Posted by houseofordos > 2013-07-05 17:01 | Report Abuse

How about Keladi Maju ?
Property developer with projects mainly in Kedah as well as some business in palm oil upstream activities.

Based on 2013 annual report:-
• Earnings Yield = 26%
• ROIC = 19%

Using the magic formula, the effects of the one-off gains from re-measurement of associates recently were excluded and still showing good value ?

EV/EBIT=3.2
FCF/Rev = 15%
CFFO/NI=28%
Div yield = 1.9% (kind of poor)

Cash backing of RM0.16 per share
Net asset backing of RM0.32 per share

Looks like value buy for me ? Any comments ?

KC,
Just some feedback on your spreadsheet. I believe that for example shown for KFIMA the par value is RM1 hence no of shares (B53 in Table2 BS tab) =common stock. But for some stocks where par value is less than RM1, for in the case of Keladi Maju, then the number of shares = Common Stock/Par value. Took some time to figure that out cause I got like 10x the expected NTA initially using your spreadsheet in the original condition.

Posted by kcchongnz > 2013-07-05 17:56 | Report Abuse

house, you are good at using the spreadsheet already.

I don't know much about Keladi. Looked at it before some time ago but was not interested. This is mainly because I don't trust the management. The major shareholder Datuk Robert Wong or something owns a few smallish public listed companies and this man is notorious of share manipulation. So I stay away from him. But you don'r listen to me because I myself is not very sure about this. Just read about it somewhere.

Actually Keladi's business was so so. No growth company since 2005 until last year when revenue and profit spurts. More development projects. It was also due to a revaluation of property and some non-cash gain from an investment, about 30m. so you have to discount this one-off item in your valuation.

For me investing in a company or not, the management credibility is the most important.

Posted by houseofordos > 2013-07-05 18:06 | Report Abuse

@kc many thanks for the feedback.. I did discount the 30m from the valuation analysis but you are right in saying the strong performance is only for this year.. sometimes this management credibility need to do more research and your feedback is much appreciated.

Posted by Tipster > 2013-07-05 20:32 | Report Abuse

what about YEELEE? Worth investing?

Posted by kcchongnz > 2013-07-06 09:20 | Report Abuse

Tipster, my problem with Yee Lee is its low margin business, and not impressive asset turnover. This results in low return of invested capital. It has not much growth too. I would prefer to invest in a company with at least 10% ROIC. Here was my previous comments:

Posted by kcchongnz > May 26, 2013 01:16 PM | Report Abuse X
Is Yee Lee a great company? Is it a good investment?

Yee Lee has a durable business. It is trading at very attractive valuation too as shown below. My main problem is its very low margin and ROIC. So for me I will pass.

Good company?
Good governance Yes
Durable business Yes
Growth No
ROIC No 7% >WACC
Balance sheet Yes

Screens for investing
ROIC No
P/B Yes 0.7 <2.0
PE ratio Yes 8.8 <20

Posted by alkop > 2013-07-06 09:38 | Report Abuse

Be grateful to u bro kcchong n others too...ur posts here n there really somehow help me in one way or another... tq tq tq

Posted by Pinnacle > 2013-07-06 10:37 | Report Abuse

KC, may I know how about Medainc? Another property developer firm. Financial improve gradually based on recent two years result .

Managment is seriously looking into dividen payment as reported in newspaper after their recent agm.

Arc cyberjaya is one of their on going development in which > 80% completion.

Posted by kcchongnz > 2013-07-06 12:37 | Report Abuse

Medainc? Never heard of.

Pinnacle, I never heard of this company until you asked. So you know my opinion will be a novice one.

Medainc's property development and its investment properties do not impress me. The mixed development in Larkin, launched in 2009 has been delayed. The service apartment in Cyberjaya is said to have sold almost all. Really ah? The developer of Summit City in Subang Jaya? I bought one unit when it was first launched, but luckily sold it off before signing S&P.

Management looking at going to pay dividend? So many property companies are paying reasonable dividend every year already. But looking at its balance sheet, Medainc has huge amount of accumulated losses from past year. So how to pay dividend? Actually Meda just started to do well last year when they earned 20m free cash flow, but too bad, had to pay down its debt of 22m. So no dividend. In the future can ah?

ROIC was quite good at 16%, quite good. But can this be maintained? I don't know.

Price wise at 79 sen, PE is 14 and price-to-book 1.8, not really that cheap considering its past performance, its business and history of operations.

Well you may know something I don't know which prompt you interested in this company. But since there are other property companies which i know better, I will give this one a pass.

Posted by Sky Lim > 2013-07-07 16:48 | Report Abuse

wow nice tread for learning. enjoying it alot. thanks kcchongnz
will continue to follow , cheers mate

Posted by kcchongnz > 2013-07-07 17:37 | Report Abuse

EAH, is it a hidden gem?

