Posted by Investeye > 2013-12-28 18:37 | Report Abuse

Fima Corp perform very well in 2013, but KFima is performed below bar ???

Posted by kglin > 2013-12-29 08:51 | Report Abuse

with PE about 6~7x, Dividend about 4%, no debt, expected improve of CPO price and consistent performance. this stock should has better performance especially 2014 is a very challenging year!

Posted by Najib Zamry > 2013-12-30 11:01 | Report Abuse

Bought another 10K Kfima at 1.92 -1.93 this morning. Follow major shareholder acquisition this morning. Trust this stock will give me 20% return in a month time.

Posted by tuniamasingh > 2013-12-30 11:12 | Report Abuse

Kfima which assets rich(NTA 2.20) ,cash rich (RM250 million net cash), low pe with zero gearing only trading at 1.93 now? my footlah....

Posted by Najib Zamry > 2013-12-30 11:28 | Report Abuse

Tuniamasingh, most fund managers are still on leave, Wait until they come back next week. Let's see whether Kfima will still be hovering around 1.93-1.94 next week.

Posted by Najib Zamry > 2013-12-30 11:29 | Report Abuse

http://www.palmoilhq.com/

Posted by tuniamasingh > 2013-12-30 14:20 | Report Abuse

Yes CPO price is RM2,640 per tonne now, that means profit for 3rd quarter should be good.

Posted by Investeye > 2013-12-30 20:51 | Report Abuse

Hope KFima will perform similar to BREM, with asset of RM2.19 and net cash of RM1.00 per share.That mean by using rm1.94 to buy rm2.19 value of asset and about rm1 of cash for free! This counter also generate >rm0.28per share annually.

Posted by iafx > 2013-12-30 21:32 | Report Abuse

brem punya cerita says per unit worth 8.x, big diff here :)

Posted by kglin > 2013-12-31 07:17 | Report Abuse

Brem asset is about rm2.79 (so far from report) but it management team is so so. even property is boom but still delivered poor result.

Posted by anbz > 2013-12-31 18:22 | Report Abuse

kfima EPS...keeps falling

Posted by davidkkw79 > 2014-01-06 09:41 | Report Abuse

Are you guys sure Kfima has 250 million cash ? Cause I remember this money should be belong to its subsidiary company Fimacorp..... Can anyone who is good in accounting to clarify it ?

Posted by pradeep > 2014-01-06 10:18 | Report Abuse

Looks like it is on the uptrend

Posted by yfchong > 2014-01-06 10:27 | Report Abuse

some uptrend n increase in vol.

Posted by zhenguyee > 2014-01-06 10:51 | Report Abuse

hope it's sustainable, good counter, but always go downwards after the uptrend.

Posted by davidkkw79 > 2014-01-06 12:21 | Report Abuse

Are you guys sure Kfima has 250 million cash ? Cause I remember this money should be belong to its subsidiary company Fimacorp..... Can anyone who is good in accounting to clarify it ?

Posted by JKing > 2014-01-06 15:59 | Report Abuse

confirm belong to kfima

Posted by davidkkw79 > 2014-01-06 17:49 | Report Abuse

Jking...... Did you know Fimacorp has how many cash in hand? Let me tell you, it is 221 millions in Fimacorp. So do you think Kfima has 250 million and its subsidiary Fimacorp also coincidently has 221 millions in hand as well ? So total Kfima+ Fimacorp has 471 millions ?? So rich ?? or should we really dig more into it to found out the truth, rather just simply say a "comfirm" to answer....

Posted by gark > 2014-01-06 18:40 | Report Abuse

No matter what cash rich and both Kfima and fimacorp is undervalued. Better to hold kfima due to liquidity issues with fimacorp.

Posted by pradeep > 2014-01-06 19:54 | Report Abuse

After the above comments on the account then it is best KFIMA be taken private or merge with FIMA CORP

Posted by chooweeteh > 2014-01-06 23:38 | Report Abuse

We should learn how company manage and grow their business and Leave the price to the market. The market probably is waiting for company next move to grow the profit to at least 100 million with their cash pile. Without 100 million profit and good business model, this company would not be under investor criteria.

Posted by sbanpjman8 > 2014-01-11 09:42 | Report Abuse

Would this coming new "I-Card" implementation for foreign workers a great income stream for KFima?

Posted by pradeep > 2014-01-13 19:35 | Report Abuse

I card is IRIS baby why sbanpjman8 you said KFIMA

Posted by TKSB > 2014-01-15 23:26 | Report Abuse

I think when consolidating account, you recognise 221mil as a whole in Kfima level. Not 60%, the 40% will be deducted with non controlling interest.

