Insas owns Inari Amertron.

Next largest semiconductor player is MPI with book value PREMIUM 370% over share price vs Insas Book value discount (-68%) over book value.

Why? Irrational market.

If you don’t see the opportunity, I wouldn’t persuade you further.

Disclosure: I own both Insas and Insas WC and may continue to collect more in near term.

Disclaimer : Caveat Emptor (Let the Buyer beware! - do your due diligence please)

ok ok . we cannot travel back in time.

Today, 2024, we now see the discount value to Book value shrunk from 79.3% to 68%. That means, you want to buy a home in

Desa Park city terrace land house for sale now worth RM2,800,000

in 2016 someone wants to sell you at RM560,000 - will you buy?
in 2024 someone now wants to sell you at RM840,000. - will you buy?

Say you travel back in time to 2016 and you tell your YOUNGER Self that Insas value will go from total equity increase from RM 1,352,726,000 FY2016 to RM 2,340,464,000 FY2023. (Source: you heard from Expert SSLee in 2024)

in 2016 Insas is valued at RM0.70 per share meaning Market Cap at RM485million vs RM2,340,464,000. Will you buy a business that GUARANTEE to increase almost RM 1,000,000,000 (it’s read as RM1BILLION) ? That is 79.3% discount to Book Value!

Messrs SSLee, I simply enjoy your fantastic analysis on

Insas
MSC
Capital A
Plantation sector.
ICAP
Hartalega


Brilliant mind!

You know what is the CRAZY thing.

We DON’T need to estimate Insas FUTURE income because it ALREADY have in its books at RM2,340,464,000.

NOW! it already earned you value at RM2,340,464,000 when Mr Market value Insas at RM742,000,000 with a MARGIN OF SAFETY of 68% discounted to current Intrinsic Value.

Mr Market is irrational, and I welcome all the criticisms. Please keep them coming, and I hope insas falls too RM0.80 or below. wow. that will be so “sad” see so many sellers.

Messrs SSLee Gem quoted below:

total equity to increase from RM 1,352,726,000 FY2016 to RM 2,340,464,000 FY2023.

Evaluation:
Warren Buffett calculating intrinsic value is to estimate the FUTURE Cashflow (next 100 years) and discounted at Present value.

Apply Margin of safety to Mr Market’s current price to Intrinsic value.

I’m hoping he is reading this.

We must not forget , so will others reading bosses from

Cash rich YTL n YTL POWER who took control of Ran hill

IOI Bhd.

MPI / Hong Leong.

Vitrox

Al Bukhary empire.

There is RM 2 billion for their taking.

Is that right, SS Lee bro? Marked to market - you did an excellent analysis for us. if you can, share with us the latest updates.

We know OMESTI, Ho Hup are small prawns, with their valuation hammered.

But it is just a drop of bucket compared to Inari’s HUMUNGOUS upside.

Why is share this? So that we all ordinary Ahmads, Ah Kau, Ansamy can buy BEFORE the large sharks come in.

Wait. Patiently

even if the Bridge engineer is wrong by 50% meaning bridge can carry 5Tonne truck, you are still safe at 3 Tonne.

Lesson: Insas is valued at 30% of it BOOK VALUE. Expert SS Lee will tell you it is worth much MORE if marked to market.

Yes SSLee.

Then we all celebrate.

May ALL of us profit well from Insas remarkable valuation.

it is not buying company at any price, but buying company any value BELOW price with HUGE margin of safety.

if you have a bridge that only can carry 10Tonnes of trucks, will you drive over on a 9.5 Tonne truck or 3.0 Truck? (Warren Buffett, 2009)

Which Truck offers you Margin of Safety ?

I don’t know which direction Insas will go in today or next month. But I know, the Mr. market will wake up when see how ridiculous UNDERVALUED it is.

Best part, no Securities firm are covering it. maybe TheEdge contributor. he is lone wolf. but won’t be long

Messrs Tatooine made an Eisntein statement - intelligent

Nobody can fight demand / supply of shares.

