Actually I like LCTitan also and ever cover it b4. I have some performing stocks like Tguan, Supermx (at price RM3.5 ex-bonus), dayang at price RM1 and rise to RM3 at one time.

For me nothing wrong with quarter prediction n cyclical stock as many of my previous articles. This guy is the most arrogant ppl that I ever see but NO track records n always think he is smarter than others in investment. Actually I believe our past 4-5 years results show our overall capability.

Haha, this fler is a NO principle guy. Previously keep criticise other ppl as quarterly predictor and now this fler become quarterly predictor. Obviously can sense him NO profitable track records on investment n just pandai talk, while I hv spotted a few good stocks n earned comfortably over 4-5 years. He often say want long long term investment but now picks a cyclical stock like LCTitan.

Haha, this fler is a NO principle guy. Previously keep criticise other ppl as quarterly predictor and now this fler become quarterly predictor. Obviously can sense him NO profitable track records on investment n just pandai talk, while I hv spotted a few good stocks n earned comfortably over 4-5 years. He often say want long long term investment but now pick cyclical stock like LCTitan.

Tq KC and Icon for your comments.

ROIC for Cresbld are 16.22%, 30.22% and 30.31% for 2Q18, 3Q18, and 4Q18 respectively which is consider excellent figure. The video shows ROIC of 3% only for past 10 years. Maybe author needs to check your formula how to calculate ROIC (with strong earning in 2017 and 2018, ROIC still can stay at 3%, haha)

My articles more to analysis n valuation of a company. I never make buy or sell call in any of my articles. Investment u need to learn how to do valuation and analyse their possible profit. In fact, I make good profit in my portfolio in 2017 and still small positive in my 2018 portfolio.

Icon: Good article. I practicing similar strategy as per your articles in the last two years.

Icon: Thanks for your positive comment. I also like your articles. Your comment give me motivation to share my future articles.

Yes, it is a mistake in my EPS calculation. I will update it asap.

Supersaiyan3：你连未来裂解数据都不了解。我2017年7月已经写恒源的第一篇文章了。

Supersaiyan3: Shell 已经把炼油厂和油罐卖给恒源，哪来有油罐。连这点都不知道。

Pjseow: If u compare China Yunnan refinery setup cost and Petronas RAPID cost, their difference also big where China refinery system can be built at much lower cost and still running well. I think there are a lot of made-in-china products which they have decent quality but with much lower price as compared to many other countries. With technology breakthrough, it is possible to produce things that are cheaper and with decent quality.

Pjseow: Actually I think petronm upgrade is not merely an upgrade. Due to its equipment is too old, maybe most the old equipment and piping may not able to be reused. So the upgrade may need to change a lot of old equipment and may include new construction of buildings (look like building a new refinery). While for Hengyuan upgrade, it is mainly on Euro 4M upgrade where the main purpose of this upgrade is to reduce the sulfur content etc to make the fuel cleaner. I think one of the main equipment is filter for HY upgrade. HY ever perform two major upgrade in 1999 and 2013 and I believe most of their equipment still can be reused. This explain the big different between HY and Petronm upgrade cost. HY upgrade may not add directly the processing throughput HY but after the upgrade and major maintenance, machine efficiency should be higher that may leader to higher output efficiency.

Vimediac: I didnot owe anyone for anything. I share my articles without any return and with clear disclaimer. My Hiaptek's contents technically nothing wrong and I found nothing misleading (Show me if got anything misleading or technically wrong). It is my freedom (in fact any author in i3) to delete or share their writing.

younginvestor92 : Show proof that I copy others. This article is my translation from my Hengyuan's part 4 article that I published in Aug.

younginvestor92: Copy others pick? I publish my first Hengyuan article on 21 July. Pls check Hengyuan price at that time and see anyone cover or write about HY?

HY part 1 : https://klse.i3investor.com/blogs/davidtslim/128328.jsp

I cover Petronm even earlier (7 articles)

https://klse.i3investor.com/blogs/david_masteel/135149.jsp

Kyosan : Mycron good stock and predictable? U know Mycron proposes right issue recently? Mycron got accounting profit over past 9 quarters why still need to raise fund via right issue?

Hiaptek reported a big accounting loss of RM137 mil, but got positive cash flow added back (215 mil) for this non cash impairment loss. Operation profit still have RM20 mil. Pls check page no 3 of the report for cash flow statement.

Parkson的book value per share 是 RM2.24，但是投资者看淡这个公司的前景所以股价跌到RM0.55。
很多公司的真正价值是没办法反映在股价的，所以股价是market投资者决定的，你就算很烂的公司也可以有很高很高的market value，很好的公司也可以有很低的market value。股票的market price是很subjective的，这个价钱你认为很高，但是有人认为很低，所以没什么公司以股价计算出market cap来做Investment的 Valuation。
If you check Parkson's lands value in china (some still base valuation on 2004, 2006) and Indonesia land and buildings, just one or two of lands value already more than 2 TIMES Parkson whole market value.

除非，除非他们投资的东西是没有资产的(like Bitcoin)，一切都是以浮动的股价来标准，那么以股价做asset Valuation就合理。

I going to publish one new report for a new counter (steel) in this afternoon.


Stay tune for my new counter report.

I going to publish one new report for a new counter (steel) in this afternoon.


Stay tune for my new counter report.

When a company profit margin is too low at 2% or below, what will happen if any cost overrun or material cost increase?

