If you read through the transactions, you will notice almost half is on margin to buy stocks at all time lows.

Just look to the top of the page.

I don't cover, but I do own a stock or two. My wife owns berkshire hathaway, and I own stoneco.

>>>>>>>

Alex™ do u cover usa stock?
29/04/2020 1:03 PM

Personally, I have never liked the concept of reits, unless I am the one launching reits myself.

1. 90% of all earnings have to be paid out as dividends. For me this is insanity, as it does not provide any opportunity of growth without significant dilution, and it does not provide any cushion in times of crisis.
2. The valuation of reits is usually based on net-nets, with little possibility of earnings expansion of a normal stock, but with all the inherent risk of a stock. If that were the case, I would rather buy bonds or fixed deposit instead for the risk level. During debt calls, stockholders are always the last to be paid.
3. REITS are usually overpriced after IPO, and will remain the same or lose value over time. Almost every REIT that I have monitored that has paid out 10% per annum has dropped in share price value over the years, making the dividend payment inefficient.
4. Costs and depreciation increase over time, but when REITS are involved, somehow the math just doesn't work right most of the time for me.

>>>>>>>>>>


ferrarimaker STOR reit in US - Look interesting especially recent price got beaten to IPO level, likely to ride out of the covid storm as majority of the tenants are SME service providers that everybody needs after lock down. http://ir.storecapital.com/interactive/newlookandfeel/4553160/STORE_Ca...
http://ir.storecapital.com/interactive/newlookandfeel/4553160/STOR_CEO...
30/04/2020 11:33 AM

what kind of shit company is this, the moment the share price goes up the directors start dumping shares. Crooks each and every single one of them. They know they company is overvalued, you know they know. And they still sell.

IF the company directors themselves do not have faith in the company enough to hold, why should you buy??

in my opinion of JAKS, I am not an investor. This is because I cannot invest directly in the power plant. Instead, I have to put money into JAKS itself, which is run by a CEO that I do not trust or respect in Andy Ang who hides information from shareholders and does poison pill defence, a management that does a poor job in building a shopping mall in a place no one wants to go to (evolve), and has multiple LAD and delays in its property development (50 million incoming LAD to STAR), and a legacy business of steel pipe supply that cannot compete locally. The company also has a history of funneling company funds to many ventures like that has expenses but so far no adequate returns on capital. Many cash calls, zero dividends.

The power plant is definitely going to complete and COD will strike. Hopefully before December when the LAD will kick in.

I have faith in the chinese counterpart to complete the power plant on time.

I have zero faith in JAKS management to manage the earnings from the power plant to grow shareholder value.

I compare the power plant to inari, and JAKS to INSAS. Why is INSAS selling at such a huge discount to assets despite holding a huge portion of INARI shares?

2 words: Management Execution.

I wish connie all the best. You are a brilliant investor, especially coming from kuantan. But the fact is, once JAKS gets the earnings, how sure are you they will be able to either pay a consistent dividend, buyback shares, use the earnings to take on bigger profitable jobs instead of going further into debt?

Their history already shows execution risk.

Ricky Yeo is in Australia lo. Very young man and handsome and still writing articles that sound good but have no results one la.

Of course very sarcastic, he thinks just because he emigrated to Australia he is better than the average Malaysian, not knowing that while he is earning peanuts in a foreign land and jumping from job to job, others are making millions in Malaysia, the land of the hard working asians.

He is also another one who want to start a stock competition ( 10 years woh) with me,

https://klse.i3investor.com/servlets/pfs/138504.jsp



>>>>>>>>>>

https://au.linkedin.com/in/jiayeo

For those who are into pump and dump activities and short term profits, maybe speculating here will be more up your alley.

>>>>>>>>>>

https://klse.i3investor.com/m/blog/philip5/2020-04-11-story-h1505927167-My_Second_Pump_Dump_Article_How_to_pump_with_a_Conscience.jsp

This qr is for the 3 months until January 20. With the mrcb JV results, we already know what the expected numbers were going to be. The next quarter results will see acceleration to complete the 2 hospitals due to covid and some effect from mco. But by end 2020 we will see claim for LRT3.

For those who live in kl, you can easily scuttlebutt. Visit the lrt3 station sites. See the completion progress. Then ask yourself once this project is complete will gkent-mrcb get paid? If the answer is yes, then all you need to exercise is patience. If the answer is no, then you need to ask yourself why GKENT are not getting paid.

