Posted by qqq3 > 2019-04-04 13:35 | Report Abuse

3iii


CFA terminal value formulas can be used to pay for any price u want as long as the TAM is huge..........It can make up > 90 % of its intrinsic values

Posted by 3iii > 2019-04-04 13:35 | Report Abuse

Moats have to be defended and strengthened over many years. The good managers will defend and strengthen the moats of the business.

Posted by 3iii > 2019-04-04 13:40 |

Post removed.Why?

Posted by 3iii > 2019-04-04 13:44 |

Post removed.Why?

Posted by John_Lee > 2019-04-04 13:48 | Report Abuse

Intrinsic value. I lose interest when anyone insists and justifies that their intrinsic value of a company is true while everyone else's version have this flaw and that flaw. We often see the "you are stupid to be paying above the intrinsic value of the company" or something similar to that effect. It simply rings a shallow person is at work here.

A truly knowledgable investor will know that you cannot value intrinsic value with any form of certainty. Everyone has a different perspective of how things are and that determines the values they attach to variables input into determining the intrinsic value of a company. I'll say nobody is correct and nobody in wrong. If your version of the intrinsic value is as concrete as you claim it to be, then it should not be called intrinsic value anymore - that's the true value.

Does it not then makes us wonder, if an intrinsic value of a company defers based on who worked the numbers, then how reliable is intrinsic value? If this 'intrinsic value' is of so little reliablity, then why even bother using it for valuation purpose?

Corporate guys do it because they have an ulterior motive - that is to inflate their valuation as high as possible; the more unknowns there are, the more room there is to play with numbers. We investors are the buyers, not the sellers. Is it then correct for us buyers to adopt this unreliable 'intrinsic value' for us to make investment decisions? Or do we sometimes calculate our own intrinsic value to self justify our investment decision?

There are many other methods to value a company out there. Why choose an unreliable one?

Posted by qqq3 > 2019-04-04 13:55 |

Post removed.Why?

Posted by qqq3 > 2019-04-04 14:24 | Report Abuse

y John_Lee > Apr 4, 2019 1:48 PM | Report Abuse

Intrinsic value
=============

good attitude....That is also why I like Philips and 3 iii for their stock picks.

Posted by Heavenly PUNTER > 2019-04-04 14:28 | Report Abuse

Hi, looks like I am late to party again.

Posted by Heavenly PUNTER > 2019-04-04 14:29 | Report Abuse

If unkers want to play overseas market, I will create one list of my stock picks too.

Posted by qqq3 > 2019-04-04 14:32 | Report Abuse

punter....I believe I have disrupted the mind set of the low quality, low PE sifus so popular when I first arrived in i3.

Posted by Heavenly PUNTER > 2019-04-04 14:34 | Report Abuse

Correct, we are investing in Bursa companies not liquidating Bursa companies after all. I rather invest in growing companies rather than those worth more dead than alive!

Posted by Heavenly PUNTER > 2019-04-04 14:35 | Report Abuse

I remember Jon Choivo boy once said, no matter how cheap a company is selling, if it's loss making, it will eventually turn to an expensive decision. If you keep making loss, it will eat into your company's retained earnings. So yes, no no even below NTA, there's a reason for it to be selling so cheaply. And I believe the market is somewhat efficient (not 100%), maybe 60-70%...

Posted by qqq3 > 2019-04-04 14:35 | Report Abuse

Heavenly PUNTER > Apr 4, 2019 2:34 PM | Report Abuse

Correct, we are investing in Bursa companies not liquidating Bursa companies after all. I rather invest in growing companies rather than those worth more dead than alive!

========

u still young but already no longer a novice.

Posted by 3iii > 2019-04-04 14:45 | Report Abuse

>>>
Posted by qqq3 > Apr 4, 2019 1:55 PM | Report Abuse

Similar to OTB who has never bought a single share which does not eventually collapse.

>>>

Interestingly the price of Hengyuan today is lower than its price in July 2017 when Mr. otb first recommended a buy at 5.95 on 25/7/2017.



