Posted by iafx > 2013-10-22 09:21 | Report Abuse

at 6.22 there r many options available now, faber, zhulian, favco, p&o, perstim... yr $ yr choice!

that's right, what do u know beside paper copy? no, u r not tin kosong, u r tin tahi. looking at all yr posts above, u r attacking ppl using almost 1 year back postings, u r 1 of the worst forumer around.

si-tipu-pusing-roti-canai!!

Posted by iafx > 2013-10-22 09:23 | Report Abuse

"如果股市极端疯狂，给出高的离谱的价格，你还坚守长期投资不出售， 冷眼认为你就不是做股票投资的料子."

Posted by kcchongnz > 2013-10-22 09:28 | Report Abuse

I think people here will benefit if you can articulate why these companies faber, zhulian, favco, p&o, perstim are better options. Please share.

No not for me. I am not interested in what you think. But for the sake of the forumers here.

By the way, who attacked who people know.

Posted by iafx > 2013-10-22 09:54 | Report Abuse

no argue, c for yourself, goto: http://klse.i3investor.com/servlets/forum/800001734.jsp?ftp=6 and c how kcchongnz copied 1 year back posts to attack other.

no one would share good stuff bcos of u shitty liar around here, who claimed from NZ? with this is sort of personal quality?!

Posted by kcchongnz > 2013-10-23 11:05 | Report Abuse

Hi all, somebody below here posted everywhere in i3 recommending to read about things in this thread. It must be a great thread. I personally think it is very useful for many people who are interested in knowing financial statement analysis and interpretations, and also valuation methods. With more knowledge, many be it can improve our investing experience in Bursa. Lets go.

Posted by iafx > Oct 23, 2013 10:12 AM | Report Abuse
for that, u can get it here: http://klse.i3investor.com/servlets/forum/800001734.jsp?ftp=6.
c how kcchongnz copied 1 year back posts to abuse other.

Posted by iafx > 2013-10-23 11:10 | Report Abuse

oh yes, indeed, u can also learn how to attack by copied and paste 1 year old posts, juz DO NOT modify other's comment and paste; like what kcchongnz did in KFIMA. in that sense, claiming a ghost did it on her behalf simply doesn't help.

Posted by kcchongnz > 2013-10-23 12:19 | Report Abuse

How I wish the admin of i3 can clear this thing up; who modified his comments? I am sure the admin can check back and see. If not there is no end with this parasite. i3 gets infested with parasite and makes the discussions deplorable. The site becomes a nuisance. No wonder so many good forumers just give up. Why spend so much time trying to contribute to the forums? No point.

Posted by kcchongnz > 2013-10-23 17:03 | Report Abuse

Posted by iafx > Oct 22, 2013 09:23 AM | Report Abuse
"如果股市极端疯狂，给出高的离谱的价格，你还坚守长期投资不出售， 冷眼认为你就不是做股票投资的料子."

Can you tell us what do you mean by 离谱的价格? PE, Ev/Ebit, P/B, P/cash flow, P/sales????? What valuation method do you use? Discount cash flow? Earnings Power Valuation? ASSET-BASED MODEL? WHICH ONE? OR Is it based on your analysis below?

[ptaras a pick only bcos it is small & relately safe given its cash (also means $ not utilize); maybe could exercise bonus (hopefully not yet another private placement). given its outlook, it is actually too expensive already. given that price, there r a number of other counters worth better than this one. those who grabbed it during the 1.4-1.5 days a bless of god (no need say anything :). those who buy above 2.7 should continue to assess the viability of holding this counter. GCruey could have done a right thing by disposing it now & wait for next opportunity.]

WHICH ARE THE OTHER COUNTERS WORTH BETTER? AMPRO? MKLAND? WHY BETTER? IN WHICH WAY?

Posted by Alan Tan > 2013-10-27 18:52 | Report Abuse

good evening, boleh tak kawan-kawan diatas give me more information about counter prolexus 8966,kerana kawan kawan diatas very pandai find information, thank a lot!

Posted by fabregas88 > 2013-10-30 11:56 | Report Abuse

this stock good...hmmm

Posted by shahpress > 2013-10-30 14:06 | Report Abuse

'The Board of Pintaras Jaya Berhad ("PJB") is pleased to announce that the Company's wholly-owned subsidiary, Pintaras Geotechnics Sdn. Bhd. has, on 29th October 2013, received a Letter of Award dated 7th October 2013 from Tristar Acres Sdn. Bhd. to undertake piling works for a proposed mixed development project at Kg. Sg. Buah, Mukim Dengkil, Daerah Sepang, Selangor Darul Ehsan. The said works is to commence in November 2013 with a completion period of 14 months. The contract is valued at RM59 million.'

