It was wrong of me to comment on How business should be conducted and How shareholders should be treated.

It was wrong of me to comment on different investment style.

Yape most bloggers get attacked for nothing. Well you might not like the price you might not like the presentation you might want to wait for correction That is fine As long as Blogger has no intention to CHEAT your money.

The price you pay Now will determine your future return. Just work out your own strategy ya.

Let me do a simple Reverse cost of holding.

If Padini continues to give out 10 cents dividend for next ten years or RM1.00 after ten years. That means your cost of Holding will drop to just 90 cents after ten years. (RM1.90 - Rm1.00=RM0.90)

Well I cant predict the share price after ten years.

I forget to give credit to Mr TTB and team good decision to take profit on PetDag at the right timing and give dividend to shareholders. Good job.

I am also like that i like to talk negative so much But if next day share drops I quickly go and buy.

Luckily Businessman mentality is not affected by share price fluctuation Nor CPO price fluctuation. If they are, they won't be in Plantation Business in the first place, right? If they are, they won't be building a Business Empire as at today.

This is Basic mentality difference between Business Entrepreneur and stock Investment. We always back off But entrepreneur always push forward. It explains why sometimes we miss the Boat.

Do you also really think that CPO price fluctuation will really affect the core value of the company? How about cash on hand or land valuation or increase yield or replanting? Or they might also have downstream Business?

The above just example.I am talking about general mentality. If you think you are right You are always right.

It is Not difficult to predict EPS in ten years will Hit 30 cents at least. If it is trading at 13x, share price will be about Rm4 while enjoying ten years dividend.

Is used car re-sale value Or force sale value a concern?

Dear Speakup, do you know IRIS well enough and being confident to project its EPS in 5 years or 10 years?

Imagine IF it did come years later and what happens is you have been accumulating all these year. Investment is the Best when majority has low confidence and Only you have high confidence.

If we won't mind we can still Buy those companies if we want as valuation is quite relative from time to time and business innovation and expansion is beyond our grasp.

The market is Big enough to accommodate each one of us here and there is No life span for the market so as Investment is timeliness.

We will do what we can do best that is management on our part.

Hi Mr Koon,

EV is market capitalization + debt + preferred share + Minority interest - CASH. Lower is cheaper Or better as EV is used for price calculation for takeover target and we want to pay cheaper price for good company.

Generally, from records of most plantation companies their cash level is increasing for past 5 years as such EV NOW is cheaper for cash rich plantation and well managed company.

It is general trend they keep cash for future expansion and re planting as they are growing bigger in size Now. It is interesting to see how this industry evolve in futures.

Mr Koon, as you are the Businessman, you are looking for deep value, Big deal, Big opportunity, Big jump in profit growth. Whereas I am looking for well managed companies.

If you all think plantation companies P/E has been high that is Not the accurate picture as their EV has been Low for the reason above.

The Better metrics is EV (Enterprise Value) over EBITDA as plantation company has been hoarding cash for past 5 years.

For those who thought they know TA well, in actual fact they Only have 20% of chance.

Dear 1901, the actual TA is knowing when your Baby is sleeping, when is is waking up and when it is hibernating and Only 20% of time it is hyperactive. Since you have been holding your baby for so Long, perhaps only perhaps you KNOW when it is awakening.

Having said that the Existence of Funds is more important than anything else.

You have most of performing stocks selection. If punting will increase your return, your punting selection should be from your winning stocks selection.

I mean trading in short period of one month when time and conditions looks good from your stock selection in small amount while Holding on with original amount of investment.

Whether it is 4m mykad 20m mykad or petrol card, it is still a low-cost printing company, please check the comparative valuation of such company around the globe or local.

Surely i wish i am wrong and I sincerely wish everybody here made lots of money. YES i miss tons of company in Bursa and i will continue to miss tons of company in future.

Lots of people in this forum has proven me wrong and i am happy if i am proven wrong.

IF i put it this way How can Red Chips company be wrong if the number is so strong?

P/E 25 not good enough? Should be revised upward some more? This company must be better than Amazon, Facebook or Google.

25 forward P/E 2015? Not many can boast P/E 25 is fair value. This research house must be something special.

Very much comparable with Nestle with 100 years of Business.

Unconsciousness will produce Unnecessary Attachment.

High consciousness reigns supreme.

But where to find the God damned Good Business? So we have no alternative But have to do it the other way around. No choice. How can it be wrong if the company is having strong number right??

