highest earnings ever recorded

EPS 43.53sen!

perhaps special dividend to be announced later

4 year average PE at 12x

say, valuation at this historical mean, 38.83 x 12 = RM4.66

and to factor in net cash of 47sen

current PE is cheap

quick glance at the P&L would tell u that there is RM50mil operating profit with RM18mil net profit attributable to equity holders

EPS is 2.89sen

earnings would have been higher if not impacted by one off impairment on goodwill, receivables & investment properties.

on the flip side, these impairments/provisions contributed to massive increase in operating cash flow from 34mil to 226mil

Bought at 0.69.

At this price, downside is limited. Just need a bit of patience.

cashflows have been very good

FCF 27mil this year. cash yield approximately 9% on current market cap

net cash 50% of market cap should in theory provides a floor, capping the downside

but well, human sentiment is unpredictable. and we investors are not here to predict human psychology

in less than 2 months time, i will get 11sen dividend

what i had is a hardcopy.

but what i can tell, the main difference between CIMB and Kenanga can be attributed to the discount factor to the computed RNAV. it's a matter of perspective really

both came up with RNAV of RM3 though the valuation of individual businesses are different as methodology is different. Kenanga with 30% discount v. CIMB 50%

that's the beauty of investing. valuation is an art.

we can't discount the fact that there are uncertainties, which i have already mentioned. it all depends on how you weight those risks v. benefits

at this price, what does it implies? what are the market expectations ?

that's the hard part that we, as investors, need to find out.

i also had a report by Nomura, which i had obtained from Muhibbah investor relation, with a TP of 2.43 with a 20% discount factor.

for defensive play

Bought a bulk at 1.68 in the morning

FPI is 5th largest holding

you can say my statement is incomplete

but DONT u dare to accuse me of malicious intent

ozymandias There is exclusivity clause for Phnom penh and sihanoukville. Please read kenanga report and don't blindly say things.

depending on what perspectives you have,

for example, Kenanga TP is RM2.35 while CIMB is RM1.50

but what is certain that sentiment would not improve unless the uncertainty surrounding the airport concession is cleared

the key issue is that the concession agreement does not have exclusivity clause. there is a risk of premature ending of the agrement when the new airport is completed.

anyway, right now the immediate concern is the negative impact on tourist arrivals
the lack of chinese tourists are expected to trim 0.5-1% of Cambodia's GDP

for hygiene purposes, given the current outbreak, garbage bags should be in great demand

what's important is next year profit

coming quarter is less relevant in my view

0.9sen is the new norm

annualised 0.36sen. forward PE 20x

What makes u think it will grow at MUCH (emphasis) slower pace.

The noise surrounding Boeing 747? or the coronavirus?

included Panamy in watchlist

1billion market cap

i believe the disparity has to do with quality of management. MFCB management is top class. Over the years, they have demonstrated their ability create shareholder value. they are very shareholder oriented.

just check their track record over the past 10 years or so.

next weekend i'm going to Genting. just a night stay but definitely will hit the casino.

stay tune...for site visit report

Worth RM1.50 at least

EPS 40sen @ PE 12x

RM4.80

Arbitrage play?


Posted by TheContrarian > Feb 13, 2020 4:46 PM | Report Abuse

MGO definitely trigger. Bought today at 59 sen.

better protect your capital and move to a better buy in BAUTO. DY is 6-7%.

i'm queuing at 70sen. Hope it gets done.

Currently, there is an average order backlog of 7-9 years for Boeing and Airbus aircraft.

Airbus Global Market Forecast 2018-2037 report estimates that over the next 20 years, 37,390 new passenger and freight aircraft will be needed. Of these, 10850 are to replace old aircraft and the remaining 26,540 new aircraft to cater for rising demand.

the minorities have to seriously reflect why on earth they rejected 2.20

the law of mean reversion will bring it back to 1.20

Technically TA should be above 0.665 right

else TAGB holders would not swap

did i missed the boat?

the korean frenzy is back. 4 oscars win.

This is a high growth stock in an industry with high barriers of entry. Yet, it is trading at trailing PE of 13x. Not even 15x.

While market is unrealistically valuing, even smallish tech stocks at 50x PE.

You are spot on!

Indeed, it is.


https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=100819&name=EA_GA_ATTACHMENTS

singh1 Interesting !! Maybe TAE will offer to buyout TAGB.
11/02/2020 10:11 PM

any corporate exercise to be announced?

thought there's risk arbitrage opportunity here

seems weird that the SCR was rejected by the minorities

or it could be an attempt to push up the share price, never an intention to privatize it

Good quarter ahead

40sen EPS is achievable

Posted by RainT > Feb 5, 2020 10:54 AM | Report Abuse

@Fabien

can share the article about MUHIBAH is inside the top 10 buy for next decade ?


What i have is the hardcopy of weekly The Edge

wow this is interesting.

Muhibbah listed in Insider Asia top 10 buy for the next decade.

what has coronavirus has to do with electricity demand in an electricity-starved country?

perhaps those who pitch for sell call has an answer?

Bought 7.68

More sell down pls.

well, you guys should know hng33 trades on small spread, few sens. he closed his position in matter of days. ignore whatever news he shared in the forum to support his case, it is a farce.

it's not as simply as vaccine developed than share price will rebound

pscyologically, people would travel less. if you take out the millions of tourist from China
surely, it will have massive impact on the economics

Check back during SARS outbreak previously and find out how it impacted Genm share price.

Dividend yield is getting close to 10%

I'll buy some when PE drops below 20x.

The potential profit to be derived is mind blowing, and with higher certainty.

Currently, the stock market is not valuing companies with strong balance sheet with net cash position. This can be contributed by the low interest rate environment. Where the excess liquidity has been deployed to highly leveraged companies with explosive earnings growth. Over the last few years, growth stocks have largely outperformed value stocks.

Having strong cash position doesn’t add value to the company’s valuation, as implied by the market.

Take Poh Huat as an example. Current PE multiple is 6x. Adjusted for net cash, PE multiple is only 4x. This is for a company that has grown its earnings by 7% in its latest financial year. However, the current PE multiple implies that Poh Huat earnings are in a decline. To put it another way, if you set a minimum target return similar to the long term market return of 10% and compared that required return against Poh Huat earnings yield of 30%, is that market valuation justifiable?

Even looking from the balance sheet perspective, it’s P/BV is only 0.9x for a company that earns ROE of 15% and ROIC of 28%. It’s cash yield is around 9% based on average FCF, almost 3 times of what you get from risk free rate.

anyone picking up a falling knive?