The said contract is expected to contribute positively to PJB Group's future earnings.

Posted by coolio > 2013-11-02 16:21 | Report Abuse

best construction counter

Posted by kcchongnz > 2013-11-14 15:55 | Report Abuse

Posted by coolio > Nov 2, 2013 04:21 PM | Report Abuse
best construction counter

This fellow 江鱼仔 siad the same thing here:

http://ikanbilisinvestment.blogspot.co.nz/2013/11/2013-11-06-fag.html

Posted by coolio > 2013-11-14 21:25 | Report Abuse

Dear Kcchongnz, Ya, I read this in your previous post in stock pick challenge ptaras. Copied all text and translated in google as i don't read Chinese.Thanks

Posted by shahpress > 2013-11-19 09:47 | Report Abuse

RHB maintained their buy call on Pintaras http://www.thestar.com.my/Business/Investing/2013/11/18/rhb-research-maintains-buy-on-pintaras.aspx

Posted by yusale > 2013-11-25 12:14 | Report Abuse

Hi kcchongnz, appreciate your many sharings in i3.

Earlier in this thread :

<Discount Cash Flows Analysis (DCFA)
Financial theory postulated by John Burr Williams in his “The theory of investment value” says that the value of a stock is worth all of the future cash flows expected to be generated by the firm, discounted by an appropriate risk-adjusted rate. The followings are the major data and assumptions used for the computation of intrinsic value of Pintaras.
Trailing twelve month EBIT 55.71m
Excess cash 123m
Expected growth rate 4%
Discount rate 10%
Return of capital at stable growth 12%

....The DCFA shows that the value of Pintaras ordinary business is worth RM537m, or RM6.70 per share.>

Would be much appreciated if you could show your calculation to get to the RM537m or RM6.70/share. I'm not meant to be spoon fed, but would be truly glad if you could share. Thanks

Posted by ganasai > 2013-12-07 13:17 | Report Abuse

ptaras good stock! but not the entry time now. Hope market collapse soon, so that can buy in.

Posted by lching > 2013-12-09 22:33 | Report Abuse

dont say collapse, use "consolidate".

Posted by lcng123 > 2013-12-11 16:49 | Report Abuse

pintaras jaya will ex-bonus 1:1 tomorrow.

Posted by Fortunebull > 2013-12-12 19:32 | Report Abuse

My next year quiet money maker! Moving on quiet rm1 margin away from punters!

Posted by kcchongnz > 2013-12-13 07:17 | Report Abuse

Posted by yusale > Nov 25, 2013 12:14 PM | Report Abuse
Hi kcchongnz, appreciate your many sharings in i3.

Earlier in this thread :

<Discount Cash Flows Analysis (DCFA)
The followings are the major data and assumptions used for the computation of intrinsic value of Pintaras.
Trailing twelve month EBIT 55.71m
Excess cash 123m
Expected growth rate 4%
Discount rate 10%
Return of capital at stable growth 12%

....The DCFA shows that the value of Pintaras ordinary business is worth RM537m, or RM6.70 per share.>

Would be much appreciated if you could show your calculation to get to the RM537m or RM6.70/share. I'm not meant to be spoon fed, but would be truly glad if you could share. Thanks

Valuation is an art. I have said it hundreds of times. The data for Pintaras above is already outdated with the latest annual results ended 30 June 2013 with the followings:

2013 Ebit 67.15m
Excess cash 155m

I don't know if it is the new IFR requirement, the ebit for Pintaras also include the interest income, and "gain on disposal of available-for-sale investments". When I do DCFA, I don't consider these as part of the "ordinary income" of Pintaras's foundation engineering works. The assets which generate these incomes come from the cash and equity funds which I add back after getting the intrinsic value of Pintaras's ordinary business.

So I take off these income from the reported ebit and get a normalized ebit of 52.2m and carry on doing the DCFA based on this ebit. I don't think one should worry too much of the exact figure. It is an estimate anyway, not a precise science.

