Agree with Josh, watch out MSM has formed higher lows tho it's very flat and barely visible lol. Bottom reversal in place looking to close the gap back to 1.50 range. Even w hedging loss MSM is inexpensive at 1.70+-I think that'd be the stable price for a while after this rebound 😆

@ken I'm in the black for DNEX again lol

CEO prayers answered lol

Let's see how budget goes. Govt should address the dichotomy between subsidising MSM/CSR on the one hand to cap sugar price while declaring war on sugar. Cannot like this one la

As much as CEO thinks they are good in hedging, MSM often misses it

So yes it shall take a few quarters. Last quarter, they would have locked in high sugar cost from prior hedging. This quarter onwards they would have averaged down and sugar cost shld be quite favourable now despite NY11 surging

Ringgit they would have hedged way ahead of current strength. So that's another hedging loss that we can't see. Need things to trend a few quarters for them to get it right

It's anybody's guess how Silterra is doing when semicon fabs are recovering. Msia really tak boleh? Silterra tetap boleh pasti boleh 😎

IOIPG is actually trading at multi-year highs but remains severely undervalued.

The double-edged sword is the very tight shareholding. We can see circa 82% that will not move. For a company that is so asset rich, there could be more immobile shareholders. This leaves low free float and it's generally a no go for big funds. Conversely, when the time is ripe, it is not difficult to go up multi-fold when the funds see realisable value.

We can't really say that market has not priced in the progress of new assets. In the past 2 years, the 2 most significant change is in its investment properties segment whereby IOI City Mall Phase 2 has been completed and doing very well + Singapore's IOI Central Boulevard TOP with lease confrimation. Actually share price has doubled in the process over this period.

I think it's obvious without a REIT the asset value will never be adequantely reflected in share price.

For us who are keen, we will have to be quite patient. Fortunately the tide has turned for rates, CEO Lee is making moves that strongly suggest REIT exercise is coming soon.

Nowadays Bursa so choppy, I am happy to be patient w this one. Should it crash I can buy more. The same can't be said for most other counters...those crash I get scared don't dare to sailang 😂 Just bought more today, and more in days to come should it linger lower

To be fair...DNEX was never a serious contender for Niise...if we get it it's a bonus. When we bought it few of us tot about Niise...

Clear path back to 60 cents?

So many counters, theta not worth the risk la. Buy quick sell quick la

hahahahaha yes. now while we actively trade everything else DNEX don't need to sell already, just wait for the big jump, or if no patience swap - as i have said...when the market tanked, actually it's not that bad becauuse DNEX didn't fall 80%, you could sell DNEX and swap to others which are low and they would rebound faster than DNEX because DNEX has poor fundamentals and highly manipulated. Btw finally I see that today I am not the only buyer in DNEX

Strong Ringgit addresses raw material and freight cost

Budget'25 adjust sugar price or not nvm, Govt paying this bumi company 24M monthly or 288M yearly

Interest cost is high because of Johor plant, I don't foresee much reduction tho

New Johor warehouse completed only in Aug'24. Ramp up production if they can hit 50% UF results will be better than last few quarters

Importantly, at least 75% held that won't move. Balance 25% shares for such a smallish counter. You can know for sure that it's all in the waiting. When interested parties become interested, it's gonna double again

You can't not mention IOI Singapore...if you look at Keppel REIT, occupancy is consistently at 99% and they are older buildings. I'm familiar with IOI's CBD properties, another league altogether. That will be a huge one to REIT.




Investorrr

Big land bank in Kulai (within SEZ),and Reit retail malls

5 hours ago

@dragon328 has very good write-ups...he may even know more about IOIPG than its CEO damn 🤣🤣🤣

Market is justly responding to rate cut. Everyone knows IOI prop's props are now worth more as we enter new rate cut era + even WCT can do a 2.4B REIT, IOIPG? Whoaaaaa

@ken you misunderstood me, took out as in bought at 34.5 seller queue until it becomes buyer queue, not sell, I’m supporter ok 😆

I've no more money to buy if they sell it back down ya 🤣

Decided not to wait and took out the seller queue at 34.5c. Let's see what happens now goodluck guys

One NIISE can goreng 3 different counters so many times, impressive 😂

Bought back the bulk of DNEX at 0.340...but now Theta is up sharply...what? 🤣

Every Friday do twice, consistently 52 x 2 times a year come rain or shine. Allah pls hear thy prayers

Crown jewels are IOI City Mall + IOI Central Boulevard. And I think the latter is neater, easier, faster. So first a pure play office reit, followed by the retail reit. IOIPG doesnt need to trailblaze, they can emulate Capitaland's model. The SG properties alone should be injected at above RM18B valuation

@dragon given the depth and liquidty of S-REITs over M-REITs + IOI's huge exposure in SG, i think there's a good chance they either list it in SG or have a dual-listed REIT over SGX and Bursa, instead of a M-REIT. Actually if they list it in SG it's good enough, dual-listing it is to be poltiically correct, I guess. YTL's Starhill REIT owns our KL Assets via its S-REIT, that was done before current political climate.

