Yong Tai Bhd – Something Is Not Right

Looking at the price chart of Yong Tai Bhd (YONGTAI), one would notice that the share price had been trending strongly from the RM0.200 – RM0.205 level.

According to market sources, this is partially due to the emergence of the new shareholders. But fundamentally, had we seen any changes for YONGTAI?

The quick answer will be NO.

In July 2022, YONGTAI had undergone a share consolidation of every 5 YONGTAI shares to be consolidated into 1 YONGTAI share. Subsequently, the company had a bonus issue of warrants to “re-attract” investors back to the company.

Generally speaking, stocks on Bursa normally go through share consolidation for the purpose of enhancing the share price inorganically.

Would you invest in a company that is more focused on share price rather than pushing for business?

For information, YONGTAI had RM121.5 million and RM135.3 million losses in Q3FY22 and Q4FY22 respectively, with a mere market capitalization of RM144.0 million at current juncture.

That means that the losses of YONGTAI exceeded the value of the company itself.

If you do not know what is brewing in YONGTAI, it is better to stay aware than chasing after it blindly. Who knows when will the music chair game ends?

(IMPORTANT) Something is definitely going on in this company...
Author: skyhighinvestor
|

Publish date: Tue, 05 Apr 2022, 04:08 PM
(IMPORTANT) Something is definitely going on in this company...



After a long rest for this company, you can see that clearly something is brewing for them as the share price had broken the 8.0 cents neckline resistance with huge volume today.

What exactly is going on?

For investors’ reference, this company – FAST ENERGY had been actively engaging in oil bunkering and solar related business.

And I think this is quite smart for the management to strike a balance in between – in the sense that leveraging on the up-trending oil price as well as complying to carbon requirements via involvement in solar related business.

The company had gone through some losses throughout the last few quarters due to their gestation period converting from electronics related business to oil bunkering and solar related business.

A huge step, indeed.

So with that in mind, I suspect the company may secure some very good projects or partnership, as we are seeing active announcement coming from other listed solar related companies.

What could be brewing for FAST?

I do not know, but a breakthrough of key resistance level with volume is without a doubt, a very good sign.

Maybe investors could invest today, and lookout for more upside in the coming week!

Just putting my 2 cents in

https://klse.i3investor.com/web/blog/detail/Fasttunnel/2022-04-05-story-h1620653358-_IMPORTANT_Something_is_definitely_going_on_in_this_company

https://klse.i3investor.com/web/blog/detail/sinchew_company_story/2022-03-09-story-h1600152130

https://klse.i3investor.com/web/blog/detail/AmInvestResearch/2022-03-08-story-h1600128102-Power_Mixed_bag_results


The recent quarterly results of the power companies were mixed. Tenaga Nasional?s (TNB) FY21 normalised net profit (excluding forex and impairments but including MFRS16 impact) was within our forecast and consensus estimates.
On the other hand, Malakoff and YTL Power?s net profit fell short of estimates. Malakoff was hit by a forced outage at the TBE power plant and write-off of assets while YTL Power was dragged by high fuel costs in Singapore and costs in relation to a corporate social programme.
Electricity sales volume growth in Peninsular Malaysia was unexciting at 1.2% in FY21 (FY20: -5.0%). Sales volume of electricity in Peninsular Malaysia in FY21 was driven mainly by the industrial and residential sectors.
Sales volume growth of electricity to the industrial sector was 2.5% in FY21 while the residential sector used 5.2% more electricity. The commercial sector?s demand for electricity fell by 3.7% in FY21.
Going forward, we have forecast an electricity sales volume growth of 1.7% for FY22F. This is in line with the growth assumption stipulated in RP3. We believe that the commercial sector?s demand for electricity will improve in FY22F after being shut down for the most of FY21.
Dividend payments dropped in FY21. TNB declared a lower gross DPS of 40 sen in FY21 compared to 80 sen in FY20. We believe that TNB is conserving cash for acquisitions and capex. Malakoff has not declared any dividend for 4QFY21 yet.
As for rising fuel costs, we believe that the ICPT (Incentive Cost Pass Through) framework will be honoured. As such, the surge in coal and gas costs would be reflected in higher tariff surcharges to the commercial and industrial sectors in 2H2022.
TNB?s coal and gas supplies have not been affected by the war in Ukraine yet. Less than 10% of TNB?s coal supplies are from Ukraine. TNB sources its coal mainly from Indonesia and Australia.
We maintain our OVERWEIGHT stance on the power sector with a BUY on TNB with a fair value of RM12.00/share. We have HOLDs on Malakoff with a fair value of RM0.79/share and YTL Power with a fair value of RM0.67/share.

https://klse.i3investor.com/web/blog/detail/AmInvestResearch/2022-03-09-story-h1600155010-Top_Glove_Corp_Hong_Kong_IPO_postponed

Investment Highlights
We maintain our HOLD call on Top Glove Corporation (Top Glove) with a lower fair value of RM1.90 (from RM1.95). Our valuation methodology is unchanged, using PER of 18x on CY23F EPS. There is no ESG-related FV adjustment based on our 3-star rating.
According to Reuters, Top Glove has postponed its plan to raise US$347 million in a Hong Kong listing due to elevated market uncertainty following Russia's invasion of Ukraine.
Top Glove managing director Datuk Lee Kim Meow was quoted as saying: ?Due to the changing developments in the industry and the current equity market conditions, we have decided to give ourselves more time to pursue this exercise in Hong Kong,? referring to the impact of ?Russian military action? on market sentiment.
Lee also said that the company was in no hurry to list as the plan was for the long-term benefit.
We believe that the news is short-term negative on the stock. However, the long-term impact is positive as it removes the uncertainty surrounding the IPO which would have diluted its long-term EPS by around 10%. We have reduced our share base assumption due to the Hong Kong IPO postponement.
We have cut our FY22/23/34 earnings estimates by 19%/12%/8% to RM532mil/RM786mil/RM968mil after assuming higher raw material cost. The spike in crude oil prices would push up nitrile butadiene?s cost. Nitrile butadiene is the raw material used to make nitrile gloves. Due to the stiff competition in the gloves industry, we believe that Top Glove may not be able to completely pass on the cost increase to customers.
Top Glove is expected to release its 2QFY22 earnings later today. Due to the ongoing trend of lower ASP for gloves, we expect 2QFY22 earnings to be weaker QoQ. However, its balance sheet should remain strong with a net cash position.

