newbie, wait lah. Don't so fast.

Anyway, ES Ceramic was the one and only "growth" stock that I was chasing, with the trailing 12 month and 5 year PEG ratio of 0.48X which made it very attractive to me. I got bitten here, maybe in the future I stop looking for growth stocks. My "value" stocks (limited downside risk, potential upside catalysts) like Bumi Armada and Tenaga Nasional have fared much better.

I hold to my stake for now, and will top up in the future should there be a major selloff. In periods of distress when ES Ceramics drops below its book value I will put it on my watchlist as the balance sheet management is good.

Walao, why give RM0.0005 dividend. Just keep it and buy some machines lah.

Ok lah the result. Catalyst is the handy dividend. Stock should rerate now to RM15.xx at least.

Well I buy at 0.605 then 0.630, I still kept it till now. I think about the longer term, don't concern myself with daily fluctuations. As long as the long term story is intact, I hold. The moment it changes, I sell.

http://www.thestar.com.my/business/business-news/2017/04/26/yinson-nets-fpso-charter-contract-valued-up-to-rm4pt35bil/

Walao. I give up predicting Armada lah. The fella just go up and down as he likes.

Kevin what's the criteria again for main board listing?

There are a few other companies. But they are all Sdn Bhd. Some enterprising investors will "pretend" to be a customer and approach all these different companies and compare to the selling price of ES Ceramics to see the margin. But as it is I only hold a handful of ES Ceramics stock...doesn't make it worth it for me to do this detective work.

The capital expenses was accounted for in 2015-16 if I am not mistaken. Need to look back in the financial statements.

Look at the liabilities though. Almost zero debt. Extremely high current ratio.

To me it looks like they've maxed out their potential...is this right? I don't know. Need to go back and study things again and see if I missed out on anything. If indeed this is their ceiling, then the only thing we can hope for is larger dividend payouts going forward.

Which makes me question...why hoard all that cash? In the 2015 AGM the ED said they are looking to diversify into chemical production and packaging...could that be the reason? If so, it's still taking so long it would have been better to return some back to shareholders.

The company has a beautiful balance sheet. It will be able to weather and live through and downturns in the future. But it needs topline growth or diversification ASAP.

I mean the profit has been almost halved. It's worse than I expected in the worst case scenario. I didn't give myself enough room in terms of a margin of safety. Still, I think 12X was quite a fair value (not overvalued), so now it may get discounted and go down to 11X - i.e. RM0.38. If it holds at 12X it would go down to RM0.42. Or who knows, the market might recognize this as a blip and trade at a temporary premium of 13-14X.

Damn! I don't know - should I be sad, disappointed, worried, happy?

The worrying thing is that the profit margin is the LOWEST in the past 12 quarters.

The revenue not so bad. The issues are: Lower ASPs, higher input costs, FX losses. The first two lead to lower margins.

I can't find the article, but I think I link it before above, that the automation kicks in 3 years from 2015 - so no automation yet. But I thought the higher exchange rate was better for these guys...maybe I was wrong.

Perhaps now the time horizon has to be stretched out further. Since net margins are being hit, it has to be compensated by higher revenue going forward. When automation kicks in, it should smoothen things out.

Also, the reporting period is Dec-Feb. If I am not mistaken December the rubber glove output was subdued, and it only kicked into gear in mid-January. Feb also is 2 days shorter than average. I'm just trying to rationalize here - perhaps the weaker December dragged down revenues, and this will be higher from March - May period (you can see the rubber glove makers all getting TP/earning upgrades these past one month).

Anyway, I will top up only if the price of the stock drops to RM0.40. Otherwise I hold horses for now as it is unclear if this is a blip or is ES Ceramics has hit a wall with regards to their revenue generation simply due to themselves hitting the maximum point of market saturation.

I'm just curious guys. What's the "catch" with this company? Very good balance sheet, decent financial ratios, seemingly low P/E and P/BV valuations. Decent record of dividend payments. Good profit margins.