Posted by inwest88 > Jul 7, 2013 04:12 PM | Report Abuse
Hi KC, There a few Messaq counters which are making profits consistently but the share prices do not reflect that. One is EA Holdings. what do you think of this company. Thanks.

I still remember vividly how a famous Malaysian financial blogger posted a number of articles on the rosy prospect of EAH, with its acquisition of a RFID company, DDSB about one and a half years ago. He said EAH was so clever in acquisition of DDSB, such a fantastic company at such a cheap price. And that EAH’s business was going to rocket to the sky. At that time I was thinking myself, if DDSB is such a great company, why did they sell to EAH at such a cheap price? What is this EAH so special, a Mesdaq company?

So what happen after that acquisition? Yes, EAH’s revenue has increased from 21m to 46m from 2010 to 2012, or 122%. This is a huge increase, but the absolute revenue is still a small number. More important is what happened to its bottom line? Yes, profit also doubled from 4.1m to 8.6m for the same period, but it is still a very small number. Before the shareholders jump in joy, they must be reminded that the number of shares have increased from 155m to 425m now, about three times the number more. This increase in the number of shares was a result of a right, bonus and share split carried out two years ago.

Post acquisition of DDSB, EAH’s revenue in 2012 improved by 25% to 46m compared to that of 2011. However, its net profit has slipped by 27% from 11.8m to 8.6m. EPS is 1.84 sen. The first quarter results 2012 slipped further in profit. As for its share price, the adjusted share price has dropped badly from about 16 sen to 12 sen now.

The quality of earnings for EAH is very poor. Cash flow from operation last year is a meagre 3.7m, or 48% (<<100%) of net profit. There is little free cash flows left after capital expenses of 3.1m. One third of its net asset of 14 sen per share is made up of “Goodwill”, an over payment on the acquisition of DDSB above its book value.

So even if EAH is “cheap”, which at 12 sen, is trading at a PE ratio of 6.5 and price-to-book of 0.9, I wouldn’t want to include it in my portfolio.

Posted by Alex Chan > 2013-07-07 17:40 | Report Abuse

A bunch of conmen at meda inc....leaking drawers

Posted by cytew > 2013-07-07 17:42 | Report Abuse

L & G is a hidden gem now !!!

Posted by inwest88 > 2013-07-07 17:44 | Report Abuse

Thanks kcchong, appreciate your sharp analysis. By the way I feel you are a true gentleman, calm, stady and matured. Despite being bombarded with non-nonsensical remarks by others, you just continue to provide your stock analysis. Syabas to you !

Posted by tonylim > 2013-07-07 17:51 | Report Abuse

Yes syabas is the right word.
Few gentleman left.

Also a few retards who dont have a life creating noises here. Cross breeds.

Posted by inwest88 > 2013-07-07 17:55 | Report Abuse

Can't agree with you more, Tony !

Posted by KC Loh > 2013-07-07 19:14 | Report Abuse

LOL @tonylim

Posted by inwest88 > 2013-07-07 19:58 | Report Abuse

KCLoh (and OTB), you should follow the attitude of kcchongnz, do not respond to those people, otherwise the war of words will never end.

Posted by inwest88 > 2013-07-07 21:08 | Report Abuse

Hi kschong, if you don't mind, what about ECS ICT Berhad.

Posted by optimusprime > 2013-07-08 10:19 | Report Abuse

donkey. kakakaka.

Posted by optimusprime > 2013-07-08 10:22 | Report Abuse

Do you have any hidden gem for 2013?

Jul 2, 2013 05:21 PM | Report Abuse

newbiestock, buy coastal la. join me, i collected 200,000 lot already. eveyday i buy since limit down. target 3.00 sup sup water.

Posted by optimusprime > 2013-07-08 10:26 | Report Abuse

Posted by KC Loh > Jul 3, 2013 06:10 PM | Report Abuse

And I read a few clowns wearing one same underwear! LoL

All chartists seems to say bullish except for one sifu of sifus! LoL

optimusprime
66 posts

Posted by optimusprime > Jul 3, 2013 06:15 PM | Report Abuse X

Goldman Sachs, which started the year upbeat on the outlook for Chinese stocks, significantly slashed its target for the country's equities.


wohoo. donkey smarter than Goldman...

KC Loh
7820 posts

Posted by KC Loh > Jul 3, 2013 06:17 PM | Report Abuse

Oh no wonder... you are burnt in china! LoL

Posted by optimusprime > 2013-07-08 10:26 | Report Abuse

kakakaka

Posted by KC Loh > 2013-07-08 10:27 | Report Abuse

Crossbred and crossdresser appears again! LoL

Posted by newbiestock > 2013-07-08 10:33 | Report Abuse

kuahcheeloh mus be giving admin a blowjob since he manages to get innocent people banned from this site.

