8 people like this.

37 comment(s). Last comment by TheContrarian 1 month ago

calvintaneng

53,450 posts

Posted by calvintaneng > 2024-01-15 23:24 | Report Abuse

Welcome back to i3 forum
Long time no see

connie7i3

10 posts

Posted by connie7i3 > 2024-01-15 23:56 | Report Abuse

KCChongNZ thanks for your educational articles.
I have been reading them for the past 7 years. You have been a guiding light in my investment journey.
Please do continue to publish your research articles.

chon99

1,437 posts

Posted by chon99 > 2024-01-16 00:40 | Report Abuse

kcchongnz,
Welcome back. You are one of best analysts besides icon8888. I missed icon8888 too. Don't know how he is doing?

supersaiyan3

3,126 posts

Posted by supersaiyan3 > 2024-01-16 00:46 | Report Abuse

Welcome back, MR. Chong.

kcchongnz

6,684 posts

Posted by kcchongnz > 2024-01-16 03:45 | Report Abuse

Thanks for your friendly gestures, my friends. I am particularly moved by the comment of connie7i3. You are welcomed to visit my FB page, kcchongnz, too.

Sslee

4,968 posts

Posted by Sslee > 2024-01-16 06:26 | Report Abuse

Good morning KCChong,

Just for information:

Under trade receivables include:
Moneylending subsidiary company : Insas Credit & Leasing Sdn Bhd
Paragraph 8.23(2)(e) Appendix 8D(1) - Aggregate amount of outstanding loans as at 31 December 2023
Category of loan receivables Secured Unsecured Total
RM'000 RM'000 RM'000
(a) Corporations 182,943 84,250 267,193
(b) Individuals 16,979 - 16,979
(c) Corporations within Insas Berhad Group - - -
(d) Related parties - - -
Total 199,922 84,250 284,172

Omesti is not an associate company, it is one of the many financial assets at fair value thro' profit and loss
ASSOCIATE COMPANIES (CONT’D)
(f) The summarised financial information in respect of the Group’s major associate companies are as
follows:-
Inari Amertron Company Group
Ho Hup Construction Berhad Group
Melium Holding Sdn Berhad Group
Divfex Berhad
Other associate companies
Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Financial positions as at 30 June 2023
Assets and liabilities
Non-current assets 528,103 536,203 58,853 12,249 200,905 1,336,313
Current assets 2,438,649 994,312 60,262 66,447 307,968 3,867,638
Non-current liabilities (32,672) (391,067) (35,073) (7,122) (34,046) (499,980)
Current liabilities (331,450) (734,688) (50,060) (40,987) (254,115) (1,411,300)
Net assets 2,602,630 404,760 33,982 30,587 220,712 3,292,671
Carrying amount of proportion of the
Group’s ownership 374,407 18,617 14,646 8,259 96,529 512,458
Goodwill on acquisition 65,251
Total: 577,709

Note: MI is mainly non-controlling interest of M&A
Stock [M&A]: M & A EQUITY HOLDINGS BERHAD
Announcement Date 05-Jul-2023
Reference No CS2-05072023-00007
Substantial Shareholder's Particular:
Name INSAS BERHAD
Details of Changes:
Currency -
Date of Change Type Number of Shares
30-Jun-2023 Acquired 10,502,200
Registered Name M & A Nominee (Asing) Sdn Bhd for Montego Assets Limited
Nature of Interest Indirect Interest
Nature of Interest Indirect Interest
Shares Ordinary Shares
Reason Acquisition of shares in the open market.
Total no of securities after change
Direct (units) 206,627,756
Direct (%) 50.49
Indirect (units) 0
Indirect (%) 10.34
Total (units) 1,215,718,665
Total (%) 60.83
Date of Notice 05-Jul-2023

Still need to buy all the WC beside Insas shares. Or you can wait untill WC expired then you make an attempt takeover.
WARRANTS HOLDINGS
as at 29 September 2023
WARRANTS 2021/2026
No. of outstanding warrants : 331,510,380
Exercise price per warrant : RM0.90
Expiry date of warrants : 28 February 2026

Remark: Insas controlling shareholders Dato' Sri Thong and PAC officially hold 32.96%, 0.04% short of triggering 33% threshold of MGO

Bullish

870 posts

Posted by Bullish > 2024-01-16 08:20 | Report Abuse

Hi KC, is KPS considered undervalued as well?

stockraider

31,556 posts

Posted by stockraider > 2024-01-16 08:44 | Report Abuse

Hi KC
Nice to see u here.

