Posted by MataKucing > 2019-07-06 15:43 | Report Abuse

are you sure? talam better than insas. why talam not many sifu invest and comment there. I also like talam but stockraider keep saying and promote insas more than talam. I get confuse now.

Posted by MataKucing > 2019-07-06 16:11 | Report Abuse

Yes. sifu Calvin very good. I saw his blogs. One long list of high return picks so far but why many in the forum keep scolding him. Can I trust him buy talam now. what you think? Can I sialang talam?

Posted by stockraider > 2019-07-06 16:23 | Report Abuse

WHY INSAS IS A VALUE BUY WORLD BEATER LEH ??

1. INSAS HAS TRADITIONAL BUSINESS LIKE STOCKBROKING, STOCK INVESTMENT ,CORPORATE ADVISORY AND MONEY LENDING THAT GIVE VERY STEADY RETURN.

2. INSAS HAS SUBSTANTIALLY INVESTMENT IN INARI THAT GIVE ITS MARKET CAPITALIZATION HIGHER THAN INSAS OWN MKT CAP.

3. INSAS HAS SUBSTANTIAL NET CASH HOLDING & IN ADDITION HAS LARGE STRATEGIC HOLDING IS SOME LISTED COMPANY

There are more other potential catalysts—growth in earnings as business segments become increasing profitable, spin-offs, reorganizations, a new and good acquisition, big fair value gain on investment securities or simply a change in perception of investors, etc. Where there aren’t visible catalysts, activist investors sometimes get in and do the needful.

Note: The next catalyst time line:

http://www.insas.net/pdf/img-20181226.pdf
The Board has taken note of the shareholders’ comments and will look into formulating a formal dividend policy depending how market recovers in the next nine (9) months. The Company has via an announcement on 26 November 2018 increased the interim dividend payment from 1 sen to 2 sen in respect of the financial year ending 30 June 2019.

http://www.inariberhad.com/img/ir/8th%20AGM%20minutes%20(Key%20Matters%20Discussed).pdf
Latest development of Plant 34 in Batu Kawan: Construction of Block A with a floor space of 240,000 sqft has been completed and we target to build in the facilities by Jan-March 2019. Production of a new product is expected to commence by second half of 2019.

Block A has been allocated to one of our current customers while Blocks B & C are targeted for new customers. We endeavour to diversify our customer base while still maintaining good relationship with our existing customers. There are potential customers for the remaining 2 blocks, however, we are qualifying customers to select those with good products margin in the niche segments.

Health sensor is mainly used in lifestyle apps and activity tracker devices such as wearables and smartphones. We are in the right technology area as there is growing demand for health conscious real-time monitoring devices. MiniLED is mainly used in billboard advertisement. Our MiniLED production has started in small scale and it is important project for our Company which aligns to digital and modern applications.

Focus on managing costs and margin, and the implementation of Industry 4.0 to acheive greater efficiencies towards lowering of the manufacturing costs.

https://klse.i3investor.com/servlets/stk/3379wb.jsp
INSAS-WB (3379WB); Maturity Date: Feb 25, 2020. Exercise Price: MYR 1.00. If Dato’ Sri Thong convert the INSAS-WB, he will need to make conditional MGO at price of RM 1.00 + INSAS-WB price on FEB 25 2020. If Dato’ Sri Thong do not convert INSAS-WB then it is free for all to gather 50% + 1 share and take over control of INSAS.

http://www.insas.net/pdf/img-20181226-2.pdf
Numoni is a fintech startup. While it has not been able to gain traction in the e-payment industry, it continues to hold remittance licenses in Malaysia and Indonesia, as well as e-wallet license in Malaysia. Numoni is currently working on partnership or trade sale opportunities as the e-wallet businesses grow, at the same time continuing to develop its product platforms. We believe fintech continues to be important space for the Group to invest alongside its other Tech portfolio.

Posted by stockraider > 2019-07-06 16:28 | Report Abuse

Insas is one of the off map anomalies that give u good return loh...!!

What is the anomalies is the huge undervaluation & due to misinterpretation of insas mah ??

There have under estimated and misinterpreted the true potential of this stock loh..!!

Posted by kcchongnz > Jan 23, 2019 10:26 PM | Report Abuse

When asked how he could achieve 50% a year with small sums, Warren Buffett said,

“You have to turn over a lot of rocks to find those little anomalies. You have to find the companies that are off the map - way off the map.”

Posted by stockraider > 2019-07-06 16:40 |

Post removed.Why?

Posted by MataKucing > 2019-07-06 16:50 | Report Abuse

thank you. I will go talam forum to ask you if have more question. I like talam too. hope sifu Calvin is right again.can get higher return from talam. I queue lower price next week onwards.

