GOOD EARNINGS VISIBILITY IS VERY IMPORTANT TO SUPPORT ANY SHARE PRICE UPTREND. WE GOT THIS FROM ECOFIRS (10 YEAR GDV CUM EARNINGS VISIBILITY FROM ITS 87 ACRES AMPANG-UKAY PROJECT (EST. GDV RM5B AND WITH ITS 1ST PHASE WORTH RM606M ALREADY SOLD >90% AND PROGRESS WORK ALREADY COMPLETED FOR ITS PILING/FOUNDATION AND INFRASTRUCTURE WORKS). TO BE FURTHER SUPPORTED BY ITS RM400M J/V PROJECT WITH IGB AT BUKIT DAMANSARA TO BE S SOUTH CITY PLAZA KL MALL (MANY LONG TERM TENANTS FROM PRIVATE COLLEGES/UNIVERSITIES)

WE CAN FOCUS ON THE UPCOMING 4Q RESULTS TO BE ANNOUNCED IN THE NEXT FEW WEEKS. BASED ON THE GOOD SALES/GDV OF THEIR 2 ONGOING PROJECTS, ITS REVENUES AND PROFITS WILL BE GOOD

EXAMPLE: TEOH SENG AUN WHO SOLD VIA DIRECT DEALS STILL HOLD 73.7M SHARES IN ECOFIRS. PRIVATE REASONS CAN INCLUDE ALLOCATIONS FOR RELATIVES, ETC OR FOR STRATEGIC BUSINESS REASONS. ITS SIGNIFICANT THAT THESE MAJOR SHAREHOLDERS STILL HOLDS SUBSTANTIAL INTEREST IN THE COMPANY

GROUP ECO/EXECUTIVE DIRECTOR TIONG KWING HEE HAD RECENTLY BEEN BUYING MORE

THESE WERE DIRECT DEALINGS WHICH ONLY REPRESENT A SMALL FRACTION OF THEIR SHAREHOLDINGS. SUCH DEALS CAN BE FOR PRIVATE REASONS . THEIR REMAINING SHAREHOLDINGS ARE STILL VERY SUBSTANTIAL. THUS REFLECTING THEIR CONTINUED CONFIDENCE IN ECOFIRS

TREASURY SHARES. SYMLIFE HOLDS 438,329 OF TREASURY SHARES WHICH IT CAN EASILY DECIDE TO DISTRIBUTE TO ITS SHARE HOLDERS. POSITIVE FOR SHAREHOLDERS' GOODWILL AND YET DO NOT AFFECT ITS CASH FLOWS AND NO EARNINGS/EPS DILUTION.
GOOD TO PROPOSE THIS AT THE COMING AGM

AGM FOR LAST YEARS WAS ANNOUNCED ON 27TH JULY SETTING THE DATE FOR ITS ANNUAL GENERAL MEETING ON 24/8/16

HENCE ITS SHARE PRICE WILL LIKELY GATHER STRONGER UPWARD MOMENTUM THIS MONTH

MANY POSITIVE CATALYSTS TO STRENGTHEN THE PRICE UPTREND OF SYMLIFE THIS MONTH AS WE MOVE CLOSER TO :-

ITS ANNOUNCEMENT THIS MONTH TO SET THE DATES FOR ITS AGM AND THE EX-DATE FOR PAYMENT OF ITS 3 SEN DIVIDEND IN AUGUST

RELEASE OF ITS 1Q RESULTS. LIKELY A MUCH STRONGER SET OF RESULTS AS ITS 4Q RESULTS DID NOT INCLUDE ITS BIG UNBILLED SALES FOR ITS HIGHLY SUCCESSFUL STAR RESIDENCES

WILL DO MORE RESEARCH TO PROVIDE MORE DETAILS ON THESE UPCOMING CATALYSTS

AGMS IN THE PAST WERE HELD IN SEPTEMBER EXCEPT FOR ITS LAST ONE WHICH WAS HELD IN LATE AUGUST

Ecofirs : The Next Symlife (which share price is now already at 1.00)

The Next MidValley.

