Posted by wkitwing > Oct 30, 2016 01:15 AM | Report Abuse
hello kc,how do you view about apm automotive?once a excellent company but now its a beaten down fallen angel i would say due to automobile downturns now.however it make me doubt ever since the company raise abt rm1.5billion sukuk.it makes me wonder whether the company will be able to utilize this 1.5billion properly for good because this amount is not small.


Market goes in cycle. An established and well run company will survive and prosper. A good company with little debt undergoing recapitalization by using a little more debts, is often a good management decision.

静思# 是修养也是修行

Come and have a drink in Auckland, or PJ.

Posted by king36 > Oct 29, 2016 09:11 PM | Report Abuse
cheated All stocks are bought in 2013 meaning no stocks bought past 3 years in 2014, 2015 & 2016. Can trust?
You got a point.
I would wish KC could provide a recent list as this would brighten our current depressed atmosphere.


I have shown you numerous times that value investing works very well in Bursa in my experience. I have provided you with the portfolio stocks many times published years ago and their excellent returns so far, to prove that in my very own experience it works.

Yet you still say "Can trust" ah?

When you do not trust value investing, what good is it to give you a list of potential stocks based on value investing?

My advice is forget about believing there is tooth fairy in the stock market. There ain't no free lunch in investing, in fact, for almost everything. Arm yourself and you, and only you, is the one who is dependable for your investing success.

Good luck.

Posted by cheated > Oct 29, 2016 05:52 PM | Report Abuse
All stocks are bought in 2013 meaning no stocks bought past 3 years in 2014, 2015 & 2016. Can trust?

I did not "cheat" you.

Please read and read again to try to understand what I have written, that I did not say I bought all those stocks as listed in 2013. Some forumers in 2013 asked me if the stocks they were interested at that time were good stocks and I provided my opinions which were published in i3investor in some time May 2013.

These things were published in the website three and half years ago. They are public information.

So what is the matter of if you can trust or not? Go check the website.

Posted by smartInvestor1 > Oct 27, 2016 08:48 PM | Report Abuse
We all know the true story behind this company. So we rather avoid the risk


that should be the attitude of a smart investor towards investing.

In fact, we already have a history about this company from I-power to Instacom to now Vivocom.

Riche, I wish to take a serious note on Jay's article just published.

"Serious investing" of felicity is a must read website for all aspiring value investors in Bursa.

Posted by bracoli > Oct 26, 2016 09:37 PM | Report Abuse

I wonder is it evaluating an insurance company would b the same as other industry? Tunepro has 0debt but wonder if other metrics inventories etc would b the same.. hmmm


No, you can't use JG's Magic Formula to evaluate banks and financial institutions. Classification of assets and liabilities, working capital etc are completely different.

Posted by Ultramen > Oct 25, 2016 03:21 PM | Report Abuse

tunepro good or not?



I don't see any problem with investing in this stock.

Posted by Patrick13 > Oct 25, 2016 08:47 AM | Report Abuse
Hi KC, may I know what is the difference between ROE and ROIC? Is it same concept but just different formula?


ROE is only involve the equity shareholders, whereas ROIC takes care of both capital providers of both equity and debt holders, or the whole firm.

Posted by newbie92 > Oct 23, 2016 09:03 PM | Report Abuse

Fibon still can hold?



Fibon certainly meets Joel Greenblatt Magic formula at the present price.

Posted by StockUnleashed > Oct 23, 2016 07:02 PM | Report Abuse

Sifu kcchongnz, here is one more great stock! http://klse.i3investor.com/blogs/StockUnleashed/106959.jsp


Agree with you.

Posted by John Chang > Oct 23, 2016 06:25 PM | Report Abuse
any free filter website to filter companies in Bursa based on EY and ROC?


I doubt so. That will be better as those who have the knowledge and are willing to do some homework have better chance of extra-ordinary return than the free riders.

bluefun,

Well done in your analysis. A good analysis with facts and figures, rather than a sweeping statement.