Posted by rogers123 > 2019-07-08 13:52 | Report Abuse

Buy Buy Buy INSAS

Posted by rogers123 > 2019-07-08 13:53 | Report Abuse

Y to buy INSAS? Because I will buy soon

Posted by paperone > 2019-07-09 08:43 | Report Abuse

Sea of red

Posted by stockraider > 2019-07-09 11:38 | Report Abuse

"Even if the Bank interest rates BLR is raised to 20% pa from current 5% pa...insas can even perform better than it is now loh...!!

This is how solid insas is loh...!!
And this is a golden opportunity to accumulate this wonderful counter b4 it should above Rm 1.00 by Feb 2020 loh....!!"

REMEMBER
The above is the solid point of insas over talam & QL loh...!!

OF COURSE TALAM MUCH BETTER THAN QL LOH...!!

Posted by dragonslayer > Jul 9, 2019 11:28 AM | Report Abuse

Aiyo..Tibet Monk...Talam better than Insas..return 100% faster leh...you must believe Calvin kor kor....aiyoyo...kikiki

Posted by stockraider > 2019-07-09 11:47 |

Post removed.Why?

Posted by Angel of KLSE 大马股仙 > 2019-07-09 15:32 | Report Abuse

Please dont post a long article here. It makes my eye ache

Posted by Angel of KLSE 大马股仙 > 2019-07-09 15:32 |

Post removed.Why?

Posted by stockraider > 2019-07-09 18:34 |

Post removed.Why?

Posted by stockraider > 2019-07-09 18:40 | Report Abuse

Simple mah...jaks got Rm 550m net cash or not leh ??

Insas has mah....!!

Posted by deMusangking > Jul 9, 2019 6:37 PM | Report Abuse

jaks better lah!!

haha

Posted by stockraider > 2019-07-09 18:44 | Report Abuse

Means insas undervalue....got big margin of safety mah...!!

Should buy mah...!

If u go mcdonald u want to buy chicken burger at Rm 3.00 or Rm 6.00 leh ?

Of course u want to buy cheaper bcos more value & bigger margin of safety loh...!!

Posted by deMusangking > Jul 9, 2019 6:40 PM | Report Abuse

then y price lower than jaks!!!???

hahaha

Posted by stockraider > 2019-07-09 18:47 | Report Abuse

Bodoh fellow !!
Got Rm 550m net cash...no value meh ??

Posted by deMusangking > Jul 9, 2019 6:45 PM | Report Abuse

Means insas no value....got small margin of safety mah...!!

haha

Posted by stockraider > 2019-07-09 18:54 | Report Abuse

"Like icon says see the front there is rainbow in the horizon loh...!!

Look at back...u see darkness & black cloud mah....!!"

We have already passed the darkside and brightness is all in front of us loh..!!

Look at the bright side of life loh....!!

Posted by (US/CHN trade war doesn't matter) Philip > Jul 9, 2019 6:48 PM | Report Abuse

Sifu raider? Why is it undervalue for last 5 years?


>>>>>>>>

Posted by stockraider > Jul 9, 2019 6:43 PM | Report Abuse

Means insas undervalue....got big margin of safety mah...!

Posted by paperone > 2019-07-09 21:41 | Report Abuse

Time will tell

Posted by 3iii > 2019-07-09 22:22 |

Post removed.Why?

Posted by 3iii > 2019-07-09 22:49 |

Post removed.Why?

Posted by stockraider > 2019-07-09 22:53 | Report Abuse

Insas

At 81 sen per share V NTA RM 2.54
Number of Share: 693.33m
Market Capital (RM): 561.60m V NET CASH RM 550M

What do you get for this price?
IN ADDITION U GET INARI WITH A MKT CAP OF RM 600M EXCEEDING INSAS MKT CAP OF RM 562M...REMEMBER INARI HIDDEN RESERVE NOT BOOK INTO INSAS BOOK YET.

(A) From 2014 to 2018 (5 years)
Total Net Income 600.458 m (120.09 m per year)
Total Net Operating Cash Flow 186.175 (37.233 m per year)
Total Capex 63.028 m (12.6 m per year)
Total FCF 123.147 m (24.6 m per year).

(B) Balance Sheet 31.3.2019
Total Assets 2,357 m
Total Equity 1,724 m REMEMBER MKT CAP ONLY RM 562M. HUGE MARGIN OF SAFETY OR UNDERVALUATION OF RM 1162M LOH....!!