Both can become realities based on the expected much improved 4Q results to be released by this month end. And this will start off an uptrend in profits and share price sustained by its prized Ampang-Ukay 87 acres project (Freehold 87 acres fronting MMR2 and well connected by an excellent network of highways and public transport facilities. In the centre of the Klang Valley and within the Greater Golden Triangle with near/easy access to The ICONIC PETRONAS TWIN TOWERS- Bukit Bintang Tourist Commercial Belt
(That's the reason for it securing >90% sales for its 1Phase (launched in March2017)
1st Phase GDV RM606M.
Aggregate GDV RM5B with increasing Earnings Visibility sustainable over 10 years.

Worthwhile to keep for long term investment

REASONABLY GOOD ENTRY POINT WITH SHARE PRICE STILL AT A LOW LEVEL AND WITH UPCOMING POSITIVE NEWS FLOW SOON WITH THE SOON TO BE ANNOUNCED 4Q RESULTS WITH INDICATIONS OF SIGNIFICANT INCREASING PROFITS N PROSPECTS

ANOTHER POSITIVE WILL BE THE LAUNCHING OF ITS BUKIT DAMANSARA HIGH END J/V PROJECT WITH IGB TO BE LAUNCHED IN THE NEXT FEW MONTH . GDV 400M

BASED ON THE FACTS :
. COMPLETION OF ITS HIGH END UPPER EAST PROJECT IN IPOH (GDV 302M)
. >90% SALES OF ITS 1ST PHASE AMPANG-UKAY PROJECT (GDV 606M) (The Next MidValley)
JUST A RECOGNITION OF 15% OF ABOVE GDVs WILL REGISTER RM136M REVENUE FOR 4Q MAKING A TOTAL REVENUE OF 198M FOR 12 MONTHS FYE 31/5/17.
4Q PROFITS CAN BE 17M (JUST A NET MARGIN OF 12.5%) MAKING A TOTAL FULL YEAR PROFITS OF 24.8M (EPS 3.08 SEN.)
BASED ON BURSA PROPERTY SECTOR P.E. OF 15.5x, ECOFIR's Fair Value/Price Target 0.47

(EXCLUDING OTHER POSITIVE FACTORS LIKE SALE OF 1SEGAMAT MALL FOR RM104M CASH. IF COMPLETED BY 31/5/17. ITS 4Q /FULL YEAR PROFITS WILL INCREASE BY CAPITAL GAIN OF 2.4M.
ANOTHER POSITIVE IS THE UPWARD REVISION OF TENANCY RATE FOR ITS SOUTH CITY PLAZA KL INCREASING ITS RECURRING RENTAL INCOME BY 4M TO 16M .
RM5B GDV FOR ITS AMPANG UKAY 87 ACRES FREEHOLD PROJECT SUSTAINING ITS EARNINGS FOR THE NEXT 10 YEARS

PROMISING PROSPECTS FOR ECONFIR

CORRECT. THIS MEANS NOTION HAD RECENTLY ADDED CASH RESERVES OF RM66.3M WHICH ARE BEING PUT TO PRODUCTIVE USE FOR ITS NEW HIGH TECH PRODUCTION FACILITIES IN JB. WILL ALSO RESULT IN HIGHER FREE CASH FLOWS AVAILABLE FOR CONTINUING ITS QUARTERLY DIVIDENDS AND SPECIAL DIVIDENDS.

RECENT BUSINESS REPORTS POINT TO HIGH DEMAND ORDERS FOR ITS HIGH PRECISION PRODUCTS (ESPECIALLY ITS MOTOR PARTS AND CAMERA LENS DIVISIONS) FROM ITS GLOBAL CLIENTS.
POSITIVE INDICATIONS FOR SIGNIFICANT UPTREND IN ITS QUARTERLY RESULTS/PROFITS

TRUE BUT STRONG GROWTH IN EPS ALREADY SEEN IN THE LATEST QUATERLY RESULTS N THE IMTERNATIONAL ORDERS FOR ITS HIGH TECH PRECISION PRODUTS ARE GROWING ROBUSTLY.
NEXT QUARTERLY RESULTS WILL BE EVEN STRONGER

NOTION WILL ACHIEVE STRONG BUSINESS GROWTH WHICH WILL LOWER ITS P.E.s.






