Posted by Sslee > 2019-11-07 17:02 | Report Abuse

Dear Philip,
We are just making fun of each other in JAKS and INSAS forum nothing serious.
As of 3iii since he use so many matrix on Return hence I just try to point to him when we invest in share we bought the share at market price thus I ask him what is the return base on market cap?

Below are INSAS 5 year data:
30/6/2019 30/6/2018 30/6/2017 30/6/2016 30/6/2015
RM '000 RM '000 RM '000 RM '000 RM '000
Revenue: 212,014: 341,532: 347,829: 272,723: 406,802
PBT: 93,328: 100,873: 189,496: 88,090: 98,911
NP to SH: 81,831: 90,539: 181,010: 77,376: 91,129
Total Assets: 2,338,959: 2,221,200: 2,204,979: 1,899,602: 1,941,751
Equity: 1,739,358: 1,648,580: 1,554,157: 1,349,664: 1,265,770
Number of Shares: 663,007: 663,007: 663,007: 663,007: 663,007
Return on Total Assets (%): 3.5: 4.1: 8.2: 4.1: 4.7
Return on Equity (%): 4.7 5.5 11.6 5.7 7.2
NAPS (RM): 2.62: 2.49 : 2.34: 2.04: 1.91
EPS (SEN): 12.34: 13.66: 27.3: 11.67: 13.73
Dividend pershare (SEN): 2.0: 1.0: 1.0: 1.0: 1.0
Share Price (RM): 0.755: 0.875: 1.070: 0.645: 0.820
Market Cap: 500,570: 580,131: 709,417: 427,640: 543,666
Return on Mkt Cap (%): 16.35 : 15.61: 25.52: 18.09: 16.76
Dividend Yield (%): 2.65: 1.14: 0.93: 1.55: 1.22

Thank you

Posted by leno > 2019-11-08 10:56 | Report Abuse

kekekekek ... nice.

Posted by 3iii > 2019-11-08 11:15 | Report Abuse

>>>

Posted by Sslee > Nov 7, 2019 5:02 PM | Report Abuse

Dear Philip,
We are just making fun of each other in JAKS and INSAS forum nothing serious.
As of 3iii since he use so many matrix on Return hence I just try to point to him when we invest in share we bought the share at market price thus I ask him what is the return base on market cap?

>>>



If u grasped the reasoning, u will know the answer to the questions asked.

Why are some companies, like Nestle priced at above its book value?

Why are some companies, like Insas, priced below its book value?


It has to do with their return on equity and return on capital employrd.

Posted by leno > 2019-11-08 11:42 | Report Abuse

Why is leno make multiple millions ?
kekekekekek ... insider information ... shhhhhhhhHHHH ... cannot tell.
Tick tock .. tick tock ..tick tock ...

Posted by Sslee > 2019-11-08 12:44 | Report Abuse

Hahahaha
3iiii, I don't mind paying 3X less than the equity with Return of equity 4.83%. Because this is equal to 3X4.83% a 14.5 % return on my paying cost.
Thank you

Posted by Sslee > 2019-11-08 12:50 | Report Abuse

Hahahaha deMusangking
Already change how many of your wet panttees?

Posted by Sslee > 2019-11-08 13:09 | Report Abuse

Hahahaha
Drangonslayer, the 15.74 million inari warrant is FOC given free during RI. Just sell the inari warrant and pocket the profit.

Posted by Sslee > 2019-11-08 14:07 | Report Abuse

Hahahaha,
Dato' Sri Thong is busy selling his personal holding of Inari to build his cash holding. No time to take care of Insas. It is now up to Dato Wong whether he wants to take profit by selling some inari to report good Q profit.

Posted by leno > 2019-11-08 15:30 |

Post removed.Why?

Posted by Sslee > 2019-11-11 09:48 | Report Abuse

Hahahaha,
deMusangking, I am green with envy that at your age you still able to wet wet song song and wetted so many panttees.
Me I am waiting for every cat will has its day and stockraider need to pray harder.

Posted by cheoky > 2019-11-11 22:39 | Report Abuse

my other stocks ran far too ahead, i need a stabilizer to put my feet on earth. insas is such Barcelona Javier Mascherano. not everyday got dragon soup to drink...kikiki

Posted by shpg22 > 2019-11-12 18:48 | Report Abuse

The biggest red flag in INSAS is its ballooning receivable and lousy core business. This two is enough to put a drag on its share price.

