Dear KYY, please read my blog.

HARBOUR has 60% upside worth RM1.45

https://klse.i3investor.com/blogs/learnToInves/2021-04-27-story-h1564165500-HARBOUR_Dear_KYY_this_stock_UNDERRATED_61_upside_worth_RM1_45.jsp"

thank you @Bizfuneng and @Champion

hahaha

3 reasons why Harbour has 60% upside...

https://klse.i3investor.com/blogs/learnToInves/2021-04-27-story-h1564165500-HARBOUR_Dear_KYY_this_stock_UNDERRATED_61_upside_worth_RM1_45.jsp

U should wrote this when gloves stock share price dropped 5% or maybe 10%. Now that it has dropped so much 40% to 50% maybe you are the barometer that market has bottomed for gloves... Remember coldeye said when share price dropped 50% from peak maybe you should look at it again

https://klse.i3investor.com/blogs/learnToInves/2021-04-16-story-h1563361364-TASHIN_3_Reasons_Why_It_Is_Worth_RM0_75_45_upside.jsp


Reason 1: It is in the right industry which is booming now, STEEL INDUSTRY

What is TASHIN doing ? It is a steel company. Check out its website https://tashin.com.my .

It is involved in the steel related sector encompassing both manufacturing and trading activities. Details of its operation are:

(i) Processing (ie, slitting and shearing) of steel coils into slit coils and steel sheets;
(ii) Manufacturing of steel products comprising, steel pipes, flat bars, square bars, expanded metals, checkered plates and C Purlins; and
(iii) Trading of steel products including steel plates, steel pipes, round bars, angle bars and wire mesh.

Reason 2: Latest December quarter results is a record high (+180% QoQ) (+450% YoY)

As shown below, TASHIN made RM6.5m net profit or 1.85 sen EPS in December-2020 quarter. The Company benefited from rise in the steel prices. As steel price is still increasing in January, February and March we can expect another new record in 1Q result.

Reason 3: It is worth 75 sen (45% Upside !!!)

1.85 sen EPS in 4Q20 means FY21 easily can make 1.85 * 4 = 7.4 sen EPS round up to 7.5 sen EPS. This is not aggressive because steel price still increasing trend.

10x PE on FY21 EPS of 7.5 sen = 10 * 7.5 = 75 sen

https://www.theedgemarkets.com/article/malaysia-receive-35-million-doses-cansino-covid19-vaccine-stages-month-says-adham

Government confirmed 3.5m Cansino doses starting this month!
What is SOLUTION fair value after this confirmation?

This is because SOLUTION is the distributor for CANSINO in Malaysia. News as below.

https://www.theedgemarkets.com/article/solution-group-supply-35-mil-doses-cansino-vaccine-govt

I think SOLUTION is worth RM1.95 (45% return if use RM1.34 as comparison).

Details of calculation:

1. 3.5m doses, Price Per Dose = RM100

Cansino is already being imported to Pakistan with price of $27.15 as below. Give and take we use ballpark RM100 after conversion and some discount.

So, potential revenue is RM350m.

https://timesofindia.indiatimes.com/world/pakistan/pakistan-to-start-private-imports-of-cansino-covid-19-vaccine-for-sale/articleshow/81634924.cms


2. What is the net profit?

We can use 10% net profit margin. This is what a good pharmaceutical company margin like.

So Net Profit = RM35m.

3. How much SOLUTION is worth?

Pharmaniaga PE = 30x, Duopharma =33x
Solution new player so after some 20% discount probably worth 25x PE.

25 * RM35m = RM875m

As the Company has 447m shares after conversion of all warrants, RM875m / 447 = RM1.95...

MIDF Target Price is RM1.96

https://klse.i3investor.com/blogs/learnToInves/2021-03-02-story-h1541973410-MSM_MIDF_Target_Price_RM1_96.jsp

https://klse.i3investor.com/blogs/learnToInves/2021-03-02-story-h1541973410-MSM_MIDF_Target_Price_RM1_96.jsp

MIDF Target Price for MSM is RM1.96

MSM earnings turnaround is REAL.... Here is 3 reasons why I think it can go to RM1.60 which is double current share price of around 80 sen.

1. Most of their RM56m in 4Q20 is repeatable, meaning not much one off. You can check for yourself here

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3132402

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3105344

2. New management seems to be serious in turning around company. See the news below.

https://www.theedgemarkets.com/article/msm-group-ceo-sacked-after-unacceptable-explanation-about-accounting-adjustments

3. RM56m one quarter means one year can do around RM224m. To be extra safe, I give 5x PE to get RM1120m.

As the Company has 703m shares, RM1120m / 703 = RM1.60...