Posted by qqq3 > 2019-07-20 14:11 | Report Abuse

talk no use. Lets see 1 year, 5 years, 10 years later.

Posted by stockraider > 2019-07-20 14:12 |

Post removed.Why?

Posted by stockraider > 2019-07-20 14:19 |

Post removed.Why?

Posted by Icon8888 > 2019-07-20 14:38 | Report Abuse

If the 20% inari controlling stake is put up for sale at current price, will there be a buyer ?

If the answer is yes, insas is indeed undervalued

If the answer is no, maybe it is not so undervalued after all

Posted by (S=QR) Philip > 2019-07-20 14:45 | Report Abuse

Exactly, Icon has answered one of the qualitative questions which kcchongz and sslee never points out.

No one will be willing to buy inari 20% block at this price. The will be a huge discount asked for sure to the future growth earnings of broadcom, Apple and indirectly Inari.

Only kids think if you sell one can of coke you get rm1, so if you sell a crate of coke you will get the same price as well.

Real world economics and story land rarely work so easy.

Probably why people who can't do, they teach and talk theory.

While those who can't teach theory, they sell online pdf documents.

Investing is rarely straightforward.

Posted by SarifahSelinder > 2019-07-20 14:52 | Report Abuse

Deepfake

Posted by SarifahSelinder > 2019-07-20 14:55 | Report Abuse

SarifahSelinder Kes land at 1 Utama is valid sbb it is not liquid 

Kes Insas is not the same x sama Insas is listed is very liquid u can buy anytime x payah beli n wait loh 

Beli bila ada sign it is going to move mcm volume naik 

Klau u beli n tunggu lazimnya u tunggu 2 tahun 3 tahun 5 tahun sampai satu hari nanti u fed up lo x tahan lagi u pun jual lo 

Selepas tu 6 months later dia pun naik 

Point Sarifah no need to buy Insas n wait lo sbb can buy anytime 

In the meantime ada chance harga mungkin jatuh lagi

20/07/2019 2:44 PM

Posted by SarifahSelinder > 2019-07-20 14:57 | Report Abuse

Knp kena beli cepat?

Booked early?

It is not like Insas is selling like hot cake

Malahan Insas is more like dah mati pucuk

Posted by SarifahSelinder > 2019-07-20 14:58 | Report Abuse

Lazimnya mati pucuk is not something ppl fight over for

Posted by Icon8888 > 2019-07-20 15:06 | Report Abuse

Inari existing market cap RM5 bil

Based on historical earning of RM250 mil, it is trading at 20 times PE

If you are a venture capital, do you dare to take control Inari by buying the stake at 20 times PE ?

Maybe not, in view of the fact that Inari is considered a mature company

Maybe 10 times PE they will take it

That means the 20% stake is worth RM500 mil instead of RM1 bil

That means insas net assets = 1882 mil less 500 mil = 1382 mil

Divided by 663 mil shares , realizable value is RM2.08 per share

Well, not bad.

I believe this is a better gauge of insas intrinsic value

Posted by Icon8888 > 2019-07-20 15:09 | Report Abuse

But this is not end of story. The same methodology should be applied to its other so called marked to market assets.

Once we complete the process, we will have better feel of it’s intrinsic value

Posted by Sslee > 2019-07-20 15:11 | Report Abuse

Dear Icon8888 and Philip,
It all depend, tell me why M&A are done with acquirer had to pay a premium to acquire a controlling block from controlling holder?

Thank you
P/S: By the way Inari daily trading volume for the past 4 weeks: 10,460,090

Posted by Icon8888 > 2019-07-20 15:20 | Report Abuse

people will only pay premium if they see value

In Inari case, is there value at 20 times PE ?

Maybe not

So let’s not even talk about premium, it is discount or no deal as far as strategic stake for Inari is concerned

Posted by Sslee > 2019-07-20 15:22 | Report Abuse

Dear Icon8888,
A 250 million profit will contribute 50 million share of profit to Insas. Inari is still expanding Plant 34 for other products group.

Since you had been in Investment Bank doing M&A had you done M&A at 10 PE or asking controlling holder to sell his controlling block at discount to acquirer.

Thank you

Posted by Icon8888 > 2019-07-20 15:23 | Report Abuse

When come to investing, Second level thinking is very important, you know ?

