Looks like the gomen is seeking revenge for the 1MDB expose by The Edge. That's UMNO style. Cannot win through civilized debate, they will use sedition act lah, take away your printing license lah and all that. Get real, if the management of the economy is done well, Datuk Tong will have no bullets to shoot and no opportunity to short. So blame who? Blame your stupid self lah. Look at 1MDB, need to ask AK for money to meet loan obligation. Blame who? Blame Datuk Tong ah? If you cannot take free market discipline, please go back to the cave and don't allow any offshore trading of your currency. Bunch of crybabies...

Get off Datuk Tong's back. It's a free market and if the government has done a better job, like managing 1MDB better, nobody will have the opportunity to short the ringgit. Even if Datuk Tong didn't do it, many international vultures are already on it. So don't blame Datuk Tong for highlighting the obvious mismanagements by the government, the ringgit is ripe for shorting by anyone. It is ridiculously stupid that Malaysia happily partake in the fruits of free trade, including currencies, and then cry foul when things don't go their way due to their own mismanagement. Sounds like a bunch of piss ass whiny spoilt babies who should just grow the f up and fix their management of the economy.

Get off Datuk Tong's back. It's a free market and if the government has done a better job, like managing 1MDB better, nobody will have the opportunity to short the ringgit. Even if Datuk Tong didn't do it, many international vultures are already on it. So don't blame Datuk Tong for highlighting the obvious mismanagements by the government, the ringgit is ripe for shorting by anyone. It is ridiculously stupid that Malaysia happily partake in the fruits of free trade, including currencies, and then cry foul when things don't go their way due to their own mismanagement. Sounds like a bunch of piss ass whiny spoilt babies who should just grow the f up and fix their management of the economy.

Inari rights issue has gone ex. I have anticipated it and have reserved cash for subscription. See original post above.

Thank you for the summary Haan, that's quite a bit of work.

"From 1st 4 hrs to 2 days, that stock must, must not disappoint in terms of price." Please don't confuse your punting as investing.

Dontfollowblindly, don't follow blindly hahaha

If I'm not mistaken, no change is allowed once the portfolio is logged. So for those who buy Inari, u all might want to have a bit of cash reserve to subscribe the rights issue bcoz I don't think Mr tan will let u sell halfway to get cash to subscribe. Correct?

Tan KW thanks again for your efforts.

Divide into 3 equal allocation
1) Buy 12,000 Inari at RM2.54, which will entitle me for 1,500 rights issue and free warrants at RM1.50. This works out to be RM32,730, excluding transaction cost.
- This is a sure win since indicative right issue price is much much lower than the current market price.
- New capacity is about to come in in 2Q or 3Q, and therefore profits should jump. Iphone 6 is still selling like hot cakes and I expect the upgrade cycle to last at least a year.
2) Buy 27,500 Maybulk at RM1.21. I bet that it will benefit from low bunker cost, even as freight rates remain challenging. Low iron ore and coal price may spur more import/export activities and drive shipping activity. With a market cap of nearly RM6b and currently trading at 67% of book value, it appears to be a reasonably safe bet.
3) Buy 20,900 IQGroup at RM1.59. Come back kid posted 2 solid quarterly results, annualized PER is only 5. Declared maiden interim dividend after years of drought. Export driven and likely to benefit from strong USD and US recovery.

Most of hevea's rta furniture goes to Japan, and since Abe increased gst in 1st April 2014, gdp and consumer sentiment took a beating. But particle board mainly to China has been growing and increasingly profitable, so that somewhat compensated for the loss in profit from Japan.

Tan KW thank you for organising this. OTB congratulations!

Aiyoh, don't lah find fault with KC Chong who is so generous to share his analysis with us.

KC Chong, most furniture companies in Malaysia uses rubber wood. That is why most of them relocated their operations to Vietnam, where rubber wood is abundant.

Good update.

No big deal. Dato can be easily bought with a six figure sum, according to report from NYT. As a result, there are now as many datos as there are straight A students.

Hevea is a furniture company, and also a proxy to plywood industry because particleboard is interchangeable with plywood in terms of usage. Because of this, despite Hevea's less than stellar balance sheet, its business is resilient, and definitely more resilient than those that are solely exposed to the furniture sector. Case in point, look at recent Q3 numbers. RTA furniture sales dropped due to Japan recession, their largest furniture market. Was it end of the world for Hevea? No, because their particleboard segment held up very well. In fact, earnings doubled y-o-y. This point is highlighted by cold eye, and it is a qualitative value you won't be able to put a price on. So auntie, takda armageddon yesterday. If not for Hevea's superior business model, Hevea is already in Holland. Hevea investors know this, and this one is for keepers.

Cool, the world did not come to an end like how auntie predicted haha.

Auntie, that's what the private placement is for.

