Hoh, suddenly a ghost appeared and the first post (12.42pm) disappeared. Another one which looked the same, but it is not, the word "revenue" has been changed to "profit". It appeared at 12.48pm, just one minute before my 12.49pm post. Tell me if there is a ghost?

Posted by iafx > Jul 19, 2013 12:48 PM | Report Abuse

cbip share price is weak now, this is a good chance to switch (or split) before cpo price rebound, what would be the price of cbip vs kfima when cpo finally up? cbip stands better chance to payout more div compare to kfima sliding profit and do nothing cash, cbip share price gained proven far better than kfima over the years. yr $ yr choice!

Then came my posting:

Posted by kcchongnz > Jul 19, 2013 12:49 PM | Report Abuse X

Posted by iafx > Jul 19, 2013 12:42 PM | Report Abuse

cbip share price is weak now, this is a good chance to switch (or split) before cpo price rebound, what would be the price of cbip vs kfima when cpo finally up? cbip stands better chance to payout more div compare to kfima sliding revenue and do nothing cash, cbip share price gained proven far better than kfima over the years. yr $ yr choice!


So my question is what if cpo price continue to slide?

Kfima sliding revenue? This is what I got for Kfima's 12 years revenue. 12 years!!! Is it sliding? Or somebody simply shoot again?

Year 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Revenue 486524 470753 431884 411432 369070 308712 294477 300331 247121 223076 221136 187310

"cbip share price gained proven far better than kfima over the years"?

Posted by kcchongnz > Jul 19, 2013 11:48 AM | Report Abuse X
Posted by iafx > Jul 19, 2013 11:04 AM | Report Abuse
cbip offers much better return :D
Sure or not, or just simply shoot?
Show me the comparison of long-term return of both for comparison, total return and compounded annual return for 3 years, 4 years, 5 years.
Can or not?

Wait, let's start from the beginning, one step at a time, ok?

Posted by iafx > Jul 19, 2013 12:42 PM | Report Abuse
cbip share price is weak now, this is a good chance to switch (or split) before cpo price rebound, what would be the price of cbip vs kfima when cpo finally up? cbip stands better chance to payout more div compare to kfima sliding revenue and do nothing cash, cbip share price gained proven far better than kfima over the years. yr $ yr choice!

Of course you can't find this there any more. I will show further proof why do I say so.

Posted by iafx > Jul 19, 2013 12:42 PM | Report Abuse

cbip share price is weak now, this is a good chance to switch (or split) before cpo price rebound, what would be the price of cbip vs kfima when cpo finally up? cbip stands better chance to payout more div compare to kfima sliding revenue and do nothing cash, cbip share price gained proven far better than kfima over the years. yr $ yr choice!

I have never encountered such a kookoo fellow like you. Just that I didn't want to waste time on a kookoo fellow. but now you with the combination of a con man, cannot tahan laready

hohoho, a con man for a friend. The evidence in Kfima thread can never be erased.

KC Loh, jie yu, jie yu, hantam that donkiedave gao gao

Also kookoo already one

The best combination in i3 is revealed. One kookoo one. the other one like somebody said, conman! The evidence is everywhere!

you long ago confused already. You are 100% kookoo one, probably since birth

hng33 is also not me ah! I know KPS is dropping, but don't scold me, I am not hng33. I am not disappearing when KPS share price drops. OTB? He is having fierce but friendly argument with me now. And we are not talking to our ownself, you know.

Eh, this KC Loh is not me ah! Don't say I use another nick to hantam you.

KLSE 1000 already meh?

Posted by iafx > Jul 24, 2013 11:37 AM | Report Abuse
38%?! oppsss... :D :D :D


?????? do you know how to read the return as shown in the table? 100% not. I know you through in and out already oh.

So where is your portfolio? How much have you made? MKland? How much have you lost? Some people just huhuhu in the forum. Talk about nonsense. Can't even compute simple thing like return, CAGR. Doesn't comprehend what is the basic balance sheet equation, ROE etc.

Some more changed post and then accused others of doing so.

The evidence is everywhere. You can't fool others all the time.

