs/Sslee_blog/2023-06-13-story-h-267899357-i3admin_pleasae_take_action_on_Mikecyc_abusive_and_cyber_sexual_harassm.jsp

Above is what I reported to i3 admin then. It seem something can never change.
So just ingnore him.

I already sold about 60%. Will keep the cash in trading account. Come Feb I will study the latest companies financial result and see any other stocks worth buying.

Nowadays for investment I only buy stocks that give dividend. By the way my trading stock Armada is doing well.

I start holding Insas since 2018 and make it to top 30 shareholders list in 2021 and 2022 but drop out of the list in 2023. I sold some as I found some other more attractive stocks.

Safety and strength in diversification.

Below what I posted on Jan 18 2024 for comparision.

Posted by Sslee > Jan 18, 2024 10:24 PM | Report Abuse X
Just for comparision: What do you think Jayatiasa fair price?
Jayatiasa
Fresh Fruits Bunches (MT)
Quarter end 31Dec 2023
345,778
Quarter end 30 Sept 2023
359,740
Quarter end 30 June 2023
224,649
Market Cap: 969 Million
NOSH: 974 Million
NAPS: RM 1.51
Share price: RM 0.995

Taaan
Fresh Fruits Bunches (MT)
Quarter end 31Dec 2023
No yet announce
Quarter end 30 Sept 2023
210,829
Quarter end 30 June 2023
143,071
Market Cap: 1,614 Million
NOSH: 445 Million
NAPS : RM 4.10
Share price: RM 3.63

SOP
Fresh Fruits Bunches (MT)
Quarter end 31Dec 2023
348,678
Quarter end 30 Sept 2023
352,149
Quarter end 30 June 2023
264,453
Market Cap: 2,377 Million
NOSH: 890 Million
NAPS: RM 3.86
Share price RM 2.67

Any chance TTB wake up one fine morning and be as magnanimous as PNB to propose a liquidation resolution for shareholders to decide whether to support or oppose the liquidation proposal during the next AGM?

Posted by stockraider > Jan 27, 2024 12:55 PM | Report Abuse
Why mike believe in a soorhaiiii counter like jaks leh ??

Always screwing minority shareholders with many cheap private placement, esos and stripping cash leh

I may at time have different in opinion with stockraider but I agree totally on what stockraider had to say about jaks. But allow me to add million of LTIP free grant jaks shares to ALP

Note: Stockraider must be a very happy man these days his bjland and Insas start moving maybe to the moon.

Stockraider remember to come back in 2026 and do what you did to Insas-WB in 2020.

Some year ago Musangking and me had a friedly competition his Jaks againt my Insas. We are neck to neck untill the end.

Last year someone compete with me his Jaks against my Insas-WC. Know what is the result?