Posted by i3i2i1 > 2014-08-25 22:09 | Report Abuse

Can anyone tell me about ICULS?

Posted by pradeep > 2014-08-25 22:10 | Report Abuse

Aunloke what should be the icul price if the mother share is at 2.94?

Posted by dylontn > 2014-08-26 11:28 | Report Abuse

http://klse.i3investor.com/blogs/cimbresearchklse/58493.jsp

Posted by dylontn > 2014-08-26 11:51 | Report Abuse

Target RM3.95 (Stock Rating: ADD)

At 99% of our full-year forecast, Thong Guan Industries' (TGI) 1H14 annualised net profit was within our expectations (consensus numbers not available). The company declared a 3 sen interim DPS, which is a positive surprise as it usually only pays a final dividend every Jul. We maintain our EPS forecasts and implied target price of RM3.95 (based on a 30% discount to its SOP valuation ex-ICULS and warrants issue), the SOP discount to reflect TGI's small market cap and tight stock liquidity. Potential catalysts for the stock include higher EBITDA margins and M&A developments.

1H15 net profit up 54.6% yoy
1H14 revenue was up 7.5% yoy while net profit growth was higher, at 54.6%. TGI declared a 3 sen interim DPS, which is a positive surprise as the company usually pays a final DPS every Jul. 1H net dividend payout ratio was 19% compared to our full-year forecast of 30%. 1H14 EBITDA margin widened by 1% pt yoy to 7.5%, mainly due to management's focus on higher value-added products since 2013.

Major capex in the pipeline
TGI is considering a major capacity expansion exercise costing as much as RM100m over the next few years. 40% of the capex or RM40m would be used to add thin-stretch film lines and also nano-layers stretch film lines. We estimate that this expansion would raise the group's annual production capacity from 120,000 tonnes in 2013 to around 170,000 tonnes in 3-4 years.

Ex-date for ICULS and warrants set on 19 Sep
This evening, the company also announced that the stock will go ex of its proposed ICULS with free warrants on 19 Sep and the corporate exercise will be completed by 4Q14. We recommend that investors subscribe to the proposed 1-for-2 issue of RM52.6m ICULS, which come with free warrants on a 1-for-2 ICULS basis.

The ICULS are convertible after two years on the basis of 1 ICULS to 1 share while the warrants can be converted to underlying shares anytime after listing at an exercise price of RM1.50.

Source: CIMB Daybreak - 25 August 2014, Full PDF Report

Posted by aunloke > 2014-08-26 12:02 | Report Abuse

OR price + 60 cents can be quite close to the ICULS estimate. I guess it shouldn't be more than 1.80 ( please note that it's my guess only ) Best is decide how to invest after ex-right.

Posted by aunloke > 2014-08-26 12:14 | Report Abuse

BTW this can be the FV of the ICULS but I'll invest only if I can get some safety margin.

Posted by happ12 > 2014-08-26 20:22 | Report Abuse

can anyone help what is ICULS?is it good for investor to put money in? TQ

Posted by dylontn > 2014-08-27 08:07 | Report Abuse

ICULS is a loan stock that provide 5% dividend for 5 yrs and better than FD . The ICULS are convertible after two years on the basis of 1 ICULS to 1 share while the warrants can be converted to underlying shares anytime after listing at an exercise price of RM1.50.

Posted by tommylim67 > 2014-08-27 16:55 | Report Abuse

may i know when can subscribe the ICULS?

Posted by dylontn > 2014-08-28 10:25 | Report Abuse

http://www.theedgemalaysia.com/business-news/304927-rhb-research-starts-coverage-on-thong-guan-fair-value-rm360-.html

Posted by i3i2i1 > 2014-09-02 16:31 | Report Abuse

wah.. tguan huat today!

Posted by gaomin > 2014-09-02 21:47 | Report Abuse

Good to have Tguan and Pestech , both are good shares and both up today !

Posted by xcu843 > 2014-09-03 06:52 | Report Abuse

Anyone know how much need to pay for one ICULS ?

Posted by pradeep > 2014-09-03 10:51 | Report Abuse

Rm 1.00 only dirt cheap

Posted by i3i2i1 > 2014-09-03 11:30 | Report Abuse

hm.. some corrections today

Posted by member41 > 2014-09-03 14:41 | Report Abuse

Buy more before ex date

Posted by yanxuan8 > 2014-09-03 21:40 | Report Abuse

Beware of hug adjustment after EX rights.

Posted by chengcheekaan > 2014-09-03 23:06 | Report Abuse

Im using maybank nominee account. May I ask how to subscribe to the ICULS? Tq.