Tan KW put up my portfolio in i3investor on 21/1/2013. Check this out.

http://klse.i3investor.com/servlets/pfs/13147.jsp

At the close of yesterday, the various prices of my stocks in the portfolio and their returns are shown below:

Reference date 21/01/2013
Stock Name Ref Price Price now Div rec Change %change
Kfima 2.02 2.11 0.080 0.170 8.4%
Pintaras 3.12 4.9 0.100 1.880 60.3%
ECS 1.06 1.22 0.025 0.185 17.5%
Plenitude 1.85 2.31 0.050 0.510 27.6%
Jobstreest 2.4 4.1 0.080 1.780 74.2%
Pantech 0.78 1.09 0.012 0.322 41.3%
SKPRes 0.34 0.32 0.000 -0.020 -5.9%
NTPM 0.47 0.565 0.015 0.110 23.3%
Kimlun 1.5 2.23 0.048 0.778 51.9%
Prestariang 1.21 2.14 0.055 0.985 81.4%

Average return 38.0%

KLCI 1636 1808 172.0 10.5%

Exactly 6 months has passed. What is the return of this portfolio? It is 38%, or annualized 76%. 76% in a year, my god!!!! How did you do that! This compares with only 10.5% of the broad market, more than 3 times above the market return, my god!

So does my FA works ,folks? Did Kumpulan Fima share price plunged?

I seldom talk about share price, and especially how much I made etc. But I think it is time to put up the performance of my portfolio liow.

So folks, please commend on return of the stocks I have selected with FA!

fastinvest,DrPitchard (first time see your name), chlooi and others, thanks for the good words. I did no these words are sometimes soothing.

But if you have read any of the posts of this fellow who attacks me now, you would know this fellow is not a sane person. He is definitely something wrong one! Notice I have totally ignored him?

fastinvest, I 倒米啊? Do you think that he can teach to earn money? That fellow kookoo one. Don't waste time on him.

Lai lai lai, 上课了。。。。 Yes,whatever I write and answer (mostly) here is not for anyone to make money in the share market, but to learn something which may be, I said may be useful for your investing experience.

So for those who think of getting tips of what share to be fried, how much money you can make etc, this is not for you.

Posted by eSdM > Jul 23, 2013 10:46 AM | Report Abuse

TH Heavy... a pn 17 co.. hv like 2 projects.. hv to JV wit Euro co..... to bid for projects.. PE 23..... but at RM 0.90 is actually RM 3.6 if u make its par value to RM 1 (0.90 x 4 cos its par value is RM 0.25)... compare tat to KNM... not a pn17 co.. hv secured projects... owns a Euro co itself... yet d price is RM 0.47.....TH Heavy wit nothing price at RM 3.6... KNM RM 0.45... how is tat for potential??

THHEAVY, 90sen, par value 25 sen, so actually THHEAVY is RM3.60, so PE is 23/0.25, 0r 92. Oh I get it. thank you, thank you.

The best couple. So iafx, you finally have someone special supporting you. good on you.

TeckChuan,
Excellent! One of my best students. Can I call you as a student of mine????

Now I am using the annual report of MFCB instead of initially of the unaudited report when it was first published. So my figures in the financial statement as the same as yours now.

1) Initially I disregard the "Goodwill" as part of the IC. Goodwill is something the company paid for an acquisition over and above its book value and the overpayment is recorded as "goodwill". After looking at your computation and I though about it, we should include it as it is part of money or capital spent on the acquisition. Furthermore excluding it will result a higher ROIC, which may be projecting an over optimistic view on the operating efficiencies of the company. Since we are contemplating of whether to invest in the company, it is better to be a little conservative. So a cash return (FCF/IC) of 19%, instead of my previous 23% is still good right?

I also previously ignored the long-term receivables of RM793 from the IC. So now I take your figure. But this is insignificant. Actually very few companies have long-term receivables.

So here I learn something new from you.

2) My capex is 22.8m for 2012. Should be the same as yours as now we got the same cash return above.

3)Yes, common stock, share capital are the same

4)Share price for previous years is not a fixed figure, is it? So there is a range of the price and hence the dividend yield. Some may take the average price and DY.