I am being very very diplomatic here

Posted by Sslee > 2019-07-20 15:27 | Report Abuse

Dear Icon8888,
Mr. Market give a market value of RM 1.60 at current time to Inari it was price at RM 2.53 during Aug 2018. You can read many IB valuation on Inari. So now you are better than all the IB and decided PE for Inari is 10.
May I know what PE you give to QL?
Thank you

Posted by experttanengyee > 2019-07-20 15:32 | Report Abuse

THIS IS MOST STUPID THEORY FROM KC.cleary show kc is clueless about stock market and financing.to borrow 530m from bank,you net worth must be 6bil.no financial institution going to let someone borrow 530m without collateral.
no wonder KC can talk only and a total noob in stock market.

Quote
Theoretically someone can borrow RM530m from banks to buy up all the shares in the open market at 80 sen, and
Unquote

Posted by Icon8888 > 2019-07-20 15:34 | Report Abuse

Mr Market gives inari 30 times PE one year ago

Now we know Mr Market was wrong

Because PE has shrunk to 20 times

So, dont tell me to blindly follow Mr Market

He can change his mind pretty fast

Posted by stockraider > 2019-07-20 15:40 | Report Abuse

U need to understand a 20% block price is more valuable if the largest shareholder block is only 32.9%, compare to if the largest controlling block is already more than 50% mah....!!

In the insas case the 20% block very valuable here loh...!!

Posted by (S=QR) Philip > Jul 20, 2019 2:45 PM | Report Abuse

Exactly, Icon has answered one of the qualitative questions which kcchongz and sslee never points out.

No one will be willing to buy inari 20% block at this price. The will be a huge discount asked for sure to the future growth earnings of broadcom, Apple and indirectly Inari.

Only kids think if you sell one can of coke you get rm1, so if you sell a crate of coke you will get the same price as well.

Real world economics and story land rarely work so easy.

Probably why people who can't do, they teach and talk theory.

While those who can't teach theory, they sell online pdf documents.

Investing is rarely straightforward.

Posted by Sslee > 2019-07-20 15:44 | Report Abuse

Hahahaha,
Mr. Market is like Donald Trump keep changing his mind. So I am more interest to know your thought process why you give Inari PE of 10. I am trying to learn.

Thank you

Posted by stockraider > 2019-07-20 15:52 |

Post removed.Why?

Posted by John Lu > 2019-07-20 15:55 | Report Abuse

Insas will always undervalue and being undervalue for a few decades

Posted by Sslee > 2019-07-20 15:57 | Report Abuse

Hahahaha,
Experttanengyee “borrow 530m from bank, you net worth must be 6bil”??? have you heard of margin finance and leverage on share collateral.
For a man see London Biscuit as opportunity to make quick money, you still need to learn from qqq3 how to margin finance and Sailang.

Posted by stockraider > 2019-07-20 16:01 | Report Abuse

QQQ type into lonbis is like gambling in casino risky and not the intelligent type of investment loh...!!

Posted by Sslee > Jul 20, 2019 3:57 PM | Report Abuse

Hahahaha,
Experttanengyee “borrow 530m from bank, you net worth must be 6bil”??? have you heard of margin finance and leverage on share collateral.
For a man see London Biscuit as opportunity to make quick money, you still need to learn from qqq3 how to margin finance and Sailang.

Posted by stockraider > 2019-07-20 16:03 | Report Abuse

What KC says are valid downside of insas loh...!!

But right here i m not saying an outsider trying to unlock value on insas, but the insider owner trying to maximise value on insas and the consequence he indirectly unlocking value mah....!!

The key to this happen is the expiry of insas warrant in 20-2-2020 loh....!!

They is a high chance mkt will rerate too loh...!!

AS USUAL IF U WANT TO BUYOUT THE COMPANY, U WILL RATHER KEEP SHARE PRICE LOW MAH....THATS WHY THE MINORITY SHAREHOLDER FRUSTRATED LOH...!!

THUS INSAS INVESTOR JUST NEED TO BE PATIENT LOH...!!