https://klse.i3investor.com/web/blog/detail/bluestar/2022-03-09-story-h1600152353-GOLD_POHKONG_TOMEI_NICE_BORNOIL_MINETEC

https://klse.i3investor.com/blogs/kianweiaritcles/2022-02-21-story-h1599204652-Surging_oil_prices_add_to_investor_worries.jsp

https://klse.i3investor.com/blogs/kianweiaritcles/2022-02-21-story-h1599204652-Surging_oil_prices_add_to_investor_worries.jsp

https://klse.i3investor.com/blogs/kianweiaritcles/2022-02-21-story-h1599204652-Surging_oil_prices_add_to_investor_worries.jsp

https://klse.i3investor.com/blogs/shareseatreasure/2022-02-18-story-h1599171042-THE_MOST_UNDERVALUED_VALUATION_THIS_GEM_HAS_EVER_SEEN.jsp

THE MOST UNDERVALUED VALUATION THIS GEM HAS EVER SEEN!


The name of the company is Berjaya Food.

The latest results released by Berjaya Food was jaw dropping. On 10 February 2022, they reported their 2Q22 (Oct - Dec 2021) profit which was 3.5x higher than 2Q21 and 3.3x higher than 1Q22.



What does Berjaya Food do? It is very simple. They operate all the Starbucks and Kenny Rogers outlets in Malaysia.

The management attributed the extremely strong results to higher footfall at their stores and profitable performance from Kenny Rogers. If you are a frequent Starbucks customer and have been to Kenny Rogers, you will realise that they have introduced new drinks and food sets which are higher priced. You will also realise that the Starbucks outlets are always crowded even in the stores which Berjaya Food has opened in the smaller towns. With higher traffic and higher priced items, you can easily imagine how Berjaya Food managed to achieve the profit they did in 2Q22.

After the Serba Dinamik case and even companies like Genetec that we have seen recently, it is very important to make sure high profits are matched with high operating cash flows. Here is Berjaya Food's operating cash flow in 1Q22:





The cash flow statement above shows that Starbucks and Kenny Rogers generated RM165 million in cash over 6 months!



How to value Berjaya Food?

You can easily tell that the investment banks are getting the valuations all wrong. Can we annualise the 1Q22 profit to value Berjaya Food? We shouldn't. This is because 1Q22 (with year end holidays, Christmas and New Year holidays) is comparable to 2Q22 (with long Chinese New Year holidays) but is not comparable to 3Q22 or 4Q22. So how should we estimate Berjaya Food's profit for the year? We should compare 1Q22 with 1Q21. The conditions were almost identical for both quarters - year end holidays, Christmas, New Year, 1Q21 was just after MCO 1.0 was lifted while 1Q22 was just after MCO 3.0 was lifted. So if 1Q22 profit was 3.5x higher than 1Q21, profits for the next 4 quarters is very likely to be 3.5x higher than the previous year. Besides, Berjaya Food targets to open about 30-40 new Starbucks stores this year, so we shouldn't be surprised if profit is more than 3.5x higher going forward.

How much profit did Berjaya Food report in the last 4 quarters? RM48 million. If 1Q22 is 3.5x higher than the same period in the previous year, than we can expect a profit of RM168 million (48 x 3.5) in the next 4 quarters. What PE multiple has Berjaya Food traded at in the past? Its average PE since listing was 25x. See CIMB's explanation on the multiple below:





25x is most likely not logical anymore since Starbucks is only trading at 25x in the US and Berjaya Food should obviously trade at a discount to Starbucks since they are only the franchise holder and not the brand owner. In the past, the lowest PE multiple that Berjaya Food has traded is 15x and this is more reasonable. At 15x PE and RM168 million net profit, Berjaya Food should be valued at RM6.46. At a share price of RM3.18 now, it is trading an at extremely low PE of 7x. It is a matter of time before the share price of Berjaya Food reflects its fundamentals.

我对任何ICPS，RCPS或ICULS发行的个人经验是， 这会导致发行公司的股价上涨。 一旦确定了发行日期，NOVA，NIHSIN，SUNWAY，ARBB或什至最近的BIOHLDG等公司的股价都已经上涨了。


因此，对于自去年8月以来AGES的股价一直处在整固期的状况，我感到非常怀疑。 这似乎是一个常见的整固阶段，其中任何价格突破都将立即形成新的强劲上升趋势。 AGES的整固阶段可能会瓦解吗？ 这是可能的， 即使进入了MCO 3.0和公布了最新的季度业绩（通常良好的业绩会引起股票抛售）， AGES的股价仍保持强劲稳定，在12.0仙上方得到了有力的支撑点。


我相信现在有些庄家正在收集AGES的股票， 一旦ICULS的发型日期公布了； AGES的股价将一路高飞猛进。 而且有些技术指标， 如OBV，MACD，RSI等都示出中性至轻微的上涨信号。 AGES很可能的股价很可能在近期出现暴涨的可能性！

