Posted by gark > 2014-03-14 15:18 | Report Abuse

hahahaha aiyo leno so deperate ah... ok lah let you see lor...

but warn you it is long

AND it is not too updated (analysis done on dec 13) so it is 1Q late...

Kekekeekekek

Posted by gark > 2014-03-14 15:18 | Report Abuse

1. Profitability

Based on the multi year profitability, the profit has not been consistent having it ups and down for the past. The wild swings in EPS is due to investment holdings gains/loss. Recently the business is having a turnaround, in the IT, retailing, car rental and property business. It's stockbroking/money lending business is still not making any money.

However it's IT related business is showing a very good uptrend, and this will provide more consistent earning stability. Also trending up is it's retailing and car rental business. property business is beginning to show profit.

Current TTM13 EPS is about 13.6 cents.. indicating a PE of 7x. But some of the gains are due to investment holdings gain. In the last Quarter, a total of 49.15 mil gain consists of financial derivatives ( 8.6mil), unrealized forex gain (8 mil) and writeback on impairment of 15 mil.

If we disregard the one off gains and focus purely on ongoing business concern, the recurring EPS is expected to be about 37.6 mil per Q or 5.6 c. This will give a FY14 EPS of about 18-20 cents indicating a FY14 PE of 5x.

Posted by gark > 2014-03-14 15:19 | Report Abuse

2. Balance Sheet

Balance sheet is healthy, but have unusually high amount of investment assets as in bonds, stocks and other financial derivatives (some of them associated companies, with <20% holding like ho hup etc)

It is currently holding about 551.4 mil in cash ans AFS assets vs 168.43 mil in loans, which makes the company having net cash of 383 mil BUT is primary held in it's subsidiaries (like Inari). This indicated a net cash per share of 57 cents per share indicating cash holding of 60% of market cap.

Posted by gark > 2014-03-14 15:19 | Report Abuse

Free Cash flow

As expected, FCF is very low or non existent, since most of the financial gains are from financial derivatives arther than ongoing business.

Although the company has recently started to pay dividend, it is expected the FY14 dividend yield to be low at 1-2% DY and growth will be minimal. Expect FY14 DPS will be about 1.5-2 cents max.

Posted by gark > 2014-03-14 15:19 | Report Abuse

Individual business review

Financial services & credit (M&A brokers and Insas Credit)
In the last Q, recorded a 14 mil external revenue and profit of 6 mil - showing very good margin, but overall this business is not stable with swings in profitability. In FY12, this division broke even.

Property investment & development
In last Q recorded revenue of 2 mil and loss of 800k. FY 12 is similar. This is due planned property development has not begun yet.

Investment holdings and trading
This business is very volatile with certain Q showing exceptional profit and other Q showing exceptional loss.
About 70 million is shares, of which 70% is traded in KLSE. Net cost to acquire these shares is about 97 mil, so it is showing a loss. Also holding 55 mil in bonds of which 90% is quoted outside of Malaysia, primary source of unrealized forex gain and stable interest income. Also holding 90 mil in associate companies traded in KLSE. This company also have an aggressive buy back but shares is indicated as 'investment' rather than treasury, also a great source of gains in last Q. This means they goreng invest in thier own shares for financial gains...

Retail trading and car rental (Dome cafe, Melium, Insas car rental)
Last Q revenue of 5.2mil and profit of 1.1 mil. FY12 showing 19,2 mil and profit of 6.2 mil. This is a stable business with good cash flows and good net margin.

IT related
This is the crown jewel and main contributor of stable consistent profits, last Q is 11 mil and FY12 is 15 mil, showing a very high YOY growth. This will be the driver for the entire stock valuation.

Posted by gark > 2014-03-14 15:20 | Report Abuse

Valuation - RNAV

Financial Services and credit
Asset : 389.3 Liability : 61.1
Valuation : 1 x BV = 328.2 mil

Property investment & development (Land bank)
Asset : 106 mil Liability : 19 mil
Revaluation surplus :44 mil
Valuation 1 x BV = 131 mil

Investment holding
At market value = 322 mil

Investment in associate company
At cost = 106 mil

Retail trading & rental
8x PE = 4.68 mil x 8 = 37.44 mil

IT & Tech
12x PE = 54 x 12 = 648 mil

RNAV = 1572 mil

Add cash = 363 mil

Minus borrowings = 133.2 mil

Total RNAV = 1,802 mil

RNAV/share = 2.68/share x 70% discount = 1.88/share

Posted by leno > 2014-03-14 15:20 |

Post removed.Why?

Posted by gark > 2014-03-14 15:20 | Report Abuse

And leno.. no it not stolen from any 'professional' analysis....

and i still think it is value trap... kekekekekekekekekek

Posted by leno > 2014-03-14 15:22 | Report Abuse

u finish alredi or not ? If finish ... please say "over" okay ..

Posted by gark > 2014-03-14 15:23 | Report Abuse

finish wat? :P

Posted by gark > 2014-03-14 15:24 | Report Abuse

hahahaha leno now let us SEE your analysis... :P

Posted by leno > 2014-03-14 15:26 | Report Abuse

correct me if i am wrong ... u said insas is worth at least RM 1.80 but it might not be worth 90 sen ... now go dig a hole, jump in and dont come out .... i dont wan to speak to u anymore.

Posted by gark > 2014-03-14 15:27 | Report Abuse

hahahahahaha .. i want to see if the stock promoters here got quality or merely cakap besar only

So............ where is your analysis? :P

Posted by Cheah Khuan Jin > 2014-03-14 15:28 | Report Abuse

i think leno will only show TP :)

Posted by gark > 2014-03-14 15:29 | Report Abuse

TP anyone also can give bullshit number de lah.... it matters of there is anything substantial behind the number...

