Point out one for me. I think the management is doing pretty ok. Good div etc.

Posted by babyrace > Nov 23, 2017 01:08 AM | Report Abuse

Does it matters anymore on this stock fundamentals? It's a family business. Looking at past transaction disclosures, the directors seems more interested on their short term personal gains. It's like their playground. Just stay away for now.

At least net cash. Ie RM1.8.

sitia how much is the fair value then?
21/11/2017 08:40

Although tbf, it may not look that cheap as this quarter does definitely look bad. It may be due to temporary, arguably "Non recurring" events. But these events tend to have a way of recurring.

Now i got hope sial.

Time to build a position here.

Cash plus money market fund is RM105.87 mil.

EV (Market Value of Company, less cash add debt) is RM33.12 mil. This means if you were to buy FLBHD for cash right now, your cost is RM33.12 mil.

This company, on a yearly rolling basis made RM23,748 mil (EBIT)

EV/EBIT: is 1.4. Ie you buy this company now, within 1 year 5 months, it makes back the money for you.

I expect profit to drop abit more, but the margin of safety is very very high now.

Proof of the RM50bil in projects?

Posted by calvintaneng > Nov 21, 2017 01:36 AM | Report Abuse

John Choivo,

THE VALUE OF MRCB IS IN ITS BEING A GOVT ENTITY JUST LIKE MYEG.

ALREADY SECURED RM50 BILLIONS IN PROJECTS.

JUST LIKE GADANG AND GKENT - GOVT CONTRACTS ARE RESERVED FOR MRCB AS A PRIORITY.

Ok, that explains. Top shareholders hold more than 96% of the shares. The growth story still continues, but you are probably paying at least a 50% premium.

Wow, no drop. The management must be really good at supporting the price. Well in the end, everything goes to fair value.

Calvin,

Why MRCB? What is the fantastic asset that this company have? I cant really seem to find much in the books. PLenitude, Daiman, UEMS etc all seem better.

Im quite surprised it didnt drop though.

Is BJCORP shares undervalued, probably.

But rmbr, Facebook shares are not in BJCORP. That one is certain.

True, however like i said, it takes decades. Im keeping track of this as well. Their land truly is very fantastic one.


Sunshine land value appreciate not depreciate bec land will become lesser n lesser... n also inflation and money depreciate all the time.. So the land value will go up not down...
16/11/2017 14:45

100 P/E company, top line and bottom line drop for 2 quarters in a row.

This will be very interesting

I dont think you understand just how much Icon8888 made in airasia.

He retire d lah, go eat his tilapia can d. Still stay in these forum talk to people like you for what, nothing to do meh.

Because people goreng it so far above fair value 2 years ago. Its now definitely below fair value.

sitia Jon Choivo, this stock have moved downward since 2 years ago.
20/11/2017 06:28

I dont buy anything unless i feel it is worth the price. Why on earth will this company hit RM2 next year? Alot of things need to happen and go right for it to hit 2.

Johor property market must be very very hot, All the tolls and highways must be built on time with fantastic returns. And opposition must lose. Right now, the tolls are fairly valued, im not sure i want to pay 800mil for the construction business.

Im not saying you cannot spend your time however you like. Im just pointing out the inconsistency in your writing and how you act. You talk like you're long term investor, but the way you act is more like a next week investor.


Halite May be I can put it this way

You want to buy ekovest at 0.9
Now it is almost near you target price .

My comments may have disrupted you plan, less people want to sell you cheap ....

If this is what you think, then it is no good. Very selfish lah...

Be a man !!!!

A big winner never scare to pay a few cents more to earn big

Or

I put in a simple language

If you can sell ekovest at 2.00 next year , why want to be so calculative at this cheap sale moment, just hoping to save at few cents.

You may miss at good opportunity to make big money you know
18/11/2017 11:20

How is this a good business or even one worth buying?

