Posted by jolie2 > 2014-06-09 23:20 | Report Abuse

they should not write such thing in the annual report. It seems like they put the blame on the pity manager. The board should take the blame instead of the manager.

Posted by Ayam2 > 2014-06-09 23:26 | Report Abuse

Then what to do now? Buy on dip? hold? Sell ?

AYAM TUA is the manager? or scientist?

EVIL EVIL EVIL!!!!

Posted by Ayam3 > 2014-06-09 23:27 | Report Abuse

noted.

Posted by jolie2 > 2014-06-09 23:31 | Report Abuse

This stock is only bought by all the ah soh or ah sum (makcik) that do not know about what is good or what is bad.
It is only play when the market going to crash where there is no other stock to play anymore or there is no stock listed in bursa anymore except hexza.

Posted by Ayam3 > 2014-06-09 23:38 | Report Abuse

Pakcik Ayam Tua hahahaha

Posted by Ayam4 > 2014-06-09 23:41 | Report Abuse

Don't tell me Ayam Tua in Hexza = Wahaha126 in CSL

Posted by jolie2 > 2014-06-09 23:47 | Report Abuse

this hexza 73 years old ceo don't even know how to write annual report. Some more want to run the company.

Must learn how to walk first before run.

Posted by Ayam4 > 2014-06-10 00:07 | Report Abuse

How about his son,grandson/daughthersa?

Posted by Ayam4 > 2014-06-10 00:07 | Report Abuse

His grandson also stucked at Level 167?

Posted by Ayam1 > 2014-06-10 00:08 | Report Abuse

No, some of them stucked @ Level 243, but one of them already reach LEVEL 500!!!! waiting 3 people to send tickets to move to next episode.

Posted by AyamTua > 2014-06-10 13:48 | Report Abuse

Hexza will bring all the ayam fans not to holland.. but to HOLYLAND... play CandyCrush..... kikiki

Posted by jolie2 > 2014-06-10 13:52 | Report Abuse

Hexza, Holland, Holyland
All with alphabet H. Brother and sister.

Posted by DR_AYAM > 2014-06-10 15:45 | Report Abuse

CONFIRMED.... AYAM TUA = SYNDICATE, PUMP from 67 sen to 78 sen, then DUMP to all you DUMBs.

AYAM TUA = SYNDICATE in HEXZA
WAHAHA126 = SYNDICATE in CSL
CHEERY TOMATO = SYNDICATE in RSAWIT
ROX639 = SYNDICATE in XDL

Posted by AyamTua > 2014-06-11 00:31 | Report Abuse

Dr_Ayam: the biggest ayam syndicates . confirmed. kikiki

Posted by AyamTua > 2014-06-11 00:33 | Report Abuse

syndicate? more like believers lah . chirch of hexza. kikiki

Posted by AyamTua > 2014-06-11 00:34 | Report Abuse

Dr_Ayam: are you scientist or scientology? kikiki

Posted by AyamTua > 2014-06-11 00:35 | Report Abuse

aiyoo dr_ayam: my gigi sakit can help fix my tooth? kikiki

Posted by Ayat > 2014-06-12 23:09 | Report Abuse

LOUSY STOCK!!! ARBIC WILL SOON TAKE OVER HEXZA.

Posted by Kaki > 2014-06-14 15:28 | Report Abuse

Sold all.... loss RM 300+........... conned by AYAM TUA

Posted by optimusx8888 > 2014-06-14 15:34 | Report Abuse

Dr ayam, u may update.
Madiba, syndicate in mpay
calvin, syndicate in mpland
hahaha

Posted by stockraider > 2014-06-14 16:22 | Report Abuse

Hexza announced a dividend of 10% on 24th October 2013. At the close of 77.5 sen this morning, the dividend yield amounts to 6.5%. This is twice the interest rate one can get from putting the money in fixed deposit in bank. Isn’t that good?

Hexza Corporation Berhad operates in three business segments: investment holding, which is engaged in investment holding activities; manufacturing, which is engaged in the manufacture and sales of formaldehyde based adhesives and resins for timber related industries, ethyl alcohol, natural vinegar, cooler, liquefied carbon dioxide and kaoliang wine.

Hexza has been in the business for a long time. Although there is not a single year of losses, there has been no growth in earnings for the last 12 years. However, the management has been generous to its shareholders with increasing dividend payment from 0.6 sen to the most recent 5 sen per share. Is this high dividend yield of 6.5% sustainable?

Referring to Hexza’s latest financial statements as at 30 June 2013, there is plenty of hard cash available. Free Cash Flow amounts to 20m, or 9.5 sen per share. It has an excess cash of 130m, or 65 sen per share in its balance sheet. Hence there is no problem at all for Hexza to continue paying good dividend in the future.

