anyway next week another battle :)

good battle meh? looks like bloody battle only.. very red...

hhahaha like this also jeles ah... you really need to makan 'ubat' wei....

Nothing jeles one... why need to jeles? :P

anayway bang leno, sudah makan ubat kah hari ini.. :D

alah.. dont have ... just say dont have lar.. no need hide behind pretense. :P

Anyway down 2 sen again.. inari up 5 sen.. hmmm...

oh back to promoting i see... kekeke good luck.

You still owe me your analysis...

ok lah time to leave this thread.. got other stocks to analyze... :=D

hahahaha leno.. leno... where is your secret method calculation.. i show all already de...:D

hahaha yeah i agree...

TP anyone also can give bullshit number de lah.... it matters of there is anything substantial behind the number...

hahahahahaha .. i want to see if the stock promoters here got quality or merely cakap besar only

So............ where is your analysis? :P

hahahaha leno now let us SEE your analysis... :P

finish wat? :P

And leno.. no it not stolen from any 'professional' analysis....

and i still think it is value trap... kekekekekekekekekek

Valuation - RNAV

Financial Services and credit
Asset : 389.3 Liability : 61.1
Valuation : 1 x BV = 328.2 mil

Property investment & development (Land bank)
Asset : 106 mil Liability : 19 mil
Revaluation surplus :44 mil
Valuation 1 x BV = 131 mil

Investment holding
At market value = 322 mil

Investment in associate company
At cost = 106 mil

Retail trading & rental
8x PE = 4.68 mil x 8 = 37.44 mil

IT & Tech
12x PE = 54 x 12 = 648 mil

RNAV = 1572 mil

Add cash = 363 mil

Minus borrowings = 133.2 mil

Total RNAV = 1,802 mil

RNAV/share = 2.68/share x 70% discount = 1.88/share

Individual business review

Financial services & credit (M&A brokers and Insas Credit)
In the last Q, recorded a 14 mil external revenue and profit of 6 mil - showing very good margin, but overall this business is not stable with swings in profitability. In FY12, this division broke even.

Property investment & development
In last Q recorded revenue of 2 mil and loss of 800k. FY 12 is similar. This is due planned property development has not begun yet.

Investment holdings and trading
This business is very volatile with certain Q showing exceptional profit and other Q showing exceptional loss.
About 70 million is shares, of which 70% is traded in KLSE. Net cost to acquire these shares is about 97 mil, so it is showing a loss. Also holding 55 mil in bonds of which 90% is quoted outside of Malaysia, primary source of unrealized forex gain and stable interest income. Also holding 90 mil in associate companies traded in KLSE. This company also have an aggressive buy back but shares is indicated as 'investment' rather than treasury, also a great source of gains in last Q. This means they goreng invest in thier own shares for financial gains...

Retail trading and car rental (Dome cafe, Melium, Insas car rental)
Last Q revenue of 5.2mil and profit of 1.1 mil. FY12 showing 19,2 mil and profit of 6.2 mil. This is a stable business with good cash flows and good net margin.

IT related
This is the crown jewel and main contributor of stable consistent profits, last Q is 11 mil and FY12 is 15 mil, showing a very high YOY growth. This will be the driver for the entire stock valuation.

Free Cash flow

As expected, FCF is very low or non existent, since most of the financial gains are from financial derivatives arther than ongoing business.

Although the company has recently started to pay dividend, it is expected the FY14 dividend yield to be low at 1-2% DY and growth will be minimal. Expect FY14 DPS will be about 1.5-2 cents max.

2. Balance Sheet

Balance sheet is healthy, but have unusually high amount of investment assets as in bonds, stocks and other financial derivatives (some of them associated companies, with <20% holding like ho hup etc)

It is currently holding about 551.4 mil in cash ans AFS assets vs 168.43 mil in loans, which makes the company having net cash of 383 mil BUT is primary held in it's subsidiaries (like Inari). This indicated a net cash per share of 57 cents per share indicating cash holding of 60% of market cap.

1. Profitability

Based on the multi year profitability, the profit has not been consistent having it ups and down for the past. The wild swings in EPS is due to investment holdings gains/loss. Recently the business is having a turnaround, in the IT, retailing, car rental and property business. It's stockbroking/money lending business is still not making any money.

