Posted by Icon8888 > 2016-03-01 22:59 | Report Abuse

Havnt read, but immediately give Like first. YiStock my favorite blogger

Posted by Alpha Trader > 2016-03-01 23:03 | Report Abuse

Retailers are too naive, they didnt add back the forex loss and minus the forex gains, thats why so gullible

Posted by paperplane2016 > 2016-03-01 23:05 | Report Abuse

Hehe. Icon recommended stock again! Crash again! Bad yr for icon. He lose almost all his mOney earn last yr.

Posted by Icon8888 > 2016-03-01 23:06 | Report Abuse

I sold my WA between 60 to 70

Cost 18 sen

Posted by Icon8888 > 2016-03-01 23:06 | Report Abuse

I sold mother shares at 2.20

Cost 1.45

Posted by Icon8888 > 2016-03-01 23:07 | Report Abuse

For every one mother share, I hold 2 WA. So that is a lot of profit.

Posted by spectre007 > 2016-03-01 23:07 | Report Abuse

Bull is coming

Posted by firehawk > 2016-03-01 23:13 | Report Abuse

3.13m -3.31m = -0.18m, so, the tin manufacturing was actually suffered 180K LOSS!?

Posted by Icon8888 > 2016-03-01 23:22 | Report Abuse

all eyes on new factory. maybe one day i should drive down have a look

Posted by GODinvest > 2016-03-01 23:35 | Report Abuse

yi stock you wrong in invest you still can show avg price , haha

Posted by JT Yeo > 2016-03-02 04:16 | Report Abuse

Yistock, you are spot on about investing based on valuation. But the thing is, why do almost all of your blog posts talks about disposal, forex etc ? Because they are easy to find? You are fully aware all of these doesn't mean a thing in valuation.

The questions you should be asking is:
No one cares about the tin business (or you won't have invest in it), what is the competitive edge of their F&B segment?

What is their market share and how competitive are they in those market they export to?

You mention China 2 child policy. What makes you think China is dying to have condensed milk from Johotin? Can they have other brand condensed milk? Do they even want condensed milk!? They are dying for FRESH QUALITY thing. Go check out blackmore on ASX, $30 to $200 because of China. Go check out A2M on ASX that export milk, check out their share price, check out bellamy BLU on ASX too, they sell baby formula, what is their price. And ask why do China people wants condensed milk, even if they do, what makes Tarik-tarik, Boleh, Goolain so special?

These are tough questions, but exactly the type of questions you need to answer and estimate. They are the ones that determine long term value of Johotin not disposal or forex gain.

Posted by Icon8888 > 2016-03-02 08:07 | Report Abuse

JT, he is referring to johotin milk powder business

Condense milk under Able Diary

Milk powder under Able Food

Posted by Dell888 > 2016-03-02 08:09 | Report Abuse

China is not keen on the milk powder by Able Food la... these products are lower of grade and sold to african countries

Posted by Icon8888 > 2016-03-02 08:11 | Report Abuse

Agree with Dell on that

Johotin milk powder is for poor countries like Cambodia etc

This part YiStock got it wrong, in my opinion

Posted by Icon8888 > 2016-03-02 08:12 | Report Abuse

Let me defend YiStock

He got geshen wrong (price came down)

But overall, his performance is superb

He is no stupid punter that buy based on disposal and forex gain

For example, his cost in Canone is 2.60, very low

And if u look at his 2016 competition portfolio, You will notice that if not because of geshen, his overall performance shuld be top 10

Posted by yistock > 2016-03-02 09:33 | Report Abuse

Icon8888, thank you for defending me. Very much appreciated.

As for the china 2 child policy, i'm looking from the perspective of Contract Manufacturing. Everybody on earth know that johotin's current brand is targeting on the lower income group. However, what i hope to see is that after they fully expand and operating the new F&B plant, they will produce FOR big brand(s).

It is unwise to see a manufacturer born business man to become a marketeer trying to market own product. A manufacturer will always think of to produce, in this case, to produce for other people too.

From latest Q report " For the F&B segment, revenue increased by RM102.69 million from RM228.08 million to RM330.77 million due to higher sales. Profit before tax increased by RM8.95 million from RM8.49 million to RM17.44 million mainly due to higher sales in the current year".

The capacity expansion is real and proven with better result. From the report, it seems that it is still not fully expand.

This is how i see johotin.

Posted by duitKWSPkita > 2016-03-02 09:37 | Report Abuse

Icon8888 and YIStock.....

No matter how is the Johotin prospect I would still say I love your article. I can replicate the research methodology in other stock to give me some benefit to decide for long term investment. No one should deny currently we have too much of market uncertainties and anyone that willing to share is considered BRAVE and helpful....

I learn many things from you. I support you.

Posted by Icon8888 > 2016-03-02 09:40 | Report Abuse

recent spike in borrowing is due to inventory built up. I check globaldairy skim milk powder price, it dropped from USD2000 to 1700 during the period, that is probably why they stock up

anyway, we have been through this before and in subsequent quarters, they will be able to unwind the position , absolutely no issue at all

Posted by yistock > 2016-03-02 09:43 | Report Abuse

JT Yeo, i actually answered your question before. But you seem neglected it. I didnt know that i only focus on forex gain or disposal only. If so, i will not overlook this item in Geshen.