If the only reason why you are posting such things is because you are a short term trader and you cannot hold a stock longer than 1 year and average down. Then you need to find different stocks to invest in.

If you are that kind of pump and dump investor, maybe this will he

But remember that these kind of investments can only be done using small amounts, and only for short term trading profits. As for no dividends, I would rather my company buy back shares when it is first cheap like I did, so that my share of profit ( and I believe LRT3 profit is guaranteed) later on.,


30-Apr-2020 30-Apr-2020 Buyback 30,000 0.685 0.690 View Detail.
27-Apr-2020 27-Apr-2020 Buyback 30,000 0.660 0.665 View Detail
24-Apr-2020 24-Apr-2020 Buyback 30,000 0.660 0.665 View Detail
23-Apr-2020 23-Apr-2020 Buyback 20,000 0.670 0.675 View Detai
22-Apr-2020 22-Apr-2020 Buyback 20,000 0.680 0.680 View Detail
21-Apr-2020 21-Apr-2020 Buyback 30,000 0.675 0.680 View Detail
16-Apr-2020 16-Apr-2020 Buyback 20,000 0.675 0.680 View Detail
14-Apr-2020 14-Apr-2020 Buyback 20,000 0.665 0.665 View Detail
13-Apr-2020 13-Apr-2020 Buyback 100,000 0.655 0.670 View Detail
08-Apr-2020 08-Apr-2020 Buyback 70,000 0.660 0.665 View Detail
07-Apr-2020 07-Apr-2020 Buyback 25,000 0.630 0.635 View Detail
03-Apr-2020 03-Apr-2020 Buyback 30,000 0.570 0.580 View Detail
01-Apr-2020 01-Apr-2020 Buyback 160,000 0.550 0.590 View Detail
31-Mar-2020 31-Mar-2020 Buyback 51,000 0.540 0.555 View Detail
30-Mar-2020 30-Mar-2020 Buyback 60,000 0.535 0.540 View Detail
27-Mar-2020 27-Mar-2020 Buyback 190,000 0.540 0.585 View Detail
26-Mar-2020 26-Mar-2020 Buyback 20,000 0.535 0.545 View Detail
25-Mar-2020 25-Mar-2020 Buyback 25,000 0.500 0.520 View Detail
24-Mar-2020 24-Mar-2020 Buyback 20,000 0.495 0.510 View Detail
23-Mar-2020 23-Mar-2020 Buyback 155,000 0.475 0.490 View Detail
20-Mar-2020 20-Mar-2020 Buyback 230,000 0.490 0.530 View Detail
19-Mar-2020 19-Mar-2020 Buyback 440,000 0.435 0.490 View Detail
18-Mar-2020 18-Mar-2020 Buyback 655,000 0.475 0.510 View Detail
17-Mar-2020 17-Mar-2020 Buyback 260,000 0.485

How can so many people see the same thing and think different things? It all depends on your investing horizon, your ability to average and to understand the long term prospects of the company. I for one already know that Selangor is already running the smart meter trials to reduce NRW( none revenue water) with GKENT pilot.

https://klse.i3investor.com/servlets/pfs/120720.jsp
This is my portfolio, and you can see I have been averaging down on GKENT same as management in buying back gkent shares at low prices. My cost average now is 0.701. GKENT may be the smallest of my holdings in bursa, but it is one that was bought with the same level of consideration as my other long term holdings in QL, topglove, yinson.

All I can advise you is to learn how to enjoy paint dry. When I buy GKENT, it is not with the expectation of results this quarter or tomorrow or goreng next week. I only know a few facts. LRT3 completion is in 2024, somewhere between them GKENT will receive progress claims for works done on LRT3, vo on lrt2, the rail system on mrt2 and the 2 hospitals. I do not have an issue holding until 2024, and averaging down on the megasales, as it brings my cost down more and I expect the with all the buyback the share price and profit increase will go up much higher in the future, as they will be flush with cash again and the ability to complete more bigger jobs, especially after having the reputation of being the maincon of LRT3.

So, do you think gkent will never get another major contract again in the future? I find that highly unlikely. When that happens, then you will know the difference between investing and speculating.

>>>>>>>>>>


mamatede slowly but surely, Gkent is slowly slipping to the drain...
30/04/2020 8:09 PM

One thing that I can pretty much guarantee is that there will not be a reduction in the consumption of baby formula over this covid-19 period.

