Anybody wants to see how a sorchai portfolio looks like. come visit here:

https://klse.i3investor.com/servlets/pfs/123029.jsp

Win a free trip to Holland.

But don't take my word for it, this is the reply from the management team of ASIAPAC themselves.

Anticipated Risks
We believe that there is a general oversupply of retail space in Kota Kinabalu as newer malls are introduced into the local market such as ITCC Penampang, Jesselton Mall, Aeropod and Pacific Mall (yet to open), on top of existing mega malls such as Suria Sabah and 1Borneo. The opening of more stores will give shoppers more options and may potentially make Imago less exclusive. Nevertheless, we believe that strong management and creative experiential marketing along with constant fresh attractions will keep Imago relevant.

Outlook
We believe that the general retail market will continue to be weak as people are still looking for positive indications on the economy. The oversupply of retail space is affecting rental rates as mall owners are fighting for the limited number of quality brands available in the market.

let me put it into perspective for you.

The valuation of and intrinsic value of Imago I have no idea, same as I do not know if the big crowd there is a spending crowd or just there to enjoy aircon, eat dinner and do window shopping.

But here are relevant facts. this is what is being paid by asiapac every year.


Imago mall valuation: valuation estimate is 400 million. My valuation is day to day operations + parking - debt generated to build imago mall.



construction cost was 700 million. total units was 631 for sale, imago mall is not for sale. balance debt after sales and unsold units up to date is around 300 million, plus minus a few million.

here is the kicker,
in this year,
mall operations:
Revenue (85.4 million) this quarter 24.6 million, income (22.42 million) this quarter 7.8 million.
Carpark operations: (10.1 million) this quarter 2.6million, income (5.8 million ) this quarter 1.18 million.

in previous year,
Mall operations contributed RM52.3 million in revenue and segment profit of RM15.1 million, respectively representing an increase of RM9.6 million, or 22.5% and RM17.2 million, or 835% from the preceding year of RM42.7 million and loss of RM2.1 million.

so in total the returns are
27.2 million this year
16.3 million last year
-2.1 million year before.

How much is the debt generated?
the total debt outlay is 337 million still outstanding, debt encurred finance cost of

22.3 million this year
26.1 million last year

finance costs alone. We have not even begun to touch the capital borrowings.

Before you go into saying but Asiapac made 52.684 million in net profit last year and saying everything is fine, you should ask yourself, how much is real generated cash flow, and how much is paper profits from fair value adjustments?

The answer is very clear:
45.8 million is from non-cash items.
Real cash generated from operations is 14.12 million.

Basically the question to ponder on why the stock price has not gone above 20 cents since 2015 is very simple.

If you borrow 337 million to buy a property, every year your finance costs alone will be around 6.6% or 22.3 million. but if the income returns from the mall net is only 24.6+2.6 million, you only make a profit of 5 million every year, to reduce that 337 million borrowings which can kill you if the rates revise up. Is the investment worth it?

you can say whatever you want on how much your property and project is worth. you can say you are worth 1.4 billion, but the fact remains, if no one is willing to pay you 1.4 billion for your assets you are worth nothing. and every year you have to service your loans and borrowings (at 6%) before even cutting into the principal sum. Do you think you can get a return of more than 10% to pay off finance costs and reduce principal borrowings?

If you think Asiapac can do it, then ASIAPAC is a good investment.

Hi sincerestock I also live in sabah. However why you and me see different thing?

You don't notice there are too many shopping mall in KK?

You don't notice Grand merdeka empty, suria mall empty, Oceanus empty, Imago mall upstairs area empty since opening until today? Kk times square empty. Empty shoplots everywhere.

The NTA "value" from Bank is always there. Valuation is all based on last done price. What is last done price? Is based on asiapac subsidiary and proxy company buying and boosting up value for last sold unit.

But all is fake value. You go ask kk times square next to Imago shoplot how much is rental for ground floor unit? Now ground floor rm3000 per month also empty.

Yes Calvin, sgd1000 rental also empty. How many shoplots in ground floor shopping mall renting at sgd1000, but still empty. In prime CBD area? This is called understanding your business. Not just from financial report.

Asiapac NTA definitely high( units can sell?), but take a look at the annual report. Notice how high their borrowings are? Ask yourself unsold units, is it easy to sell without taking a loss in overall valuation? If last done price is low, entire market will crater, hard to sell other units at high price. No one will buy. That's why forever empty...

