Evaluating Quality first, then Price. Fair price is one associated with adequate return at acceptable risk.

1.   The most important task in buying a stock is to determine that the company is a good company in which to own stock for the long term.  (QUALITY)

2.  However, no matter how good the company, if the price of its stock is too high, it is not going to be a good investment.

3.  A stock price must pass two tests to be considered reasonable:
(i)  The hypothetical total return from the investment must be adequate - enough to contribute to a portfolio average of around 15% - sufficient to double its value every 5 years.  (REWARD).
(ii)  The potential gain should be at least 3x the potential loss.  (RISK)

4.  To complete these tasks, you have to have learned how to do the following:
(i)  Estimate future sales and earnings growth.
(ii)  Estimate future earnings.
(iii)  Analyze past PEs (Check the current PE with the average past PEs)
(iv)  Estimate future PEs.
(v)  Forecast the potential high and low prices.
(vi)  Calculate the potential return.
(vii)  Calculate the potential risk.
(viii)  Calculate a fair price.

5.  If you take each of these steps in 4(i) to 4(viii), cautiously and shun excesses, your actual results is likely to be as good or better than the forecast at least four out of the five times.

6.  And you will have a track record to rival any professional.

That's all folks!

The Signature PE

The signature PE is the somewhat unique price-earning ratio that is tied to a company.  Over time a company consistently attracts investors at a certain multiple of earnings.

LPI

Date announced 11th Jan 2011
Quarter 31/12/2010 Qtr 4 FYE 31/12/2010

STOCK LPI C0DE  8621 

Price $ 14.18
Curr. ttm-PE  22.50
Curr. DY 3.61%

LFY Div 51.25 DPO ratio 81%
ROE 12.0% PBT Margin 25.8% PAT Margin 19.9%

Rec. qRev 190745 q-q % chg -12% y-y% chq 24%
Rec qPbt 49135 q-q % chg 4% y-y% chq 6%
Rec. qEps 16.77 q-q % chg 0% y-y% chq 6%
ttm-Eps 63.03 q-q % chg 1% y-y% chq 10%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 10%
Avg.H PE 15.00
Avg. L PE 12.00

Forecast High Pr 15.23 Forecast Low Pr 8.95 Recent Severe Low Pr 8.95

Current price is at Upper 1/3 of valuation zone.
RISK: Upside 17% Downside 83%
One Year Appreciation Potential 1% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 7%

CPE/SPE 1.67
P/NTA 2.69
NTA 5.27
SPE 13.50
Rational Pr 8.51



Decision: 
Already Owned: Buy, Hold, Sell, Filed;
Review (future acq): Filed
Discard: Filed

Guide:
Valuation zones Lower 1/3 Buy, Mid. 1/3 Maybe, Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


2009 Sales 431,018,000
Employees: 543
Market Cap: 3,120,668,400
Shares Outstanding: 221,324,000
Closely Held Shares: 107,659,500

Top Glove Corporation Berhad

Date announced 15-Dec-10
Quarter 30/11/2010 Qtr 1 FYE 31/08/2011

STOCK TOPGLOV C0DE  7113 

Price $ 5.45 Curr. PE (ttm) 15.33 Curr. DY 2.94%
LFY Div 16.00 DPO ratio 39%
ROE 18.7% PBT Margin 9.0% PAT Margin 7.3%

Rec. qRev 491509 q-q % chg -9% y-y% chq 4%
Rec qPbt 44405 q-q % chg 5% y-y% chq -49%
Rec. qEps 5.83 q-q % chg -20% y-y% chq -47%
ttm-Eps 35.56 q-q % chg -13% y-y% chq 5%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 13.00 Avg. L PE 9.00
Forecast High Pr 5.90 Forecast Low Pr 4.25 Recent Severe Low Pr 4.25

Current price is at Upper 1/3 of valuation zone.
RISK: Upside 27% Downside 73%
One Year Appreciation Potential 2% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 5%