Ok. But I will recommend you to open up your mind and look at businesses instead of locality. In every country ( USA and Malaysia included), there are always bad and good companies. However

Munger invested in BYD.
Warren buffet invested in Petrochina.
Alibaba is one of the world's biggest companies.
Jim Rogers had this to say about China.

https://news.cgtn.com/news/2020-03-27/Investor-Jim-Rogers-I-would-rather-buy-from-China-than-the-U-S--Pb3cWwJ6xi/index.html


The idea about investing is to look at critical areas that are undervalued. Stock fraud carry many alerts and red marks. But to assume that all stocks in China is a fraud is to lock yourself out of a huge fast growing market that will recover out of covid-19 faster than any other major country.

There are cheaper options in the markets, why do Chinese still choose to buy astrobaby in large growing numbers? The fact is PRC Chinese are becoming much wealthier, and for them children are the most important future asset in their old days. Willing buyer willing seller, and no one is complaining about there business model but you.

I'm very interested however, what is a fair price for material suppliers to you?

>>>>>>>>>>>

By the way do you think a business model that did not pay a fair price to their material suppliers and then raping their customers to reward themselves, their distributors and retailers is a win-win business model.

Hi alex, if you mirror my stocks I am not sure if you can make money.
1. I will definitely buy first, then write articles. And most likely, sell first then remark on my stock portfolio page. So, if you plan to do short term trades it will definitely not benefit you.
2. My holding period of stocks is usually 5 years or more(some remain unsold), although there are exceptions to the rule, such as STAR and AUSNUTRIA, which I sold after making 30% and 20% earnings.
3. I am able to do dollar averaging (up and down) every quarter to average out purchases, and dip into margin to buy when there is a significant discount to value. Are you able to withstand and entire year or two of inaction, and go crazy buying stocks during crisis?
4. I am a retiree, so I do not need to pay or upkeep many things in life. My overhead costs are low, are yours the same?

If you are unable to follow the following criteria in investing, I recommend that you simply look at my investing philosophies instead and put your own twist on investing on top of the foundation of mistakes that I made instead. Rather than giving people a fish, learning how to fish yourself is infinitely more fun and profitable. Rather than complaining when stocks go down, and cursing when it happens because you dont understand the business you invested in.

Hope you learned something.

>>>>>>>>>>>


Alex™ thank you Philip. Alex™ officially follow you now. Please let me know if i can mirror all your stocks. Alex aim to retire in 20 years tq.

Criteria: as long as perform better than sp500 avg (14% all time)
29/04/2020 12:54 PM

And then STAR went up by 50% in price, while GDEX recommendation is still stuck.

>>>>>>>

i3lurker To me, life is simple

company does not have any growth => NO GOOD

Star Media => No Growth

Star Media => No Good
15/04/2020 8:17 PM

ok. but you are more speculator than me leh. how come your recommendations all dont work out?

insas warrant
insas
sapura
hengyuan
petron

all.. garbage.

Xterrorsinx, if u look back at lctitan history, it was already privatised before and relisted. Why do you think it is highly possible? Privatisation will lock you out of share sales, rights issues and other ways of raising money during this period. More importantly, if they privatised no one will ever trust them again to relist a third time to claim money from shareholders. Trust is a two way bridge

>>>>>>>>

Option 3 - Privatise. I think it is very likely possible. Due to - low public spread (they need RM 840 million at current price to take it private for a company that has nett asset of RM 12 billion). Only 24% to buy up unlike Genting which is 55% publicly owned.

Where is stockraider when you need him?

In my humble opinion it is always far more important to buy what you understand than to diversify for diversification sake.

The key word here being understand. If you don't understand the business, diversification can easily lead to DIWORSIFICATION.

In any case I find the report very frivolous. Why is a stock based just because they did not pay dividends for 5 years? Berkshire Hathaway hasn't paid a dividend ever.

Only cheap investors keep begging management to give out dividend without thinking about the big picture in terms of the business.

I believe if the company is able to turn 1 dollar of retained earnings into many more dollars of growth than I can by giving out a dividend, then I believe the company should not give out a dividend and instead grow the business and capture market share.

If in 5 years just by not giving out a dividend feihe is able to grow to 13% of the market, then I believe it is the right thing to do.

>>>>>>>>>>

https://www.gmtresearch.com/en/research/china-feihe-fake-or-fab/

Have you read the GMT short report?
29/04/2020 10:32 PM

Sslee, you never give up do you? What makes you think QL growth rate is going to be low? Ql is still one of my major holdings.

