Posted by balvin71 > 2015-10-21 08:41 | Report Abuse

Jamesooi. Fantastic analysis. Thank you.

Posted by balvin71 > 2015-10-22 14:58 | Report Abuse

Where did all the buyers at RM0.76 come from? Have not seen such a demand/support!

Posted by smartklseguru > 2015-10-22 22:20 | Report Abuse

I guess someone must have key in the quantity wrongly?

Posted by balvin71 > 2015-10-23 08:32 | Report Abuse

Hahaha.....if true, would have been a very costly lesson to triple check before hitting enter!!!

Posted by balvin71 > 2015-10-23 08:53 | Report Abuse

Looks like wasn't an error, buyer is back again today. I will try to pick up some more soon. Hope it will set new 52 week high soon.

Posted by moneycashrich > 2015-10-27 11:14 | Report Abuse

Thanks to u, Jamesooi for u timely update.

Posted by IPMan3 > 2015-10-27 17:55 | Report Abuse

Looks like suddenly got buying interest in this stock. Time to buy more on weakness

Posted by NavinShah > 2015-11-09 20:24 | Report Abuse

Any further dividend by end of the year?????

Posted by JAMESOOI > 2015-11-11 19:01 | Report Abuse

This information was from Annual Report 2013 and 2014 comparison on the foreign shareholding , some of the foreign shareholders of MAAG as at 31/3/2015 are as follows:-

1.Affin Hwang Nominees (Asing) Sdn Bhd
Beneficiary : UOB Kay Hian Pte Ltd For Bradford Securities Ltd - 5,406,900 shares (1.80%)
Shareholding for 30/4/2014 was also the same 5,406,900 shares (1.80%).

2.UOB Kay Hian Nominees (Asing) Sdn Bhd
Beneficiary : Exempt an for UOB Kay Hian Pte Ltd (A/C Clients) - 5,282,575 shares (1.76%)
Shareholding for 30/4/2014 was also the same 4,965,231 shares (1.63%).

3.Maybank Nominees (Asing) Sdn Bhd
Beneficiary : Exempt an for DBS Bank Limited (Client A/C) - 5,129,100 shares ( 1.71%)
Shareholding for 30/4/2014 was also the same 1,600,000 shares (0.53%).

4.Maybank Securities Nominees (Asing) Sdn Bhd
Beneficiary : Maybank Kim Eng Securities Pte Ltd For Kegani Pacific Ltc Fund L.P - 2,608,400 ( 0.87%).
Shareholding for 30/4/2014 was also the same 2,608,400 shares (0.87%).

5.HSBC Nominees (Asing) Sdn Bhd
Beneficiary : Exempt an for UBS AG (Client Assets) - 1,700,000 shares (0.57%)
(New shareholder)

6.HSBC Nominees (Asing) Sdn Bhd
Beneficiary : BBH and CO Boston for Bank Morgan Stanley AG Zurich - 1,367,800 shares (0.46%)
(New shareholder)

7.CIMSEC Nominees (Asing) Sdn Bhd
Beneficiary : Exempt An For CIMB Securities (Singapore) Pte Ltd (Retail Clients) - 1,096,554 shares ( 0.37%)
Shareholding for 30/4/2014 was 1,162,884 shares (0.38%).

MAAG is a PN17 status company, yet the fund managers and rich investors are investing in this counter, I believe that MAAG must have some good value in the company that they knew that the retail investors do not know.

As for my finding that MAAG Cash Balance based on my estimated figure after taken into consideration of shares buyback as at date (20/10/2015) RM 307,852,985.00.

Paid Up Capital 304,353,752 with a Share Buyback 11,661,500 as at 20/10/2015
Dividend 2013 - 3 sens , Dividend 2014 - 6 sens and Dividend 2015 - 6 sens

Market Price (MP) RM 0.78 per share with a Market Cap RM 237,395,900.00
NTA - RM1.35 Company NTA RM 410,877,565.00
Price Discount (PD) - RM 0.57 (42.22%) and Cash per share RM1.05. Extra Cash above Market Price per share is RM 0.27.

I believe that MAAG market price will move up and will be fully value soon and I am bullish on MAAG, I am long this stock and a shareholder of MAAG.

Going forward, this could be very exciting for the shareholders to see more improvement in the share price going up in the near future.

Posted by smartklseguru > 2015-11-12 15:19 | Report Abuse

I am banking on this counter in hope for cash distribution announcement.

Posted by theong > 2015-11-24 17:34 | Report Abuse

3 cents dividend ?

Posted by JAMESOOI > 2015-11-24 17:50 | Report Abuse

No, the 3 cents dividend was referring to last September declaration and paid in early Oct 2015

Posted by IPMan3 > 2015-11-24 17:55 | Report Abuse

i received the dividend on 13th Oct. 2015.
its a good company that pays good dividend.