KC COMMENT,
Conclusions

Deep value investing is not easy. It requires patience, and a lot of patience. It is not for the faint hearted. Insas has been undervalued for a long time. A catalyst may be required to unlock the value. Fund managers and institutional investors will not be able to endure it as they will be long fired by their investors before value is unlocked due to their temporary under-performance. Most individual investors also have no stomach for it. They will be laughed at by others embarking in this strategy as it does look stupid at times. But if a stock is way undervalued, not only by 10%, 20%, or even 50%, but a much larger discount such as 72% as that of Insas, the probability of success is higher. Of course, nothing is certain in this world. But at least the chance of losing money is very slim as the extreme cheapness and quality assets would have taken care of this. Insas has also been providing satisfactory return over the years, and it is likely continue to do so even if the deep value is not unlocked.

Take care of the downside, let the upside takes care of itself.

What we are afraid of is if the value takes a long time to unlock, value may erode, such as in a business with persistence huge losses, burning cash in its operations, or management embarking on overvalued acquisitions, or squander away the cash it has, failed business ventures, or other shareholder value destroying activities. I my opinion, Insas does not belong to this category. Having different stocks with different return drivers in a diversified portfolio is also a smart strategy in investing.

Posted by Icon8888 > 2019-07-20 16:07 | Report Abuse

It does not have to be 10 times

That is not my point

My point is that when come to controlling stake, don't take market value as the realisable value

In most cases, controlling stake carries a premium. But in this case, it becomes a liability as unlike a portfolio stake, you can't realise it's value by unloading in market


Posted by Sslee > Jul 20, 2019 3:44 PM | Report Abuse

Hahahaha,
Mr. Market is like Donald Trump keep changing his mind. So I am more interest to know your thought process why you give Inari PE of 10. I am trying to learn.

Thank you

Posted by stockraider > 2019-07-20 16:13 | Report Abuse

That is true, but on the otherhand, u cannot buy much substantial of insas without raising up the share price of insas up like a rocket loh.....!!

U need to ask whether there is catalyst for demand for INSAS....and raider see YES loud & clear the date is in FEB 2020 a few months from now b4 big action will start loh...!!

Posted by Icon8888 > Jul 20, 2019 4:07 PM | Report Abuse

It does not have to be 10 times

That is not my point

My point is that when come to controlling stake, don't take market value as the realisable value

In most cases, controlling stake carries a premium. But in this case, it becomes a liability as unlike a portfolio stake, you can't realise it's value by unloading in market


Posted by Sslee > Jul 20, 2019 3:44 PM | Report Abuse

Hahahaha,
Mr. Market is like Donald Trump keep changing his mind. So I am more interest to know your thought process why you give Inari PE of 10. I am trying to learn.

Thank you

Posted by Sslee > 2019-07-20 16:14 | Report Abuse

Dear lcon8888,
Noted with thank

Posted by stockraider > 2019-07-20 16:17 | Report Abuse

Correctloh...it is whether he is comfortable with 32.9% holding on insas and still control the company or whether he prefer with more than 50% holding and seal his control on the jewel insas loh...!!

It is highly tempting for him to for go for option 2, as Insas has NTA Rm 2.54 per share (this exclude its hidden reserve} there is huge value can be derived from insas loh...!!

In addition insas, has net cash of Rm 550m, a big chunked of the GO outlay can be finance by these internal fund too loh...!!

If i m Thong, i will start the action now & slowly accumulate my position on insas at Rm 0.795 under nominee and later can still launched a GO at Rm 1.00, after exercising THE warrant at Rm 1.00, the objective is to take his holding at least above 50% mah..!

Posted by Sslee > Jul 19, 2019 11:10 PM | Report Abuse

Dear dragonslayer,
The prize catch of INSAS is its 600million+ Inari share and its assets mostly made up of cash and cash equivalent, and other financial assets which are marked-to-market and can be readily converted to equivalent cash value.
It depends on the market price of Inari when independent advisor make valuation of INSAS. Imagine if the valuation come up to be almost RM4, Dato’ Sri Thong has to either increase the offer price or risk MGO fail and he is not allowed to make another MGO within next 1 year period. During this 1 year period Dato’ Sri Thong is defense-less against you, me or any big shark come in and make a hostile take-over of INSAS

Posted by stockraider > 2019-07-20 16:23 | Report Abuse

Even If i take icon arguement is correct & he wins on inari....again don forget Insas has a net cash of Rm 550 million or Rm 0.80 per share beside inari investment, don tell me the net cash here equivalent to the whole mkt capitalization of insas Rm 560m has no value ??