Why not consider other wonderful Sabah companies which making tons of money have over foot with big monopoly...

SOGT, SAMUR all owned by PCHEM. Net profit 20%+, zero debt, growing dividend year after year. Demand for fertilizer in Sabah growing by leaps and bounds. Monopoly in many crucial chemicals...

Hap Seng? Wonderful company... Nothing more to describe.

Hibiscus? Also Sabah company with good future ( ex shell sabah).

I won't say the obvious one in sepanggar next to rasaria( grow from 1 warehouse to 12 in 4 years) lest Calvin say I promoting... But best run company in Sabah.

Many wonderful companies that have near monopoly in Sabah, no one know... But you see them and use them every day.

Only people like Calvin who don't live in Malaysia buy developer companies. He thinks they have many assets. All I see are debts and liabilities.

Very simple sincerestock, I'm sure you have friends who work with developers and property agents. Just ask them, how easy has sales been last few years? How long have those units been empty with no buyer but every month have to pay interest? How much bonus are developers paying their staff every year? How many new development projects being launched in Sabah every year? Can manage?

For asiapac, I don't have to tell you Imago operating for long time, but until today still not making money. Ask to compare with returns from Shanghai Imago and compare the returns? Then you will understand the small population in Sabah ( with usable income) is not equipped to handle the huge development projects being built. Plus Imago was built on a huge loan, still only barely paying off interest... Not even touch capital.

When one Borneo can't pay bills and almost dying, wisma merdeka also doing, Grand merdeka already dead... And still got 5 new shopping going to be built in KK( one likas, shopping mall in lintas next to polyclinic, Pacific city, ecocity, aeropod phase3-5,) do you really want to invest in asiapac long term?

United plantations has 20+% on their palm oil plantation returns.
I'm sure there are many rats there as well.

How come people still believe in QL and UTDPLT?

Oh gosh, everyone but Calvin must be blind.

I would believe Calvin in a heartbeat, if I had never read his promotions on t7, uzma, sasbadi, asianpac, talamt, protasco, PERISAI, etc etc.

If those stock picks are suspect, then the rest?

>>>>>>>>>

I caught one rat in Ql's report on oil palms

How could Ql cooked up 13.5% for oil palm business?

It's not the dividend that matters, it's the cash flow generation and what management does with the cash flow.

In 2016, QL bet big on getting family mart franchise, with 108 units now and building more and more, their target of 400 stores is very much possible and in line.

Think about.

A company that started with collecting seaweed and feedmill processing.

Transition into a surumi producing company.

Expand into a poultry and egg producing company.

Expand into palm oil refineries and plantation company.

Expand into frozen seafood and sea catch export company.

Expand into other countries, replicate it's business model in Vietnam, Indonesia, South East Asia.

Expand into family mart convenience stores.

How many companies become 11 billion dollar monsters?

This is what happens if you follow and invest in wonderful companies paying fair price.

They have a target for double digits growth for the next ten years.

I hope Calvin finds his next QL, and buys more quarterly for 10 years.

Thats why Calvin tan is poor investor. Can't differentiate between business models of transmile and QL. So sad.

Maybe I can teach Calvin a few lessons.

Ql owners own 70% of ql. the owners are also the founders and also the management.

Gan founded transmile, but sold his 25% share to kuok group. Kuok group let gan manage everything without monitoring closely on the internal deals.

Who stands to lose more on accounting scandals? Be smart like Philip. Don't be silly and compare two differently managed companies Apple to Apple like Calvin.

Transmile had reducing revenues every year, big losses, but still able to give it dividend. How don't is that? When restatement occur on accounting, this did not occur one year or next, but occur over and over again.

That is why Philip learn to look at the business first, then the financial reports, then the charts.

Whereas newbie like Calvin always keep harping on NTA NTA NTA, when the business itself is not making money, debts everywhere, and company have to keep selling assets to keep creditors at Bay.

Talamt(land), INSAS (shares in inari), protasco( rights issue), asianpac ( Iculs).

If business is positive, revenue and earnings are growing, good companies will continue to add assets, not sell them off cheaply. Calvin has never learned this fact. Calvin never will understand how wonderful companies work, because Calvin has never bought one.

MAYBE CALVIN ALSO ONE OF THE POOR SHOULD CAUGHT IN TRANSMILE VALUE TRAP? OH NO. MAY JESUS FORGIVE YOUR POOR SOUL...