Posted by JAMESOOI > 2015-11-24 18:45 | Report Abuse

WOW, WOW, WOW,
MAAG has reported in their unaudited account as at 30-09-2015 has a Cash Reserve of (RM384,212,000 less RM104 000) RM 384,108,000 after adjusted shares buy back in Oct 2015. The Paid Up Capital of the Company has issued shares of (304,353,752 less shares buy back 11,661,500) 292,692,252 which work out that the cash is equal to RM1.312 per share.

Market Price (MP) RM 0.78 per share and NTA - RM1.30 , Price Discount (PD) - RM 0.52 per share. Cash per share RM1.312. Extra Cash above Market Price per share is RM 0.532.

MAAG is Super value stock and it is also a PN17 stock.

Posted by theong > 2015-12-01 09:07 | Report Abuse

Proposed Disposal of 100% Equity Interest in MAA Takaful Berhad ("MAAT") ("Proposed Disposal")
We refer to the announcement made by the Company on 16 June 2015 whereby Bank Negara Malaysia (“BNM”) had vide its letter dated 15 June 2015 stated that it has no objection in principle for MAAG and Zurich Insurance Company Ltd (“Zurich”) to commence negotiations for the Proposed Disposal.

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.

The Company will make necessary announcements as and when there are material developments on the Proposed Disposal.



This announcement is dated 30 November 2015.

Posted by JAMESOOI > 2015-12-01 11:08 | Report Abuse

Repost from NOBY sharing 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. This is already about 50% of its market cap today.
17/06/2015 09:29

Posted by theong > 2015-12-01 14:56 | Report Abuse

Fake break out or real ????? Million $ question ?

Posted by theong > 2015-12-01 16:38 | Report Abuse

Testing sold some at 0.825 0.835 0.86 at seller

Posted by domperrier > 2015-12-01 18:19 | Report Abuse

Finally, after waiting for over 4 years, this share of mine is taking off ! At least the dividends made the wait worthwhile :)

Posted by theong > 2015-12-01 19:36 | Report Abuse

Announcement
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






1. Introduction

We refer to our earlier announcement made on 14 September 2015, the Company now wishes to announce that PT MAA General Assurance (“PTMAAG”), an indirect subsidiary of the Company had on 30 September 2015 passed a members’ resolution to approve the dissolution and voluntary winding-up of PTMAAG and to appoint a permanent liquidation team for the winding-up of PTMAAG as required by Otoritas Jasa Keuangan (“OJK”), the Indonesia Financial Services Authority.

Pursuant to the above, Tuan Dharma Azhar Damanik, S.H. and Tuan Romanus Muda Kota, S.H. of SRD & Co Lawyers with address at Menara Kadin 30th Floor Jl. H.R. Rasuna Said Kav. 2-3, Jakarta 12950, Indonesia, have been appointed as liquidators on 1 December 2015 pursuant to Article 142 (2)(a) of the Company Law, Indonesia to facilitate the members’ voluntary winding-up of PTMAAG.

2. Brief Information on PTMAAG

PTMAAG was established under Notarial Deed No. 42 dated 13 August 1993 and its articles of association were approved by the Ministry of Justice and Human Rights of Indonesia on 22 October 1993. PTMAAG obtained the general insurance license from the Ministry of Finance of Indonesia on 22 December 1995. PTMAAG became a sub-subsidiary of the Company on 27 March 2002.

The present authorised share capital of PTMAAG is Rp 100 billion divided into 100 million ordinary shares of Rp 1,000 each. Presently the issued and fully paid-up share capital of PTMAAG is Rp 44.7 billion divided into 44.7 million ordinary shares of Rp 1,000 each.

3. Rationale

The members’ voluntary winding-up of PTMAAG arose from the revocation of its operating license by OJK on 3 September 2015 due to the deficit in its shareholders’ fund of Rp 261.1 billion (approximately RM78.8 million) as at 30 September 2015, which therefore rendered the company no longer viable to continue as a going-concern. Further pursuant to the Company Law of No.40 of 2014, Indonesia, one of the grounds for a company to be wound up is due to the revocation of business license by the authority.

Therefore having considered these factors, the best option was to proceed with members’ voluntary winding-up of PTMAAG in the best interest of the shareholders of the Company.

4. Impact of the winding-up

The members’ voluntary winding-up of PTMAAG will not have any material operational effects on the Company as PTMAAG had been in a business run-off mode for more than three (3) years. As at 30 September 2015, the Company’s cost of investment in PTMAAG was RM20.7 million where full impairment allowance has been made in the financial year ended 31 December 2011. 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.