Obvious logic INSAS is undervalue mah....!!

Simple arithmetic primary fellow understand loh...!!

Posted by Icon8888 > Jul 20, 2019 2:38 PM | Report Abuse

If the 20% inari controlling stake is put up for sale at current price, will there be a buyer ?

If the answer is yes, insas is indeed undervalued

If the answer is no, maybe it is not so undervalued after all

Posted by stockraider > 2019-07-20 16:27 | Report Abuse

INSAS ASSETS IS OF GOOD QUALITY MAH....!!

The net asset (Total assets-total liabilities) of Insas is RM1717m. With 663m shares outstanding, net asset backing per share is RM2.59. At the closing price of 80 sen on 19th July 2019, Insas is trading at less than a third of its book value. It would be of no use if the assets of Insas are made up of mainly plant and equipment and money owed by others, like what happens to London Biscuits above.

Two thirds of Insas’s assets are made up of cash in banks, money market fund, share investment mainly in public listed companies. These assets are high quality liquid assets which can readily be converted to cash.

Column 2 in Table 1 shows the weightage given to each category of assets and their net value calculated and shown in column 3. Cash and cash equivalent are given full weightage whereas Receivables and Investment in properties were given 25% discount. In the case of Associated companies, as there are market values for these assets such as shares of Inary at RM1.61, Ho Hup at 56.5 sen etc., the market value of approximately RM1b is used instead of the book value of RM429m. Inventories, Intangible and other assets are totally discounted. Even Property, plant and equipment are totally discounted too even though there is considerable value in the land and building and the rental cars it owns. The net value for each asset category is listed in column 4 in Table 1.

This analysis gives a total asset value of RM2523m and after subtracting the total liabilities of RM641m, the market value of the net asset is RM1882m, or RM2.84 per share. At a price of 80 sen, Insas is trading at more than RM2.00 below its conservative net asset value, or a discount of 72%. This means Insas is trading at 28 sen for a Ringgit of its conservative and mostly marked-to-market assets. Hence at least for the risk aspect, the downside risk is taken care of.

Insas at 80 sen, or a market cap of RM530m, with a total debt of RM411m, and RM130m in Preference shares, is trading below its cash and cash equivalent and marketable securities, or a negative enterprise value company. This provides an arbitrage opportunity for astute and rich investors.

Posted by stockraider > 2019-07-20 16:32 | Report Abuse

INVESTORS OF INSAS SHOULD BE HIGHLY CONFIDENT OF INSAS POTENTIAL TO MAKE GOOD MONIES LOH....!!

THE ONLY ISSUE THEY SHOULD FEAR, IS HOW LONG I NEED TO WAIT ONLY MAH...!!

THIS IS BCOS, THE HUGE MARGIN OF SAFETY THE TRUE VALUE & QUALITY ASSETS IS BEYOND ANY DOUBT LOH....!!

Posted by stockraider > 2019-07-20 16:36 | Report Abuse

Take care of the downside, let the upside takes care of itself.

What we are afraid of is if the value takes a long time to unlock, value may erode, such as in a business with persistence huge losses, burning cash in its operations, or management embarking on overvalued acquisitions, or squander away the cash it has, failed business ventures, or other shareholder value destroying activities. I my opinion, Insas does not belong to this category. Having different stocks with different return drivers in a diversified portfolio is also a smart strategy in investing.

Posted by stockraider > Jul 20, 2019 4:31 PM | Report Abuse X

INVESTORS OF INSAS SHOULD BE HIGHLY CONFIDENT OF INSAS POTENTIAL TO MAKE GOOD MONIES LOH....!!

THE ONLY ISSUE THEY SHOULD FEAR, IS HOW LONG I NEED TO WAIT ONLY MAH...!!

THIS IS BCOS, THE HUGE MARGIN OF SAFETY THE TRUE VALUE & QUALITY ASSETS IS BEYOND ANY DOUBT LOH....!!

Posted by stockraider > 2019-07-20 16:43 |

Post removed.Why?

Posted by stockraider > 2019-07-20 16:44 |

Post removed.Why?