(C) ROA & ROE
ROA = 120.09 / 2,357 = 5.09%
ROE = 120.09 / 1,724 = 6.96%
REMEMBER PE 8X AND DIVIDEND YIELD 2.5% PA MUCH SUPERIOR THAN NESTLE PE 50X AND DIVIDEND YIELD 1.9% PA


(D) Valuation
P/E = 561.6 / 120.09 = 4.7x. NESTLE PE 50X
P/BV = 561.6 / 1,724 = 0.3255 REMEMBER NESTLE TO BOOK 37X VERY OVERVALUE

FCF yield = 24.6 / 561.60 = 4.38% REMEMBER NESTLE FREECASH YIELD 2.3% LOH...!!

CONCLUSION INSAS VALUATION IS MUCH SUPERIOR THAN OVERVALUE NESTLE LOH..!!

IF U INVEST IN INSAS , REMEMBER U GET NTA PER SHARE OF RM 2.54 PER SHARE WITH NET CASH OF RM 0.79 PER SHARE PLUS INARI INVESTMENT WORTH RM 0.86 PER SHARE LOH..!!

HUGE POTENTIAL UPSIDE RERATING APPRECIATION FOR INSAS LOH...!!

Posted by stockraider > 2019-07-09 23:36 | Report Abuse

BERKSHIRE HATHAWAY (B) Balance Sheet 31.3.2019
Total Assets 738,724 m
Total Equity 368,877 m V MKT CAP 527,260M.
THERE IS NO MARGIN OF SAFETY FOR BERKSHIRE BASED ON BOOK VALUE.

INSAS HATHAWAY (B) Balance Sheet 31.3.2019
Total Assets 2,357 m
Total Equity 1,724 m REMEMBER MKT CAP ONLY RM 562M.

INSAS HAS HUGE MARGIN OF SAFETY OR UNDERVALUATION OF RM 1162M COMPARE TO BERKSHIRE TRADING AT A PREMIUM LOH....!!

C) BERKSHIRE HATHAWAY ROA & ROE
ROA = 23,398 / 738,724 = 3.17%
ROE = 23,398 / 368,877 = 6.34%

C) INSAS HATHAWAY ROA & ROE
ROA = 120.09 / 2,357 = 5.09%
ROE = 120.09 / 1,724 = 6.96%

INSAS ROE AND ROA IS MORE SUPERIOR THAN BERKSHIRE MEANING INSAS PERFORMANCE IS AS GOOD AS BERKSHIRE IF NOT BETTER LOH...!!

(D) BERKSHIRE HATHAWAY Valuation
P/E = 527,260 / 23,398 = 22.5x
P/BV = 527,260 / 368,877 = 1.43

FCF yield = 21,739.6 / 527,260 = 4.12%

(D) INSAS HATHAWAY Valuation
P/E = 561.6 / 120.09 = 4.7x
P/BV = 561.6 / 1,724 = 0.3255

FCF yield = 24.6 / 561.60 = 4.38%

VALUATION WISE INSAS BEAT BERKSHIRE ON BETTER PE, LOWER PRICE TO BV AND HIGHER FREECASH FLOW YIELD.


FINAL CONCLUSION; INSAS HAS A MORE SUPERIOR VALUATION THAN BERKSHIRE AND MUCH HIGHER MARGIN OF SAFETY LOH...!!

THUS WE CAN SAY INSAS IS AS GOOD AS BERKSHIRE LOH...!!

Posted by stockraider > 2019-07-10 10:21 |

Post removed.Why?

Posted by (US/CHN trade war doesn't matter) Philip > 2019-07-10 10:35 | Report Abuse

Your idea of margin of safety is so kampung you should have your own booth at the circus.

Posted by 7300 > 2019-07-10 10:39 | Report Abuse

after monitor a fortnight,will be the one of the worst stock for 2019

Posted by Mr Jho Sailang Petron & GCB > 2019-07-10 10:45 | Report Abuse

You all really need to focus less on margin of safety lah, these days fund managers and smart money look at consistency and reliable profit, not those that fluctuates every year. And of course big money don't look at Net Tangible Assets.

Give you one example lah, Nestle PE50x, growth ? Very little but very consistent. Profit? Not growing much but also very consistent. Profit margin? Very stable.

This is the kind of companies you all need to look at. You buy a company with your so called 'margin of safety' with high NTA, but every year they lose money, eventually your margin of safety also become margin of danger lah.

Look at quality, I have seen shares trading at PER of 60x and then within one year it goes up to PER of 160x (wtf right?, not your typical goreng stock, market capital of billions of ringgit). But people are convinced of the growth potential of the company, that's why people are willing to pay your so called 'overvalued' price at 160x PE ratio.

Quality of earnings first and of course the management also very important lah. IF you pick stocks based on NTA, it's everywhere in the market, but the returns? Not so attractive to be honest.

Posted by stockraider > 2019-07-10 10:48 | Report Abuse

U go and chase nestle if like that loh...!!