Please Calvin, grow up.

BUY WONDERFUL COMPANIES AT FAIR PRICE, NOT BUY LOUSY SHIT COMPANIES LIKE PERISAI, PROTASCO, TALAMT, AT LOW LOW PRICE.

Sorry I'm not an epf employee. To be honest I don't think epf knows how to buy shares in Bursa. Their main revenue are from fixed income streams.

But why I buy QL and why epf and other institution buy QL is very simple.

2010 results:. 1.47 billion in revenue 106 million in earnings.
2014 results:. 2.49 billion in revenue 159 million in earnings.
2018 results:. 3.26 billion in revenue 206 million in earnings.

This year:. 3.61 BILLION IN REVENUE, 216 MILLION IN EARNINGS.

The questions you should ask yourself, how much debt is needed to generate this kind of growth, how sustainable is it, and how much growth is there more to gain by 2022 and 2026.

Not the little nitpicking newbie investors like calvintaneng seem to enjoy so much.

Which one you prefer, enjoy now, or enjoy later?

Berkshire Hathaway has never given out a dividend, neither has Amazon.

QL gives out low dividends? Please. All Calvin to research properly how many times QL stock split bonus shares and still maintain dividend ( growing) and company revenues and earnings.

https://klse.i3investor.com/servlets/pfs/123029.jsp

FYI this is Calvin portfolio. If you put 100000 divided equally into all these stocks, you can do the math on your total distributed returns over 5-10 years.

I put my money into QL dumb dumb for 10 years already. You can see how my return has done compared to Calvin tan.

>>>>>>>>>>

newbie4444 Philip are you EPF employee? Why EPF follow your call?
02/06/2019 8:42 PM

Good advise that Calvin tan never practise. Very pandai to comment on others, but never practise what he preach.

In front act like holy Christian.

At the back call himself China wine and dance scantily in front of Hollywood producers.


>>>>>>>>>>

Just go elsewhere and mind your own business

Ok very much confirmed, bursamaster and investhor is the same guy trying to buy, pump and dump microstocks with bad fundamentals so that he can enjoy a few cents improvement and run off.

At least don't use the same color scheme and basic windows 98 paint editing to promote your stocks. It is too easily find out, the fonts the prose the tactics are so similar.

And most of all, stop liking your own posts.

If you want people to support your stock picks, at least choose good stocks with good fundamentals to begin with.

Half past 6 investor, can you read QL annual and quarterly report first? Then come back and have a proper discussion. I hate wasting time with kids who only use apps but don't read important documents with regards to investing.

Find me one line, one sentence in my entire comments history where I promote to someone to go ahead and buy QL. Go ahead.

I dare you.

If you can't find a sentence where I tell someone on i3 to buy QL, please don't forget to apologize for trolling me for no reason than to troll for fun. In fact at each and every turn I use QL only as an example of what to look for in analyzing a company and not to buy it at pe50 at all. I don't sell subscription ( I even promote kcchonz to new investors), I don't do buy calls.

All I do is inform what I bought and how much I bought it at. And also why I did it. The goal is not for investors to follow me to buy QL, but at what criteria to look for in their own.

And at each stage I tell them that my investment in QL was made many many many years ago.

Stop putting words in my mouth.

>>>>>>>

CharlesT So far i only see one cheater here trying to promote pe 50+ ql to new investors lah
01/06/2019 6:05 PM

Just in case you shift goal posts or anything like that CharlesT, let's agree 31st December 2020 is your measurement date. We measure total share price percentage returns (share price increase including all dividends).

Good luck.

Also how do you even know that? How much of kyy investments is on margin and how much cash he actually has no one knows. Did he tell you? Do you even have his WhatsApp?

I think kyy is richer than philip n 99% of us here n he can c....
01/06/2019 5:53 PM


>>>>>>>>

Eventually we measure it by closing price as at 31 dec 2020 right?
01/06/2019 5:55 PM

How to cheat? It's in the chart. You both really half past 6 investors. It's all in record and on chart. This part can't cheat.

Not like some people who boldly claim no dividend to cheat new investors.

And over boldly claim dgsb price doubled in 1 month loud loud.

Sorry loh, my bad.

Stockraider you forgot you are also in the list right? With your INSAS. I think it was 0.67 before. If not mistaken. Again I don't keep record of lousy company prices...

