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  Tatooine As long as share price goes up and down then yes if you do that well can make good money. I sold a lot at 1.30 so it is the plan for me too 20/04/2024 10:43 AM TheContrarian @Tatooine, basically I have been making money from Insas by playing against the other shareholders, against the sharks, against the crocodiles like a poker game. 20/04/2024 10:45 AM Tatooine “Insas is a family business masquerading as a public company” , this is so true ! 20/04/2024 10:49 AM TheContrarian Posted by Tatooine > 5 minutes ago | Report Abuse Thong and board do not care about share price or shareholders Yes, I have accepted this, and it's easier to play Insas accepting this fact. Others keep thinking Thong will privatize, or someone will make a hostile takeover. That's why they are stuck, refusing to sell. 20/04/2024 10:50 AM Tatooine I will wait for 80 cents then buy back, wait for increase and then sell. 20/04/2024 10:50 AM TheContrarian The bulk of my Insas I sold at 1.28-1.29 level, and when price broke through 1.30 I waited until 1.34 before I unloaded my remaining Insas 20/04/2024 10:53 AM TheContrarian Posted by Tatooine > 2 minutes ago | Report Abuse I will wait for 80 cents then buy back, wait for increase and then sell. Might not go back to 80 sen this year. Overall market sentiment this year is way better than last year. 20/04/2024 10:55 AM Tatooine Malaysia market is a pawn between china and America. Correction coming. Nasdaq drop over 300 points Friday. Inari will get hit , it is only insas investment worthwhile. 20/04/2024 11:07 AM  Sslee By the way if you like high growth, high ROE then have a look at Yinson with high borrowing too. Expect this year Yinson' two FSPO delivered and will hit oil, next year another FSPO delivered and hit oil. I just wonder why Yinson is paying more than double the US 5 Year Treasury Rate of 4.68%? Is Yinson cannot get a normal USD loan from bank with lower interest rate than 9.625% to refinance the matured borrowing? SINGAPORE, April 19, 2024 /PRNewswire/ -- Yinson Production Offshore Pte. Ltd. ("Yinson Production") is pleased to announce the successful placement of a USD 500 million senior secured bond issue with a 5-year tenor and a fixed coupon of 9.625% per annum in the Nordic bond market. Yinson is paying more than double the US 5 Year Treasury Rate of 4.68%. Why? 5 Year Treasury Rate is at 4.68%, compared to 4.62% the previous market day and 3.71% last year. This is higher than the long term average of 3.75%. The 5 Year Treasury Rate is the yield received for investing in a US government issued treasury security that has a maturity of 5 years 20/04/2024 11:27 AM Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ Insas Current Assets 1989 m Total Liabilities 531 m ________________________ CA - TL = 1458 m Market Cap = 663 m (@share price of RM 1) Net-Net value 1458m - Market Cap 663 m = 795m Therefore, you can take this company private, settle all the liabilities and still pocket RM 795 m cash. Benjamin Graham loved such net-net companies. However, after 2 years of investing into these undervalued stocks, should they not perform, he sold them. There must be a reason for doing so? Probably, the opportunity costs for holding onto the non-performers. Yes, Insas is severely undervalued. How do you capture the gains? When? (The story of Aesop as told by Buffett). 20/04/2024 12:21 PM Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ Insas retains lots of cash. How good is it in allocating its capital? Buffett's and Munger's forte is their capital allocation ability. They are just fantastic in allocating the excess capital to capture high rates of return for a long period. 