Posted by Mr Jho Sailang Petron & GCB > Jul 10, 2019 10:45 AM | Report Abuse

You all really need to focus less on margin of safety lah, these days fund managers and smart money look at consistency and reliable profit, not those that fluctuates every year. And of course big money don't look at Net Tangible Assets.

Give you one example lah, Nestle PE50x, growth ? Very little but very consistent. Profit? Not growing much but also very consistent. Profit margin? Very stable.

This is the kind of companies you all need to look at. You buy a company with your so called 'margin of safety' with high NTA, but every year they lose money, eventually your margin of safety also become margin of danger lah.

Look at quality, I have seen shares trading at PER of 60x and then within one year it goes up to PER of 160x (wtf right?, not your typical goreng stock, market capital of billions of ringgit). But people are convinced of the growth potential of the company, that's why people are willing to pay your so called 'overvalued' price at 160x PE ratio.

Quality of earnings first and of course the management also very important lah. IF you pick stocks based on NTA, it's everywhere in the market, but the returns? Not so attractive to be honest.

Posted by stockraider > 2019-07-10 10:49 | Report Abuse

Insas is a quality margin of safety investment something better than berkshire mah....!!

Insas is defensive investment loh....!!

Posted by stockraider > 2019-07-10 11:49 | Report Abuse

No tipu mah...must tell the truth loh...!!

Posted by deMusangking > Jul 10, 2019 10:50 AM | Report Abuse

raider,, better say ...dun buy insas leh!!!!!

haha

Posted by Thinkcarefully > 2019-07-10 13:15 | Report Abuse

You may be right.
One critical difference:BH buys back own shares so that it does not fall below NAV

Posted by paperone > 2019-07-10 13:24 | Report Abuse

fair value 0.92

Posted by paperone > 2019-07-10 21:32 | Report Abuse

Tommoro 0.95 cent

Posted by Sslee > 2019-07-10 21:39 | Report Abuse

Dear 3iii,
Thank you for compiling the INSAS data and I will listen to Philip advice not to compare with other but just give what I see in INSAS :
Posted by 3iii > Jul 9, 2019 10:23 PM | Report Abuse
Insas

At 81 sen per share
Number of Share: 693.33m: 663,006,342 (EXCLUDING 30,327,291 TREASURY SHARE)
Market Capital (RM): 561.60m : 537.03 million

What do you get for this price?

(A) From 2014 to 2018 (5 years)
Total Net Income 600.458 m (120.09 m per year)
Total Net Operating Cash Flow 186.175 (37.233 m per year)
Total Capex 63.028 m (12.6 m per year)
Total FCF 123.147 m (24.6 m per year)

(B) Balance Sheet 31.3.2019
Total Assets 2,357 m
Total Equity 1,724 m

(C) ROA & ROE
ROA = 120.09 / 2,357 = 5.09%
ROE = 120.09 / 1,724 = 6.96%

(D) Valuation
P/E = 561.6 / 120.09 = 4.7x
P/BV = 561.6 / 1,724 = 0.3255
FCF yield = 24.6 / 561.60 = 4.38%

My comment:
Number of Share: 663,006,342 (excluding 30,327,291 treasury share)
At 81 cents share price: Market Capital (RM): 537.03 million
FCF will depend on Outstanding loan given out by Money lending business: Insas Credit & Leasing Sdn Bhd, buying or selling of Associate companies share or conversion of associate companies warrant: Note: Refer Inari 2018 report: INSAS PLAZA SDN BHD 15,746,625 Warrant-B and Buying or selling of Financial assets at fair value through profit or loss.

What you get are:
A cash rich balance sheet: Total current assets 1,531,914,000 against Total liabilities 632,992,000 and healthy total non-current assets 825,432,000.
The non-current assets are:.
1. Property, plant and equipment 157,249,000: Retail trading and car rental business. Profit/(Loss) for the financial period end 31th march 2019: 2,224,000
2. Investment properties 185,059,000: Property investment and development
Profit/(Loss) for the financial period end 31th march 2019: 1,957,000
3. Financial assets at fair value through other comprehensive income 22,159,000: Long team bond and financial derivatives.
4. Associate companies 428,986,000: Share of profits less losses 34,215,000 financial period end 31th march 2019
5. Intangible assets 26,058,000: Financial services and credit & leasing license: Profit/(Loss) for the financial period end 31th march 2019: 10,551,000

Note: the above profit + Interest/bond income minus interest expense plus gain/loss of financial assets at fair value and dividend received minus tax give the profit after tax of 64,192,000 for 9 month end 31th march 2019.