I don't keep a record of lousy companies prices, I only memorize daily prices of stocks I own.

Apologies for that. In either case very easy to investigate just look at 31st dec prices of stocks.

How to run? It's on the price chart. How to cheat on that?

Fine. I don't dig around like a eager Beaver. Up to you. Important things don't research, childish things you do eager to remember. Really ex office boy mentality.

0.93 mnrb

6.7ql

You are the one who seem to disappear for a long time whenever your stock picks go south. I'm not hooded by emotion. You can play whatever stock game you want. I invest for real. Not with imaginary money.

Up to you 31 Dec 2020.

How many lots of mnrb do you actually hold CharlesT? You seem to not know the stock very well.

Another half past 6 investor. Good earnings results? Really? How much share dilution happened in between?

This is like your dgsb where you thought INSAS subsidiary suddenly jump in price from 6 cents to 12 cents.... So funny I cried. Luckily one of the newbies decided to spare you of your misery and tell you it was a 2:1 consolidation... So now your dgsb is down 4 cents instead.....


>>>>>>>>>>

stockraider The latest earnings of MNRB

You seen to have forgotten the 2 year bet to compare performance of ql vs mnrb and INSAS. Maybe you can look back again? Final date 31st December 2021. Or you forgot?

Performance of
Mnrb 0.97
No dividend this year

QL 6.7
Ql added 4.5 cent dividend this year.

Although i have no idea how it will be a fair fight for you looking at the 450 million rights issue that was raised, more to come to hold your share price down. Not to mention high interest rate in your sukuk investment.

Just out of curiosity, how many lots of mnrb do you hold? You might want to thank me after switching to pchem and gkent instead. Since you hate QL so much.

This is the kind of investor I try to avoid. Drop 10 cents say share price collapse. How to make real money with this kind of investing attitude?

>>>>>>>>>>


stockraider Learn from the lesson of Gkent loh.....!!

U need to lari kuat kuat, like the case of raider sold all gkent at Rm 1.26 b4 its price collapse loh....!!

Same lesson applies to QL too loh....!!
01/06/2019 5:10 PM

I am holding and will be holding QL for the next 10-20 years exactly because I can reasonably predict how the business will do long term.

CharlesT your ego and pride is boundless for someone with no portfolio.

Philip's prediction on Q4 : RM 1 Billion sales net profit RM75M (7.5%)
Actual Q4 result : RM 0.898 Billion sales net profit RM43M (4.3%)
01/06/2019 4:41 PM

I was predicting Q4 to trail q3 results. Yes I targeted 240 million profits, actual results was 216 million. I was off by 24 million for year end. But still higher than 2018 profit of 206 million.

How many businesses do you know of that you can have a clear picture of earnings and revenues?

Did you predict losses quarter for mnrb?

Did sslee predict drop off profit in INSAS and inari?

If you want to copy, copy my entire sentence please.

I predicted 1 billion of revenue, 75 million net profit this quarter. How many IB analysts can be that good?
>>>>>>Q3 btw>>>>>>
Sadly though, my next prediction will be not so good for QL. It will still be profitable, it will still grow. But the fourth quarter will be slightly less profitable than December quarter. Target is 240 million of earnings to close out 2018 financial year. Which will be more than 2018 profit of 206 million.
>>>>>>Q4 results>>>>>
Believe me?

>>>>>>>>>>>

Half past 6 investor I was talking about Q3 results and reduced q4 results of QL. I was right here as well.

I have no interest in being a stockgod or selling buy calls or subscription.

I am very very different from KYY.

My posts are to show my investing method and to track my investing results long term.

You are right, if I had started posting in 2013, maybe you would have trusted me more.

So start from this year then, you can forget my investment in QL and topglove etc.

Monitor and evaluate my long term investment in gkent, YINSON, PCHEM. Don't work I will edit on my portfolio each time I top up every quarter and I will inform everyone as I sell my shares.

If I don't do well you can laugh and abrade me all you want.

But I am being as transparent as I possibly can.

Would be great if you can do the same thing with your investments.

Seriously you should stop relying on apps and charts and subscriptions from banks and their free stock advise.

I recommend you read more on annual reports, trade journals, quarterly reports. You will get more pertinent information that way.

Don't be a Stockraider and a Calvintanengyee.

