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        102054460 Private ID: 102054460
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          Eksons – cash can be a value trap

          You may think that a company with lots of cash can be a good thing. Afterall many would not challenge the mantra that “cash is king”
          But in the case of Eksons, you may have to think differently. As of the end of 2023, Eksons had about 2/3 of its total assets held in cash and short term securities. The huge cash position is because the company had scaled down its plywood business and its property development business had yet to scale up.
          So it ended with tons of c...

          Heitech – I left money on the table again

          A month ago, I wrote about the price spike in Heitech Paduand wondered whether it was going to be some news that would provide a quantum leap in business.
          The price had jumped from about RM 1.00 per share to RM 1.15 per share. I had some  Heitech shares that I bought sometime back at about RM 1.04 per share and I told myself to exit when the price went up to RM 1.30 per share.
          Unfortunately, the high price did not sustain fell to below RM 1.00 per share a...

          Pintaras – a new hope

          Pintaras Jaya incurred a loss in 2023 but this is due to a “perfect storm” of lower revenue and higher costs. Its performance in Malaysia over the past few years was affected by the slowdown in the property and construction sector. As such the bulk of the contribution over the past few years has been from its Singapore operations.
          As the leading foundation and sub-structure contractor in Malaysia, I expect the
          Group to rebuild the Malaysian business. When this happens, I exp...
          Pintaras – a new hope

          AmBank– will it perform now that 1MDB is history?

          AmBank is one of the smaller Bursa banks in terms of total assets or market cap. For those of you who have been following the 1MDB case, Ambank took a hit in 2021 to “settle the 1 MSB issues”. You can see this clearly in its ROE trends.
          Notwithstanding the IMDB issues, its return is slightly lower than the sector median. One of the reason for this is its lower Net Interest Margin (NIM) relative to the sector median. I am sure this has nothing to d...
          AmBank– will it perform now that 1MDB is history?

          Alliance Bank – is the market being irrational?

          Alliance Bank is the smallest Bursa Malaysia bank. While smaller than Affin Bank, its performance as measured by the ROE is far better than that of Affin.
          When you look at the ROE trend of Alliance, you can see that it had recovered from the Covid-19 years and overtaken its pre-Covid-19 peak But the market price has yet to reflect the better performance.
          Does the market know something that I don’t or it it merely being irrational?
          Alliance Bank – is the market being irrational?

          PBBank vs Affin – which has better catalyst?

          If you are looking for performance among the Bursa banks, then of course you would chose PBBank as it had the better ROE trends. You can see from the chart that Affin has the worse ROE trend.
          But if you are looking to make money, shouldn’t the focus be on companies trading at a discount to its value with some catalyst? The asset value or book value of banks is a good indication of their business value as most of the assets are marked to market prices. ...
          PBBank vs Affin – which has better catalyst?

          Tredegar – be patient

          NYSE Tredegar has undergone a business transition, shifting from mainly a plastic company to mainly an aluminum extrusion company. The company has shown improving operating efficiencies and financial soundness, with a low reinvestment rate and good capital allocation. However, the company operates in a cyclical sector and current valuations do not offer enough margin of safety. But the declining market price may present an opportunity later.
          Tredegar – be patient

          Glomac – is this a value trap

          The Bursa property companies had a tough few years. Covid-19 affected my companies in Malaysia and the property companies were no exception. But the problems for the property companies started long before Covid-19 with a soft market that began with the govt efforts to curb speculation in the 2016/17.
          But I think there is light at the end of the tunnel and as such many property companies could be under priced from a fundamental perspective. One example is Glomac that ...

          Affin– will the Sarawak govt make me look like a genius?

          The share price of Affinhas gone up by about 25% since the start of the year from about RM 2.10 per share to as high as RM 2.69 per share. This is due to news about the Sarawak State government increasing its stake in the bank. Since there is no final announcement about the size of the stake and the price, I suspect this is a counter with many speculators.
          To be transparent I invested in Affin years ago at an average price of RM 2.66 per sh...
          Affin– will the Sarawak govt make me look like a genius?

          Does it make sense to have Naim and Dayang in the same portfolio?

          We have been told that to minimize risk, we should have a portfolio of stocks. Does it mean that we can have any stocks (assuming that they are fundamentally sound and cheap)
          Take the example of Bursa construction/property company Naim and Bursa oil and gas company Dayang. You can see from the revenue trend chart that there is not much correlation between them. Actually there was a negative 10% correlation.
          But then Naim owns about...
          Does it make sense to have Naim and Dayang in the same portfolio?