Keep it up.

chrisnjacobs,

my email address is

ckc14training@gmail.com

Posted by zul > Oct 19, 2016 12:15 PM | Report Abuse
kcchongnz sifu you got experience can explain what this means,I don't understand this ?
vivo share issued 3.23 billions is bursa listed company most damn heavy counter,big holders selling a lots of shares to market , make vivo shares flood in market float 1.69 billions shares.When PENNY STOCK share issued 3.23 billions the futures fate will same as sumatec


I detest the management of the company I have share with spending most of their time and effort trying to push up their share price, rather than focusing on doing business. They go everywhere promoting their stocks. They spend huge amount of money every year getting investment bankers doing all those useless corporate exercises, and they take advantage of them.

Already got big jobs from Chinese contractors and developers? I don't know the eventual outcome but I am just gauging what the management has been doing in the past, and now. There are simply too many doubts in my mind.

I won't touch this type of company with a ten foot pole.

Well I am not condemning anything. It is just my personal opinion.

Posted by KLCI King > Oct 18, 2016 11:04 PM | Report Abuse
This KC must be always monitoring all forums to make sure he can reply back (or talk back) in his article when someone is bad mouth him


Why would someone wants to bad mouth somebody who shares with you knowledge and experience in a forum of investing?

Why would I care if someone wants to bad mouth me, for what? And I have nothing else to do?

Mr. King, although I am making use of this person who follows me blindly, I am actually making use of his name to share with you what are corporate exercises, how to avoid this trap, or to take the opportunity of these corporate exercises.

I do read postings in i3investors, some of the writers have great contributions here, I am looking for opportunities in stocks shared by them. I have no interest to watch and see if anyone badmouth me or not. It doesn't create value for me.

Posted by zul > Oct 18, 2016 02:54 PM | Report Abuse
kcchongnz why Vivocom is even more “terror” than eah ?


Zul,

EAH incredibly had 5 corporate exercises in 5 years.

Vivocom more terror because it had 6 in a span of 4 years.

Posted by apini > Oct 17, 2016 06:44 PM | Report Abuse
It is a double edged sword
For a great undervalue company , it is definitely a goodie
For a pariah overvalued company, it is definitely not a goodie
What KC wants to tell you is you must have the knowledge to identify whether it is a goodie or non goodie
So join his online course if you want such skill

Honestly speaking to me and most of the people here including KC himself, it is a goodie .
Because we buy great companies, not vivacom or Egh so fond of corporate exercise



Thank you very much my friend apini.
I absolutely agree with your last paragraph.

Posted by PlsGiveBonus > Oct 17, 2016 08:16 PM | Report Abuse
Bonus issues and right issues is a good way to raise fund for many company
There is many company in klse that is impossible to survive without it.
I think it create value for market outside of Dow Jones, and it work best for underdeveloped country to stimulate the economy. Imagine how can we afford to invest in the market if all the company is so expensive that it worth usd 200k to buy one share, only the rich can own the market.


Bonus issues and share split have nothing to do with raising funds for the company. Warrants yes if converted.

Anybody converts the all the free warrants given by EAH, Vivocom, KNM, Asiamedia etc. What about the free warrant given out by XingQGuan?

Is it difficult for the public to invest in a company when the maximum cost is only about a few thousand by investing in 100 shares of the most high price stock in Bursa, when most of the time you can buy 100 shares for less than RM100?

Posted by pisanggoreng > Oct 16, 2016 09:41 AM | Report Abuse
Ask yourself a simple question
If the stock that you have invested based on FA is giving bonus, splitting and free warrant , do you feel happy and expect the price will rise tomorrow ?
(I am talking about tomorrow not 10 years later )
If your answer is "YES" , then 1+1 = 3
If your answer is "NO" , then 1 + 1 = 2
In any market play , muture or not mature, other than TA , FA and luck , there is also some element of market sentiment or psychology
Remember
I am talking about the immediate effect ofrom the exercise , not 10 years later that everybody would have forgotten the exercise long ago .