在我们继续讨论前， 这是ICULS对筹集资金带来的好处：

不存在利息的轴承
不存在还款的责任
不会影响股东的权益
股价不会立即产生稀释效应
增加市场对公司的兴趣
转换时增加流动性。
在股价稀释之前募集到资金

我最近从该公司所发布的公告中发现了一个有趣的事情， 那就是AGES发行的ICULS对公司带来的潜在上涨潜能。


ICULS，也被称为不可赎回的可转换无担保贷款股票， 是公司用来筹集资金的一种有趣的可转换股票。 根据我的个人经验，ICULS比传统的筹款活动方法要好得多，如银行借款，普通股供股，债券发行或回教债券发行。 主要原因是由于ICULS的资产排行等级。 从技术上来说，在公司遭到清算时，ICULS最终将排在最后一位。 但是对于表现出色的AGES，我们似乎没有机会谈论公司清算的可能性。

对于经验丰富的投资者而言，“盘整期”对于他们而言绝对不是陌生的。 但是对于新投资者而言，盘整意味着股价的波动在小范围内保持一致，例如：

如图所见， AGESON BERHAD（“ AGES”）的股价在非常小的范围12.0仙至14.0仙之间波动着。 公司股价的背后到底发生了什么事情？

Guess more good thing will coming in to Ages !

https://www.investingnote.com/posts/2253236

截至今日， 该公司手头上的合约价值约为281.699亿令吉。 尽管合同的期限从不到一年到超过15年的，值得一提的是AGES在 2020财政年度的收入仅为约1亿令吉。 因此，砂石业对公司造成的影响将是巨大的。

可悲的是AGES的市值仅为1.459亿令吉以及3.24倍的市盈率。 随着砂石业务即将对公司财务产生影响，AGES可以在15年的时间里轻松地实现每年4千690万令吉的净利润（以49％的合资公司股权和5％的保守毛利来计算）。 随着砂石业务所带来的效应， AGES每年的净利润将高达8440万令吉。 这将使AGES的市盈率进一步降至2倍以下。

根据上图的技术分析， AGES显然正在形成一个旗形模式，任何突破RM 0.130的行情将引发市场的强劲买入。 对于可以长期投资者来说， 如果你希望在一年的时间内获得至少30％-40％的利润，还需要再长期持票！

根据该公司在2020年11月18日发布的公告， 该公司发布了一份通函，以征得股东的批准以扩展到砂石业务。 该公司还提到了几种在市场上通行的砂子，但目前而言，AGES首先将注重于河砂，硅砂和海砂。

熟悉砂石市场的投资者应该想到一个大问题， AGES将如何获得对沙子开采的批准？ 该公司并没获得批准。 AGES知道要获得监管机构的批准程序会很繁琐， 因此与拥有许可证的吉打州务大臣机构（MBI Kedah）达成了交易，并为该公司成立了一家合资企业。

沙子和砾石的消耗量大约是水泥的10倍。 随着水泥价格的增加，沙子的价格也会随着增加。从历史上来看，沙子被认为是一种廉价，无限的原料，随时都可以从环境中采取。 但是，人类尚未考虑过采取石沙后对环境和社会造成的影响。 随着环境、社会、公司治理（ESG）的意识越来越重要，毫无疑问面对着监管的加强，沙子即将面临供应紧张的局面。

总而言之， 砂石行业将在不久后将快速发展。 可惜的是， 投资者们在马来西亚市场只有少数选择来利用即将蓬勃发展的砂石行业。

让我们回顾一下， AGES去年受到了前管理层的错误管理， 目前AGES已有新的管理层，并把该公司转型成拥有房地产开发，建筑咨询和砂石出口行业的公司。

被市场小看的砂石之王？

沙是世界上最重要但一直被低估的商品之一， 其短缺问题最终被气候专家所揭穿。 例如，由于城市化，全球沙子的消费率在过去的二十年中增加了两倍。

*摘录于CNBC

数据上显示， 沙子和水泥的使用上之间的相关性非常紧密。 从基本上来说， 混凝土是糊状物（水泥）和集料（沙子和岩石）的混合物。 联合国也估计，除了中国蓬勃发展的建筑市场之外，中国占全球砂石总消费的58％。

So why is ARBB not being discovered by majority of the investor? I believe this was caused by the complexity of the company’s business. Only a very small portion of investors understand cloud computing and ERP. Hence, the opportunity shines upon us to invest in this deeply undervalued company!

Luckily for us, the company’s share price had retraced from recent high due to global flattened investment sentiment mainly disrupted by the spiking of US 10 Years Bond Yield. And I believe now is the best chance for us to invest in this company!

Let’s talk numbers.

ARBB had achieved a record profit since its successful turnaround from a timber company where it was backed by a bottom line of MYR 19.7 Million. Alongside with a strong net cash position of MYR 24.5 Million, the group was also seeking any potential M&As in the cloud segment.

For more information, click on this link to read more: https://focusmalaysia.my/featured/arb-sees-cloud-computing-as-its-magic-carpet-to-scale-greater-heights/

The article was also showing some interesting statistics. For example, the group is currently having the lowest PER in Technology Board in Bursa Exchange. When we compare to MI, INARI, VITROX and so forth who has the PER of 65 times, 64 times and 89 times respectively, ARBB’s current PER of 4.3 times is ridiculously cheap!

There is one major player in Malaysia. And fortunately for investors, this company is listed; and based on its ultra-low single digit PER, this company is still un-discovered by most investors!

