Thanks, KC, shall digest your figure.

Hi kcchongnz, for ROIC homeritz, you got 29.9%. From my calculation, I obtained 25.35% as follows:
Homeritz
ROIC 2012 NOPAT 14,699,677
PPE 35,315,119
Receivable 7,078,371
Inventories 22,951,687
Payable 7,368,184
ROIC 25.35%
Can you please enlighten me what went wrong?

What a relief! Thank you kcchongnz for your rapid response.

Hi anbz, I can't verify the debt figure you mentioned, where you get them? Q2 report showed short term debt 8.683m and no long term debt. Total current liability 118.3m, total current asset 514.2m, cash 268m. No problem I can see.

Hi yfchong, Q3 for Kfima will be announced on 26.02.2014. Q4 not yet.

Yes Mr Koon, please reconsider your decision not to write in this forum, we appreciate and treasure your view. Your experience is invaluable.

Mr Koon is a respected senior philanthropist.

Please show respect!!! Mr Koon has no bad intention. He spent time to respond to this thread on this first day of CNY, where he can use it on his family. Thank you Mr Koon.

Hi bsngpg, wishing you a happy, healthy, harmonious and prosperous CNY. Have not read your comment in this blog for a while.

Hi KC, wishing you and family a Happy, harmonious, healthy and wealthy year of horse. May you be as energetic and leader in horse year,龙马精神,一马当先.

up 20 sen, lease signed???

Thank you very much, Mr kcchongnz for giving your view at this crucial moment when DJ dropped 2%.

2.75 sen per share, x date 19.02.2014.

Mr Ooi, sorry for late reply to show my support. You have my full support. Yes,keep up your good work. Just ignore this unwarranted criticism.

Thanks Mr Tan.

Hi Mr Tan, What figure of ROE is considered a good annual performance? 8%??, 12%?? or 15%?? or whatever figure??

Master Cold Eye said can buy but don't sell, and Mr kcchongnz's DCF analysis of Kfima intrinsic value is RM3.77.

http://klse0.i3investor.com/blogs/stock_pick_challenge_2013_2h/34201.jsp, fair value, according to Mr kcchongnz's analysis is RM4.29. New IPP in Loas is coming up and a big piece of rubber plantation in progress in Cambodia.

KFima 2014 1H NTA 2.19, DE 0.01, FCF/share 0.03 because of PPE 31.7m, EPS 11.38 sen.

Thank you very much BS. Shall look into it tonight. Back from holiday?

Yes, I believe Mr KC analysis, and will keep this stock for 2014.

RM1.20????, if there is another crisis!

Thanks for highlighting. Shall save it also.

Yes Mr BS, thanks to kcchongnz, I also worried about its FCF and D/E ratio. Available cash is negative after taking into consideration of its liability and payables.

Sorry, even if we factor in 3:1 bonus, I think the EPS is still lower than previous year.

No, but I thought EPS would have factored in the extra shares.

First half NI is 24.6m compare to 70.5m of 2013, first half of EPS is 12.45 sen compare to 36.58 sen of 2013. Difficult to catch up. Not much hope for 2014. Hold???

Hi Mr BS, enjoy your holiday, I had mine before Christmas to avoid the crowd. Please enlighten me when you come back. Happy new year.
Yes, I have read kcchongnz's "shall we avoid risks", very truly said indeed. All kcchongnz's valuation for stocks is to help us when to take risk, and when to be greedy when others are dreadful. I like to buy 'fallen knife' stock and keep.

Hi Mr BS, I obtained different base from both of you, my cash from AR is 61,297, and debt 1.6, base as follow: 2012 FCF: 41,945.0-(2,772)-(937)= 38,236, 2011 FCF: 26,471-(2,763)-(1,543)= 22,165. Base (38,236+22,165)= 30,200.5
Can please advise me what went wrong?

Thanks, KC.

Hi Mr KC, how do you get 33m reduction in receivables in Q1 2014 comparing to 2013 receivables? Do you also include other receivables also as in the AR and quarterly report?