Posted by stockraider > 2019-07-20 16:46 | Report Abuse

U NEED TO UNDERSTAND, INSAS DID A REALLY EXCELLENT JOB ON INVESTMENT, LIKE WARREN BUFFET SAYS IN LIFE U JUST NEED HIT A FEW "LARGE SUPER DUPER" LIKE INARI AND YOUR SUPERB RETURN ARE ALL LOCKED IN MAH...!!

THATS WHY INSAS INVESTMENT HOLDING ON INARI ALONE INVESTMENT EXCEEDED THE WHOLE MARKET CAPITALIZATION OF INSAS LOH...!!

THIS HOW SUPERB & FINE PERFORMANCE THE MANAGEMENT OF INSAS HATHAWAY HAD SHOWN LOH...!!

BELOW IS A VERY IMPORTANT POSITIVE HIGHLIGHT OF INSAS LOH...!!

The board of directors already given a VERY POSITIVE HINTS on INSAS mah......!!

YES VERY IMPORTANT TO LISTEN TO THE HORSES MOUTH MAH...!!

Refer: http://www.insas.net/pdf/img-20181226.pdf
KEY MATTERS DISCUSSED AT THE 56TH AGM
Quote, “The Board will evaluate and if appropriate, formulate a dividend policy when the markets recover, unquote”
For 9 month end 31th March 2019, Insas had reported an after tax net profit of RM 64,192,000 hopefully Q4 will be another profitable quarter and the BOD will reward the minority shareholders with another final dividend for financial year end 31th June 2019 and a formal dividend policy.

I had defend Insas numerous times in i3 forum, published my blog article:
https://klse.i3investor.com/blogs/Sslee_blog/198128.jsp

How Value can be Unlocked in Deep Value Stock? INSAS

And my latest comment on Insas i3blog, “I know many people had gave up on INSAS but credit is given where credit is due and not denying the fact that Dato’ Sri Thong had accumulated so much wealth into INSAS and I am actually looking forward to what Dato' Sri Thong going to offer come FEB 2020”


Posted by sengkee > Jul 13, 2019 4:41 PM | Report Abuse

https://www.theedgemarkets.com/article/thong-brothers-hold-big-chunk-i...

Obviously, Insas has made a very sucessful Investment in Inari. But not in other listed companies like SYF.

Anyway, at 80sen, will it go down further? Safe to buy now?

Posted by untong > 2019-07-20 16:47 | Report Abuse

Considering both qualitative and quantitative factors; why not consider JCBNEXT?
https://klse.i3investor.com/blogs/kianweiaritcles/204901.jsp

It may seem not as undervalued as INSAS, but it is better than INSAS on these areas:
1) Management track record is more convincing, the fact that they successfully built up Jobstreet and sell it for good price and distributed it as special dividends (INSAS minority shareholders get almost nothing when INSAS trimming their stacks on INARI)
2) Their investment portfolio is more stable and predictable results compared to INSAS (all investments are receiving dividends), their major portfolio (104corp) is related to their previous expertise; (job market advertisement)
3) More minority shareholder friendly, their management which is also major shareholder holds more than 50%, their dividend yield is higher, also regularly doing share buyback until today.

Just some alternative views, no offence~

Posted by stockraider > 2019-07-20 16:48 |

Post removed.Why?

Posted by stockraider > 2019-07-20 16:49 | Report Abuse

WHY INSAS IS A VALUE BUY WORLD BEATER LEH ??

1. INSAS HAS TRADITIONAL BUSINESS LIKE STOCKBROKING, STOCK INVESTMENT ,CORPORATE ADVISORY AND MONEY LENDING THAT GIVE VERY STEADY RETURN.

2. INSAS HAS SUBSTANTIALLY INVESTMENT IN INARI THAT GIVE ITS MARKET CAPITALIZATION HIGHER THAN INSAS OWN MKT CAP.

3. INSAS HAS SUBSTANTIAL NET CASH HOLDING & IN ADDITION HAS LARGE STRATEGIC HOLDING IS SOME LISTED COMPANY

There are more other potential catalysts—growth in earnings as business segments become increasing profitable, spin-offs, reorganizations, a new and good acquisition, big fair value gain on investment securities or simply a change in perception of investors, etc. Where there aren’t visible catalysts, activist investors sometimes get in and do the needful.