Your article is great n really explain precisely what value investors to look for & capitalise on.
Base insas negative enterprise value of Rm 1,844M or Rm 2.79 per share, an investor can takeover Insas for free & pocket Rm 2.79 per share loh!

Rationally this really ridiculous but it is a fact & real loh!
On top of that KC only monetize Inari & insas other liquid assets but exclude insas other listed subsidiary namely M&A, Insas sizeable real estate properties, profitable unlisted business ,Associate listed Ho Hup and Insas all other assets loh!

The above deep quality undervaluation shows that insas is really conservatively well manage thus debunked the notion of poor mkt perception loh!

Big shark should take this good opportunity to buy up insas by taking a sizeable stake of Insas & be a profitable business partner of Tan Sri Thong loh!

Actually Thong can be a good business partner & shows very good governership for example Inari has very good perceive governance compare to Insas loh!

I m sure Thong can easily adapt to this higher standard base on the current management formula as per Inari model!

The ideal position for the new opportunistic big investor is 20% stake of insas loh!
Assuming taking up 20% stake at average price of Rm 1.50 will only cost him Rm198m compare to Insas overall shareholders revise capitalization of more than Rm 3.3B or equivalent to Rm 660m @20% stake loh!

For small investors u should start buying insas now & side with the future opportunistic large investors loh!

As for Sifu Sslee, Raider suggest that he should forget about giving an exemption to Thong, if a GO trigger bcos of him buying or exercising his warrant as the cost of GO is only Rm 1M which is peanuts to him compare to Insas negative enterprise value of Rm 1.84B loh!

I think eventually Insas will eventually move above Rm 3.00 to Rm 4.00 loh!

kcchongnz

6,684 posts

Posted by kcchongnz > 2024-01-16 09:18 | Report Abuse

Bullish
Hi KC, is KPS considered undervalued as well?

I don't follow this stock and have no positive comments about the management. It supposed to have a big pile of cash after disposing its water assets inn 2015 but if fell quickly to net debt. Wonder if the money was properly used.
It appears to be cheap with single digit PE, but that was due to large one time gain in investment and foreign exchange gain. Taking that off, which should be, it is very expensive. Just my opinion.

paperplane

21,569 posts

Posted by paperplane > 2024-01-16 09:43 | Report Abuse

insas FOREVER UNDERVALUED, IN FACT undervalue more than 10 years.....lol. what does it tell you then/

MrFox

1,125 posts

Posted by MrFox > 2024-01-16 10:10 | Report Abuse

very obvious, value trapped?

KingKKK

374 posts

Posted by KingKKK > 2024-01-16 10:14 | Report Abuse

Insas seems undervalued by net cash/NTA valuation but also need to ask these questions:

1. What is the future prospect? Can next year earnings grow substantially (my standard at least 10%)?
2. How about the free cash flow? Will it grow in the future? + Has it grown higher historically.
3. What is the management planning to do with the extra cash ... return to shareholder? Or invest in new growth busienss? Or invest in efficiency enhancement of existing business?

stockraider

31,556 posts

Posted by stockraider > 2024-01-16 10:58 | Report Abuse

Yes & No loh!

10 yrs ago insas Nta is roughly Rm 1.90 & its EPS is around 13.9 sen with share price 80 sen.
Today Nta is Rm 3.56 & eps is 18 sen with share price Rm 1.20.

Surely a dumb fellow using warren buffet formula will had notice insas wealth has grown by rm 1.66 per share or about 16 sen pa over the 10 yrs loh!

And added back div about roughly 1.5 sen div pa avg your total cash generation from insas is about 17.5 sen pa mah!

If your IRR is 10% pa.....surely base earnings Insas should easily worth Rm 1.75 per share loh!