Insas is unbelievably UNDER-VALUED. That is why, now my biggest holding.

You buy YTL, you are paying 250% of Book value for hype in semiconductor and constructing Data Centres.

Insas owning Inari is already touching RM2billion. Yet Insas is value at paltry <RM800million. Top it up , you have cash holdings >RM1billion.

Benchmark to Press Metal dealing with commodities, PBV is almost 7 TIMES! Commodity business of aluminium blocks.

Market can stay irrational longer than you stay solvent. So don’t go own Insas under Margin finance, is my humble opinion

Disclousres: Owns wonderful businesses like Insas and Insas WC and happy if stock market closes for 10 years.

You recall OSK major shareholder Ong Leong Fuat who triggered the MGO at 33%. Affin bank advised shareholders not to accept the offer price at 0.65x to PBV (Price to Book Value)

Guess what? The shareholders refused to sell. Ong LF went ahead and bought from open market owning just 34.6%

How much more if Insas PBV is at 0.30. Crazy to accept his offer price unless the PBV is at 1.5 x. If MGO is triggered, I will buy more.

Lesson: MGO may not mean you need to accept the offer from Thong. For the life of me, I don’t understand why Thong is contented to be “poor” billionaire. His assets are undervalued at 70%.

skyrocket for control of company , the sky is limit. When you need that 1% to hit 50% control, the bidder will pay whatever the price for that 1%. Insas control, 1% offering you at RM60.00 as per Messrs Leno. Any takers?

So if anyone selling the shares at RM1.16 after a rise of RM0.08 and miss the bigger wave, then be forewarned. If you sell, don’t regret later. Just be contented with the profits. No wrong or right here.

May not be Warren Buffett style though, who only sell if the Moats dynamics changed.

if Thong is not cautious, someone like YTL Power empire will come in swoop 33% shares and offer MGO.

That will be interesting.

By then the share price will skyrocket the way we saw in batter between IOI Bhd and Sime Darby over Palmco

Agree with SSLee.

Curious, I am. Did Thong mention this concern with shareholders in AGM albeit indirectly about MGO?

MGO. It doesn’t mean that shareholders will accept it. Thong can buy from weak hands and then buy back shares to increase share price. Thereafter sell the portions he is unwilling to hold at handsome profit.

Currently even TESLA shareholders are revolting and rejecting Elon’s humungous pay package at US$54billion.

Source: Claudia Assis (2024), Market Watch, Elon Musk’s Tesla pay package gets another ‘no’ from a major shareholder, visited on: June 13

Thong is unable to sell too much shares. If his holdings plus warrants fall below 50.0%, he may award a hostile takeover with billions of assets and >RM1.0 billion cash.

If this happens expect shares to shoot past RM5.38 per share

Inari added RM1,200,000,000 today with 32 Sen rise.

This means with Insas holding 14% Inari shares it accounts for mark to market capital appreciation of f RM168,000,000.

But this value isn’t recorded in Insas Balance Sheet unlike I cap BHD.

You need to be 2nd Level thinker as opposed to 1st level thinker as to why you want to own Insas?

Basically a contrarian to own a business with deep margin of safety.

Basic demand and supply.

Many take profits.

How Thong manipulate shares were s questionable because when Insas is pushed down, it will attract more buyers to in view of Inari rise.

There are dozens of Semiconductors - Insas can Pick the Inari at early growth stage and now biggest market cap Inari.

if that is luck or business acumen, either way I am glad.

Insas is very lucky with Inari

Yes. Just as
IOI PROP very lucky with land bank
Genting very lucky with Casino license
PBB very lucky with prudent culture

We don’t need to have lucky all the time.

Just make more right decisions over wrong ones = Net rights.

I too waiting for Insas to go 90sen - love to pick more on the cheap.

I hope got more investors like SSLee who shares his analysis and reasons for his stock picks.

He is one rare talent too.

Another one is Calvin who shared a lot on Oil Palm and now Data Centres centric stocks. You have to decide if you agree with such rare authors.

Koon Kew Yin is another rare breed. Kudos and good for all of us.