Hengyuan

Today's price 5.92

Trading Volume 157,200




=========


Hengyuan (Review)

Historical Prices

Date ..........Close..... Vol('000)

14/8/2017.... 7.50.... 2,003
11/8/2017.... 7.71.... 3,441
10/8/2017.... 7.77.... 3,395 (raider stopped posting to this thread)
9/8/2017..... 8.08.... 1,714
8/8/2017...... 8.21..... 3,625 (Poor market sentiment affecting share prices - N.Korea rhetoric)

-------------------------------------

7/8/2017...... 8.31.... 4,341 (Peaked) (7/8/2017 5.19pm KYY advised those who have sold to buy back. Those who have spare
money, Hengyuan is the best buy and those owners of Hengyuan not to sell too early.)
4/8/2017..... 7.97.... 2,837
3/8/2017.... 7.78.... 1,549
2/8/2017.... 7.8..... 4,169
1/8/2017 ..... 7.4 .... 8,246
31/7/2017 .... 7.86 .... 8,241 (UMA issued by SC)
28/7/2017.... 6.9..... 7,832 (Mr. KYY posted he bought already sometimes back.)

27/7/2017..... 6.36.... 1,479
26/7/2017..... 6.34.... 2,990
25/7/2017.... 6.14..... 3,508 (Mr. otb recommended a buy at 5.95 on 25/7/2017)
24/7/2017.... 5.9..... 1,742 (Mr. otb's visited KYY in Ipoh on the weekend of 23/7/2017 )

----------------------------------------

21/7/2017..... 5.79..... 305
20/7/2017..... 5.68..... 564
19/7/2017..... 5.78.... 392
18/7/2017..... 5.86..... 401
17/7/2017...... 5.8..... 555
14/7/2017..... 5.74..... 393
13/7/2017..... 5.77..... 762
12/7/2017..... 5.84.... 1,504

Posted by Heavenly PUNTER > 2019-04-04 14:49 | Report Abuse

And I really think DCF is really flawed lo, how do you value a good management team? How do you know whether the company can operate in perpetuity when you find out the Terminal Value, are you sure it won't run into problem 10 years down the road? Look at General Electric, it is facing a debt problem now after operating for more than a century. These are the things you can't predict, and you can never put it in your DCF. That's why I say CFA does not make you a better investors, it will probably get you a higher salary in IBs (that's the only benefit I say).

What I think is most important is that you need foresight, you need to imagine the unimaginable! If 20 years ago, you can imagine how handphone might transform, you might have invested in Apple! So for now everyday I spend 10 mins dreaming about what the future will be like! And what companies will benefit from it! After all, those company that can have 10 years of double digit growth are those that don't exist today! Call me a fool, but say that to the person who bought into Apple at IPO and held it till today!

Posted by qqq3 > 2019-04-04 14:49 | Report Abuse

Philips....when u drink drink with Jaks CFO, tell him Desa thinks he has made a mistake selling Jaks.

and report back, please.....

Posted by 3iii > 2019-04-04 14:59 |

Post removed.Why?

Posted by stockraider > 2019-04-04 15:06 |

Post removed.Why?

Posted by stockraider > 2019-04-04 15:12 | Report Abuse

Yes dcf is the best valuation method but complicated, so far i don see any people can do a good on dcf for share but bonds excellent loh....!!

Warren buffet says keep it simple KISS....they are many other easier method to value equity...raider believe I m one of the best valuer in town..I m not shy admitting that loh....!!

Posted by Heavenly PUNTER > Apr 4, 2019 2:49 PM | Report Abuse

And I really think DCF is really flawed lo, how do you value a good management team? How do you know whether the company can operate in perpetuity when you find out the Terminal Value, are you sure it won't run into problem 10 years down the road? Look at General Electric, it is facing a debt problem now after operating for more than a century. These are the things you can't predict, and you can never put it in your DCF. That's why I say CFA does not make you a better investors, it will probably get you a higher salary in IBs (that's the only benefit I say).