5. Terms of reference of the appointed liquidators

The appointed liquidators will undertake to complete the voluntary winding-up of PTMAAG according to the applicable liquidation rules stipulated under the Company Law, Indonesia and coordination with OJK including following its directive, if any.

6. Role of the board of directors in light of the appointment of the liquidators

None of the directors or any person connected to them have any direct or indirect interest in the appointment of the liquidators. Further with the appointment of the liquidators, the board of directors of the Company will relinquish its control and involvement over the financials and operations of PTMAAG.



This announcement is dated 1 December 2015.

Write a comment..

Posted by theong > 2015-12-01 19:40 | Report Abuse

Will there be records gain of RM 43 million for the next quarter ?

Posted by Markus See > 2015-12-01 19:50 | Report Abuse

The million dollar question is at what PRICE Zurich is buying MAA Takaful. Any rumours? Just have to wait for the announcement. BNM approved. Now wait for MOF approval. It's all for the banking law (Islamic financial service act 2013) . No reason for Najib admin to say no. Beside it's Royal family's company .
I can't wait to know at what PRICE they selling . *drumroll* ..
Good luck to all of us !

Posted by JAMESOOI > 2015-12-01 23:55 | Report Abuse

Notice of Resale/Cancellation of Treasury Shares - Immediate Announcement

MAA GROUP BERHAD

Date of transaction 01 Dec 2015
Currency Malaysian Ringgit (MYR)
Total number of treasury shares sold (units)
Total number of treasury shares cancelled (units) 11,661,500
Minimum price paid for each share sold ($$)
Maximum price paid for each share sold ($$)
Total amount received for treasury shares sold ($$)
Cumulative net outstanding treasury shares as at to-date (units) 0
Adjusted issued capital after cancellation/resale (no. of shares) (units) 292,692,252

This announcement is dated 1 December 2015.

Posted by Erik Sighton > 2015-12-01 23:57 | Report Abuse

1

Posted by JAMESOOI > 2015-12-02 00:11 | Report Abuse

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.

I am as excited as Markus See and it should a good opening PRICE for tomorrow.
Good luck to all of us !

Posted by asdf > 2015-12-02 06:50 | Report Abuse

That yaacob fellow has many thoughts.

Posted by NOBY > 2015-12-02 09:08 | Report Abuse

Markus See The million dollar question is at what PRICE Zurich is buying MAA Takaful. Any rumours? Just have to wait for the announcement. BNM approved. Now wait for MOF approval. It's all for the banking law (Islamic financial service act 2013) . No reason for Najib admin to say no. Beside it's Royal family's company .
I can't wait to know at what PRICE they selling . *drumroll* ..
Good luck to all of us !
01/12/2015 19:50


TAKAFUL bhd is selling at 4.87x book value. I dont think MAA will let go of the TAKAFUL arm cheaply/

Posted by JAMESOOI > 2015-12-02 17:22 | Report Abuse

Why the MAAG Management has cancelled 11,661,500 Treasury Shares with Immediate effect ? What is the motive behind this action?

Posted by theong > 2015-12-02 18:45 | Report Abuse

Possible of close down and pay out .

Posted by Min Hua Eeo > 2015-12-02 19:23 | Report Abuse

hope will
hope will

Posted by domperrier > 2015-12-02 19:44 | Report Abuse

The company is buying back its own shares again...@ 85.5c !!! Yippee!!!

Posted by JAMESOOI > 2015-12-02 20:09 | Report Abuse

Very unusual policy, Treasury Shares cancelled and again starts to Share Buy Back at 162,300 shares again.

Posted by invest to migrate > 2015-12-02 22:50 | Report Abuse

meaning it will not moving anyhigher than 0.855?

Posted by Markus See > 2015-12-02 22:50 | Report Abuse

Shares buyback is the only legal "insider trading" :) Market severely undervalued your company. You have money. So what you do? Buyback. Privatise. Cancel the floating shares off. Its all very good signs. If only i have more bullets, i will join their 'buying' spree.

Posted by Markus See > 2015-12-02 22:51 | Report Abuse

Nothing unusual at all @jamesooi
"Perfectly" fine and all good

Posted by theong > 2015-12-03 05:02 | Report Abuse

Check the edge valuation http://www.theedgemarkets.com/my/AA/dashboard?0=1198&exchange=KLSE.Write a comment..

Posted by domperrier > 2015-12-03 09:16 | Report Abuse

Methinks the 185,500 block queuing to buy @ 87.5 c now must be under the company's share buyback program. :DDD

Posted by Cipta > 2015-12-03 10:07 | Report Abuse

MAA received all payments and solved dispute with Zurich over the sale of conventional insurance more than 2 years. During proceeding of the payment, it under PN17 and told Bursa wait, wait, wait:" i haven't receive full payment yet". Now, selling Takaful, how long it would take to receive full fund and settle all?