FYI, please give up on trying to bring down QL. It will still outperform INSAS. It will still return shareholder value far above what INSAS can it has ever done. And the consistent growth of QL is something that I appreciate and look forward to far more than the stocks that you peddle.

QL is a far safer, more consistent, more stable company with guaranteed growth over many many years compared to your INSAS.

Please give up commenting on my page, if you have nothing worthwhile to comment.

Full stop.

As you still have much to learn about investing, I recommend you talk less and read more.

>>>>>>>

Sslee Haha,
Now Philip learn how much growth rate 30% revenue and 28% NP compare to his QL low single digit growth rate.
29/04/2020 8:50 PM

Yes I already posted it up at the bottom, regarding their complaints on fraud and fake money because they have not given back any dividends in the last 5 years. I thought it was refuted when management has guaranteed 30% of profit payout as dividends to shareholders. If and when the dividend payout is not given out, then we shall see.

As for market share and sales claims , I believe Nielsen 3rd party and very reliable market reports has already refuted this fact.

That is not to say Ausnutria is not the company to invest in, as their margins and growth are equally spectacular and not to be scoffed. But I believe as one company imports almost exclusively all its baby formula from netherlands and australia and another produces it locally, one will definitely make far higher margins than the other.

Plus the locally produced one is selling the high end series at absurd prices (and huge growth rates) and the marketing tag of "better for chinese babies", that just killed it for me. How do you compete foreign brands with that?

Sold 400K Ausnutria at 15.50 and bought 400K shares of Feihe at 15.30.

When I look at a company, this is always the first things that catch my view,

Quarter. Revenue. PBT. NP

31-Dec-2019 1,107,349 97,650 74,975 melium group
30-Sep-2019 1,072,852 84,330 69,872 melium group
30-Jun-2019 993,213 62,161 49,340 melium group

This is how I would like transparency in viewing the performance of a company.

With INSAS, I cannot find the transparency of the proper breakdown of all it's business units without inari share sales and dividends muddying everything up.

Simplified, what I meant to convey is I cannot have a feel of INSAS profit/losses of it's many startups and business units.

I did not say INSAS BOD is crooks. I just can't see the how much money the other business units are sucking up or generating back towards parent, and I don't like that particular reporting method.

That is all.

Thank you

As I never once said that INSAS BOD are crooks, please do not put words in my mouth. The information I meant to convey is that too much information is spent on other details and very little spent on explaining the revenues and earnings of the the business units so that we can track more detailed performance. The earnings and revenues of tribecar, numoni, roset, and all the other growth units. In Warren's buffets letter, he explains in detail what he bought, why he bought it, the revenues and earnings and growth projections.

Vigsys and vigcash were little more than a footnote of losses. Was roset sold for a profit or for a loss? Is done, melium group growing revenues, flatlining or reducing in revenue and earnings.

This is what I meant about setting up accounting so that it looks better on paper than it really is. Not that INSAS BOD are crooks, but relevant information ( at least to me) that would contribute in long term growth of INSAS is not translated and monitored quarterly.

>>>>>>>>>

It's ALWAYS a bargain price. For the last 5 years INSAS has remained a bargain.

Why?

When your core business is helping people buy and sell stocks, it is easy to game the system by setting the accounting up so that it ALWAYS looks nice on paper.

Sslee, I did not INSIST. I only stated a fact. And I only posted it one time. Unlike those who keep repeating INSAS assets over and over and over.

I did not like INSAS business model from the minute I saw it. As Teoct has tactfully said, let us agree to do disagree. As you u cannot convince me to like INSAS and invest in it, just as you cannot convince me to hate QL and divest it, let's just move on. You think INSAS is a wonderful company. I think it is an average one. As the only thing that can be said as minority shareholder is the long term stock performance and dividend yield, all we can do is let time show who is right or wrong.

For me, it is simple. I have take a 2 year Bak kut teh bet with stockraider and CharlesT to which investment carried the best 2 year returns. I hope that will settle the matter on INSAS.

As I understand it, INSAS main business model is capital allocation. All I am saying is I do not like how they structured their financial report and accounting methodology which unnecessarily complicates proper valuation of the company. If you have construed my statement as saying that I said INSAS BOD is a bunch of crooks, then I apologize to you.