NOTION ON TRACK TO ACHIEVE STRONG BUSINESS AND PROFIT GROWTH WHICH WILL LOWER ITS P.E. JUST RECEIVED RM65M CASH FROM ITS PRIVATE PLACEMENT N FROM EXERCISING OF ITS WARRANTS. BIG CASH PILE TO SUPPORT ITS NEW HIGH TECH PRECISION PRODUCTS IN ITS J.B. FACTORIES FOR ITS NEW INTERNATIONAL CLIENTS

SELLING FROM ESSOS ENTITLEMENTS IN FACT HAVE VERY LIMITED IMPACT ON ITS SHARE PRICE. SHARES DERIVED FROM ESSOS HAD BEEN BEEN HAPPENING FOR A LONG TIME. THE QUANTUM OF ESSOS SHARES IS ALSO LIMITED. MOREOVER SENIOR STAFF WHO GOT MORE ESSOS THAN THE GENERAL STAFF NORMALLY WILL HOLD ON THEIR SHARES TO EARN ITS FREQUENT DIVIDEND PAYOUTS N TREAT IT AS LONG TERM INVESTMENTS( IN VIEW OF THEIR COMPANY'S GOOD BUSINESS PROSPECTS) .
HENCE ITS SHARE PRICE WAS ABLE TO TOUCH ITS RECENT HIGH OF 1.35

Kenanga's Price Target is 1.66

Recent price high was 1.35
Kenanga price target is 1.56 per its Report above

BIG JUMP IN COMING QUARTERLY PROFITS EXPECTED BASED ON ALL THE POSITIVE ANALYST' REPORTS GIVEN IN THE ABOVE HEADLINES IN THIS FORUM.
LAST MONTH RECEIVED TOTAL ADDITIONAL CASH RESOURCES OF RM66M FROM PRIVATE PLACEMENTS AND CONVERSIONS OF ITS WARRANTS.. BEING PUT TO PRODUCTIVE USE FOR ITS CAPACITY EXPANSIONS ON ITS JB FACTORIES (INCLUDING FOR ITS NEW/ADDITIONAL ENGINEERING/TECHNOLOGY INDUSTRIAL PRODUCTS FOR ITS NEW INTERNATIONAL CLIENTS.
IN LINE WITH BIG INCREASES IN PROFITS WILL LEAD TO HIGHER QUARTERLY DIVIDENDS PAYOUTS

GREAT BUYING OPPORTUNITY AT PRESENT LEVEL FOR A COMPANY WITH GREAT BUSINESS GROWTH

CAPABLE MANAGEMENT TEAM. MANAGED BY WELL QUALIFIED DIRECTORS

ECOFIRST - The Next Symlife
Author: StockAlliance | Publish date: Thu, 8 Jun 2017, 07:10 PM
My Comments :-SOUND BUSINESS GROWTH AND GREAT POTENTIAL

On-going high end project in Ipoh with GDV RM302M(sold out and completed last month which mean 20 to 30% of its unbilled sales will have been captured in its coming 4Q results ending 31/5/2017).
Another on- going project 87 acres of Freehold lands in Prime Location in Ampang Ukay KL ( in the vicinity of KLCC Petronas Twin Towers commercial/shopping/entertainment Tourist Belt) will generate RM5 Billions GDV over the next 10 years.
1st Phase with 3 Towers (GDV RM606M) had achieved sales of 90% since launched in March 2017.
POSITIVE INDICATIONS FOR THE COMING 4Q RESULTS/PROFITS (to be announced next month)
1. The revenue recognised from completion of Upper East (GDV of RM302mil) will be recognised in next quarter. Imagine.... Minimum of 10-20% of progress revenue recognised could easily reach RM30-60mil.
2. The revenue recognised from good take up rate from three towers @ Ampang Ukay (GDV of RM606mil) and completion of earthwork and piling works will be in next quarter. Again... Minimum of 10-20% of progress revenue recognised could easily reach RM60-120mil.
PLUS :- Sale of 1Segamat Mall for RM104M cash (net capital gain RM2.4M)
Its South City Plaza, Sri Kembangan, is generating higher recurring rental incomes increasing to RM16M pa (from RM12M)