Remember in 2015, Inari only worth less than Rm 1 billion loh but today it is worth more than Rm 12B mah!
Also we have not factor in the hidden reserve of Inari mark to mkt gain for insas holding of about rm 1.6b which is additional gain of rm 2.42 per share for insas loh!

Thus Insas shareholder funds plus Inari hidden reserve mark to mkt gain will contribute potential wealth of Rm 6.00 per share to insas loh!

Surely insas will worth much more than Rm 1.20 loh!

Posted by paperplane > 54 minutes ago | Report Abuse

insas FOREVER UNDERVALUED, IN FACT undervalue more than 10 years.....lol. what does it tell you then/

cheated

936 posts

Posted by cheated > 2024-01-16 11:04 | Report Abuse

Is Insas KCChongnz only promoted counter? How about Pintaras Jaya, Coastal Contract and many others?

stockraider

31,556 posts

Posted by stockraider > 2024-01-16 11:09 | Report Abuse

Kingkkk,

This type of intelligent question is applicable when u want to buy Nestle at rm 120.00 per share, n its eps is rm 2.80 & nta is only Rm 3.00.
U r trying to justify why u willing to pay so much more loh ?

In insas case u r paying only Rm 1.20 per share to buy a wealth of Rm 6.00 per share mah!

This an obvious no brainer....the answer is obvious loh!

Posted by KingKKK > 48 minutes ago | Report Abuse

Insas seems undervalued by net cash/NTA valuation but also need to ask these questions:

1. What is the future prospect? Can next year earnings grow substantially (my standard at least 10%)?
2. How about the free cash flow? Will it grow in the future? + Has it grown higher historically.
3. What is the management planning to do with the extra cash ... return to shareholder? Or invest in new growth busienss? Or invest in efficiency enhancement of existing business?

Bullish

870 posts

Posted by Bullish > 2024-01-16 11:42 | Report Abuse

Thanks KC.

arv18

2,645 posts

Posted by arv18 > 2024-01-16 11:44 | Report Abuse

Just a pump n dump. 'Tis the season to be jolly! :)

Posted by ValueInvestor888 > 2024-01-16 14:24 | Report Abuse

management sxcks... pump n dump stock

arv18

2,645 posts

Posted by arv18 > 2024-01-16 15:35 | Report Abuse

if you don't book your profit, someone else will ;)

SCIB - limit down
imaspro - multople limit down
ynh
rapid
etc etc

PureBULL ...

2,417 posts

Posted by PureBULL ... > 2024-01-17 18:03 | Report Abuse

to make BIG money in stocks is not easy.
WHY? bcos
msia is a poor country.
KLCI only increased abt 25% from the high of 1297 pts of 1997 to now < 1500
all in 27 yrs or 3 decades!

BUT
there r 5 to 8 stocks that will super bullrun p.a.
can u catch them all at that cycle?

hoplanner

382 posts

Posted by hoplanner > 2024-01-17 19:48 | Report Abuse

insas is quite the same as iCapital

stockraider

31,556 posts

Posted by stockraider > 2024-01-17 19:54 | Report Abuse

Lets put it this way loh!

Today we have almost 5 stocks today that had shown large limit down for the past 5 days loh!
That are :
1. Rapid Rm 3.96 v highest rm 29.54
2 YNH Rm 1.22 v highest Rm 5,20
3. SCIB Rm 0.535 v Rm 1,20
4. Mercury Rm 0.455 v Rm 0.9
5. Imaspro Rm 1.23 v Rm 6.00

A simple financial check will indicates all these are not supported by strong fundamental financial matrix of namely NTA, PE, DIV, ROE, Growth despite had been goreng up sky high loh!

It finanally collapse loh!

If u compare all these 5 stocks...fundamental perform poorly v INSAS loh!

The the reasons why INSAS share has big upside and sustained at current high level, whereas the 5 loser stocks, Raider mentioned fell like 10 pins loh!

The current mkt run up are mainly supported by strong fundamental like Insas, Kseng & OSK that surge strongly beside having good earnings & good strong balance sheets, it has very good sustainable fundamental loh!