Posted by Sslee > 2019-11-12 19:18 | Report Abuse

Dear shpg22,
The receivable are mostly loans give to VIP clients by ICL which generated interest income of RM36,679,000
Refer Page 9: As of 30 June 2019, ICL has outstanding loans portfolio of close to RM300 million which are fully collateralized and generating recurring interest income to the Group.
Page 149 revenue
Financial services and credit & leasing: RM’000
- Sale of financial assets at fair value through profit or loss: 3,506
- Interest income: 36,679
- Brokerage commissions: 11,204
- Secretarial, share registration and management services: 115
- Corporate finance advisory fee income: 8,359

Dear deMusangking,
Thank you for asking me to switch INSAS to JAKS when both are about 0.745 some months ago. I had some fund for trading but unfortunately this fund is currently tied-down with Bjland which I bought below 0.20 (Should have bought Armada). For INSAS I just what to know how Dato’ Sri Thong will play his card come 25th FEB 2020 and I have standby some plans on how to unlock INSAS value.

Wish you good luck in JAKS

Thank you

Posted by shpg22 > 2019-11-12 20:22 | Report Abuse

Since the receivable are mostly loans given to VIP clients by ICL, any defaults may be significantly affecting its bottom line since the clients are quite concentrated. Also it may involved internal transaction as well if no transparency.

Posted by shpg22 > 2019-11-12 20:58 | Report Abuse

Divesting the credit leasing business may be a way to unlock value. It should be standalone like AEONCR, RCECAP, ELKDESA for transparency.

Posted by Jarklp > 2019-11-12 22:04 | Report Abuse

Insas should get rid of some of their small businesses. Those businesses (car renting) are training grounds for his children. THey have little value to the shareholders. Should merge with TA, they have many similar lines of businesses. Just my view.

Posted by Sslee > 2019-11-14 10:06 | Report Abuse

Hahahaha,
deMusangking thank you for your support. You are always welcome to drop in and say hello to old friends especially the white and black cat. They going to miss you.

Thank you

Posted by Fintec > 2019-11-15 14:40 | Report Abuse

Insas cantik? Why not Fintec 10X cantik?

Posted by paktua73 > 2019-11-16 11:11 | Report Abuse

paktua best buddy too all old member judi..
so..
will play play fun fun at BTM..
will provided rm350k to play at BTM next week

let we judiiiiiii..
BTM will sampai 0.60
btm will be sumatec 2.0 before mampos
thee thee


tut tut
amaran judi autasing paling tipuuuuuu
kena pandai menipu baru bole judiiii..
theee theee

Posted by paperone > 2019-11-16 12:53 | Report Abuse

Bottom 0.6? Or high 1.2?

Posted by newbie4444 > 2019-11-24 11:26 | Report Abuse

0.9 not the high?

Posted by stockraider > 2019-11-24 11:28 | Report Abuse

Insas already selling the car rental business, it is the right direction....!!

Posted by Jarklp > Nov 12, 2019 10:04 PM | Report Abuse

Insas should get rid of some of their small businesses. Those businesses (car renting) are training grounds for his children. THey have little value to the shareholders. Should merge with TA, they have many similar lines of businesses. Just my view.

Posted by paperone > 2019-11-25 21:32 | Report Abuse

No body Lepak here already

Posted by Junqi > 2019-11-26 16:03 | Report Abuse

Getting rid of some small companies are just minor distractions.They will not impact the share price of insas.
For Insas to move there must be demand for the shares.This can only happen if the BOD or major shareholders want to. Ie increased the dividends (which the company can afford), share buy back or MGO, or maybe give shareholders free warra ts

Posted by i3lurker > 2019-11-26 19:46 | Report Abuse

thats actually a Buy Signal
coz Masochists who buys Insas enjoys suffering.
people actually get a chemical high from suffering.

Posted by dragonslayer > Nov 26, 2019 7:38 PM | Report Abuse
Aiyo....QR out oredy....below my prediction....lol....no need to read details liao....malas to read lengthy report....lol.....aiyoyo.....kikiki

Posted by Sslee > 2019-11-26 23:06 | Report Abuse

Hahahaha dragonslayer,
Insas Q1 NP: 17.8M EPS: 2.69 cents and interim dividend 2 cents.
Inari Q1 NP 47.7m compare to 38.3m previous quarter. So this quarter share of profit to Insas from Inari alone is 9M. So what will be the NP of Inari for FY2020 and beyond?