So INSAS business is nothing complicated, any reasonable CEO will be able to maintain a certain level of profit. Cash rich INSAS is trying to use part of it cash to generate Income better than deposit rate (Quoted securities investment, Money-lending, Bonds), fixed deposit 553,678,000, cash and bank balance 114,632,000 and venture into new associate companies with new patented products/services/business to grow it bottom line and hence you do not see the grow in top line (revenue).

Thank you

Posted by (US/CHN trade war doesn't matter) Philip > 2019-07-11 14:47 | Report Abuse

For me it is very very dastardly difficult. I'm just not as smart as Sslee, who is far far smarter than me in projecting future returns. it is about the age old question 1 bird in hand is worth 2 in bush,

I try to look at it from an owners point of view:

Answer 2 questions for INSAS business: What is my minimum, realistic and optimistic view of INSAS cash flow projections, revenue and earnings 5-10 years from now based on current competitive business strengths. Look to the future based on past strengths.

INSAS has a few divisions, let us study them qualitatively:

1. Financial Services (2018: 65M revenue/13M NP, 2017: 54m/19m)
2. Investment holding and trading (2018: 193m/3m, 2017: 217m/100m)
3. Technology (2018: 19m/77m, 2017: 11m/65m)
4. Retail trading & car rental ( 2018: 64m/ -3m, 2017: 64m/0m)
5. Property investment & development (2018: 1m/11m, 2017: 2m/5m)

The only consistent projections (with good accuracy) that you can make is for item 1, and item 3, item 5. Item 2 has such a big swing in P&L that you cannot in all honesty understand if they will make big profits or lose big money 5 years from now. Item 4 is probably (like grab) going to be a drain on resources for the foreseeable future.

>>>>>>>>>

So INSAS business is nothing complicated, any reasonable CEO will be able to maintain a certain level of profit. Cash rich INSAS is trying to use part of it cash to generate Income better than deposit rate (Quoted securities investment, Money-lending, Bonds), fixed deposit 553,678,000, cash and bank balance 114,632,000 and venture into new associate companies with new patented products/services/business to grow it bottom line and hence you do not see the grow in top line (revenue).

Thank you

Posted by (US/CHN trade war doesn't matter) Philip > 2019-07-11 15:07 | Report Abuse

How I go about solving this question. Lets do this again qualitatively, not using quantitative results (which is from annual reports and must be done in tandem with qualitative research, not standalone, for that is the path to destruction).

1. https://www.mnaonline.com.my/, or M&A Securities Sdn Bhd is INSAS stock broking and share listing services, corporate finance & advisory services. They also have a lending arm, Insas credit & leasing Sdn Bhd.

As of 30 June 2018, ICL has outstanding loans portfolio in excess of RM200 million which are fully collateralized and generating interest income to the Group.

What does this mean, how stringent is their application process, how many branches do they have to collect, process and sell loan products. What is the credit profile of their borrowers. How easy is it to use their online system, how many people use their platform, is it growing? is it taking market share from encumbents? Who is the encumbent? (I would assume it is the major banks in Malaysia) Is it more efficient and easy to use, are the trading margins better? are the sales growing?

Comparing with quantitative results (see above), you get the opinion that financial services due to internet generalisation has caused rates to be so generic, that only the most easiest and comfortable to use will get volume, but at the cost of ever reducing income.


https://klse.i3investor.com/jsp/hti/brokers.jsp

These are the rates given in i3 community of all the stock broking facilities.

Now the qualititative analysis. M&A securities has 5 branches in malaysia. Is it growing? Is it competitive, will users in sarawak and sabah be able to take part? for the last 5 years from 2014-2019, has this business unit been growing? Is management taking any initiative to grow this business? If given the chance, would you use their platform for trading or online stocks settlement? How many people do you know are currently using this service?

Posted by (US/CHN trade war doesn't matter) Philip > 2019-07-11 15:14 | Report Abuse

2. Investment holding and trading,

The Group’s investment strategies encompass stringent asset allocation and diversification to manage risk of the portfolio investments of the Group. To that, the Group acquires fixed and variable income investments typically money market funds, debt securities and high yield growth stocks and listed equities and options. These investments are held on a medium to long term investment horizon of 1 to 5 years. The Group’s investment objectives are to maximise capital growth with recurring income and cash flows above the cost of funds.
As of 30 June 2018, the Group’s investments in listed equities are primarily in the properties, technology, consumer products and financial services sectors in both local and overseas stock exchanges, and the key equity investments include, amongst others, IGB REITS, Ho Hup Construction Company Berhad, Omesti Berhad, SYF Resources Berhad and Oversea-Chinese Banking Corporation Limited.

By far, this is their biggest earning business model. Can you judge the competitive business advantage of their management in picking stocks and their investments profile.