No economic moat, valuations is considered ok only EV/EBIT of 9 for a no growth company. Product have zero differentiation, only concern for customer is cost.

The only reason people seem to be buying is cause director is buying, which is really not a reason at all. Mokhzani bought so much SENERGY, look where he is now.

Small company, so easy for groups to goreng. That's it. I dont see how this can be a good investment unless you have a group ready to goreng for you and make you money.

Its about 10% of portfolio.

Unless someone tmr give me 1 million for no reason. Have to wait until big enough discount before i buy more loh.

You think entire bursa only RCECAP can buy meh.

In terms of valuations, Affin is quite undervalued, and has room to leverage up as it has gearing of 7X compared to the 9-10 of the top banks.

However, i dont see them being able to obtain enough deposits to leverage up. I only hold 2% of portfolio in affin. Only due to the undervaluation to its fair value.

May buy more if it drops more than 15%.

But definitely, those who are looking for next week return, this is not the stock. It may go even further below fair value. But those who understand how undervalued this company is and can top up every 15-20% drop. It should be a decent buy, just don't hold it as too much of portfolio.

Haha, i dont think i would have bought it at 3.2 as my fair value is around 1.5 - 2. Since i do not trust the management. And they are many companies in bursa that are very good and undervalued.

Of course i now have the benefit of hindsight.

I think you should really consider making sure you really understand what you buy, otherwise, you will get trapped again.

Having said that at 0.66, it is really really low.

There is not asset so good, that a high enough price will not turn it into a bad investment, nor is there an asset so bad, that a low enough price will not turn it into a good one. Im willing to hold a max of 5% of portfolio at this price. Will look again if it falls to 0.4.

rogers123 Jon: most of my capital r in bjcorp, jaks n jtiasa. If i average up like kahoeng, i am pok kai already. From 3.20 to 0.66
18/11/2017 15:05

At 23 pe, your paying for the bright future d.

aspiral25 This company has a bright future. Hardworking employee with great love to explore test eng. Some even spend their time rnd on their own. This is motivated by their shining ceo. More project coming soon. Stay whwrw you are.

Halite, why do you promote a stock other than for selfish reasons? You doing charity work everyday spend so much time writing here? No what.

You posting here because you want the stock price to move up NOW or in the short term.

And this is normal, but inconsistent with your writing.

I tell you, if you see houses yielding 10% per year in rent with tenants already inside. Will you tell whole world to buy, or will you diam diam, find the money and try to buy them all.

If the market price drop further and now the rent yield 14% will you start to panic and tell your friend to buy from you or the area, or will you just sit down, do more research, check the fundamentals and buy more?

The highways in this business is very very lucrative. But my price is 0.9 or 0.8. 0.8, is cheap d. If it drops to 0.7, time to sailang.

My suggestion is this, find out how much of ekovest do you like at this price. Buy then quiet, go spend time with family. If it drop, look again and see if you now like it more or less.

Question is this, if people trusted razali and his son, would the price even drop this low? If your purchase at 0.725 included the "I Dont trust razali" factor, when it dropped more you should buy more. Unless you think you have enough in terms of its size in your portfolio.

rogers123 For me, i don trust rzl n his son, so i wont average down. I am holding 20k of puncak at 0.725++.
17/11/2017 12:41

Haha you guys really damn cute lah.

Little bit drop, bising already.

Can can drop more. I waiting for below 1.5 to top up abit =)

Halite, no need talk so much one.

You think its good, just diam let it drop. Drop low enough you buy.

You think its bad, just sell, no need to hardworking try and push.

Im waiting for 0.9 and 0.8.

This is a good company.

Problem is that use too much equity, so much share issue etc, that really dilute the share base.

This is a financing company, which means you need to leverage up. Other non deposit taking financial institutions leverage up 3-5.5 times. While Elkdesa only has leverage of 0.1 times.

My suggestion, take a loan and give a fat div. Leverage it up to at least 2 times.

He only sapu 9mil in stock. Or basically RM9 million.