Investors are advise to be wary of high speculative stocks & peg their investment that can be supported by good margin of safety like very good pick insas mah!


arv18

2,645 posts

Posted by arv18 > 2024-01-17 21:04 | Report Abuse

life is very simple: if you don't book your profit, someone else will!

speakup

25,307 posts

Posted by speakup > 2024-01-17 21:26 | Report Abuse

Mestron will limit down tomorrow

stockraider

31,556 posts

Posted by stockraider > 2024-01-22 20:36 | Report Abuse

Remember this loh!

Upside of Insas is not value trap mah!

But it is investors price discovery of the good enormous value insas which rerate its share upward mah!

In fact as more people discover the value of insas, which be much higher, it will go up higher & higher loh!

Tong Kooi Ong a tycoon had value insas at Rm 4.33 per share mah!

speakup

25,307 posts

Posted by speakup > 2024-01-23 07:50 | Report Abuse

Bjfood going to limit down once QR out

stockraider

31,556 posts

Posted by stockraider > 2024-01-23 07:59 | Report Abuse

Alot of Insas value investors sifu after holding so long have dispose a sizeable of their holdings, R they right in disposing so soon leh ?

Ans; As a value investor selling so soon is wrong loh! As our master sifu Tong Kooi Ong had indicated a conservative fair value of Rm 4.33, thus selling at Rm 1.30 & below is a wrong decision loh! Surely u can safely hold on insas longer & sell it at 50% fair value that is roughly Rm 2.15 per share mah!

The only justifications of selling insas prematurely at Rm 1.30 & below is just to buy insurance loh! In which alot of sellers did that loh!
But after selling enough to buy adequate insurance, it is time u hang on to your remaining insas for higher target above Rm 2.15 loh!

Forget of all the naysayers shouting value traps lah! This lah! That lah!

Just have convictions & believe in the proven facts that insas worth alot of monies above Rm 4.33 loh!

Thats how value investors become damn rich loh!

stockraider

31,556 posts

Posted by stockraider > 2024-01-23 10:09 | Report Abuse

Whether u r an investor, speculator or gambler....u must learn from this Good Song by Kenny Rogers loh!

If u gonna to play the game, u gotta learn to play it right.

"U got to know when to hold them.
Know when to fold them.
Know when to walk away
Know when to run
Know when to runaway
Know when to keep
Cause every hand is a winner
And every hand is a loser"

For investor the emergence of prominent tycoon investor Tong Kooi Ong n his valuation of Insas Rm 4.33 is an indication of Insas fair value , is a sign u should keep insas & not to runaway loh!

Lu tau boh ?!

Posted by Sslee > 19 minutes ago | Report Abuse

The only reason to buy or sell is to make money. Else why are you in Bursa the biggest casino in Malaysia

stockraider

31,556 posts

Posted by stockraider > 2024-01-27 11:53 | Report Abuse

On what occasion should Insas be value at around Rm 7.00 to Rm 10.00 leh ?

When there is a hostile sizeable investors coming in loh!

Sizeable means investors willing to buy more than 20% of insas share & to be a business partner to Thong loh!

Who r the sizeable partner willing to fork up so much monies of more than Rm 250m just to buy 20% of insas leh ??

It should be a value investors who understand Insas type of business n a good fit is Edge Tong & his allies loh!

It could Raider & Gangs with support of Tycoon behind the scene supporting & financing the deals loh!

Base on raider & gang matrix , the big investors is accumulating big in insas at rm 1.26 and warrants Rm 0.45, the funds require purchase 20% exposure will be Rm 250m loh!

This work out to a cost of roughly Rm 1.80 per share compare to the potential intrinsic value of insas Rm 7.00 to Rm 10.00 loh!

Thus minority shareholders should expect big volume of insas will be traded everyday from rm 1.26 to rm 1.80 over the next 6 mths loh!

Beyond 6 mths after this insas should be flying from Rm 1.80 towards Rm 10.00 loh!

