Posted by JAMESOOI > 2015-12-09 17:56 | Report Abuse

Well supported at RM0.90 today. MAAG share price will go up further due to closer to the finalizing of the deal - MAA Takaful .

Posted by moneycashrich > 2015-12-14 22:51 | Report Abuse

Thanks Jamesooi for u posting.

Posted by balvin71 > 2015-12-15 16:01 | Report Abuse

Upward momentum started. :)

Posted by theong > 2015-12-15 16:24 | Report Abuse

Breaking new high

Posted by NOBY > 2015-12-15 16:36 | Report Abuse

P/B valuations of some insurance companies on Bursa

TAKAFUL - 4.87x (only listed Takaful player)
LPICAP - 3x (No Takaful business)
ALLIANZ - 0.72x (No Takaful business)
P&O - 0.89x (No Takaful Business)
Average P/B = 2.4x

Based on last annual report,

MAA Takaful minority interest = 25%
MAA Takaful minority interest book value = RM 29.4 mil
MAA Takaful controlling stake = 75%
MAA Takaful controlling stake book value = RMM 88.3 mil
No. shares outstanding = 301.7 mil

Valuation of MAA Takaful (75% stake) on different P/B scenarios
P/B =1x , RM 0.29
P/B =1.5x, RM 0.44
P/B =2x, RM 0.59

Valuation of MAA other remaining assets
Consolidated Book Value = RM 423.9 mil
Book Value excluding MAA Takaful = RM 335.5 mil
No. shares outstanding = 301.7 mil
Based on P/B = 1x, Value of remaining business = RM 1.11

Sum of parts value for MAA if takeover materializes will range between RM 1.41 (P/B 1x) to RM 1.7 (P/B=2x)

Posted by JAMESOOI > 2015-12-15 17:51 | Report Abuse

NOBY, thank you for the detailed analysis.

Posted by theong > 2015-12-15 18:40 | Report Abuse

Company buyback 0.91 as today .

Posted by theong > 2015-12-16 18:12 | Report Abuse

MAA GROUP BERHAD


Type Announcement
Subject PRACTICE NOTE 17 / GUIDANCE NOTE 3
OTHERS
Description MAA GROUP BERHAD ("MAAG" OR "THE COMPANY")

APPLICATION FOR AN EXTENSION OF TIME TO COMPLY WITH PARAGRAPH 8.04(3) AND PRACTICE NOTE 17 (PN17) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("MMLR")




We refer to the Company’s announcement dated 4 August 2015 (“Announcement”) in relation to the approval from Bursa Securities for an extension of time to submit MAAG’s regularis­­ation plan by 31 December 2015.

Further to the Announcement, on behalf of the Board of Directors of MAAG (“Board”), SJ Securities Sdn Bhd wishes to announce that an application for an extension of time to comply with Paragraph 8.04(3) and PN17 of the Listing Requirements has been submitted to Bursa Securities on even date.

The application is subject to Bursa Securities’ consideration and an announcement in relation to the outcome will be released in due course.

Write a comment..

Posted by theong > 2015-12-16 18:39 | Report Abuse

Major announcement soon.

Posted by JAMESOOI > 2015-12-16 23:48 | Report Abuse

My journey and strategy investing in MAAG

MAAG is a PN17 company since 30 September 2011 and still a PN 17 company as at 15 DEC 2015, totalling 51 months and still no sign of coming out of PN 17. My estimated time that the MAAG Management will take about 9 to 15 months to solve PN 17 status .

My name is James and I started investing in MAAG somewhere in June or July 2012 until now I am still bullish on MAAG and a shareholder of MAAG.

ACCUMULATION PERIOD –accumulating MAA shares
Since June/July 2012 until now Nov 2015, I have accumulated MAA shares from 70+ sens to 45+ sens to recently last purchased was 78 sens. I called this period is an accumulation period and I did not anticipated that MAA had taken so long to divest their businesses . MAA, a PN17 status taken longer period than other PN17 Companies usually take about 24 months to 36 months.
During this period, MAA has divested their businesss and closed down unprofitable businesses...

1. Sold the General Insurance business to Zurich and other ...

2. Nov 13, 2013...
Proposed disposal of 55% interest held in MAAKL Mutual Bhd (“MAAKL Mutual”) to Manulife Holdings Berhad (“Manulife” or “Purchaser”) for a total cash consideration of RM56.061 million (“PROPOSED DISPOSAL”) by MAA Group in Bursa website.- completed.

