wishful thinking is maybe in few years to come when its heathcare segment starts to contribute a stable and significant source of income, perhaps a spin-off?

i don't know much about eksons. but i have similar experience before. got my money stucked in FACBInd, trading significantly below net cash. but business is unexciting.

lost my patience after 4 years and liquidated at decent profit

valuation is actually very cheap if you factor in the high cash positions even when earnings are not growing.

There's some good info in BMan write-up



Posted by BMan > May 25, 2018 10:10 AM | Report Abuse

Book Value Offers 100% Upside, Free Property Development Biz Anyone?

http://klse.i3investor.com/blogs/newsviews/157741.jsp

Don't forget to read my report!

added more at 6.50. i like that the BV has grown above RM10 now.

It is incorrect to say the price is drop. The share price is merely ADJUSTED for dividend.

The dividend has been paid out by the company, hence it has been taken out from the books. The market capitalisation will reduced by the dividend paid.

Posted by Lele > Jun 6, 2018 05:05 PM | Report Abuse

Basically, the share price drop after ex-dividend date because the share price of a company trades in the market without the dividend.

slight regret did not revise the buy order of 65 sen. lol

Wow Leno is back.

Our top Insas investor.

as written by Howard Marks few years ago:

the market price merely reflects the average insight of the market participants.

it builds into herd behaviour or mass hysteria. when 10,000 people panic, the emotion seems to snowball. people influence each other, and their emotions compound, so that the overall level of panic in the market can be higher than the panic of any participant in isolation.

BV is 1.52, how much premium would u pay for RCECAP? Note that their ROE is >15%.

1.50 at least la

for stocks that have substantially decline in value or prolonged decline say 1 year (i copy from previous MFRS 139), i would fix the value at cost and recalculate the portfolio weightage accordingly. i maintain such alternative view on top of the usual MV-based portoflio weightage so that i won't kid myself, say if the stock has declined by 40%, that it only constitutes neglible amount to the portfolio performance because it is not. it has a small weightage because the value has eroded, at the point of origination of the investment, it is not!

well, i dont mind waiting 5-10 years for Insas to reach its intrinsic value. and when it does, you go back and look at the annualised return over the 10 year period and still remain fantastic investments.

doenst add value looking at historical valuation/pricing; market is dynamic, business fundamental changes, perception of value changes, investment community behaviour changes, what matters is how the management increase the value (in the case of Insas, the increase in BV), there are so many ways for them to create value situation/ unlocking the value etc.

as Jon rightly pointed out, the one real advantage is patience.

why comparing your performance aganst ACE index? you can used FBMEMAS as a benchmark, more reflective of your portfolio i guess

Jon, your weightage of 10% of portfolio is coming from latest market price or at cost? since the MV has been dropping much, original weightage should be higher right

i have my fair share of wood based stock too. all are out of money with average losses of 25.60%

am i correct to say they have net cash of 44 sen?

yep, you are probably right. this stock worth to hold until 2019 and beyond then gets to see the real earnings potential.

2018 most likely won't be exciting, since tawau power plant is a no-go earnings for the immediate term would have some impact, in addition to higher interest expenses on the Usd loan.

How to Value Stocks Using Absolute PE Model

https://www.oldschoolvalue.com/blog/valuation-methods/how-to-value-stocks-absolute-pe-valuation/

historical PE range has no bearing on future valuations!

won't mind having TAGB shares

Little Bay Cove development in Australia, which is 99.4% sold, is expected to be completed and delivered to the purchasers in the third quarter of 2018.

Expect to see revenue contribution then.

will be hard to catch at 8.20

Compared to 2014 when TA was pricing above RM1, the fundamentals now are so much better.


Sslee Dear Jackkin,
If I am not mistaken, july 2014 the price was more the RM 1+.
Thank you.
31/05/2018 12:14

5th consecutive of profitable quarter. things looking good again.

Biggest holding remain stocks that i bought many years ago that i intend to hold long, PPB follows by MFCB, Orient, UMCCA

Top losses in portfolio are more recent purchases like Ekovest and export stocks e.g. Tguan, Liihen, Pohuat, Flbhd


Jon Choivo What are your biggest holding?


Posted by Fabien Extraordinaire > May 30, 2018 09:36 PM | Report Abuse

My portfolio is down 14%. Sad.
30/05/2018 21:38

My portfolio is down 14%. Sad.

ah...i see Probability more often here.

No more in Hengyuan thread?

tomorrow mild rebound?

would the ban on logs export in Sabah would benefits FLBhd?

do note that most of the cash is proceeds from IPO, mainly use for their existing projects, the PP3 and the petrochemical facility in Indonesia. these are earmarked for their expansionary plans not distributable as dividends.


samflyer Cash rich but only declared dividend once...anyone have any idea if they will declare more dividend during the year
28/05/2018 13:33

pretty amazing to conclude the company's worth based on 1 quarter alone. guess most ppl just look at P&L. never the cash flows statement, completely ignoring the positive operating cash flows/ free cash flows generation, and the squeeky clean balance sheet with cash rich and no debt, etc. etc.

they should privatise the company for second time, and clean up the mess. probably re-listing few years later.

Outlook. The Group is likely to see margin pressures ahead, brought about by higher capital expenditures in preparation for adoption of the new Euro5 diesel requirements, while also managing the volatility of oil prices. Euro5 is due to reach the Malaysian market in 2020, but with investments having to be undertaken now including the changing of refinery specifications and all related pump station fittings (e.g. new tanks). In light of these challenges, our call on the stock is lowered to Neutral. Re-rating catalyst may come from lower volatility of oil prices however, especially towards the end of rate tightening in the US and the easing of geopolitical tension involving major global oil producers.

topline growth is still intact

Post removed.Why?

flbhd had turn into assets play

probably management foresee it might go lower

interestingly, no share buy back?

it's 80 sen now

since they won't increase dividends. can they do share buy back?

PNB sold before the quarter released!

why did u say so?


probability should slowly move to company like Flbhd...in just another qtr FLBHD may report higher earnings and better Div yield than Liihen.

doubt its restaurant business will turn profitable in the next quarter. good that the losses have reduced. hopefully with the zero rated GST, subdued inflation, will boast the consumer sentiment and in turn improve this business segment.

oops, quarter result is a loss

Just sharing for fun, dont take me too seriously.

I predict the coming quarter earnings would be a disappointment. Mainly due to rising raw material costs, expect profit margin to erode further. Hopefully they can maintain above 15% la.

yep, its been a while since the management rewarded its loyal shareholders


Posted by FAIRnREASONABLE > May 5, 2018 09:22 PM | Report Abuse

Pleased that 20 sens special dividend was declared in addition to 8 sens usual dividend.
Solid counter for long-term investors.

a bit disappointed that Insas did not drop much even with such disappointing results as mentioned by everyone here.

i would like to make it to 8-10% of my portfolio

USDMYR likely to breach 4 by early June

still queuing for 65 sen

If u observed carefully on the first page, Berkshire’s Performance vs. the S&P 500

You will notice that the per-share market value, over the long run, converge with the intrinsic value (which is the per-share book value).