More prospects:
EcoFirst Consolidated Bhd (EcoFirst), which is partnering IGB Corp Bhd (IGB) to develop a high-end condominium project in Jalan Batai, Damansara Heights GDV of RM400mil, hopes to launch the four-acre project in the third quarter of this year (3Q2017).

Technical Analysis:
ECOFIRST has broken long resistance @ 0.305 and striving to unchartered area with big volume. RSI has crossed 50 indicates bull signal. ECOFIRST will strive to next TP at 0.35.

FUNDAMENTAL ANALYSIS
We concluded from above findings, ECOFIRST is no different with SYMLIFE. You can try to google where is Ampang Ukay and distance between it with KLCC. It is in the centre of Klang Valley. We are very certain the value will soon resurface VERY SOON especially next quarter result out.. Mark our words. With big project valued at RM5bil, upcomin collaboration with IGB of RM400mil and consistent result performance, with market capitalisation of only RM240mil. This is 90% discounted. Think about it. ECOFIRST would at least valued at RM0.70 - 0.80.

(above extracts and comments are purely for exchange and sharing of market info)

ANALYSTS GOOD REPORTS BCOS :
GOT GOOD BUSINESS AND PROFIT GROWTH.
FORWARD P.E.s BRIGHT.
1H PROFITS UP 73.6% TO 10.9M
PAYS QUARTERLY DIVIDENDS PLUS SPECIAL DIVIDENDS FREQUENTLY.

I maintain my dignity by not being personal in my comments on other readers. I will focus on the markets n the counters. "TO EACH HIS OWN" Each investor has his strategies on stock selections and their timing . Its normal for any investor have his own timing for enter a stock. Everyone do this and practise bargain hunting.
Stock marts are dynamic. Hence there will always be different opinions and changing strategies.
Hence while Kenanga use a P/B of 0.63x , UOB applied a lower P/B of 0.55x to arrive at its fair value price of 2.55 for Affin. Each have its own reasons. Nobody can be sure who is right or wrong.

STOCK MARKETS ARE DYNAMIC AND CHANGES ALL THE TIME.
HENCE WE MUST LIKE-WISE ALSO ADAPT AND ADJUST OUR SHARE INVESTMENT DECISIONS. THAT'S THE REASON MANY WELL KNOWN INVESTMENT GURUS ADVISE US TO CONSTANTLY MONITOR/REVIEW AND ADJUST OUR PORTFOLIOS AFTER TAKING INTO ACCOUNT RELEVANT NEW INFO AND DATA

I TAKE PRIDE THAT I AM NOW ABLE TO ADOPT SUCH ADVICE

I HAVE NO REASON TO ERASE MY EARLIER COMMENTS AND ASSESSMENTS OF ANY STOCK.
HOWEVER I , LIKE ANY INVESTOR INCLUDING CONTRARIAN, HAVE A RIGHT TO REASSESS AND CHANGE MY OPINIONS AND STANCE TOWARDS ANY STOCK.

ANYWAY I AM A NOBODY AND READERS NEED NOT SHARE AND AGREE WITH MY PERSONAL VIEWS/

TRUE. BUT MY HAD SINCE REASSESSED FROM MY PREVIOUS BUY CALL TO A K.I.V. (AND LOOKING FOR A LOWER ENTRY PRICE ) AFTER MY DEEPER UNDERSTANDING OF NTA (WHICH I HAD ELABORATED ABOVE. )
MOST IMPORTANTLY I NO LONGER ACCEPT ANY ASSIGNED NTA FOR ANY BANK AS FIXED OR REALISTICALLY REPRESENT THE ACTUAL OR TRUE VALUE. ANY BANK'S LOAN ASSETS BECAUSE SUCH ASSETS CAN SIGNIFICANTLY DETERIORATE. THAT IS WHY ANALYSTS DO NOT JUST BLINDLY USE 1x Price to Book to compute fair value pricing for banking stocks.