5)We have the same ebit. But this is arbitrary too. For example, why do we ignore the "other operating income" as part of the ebit? It could well be part of the "operating income". Many companies also consider interest income, gain in sales of PPE, etc as operating income which I think is not right. I was lazy to find out exactly what are there. And ignoring it also is a conservative approach as I also carry out DCFA using operating income, if you notice.

Well done Teck Chuan

Posted by eSdM > Jul 23, 2013 08:02 PM | Report Abuse
kcc... i didnt invent tis thing la... it has a name... it is called comparative valuation method.... real estate valuers do tis kind of thing..... analyst also do tis kind of thing n called it an upgrade of d whole o&g industry upward....... whn d prices of all d houses in ur next door gone up.... ur house wil go up too.. provided ur house is in ok condition like KNM

If my neighbor's house just sold for 1m, my house though I did not take care as well, must at least be able to sell for 900k. Definitely agree.

If Dialog share can sell for 3.00, KNM though not as good, should be able to sell at at least 1.00. And the par value of Dialog is 10 sen whereas KNM is $1, so KNM actually can at least fetch $1*10 or $10!

Wonderful comparative valuation. wonderful, wonderful, wonderful.

Thank you for your tips.

posted by Roseline Ting Wei Ling > Jul 22, 2013 10:36 PM | Report Abuse

The report state the company making loss because they intended to let people sell the share and the some1 can buy the share at cheap price and "goreng"


Wow, great insight! Buy buy buy!

[I am sorry to say that "they all said that you are wrong".]. Please don't be.
Posted by Ooi Teik Bee > Jul 23, 2013 08:40 PM | Report Abuse

Dear Kcchongnz,
I did the following things here :-
1. I called up MTDACPI, the financial accountant told me that in Q4 financial report, 35 million is LAD write back, 7.12 is actual net profit. This company had made money and it is turnaround in Q4.
2. I do not believe, I called up the auditor, the auditor also confirmed that "LAD write back" is considered as net profit.
3. I do not believe, I called up KLSE, the accountant also confirmed that "LAD write back" is considered as net profit.
4. I still do not believe, I called up my good friend who is the Financial Director of a listed company (construction)in KLSE, he also confirmed that "LAD write back" is considered as net profit.

I am sorry to say that "they all said that you are wrong".

Who am I ? A small investor, not an accountant by profession, learn FA from you all the times. I respect you as my FA sifu, I am not in any position to prove you wrong.
Thank you.
Ooi


Ooi, since you choose this forum to prove that i am wrong. So I have to give my opinion here to justify what I have said.

Yes, you have proven that I was wrong to say that those 43m MTDACPI made last year are profit in term of financial accounting of financial statements. Fully agreed. As I have said, I am not a professional accountant.

But let me ask you this. As investor like us, are you just interested in the so-called "profit" in accounting term, or should you be more interested in looking behind the numbers to see what the "real" profit is? There is a huge difference here. The almighty Enron made increasing profits every quarter for years in the 90s without fail until the last few quarters just before its share price plummeted from $90 to $2 within weeks and went into bankruptcy.

Before I go further, I have to tell you something about what is it to be a contractor like MTDACPI.I have worked as a civil engineer for more than 20 years,10 years in a public listed construction company where I have been fully in-charged of an operation overseas.

The construction industry is a dog-eat-dog world. It is full of all kind of competitions and problems. It is cyclic and you encounter different problems during different stage in the cycle. In the good time, there are plenty of jobs and contractor should make money (Did MTDACPI make money during the good time in 2005-2008?). What does it show on the part of its management when the company can incur huge losses even during construction boom time? But you will encounter problem like shortage of labour, skilled or unskilled, shortage of material, lack of supervision resulting in wastage, high capital expenses etc. Then the down cycle comes; you find hard to get job while normal operating expenses continue. Clients refuse to pay for work done or gone into bankruptcy. At the end lose money. I reiterate here, very very few contractors can survive for more than 10 years in the industry. What has the results of MTDACPI shown for the last 10 years?