20/04/2024 12:24 PM Sslee Quarter end 31 March 2024 with disposal of 100 million M&A and 10 million Inari, insas will have more cash. 20/04/2024 12:39 PM stockraider Base on the edge report Insas has about Rm 1.1b net cash....this work out to about Rm 1.50 net cash per share, very good opportunity to profit from this situation loh! 20/04/2024 12:46 PM TheContrarian Despite that, Insas share price has gone downhill since end of March ..... classic case of a value trap. 20/04/2024 12:48 PM stockraider U need to be value trap very big....b4 u can make veli veli veli big profit loh! We are talking of big investment profit n not kucimiao trading profit mah! The key...holding on & waiting for huge potential gain of stock with big potential like insas loh! 20/04/2024 12:53 PM Sslee 3iii, Do you know park under non-current assets: one of the associate company inari is worth how much? Substantial Shareholder's Particular: Name INSAS BERHAD Details of Changes: Currency - Date of Change Type Number of Shares 24-Jan-2024 Disposed 1,000,000 Registered Name M & A Nominee (Asing) Sdn Bhd for Media Lang Limited Nature of Interest Indirect Interest 23-Jan-2024 Disposed 2,000,000 Registered Name M & A Nominee (Asing) Sdn Bhd for Media Lang Limited Nature of Interest Indirect Interest 22-Jan-2024 Disposed 2,000,000 Registered Name M & A Nominee (Asing) Sdn Bhd for Media Lang Limited Nature of Interest Indirect Interest Nature of Interest Indirect Interest Shares Ordinary shares Reason Disposal of shares in the open market Total no of securities after change Direct (units) 0 Direct (%) 0.00 Indirect (units) 527,008,575 Indirect (%) 14.06 Total (units) 527,008,575 Total (%) 14.06 Date of Notice 26-Jan-2024 Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ > Apr 20, 2024 12:21 PM | Report Abuse Insas Current Assets 1989 m Total Liabilities 531 m________________________ CA - TL = 1458 m Market Cap = 663 m (@share price of RM 1) Net-Net value 1458m - Market Cap 663 m = 795m Therefore, you can take this company private, settle all the liabilities and still pocket RM 795 m cash. 20/04/2024 1:05 PM TheContrarian Not so long ago at one stage during a stock market crisis Insas temporarily dropped to below 40 sen. At that time Thong could have proposed a Selective Capital Repayment at RM1 to take it private. He could if he wanted to privatize Insas but he didn't, he doesn't, he wouldn't. 20/04/2024 1:32 PM Sslee Any takevover by Thong will be a futile attemp because once the BOD appointed an independent advisor to advice shareholders to accept or reject the offer based on is the offer fair and reasonable. The conclusion is forgone: offer is not fair and not reasonable and advise to reject the offer. 20/04/2024 2:30 PM Sslee If Thong is smart he should table a MGO waiver for Insas to do SBB. By doing SBB automatically his and his PAC holding will increase beyond 33% and 4 year later might excess 50% 20/04/2024 2:38 PM TheContrarian Thong is a former stockbroker, he knows the rules, don't doubt that he isn't smart. He wants to keep Insas share price down. 20/04/2024 2:49 PM TheContrarian This article first appeared as "Insas’ controlling shareholders may seek a waiver" in The Edge Malaysia Weekly, on June 24, 2019 - June 30, 2019. THE controlling shareholders of Insas Bhd, Datuk Seri Thong Kok Khee and his brother Datuk Thong Kok Yun, are said to be mulling seeking a waiver from making a general offer for the company if they decide to convert the company’s warrants in February next year. Such article will be repeated from time to time drawing more water fish into buying Insas. 20/04/2024 2:58 PM Sslee Thong and PAC cannot buy any Insas share from open market without trigger the 33% MGO threshold. So he is just a bystander watching insas share price up and down. Anyway whether the share price up or down do not affect him financially. 20/04/2024 3:00 PM Tatooine I also queue at 40 cents.. Thong knows what he is doing and that is screwing over the shareholders. “ Insas is a family business masquerading as a public company” Thong is milking cash out of insas and other subsidiary companies. Be it fees, land etc he is making lots of money and that is why he pays the board well to keep quiet. Only way to make money in insas if you want to is buy and sell … 20/04/2024 3:11 PM TheContrarian Leno stuck in Insas 15 years gained no monetary benefits, Ah Thong stuck in Insas 15 years got received salary, bonus, Inari ESOS plan, meeting allowance, driver allowance, pet cat allowance etc. 20/04/2024 3:26 PM  speakup Thank u Leno for Sell Call 1.20 level Speakup wanted hold for Double Bagger but good thing listen to sifu Leno 20/04/2024 3:56 PM BLee “3i> Insas Current Assets 1989 m Total Liabilities 531 m ________________________ CA - TL = 1458 m Market Cap = 663 m (@share price of RM 1) Net-Net value 1458m - Market Cap 663 m = 795m Therefore, you can take this company private, settle all the liabilities and still pocket RM 795 m cash.” Never thought can calc Net-Net value this way? Impressive? Since Market Cap is a ‘moving target’, how sure can ‘sapu’ all at RM1? Only the cash portion in CA sure if..