3. General Announcement by MAAG on 23/09/2015...
The Board of Directors of MAAG wishes to announce that MAAG has today disposed of its RM33.5 million nominal value Domayne Bond over-the-counter secondary market for a total cash consideration of RM30.15 million. -completed

4. This announcement is dated 30 November 2015.
The Board of Directors of MAAG (“Board”) wishes to announce that the Company, Solidarity Group Holding BSC (Closed) (“Solidarity”) and Zurich have jointly submitted an application to BNM on 30 November 2015 for approval of the Minister of Finance pursuant to the Islamic Financial Services Act 2013 to enter into an agreement with Zurich for the Proposed Disposal by the Company and Solidarity of their respective 75% and 25% equity interest held in MAAT - pending.

5 . Announcement on 1/12/2015
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR 
Description MAA Group Berhad ("MAAG" or "the Company")

Members' Voluntary Liquidation of a Subsidiary Company, PT MAA General Assurance
The members’ voluntary winding-up of PTMAAG …....... and Based on the consolidated unaudited financial statements for the financial period ended 30 September 2015, the Company expects to record a gain of approximately RM43 million from the deconsolidation of PTMAAG....... completed.

6. Cancellation of Treasury Shares on 1/12/2015 totalling 11,661,500 and Now the MAAG adjusted issued capital after cancellation is 292,692,252 shares.
The NTA has improved further by additional RM0.05 per share to RM1.35 per share with cash in hand RM300 Million plus /minus.

During this period, as a minority shareholder, if you invested in MAA , you would have make profit from 10% to more then 100% including dividend of 15 sens.... on depending when you buy MAA shares .....
Dividend 2013 - 3 sens
Dividend 2014 - 6 sens
Dividend 2015 - 6 sens
MAAG on 15/12/2015 share price breaking new high with volume and closed at RM0.955 per share. The share price increasing is just a beginning …....

HOLDING PERIOD First part – Keep MAA shares to see the full value.
My estimated time that the MAAG Management will take about 9 to 15 months to solve PN 17 status .
During this time ….IF Disposal of 100% Equity Interest in MAA Takaful Berhad ("MAAT") if Bank Negara Malaysia (“BNM”) approval of the sale of MAA TAKAFUL to Zurich Insurance Company Ltd (“Zurich”) … is materialise
MAAG share price will increase further to higher value ….. on NTA value or higher …...
Once the payment of the sale of MAA Takaful proceeds collected by the company,

IF, IF the Management is generous , they will take the actions like giving special dividend or/and capital deduction by returning the unuse cash to the shareholders.
Capital deduction can be 30 – 50sens and special dividend can 10 sens to 20 sens..... since the cash in hand after sold the MAA Takaful. My estimated CASH sum is between RM 1.65 to RM 1.75 per share.

Posted by JAMESOOI > 2015-12-16 23:49 | Report Abuse

HOLDING PERIOD Second part – Keep MAA shares to see the further value after full value.

Once the divestment is completed, MAA has no business activities, and it will still fall under PN 17 status, the possibilities that the management can take the company private and delist the company or the management can find a new businesses and inject to the company.

1. If the management shall take the company private and delist the company, another waiting time for payback the share price depending the manaegement offer to the minority shareholder - refund the capital and take the company private, similar option like Kurnia Asia Group. Or

2. If the management shall find new businesses and inject to the company, you will see the MAA share price will go up further by refund some of capital and increase the value of the business .. (Example like TAMCO is also sold the whole business in Feb 2009 with capital reduction RM0.30 per share and special dividend RM 0.66 per share and now name changed to ANCOMLB with the injection of new business to the company with some new shareholders as well). This process will take a minimun of 9 months to 15 months depending the speed of the MAA management.

Once the MAA management has found the new businesses injected to the company, you shall see further value increases in the company, and this company is like the new IPO company, and by this time , if you not interested in this counter, you can sell the share, but for me I will continue to hold the shares and the profits will be very rewarding indeed, MAYBE 200%, 300% or even 500% HA, HA, HA, ............the journey continue..... with the new businesses and by that time MAA maybe will change to a new NAME........... ?????