Also, they need to secure more projects to maintain the high revenue. Anyway, I am not very familiar with this company. Can just ignore what I said.

https://klse.i3investor.com/blogs/david_petronm/131549.jsp


Mandarin version of Petronm part 7

VenFx: I actually not to say EG is the same with Knm. Just in term of profit margin rate they got some similarity. In other accounting profit, EG seem look ok but I just wonder in current good time for EMS biz (where VS can perform quite well), EG still shows a relatively low profit margin with negative FCF (except the latest quarter).

Anyway, not my intention to say any bad thing on EG, just as an example that EG has continuous negative FCF, then they need to raise fund through right issue (and they actually also increase their borrowing from past few quarters).

Raider: HRC need to deliver a more consistent EPS like petronm and petdag, then only PE valuation can be higher. Also, Hrc need to distribute dividend like Petronm and petdag then only market long term investor will stay and give higher valuation.

HRC very likely to be benefited a lot from recent Singapore crack spread spike and I expect future EPS and FCF from operation will be improved a lot YoY and QoQ. What we are invested is its future. I may cover my view on its possible dividend plan in my next article.

VenFx: Pls check how much gross profit and net profit for EG latest result, it is 1.1%. The super low profit margin rate is very similar to KNM. Pls check EG peers Skpres and VS profit margin, see whether their profit margin much higher than EG or not. Maybe this is the reason why market willing to give VS and SKpres DOUBLE and triple PE valuation higher than EG.

Pls check Skpres and VS, they only give bonus, but not right issue as EG. More funny is EG still stick to their right issue price of 95 sen although their current share price is traded at 78 sen. Skpres even distribute dividend mean they really has good FCF from operation.

One more thing is EG receivable is relatively high over 2-3 quarters already, the risk for impairment from the receivable is high.

https://www.cnbc.com/2017/08/28/us-stocks-refiners-harvey-economy.html

http://money.cnn.com/2017/08/27/news/economy/tropical-storm-harvey-texas-oil-gas/index.html

http://www.foxbusiness.com/features/2017/08/28/gasoline-jumps-after-harvey-shuts-u-s-refiners-update.html

Petronm part 7 (New valuation)

https://klse.i3investor.com/blogs/david_petronm/130782.jsp

Petronm part 7 (New valuation)


https://klse.i3investor.com/blogs/david_petronm/130782.jsp

Comment are welcomed.

https://klse.i3investor.com/blogs/david_petronm/130471.jsp

https://klse.i3investor.com/blogs/david_petronm/130473.jsp

Two new Mandarin version articles for Petronm part 5 and 6.

Evergreen's PE is relatively high as compared to other furniture counters. There are a few good furniture counters with low PE (7++) with high dividend yield. Besides, profit margin of evergreen seem low. One example if Mieco profit margin much higher with lower PE as compared to Evergreen.

Swiftwind: U hv confused others with your loan repayment may affect hengyuan profit. Luckily now u go to check and removed ur wrong comments. Logically, hengyuan should hv some forex gain from this US loan due to RM appreciation.

https://klse.i3investor.com/blogs/david_petronm/129801.jsp

New latest Petronm Part 6 article.

https://klse.i3investor.com/blogs/david_petronm/129620.jsp


Petronm Part 5. Happy reading.

swiftwind: (updated) Est. Q2 Results
Est. Crack spread Q2 2017 5.26 USD/bbl (assuming 5% improve)
1 USD to MYR 4.30
Gross Estimated Profit Q2 191330208 MYR
Operating Expenses 74428200 MYR (assume same)
Estimated Stock Loss 21822664 MYR (18-days inventory)
Net Profit Q2 2017 95079344 MYR
Basic EPS (sen) 35.21

This may not correct as its throughput is NOT run at full at 88kbpd. Also, u didnot consider its income from retails.

Are Electric Vehicles Really Green?

https://klse.i3investor.com/blogs/david/129382.jsp

https://klse.i3investor.com/blogs/davidtslim/129283.jsp

Hengyuan Mandarin version part 3

Happy reading

https://klse.i3investor.com/blogs/david_petronm/129267.jsp


Mandarin version part 3 for Petronm

https://klse.i3investor.com/blogs/davidtslim/129193.jsp

Part 3 of my Hengyuan English version just published in i3.

Happy reading!

Top 5 article in i3 now for my Hengyuan mandarin version, just published this morning.


Seem quite good respond for Mandarin version

https://klse.i3investor.com/blogs/david_petronm/129011.jsp

Petronm Mandarin version part 2.

https://klse.i3investor.com/blogs/davidtslim/128930.jsp

Part 2 Mandarin version

Congra to those still holding Hengyuan! Seem education in undervalue stock can make a different.

I am aware its stock day maybe higher. I will answer this stock loss figure when I got time tomorrow or in my part 3 report if deem needed. Loan is correct as it got a first payment due 21 June its 200M loan.

It is sometime may not convenient to explain everything in report. I will see how. Again, my article is not a buy or sell call, just for sharing.

It is hard to see all top 3 articles in i3 forum is about one counter (HengYuan)

Cheers!

https://klse.i3investor.com/blogs/davidtslim/128735.jsp

Mandarin version of my Hengyuan's part 1 article

I increased the size of the cash flow chart for a more comfortable view. Previous chart font size is too small.
U can check again on the article as I hv done some corrections.

I increased the size of the cash flow chart for a more comfortable view. Previous chart font size is too small.
U can check again the article as I hv done some corrections