The liquidation value of Hexza is computed using the Graham net net is shown in Table 1 below:

Table 1: Graham net-net valuation of Hexza
Cash and cash equivalents 73,404 100% 73,404 0.37
Other investments 55,886 100% 55,886 0.28
Trade & other receivables 23,885 75% 17,914 0.09
Inventories 17,367 50% 8,684 0.04
Property, plant and equipment 66,959 50% 33,480 0.17
Other assets 3,295 0% xxxx xxxx
Total assets 240,796 xxxx 189,367 0.95
Non-Controlling Interests (6,876) 100% (6,876) (0.03)
TOTAL EQUITY AND LIABILITIES (20,421) 100% (20,421) (0.10)
Net assets 213,499 xxxx 162,070 xxxx
Number of shares 200,380 xxxx 200,380 xxxx
NAB 1.07 xxxx 0.809 0.809

The table above shows that the net asset backing (NAB) of Hexza is RM1.07. At this morning’s closing price of 77.5 sen, it is traded at a huge discount of 27% to its NAB. The net-net valuation of Hexza is shown to be 81 sen, which is still higher than its price.

Isn’t Hexza an undervalued stock as shown above? Wait until we perform some basic checks.

3 Basic Checks to Perform for a Net Net
For a net net to be investable, it should have
• a solid balance sheet, preferably more cash than inventories and receivables.
• is not bleeding cash. At least breaking even or positive in net profit.
• positive EBITDA

The first check shows that Hexza has most of its net-net assets in high quality assets in cash and cash equivalent amount to 65 sen per share. Hence we can safely confirm that the quality of the assets is excellent. Next to check is “Is it bleeding cash” and if it has positive Ebitda?

The latest annual financial results ended 30 June 2013 shows Hexza’s made a net profit of 8m and 4m, or EPS of 4.2sen and 3 sen respectively in 2013 and 2012. Cash flow from operations amounts to 20m with free cash flow of 18.7m last financial year. This FCF is a high of 15% (>10%) of revenue. Hence Hexza passes these checks with flying colours.

Conclusions
Hexza qualifies as Graham net net investment strategy with a wide margin of safety. It can also stand on its own as a value investment stock as a going concern with the high dividend yield investing strategy.

RAIDER COMMENT,
THE ABOVE IS A FINE ANALYSIS OF HEXZA BY AYAM TUA....WITH A VERY STRONG CASHFLOW AND HUGE NET CASH HOLDING IN THE BALANCE SHEET.

GOING FWD....NO PROBLEM OF HEXZA SUSTAINING THE DIVIDEND PAYOUT OF RM 0.04 TO RM 0.05 PER SHARE GIVING A DIVIDEND YIELD OF 6% TO 7% PA.....FOR DEFENSIVE INVESTOR.....SHOULD USE HEXZA IS ONE OF ITS CORE PORTFOLIO.

THE COMPANY HAVE GOOD CORPORATE GOVERNANCE....THAT MEANS....YOUR MONEY IS WELL SECURED....AND U WON'T BE CHEATED MAH.....!!

AT RM O.73 IS A GOOD BUY.....!!

Posted by jolie2 > 2014-06-14 18:07 | Report Abuse

very dull company. Majority of the executive director is averagely 70 years old. The oldest director is 80 years.
The bank interest rate going to climb soon and the small cap market index will reverse to downtrend soon due to the world cup that will affect the sentiment . Not a good timing to enter.
Probable suitable for those investor range of 60 years and above (after their retirement age).

Those interested in dealing with chemical type of industrial and cheap in price relatively with good dividend but with mid-age of executive director, you may want to check on luxchem (chemical sell to glove industries) and also samchem (expand to indonesia and vietnam) . This company pay good dividend and also growing their market.


This hexza, super-old man company similar to warren buffet age.
Warren buffet is always like to invest like a girl.

Posted by calvintaneng > 2014-06-14 19:30 | Report Abuse

World Cup Fever reminds me of my football days in school.

During PE lessons we played football once a while. When the PE Teacher asked what position I wanted I always opt for defense.

The defense position is either right or left of the goal keeper.

My job was to prevent the ball to get pass me and reach the goal keeper. And I made very sure that should the ball reaches me I will give it a long shot far over to the other opponent goal keeper.

Let's compare this to investment.

Our Goal Keeper Is Our Cash or Capital. So in investment we should play defensive. Protect ourselves from losing money. Warren Buffet's First Rule, "Never to lose money."

I think Hexza plays this part in the team - capital protection.

Of course my other classmates were mid fielders and strikers.

Strikers? Powerful growth stocks right near the opponent goal posts - waiting to strike any time. A goal means another thousand, ten thousand or hundred thousand profits.

Since we need both defenders and strikers we need hexza in our portfolio.

I once owned Hexza around 50 cts when my Johor sifu recommended it. I had taken profit while he is still faithfully keeping all these years.

Yes, he also has Luxchem.

