Posted by hooi > 2012-11-12 11:06 | Report Abuse

Bought Icap at 2.44 & 2.46

Posted by thao > 2012-11-12 11:14 | Report Abuse

kcchongnz,appreciate if u could send me your report too at lth777@gmail.com THANKS U VERY MUCH

Posted by ledzepp > 2012-11-12 11:22 | Report Abuse

kcchongnz - may I request as well. email- xebejohn@gmail.com. Are you in Queenstown?

Posted by sixteenblue > 2012-11-12 11:53 | Report Abuse

"Tan stays on at iCapital"
http://biz.thestar.com.my/news/story.asp?file=/2012/11/12/business/12307431&sec=business

Posted by bvc100x > 2012-11-12 12:33 | Report Abuse

dun buy. is a liar. tan already running icap for a long time. he unable to improve the share price. this news is a liar to create false supply and let their counter get focus. buy at your own risk.

Posted by Buy & Sell Sell & Buy > 2012-11-12 12:56 | Report Abuse

thanks KCChongnz, i hv oredi received your docs posted to me in my email. Thank you vry much.

Posted by charlesang > 2012-11-12 13:07 | Report Abuse

kcchongnz,appreciate if you could send me your report at charlesang00@gmail.com. Thanks.

Posted by ksay9maa > 2012-11-12 16:01 | Report Abuse

kcchongnz, can you please email me the document at handsumasif@yahoo.com. Would appreciate it very much. Really interested in your point of view and analysis.

Posted by hooi > 2012-11-12 16:36 | Report Abuse

Bought Icap at 2.45

Posted by hooi > 2012-11-12 16:56 | Report Abuse

Bought more Icap at 2.44

Posted by thao > 2012-11-12 17:53 | Report Abuse

thanks KCChongnz,received your docs.Thank u very much for sharing

Posted by jpleow > 2012-11-12 19:04 | Report Abuse

Sold all my remaining ICap shares early this morning (also sold around 12% last Wed) with average sold price of $2.49. I accumulated ICap shares during the last bear market from 2/7/08 to 23/1/09 with average bought price of $1.558. Hence, I have a net profit of 58.8% & annualized return of 11.9%. Well, nothing to shout about but it’s good enough for me. :)

I’m taking profit & looking for bargains in other stocks. If there is no bargain, I would rather park my money in the bank & wait for the next bear market. Bear market is heaven for bargain hunters & I usually accumulate during bear market & sell in bull market. Well, with cash level at 57% in my portfolio, I’m hoping for a bear market now. Hehehe.

Below are the analysis I wrote during the weekend & the basis of why I sell:

In news “Laxey fails to get on iCapital’s board”: “… around 86 per cent of the shareholders present voted against (Laxey Partners) … Shareholders holding at least 80 million of the fund's 140 million shares had voted today.”

A simple calculation shows that there are 68.8M shares, i.e. ~49.1% of total shareholding are loyal to TTB. Hence Laxey Partners have no chance of passing any future resolution since almost 50% of total shareholdings are loyal to TTB. I think they are not going to buy anymore & will probably sell their shares. Since they start accumulated around $2.00 & highest ~$2.30, their average price could be ~2.15. If they sell > 2.15, they are still profitable!

In future, no foreign funds would buy since there is no way they can liquidate it. What’s likely to happen is that its price will probably fall back to the previous boring state & stuck at low price with heavy discount & not many people interested except TTB loyalists. Can they push up the price? Not likely, if they can, it would not stuck at low valuation in the past.

Also regarding the new dual-listed fund:

The dual-listed fund should be a new fund, it will have to go through IPO process & you have to pay to subscribe it. I just can't figure out how the dual-listed fund can be linked to ICAP. Yes, ICap may subscribe to the new fund but remember they can only buy not more than 10% in 1 stock! Even if they change the article of association so that they can buy more, they only have ~33% cash to buy!

Would a dual-listed fund under heavy demand in another country? Well, most of TTB loyalists are in M’sia, not in other country, its unlikely for the fund to have heavy demand! A closed-end fund’s price is determined by demand & supply, if not many people interested in it, the price will stuck in low gear forever!

In addition, this is not a high dividend yield stock. If there is a recession or bear market, then there is no dividend to ride through the bear market. Its NAV will also drop in a bear market.

Bye-bye ICap, this is my last post in this thread. BTW thanks for the profits & I may come back in the next bear market. :)

Posted by hw0706 > 2012-11-12 19:48 | Report Abuse

for investment in share shall have at least 15% to 25% minimum. as long as not loss than is good enough.