>>>>>>>>>


Hence I do not understand why Philip insist INSAS core business is helping people buy and sell stocks, so it is easy for INSAS to game the system by setting the accounting up so that it ALWAYS looks nice on paper and his made up INSAS BOD to be crooks without even knowing them.

Thank you

Instead of using a one brush to paint everything, I invite you to look at the circumstances of selection and a simple fact: why would a Chinese company doing business in China, with assets and management in China decide to do IPO in Malaysia? The associated costs and inefficiency must give them some certain earnings for them to producer that kind of effort.

But in buying a company based in a foreign land, we can apply the same qualitative and quantitative analysis to decide if the business is something that you would like to invest in.



>>>>>>>>>>

Posted by Sslee > Apr 28, 2020 8:37 AM | Report Abuse

Good morning i3lurker,
Me, once bitten twice shy. I will never trust any Mainland Chinese again. Philip say I lose 2 million in Xingquan because I hold 3million+ shares that become toilet paper. I learnt my lesson and never again.

Hi teoct, I concur. I finished reading the last few years of audited financial of feihe,mengniu, yili and junlebao, all the competitors are having a good room to grow.

The allegations I think is not long term damaging, and the short selling has in fact pressed the price to a reasonable valuation that thanks to you, I was able to take advantage of.

While I believe feihe may be the right call in the long term, as you have done a lot of research and decided to invest in ausnutria compared to feihe, I will defer to you on this end and nibble nibble a bit on ausnutria while I monitor further.

Let's see how in the next quarter results.


>>>>>>>>

Posted by teoct > Apr 28, 2020 1:44 PM | Report Abuse

Hi Choivo Capital - been a while since we last chat.

Management quickly appointed an independent review committee (IRC) (consisting of all independent directors) as well as an independent consultant (Deloitte Advisory (Hong Kong) Limited) reporting to the IRC (only) to carry out investigation on the allegations.

Sold 500k shares of topglove at 7.32.
Bought 400k shares of ausnutria at 12.5 in hang seng, appreciation and thanks to Teoct for the introduction to a wonderful company.

I believe glove counters are being overly manipulated and have decided to take a little off the top to balance out while waiting for the quarterly results.

Much kudos to teoct. I'll try to write an article explanation what I saw on it as a business.

To be honest, ever since I retired I have a lot more time to read and do valuation these days. The recent MCO had only compounded my time that I spend reading. I think I have been far more prolific recently on being able to look up stocks and buying stocks during this period.

Also, since I have been shooting fish in a barrel recently, it really wasn't that a hard a decision to make. The stock market has fallen to a very decent valuation recently, a lot of things are a screaming buy nowadays.

>>>>>>>>>>>

Posted by Rwkl > Apr 27, 2020 11:28 PM | Report Abuse

Wow,! The locals got wind of your position and pushed it up by 20 pct!
Anyway, Philip, mind to share what other salient points you noted which prompted this almost immeadiate action was to the first as you normally do a much through research?
It would be great if teoct can chip in too.
Thanks

He has already been proven to be a troll with no results and the stock recommendation that he has made in GDEX had already down the level of his stock analysis. There is no point in asking him anything further. All he will do is fool you with smoke and mirrors. Nothing further to learn here.

Qqq, please don't feed the trolls. Just ignore idiots.

Better use of your time. Trolls don't use logic or common sense.

Hi teoct, really much thanks and appreciate the stock tip. I bought a block of shares at 12.50hkd to monitor and view. Thanks and let me know if we can catch up one day to chat more.

Cheers and have a great week.

This is the kind of comments that i3lurker posts in a FINANCIAL FORUM. Are you in this forum to spend time learning or just to bully qqq3



>>>>>>>>>>

Posted by i3lurker > Apr 26, 2020 10:02 PM | Report Abuse

sex

Sslee, you are becoming a troll just like i3lurker. As a fellow UM graduate I feel you are no longer in this forum to learn and understand, but simply to pass your time passing snide comments. I would advise you to stop wasting time with repeated unnecessary comments that benefit no one.

As you are drowning many other investors comments to learn things, I would advise you to be a gentleman and stop.

You should post if you have something to ask or clarify.

Otherwise you will become another i3lurker with 3000 comments all of negativity, insults and useless information that is not properly evaluated or thought through properly.

Thank you.

Hi teoct, most of the time I can usually tell if a particular business is something that I would be interested to invest within the first ten minutes.

I am very interested indeed, thank you very much for introducing me to the company.