It is an education sharing only and i am not recommend anybody to buy, and if you choice to buy MAAG, it is solely your responsibility on your action.

Posted by Candygirl > 2015-12-17 01:18 | Report Abuse

Dear James you've been buying since July 2012 . How many thousand shares are you now holding in total ?? Must be damn alot !

Posted by moneycashrich > 2015-12-17 11:54 | Report Abuse

Thanks James for u posting. I am still holding and see no reason to sell now. I have benefit from the dividend declared.

Posted by JAMESOOI > 2015-12-17 13:15 | Report Abuse

Candygirl, to make good money you have to trust your own analysis, yes, i have accumulated alot of shares for the past few years in this counter. You have to believe in own analysis and patience is the game for value investing and "Good things come to those who wait".

NavinShah, In 2009, I have invested in TAMCO shares and ( like TAMCO was also sold the whole business in Feb 2009 with capital reduction RM0.30 per share and special dividend RM 0.66 per share and now name changed to ANCOMLB with the injection of new business to the company with some new shareholders as well) and I bought TAMCO after capital reduction and special dividend , my average cost was RM0.05 per share and later was delisted. After 1 or 1.5 years, the company listed back on 11/1/2011 at BURSA MALAYSIA, the share price on that day, shot up to 16 sens or more, and I sold all the shares at 14 sens and 14.5 sens .I have made more that 200% returns in this counter.

At one time, these PN 17 companies TAMCO, Kurnia Asia Group(delisted ) and ECM have taken the similar steps like capital reduction and/or paid special dividend to their shareholders, I believe, MAA is also in the similar position, a PN 17 status and eventually all divestment of business has completed, MAA will be a very Cash rich position in the bank account. MAA has no choice, but to take the same strategy by returning some of the extra cash to the shareholders.

So, for those shareholders, "Good things come to those who wait".

Posted by eimajz > 2015-12-17 14:59 | Report Abuse

I like your analysis Jamesooi. But question is, what is the indicative holding period? If less than 6 months, I think it is really worth it to enter. Any advice?

Posted by JAMESOOI > 2015-12-17 15:29 | Report Abuse

If you invested in MAA if less than 6 months, if you are lucky, there is the possibility that BNM approval for the sale of MAA Takaful to Zurich, The share will shoot up due to news. You will probably catch the share price upside of 30 to 50 sens, my wild guess only.

If you waited the completion of sale of MAA Takaful to Zurich, you will see more upside on the share price maybe to the NTA value or more.....

I don't know the share price then but as i said "Good things come to those who wait".

Posted by eimajz > 2015-12-17 15:31 | Report Abuse

thanks JamesOoi!

Posted by Min Hua Eeo > 2015-12-18 22:02 | Report Abuse

i am waiting the day that my friend told me,,,this counter s price will be limit up one day,,

Posted by JAMESOOI > 2015-12-29 21:34 | Report Abuse

Trade with the trend and MAAG is 4 years up trend. As long as MAAG is acting right, and the market is right, do not be in a hurry to take profit. New all time highs of the share price is possible signals of break-outs. Never sell a stock because it seems high priced.

Posted by Adrian Boon > 2016-01-05 11:27 | Report Abuse

Thanks for ur info James . Very helpful. Any idea roughly when is the ex date soon?

Posted by JAMESOOI > 2016-01-05 20:06 | Report Abuse

Last few trading days the volume traded were very low, it is a good sign that many investors were accumulating MAAG shares, I foresee MAAG share price going to spike up very soon.

Posted by rohank71 > 2016-01-05 21:30 | Report Abuse

gonna start flying to 1.20 soon

Posted by ckwan11d > 2016-01-07 21:48 | Report Abuse

JamesOoi, please do not delete any of your views and comments. I need some time to go through them. Thank you.

Posted by ckwan11d > 2016-01-07 21:50 | Report Abuse

Both P&O and MAA had aroused my interest.

Posted by JAMESOOI > 2016-01-10 21:31 | Report Abuse

Price traded in the range of RM0.90 to RM0.95 since Dec 15, 2015 until now. In 2016 , KLSE has been very volatile yet MAAG stock price still well supported.
It is a good sign that many investors were accumulating MAAG shares, I foresee MAAG share price going to spike up very soon.

Posted by moneycashrich > 2016-01-13 14:41 | Report Abuse

Thanks to u Jamesooi for update.

