Posted by Jon Choivo > 2018-05-17 00:42 | Report Abuse

Bro, inari bonus share.

Posted by TheContrarian > May 15, 2018 04:55 PM | Report Abuse

At of March, Inari was 2.8? Now Inari only 2.08? Down 0.72. But end of March, Insas has only 400 million Inari shares, today Insas has 600 million shares.

Posted by goodguess > 2018-05-21 16:14 | Report Abuse

1: 25 dividend in shares and 0.01 sen cash. share price go up to 1.10.

Posted by TheContrarian > 2018-05-21 22:53 | Report Abuse

This is so confusing. One person says 0.65 coming, now another says 1.10 coming.

Posted by apolloang > 2018-05-21 22:54 | Report Abuse

so u in middle lo 87.5cts.....hehe

Posted by LuckyG > 2018-05-22 18:54 | Report Abuse

profit really big drop ....

Posted by beso > 2018-05-22 19:15 | Report Abuse

this one will be melting down 2moro after reporting 88% down in q1 net profit

Posted by TheContrarian > 2018-05-22 19:47 | Report Abuse

0.65 coming.

Posted by Fabien Extraordinaire > 2018-05-22 20:31 | Report Abuse

i'll follow you to buy at 0.65

Posted by dunspace > 2018-05-22 20:33 | Report Abuse

Please overreact market.

Posted by Fabien Extraordinaire > 2018-05-22 21:12 | Report Abuse

perhaps management should teach the investment community to read Warren Bufffett annual letter.

Extract of it:
"After stating those fiscal facts, I would prefer to turn immediately to discussing Berkshire’s operations. But, in still another interruption, I must first tell you about a new accounting rule – a generally accepted accounting principle (GAAP) – that in future quarterly and annual reports will severely distort Berkshire’s net income figures and very often mislead commentators and investors.

The new rule says that the net change in unrealized investment gains and losses in stocks we hold must beincluded in all net income figures we report to you. That requirement will produce some truly wild and capricious swings in our GAAP bottom-line. Berkshire owns $170 billion of marketable stocks (not including our shares of KraftHeinz), and the value of these holdings can easily swing by $10 billion or more within a quarterly reporting period. Including gyrations of that magnitude in reported net income will swamp the truly important numbers that describe our
operating performance. For analytical purposes, Berkshire’s “bottom-line” will be useless.

The new rule compounds the communication problems we have long had in dealing with the realized gains (or losses) that accounting rules compel us to include in our net income. In past quarterly and annual press releases, we have regularly warned you not to pay attention to these realized gains, because they – just like our unrealized gains – fluctuate randomly.

That’s largely because we sell securities when that seems the intelligent thing to do, not because we are trying to influence earnings in any way. As a result, we sometimes have reported substantial realized gains for a period when our portfolio, overall, performed poorly (or the converse)."

Posted by Fabien Extraordinaire > 2018-05-22 21:15 | Report Abuse

If u observed carefully on the first page, Berkshire’s Performance vs. the S&P 500

You will notice that the per-share market value, over the long run, converge with the intrinsic value (which is the per-share book value).

Posted by TheContrarian > 2018-05-22 21:34 | Report Abuse

Hahaha, we all wait at 0.65.

Posted by Flintstones > 2018-05-22 21:36 | Report Abuse

I watched this stock more than 10 years. 10 years forever undervalued. Long term investors in this stock is idiot.

Posted by Flintstones > 2018-05-22 21:38 | Report Abuse

Insas is just a convenient holding company for rich people. They are so many ways to extract the assets out of Insas should the need arise at the expense of minorities.

Posted by dunspace > 2018-05-22 21:41 | Report Abuse

In the 10 years, have they ever generated so much cash in comparison to this FY? I only bother checking the past 5 year data, the answer is a big no. Note that they are even disposing fewer shares compared to last year and are gaining more dividend. Besides, if you know the nature of Insas business, you can make use of the "gyration".

Posted by Jon Choivo > 2018-05-22 21:43 | Report Abuse

This has always been an NTA play. Dont expect much drop.