I'm small investor.. not as "savvy" as you with all the big numbers. I'm still learning.

It is also my usual practice, I don’t 舍近求远。 外国月亮不比本地圆， i try to think from this perspeptive. Here in KL, i perhaps can go out with ICON8888 one day to see see the ABLE FOOD factory if still around or not.

Posted by duitKWSPkita > 2016-03-02 09:51 | Report Abuse

Yistock and ICon8888.....

The ABle diaries packing line and the factory is in fully automation mode... Very clean and cost effective. In fact all the TPG area there got a lot World Class food production players..

Hope you enjoy ur visitation.

Cheers.

Posted by Ooi Teik Bee > 2016-03-02 09:52 |

Post removed.Why?

Posted by yistock > 2016-03-02 09:53 | Report Abuse

GODinvest, i'm not god. I learned from my sifu, buy with margin of safety (MOS). I will try to buy as low price as possible. Anyway, It is pain to see profit shrink. But, i dont give up so easily.

Posted by duitKWSPkita > 2016-03-02 09:55 | Report Abuse

Mr.Ooi...

Good morning.

As I said. Cant have enough 49 hours per day to address all CBH comments in i3. To reply with facts and figures and hope everyone would understand we deliver sincere things all the while.

Hope you are better today.

Posted by JT Yeo > 2016-03-02 10:01 | Report Abuse

ok I can be wrong, but most of your posts write about these stuff, so that's the impression I have. But that is good thing to know you do look at the business as a whole.

This isn't about big or small, savvy or non-savvy. It is the reality as a value investors. Information that are easily available doesn't mean they are the most important. And companies listed in Bursa makes it even harder with lack of disclosure.

I read once a fund manager, also a value investor teaches people how to improve their valuation skills in a magazine. Read 10 years company annual report, find 5 competitors, domestic or overseas, read their annual report, 10 years each. That's 60 reports already. Read industry publication, analysts reports etc. When I read that, I though to myself "fck, how many months I have to spend reading those". Then I think back, if that is what needs to be done, we do it. Hard work is something not many people willing to do.

So if you want to achieve 50% a year, you have to do what it is worth.

Posted by yistock > 2016-03-02 10:12 | Report Abuse

JTYeo, i just done a calculation. I have 45 articles now and if not mistaken, i only have most recent few, probably 4 or 5 that included forex in my articles to explain on very specific/ particular issue. Didnt know that 5/ 45 = most.

You are 50% right that "information that easily available doesn't mean they are the most important". What i will further add on is that, it is already so lacking of disclosure info in bursa listed company, that easily available info must also be treated as VERY important. Have you heard of the story 一个都不能少?

In fact, i also felt that i not need bring in a lot of statistic which i have in excel spread sheet. Bursadummy and Icon8888 has already done in very detail and tremendous way.

So far, i'm pretty comfortable with my return, not great, just enough to fund my retirement.

:-) Cheers!

Posted by yistock > 2016-03-02 10:42 | Report Abuse

duit, kam sia :-)

Posted by duitKWSPkita > 2016-03-02 10:44 | Report Abuse

Yistock...

My pleasure. Learn together and grow together. I have very much to learn from you and Kc chong team

Posted by JT Yeo > 2016-03-02 11:15 | Report Abuse

Easily available info of course must be looked at. But weighting them based on their importance to influence the valuation is necessary.

Yea that's good, that's the whole point to meet your financial goal.

Posted by tkp2 > 2016-03-02 15:06 | Report Abuse

paperplane make a few hundreds talk so loud, lol

Posted by sharktank > 2016-03-02 16:04 | Report Abuse

until u as good as buffett in FA then you write blog to share. thts my advice. : )

Posted by invest1188 > 2016-03-02 22:45 | Report Abuse

hi yistock, your average price for johortin is 1.5x, why u did not buy more when price increase from 1.5 to 2.0?

Posted by YiStock > 2016-03-03 16:54 | Report Abuse

sharktank, if i'm as good as buffett in FA, i will write annual letter to shareholders. I'm still practicing my FA. Thank you for your advice.

Posted by YiStock > 2016-03-03 16:55 | Report Abuse

invest1188, i had bigger position in warrant.

Posted by kk123 > 2016-03-03 19:10 | Report Abuse

Now u know why when months back..i say johortin is tin kosong only

Posted by duitKWSPkita > 2016-03-04 11:30 | Report Abuse

Dear Icon888 bro and Yistock bro....

Thanks for everything these periods.......
Learn a lot from you..... jz drop by to bid farewell.

Cheers,

Posted by moneySIFU > 2016-03-04 12:36 | Report Abuse

Farewell to where? Duit?

Posted by Bullhunter > 2016-04-02 09:59 | Report Abuse

why didn't you sell at 2.60? Greed? Expecting 5.00?