Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2024-04-20 10:06 | Report Abuse

Fiscal year is July-June. All values MYR Thousands. 2023 2022 2021 2020 2019
NET INCOME 122,754 215,145 257,561 14,867 81,831 (5 Yrs Total Earnings 692,158 )

Fiscal year is July-June. All values MYR Thousands. 2023 2022 2021 2020 2019
FREE CASH FLOW 181,434 77,770 180,927 113,548 -5,915 (5 Yrs Total FCF 547,764)
DIVIDENDS -16,575 -16,575 -13,260 -13,260 -13,260 (5 Yrs Total Dividends -72,930 )

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2024-04-20 10:10 | Report Abuse

DPO over the last 5 Yrs was 10.5%. This company retained about 90% of its earnings.

Did these retained earnings translate into increase earnings? Is the return on retained earnings positive or negative?

Its earnings are erratic year on year. We like company with earnings that are CONSISTENT and GROWING.

Also, we like company that is able to generate high ROE (preferably > 15%).

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2024-04-20 10:11 | Report Abuse

Is Insas a company that is severely undervalued and will continue to remain severely undervalued, longer than its shareholders ability to remain solvent? 😀😀

In the absence of a "catalyst", I am afraid so.

Posted by Sslee > 2024-04-20 10:13 | Report Abuse

Know how much insas equity growth in 10 years period?
So if you retain the profit to grow the equity then a point will be reached where your ROE will be low.
It only mean insas did not employ it cash to grow the earning fast enough.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2024-04-20 10:16 | Report Abuse

SSLee

As you realise, I always study the fundamentals of a company. Knowing which company to avoid, is just as important and perhaps, more important, than the occasional one that one loads up on in a big way.

Look for the big elephant with your loaded gun. 😀 Look for the multi-baggers. Not easy but possible.


With the internet, the world is opened up to all of us for our investing.

Posted by xiaoeh > 2024-04-20 10:18 | Report Abuse

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2 minutes ago | Report Abuse

Is Insas a company that is severely undervalued and will continue to remain severely undervalued, longer than its shareholders ability to remain solvent? 😀😀
In the absence of a "catalyst", I am afraid so.

agreed...

Posted by TheContrarian > 2024-04-20 10:21 | Report Abuse

Posted by Sslee > 54 minutes ago | Report Abuse

I think insas is the only stock in Bursa where its market cap is below its net cash.
Most likely by next week able to collect some below 1.00 and then next month below 0.9

No, there are others e.g. FACBInd.

Posted by Sslee > 2024-04-20 10:30 | Report Abuse

Insas already taking step of reverse take over (listing of M&A) to grow its stockbroking, IPO, RI, PP advisory, placement and etc services.

In time to come Insas will be a holding company of many subsidiary and associate companies.

Note: Associate companies do not contribute to revenue, it only contribute to share of profit (non cash flow) in P&L statement. But contributed cash inflow as dividend received under investment activities.

So may I ask 3iii do you value icapital by ROE?

Anyway I will make Jayatiasa and Insas top two in my portfolio as 3iii likes to find faults with both without even looking into detail of their financial account.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2024-04-20 10:31 | Report Abuse

Fiscal year is July-June. All values MYR Millions. 2023 2022 2021 2020 2019
Cash & Short Term Investments 1,270 1,163 1,124 827 885
ST Debt & Current Portion LT Debt 213 248 224 338 441
Long-Term Debt 183 162 161 29 74

Fiscal year is July-June. All values MYR Thousands. 2023 2022 2021 2020 2019
Non-Operating Interest Income 25,551.00 12,137.00 10,690.00 14,712.00 19,973.00
Equity in Affiliates (Pretax) - - - - 43,902.00
Interest Expense 18,775.00 16,188.00 15,217.00 21,452.00 23,220.00

Posted by TheContrarian > 2024-04-20 10:31 | Report Abuse

Insas at 1.00 you are guaranteed to make a minimum of 10% gain within 6 months, Insas at 0.90 you are guaranteed to make a minimum of 20% gain within 6 months, Insas at 0.80 ...... eh, will Insas reach that level?

