Oh, I owned Plenitude and Daiman 6 or 7 years ago. Liquidated my positions with decent profit. I also made good profit from Kuchai, KSeng, Goldis and PMCorp.

So assets play have been quite a success to me personally.


Posted by Jon Choivo > Jun 11, 2018 08:18 PM | Report Abuse

Id suggest you take a look at plenitude, daiman and KSL as well.

do share what you have studied. always welcome another point of view.

I think PANAMY current price is not expensive @ PE 17x. It's reasonably priced.

Sebastian Sted Power I think the author next will blow about PANAMY with titled "THE JEWEL OF THE EAST". Hahahaha..

Did u managed to buy at 99 sen?

Posted by Jon Choivo > Jun 11, 2018 12:38 PM | Report Abuse

Just queued for some at 99sen.

I can wait. Im fine with how he does business.

He has a reputation of being a very hard and unfair negotiator with other people. But it will be stupid for him to anything to his flagship company.

let's see how things pans out. i think the next few years would be interesting. with the Melbourne Square and the listing of Cable business.

FAIRnREASONABLE there seems to be a "trust deficit" with OLH. Anyway good also lah, otherwise, you and I would not be able to take advantage of buying cheap

Management also plan to monetise some of their assets

http://www.theedgemarkets.com/article/newsbreak-osk-holdings-puts-faber-towers-sale

Of all the assets, RHB is the crown jewel. OSK is an indirect proxy to owning RHB.

As everyone aware, it's just a matter of time before RHB being taken over, they failed with CIMB and more recently with AmBank.

Currently, RHB is trading at 1x BV. Historically, any takeover of banking institution has taken place around 1.4x BV.

At current price, you get the property business, investment property, construction business etc. for free.

Insas


Posted by Jon Choivo > Jun 10, 2018 07:38 PM | Report Abuse

Other than Orient and OSk, what do you have? For net asset plays?

no need to insult people. u can share ur comments OBJECTIVELY.

you can share ur thought as to why PE of 24x is undervalued. Assuming earnings are constant, PE of 24x means you will need 24 years to recoup your initial investments.

PE of 24x also means the company earnings are growing by 24%. so if the company can grow their earnings by more than 24% then PE 24 may not seems expensive or even a bargain.


SUMATECRM1 Nestle PE 52x , industry PE 40x, Aji PE 24X...
Looks like fabien and newbie has no brains...
Dont touch this share pls.. or sell me cheap cheap i sure buy
Good sharing.. next time just PM me i go buy !
Dont need to share to people who dont see true value.. haha thanks.
10/06/2018 17:49

assets play consists 25% of my portfolio

but these companies must be profitable and at least decent growth

PE of 24x and this guy is screaming UNDERVALUED. Amazing.

FLBHD net cash position amounts to 96 sen per share

stripping out the net cash, PE ratio (ex cash) is 1.94 times. Which means you will earn back your initial investment within 2 years at current price.

that's achievable even in the worst case scenario assuming FLBHD only manage to earn 6 sen EPS for the next 2 years.

Price = 1.08
Net cash =0.96
Ex cash = 1.08 - 0.96 = 0.12sen

Anything above 6 sen EPS is a gain to investors.

Actually, buying at current price is already a gain to investors because FLBHD pays 6 sen dividend annually. Any earnings recorded are a bonus.

maybe calvin and friends can make it happen? lol

thanks for the info, Patrick13

perhaps Oriental can follow the footsteps of Sime Darby by unlocking much of the hidden assets, make it leaner and at the same time increase the dividends payout, ROE etc.

but seriously, you won't find a cash generating machine elsewhere that is comparable to Oriental

possible, as their assets have not been revalued since the 1970s. if u add in the hotels as well.

Jon Choivo RNAV is closer to 20.

most of its debts are in yen to finance the plantation business. therefore appreciation of yen will have much negative impact. anyway, its FX translation losses.


tsohg why forex loss so much at plantation segment in q1 2018?

wishful thinking is maybe in few years to come when its heathcare segment starts to contribute a stable and significant source of income, perhaps a spin-off?

i don't know much about eksons. but i have similar experience before. got my money stucked in FACBInd, trading significantly below net cash. but business is unexciting.

lost my patience after 4 years and liquidated at decent profit

valuation is actually very cheap if you factor in the high cash positions even when earnings are not growing.

There's some good info in BMan write-up



Posted by BMan > May 25, 2018 10:10 AM | Report Abuse

Book Value Offers 100% Upside, Free Property Development Biz Anyone?

http://klse.i3investor.com/blogs/newsviews/157741.jsp

Don't forget to read my report!

added more at 6.50. i like that the BV has grown above RM10 now.