Posted by sbanpjman8 > 2014-01-17 09:39 | Report Abuse

"Last month, well-funded green group WWF arranged a signing ceremony for world's biggest palm oil trader Wilmar and food giant Unilever to undertake "no deforestation, no peat, no exploitation" in their palm oil trades.

Read more: 'Wilmar hurting palm oil exports' http://www.btimes.com.my/Current_News/BTIMES/articles/20140117014922/Article/index_html#ixzz2qc9jpM1s"

Is KFima palm oil tree planted on peat soil land? Anyone happened to know?
Iris co developed world first biometric passport with kfima. No sure I card can benefit them or not..

Posted by pradeep > 2014-01-23 12:50 | Report Abuse

Where you got the news from sbanpjman8

Posted by pradeep > 2014-01-23 12:51 | Report Abuse

What I mean is where you got the news that iris co developed world first biometric passport with KFIMA?

Posted by wahaha261 > 2014-01-23 12:54 | Report Abuse

KFIMA is a solid stock even without partnership with Iris. Buy buy buy.

Posted by sbanpjman8 > 2014-01-24 19:10 | Report Abuse

I attended their AGM 2013. And their MD mentioned it

Posted by sbanpjman8 > 2014-01-24 19:11 | Report Abuse

Anyway I think I-card has nothing to do with printing items, so it won't benefit kfima

Posted by pradeep > 2014-01-26 23:17 | Report Abuse

Very soon it will breck 2.00

Posted by cmkhairu > 2014-01-28 11:27 | Report Abuse

thin volume... how to push up?... maybe still not under fund mgr radar....:(

Posted by lepeng85 > 2014-01-28 15:04 | Report Abuse

dormant stock

Posted by avucin > 2014-01-28 16:53 | Report Abuse

RM 0.80 best buy

Posted by Fat Cat Tim Buddy > 2014-01-28 16:55 | Report Abuse

kikiki...

Posted by sooncafe > 2014-01-30 13:14 | Report Abuse

kikikiki dun up first please.... i want buy u after new year!

Posted by anbz > 2014-02-02 01:31 | Report Abuse

Cash and bank balances (Note 23) = 272,236k

Total loans and receivables = 395,828k

haha page 130 annual report 2013
---

wah hutang banyak

as if now i have 27k in hand but i owe the bank 39k !!! kikiki

Posted by anbz > 2014-02-02 01:32 | Report Abuse

Trade receivables (Note 20) 97,749k in 2013 while in 2012 was 77,212k

so why no expert mention this???? kikiki

Posted by anbz > 2014-02-02 01:36 | Report Abuse

opps there's more than meets the eyes actually...ada lagi

Other receivables (Note 21) 38,551k...while in 2012 it was 22,232k

ada..lagi

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1521729

Additional Listing Announcement
Date Announced 22 Jan 2014

ESOS
81,500 units

RM1.480

so senang2 boleh jual lagi...hihihi

Posted by anbz > 2014-02-02 03:26 | Report Abuse

Posted by kcchongnz > Sep 7, 2012 06:02 PM | Report Abuse

What is the effect of a corporate exercise involving Kfima and Fimacorp? The following is just my speculation of the benefit of a possible privatization of Fimacorp by Kfima.
For year ended 31 March 2012, Kfima made a net profit of RM116.5 m. After provision of profit for minority interest in the amount of RM35.6 m, the net profit attributed to the shareholders is 80.9 m. This works out to be an earnings per share of 30.5 sen. If Kfima takes FimaCorp private and pays off the minority shareholders with cash, then all earnings of RM116.5 m of Kfima will belong to the equity holders of Kfima. This will boost the earnings per share of Kfima to 44 sen, or 44% more. The PE ratio of Kfima will be reduced to only 4.8 with its closing price of 2.13 on 7/9/12. Isn't it dirt cheap for a company with great historical and potential future earnings and cash flows and healthy balance sheet. Of course Kfima would have to come out with a sum of cash to pay off the minority shareholders of FimaCorp. How much is involved?
At the closing price of FimaCorp at RM6.15 on 7/9/12, its market capitalization is RM507 m. Hence Kfima has to come out with at least RM203 m to pay off the 40% minority shareholders in FimaCorp. Let us assume that Kfima pays a premium of 20%, or RM243 m. As at June 2012, Kfima has a net cash of 257 m. This means that Kfima can pay off the minority shareholders of Fimacorp at 20% above the market value of Fimacorp, and also pay off whatever debts now, Kfima is still in a net cash position.
Shouldn’t Kfima’s share price rise by 44% at least from RM2.13 now to RM3.07 with the rise of EPS of the same magnitude? Of course it is not necessary, but it may. Investment is not so simple as arithmetic. Alas, it is just some market talk about this Kfima corporate exercise. There is no confirmation from the company so far. However, my discount cash flows analysis shows that even without the corporate exercise, Kfima at its present form, it’s intrinsic value is still substantially above this RM3.07 we are talking about
----