That is why you keep screening at the first place, right?

Cheap is the first thing in your mind. Second is sell quickly at intrinsic value. Third Only is Good Business. That means you are comprising and your priority is different.

Well, what can we do? Good Business is hard to find. So we have no alternative and to keep screening and screening. Is that so?

But i don't think you will do that.

You start out with the mentality of Not learning the Business but to Buy everything that is cheap and appears strong in numbers; so you will end up Buying everything that is cheap and convincing yourself that is the good Business.

Those companies might be in your groceries basket that is why they are there every month.

Well even this business proposal is a toll road Business Or first generation power generation Business with all the downside protected and government guarantee, the guaranteed return of 1% of invested capital is Not desired.

Worse still if RM10mil net profit (which is only 1% of invested capital) is paper profit. And this invested capital is Debt.

Well, they survive this year. Congratulation.

Hi KC it appears that some of expansion is not yielding expected results. It appears that some segment is lagging or even running at half utilized rate.

Such ambitious expansion is aimed at capturing Big market share fist even with low profit margin. That is How Dog fights. Once market share is captured, they will slowly increased their profit margin.

To me it appears that their plan to capture the market has failed and they are left with scraps to service their debts.

So expansion plan needs proper execution as you know you are using debt and your ROE is low.

Nice. TQ.

Revenue Growth is good without incurring much debt or High capital expenditures. Better still is profit growth. The best is without sacrificing any profit margin. Is it any seasonally factor and cyclical factor? if there is, how do we smooth it out? Is cash flow growing at the same pace Or Receivable outpaced the growth rate?

So we are definitely looking forward to quality growth in the long run.

Selling good company if they are Not doing good Job is very hard. Buying once average company if they are doing good job is very hard as well.

Our High conscious mind rules supreme.

Investment is based on Hard Fact IF they are doing good job then people will come back and surely i will re-invest again and again. Never so unconsciously attached to the company. Our unconsciousness will create unnecessary attachment.

If I detect One they will come out with New Version. If I detect second One, they will come out with New Business Model.

Have we learned anything on Red chips company? Any companies in the market can be disguised as Red chips company Or under Pyramid Scheme Or even money laundry without knowing the Business and proper study and Investigation. So many new Version of it day by day.

Between Sell and Buy whether at 20% 30% 40% drops, it makes whole lots of different in our future return. To me it is Make or Break.

TO ME This is the most critical moments in investment cycle. Our skills, mentality and belief is at this moment:

1) If i cut the loser and reinvest on Winner, can we see the difference of future return?
2) Again if I decide on Buy on Weakness/Dip, can we see the differences in future return?

We can make reference to the followings:
1) Is the Business recession proof?
2) Is the current Business/earning at the upswing?
3) How bad is the price drop for past ten years?
4) Debt level? Credit Risk? Net cash? Sensitivity to market changes?
5) Product cycle.
6) Receivable Ratio.
7) Balance Float of Share Capital.
8) High ROE or Low ROE.
9) Big Cap or Small/Medium
10)Currency Risk. Export ratio.

Well it is just a reference of opinion.

Dear Intelligent and NOBI, that is why I ask you all reads tons of Annual Report Only then you will find One which is different.

It is what Mr Fong Siling did through his life, this is what Warren and Charlie did as well through out their lives, reading and reading Annual Report.

And to be good in fundamental analysis like KC, you need to do tons and tons of analysis as well.

There is No short cut around.

As at price Now Kfima is having about 10% positive return for this year, OR annualized 20%.

If we are Not happy Just take profit and walk away.

Management cant manage the panic selling, nobody can control the crowd behavior. Management can only manage damage control over lost-making division, probably then you can take advantage of crowd behavior.

IN fact, Fima share price as at Now drop more than Kfima while its Qtr earning is about 20% better yoy, so should i keep reasoning myself for that...?

Well compare apple to apple within the same sector Not apple to orange. Then you know today Loser can be tomorrow Winner and today Lower will be tomorrow Winner as well.

Look at Thailand flood years ago. Vietnam Riot Now. It happens.

Isolated case of Fiji food division is still manageable.

How do you see yourself ten years from Now?

You are like me End of Day We either Buy Nothing or Holding same stocks Forever.

well there is Business, there is Fundamental and there is technical and timing and condition. They are telling the same story. Only the Master can pieces them together.