When I look back, even in 2013/2014 during the height of their success the company didn't get much recognition in terms of stock performance. Zero institutional holders when you analyse their shareholdings. What's the deal?

What has led to this company to rally so strongly this year? What's the "hidden" thing about it that the market missed previously? Seems to have very low margins. P/E ratio also quite high.

Calvin sir, but doesn't a holding company discount apply to BJCorp? So the value proposition looks appealing on paper but a rather significant holding company discount applies here (40-60%) as BJCorp is a hodge-podge of different businesses and listed entities.

I'm still reading more on holding companies and their associated discounts. Luckily I did so, otherwise I might have trapped myself.

NTA doesn't apply for BJCorp UNLESS you calculate the NTA attributable to the owners of the parent (two different things these are!), due to the wide web of subsidiaries that BJCorp has.

My dear friends, I have one important/serious question. Have you heard of the "holding company discount"? My question is simple: If the market will discount your "Sum of the Parts" holdings in your listed subsidiaries, why does Tony want to list Philippines and Indonesia? Why does he keep on saying "unlock the value"? Does it not run contrary with the "holding company discount"?

Will appreciate your thoughts on this. I tried doing some online search to no avail.

What is the point of a company like Batu Kawan? It just owns other businesses like KLK and not running its own operations.

Also it owns 47% of KLK, it doesn't even worth that much based on market cap, how come?

http://www.nst.com.my/business/2017/04/233403/tapping-indonesias-power-supply-mart

http://www.bangkokpost.com/news/security/1237518/krabi-coal-plant-up-in-the-air

Chaostrader, it's true. Diversification can become diworsification. Get it? However betting on a single stock is inadvisable. Even detractors of broad diversification recommend at least holding 3-5 stocks.

Haha playing with money that is not yours, this is the sign not of an investor but a speculator/gambler. Not I say, it's what Ben Graham says.

Goldenluck, often it is being contrarian with companies like this that can end up giving you the most handsome of returns. I think it is substantially undervalued enough with a decent margin of safety built in.

My dear investors, may I ask why does this company have a low P/B ratio? In fact I see many holding companies that are conglomerates have a low P/B ratio. Why is that so?

I ask genuinely. Why should a value investor stay away from BJCorp even though on paper it seems attractive?

All the best guys. I'm actually secretly hoping for a bad quarter so that price can drop and can collect more. But either way it's going to be good as the long term picture is intact.

So what should this tell you?

Mayabnk TP is 3.72, not 4.00. Don't make up

Batu first things first that's such a high allocation to one stock. No more than 1/3rd of portfolio to a single stock.

How to subscribe to RCPS? Is there an abridged prospectus?

Guys, don't forget 2 things:

1) When the RI shares are credited the account, there will be a HUGE jump in number of shares. Most likely the number of shares will increase by 1.6x. So expect some selling to ensue, especially from those who bought the OR shares to profit from potential arbitrage and mispricing.

2) When dividend is given out, expect another selloff too.

All in all, I expect/hope the share falls to below RM0.23 in the next month. I will probably queue at RM0.225.

It's still a good stock long term.

alamak...I mean that's some stupid logic. The price will also adjust downwards accordingly once the dividend is paid out.

What's the game with AirAsia here?

Ah we're back to square one. The other day when it went to 51.5 just make people excited inky!

What happened to AA? Went up 2 days now. This game very hard to guess. Luckily I bought at a lower price (2.67, I know not as low as some of you here!), for now I just sit and see where this goes. Possibly when it hits RM3.80-RM4.00 then I will think about cashing out.

Lol you guys. I was pretty surprised when it surged to RM0.82. Slow and steady lah. RM0.76 is fair value for now. I won't be surprised it go lower still to RM0.72-RM0.74.

Waldo, this one still dropping. Patience...patience, I must tell myself. Bought it at 0.64

Also, if I use PBE e-rights, can I bypass all the filling in of forms/mail-in etc? Or cannot?

Firstly I have direct CDS. Broker will only help for nominee CDS. Secondly they won't send me any forms since I am NOT a shareholder at present.