Any more SSLee out there? Don’t hesitate to share your analysis of 16% per year asset or profits growth a year - type companies.

We all look forward.

Thank you Messrs SSLee.

Naseem Talib , bestseller author of Fooled by Randomness and With due respect to winners of 2024 investors, such class are termed as Lucky Id1ots.

Contrast that with Warren Buffett, Peter Lynch - very rare breed talents

Quite an interesting read. Find out yourself.

We all have same OBJECTIVE - to Profit from market that OUTPERFORMS the Market.

Can you find Mr Thong investment acumen that create value for Insas for over 16 years ?

Find a firm like Insas which has straight line Book Value growth from RM1.08 to RM3.63/share from 2008 to 2024 which is 16% PER YEAR ie
(3.63-1.08)/(1.08) = 255%
255%/ 16 years = 16% per year

I am delighted you share for such firm(s) .

what anyone of us is impressed is

in the PAST 10 years, did the SAME INVESTORS who chose YTL Power in 2024 are the SAME INDIVIDUALS who CONSISTENTLY outperform the other investors?

With that you will TRULY find those who are Skilled Emotionless Investors.

NOw, if you replace the 300 million individuals with 300 million Orang Utans, you will still mathematically get 50 random Orang Utans win RM1million.

if you hv 300 million investors to take a bet RM1 on coin flip - heads or tails, after 20 flips you will have 50 persons remaining earning RM1million each for 20 consecutive flips.

They are likely to boast how they won by :
1] wearing their lucky pants
2] wake up 1pm daily w late night computer games
3] write a BESTSELLER - How I made RM1million in 5 seconds a day?

Look at the RED HOT stock NVIDIA. AI- semiconductor power house.

Year 2008-2024
Stocks rose US$5.60 to US$1,095.95 per share.

Rose 194 TIMES

Aren’t Inari & MPI in the same growth sector including AI, IOT?

Short term - stock prices are based on voting machine
Long term - stock prices are based on Weighing machine. (Warren Buffett, 2008)

Note: Press Metal was very unpopular stock from 2008 to 2015 where share price rose RM0.12 to RM0.54. 8 years of poor share prices growth.

But 2015 to 2024, share prices rose RM0.54 to RM5.60 - a 10-bagger increase.

Meaning? Even if you buy anytime from 2018, you still earn 100% returns as shares doubled to RM5.60

Now, note that BOTH Press Metal and Inari ARE profitable and GROWING yearly.

Inari share prices will reflect the upward trajectory like P/Metal. Don’t be late. If it rises , you will be too afraid to buy at higher prices when now it is selling at >70% discount to NTA.

Why should Press Metal producing commodity aluminium blocks be given a 667% Price/Book value (PBV)?

When Insas which is in HIGH GROWTH technology sector is valued at Negative-29% on PBV?

Insas is in more advance technology with R&D via Inari Amertron, and benchmark to Press Metal valuation, Insas is worth 667% over NTA valuation or RM23.55/share.

MPI - past 52 weeks, this old stodgy semiconductor player shares rose from RM25.22 to RM37.10

Inari (Insas owns about 14%) share prices have gone up from RM2.42 to RM3.25.

see other semiconductor companies which also rose strongly.

I hope all of us don’t miss this rising tide that lifts ALL Semiconductor boats including Insas.

if Insas rose the way Press Metal did, meaning for every RM1 NTA, share price rose RM15.70, then Insas is worth RM3.63 x 15.70 = RM56.99 - close to someone’s target at RM60.00 per share.

Don’t miss this boat which huge Margin of Safety.

Disclosure: Owns Insas, Insas WC amongst others and might continue to accumulate in next 72 trading hours

Disclaimer: One contributor taught me “Caveat emptor”

Put in another way:

2008 - 2024
Press Metal Share price / NTA = 15.7 TIMES meaning for every RM1 increase in NTA, the share price rose RM15.70!

Insas Share price / NTA = 0.70 TIMES meaning for every RM1 increase in NTA, the share price rose RM0.70!