Thus get ready to board the plane loh!

stockraider

31,556 posts

Posted by stockraider > 2024-01-27 12:32 | Report Abuse

The story of Ahfah a successful Pudu mkt vegetable seller, making big in her Insas & insas-w loh!

Ahfah had been holding more than 400k of insas at average cost at 75 sen and warrant 450k at average cost at 25 sen for more than 3 yrs had hit jackpot recently loh!

She had followed raider & gang buying into insas & she has faith to hang tight not only bcos, she trust raider but her deep believe in the good financial figure of insas never lies loh!

Her long patiencely wait for insas certainly payoff loh! Despite Insas broke out above high of Rm 1.00, she did not sold a lot of insas, bcos like raider she believe in insas will worth much more given time loh!

Not many of her peers in pudu mkt is successful bcos many do not have the patience to hold tight & easily jolted to sell when insas share price came down loh!

For example her best friend ahmoi follow her to buy Insas 300k at 80 sen.....immediately sold down, when insas when hit 90sen to Rm 1.00 loh!

Luckily due to her best friend scolding for selling insas too early....Ahmoi still manage to hold back 100k of precious Insas loh!

Ahmoi says i swear to God, that i will not sell anymore of insas, if it is still below rm 3.00 or unless ahfah start selling loh!

The Pudu mkt is active loh.....beside people buying vegetables....alot of them are talking about insas share loh!

Alot of people want to buy insas, but they are afraid bcos the price has risen loh!

Not many people are so lucky like ahfah sitting on big gain of insas without selling loh!

stockraider

31,556 posts

Posted by stockraider > 2024-01-27 17:56 | Report Abuse

Many prominent value investors value insas differently loh!

1. Sifu Sslee Target Rm 1.50.
2. Insas Eps 18.2 @ pe 12x = Rm 2.20.
3.Ahmoi the best friend of Ahfah in Pasar Pudu Rm 3.00.
4. Nta of insas exclude all the potential hidden gain Rm 3.56
5. Ahfah the investment queen in pasar Pudu Rm 3.90 to Rm 4.80
6. Tong Kooi Ong of Edge Rm 4.33
7. Leno Rm 6.00 and Rm60.00
8. General Raider Rm 7.00 to Rm 8.00

People always think of getting or hoping a new major shareholder, unlocking the hidden value of insas loh!

The truth is Thong is quietly unlocking value stealthly without people noticing mah!

Once people realized this.....there will be chasing Insas above Rm 3.00 loh!

Lu tau boh ah ???

" Insas strength is a very strong incubator of business loh!"

Thats why u have Inari, M&A in respect of Insas & Microlink in respect of Omesti loh!

All these private equity type of business had contributed billions of profit to insas mah!

In fact Insas is a msia equivalent of Black Rock & Goldman Sachs of the USA loh!


"The story of Ahfah a successful Pudu mkt vegetable seller, making big in her Insas & insas-w loh!

Ahfah had been holding more than 400k of insas at average cost at 75 sen and warrant 450k at average cost at 25 sen for more than 3 yrs had hit jackpot recently loh!

She had followed raider & gang buying into insas & she has faith to hang tight not only bcos, she trust raider but her deep believe in the good financial figure of insas never lies loh!

Her long patiencely wait for insas certainly payoff loh! Despite Insas broke out above high of Rm 1.00, she did not sold a lot of insas, bcos like raider she believe in insas will worth much more given time loh!

Not many of her peers in pudu mkt is successful bcos many do not have the patience to hold tight & easily jolted to sell when insas share price came down loh!

For example her best friend ahmoi follow her to buy Insas 300k at 80 sen.....immediately sold down, when insas when hit 90sen to Rm 1.00 loh!

Luckily due to her best friend scolding for selling insas too early....Ahmoi still manage to hold back 100k of precious Insas loh!

Ahmoi says i swear to God, that i will not sell anymore of insas, if it is still below rm 3.00 or unless ahfah start selling loh!

The Pudu mkt is active loh.....beside people buying vegetables....alot of them are talking about insas share loh!

Alot of people want to buy insas, but they are afraid bcos the price has risen loh!

Not many people are so lucky like ahfah sitting on big gain of insas without selling loh!"