And this one company would be ARB Berhad (ARBB). ARBB stands out as the enabler for Small & Medium Enterprises (SME) to get involved in the benefit of cloud services via their Enterprise Resources Planning (ERP) sector. ARBB had taken the initiative to absorb the upfront investment of SMEs to use cloud IaaS, by doing so, ARBB would profit from the growth of the SME and rather than a one-off profit, ARBB could create a sustainable source of earnings growth.

The race between Amazon AWS, Microsoft Azure and Google Cloud to become to market leader in cloud computing had led investors to think – why are these giants are deploying so much capital into the cloud sector?

Apart from the “gentle push” of the pandemic for the world to adopt cloud computing quicker, it was also predicted that cloud system infrastructure services (IaaS) would grow by approximately 27 percent in 2021 as compared to 2020. Cloud computing has become more and more important and inevitable to become the new norm for businesses and average-joe user like you and me.

However, we should be focusing on investing in the company that are involved in cloud and is one that could generate the most return to us. Are there even any companies in Malaysia that are in the massive cloud business?

Secondly, AGES is a rapidly turning around company. I would like to remind investors that the resignation period was amidst COVID-19, which lots of companies are having change of management to better handle the COVID-19 situation. If you are new to listed companies, one do not simply appoint a director without months of negotiations and due diligence, and Mr. Kee would not join if he finds the company fishy. I believe he had successfully led the company through COVID-19 and AGES had remained profitable within this period. His endeavour could not be missed in the success of AGES.



AGES ma announcements on many very large "business deals" with overseas customers on sand exports even though the Company does not have a sand export licence. All of them were just MOUs and have not progressed into real Contracts so far. It is just amazing that a listed company appeared to be not following the needed due process and procedures. For example, the Company should have sought shareholders approval first (shareholders approval was only obtained in an EGM in Dec 2020) before entering into major sand mining and export businesses dealings with overseas customers. The major risks are damage of reputation and confidence when the necessary approvals from authorities and or shareholders were not obtained.

Seriously, are you even following this company? *Sigh

https://www.theedgemarkets.com/article/ageson-forms-jv-kedah-investment-arm-venture-sand-mining



They even formed a JV to undertake the mining, supplying and exportation of silica sand to a Korea company who specialized in making glass products. You may seriously need to do some more homework.



So, Mr / Miss icst1975, if you said you loss tons of money by investing on AGES, had you cut your losses? Or are you still holding onto it? Perhaps you could show any screenshots as evidence that you actually lose money in this counter? How could others profit from this company? I eagerly await your amusing answers.



P/S: AGES would still hit 25.0 cents with or without intervene of this group of “sharks”. Let’s hold onto it!

However, being someone who truly understands accounting as well as fundamental analysis, I would like to point out some of the mistakes he made on his "factual statements".



One major RED FLAG spotted in FY2020 Report is that the intangible assets (commonly known as "Good Will") had increased by a huge sum of RM32.7mln to RM40.96mln from only RM8.26mln in the previous year. I think the RM32.7m increase in intangible asset should be more correctly classified as actual Losses incurred and not parked into a non recoverable "Goodwill" as a Company intangible asset.

Wrong. Intangible asset could be intellectual rights such as branding power, patents, trademarks, copyrights and so forth. AGES had previous invested heavily into IBS system, which is a requirement by the government for construction company to utilize this system to enhance the speed in construction. I believe coupled with AGES’s growing brand name in the construction, property development as well as joint venture right with MBI Kedah, this “intangible asset” could be turn into real profit soon. No such thing as actual loss should be recorded in the books. Please do some homework first.



Other RED FLAGS include:
Grant Thornton Malaysia (AF 0737) resigned as Auditors of the Company with immediate effect from 6 August 2020, 22 days prior to the Company FY2020 Q4 announcement. Grant Thornton was first appointed as Auditor during AGM on 25 Nov 2019. Company appointed a new audit firm in May 2020 but the new auditor also resigned in mid August 2020. Did they, as financial auditor, found something they could not go along with what their client wanted to report?


Mr. KEE YONG CHIN, AGES newly appointed CEO on 30 April 2020 resigned abruptly on 31 Dec 2020 after only 8 months. Did he found or smell something which he could not work with if he stays on as CEO?



Interesting comments. Firstly, Grant Thornton has made a name for being having bad accounting treatment to construction companies (I.e. Strict treatment on trade receivables which is unfair to construction and property developer company, and bad amortization period). Try to look for other companies who are with Grant Thornton, are they in the construction sector or property sector? I assure you, they are extremely rare. So do you mean any other construction or property companies who are not using Grant Thornton as auditor is a fraud?

Interestingly, this particular user “icst1975” had only commented in AGES since 12th December 2020, 10:54 A.M. And obviously you can see the writing style of this particular user is vastly different and there is a 3 months empty period in which he did not commented (he or she was previously active on MYEG, perhaps the account was being use by other user?). Suspiciously, he was also replying to himself. Perhaps a mistake in forgetting which tab your fake account was on?


You may review his comments over this link: https://klse.i3investor.com/servlets/cube/post/icst1975.jsp



As someone who loves to study deep onto company value and actually perform forensic studies, I believe I have my grounds to say that this particular “forum user” is one of the syndicate who failed to depress ARBB’s stock price, and now attempt to depress AGES’s stock price!

The greatest investor of all time – Warren Buffett did not just earn his name by his wisdom in the world of investment, he also outperforms the market over years by one key characteristic – PATIENCE.



As I had shared since January on the true value of ARB BERHAD (KLSE:ARBB), Investors are getting somewhere around 50% - 60% return in just a month time. This is base on the conservative assumption of buying this company’s share at the price of 25.0 cents to 26.0 cents. Hope this Ang Pao satisfies all of you!