Using this data and one of the valuation spreadsheets by Professor Aswath Damodaran below, marked, fcffvsfcfe.xls, which is based on the assumption of all cash flows reinvested into the business, and with some assumptions of yourself, you would be able to get the value of equity, and then add back the cash and cash equivalent, the total value for equity holders.

http://pages.stern.nyu.edu/~adamodar/New_Home_Page/spreadsh.htm#valreconcile

What I get for intrinsic value of Pintaras is RM7.82. My assumptions are tax at 25%, growth rate of 4% from now and forever, and return of capital of 12% at stable growth.

You must understand the architecture of the spreadsheet though.

Posted by ganasai > 2013-12-16 11:07 | Report Abuse

another lesson: how good the stock also cannot buy at high price. drop more soon, after all the good news gone.

Posted by ganasai > 2013-12-16 11:23 | Report Abuse

market collapse soon. QE tapering happen soon at early 2014.

Posted by passerby > 2013-12-16 11:25 | Report Abuse

so pintaras price will collapse as well? :)

Posted by ganasai > 2013-12-16 11:30 | Report Abuse

then you can think any news to support? bonus, dividend, all got already. now is the time people sell!! Who buy during bonus or dividend time at high price, is stupid.

Posted by passerby > 2013-12-16 11:30 | Report Abuse

oic.....tq

Posted by ccs999 > 2013-12-16 15:11 | Report Abuse

Hi kcchongnz, the intrinsic value of Pintaras is RM7.82, the value you are mentioning is after ex bonus? Please advise. Thanks.

Posted by kcchongnz > 2013-12-16 15:15 | Report Abuse

The intrinsic value stated is before bonus. So ex-bonus, divide by 2.

However, be reminded again intrinsic value, especially based on earnings, is an estimate only based on a number of assumptions.

Posted by ccs999 > 2013-12-16 15:18 | Report Abuse

Thanks kcchongnz,would you collect any Pintaras at this level?

Posted by i3i2i1 > 2013-12-16 15:24 | Report Abuse

wait wait wait :) patient is virtue, the fear seems around the corner, then shopping time!

Posted by kcchongnz > 2013-12-16 15:33 | Report Abuse

Posted by ccs999 > Dec 16, 2013 03:18 PM | Report Abuse

Thanks kcchongnz,would you collect any Pintaras at this level?

Pintaras will continue to prosper with the construction works going forward for the next couple of years at least in my opinion. They have the niche and skills in their industry. Management is also shareholders focus.

However I won't buy any more as it is my second largest weighting in my portfolio. I have accumulated enough since 3-4 years ago. Please read the following link you would understand me.

http://klse.i3investor.com/blogs/kianweiaritcles/43093.jsp

Posted by ccs999 > 2013-12-16 15:46 | Report Abuse

Thanks, kcchongnz.
For your information, I am following every of your comments/posting especially on Ptaras, Kfima, Haio, and 5204.
I miss a boat for 5204 when you are bought at RM2.50, what do you think the price at Rm2.80 now?
Thanks for your contribution to i-3 member.

Posted by kcchongnz > 2013-12-16 15:54 | Report Abuse

5204 appears to be very interesting to me. You can read about my analysis on it in i3. The more interesting thing I think there is at least a major institution accumulating it, like what happen to the price performance of 5216. Not very sure though

Posted by ccs999 > 2013-12-16 16:02 | Report Abuse

Thanks kcchongnz.....

Posted by i3i2i1 > 2013-12-16 16:36 | Report Abuse

kcchongnz, how about PRLEXUS? seems drop a lot already

Posted by kcchongnz > 2013-12-16 17:37 | Report Abuse

Prolexus has good growth in revenue and earnings for the recent past few years. It is also not expensive. Below is what I have commented before on it. Since then its price has gone up considerably when you take into its adjusted price. I think the fundamentals still remain the same.

Posted by kcchongnz > Apr 9, 2013 05:22 PM | Report Abuse X

Prolexus A growth stock?

The table below shows the 6 years revenue and earnings of Prolexus for the financial years ending 30th June. It doesn’t show that it is a high growth company in terms of revenue. It made losses in 2006 through 2008. However, after the disposal of some loss making investment in 2008, Prolexus made a turnaround. Its revenue grew at a CAGR of 8% from 2009 to 2012. Its EBIT surged by 45% a year for the three years from 2009 to 2012. The growth in EBIT and net income last year was 90% and 80% respectively. That would qualify Prolexus as a high growth company. Thanks to the growth in its garment manufacturing.