UIOBKAHHIAN IS A REPUTABLE STOCK ANALYST AND THEY HAVE GOOD GROUNDS TO HEAVILY DISCOUNT AFFIN'S NTA BY USING 0.55x P/B TO ARRIVE AT ITS FAIR VALUE PRICE OF 2.55

UOBKAYHIAN REPORT HIGHLIGHTS ON AFFIN'S 1Q RESULTS

(I) Sharp spike in Gross Impaired Loans (GIL)
Asset quality deteriorated significantly while LLC (loan loss cover ) fell sharply to 38% by far the worst in the industry
(ii) projected a 10% YoY contraction in earnings.

AS warned by blogger, JAY, our Malaysian Banking Sector will be facing greater NPL pressures due to the coming implementation of F....9 effective July 2017. More stringent measures to govern the classification of NPLs?GILs. Will hit the bottom lines of banks especially those with poorer loan assets qualities. Need to cautious on the outlook of banks's earnings for the next few quarters which may be depressed by bigger provisionings for GILs

KYA : U may get your targetted 2.50 which is just below UOB's 2.55.
May be helped by the overdue correction that analysts are now calling for the Dow and S&P
due to the Friday burst of the Technology NASDAG Bubble which dived 3%. Asian n EU
marts are now in the red.

(It is all our hope that as we gain more knowledge through sharing of info in this Forum we will all be better equipped to make better investing decisions and become more successful/happy investors)

A CRITICAL LOOK AT NTA (NET TANGIBLE ASSETS)
=======================================
NTAs given to any listed company is an indication only. Not fixed.
They can be grossly undervalued (understated) or grossly overvalued (inflated) although NOT intentionally)

Different financial implications for NTAs of different business sectors.

NTAs for Property Devt companies can be undervalued when their landbanks bought decades ago had not been revalued.
But NTAs for Banks have an inherent danger of being overvalued/inflated.
Banks’ NTAs comprised their loans assets whose values can only be equal to their NTAs (assuming 100% good quality loans portfolios/no NPLs (which is impossible ). Banks with poorer quality loan assets will find their NTAs being heavily DISCOUNTED by Investment Analysts. In the case of Affin, UOBKAYHIN applied a Price to Book of 0.55x to its NTA to arrive at its Fair Value Price Target on 2.55.

Hence I would agree with the comments by Nikiecheong and Kok Wee Kiat above as well as UOBKAYHIAN’a Report (reproduced here) WHO ALL OPINIONED THAT BASED ON P/B at 0.55x Affin’s Fair Value should be only 2.55 and therefore overvalued at its current price.
Affin Holdings: 1Q17: Sharp Spike In Operating Cost And Gross Impaired Loans
Author: UOBKayHian | Publish date: Mon, 29 May 2017, 10:09 AM
________________________________________
(AHB MK/SELL/RM2.86/Target: RM2.55)
Advertisement: Replay Ad

Affin’s 1Q17 results came in 8.4% below our estimates with operating cost pressure being the key drag. More importantly, asset quality deteriorated significantly while LLC fell sharply to 38%, by far the lowest in the industry. Following our earnings revision, we lower our TP to RM2.55 (0.55X 2017F P/B, 5.7% ROE) and downgrade the stock to a SELL. We are projecting a 10% yoy contraction in earnings.
Source: UOB Kay Hian Research - 29 May 2017
------------------------------------------------------------------------------------------------------------------------------------------

