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Lol man stockbroking is just a tiny bit of income and revenue to Affin. Their bread and butter is credit. Looks like a good buy but sadly I wasn't in the market last year so couldn't take advantage of this bargain. Keep it on my watchlist but I think there are better bargains out there. Should still be a decent secular growth stock going forward though. Might consider strongly if it retraces to ~RM2.50-2.65.

I did miss out on the pullback to RM1.90. Alas I feel the semicon sector is running too hut and people are playing it on sentiment. So I've decided to go to a "forgotten" sector instead. Very easy to crash and burn when everyone so hot hot about the semicon tech stocks.

*Of course, you say, that’s obvious. Well, it may be, but that isn’t the way
the market works. When prices are high, a lot of investors are buying a lot
of stocks. Prices are low when demand is low. Investors have pulled back,
people are discouraged and pessimistic.*

*When almost everyone is pessimistic at the same time, the entire market
collapses. More often, just stocks in particular fields fall. Industries such as
automaking and casualty insurance go through regular cycles. Sometimes
stocks of companies like the thrift institutions or money-center banks fall
out of favor all at once.*

*Whatever the reason, investors are on the sidelines, sitting on their wallets.
Yes, they tell you: “Buy low, sell high.” But all too many of them bought
high and sold low. Then you ask: “When will you buy the stock?” The usual
answer: “Why, after analysts agree on a favorable outlook.”*

*This is foolish, but it is human nature. It is extremely difficult to go against
the crowd—to buy when everyone else is selling or has sold, to buy when
things look darkest, to buy when so many experts are telling you that stocks
in general, or in this particular industry, or even in this particular company,
are risky right now.*

*But, if you buy the same securities everyone else is buying, you will have
the same results as everyone else. By definition, you can’t outperform the
market if you buy the market. And chances are if you buy what everyone is
buying you will do so only after it is already overpriced.*

*Heed the words of the great pioneer of stock analysis Benjamin Graham:*

*“Buy when most people…including experts…are pessimistic, and sell when
they are actively optimistic.”*

*Bernard Baruch, advisor to presidents, was even more succinct:*

*“Never follow the crowd.”*

*So simple in concept. So difficult in execution.*

Link to PDF: https://www.franklintempleton.com/forms-literature/download/TL-R16

This stock will be on a secular downwards trend as there will be no major new contract awards in 2017 and also no earning recognition from Bokor 3.

Be patient, collect when it is heavily depressed. Lots of people will lose patience. It is then we come in! :)

I KIV Prolexus, for now I got Heveaboard. I sense Prolexus will consolidate downwards, and will swoop in at RM1.45-RM1.50. Only keeping tabs on a few other counters with compelling stories.

This is such a terrible company. Look at the profit margins and ROE. Pathetic. The directors are feeding themselves by giving their own companies contracts.

3A is not the second largest holding of Eastspring Small Cap Fund. Good omen. It's the best small cap fund in Malaysia by a long shot over the long term.

Is there any other stock in history of Bursa Malaysia that is as highly volatile as IWC?

Depends, market may not be happy. Happened to AA last time. But Inari many people say TP is RM2.50.

Time to buy this when Q1 results are released...hopefully it's a bad result so that it forces people to vacate their positions.

@batu88, you have the characteristics of a pre-eminent failed investor. Don't stick to plans based on a small short term boost (be serious, China results will only come in to play 3-5 years time).

Btw, you guys are silly. JV 10-20%...but do you forget the licensing fees that is a cost paid to MAA?

Alas, while immediate quarter results are good, we should still view things in the longer term. Here's to hoping Hevea produces good results both in the near and far term.

Wow, haha. Got in at RM1.29 yesterday and now it's at RM1.33. Not bad. In for the long haul though. Hopefully strong Q1 and Q2 results.

@Yusof, surely Q12017 results will be below Q42016, YoY is more important. Can it beat Q12016? Hopefully yes. Beating Q22016 in the next quarter will be easier still.

Tech companies are very different, I won't get into that. Anyway I am comfortable enough in my knowledge that P/BV should follow ROE (assuming the ROE can be maintained at the higher level).

No worry man, just consolidating and cooling the engines. Will be back roaring in no time.

Ezra, P/BV should follow ROE, not the other way round. So yes Bursa has tons of terrible companies with high P/BVs and low ROEs...your job is to stay away from them. P/E ratio is not related to ROE in the way P/BV is.

I think you're not thinking properly. Companies with high growth rates have high ROEs and correspondingly high P/BVs. This is totally accurate. Look at Nestle, Dutch Lady and F&N. Look at their ROE and P/BV. The relationship is 1:1 when ROE is at 10% leading to P/BV of 1.0X. But it's an exponential relationship. As ROE hits 40% P/BV can be at 8X or more.

Go read up on it. Value investors don't care about P/E ratios. They are meaningless. They care more about ROE along with P/BV.

In Cambodia, China and Vietnam within 1 month...let's hope Tony knows what he's getting himself in to...

http://www.theedgemarkets.com/article/airasia-set-cambodian-subsidiary-%E2%80%94-report

The engine will hibernate for a while now before going above 3.60

Specter, how do you see 15% upside? It's better to have a range in mind, and take profit once the stock price has outrun the fundamentals. This stock could easily hit RM2.25 by end of next year.

Also, any idea how much more unexercised warrants remain? I have a feeling not much remain, so dilution will be less of a problem going forward.

