Posted by born2bking > 2014-12-31 16:57 | Report Abuse

new year no up. sob sob..

Posted by StockKeeper > 2014-12-31 17:00 | Report Abuse

hope 2015 can up to 1.20.

Posted by SS661M > 2014-12-31 17:19 | Report Abuse

Cancel the multi proposal may be will up. Ppl dun wan to subscribe.

Posted by gweilo > 2014-12-31 18:22 | Report Abuse

I do !!!

Posted by veryhamsub > 2015-01-02 08:56 | Report Abuse

hmmm...

Posted by mililia > 2015-01-02 08:57 | Report Abuse

Should allow this stock to weed out the weak. Then only I will write why I think the corporate exercise will push the share price up. I am quite surprise so many sellers to be frank.

Posted by n00bpelabur > 2015-01-02 11:27 | Report Abuse

Yeah many seller out of nowhere

Posted by hermen1123 > 2015-01-02 15:40 | Report Abuse

WAT HAPPEN??

Posted by Munger > 2015-01-02 16:33 | Report Abuse

Look at thier top 30 shareholder..alot of foreign fund...and this KYY own sbout 2% share..dont be surprise there is heavy selling..

Posted by bigbuyer > 2015-01-02 21:39 | Report Abuse

Haven't finished yet not the bottom to fish yet

Posted by n00bpelabur > 2015-01-02 22:03 | Report Abuse

Up or down?? haiyaaa even technical cannot guess.

Posted by kevin5059 > 2015-01-02 22:25 | Report Abuse

Surprise to see that Inari announce their Right Ex-date before Insas.

Posted by Alex Chan > 2015-01-03 03:16 | Report Abuse

They might cancel the right then.......

Posted by StockKeeper > 2015-01-03 07:40 | Report Abuse

Do you think insas not $$$?

Posted by SS661M > 2015-01-03 15:39 | Report Abuse

Prospone util market sentiment get better. When asking for money must do it when ppl are in good mood.

Posted by gweilo > 2015-01-04 16:00 | Report Abuse

they can wait until the timing is right to announce the rights right? no rush right? right.

Posted by gweilo > 2015-01-04 16:03 | Report Abuse

actually i hope they do now. hope many dun take. hope to buy many many more rights on the cheap when people throw and den get free warrant galore n wait to make lots of profit while collecting 4% on rps. i be very happy fir dat.

Posted by mililia > 2015-01-04 19:36 | Report Abuse

I don't think it's foreign selling nor shareholders with big holdings. More like retailers cause if the foreigner and big shareholders selling, they won't sell so slowly while keeping the price in range. If anyone understand the concept of the corporates exercise for the rights, it's crazy selling at current price. But the silver lining is they is equal strong buyers at current price.

Posted by mililia > 2015-01-04 19:49 | Report Abuse

Didn't realised felicity actually wrote about Insas too...
http://www.intellecpoint.com/2014/12/buy-insas-and-sell-parkson.html

What I'm curious is what he thinks of the RPS and warrants. I will definitely share my points when I have more time.

Posted by Alex Chan > 2015-01-04 20:56 | Report Abuse

If it is called off, there will be nothing holding up the price, forward Eps for threading business besides inari dividend is just 4 cents

Posted by SS661M > 2015-01-04 21:03 | Report Abuse

If u subscribe, u get free warrant which will eventually dilute your existing shares. Basically u gain nothing. They just break your $10 dollar bill into two $5 dollar bills. If u don't subscribe, u will sell your right to 3rd party. Your $10 dollar bill became one $5 dollar bill because the 3rd party got you the other $5 bill.

Posted by mililia > 2015-01-04 21:22 | Report Abuse

That's too basic. Let me put it in scenario analysis. Assuming the share price remains at current price of RM0.80-0.85. What's the:-

1. Value of the RPS?
2. Intrinsic value for the warrants?
3. Share price of the mother share after ex-date and after you get the warrants and RPS?

I'm just curious. Of course I've the answer already. I think there are at least 3 scenarios to analyse here but let's start with one first.

Posted by SS661M > 2015-01-04 21:29 | Report Abuse

NAP is $1.8. The ratio is 2warrants : 5shares. So the NAP eventually becomes 5*1.8/ 7 = 1.286. However, it is only true when all warrants are ex. If u don't subscribe, your share value depreciates from $1.8 to $1.286. If u subscribe, instead of having 5shares with value $1.8 each, you get 7shares with value $1.286 each.

Posted by SS661M > 2015-01-04 21:33 | Report Abuse

If Insas is doing well in the next 5yrs, the detachable warrants with the right you purchase from those who are not intended to subscibe will magnify your gain!

Posted by SS661M > 2015-01-04 21:46 | Report Abuse

The problem is the ex price of warrant is $1, which is higher than the share price of 80sen! Warrant is sweetener and it is supposed to offer us discounted way to get a share. So I think the share price has to be at least $1.2 (subscriber buy $1.2 with $1) for the multi proposal to be attractive.