Note: The next catalyst time line:

http://www.insas.net/pdf/img-20181226.pdf
The Board has taken note of the shareholders’ comments and will look into formulating a formal dividend policy depending how market recovers in the next nine (9) months. The Company has via an announcement on 26 November 2018 increased the interim dividend payment from 1 sen to 2 sen in respect of the financial year ending 30 June 2019.

http://www.inariberhad.com/img/ir/8th%20AGM%20minutes%20(Key%20Matters...
Latest development of Plant 34 in Batu Kawan: Construction of Block A with a floor space of 240,000 sqft has been completed and we target to build in the facilities by Jan-March 2019. Production of a new product is expected to commence by second half of 2019.

Block A has been allocated to one of our current customers while Blocks B & C are targeted for new customers. We endeavour to diversify our customer base while still maintaining good relationship with our existing customers. There are potential customers for the remaining 2 blocks, however, we are qualifying customers to select those with good products margin in the niche segments.

Health sensor is mainly used in lifestyle apps and activity tracker devices such as wearables and smartphones. We are in the right technology area as there is growing demand for health conscious real-time monitoring devices. MiniLED is mainly used in billboard advertisement. Our MiniLED production has started in small scale and it is important project for our Company which aligns to digital and modern applications.

Focus on managing costs and margin, and the implementation of Industry 4.0 to acheive greater efficiencies towards lowering of the manufacturing costs.

https://klse.i3investor.com/servlets/stk/3379wb.jsp
INSAS-WB (3379WB); Maturity Date: Feb 25, 2020. Exercise Price: MYR 1.00. If Dato’ Sri Thong convert the INSAS-WB, he will need to make conditional MGO at price of RM 1.00 + INSAS-WB price on FEB 25 2020. If Dato’ Sri Thong do not convert INSAS-WB then it is free for all to gather 50% + 1 share and take over control of INSAS.

http://www.insas.net/pdf/img-20181226-2.pdf
Numoni is a fintech startup. While it has not been able to gain traction in the e-payment industry, it continues to hold remittance licenses in Malaysia and Indonesia, as well as e-wallet license in Malaysia. Numoni is currently working on partnership or trade sale opportunities as the e-wallet businesses grow, at the same time continuing to develop its product platforms. We believe fintech continues to be important space for the Group to invest alongside its other Tech portfolio.

Posted by qqq3 > 2019-07-20 16:50 | Report Abuse

There is method to icon....HTpadu 60 to $ 1.20 in a few months....the key is to find what u betting on.............

so why HTpadu 60 to $ 1.20?....Insas 80 past present and future?

truth is revealed in reality....to value investors, their truth is in their imagination and in their stubbornness.

Posted by stockraider > 2019-07-20 16:51 | Report Abuse

Correctloh what u need is just 1 huge undervalue turnaround stock, with huge margin of safety like insas and armada to make a big impact on your return on your investment loh...!!

This is best safe & defensive investment strategy loh...!!

Remember stick to this margin of safety all the time, u cannot go out of fashioned, bcos this is the most durable investment strategy loh...!!

Posted by stockraider > 2019-07-20 16:54 |

Post removed.Why?

Posted by qqq3 > 2019-07-20 16:57 | Report Abuse

margin of safety like buying bonds... get bond rates only.

80 now and 80 in future, that is if u are lucky.

Posted by stockraider > 2019-07-20 16:58 |

Post removed.Why?

Posted by stockraider > 2019-07-20 17:01 | Report Abuse

WHY INSAS IS A VALUE BUY WORLD BEATER LEH ??

1. INSAS HAS TRADITIONAL BUSINESS LIKE STOCKBROKING, STOCK INVESTMENT ,CORPORATE ADVISORY AND MONEY LENDING THAT GIVE VERY STEADY RETURN.

2. INSAS HAS SUBSTANTIALLY INVESTMENT IN INARI THAT GIVE ITS MARKET CAPITALIZATION HIGHER THAN INSAS OWN MKT CAP.

3. INSAS HAS SUBSTANTIAL NET CASH HOLDING & IN ADDITION HAS LARGE STRATEGIC HOLDING IS SOME LISTED COMPANY

There are more other potential catalysts—growth in earnings as business segments become increasing profitable, spin-offs, reorganizations, a new and good acquisition, big fair value gain on investment securities or simply a change in perception of investors, etc. Where there aren’t visible catalysts, activist investors sometimes get in and do the needful.