Thank you Mr BS Ng, shall try Prestariang. Merry Christmas and happy new year to you and family too.

Hi Mr BS Ng and KC Chong, thank you very much. I have finally gotten the answer of FCF per share. Pardon the brain of biology student, can only record and cannot reason. I was banging on historical FCF and not the FV FCF.

This chap should be ignored. His slanderous remark is to belittle both of you, Mr KC and BS. Both of you still command high respect from all your followers, including me. No amount of slandering can affect my admiration for both of you. Please ignore him. Both of you have done a great job. Salute you.

Hi Mr BS Ng, are you from Penang island? If so, do you go jogging in Botanical garden?

Hi Mr BS Ng, Merry Christmas, while most of us are enjoying the holiday, I am still struggling with the 'equation'. Starting from CFFO, I found certain discrepancy, could you advise when you are free?
2013 2012 2011 2010 2009 2008
nokenzo CFFO 52,898 131,051 137,909 114,196 56,521 62,207
Capex -49,659 -26,434 -24,022 -18,412 -23,826 -30,433
FCF 3,239 104,617 113,887 95,784 32,695 31,774


KC ChongCFFO 52,589 131,052 137,909 114,196 56,521 98,453
Capex -49,513 -26,434 -24,022 -19,500 -23,826 -28,659
FCF 3,076 104,618 113,887 94,696 32,695 69,794

BS Ng FCF 73,284 76,948 80,795 84,835 89,077

Thank you very much, Mr BS Ng. Shall try to sort out later after office. I live in Kedah, usually wake up early to read mail and quite computer illiterate. Worst, now trying to understand finance! Me, too, because of KC, I learned to read AR. You are much better than me, hope to learn from you too.
Ecstasy, when I got certain figure right as stated by KC. This reminded me of my student time, I was really on top of the world when I can solve a maths equation.
Yes, happy learning together.

Hi Mr BSNg, just got the formula of Terminal FCF, $=CFn(1+g)/(R-g).

Hi Mr BSNg, FCF I got for 2013/2012/2011/2009/2008 are 3,239/104,617/113,956/95,784/32,695, average is 70,058. I don't know how to get the terminal like yours. Hence, PVFCF is also out. I was a biology student, quite dumb.

Hi KC, tried out CF at year N/(1+R)^N, still can't get your PV FCF of 1118m. Wonder how you did it?

Thank you very much, Mr KC.

Thanks Mr KC, while cash and debt can easily obtained from the 2013 financial statement, how do get PV of FCF of 1118m?

Hi KC, what does PV stand for?

Thanks houseofordos and kccnongnz.

Hi KC, what do mean by MAX(0,Current Liabilities-Current Assets)? What is MAX and What is 0?

Thank you Mr Ooi for for unselfish contribution. You remind me of Mr KC Chong NZ. He is exactly like you.Perhaps I need to attend your lecture to understand further.

Sorry Mr Ooi TB, I think you mean y=7 which I understand, g has different value for different counters viz: Puncak-WB g=12.17, Latitud g=15.00, Tguan g=15.39, Hevea g=10.00, Homeriz g=10.00, Insas g=21.71, WTK g=2.00, Caely g=16.01, in your calculation.Thanking you in advance for enlightening me.

Thanks Mr Ooi TB. How do you calculate stock value per share in method 2?

Hi Mr Ooi TB, obliged if you could kindly enlighten me what is g in your calculation and how you arrive at g in your method 1,and how do you calculate stock value per share in method 2, and in method 4 the formula, (22.5*EPS*Book value per share)^0.5, what is 22.5 and 0.5. I notice, these two figure are fixed in all your calculation.Thanking you in advance.

Hi sifu KC, I have managed to learned to read financial statement and able to calculate certain important data through my own way. I found it rather laborious. I thought your spreadsheet may be more comprehensive and easier to work.

Hi sifu KC, me too would like to learn your way of doing FA, can I also have your spreadsheet? My email address is nokenzo@hotmail.com. Thanking you in advance.