Posted by SS661M > 2015-01-04 21:56 | Report Abuse

militia. I oso got the answer but it is too lengthy to be published here. I oso dun have the permission from the writer to publish it. May be u can create a blog to do it, which i m not good at, so others can be benefited.

Posted by SS661M > 2015-01-04 22:26 | Report Abuse

At share price 81sen, the RPS worth nothing. So there is no corporate exercise.

Posted by mililia > 2015-01-04 23:42 | Report Abuse

I have to disagree with your warrants arguments. Just as you have mentioned, warrants are just the sweetener to the RPS. So it's not about the warrants. It's all about the RPS. A 5 year warrants always worth something. How one will value the warrants differ with one another. To me, Insas warrants worth a lot considering this is the bottom of the share price. Any re-rating on the mother shares will amplify the gain on the warrants. Warrants worth more when there is volatility, therefore, considering downside limited compares to the upside for its mother share, Insas' warrants are extremely valuable!!! The weakness in share price is due to RPS in my opinion. But the RPS has been a victim from lack of understanding.

Posted by mililia > 2015-01-05 00:04 | Report Abuse

Again, I canno say at RM0.81 RPS is worth nothing! Read the circular and you will realized there are benefits to this RPS. First of all, this RPS is non-convertible to shares and it pays 4% interest annually. It may sounds like weakness at first glance. But if one understand the circular and why management make this way, then you will realized it is actually superior. First, non convertible to share equal non dilutive. Isn't good?

Secondly, RPS to me is like an IOU letter to the company at interest of 4%. It is like a bond until you note there are two features on this RPS. First, it is tradeable. Secondly, it can be used to convert warrants into mother share. These two features especially the second one, make this RPS into a hybrid securities,ie, it's a bond with a feature of an equities with capital appreciation.

Since it is tradeable, you don't have to be a space scientists to know it may trade at a discount. I say may because of the second features. RPS is also the "currency" to convert the warrants. And there are more warrants compare to RPS at the ratio of 2:1. The supply of RPS is limited. And as an investors of the warrants and believe the share price for the mother will hit at least RM1.00, would you buy RPS when it's below RM1.00? I would! Why? Because not only I get interest, but I know I can convert my warrants at a discount. For example, if mother share is 81sen. And RPS also trades at 81sen and I have warrants. Remember the ratio is 2:1. The. I will buy RPS, keeps if I want and get 4sen dividend annually (that is 5% yield) or I can convert one of my warrants using RPS into mother share. Whatever it is I know my RPS will worth at least RM1 when it matures. So, buying RPS at a discount is almost a sure win. It's worth at least RM1 not because you loan to Insas RM1 but it can be used to convert the warrants. That is the key!

Posted by mililia > 2015-01-05 00:20 | Report Abuse

At 81sen...

So warrants worth a lot considering mother share is at the bottom. If anyone interested how much warrants worth, I don't mind to explain. That's is a winner.

However, most importantly, how much RPS will worth? Will it worth less or more than RM1? If it worth less than RM1, then why would I want to lend RM1 to Insas? Or will it worth more or equal to RM1? Can the warrants more than offset the price of RPS?

What do you think?

Posted by AzmiMerican > 2015-01-05 08:13 | Report Abuse

Militia

Saya interested to know the warrant is worth how much kalau mother is 0.81.. 0.91.. 1.01

Saya tengok u know barang-barang ni rather well... tq dulu

Posted by SS661M > 2015-01-05 08:17 | Report Abuse

Yes. Pls explain.

Posted by SS661M > 2015-01-05 08:58 | Report Abuse

For example, if mother share is 81sen. And RPS also trades at 81sen and I have warrants. Remember the ratio is 2:1. The. I will buy RPS, keeps if I want and get 4sen dividend annually (that is 5% yield)

Mililia. It doesn't matter at wat price the RPS is traded once u bought the RPS from the open market u still have to subscribe $1 to Insas, right? The dividend yield will never more than 4sen. I guess the RPS will be traded at 15-20 sen.

Posted by AzmiMerican > 2015-01-05 09:28 | Report Abuse

SS

Kalau tak salah saya, u cakap punya ada off sikit...

U fikir fikir je barang ni semalaman semalam ke?? Tak tidur?

Posted by AzmiMerican > 2015-01-05 09:43 | Report Abuse

Adoi below 0.80 now. In the first place tak tahu ibu will hold or not??? Jangan jangan jatuh terus balik ke 0.4+..

Kalau 0.4+ tak payah sakit kepala lagi on rps ke warrant ke..

Posted by SS661M > 2015-01-05 10:16 | Report Abuse

Whatever it is I know my RPS will worth at least RM1 when it matures. So, buying RPS at a discount is almost a sure win.

Mililia. I think there is some misunderstanding here. You dun get o buy the RPS at discount. What u can do is buying the right to subscribe from those who are not interested to subscribe. There will be 2weeks open trading period. As I mentioned earlier, once u bought the right, u still have to come up with $1 to subscribe.

Posted by AzmiMerican > 2015-01-05 11:10 | Report Abuse

O... u cakap about buying the right; I thought u were talking about add RM 1 to use rps and warrant to get share..