Posted by Tatooine > 2024-04-20 10:34 | Report Abuse

Microlink now at all time low as well. Thong is incompetent, even fellow board members of companies don’t like him and it creates many issues within companies when you get divisive boards. Microlink forced to appoint thong son in exchange for funding as they are broke. The largest part of microlink debt raise if to keep the company from going bust. If you read the reason allegedly for the cash it is to build digital banking and AI … what absolute rubbish and even if tries shows how misguided the board are to waste cash competing in mature markets or one where they have no chance to compete. Thing has already written the insas board minutes before the board meeting to approve the rm90 million microlink need to delay going bankrupt. That could have been a 15 cent dividend to shareholders ??

Posted by Tatooine > 2024-04-20 10:36 | Report Abuse

US chip makers dropped heavily on Friday, inari will drop a lot on Monday .

Posted by TheContrarian > 2024-04-20 10:38 | Report Abuse

The stars in the sky tell us that the best time to re-enter Insas is on this particular date ........ it's due ....... soon ........ not yet soon enough ........

Posted by Tatooine > 2024-04-20 10:39 | Report Abuse

Insas will reach 0.8 unless thong and board release shareholder cash.

Posted by Sslee > 2024-04-20 10:39 | Report Abuse

TheContrarian.
Correction then
insas is the only stock in Bursa with single digit PE and where its market cap is below its net cash.

Posted by TheContrarian > 2024-04-20 10:39 | Report Abuse

@Tatooine, don't worry, Insas has plenty of cash to throw, still has Inari cash cow to milk.

Posted by Tatooine > 2024-04-20 10:40 | Report Abuse

Insas is not a good investment company. It has lost a fortune on most of its investments .

Posted by TheContrarian > 2024-04-20 10:40 | Report Abuse

@MrSslee, Insas single digit PE due to timing of Inari shares sale manipulation.

Posted by Tatooine > 2024-04-20 10:41 | Report Abuse

That’s the point, Insas will never go bust , directors will be paid bags of cash for making bad by investments. Shareholders will never see cash return . Been the same for 20 years

Posted by TheContrarian > 2024-04-20 10:42 | Report Abuse

I don't care if Insas is a good investment company or not, it has been a great investment for me having made a 4 fold gain so far.

Posted by Tatooine > 2024-04-20 10:42 | Report Abuse

Thong and board do not care about share price or shareholders

Posted by Tatooine > 2024-04-20 10:43 | Report Abuse

As long as share price goes up and down then yes if you do that well can make good money. I sold a lot at 1.30 so it is the plan for me too

Posted by TheContrarian > 2024-04-20 10:45 | Report Abuse

@Tatooine, basically I have been making money from Insas by playing against the other shareholders, against the sharks, against the crocodiles like a poker game.

Posted by Tatooine > 2024-04-20 10:49 | Report Abuse

“Insas is a family business masquerading as a public company” , this is so true !

Posted by TheContrarian > 2024-04-20 10:50 | Report Abuse

Posted by Tatooine > 5 minutes ago | Report Abuse

Thong and board do not care about share price or shareholders

Yes, I have accepted this, and it's easier to play Insas accepting this fact. Others keep thinking Thong will privatize, or someone will make a hostile takeover. That's why they are stuck, refusing to sell.

Posted by Tatooine > 2024-04-20 10:50 | Report Abuse

I will wait for 80 cents then buy back, wait for increase and then sell.

Posted by TheContrarian > 2024-04-20 10:53 | Report Abuse

The bulk of my Insas I sold at 1.28-1.29 level, and when price broke through 1.30 I waited until 1.34 before I unloaded my remaining Insas

Posted by TheContrarian > 2024-04-20 10:55 | Report Abuse

Posted by Tatooine > 2 minutes ago | Report Abuse

I will wait for 80 cents then buy back, wait for increase and then sell.