Posted by TheContrarian > 2018-05-22 21:48 | Report Abuse

The jewel in Insas is without doubt Inari.

Posted by KLCI King > 2018-05-22 23:30 | Report Abuse

It will keep going down over the years without good performance.

Many viewed Insas as a conglomerate holding many companies & businesses.

High NTA low share price means the company is doing really bad on making good returns on the assets employed.

The management is lousy & not competent to run the company.

Don't compare Insas to Berkshire Hathaway. Because it is like comparing a mata kucing to a MusangKing

Posted by Victor Tan > 2018-05-22 23:58 | Report Abuse

Why nobody considers Inari results and current share price? Look into the future guys.... share valuation is about the future not present

Posted by TheContrarian > 2018-05-23 00:19 | Report Abuse

Newly minted Finance Minister LGE wondering why EPF and KWAP pouring billions of ringgit to own a small portion in Inari. Bodoh, bodoh, bodoh. You just need RM350 million to take control of Insas and indirectly control Inari.

Posted by Flintstones > 2018-05-23 00:41 | Report Abuse

Today is 2018. I will come back to revisit this post five years later and it will still be undervalued.

Posted by KLCI King > 2018-05-23 00:44 | Report Abuse

haha, forever undervalued, laugh die me.

Like some young football stars, got huge potential, but after 10 years, the potential still keep under the bed.

Flintstones I watched this stock more than 10 years. 10 years forever undervalued. Long term investors in this stock is idiot.
22/05/2018 21:36

Posted by KLCI King > 2018-05-23 00:47 | Report Abuse

Forever undervalued, it reminds me Plenitude, all the time undervalued too.

Posted by pathfinder > 2018-05-23 09:07 | Report Abuse

Worst investment you will ever make.

Posted by Alex™ > 2018-05-23 09:16 | Report Abuse

it's the earning, stupid~

Posted by Jon Choivo > 2018-05-23 11:21 | Report Abuse

I dont need Mr Market to tell me how much i'm worth.

You think the boss care if his shares undervalued? So what, he knows what he's really worth.

======================================================================
Posted by KLCI King > May 23, 2018 12:47 AM | Report Abuse

Forever undervalued, it reminds me Plenitude, all the time undervalued too.

Posted by Sslee > 2018-05-23 15:06 | Report Abuse

Dear TheContrarian and all,
Maybe we can joint force for the next AGM where we should mobilize not less than 50 shareholders to put in Requisition with below Resolutions:

Resolution1. Citing the below listing requirement to appoint TheContrarian as independent director.
SECTION A – DISCLOSURE ON MALAYSIAN CODE ON CORPORATE GOVERNANCE
Disclosures in this section are pursuant to Paragraph 15.25 of Bursa Malaysia Listing Requirements. Practice 4.1: At least half of the board comprises independent directors. (Currently Insas board only have 2 independent directors)

Resolution2. To approve a final single tier dividend of ____ cents per share in respect of the financial year ended 31 June 2018.

Resolution3. To approve a formal dividend policy of allocating at least __ % of the Company’s profit after tax, excluding exceptional items to be distributed to its shareholders as dividend payment.

Resolution4. Share dividend on the basic of 1 Treasury Share for every ____ existing ordinary shares of RM 1.00each held in the Company.

Resolution5. Share distribution on the basic of 1 Inari share for every ____ existing ordinary share of RM 1.00each held in the Company.

Thank you

Posted by KLCI King > 2018-05-23 16:00 | Report Abuse

You are right, Jon, they will never care, who cares.

Jon Choivo I dont need Mr Market to tell me how much i'm worth.

You think the boss care if his shares undervalued? So what, he knows what he's really worth.
23/05/2018 11:21

Posted by Fabien Extraordinaire > 2018-05-23 16:28 | Report Abuse

still queuing for 65 sen

Posted by Jon Choivo > 2018-05-23 19:00 | Report Abuse

I do respect SSLEE pro-activeness.

But its funny how people are very proactive when prices is down, compared to when market is up.

I'm personally ok with the management and how they handle the share price. I think buybacks should be increased, but if they dont, i can keep buying, no worry.

