hextar owns 38%. 62% is in the market now @ 320m. company cash is 300m. Why would i let other people snap my company for cheap. buy back up till 10% cost 32 million only if people throw so cheap. 300m left, offer extra 50% @ 450m buy the company off the market. all 270m cash left go to owners pocket. if ruberex continuento make money, ROI for him takes only 2-3 years. then when market normalize and back to good time, just relist back at higher valuation. Who don’t want haha. good for him but not minority shareholder. but if he do that, can earn some from privatization offer. but this is an assumptions on my perspective only. not an advise, or analysis of any sort.

John1234 hi long time did not chat with you! Finally want to share with you i bought my second tranch of Rubberex @60 cents. It coincides with what company willing to buy back and MGO offer price last year.

Not the bottom but happy with my entry. My average now is 68 cents now. I find it reasonable although still in loss position. Glad to see you are still around sharing. Hope you will earn lots of money.

Let’s see where we are with our slightly higher risk investment here in 3 years time!

John1234 wah you are very patient to explain to people one by one. i think is ok now. i only engage people who wants to have factual or interest to know why we decided to put our money in here at this current price. Only time will tell whether we make right decision or not. but thanks for all your sharing! i will let haters or one that come to shout PN17 la trapped high la kind of comment to vent their heart out and be gone from the forum for a while. thanks for all the good sharing. @albukhary and @skcm2017 bro/sis too! all the best may we all huat in 2-3 years time!

It depends on how you see things. PP like careplus is a strategic thing. they are ace market participant with small investor pools. by doing PP and getting strategic holders to subscribe, you will also get a stable growth, stable presence and bigger investor pool of coverage.

In the case of Rubberex, my take is they are expanding 4 times their current capacity. that is quite a big expansion. And to be honest, unless ASP stabilize, they would not be able to predict how much cashflow is needed. so it is a move of being prudent with cash management. That might be the reason why they did not give out any dividend and go for PP instead of raising debt.

Imagine ASP really drops kaw kaw and you have to service your debt too in uncertain environment. It is just a move of being more prudent having a cash with letting go some of the stakes. 10% dilution is nothing vs the level of profit that is incoming with 4x capacity. acceptable level for me. Ruberex has been profitable even before covid, so i have some confident that they will manage their cost and capital properly.

And at this juncture there is no news on who subscribed meaning the it is not a single party because once you have more than 5% holdings, you will become substantial shareholder. So if multiple party are interested to inject money into the company, then they too see some prospect in it. There are 2 types of PP holders, 1 is short term goreng and dump into the market, 1 is a long term strategic holder willing to wait out till plan they are presented with to materialise. So far since listing of additional share, there aren’t any significant price pushing which in my opinion tells that PP holder is of later category.

I can only say my reason to enter now is that i weight the reward should be higher than the risk at current price and with the expansion, it is definately worth it. Pre covid, 1B capacity, their NP ranges from 10-15m. Imagine 10x capacity, at same level (exclude any cost saving from not having any debt + economies of scale) it should be 100-150m if we take it at face value. 100m a year means EPS of 10. At mean 5y PE of 15, it should have future value of rm1.50. This is being prudent in calculation. 100% reward in 2-3 years should be interesting enough for me as my required rate of return i am looking at is 20-30% per annum. And at this suppressed price, they might even be a good m&a target. So again, it is how you analyze, view and your determine the risk vs reward. in saying that i only buy anything below 80 cents because that is what company think as price with attractive upside when selling the PP to the private investor.

But should there be any hint that the expansion is not going to happen as planned, i would not hesitate to cut loss my position or cut win based on the timing of the news because my reward vs ratio is heavily dependent on successful implementation of expanded capacity.

Just my 2cents. But thanks and valid argument BrusaCasino. One thing i agree with you is the director is not really the type that looks out for minority shareholder. That i agree. Even with his other ownerships. But he is good at deal making i will give him that only. My view is only based on my risk profile, my timeframe of investment and required rate of return i am looking at. I am not promoting anything. please feel free to criticize the company if you don’t like them. i like to read opposing view as check and balance againts the idea i have.

skcm2017 nice! hope you huat all the way!!!

hhaha warned already always fakeout. but still i am wrong haha. i thought they will never push till above 50 haha. in this case bro terence win la. but i am glad i fear monger below 50cents aha. now cancel my buying plan also. wait for QR and clearer picture from director

John1234 thank you for your view. appreciate everyone’s input that all you had shared ! I hope everyone will make money here. Does not matter enter late, stuck last time, avg down or not. Hope it will one day in near future to break new high so all of us now can earn. On dividend, i think if the company can make good use of our fund to generate better profit, it is good. I think for most who stuck will be more disappointed because dividend is like cash reward for them to average further down. however over the long term, it should be good hold as long as they stay true to the expansion plan, and able to cope with the increased competition.

