Posted by bluebiznet > 2017-11-13 15:34 | Report Abuse

dont worry, insas is deeply undervalue, and it can undervalue for many years and decades to come

Posted by klkk > 2017-11-13 15:43 | Report Abuse

Management crisis, maybe! Rather, by the way the price stands it reflects a management crisis.. hahaha!

Posted by Alex Foo > 2017-11-13 15:44 | Report Abuse

insas is real value trap =(

Posted by leno > 2017-11-13 16:16 |

Post removed.Why?

Posted by kevin5059 > 2017-11-13 16:29 | Report Abuse

damn it, I need to sell my other counter and buy WB. Too tempting. lol.

Posted by Muhammad Saifuddin > 2017-11-13 18:10 | Report Abuse

Dey, cantik bila mau fly? Why insas tak follow inari? Ggggggggggrrrrrrrrrrrrr!!!!!!

Posted by TheContrarian > 2017-11-13 20:42 | Report Abuse

Pledged WB been forced sold.

Posted by linges > 2017-11-13 20:44 | Report Abuse

TheContrarian...right time to avg down...ur opinion?

Posted by kingcobra > 2017-11-13 20:51 | Report Abuse

buy below 30 sen!

Posted by nekosan > 2017-11-13 20:52 | Report Abuse

buy below 3 cent

Posted by linges > 2017-11-13 22:03 | Report Abuse

30sen ok lagi...but 3sen...don’t lah bro...

Posted by kny123 > 2017-11-13 23:52 | Report Abuse

is insas daily chart showing some sort of cup with handle formation? cup starts from ~nov 2014 ? handle around july 2017 till now?
?

Posted by kny123 > 2017-11-13 23:54 | Report Abuse

can see another inner cup on nov23 2015 - jan 30 2017 , handle feb 6 - feb 27 , 2017 ?

Posted by TheContrarian > 2017-11-13 23:57 | Report Abuse

There's heavy forced selling of WB. If you go through the list of 30 top warrant holders there are several individuals who bought millions of warrants on margin. A big buyer is needed to absorb the forced selling. If 33 sen cracks tomorrow it means forced selling is continuing. We need to watch first to see first if there's support at 33 sen.

Posted by linges > 2017-11-14 01:55 | Report Abuse

Thx TheContrarian :)

Posted by Alkwong > 2017-11-14 10:45 | Report Abuse

Contrarian, how do you know some of the 30 top warrant holders bought millions of warrants on margin? Did they tell you?

Posted by Alkwong > 2017-11-14 10:54 | Report Abuse

Contrarian, if you are right, looks like a squeeze in on. A lot of sellers of WB at 0.335 than buyers at 0.33, which could depressed Insas down to test the 0.955 support level.

Posted by Alkwong > 2017-11-14 10:55 | Report Abuse

Sorry, meant to say a squeeze is on.

Posted by Eukansoft > 2017-11-14 10:57 | Report Abuse

Shareholders attending the forthcoming AGM should raise questions about the following issues which may directly affect the results and erode the capital structure and so the dividend yield of the company in the future.

Retail trading and car renting are very different businesses and the logic of grouping them together under one segment is really unthinkable. Moreover, retail trading under the Melium Group are 43.4% associates and car renting under Insas Pacific Rent-A-Car Sdn Bhd, etc. are 79.5% subsidiaries the accounting treatments of which are very different.

Retail trading & Car rental Segment
Profit/(Loss) Due from Associates Due from Subsidiaries
2009 (RM 1,222,000) RM 4,761,000 RM648,854,000
2010 (RM 427,000) RM21,497,000 RM632,924,000
2011 RM 2,469,000 RM17,484,000 RM162,689,000
2012 RM 1,409,000 RM 7,772,000 RM163,641,000
2013 RM 5,665,000 RM - RM683,387,000
2014 RM 4,964,000 RM19,145,000 RM694,156,000
2015 RM 1,017.000 RM92,371,000 RM232,605,000
2016 (RM11,268,000) RM92,519,000 RM114,217,000
2017 (RM 7,923,000) RM92,702,000 RM204,865,000