Posted by Daily9 > 2019-11-27 04:43 | Report Abuse

2 sen dividend not TP 60 sen? FD 3% ma.

Posted by Thinkcarefully > 2019-11-27 07:45 | Report Abuse

For a company which is more like a fund ,the net asset per share is more important than its earning
If only there is another 2 cts dividend later in the year,it would break 1.00

Posted by EatCoconutCanWin > 2019-11-27 07:53 | Report Abuse

They edit the quarter results , is just like London biscuit. Nothing special about insas. Buy Dayang, support YY.

Posted by Sslee > 2019-11-27 07:55 | Report Abuse

Hahahaha,
No worry AGM is on 28th Nov. I will be there to ask politely for dividend policy.

Posted by 682pujut2b > 2019-11-27 09:48 | Report Abuse

Insas should sell businesses that have low ROE and those making loses (E.G. Melium, Car rental). This will release non performance capital & assets for (1) Dividends (2) expand capital base in business units which have high ROE so that (A) overall Insas ROE starts to glow to above 10 - 15 % p.a. and (B) Share holders are rewarded with higher and increasing dividends.
Once Insas put a forward plan like that, I think Insas share price will be on upward path fo > RM1.5/ share.

Posted by leno > 2019-11-27 11:26 |

Post removed.Why?

Posted by KJam > 2019-11-27 21:09 | Report Abuse

Warrant Down to 0.01 sen.
What is the boss intention ya?
Will he push the price up to more than RM1 so that all the warrant holder will have to convert?
Or he will convert all his warrant, and privatised the company?
Or he just do nothing, and let all his warrant expired like that?
If his intention is to privatised the company, what price he will offer and are we as the small share holder able to bargain for the take over price?
I dont know..... anyone know?

Posted by 682pujut2b > 2019-11-27 21:34 | Report Abuse

The price trend of warrant (value of warrant) as remaining expiry time gets shorter and shorter would most probably mirrors the real intention of the warrant holders. I think it is quite clear about the outcome.

Posted by 682pujut2b > 2019-11-28 05:40 | Report Abuse

Conversion of warrants would only happen if share prices rise above conversion price of RM1.0 + some extra margin to cover downward price fluctuation risks (e.g. RM1.0+ 10%*RM1.0 = RM1.10) When the time to warrant expiry is so near, unless there is announcement of major positive corporate plan that benefits all shareholders.
An example would be announcement of an attractive special dividend of 300 Inari shares for every 1000 Insas shares with entitlement date set a few months after Feb 2020. This would boost Insas share price by about 0.3*RM1.8 = RM0.54 to about RM1.30 from current price of about RM0.83 and sustain the market share price comfortably beyond the entitlement date. Full conversion of 265m Insas WB means Insas will receive cash injection of RM265m. Major shareholders would receive sufficient 'cash equivalent' from the 1Inari for 3 Insas special dividend to carried out conversion of the WB they hold. Although Insas will distribute 200m Inari warrants to shareholders (30%*663m= 200m), Insas will receive a capital injection of RM265m from the full conversion of the outstanding 265m WB. Insas can then utilised the RM265m to expand existing or new business which can give ROE > 10% pa. In conjunction with plan to sell out business units which have been giving very low or negative ROE's, it will put Insas share price on the rising trend.

May be SSLee could bring forward this proposal in writing to Insas board on behalf of public shareholders before the AGM. Thank you in advance. Mr. Tan.

Posted by Sslee > 2019-11-28 06:03 | Report Abuse

Dear 68pujut2b,
That question I already ask during last year AGM. You can refer to AGM minutes at below link
http://www.insas.net/pdf/img-20181226.pdf
Q&A number: 5
This year I will try to get a formal dividend policy from the Board.

Thank you

Posted by 682pujut2b > 2019-11-28 06:06 | Report Abuse

Giving out special dividend like the one I suggest above will be very strategic in terms of of opportunity time window for Insas because it will ensure all shareholders of WB to convert their warrants as the expiry date is Feb 2020. It is an opportunity time window because if Insas gives the special dividend earlier, warrant share holders may not convert their warrants as the expiry date is still not yet due.
By rewarding share holders with 200m Inari shares, Insas will still own 400m Inari shares (13%)

If Insas were to raise cash (or realise investment profit) by selling 200m shares, the above sustainable business benefit for Insas would not be realised.