What I think is most important is that you need foresight, you need to imagine the unimaginable! If 20 years ago, you can imagine how handphone might transform, you might have invested in Apple! So for now everyday I spend 10 mins dreaming about what the future will be like! And what companies will benefit from it! After all, those company that can have 10 years of double digit growth are those that don't exist today! Call me a fool, but say that to the person who bought into Apple at IPO and held it till today!

Posted by Heavenly PUNTER > 2019-04-04 15:13 | Report Abuse

Wah raider really or not, if 3 years later your sapura become RM 3 I salute you, if not then you are not the best valuer lo!

Posted by (Clark GKent) Philip > 2019-04-04 15:46 | Report Abuse

This is patently false and not very well thought of. As a maincontrwctor definitely some non essential works will be subcontract out, but management, supervision, project design and engineering, those are done in-house. The technical managers in gkent for hospital design, water treatment plants and other infra works some have been working for 20 over years since I first met them in Sarawak years ago. Maybe you should hop over to their hq and ask to interview some of their senior engineers, they know who Sabah Philip is. One is even a partner in my limited partnership.

Can you specify "widely known"?

Is this the same as your challenge to me about a company that has better prospects long term over 5 years than QL?

Some facts please.
>>>>>>>

And GKENT is widely known in the industry as not being that good in infra works, and they only got this contract due to contacts with rosmah and najib. How else would a water metering company get such fat pdp free management money contracts.

All their works are subcontracted out.

Posted by (Clark GKent) Philip > 2019-04-04 16:04 | Report Abuse

In my case terminal value is a term which I find interesting from Howard marks and Peter lynch in their books which crystallized my thinking.

There is no such thing as a business that you should buy and hold further. There is the entry point of the business into a market, the growth of the business in the market, the saturation of the business in the market, and the decline of the business itself. Every company goes through a similar phase.

Basically a life cycle of a business.

Whenever I look into a business, I try to understand what stage of the life cycle the particular business it is in, how big the market is, and how fast it can grow in the industry.

That's why I believe a business like QL can grow into many multiples, because of similar life cycles of business in the industry in breaking open other organic industries and the size of the market itself.

Similarly I know a company like opensys can never be a billion dollar company, simply because it's market size is so miniscule and it's competency has as yet been unable to break into new markets.

Terminal value basically is my estimate for the point of time in which a particular business will hit maximum size within its market share, how fast it will get there, and how big it will get.

Similar to intrinsic value, those change as the story( and time) changes. That's why I don't really see numbers and a few chosen metrics working for stock picking in the long term.

Investing is really more art than science.

You can try to calculate how much ml you need of each colour, how many days need to produce the work, how many different types of brushes etc.

But it doesn't always mean you get a beautiful picture.

The great artists stick to the type of paintings they do best. You know a Renoir the moment you see one.

A more detailed idea is in the blog I put before here.
https://klse.i3investor.com/m/blog/philip6/192498.jsp


>>>>>>

I have seen you mentioned this terminal value of a business a few times in your post. Can you be kind to educate me on this further?

Thanks in advance.

3iii

Posted by (Clark GKent) Philip > 2019-04-04 16:07 | Report Abuse

He had given me the PPA agreement details, and I know the reasons why he sold his position. Do you know why he sold it? Maybe you can ask him during AGM.

I happen to agree by the way.

>>>>>
Philips....when u drink drink with Jaks CFO, tell him Desa thinks he has made a mistake selling Jaks.

Posted by stockraider > 2019-04-04 16:17 | Report Abuse

Comparing QL Rm 6.96 mktcap rm 11.3b v Opensys rm 0.335 mktcap Rm 100m it is like comparing Goliath v David loh...!!

Who can do better it depends ??

Goliath got oversea opportunity but are they good enough in other people turf leh ??

Opensys is good locally, can there hang on and protect their mkt share leh ??

QL PE 50x....mkt already has high expectation...!!