Might not go back to 80 sen this year. Overall market sentiment this year is way better than last year.

Posted by Tatooine > 2024-04-20 11:07 | Report Abuse

Malaysia market is a pawn between china and America. Correction coming. Nasdaq drop over 300 points Friday. Inari will get hit , it is only insas investment worthwhile.

Posted by TheContrarian > 2024-04-20 11:15 | Report Abuse

Inari will survive, Insas will survive.

Posted by Sslee > 2024-04-20 11:27 | Report Abuse

By the way if you like high growth, high ROE then have a look at Yinson with high borrowing too.
Expect this year Yinson' two FSPO delivered and will hit oil, next year another FSPO delivered and hit oil.

I just wonder why Yinson is paying more than double the US 5 Year Treasury Rate of 4.68%?

Is Yinson cannot get a normal USD loan from bank with lower interest rate than 9.625% to refinance the matured borrowing?

SINGAPORE, April 19, 2024 /PRNewswire/ -- Yinson Production Offshore Pte. Ltd. ("Yinson Production") is pleased to announce the successful placement of a USD 500 million senior secured bond issue with a 5-year tenor and a fixed coupon of 9.625% per annum in the Nordic bond market.
Yinson is paying more than double the US 5 Year Treasury Rate of 4.68%. Why?

5 Year Treasury Rate is at 4.68%, compared to 4.62% the previous market day and 3.71% last year. This is higher than the long term average of 3.75%.

The 5 Year Treasury Rate is the yield received for investing in a US government issued treasury security that has a maturity of 5 years

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2024-04-20 12:21 | Report Abuse

Insas

Current Assets 1989 m
Total Liabilities 531 m
________________________

CA - TL = 1458 m

Market Cap = 663 m (@share price of RM 1)

Net-Net value 1458m - Market Cap 663 m = 795m

Therefore, you can take this company private, settle all the liabilities and still pocket RM 795 m cash.

Benjamin Graham loved such net-net companies. However, after 2 years of investing into these undervalued stocks, should they not perform, he sold them. There must be a reason for doing so? Probably, the opportunity costs for holding onto the non-performers.

Yes, Insas is severely undervalued. How do you capture the gains? When? (The story of Aesop as told by Buffett).

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2024-04-20 12:24 | Report Abuse

Insas retains lots of cash. How good is it in allocating its capital?

Buffett's and Munger's forte is their capital allocation ability. They are just fantastic in allocating the excess capital to capture high rates of return for a long period.

Posted by Sslee > 2024-04-20 12:39 | Report Abuse

Quarter end 31 March 2024 with disposal of 100 million M&A and 10 million Inari, insas will have more cash.

Posted by stockraider > 2024-04-20 12:46 | Report Abuse

Base on the edge report Insas has about Rm 1.1b net cash....this work out to about Rm 1.50 net cash per share, very good opportunity to profit from this situation loh!

Posted by TheContrarian > 2024-04-20 12:48 | Report Abuse

Despite that, Insas share price has gone downhill since end of March ..... classic case of a value trap.

Posted by stockraider > 2024-04-20 12:53 | Report Abuse

U need to be value trap very big....b4 u can make veli veli veli big profit loh!

We are talking of big investment profit n not kucimiao trading profit mah!

The key...holding on & waiting for huge potential gain of stock with big potential like insas loh!

Posted by TheContrarian > 2024-04-20 12:58 | Report Abuse

Four fold gain, four fold gain, hahaha.

Posted by Sslee > 2024-04-20 13:05 | Report Abuse

3iii,
Do you know park under non-current assets: one of the associate company inari is worth how much?