Ekovest is a RM 2.1bil company with 2.139 billion shares.

he only sapu less than 0.5% of the stock. So little.

What tabung haji do is none of my business. It might go up or down, but that's not something i can predict. The only thing i can estimate is the intrinsic value of the company.

Its cheap, but there is cheaper, and im not warren buffet, EPF or Tabung Haji who have 100bil fund, not enough things to buy, so they ahev to expand their criteria's.

Posted by curious2 > Nov 15, 2017 05:24 AM | Report Abuse

Jon Choivo short Tabung Haji counter?

The 163.9 acres is from the 17,292,268 square feet or 4,273 acres of land in Iskandar Puteri. Revalued to the 164 acres at RM 310 mil, that land is worth RM 8,077 mil or an additional RM6,453 mil.

This adds Rm1.43 to the NTA of the company, bringing it to basically, RM3. Share prices is currently trading at RM1. So 66% discount.

In which case, why not Daiman or Plenitude, both also got prime land, except at similar valuations despite having not had the land revalued yet and much healthier balance sheets.

Also, do note that land like this in reality will have some discount. You cant just build a condo, you need to build an entire town. That takes time and i meant decades. Put in the time value discount, and its at best worth about 50 cents more.

I'll pass.

Isnt this the time to sell, fundamentally unprofitable, unlocked land value.

Time to sell loh.

Your big profits is last year, when everyone see the johor potential like going to happen in one yea like that.

This year, definitely is a loss for TMCLIFE in your portfolio at least.

Anyway, bye. Good luck, i hope peter lim really is a god and show you why this company valuation higher than facebook, google and apple.

Posted by skybursa > Nov 14, 2017 01:22 PM | Report Abuse

True I'm making big profits in Tmc. I guess that's what we all want. Those who failed van keep on bla bla whatever if that makes you feel better.

Go through my post, and you can see what i buy.

People want to kacau there also nvm, you're welcome. Since i know the real value of my companies.

I don't really share out my research, unless i'm not very sure and im hoping someone can argue back and tell me why im paying too much etc

One example is TIMECOM, fantastic company, fantastic business, one of the best for companies listed in KLSE. But valuations wise, its not cheap at 22 P/E. But given the growth and business, it seems to be worth it.

However, the real danger in investment have always been overpaying for potential. With potential being really really hard to value.

I dunno. I know people who work in TMCLIFE and IHH. And i can tell you, TMCLIFE is very very well managed. One of the best hospitals for gynecology in malaysia. Great balance sheet, and also great potential with Johor being a future hub for SEA. Peter Lim is also a really good businessman.

And gynecology is one of those business where it is inflexible in price. Try tell your wife you want use cheaper hospital for her delivery and see. She and her family slap you and divorce you ah.

Problem is this. Peter Lim need to invest like this, because he got billions, if he buy only good value stuff, not as exciting and need way more research. That's why he can overpay, or do these kind of early high p/e investments, because he's looking at decades in the future. He's looking out for his children and grandchildren.

But for most retailers, got less than 100k or less than 1mil. You focus on this for what, so many better things to buy.

You see stocksyindicate, talk as if he invest like warren buffet. But i dont think he got hold stock for more than 1 year before loh, unless its a loss one lah.

Not saying TMCLIFE cannot go up, but for it go up, it needs fantastic result, they show you green, not guarantee can go up. Show you red one time, all die together.

Posted by BringLuck > Nov 14, 2017 01:11 PM | Report Abuse

jon u sound great in investing ...mind to share what company u currently holding ? mind to share ur investment return on past 1 year ?

Tell me the last time warren buffet buy 60 P/E company. Dont use his name like that.

The highest he ever paid was 25P/E if you're using that valuation. I very curious.

Or are you just trying to cheat people using buffet name?