However it's IT related business is showing a very good uptrend, and this will provide more consistent earning stability. Also trending up is it's retailing and car rental business. property business is beginning to show profit.

Current TTM13 EPS is about 13.6 cents.. indicating a PE of 7x. But some of the gains are due to investment holdings gain. In the last Quarter, a total of 49.15 mil gain consists of financial derivatives ( 8.6mil), unrealized forex gain (8 mil) and writeback on impairment of 15 mil.

If we disregard the one off gains and focus purely on ongoing business concern, the recurring EPS is expected to be about 37.6 mil per Q or 5.6 c. This will give a FY14 EPS of about 18-20 cents indicating a FY14 PE of 5x.

hahahaha aiyo leno so deperate ah... ok lah let you see lor...

but warn you it is long

AND it is not too updated (analysis done on dec 13) so it is 1Q late...

Kekekeekekek

hahaha call me whatever names you want.... i though you got calculation already :P

Not confident?

Aisey the more we talk the lower it falls.. hmmm

Dont worry will reveal in due time... in the mean time

still a value trap :P

kekekekekeke leno.. if direct to answer no fun nia.. anyone can also bullshit shout RM 2 RM 2,50 RM 3... who will believe?

matrix which plantation stock...

most important for plantation is look at unplanted land, young tree profile, FFB yield and OER...

Other like PE, PBV all nonsense

i already gave a big calculation on inari holding itself is 65.5 cents per share... how can drop to 50 sen calculation. ahahahahahahaha

hahaha later when got time.. cause it is very de long... :D

Includes RNAV for it's brokerage business, car rental, techinology, cafe & fashion business, plus its short term investment and cash holding.

just to see if people just simply promote stocks.... kekekeke

hahaha welcome slts... your prediction of inari fall to 1.30.. is going very well right?

infact i did the entire RNAV for insas already... kekekekek

hahaha just having some fun leno.. jangan marah.. kekekekeke

Hehehe ... feeling wet already?

later got time then only reveal more calculation .... :D

Insas berhad owns 165.782 million Inari shares and 30.157 million Inari-WA

At current price of 2.30 per Inari share and 1.79 per Inari-WA, the total holdings is worth RM 435,281,852.

Based on Insas outstanding share of 664.2 million, that means each share of Insas is holding on to RM 0.655 woth of Inari & Inari-WA shares.

Also to look at it this way.. every share of Insas is EQUIVALENT to 0.295 shares of enlarged Inari share.

Leno.. mana pergi..? here is some calculation to whet your appetite... :D

inari go main board, inari price will move up.. but will insas?

Hahaha leno.. it might be value play when it is at 40 sen.. that one i agree.

But is it still a value play now at 90 sen or a value trap?

Ever heard of VALUE TRAP? :D

Ok time for lunch.. yum yum...

this one is related company mar.. so can compare.. directly cause one supposed to affect the other...

If want to compare insas to dutch lady.. where got link? aiyo....

just want to hear your views... hahahaha

Ok, then WHY do you think the sentiments of insas is so poor compared to it's subsidiary?

Any reasonable reason other then price pressed down purposely? :D And to what end?

hehehehe.. what i buy is mine alone. :P

Just putting a comparison for perspective....

wooo +8 sen already pulak... if you invest 1k in insas and 1 k in inari.. when both is unoticed..one you get slightly over 100% return.. the other one already 500% return... kekekeke

Hahah leno.. that is because then inari shoot up from 40 sen to 80 sen...insas follow along due to good sentiments.

But after that inari keep shooting up to RM 2++ but instead insas coma liao....kekekekeke

Not to mention inari is generous with divvy, insas is tight like a miser... :D

+ 6 sen.. lalalala... but insas shareholder dont see it that way.

The stingy owner not gonna give much meat to minority holders.... :)

oops now inari is +4 sen liao.. insas still -1.. aiyah.. old man faster catch up! :D

think it tells you it is not canteeekk... :D

hahaha insas -1 sen.. but inari + 2 sen.... what does this tell you... :p

leno leno.. u turn now .. how? :D

Just helping the flow of conversation :) otherwise a boring comments section... hahahaha