Now back to the main story. Based on my understanding, ARBB had always been an undervalued gem which is being manipulated by forum pundits, I believe there are a group of them who:



Spreading fear amongst investors via fake news.

Creating fake account(s) attempt to brainwash investors, fortunately everyone in the forum are smart enough to not fall for their tricks. I've attached several screenshots to reveal them.

Having a group of operators to create fake sell queue on ARBB, but lost lots of money during the rally as ARBB outperforms the market.

Failed to attack ARBB, and hence turn into another undervalued gem – AGESON BERHAD (KLSE:AGES)!

KUALA LUMPUR: Almost a year since its introduction in the Klang Valley, AirAsia food is now set to spread its wings to other major cities in the country, starting with Johor and Penang next month.

AirAsia Bhd chief executive officer Riad Asmat said the business is growing, especially during the conditional movement control order between October and December 2020, and the trajectory remained promising into 2021.

He said that under its expansion plan, the company had started an entrepreneurial programme to recruit more talents to grow airasia food together in the upcoming potential markets, as well as securing more merchants under its umbrella.

“People are ready and looking for more (food delivery services) options right now and our offerings at airasia food, be it from the customer and merchant’s perspective, can accommodate their needs within the market, ” he told Bernama in an interview.

Riad named Ipoh, Kota Kinabalu, Kuching, Miri and Kota Bharu as the next potential markets. As for international market, he said the company aimed to mark its presence in Singapore next month, and other markets such as Indonesia, the Philippines and Thailand soon.

Launched during the movement control order (MCO) in May 2020, airasia food is a seamless, fuss-free and affordable food delivery platform for merchants as it runs on a flat-rate model that is equivalent to only a 10% commission rate.

He said that at present, it has the lowest commission rate in the market as other platforms’ commission fees range between 15% and 30%.

Airasia food is also the only platform that offers a flat rate.

Merchants can easily control their menu and prices and receive extended delivery coverage of up to 60 kilometres compared to a 15-kilometre coverage by other food ordering platforms.

Riad said although there are service providers that have been in the market much longer, airasia food believes that the market is big enough for one more alternative with the advantages it can bring to the table.

He said airasia food provides merchants with a competitive offering, which directly and indirectly help them reap a greater return in terms of profitability and low cost, which in turn benefits their customers.

As one of the businesses under the airasia.com Asean super app, airasia food is supported by airasia.com’s ecosystem of over 60 million users who are able to earn and pay with their BIG Points, he said.

“The advantages of merchants joining us will be on the basis of the strong structure, including from the technology and client perspectives.

“A merchant now will get a potential exposure of up to 60 million clients within our ecosystem, ” he said.

On prospects, Riad said sales picked up during the movement restrictions but the business would remain relevant in the future after vaccines are made available, as technology helps people to meet their needs in a very convenient way. — Bernama



https://www.thestar.com.my/business/business-news/2021/02/16/airasia-food-to-spread-its-wings-to-johor-and-penang

https://www.facebook.com/eventuregroup.jb/photos/a.887327578333338/1315910068808418/

探讨 ARBB（7181）最新业绩
在这么多的科技股里面，可以说最 “离奇” 的应该就是 ARBB 这家公司了 在各大科技股都涨个不停的同时，这家公司的 PE 估值竟然才 3 – 4 倍而已？大家也先别急，先看完这个季报再深入了解了才做买卖决定吧！

ARBB 本身呢，原本是从木材领域 出身的。但在新的管理层加入过后，ARBB 就在去年正式加入了本地交易所的科技板块内，并且在转型后交出的业绩也是相当不错的。不过如果你仔细看的话，虽然盈利是在上涨中，但是在 FY 2020 Q1 – Q3 的每股收益 EPS 却是在下滑中，到底是怎么回事呢？

这就要提起 ARBB 本身在过去发行高达 1,008,150,000 股 ICPS 说起了.. 在 2018 年的时候，ARBB 在开始转型时曾经通过发行 15:1 股的 PA 附加股，那么简单来说就是通过发行附加股来 “卖” 优先股，但是这个优先股因为不是直接对于股权稀释（因为优先股并不是实质股权，需要转换成母股才能享有母股的股东权益），因此一些高手早就进行价差交易，从中赚了不少钱了..

不过，这也已经过去了，现在的话有兴趣了解可以去参考一下 NIHSIN 的优先股 那么当时后的 ARBB 呢，总股数也不过是 67,210,000 左右而已。那么现在的 ARBB 总股数已经是 465,000,000 左右了，这笔帐到底是怎么算的呢？

先前认购 ARBB-PA 的投资者呢，因为发现了价差的机会，因此许多人就把 PA 换成母股在市场上出售，一方面 ARBB 公司本身可以获得融资（转换成母股需要支付一笔钱），另一方面也增加了 ARBB 的总股数，我们可以理解为至今的投资者已经转换了额外 397,790,000 左右股 PA 了

如果理解了这部分的话，相信对于公司为什么盈利数字不断提高，但是 EPS 反而下跌会有一个很容易理解的概念了 – 因为 EPS 是以盈利除与总股数，若是盈利成长比不上股数增加的速度的话，就会出现 EPS 下跌的情况了！

那该回到 ARBB 这个季度的业绩上了。ARBB 在这个季度的营业额为 RM 72.5 Million，对比去年同个季度增加了61.0%，而净利也达到了 RM 19.31 Million，对比去年同个季度增加了 54.2% 左右，而管理层提到说这主要是来自于公司的 ERP 以及 IoT 业务方面的增长的

而在这个季度内呢，可以看到 ARBB 确实有正经营现金流的迹象，但是对比上个季度大约增加了 RM 0.9 Million 而已，对比盈利而言依然是有一段差距.. 而另外一个值得留意的事项就是公司的资产负债表上增加了一个 Non-Current Trade Receivables，简单来说就是这个在业务上的欠债人需要在 12 个月后才能付款给公司，金额高达 RM 64.1 Million.. 那么问题来了 Trade Receivables 也是可以 Non-Current 的吗？

答案是可以的，不过没有那么普遍而已..