Raider answer to the dilema of Ahfah & his followers is to get your bearing of investment valuation of Insas Right mah!

With proper valuation of Insas you are not afraid n confident to hold on to Insas loh!

stockraider

31,556 posts

Posted by stockraider > 2024-01-28 10:18 | Report Abuse

Below advice given by contrarian is a slow way 3rd world method of accumulation of substantial wealth loh! In which General Raider see this is not that efficient loh!
If u think Insas is going to move up to Rm 1.50 to Rm 2.00 soon, & u know Insas should be worth at least Rm 4.33 base on Edge Tong conservative valuation n in which insas has huge margin of safety loh! There r better way loh!

What u should do is allocate substantial resources to insas in order to get rich safely & steadily loh!

The correct approach for insas are as follows loh!

1. Allocate substantial investable assets into insas, say u have Rm 1m.....u must invest at least 30% @ Rm 300k into Insas loh!
2. Allocate substantial of your future saving by investing insas more loh! For example U n your wife earn Rm 20k a month & u can save Rm 6k a mth...........thus u should invest in insas Rm 18k every 3 mths loh!
Raider suggest this Rm 18k is a comparative smaller sum, thus u should allocate this savings fund just for investing in insas-w to maximise exposure loh!

Having done that, u will on the route of great wealth loh!
But u must monitor Insas share price to ensure that u have adequate margin of safety loh....Raider suggest u stop putting more money into insas when it hit above Rm 3.20 mah!
And u may consider sell a small % of insas slowly when it trade above Rm 3.80 loh!

The above r the right way of investing in insas & raider follower ahfah the queen of investment in Pasar Pudu adopt this method & gain substantial wealth without taking excessive risk loh!

Ahfah proudly tell his fellow vegetable sellers this loh!:

"I have make about Rm 200k profit just investing in insas & its warrant within 3 mths loh! Just imagine how much i need to sell vegetables, if i make rm 1 per kg from vegetable, that will be 200,000 kg or 200 tonnes loh!"

"Good share management & investment tech is very important if we want to accumulate substantial wealth sustainably & i would like to thank General Raider for that mah!"

Posted by TheContrarian > 3 minutes ago | Report Abuse

If you buy 10,000 shares at 60 sen, sells all at RM1.10 your original RM6,000 becomes RM11,000 and with that amount you can later buy back say, 15,000 shares at around 70 sen. Then sell the 15,000 shares at RM1.20 to get RM18,000. Later when price drops back to say, 80 sen, you can buy 22,500 shares.

TheContrarian

8,896 posts

Posted by TheContrarian > 2024-01-28 20:35 | Report Abuse

Already made 4 fold gain on Insas, hahahahahaha.

ocbc

925 posts

Posted by ocbc > 2024-01-29 15:33 | Report Abuse

4 folds in less than 1 year ? Supere.

@Posted by TheContrarian > 14 hours ago | Report Abuse
Already made 4 fold gain on Insas, hahahahaha

TheContrarian

8,896 posts

Posted by TheContrarian > 2024-01-29 15:48 | Report Abuse

@ocbc ....... No! Over about 10 years.

stockraider

31,556 posts

Posted by stockraider > 2024-02-01 12:42 | Report Abuse

Correct loh.....this point to sitting on insas will be long run more beneficial as a way of growing your wealth loh!

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 1 day ago | Report Abuse

General trading: anticipating moves in the market as a whole.

Selective trading: picking out stocks which will do better than the market in the short term.

Benjamin Graham warned what NOT to do. He did not consider that either general trading or selective trading has any place in investment practice. Both of them are essentially *speculative* in character because they depend for success not only on the ability to foretell specifically what is going to happen, but on the ability also to do this more cleverly than a host of competitors in the field.

The real money in investing will have to be made - as most of it has been in the past - not out of buying and selling, but out of OWNING AND HOLDING securities, receiving interest and dividends, and benefiting from their long-term increase in value.

TheContrarian

8,896 posts

Posted by TheContrarian > 1 month ago | Report Abuse

Let's us all laugh at stockraider, hahahahahaha 🤣

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