By taking the average results of the last 2 years (100m profit in 2017, 3m profit in 2018), you realize that they are not holding fixed income securities, but a mixture of highly volatile investments and inconsistent companies. In short, the question you should ask yourself, how many stocks in their portfolio is in YOUR portfolio, and would you buy them? What is the last 5 years results of the stocks that they are holding (the calvin tan question) and would they continue to keep it?

AS it is virtually impossible to predict with any accuracy how this division will do 5-10 years from now, I declare sslee a veritable genius as I have no idea how to value the intrinsic value of this division, using 3 million? or 100 million? I am far too stupid to invest in INSAS.

Posted by (US/CHN trade war doesn't matter) Philip > 2019-07-11 15:19 | Report Abuse

3. Technology

The Group’s technology’s core activity is investment in high growth technology companies in three broad technology sectors namely electronics manufacturing services (“EMS”), financial transaction processing (“Fintech’) and bio-technology. The major investee companies in the respective tech sectors are Inari Amertron Berhad (“Inari”), Numoni Pte. Ltd. (“Numoni’) and Sengenics Corporation Pte. Ltd (“Sengenics”).
Inari is involved in the Outsourced Semiconductor Assembly and Test (“OSAT”) industry for RF products and tailored EMS contract manufacturing to the semiconductor optoelectronic industry. As at 30 June 2018, Inari operates 12 plants situated in Malaysia, Philippines and China with total production floor space of over 1 million square feet. In FY 2018, Inari reported revenue of RM1,376 million, a 17% increase as compared to RM1,177 million in FY 2017, and its earnings improved from RM229 million in FY 2017 to RM260 million in FY 2018.
Numoni was originally formed to bring financial inclusion to the under-banked with its Cash-in Cash-out solutions. Numoni’s timing also coincided with rapid changes in the financial payment industry with the onset of mobile enabled financial technology (“Fintech”) during the last few years. Unfortunately, Numoni is not been able to gain traction in the Fintech industry in the face of new deep pocketed Chinese players as Alipay and Wechat Pay in the region and also incremental regulatory changes in the countries Numoni operates in, which gives time to and thereby favoring entrenched legacy industry players. Numoni is continuing in its efforts to seek traction in the Fintech industry. Numoni’s subsidiary in Malaysia, Numoni DFS Sdn Bhd is licensed by Bank Negara Malaysia to conduct e-wallet and remittance businesses ie. remittance and payment solutions to its customers via mobile applications & other electronic channels.
Sengenics is a functional proteomics company that was originally spun out from research that was originally carried out at Cambridge University in the UK. The company has a patented technology called KREX and has made good progress engaging world renowned customers and collaborators that include top pharma, biotech companies and ivy league-class academic institutions in the USA, Europe and Asia as it expands its footprint in the biomarker industry.
The Group’s Technology segment, as in the past financial years, remains a key contributor to the Group’s profits and cash flows. The Technology segment continues to maintain a significant equity holding in Inari to generate recurring dividend income. From capital gains and income returns from mature investments such Inari, the Group’s Technology segment is able to generate cash flow at the same time seek growth from new and promising investments in the Technology segment.

I will just be quick about it. It all sounds very nice, but other than inari (which is paying for everything), their efforts in technology are all horrible ideas and unproven and loss making. Inari was a lucky throw where they met the right team, and had the cash to support and watched it grow exponentially. Will inari continue to grow exponentially in the future? My humble opinion is the smarphone market is over saturated, the rate of phone replacements will definitely slow in the future and the will definitely impact inari in the long term 5-10 years from now.

Posted by (US/CHN trade war doesn't matter) Philip > 2019-07-11 15:23 | Report Abuse

4. Retail and car rental:
Melium Group is one of Malaysia’s leading retail group on international luxury fashion brands such as Aigner, Emilio Pucci, Farah Khan, Givenchy, Hackett London, Lanvin, Max Mara, MCM, Roger Vivier, Stuart Weitzman and Tod’s. Melium Group also operates a multi brands store “M” Pavilion which presents fashion trend from more than 50 international brands. Besides luxury fashion, Melium Group also owns and operates the Seminyak Village, a boutique mall in Bali that offers international brands along with the best of Bali’s home-grown labels.
Melium Group also holds the Malaysian franchise chain of Dome Café. Dome Café in Malaysia operates in over 20 outlets in Klang Valley, Genting Highland, Johor and Penang. It also operates its own café known as “Aseana Café” which is a home-grown unit with an Asean touch.