smyang11 just my personal opinion, both is good company. i personally likes comfort slightly more, because the director is a bit friendly with minority shareholder. remember when old director left the company, the did not transact it in open market, and share selling is done off market. i remember at rm2.4 the price transacted. another thing that i like about comfort is their product focus is diverse and their focus is into specialty gloves as well. that is a bit niche. in addition, they also exports to more country as well. expansion is also in place from 6.8b towards 14b. as for ruberex, i really dislike OCM. does not deny he is brilliant market maker but not towards minority shareholder. he used to be shareholder of comfort glove as well. however, if you see in totality, he owns hextar, he bought into complete logistic as largest shareholder. so he has ties over complete supply chain from the chemical component of rubber glove, to rubber glove manufacturing and to logistic arrangement and even warehousing. the whole chain is important for sustainability and cost management. over long term should he not cash out and stay in the grand plan, it should be good thing for ruberex. but this is theoretical assumptions of his plan and we can invest on hypothesis only. so that is my 2cents. hope it helps. but nevertheless, please stage your entry and be prepared to hold for long term (more than 1 year) else better not look into any glove counter in my opinion

Albukhary

yes you are right. Sorry i input 300m in cash per share of 0.33 but forgot to ammend my figure. Thanks for pointing that out. Yes at this price i believe it is hard to go wrong. but it might not move until normalization of asp pricing is clearer.

i think somewhere up there got a person highlighting the enterprise value is now at 0.57. yes. but if you take last 4Q ebitda, now EV/EBiTDA ratio is as low as near to 1.5 which is amazing and good takeover target as well.

Either way my only concern is the quarter sales to europe consist of only ard 15% and europe margin is only around 4% now. malaysia market seems much better margin which i believe due to logistics cost etc all not impacting them.

John1234 as predicted. it is slightly above my predicted calculation. i expected 6-7 and they deliver just slightly more at around 8 cents per share. Management also guided that second half earning will be impacted by softening of ASP and operation disruption.

However they stated this year should perform better than FY2020. we already surpassed the whole 2020 within 2 quarter so the statement is just saying they won’t be in loss position no matter what.

I would expect next 2 quarter to churn out another 6c and 4.5c in eps. good news is the cash is now 240m after completion of PP. and net asset per share is now 64 cents. and cash per share is abt 33 cents. at this price point it is still attractive to me. so my second add point will be near 64-70 cents should there be any dip.

Interested to hear your thought

John1234 my deduction is because we can see apart from Kossan and Harta, other glove has peaked their earning in 1Q 2021. So my deduction is using ASP similar to TG. And last Q is operating at full capacity.

Hence a more conservative prediction. i could be wrong. lets see the report in few days. i do hope they reward holders with some dividend.

John1234 i would expect the QR would churn around 55m-65m range. i am a bit more conservative. with increased number of share it will equates to 6-7 cents in earning per share. which is still good in my view for the company size.

And reason i am buying at .785 and ruberex at this price is because i think at current price it makes it attractive either to benefit from the expansion in capacity future profit or a very good acquisition target should bigger player or overseas player looking to acquire into the sector.

John1234 yes i disliked the director but every counter has a price. Thanks for sharing opinion now and then my friend. My first entry is 40% level at .785. My second entry will only be below 70 cents and last entry would only be nearing 60 cents. But only if they happen to drop to that level. last qr cash is at about 170m with almost no debt. recent PP would increase the cash level to 260m or abt 35% of market cap. That should be comfortable level of cash to complete the 7.5b extra capacity and operating at comfortable level. i believe this entry point is a fair entry.

smyang11 maybe you are right. i suggest you look at big 4 for dividend and if you want a safer option. our entry is based on observation and own risk profile. everybody has different appetite at different level.

haha. see told already the director will never support minority shareholder one. haha. now is about same price as hlt and market cap only 30% more than hlt haha. now is about the price i am willing to take my first entry finally

gohkimhock yeah. because malaysia dun use china glove. lols. even if they flood, how much market share are we losing. how much are your expected asp moving forward. how efficient are they vs malaysian glove. from how much supply since before pandemic vs after pandemic has they increased. how fast will supply meet demand and the remaining demand, how many percentage will go to china. can share some figures since you have seen it all. dun reply with statement like yeah glove fanatic bla bla bla. share some fact since you are here out of goodwill and to warn everyone of the danger investing in gloves.

lol. 0.6 ? u serious? hahahahaha. funny guy

terence775 yes. still waiting below 50 cents. i park 0.495 cun cun. wait one or two trading days will sell down back. how many times already fakeout. lol

hope people panic. can buy in 1.30-140. waiting so to come that price for a while now

John1234 its 84x3. 2 every 1. 1 unit become 3.

haha. where is MRDIY promoter. i thought MRDIY is the best. one quarter perform 40x less than kossan? even back to pre covid level MRDIY is worse off than kossan ahha

hope tomorrow can drop a lot for me to buy. emco but have 1 month inventory to sell in the mean time. good risk management

haha. what sikit dividend. dividend payout of harta has always been 60%. so this qr eps 60% will pay next qr. always like that. must be new to harta stevenckheng

lol. later same thing. analyst come out and say, expected, already peaked, maintain or cut a bit citing future supply gut. lols

wah. will break below 50c back soon? kakakakaa

lol till next fake out

lol. just this much of profit. am dissapointed.

come on. drop a bit below 80 c haha. only want to enter

lol what mr diy. revenue drop 50% and profit drop 80% also eps can be 5x MRDIY. lol.