Going through the past few annual reports, I am very impressed. Not only are they a butter, cow milk and goat milk producer, they have successfully transitioned from just being an oem producer of baby formula to producing their own brand.

I am even more impressed with the fact that they hold 40% of PRC market share in goat milk penetration, but more so the fact that for a simple milk producer, they have managed to get high tech industry status, and a 3 year CIT taxation of 15%, compared to their peers like Nestle who pay 25% tax.

Yes it ended in 2019, but they still managed to get government grant to expand their changsha operations and r&d lab.

I had met a China family before that came to sabah and they specifically wanted to buy Malaysia baby formula, this was a free years back. I was surprised and I asked them why couldn't they buy back in PRC? I was told that there were many cases of fake baby formula which actually did some problems and thus there was a shortage of trust and supply of reliable baby formula.

After reading the annual reports and trade journals, I only found out that there was a huge consolidation and government crackdown on baby formula producers which had to be certified and required to maintain an international quality to be able to supply in PRC.

Looking at the latest reports, it is amazing with their take overs and buyouts of all the formula brands in the markets they currently have 39 brands, but the own I noticed the most was how they were transitioning from producing formula for other suppliers, and instead growing and marketing their own label brands neolac baby formula and kabrita goat milk.

I think the profits will not drop this year for to covid and the fact that their tax rate will be readjusted back up to 25% this year. But in the long term I believe the consolidation and barrier to entry for baby formula milk will be a growth factor.

Kudos Mr teo, I think I like it. Will do a bit more research the next few months to understand the company more in depth.

Appreciate it.

Noted and well received.

Dear teoct, I am very interested in this remark though.

"the counter (consumer sphere) has provided me with about +17% annualized, even under Covid 19 condition. Lucky, I presumed despite the analysis carried out."

Mind to share this counter which you are investing in? I would love to look it up, as I suspect you are a very brilliant investor as well. Who knows, I may join you in as well in participating in the growth of a wonderful company.

Investing in companies is not a zero sum game. Unlike options and forex, it doesn't have to be one individual earning at the cost of another's profits.

Let us learn something new everyday.

I find you very refreshing, and I can learn far more from you than many others who constantly repeat the same rethoric repeated from others.

>>>>>>>>

To buy for growth, well NO (for me at least) and that is why i divested.

Mr Philip, it is OK to agree to disagree.

Happy investing everyone, stay home and stay safe.
26/04/2020 9:45 AM

Stop referring to yourself as a third person, GDEX boy.

As for personal attacks, I am just pointing out an obvious point.

Out of your 3000+ comments, hope many were negative nature. How many were proven wrong?

I just made one simple example of your claims on 1000+ stocks better than Star, and you finally recommended GDEX. It turned out wrong. On a short term pump and dump basis you were proven to be analytically wrong. What more on long term investing basis?

We trust warren buffet because his annual letters are combined by his company results.

We listen to Peter Lynch and Howard marks not because of fancy writing but because of his portfolio results.

We listen to doctors because they have certification and medical experience.

You are trying to evaluate companies, but since you don't know what you are doing, you don't have any results to prove your thesis.

Why are you commenting and saying QL and serba is bankrupt? You are saying it is a bad investment. Sure, I can take you at face value. But what do you then consider a good investment and how have you profited from it?

It is simple and direct.

I am not doing a personal attacks against sslee or the group formerly known as i3lurker.

I am asking the basis of your analysis. And to understand your investment results that allow you to criticize with such verbiage. If you cannot backup your comments with results, then I suggest you take a less arrogant tone and a more analytical one of both the good and the bad.

QL has performed far better than all the stocks you have held over the long term. This is fact.

So end the confirmation bias.

QL deserves a deeper analysis instead of skin deep valuation.


>>>>>>>>

Posted by i3lurker > Apr 26, 2020 9:07 AM | Report Abuse

Our comments on audited financials of QL

Please go ahead and bash Ql. While you are at it, please all bash the rest of my high PE stocks like topglove (also,50 years to get back your investment), Star media, gkent,pchem,yinson, serba. My full portfolio list is here.

https://klse.i3investor.com/servlets/pfs/120720.jsp


Once you are done bashing. Please show me your portfolio and teach me, explain to me how you chose better performing stocks than I did over the past few years.

Thank you.

I stop here.

GDEX. INSAS. QL.

I have tried to teach sslee this concept for a while now. But he is very stubborn, head still very hard. He still hold on to incomplete concepts are assume verbatim PE low is good PE high is bad as Bible.

