LoL... Leno still same. 1.2, 1.0, 0.9, 0.8, 0.4, still same. That is good consistency there.

One person buy = one person escaped.
Insas is not diversified from the risk of CoronaVirus. I don't see they have any business that could stay intact. Even Inari, affected by Malaysia shut down and Philippines shut down.

Stash up at USD better. This round is not like 2008. It is more like a combination of 87 and 97.
So very likely to see low oil price for extended period, economy remain low for longer period, plus money rush out from emerging countries.

I don't know how true is it, but some claim this is the so-called harvesting season. US people will get a lot richer for no good reason.

I remembered the time i bought at 0.4, it is so long ago. That time Dato Thong actively buyback share and will give out treasury share as dividend. Those are good old time. But then the family start to play the trick to sort of enrich their own family in expense of other shareholder. May be Dato Thong will privatized soon. This is almost the last phase of self enriching scheme, like breadtalk singapore.

Halo... Leno still around... Sslee still around...

I'm back. Long time no see. Price is lower than I would expect last time...

What happened? Warrant and RSP didn't go well?

LOL just buy public bank when you post this, dividend and capital return both win INSAS. How can you hope 2 total different people with different ideology of running company to act the same.

This is Insanity.

That is the best excuse ever for not doing share buyback. The share buyback stop exactly the RSP announced, the purpose is clearly to cook the price to 1.28 for RSP. More active doesn’t mean better value. Junk bond are most active right before defaulted. If you believe warrant worth something at the end of the day, you could just take loan and buy Insas mother share. Opportunities to be rich.

Warrant come as free cost when they subscribe RSP. RSP is the one that they make extra money, receiving dividend as high as 4-5% risk free. Do you really think they are losing out by selling warrant 0.37 or 0.17? They didn’t lose anything even if they just throw away the warrant. They would only lose if RSP defaulted. Warrant is just some icing on the cake.

The whole RSP scheme is to screw any other people. I sold my share 1.28 that time when I saw announcements of RSP. Nothing to calculate as it is not design for the benefit of small investors. If you just think about how to deal with the warrant now, it is too late. It is almost near end of game.

LOL, count down to warrant. If insas price is above 1.2, then wait for dilution effect to dilute shareholder. If below 1, then warrant value is 0. Many are like hot ant now because they need to unload. Those who bought warrant now is kind of super risk taker. Good brave soul, we always need people like this.

Careful of what you bought into. WB will expire 2020. If without trade war, may be there are still chance for WB to worth something at the end of the day. Now, I only see lousy ringgit and lousy dividend stock.US treasury beat this stock anytime now till 2020.

Stronger and stronger as if share price RM1.1 drop to RM0.845 and profit 5-10sen per quarter to 1sen?

Not much room to grow stronger anymore if that is your analogy.

Yes, it is pretty good that 2 quarters which supposed to be red, end up earning 1 cent. There are magics in the accounting. My guess is US dollars help them, last time when ringgit down and dollar up, INSAS always benefit from there.

That is really a stupid reason.

Berkshire Hathaway own nearly 10% for a few big company, like Philip66, Wells Fargo and etc.
Since if own more than 10%, regulatory and requirement will be tough.

Hence, they normally would strike a win-win deal, by selling the share the company buy back as cash. That will be taxed as dividend for berkshire, while the company would buy back the share slightly cheaper than market.

If it is all because of Thong, then it is just make it more like Thong family company.
Asset is for them to generate cash for them only. One day, if investor want money, what left probably just debts.

Well, that is true. But dividend will attract some institute or investor who doesn't like to sell share for cashflow.

I prefer share buy back. Good money making method is invest in good company with lot of cash generation and doesn't need capital reinvest. So they will be able to constantly share buyback. Insas never have their share buyback since the RSP strategy came out.

It doesn't make sense to share buyback because dilution from warrants come with RSP, why buyback before that. So, no share buyback till 2020 and effect of dilution will come if warrant exercised.

The main reason insas revived from 0.4 and run all the way up to 1.2 in 2 years time are sharebuyback and then dividend. They paid out treasury share for dividend last time.

Before INARI go listed, INSAS still have business that generate cash, about 0.01 per quarter. Share price 0.4 that time.

Now, it hardly generate cash, mostly depend on market up and down. 2015, bad market, negative EPS. 2016 and 2017 market good, then good EPS. But as long as they didn't cash out, it is not cash generation.

@leno, you went to secret training?

you seem to be improving now. finally talk something make sense.

INSAS is rubbish by the way they treat their investor since the RSP idea. Last time great share buyback and dividend. But since RSP, they only increase salary, pay their own interest to RSP which majorly own by Tong (mean pay himself).