Posted by sixteenblue > 2012-11-14 15:04 | Report Abuse

"iCapital.biz may look at HK"
http://biz.thestar.com.my/news/story.asp?file=/2012/11/14/business/12314550&sec=business

Posted by lofan73 > 2012-11-14 15:42 | Report Abuse

kcchongnz..i got ur email but i accidently deleted it. pls send me again

Posted by kcchongnz > 2012-11-14 16:32 | Report Abuse

lofan73, which one are you talking about; a few days ago one or today one?

Posted by hooi > 2012-11-14 16:40 | Report Abuse

Bought Icap at 2.43

Posted by hooi > 2012-11-14 16:57 | Report Abuse

Bought Icap at 2.42

Posted by kcchongnz > 2012-11-15 19:08 | Report Abuse

Overwhelming defeat of the challengers! Where does it lead us now?
C:\Users\Su Lyn\Google Drive\icap 15112012.pdf

Posted by kcchongnz > 2012-11-16 07:27 | Report Abuse

Tan Teng Boo made the following statement during the last AGM saga.
“My 18% growth which I have built up may be gone. Our NAV has gained 189% since listing or 18% per annum. At such a rate, in seven years time, it would be RM8.78. We give consistent long-term returns,”
The first part of 18% per annum gain of icap is 100% true but the main reason I bought quite a bit icap shares was because it was selling at a discount of >25% then. I have sold most of it with good gain, thanks. But how many people go deeper to analyze if CDAM really have done such a fantastic job for its shareholders as professed through the hero worshipping of shareholders and the ultra arrogant behaviour of TTB against the very people who employ and pay him his fees? I did and here I would like to share with you.
The gain of 18% pa of icap’s NAV over the 7 years period from inception to now (October 30 2012) outperformed KLCI of 12.0% (including dividend) by a wide margin of 4.8%. However a closer look at its performance shows that all the outperformance was achieved in the initial period from inception up to 3 January 2008, when its NAV improved by 126% compared to 60% of KLCI.
However, soon after that, in tandem with the decline of the world markets and KLCI, icap’s NAV declined to its lowest at RM1.42 on 31st October 2008. After that NAV increased steadily again to RM2.96 on 2nd November 2012. However since the peak NAV on 3rd January 2008, the CAR of icap NAV is only 5.9%, closely follows the total return of KLCI of 6%. Even from the low of the market on 5th March 2009, CAR of NAV of icap to 2nd November 2012 of 21% doesn’t match up with the total return of KLCI of 22% per year. Where is the hot hand of TTB during this period? Was it just a temporary phenomenon happened by some luck factor in the early days?
However, in terms of share price performance, I am afraid that icap’s return of 12.6% per year for the entire period is not much better than that of the return of the market of about 12.0%. Worst for those people who bought icap near its peak 5 years ago. The share price on 2nd November 2012 is 10% below then, or at a loss of 2% pa. During the same period, return of KLCI was 6% a year. This means the share price of icap underperformed the market by huge 8% per year.
So TTB, are you sure of what you said above that your return is consistent, and that you could continue to increase NAV consistently at 18% pa for the next 7 years to make icap share at RM8.78 in October 2019? If that is achieved, I would agree that you would be one of the best fund managers in the world as claimed by you in an AGM some years ago. It is not easy lei. For the shareholders of icap, I think your investment could be really, really, really long-term.
reholders of icap, TTB is their Oracle!
Well, it really beats me. The Oracle of Bursa Malaysia!