Very hard to teach old dog new tricks.

But I might break through yet. He bought Star Media, a PE50 stock and if actually planning to sell it at 40.

So those who say buy high PE company is wrong, and it might take 50 years to earn back his investment in Star... Well, investing is a lot more complicated than that.

As for GDEX boy, he has a great many comments. But every single one of it negative. So might as well just forget even asking the little troll. He is incapable of making a proper valuation in stocks.

Too much bullshit.

>>>>>>>>>
but sslee..............your fear of high PE stock such as Vitrox, QL, collapsing have not played out....and that is the point....even SCIB has promptly recovered........

perhaps the trouble is not how the market evaluate these stocks....but how u evaluate these stocks..........hahahahaha.....
25/04/2020 7:17 PM

My understanding on family Mart also follows the same path. When they signed the 25 year contract to build 300 stores, it is not as simple as that.

For every area they expand to, they will need to build a centralised kitchen, fulfillment center, warehouse for deployment, the ppe and employee cost of which will be factored in today, but the earnings and revenues will only be factored in years from now in 2022, when their 300 stores will be complete and fully taking advantage of the centralised economies of scale.

The erratic cash flow in blue is a perfect example of them moving forward with building the capex first to minimize the cost of scale in the future.

Using a straightforward analysis like that leaves much to be explained in terms of building a business.

I am sad to see you go as an investor of QL, but willing sellers and willing buyers. There are many investors holding QL at pe50( including myself), because we see the growth story still intact, and large scale agriculture is one of the most stable industries out there.

If I may ask, what commodity did you switch to in the USA? I am interested to know and understand more, as you said it went up by 17% even during covid-19 crisis. Amazing!

As for depreciation and assets. Here is how I look at it,

For biological assets, the investment and turnaround time is not measured in months, but in years. Take for example plantations. To get a sizable investing, you would need to invest tens to hundreds of millions. And it has to be done in stages, plantations need 3-4 years to have a minimum yield. And you need to invest to the future in building a far larger refinery than necessary, just so that it can catch up to the growth in ffb processing. The returns would not be reflected until years later while staff and professionals salaries need to be paid today to cater for future demand. You can't just hire sslee to join the company at the beginning to plan and design, fire him in the middle, then rehire him back when the entire plantation is ready for full operations, can you?

Same goes for egg and frozen food operations, there will always be a cycle of aggressive growth and development of ppe, followed by a period of growth of biological assets, then followed by the availability, sales price monopoly due to economies of scale, and followed by increased demand in goods.

Currently the price of L size eggs in Vietnam is around myr 60 cents per egg. Malaysia in comparison is around 40 cents.

As QL has doubled the output of eggs in Vietnam and Indonesia, with a capex of 400 million. As their capex period is on the line of 2-3 years cycle, I believe there is no way for revenue growth and capex to follow a linear line, and it would wrong to make that assumption.


https://www.theedgemarkets.com/article/ql-resources-optimistic-about-beating-record-fy19-performance

>>>>>>>>>

The operating expenses to revenue are unfortunately increasing yearly. Diving into the cost make-up, the two biggest item is depreciation of PPE and staff costs.

Staff productivity is reducing, the trend is downward. Revenue to depreciation is dropping at a higher rate. That is, the more plant, properties and equipment bought is giving less revenue every year.

The other points are also interesting. Here is my opinion of it.

QL has 4,000 employees. With revenues of roughly 1 billion USD, they effectively have each employee generating 250,000 in revenue. ( They are 1 million ringgit per employee, which is very very efficient for the scale).

Tyson food has 122,000 employees. With revenues of 40 billion, they effectively have each employee generating 320,000 in revenue.

CP food also has roughly 126,000 employees. With revenues of roughly 17 billion usd, they generate around 135,000 usd

Basically the point I was trying to make is QL revenue generation per employee is still statistically not saturated yet, and very efficient.

In terms of total market growth, despite QL size, it is still showing a huge potential to grow in a very very big market,

One thing I always try my best to convince new investors is to forget about this ludicrous concept. PE in no way shape or form gives you any indication of how "long" it will take to recoup your investment. It is simply a measure of the confidence Mr market has in the company. As a real comparison for example, take STAR MEDIA for example. Does the fact that it is selling at PE49 mean it will take 49 years to earn back your investment? Obviously not. Why? Assets and cash and borrowings are not reflected in PE.