Posted by stocksyndicate > Nov 8, 2017 05:41 PM | Report Abuse

Most investors just look for fast gains and always act like retail mindset. Those with long-term investment and mostly believed in fundamental. Warren Buffett was successful because he believed in fundamental & do research and not buy on speculation. Want fast gain? Genting Highland is better choices.

Very cute lah you. No rebuttal, no additional info. Just attacks only.

I hope when recession come you don't die in stock market. I also feel sad.

Posted by EDINVESTOR > Nov 14, 2017 01:08 PM | Report Abuse

Idiot like you won't understand. That's why you always a loser

I make fuss you care for what? If you think its cheap, and i make cheaper, buy more lah!

Unless your goal is to cheat dumb people money lah.

Posted by EDINVESTOR > Nov 14, 2017 01:05 PM | Report Abuse

If tmclife a scheme than don't buy. Why are you (Jon Choivo) making huge fuss here since you don't own a single share? No one forcing you to believe or forcing you to buy right? You look like a fool & not a hero.

RM4, just P/E also 240 times. Wah, so fantastic valuation.

15 times higher than APPLE valuation, and 5 times more than Facebook valuation. Waseh.

This kind of price, company need to expand like mad. At current earnings ah, need 240 years before you even see enough profit.

Really is multi-generational investing sial. You either really is very very long term, very very stupid or very very unethical.

Posted by stocksyndicate > Nov 8, 2017 09:32 AM | Report Abuse

Target RM4 more reasonable for future potential

Don't like liars mah. Don't need be hypocritical. Just say, i buy cause i think will go up, because at some point people will want to goreng this stock again.

Mai no issue loh.

but to mislead people saying good company, good company. With no reference to the price, is like stealing candy from children loh.

Nothing wrong with stealing candy from children, but unethical loh.

Posted by stocksyndicate > Nov 14, 2017 01:00 PM | Report Abuse

Jon Pui nobody ask you to believe. Why are you so angry huh? I took your money? You don't have money to buy stocks? Stock market is for people with money & not for people to prove stupidity like you

Dahlah name is syndicate, holding power and fundamental your head lah. Lie to people for what.

Posted by stocksyndicate > Nov 14, 2017 12:50 PM | Report Abuse

Believe in my own research than listening to others negative advice. I had been holding Tmclife for few years. I believed in holding powers & fundamental

No buy can guarantee profit, the only thing you can ever really be sure of is roughly what is the intrinsic value of the company.

not saying tmclife not good, its a great company. But you're definitely overpaying.

Posted by skybursa > Nov 14, 2017 12:14 PM | Report Abuse

Low pe stock stock don't guarantee profit either.

Why? Cause you want to cheat more people money?

Yes, its growth stock, but at 70 p/e it needs to grow in excess of 50% a year to be worth it.

Good company, but probably overpriced.

Posted by stocksyndicate > Nov 14, 2017 11:42 AM | Report Abuse

Stop pouring cold water if you are not invrsting

Why is it no longer cheap?

Because it was lower before, or compared to your calculation of the intrinsic value?

First off, your figures is off. Its more like 1.5 per share. RM3 is the figure you got by assuming that this quarter will be fantastic.

It might just be fantastic. No doubt.

But at the current price, it almost requires a fantastic result. Anything less will cause a drop, considering how hot sentiment is.

Second bit, if valuations were based on how much a company can make per share without taking into account the number of shares or the price of the shares, we would all be millionaires.

Stockraider, i have no doubt you make more money than me this year, despite your foolish sailang call on evergreen, whether in absolute terms of percentage.

But i can say the same of my friend who have made more than 1000% in cryptocurrency.

Does that mean he's smarter than you? or more better than you at investing? I think not.

Seth Klarman, Ray Dalio and Warren Buffet, all make less than 10% or just above 10% this year. Does that mean you are better than them? My un-leveraged returns this year is 20%. Does that mean i'm smarter than them?

During bull markets, it is the people who are willing to take the most unnecessary risk that will make the most money. But these are the same people who will die during a crash.