Totally unjustified to build a World Class Semi-conductor that supplies to Huawei, Apple and others.

Now with AI hyper-demand, share prices for semi-conductors have been rising steadily.

We need more opinions - good and bad including unrelated opinions ie unnecessary character assassination attempts (somewhat done out of fun, thus, you won’t miss much if you skip them). But hey, this is a forum. anyone with decency in speech can express opinions. Cool!

Find a firm like Insas which has straight line Book Value growth from RM1.08 to RM3.63/share from 2008 to 2024 which is 21% PER ANNUM.

Yet the share price increased from RM0.42 (06/2008) to RM1.03 (05/2024).

The wealth creation is faster than share price appreciation as follows:
Creating wealth based on NTA = 352%
Share price increase = 245%

PRESS METAL Bhd is a multi-bagger ie increased in share price RM0.12 to RM5.60 EXCLUDING Dividends. This is INCREASED 4,560% or >45x from June 2008 to May 2024.

Benchmark : 2008 vs 2024
NTA : 815% increase from RM0.092 (Adjusted for bonus issues) to RM0.84
Share prices : 4,566% increase from RM0.12 to RM5.60

Share price / NTA
2008 = 30.4% Share price is at premium over NTA
2024 = 476% Share price is at premium over NTA

Why shouldn’t Insas be traded at PREMIUM price over its NTA?

How much is the Share price/ NTA for Insas?

Sources:
[1] FMT (2024), YTL Power’s unit acquires 31% stake in Ranhill Utilities for RM405mil, May 28
[2] Market screener (2014) , IOI Corp.Bhd completed the acquisition of Palmco Properties Sdn Bhd from IOI Oleochemical Industries Sdn Bhd., June 30

In 2001, TWO giants namely IOI Berhad and Sime Darby Berhad fought to control Palmco Bhd.

The shares went up by >100% , way over, as both were on the heat buying shares to gain control of Palmo.

IOI won and so did the minority shareholders. IOI the victor changed the name from Palmco to IOIOLEO Bhd

If we see similar Corporate Takeover of Insas, be assured when the news come, it is TOO LATE to buy Insas on the cheap.

YTL POWER gave Mandatory General Offer (MGO) at RM1.06 for Ranhill Bhd. TA Securities advised shareholders to REJECT the offer.

This suits YTL POWER as they intend to keep RANHILL a listed status.

Similarly, if Thong buys >33% and gain control say at 74.9% of Insas, he too has to offer MGO. Shareholders are unlikely to accept his offer unless it is at RM5.38 per share.

It is win win for Thong and other shareholders as he gains stronger grip of Insas and keeping Insas as Listed status.

WOnder when Thong will execute this strategy? By then Insas will catapult higher on takeover offer

Ninja Van Malaysia’s Singapore-based parent company Ninja Logistics Pte Ltd (Ninja Van Group) has raised US$976.5 million in the 10 years since its establishment. Investors include Singapore-based tech venture capital firm Monk’s Hill Ventures, Insas Bhd, DPDgroup (Europe’s largest parcel delivery network), China’s Alibaba Group Holding Ltd, B Capital Group Management LP and ride-hailing firm Grab Holdings Inc.

Source: TheEdge (2024) Ninja Van Malaysia takes pole position with record growth pace, Apr 23

Ninja Van Malaysia’s revenue exceeded previous years’ figures, to total RM862.65 million for the financial year ended June 30, 2023 (FY2023), an increase of 21.9% from RM707.76 million in FY2022.

Have you use their courier service?

Short term, stock market is voting machine
Long term, stock market is weighing machine. (Warren Buffett)

INsas has very respectable management. Thong is a strategist. Just like in battle, A General must be clear with his troops but unpredictable to enemies.

This is master Strategist.

I must admit at moment Thong is a ‘poor’ billionaire. his hardwork is not reflected in share price.

But hey, why worry?

Messrs Income, we try and guess what. we all were very poor. My dad is simple newspaper vendor on Honda cub 70CC. but he taught me well. saying " Inside book got gold. “

you will improve too if you invest in your investment knowledge. Start with Peter Lynch, One Up on Market.