In fact, if you could cough up 280 million in cash to buy out, you would immediately get 380 million in cash, on top of additional factory and property, and zero borrowings. Not bad for paying pe49 to recoup immediately the money used to buy the company.

How is that related to any return on equity?

>>>>>>>>>

Another way to look at PE is the number of years one required to recoup the money used to buy the company, that is 54 years based on RM 8 per share (close 24/4/20).

Happy investing.

Good way of thinking mabel.

Instead of beating up a defenceless GDEX boy, it is far more efficient to just ignore him or thank him for his useless "advice".

Since we know that relying or listening to his meaningless recommendations have no use at all, the best thing to do is just to stay away and forget all about him.

I love it.

>>>>>>

Posted by Mabel > Apr 24, 2020 8:30 PM | Report Abuse

I3lurker even give better TP...RM 10...

Life is so beautiful..

Meow Meow Meow

Unlike you with no record or portfolio, I am a man of my words. If I buy you will see it on my trackable portfolio. If I sell it will also be reflected there.

I'm not the type to waste my life commenting and bashing on everything, without any reference point or any history of useful analysis and valuations.

Tell me, why are you an ex-IB? Could it be that you sucked so much at your job they had to let you go before they lost all their customers? With your attitude and your stock pick skills, really hard to work with you.

GDEX boy....



>>>>>>>>

Posted by i3lurker > Apr 24, 2020 2:33 PM | Report Abuse

sslee

yeah
I love him so much that I ordered him to buy a bankrupt stock
but unfortunately he must be quietly selling while being openly bullish.

thats Philip in essence

Not always. You can't go bankrupt if you dont have any borrowings. And if you have 380 million in pure cash alone, and a valuation of 190 million? You literally impossible to go bankrupt.


https://klse.i3investor.com/blogs/philip5/2020-04-11-story-h1505927167-My_Second_Pump_Dump_Article_How_to_pump_with_a_Conscience.jsp

>>>>>>>

Posted by EngineeringProfit > Apr 24, 2020 2:26 PM | Report Abuse

Beware of penny stocks during recession.....many cannot survive the crisis

Wow, more lies from little kids. Who actually cares?

No one.

Go to your naughty corner, GDEX boy. your nose is growing so long, it is being used as a christmas tree.

>>>>>>

I am only responsible for my own actions such that I make money ethically.

once a while I do scare people by putting up huge buy or sell queues

They have probably been a shareholder for quite a long while. And the share buy back scheme has pushed them into the limelight. They probably didnt buy a single share, but the buyback has increased their ownership of the company.

Neither good nor bad,

>>>>>>>


SHQuah https://www.bursamalaysia.com/market_information/announcements/company...

Name KIN FAI INTERNATIONAL LIMITED
Address Vistra Corporate Services Centre,
Wickhams Cay II, Road Town, Tortola,VG1110
Virgin Islands, British

Became a substantial shareholder by virtue of its existing shares held in the Company, where a total of 33,517,800 ordinary shares bought back by the Company and held as treasury shares as at 22 April 2020 was excluded in calculating the percentage of its shares held in the Company, which resulting its equity interest increased to 5.037%.

Direct (units) -26,687,499
Direct (%) - 5.037

Hi Philip,
Please advise ? good or bad ?
24/04/2020 8:33 AM

sigh... GDEX kid still trying to look for friends and trying to convince no one with his smart alecky comments on how he knows things and you don't.

But fact remains, his investment thesis is full of holes. Results of his recommendations are awkward, and his analaysis is always very childish.

First he says he write reports for Power Plant generation, then he becomes investment banker. Speed of light change.

But he tells so many lies he forgets the truth, he has no portfolio results. His comments full of bashing. And truth be told, STAR as a trade has already made more money for many people than he is capable of talking nonsense about in many years in i3 forum.

i3lurker, grow up. get a few friends, go outside for once. Go get lucky.

SSLEE always like to say I am lucky. Yup Topglove has been lucky for me, even today (lucky i didn't sell a single share eh?). QL also has been lucky for me. STAR also has been lucky for me. SERBA also has been lucky for me. Soon, hopefully GKENT and PCHEM also will be lucky for me.

Lucky every day.

Random walk theory eh?

But how come i3lurker so unlucky one? his GDEX not moving, while STAR go far north?

But i bet she has an explanation for it.

I3lurker has an explanation for everything, it seems.

Easy to explain if you don't need to justify your explanation with RESULTS.