Posted by TheContrarian > 2018-05-23 20:23 | Report Abuse

Yes Mr Sslee, I will support. I have three investment accounts, one under personal, two under my companies.

Posted by TheContrarian > 2018-05-23 20:24 | Report Abuse

But I don't wish to be director. I am not in KL.

Posted by TheContrarian > 2018-05-23 20:28 | Report Abuse

Jon Choivo, Insas can't do share buy back because Thong and persons in concert hold 32.9%, any share buy back would trigger an MGO which Thong says he cannot afford.

Posted by TheContrarian > 2018-05-23 20:38 | Report Abuse

Fabien, I am giving up on 0.65. My remsier refuses to take my buy order at 0.65.

Posted by Sslee > 2018-05-24 00:29 | Report Abuse

Dear TheContrarian,
Comment noted with thanks.

Dear Jon Choivo,
On your question on Share buybacks?
Refer:
http://www.insas.net/pdf/img-20180514.pdf
Q14. Insas shares has been rated as undervalue or cheap valuations by many financial and research analysts for many years. Shareholders urged the Board to come out with an action plan to address this issue so that Insas share price can truly reflect its true/intrinsic value

The Company’s respond:
Dato’ Wong Gian Kui (“DWGK”) commented that the net asset value (“NAV”) of the Company as at 30 June 2017 is RM2.30, and if we take into account the mark to market unrealized gain of Inari shares, the revalued NAV or intrinsic value of the Company would be close to RM3.00.

Dato’ Dr Tan Seng Chuan added that the market sees the intrinsic value of the Company at RM3.00 but the market price is trading at +/- RM0.90. He is of the opinion that share prices and the Company’s performance have no direct relationship and the Directors’ primary responsibility is to make sure the Company runs well and not about making share price perform.

DWGK further informed the shareholders that the CEO as a major shareholder of the Company cannot acquire more Insas shares from the market, and the Company cannot continue with its proposed share buyback as such share acquisition and/or buybacks may result in the CEO and persons acting in concert (“PACs”) holding more than 33.0% of Insas shares which will then trigger a mandatory takeover offer (“MGO”) on the remaining Insas shares not owned by the CEO and PAC, unless a waiver of such MGO is granted by the Securities Commission and the shareholders of Insas under the Malaysian Code on Take-overs and Mergers.

Majority of the shareholders present at the meeting replied to DWGK that if the CEO apply for waiver of MGO, the shareholders will support and approve such waiver.

Thank you
Note: I do have problems with the board as I cannot understand why they do not reward shareholder with reasonable dividend and not ready to take actions to address the issue of Insas undervalue share price. How can the Board unconcerned when the intrinsic value is RM3.00 and market share price is trading at such low price?

Posted by Sslee > 2018-05-24 06:36 | Report Abuse

Dear Jon Choivo
Since you are working in financial sectors, will you ask around any investment banker ready to lend me RM210 million so that I can buy up to 32% (224 million of Insas Share) and then during Next AGM proposed resolution: Share distribution on the basic of 1 Inari share for every 2 existing ordinary share of RM 1.00 each held in the Company.
After distribution: Insas still hold about 300 million of Inari share and I will hold about 32% Insas share and about 112 million Inari shares which I can sell to market and repay the loan.

Thank you

Posted by alooloo > 2018-05-24 11:07 | Report Abuse

I don't even know how they manage to pull it off this quarter by having NAV -RM0.02 and EPS RM0.012.

The last round they are having NAV negative, is -5 cents earnings, which is 2015.

There are so much more to learn. Funny accounting or fishy?

Posted by Fabien Extraordinaire > 2018-05-24 14:32 | Report Abuse

a bit disappointed that Insas did not drop much even with such disappointing results as mentioned by everyone here.

i would like to make it to 8-10% of my portfolio

Posted by TheContrarian > 2018-05-24 14:53 | Report Abuse

Insas EPS in latest quarter 1.2 sen, cumulative for three quarters 12.61 sen, NTA increased from RM2.34 at end of June 2017 to RM2.47 at end of March 2018. Hahahaha, 0.65 coming.