It is incorrect to say the price is drop. The share price is merely ADJUSTED for dividend.

The dividend has been paid out by the company, hence it has been taken out from the books. The market capitalisation will reduced by the dividend paid.

Posted by Lele > Jun 6, 2018 05:05 PM | Report Abuse

Basically, the share price drop after ex-dividend date because the share price of a company trades in the market without the dividend.

slight regret did not revise the buy order of 65 sen. lol

Wow Leno is back.

Our top Insas investor.

as written by Howard Marks few years ago:

the market price merely reflects the average insight of the market participants.

it builds into herd behaviour or mass hysteria. when 10,000 people panic, the emotion seems to snowball. people influence each other, and their emotions compound, so that the overall level of panic in the market can be higher than the panic of any participant in isolation.

BV is 1.52, how much premium would u pay for RCECAP? Note that their ROE is >15%.

1.50 at least la

for stocks that have substantially decline in value or prolonged decline say 1 year (i copy from previous MFRS 139), i would fix the value at cost and recalculate the portfolio weightage accordingly. i maintain such alternative view on top of the usual MV-based portoflio weightage so that i won't kid myself, say if the stock has declined by 40%, that it only constitutes neglible amount to the portfolio performance because it is not. it has a small weightage because the value has eroded, at the point of origination of the investment, it is not!

well, i dont mind waiting 5-10 years for Insas to reach its intrinsic value. and when it does, you go back and look at the annualised return over the 10 year period and still remain fantastic investments.

doenst add value looking at historical valuation/pricing; market is dynamic, business fundamental changes, perception of value changes, investment community behaviour changes, what matters is how the management increase the value (in the case of Insas, the increase in BV), there are so many ways for them to create value situation/ unlocking the value etc.

as Jon rightly pointed out, the one real advantage is patience.

why comparing your performance aganst ACE index? you can used FBMEMAS as a benchmark, more reflective of your portfolio i guess

Jon, your weightage of 10% of portfolio is coming from latest market price or at cost? since the MV has been dropping much, original weightage should be higher right

i have my fair share of wood based stock too. all are out of money with average losses of 25.60%

am i correct to say they have net cash of 44 sen?

yep, you are probably right. this stock worth to hold until 2019 and beyond then gets to see the real earnings potential.

2018 most likely won't be exciting, since tawau power plant is a no-go earnings for the immediate term would have some impact, in addition to higher interest expenses on the Usd loan.

How to Value Stocks Using Absolute PE Model

https://www.oldschoolvalue.com/blog/valuation-methods/how-to-value-stocks-absolute-pe-valuation/

historical PE range has no bearing on future valuations!

won't mind having TAGB shares

Little Bay Cove development in Australia, which is 99.4% sold, is expected to be completed and delivered to the purchasers in the third quarter of 2018.

Expect to see revenue contribution then.

will be hard to catch at 8.20

Compared to 2014 when TA was pricing above RM1, the fundamentals now are so much better.


Sslee Dear Jackkin,
If I am not mistaken, july 2014 the price was more the RM 1+.
Thank you.
31/05/2018 12:14

5th consecutive of profitable quarter. things looking good again.

Biggest holding remain stocks that i bought many years ago that i intend to hold long, PPB follows by MFCB, Orient, UMCCA

Top losses in portfolio are more recent purchases like Ekovest and export stocks e.g. Tguan, Liihen, Pohuat, Flbhd


Jon Choivo What are your biggest holding?


Posted by Fabien Extraordinaire > May 30, 2018 09:36 PM | Report Abuse

My portfolio is down 14%. Sad.
30/05/2018 21:38

My portfolio is down 14%. Sad.

ah...i see Probability more often here.

No more in Hengyuan thread?

tomorrow mild rebound?

would the ban on logs export in Sabah would benefits FLBhd?

do note that most of the cash is proceeds from IPO, mainly use for their existing projects, the PP3 and the petrochemical facility in Indonesia. these are earmarked for their expansionary plans not distributable as dividends.


samflyer Cash rich but only declared dividend once...anyone have any idea if they will declare more dividend during the year
28/05/2018 13:33

pretty amazing to conclude the company's worth based on 1 quarter alone. guess most ppl just look at P&L. never the cash flows statement, completely ignoring the positive operating cash flows/ free cash flows generation, and the squeeky clean balance sheet with cash rich and no debt, etc. etc.