One normal occurrence in construction is construction disputes. Contractors find the work is beyond the contractual scope, soil investigation not correct, etc and claim for variation works; while the client (and with the help of their consultants) claim that the works are all included. So how much the 160m "Receivables" in MTDACPI's balance sheet is true claim which has been approved by the consultants? And how much is claim by MTDACPI is just their own opinion but not contractual valid? Even if the claim is valid, the client can go for arbitration to dispute it. Believe me, they will go that way, and if so the contractor has a very little chance of getting this "claim".

another very common dispute is the late delivery of project by the contractor, and hence the imposition of liquidated and ascertained damages (LAD), a fine for late completion of work. Say Singapore LRT imposed 35m LAD on MTDACPI in 2011 because there is a delay of the completion of work. For simplicity, assume there is no other losses. So MTDACPI lost 35m in 2011. In 2012 MTDACPI won the case that it was not its fault for the delay. So LRT credit back 35m into MTDACPI's account. So accounting wise, MTDACPI lost 35m in 2011, but made 35m in 2012. Perfect, nothing wrong in accounting. But what is yours perspective as an investor?

For me MTDACPI did not lose any money in 2011, neither did it make any money in 2012. Actual still gain 7m? 7m for 260m turnover, and 160m in "receivables"? Is it a great turnover or there may still be skeleton behind the doors? Aren't there much better construction companies to invest?

I am surprise your good friend financial accountant just stopped there without explaining to you what write back in LAD means to an investor.

I said "Wow, learn something new to compare share price of companies and search for value."

Nothing else.

thanks for the lesson.

But too bad, nobody gives a damn to this ghost.

wow, this one must be one of the ghosts. One minute for every post. But still the post is only two lines each.

Hahaha, you got good company. Great supporter.

To speak out his mind by accusing other of amending your post which he didn't. You know what you have done. You were the one who amended your post. Instead you turned around and accused me of doing that. After that calling all kind of names on others? What kind of a person you are?

Have I attack anybody who has different view? Can you say he attacks you just because he is offering his different views? Arguing with you constructively with his analysis, figures and facts?

Have I accused you of copy and paste, bullshit, ass bug, sickening liar, "her" (I got kukuchiew one), si-roti-canai-pusing etc etc? Who used those terms? Is he qualified to use those terms?

house, there is zero chance I know. And I don't expect that. Not only that, he still continues to annoy me. But do you understand that I have my reputation (not that I have a lot, but don't know any other word for it) to protect. I was accused of amending his post and spin it. This I have to show that I didn't. If not what others will think of me, a liar? Is it good to have that image projected to others?

And "liar" is exactly the word he used to accuse me, not only liar, but "sickening liar". Some more he pui pui pui at me. I clearly showed that it is not me who is the liar, impossible to spin the story like that.

And notice so many other degrading words used on me. Do I deserve them? Do I have to just "eat" them? What would others think of me?

Posted by houseofordos > Jul 23, 2013 04:56 PM | Report Abuse
here we go again...

house, I know it doesn't concern you. You should also know I am not that kind of quarrelsome person.

But if you read what have been written, you would understand why I won't let this guy get away with it so easily.

This guy has not shown any remorse at all for what he did. He still continuously trying to agitate me. He must be exposed of his mischief and his true character. Or else there is no justice.

I thought I saw wrongly. So as a gentlemen, I apologize loh. But after looking through again, the appended 12.42pm post of yours in my 12.49pm post was clearly stating "revenue" and not "profit", so I knew I was conned. Then looking at the time of my post at 12.49pm, and your post (deleted original post and came with a new one) was at 12.48pm (of course above mine lah), there must be a ghost around doing that. There must also another ghost helping me to see your 12.48pm post immediately you posted it, appended the 12.48pm comment of your, change the bloody "profit" to "revenue", search the bloody 12-year Kfima revenue data, wrote a comment to argue that revenue did not slide, post the comments, all within a bloody one minute.

Some more got scolded "with "pui, pui, pui, si-roti-canai-pusing, ass bug, sickening liar, "her' (I got kukuchiew one) etc"

I as a gentleman apologized for somebody's spinning, and that bloody spinner scolded others with his spinning.

So I gentleman, he what ah?

So can you explain why a human being could copied your 12.48pm comments, modified it, make a story, and all within one minute. Because my posting was at 12.49pm.