We have been a bull market for 10 years now. Even after accounting for the slow down in 2014 and 2015.

During the bull years, you go make all you want. All i know is, when a crash comes in the next few years. I'll still be around in i3, while many of your followers will have left.

You'll probably still be around, since you actually know your stuff.

The thing that i find odd is this.

I'm sure you are much older and much more experienced than me. In investing and life, you've probably eaten more salt than i've eaten rice.

You've seen the crash of 1980,1990,2000,2008. You've seen people die due to ifca etc, and you've worked with Neoh Soon Kean.

And yet, you still continue to fry stocks for people to buy and talk as if all your hengyuan is like god, nothing can ever go wrong one.

No, your followers wont really die, since at the end of the day, hengyuan is a fairly decent company and the valuations is not exactly overpriced like most of the semiconductor stocks.

But that does not change the fact that for you, your main return on investments come from taking money from others, once you've pushed the sentiment high enough. Not so much from increased profitability of the company.

If you truly felt hengyuan is so cheap. You will just diam diam and buy, knowing that the true value of hengyuan will rise. The reason why you need to shout so much, is because you're a unsure of the true value of hengyuan, you know that the fair value is very close and that any remaining return will come from sentiment.

I still respect some of your analysis.

Evergreen is actually pretty decent, but you forget the boss is rubbish and like to take money from business, always chasing after the small money, not seeing that the big money comes from building you business up to a fantastic company like topglov (or he just felt incapable of doing so), that's why there's a discount.

But i don't respect your ethics.

Posted by stockraider > Nov 14, 2017 12:03 AM | Report Abuse

HENGYUAN THE MOST PROFITABLE CO IN KLSE WITH EPS RM 3.00...IF NOT TALK GOOD....THEN TALK WHAT AH ??

USE UR BRAIN LAH...!!

Ranhill is easily one of the cheapest power and utilities stock in bursa, along with PBA.

I would buy some but im broke, and i dont sell stuff.

YTLPOWER is the most expensive.

The thing about investing is that you have imperfect information. So you can never be 100% sure. That's why we have the concept of margin of safety in investing.

Intrinsic value is an estimate, not an exact figure.

"I buy at current price because I expected the price will go even higher."

That's the definition of a bubble (maybe not bubble but more like frothiness) and chasing high.

Yes, its arguably not that expensive, but compared to what? Alot of stocks in bursa is cheap also.

The real meat in investing is in comparing one opportunity to another. How do you compare to see if Favco or Hengyuan is a better investment?

Or the other 15 companies that are very nicely valued now. That's the hard part.

If anyone tells you investing is easy or that they are 100% sure. They are lying to you, because they want you to buy more.

so many of the forummers here so sure about the last quarter, see what happen?

Stockraider so sure about evergreen last quarter will be green he wanted to bet 50k. It was red. I know 50k nothing to him, but still lucky didnt bet.

Not still have, i finished all 923 reports, 5 years worth for each. :)

I don't do tips sorry, since my absolute favorite companies, i want to collect for a long time, no point getting my cost up. But you can look through my previous post, one of them is my favorite. I also wrote a blogpost regarding my thought process when i bought timecom.

Its pricey, at 22 times ev/ebit or (3 times current hengyuan valuations) . Im not even that sure if its worth that much. But i consider it a 1960 public bank level of company and public bank have never been cheap valuations wise. I expect fantastic returns over the years.

Posted by khoo890 > Nov 13, 2017 11:44 PM | Report Abuse

Jon Choivo,
how can you said Ekovest at 70 Sen is definitely cheap, why RM1 not sure? you base on why to say it it cheap? I also can say like you this....

In your posts i saw so many "I think" "I might be wrong" "If im correct, i make alot, if im wrong" " I feel like Hengyuan is worth about 11 to 12" ...... Why you so not sure in what you said de? You talked about "Expected value" using "probability" is so funny to all what you have said, yet you mentioned about intrinsic value.