Posted by Jon Choivo > 2018-05-24 15:07 | Report Abuse

Haha i dont.
In any event, insas is too tightly held for any outsider to take control.

This one, you're going to need to show your perspective to the director/owners and see if they follow your view.

My position % wise, no way near as big as yours, so for me, there isnt
that much pressure. I can keep buying very slowly if the price does not move.

=======================================================================
Posted by Sslee > May 24, 2018 06:36 AM | Report Abuse

Dear Jon Choivo
Since you are working in financial sectors, will you ask around any investment banker ready to lend me RM210 million so that I can buy up to 32% (224 million of Insas Share) and then during Next AGM proposed resolution: Share distribution on the basic of 1 Inari share for every 2 existing ordinary share of RM 1.00 each held in the Company.
After distribution: Insas still hold about 300 million of Inari share and I will hold about 32% Insas share and about 112 million Inari shares which I can sell to market and repay the loan.

Thank you

Posted by Jon Choivo > 2018-05-24 15:12 | Report Abuse

Dear Sslee,

i think the board knows the sheer undervalueness of the shares.

I would suggest your next course of action, being a very proactive investor (very commendable by the way), is to push for a "waiver of such MGO is granted by the Securities Commission and the shareholders of Insas under the Malaysian Code on Take-overs and Mergers. "

This would be the easiest one as well.

Posted by Sslee > 2018-05-24 15:19 | Report Abuse

Dear Jon Choivo,
Advice noted.
Thank you

Posted by dunspace > 2018-05-24 15:58 | Report Abuse

I thought waiver for MGO was already suggested during previous AGM?

Posted by TheContrarian > 2018-05-24 16:11 | Report Abuse

Waiver for MGO is only granted by Securities Commission on valid grounds. Thong has no valid ground and is unlikely to be able to obtain approval for such waiver.

Posted by dunspace > 2018-05-24 20:25 | Report Abuse

In the minutes, they stated that majority of shareholders at AGM was in agreement for a waiver right?

Posted by Fabien Extraordinaire > 2018-05-25 21:02 | Report Abuse

since they won't increase dividends. can they do share buy back?

Posted by TheContrarian > 2018-05-25 21:53 | Report Abuse

Nooooo, they cannot do share buy back because Thong no money to do MGO.

Posted by goodguess > 2018-05-26 10:15 | Report Abuse

if they claim to own only 32% then why is the 68% keeping silence. If sslee can have enough publicity and round up 33% share holder then can put pressure on them. Remember when the silent majority speaks it can change things. I support sslee.

Posted by TheContrarian > 2018-05-26 17:08 | Report Abuse

Actually at least another 18% held by Thong's cronies.

Posted by Sslee > 2018-05-26 21:19 | Report Abuse

Dear goodguess,
Thank you for your support but I am just joking with Jon Choivo when I pose the question “Since you are working in financial sectors, will you ask around any investment banker ready to lend me RM210 million so that I can buy up to 32% (224 million of Insas Share) and then during Next AGM proposed resolution: Share distribution on the basic of 1 Inari share for every 2 existing ordinary share of RM 1.00 each held in the Company.”

I do not have KYY wealth or Tun M charisma to mobilize the silent majority to Tun/Malaysian Cause. By the way GE14 is done with; PH won the election and formed the government. No more campaign talk, just needed to work harder think out of box and start a new approach.

For few of us that see the value in INSAS please give ourselves a thumbs-up. I will start to slowly accumulate some INSAS share again and I will not seek any more confrontation with the INSAS board during the next AGM but will write to them on how to improves things and hold them to what The Company’s responses in the 55th AGM minute. http://www.insas.net/pdf/img-20180514.pdf

I will tell them if my suggestions and questions will cause uneasiness/uncomfortable with the board during the AGM I will not ask that questions. I seek to give and take (give more than I take and take nothing for grant. However if what I request for a reasonable/cost of living dividend in not entertained then I will start collecting name-card during the AGM and will write promotion article on INSAS to the local/foreign fund manager or corporate raider.

Thank you