ON POSSIBLE BANK MERGERS (involving Affin)
=====================================
(i) Existing major shareholders will gladly sell their stakes at P/B of 1x i.e. at 4.54. But who will be willing to pay at this grossly inflated price based on a grossly overvalued NTA. Will there be any buyers? Acquiring Banks are not stupid but are very professional and calculating and will not overpay.
(ii) POLITICALLY NEGATIVE FOR UMNO to sell Affin , a Bumi owned bank to Alliance Bank which is controlled by Singapore Institutions. UMNO/BN will face a severe political backlash. Besides such a proposal will be opposed by Malay NGOS
SUMMARY/CONCLUSION
NOT POSSIBLE FOR AFFIN TO BE INVOLVED IN ANY MERGERS (under the present conditions)

PAST AGMS WERE MOSTLY HELD IN AUGUST

GOOD INVESTMENT GURUS HAD ALWAYS ADVISED US TO REGULARLY REVIEW OUR PORTFOLIOS.TO ADJUST THEM AND TAKE HARD DECISIONS EARLY TO AVOID MORE PAIN LATER ON. I FAILED TO FOLLOW SUCH TEACHINGS AND I PAID HEAVILY FOR MY TROPICANA. ITS SHARE PRICE JUST FAILED TO RECOVER AT ALL EVEN IN THE MIDST OF OUR CURRENT STRONG BULLISH MARKETS

TRUE THAT MY OVER CONCENTRATION ON TOO FEW COUNTERS IS A BAD STRATEGY. BUT MANY ARE ATTRACTED TO UNDERVALUED SHARES PREMISED ON THEIR MARGIN OF SAFETY. HENCE EVEN IF I WERE TO DIVERSIFY N EXPAND MY PORTFOLIO TO 8 COUNTERS I CAN STILL BE BOGGED DOWN IF MY SELECTIONS INCLUDE MAINLY UNDERVALUED SHARES BASED ON THEIR CURRENT PRICES AGAINST THEIR NTAs.
HENCE FROM NOW ON I WILL NOT GIVE TOO MUCH IMPORTANCE TO NTAs. BESIDES ANALYSTS DO (AND THEY ARE RIGHT TO DO SO) ASSIGN BIGGER DISCOUNTS TO NTAs BASED ON THEIR KNOWLEDGE ON THEIR FACTUALLY POORER QUALITY OF THEIR NTAs i.e. SUCH NTAs COMPRISED LOW QUALITY ASSETS . NOW AFTER A FURTHER STUDY OF UOBKAYHIAN REPORT SHOWED THEY GAVE A PRICE TO BOOK RATIO (P/B) OF ONLY 0.55x TO AFFIN'S NTA TO ARRIVE AT ITS FAIR VALUE PRICE OF 2.55 FOR AFFIN.
HENCE ITS NOT A GIVEN THAT IN ANY BANK MERGERS OR TAKEOVERS (IF THIS EVER HAPPENS AT ALL AS KOH WEE KIAT HAD RIGHTLY OPINIONED ON ITS UNLIKELIHOOD DUE TO LACK OF FINANCIAL SYNERGIES) THAT A P/B OF 1x WILL BE USED. THIS IS A INVESTMENT PRINCIPLE I HAD NOW PICKED UP WHICH IS NOT TO TAKE ANY NTAs AS GOSPEL TRUTH. ALWAYS NEED TO APPLY APPROPRIATE DISCOUNT FACTOR.
IN PRACTICE NOT EASY TO TOTALLY AVOID "VALUE TRAP" COUNTERS. BUT MY LEARNING NOW IS THAT IF UNFORTUNATE TO BUY SUCH COUNTERS THEN ITS BETTER NOT TO CONTINUE TO HOLD THEM FOREVER. MY CASE IN POINT IS MY TROPICANA