Opensys PE 10x...mkt has low expectation loh...!!

For raider as a value investor and using peter lynch principle will be bias on opensys loh....!!

That's why I believe a business like QL can grow into many multiples, because of similar life cycles of business in the industry in breaking open other organic industries and the size of the market itself.

Similarly I know a company like opensys can never be a billion dollar company, simply because it's market size is so miniscule and it's competency has as yet been unable to break into new markets.

Posted by 3iii > 2019-04-04 16:23 |

Post removed.Why?

Posted by stockraider > 2019-04-04 16:24 | Report Abuse

The key is why u want opensys to be a billion co....that means it will be 10x higher than the current mkt cap of Rm 100m to achieve Rm 1 billion.

On the otherhand, similiarly do u expect QL can grow 10x and achieve a mkt cap of Rm 113 billion from current Rm 11.3b mkt cap... when u set the same standard u wanted for opensys ??

A point to Ponder ??

That's why I believe a business like QL can grow into many multiples, because of similar life cycles of business in the industry in breaking open other organic industries and the size of the market itself.

Similarly I know a company like opensys can never be a billion dollar company, simply because it's market size is so miniscule and it's competency has as yet been unable to break into new markets.

Posted by 3iii > 2019-04-04 16:28 |

Post removed.Why?

Posted by Heavenly PUNTER > 2019-04-04 16:29 | Report Abuse

Raider, don't be surprised if QL can be RM 11.3bil in 10 years.

Posted by Choivo Capital > 2019-04-04 16:29 | Report Abuse

I think Opensys should be a 300-500m co in 5-7 years. So.

No need 10 bagger for me. A few of these ill be happy d.

Posted by qqq3 > 2019-04-04 16:30 | Report Abuse

Posted by (Clark GKent) Philip > Apr 4, 2019 4:07 PM | Report Abuse

He had given me the PPA agreement details,
==============

there is nothing negative in the PPA. Its a very normal and well protected PPA......so, what did he tell u?

Posted by (Clark GKent) Philip > 2019-04-04 16:30 | Report Abuse

If you compare both at the beginning stages, one is doing food industry with export arm, and the other one in ATM industry licensed from OKI that does not allow them to sell to other countries and compete with other OKI franchisers, which company do you think has a bigger chance to grow.

You need to read trade market journals once in your life.

Example:
The estimates for egg market in Malaysia is more than 20 million eggs a day back in 2011, ql estimate selling 2.7 million eggs a day. I have a hard copy of the trade journal I subscribed back then giving me a good idea of my investment terminal value.

I can't find the trade journal copy online, but maybe this will help,

https://www.theedgemarkets.com/article/choice-some-egg-players

Warren buffet describes terminal value as valuing the long term prospects of a business. I think that is an apt description.

I would advise you to buy and read the trade journals for o&g outlooks and finding costs to understand your sape better. Its only a few hundred a year to get the latest reports.
>>>>>>

Comparing QL Rm 6.96 mktcap rm 11.3b v Opensys rm 0.335 mktcap Rm 100m it is like comparing Goliath v David loh...!!

Posted by stockraider > 2019-04-04 16:33 | Report Abuse

This is a problem of 3iii of never admitting his mistake but on the otherhand claim other is wrong when the case is the same loh...!!

Posted by stockraider > Apr 2, 2019 6:18 PM | Report Abuse X

As usual this 3iii never admit he is wrong loh...!!
Ask lah this strategic question ?

Remember :

"Too further elaborate unavoidable mistake, u ask yourself why 3iii did not sold padini at Rm 8.00, now it is only Rm 3.60 loh..!!
Pls don tell me not selling Padini at Rm 8.00 is not a mistake loh...be honest like raider don simply give excuse mah...!! "

IN REAL LIFE U MUST BE PREPARE FOR MISTAKE AND LUCKILYY RAIDER WAS READY AT THAT TIME LOH..!
But u must look at the overall winners of 80% to 350% compare to a few minority losers of 16% mah...!!