Half past six investor. Only know how to argue, but no sense in reading first then asking relevant questions.

>>>>>>>

Posted by CharlesT > Jun 1, 2019 4:52 PM | Report Abuse

Oh my bad...I made a mistake on the div...it didnt appear in my apps

CharlesT apparently you are the only troll in the room. No one has asked you to buy QL (or not).

QL's management said they are confident that the group's FY20 performance will improve against FY19, barring unforeseen events.

What more do you want? Chicken egg and fish and convenience store is the easiest business to understand. Growth is there, profit is there, but your only complaint is too expensive.

Then you can go all in on your mnrb with icon8888, sailing all your money in. Pe:3 right… sure is a good business. Why losses in quarter you also don't know. Reducing revenues and profit you again unaware what happened. Share price drop from rm2 to rm1, 50% losses in capital invested. Good luck with your 67 company ( your words not mine).

Posting this here to show how silly this remark is.

https://www.theedgemarkets.com/article/ql-resources-achieves-11-growth-4q-net-profit-pays-45-sen-dividend

If you want to troll, troll elsewhere. Information here is very easily available.

>>>>>>>>>>>>>>

CharlesT Congrates Philip, u made Rm1 million from QL...

Ops sorry...u save Rm1 million indeed......

Q4 no div..
01/06/2019 4:36 PM

The biggest problem you may have is the inability to judge risk. Why should all stocks be rerated upwards? We need to measure risk vs return as a choice of how much premium to pay.

Apples vs oranges indeed.

Why are some people offered 12% per annum personal loans while I was offered 2.89% loan from hap Seng credit to buy agricultural machinery?

Why does bumi armada pay 8.3% on their term loans while QL with 1 billion in loans only paid 48 million in finance costs in 2018?

Banks are falling over themselves to borrow money to QL at low low rates. Why is that?

Probably the same reason we hold QL at pe50.

Safety of investment.

>>>>>>>>>>>

Undi_PAS If PE 50 is fair why not all stocks rerated upwards? Why only QL?
01/06/2019 3:03 PM

Exactly. If wanted to compare should compare peers, if size and integration level got cp foods and japhtra to compare with. Tyson foods and NH foods.

If want to compare in bursa similar bisness compare with layhong, cck, lhi, teoseng etc. That would be more fair comparison.

But once you do you will quickly realize the level of efficiency shown by ql and their right management in growing new business units like family mart, seafood, frozen surimi processing, later farming etc from just a simple feed mill operator.

Then the meaning of the word quality management becomes clearer.

>>>>>>>

i3Value Compare QL with Public Bank??? Bank is industry totally difference from all other, waste time compare. Can never achieve anything from this comparison
01/06/2019 12:47 PM

Ok I will stop replying now. This is like SSLEE level of taking things out of context and putting what they already assumed into their thought process.

ICAP business and QL are so different and far apart it's not even in the same universe.

One is backed by organic revenue growth and results, the other is simply a scam.

I think you are just another troll. Have a good weekend


>>>>>>>>>>

FYI i did interview some major shareholders in ICAP asking why they keep on holding their shares n guess what they replied?

Hardly. You can interview to top 30 shareholders and ask them why they don't sell they shares to buy mnrb.

But don't ask liu sin, he has Ajay designated his shares to give to his kids. Not selling a single one.

As am I.

>>>>>>>>>>

To me it seems u are the only one who knows...
01/06/2019 12:30 PM

This year ql revenues is 3.6 billion, last year 3.26. I leave you to do the math of revenue growth percentage.

And if you are thinking of earnings growth, I leave you to all Warren buffet why they buy Amazon with subpar earnings growth for many many years.

6. When investing we should always buy for the future growth and returns, and not the past.

>>>>>>>>>>>>>

CharlesT SO QL (PE 50+)with its 5% growth is still better than PB Bank (PE 15+)?
01/06/2019 12:25 PM

Probably not. Those are all material information given by management, and all included in their annual reports from 2013 onwards. Layer farming in Vietnam, Indonesia replication and Palm oil expansion . Sales of frozen seafood to Australia and Japan, meeting stringent export criteria and international ISO license and cold container ship export licenses.

If you have to ask to share here, meaning you do not know why QL is pe50.

I would much prefer to keep it that way.

You may continue to invest in your mnrb which has good profits as well and p/e of 3.

