Joetay, Malaysia is actually the only operation they are making positive returns. China is not sunset, i believe they had 4 years to react and we should be seeing changes soon. They own some very, very expensive assets. They have a few impressive malls. They have grocery stores. I mean the departmental store part is in terminal decline in China, but those guys have diversified a lot in the past 4 years. Here's to hoping change comes soon. I will hold for another two quarters at least after the coming results, with a sharp eye on PRGL balance sheet.

PRA is a gone case cause Parkson didn't innovate and change. It's different from PRGL. They don't have online shopping or mobile app. Pretty shitty I tell you. But PRA also has some good assets.

All in all, there is decent margin of safety here. But we could be stuck at 60-65 sens for quite some time, unless there is a meaningful turnaround in sight in China at least.

Guys, set your exits now. Set it in a calm and reasonable manner. Set it at something you will be happy to walk away from. Could be RM3.40, RM3.20, RM3.00 etc. Revise your exits upwards for ever 10/20 sen increments. Don't go with emotions. Don't sell in a haste, for there can always be minor pullbacks. Don't be too attached to AA. You can and will always be able to buy it again at a lower valuation in the not too distant future.

Damn, it's getting hot in here! I've already set RM3.40 as my exit on the downside, but I'm hopeful of making my way to RM3.80 (or even higher). From now on, each 10 sen rise, I raise my exit on the downside by 5 sen. I think this is the best way to play the game and not end up losing.

Kelvin NTA commensurates to ROE lah. You like to talk so much BS. Don't even know basics?

Look at ROE for DRB...not even above 10% once in the past years. It deserves to trade below NTA, not forgetting it also has a holding company discount of 40%. Pos Malaysia has better ROE, and can deserve to trade above NTA though it does seem overvalued to me based on past results (people seem to think ecommerce will change things, who knows).

Don't think Gadang is overvalued. It's P/BV ratio is lagging ROE actually, so room to run there.

If you read analyst reports from DBS/UBS/CreditSuisse you can clearly see that they have USD/MYR pegged at average of RM4.65 for the year. We're now at RM4.35. It can easily be roughly average of RM4.40 for the year. So you see, gains over there already.

Either way, the only analyst report that sticks out is PublicInvest. I don't understand their logic...they have declining profits for the group all the way till 2019. Quite mad.

Magic number is 5% ROE for Q1. We hit that, and the rally continues. If it is below 4%, expect a sell-off to about RM3.00.

cruger sir, NCI for TAA is indeed the 45% attributed to AirAsia.

Guys all I can say is, don't get trapped by this and sell tomorrow. A small pullback might occur but the big boys will be back stronger than ever!

I'm almost certain the NP to SH will be around 350-400k. And I believe the market I say pricing in as much. Don't forget MYR/THB was at 8.7 last year and 7.7 this year. So some cushion there.

Do your calculation. Read analyst reports. Q1 2017 was always gong to fall far short from Q1 2016. All you want to see is the ROE relative to the P/BV, that's how the big boys from the institutions decide to sell or buy or hold.

I also won't be worried really. 2016 Q1 was unimaginably good. Profit margin of 50%, ROE of 17.5%. It's simply unsustainable. Profit margins of 20% with ROE of 5% would be easily acceptable by the market, cause that's what is being priced in. P/BV is just at only 1.44X. If you think an annual ROE of 20% i sustainable then AirAsia is far from being overvalued. Heck it is undervalued. The market has already priced in lower Q1 results heavily. A selloff would only ensue if the ROE drops below 5%.

Isn't AAV the same as TAA? I know it owns 55% of TAA, but it doesn't have any other companies. So why TAA profit margin =/= AAV profit margin?

I think it's not to worry much as it is Thai-specific. This is the reason for the sharp drop in profits:

"Rising world oil prices and the Jan 25 rise in the country's excise tax on jet fuel from 20 satang a litre to 4.89 baht have dampened first-quarter profitability both for AAV and TAA."

http://www.bangkokpost.com/business/news/1246738/asia-aviation-hit-by-q1-turbulence

AA has breached consensus target price. Now question is, will consensus revise upwards or not? Could signal trouble for AirAsia meaning it will be susceptible to any kind of negative news. I am going to exit at RM3.60 now (will revise it once we get there depending on the data available) but will set RM3.30 as a downside exit if RM3.60 is not hit.

Damn real bad luck. I missed it at RM1.48. Haiz, I think have to let go of this lah.

2ez4 AirAsia is in cyclical industry.

Yes Kevin, but in the near term Esceram is still overvalued. Book value is flattish. It needs to grow!

I mean I feel you want returns, then at some point you have to be prepared to sell AA. AA will soon get into overbought territory, and the underlying performance may no longer hold up in H2 2017

Red means just delay lah. Fundamentals still intact. I hope it drop again to 65 sens, haha

Today buying interest due to rotational play on the glove companies

Bad quarter for Parkson Retail Asia. Turnaround has to come around soon, hopefully. Not sure if it will have a huge impact or not though tomorrow.

Seems cheap, no? 1.2X P/BV with consistent ROE of 20%?

Anybody got their Annual Report? Is it hardcopy or CD? I have Direct CDS but so far nothing. Any idea how to request for a hardcopy? Thanks!

Guys, how can I ask for a hardcopy of the Annual Report? Armada is my first ever stock purchase. I want to keep it as a memory. I have a Direct CDS account. Thanks!

Number of shares is based on their Weighted Number of Shares (listed at the bottom of the notes section for basic/diluted EPS)

Tomorrow margin calls will lead to a fire sale. No hope of moving out of limit down price.

