sooner or later this company will attract a corporate raider

One year ago, Singapore-based car rental portal Drive.SG had announced that it managed to secure seed funding of US157,000 to make its core service more accessible. Today, the company made public that it has raised S$1 million (US$788,000) for its Series A round from Malaysian publicly listed company Insas Berhad.

Drive.SG secures US$788K - Has received Series A funding from Malaysian company Insas Berhad. Will focus more on corporate accounts, regional travellers in new markets

other than price actions, i'm not aware of any fundamental factor that is affecting this company

i believed there were some forced selling today because there were no follow through with last week's movement; a stockbroking firm did a sell to market order at about 4.30 pm with a thin volume; i believe less than 100 lots to push the price down to 82sen.

Hi ALL, I want to bring to your attention to the valuation of the associate companies on the just released Balance Sheet. On 30 Sep 13, closing price for Inari was RM1.02. On 31 Dec 13, it was RM1.63, price difference of 61sen. On 1st Oct 13, Inari on Bursa website, announced Insas held 158,816,124 company shares (exclude warrants). So for the 3 months ended 31 Dec 2013 for Insas, just Inari's shares (didn't even include warrants) alone would have netted it a re-valuation gain on associate companies of RM96,877.8mil. Pleas note that in between this period, Insas had continued to up its stake in Inari; so the weighted average holding and gain should be higher. And for those who had been following this company closely, we ALSO KNOW that prices for Hop Hup, Formis had also been doing WELL. So now my question here is, WHY ONLY RM19,705mil increase in the valuation of associate companies for the last quarter? If Inari and Formis are not considered as associates, I don't know what are they. So why the LOW valuation increase here?

My bet is that Inari will shoot pass RM2 soon but Insas ....... ?

book value should be closer to RM1.90 for this reporting; so the estimated profit is ......

Looks like Inari's result should be quite good given today's price move. Unfortunately this has not much effect on Insas; seems to be.

Does anyone know what time does forced selling take place daily?

It seems that in M'sia, newspapers reporting are playing a heavier part in identifying undervalued companies first rather than market pricing the stocks correctly ..........

My view here is that the management, who is also the major shareholder, is leaving too much money on the table based on just 23% holding of Insas. At the current price, this company is opening itself up for predatory takeover.

dave555 thanks for the high regard ...... i luv it ..... lol ...; ok jokes aside, if i am, i will want to SWALLOW all the shares & then vote the management out or at least get them to do something; more dividend, buybacks, spin-off etc. the thing is they can do MANY things but so far we can only hope :( and yes mickaelp; by all indicators, RSI, MACD etc etc. it's oversold but it can get even more oversold

panic selling ....... again

an unloved and under appreciated stock

Selling at huge discount to NTA ...... what a joke =)

The question to ask here is that how good is this Inari value? Do we have a strong case here? So far the value has been holding up, good business support from Avago Tech (big cap USD11+ billion), expanding capacity and also Inari's directors are still buying despite the recent high.

I do agree that Insas intrinsic value is quite close to RM2 now (I could underestimate here) - on the latest 30 Sep 13 results announcement, the carrying value of associate companies is "only" RM106.8mil but just it holding on Inari shares and warrants alone, the value is now close to RM295.17 mil; giving it a unrealised surplus valuation of 28.4 sen and net assets close to RM1.93. My calculation here takes into account its latest filings (net of warrants sold) and yes, I dare to say it is very accurate. The surplus did not include other holdings and using the latest tso net of treasury shares.

in fact the group of companies Insas has a stake in are all moving ....... is something brewing? Interesting ............

just to dampen everyone's excitement a bit; the previous Amertron is a low margin business; about 3% net profit margin & Inari probably bought it at about 10 times p/e. One can notice that despite the high revenue, margin is lower.

you need to include the warrants as they are already in the money

Hi Kevin5059, what is the shares outstanding you used to calculate Inari's eps?

it's a case of sell on news; just put all the pieces together for Insas and you have a potentially good FY2014 for the company. This quarter's result alone is almost for the entire of FY13!

Inari's quarterly after tax profit should be about RM20.3 mil based on holding by Insas; if my calculation is correct, this is very good growth.

I wouldn't make this comment unless valuation is blown out of proportion; moreover most stocks are down today

most likely next week

panic selling for a good company; what a joke ........ smart investors now cheering the good value

unfortunately a lot of people sell blindly

will load up some more on any price weakness

Bursa Malaysia has quite a number of undervalue stocks and Insas is one of them. The management of this company better don't be complacent; at such a low valuation, they make this company a good prey....

yes results of Inari does go into Insas' on a proportionate basis.

Basically the management doesn't care about creating shareholder value ... wonder why bother with having public shareholders; might as well privatise it ... strange, very strange

Nothing weird on FRB. Buying this will indirectly increase the Ho Hup stake, which Insas already owns a small stake.

Basically the recent rise in price, I believe, is piggy backed ride from its Inari holding. That's all folks.

I do think the real action will come when Inari joins the mainboard and might possibly end up bigger than Insas market cap!

nav 1.54 was when Inari was at 60sen?

if you take the tp as the book value, you will be laughing your way all to the bank

This is a company which I find it difficult to understand. It has difficulty in generating a consistent return on its capital. Then isn't it easier for Insas to buy back its shares asap. Yet since the 2012 agm, with the mandate to buyback 69 mil shares, it hardly did anything until recently. This company has been hoarding cash to the dismay of it minority shareholders.

this counter continues to prove to be a value trap despite its steep discount to NTA.

More than 60 million shares have changed hands over the past 3 days above the takeover price; consider total float is about 253 mil. If one can arbitrage, it would be to sell at the current high price and execute the takeover to buy at RM1.40. Imagine the profit ......

The price has created a conundrum - RM1.40 is the takeover price subjected to due diligence. Price now is way over it. So should existing shareholder agree to the takeover given the price is a lot higher but if the deal/asset injection doesn't go through, the price will crash. The current price seems to go far ahead of the outcome which is not a done deal yet.

Not inducing anyone to buy/sell. Remember Warren Buffett did incur losses in some of his initial buys but made back many times later. NTA on the current set of accounts does not reflect the true value. When was the last time the company did a revaluation of the M'sian properties?

Hi all, don't forget about the underlying value of this company. Unlike a lot of companies which do not hold much value if liquidated, this company still have many assets and future cash receipts to look forward to.

Major shareholder recently exercised 9 million warrants and therefore RM9mil into the company's treasury. This is a good signal. He could have sold the warrants and get higher value since the warrants are traded at a high premium in the market but instead choose to convert.

Surprise here that the value of the company after the sale of Zhuhai/China properties is still being ignored. Even if one were to use a high discount rate to factor in the RMB1.65 bil proceeds, this would amount to MYR1/share. At 1.88 close today, the rest of the company is worth only MYR0.88. Not to forget that there is still the circuit property left in China plus a lot of GDV potential. I guess the sale by the Chairman today is to hope that the market can slowdown the rise of the share price but this would still not deny the fact that the company is still VERY UNDERVALUE.