Mah Sing already sold their glove manufacturing facilities to Top Glove.

Warrants all expired... good good, give chance for Bonus Issue and free warrants in near future.

No shareholders here but still a lot of hooos haaas... still holding to my Insas...

Not really. I dont really feel there is much difference in costing during PN vs PH. Cooking oil is expensive during PN vs PH. Rice is cheaper back then compare to now. Meat wise is slightly higher but not by much. However the price of cooked foods out is increasing year by year which could only mean few things. Rentals are making a killing, sellers want higher profit, etc. Few months back, there was news that decades old kopitiam operator would rather close than agree to the new rental rate which was hiked about 50%. Standardized rental? Windfall tax on property owners to curb such increase?

Depends. It is indeed kinda pricey when you consider that some Indian and Malay sellers are able to provide nasi lemak biasa at RM3-3.50 with sambal, full or half egg and nut/bilis. Of course, the location also dictate the rate for rental as well as workers' wage. I just hope that at the price they are selling, at least be generous with the portion.

You can kinda see where this is heading to... subscription based services in future for connecting to the server. Thanks but no thanks you.

So many non-shareholders buat bising je...

ooikh889,

My bad, you reminded me of how the banks are operating. If you don't use a big portion of the facilities you secured, chances are they will be downsized in near future. I just thought that they could at least at least put some of these money to better use like short term FD which could be redeemed to payoff these operating capex borrowings if necessary.

Since when loan interest can offset income tax?

Company has 225m cash and bank balance... only 12m in FD. They even had 205m in short term borrowings probably for buying materials. Why do they even waste the 225m when they can use it to buy materials with cash without using short term borrowings? Or at least put them in FD. If you assume short term borrowings as LC/BA/TR, at around 6% annually, they would have save millions in borrowing cost.

I thought Insas get 50%++ for the new M&A by injecting M&A into SYF. Where got sell?

SSLee... surprised you bought Pantech. Steel related counters aren't very generous with dividends.

Some of you guys are funny. Supermax has 2b++ cash... does it mean one should takeover Supermax from Stanley? 2.7b shares at RM1... you're only paying less than 500m for one of the Top10 glove maker in the world.

Insas doesn't goes up because you are using Inari shares holdings which are already PE40~50. Insas core business eps is not that great by itself. So stop saying it's value trap.

This little bit of hoo haa called promotion? Anyway the show isn't over just yet

What? Leno is back? Aihhh... you should stay hidden... Insas so cantekkkkk when you stay hidden.... hehehehe

Still holding mine and dont plan to sell regardless the price... this increase is nothing... even when mco drop to 30c, I still hold it. If I had 10k in Insas, at most Im losing RM380 interest compared to FD. I'm planning to hold until the day Dato Thong think it's my final days, and distribute one time special divvy.

SSLee,

I dont think I would support your idea of re-investment if you want them to use the extra cash to trade stocks. That is not an investment but trading. I dont think they are capable of sustaining that over a long period of time. An investment should be a long term prospect that you can reap at a later date when you turn the said company around. If you just want to trade stock, why not jump into US Market yourself instead of letting Insas doing it for you.

I have hold Insas for years. Yes, book value is worth a lot because of Inari, but in terms of their own business, I dont think it is very good. Their business is very stagnant, half of their profits every quarter came from Inari dividend which is why the PAT is high.

Just look out on the warrants. That's where money is made. Previous warrant also same. They would not want to dilute the shares.

Wait until warrant 50cents then you can consider taking profits

So fast sell? I think they want to goreng and dump those warrants.

No surprise why the dividend is low. With hundreds of millions of extra cash, they can lend/borrow left to right with 0% interest, probably without much collaterals as well.

USD350m for a plant in the USA? Hello... that is like your leftover cash reserves. Tell me it doesnt smell fishy... Being a shareholders in Chinaman company is facepalm.

Actually do you know how to calculate whether or not glove is worth buying??? Based on QR??? LOL...

You have a rough estimate of their annual capacity. Use that to calculate based on guesstimate pricing for bulk 1000 pcs pricing. Then compare with their revenue and you will get a rough figure about ASP and if ASP is showing sign of rise. Use the base bulk pricing calculation of USD20-25/1000pcs to guess their current capacity utilisation.

Reading all the comments make you be like Ahmad Mazlan (binggung) when you actually load up the QR report.

Kossan actually made a loss on their gloves... negative 15millions from glove but clean room gain 6.7m... overall glove segment still losing 8m++ compared to Harta who is turning a small profit. What boost their profits is the Technical Rubber segment and OTHERS (which they indicate is related to investment holding etc).

LOL...
TSMC vs Inari... Do you even know the difference between Inari and TSMC?

Insas forum become family forum?

Our customer in the past and even get pink form to buy at 68cents... I didnt expect that my boss get to triple his money after so many years of losing money.

GE15 dekat dah... pintu belakang pun boleh cakap reforms... macam ada moral...

Even though Hartalega share price is overly inflated IMO, but their management is really good. Their glove output is also much higher than industry stanards owing to much better design and material usage. However, as in many MNCs, when company gets too big, snakes will start to appear. It is unfortunate that they allowed themselves to be caught up. NGC should have completed years ago and yet they just completed it now. Going forward, I wonder if they still maintain the advantage over the rest that keep narrowing year after year.

