Even though lot of ppl concern about the upcoming supplies and work from home norm, but offices in strategic area like Mid Valley continue to enjoy good occupancy. 70% of the IGBCR asset in Mid Valley and in “controlled” area because all office buildings belong to IGB. Their overall occupancy rate now at 76%, slight lower compared to a year due to a newly completed office building currently occupied half. I see the office crowd there are gradually back to 60-70%.

Historically office REITs hardly trade below 0.5x to book, hence think fair to assume downside risk around 20% from their current price. In the case of rising interest, IGBCR only exposed to 26% of gearing, lower than office REITs like Sentral and well below 60% requirement from SC. Room for them to inject other assets in future.

Yes, the impact only at accounting level, not the business. And no impact on cashflow.

From the 2-3 analysts reports plus the stated management guidance, impact would be in the range of 15-20% at recognized earning.

It depends on the type of insurance policy. Takaful don't just sell MRTA, they have comprehensive range eg. general, PA, medical & life. 70% of revenue contributed by Family segment. Don't have further stats breakdown of each policy. However, as per latest report from UOB KayHian, management had guided the impact to be roughly 15%.

Anyway, with the current shareholder structure, it's almost certain to proceed to next step.

@ziyang8896, thought the appointment of IA is to advice both - BOD as well as all shareholders.

I'm a bit reserve about this counter now due to their profit margin trend. No doubt revenue will improve this year but profit margin would be around 10% compared with the past 15-20%. MTL going to contribute around 40% of their revenue and lower margin due to the nature of metal stamping business. In AGM, The answers given by management for most questions were too brief without further insights. Likely they don't have the concrete plan to improve this yet and aim more on inorganic growth through synergistic acquisition.

Correct me if I'm wrong. In AGM, the management said it has been settled but didn't say it's been reflected in latest qtr report. And I couldn't find any item related to this in the report.

The last 5 days VWAP is 0.3638. Good to continue monitor the 5d changes.

Here’s my EPS estimation:

FY2020: RM0.058
FY2021: RM0.076

For intrinsic value estimation based on the average of various models (dividend, Benjamin Graham, PE, book value & net current assets), it's RM0.86. Reasonable margin of safety at current price.

If I apply 15x PE to forward FY2021 earning, target price would be RM1.14.

At current price of RM0.62, it’s undervalued with potential upside of 84%. I expect the stock will get more attention once the Q4 results is announced. Stay tune :)