Note: The next catalyst time line:

http://www.insas.net/pdf/img-20181226.pdf
The Board has taken note of the shareholders’ comments and will look into formulating a formal dividend policy depending how market recovers in the next nine (9) months. The Company has via an announcement on 26 November 2018 increased the interim dividend payment from 1 sen to 2 sen in respect of the financial year ending 30 June 2019.

http://www.inariberhad.com/img/ir/8th%20AGM%20minutes%20(Key%20Matters...
Latest development of Plant 34 in Batu Kawan: Construction of Block A with a floor space of 240,000 sqft has been completed and we target to build in the facilities by Jan-March 2019. Production of a new product is expected to commence by second half of 2019.

Block A has been allocated to one of our current customers while Blocks B & C are targeted for new customers. We endeavour to diversify our customer base while still maintaining good relationship with our existing customers. There are potential customers for the remaining 2 blocks, however, we are qualifying customers to select those with good products margin in the niche segments.

Health sensor is mainly used in lifestyle apps and activity tracker devices such as wearables and smartphones. We are in the right technology area as there is growing demand for health conscious real-time monitoring devices. MiniLED is mainly used in billboard advertisement. Our MiniLED production has started in small scale and it is important project for our Company which aligns to digital and modern applications.

Focus on managing costs and margin, and the implementation of Industry 4.0 to acheive greater efficiencies towards lowering of the manufacturing costs.

https://klse.i3investor.com/servlets/stk/3379wb.jsp
INSAS-WB (3379WB); Maturity Date: Feb 25, 2020. Exercise Price: MYR 1.00. If Dato’ Sri Thong convert the INSAS-WB, he will need to make conditional MGO at price of RM 1.00 + INSAS-WB price on FEB 25 2020. If Dato’ Sri Thong do not convert INSAS-WB then it is free for all to gather 50% + 1 share and take over control of INSAS.

http://www.insas.net/pdf/img-20181226-2.pdf
Numoni is a fintech startup. While it has not been able to gain traction in the e-payment industry, it continues to hold remittance licenses in Malaysia and Indonesia, as well as e-wallet license in Malaysia. Numoni is currently working on partnership or trade sale opportunities as the e-wallet businesses grow, at the same time continuing to develop its product platforms. We believe fintech continues to be important space for the Group to invest alongside its other Tech portfolio.

Posted by stockraider > 2019-07-20 17:02 | Report Abuse

BERKSHIRE HATHAWAY (B) Balance Sheet 31.3.2019
Total Assets 738,724 m
Total Equity 368,877 m V MKT CAP 527,260M.
THERE IS NO MARGIN OF SAFETY FOR BERKSHIRE BASED ON BOOK VALUE.

INSAS HATHAWAY (B) Balance Sheet 31.3.2019
Total Assets 2,357 m
Total Equity 1,724 m REMEMBER MKT CAP ONLY RM 562M.

INSAS HAS HUGE MARGIN OF SAFETY OR UNDERVALUATION OF RM 1162M COMPARE TO BERKSHIRE TRADING AT A PREMIUM LOH....!!

C) BERKSHIRE HATHAWAY ROA & ROE
ROA = 23,398 / 738,724 = 3.17%
ROE = 23,398 / 368,877 = 6.34%

C) INSAS HATHAWAY ROA & ROE
ROA = 120.09 / 2,357 = 5.09%
ROE = 120.09 / 1,724 = 6.96%

INSAS ROE AND ROA IS MORE SUPERIOR THAN BERKSHIRE MEANING INSAS PERFORMANCE IS AS GOOD AS BERKSHIRE IF NOT BETTER LOH...!!

(D) BERKSHIRE HATHAWAY Valuation
P/E = 527,260 / 23,398 = 22.5x
P/BV = 527,260 / 368,877 = 1.43

FCF yield = 21,739.6 / 527,260 = 4.12%

(D) INSAS HATHAWAY Valuation
P/E = 561.6 / 120.09 = 4.7x
P/BV = 561.6 / 1,724 = 0.3255

FCF yield = 24.6 / 561.60 = 4.38%

VALUATION WISE INSAS BEAT BERKSHIRE ON BETTER PE, LOWER PRICE TO BV AND HIGHER FREECASH FLOW YIELD.