总之，这个季度的业绩改善是蛮大的，而 EPS 也从 FY 2020 Q1、Q2、Q3 的 2.33、2.30、1.90 改善到 4.34 之高，投资者看起来也对于这次的业绩挺满意的..

不知道大家怎么看接下来 ARBB 股权稀释以及业绩方面的有趣故事呢？
- 完 -

https://www.facebook.com/116305656437145/posts/503291137738593/?sfnsn=mo

在上个星期五，也就是 2021 年 2 月 5 日内；众多投资者把他们的投资目标锁定在 YBS International Berhad（KLSE：YBS）上。这家公司在转名前其公司名字为 LNG Resources Berhad，这家公司也在当天暴涨了 30% 之多。我们的分析团队相信这是本地投资者在寻求被低估的科技公司所增加的需求量所导致的。而 YBS，恰好就是这颗 ”宝石“。


不过，从技术分析上看来 YBS 在明天非常有可能面临回调以及套利活动。我们的下一个问题是，这些从 YBS 中套利的资金接下来会流到哪里去呢？

然而，最简单，最直接答案将会投资是另一家科技公司。

根据我们团度所进行的分析，本地约有 90 家科技公司在主板以及 ACE 市场上市。但是这些所谓的 ”科技公司“ 竟然超过一半是没有盈利的，也就是面临亏损的公司。这也造就了在 90 家公司内，有 46 家公司是拥有负 PER 估值的。

我们的团队也进行了另一项研究；在这剩余的 44 家科技公司内，他们的盈利当通过 PER 计算时竟然拥有 66.74 倍的估值，是不是看起来非常疯狂，恐怖呢？

但实际上，在成熟的金融市场里面这样的科技股估值只能算是正常而已，甚至，在部分的市场这样的估值还能算是 ”低估“ 呢！

投资者最为明显的下一步棋就应该从这 44 家具有盈利的科技公司内选取拥有最深的价值的公司，或最低估值的科技公司。但在分析时投资者必须要步步为营，通过深入的价值分析了解公司所赚取的盈利是否是短暂的，或包含了一次性的盈利，尤其是一些滥竽充数通过特别手段提高 EPS 的公司，都应该从我们的选股从被剔除。所幸的是，在芸芸众股内，我们团队成功的找到了这家超级被低估的科技公司 - ARB Berhad（KLSE: ARBB）。

我们的团队通过分析 ARBB 以及马来西亚科技公司在三个月内的股价走势发现了分歧。在过去三个月中，马来西亚科技公司平均呈现了 37.49% 的涨幅，而同期对比的 ARBB 却只是上涨了 7.84% 而已。通过这样简单的分析，ARBB 至今最少有 20% 的涨幅还未被实现！


请你留意，我们这里所提到的并不是 50%，或 100% 的回酬率，而是可实现的 20%，在新年前的收益，是非常可达的一个目标，你只要看看其中的分歧就好了。不过，为了进一步的提高读者们对于 ARBB 的信心，我们团队会更进一步的分析 ARBB 的价值所在。

如同我先前提到的，我们团队的分析发现可获利的马来西亚科技公司平均 PER 估值为 66.74 倍，而 ARBB 目前的 PER 估值才是微小的 3.51 倍！这其中必然有许多投资者错误的判断了公司的价值。另外在媒体上因为缺少对 ARBB 的关注，这才导致公司被严重低估！那么，假设你在目前投资了 ARBB 的话，未来 ARBB 回到稍微正常的 10 倍 PER，你的回酬率有多高呢？

刚才我们也提到了分析公司不能以片面来观看其盈利能力。我们团队分析了公司过去八个季度的业绩，发现 ARBB 平均每个季度将会为投资者带来约八百万至九百万令吉的盈利，并且这八个季度内都并无包含任何一次性的盈利，且波动性也不大。因此，可以判断出 ARBB 是一家非常稳定且未被发现的潜力科技公司。


只要你愿意相信的话，ARBB 很可能会成为读者们新年的 ”红包“。当然若是你不信我们团队也无法强迫你。但是通过我们深入的分析，从 ARBB 中赚取最少 20% 盈利是非常简单且易达到的。公司以目前股价只需要再上涨大约 5.5 仙，以 ARBB 目前被低估的程度，很难吗？

Revenue (0200) broke out from its all time high resistance of RM1.52 last Friday (05/02/2021) to closed at price of RM1.59, which is all time high. The upward resistance of Revenue (0200) has depleted and diminished, meaning to say that there is very little seller as the price of Revenue (0200) moves up. The next possible resistance for Revenue (0200) is RM2.03.


With the recent resistance of RM1.52 cum support, and immediate resistance of RM2.03, the Reward to Risk ratio is 6.2 times, which is very appealing.

Conclusion:


We strongly believe that Revenue (0200) is a fundamentally strong company which should not be overlooked. With the technical confirmation of price action movement that Revenue (0200) are ready to rally up north, backed by news such as profit guarantee from Wannatalk, teaming up with Tech Giant- Huawei Malaysia, and a Mainboard transfer listing…

What will you do?