Posted by optimusprime > 2013-07-08 10:35 | Report Abuse

kakakaka

Posted by newbiestock > 2013-07-08 10:37 |

Post removed.Why?

Posted by newbiestock > 2013-07-08 10:38 |

Post removed.Why?

Posted by optimusprime > 2013-07-08 10:39 | Report Abuse

forgive him lor, he is jobless mah.

Posted by optimusprime > 2013-07-08 10:40 | Report Abuse

and useless....

kakakakakaa

Posted by KC Loh > 2013-07-08 10:45 | Report Abuse

won't desecrate this thread answering half wit! awaiting the idiot opening a new thread! :)

Posted by optimusprime > 2013-07-08 10:51 | Report Abuse

my papa said only useless man stay at home.
how true...

Posted by optimusprime > 2013-07-08 10:53 | Report Abuse

donkey is a househusband. kakakakaka.

go mop the floor now. then wash all ladies underwear first. then prepare to cook.

Posted by datuk > 2013-07-08 10:54 | Report Abuse

if yr equation is true.....then warren buffet is the most useless man as he is sitting at home all the times during the so called "peak working hour" of 9am - 5pm.....

To tell you the truth.....and follow by me........but ....kikikikiki

Posted by optimusprime > 2013-07-08 10:57 | Report Abuse

warren buffet 80s already mah. need a lot of rest. plus he has made it. the richest man wor. who is this donkey? richest malaysian ah?
aiyo havent lunch u make me laugh like sheat how to eat lunch.

Posted by datuk > 2013-07-08 10:57 | Report Abuse

I sitting at home ....but be able to spot the theme play ....the so-called 'water play'.....month aerlier.......4 ctrs had made profit more than RM 1KK.......as end of last friday when i still in China....

Do you think that the man stay at home is useless???????

Posted by newbiestock > 2013-07-08 10:58 | Report Abuse

datuk what are you talking about ? u are comparing warren buffet to kuahcheeloh.. > u ok ah datuk??

Posted by datuk > 2013-07-08 10:59 | Report Abuse

Go to check my posting under "Datuk" then you knows what i means here???? stupid donkey !!!

Posted by newbiestock > 2013-07-08 11:00 | Report Abuse

i have to say i think i man who stays at home doing nothing is useless. what do u think datuk?? u think rich men stay at home ah
??

Posted by optimusprime > 2013-07-08 11:00 | Report Abuse

he ok he wont call himself datuk la, call himself tan sri mah. u get it newbie?

Posted by newbiestock > 2013-07-08 11:01 | Report Abuse

i find it funnie. a rich man who sits in front of the computer doing nothing and says not useless...LOLZ

Posted by newbiestock > 2013-07-08 11:02 | Report Abuse

i man or woman who sits doing nothing is not contributing to society and therefore is USELESS... get it...

Posted by optimusprime > 2013-07-08 11:02 | Report Abuse

newbie, he got do something la. go i3forum teaching ppls how to trade stock la. kakakakaka
but his students all now under my tuition already.. aiyo no time leh.

Posted by newbiestock > 2013-07-08 11:03 | Report Abuse

rich people should put their time to use.. doing something useful not saying that they got money and so dont have to do anything. having money means have more to do . that is why one has money in the first place.

Posted by optimusprime > 2013-07-08 11:04 | Report Abuse

so many of my frens multi millions or billions they go to work every morning la. ask them to sit at home they rather kill themselves.

Posted by newbiestock > 2013-07-08 11:06 | Report Abuse

yea. agree. funnie la that is why i said its funnie

Posted by datuk > 2013-07-08 11:06 | Report Abuse

I had posted 0n Jan 9......under this forum "do you have hidden gem in 2013"......by sitting at home and discover the "water theme"......how can you can sitting at home is useless????

just KPS alone .... i have made rom551KK on paper on this morning price quoted at 11.07am

Posted by newbiestock > 2013-07-08 11:07 | Report Abuse

LOLZ.. u can do that sitting in the office ler!!!

Posted by sephiroth > 2013-07-08 11:07 | Report Abuse

optimusprime or optimumcrime, the founder and ceo of Supreme Retard Inc,no one sitting in front of computer anymore, there's such thing call tablet and smartphone. This pathetic ash need to be blown away, fooo....

Posted by newbiestock > 2013-07-08 11:07 | Report Abuse

so how long u need to make that?? 24 hours ah??

Posted by newbiestock > 2013-07-08 11:08 | Report Abuse

howsdays can do it on the move ler.. smart phones?? why sit at home?? doing nothing??