Since 2009, accumulated losses of the Retail trading & Car rental segment amount to RM5,316,000. Moreover, out of total non-current asset value of RM184,946,000, RM146,706,000 (79.3%) is for motor vehicles which depreciate in value and which we assume is under the car renting business, whereas land and building which appreciate in value worth only RM32,310,000 (17.46%). Outstanding hire purchase liabilities to finance the acquisition of these vehicles amount to RM108,043,000. Has Insas committed itself too much in this losing segment? Shareholders should not pin their hope on Tesla electric cars because the power supply infrastructure for these vehicles would take many years to be available without state support.

Years ago the management painted a very rosy picture about the Melium Group saying that the group would be listed. What happens now? It seems that nothing has been done to improve the group’s performance and the management only know how to blame market conditions for the disappointing results. If market conditions determine everything, none of those small companies like Alibaba, Hua Wei in China would have risen into prominence. It is competent management that determines everything.

Now the questions:

1. How much was spent on acquiring the shares in companies of this segment that generates such frustrating results?
2. How much is owed from companies of this segment and are these amounts recoverable and not to be waived?
3. How much more is needed for injection into companies of this segment in light of the losses? Increased losses of the most recent years are particularly worrying.
4. What is the directors’ assessment of the prospect of these companies turning out handsome profit?
5. If the future of these companies is uncertain, what are the justifications for them not to be discontinued?
6. What control procedures are in place to ensure that fully depreciated motor vehicles are sold at their full market value?
7. What strategies or measures are taken by the car renting management to counter the competition from Uber, etc?
8. Is opening more outlets by the Melium Group an appropriate strategy when so many retail businesses go for internet trading that involves less overheads?

We have other observations and we will reveal them when the time is appropriate. For the time being we would say that investing in start-ups of new technology companies is the right move. Insas management is mediocre if not incompetent in challenging operating management. You just have to compare the growth of M&A Securities and the former OSK Securities acquired by the RHB group to come to this conclusion.

Now, different rates of dividends payable to shareholders would involve the following amounts. Even at 5%, Insas can easily afford considering the dividends received from Inari Amertron Berhad (“IAB”) and the sale of IAB’s stake from 22.8% to 20.2%. Cash from these transactions are still retained in subsidiaries. Increased dividend rate would boost the market price of the shares. Just look at Nestle. It’s time for Insas to reward its shareholders not forgetting that the majority of them are related parties of the directors.

1% RM 6,630,070
2% RM13,260,140
3% RM19,890,210
4% RM26,520,280
5% RM33,150,350

Posted by Eukansoft > 2017-11-14 11:01 | Report Abuse

会出席即将召开股东大会的股东应该在大会中提出这些问题。这些问题会直接影响到公司未来的的盈利表现，也可能会损害到资本结构和股息。

零售贸易和租车生意是非常不同的生意而把它们归纳在同一个组合的逻辑是真的令人难以想象。尤其是由Melium领军的零售贸易是43.4%的连号公司，而由Insas Pacific Rent-A-Car所领军的租车生意却是79.5%的子公司，它们在会计上的处理也是完全不同的。

零售贸易和租车生意组合
盈 /（亏) 连号公司欠英莎 子公司欠英莎
2009 (RM 1,222,000) RM 4,761,000 RM648,854,000
2010 (RM 427,000) RM21,497,000 RM632,924,000
2011 RM 2,469,000 RM17,484,000 RM162,689,000
2012 RM 1,409,000 RM 7,772,000 RM163,641,000
2013 RM 5,665,000 - RM683,387,000
2014 RM 4,964,000 RM19,145,000 RM694,156,000
2015 RM 1,017.000 RM92,371,000 RM232,605,000
2016 (RM11,268,000) RM92,519,000 RM114,217,000
2017 (RM 7,923,000) RM92,702,000 RM204,865,000