Hi Pisanggoreng my good friend, how are you?

If your answer is "YES" , then 1+1 = 3
If your answer is "NO" , then 1 + 1 = 2

Well, look at my previous post as appended below

http://klse.i3investor.com/blogs/kcchongnz/106438.jsp

EAH and Vivocom's management wanted the general public to believe that 1+1=3, and true enough, many of them believed. The insiders, and also the minor shareholders if they have sold at the high, certainly benefited enormously because they were able to convince that 1+1=3. What happen then?

The poor new shareholders who believed that 1+1 =3 chased the share price up while the insiders and major shareholders dumped them in drove. Finally the truth prevail. 1+1 is not equal to 2, but 1+1 actually equaled to minus one.

The truth exposed was not after 10 years, not 5 years, but one month, or just a few months.

Please go and read what I have written there and my event studies.

For good companies 1+1 sometimes does equal to 3, or 10, but sadly most of the time, 1+1 is indeed equal to 2, and even equal to -1, or -5 very often.

Posted by John Chang > Oct 15, 2016 10:01 PM | Report Abuse
Vivocom example of stone? ^ haha

Posted by CKNYAM79 > Oct 16, 2016 10:58 AM | Report Abuse
When Vivocom reach target revenue rm500mil after q3 and q4, then I want to see what he will write later.


Go back to the link below and see how all those corporate exercises carried out by Vivocom in the event study graph made many investors lost tons of money, and also the historical share price movement of Vivocom in the link below.

http://klse.i3investor.com/blogs/kcchongnz/106438.jsp

Then come back here and tell me if Vivocom a gem or a charcoal..

Ezra,

I talked a little bit about the costs of investing in unit trust here

http://klse.i3investor.com/blogs/kcchongnz/45121.jsp

Try going through Fundsupermart, it is much cheaper. Goggle it.

r = 8%,
g= 5%

Good article.

Should change in working capital be included in FCF?

Free cash flows means what it really mean; the net hard cash inflow/outflow after capital expenses. That also includes the need for increase in net working capital.

For a going concern, especially for a growing company, there should be overall increase in net working capital over the years, not necessary increase every year, but a trend of increase.

A growing company requires to increase its material purchases, inventories, more money to fund those payments first, before a company produces the goods to sell and then collect payable.

Ignoring change in working capital inevitably overstates the amount of free cash flows, and hence the value of a business.

Posted by WB2F > Sep 29, 2016 10:28 AM | Report Abuse
"Life is the most difficult exam. Many people fail because they try to copy others, not realizing that everyone has a different question paper !"


Well said.

Many people are given the opportunities to learn the life lessons and prepare for the examination for all kinds of questions. However few, very few bother to care about them. Some like the above, take the short cut and try to copy. Occasionally they copy the right answer, but most of the time, like a dice, 5 out of 6 times turn out to be different and wrong answers, and as a result, mostly fail.

Posted by Icon8888 > Sep 27, 2016 10:48 PM | Report Abuse
Why invest ? Because not only you need to work hard, your money also need to work hard


Well said Icon8888,

“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.”
- Robert G. Allen

And how would Warren knew this when he said this? From where?

"I Always Knew I Was Going to be Rich”

Posted by Peter Low > Sep 28, 2016 04:46 PM | Report Abuse
Hi KC, i am interested to learn from you, through courses. can you PM me?^^

Please email me at ckc15training2@gmail.com

Posted by Blacksails > Sep 28, 2016 09:26 AM | Report Abuse
KC, why don't you give us 5 stocks to buy today or soon to keep for 10 years
and see the result in 2026. That's the challenge to U to prove your theory.


That is not the way to prove a theory. You got to have statistical significance results from proper research methodology, rather than spurious occurrence.

By the way, you don't need me to give you the 5 stocks. Use some value investing strategies to buy a portfolio of about ten good stocks. I am sure you can do well with that. There are scores of good stocks selling at good price now in Bursa. More in SGX and HKSE.