>>>>>>>

Care to share here?
01/06/2019 12:21 PM

Yes. I held close to 500k shares in public Bank before I sold it all to invest in PCHEM at 8.15-8.32 in February.

https://klse.i3investor.com/blogs/philip6/193465.jsp

How many shares of pbb did you invest in?


>>>>>>>>

CharlesT Do u have any idea what is PB Bank's growth for the past 10 years?
01/06/2019 12:15 PM

Proven and documented.

>>>>>>>>

SO far any proven results?
01/06/2019 12:14 PM

What is the possibility of public Bank growing double digit for the next 10 years? What is the possibility of public Bank adding new income streams like Hong Leong into industrial, construction etc and doing it efficiently? What is public Bank track record in expanding into Australia, China, Japan, Vietnam, Indonesia?

If you tell me public Bank management told you they have a plan to grow revenues and business units with double digit revenue growth every year for the next 10 years, and they keep to their promises, then yes I am sure market will follow them to pe50.

Price earnings multiples are due to market confidence and perception of long term earnings of a company.

PB bank can expand and replicate business into foreign countries easily?

Also CharlesT I am an ex long term investor of PB bank, so I have confidence in on durability, and not pb growth.

That is what is missing.

5. QL will able to replicate its business units in foreign countries and dominate due to economies of scale and superior management.

So can QL achieve these profit growth for the next 9 years? And where these profit growth will come from?
>>>>>>

You keep asking the answers for this questions, even though management and myself have already explained many times since January.

Whatever answers given by management you will keep finding fault with them, simply because you have a pessimistic view of QL future, whereas those who have participated and are well compensated in the growth of QL dividends and performance growth are very positive ( this willing to plunk pe50 to buy this blue chip company).

It is a waste of time to argue further with someone who would not even have the ability to move the meter in ql shareholdings or even buy 0.1% of QL market share, so I will no longer try.

All I can tell you is:

1. QL will not lose money.
2. QL will continue to grow its business every year for the next 20 years.
3. QL will not go bankrupt.
4. QL will not invest in stupid cash burning forays with no return
5. QL will triple the number of family mart stores in Malaysia.

I think the only one emotional here is you SSLEE, ever since I compared your investment in xinquan and INSAS as rubbish you have been seeking more and more out of context assumptions to try to explain how not investing in QL is the best option.

Yes we get it. You are not an investor in QL. You are an investor in INSAS and xinquan, losing hundreds of thousands in the process.

You seem to think that investors that value QL at 11 billion are silly people. And yet the business fundamentals are so strong and the management are confident of double digit growth for the next 10 years consistently with very low risk of bankruptcy, debts and cash burn off businesses.

I wish I could convince your mind on what constitutes a good investment is more than just charts and balance sheets. But alas, you seem to think that you know far more than those who have invested in the market for far longer than you have.

Therefore Mr know it all, please continue to invest in your INSAS and xinquan and continue to believe only in what you can see on paper, but not what the business itself is doing and it's competitors, rivals and pets are doing.

Good luck in your investment, you seem to know what you are doing.

Please continue talking crap while I enjoy my dividends. My QL stock has split shares and bonus issues so many times, but the dividends still continue on unreduced.

The good thing about investing in a 11 billion dollar company is no more how much noise and bullshit spewed by Calvin, Stockraider, Charlest, choivo and ask the rest, NO ONE CARES.

The business is as solid as ever, as srong as ever, as balanced and we'll managed as can be.

Sslee is truly finding items out of context because he cannot find any fault in QL investment other than being too cheap to pay up for wonderful companies.

Calvin tan would rather buy and hold TALAMT long term since 2016 than buy QL in 2016 and hold until today.

CharlesT..... Is a wealth of useless information.

Guess who the only long term QL shareholder is amongst us? Thank God in between I didn't invest in hengyuan, protasco, xinquan, and many other losers.

Biggest problem is not what you said. For me I believe the biggest problem is the fact that they are in debt of rm400m, and have to service that debt with 32+ million in interest payments alone every year.

NTA valuation for construction/developer companies must be taken with a grain of salt.

Valuation price is based on last done price in the particular area and depends also on the valuer support in giving you a good price.

However that price is not the real market price, because if it was it would be selling like hot cakes and everyone would be rushing to their money in.

However, value of the condo may be 1m and banks are willing to bridge loans base on that expected value, but are savvy young investors and families willing to pay big bucks to buy that house?