THE ABOVE SITUATION MAY ALSO EXPLAINED WHY ITS SHARES FAILED TO RALLY DESPITE THE BIG HEADLINES THAT FOREIGN FUNDS ARE BUYING INTO OUR BANKING SECTORS. BUT THEY ONLY BUY OTHER BANK SHARES LIKE MAYBANK PUBLIC BANK, CIMB RHB. AND WORST. EPF KEPT SELLING. FINALLY AND NOW AFTER DEEPER THOUGHTS, I MAY HAVE TO FOLLOW SUCH SMART MONEY FUND MANAGERS. SAD. ( ABOVE ALL MY PERSONAL VIEW POINTS AND MY OWN UNHAPPY INVESTING EXPERIENCES. JUST TO ILLUSTRATE THE IMPORTANT INVESTING PRINCIPLE WHICH I HAD JUST LEARNT AND HAVE TO ACCEPT: "AVOID VALUE TRAPS" )

SAD SITUATION AS DESCRIBED BY VIEW POINTS ABOVE. BUT MAY HAVE TO AGREE WITH THEM. THESE REASONS COULD EXPLAIN THE UNDER-PERFORMANCE OF ITS SHARE PRICE DESPITE ITS NTA OF 4.54. THIS BRINGS INTO MY MIND A SIMILAR SAD SITUATION I HAD EXPERIENCED IN ANOTHER SHARE. I HAD REGRETTABLY INVESTED 70% OF MY FUNDS INTO TROPICANA WHICH HAD HIGH NTA (NOW 2.24)AND PAYING REGULAR DIVIDENDS. BUT IT DROPPED FROM 1.80 TWO YEARS AGO TO BECOME A PENNY STOCK AT 0.965 AND LANGUISHED BELOW PAR FOR A LONG TIME. EVERY TIME ITS PRICE REBOUND A BIT EVERYBODY THREW. LOST A LOT HERE. VERY FRUSTRATED WITH SHARES HAVING HIGH NTA BUT ITS SHARE PRICES REMAINED UNDERVALUED FOR THE LONGEST TIME. WITH MUCH OF MY FUNDS TIED DOWN LIKE THIS, I MISSED OTHER OPPORTUNITIES TO BUY OTHER SHARES WHICH HAD GONE UP A LOT. MANY WITH 100% TO 300%. HENCE I MAY HAVE TO FACE FACTS AND REALITY NOT TO HAVE TOO MUCH HOPE IN SHARES SELLING AT PRICES WELL BELOW THEIR NTAs.MY BITTER LESSON :- MUST AVOID VALUE TRAPS. MOVE ON TO OTHER COUNTERS

REFER TO VARIOUS RESEARCH/PRICE TARGETS BY INVESTMENTS BANKS IN THIS i3FORUM :-

MIDF TARGET 3.30 (CHANGE IN FOCUS BEARING FRUIT)
KENANGA 2.90 (ANOTHER ROUND OF SURGING FEE INCOMES)
HLG 2.80 (CLEAR THE AIR ON ASSET QUALITY)

REVIEW & RE-ASSESS
==================
AFIN'S SHARE PRICE TOUCHED A RECENT HIGH OF 3.00 N RETRACED DOWN TO 2.68 YESTERDAY.
REASONS :
--------------
ALTHO 2016'S PROFIT OF 123.2M WAS 6.6% HIGHER YoY, ITS 1Q 2017 PROFIT GROWTH SLOWED DOWN DUE TO (1) HIGHER STAFF N OPERATING COSTS FOR ITS AFFINITY & BUSINESS TRANSFORMATION PROGRAMS TO BOOST EFFICIENCY AND PROFITABILITY.
EXPECT HIGHER PROFITS IN THE COMING QUARTERS/YEARS. (2) ITS NPL INCREASED BUT IT WAS CONFIRMED THAT IT WAS DUE TO ONE REALTY AC LOAN OF 200M. FULLY SECURED AND STILL PERFORMING BUT BCOS IT IS BEING RESTRUCTURED & RESCHEDULED (R&R) ITS A PROCEDURE TO MAKE A PROVISION AND TO WRITE IT BACK TO PROFITS UPON ITS COMPLETION.
(ACTUALLY AFFIN'S 1Q 2017 PROFIT WILL HAVE BEEN VERY GOOD IF NOT FOR THESE 2 REASONS. BUT THERE ARE POSITIVE ASPECTS IN THEM)

HENCE AFFIN'S PROFITS WILL JUMP UP IN THE COMING QUARTERS DUE TO (1) AND (2) ABOVE.