What happens if it limits down for two more days? Tomorrow already going to kena margin call. Will it lead to a 4th day of limit down? Worth to queue at the down limit of 4th day?

Pakistan contract is just tiny fish. About USD15mil per year, which is RM70mil revenue per year. Of course little things add up, but on its own this is just less than 0.2% of TNBs revenue.

JS Goh, you may back test the formula with previous quarters. It doesn't match up.

The usual formula is (Total Assets - Total Liabilities - Non-Controlling Interest)/Number of shares outstanding

Plus with you formula it is 1.34 not 1.33.

You can backtest your formula, it won't work. Mine if I backtest to 2013-2014 it works, but ever since they did the bonus and rights issue it stopped working.

R40s and JS Goh, that is incorrect as Net Assets per Share Attributable to the Owners of the Parent exclude non-controlling interests.

Is China going to abandon all their projects in Malaysia ah? So far we know TRX is gone case. What about ECRL? That also gone? Walao, if like this Bursa will take a beating in the short term. Damn the China government man!

Nobody want to buy, queue also no point. Who will buy your stocks at RM2.16? Only idiots, that's who. At least Ekovest when limit down people buy because it is a company with sound fundamentals. IWCity? Huh, nothing to see here man. Maybe on the second day when limit down again also not easy to find buyers...they will wait till third day, then only come in.

Can anyone please clarify as to how does Prolexus get the figure of Net Assets Per Share of RM1.33 from their latest quarterly statement ended 31 Jan 2017? I would greatly appreciate it. My calculations just don't work out.

Link: http://www.bursamalaysia.com/market/listed-companies/company-announcements/5376413

Ok thanks. I wasn't aware of that. So is it fair to say that the P/NAPS of 1.71X on this website is being overstated? It should be lower right?

Valuegrowth, why's that so? Would appreciate some more clarity. Where do the RM1.006 bil in additional assets come from?

That means, the i3Investor's T4Q NAPS is understating the actual NAPS, correct? Which consequently means the P/NAPS (i.e. P/B ratio) is being overstated, correct?

Guys, I have something very urgent. Why is there discrepancies in the Net Assets Per Share for Prolexus?

In Q4 2016 (ended 31 Jul 16) financial statement they have the Net Asset Per Share at RM1.17. However for the annual report 2016 they have the NAPS at RM1.23.

Similarly, for the latest Q2 2017 (ended 31 Jan 2017) financial statement their NAPS is listed at RM1.33. However on i3Investor's T4Q NAPS is listed as RM1.27.

Can somebody please explain the discrepancies? These matter.

Thanks!

Guys, I'm just wondering, why is the Net Assets Per Share reported as RM2.38 on the AirAsia Financial Statement for the previous quarter?

Isn't Net Asset Per Share as follows: Total Equity / Number of Outstanding Shares

Using that formula I get Net Assets Per Share of RM1.98 (same as i3) but AirAsia states it as RM2.38. Hope someone can clarify this!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5346261

I'm willing to take my chances on this. It will never reach RM5 or RM10, but RM1-RM2 is achievable.

Don't disagree, Parkson is past it's prime. But if Parkson continues to exist, albeit with lower profitability, the current valuations are unjustified. It's either Parkson bungkus, or turns things somewhat around and the share price doubles/triples.

Overvalued. CEO on BFM was like a bloody proudy person, everything he say "I, I, I" and not "we, we, we".

Parkson's fundamentals are actually really bad, that's why it's selling at 0.28X P/BV. They are rated B-/B3 by the rating agencies. Their debt:equity ratio is at 1.7:1. Their current ratio is below one.

Parkson has got absolutely terrible fundamentals, which is why it is so "cheap". Find me another stock trading at 0.28X P/BV? But I'm willing to take my chances that Parkson will ride this out in China and SEA. It's a risky bet. This is nothing like AirAsia at 80 cents, which still had solid fundamentals and a P/BV of about 0.8X at the time.

Long story short, Parkson is a gamble with poor fundamentals, but with the downside already heavily priced into the stock valuations. So you can kinda say it is gambling with the odds in your favor, to some extent. Allocate some money to this company, but don't go all in cause it may not end pretty. Set an exit if in 2 quarters time their balance sheet deteriorates even further and they fail to achieve any kind of Same Store Growth in China and SEA.

Guys, what's your exit? I'll leave at RM3.80. But if it never hits that and starts retreating with bad news, I will exit by RM3.40 on the way down.

I will queue at eko limit down

Tenaga will move slowly but surely. One of the safest long term investment in the stock market that's for sure.

Magni Tech seems almost fairly valued. What's the long term ROE? If it will be sustained above 25% then current P/BV of 2.1X makes the stock undervalued. But that seems risky, no, expecting long term ROE of 25% which is higher than the historical norm? This could explain why P/BV is lagging increase in ROE. If Magni keeps ROE above 25% expect the P/BV to catch up. But if it hits any major issues and if ROE falls expect a selloff to ensue. Long story short, not much margin of safety here. Could be a good play but sensitive to a decrease in profit.

Wo Bu ke yi du hua yi

All depends on Kraken. But likely trade around RM0.75-RM0.78.

Queued at RM1.44, didn't get anything.

We know Q1 is a record quarter. Market has already priced that in pretty much. Question is...how good is Q2? Can it be sustained? If Q2 is reasonably good, then I can expect us to march towards RM3.80 - RM4.00.

Walao, whats with the ending spike there?

I don't do short term. Sorry. I invested on fundamentals and will keep until the fundamentals are fulfilled and will sell to cut loss if the fundamentals change adversely.