Posted by stockmanmy > Sep 28, 2016 09:31 AM | Report Abuse
and Deutsche Bank share is at multi year low
yeah, compounding.



Why did you choose Deutsche Bank as an example out of thousands of companies?

The legendary investor Shelby Davis, whose approach was essentially to buy and never sell. "His belief was the best time to invest in stocks is whenever you have the cash,"

When he died he owned more than 1,000 different stocks!"

The end result of Davis' low-trading approach? Even though several of the companies he bought went bankrupt, he turned $50,000 in 1938 into more than $900 million by the time he died in the mid-1980s. He had returned an astounding 24% a year with almost no taxes.

Posted by JN88 > Sep 27, 2016 10:54 PM | Report Abuse
Only counter with >1000% gain can beat property.

You sure?

Have you bought a house? if so, you can work out what is your internal rate of return by putting all the periodic inflows and outflows of cash you have put in, and assuming you can sell it at the market price now.

Your cash input would be rental, and final cash in of a lump sum left, after legal fee and agent fee etc., and also paying balance of loan to bank.

Your out flows should include your initial outlay of deposit, renovation to make it fit to move in, including air conditions and chattels,legal fee, agent fee if any. There will be periodic outflows such as installment, quit rent and assessment fees,insurance, repair and maintenance etc.

Work out what in the net present value on the year you bought it, and of course internal rate of return which you can compare with other alternative investments.

In my experience, only houses in a very good location may yield positive net present value, or an IRR > 10%.

Try out and see.

Posted by Peter Low > Sep 27, 2016 02:09 PM | Report Abuse
Hi KC, thanks for sharing,
may i know if total debts is always necessary coming from figure under Term loans – unsecured 36,012, or there is a formula to derive it please kindly advise. Thanks.


Debts I mean is interest bearing debts such as short term loan, long term loan, bank overdraft, hire purchase etc. No formula

Hi urfather,

Good construction comments are hard to come by in i3investor. Thanks for your valuable comments.

If you read my article again, it is about updating my participants on my stock pick on Thong Guan, which I believe, many of them have bought it. A number of them are also subscribers of icap Newsletter and hence some of them sought my opinion. I am duty bound to provide them with my opinion.

I emphasized to them, the RM2.50 was a price icap advised his readers to buy TGuan at that price, and it was not a target price. Hopefully they don’t get unduly worried as TGuan share price at RM4.24, like Humpty Dumpty, may subject to a great fall. That is where my duty ends. I am not obliged to defend at length what icap has written about in its newsletter.

When I give an opinion, it is my nature to try to give some numbers too to justify what I say. For example, I provide some market valuations in terms of PE, P/B, P/CFFO, P/FCF, Ebit or Ebitda multiples etc. as shown in the article, rather than just plugging figures from the sky. Here, I talked about “the present”, which I think it is better than the way “past”. Those are may be what you termed as “Investment value” in your comments.

I also like to do DCFA to get a feel of the value, not target price, of a company so that I can compare to its price to decide if I want to invest or not, although not always all the time but in this case is essential because of the claims of the warrant and loan stock holders which have significant dilutive effect on the underlying share, in my opinion. Many super investors do not use DCFA, I know, but those I follow closely such as Seth Klarman, Mohnish Pabarai, Howard Marks, etc. do that judiciously. Again this is my personal choice.

To do DCFA, one looks at its present state of business, some numbers, and a peep of its future, make some assumptions of course, use some conservative assumptions if one is interested in the stock, get an intrinsic value (IV) of the stock (not target price), and hence a margin of safety (MOS). The concept of MOS is important to me as there is always a range of values for the IV of a stock, but to me, it at least give me a feel what this IV is. Those may be the “speculative value” you mentioned about. Investing is about the future and not the past, everything involves some speculative elements, doesn’t it? I do not see it as a “perverse” way to explain margin of safety as you emphasized. As I have said, I have no issues if you are not interested on DCFA as many good and successful investors aren’t too because of various issues of assumptions. I am sure your investing way have serve you well too, just like my way serves me well.

Thanks for your comments again.