Substantial Shareholder's Particular:
Name INSAS BERHAD
Details of Changes:
Currency -
Date of Change Type Number of Shares
24-Jan-2024 Disposed 1,000,000
Registered Name M & A Nominee (Asing) Sdn Bhd for Media Lang Limited
Nature of Interest Indirect Interest
23-Jan-2024 Disposed 2,000,000
Registered Name M & A Nominee (Asing) Sdn Bhd for Media Lang Limited
Nature of Interest Indirect Interest
22-Jan-2024 Disposed 2,000,000
Registered Name M & A Nominee (Asing) Sdn Bhd for Media Lang Limited
Nature of Interest Indirect Interest
Nature of Interest Indirect Interest
Shares Ordinary shares
Reason Disposal of shares in the open market
Total no of securities after change
Direct (units) 0
Direct (%) 0.00
Indirect (units) 527,008,575
Indirect (%) 14.06
Total (units) 527,008,575
Total (%) 14.06
Date of Notice 26-Jan-2024


Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > Apr 20, 2024 12:21 PM | Report Abuse

Insas
Current Assets 1989 m
Total Liabilities 531 m________________________
CA - TL = 1458 m

Market Cap = 663 m (@share price of RM 1)

Net-Net value 1458m - Market Cap 663 m = 795m

Therefore, you can take this company private, settle all the liabilities and still pocket RM 795 m cash.

Posted by TheContrarian > 2024-04-20 13:32 | Report Abuse

Not so long ago at one stage during a stock market crisis Insas temporarily dropped to below 40 sen. At that time Thong could have proposed a Selective Capital Repayment at RM1 to take it private. He could if he wanted to privatize Insas but he didn't, he doesn't, he wouldn't.

Posted by speakup > 2024-04-20 14:15 | Report Abuse

U can see the money
but you cant take the money

Posted by Sslee > 2024-04-20 14:30 | Report Abuse

Any takevover by Thong will be a futile attemp because once the BOD appointed an independent advisor to advice shareholders to accept or reject the offer based on is the offer fair and reasonable.

The conclusion is forgone: offer is not fair and not reasonable and advise to reject the offer.

Posted by Sslee > 2024-04-20 14:38 | Report Abuse

If Thong is smart he should table a MGO waiver for Insas to do SBB. By doing SBB automatically his and his PAC holding will increase beyond 33% and 4 year later might excess 50%

Posted by TheContrarian > 2024-04-20 14:49 | Report Abuse

Thong is a former stockbroker, he knows the rules, don't doubt that he isn't smart. He wants to keep Insas share price down.

Posted by TheContrarian > 2024-04-20 14:58 | Report Abuse

This article first appeared as "Insas’ controlling shareholders may seek a waiver" in The Edge Malaysia Weekly, on June 24, 2019 - June 30, 2019.



THE controlling shareholders of Insas Bhd, Datuk Seri Thong Kok Khee and his brother Datuk Thong Kok Yun, are said to be mulling seeking a waiver from making a general offer for the company if they decide to convert the company’s warrants in February next year.

Such article will be repeated from time to time drawing more water fish into buying Insas.

Posted by Sslee > 2024-04-20 15:00 | Report Abuse

Thong and PAC cannot buy any Insas share from open market without trigger the 33% MGO threshold.

So he is just a bystander watching insas share price up and down. Anyway whether the share price up or down do not affect him financially.

Posted by Tatooine > 2024-04-20 15:11 | Report Abuse

I also queue at 40 cents.. Thong knows what he is doing and that is screwing over the shareholders. “ Insas is a family business masquerading as a public company” Thong is milking cash out of insas and other subsidiary companies. Be it fees, land etc he is making lots of money and that is why he pays the board well to keep quiet. Only way to make money in insas if you want to is buy and sell …

Posted by TheContrarian > 2024-04-20 15:26 | Report Abuse

Leno stuck in Insas 15 years gained no monetary benefits, Ah Thong stuck in Insas 15 years got received salary, bonus, Inari ESOS plan, meeting allowance, driver allowance, pet cat allowance etc.

Posted by speakup > 2024-04-20 15:56 | Report Abuse

Thank u Leno for Sell Call 1.20 level
Speakup wanted hold for Double Bagger but good thing listen to sifu Leno

Posted by TheContrarian > 2024-04-20 16:46 | Report Abuse

The smarter ones sold at 1.30 level.