Posted by suzuki123 > 2015-12-03 17:35 | Report Abuse

maybe another 2 to 3 years !!!

Posted by moneycashrich > 2015-12-04 15:21 | Report Abuse

another 'rich' day for holders of this counter......to continue holding or sell ?

Posted by theong > 2015-12-04 16:20 | Report Abuse

How far will it up

Posted by Markus See > 2015-12-04 16:48 | Report Abuse

why would u want to sell unless u have insider info that zurich is backing out from the deal or offer a low price. even so, so what?
how far will it go up? can be anyone's guess. imo; downside is limited. upside is high potential. do the risk/reward math ratio yourself.
said before many times, its the only "relatively" cheap financial services company left on bursa to "play"/invest .
go look at the numbers and all accounting ratios of all the financial services companies (banks, investment banks, brokerage company, insurance)

Posted by theong > 2015-12-04 16:50 | Report Abuse

I am slow but surely selling.

Posted by balvin71 > 2015-12-05 13:18 | Report Abuse

I would not sell. I think stock is capable going beyond RM2.50. Jamesooi had made a good analysis. Cash per share RM1.3x. If sell MAAT for RM300 million thats another RM1.XX. If sell for RM400 million, than easily beyond RM3.

Posted by domperrier > 2015-12-05 16:06 | Report Abuse

Expensive now(91.5c) relative to a high of 5.50 in 1997 and 47c in 1998? I'll leave each to answer on their own...

Posted by bgt9989 > 2015-12-05 17:09 | Report Abuse

MAA,once the darling stock in klsc during the 80s era...

Posted by Cipta > 2015-12-07 11:34 | Report Abuse

before all these dreams coming true, MAA must first get approval from Bursa to extend its PN17 status which is due in 31st Dec.

Posted by JAMESOOI > 2015-12-07 13:47 | Report Abuse

I know some minority shareholders - (MAAG and still a PN 17 company) must be facing a very difficult decision to whether to sell or to hold at this point.....

Some investors already out of this counter due to share price spike up and lock up the profit because they have waited for too long for this counter.

Now i see also new investors started to invest in MAAG because of share price spikes.

I have invested in MAAG for 4yrs plus and still holding it and i am very bullish in MAAG due to very undervalue of this stock which I have mentioned many times in the forum. I like to share why I am still very bullish in MAAG......

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. Due to cancellation of cancelled 11,661,500 Treasury Shares with Immediate effect in early December 2015 , the current Issued Capital stands at 292,692,252. The Issued Capital become smaller and it is good to minority shareholders. You will see the share price on MAAG trading in Bursa Malaysia will be more volatile and it is good for current shareholders.

4. 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.)

5. The current share price is RM0.90+ and the share price is just started to move and it is just the beginning of the uptrend or maybe it is just coming to the end of the problems solved by the management on divestment of MAAG.

6. The track record for MAAG on dividend has been good to minority shareholders due to the major shareholder also in need of money. I foresee the trend will continue on dividend payment in the future for 1 to 2 years.
Dividend 2013 - 3 sens , Dividend 2014 - 6 sens and Dividend 2015 - 6 sens .

7. 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 must cash will come back in to the company....

For me to be conservative, I will take for 1 x valuation only and this will increase the company cash by RM 0.38 per share ... to RM 1.692 per share.

8. The Management still continue to shares buyback policy and as at 4/12/2015 is 408800 shares and latest buyback price, the Management is buying between RM 0.855 to RM0.90 per share on 4/12/2015.

IF you are the minority shareholders for the last few years and have waited for so long, don't give up , good thing are starting to come very soon.....

Think of some of the counters having the same journey like MAAG.....
(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) and
INTEGRATED RUBBER CORPORATION BERHAD (IRCB) and change name to COMFORT (2127) and
latest one like ECM .....

With the current share price is RM0.90+ , Cash in hand of estimated figure of RM1.312 based on unaudited account as at 30/09/2015. Do you think is a good and save company.

This counter to me is still undervalue stock....... and I am still a shareholder of MAAG.

Going forward, this could be very exciting for the shareholders to see more improvement in the share price going up in the near future.

It is for 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 supergeng > 2015-12-08 17:02 | Report Abuse

MAA is one of my favorite stock, I will support it til end !!

Posted by balvin71 > 2015-12-08 21:45 | Report Abuse

Jamesooi, thank you for the detailed analysis. Completely agree with you. Yesterday sold some other counter and today bought some more MAA at RM0.90. With your conservative valuation, stock can almost double from current price. But I am thinking it will more than double.