从2009到2017，这个组合的累积亏损为RM5,316,000。还有，在RM184,946,000的非流动资产中，逐渐折旧的汽车就占了RM146,706,000 (79.3%)，而会逐渐增值的地产才占RM32,310,000 (17.46%)。买这些汽车还未摊还的分期贷款为RM108,043,000。英莎在这个亏钱组合的投入是否太大？ 股东千万不要对Tesla的电动车抱有任何期望，那是因为这种气车的电供网络如果没有政府支持的话，将需要很多年才能建立起来。

很多年前管理层把Melium描绘为一片美景，说要把它挂牌。现在怎么了？看来好像什么都没有做去改善它的业绩表现，只会埋怨市况不好。如果市况决定一切的话，那些中国的小公司如阿里巴巴，华为也不会发展成为全世界令人注目的大公司。决定一切是有效率的管理层，不是市况。

现在的问题是：

1. 英莎在购入这些令人颓丧的公司股票的资金投入是多少?
2. 这个组合的公司欠英莎的账目有多少? 全部可以收回吗？会不会把这些账目一笔勾销？
3. 这个组合的公司最近两年的亏损是令人忧心的增大，需不需要再增加投入资金？
4. 董事部对这个组合的公司提升盈利表现的能力评估如何？
5. 如果这个组合的公司的未来表现没法确定的话，不把这些公司卖掉或结束营业的理由是什么？
6. 公司制定了什么样的控制标准和手续去肯定那些已经折旧完的汽车是以正确的市价卖掉？
7. 租车生意的管理层有什么策略和手段去面对如Uber等的竞争？
8. 当其他零售生意通过网络卖它们的产品以减轻固定费用时，Melium 开越来越多的店面是否是正确的策略？

我们也观察到其他的事项，在适当的时候我们会把它们透露出来。不过现在我们可以说英莎投资在新工艺领域的新公司是正确的。在富有挑战性的经营管理方面，英莎的管理层如果不是不合格的话，也是平庸的。你只要比较M&A Securities和被RHB集团买去的OSK Securities的个别发展就可以得到这个结论。

英莎不同的股息率将牵涉的下列现金的付出。即使是5%的股息，也不会对英莎造成任何财务的困难。那是因为英莎从Inari Amertron 收到的股息就有2,3千万，再加上卖掉2.6% 的Inari Amertron的股权所收到的整亿现金，可谓绰绰有余。这些现金现在还是被子公司保管著。较高的股息会提升股价。Nestle 就是很明显的列子。是英莎回报它的股东的时候了，不要忘记大部分的受益人还是董事和跟他们的有关联的人士呢。
1% RM 6,630,070
2% RM13,260,140
3% RM19,890,210
4% RM26,520,280
5% RM33,150,350

Posted by Alkwong > 2017-11-14 11:14 | Report Abuse

Eukansoft, minority shareholders should recommended that the car-rental business be closed down. I get the feeling the car-rental business was started by thong to give his son a unit to run. He's (the son) obviously a failure..

Posted by dogdog > 2017-11-14 11:20 | Report Abuse

many people talks about this company
this stupid counter insas

Posted by notebook > 2017-11-14 11:22 | Report Abuse

change CEO and whole management better

whole company management too old style, just sit diam diam get paid every year, do nothing.

Posted by dunspace > 2017-11-14 11:36 | Report Abuse

I don't get why the warrant is moving alone without movement in mother share

Posted by lmseng > 2017-11-14 11:37 | Report Abuse

congrats to those who have standby cash to add... cheap sale wb at 32.0!!!

Posted by apolloang > 2017-11-14 11:38 | Report Abuse

only 2 years 3 months left and conversion at 1.00,premium so high yet worth 32cts? should be 20cts now

Posted by StockKeeper > 2017-11-14 11:42 | Report Abuse

Nobody want this counter

Posted by kingcobra > 2017-11-14 11:49 | Report Abuse

this coming Friday WILL be below 30 sen for wb!