Above proposal is a win-win for all share holders. Major share holders will be the bigger winners because the Insas share price will rise to at least RM1.2 and even more in the longer term if Insas management can propose and implement a good forward business plan. Thank you. Mr. Tan

Posted by Sslee > 2019-11-28 06:15 | Report Abuse

Dear 682pujut2b,
Dato' Sri Thong would not do that because if he convert the warrants he need to do a MGO at higher cost to him

Thank you

Posted by 682pujut2b > 2019-11-28 06:27 | Report Abuse

when all warrant holders convert, Dato Thong share % will remain below 33% so he does not need to do MGO.
However, even some do not convert ( which is very unlikely if Insas share price goes above say RM1.2), he can ask for exemption from SC. This is very commonly done and are invariably nearly always approve by SC if it is for the transparent benefit of public share holders.

Posted by 682pujut2b > 2019-11-28 06:32 | Report Abuse

There are numerous listed companies with major shareholders owning much greater than 33% share without having to go for MGO's. All he needs to do is to request for exempltion.

Posted by Sslee > 2019-11-28 06:40 | Report Abuse

Dear 682pujut2b,
Refer annual report page 222.
6. IMPLICATION OF THE MALAYSIAN CODE ON TAKE-OVERS AND MERGERS 2016 (“CODE”)
The direct and indirect shareholdings of the substantial shareholders, namely Dato’ Sri Thong Kok Khee and Dato’ Thong Kok Yoon and persons connected to them namely Datin Sri Yeoh Kwee See, Datin Tan Few Teng, Ms Thong Mei Chuen and Mr Thong Weng Sheng, being their family members and M & A Investments International Limited, Immobillaire Holdings Sdn Bhd, Titan Express Sdn Bhd, Perak Traders Holdings Sdn Bhd, Baktihan Sdn Bhd, Winfields Development Sdn Bhd and Montprimo Sdn Bhd (collectively “Major Shareholders”) as at 27 September 2019 are approximately 32.96% of the total number of issued shares of the Company after adjusting for 30,327,291 treasury shares.

Pursuant to the Code, a person who holds more than 33% of the voting shares of the Company shall undertake a mandatory general offer for the remaining ordinary shares of the Company not already owned by the said person. Accordingly, in the event an obligation to undertake a mandatory general offer should arise as a result of the Proposed Share Buy-Back being implemented, the Major Shareholders shall make the necessary application to the Securities Commission for a waiver from having to undertake a mandatory general offer pursuant to the
Code.

The Company does not intend to undertake the Proposed Share Buy-Back such that it will trigger any obligation on the Major Shareholders and/or person acting in concert with them to undertake a mandatory general offer pursuant to the Code.

Thank you

Posted by incash > 2019-11-28 08:17 | Report Abuse

sslee , it is possible to proposes to extend the duration and exercise period of the outstanding Warrants for two years? Thankyou

Posted by incash > 2019-11-28 08:25 | Report Abuse

if the company wish to consider this proposal, Insas will in the spotlight of market

Posted by incash > 2019-11-28 08:28 | Report Abuse

http://disclosure.bursamalaysia.com/FileAccess/viewHtml?e=119276

Posted by Sslee > 2019-11-28 08:46 | Report Abuse

Dear incash,
It is not possible to extend the duration of warrants exercise period because this action only benefit warrants holders and not the INSAS shareholders who do not hold any warrants.

Thank you

Posted by incash > 2019-11-28 08:56 | Report Abuse

I have both , mother and son... in fact this action is just to make news . It will benefit Insas shareholder anyway. Thankyou.

Posted by sctan > 2019-11-28 09:07 | Report Abuse

It depends on company if they intend to keep the warrant. And warrant extension must come with a price. Tat means the warrant holders need to pay certain price, for this extension. Then it will be fair to other shareholders without warrant. Also, the exercise price must be within reach.

Posted by 682pujut2b > 2019-11-28 09:15 | Report Abuse

I think there is sufficient time to make the above offer of special bonus before expiry of the warrant in Feb. The X date of the special bonus must be after the warrant expiry date so that warrant holders will exercise their conversion as the share price is at higher price.

Posted by leno > 2019-11-28 09:19 | Report Abuse

tick tock tick tock tick tock .... jeng jeng jeng ..... HAHAHAHAHAHAHH !!

Posted by 682pujut2b > 2019-11-28 09:19 | Report Abuse

Although not necessary in this case, the board could also extend the warrant expiry period by application to SC. If the reasons are good, it will be approved. There have been precedents of extending the warrant expiry period.