Posted by hooi > 2012-11-16 09:19 | Report Abuse

Bought Icap at 2.40 & 2.41

Posted by kcchongnz > 2012-11-16 09:49 | Report Abuse

hooi, since your last sale of icap at 2.34, you have been buying icap 15 times, once at 2.31 and 14 times from 2.45 to 2.51. You must be the biggest shareholder of icap by now. How much have you made by now? See your posts below:
Posted by hooi > Nov 3, 2012 06:05 PM | Report Abuse
For short-term investor/speculator, they will support foreign fund; for long-term investor/shareowner, they will support Capital Dynamics. I will support Tan Teng Boo even i am just a small shareholder.
Posted by hooi > Oct 10, 2012 02:52 PM | Report Abuse
Sold Icap at 2.34
1. Posted by hooi > Nov 1, 2012 09:15 AM | Report Abuse
Bought Icap at 2.31, just received email from capital dynamic
2. Posted by hooi > Nov 5, 2012 10:25 AM | Report Abuse
Bought Icap at 2.51
3. Posted by hooi > Nov 5, 2012 10:26 AM | Report Abuse
Bought Icap at 2.50
4. Posted by hooi > Nov 5, 2012 10:44 AM | Report Abuse
Bought Icap at 2.49
5. Posted by hooi > Nov 5, 2012 11:50 AM | Report Abuse
Bought Icap at 2.48
6. Posted by hooi > Nov 5, 2012 12:29 PM | Report Abuse
Bought Icap at 2.47
7. Posted by hooi > Nov 5, 2012 02:48 PM | Report Abuse
Bought Icap at 2.46
8. Posted by hooi > Nov 5, 2012 02:52 PM | Report Abuse
Bought Icap at 2.45
9. Posted by hooi > Nov 8, 2012 04:21 PM | Report Abuse
Bought Icap at 2.46
10. Posted by hooi > Nov 8, 2012 04:56 PM | Report Abuse
Bought Icap at 2.45
11. Posted by hooi > Nov 12, 2012 04:36 PM | Report Abuse
Bought Icap at 2.45
12. Posted by hooi > Nov 12, 2012 04:56 PM | Report Abuse
Bought more Icap at 2.44
13. Posted by hooi > Nov 14, 2012 04:40 PM | Report Abuse
Bought Icap at 2.43
14. Posted by hooi > Nov 14, 2012 04:57 PM | Report Abuse
Posted by hooi > Nov 16, 2012 09:19 AM | Report Abuse
15. Bought Icap at 2.40 & 2.41
Bought Icap at 2.42

Posted by hooi > 2012-11-16 10:18 | Report Abuse

Bought Icap at 2.39, buy slowly, get free warrant 1st quarter 2013

Posted by hooi > 2012-11-16 12:14 | Report Abuse

Bought Icap at 2.38

Posted by hooi > 2012-11-16 14:58 | Report Abuse

Bought Icap at 2.37

Posted by Fat Cat Tim Buddy > 2012-11-16 15:28 | Report Abuse

no point keep average down, r.kiyosaki is right,he said: dont buy mutual fund. my opinion,any fund, because you simple does not have control over it.

if you have insider information about what they buying, then it is better to buy what they buying, at least in that way you have the power of control :l 2 cents

Posted by hw0706 > 2012-11-16 15:31 | Report Abuse

pharma is up

Posted by hooi > 2012-11-16 19:28 | Report Abuse

Actually, i was average up. I bought Icap since 2005! Don't buy mutual fund, buy closed-end fund. Buy Icap < 2.49

Posted by kcchongnz > 2012-11-17 10:05 | Report Abuse

wah hooi. since two weeks ago alone you already buying icap from 2.51 to now 2.37, about twenty times. This is not including what u bought from 2005 all the way up until now. 7 years already. Oh it is averaging up on a CEF. so how many million u put in already?

Posted by Eden Thean > 2012-11-17 10:25 | Report Abuse

but if buying 1 lot oni rm251 :D

Posted by kcchongnz > 2012-11-17 11:40 | Report Abuse

so interesting lei. buy 100 shares each time at RM250 and pay minimum say RM15+3 for brokerage and stamp duty. Transaction cost already 7%+. Sell again another 7%, total 14%. U need 2 years to make that. Oh forget,long-term investors never sell one. I think it will be very interesting to know how many shares each time hooi buy when he post his tips.

Posted by hooi > 2012-11-18 14:20 | Report Abuse

My portfolio as at 18/11/2012 : Padini 1%, Icap 5% & cash 94%

Posted by PureBear > 2012-11-19 12:03 | Report Abuse

I think this is what the Hokkian people call 'Hao Siow'.

Posted by hooi > 2012-11-19 16:34 | Report Abuse

Bought Icap at 2.36

Posted by greatdreamer > 2012-11-19 21:53 | Report Abuse

I am not the shareholders of icap and below are just my observations based on the inputs from the forum.

icap are holding 33% cash at year end @ 31 May 2012. As a fund, the cash reserve 33% look like on the high side. Unless there is recession in South East Asia to give opportunity to icap to utilise the cash to buy stocks during severe market downturn, I really have some doubts over icap can sustain growth rate of 18% in median to long terms.

The early period of strong performance of NAV may partly explain its share prices were traded over a premium over NAV by then.