Let me be honest, lets all be honest. When was the last time you drank at a Dome Café, and bought clothes from all their retail lables? You compare the explosive growth of well run businesses like Old Town coffee, starbucks and tealive, and you know that dome café is a loss making operation. IF it was making money, it would have more than 20 branches by now. 5-10 years later? I wouldn't be surprised if they sold it or built just another 2 new branches. (the branch in Kota kinabalu sabah are all closed and dead)

Posted by (US/CHN trade war doesn't matter) Philip > 2019-07-11 17:43 | Report Abuse

A qualitative understanding of INSAS coupled with quantitative reassess can shows 2 different scenarios. There is a scenario in which they got the mother load and find another inari and have big increase in profit from there. There is however a more likely scenario: INSAS continues on in using it's inari resources and trading profits to pay for company activities which will need a long time, if ever to mature.

A company that invests in vigcash, and vigpay leaves me with a far more likely scenario.

The activities of the new CEO will spend resources in even more aggressive and risky activities which is either win big or lose big.

In either case, the only most likely solution for INSAS to increase its share price above rm1 level is clear:

A. The management or a competing company decides to invest heavily with share purchase, triggering MGO, causing share price to go up for takeover resolution.

B. The management decides to do a heavy dividend increase to reward all shareholders.

Both of these solutions are unlikely. A will not happen because the only party interested in increasing their shareholdings do not have the financial strength to do so, and B will not happen because at 33% ownership, it is to the management group benefit to minimise profit dilution, maintain control, and find other way to get money out via purchasing of other related companies, paying higher director salaries and doing startups of companies in various locations out of Malaysia ( Hong Kong, Brunei, Mongolia, Singapore) which local auditors are unable to verify.

Of course, INSAS management may also be doing the right thing in trying to grow the business but still in the process of growing startups. In either case, many assumptions need to be made.

Posted by Jason Gilbert Ho > 2019-07-11 19:19 | Report Abuse

wow. qualitative analysis from mr philip is impressive. sifu philips, any thoughts on ecoworld international?

Posted by LuckyG > 2019-07-11 19:29 | Report Abuse

sold . no win no lose

Posted by Mr Jho Heavenly Pakatan U-Turn > 2019-07-11 19:47 | Report Abuse

Stubbornness is a very destructive trait.

Posted by Sslee > 2019-07-11 20:25 | Report Abuse

Dear Philip,
Quote, “For me it is very very dastardly difficult. I'm just not as smart as Sslee, who is far far smarter than me in projecting future returns,” unquote. Thank you, you are too kind to say so but I am somewhat embarrassed by your kind word.
I did not make any projection future returns as I do not needed to do so. The question here is not about smart or stupid but everything to do with choice.

You have chosen to live up to everyone expectation and your own promised of 11 billion dollar man and decided to work 16 hour a day, 7 days a week and 52 weeks a year for the next 10 year to turn your top line and bottom line 3 fold (Profit of 600 million in year 10) Whereas I choose to live as a semi-retire 537 million dollar man, not living up to anyone expectation, no worry of any worst case scenario and have ample of time playing golf with KCChong knowing very well that I have:
Period end 31th March 2019
A cash rich balance sheet: Total current assets 1,531,914,000 against Total liabilities 632,992,000 and healthy total non-current assets 825,432,000.
The non-current assets business of:
1. Property, plant and equipment 157,249,000: Retail trading and car rental business. Profit/(Loss) for the financial period end 31th march 2019: 2,224,000
2. Investment properties 185,059,000: Property investment and development
Profit/(Loss) for the financial period end 31th march 2019: 1,957,000
3. Financial assets at fair value through other comprehensive income 22,159,000: Long team bond and financial derivatives.
4. Associate companies 428,986,000: Share of profits less losses 34,215,000 financial period end 31th march 2019
Intangible assets 26,058,000: Financial services and credit & leasing license: Profit/(Loss) for the financial period end 31th march 2019: 10,551,000
And use part of the cash to generate income better than deposit rate (Quoted securities investment, Money-lending and Bonds) and invested into new associate companies with new patented products/services/business to grow it bottom line. Net profit after tax 64,192,000

The best of all is my FCF as at any time I can turn my liquid assets to cash.
Proceeds from disposal of shares in an associate company 28,300,000
Gain on disposal of shares in an associate company 24,398,000

So it is a lifestyle choice. To each his own

Thank you

Posted by Sslee > 2019-07-11 20:49 | Report Abuse

Dear deMusangking
Posted by deMusangking > Jul 11, 2019 2:49 PM | Report Abuse
aiyoh!!!!
onli ppl who buy jaks are smart lah!!!!
haha
Beware of the biggest Musangking killer Mr. ALP.

https://klse.i3investor.com/blogs/kianweiaritcles/214175.jsp
与Star的官司，在今年1月发放RM50m的银行担保，之后在5月反诉对方，一共索取大约RM650m赔偿；虽然必须承担律师费，但是此举是为了保障股东们的权益。
The reply from Star on
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6180853
The Company’s solicitors would take the necessary actions to respond and oppose the above claims.