(PLSE REFER TO THE ABOVE HEADLINES/RESEARCH AND PRICE TARGETS BY INVESTMENT BANKS PROVIDED FROM 29/5 TO 30 MAY)

WELL, IMAGINE AN ESTABLISHED COMMERCIAL BANK WITH A GOOD ISLAMIC BANKING DIVISION WITH EPS OF 29.2 SEN AND A HIGH/SOLID NTA OF 4.54 ( SELLING NOW AT 2.68)

ANOTHER POSSIBILITY IS THAT KENANGA HAD ALREADY FULLY DISPOSED ITS HOLDINGS BY NOW

TODAY I IS LIKELY THE TAIL END OF ANY SALES OF THIS STOCK BY KENANGA (ITS CALL WARRANTS ALREADY EXPIRED.)

ALSO EPF HAD REDUCED ITS SALES. ITS LAST REPORTED SALE WAS ON 24 APRIL 2017.
MAYBE THEY WILL NOW HOLD THEIR STOCK BALANCE FOR LONG TERM CORE HOLDINGS

NOT COMPLETELY CORRECT. THE LOANS QUALITY MUST ALREADY BEING CLASSIFIED DOUBTFUL E.G FELL INTO 3 INSTALMENTS ARREARS , WHICH THEN REQUIRE PROVISIONS FOR BAD & DOUBTFUL DEBTS. SUCH IMPAIRMENTS ARE REAL N HAD ALREADY NEGATIVELY IMPACTED AFFINS PROFITS FOR 1Q RESULTS. OF COURSE IF SUCH IMPAIRED LOANS IMPROVED LATER THERE WILL BE WRITE BACKS.
BUT UNTIL THAT HAPPENS SUCH GILs WILL HIT THE BOTTOM LINE . THATS WHY I OBSERVED AFFINS EARNINGS RECOVERY HAD BEEN SET BACK BY GILs IN ITS 1Q COMPARED TO THE PREVIOUS Qs.

CAUTION. ISIS NOW DRIVEN OUT OF MIDDLE EAST AND RELOCATING ITS TERRORIST CENTRE/HAVEN TO THE PHILLIPINES.
SERIOUS ARMED REBELLION ALREADY SEEN IN MINDANAO LATELY

NEXT AGM IS EITHER LATE JULY OR AUGUST.
STILL FAR AWAY.

CAN WAIT FOR FURTHER PRICE RETRACEMENTS AND CONSOLIDATION BEFORE BUY

EARNINGS RECOVERY HAD SLOWED DOWN A LOT DUE TO SPIKED GROSS IMPAIRED/BAD LOANS AND HIGHER OPERATING EXPENSES/COSTS AS SEEN IN THE LATEST Q RESULTS

YEAH. THANKS FOR THE CORRECTION.
MAY ALSO DO DOLLAR AVERAGING TOMORROW N NEXT MONDAY

LAST FEW DAYS THE SELLING PRESSURE SEEN IN THE AFTERNOON SESSION.
LIKELY KENANGA SELLING ITS 4M SHARES IN THE AFTERNOON
AFFIN CW EXPIRY NEXT TUESDAY

GOT TOTAL 3 CWs

ALSO CW TOTAL COST EXCEEDS MOTHER SHARE PRICE.

but both CW AND CV are down today.

ONE IMPORTANT LESSON I LEARNT TODAY. WHEN BUYING ANY SHARES, NEED TO CONFIRM IF SUCH SHARES ALREADY HAVE CWs ISSUED AGAINST THEM AS THESE ARE NEGATIVE FACTOR HINDERING THE SHARE PRICES OF THE MOTHER SHARES

BUT AS FAR AS WE KNOW, FOREIGN FUNDS PRESENTLY DO NOT HOLD ANY AFFIN SHARES.
SO FAR THEY ONLY BUY THE OTHER BANK SHARES ESPECIALLY MAYBANK AND CIMB