(not suggesting anything), how much ‘others’ CA can turn into cash easily? The ‘if’ makes share investing interesting. I will keep my zero cost holding, not worrying it will fall below RM1, happy Trading and TradeAtYourOwnRisk 20/04/2024 5:46 PM TheContrarian Ya, ya, hostile takeover isn't practical, once it's leaked out the price will go limit up. The most practical is Thong himself trigger a MGO by exercising all his warrants at 90 sen. But at 90 sen takeover price who wants to sell their Insas? 20/04/2024 6:02 PM Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ Net Net Working Capital Formula – Further Analysis and Discussion: Net Net Working Capital is a subset of Graham’s Net Working Capital is a subset of Net Working Capital (also known as Working Capital). 1) Net Working Capital = Current Assets – Current Liabilities 2) Graham’s Net Working Capital = Current Assets – Total Liabilities 3) Net Net Working Capital = Cash + Short Term Marketable Investments + Accounts Receivable * 75% + Inventory * 50% – Total Liabilities Note that the results of each formula are presented in a decreasing order. That is to say Net Net Working Capital will provide the lowest and hence, most conservative, value. In other words, all else being equal, of the three formulas above, a stock trading below Net N et Working Capital provides the investor with the largest margin of safety. Value investing is about buying a stock at a sufficient discount to intrinsic value. Graham’s “Net Working Capital” or the “Net Net Working Capital” formulas can be used as preliminary screens to identify potentially undervalued stocks or deep value stocks.11 20/04/2024 6:12 PM Sslee Know what IBs analyst value capA ( A PN17 and insolvent company with negative billion in net current assets, negative billion equity and billion in debts)? Why bother with all those white man formula? Dead or alive. I once wrote: Definition: Intrinsic value is the Present value of the investment of all the expected cash flow over the lifetime discounted at the appropriate discount rate. Intrinsic value = (CF1/ (1+d)^1) + (CF2/(1+d)^2) + ----- +(CFn/(1+d)^n) Where: CF = Cash Flow in the Period d = Discount rate n = The period number This Intrinsic value is actually a Discounted Cash Flow (DCF) Example of intrinsic value of INSAS is then the Sum of DCF expected cash flow from varies business streams. For INSAS assets rich case, it is my opinion that the liquid assets minus total liabilities should be added to this intrinsic value. 20/04/2024 7:00 PM Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ >>> Net Net Working Capital Formula – Further Analysis and Discussion: Net Net Working Capital is a subset of Graham’s Net Working Capital and this is itself a subset of Net Working Capital (also known as Working Capital). 1) Net Working Capital = Current Assets – Current Liabilities 2) Graham’s Net Working Capital = Current Assets – Total Liabilities 3) Net Net Working Capital = Cash + Short Term Marketable Investments + Accounts Receivable * 75% + Inventory * 50% – Total Liabilities Note that the results of each formula are presented in a decreasing order. That is to say Net Net Working Capital will provide the lowest and hence, most conservative, value. In other words, all else being equal, of the three formulas above, a stock trading below Net Net Working Capital provides the investor with the largest margin of safety. Value investing is about buying a stock at a sufficient discount to intrinsic value. Graham’s “Net Working Capital” or the “Net Net Working Capital” formulas can be used as preliminary screens to identify potentially undervalued stocks or deep value stocks. >>> Even when using the net working capital or net-net working capital, Benjamin Graham still demanded a margin of safety, buying only when the market price is at least 30% below these values. 