Posted by gweilo > 2015-01-05 11:17 | Report Abuse

yes but the rps might trade below rm1 after issue so if you can buy it then at 80 sen you will still get 4 sen dividend which is 5% yield to maturity plus a 25% capital gain !

Posted by ganasai > 2015-01-05 11:20 | Report Abuse

buy bjcorp lah, both also 1c dividend, but at least bjcorp 0.4x now.

Posted by kevin5059 > 2015-01-05 11:33 | Report Abuse

Just loaded another batch a 0.79. As analysed by gweilo, there is a 25% gain from the RPS alone. Not to mention the capital gain of the mother share and warrant.

Inari alone already cost around 0.70sen per share for Insas. Not to mention OMESTI, HOHUP and SYF. Buying at current price mean you got all Insas's business like Car rental, M&A, Dome bla bla bla for FREE!!!! It is just matter of time this counter sky rocket to >>RM1.80. Look at long term guys, don be short sighted and limit your sight at 2 or 3 weeks gains.

Posted by AzmiMerican > 2015-01-05 11:47 | Report Abuse

Kalau NTA je nampak ok

Tapi won't see cash la, won't see dividend in long time la.. ni syarikat holding company

Kalau Inari jatuh after its Ringhts Issue Insas pun not spare la..

Posted by kevin5059 > 2015-01-05 11:53 | Report Abuse

Hi Azmi, gent reminder, I think Insas is not Syariah compliant company. Hahaha.

Posted by mililia > 2015-01-05 12:10 | Report Abuse

SS61M: I am not referring to the rights. I am referring to the RPS which will be traded once the whole corporate exercise is over. If it is trading below RM1, then you are actually buying at a discount. And as I have suggested please read the circular and since many people are reluctant to read, I will post it here, word by word:-

"The RPS may be surrendered by the Warrant holders at 100% of the issue price of the RPS for the exercise of the Warrants in lieu of the exercise price of RM1.00 per warrant"

What it means is, your RPS is the "currency" to convert your warrant on hand!! If you are going to buy RPS at RM80sen but use it to convert your warrant to mother share, isn't it already a GAIN to you? You don't have to fork out RM1.00 to convert your warrant!! You are using RM0.80 RPS which you purchase from the market to convert the warrant.

Do you get it? Because of that, RPS itself has greater value than the normal ICULS. Its like you buy Groupon voucher at RM80 to purchase an item worth RM100. Understand?

Posted by mililia > 2015-01-05 12:13 | Report Abuse

Mililia. It doesn't matter at wat price the RPS is traded once u bought the RPS from the open market u still have to subscribe $1 to Insas, right? The dividend yield will never more than 4sen. I guess the RPS will be traded at 15-20 sen.

SS61M: Again I think you are confused about rights and RPS. You don't get RPS if you don't subscribe to the rights. So when you already have RPS, you would have already subscribe RM1 to Insas! If RPS is traded at 15-20sen, then the yield is 27%. I don't think market is that not efficient...

Posted by SS661M > 2015-01-05 12:29 | Report Abuse

Can the RPS be traded in open market? I dun think so, mililia. The RPS can only be sold back to Insas at $1 upon. Am I right?

Referring o the above statement again. I made a mistake. U bought the right (not RPS) from open market during the 2weeks trading period. I guess the right (not RPS) will be traded at 15-20sen. Assuming u bought the right at 15sen, and u come up with $1 to subscribe, you are paid 4sen dividend. How can it be more than 4%?

Posted by mililia > 2015-01-05 12:31 | Report Abuse

AzmiMerican & SS61M: I only can give a range based on historical volatility (warrants worth more with higher volatility) and price range for the mother share with 5 years expiry. You can do your own research and math..

At RM0.80
Vol 25% - Warrants RM0.18
Vol 45% - Warrants RM0.31

At RM1.00
Vol 25% - Warrants RM0.31
Vol 45% - Warrants RM0.46

At RM1.20
Vol 25% - Warrants RM0.47
Vol 45% - Warrants RM0.61

As mentioned, let the market weed out the weak sellers first. It is interesting to see.

Posted by mililia > 2015-01-05 12:33 | Report Abuse

SS61M: Please refer to circular page 7.

Word by word again:-

" The RPS will be listed on the Main Market of Bursa Securities"

Posted by SS661M > 2015-01-05 12:46 | Report Abuse

Ok. Thanks for highlighting that. I missed that line. How long would the RPS be listed? I guess it won't be listed until maturity, right? It's value will deplete with time (the closer to maturity the less amt of dividend will be received).

Posted by SS661M > 2015-01-05 12:47 | Report Abuse

"The RPS may be surrendered by the Warrant holders at 100% of the issue price of the RPS for the exercise of the Warrants in lieu of the exercise price of RM1.00 per warrant"

I need clarification for the above statement. Can RPS be surrendered before maturity?

Posted by AzmiMerican > 2015-01-05 12:58 | Report Abuse

Militia

Tq