Posted by mrkeong > Sep 24, 2016 10:27 PM | Report Abuse
KC Chong, do u mind to revisit Insas again? Is it still worth to hold it after ur buy call years back.

Mr Keong, no, I don't mind "sharing" with you what I think about Insas, but I don't think i ever made any "buy call" for Insas, or any other shares.

Please read my sharing as appended below, which i think it still stands; that Insas is way undervalued looking at its assets. But if Insas's value never unlock, please don't blame me as I have no control of it.



Insas and Graham net net

In 1932 at the bottom of the Great Crash, Ben Graham wrote an article on Forbes about the cheapness of the market and how companies are being quoted in the market for much less than their liquidating value, as if they were all destined to be doomed. He called these types of stocks, "net nets", companies that sell for less than its net current asset value, or net net working capital. Graham used the following formula to compute the liquidation value of a company.

Net Net Working Capital = Cash and short-term investments + (0.75 * accounts receivable) + (0.5 * inventory) – total liabilities

It's the lowest form of valuation you could possibly do because it ignores everything about the business and just focuses on tangible assets. The formula states that;
• cash and short term investments are worth 100% of its value
• accounts receivables should be taken at 75% of its stated value because some might not be collectible
• take 50% off inventories, due to discounting if close outs occur

Insas’s latest balance sheet as at 30 June 2013 was used to compute the net tangible asset and Graham net net values. Besides cash, the net net values of quoted and unquoted investments owned are also taken as 100% of the book value. Note that tax assets, property, plant and equipment, Goodwill and “other assets” are taken as worth nothing.

The appended table shows that the Graham net-net value of Insas is RM1.23. This is more than twice its closing price of 64 sen on 30 October 2013.

Besides Insas has been profit averaging 6 sen per share for the last 10 years. It has on average positive free cash flow and a healthy balance sheet.

Why is Insas trading at such a big discount to its Graham net net value? I guess is investors have not much trust in the management in maximizing minority shareholder value. No dividends have been declared until recently, although it has been buying back its shares. So with the beginning of this more tangible dividend distribution, will Insas be re-rated in accordance with its value?

Insas Graham net net
Cash and equivalent 532,894 100% 532894
Investments 120,290 100% 120290
Investment properties 151,432 100% 151432
Associate companies 90,145.63 100% 90146
Receivables 345,289 75% 258967
Inventories 15,830.73 50% 7915
PPE 59,765 30% 17929
Other assets 43,503 0% 0
Total assets 1,359,150 xxxx 1179574
Total liabilities -325,949 100% -325949
Net assets 1,033,201 xxxx 853,625

No. of shares 693,334 xxxx 693,334
NAB 1.49 xxxx 1.23

“I don’t really read every single article or every single word, but as far as I know, icap has never given a target price or even mention that term. Kindly point out if I happen to be wrong about this.”

Regarding your statement above, you are right. But is there any difference from my statement below which is in the article itself?

“Again, the report did not recommend you to sell at the price but merely recommend a “Buy” at RM2.50 for the long term. Hence there was nothing wrong with icap’s suggestion, to buy at RM2.50.”

“From what I interpret is that if price doesn’t come down anywhere close to RM2.50, walk away and look for something else that will yield better long-term returns.”
“For me, I don’t do DCF, and I don’t calculate WACC. I don’t do financial modelling. Neither do I come up with a target price and see if the future market price will hit my “target”, which I think is rather foolish.”

I have no issue about your statement above too, absolutely none.

“However, if you were to look at this from another perspective, if someone actually bought TGUAN at RM2.50 and below, and assuming that current market price is considered fair, and given that there is a change going on for the business, whether sustainable or not, there is a CLEARLY ESTABLISHED MARGIN OF SAFETY going on here.”

Your statement above, however, seems to contradict your statement below, isn’t it?

“but somehow I see this as a rather perverse way of explaining the concept of margin of safety.”

“Subsequently, the maximum price that should be paid would need to be established so that at least over the long-term, the investment return can still be reasonable.”