John1234 thanks. always appreciate your input and sharing. and of course, better facts than me that always think and do some calculation based on available report which is research in nature. you are give facts. and definately not come out with a statement that it is moving up just because you bought again.

luke i dont think surges of variants will have any impacts on asp. now compare to previous before covid time, supply has increased. so asp will just normalize. fast or slow only. i calculated with pre covid asp+20% anyway. fair to say fv is around 1.5-1.6 based on my calculation if you give it a pe10. still if no div given i believe many will run. what is worst when director dump shares on you and give no dividend. i would sit out till there is clarity on div. if i lose out then i lose out. dun really mind.

lol hit .55 and reverse. told ya kakaka. scaredy operator

alivetoinvest i agree. don’t waste your time so dun come here. shushhh

Luke wishful thinking. EPS 5 for next QR. ASP drops around 20% qoq. next 1y normalised maybe around 14 cents eps only. pe 7@8 is only 1.12. then after that assuming new capacity is online should be eps yearly around 15c roughly. pe 7@8 give u around 1.2. unless market willing to give pe10 to then then not much upside at current price. if go near 80c again can buy leyh

hahaha. what synergy? if there is any benefit at all it will only benefit hextar. nothing about digital banking can be linked to rubberex. it will only makes it easier for them to raise debt via its own digital banking platform, or allowed payment via digital banking which all fees shall goes to hextar because the pie and consortium is joined by hextar lol.

Sales yes correct. but there are two things to be confirmed. see next qr got divvy or not. looks like they stopped giving last few qr. then bonus recently only give. wait 3-5 years la aha. only if they are successful then.

Luke QR wait also for what. wont be better then last QR. already peaked. capacity max already last QR. i think at most is 53 m like that. eps of 5.8 only after that 10% dilution.

lol. no. simply follow other gloves. how far only can go this round. 1.3? 1.4? then ocm throw again? buy 80 cents throw 1.40 almost double. smart. this time dunno which point he wants to throw kakaka.

hahaha. when? he won’t deal la. the intention to deal is to buy that PP la what else

kahkah this one max .55 then operator will dump back lolol

hahaha. hlt also about same price and overtaking rubberex soon? lol

lol glove never move in tandem with covid. who said that. lol. last week green last minute must be the person close the short. lending out shares for short also means they don’t have any plan to dispose the share. so long term is ok

kakakaka, PP at 80 cents then got intention to deal during closed period. so ocm buying the PP. lol. throw 1.4 to people and buy cheap. later do same thing? lol

HazByn my ppv each station got 3 nurse. the one performing, i see every single patient they change glove. so 2 nurse changes glove every person. the one fill in at computer change after 3 person. i think depends on center

kasrim bkn beli 1.40. bila sampai 1.40 baru boleh bilang its back. sekarang siapa ada hold saja dulu

haha. how to be back. rm2 to rm1.80 to rm1.60 to rm1.40 to rm1.20 to rm1 to rm0.8. then up 5% is back? haha. go back above 1.40 only can consider is back. the price he vigorously sold lol

ya coming. but this ruberex small player go up also very little. lol. manipulated to the max. boss play his main holding hextar la. he does not care about ruberex

wah selangor supply 58% of malaysian glove export. with malaysia supplying 67% of the global market, means shortage of 38% the normal supply until emco is complete, which we don’t know when. walao

actually you can see a lot of company warrant is priced at 10-20% premium. good company has higher premium like scientx. so not suprised the warrant is of some value now. some more it expires 2026 with excercise price of 2.30. if you think at some point comfort will reach rm3 or rm4 in 2026, the warrant, with no extra premium on it will also be around 0.70-1.70. paying 305cents now is how many fold already. compared to buying mother 1.90-3 or 4. percentage wise even buying at the premium price now has more upside in it. depending on your horizon and your strategy. if it does not hit 2.30 anymore means it is worthless. see your risk profile and your appetite when buying

expiry is 2026. Why would you want to sell if you view comfort positively. could be very big reward should comfort continue to perform admirably. but if it does not perform for whatever reason, still the warrant is a free gift aha. might as well keep and take the chances

snake_eye lol. dnonce operator always fake up one. u see up moment people go in sure they dump kaw kaw back

@afif95 @BrusaCasino he is still the substantial owner of ruberex. and he was a substantial shareholder in comfort glove but pared down his holdings in comfort gloves last year and increase his holdings in ruberex. recently sold of his ruberex a bit.