Posted by dylontn > 2014-09-04 10:26 | Report Abuse

U just go to MBB nominee ,sign the form wt some fees & they will to all the submission .

Posted by shlyw > 2014-09-04 10:56 | Report Abuse

speaking so good,why would fall.

Posted by wkkht > 2014-09-04 11:44 | Report Abuse

CIMB Research Target:RM3.95
http://klse.i3investor.com/blogs/cimbresearchklse/59375.jsp

Posted by mike128cky > 2014-09-04 12:32 | Report Abuse

any idea what will be the ex price of mother share

Posted by i3i2i1 > 2014-09-04 14:14 | Report Abuse

this is my worries as i participate on Bonia splits and guess what.. even though the TP is very high but after split, it keeps going down. will tguan have the same fate? ICULS is not guarantee the 5% dividends as it depends on the company performance and approvals... what you guys think?

Posted by i3i2i1 > 2014-09-05 09:12 | Report Abuse

tguan should stay above 2.93 to continue uptrend, this is the resistance level which need to break!

Posted by joerakmo > 2014-09-05 09:53 | Report Abuse

Key is working out correctly price of TGuan XRI and the PAL..

Posted by i3i2i1 > 2014-09-05 10:16 | Report Abuse

??

Posted by joerakmo > 2014-09-05 10:22 | Report Abuse

can not use TA for entitlement shrs. what is the adjusted price on ex day??

Posted by i3i2i1 > 2014-09-05 10:30 | Report Abuse

hm.. no idea.. but this is the worst part where you might need to log in the cash for long time before get good result or uptrend back

Posted by i3i2i1 > 2014-09-05 15:25 | Report Abuse

good, try again up up up, let me decide again next thu if i want or not to be in... or try half?

Posted by i3i2i1 > 2014-09-08 09:12 | Report Abuse

this week must green green ok?, else very bad corrections

Posted by i3i2i1 > 2014-09-09 08:53 | Report Abuse

the prices seems not so good..

Posted by i3i2i1 > 2014-09-09 13:41 | Report Abuse

we are on the resistance area but it seems hard to break the RM3 and 3.2

Posted by chengcheekaan > 2014-09-09 16:25 | Report Abuse

that's why we call it RESISTANCE.

Posted by i3i2i1 > 2014-09-10 08:57 | Report Abuse

so you all stay until Friday for the rights and ICULS?

Posted by i3i2i1 > 2014-09-11 09:35 | Report Abuse

2nd last day.. today sure up

Posted by i3i2i1 > 2014-09-11 14:54 | Report Abuse

good up up up

Posted by joerakmo > 2014-09-11 21:44 | Report Abuse

bought my tickets for the show tomorrow.lets see how bursa price it XR.Bummer is having to wait till 18thSept for trading of the rights.

Posted by joerakmo > 2014-09-11 21:53 | Report Abuse

2 XR prices...2.21(takes into account warrant) and 2.33(just XR) .Bursa has been inconsistent on this.

Posted by i3i2i1 > 2014-09-12 08:40 | Report Abuse

so, what is tguan new tp after revised to 2.20?

Posted by i3i2i1 > 2014-09-12 08:51 | Report Abuse

can anyone let me know as today revised the price but the rights not in yet right?

Posted by joerakmo > 2014-09-12 08:53 | Report Abuse

dammit they use the lower of the 2....inconsistency again

Posted by i3i2i1 > 2014-09-12 08:56 | Report Abuse

you mean bursa set it or tguan mgmt set it?

Posted by joerakmo > 2014-09-12 08:57 | Report Abuse

bursa

Posted by i3i2i1 > 2014-09-12 08:57 | Report Abuse

but luckily to sold my majority yesterday.. let see the price up or down.... i just hope my past exp with other counter not the same on tguan.. which the chart shows good uptrend

Posted by joerakmo > 2014-09-12 09:06 | Report Abuse

follow the value!!! trade wisely....cheers

Posted by xcu843 > 2014-09-12 21:57 | Report Abuse

I only have balance 75 shares. Qualify for right issue?

Posted by i3i2i1 > 2014-09-14 21:55 | Report Abuse

I also don't know how it works.. Asked dealer but said its not auto in, but wait for the forms.. But offer must be replied this week? Tue is holiday..

Posted by i3i2i1 > 2014-09-15 10:03 | Report Abuse

RHB new TP RM2.60

Posted by thteh > 2014-09-15 10:59 | Report Abuse

Anyone received form to subscribe to ICULS yet. ?

Posted by i3i2i1 > 2014-09-17 08:56 | Report Abuse

how to know ar? i still have not get anything yet.