Alex, if you dig out the Hevea's annual report, you can see that the bulk of their borrowings is denominated in USD. USD has been strengthening, and the Federal Reserve may raise interest rate in the middle of next year. This will cause USD to strengthen some more and therefore require even more RM to service their debt. However, Hevea has been diligently paying down their borrowings and their unrealized forex loss has been dropping, for example RM1,115,000 for this quarter vs RM2,246,000 corresponding quarter. They only spent RM624,000 this quarter in finance cost, so I presume their debt level is most likely under control.

Auntie, in 6 years time, a country can go from a recession to a boom and back. Hevea has plenty of time to improve, and I am personally looking forward to the new machines management said they are buying to boost production. They have also plenty of time to cut their dependence on Japan for their RTA furniture. *yawn* Yes don't forget to add the warrant into your calculation, and please don't sell until after 1/3/2020 ya.

Auntie, do you know warrant maturity date is 01/03/2020?

Easy to settle. Have other value oriented funds, such as Birkshire Hathaway been buying for the last 5 years or also waiting for market to crash? http://www.gurufocus.com/StockBuy.php?GuruName=Warren+Buffett&menujump=%252Fmodules%252Fstock%252Fstockbuy_ajax.php%253Fguruname%253Dwarren+buffett&action=-1%2527&cache=clear&order=impact&updown=down&p=0 Follow the link for answer, 'nuff said

Keep it up kc, we need more activist investors like u.

Haha, this description is so funny "Net net stocks are dirty, trodden, haven’t had a bath in 10 years types of stocks."

Great analysis KC. PE ratio is by far the best strategy to spot a winner. Of course, one has to do a thorough analysis on why a company is valued so cheaply. It can be due to excessive debt, a turnaround story, negative sentiment surrounding the industry, distortion due to non-recurring item or just shitty management. After identifying the cause, an investor will have to evaluate if such valuation is justifiable and if its earnings is sustainable and then invest accordingly. By doing that, one can separate out the 3 baggers from the shitty ones.

More importantly, Apple guided upcoming quarter revenue of 63.5b to 66.3b, vs 42.1b this quarter. That's a massive jump due to the Iphone 6.

Look, Inari did 6.23 cents last quarter. Don't tell me they can't do 7 cents in the upcoming report. Iphone 6 sales has surpassed 20 million in China alone and probably have exceeded 30 million when worldwide sales is taken into account. To put things into proper perspective, Iphone 5 did 5 million over the first weekend while Iphone 6 doubled that. At 7 cents, annualized PER is 7.5, and Inari is set to maintain this momentum as existing iphone users start to realize they can do a whole lot more on a larger screen rather than a puny ass 4 inch which can't even be used properly as a GPS. Inari has also scrambled to expand their capacity unconventionally (buying up a company just to take hold of its production floor to manufacture Inari's product instead of build a factory from scratch). Seriously, Inari's profit is only limited by its capacity, as Apple is overwhelmed with orders so much so that delivery date is delayed. You decide yourself if market is right or wrong in the sell off is logical, given Inari's rosy prospect.

Hahaha

You may also find it interesting that despite Japan increasing their consumption tax since April 1st, which hit their furniture sales as Japan is their main market for ready-to-assemble furnitures, Hevea still posted solid Q2 results. This is because sales of particle board, which goes mainly to China, posted solid gains. This is the same comment by Cold Eye, if particle board market sux, it can always use the boards internally to make furnitures. If market is good, it can sell the boards. This is a nice feature of Hevea that is not quantifiable.

Hevea posted fantastic results in spite of its high gearing, and therefore high finance cost. It is aggressively paying down its debt and therefore, growth prospect is much stronger as finance cost shrinks. In addition to its growth prospect and low valuation for both price to book and price earning ratio, I like their business because it uses wood chips as raw material and also sells particle board as well as furniture. Wood chip is easier to source as opposed to solid wood. Its particle board whose main market is China is also turning a profit. Overall, on top of its attractive valuation, I believe its business model is more resilient than the rest of the furniture companies you mentioned above. I am vested in Hevea.

Great result! As expected, RTA furniture sales dropped due to consumption tax hike from Japan. Fortunately, the impressive jump in particleboard sales more than compensated for the drop. Syabas!

Shameful MB. Nobody wants you already still want to stay on. You have made yourself to be one of the most despicable person in Malaysia and Malaysians will spit on your grave in days to come.

Take a look at cnmc goldmine, I anticipate an explosive q2 report. When klci is expensive, look elsewhere for bargains.

Good sharing. For me, I work harder and cast my net wider to look for good deals. Sgx and hkex looks more appealing to bursa now and I have to work hard to hunt for good bargains there.

Congratulations!