@leno, welcome back. i am so bored here and seldom come when you're away. Contrarian almost taken over your place by shouting cantik. But still, noone can replace you.

i am multimillionaire, still don't understand how money is not important.
I just know, your money is their money, but their money is not your money.
Asset is asset when they claimed their money. Asset is nothing when you want your money back.

See 1mdb.... asset... lol.... only debts are real when it transfer to MOF. Asset, money, may be real in Najib's family. Or else where all those luxury bag, cash, apartments, ship, movies, parties come from.

I don't even know how they manage to pull it off this quarter by having NAV -RM0.02 and EPS RM0.012.

The last round they are having NAV negative, is -5 cents earnings, which is 2015.

There are so much more to learn. Funny accounting or fishy?

In last quarter, major income is from Other income, which is fair value gain of RM31 million, mainly contributed by INARI.

Coming quarter, it is payback time.
INARI, 29Dec2017 is around 3.4
INARI, 30Mar2018 is around 2.8
-0.6 x 400m = -240m

Hope they do have option to hedge again these.

LOL... Harapan is surely a new hope for Malaysia. But bad stuff won't just gone away in split second.

For example, 1mdb, the big hole will be dug up and it will surely have some impact on Malaysia, like ringgit. GST abolish will also impact ringgit.

All these will create opportunity to buy, but just not a split second.

INSAS, on the other way, i don't know how it could stay positive earning in coming earning reports. May be have some hidden income, i don't know....

They don't have sufficient regular income generator.

Wow... another one go cantik.

This Stock really make people go shout "cantik".

Invest with care. Calculate and predict earning instead of shouting cantik.

I will continue monitor and calculate. Next week earning. Should be negative.

2.8 is end March. Now is 1.9. So June need to window dress to 2,8 to keep it inline only.

sorry, inari is 3.4 early this year..... not 2.8

result still 1 or 2 week to come.... patient... it should be slight negative due to window dressing in 30March.

unless stock growth a lot, or else June need lot of window dressing again to stay positive. Inari is 2.8 early this year.

US interest rate hike will make the dy of public bank look worse. It is quite easy to find alternate US bank that payout this level of dividend. Safer protection due to US bank that benefit from US rate hike in general.

Wells fargo is paying 3% at current price. It is not a good time to invest in emerging market finance when US rate hike is confirmed down the road.

AmBank must be fined billions ringgit for helping MO1 launder money.

How can people recover those lost money? No way, unless gov start to fine these culprit who use the bank license to launder money.

If possible, learn from US, fine $12B USD on bank of America and many other banks. Recovering big money from there. Fine them 10x the money laundered into MO1 account.

Jail the insider who facilitate the transaction which violating law.

0.65 coming.... probably 2 consecutive quarter loss will come. Congrat to PH winning. Never expect that but it is good to play safe and sold out all half year ago.

Not possible to pay dividend if earning is negative since broad market at end of March is definitely lower than end of Dec. I think Insas might see significant fair value adjustment. The negative sentiment that haunted many of old insas investor will come back.

insas problem is that it doesn't have good business that generate cash to sustain the earning. Hence when broad market go down, it only can post negative earning.

when earning is negative 5 cents or 10 cents due to broadmarket drop, then, panics of insas just started. That is how it got from 1.28 to very low back in 2014 or 15

If stock market continue like this till 31 March, then insas probably start to log in losses in next quarter earning.

But i think 50 sen is not possible. Most likely 65-75cents. There are rich people who willing to sapu at that price.

50 sen, may be need some push from election result.

well, it is just less than 2 years before warrant expired. But still many bought with 45% premium to current price.

Warrant have expiry date, the closer to the date, the premium will go nearer to 0. Remember it is 2020.

Leno selling?

@TheContrarian... the election and potential riot after the election is a risk that very probable to happened.

Najib win, share will pop up? not likely, it is just the same incumbent government which is corrupted.

Opposition win, riots happened - share definitely go down.

Opposition win and no riots. Not likely to happened.

This is not something worth the risk.

@ TheContrarian, no worries. Just having fun seeing someone get mad. Now, this is my daily or weekly entertainment. My advise is, if someone is big shareholder, don't piss off other people or behave too naive. It will only chase away existing shareholder or potential shareholder. Do you want to hold the same share with that kind of people? Cantik cantik cantik... It is not like this share is so good that can return 5x in 1 or 2 year, like Micron. Smart people gather together and if you spot a cockcroach, get out fast...

Waiting for election... not sure if result will be like Italy, new party win big.

Or Leno not buying more. She curse and swear every single people make it entertaining to watch this stock.

That tell something. I figured only consistent strong and cash generate company able to pay high tax and willing to do so.

I'm not saying paying high tax is good. Just, you got to pay what you got to pay. If differences are huge, then got to figure out how and why?

When i did my research more carefully, i notice Berkshire paid 24% of net income as tax after all deductions. While many company i studied, including Alphabet, paid a lot lesser than that.