So how do you establish your “maximum price”? Please share. After all, this article was written for sharing purpose.

In the report from icap, the writer was also curious how the RM2.50 came about, I mean there should be a way to establish that figure, shouldn't it?

Posted by deepestvalue > Sep 23, 2016 11:46 PM | Report Abuse
Interesting refresher...
However, why did you use the ROC to derive expected growth in revenues, when it should be on the firms operating income - even if the yield the same numbers in your simplified example, they are conceptually different

"why did you use the ROC to derive expected growth in revenues"?

That is the assumption of structural growth, not growth from more borrowing or issue more shares, a common valuation technique by the professional.

"when it should be on the firms operating income"?

I am doing the DCFA from the firm level and then deduce that for the common shareholders.

"even if the yield the same numbers in your simplified example"

You can do it from the equity shareholder level too, also okay. I have no issue about that.

"they are conceptually different"

Why is that so? It is just that one start from the firm level and the other the common shareholders level. They are of the same concept; DCFA, aren't they?

Posted by paperplane2016 > Sep 23, 2016 11:18 PM | Report Abuse

Chong NZ, mai gehgeh. U tell ppl tp, tht s a buy call Liao. Ppl will be guided by tht. The intention is lure ppl no?


lure ppl? Yeah kah? Why do I have to do that? To sell to you?

Where did I mention about apa itu "target price"?

Posted by fayewong88 > Sep 23, 2016 08:14 PM | Report Abuse
kc are you promoting tguan now after kesm? is there no bias as a shareholder? i personally think both stocks are not good to buy now. time to take profit? yes!


Please read the two articles on KESM and Thong Guan a few times and see which is the statement below is correct.

1) That I asked others to buy them

2) That I advise those who have the shares to take a look at my analysis and see if they make sense and then decide if they want to sell

Have I actually tried to promote any share in i3? Which one and why you say so?

Posted by valuelurker > Sep 21, 2016 02:55 PM | Report Abuse
Nobody here's going to attack the assumptions/thesis?


No need to use the word "attack",so you?

I always welcome constructive criticism or challenging my assumptions. Good for learning and sharing purpose, and help me to avoid some pitfalls in investing.

Posted by MG9231 > Sep 21, 2016 05:27 PM | Report Abuse
By 2025, if Icap Bhd still underperformed as like now, he is continuing his way of bluffing by bullshitting world economy problems and is sleeping on his job, can't generate cash from investment , let say fees pay to Tan Teng Boo average 7 millions a year, with 9 years to go, it will be (7m * 9) = $65M already "sapu" or "rompak" by Tan Teng Boo as management and advisory fees. How much will it left to current shareholders?


That is exactly the reason why icap is undervalued by about 24% now.

Posted by MG9231 > Sep 21, 2016 04:35 PM | Report Abuse
According to Agenda 5 of upcaoming AGM on 24-9-16, Amendment will be made to suggest a review and a resolution of liquidation of Icap Bhd by its directors can only be done in year 2025.


Any shareholders vote for this is a stupid fool.

Posted by MG9231 > Sep 21, 2016 02:48 PM | Report Abuse
So All Shareholders, should I suggest liquidate this icap bhd?


That would definitely be the best interest of all icap shareholders in my opinion.

Posted by SohaiHamid > Sep 20, 2016 12:50 AM | Report Abuse
Hevea is much better investment than Reach Energy Bhd, the SPAC which is going to get booted out from Bursa Malaysia


There are many reasons SPAC is extremely hard to be successful.

http://klse.i3investor.com/blogs/kcchongnz/86227.jsp

You cannot compare a SPAC investment with Hevea.

Posted by moneySIFU > Sep 19, 2016 11:17 PM | Report Abuse
I am now not sure about the industry in near future, so I choose to stay side way. Anyhow, it is good article to share with.
TTB is always smart, it is not wrong to recommend to buy for long term if price is below RM0.60.
But it's like recommend to buy Genting for long term if price is below RM4.00.
Actually, it will never be wrong since the chance to get wrong with that price is extremely slim as it is impossible at the moment.
Even at the worse case scenario, TTB can still give another report incorporating latest bad development & recommend further lower entry price, say RM2.00? That's how the business run, right?