Posted by theong > 2016-01-14 14:50 | Report Abuse

Time to buy back

Posted by JAMESOOI > 2016-01-15 18:02 | Report Abuse

MAAG Shares Buy Back today is 146,400 shares at RM0.88 to RM0.885 per share, total purchase cost was RM130,088.46 and cumulative treasury shares were 655,200 shares. It is a good sign that Management support the share price from falling.

Posted by balvin71 > 2016-01-27 09:29 | Report Abuse

Gap up this morning with 1 buyer at RM0.90 for 250k shares. Guess some sellers decided to exit/take profit in these uncertain times. I am have been accumulating below RM0.90 at smaller volume. :)

Posted by theong > 2016-01-27 20:12 | Report Abuse

company buy back

Posted by theong > 2016-01-29 17:27 | Report Abuse

So far I did not see any news that Bursa have extension MAA of time to comply with Paragraph 8.04(3) and PN17 of the Listing Requirements Jan 2016.There must be some thing going on the company very soon.

Posted by balvin71 > 2016-02-02 09:12 | Report Abuse

Zurich is buying MAA Takaful biz. For every RM100 million that Zurich pays for MAA Takaful, how will it effect the Share Price? Appreciate your thoughts.

Thank you in advance.

Posted by smartklseguru > 2016-02-03 11:56 | Report Abuse

balvin71, simple calculation on cash (assumed cash payment) per share after RM100 million sale to Zurich, RM100,000,000 / 291,855,000 total shares = RM0.34 per share. I cannot find the news announcement on RM100 million figures that Zurich will pay for MAA Takakful, can you show us the news?

Posted by balvin71 > 2016-02-03 12:34 | Report Abuse

No news, was just wondering. So when the news is out, will know how far can go and can go in some more.....hopefully do a few contra trade.

I am sure the figure will be much more than RM100 million.....just using RM100M as a guide, easy to multiply.

Thank you.

Posted by smartklseguru > 2016-02-03 13:41 | Report Abuse

balvin71, this counter is not suitable for contra cos it movement does not warrant as a contra counter. But if only got cash distribution, then this counter is going to be shoot up. I am a long term investor, so I love to collect their dividends and hopefully will get cash distribution which maybe good based on MAA cash on hand per share as mentioned by someone few months back.

Posted by smartklseguru > 2016-02-03 16:50 | Report Abuse

Someone wrote MAA Takaful license worth - http://blog.huskyintel.com/maa-takaful-insurance-assets-is-worth-a-lot.html

If it is true, why MAA is not moving fast to catch up the value?

Posted by balvin71 > 2016-02-03 17:38 | Report Abuse

I too am long on MAA. Started collecting at 0.67 and even today collected a bit more. When the news out, than buy on the first day news out, using my margin account, and sell by T3. Hehehe

If Takaful licence is worth RM600 million, that would be fantastic!!! Did you register at the blog? If so appreciate if you could copy and paste the article here.

Posted by JAMESOOI > 2016-02-03 17:53 | Report Abuse

REPOST SOME POINTS dated on 7/12/2015 on my sharing at i3investor.com

1. MAAG Cash Balance based on my estimation after taken into consideration of shares buyback as at dated (04/12/2015) has RM 383,500,000.00 in the company. Cash per share is RM1.312.

2. NTA is about RM 1.35 per share due to the Management has cancelled 11,661,500 Treasury Shares with Immediate effect in early December 2015.

3. The announcement dated on 1 December 2015 regarding winding-up of PTMAAG in Indonesia,
Based on the consolidated unaudited financial statements for the financial period ended 30 September 2015, the Company expects to record a gain of approximately RM43 million from the deconsolidation of PTMAAG.
This will be reflected in December account by extra RM43 Million in the NTA by extra RM 0.146 per share. ( Estimated NTA for 31/12/2015 is RM1.35 plus RM0.146 = RM 1.496.)

Not to mentioned that MAAG is finalizing of MAA Takaful business by selling to Zurich Insurance and according to i3investor.com sharing from NOBY on 17/6/2015
NOBY---- The 75% stake in MAA Takaful Bhd is valued at about RM0.38 per share at 1x book value based on 2014 annual report.
What happen that Management can get a better valuation on MAA Takaful at 1.5 x or 2.0 x on book value..... you do the maths then , how much cash will receive by the company....