lol...RM 167m of the cash still being pegged to a bank as to fulfill the conditions to loan approval for kfima subsidiaries...hahaha all talk about cash..big cash ..forced to be pegged...no expert in here saying about that...yeah me not an expert...but still me are the one detecting and saying this...lol

Posted by anbz > 2014-02-02 03:42 | Report Abuse

so have all the receivables , the loans , and many more have excluded while the intrinsic value of kfima being calculated...

gosh 90 cents cash..excluded the loans..haha

Posted by yfchong > 2014-02-02 11:35 | Report Abuse

Waiting for the 4Q results.....,

Posted by nokenzo > 2014-02-02 11:55 | Report Abuse

Hi anbz, I can't verify the debt figure you mentioned, where you get them? Q2 report showed short term debt 8.683m and no long term debt. Total current liability 118.3m, total current asset 514.2m, cash 268m. No problem I can see.

Hi yfchong, Q3 for Kfima will be announced on 26.02.2014. Q4 not yet.

Posted by kcchongnz > 2014-02-02 12:19 | Report Abuse

Posted by anbz > Feb 2, 2014 01:31 AM | Report Abuse
Cash and bank balances (Note 23) = 272,236k
Total loans and receivables = 395,828k
haha page 130 annual report 2013
wah hutang banyak
as if now i have 27k in hand but i owe the bank 39k !!! kikiki

On this third day of the Lunar Chinese New Year of the Horse, somehow I have good mood as the horse has special meaning in my life. So let me teach you something about financial statement analysis using your favorite example of Kumpulan Fima which you like to pour scorn on continuously.

First let’s look at the balance sheet. There are three parts of the balance sheet; assets, current and non-current; liabilities (current and non-current); and what is left behind after deducting total liabilities from the total assets is the equity for shareholders (and minority interest).

Cash and cash equivalent, receivables, inventories, PPE etc are assets; while bank loans, trade payables etc are liabilities. Receivables are what others owe the company and to be paid to the company, not a liability which has to be paid to others. So don’t mix up asset and liabilities as shown in your statements.

I do not know what your sarcastic remarks are about its balance sheet. As shown in its financial statements ended 30 March 2013, Kumpulan Fima has a total asset of 971m while its total liabilities are only 139m, leaving equity of 832m. After considering the minority interest, its net asset backing per share is RM2.26. Its total cash is 272m while its total debt is only 18.5m. My conclusion is instead of pouring scorn on something you don’t know nor understand, try learning about it.

Total receivables did increase considerably in 2013 than 2012, good observation. I did mention this somewhere if you have paid attention to learn something from me (even though I am not an expert). However, I have also mentioned later than my concern was unfounded as the higher receivables were mostly collected in the first quarter 2014 as shown in their quarterly report.

Esos, your favorite contempt about Kfima? I have also put forward my opinion before. If you are an employee of Kfima and you work hard and achieve good results for Kfima, and hence increasing shareholder value, don’t you think you should be fairly rewarded too by the company? By the way, how much this ESOS cost is involved in relation to the market capitalization of 530m over a period of 5 years of that exercise? This is called alignment of the shareholder interest with that of the management.

The article written by me reposted by you here is a good speculation piece. You can see how the value of a corporation can be unlocked in one of the ways, a speculation though as qualified by me. Thanks for reposting it.

Posted by anbz > Feb 2, 2014 03:42 AM | Report Abuse
so have all the receivables , the loans , and many more have excluded while the intrinsic value of kfima being calculated...
gosh 90 cents cash..excluded the loans..haha

Yes, the loan of 18.5m, no matter how meager is it, has been taken into consideration when calculating the intrinsic value of Kfima, if you are talking about my calculation. Receivables? Does it come into the picture of that calculation? Do you understand my calculations of the intrinsic value of Kfima? I am sure you, as a mathematics graduate, will if you care for your own benefits and take the trouble to learn from me. It is so much easy than differentiation and integrations etc.