Good comments moneySIFU. Yeah, you don't have to swing at every pitch.

Excellent piece of work Calvin.

I particularly like this

"Jesus says, "What shall it profit a man if he gain the world world and lose his own soul?"

YiStock,

Good analysis. It is a tough industry, although I am not sure what would be the outcome of this industry in the near future.

There is also this contemporary behavioral finance in investing, which if used properly and correctly, can also yield good outcome in investing.

I admire your prowess in detail analysis, and most of all an independent thinking mind set.


有"己"见，"明"是非，有"胆"識，莫"盲"从，有"耐"心，成功之道也

Posted by casperl > Sep 15, 2016 03:36 PM | Report Abuse
If I got small savings, i still prefer KC and not go for TA as fundamental analysis is important same as build a high rise building must not missed the piling, settlement which will be foundation of whole building. Even index drop so much, many fundamental good company like kesm tguan chinwell penta padini nestle comcorp oka not affected but just minor retracement…


Words of wisdom

Posted by ckkhen > Sep 15, 2016 10:27 AM | Report Abuse
One sure way for old and new investors to make money is to buy and keep regular,boring good dividend paying counters, with Dividend Yield @4.00-5.00+ e.g. Apollo, Perstim, HAIO, Padini,PIE, Amway, HEIM, Carlsbg, Magni, Cscenic, Kmloong, Aji, Dlady, Panamy, F&N, Bstead, BPlant, to name a few examples and you won't go wrong. I am speaking from 30 year experience. Forget about so-called asset rich, growth and speculative counters. You are the best fund manager, not any unit trust fund manager, friends or family members.
Last but not least, learn from kcchong. I did and still do.


Thanks for your compliment in the last sentence. You are a class above yourself in investing looking at what you own.

Posted by Ezra_Investor > Sep 14, 2016 10:04 PM | Report Abuse
KC, rather than self investing vs public mutual, I'm more interested in knowing the comparison of property investment vs stock investment.
I believe not many has written a comparison of them before.
Will you write about it one day? Thank you.


This is a tough one. To do some good analysis and write a credible report, one must do a lot of research, and to be in the industry preferably, especially for the property market which locations is a main consideration.

I can do that but I doubt I have the time. Better leave it to someone else who is in a better position to do it.

Posted by ks55 > Sep 15, 2016 12:46 AM | Report Abuse
Is it that difficult to make money from share market?
Just give you a sure win counter with buying strategy.
If you lose money on my recommendation, I will disappear from i3 indefinitely.
1. Buy APM at 3.40 - 10%
2. Next buy at 3.10 - 10%
3. Next buy at 2.80 - 10%
4. Next buy at 2.50 - 10%
5. Next buy at 2.30 - 10%
6. Next buy at 2.10 - 10%
7. Next buy at 1.90 - 10%
8. Next buy at 1.70 - 10%
9. Next buy at 1.50 - 10%
10.Next buy at 1.30 - 10%

ks55, since you know APM share price will drop to RM1.30, why not only buy at a lump sum when it drops to RM1.30, instead of averaging down which will increase our unit price?

Posted by wkitwing > Sep 14, 2016 10:40 PM | Report Abuse
hello,kc......how do you view about those china companies in bursa?i see most of them are conmen companies.those like xinquan,csl,hbglobal,maxwell and etc.so even if we want to invest on our own with all the knowledge of FA and TA,can we even avoid those conmen companies?
then again can those fund managers know which ones is conmen companies?if they know,would it safer to leave our fund to them to handle?


Yes, you can avoid those conman companies using FA, by tying up the three financial statements together, and studying the management words and actions in annual report, AGM.

By the way, one golden rule in investing is you just ignore Chinese companies listed in Bursa, all of them without exception. You will be another stupid fool if you don't.