U GOT A PUSING PUSING WITHOUT INTEGRITY ANSWER FROM 3iii LOH AS BELOW[

3iii COMMENT;
I think Padini rose to a high of 5+ or 6. Today it is 3.60.

Raider as usual will tell everyone he has the foresight to sell at 5+ when it was high.

My humble self do not claim to have this special ability except in certain situations.
Let us look back at history. History may not repeat exactly the same but it rhymes.

So, a few years back, Padini was 3+ and due to competition and threat of GST it dropped to around 1.6. By same logical deduction, raider would have cleverly cashed out at 3+ then. I admit I do not have this uncanny ability.

But at 1.6, Padini's DY was around 7% during that period.

I am not the smartest in this forum. I buy my stocks cheap. I stay with good quality growth companies (the selection criteria are stringent). I sell rarely, even when the stock maybe overpriced. I am to capture the long term gains that the stock offers, ignoring the short term exuberances. I love my good quality stocks more when they are sold down (raider may feel this is weird :-) but it should be obvious to him after having trolled my posts for 1 decadez!). I am long term very greedy. Compounding is my friend. After a long period of successful investing, compounding is truly the most powerful force indeed in the later periods of your long term investing. Those who have not placed themselves riding on this wonderful compounding phenomenon will not realise how wonderful it is.

Of course, though I may not sell when my stocks are overpriced, I never buy them when they are expensive. This would have been a cardinal sin in my investing to do so.

The biggest challenge in my investing is MYSELF. Despite raider's unsavoury remarks, this should be obvious. My heroes today in this forum are: Philip, KC. As for the others, I learn from them too (both their successes, failures and their mistakes.)
In investing, learning is life long.

CONCLUSION EVEN IF RAIDER CAN ACCEPT 3iii WITHOUT REMORSE EXPLANATION ON PADINI THEN WHAT MAKE 3iii COMMENT ON HENGYUAN ANY CREDIBILITY LEH ??

ACTUALLY BOTH PADINI AND HENGYUAN CASE VERY SIMILIAR LOH...IT JUST THAT RAIDER HAD LARI KUAT KUAT ON HENGYUAN, WHEREAS 3iii STILL HOLDING ON PADINI AT BIG OPPORTUNITY LOSSES LOH...!!

Posted by Choivo Capital > 2019-04-04 16:33 | Report Abuse

I think this one don't need me. My sister can challenge d. Hahaha

I kid.

Well, you might feel know more on QL, but that that price, i cannot see it as a good investment.

Its quite interesting how you reference your willingness to sell your entire position in QL to buy some other stock.

but not your PCHEM, Yinson etc etc.

I wonder if this indicates something unconscious.

====
Is this the same as your challenge to me about a company that has better prospects long term over 5 years than QL?

Posted by Heavenly PUNTER > 2019-04-04 16:35 | Report Abuse

By the way, do you know how aggressive banks, the main customers of ATMs machines are fighthing their way into the e wallet market????

Do you really think there's a future for ATM markets? I foresee in 10years time we will be buying anything from coffee to toilet paper using e wallets! The fact is that it's just so much more convenient!

Posted by Choivo Capital > 2019-04-04 16:36 | Report Abuse

I wont be surprised.

It can double profit and still be RM11.3bil in 10 years given this valuation.

i might be completely wrong here, but i honestly cannot see despite going to so many family mart these days.

Honestly family mart is like an inconvenient convenience store. Where is my cigarettes, condoms etc?

And the food, is ok, but not cheap at all tbh. And Mynews food is quite comparable.


=====
Posted by Heavenly PUNTER > Apr 4, 2019 4:29 PM | Report Abuse

Raider, don't be surprised if QL can be RM 11.3bil in 10 years.

Posted by Icon8888 > 2019-04-04 16:37 | Report Abuse

Jaks n you better run. Your mum coming over

Posted by Choivo Capital > 2019-04-04 16:38 | Report Abuse

The day i can buy wadih and karipap from the makcik using QR, is the day i sell Opensys.