Let me offer you some lectures on finance and investments soon. I will teach you financial statement interpretation and valuations. These in my opinions are the most important things to learn in investment. I hope you can join in to learn and then improve your chance of making good return in the stock market. Will you?

Posted by nokenzo > 2014-02-02 12:32 | Report Abuse

What a relief! Thank you kcchongnz for your rapid response.

Posted by smallboy > 2014-02-02 14:34 | Report Abuse

Kcchong if u can compile your financial interpretation and valuations into a documentthat would be perfect! Hahaha thanks anyway!

Posted by anbz > 2014-02-02 14:39 | Report Abuse

thanks kcchongnz for your reply...appreciate it much...but i guess i'm still dumb to digest it yet...could u please explain this:

annual report 2013:

in page 108:

"Deposits for the Group of approximately RM167,000 (2012: RM163,000) are held on lien for banking facilities
granted to a subsidiary. "

what does this means? does this means the loan for the subsidiary is around 167m?

which subsidiary is it?

is it a 100% owned?
if not ...it can't be right, isn't it?

why make a loan when u can pay cash ?

this is a malaysian company ma..not china-related liked csl or maxwell that borrow from banks with higher rates compared to deposits that yields with lower rates

--

one more thing:


Fixed deposits with licensed banks 253,148k (2013) and 250,228k (2012)

this is a very undervalued company as u said...so why only increase cash in bank bank by 3m?

and cash in hand also less by 1m...(refer page108)

i'm just asking u to diminish my doubts...

---
but i still hate the staffs with their esos...i believe this is one of the reasons why kfima cannot moves up..well u know the trading is so thin...so for how much thin the esos is being disposed..it makes a great impact.
---

tq for your willingness to teach me...i'm looking forward..always..but i always include doubts to be safer
---
my next question is...i read that your intrinsic value for kfima is RM 3.98

so what would be the intrinsic value of kfima for every 10 cents increase in fimacorp? sorry for asking

Posted by anbz > 2014-02-02 14:43 | Report Abuse

oh kc...could please study knusfor?...sorry i could not applied your too difficult method into my head..still learning...could u please

Posted by kcchongnz > 2014-02-02 17:12 | Report Abuse

anbz, why are you so particular about the financial position of Kumpulan Fima or its subsidiary Fima Corp? Fima Corp is cash rich, plenty of cash. Why are you so petty about 167 thousand held on liens for some banking facilities for Fima (I think it is) when it has hundreds of millions in cash in its balance sheet? 167m held on liens? Are you sure? Why you add so many zeros behind it? Just want to show how bad is Kfima?

All business uses some kind of banking facilities, even they have heaps of cash. Oh, btw, cash includes all cash, including fixed deposit, investment securities, not merely paper money. And also try understand what consolidated account is. But I really think you need to attend my lectures on financial statement analysis.

"so what would be the intrinsic value of kfima for every 10 cents increase in fimacorp? sorry for asking"

anbz, valuation not like that one. Intrinsic value of Kfima has nothing to do with the increase in share price of its subsidiary Fima Corp, not even its own share price. And intrinsic value is an estimate. It is not cast in stone like the Ten Commandments. Btw, do you understand what intrinsic value is or not? You really need to attend my course on valuations someday.

Hate ESOS again? I know, I know, I know. You are a contrarian investor. You prefer a stock like NovaMSC which make losses every year, and not giving ESOS to its employees, instead of a company rewarding both the shareholders and employees for the stellar performance of the company business like Kfima. For NovaMSC, because NovaMSC every year loses money, how to reward its employees? Instead they should be fired, shouldn't they?

My method too difficult? As I have said, it is much much easier than statistics and calculus. Where did you graduate for your maths degree, and what year was that?

Posted by digiuser016 > 2014-02-02 22:18 | Report Abuse

hahaha....I laugh all the way when reading kcchong's comment.

My method too difficult? As I have said, it is much much easier than statistics and calculus. Where did you graduate for your maths degree, and what year was that

I think what he said is true. Actuarial science, mathematics and statistic are much more difficult and complex compared to accounting. If a person can understand complex models in actuarial science and finance, for sure he can understand the methods recommended by Kcchong!

Kcchong, the books recommended by you are good(the most important thing uncommon sense for the thoughtful investor> more on philosophy, five rules for succesful investing> more on technical sides, teach you how to evaluate a stock in different industry). Can you recommend more books? Thanks.