https://klse.i3investor.com/blogs/kianweiaritcles/213751.jsp
其EPC合约的价值为USD454.5m，相等于大约RM1.9b；剔除之前已列认的RM982m，剩余的RM944m有待在剩余7个季度 (今年Q2 - 明年Q4) 入账；以过往平均24%赚幅计算，往后的EPC税前盈利可达RM226m！
Capital contribution contracted but not provided for in respect of shares subscription in JAKS Pacific Power Limited, joint venture of the Group amounted to approximately USD92.14 million or RM376.0 million, using exchange rate of USD1 : RM4.081.
RM 226 Million minus RM376 million= Negative RM 150 million
No need to be smart to know that 2020 will have another PP or RI please get ready your money.

Thank you

Posted by Sslee > 2019-07-12 08:51 | Report Abuse

Dear Negan,
Life is about choice and I had to admit that I am no way near Philip level when come to share selection and predicting the future earnings. I just speak my mind as age is catching up hence I choose to stay with the comfort of old lady rather than chasing the hot chick.

I know many people had gave up on INSAS but credit is given where credit is due and not denying the fact that Dato’ Sri Thong had accumulated so much wealth into INSAS and I am actually looking forward to what Dato' Sri Thong going to offer come FEB 2020.

I had made my choice in GE14 and so are you, do not be too worked up with politic what maybe may be.

Thank you.
https://klse.i3investor.com/blogs/Sslee_blog/182509.jsp
P/S: I had made a request for a meeting with SC and SC had granted me a meeting to be scheduled on next week.

Posted by stockraider > 2019-07-12 09:49 | Report Abuse

Yes SSlee,

Stick to your investment conviction loh...!!

U will yield very good result not that far away about 6 mths from now, do not sway by this naysayers and just have some patience loh...!!

Your investment is sound and u have done get proper research, pls let some time for u to see fruits ripening loh....!!

Posted by Sslee > Jul 11, 2019 8:25 PM | Report Abuse

Dear Philip,
Quote, “For me it is very very dastardly difficult. I'm just not as smart as Sslee, who is far far smarter than me in projecting future returns,” unquote. Thank you, you are too kind to say so but I am somewhat embarrassed by your kind word.
I did not make any projection future returns as I do not needed to do so. The question here is not about smart or stupid but everything to do with choice.

You have chosen to live up to everyone expectation and your own promised of 11 billion dollar man and decided to work 16 hour a day, 7 days a week and 52 weeks a year for the next 10 year to turn your top line and bottom line 3 fold (Profit of 600 million in year 10) Whereas I choose to live as a semi-retire 537 million dollar man, not living up to anyone expectation, no worry of any worst case scenario and have ample of time playing golf with KCChong knowing very well that I have:
Period end 31th March 2019
A cash rich balance sheet: Total current assets 1,531,914,000 against Total liabilities 632,992,000 and healthy total non-current assets 825,432,000.
The non-current assets business of:
1. Property, plant and equipment 157,249,000: Retail trading and car rental business. Profit/(Loss) for the financial period end 31th march 2019: 2,224,000
2. Investment properties 185,059,000: Property investment and development
Profit/(Loss) for the financial period end 31th march 2019: 1,957,000
3. Financial assets at fair value through other comprehensive income 22,159,000: Long team bond and financial derivatives.
4. Associate companies 428,986,000: Share of profits less losses 34,215,000 financial period end 31th march 2019
Intangible assets 26,058,000: Financial services and credit & leasing license: Profit/(Loss) for the financial period end 31th march 2019: 10,551,000
And use part of the cash to generate income better than deposit rate (Quoted securities investment, Money-lending and Bonds) and invested into new associate companies with new patented products/services/business to grow it bottom line. Net profit after tax 64,192,000

The best of all is my FCF as at any time I can turn my liquid assets to cash.
Proceeds from disposal of shares in an associate company 28,300,000
Gain on disposal of shares in an associate company 24,398,000

So it is a lifestyle choice. To each his own

Thank you

Posted by stockraider > 2019-07-12 10:52 |

Post removed.Why?

Posted by stockraider > 2019-07-12 11:09 |

Post removed.Why?

Posted by ivan9511 > 2019-07-12 14:28 | Report Abuse

guys Insas must buy tp 2 ringgit

ivan9511 insas is the most undrv stock in Bursa as i ALWASYS SAY at the begibing

if can add moredividend insas normally can play around 2 ringgit
value is too big
08/04/2019 2:34 PM
X
ivan9511 good insas finally limit uppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
08/04/2019 4:59 PM