Posted by Cheah Khuan Jin > 2014-03-14 15:32 | Report Abuse

normally when i see TP, call buy, sure up blah blah blah , i will ignore

Posted by gark > 2014-03-14 15:34 | Report Abuse

hahaha yeah i agree...

Posted by leno > 2014-03-14 15:39 | Report Abuse

later insas shoot up .. he will say see ... i alredi calculate 1.80 ... if shoot up some more he will claim see ... i also calculate 2.40 .... if insas drop ... he will say ...see, i told u is a value trap ... ini confirm tarak telur punya analyst ... ciakap belit-belit ...

Posted by gark > 2014-03-14 15:41 | Report Abuse

hahahaha leno.. leno... where is your secret method calculation.. i show all already de...:D

Posted by slts > 2014-03-14 15:46 | Report Abuse

leno revise tp 50sen

Posted by gark > 2014-03-14 15:49 | Report Abuse

ok lah time to leave this thread.. got other stocks to analyze... :=D

Posted by leno > 2014-03-14 15:53 | Report Abuse

The tarak telur alredi left this thread .... time to ATTACK ! INSAS worth more than RM 2.00 ... confirmed by the tarak telur (his nrav/watever is RM 2.68 !!), his 70% rnav/watever is RM 1.88 ! FUYOH ! Now at 90 sen ... meaning must WHACK ! WHACK ! WHACK ! Now repeat after the KING ..... "INSAS ... CANTEEEK !!"

Posted by gark > 2014-03-14 16:21 | Report Abuse

oh back to promoting i see... kekeke good luck.

You still owe me your analysis...

Posted by leno > 2014-03-14 16:33 | Report Abuse

he he he ... i believe u some how got the wind about my incredible reputation as the most intelligent investor who able to make tons of money ... so, now u wan me to share my secret hor ... but u must check the dictionary about the meaning of the word "secret" first lor ... anyway, nice try.

Posted by gark > 2014-03-14 16:36 | Report Abuse

alah.. dont have ... just say dont have lar.. no need hide behind pretense. :P

Anyway down 2 sen again.. inari up 5 sen.. hmmm...

Posted by gark > 2014-03-14 16:36 | Report Abuse

anayway bang leno, sudah makan ubat kah hari ini.. :D

Posted by leno > 2014-03-14 16:40 | Report Abuse

up 50 sen down 2 sen ... kekekekek ... sap sap sui lar ... later up another 50 sen ... dun jeles hor.

Posted by gark > 2014-03-14 16:41 | Report Abuse

Nothing jeles one... why need to jeles? :P

Posted by leno > 2014-03-14 16:43 | Report Abuse

sure boh ? but why u sound so veri jeles leh ... come .. come ... u wan me sayang hah ?

Posted by gark > 2014-03-14 16:44 | Report Abuse

hhahaha like this also jeles ah... you really need to makan 'ubat' wei....

Posted by leno > 2014-03-14 16:46 | Report Abuse

come lar ... i sayang u hor ... next time dun eat too much vinegar okay ...

Posted by leno > 2014-03-14 16:54 | Report Abuse

INSAS comrades, dun give up hope. Today we fight a very good BATTLE. RM 4 million worth share change hand with average price of 89.8 sen. This is a very good sign. We WILL WIN this WAR !

Posted by gark > 2014-03-14 17:22 | Report Abuse

good battle meh? looks like bloody battle only.. very red...

Posted by gark > 2014-03-14 17:28 | Report Abuse

anyway next week another battle :)

Posted by bing > 2014-03-14 20:59 | Report Abuse

Ehh.. tinggal 2 orang! Insas, today I don't want talk to you! Marah..

Posted by bing > 2014-03-16 09:50 | Report Abuse

Price up lah please!!!

Posted by tjhldg > 2014-03-17 01:25 | Report Abuse

old man stock

Posted by gark > 2014-03-17 10:03 | Report Abuse

:D leno quick come rescue your stock..!!

Posted by Cheah Khuan Jin > 2014-03-17 11:28 | Report Abuse

for insas 0.8/0.82 is good price to keep

Posted by gark > 2014-03-17 11:47 | Report Abuse

where leno?.. quick quick...

Posted by lee9fold > 2014-03-17 11:48 | Report Abuse

dont play insas lah

Posted by leno > 2014-03-17 11:57 | Report Abuse

insas oh insas, apesal lu canteek ? I LOIKE !

Posted by gark > 2014-03-17 12:24 | Report Abuse

finally leno come... quick quick sales man mode. :P

Posted by Cheah Khuan Jin > 2014-03-17 12:30 | Report Abuse

tp ? haha

Posted by gark > 2014-03-17 12:48 | Report Abuse

ask leno for TP...

Posted by leno > 2014-03-17 15:41 | Report Abuse

INSAS defence holding STRONG ... sellers fail to do any damage .... INSAS CANTEEK !

Posted by gark > 2014-03-17 16:10 | Report Abuse

err - 2sen.. not damage ah? the son +1 wor...

Posted by Koay Yi Chuan > 2014-03-17 16:10 | Report Abuse

Let me join in the fun. Inari can go up another 100% and Insas will still get stuck at below RM1.00. It's deliberately pressed down and the minority shareholders will just get short-changed investing in this counter. Those who bought can hold for long term, too cheap to throw away anyway, but can get stuck also. Consider opportunity costs. Price action has to ask boss.

Posted by leno > 2014-03-17 16:22 | Report Abuse

Sellers out of share to sell liaw ... hahahah ... Intelligent Buyers will be pressing forward ... ATTACK ! ATTACK !! INSAS CANTEEEEK !!

Posted by Koay Yi Chuan > 2014-03-17 16:23 | Report Abuse

Boss has a lot of shares to sell. No worries :p