As of now I don't have either hexza or luxchem. And if I have extra money and market should weaken I will surely buy some.

Posted by AyamTua > 2014-06-15 01:28 | Report Abuse

thank you for having faith in hexza infact that research not by me it was said by kcchongnz - in value investing concept ............

Posted by AyamTua > 2014-06-15 01:31 | Report Abuse

jolie2: buy a popular stock, sink fast - buy a boring stock , you will survive.
my grandfather taught me. kikikii

Posted by jolie2 > 2014-06-15 08:41 | Report Abuse

you are right.
Ayam Tua will play the tua-tua stock
Ayam Muda will play the muda-muda stock.

Posted by Ayam1 > 2014-06-15 21:21 | Report Abuse

EAT MAMEE

Posted by Ayat > 2014-06-16 13:20 | Report Abuse

HAHAHAH every one conned by the con-man

Posted by Ayam126 > 2014-06-16 13:43 | Report Abuse

I WAS CONNED BY AYAM TUA. THIS LOUSY STOCK DROWNED......

Posted by Ayat > 2014-06-16 20:25 | Report Abuse

Haiz..... down to 72 sen from 78 sen, LOSS 8%!!!!!

Posted by Ayat > 2014-06-16 20:26 | Report Abuse

Ayam Tua tak ada energy lor

Posted by AyamTua > 2014-06-16 22:17 | Report Abuse

ayam126/ayam1, ayam2, ayam3: conned? if down you say me conned, if up you say me god of hexza ... dont worry .. if not up today, tomorrow will up .... aiyoo, read the research made lah .. even no business hexza still can pay dividend loh.. all of you CSL ayam.... i tell you CSL sucks ! hahahahahahaha

Posted by Ayam126 > 2014-06-16 22:45 |

Post removed.Why?

Posted by Ayam126 > 2014-06-16 22:45 |

Post removed.Why?

Posted by AyamTua > 2014-06-16 22:50 | Report Abuse

ayam126: dont fight with me lah .. im a good heart ayam.. come follow me to holyland not holland .. come ... come baby come kikikiki

Posted by AyamTua > 2014-06-16 22:56 | Report Abuse

ayam126: you say people in CSL conned you.. till lose money.. china sexy lady sucks... ok fine.. but let me "conned" you to be good in stable, rock solid investment in hexza.. a counter that keep you sleep well at night hexza pays good dividend .... than fixed deposit ... remember, hexza is a graham net net counter ...... like Insas can boom
up to $1.00 !

ayam126: at this price is a discounted buy!

Posted by AyamTua > 2014-06-16 22:57 | Report Abuse

Ayam126: come to a brighter side ........ kikiki

Posted by AyamTua > 2014-06-16 22:58 | Report Abuse

ayam126: i rather be con in hexza than in CSL kikiki at least Hexza pays good dividend ... my heart goes out to those poor investors in CSL wahahaaaaa

Posted by Ayam1 > 2014-06-17 22:50 | Report Abuse

Today HEXZA stay flat, CSL up 10+%, ayam tua.... but.. your AHB ROARs!!!

Posted by AyamTua > 2014-06-17 23:03 | Report Abuse

ayam1: i love you too ... come to AHB and HEXZA .. BONUS:NTPM all power counter potential ...... want fun try: iJacobs

Posted by Ayam2 > 2014-06-20 00:36 | Report Abuse

Bila HEXZA boleh naik cam IRETEX-LA?

Posted by AyamTua > 2014-06-20 00:58 | Report Abuse

tungguuuuu

Posted by Ayam2 > 2014-06-20 01:06 | Report Abuse

Hey, I received TROP (5401) Annual report in printing..
They not only print out all the directors photo, but also
the MANAGEMET Teams of 50 people.

How dare they can do it, no other company dare to show the big photo of their teams employees in annual report!!!!

Not even HEXZA.

Only PETGAS's annual report is thicker than TROP,

Posted by Ayam2 > 2014-06-20 16:05 | Report Abuse

Tunggu apa lagi? AHB, EAH dah naik, HEXZA cam lousy stock

Posted by Ayam2 > 2014-06-20 16:05 | Report Abuse

TERUK!!!

Posted by Ayam4 > 2014-06-20 18:18 | Report Abuse

TERUK ditipu AYAM TUA?

Posted by Ayam4 > 2014-06-20 18:19 | Report Abuse

EAH tak leh? up 18% straight leh?

Posted by Ayam4 > 2014-06-20 18:19 | Report Abuse

Even HEXZA up eventually, HEXZA won't beat IRETEX-LA.

Posted by Ayat > 2014-06-20 18:20 | Report Abuse

The syndicates are even more confused by the presence of so many ayam-ayam here.

Posted by Ayat > 2014-06-20 22:51 | Report Abuse

Ayam Tua I啊 i am saying good thing about you (ford)