Or the day, hawker centre accept debit card.

Its about momentum, why is visa and mastercard still number one despite QR codes etc?

The momentum is so bloody hard to break. My mom still pay credit card bill with cheque, despite us buying her a computer and offering multiple times to teach her how to use it to make online transfers.


=====
Posted by Heavenly PUNTER > Apr 4, 2019 4:35 PM | Report Abuse

By the way, do you know how aggressive banks, the main customers of ATMs machines are fighthing their way into the e wallet market????

Do you really think there's a future for ATM markets? I foresee in 10years time we will be buying anything from coffee to toilet paper using e wallets! The fact is that it's just so much more convenient!

Posted by Choivo Capital > 2019-04-04 16:40 | Report Abuse

Raider,

The moment you come in, people here start saying bad things d. Even i controlled myself when replying to QQQ3.

but when i see your comment, my reply to Phillip a bit more aggresive d.

Lai lai, everyone lets try to play nice.

Posted by Heavenly PUNTER > 2019-04-04 16:41 | Report Abuse

Choivo boy, it's not a matter of cheap or not, it's the fact that there's always demand for the items in Family Mart, even they don't sell condoms and cigarettes! You really should go to one of the Family mart and stand outside for one day, then you will really understand despite the high price yet the demand is still so high, there's a reason for it!

Posted by Heavenly PUNTER > 2019-04-04 16:43 | Report Abuse

Choivoboy no offence, but the order generation will soon be replaced by a younger generation. Don't tell me spending power of old aunty and uncle can be higher than a working adult ah!!!

Posted by Heavenly PUNTER > 2019-04-04 16:44 | Report Abuse

Older*

Posted by stockraider > 2019-04-04 16:44 | Report Abuse

Philip the way u describe, u are not comparing apple v apple loh...!!

If u advice a new investor today, that he need to decide whether buying into QL at Rm 6.95 will give better opportunity of gain compare to buying into opensys loh...!!

That is how unbiased comparison is suppose to be mah...!!


Posted by (Clark GKent) Philip > Apr 4, 2019 4:30 PM | Report Abuse

If you compare both at the beginning stages, one is doing food industry with export arm, and the other one in ATM industry licensed from OKI that does not allow them to sell to other countries and compete with other OKI franchisers, which company do you think has a bigger chance to grow.

You need to read trade market journals once in your life.

Example:
The estimates for egg market in Malaysia is more than 20 million eggs a day back in 2011, ql estimate selling 2.7 million eggs a day. I have a hard copy of the trade journal I subscribed back then giving me a good idea of my investment terminal value.

I can't find the trade journal copy online, but maybe this will help,

https://www.theedgemarkets.com/article/choice-some-egg-players

Warren buffet describes terminal value as valuing the long term prospects of a business. I think that is an apt description.

I would advise you to buy and read the trade journals for o&g outlooks and finding costs to understand your sape better. Its only a few hundred a year to get the latest reports.

Posted by Choivo Capital > 2019-04-04 16:45 | Report Abuse

Phillip, you may not want to speak so publicly about obtaining p&c information obtained from Jaks.

On the 20 year technical managers in GKENT. I think the question here is, are they the only one with competent and experience technical managers?

Did they design the LRT2 etc because they were good? Or because they were given the contract? Public works contract is usually given due to contacts, not because they are good.

Are GKENT the only construction outfit in malaysia good enough to design, manage, supervise and engineer the LRT2?

No one else was good enough when the contract was given? MRCB no help?

No idea, im not so smart to answer these kind of questions, and its not cheap enough for me. Good luck.

Should do well though, you have sentiment behind your back.

Posted by Choivo Capital > 2019-04-04 16:48 | Report Abuse

I did, i stand outside for like 2 hours , at the sunway one.

Well, it seems to be mainly hype now, because its so new, and rare, so its abit hot.

But how sustainable is it, and how many places can accommodate family mart and this niche?

Can it grow this segment to deserve the 50 times earnings valuation for me?