Year 2012 2011 2010 2009 2008 2007 2006
Revenue 189498 184464 136875 149998 166774 181527 174840
EBIT 11213 5886 6601 3694 -149 -2958 -1066
Net Income 10568 4906 3403 262 -2892 -5869 -1976

Prolexus closed at 1.33 on 9th April 2013. With a EPS of 28 sen per share, the PE ratio is about 5 (<<10), PEG is also very low at 0.2(<<1), a P/B of 0.9 (<1.5), and a dividend yield of 2.3%. Hence Prolexus is not only a growth stock, it is also a value stock in every aspect.

A high growth stock has a major concern; that is if the growth adds value to the firm. Growth is considered shareholder value enhancing if the growth in earnings exceeds the weighted average cost of capital of the firm. With a return of total capital of 15.2% and ROE of 16.2% last year, it has clearly demonstrated that the growth is shareholder value enhancing.

For the half year ending 31/12/2012, Prolexus has already made a net profit of 22.3 sen per share, 64% more than the same period the previous year.

So is Prolexus a free lunch for investors; one with high growth and yet selling at a very cheap price?

Posted by i3i2i1 > 2013-12-16 17:43 | Report Abuse

Thanks KC! will see how much it drop due to tapering news.. then will get some

Posted by houseofordos > 2013-12-16 17:48 | Report Abuse

interesting how Pintaras share price keep dropping after bonus ex date.. this happen to a few ex-bonus counters as well like GUH... totally dont understand the rationale of throwing the share after bonus since we are having exactly the same fundamentals as before.

Posted by kcchongnz > 2013-12-16 17:54 | Report Abuse

I can calculate the motions of heavenly bodies, but not the madness of people

-Isaac Newton who lost heavily in the South Sea Bubble.

And understand Graham's concept of Mr Market who is kind enough to serve you, if you don't let him misleading and influence you.

Posted by i3i2i1 > 2013-12-16 18:12 | Report Abuse

since tapering topic comes out, fundamental is not main topic anymore, but it is just like sailing in the sea, even TITANIC can sink, because of..... humans?

Posted by kcchongnz > 2013-12-16 18:41 | Report Abuse

Fed tapering, another macro thingy?

Howard Marks on Macro

So anyway, it was very refreshing to hear Marks talk about the macro. He was asked about how macro is getting to be more important in investing in these volatile times. He said that most people think macro will determine investment results (so they pay a lot of attention to it). But he points out that in investing, there is always another side to it.

Of course, it's desirable to be able to forecast the macro to improve your investment results, but the big question is can you do it? Can it be done? Marks said that he personally doesn't believe that you can be consistently superior in macro judgements. The two key words are consistently superior.

He also noted that the smartest investors from Buffett on down don't make macro judgements; they find great values to invest in.

He was asked what he thought will happen in Europe (just after telling them that forecasting macro can't be done consistently). He said that it is a complex situation but he is sure of three things:

1. He doesn't know what will happen in Europe
2. Nobody knows what will happen in Europe
3. If you ask an expert what they think and take their advice, you're making a mistake.

He quoted Mark Twain: "It's not what you don't know that gets you into trouble, it's what you know for certain that just ain't true".

Can you know more than others? That's the real question.

Posted by i3i2i1 > 2013-12-17 09:06 | Report Abuse

like!

Posted by necro > 2013-12-17 19:45 | Report Abuse

Now i like PTARAS... ♡♥♡

Posted by i3i2i1 > 2013-12-18 08:51 | Report Abuse

but when to buy somemore?

Posted by faberlicious > 2013-12-18 17:23 | Report Abuse

Cheap sales.Good time to grab some.Got it.

Posted by coolio > 2013-12-24 16:18 | Report Abuse

thought got the lowest price at 2.85..but still sliding down...zzzzz

Posted by lcng123 > 2014-01-06 21:28 | Report Abuse

ptaras so quiet recently. share price stuck at between 2.86 and 2.88. last week, ptaras withdraw rm10mil from securities. so their cash has increase rm10mil (6sen/share).

Posted by heavyth > 2014-01-09 22:08 | Report Abuse

Is it ok to buy...so quiet !!!

Posted by LATO' > 2014-01-13 05:29 | Report Abuse

Should accumulate now

Posted by heavyth > 2014-01-13 20:22 | Report Abuse

What is the Tp or Fair Value..!!!