Please help to answer my query!

Guys, is there a process overview explaining how to apply for the rights issue? Let's say I buy the L&G-OR...then, what must I do?

Guys, can a person with no shares of L&G currently buy L&G-OR and subscribe to the rights?

marll, I googled but didn't find the mechanics of rights issues in Malaysian stock market explained (US market got, but I don't think they are the same).

Anyway, if somebody had 1000 L&G shares, will that person have got 1600 L&G-OR shares? Is that correct? Would this have come into effect automatically at the end of Apr 14/beginning of Apr 17? Or did the share owners have to do something?

Is it possible to pay for rights issue via online transfer or something? I don't intend to speculate on the OR, if I can get it at RM0.015/0.020 I will be happy. I think there is an arbitrage possibility here cause the stock seems to be mispriced for the short term due to the mindless selling.

Now it appears that there are L&G-OR on the market. I suspect these are related to the rights issue. What does OR stand for here?

What is the mechanics of the process in Bursa Malaysia? If I buy these L&G-OR shares, how can I buy the full shares? I really can't seem to find any info about this and would appreciate any and all assistance.

Also, I assume buying the L&G-OR is like buying any other stocks (in terms of brokerage fees etc?). What about exercising those rights...includes any brokerage fees?

PS: Who got OR shares? What criteria? Every single owner got it, or how?

Another thing...any reason the announcement states "the settlement of the LIABILITIES..."? Why liabilities? Is this not something like a trade receivable, which is an asset?

Didn't really follow this issue before, is it a positive development or just something neutral?

Also, what;s the Sin Chew article saying? Anything positive?

Ikhmas really needs a LRT/other train or elevated highway contract...now all it is getting just small time stuff.

From the PDF:

The Company wishes to announce that Ikhmas Jaya Sdn. Bhd. (IJSB), a wholly owned subsidiary of IJGB had on 17 April 2017 entered into a Settlement Agreement (the Agreement) with D.J. Design & Suppliers Sdn Bhd (109264-A) (Employer/Debtor) and Solid Promenade Sdn. Bhd. (649150-A) (the Proprietor) in respect of the settlement of the amount due by the Debtor to IJSB (the Contractor/Creditor) (as at 31 December 2016) amounting to RM75,000,000 (Liabilities).

The settlement of the Liabilities will be made partly in cash for an amount of RM28,746,000.00 and in kind by a transfer of equivalent of 30,836 square feet service apartments units in Damai 88 (“Contra Units”) valued at RM1,500.00 per square foot for an amount of RM46,254,000.00 (the Transaction).

I use a very basic "net net" formula to value my stocks. Nothing like Dolly. I don't have anything to share in that regards, sorry.

This counter is unpredictable. Just bought at RM0.605 and RM0.63...now I hold it till RM1 at least

Property =/= property stocks

When do you guys think this will start moving towards RM3.50?

Not sure man, Parkson is definitely not worth RM0.50. I have no idea why it has fallen these two days, but it is very much in line with the drop in the broader market. I would say that the fair value is somewhere between RM0.78-0.85, with a good chance to double up in price should the financial results get back in the black from red.

Tempted, will buy if it drops to RM0.45. I already bought at RM0.465 initially.

Dolly I am not sure about your calculations. You seem to have it valued higher than me (different method I suppose, plus I don't quite understand your methodology). I do have it at RM2.10, so for a 35% margin of safety I needed it at RM1.36.

But alas looks like I missed the boat (for now at least). Not the first time either, sadly. At the start of the year I almost bought Ekovest at RM2.38, in February I almost bought Chin Hin at RM0.89...and look where those stocks have flown now. Valuation is imperfect, and margin of safety is predicated on safety of capital rather than chasing sky high returns. I bought 5 stocks so far this year all using margin of safety principle, Bumi Armada is my best performer at 30%. Another three are all in positive territory (5-15% returns) while the fifth I just bought on Monday so it is too early to tell.