You haven't address the ghostly issue, have you?

So ghost, please response the above point by point, how could you do all those stuff within one minute?

Don't run away again oh like you have been doing all the time when you saw ghost buster coming!

You missed one small detail of your plot. No human can so happened to read your 12.48pm post immediately after you posted it, change the word "profit" to "revenue", search for the 12-year revenue data of Kfima, process it, wrote a long comment to argue with you, post it, all within one minute, unless of course there was a ghost doing that.

I mean to get the ghost read your post, change your "profit" to 'revenue", get the twelve year Kfima revenue data, wrote the long comment, posted it, all within one minute?

See, whether you use "revenue" or "profit", I could still convincingly argue with you with figures and numbers. Do I need to get a ghost to change it, rather do I need a ghost to read your post, change "revenue" to "profit", get the new 12-year Kfima profit data, wrote the long comment, posted it, all within one minute?

i3investor administrator, please check if there is a ghost who deleted a 12.42pm post in this thread and then re-posted another similar post, just with a minor change of one single word, ie "revenue" to "profit".

Please clarify because I haven't be able to sleep thinking about a ghost exist in your website which I frequently visit.

My post was 12.49pm. I appended your original post in that post. Your post is 12.48 am. Of course it is above mine. I can't change the time of my post at 12.49am, neither can you change your time of post at 12.48 now.

So can you tell me whether it is possible to pusing your story, ie read your 12.48pm post immediately when you posted it, change "revenue" to "profit", and wrote like a ghost to finish it, with all the data, all within one minute? Wasn't there a ghost, or ghosts around doing all this feat?

but about you, or the ghost. he can't even provide a single figure or number to claim that the "revenue" or "profit" has been sliding. Can he?

But you know what, whether you used "revenue" or "profit" I still could argued with you convincingly, didn't I?

yeah, when you amended it, I thought I saw wrongly and apologized. Silly me ah, didn't know i was con again. Yeah con man as mentioned by another forumer.

Thanks for reminding me that.

You know the ghost who amended the word "revenue" to "profit" and then came back and spin the story and scolded with "pui, pui, pui, si-roti-canai-pusing, ass bug, sickening liar, "her' (I got kukuchiew one) etc without blinking his eyes once?

Posted by iafx > Jul 23, 2013 04:10 PM | Report Abuse
kfima -0.010 despite the good market, but no worry, kfima has plenty of cash :D :D :D

Hohoho, what is the above for?

Btw, you got idea whether there is ghost in the this thread? You know the ghost who amended the word "revenue" with "profit" just one minute before my post at 12.49pm here trying to argue that Kfima's revenue has never been sliding since 12 years ago?

tonylim, if you think ijm share price going to go up, the best call warrants to punt is CQ at a premium of 6.4% and a gearing of 8.5. It is expiring on 30/4/13.

Actually the most undervalued warrant is its company warrant Wc at a discount of 2%, expiring on 24/10/2014. Its gearing is low though at 3.2 times.

tonylim, wtf, you made me heart sick. Bursa C4 is now 19 sen. I sold at 14.5 sen. Alas, punting is like that one lah. No point heart sick.

Btw, do you know the dividend of Bursa is 'special dividend" which the exercise price of call warrant will be adjusted?

Yeah, forgot to thank you for the tips of bursa call warrants which I made some money.

tonylim, you must be f'k crazy. I apologize to who?

Apologise to each other? I apologize to this fellow? For what? You are not kidding, are you?

steve, tell you the truth. I won't be hurt by his words. In fact I enjoy exposing this culprit's true face. He has no credibility. If one has read what he wrote against me, and my response, he would know why I say so.

Please note that I have never done this to anybody else. Most, if not all in i3 are my good cyber friends, including you. I enjoy interacting with you guys, sharing investing knowledge, stocks information etc. Surely you know i am enjoying myself reading all my posts, which i have been doing quite a bit. Don't you?

I have been receiving mostly positive responses. In fact i would have enjoyed more if others can tell me where my point of view, analysis etc are wrong and correct me.

Sep,
A cyber friend of mine described SCGM and asked me whether it is good to invest as below.