Icap good performance is based on stock picks. To judge the timing of market cycle as best re-entry point for its cash reserves, I think icap remain unproven. As such, cash reserves keep building up ......

Posted by kcchongnz > 2012-11-20 16:05 | Report Abuse

Not only CDAM holds huge amount of cash in fy 2012, it did for the previous two years. Eventually CDAM actually was proven to be a terrible stock market timer (read my post on Nov 16). Shareholders pay the price as NAV growth of icap just matched the KLCI, nothing great. In fact it is horrible for a self-proclaimed "best fund manager in the world" (yeah I lost my respect for this guy when he bossed over the shareholders in the last AGM). In terms of return of share price (+dividend), few people realize that icap underperformed KLCI by 8% per year since January 2008 (read my post again). What happen now? icap continue to slight, abeit slowly. Look at the quotations, it is clearly shareholders are throwing the shares away. The hero worshipers (87% of the shareholders), is this what you want? I believe you don't realize it. Hoping CDAM to have the hot hands again like they had from 2006 to Jan 2008? The statistics and the industry do not favour this outcome. for those who have sold off your icap shares near its peak, your opportunity will come to buy it at a bigger discount to NAV in a few months time.

Posted by euclid > 2012-11-20 16:09 | Report Abuse

I thought Tan Teng Boo bills himself Warren Buffett of Malaysia? The real Oracle of Omaha does not time the market.

Posted by kcchongnz > 2012-11-20 16:39 | Report Abuse

Funny isn't it? The Oracle of Bursa (TTB) held huge amount of cash in his fund during the three years after the US sublime housing crisis, when everybody was making huge profit from the stock market, which doubled from 846 to 1600+ (not including dividends distributed) from its trough in March 2009. Even I made the best return of my investment in Bursa during this period. TTB claiming himself as a value investor, better than the Oracle of Omaha. How can he did market timing, and did it so badly? Read what another investment oracle, John Bogle says about market timing.
“In 30 years in this business, I do not know anybody who has done it successfully and consistently, nor anybody who knows anybody who has done it successfully and consistently. Indeed, my impression is that trying to do the market timing is likely, not only not to add value to your investment programme, but to be counterproductive.”

Posted by kcchongnz > 2012-11-20 18:14 | Report Abuse

See City of London Investment is disposing its share holding in icap already woh.
Type of transaction Date of change
No of securities

Price Transacted (RM)
Disposed 14/11/2012
155,000

Posted by hooi > 2012-11-21 09:18 | Report Abuse

Bought Icap at 2.35

Posted by hooi > 2012-11-21 09:32 | Report Abuse

Bought Icap at 2.34

Posted by kcchongnz > 2012-11-21 09:57 | Report Abuse

oh hooi is the one who has been buying over from City of London Investment. Good on you!

Posted by lmseng > 2012-11-22 12:23 | Report Abuse

this is a hopeless stock. I was attracted by the big gap between the NTA and the share price about one year ago bought at 2.20 and kept the stock for more than a year.. finally sold at a profit of RM27.00. YES, RM27.00 ( RM: twenty seven ONLY ), had I sold a mth earlier it would had been a loss (price betwn RM2.12~2.18 June 2012).. even if I had not sold, what is the price now? RM2.35? and what is the return? I hate to hear it when ppl said TTB is Warren Buffet of M'sia.. Oh please!!!

Posted by kcchongnz > 2012-11-22 12:40 | Report Abuse

lmseng, go and attend the AGM and you will know that you are a minority. Nobody dare to say anything like what you said as you will be mobbed by TTB's machai.

Posted by lmseng > 2012-11-22 13:36 | Report Abuse

no need to attend lah. The mkt is free, there are many other good counters out there. You don't like the counter, you exit. No body can stop you. You want to be a loyal faithful no body can stop you, too. Good luck!

Posted by hooi > 2012-11-23 08:11 | Report Abuse

Buy Icap < 2.48

Posted by hooi > 2012-11-23 10:41 | Report Abuse

Bought Icap at 2.30-2.33

Posted by kcchongnz > 2012-11-23 12:39 | Report Abuse

wah this hooi bought icap all the way from 2.50+ to 2.30 now! Why don't you?

Posted by benson911 > 2012-11-23 12:41 | Report Abuse

Icap is in downtrending mode.....drop until Rm2 then wil consider....

Posted by hooi > 2012-11-26 15:25 | Report Abuse

Bought Icap at 2.28 & 2.29