This CEO quite disappoinitng ya...I once believed in AQRS, now it's just my minor counter for sentimental reasons. No contracts no nothing...slowwww

I must say, one thing good about DNEX is its liquidity...you can move ur shares a fair bit without really affecting the share price. It's so penny so every half cent counts. For example just now actually when I sold to 0.335, it's gone, it became seller queue. I queue and then buyers came back support at 0.335 and I can continue selling. So this is a plus point for DNEX......for this liquidity and support, we can give it some share price premium. Don't value DNEX on PE ya will die 🤣🤣🤣

Net around 15% in Heitech after commission, sold all at limit up price. Now took back 3/4 at 0.335, queue again tomorrow. I don't mind buying back at 33.5, 34.0, 34.5, 35.0.

With the 15% from heitech, I book it back into my DNEX sold portion, then it's like I have sold at 38.5-39.0 you see, so buying back anything below is fine by me while I wait for the limit up news of Foxconn - which looks increasingly elusive...you're right that we dont know what DNEX is anymore. CEO prays every Friday and goes around town give leadership speech. Let's hope prayers can be answered

Sell at 34 is possible only because Heitech was offering an opportunity. It was a gamble earlier in the day but I took it. Liquidated DNEX at 33.5-34.0 actually, 34c not enough buyers, once I start selling it starts going down big time.

I believe in moving...I once said go up can make $ go down can make $ @ ken 😆

The game for the low tier properties is to buy it below value and then enhance it a little, inject to REIT at a huge premium. Senior Lee taught his youngest son well

IOIPG has been picking up smallish 2nd 3rd tier properties in Msia...this coincides w a bright outlook in Msia property sector. However, the game is the disposal to REIT. They have a huge Singapore exposure, top tier properties. Bundle it with the 3rd tier malaysia properties add back top tier IOI City Mall, this will be a huge blue chip REIT. What will IOIPG share price be by then?

2.2 is not a problem. But if you're eyeing 2.2 to sell might as well sell now and speculate somewhere else. Because this one you should be patient and wait for them to announce the game plan

For a counter like heitech there is no such thing as valuation...you see the news, you buy and wait. Limit up you can choose to sell and call it a day. That's it sweet sweet

You can wait for one more drop to $1 or below before the inevitable rebound, or you can go in now and take some paper losses but not miss the next uptrend. Gluck

Theta holding up so well pretty impressive

To be honest, it would not have fallen this much if I wasn't selling. Don't worry not selling tmr up up 😂

Swapped to Heitech at 34c and sold all Heitech, now buying back at 335, that's the way bros

Globetronics Technology (GTB MK/CEASE COVERAGE/RM0.55/Target: RM0.60)
Cessation Of Coverage
WHAT’S NEW
 Knee-jerk selldown on a confluence of fundamental and sentimental concerns. Note that Globetronics Technology’s (Globetronics)
share price has plunged from RM1.55 in mid-July to near a 10-year low of RM0.55, which sent its valuation down to 1.2x PBV (based on its
latest BVPS) or 12.9x 2024 PE which is close to -2SD below its average five-year forward mean PE. This could be attributed to a confluence
of fundamental and sentimental factors such as: a) risk aversion following the unwinding of yen carry trades (which saw Bursa Malaysia
Technology Index shrinking by 25% in the period), b) concerns of its earnings outlook following a weaker global outlook, and c) panic
selldown on the resignation of its auditors - Messrs. KPMG (on a voluntary basis).
 Still on a sluggish recovery. Globetronics recently reported 2Q24 net profit of RM4.3m (-25% qoq, -40% yoy), bringing 1H24 net profit to
RM10.0m (-4%) which came in below expectations. The negative deviation was due to weaker-than-expected loadings from its key
customers. Note that 2Q revenue dropped 7% which we believe was due to seasonally weaker loadings with core net profit plunging 25% on
lower operational efficiency.
 Actively scouting for new opportunities. The group had previously freed up capacity from low-margin quartz crystal timing devices
(volume loadings are expected to drop further from 8m/month in 4Q21) alongside the completion of 30,000sf of new floor space to take on
new businesses from MNC customers. It had also invested RM10m in a cleanroom facility at its Bayan Lepas plant which commenced mass
production in late-22. The group is currently in talks with new customers for new programme qualifications while having active engagements
with potential Chinese and Taiwanese customers for new business opportunities.
EARNINGS REVISION/RISK
 While we make no changes to our earnings forecasts, we factored in a conservative valuation close to -2SD below its average five-year
forward mean PBV to err on the conservative side, waiting for a clearer signal of better earnings visibility. The switch in valuation has resulted
in a change in our PE-based target price of RM1.20 on 24 August (on HOLD recommendation), to RM0.60 based on 1.3x PBV based on
2025 BVPS.
VALUATION/RECOMMENDATION
 Cease coverage on Globetronics due to a reallocation of team resources. Note that our recommendation, along with target prices and
estimates should not be relied upon following the cessation of this report.
ANALYST
Desmond Chong
+603 2147 1980
desmondchong@uobkayhian.com