Friend:
[About SCGM's business. This is another one of those companies making plastic products and packaging. But I m looking at it more in terms of value stock. Based on their latest numbers, it does seem like they are turning around their business with some good numbers in 2013 especially growth in cashflows. They are almost debt free with a strong balance sheet.

Growth rate
Revenue 18%
Operating income 32%
Net profit 28%
Equity 9%
Cash flows 178%

ROIC
12.2%
EV/Ebit 7.5
EV/Ebitda 5.4
FCF/Sales 9%
　
I know you dont use TA much, but I see some sign of strength from technical standpoint as director was accumulating when stock dipped to around RM 0.955, so this would be a good support level.]

My reply was as follow:
[Looking at your numbers, SCGM appears to be great in term of its last growth in revenue and earnings. Its operating efficiencies in terms of ROE, ROIC are ok lah for last year, but there were very poor before that. Cash flows was excellent but that was only for last year. So it has not shown the consistency yet. Valuation wise is also ok lah but not screaming buy, buy, buy. Those are the past. May be you know more about its near future.
Of course having the information that insiders are buying, and technical buy signals do help. May be you should also compare with its peers such as Daibochi, Tommypack, Cenbond etc to see which plastic packaging company is most efficient and which offer the best value for money in terms of PE ratio, earnings yield etc.]

My further comments;
You see investing and trading stocks are two different things. Share price changes all the time and often the share price doesn’t reflect the true value of a company. One can certainly make a lot of money trading, using some technical skills, or short-term insider information. But more people lose money gambling with insiders and manipulators. Agree?

steve, how do you like being constantly attacked with terms like si-roti-canai-pusing, ass bug, pui pui pui, sickening liar, "her" (I got kukuchiew one)?

Do you think that this person feel any remorse of what he has done about how he spin (pusing) in the Kfima thread, any at all?

Please give me a frank answer here. Do you think I deserve to be attacked like that?

Did you ask me about bursa cw or another person?

Yeah I made quite some money from C4 and Cz after you alerted me about Bursa call warrants. It was actually luck so happen that the volatility of Bursa share price went up.

got rid of them already as I found the market maker not being fair in the market making, having very wide bid-asked spread. Still made good money because underlying share went up a lot. Haven't looked at them a few days already.

The danger is that when the dividend which is quite high is ex-dated, Bursa share will be corrected downwards. It will adversely affect the value of its call warrants.

Posted by pradeep > Jul 22, 2013 08:02 PM | Report Abuse
kcchongnz i understand how and I note you are sincere aand at times people dont understand us or the value of our research, yes I agree with you there may be a set back on Kfima revenue but the dividend policy is intact, the management is good and not half past six and now days very difficult to find good company to invest let it be short term or long term, you can always write to me at sanghani58@hotmail.com or call me 012 6119153. You are talented and I value it.Take it easy brother and dont stress up.

pradeep, thanks for the understanding. Hope to meet you one day.

However, pradeep, sorry I have to argue with you too that there has not been a set back of Kfima's revenue as mentioned by you for the last twelve years as shown below:

Year 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Revenue 486524 470753 431884 411432 369070 308712 294477 300331 247121 223076 221136 187310

But there was a slight drop in its profit just last year after so many years because of drop in palm oil price.

pradeep, this time I hope I don't see ghost again amending the word "revenue" to "profit", and then the serious scolding. You know lah, si-roti-canai-pusing, ass bug, pui pui pui, sickening liar etc. You know like you said, really stressed up man!

Oh yeah i3investor administrator, have you found the ghost yet I was talking about. Please let me know because I still couldn't sleep last night thinking about the ghost.

Posted by CityTrader > Jul 23, 2013 12:10 PM | Report Abuse
Hi kcchongnz
When we calculate the capex, we add the "purchase of assets, plants, consession assets" - "proceeds from disposal of property plant etc"?

Or we just ignore the line of "proceeds from disposal of property"

In most financial statements, it is 'purchase of property, plant and equipment", or PPE. You could deduct the "proceeds from disposal of PPE" from capex. Normally I don't and it is usually a small figure.

Again finance and investment is not an exact science.