DISCLAIMER: This post serves as an educational analysis and is never meant to be a buy/sell call or recommendation. Investors must always do their own due diligence before making any investment decisions. The author of this post is not liable in any way for any decisions made by any individual.

Since MCO, many responsible citizen who are at home are blessed with a lot of free time to browse for shopping items, especially when Chinese New Year is around the conner. Every time a transaction takes place, Revenue (0200) benefits.


News Analysis:

There are 3 highlights for Revenue (0200)’s news flow which we would like to highlight.


1. Revenue (0200) acquires 40% stake in Artificial Intelligence (AI) firm Wannatalk for RM5 mil. Under the agreement, Wannatalk will guarantee profit of RM300k and RM500k for FY20 & FY21 respectively.
https://www.theedgemarkets.com/article/revenue-group-acquires-40-stake-ai-firm-wannatalk-rm5m


2. Revenue (0200) also recently teamed up with Tech Giant - Huawei Malaysia to develop e-services hub to help develop digital transformations for small medium sized enterprise (SMEs). https://www.theedgemarkets.com/article/huawei-malaysia-revenue-group-team-develop-eservices-hub


3. On 5 November 2020, Revenue (0200) proposed transfer listing to mainboard, and on 7 December 2020 general meeting, the special resolution has been accepted.
https://www.thesundaily.my/business/revenue-group-proposes-to-transfer-listing-to-main-market-of-bursa-malaysia-AY5001435

https://klse.i3investor.com/blogs/THP/2021-02-08-story-h1540990271-Black_Horse_Of_MCO_Beneficiary_REVENUE_0200.jsp

On last Friday, dated 5th February 2021, numerous investors had shift their focus on YBS International Berhad (KLSE:YBS), which was previously known as LNG Resources Berhad, and the stock had rallied by over 30 percent in a single day. We believe this was due to the raging demand of investor to seek for undervalued technology counter to invest their capital into it, and YBS, just happened to be one of the “gem”.

But based on the technical chart, it seems like YBS is poised to retrace and profit taking activity is inevitable. The next question should ask is where would the money flow into after YBS?

The plain and simple answer would be – another technology company.

Based on our analysis, there are currently a sum of 90 technology companies listed in Main & Ace Market. However, more than half of these self-proclaimed technology companies are loss making companies, which made up to 46 of them having a negative PER to-date.

We did another study on the remaining 44 technology companies which are profitable and portray a positive PER. The average PER for these company is 66.74 times, seems high and crazy, right?

No. if you would compare the statistic with any financially matured stock market, this is quite the standard, or undervalued valuation for technology companies!

The obvious next step that we need to do is to identify out of the 44 technology companies, which has the deepest value in it, a.k.a. lowest valuation? We must be careful and apply quality and quantitative value investing in this approach as not sustainable profitability or companies that show a one-off profit that inflates their EPS should not be regarded as a candidate for our stock pick. Fortunately, I’m able to pinpoint this ultra-undervalued gem – ARB Berhad (KLSE:ARBB).

Based on our study, the price movement of ARBB shows a divergence between the company and Malaysia technology index as a whole. Over the past 3 months, Bursa Technology Index had delivered a 37.49% ROI while ARBB only delivered 7.84% in return. If we are being realistic here, there is a bare minimum of 20% upside for ARBB!

Bear in mind, we are not talking about 50%, 100% ROI within a short period of time. In my humble opinion, a 20% return before the Chinese New Year break from trading is easily achievable. Just look at the divergence! And now, to enhance your confidence level on the company, we will dive deep into value.

As I mentioned previously, our studies showed that on average any profitable technology companies arehaving a 66.74 times PER. While ARBB is trading at a mere 3.51 times PER! There must be a huge misjudgement in terms of profitability of this company that investor missed out. Also, the lack of coverage of this company from “gurus” had left it a untouched gem, waiting for investor to harvest it. Let’s just say ARBB could achieve 10 times PER by end of 2021, what is the return of this company for you

We also mentioned above qualitative and quantitative studies must apply to technology companies. For the past 8 financial quarters, ARBB had delivered an average profit of MYR 8 – 9 Million. There were no one-off profit in these quarters, and the profit had remain consistent throughout the financial year. So, ARBB is another solid technology company that remains uncovered.

Take our advise and ARBB should be your “Ang Pao” from us before Chinese New Year. Of course it’s up to you to trust us, or leave out the opportunity. However based on our studies, a 20% rally is approximately 5.5 cents away, how hard would it be?

https://klse.i3investor.com/blogs/HIDDENGEMLIST/2021-02-08-story-h1540990272-The_Next_Technology_Counter_To_Fly_After_YBS_0025.jsp

AGES公司已接下来自techpack方案公司的硅砂供应订单，合约金额最高约为7950万美元（约3亿3903万令吉）。

房地产业务发展方面，该集团将专注于即将在槟城峇都丁宜开发的项目，总发展值为1亿7800万令吉。预计这将使AGES公司在接下来的2到3年内保持忙碌状态。

“根据我们的计划，我们有信心在2021财政年再创历史新高。”

https://klse.i3investor.com/blogs/gmarb/2021-02-02-story-h1540276223.jsp

AGESON拥有着3倍的市盈率，这表示，你只需要以RM3即可收购公司的股份与公司手头上的任何净现金！在MCO期间， 尽管所有建筑公司在收益上产生了亏损， AGES还是取得了惊人的业绩。 造成这样惊艳业绩的主要的原因是管理层慎重的成本管理和有效的资本分配，


如果你还是新手或对股票与投资不熟悉， 别担心, 你可以参考以下的图表以更好地了解该公司的价格走势。

从图表可以看出，过去几个月该公司的股价一直稳定在12至14仙之间。 为了更进一步说明，该公司的4个关键EMA正在紧密地相互整合，这是结束先前趋势的信号，并且很快会立即进入新趋势。


