People seems to forget focus lumber did not have any borrowings at all. This company will continue to earn money without any finance cost. Good cash flow, zero debts, cash rich. Now blame this company has no growth? If one can take the risks of buying heavy debt but prospect growth companies, why can't consider buying zero debts, no growth but steady profit companies?

Q2 results are not the best, but good enough to prove the company is doing alright. Furthermore, I don't see warrant part a big issue since it's more or less leaning to positive rather than negative issue.

Great article written, ricky yeo. Absolutely agree with you that knowing what we don't know is more important. One should not take DCF as a whole comparison with different industry, since each industry has their own business nature. Always prepare a better margin of safety with unexpected risks we don't know.

Directors selling before Brexit might be due to predict Brexit will cause panic sell. Bear in mind directors including kyy sell for many reasons, might because they want you to sell them cheap. Don't forget he accumulated at a higher price. Fundamental wise, really don't see much problem. This company can easily earn a 25million real cash flow each year. Company is capable to pay a satisfy dividend every year.

There are many reasons to sell, only one reason to buy

stockmanmy, not entirely true since growth is one of the aspect in value investing. I could conclude your "growth investing" part of value investing too. I am pretty sure there's a price you would pay a company nor matter how good the company prospect is. By paying not more than what you value is value investing.

stockmanmy, buying stocks with prices a lot lesser than NTA is not all value investing is about. NTA is not equal to intrinsic value.

Too be fair, most stocks pick from OTB portfolio are good stocks and most importantly good companies. Prices of these stocks are definitely not overvalue also, sometimes you just need more patience on investing. By judging poor results in these few months are just plain naive.

Yes, a lot might be afraid of KYY because he holds a lot of stake in these counters. But the truth is KYY should be more afraid than small ikan bilis since he is a substantial shareholder. Let us face the fact KYY might buy many of his stake starting from RM1.4 - RM2. However, the company only earned 15.54sen per year. I don't see any reasons people want to sell you at previous price having that the company's cash position has increase around 24%, profit earnings almost doubled to 30.74sen and the company has distributed more dividend to prove they are not stingy.. There are always buyers around if the company is good enough with fair price. In fact, if you are retail investor i think its wiser for you to cumulate before fund managers start to! anyone could be wrong where this company will head to, ask your yourself is it worth before investing in any business!

Yes, 10.99% if include kyy nominee

Koon yew yin actually own 10.04% of flbhd shares through his wife tan kit pheng.

I rather hope management could buyback 10% at cheaper price to rewards shareholders, than buying higher prices to please traders.

Using margin to invest is a topic of risk management, telling one not to use margin is an advice for newbies and many. But not for everyone, especially who completely know their risk management. A tycoon might call up a margin limit up to 100million but he is capable of, since he might have 1billion. It's just a leverage, and he might see some advantages from it. I personally think it's just a kind of tool... Might be handy but might be hurt yourself if you really can't handle it since the facility given is not for free..

good analysis...

kc is right, margin call in stock investing was never for newbies and even experienced investors. The risks are too high for people who did not even earn big profits by using cash investing. But having said that margin investing is one useful leverage only when individual's own financial match his margin call, and when he knows what is he doing.

great works robertl, thumbs up for the great efforts done. I would say it benefits minor shareholders...

Nice article and fundamental analysis with DDM, however a dividend growth of 10% is way too optimistic. 10% discount rate would be the same thing. But anyway, its only my point of view having that margin of padini continue to struggle.

There's always a reason why people call cash is king. We always have no doubt with real cash in hand or those which equivalent to cash when liquidation can be immediate. When you refer net working capital as even cash, it maybe relevant only if you are 100% sure your receivables or even inventories are worthy. Being conservative, most of the time we assume that risk is there. So at these circumstances, how could it be "excess cash" when it doesn't even consider cash (full amount)? just my opinion

mr.market mood swings up high for VS, but eventually the pendulum will start again. good analysis by kcchongnz, thinking the way just like real business owner.

excellent article indeed from KC

Issued warrants prices likely to be RM0.20-0.40

The real issue for oka goes back to fundamental business. Profit slumped this quarter due to revenue contributed products are with lower margin. The products might be facing competition or merely Oka had not done enough efforts. So it's time oka prove us with doing their part on efficiency and productivity to face these challenges, and we shall wait until then.

masteel suspension got its advantages too, small retail investors can bear sluggish prices movement these days too... perhaps?

It's a shame that bermaz don't know how to sell their cars, great Mazda products with mediocre management...