So says Benjamin Graham, partake not in initial offerings.

Guys, any reason why the P/BV is so low? It's worse than even UMWOG, Armada, MMHE, Alam etc. Surely there's s reason why the P/BV got so depressed.

Hold up man. Parkson is a long way from PN17. And long before it reaches there it has a few billion yuan worth of assets to sell off. Worst to worst Alibaba or someone will take over their China retail operations. Malaysia Parkson is stronger as it has cash of RM300mil

Some qualitative aspects that made me invest in Hevea:

- According to 2016Q4 results, Japanese RTA demand peaked later. This means there should be a spillover of excess demand into 2017Q1 relative to same quarter last year.

- In 2016Q2 one of the particle board production line was offline. This means 2017Q2 has a good chance of beating last year profit and revenue.

- In 2017Q2 a third line with extra 10-15% capacity is due to be added for particleboard. Added with the above points this could mean record revenue for 2017Q2.

- Expansion of RTA is underway. Bought new land. Fruits to be seen next year. Could lead to an expansion in ROE

Those are some additional reasons that mad enough me comfortable in investing in Hevea. I intend to stay for the long term but if the market runs ahead of itself and Hevea reaches RM2.20 by year's end I may take profit.

@Ezra, I find book value to be a good measure. I compare it to ROE. When book value lags ROE I see a potential mispriced security. P/BV for Hevea is 1.54 but the ROE is at ~20%. By right if ROE is sustained at 20%, the P/BV should be at ~2.1X.

So yeah that was the preliminary reason I started looking at Hevea. I bought in with the added Catalyst of near term price reversal given that quarter results are around the corner and I think it should be a good one.

@Farge168, I just came in today. Queued at lunchtime at RM1.30 and got my order filled at RM1.29. I must say that the impending QTR result did play a role in me coming in to Heveaboard, but it's only because I also have found a relative margin of safety for myself. Sure there I see an element of trying to make large gains in the short term, but I'm in for the long term. So far in my life I have bought six companies...I've not sold out yet. I went through Heveas annual reports, quarterly explanatory statements and news clippings. I looked at their financial situation. I feel comfortable. The risk seems to be a strengthening ringgit, but I think so long it stays above RM4 there should be no issue.

Spector, is that under the Kreakids brand or something else?

VG, that's not true at all. Why can't it remain listed in Bursa Malaysia? As it stands AA has got a high % of foreign owners. It is a pride of the country. By listing in HK/SG, us local investors will lose out on investing in it.

Don't forget, he wants to spin off the Malaysian entity in Bursa and list the Asian/ASEAN operations in SG/HK. So we lose the "prestigious" part of AirAsia.

I fully support AirAsia monetizing all of its assets and JVs by conducting IPOs in Philippines and Indonesia, and later on for India, Vietnam and China. But I do not support taking away the group listing from Malaysia. It's our brand. It's our country's success story. We deserve to keep it here.

Sell at RM3.80++ now, this stock is about to go into overbought territory. China will give feel good in the short term but it's a long way to go before it contributes to the bottomline.

Any idea what's AirAsia's stake in the JV?

Also, don't forget guys...AA gets a cut of the profits, and they also get a cut of the licensing fees.

Damn guys, AirAsia is on its way to be a KLCI component stock within 5 years!

Now to hope Tony doesn't screw things up by listing AirAsia in HK or SG. Malaysia is its home country and the overall group should remain listed here.

I am so saddened people put up collateral to effectively gamble on the stock market. Even the biggest pros such as Graham, Buffett and Klarman do not play with margins and collateral. Only invest into the stock market cash that you have/own/possess. So sad to see lives ruined, but they deserve it...nothing else to say. Greed is the downfall of mankind.

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Similarly, for the third line production facility for the particle board, is there any news on when it is due to be commissioned?

Guys, is there a timeline for the expansion of the RTA HeveaPac manufacturing facilities? I can't seem to find this info any where.

If ROE is sustained at 20%++ won't the P/BV catch up eventually...making this stock undervalued?

cheery, it's just that some institutional investors don't have a mandate to invest in the ace market. So if this goes on main board it will be more attractive to local/foreign institutional investors. also it's like graduation man!

Ok, I understand. I am NOT talking about C/H warrants. I am talking about W warrants, like WA, WB, WC etc. So AAX-WA is an example.

Use this as an example only: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5385349

How much would the company receive in the above case? Do they even get to raise any proceeds in the first place? Thanks!

Guys, I have a simple/important question. When you exercise a warrant, does the company get any money? How much of money do they get? Can you give me an example? Thanks!

Hold steady boys!

With Kraken around the corner, I will top up if this goes to 70... :)

PNB is selling spree, better wait. Also, PNB will keep selling, look at Bursa announcement. For 2 years. They keep downwards pressure on price. Wait till 0.8X BV then come in.

What means c38 friends?

I won't keep much faith in this. Could just be RHB play play since they have such a huge concentration on this company.

As Graham cautioned us long ago, steer clear of IPOs.

Joeytay, I do not disagree with you at all. Parkson China was trading at HKD10++ just a few years ago. Such valuations are out of the question. The glory days are beyond us. But Parkson can still rebound and trade at HKD 2.5-HKD3.50, they just need to get things in order. Their stores may be half as packed as 5 years ago, but they will still continue to exist once they get their current costing under control.

Hopefully it can retrace to RM1.52... :)

Attractive, need it to get to 0.8X P/BV beforehand I come in first.