无论是从基本面还是技术分析角度来看，AGES绝对是我的不二之选。 我希望投资者们可以察觉到AGES，并从中获利。

自MCO实施以来，建筑业已经下滑了11％！


请你想一想，这些基金从科技业获利后资金将流向何方？
我们需要记住，股市永远是期望的场所。 基于马来西亚半导体股票的70倍市盈率，基金经理们充分意识到这一点， 并已开始规划着下一个交易。


现在我们已经知道了建筑业将会是下一个反弹的行业，那么我们应该投资在哪家公司？ 随着MCO的施行，无疑会对建筑公司的盈利额造成巨大的损失。 这会产生利润（或亏损）的分歧并影响股价。 如果股价下跌的幅度不及公司的市值那么大，则将导致较高的市盈率，或负市盈率！



在这间公司还未飞速发展前， 我将会跟大家分享这个隐藏在众多建筑业的优秀公司， AGESON BERHAD。

在马来西亚，一个成功的投资者需要时时刻刻保持机智，以发现转机趋势或市场中的下一个热门领域。 随着保健和科技行业的股价可能会过度上涨，基金寻找的下一个行业将会具有更深厚的价值。


价值深厚的行业通常是最萎靡的行业。 以GameStop为例；曾经一度垂死的零售游戏专营压垮了卖空玩家， 在马来西亚的哪个行业可以行使出同样的结果呢？


在马来西亚的所有行业中， 只有建筑业滞后于其他行业。 MCO的开始标志着马来西亚经济活动的彻底关闭，这对整个建筑业造成了巨大损失。那么建筑业复苏了吗？

Honestly, the company profits are in tact.

https://klse.i3investor.com/blogs/PMSS/2020-11-18-story-h1536489726-7_Things_I_Learnt_from_Ageson_Berhad_s_AGM.jsp

7 Things I Learnt from Ageson Berhad’s AGM


1. The company may diversify its core business from a pureplay construction cum property developer to sand mining business. To date, the company had RM 110.6 Million worth of Letter of Intent (“LOI”) from Boyijun Resources (HK) Limited, another LOI from Techpack Solutions Co. Ltd for a sum of RM 330.7 Million. As one of the guy who is involved in dealing with sand businesses, I can tell you that someone from Techpack was actually in Malaysia to discuss the terms with AGES. This is most likely true if you ask me.


2. Despite the adversity in the construction and property developing market, the company is set to achieve record earnings in the coming financial year (FYE 2021). AGES had close to RM 150 Million worth of contract on hand, which would last them for FYE 2021 and FYE 2022. However, progressive billing suggests that the earnings might kick in early next financial year. Hence it is not hard to project AGES to achieve a top and bottom line growth in next two financial year.


3. The three core projects under AGES, namely the D Cube Modern Townhome, Batu Feringgi Hotel & Serviced Apartment Project and Sungai Pandan Government Low Cost House are still running smooth so far. Apart from that, the management is actively bidding for new, but profitable projects. We might see both the bottom line and order book of AGES grow in FYE 2021.


4. Based on what the management said during the presentation, it would be very likely that AGES could achieve a good quarterly result which could be announced really soon. Although this is my wild speculation, but it was backed by management’s confidence in sharing that the business runs well in this period of time.


5. Irredeemable cumulative preference shares (“ICPS”) remains to be a key concern of shareholder. However, the management explained that ICPS serves the purpose of capital raising of the company, without having to burden the gearing ratio. To me, as long as the company’s growth outperforms the ICPS dilution, it would be a great vehicle for the company to raise money.


6. All the board resolutions have been approved by the shareholders. That being said, the diversification of the company’s core business into sand mining, trading and export of sand and related business activities requires shareholder’s approval on 3rd December 2020. But who in the right mind will decline the said proposal?


7. Profitability remains as the key consideration factor for AGES for its future. Being a shareholder of AGES as well as someone who is involved in the sand business, I can assure you that AGES have a really high chance of hitting 30% - 50% growth in bottom line IF the sand projects kick in.



In conclusion, we can feel that the passion of the director, Dato’ Sri Liew in the construction and sand business. In fact the company had turned around and I had been with the company for some time now. I strongly believe that AGES’s share price could go higher in no time!

That is because the general investor or "ordinary investors" do not appreciate this company. And why is that so? Remember I mentioned in Malaysia most if not all technology companies focus on the hardware part? THIS company focuses on the software aspect of the technology sector!

ARBB's unique business model compromise of 2 business engine, namely the first - Enterprise Resources Planning (ERP) and Internet of Things (IoT), both are having a super rosy outlook, just check it out online.

Needless to say, ERP has become more and more important in the manufacturing world now with more resources are required to be allocated effectively. I foresee - this company could hit 8 figures in their net profit on the next quarter!

So, if you are looking at an undervalued technology company with PER of 2 to 3 times, would you choose it over a hardware company that face fierce competition but is trading at PER of 20 - 30 times? The choice is yours.

In FY 2018 Q1, I believe there were some impairment activities as they shut down the timber business, or the old timber business is down due to season, however it is, not important.



As you can see, the company had completely changed and spiked in terms of revenue and profitability since FY 2018 Q2, of course as all business was affected by COVID-19 and MCO, the company in FY 2020 Q2 had a minor setback in terms of YoY growth on the bottom line.



You might think that the company that is growing in QoQ and YoY might be valued at 20, 30 times P/E ratio?

No, ARBB was valued at 3.23 P/E. WHATTTTTTT?