FINAL CONCLUSION; INSAS HAS A MORE SUPERIOR VALUATION THAN BERKSHIRE AND MUCH HIGHER MARGIN OF SAFETY LOH...!!

THUS WE CAN SAY INSAS IS AS GOOD AS BERKSHIRE LOH...!!

Posted by popo92 > 2019-07-20 17:07 | Report Abuse

Investor would not give inari and insas same PE. Businesss model isn’t the same. What I don’t like about Insas is their business model to buy and hold market fund assets. Is it creating value periodically by investing stock market? Are they making more right decision other than inari? Do they have More than enough funds to acquire more investment if they given dividends? Can they create value organically?
Even investments insas is holding is worth more... there’s no cash flow created.... unless management is very good in Investing, then it might be a mini Berkshire... me myself is not convincing...

Posted by lizi > 2019-07-20 17:12 | Report Abuse

insas business is selling inari over the long time.....it is same like selling nasi lemak at the road side....nothing exciting....no surprise...

Posted by stockraider > 2019-07-20 17:27 | Report Abuse

Already proven that Insas hathaway is even better than berkshire hathaway loh...!!

Posted by stockraider > Jul 20, 2019 5:02 PM | Report Abuse X

BERKSHIRE HATHAWAY (B) Balance Sheet 31.3.2019
Total Assets 738,724 m
Total Equity 368,877 m V MKT CAP 527,260M.
THERE IS NO MARGIN OF SAFETY FOR BERKSHIRE BASED ON BOOK VALUE.

INSAS HATHAWAY (B) Balance Sheet 31.3.2019
Total Assets 2,357 m
Total Equity 1,724 m REMEMBER MKT CAP ONLY RM 562M.

INSAS HAS HUGE MARGIN OF SAFETY OR UNDERVALUATION OF RM 1162M COMPARE TO BERKSHIRE TRADING AT A PREMIUM LOH....!!

C) BERKSHIRE HATHAWAY ROA & ROE
ROA = 23,398 / 738,724 = 3.17%
ROE = 23,398 / 368,877 = 6.34%

C) INSAS HATHAWAY ROA & ROE
ROA = 120.09 / 2,357 = 5.09%
ROE = 120.09 / 1,724 = 6.96%

INSAS ROE AND ROA IS MORE SUPERIOR THAN BERKSHIRE MEANING INSAS PERFORMANCE IS AS GOOD AS BERKSHIRE IF NOT BETTER LOH...!!

(D) BERKSHIRE HATHAWAY Valuation
P/E = 527,260 / 23,398 = 22.5x
P/BV = 527,260 / 368,877 = 1.43

FCF yield = 21,739.6 / 527,260 = 4.12%

(D) INSAS HATHAWAY Valuation
P/E = 561.6 / 120.09 = 4.7x
P/BV = 561.6 / 1,724 = 0.3255

FCF yield = 24.6 / 561.60 = 4.38%

VALUATION WISE INSAS BEAT BERKSHIRE ON BETTER PE, LOWER PRICE TO BV AND HIGHER FREECASH FLOW YIELD.


FINAL CONCLUSION; INSAS HAS A MORE SUPERIOR VALUATION THAN BERKSHIRE AND MUCH HIGHER MARGIN OF SAFETY LOH...!!

THUS WE CAN SAY INSAS IS AS GOOD AS BERKSHIRE LOH...!!

Posted by popo92 > Jul 20, 2019 5:07 PM | Report Abuse

Investor would not give inari and insas same PE. Businesss model isn’t the same. What I don’t like about Insas is their business model to buy and hold market fund assets. Is it creating value periodically by investing stock market? Are they making more right decision other than inari? Do they have More than enough funds to acquire more investment if they given dividends? Can they create value organically?
Even investments insas is holding is worth more... there’s no cash flow created.... unless management is very good in Investing, then it might be a mini Berkshire... me myself is not convincing...

Posted by lizi > Jul 20, 2019 5:12 PM | Report Abuse

insas business is selling inari over the long time.....it is same like selling nasi lemak at the road side....nothing exciting....no surprise...

Posted by shortinvestor77 > 2019-07-20 17:38 | Report Abuse

How many lots of Insas stockraider you have now?