If it was easy to sell, it wouldn't be languishing in the receivables column for years on end. Assets held for sale.

Everyone these days look at NTA wrong. Sad and dangerous.

>>>>>>>>>>>>
biggest problem with this counter is lack of coverage and lack of liquidity.

Mark Calvin 's chun chun forecast for Asb (advance synergy bhd) at 14.5 sen

Calvin predict that by end 2019 Asb will receive Rm124 millions from Shah Alam asset sale

Of which the profit is 8 sen
>>>>>>>

Latest prediction by Calvin

With no track record and volume details, what we have to fall back on are the real performance of the stocks themselves.

Anyone can say they sold Amazon in September and bought back again in December right at the bottom.

I'll just stick the to promoted stocks performance thank you. And definitely when Calvin goes on record for his sell calls or take profit.

Otherwise it would not be fair to all the i3 community who take calvins advice wholesale.

Latest promotions.

So now Calvin's top 3 choices are

1. Uzma
2. AZRB
3.T7 GLOBAL

AND PRICES ARE NOW CHEAP
31/05/2019 7:50 PM

As usual scorecard for calvins promotions of stocks and their performance.

>>>>>>

https://klse.i3investor.com/servlets/pfs/123029.jsp

We cannot just look at 1 metric of course. Public Bank is good and is huge, but how easy is it for public Bank to diversify regionally to change, Indonesia, Philippines etc? QL has already shown the capability to "copy" it's business model and replicate regionally. It's products are sold in Australia and Japan in increasing numbers. Is there a public Bank in Japan and Australia? What are the barriers of entry of public Bank into those countries.

I remember Maybank once hit rm2.50 before, during the Indonesian crisis where a lot of its assets there just went kaput.

Why do we pay pe15 for public Bank? Barrier of expansion and management control is hard to replicate overseas and build the reputation as a good bank in other countries.

Why do we pay pe50 for QL? Very consolidated market with big boys as market makers and price setters. Huge economies of scale with low margins but incredibly vast addressable market.

That's why I dropped pbb and shifted to PCHEM actually. Addressable market size and future prospects 5-10 years onwards.

Local banks will only be addressing local growing population.

Manufacturers and exporters will be addressing the future growth of South East Asia.

Fact 1. Msg was discovered in 1908, and it has been used for more than 100 years with no Ill effects.
Fact 2. Western research centers have done double blind tests to figure out the dabbers of MSG, and have found no ill effects.
Fact 3. If MSG is a problem, why doesn't everyone in China have a headache?"[52][53]
Fact 4. Family mart sells freshly made food with very little in preservatives. They taste better, are more expensive, but people can differentiate the quality between 7-11, family mart and mynews pretty easily.
Fact 5. How do you know family mart uses high doses of MSG? Any supporting articles?
Fact 6. https://en.wikipedia.org/wiki/Monosodium_glutamate

Every month every year say the same story always, but one thing Calvin and sslee cannot deny, QL has never had a loss making quarter in the last 20 years, growth has been consistent and growing for last 20 years. Earnings, profit and market size has always been up up and away for last 20 years.

This is fact. All the stories and arguments sslee and Calvin and stockraider put out, they have never been able to argue this fact.

And they have never seen or invested in such a company in their lifetimes.

I have. So I am content to enjoy 10x returns on my investments and I am confident to buy more and more whenever I have extra capital and the opportunity presents itself.

While sslee buys xinquan and INSAS ( and not inari), I buy and hold QL.

While Calvin buys perisai and protasco, I bought and held QL.

For ten, long years, and added to my position quarterly.

Why does QL command 50 pe while no one wants to touch uzma, t7 global and INSAS?

Why is one company 10 billion and the others microcaps?

The answer is simple: addressable market size, capability of management, competitive edge of the company, performance versus peers, historical returns, dividend increases ( even with multiple stock splits) HISTORICAL PERFORMANCE.

While Calvin and sslee looks HOPEFULLY at what a company CAN DO and buy the shares based on NTA, Philip looks closely at what a company HAS done, which is start many years after layhong and leong hup established, but performance and growth far far outpaced theirs.

This is why Philip is confident even at pe50, QL has shown capability to transition beyond a feed mill operator into a mega company. It will continue to perform and grow with excellent family mart results.

I wouldn't expect them to understand. After all, they never bought a share of Berkshire or Amazon either.