Posted by notebook > 2017-11-14 11:51 | Report Abuse

yeah , thong sampah also sell , 0.1 soon! run fast!!!!!!!!!!!!!!!!!

Posted by lmseng > 2017-11-14 11:59 | Report Abuse

CRISIS

Posted by dunspace > 2017-11-14 12:08 | Report Abuse

how do u figure out that the premium is high?

Posted by StockKeeper > 2017-11-14 12:16 | Report Abuse

Wb after 5 year end, what will happen?

Posted by dunspace > 2017-11-14 12:19 | Report Abuse

the whole point of warrant is leveraging....

Posted by apolloang > 2017-11-14 12:20 | Report Abuse

2 years 3 months left,mother share only 96cts.wb 32cts+1.00=1.32....in 2 years 3 months u give them premium more than 30%.u sendiri count worth or not? u go lend from bank interest also not this much for 2 years 3 months

Posted by dunspace > 2017-11-14 12:28 | Report Abuse

by that calculation , AAX-WA is at a premium of 72%, why would the premium be so high?

Posted by linges > 2017-11-14 13:05 | Report Abuse

Every day new low...tempting one side...fear one side...

Posted by leno > 2017-11-14 13:08 | Report Abuse

SSLee ... dun forget to say this at AGM ... that we heard the dome cafe is for his daughter to makan makan free ... melium is for his wife to shop shop free ... car rental is for his son drive drive all the expensive car free .... is that why the dividend payout ratio is so low ... 1 sen per 26 sen eps = 3.8% ratio ... compare to blue chip is 100% ... other at least 50% and growth stock even give up to 25 % .... WE WAN HIGHER DIVIDEND ... if not ... u tell ah thong his name will be come THONG SAM PAH .....

Posted by goodguess > 2017-11-14 14:58 | Report Abuse

Contrarian, I remembered you said sometime back that warrant was an insurance for TKK from others taking over controlling share. If he has no more/very little warrants does it mean someone else is accumulating it? does it mean insas can be taken over by a third party if he is not careful?

Posted by StockKeeper > 2017-11-14 15:08 | Report Abuse

Wb will return to 0.1?

Posted by dunspace > 2017-11-14 15:21 | Report Abuse

I always thought it should be mother share pulling warrant down, somehow this the opposite way. Any clues?

Posted by goodguess > 2017-11-14 15:36 | Report Abuse

Can minority pull together their shares so that we will be a more strong force. Perhaps someone can start a insas fan club and all minority shareholders join the group. Hopefully our combine shares can make up to 10% or more. SSlee, you could be president of the group. We can vote enbloc to stop any director from doing any irresponsible decisions that does not of benefit to company or minority shareholers.

Posted by Kranken X > 2017-11-14 15:40 | Report Abuse

this type of price action is completely delusional and shrewd

Posted by StockKeeper > 2017-11-14 15:46 | Report Abuse

In agm can scold the management?

Posted by leno > 2017-11-14 15:56 | Report Abuse

yes we can ... if ah thong refuse .... u just can shout tong sam pah ... tong sam pah .... no problem one ....

Posted by danny123 > 2017-11-14 15:58 | Report Abuse

NEXT YEAR 0.70 CENTS

Posted by StockKeeper > 2017-11-14 16:05 | Report Abuse

After the qr come out, will below 0.7 again

Posted by mk_416 > 2017-11-14 16:49 | Report Abuse

30 cent coming..

Posted by StockKeeper > 2017-11-14 16:53 | Report Abuse

Tmr below 30 cent

Posted by dunspace > 2017-11-14 18:13 | Report Abuse

all in all...nothing fundamentally changed but Mr.Thong shareholdings

Posted by TheContrarian > 2017-11-14 18:35 | Report Abuse

Despite Thong selling off the warrants registered in his name, companies controlled by him still owns over 30% of the warrants. On the list of top 30 warrant holders, the warrant holdings of several individuals are disclosed as been "pledged". It's likely some of these are currently been forced sold.