Cape EMS (CEB MK/CEASE COVERAGE/RM0.345/Target: RM0.380)
Cessation Of Coverage
WHAT’S NEW
 Structural derating on a confluence of fundamental and sentimental concerns. Note that Cape EMS’ (CAPE) share price has plunged
from RM1.01 in mid-July to near an all-time low of RM0.345 last Friday, which sent its valuation to 0.89x P/NTA (based on its latest Net
Tangible Asset) or 9x 2024 PE which is at about -1SD below the EMS industry’s average five-year forward mean PE. This could be attributed
to a confluence of fundamental and sentimental factors such as: a) risk aversion following the unwinding of yen carry trades (which saw
Bursa Malaysia Technology Index shrinking by 25% in the period), b) likelihood of forced selling across shareholders, and c) mounting
concerns of earnings outlook following a weaker global outlook. In tandem with the sharp share price correction, it was also observed that the
shareholding of a top management personnel shrank to 11.1% as of 12 August from 39.9% in early-August.
 A disappointing 1H24 dragged by additional costs incurred for new projects. Recall that the group reported a weaker-than-expected
core net profit of RM10.9m (-19% qoq, -28% yoy) last month, bringing 1H24 core net profit to RM24.3m (-13%) which came in below
expectations. Note that the 1H24 core net profit has been adjusted for the one-off impairment loss on trade receivables amounting to RM2.2m.
Despite a record revenue driven by wireless communication equipment, e-cigarette products as well as contribution from new projects and
iConn Inc, profitability was affected by higher freight expenses and additional costs from new projects ie mobilisation costs for its battery pack
manufacturing line and installation costs for an energy saving cooling system, hence the deviation.
EARNINGS REVISION/RISK
 There is a scarcity of details in reaching a conclusive forecast towards 2H24 and 2025 following limited earnings visibility. To err on the
conservative side, we have previously factored in a hair-cut on sales assumptions by 19-25% in 2024-25, with earnings revisions of 43-48%.
Meanwhile, we factored in a conservative valuation based on -1SD below the EMS industry’s average five-year forward mean P/NTA. The
switch in valuation resulted in a change in our PE-based target price of RM0.530 on 22 August, to RM0.380 based on 1.0x P/NTA based on
its latest NTA.
VALUATION/RECOMMENDATION
 Cease coverage on CAPE due to a reallocation of team resources. Note that our recommendation, along with target prices and estimates
should not be relied upon following the cessation of this report.
ANALYST
Desmond Chong
+603 2147 1980
desmondchong@uobkayhian.com

If I were you, swap DNEX if you have other high conviction counters and come back later. DNEX is quite sellable it's not that low relatively. Or if you heart DNEX, then at least hold till they announce Foxconn deal on/off 😅

That's the price to pay for bottom fishing, a long period of looking at paper losses while waiting for the inevitable rebound vs. chasing high where one should rightfully see immedaite gains and more gains without much waiting

Good one distraction removed and now we know how DNEX moves. Can now choose to slowly die with DNEX as ken said while waiting for jackpot, or move on to other counters 😂

@chunah feel sorry for you but can't resist saying i told you heitech padu got niise...😅

$2 strong buy

22.5c to go Lee, either way

Actually, I offered help at 0.820, but then there was a "Dyniamic Price Limit" or something can't buy 🤣

I'll help at 0.710

Buying back some at 0.330. Soooooo low

This crash, I am going for Inari over the rest...not becauuse of fundamentals, just cos its shareholders are more keen to buy on dips

Rebound wor

In this month long massacre...honestly, DNEX lost you the least money right 🤣