That book still helps me which is why I arrive at Insas.

It is not your fault if parents are poor. But your fault if we aged and still poor. (Bill Gates)

You can do it Messrs Income!

Now the question is: Is Insas suffering from Corporate Cancer? Eg Weak Corporate Governance.

If so, please share your thoughts backed with facts.

Just like Cancer patients must do MRI or/and PET scan to see the cancer regression, if they are not so fortunate, it will spread using Chemo alone.

Messrs Income

Wise advise. Health is my core interests now. I had cancer last 2017. Without Chemo/Radiotherapies or surgery, I had full cancer regression. How I did it ?- I saw group PhD scientists with >40years found and patented EGCG technology that powers up the White Blood cells to Seek and Destroy Cancer cells - without harming normal cells. Think of it as Guided Missiles destroy enemies.

Best part, I wasn’t the only one cancer survivor. There are whole lot of us, some of us are at very serious Stage 4 cancer (Final) from here, Singapore, Taiwan, UK, USA and Canada to name a few.

If some do chemo or targeted missile therapies or immunotherapies (new) , must be forewarned about United States government official website.

Search Google: Chemo failure rate
Select : NIH website which is United States Government official website National Institute of Health (NIH)

You will be shocked as it states 1,000 cancer patients under the threaments, 950 or 95% failure rate meaning the cancer returns with vengeance.

That is why I opted the EGCG technology.

You are right Messrs Income - Take of health as it is wealth.

Contrast with OSK where the share price rose from RM1.00 to RM1.68, a 68% rise this year. Its major investment is 10% of RHB which rose from 5.29 to 5.49, a mere 4% increase.

Arguably OSK still have value.

But stated the case, Parent OSK went up MUCH MORE than Investment holding RHB

Why should Insas be different? Deep value play.

I hope all the well informed investors research and confirm what we said in this forum and please PROFIT FROM IT, for crying out loud.

Disclaimer: this is not a buy / sell signal for all must do own research . Caveat Emptor as I saw another contributor said.

Yet when Inari shot up from RM1.00 to RM3.22 price a fantastic 222% rise, Insas went up a mere 20% from 90sen to RM1.08.

Mr Market can be irrational, but not for long.

Insas is Berkshire Of Malaysia.

I wait to collect more and I did past 4 weeks.

Buy wonderful businesses at reasonable price.

Don’t Buy reasonable businesses at wonderful price. - Warren (2008).

This is by far the most undervalued stocks seen.

If you compare parent companies valuation, you don’t see such steep discount. Check it out

Sunway Holdings Bhd
OSK Holdings (arguably still cheap)
FIMA Corp Bhd.
YTL owns YTL Power.

The parent price have positive correlation with the subsidiaries share movements.

Have good holiday and time with family and friends.

That is my new information for us all here. I want to Prosper Thy Neighbours. All of us profits and laugh all the way to the Bank.

the comparison is unfair.

ICAP gets to boast that its NTA is at RM3.83 which is MARKED TO MARKET

Meaning its Top 30 shareholdings get to be VALUED at MARKET SHARE PRICES as at 28 FEB 2024!!

Insas Bhd is not a Closed end fund but FUNDAMENTALLY it is a collection of business much like ICAP. If Insas get to do the same MARK TO MARKET at 31 DEC 2023, it valuation will be north of RM5.38.

Restate:
ICAP
NTA 3.83 MARKED TO MARKET price at Feb 2024.
Share price RM3.30 (22 May, 2024)
Trading at 14% discount

Insas
NTA 5.38 MARKED TO MARKET
CURRENT PRICE RM1.08
Trading at 80% discount!!

Assumptions:

I value Insas collection of businesses at current market prices like Inari at 3.22, M&A 0.38 and others. I have to admit there could omission of other stocks I didn’t review under Insas.

Disclaimer: Please do your own research before investing as my opinion are well, opinion.

Disclosure: Owns both Insas and Insas WC and may continue to accumulate on share retreat.