I buy HRC is not because been heavily promoted by the Forum here. I buy because I see their posting shared with facts & figures. I buy at current price because I expected the price will go even higher.

I am also one of the low IQ one and I just simply refer to oil price trend, (From July to Sep oil price trending up, this coming 3rd quarter result I also say "Probability" good like you did can ah? and from Oct to December 4th Quarter "Probability" excellent result can ar?

You said still have 923 companies report to read, go and spend your time reading all the annual reports. And please share with me what good stock you find and their intrinsic value.

I will like you very much if you don't selfish and share with me good tips because I don't know how to read financial report like you..... :)

Yes, except, those companies do not have that insane revaluation gain on inventory, forex gain also little bit only.

Im not saying profit cannot grow, im saying don't goreng as if the profit can do nothing but grow exponentially.

Bad karma. You wrong one time, not just you die, half of i3 die with you, especially since your follower so many.

Posted by stockraider > Nov 13, 2017 09:45 PM | Report Abuse

SAMETHING LOH HENGYUAN PROFIT GROWTH MAH...!!

Posted by Jon Choivo > Nov 13, 2017 09:44 PM | Report Abuse

Posted by stockraider > Nov 13, 2017 09:40 PM | Report Abuse

I ALSO REMEMBER AT ONE TIME EARNINGS & SHARE PRICE.....VS....LIIHEN...LATITUDE...POHUAT WERE VERY LOW ALSO WOH....!!

SO WHY SO HIGH NOW LEH ??

Growth in profit. Still need people teach you this kind of basic thing meh. You invest so long d, used to be from dynaquest office summore.

All your stock you only say how good the company is, like its god like that. See evergreen, clearly got some downside what, but no, the company like cannot do wrong like that.

Why you talk like this for every single one of your stock picks? To goreng loh, to make sure got someone willing to pay more than you for your company loh.

Because you want your earning to come from sentiment mah, not from company profit growth mah.

you talk at hengyuan like hengyuan is the only good investment in KLSE. Why?

No choice mah, sailang in on hengyuan on margin, if stock price dont go up, you mai die? Must goreng as much as possible lah.

Posted by stockraider > Nov 13, 2017 09:44 PM | Report Abuse

OF COURSE PE IS ONE IMPORTANT...MEASUREMENT MAH...!1

THERE ARE OTHER CRITERIA TO SUPPLEMENT MAH...!!

IF NOT WHY PROBABILITY, DAVID LIM, FUTURE EYE,AND RAIDER DO SO MUCH RESEARCH ON HENGYUAN FOR WHAT ??

Im not the one denying that, youre the one attacking EV/EBIT just for the sake of attacking me.

You need to learn to make balanced arguments leh.

Posted by stockraider > Nov 13, 2017 09:40 PM | Report Abuse

I ALSO REMEMBER AT ONE TIME EARNINGS & SHARE PRICE.....VS....LIIHEN...LATITUDE...POHUAT WERE VERY LOW ALSO WOH....!!

SO WHY SO HIGH NOW LEH ??

Growth in profit. Still need people teach you this kind of basic thing meh. You invest so long d, used to be from dynaquest office summore.

WHAT HENGYUAN PROFIT NOT RECURRING...UR LATITUDE PROFIT RECURRING AH ??

LATITUDE GOOD PROFIT ALSO DUE TO WEAK EXCHANGE RATE MAH...!!
EXCHANGE RATE UP ALREADY WOH...!!
THEN ANOTHER THING WOOD COST ALSO UP ALOT MAH...!!

No, its not. Except margin of safety is damn high, don't recur also never mind. Profit drop also not so bad, now its 4 times EV/EBIT. I just bought at 4.5 only anyway.

EV/EBIT is used to calculate the real price you pay if you were to buy the company completely, and how long will it take before your purchase is covered by real operating profit of the company.

People use this mostly when purchasing a business, along with FCF. Or, by you know value investors :)