Malaysia one is a joke. There is a quarter i found a company paid 2 or 3% tax only.

In many times, low p/e doesn't mean earn a lot. Got to check the taxes the company pay as well. Some company make money but pay a lot lesser taxes than corporate tax rate. It might be an indicator that the earning is not real.

Easiest example is that, i setup a company and bought a chair $50 dollar. Everyyear, make it appreciate $50 dollar. Then i got asset value double and fair value adjustment. But i still need to raise money to continue my company. Investor happy happy give me money until they figure out something.

Other than this, some even setup affiliate companies. Setup 2 company one 40% own and one 60% own. Make the 40% own suffer loss of 1 dollar while the 60% own earn 1 dollar (only 1 dollar in transaction). Then the mother company earn 0.2 dollar from these 2 companies combined.

I'm not saying there are these practice for the INSAS or Hengyuan. I just point out that EPS can be manipulated easily. But taxes paid to government are different. No one want to pay extra taxes. So.... check that number and compare what the company should pay is a quick way to tell is the company got "etiquette". Paying tax is a responsibility.

05 March 2002, Bush implemented Steel Tariffs which took effect on 20 March 2002, to prepare for his mid term election. End up stock market crash starting from 19 March 2002.

History likely to repeat again. Last week, Trump said he will implement Steel Tariffs. So, next week, which is first week of March 2018, would be critical point for all stock market. It could mean a dump and byebye case. All fundamental analysis won't work. Cash will be king.

This is my own research. Let's see how close it will be.

@dunspace.... insas is not even close to Berkshire. Your article seem like coming out from my point about insas and berkshire. I heavily invested in Berkshire but 0 share in Insas.

By the way, the net change in working capital, could be just INSAS selling inventory.

For the age of high interest rate coming, insas could suffer most as broad market price down and insas need negative fair value adjustment.

Defensive stock or cash will be better now. Defensive stock are stock that will gain from interest rate up, but avoid risky bank. Asian bank sometime drop 50% when US interest up. Great example is 1997-98. Many Asian borrowed in US.

@ dunspace, i'm not so sure about your statement. For 2016 and 2017, Cash from Operation were negative. All the cash were coming from disposal of share or properties or plants.

http://berkshirehathaway.com/letters/2017ltr.pdf

Few month back, i encourage many to invest in Berkshire due to 1 time gain from Tax reform and also potential future drastic earning from coming 2018 accounting rules change.

This is no prediction, it is just a logical analysis coming from what happening in US. Prediction take chance, but logical analysis only take time to come.

@ contrarian, Cash flow i mean business that generate cash that free for other usage, like Berkshire Hathaway, it steadily generate 2 -4 billions of cash every quarter even in bad time. Good time can go 10billions. That why, in short time, they have cash pile of 100 over billions.

Insas on the other hand, don't really generate much cash. They want cash they need to sell securities.

Read Warren latest shareholder letter, it is truly great to own his stock.

@TheContrarian, it doesn't work that way. Insas major different from Berkshire is that it doesn't own business that generate cash. Ya Inari make money. But Insas can't get enough from dividend. If they want cash, they need to sell, which make them less ownership and less profit in future. So, if stock market down suddenly, they not only not enough cash, will need to write off and lock in losses. Hence, Insas won't pay too much dividend, unless they have sustained cash flow. Now, they only have sustained expenses, but not income.

@Jarklp, 2020 is the key timing. It is best to dilute shareholder if share price is good. If share price is bad then just write off the warrant. Election nearer and uncertainty is higher. Malaysia have debt of around 50% gdp but government using 11% of revenue to service the debt. This tell a lot. Many super high interest bad debt which government need to service.

Bonus issue is similar to share split. Basically generate more share to give to investor but the base business is the same.

So, the share price will sure go down to keep the market cap same.

Whether future will hike again, is depend on business. There are many case, it won't as well. Sometimes, it is a sign that the company under pressure to pay dividend, but lack of cash. So, short term solution is to give bonus issue. No pain to the company and some investor happy and get hyped by it.

LOL, i would call u Leno the brave.

You dare to hold so much for such low trade volume account.

Well, those warrant and RSP given out when insas 1.2 something.

So, those who wait and didn't sell that time actually suffered loss.

So, it is good to sell if a company need money money.

Good company generate cash, not absorb cash.

Well, at current rate, sure u can show it is good buy for those who got it cheap. But many suffer loss, if they bought during last half year.

If 2020 share is below 1 dollar, those warrant is just rubbish. Toilet paper might worth more than that time.

Another good example of how TKK milk other shareholder. He own more direct interest with minimum cost all the time together with all the freebies that he design for himself.

Ringgit strong could be a stage to exit only. Just like Insas 0.96 time, trade volume go up few millions per day. Stage out.