20/04/2024 7:34 PM Sslee Is 3iii saying those buying capA must be mad and silly gambler? Value investing is about buying a stock at a sufficient discount to intrinsic value. Graham’s “Net Working Capital” or the “Net Net Working Capital” formulas can be used as preliminary screens to identify potentially undervalued stocks or deep value stocks. >>> Even when using the net working capital or net-net working capital, Benjamin Graham still demanded a margin of safety, buying only when the market price is at least 30% below these values. 20/04/2024 7:40 PM TheContrarian Aiyaa, don't know why you two want to debate. I still stick to my method buy cheaply, sell highly, repeat and make many fold gains. 20/04/2024 8:04 PM TheContrarian MrSslee, I want you to take note of this. If Thong exercise all his warrants at 90 sen he will instantly increase his shareholding in the the enlarged capital of Insas to approximately 42.5%. He is obliged to make a MGO at 90 sen but even if no one accepts the offer, Thong still will end up with 42.5%. 20/04/2024 8:10 PM TheContrarian Insas setting such a low warrant exercise price of 90 sen greatly benefited Thong. 20/04/2024 8:13 PM TheContrarian I doubt that most people understand what I am saying here. This is one reason why Insas price always drift down back. There's absolutely no reason for Thong to push up share price of Insas. He can get them so cheap at 90 sen at any time he chooses. 20/04/2024 8:16 PM  xiaoeh use simple terms TheContrarian... if u unable to describe it in simple terms mean u yourself not fully understand what u r saying.... no angry, no hard feelings, no offence... 20/04/2024 8:22 PM TheContrarian Benjamin Graham, Warren Buffett, George Soros and whoever out there wouldn't understand what I am saying. Only Thong knows this. 20/04/2024 8:23 PM TheContrarian Thong and PAC have 218 million shares and 112 million warrants. Do your own calculation. It's simple Maths. 20/04/2024 8:26 PM Sslee RI of RPS with free warrant is a way to reward shareholder and as a same time for Thong and PAC to hold the warrant as a defensive move against any attempt of hostile takeover. 20/04/2024 8:50 PM Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ >>> Sslee Is 3iii saying those buying capA must be mad and silly gambler? >>> Games people play. These are: positive sum games, negative sum games and zero sum games. Know how to play each of these games. Important to choose the games you wish to play. Know the probability of success and probability of failure of the game you wish to play. In investing, this is the upside:downside ratio. Even more importantly, is to understand the consequence of the various outcomes from the game. In Russian roulette, the gun has 1 bullet and the probability of being killed by the bullet is 1:6. Given the consequence of the outcome, one will choose not to play even though the probability may be in your "favour". 😀 Play the game with the highest probability of success (upside:downside of > 3:1) and with a high probability of big rewards (e.g. compounding at >15% per year over 5 years, that is doubling every 5 years). Stay inactive, observe and learn most of the time. Act decisively and courageously when opportunity presents. 20/04/2024 8:53 PM Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥ In some listed company, the insiders make more money from the fluctuations of the share prices than from the business profits and dividends. 20/04/2024 8:56 PM Sslee On Feb 2026 if Insas is below 90 sen then Thong and PAC can collect all WC not already owned by them at 0.5 sen and then convert all the WC to insas. What will be Thong and PAC holding % of Insas then? Posted by TheContrarian > Apr 20, 2024 8:26 PM | Report Abuse Thong and PAC have 218 million shares and 112 million warrants. Do your own calculation. It's simple Maths 20/04/2024 9:03 PM  |
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