Insas will more likely buy shares of another struggling company than giving out 5c dividends lor. Holding since 2015, getting a bit used to their pattern to spend money. Now just wait announcement see which company will grab their attention.

Insas forum so hot ahh until the popstar calvin also come crash the party... LOL

Sslee,

Do you truly believe Insas will unlock its value? Hmm... There is nothing really interesting about Insas businesses apart from some interesting holdings in Inari, HoHup, Microlink etc. Microlink has surge quite a lot during the past year.

Result is not bad but the effect of lockdown only started on June. You will need to wait another 3months to see how bad it is going to be.

If you want to buy Insas, then you need to play along with the boss.

Subscribe PRS which gave 4% every year... sell the Warrants around 50c... this is how Insas boss will continue to milk from the slow sale of Inari shares every year.

Insas will continue to dispose Inari slowly to pay dividend and PRS interest. This has been ongoing since I bought the stocks in 2015.

I dont really know why people are still obsessed with Insas QR when it really didnt matters at all. A huge portion of the "fake' profits are investment revaluation. This wont even provide enough liquidity to pay dividends and PRS interest.

LOL...

Use EPS for Insas... kekw...

Let's spread the love. Selangor and KL cant be hodling the limelight of highest covid cases for long. Need to pass the baton to other states.

A US smartphone maker? Not to mention neither Apple, Google nor Microsoft made their own smartphone. Just write Apple cannot meh?

Only 1 day but already desperate to reopen.

I can only say you are too optimistic.

1. You're assuming that glove asp will maintain at usd40 in 2023 whereas many are predicting usd25-30.
2. You're assuming that covid is still around and every glove makers would be running at full capacity and sold out all their goods.

For me, I would calculate ASP USD25 with 65% utilisation.

48b x 0.025 x 65% x RM4.15 = RM3.237b revenue

OR

48b x 0.03 x 65% x RM4.14 = RM3.885b revenue

Do you still see Supermax at RM11 now even with 48b capacity? I'm not even assuming the worse yet. Why? Pre covid, even at current capacity, most glove makers are only at 60-70% utilisation. Supermax can double their capacity, but would they be able to sell as much given how many newcomers are going to flood the market with their offerings as well. Price wars is imminent. Things will get ugly very soon.

LoL...

All kena scammed 99...

Uncle missed his opportunity to sell Leon Fuat at the highest. Otherwise this article wont come out.

Anyway, China government has come out and instructed steelmakers not to participate in pricing manipulation. I think China government also caught out by the spike in demand after ordering factories to shut down to reduce pollution. Iron ore has dropped after that. I foresee pricing will go down slowly in the next 6months. It takes a couple of months to boost supply to meet demand.

https://www.globaltimes.cn/page/202105/1223616.shtml

LOL...

You guys still havent update yet? China government wanna curb steel price increase. Steel price drop 500 yuan already.

Uncle is treating like every steel player will enjoy huge profits. In order to enjoy profits like Leon Fuat, you need to have steel stockpile that you accumulated earlier in the year. During that time, steel price hovered between 2800 and 3200. Now the price of these has increased to 4400. If you had a lot of leftovers, then yeah, good profits... however unless steel price starts to trend downwards, you will be stuck importing high price steel from China once your stock depleted.

No wonder they said pen can kill. It is either you are ignorant of how much ASP will drop or you have math problem.

First of all, ASP might (I wont say definitely) drop to pre-covid level. If you google, most agreed that glove price at the highest is 4x pre covid level. $90/4 = $22.5 per 1000 gloves

Now work the math.

If $22.5 , then 1 piece is $0.0225
48b x $0.0225 x RM4.1 = RM4.43b revenue

if $25, then 1 piece is $0.025
48b x $0.025 x RM4.1 = RM4.92b revenue

if $30, then 1 piece is $ 0.03
48b x $0.03 x RM4.1 = RM5.9b revenue

Would you mind to share how much profit margin Supermax will get? 80%?

For comparison, lets just say for FY2021, average price for Supermax sales is $70 for the whole year.

if $70, then 1 piece is $0.07
26b (current capacity) x $0.07 x RM4.1 = RM7.46b revenue (kinda close to the estimate)

Even with double the capacity, Supermax would not earn anywhere close to RM4b even if the ASP is $30. That is why their shares is being dump.

You havent even taking into consideration how much excess capacity once covid is over. Dont forget pre-covid, utilisation rate for most glove makers are just around 60-70%. Lets just say Supermax is really popular for whatever reason and they managed to retain 70% utilisation rate of 48b capacity. Whatever result I posted x 70% would be a figure much lower than RM4b revenue. So tell me how do you expect RM4b profit for FY2022?

It is indeed Homeritz turn to be infected with Covid19...

Sslee,

Steel price is rising steadily (hyper inflation since already up more than 50% since November) every week thus I'm not surprised that they record good profits. However it is also a double edge sword. Price up means you also had to replenish stock at higher cost which would also hurt earnings in future and more so if it suddenly took a turn to the south.

How many people lose money to this scammer? Sigh...

Looks like Uncle going from all-in glove to all-in steel.

True, steel pricing has been inching up and up non stop for the past quarter but demand is soft.

'Abang' sudah bayar berapa?