Conservatively, i will take for 1x valuation only and this will increase the company cash by RM 0.38 per share ... to RM 1.692 per share.

New Posting ....
The Management is still continue to shares buy back of 1,088,900 shares as at 2/2/2016.
Aggressive shares buy back by the Management has further reduce the paid up capital of MAAG to 291,603,352 shares.

This counter to me is still undervalue stock....... and I am still a shareholder of MAAG.
It is for education sharing only and i am not recommend anybody to buy, and if you choose to buy MAAG, it is solely your responsibility on your action.

Posted by smartklseguru > 2016-02-04 11:54 | Report Abuse

Sorry balvin71, i never register to any blog.

JAMESOOI, I hope it will announce cash distribution but not so soon as I am still collecting MAA shares.

I am intending to increase my shareholding in this company by another 100%-200% in the months ahead if $$ allows. The news and signals are so clear that it will outperform but it is still subject to market trend and many factors.

This is only just my personnal opinion, so do your own analysis and invest at your own risk as this does not constitute an investment buy or sell advice.

Posted by domperrier > 2016-02-04 16:23 | Report Abuse

After weeks of profit-taking, it's BAAAACKKK! My cost is 74.6c.

Posted by JAMESOOI > 2016-02-04 17:15 | Report Abuse

happy for u Domperrier, it is uptrend again and hope that tomorrow will move up more.

Posted by domperrier > 2016-02-05 09:42 | Report Abuse

This one slow & steady. Have held my shares since 2011. Not for contra players!

Posted by balvin71 > 2016-02-05 12:19 | Report Abuse

Wow!!! The charts all look so beautiful....Looks like going to fly!!!!

Posted by theong > 2016-02-05 15:23 | Report Abuse

Take some profit at 0.95

Posted by rohank71 > 2016-02-05 15:48 | Report Abuse

BNM approval for sale of Takaful coming soon..

Posted by Markus See > 2016-02-05 15:50 | Report Abuse

I don't think MAA Group gonna let go its 75% stake in MAA Takaful business "cheap" since its in strong position (good financial position, high capital adequate ratio etc...) to bargain for better price. If Zurich and MAA cannot agree on price and abort the deal, MAA's fundamental doesn't change. It is still a promising good business. Why want to let go a good business that is growing if the price is not attractive. Look at Syarikat Takaful.
I expect the board will be able to get good price for the shareholders this time. Maybe 2 times or above the book value (BV)!
Look at other previous deals :
http://www.thestar.com.my/business/business-news/2014/05/26/mas-in-takaful-sector-stmb-to-explore-merger-option-if-it-can-improve-shareholder-value/?style=biz

Happy Money Year ! .. err... Monkey :0)

Posted by balvin71 > 2016-02-05 18:18 | Report Abuse

I believe the agreement is already done between MAA and Zurich regarding sale of MAA Takaful licences. Both have agreed on the pricing. We are just waiting for BNM & MOF to rubber stamp their approval in order to disclose the transacted price.

See below from PublicInvest headline dated 1st Dec.

MAA: Submits application to BNM to sell takaful operation. MAA Group, Solidarity Group Holdings BSC and Zurich Insurance Co Ltd (Zurich) has jointly submitted an application to Bank Negara Malaysia for the sale of MAA Takaful stakes today. (Financial Daily)

Yes, the minimum would be 2 times book value, since BNM is no longer issuing new licences and wants a consolidation of the industry, I believe the multiple of 2 times book value would be the absolute minimum.

Posted by rohank71 > 2016-02-06 10:28 | Report Abuse

Guys the deal is less than 100 mil. Don't expect much. However maa is under valued. What's we need to look for us what's gonna happen to the company going forward.

Posted by rohank71 > 2016-02-06 10:30 | Report Abuse

Balvin 71, u are right all the deal negotiation between maa and Zurich is all done. Just waiting bnm rubber stamp.

Posted by smartklseguru > 2016-02-09 12:06 | Report Abuse

theong based on your comment dated 29/01/2016, do you know something that we do not know? Can share with us?

"So far I did not see any news that Bursa have extension MAA of time to comply with Paragraph 8.04(3) and PN17 of the Listing Requirements Jan 2016.There must be some thing going on the company very soon.
29/01/2016 17:27"