Many people talk about FA+TA but the fact is the FA's strategy is inherently the opposite of TA's. TA folks will buy when the price has gone up and will sell when the price has gone down but FA folks will do the opposite, i.e. buy when cheap and sell when expensive. I personally think there is no such thing as TA+FA and in the end every investor will need to choose either TA or FA.

Mr Koon, I have benefitted from your perspective on the Indian power plant scene. I hope that u will continue to write. If these kids bother u, please don't read their nonsense.

Dusti, so we should not talk about controversial issues just because it might step on a couple of toes? Even if it is true? Mr Koon article is articulated based on reason and facts. He raised a legitimate question, should affirmative action be continued? Those who disagree are welcomed to voice their opinions. For goodness sake, Malaysia universities just dropped out of the top 100 Asian list, have you ever thought that it is because we don't encourage critical thinking because we rather not "stir up a hornets nest"?

The "tongkat" is in place to plunder the country. You can be sure that UMNO will fight tooth and nail to maintain the "tongkat". There are 2 studies, one by UM, another by think tank Asli, that shows that Malay equity participation has exceeded the 30% mark, and can be as high as 45% in the latter study. And yet, as recent as 2 weeks ago, ex-Maybank CEO Wahid still dangle around the 26% figure. Since the methodologies from the 2 studies are transparent, the government finally conceded that they computed Malay equity using par value. PAR VALUE!! Who the hell uses par value to compute wealth? Can you believe the lies the government use to maintain their ketuanan? The "tongkat" will be kept ad infinitum to ensure that UMNO's pockets are lined, it has nothing to do with how well Malays are doing.

Goes to show how determined is the gomen in plundering the country's resources. There are 2 studies done, one by UM, the other by think tank Asli, that shows that bumi equity participation has long surpassed the 30% mark. The latter study shows that it can be as high as 45%. Both studies publishes their methodologies, and both uses market value. In the end, the gomen conceded that their 24% figure is derived using par value. Instead of correcting its figures, the gomen continue to repeat the 24% year in year out hoping that a lie repeated enough will become the truth. Sure enough, the ball-licker Wahid ex-CEO of Maybank used the 24% again last week. So, the plundering continues in the guise of affirmative action for bumis. Par value is a fictitious account concept that doesn't have any physical meaning. I don't see Malaysia doing away with par value; without par value, BN will have one less excuse to plunder the country.

I don't think the purpose of egg substitute is to solve hunger problem, but to improve our treatment of animals. Egg laying chicken are usually locked in extremely confined space all their life, and it's one of the extreme cruelty not many people are aware off. I think the bill gates foundation has funded some projects to find egg substitute.

Party not over yet for Inari Amertron
http://www.kinibiz.com/story/exclusive/88927/party-not-over-yet-for-inari-amertron.html

I paid attention to Mr Koon's post on Mudajaya because I hold Agritrade International which exports 70% of its Indonesian coal to India. I am therefore very interested in the power generation scene in India and I am indebted to Mr Koon for his sharing. So just stop your whining about this and that and just grow up. Mr Koon doesn't dictate the price movement of his stocks and it is entirely your own risk to follow his recommendation. Do check out Agritrade's International price trend before you reply. It pays to whine less and know more.

Ramkampalsingh, it doesn't matter if Mr Koon recommended Mudajaya or not. What matters is he shared many intricate details of Mudajaya, particularly regarding the amount of coal it burns, that gives readers of i3 a good perspective of how big the power plant in India is. I have benefitted from his sharing. He's not responsible for the price movement of Mudajaya. Get real and grow up man. You bitch about other people talking politics, now you bitch about other people sharing investment related stuff? What in the world do you want?

How can MAS make money if they sign lopsided agreements such as the 25 year catering agreement with Brahims'? Why is it that Brahims' warrant a "strong buy" call from Alliance serving naked nasi lemak while MAS is bleeding to death? It is daylight robbery from rakyat, standard modus operandi of our government, u know I know lah...

Why should the tax payers be burdened anymore since it is in private hands? Let Syed Mokhtar take care of it. Proton is one of the worst things that has happened to Malaysia. It is one of the reason why Malaysian household debt is one of the highest in the world.

Good read. Market collapse is the best opportunity for a fundamentalist.

Oh now Ramkarpalsingh is singing a different tune. Previously he was complaining he was not allowed to air his political views. But now seeing that most forumers are ok with it, he now wants to suppress political views to maintain unity. I guess consistency is never part of BN's culture.

Ramkarpal, who asked u to refrain from talking politics? Not I. And not from 99% of level-headed commentators in i3. U r free to express your political views. Like I say, in Malaysia, politics is business and business is politics.

Keep those articles coming Mr Koon. Those who complain about your articles are most likely those amoral and selfish investors who care only about milking the system with no regards to making the country better. Just ignore them. And yes Dyana is a great choice for it laid bare the essense of UMNO's obsession with sex, sex and more sex.