No idea. I can't see it. Other people smarter, can see, they go buy loh. This money not for me to earn, if it does turn out to be the case.


====
Posted by Heavenly PUNTER > Apr 4, 2019 4:41 PM | Report Abuse

Choivo boy, it's not a matter of cheap or not, it's the fact that there's always demand for the items in Family Mart, even they don't sell condoms and cigarettes! You really should go to one of the Family mart and stand outside for one day, then you will really understand despite the high price yet the demand is still so high, there's a reason for it!

Posted by Choivo Capital > 2019-04-04 16:51 | Report Abuse

Correct.

However, i think the price is good enough, given the coming growth. I expect it to grow a lot in the next 5 years. and then kind of stop.

if it grows as much as i think it will, i'm looking at a 2PE co in 5 years. Thats good enough for me to whack 5-6% in. And my confidence level on this is quite high.

I definitely don't read that many trade journals. Mind recommending me a source to read to my heart content for most industries? They are so hard to find sometimes tbh.


====
Posted by (Clark GKent) Philip > Apr 4, 2019 4:30 PM | Report Abuse

If you compare both at the beginning stages, one is doing food industry with export arm, and the other one in ATM industry licensed from OKI that does not allow them to sell to other countries and compete with other OKI franchisers, which company do you think has a bigger chance to grow.

You need to read trade market journals once in your life.

Example:
The estimates for egg market in Malaysia is more than 20 million eggs a day back in 2011, ql estimate selling 2.7 million eggs a day. I have a hard copy of the trade journal I subscribed back then giving me a good idea of my investment terminal value.

I can't find the trade journal copy online, but maybe this will help,

Posted by qqq3 > 2019-04-04 16:51 | Report Abuse

terminal value, CFA definition, is the present value of the cash flow from end of cashflow projection period to infinity........


https://www.investopedia.com/terms/t/terminalvalue.asp

Posted by 3iii > 2019-04-04 16:53 | Report Abuse

>>>
(Clark GKent) Philip

Warren buffet describes terminal value as valuing the long term prospects of a business. I think that is an apt description.

>>>


Essentially, Warren Buffett often says that he likes the company knowing that in 10 years time, it will be a bigger company than today.

Essentially, we are looking at the life history of the company. What will this company be like in 10 years from today.

Posted by qqq3 > 2019-04-04 16:55 | Report Abuse

Posted by Choivo Capital > Apr 4, 2019 4:45 PM | Report Abuse

Phillip, you may not want to speak so publicly about obtaining p&c information obtained from Jaks.
==============

PPA agreements are not a trade secret. These can be obtained from the registrars....They even say so in the Circular to Shareholders approving the IPP.

Posted by stockraider > 2019-04-04 16:57 | Report Abuse

Same mah...using cash is very difficult to go outdated loh...!!

For few hundred years we use cash...do u thing, so easy to disappear leh ?

Master & visa are here for about 100 yrs and going strong and they just complement cash even now despite gaining so much momentum...!!

Posted by Choivo Capital > Apr 4, 2019 4:38 PM | Report Abuse

The day i can buy wadih and karipap from the makcik using QR, is the day i sell Opensys.

Or the day, hawker centre accept debit card.

Its about momentum, why is visa and mastercard still number one despite QR codes etc?

The momentum is so bloody hard to break. My mom still pay credit card bill with cheque, despite us buying her a computer and offering multiple times to teach her how to use it to make online transfers.

Posted by (Clark GKent) Philip > 2019-04-04 16:58 | Report Abuse

Choivo, it is not p&c.

mrcb is financial, gkent is technical.

I really wont bother on arguing for the sake of arguing. What would you like me to reply on your other points? Fact is, gkent win the lrt3 job. Revenue is confirmed, work is starting back next month.

So I will say it once. Lim Guan Eng awarded the job to gkent JV because the PH government felt it is the best company to do the revised job. They have the financial capability to do it, and they have the past project reference for a local company that has done it before.