CPE/SPE 1.39 P/NTA 2.87 NTA 1.90 SPE 11.00 Rational Pr 3.91



Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (12/10/2010): 5.52
(Figures in Malaysian Ringgits)
1 Week -1.4% 13 Weeks 0.7%
4 Weeks -2.8% 52 Weeks 20.0%

Top Glove Corporation Berhad Key Data:
Ticker: TOPGLOV Country: MALAYSIA
Exchanges: KUL Major Industry: Apparel & Textiles
Sub Industry: Apparel Manufacturers

2010 Sales 2,079,432,000
(Year Ending Jan 2011). Employees: 11,500

Currency: Malaysian Ringgits Market Cap: 3,413,203,680
Fiscal Yr Ends: August Shares Outstanding: 618,334,000
Share Type: Ordinary Closely Held Shares: 267,967,762


Day's Range: 5.35 - 5.40
52wk Range: 4.98 - 14.54
Volume: 758,200

Poh Kong Holdings Berhad

Date announced 12-Jun-10
Quarter 31/10/2010 Qtr 1 FYE 31/07/2011

STOCK POHKONG C0DE  5080 

Price $ 0.47 Curr. PE (ttm) 5.90 Curr. DY 2.98%
LFY Div 1.40 DPO ratio 18%
ROE 10.2% PBT Margin 9.0% PAT Margin 6.4%

Rec. qRev 169451 q-q % chg 28% y-y% chq 11%
Rec qPbt 15191 q-q % chg 58% y-y% chq 11%
Rec. qEps 2.65 q-q % chg 39% y-y% chq 10%
ttm-Eps 7.96 q-q % chg 3% y-y% chq 17%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 6.00 Avg. L PE 5.20
Forecast High Pr 0.61 Forecast Low Pr 0.38 Recent Severe Low Pr 0.38

Current price is at Middle 1/3 of valuation zone.
RISK: Upside 61% Downside 39%
One Year Appreciation Potential 6% Avg. yield 4%
Avg. Total Annual Potential Return (over next 5 years) 10%

CPE/SPE 1.05 P/NTA 0.60 NTA 0.78 SPE 5.60 Rational Pr 0.45


Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): .49
(Figures in Malaysian Ringgits)
1 Week 10.2% 13 Weeks 11.5%
4 Weeks 19.8% 52 Weeks 16.9%

Poh Kong Holdings Berhad Key Data:
Ticker: POH KONG Country: MALAYSIA
Exchanges: KUL Major Industry: Apparel & Textiles
Sub Industry: Apparel Manufacturers

2010 Sales 561,242,000
(Year Ending Jan 2011).
Employees: 1,047

Currency: Malaysian Ringgits Market Cap: 199,020,720
Fiscal Yr Ends: July Shares Outstanding: 410,352,000
Share Type: Ordinary Closely Held Shares: N/A

Day's Range: 0.46 - 0.47
52wk Range: 0.35 - 0.51
Volume: 273,000

Dutch Lady Milk Industries Berhad

Date announced 29/11/2010
Quarter 30/9/2010 Qtr 3 FYE 31/12/2010

STOCK DLADY C0DE 3026

Price $ 17.9 Curr. PE (ttm-Eps) 16.58 Curr. DY 3.67%
LFY Div 65.63 DPO ratio 70%
ROE 33.0% PBT Margin 10.9% PAT Margin 7.1%

Rec. qRev 186715 q-q % chg -1% y-y% chq 5%
Rec qPbt 20332 q-q % chg -20% y-y% chq -25%
Rec. qEps 20.82 q-q % chg -30% y-y% chq -34%
ttm-Eps 107.98 q-q % chg -9% y-y% chq 19%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 16.00 Avg. L PE 14.00
Forecast High Pr 22.05 Forecast Low Pr 11.86 Recent Severe Low Pr 11.86

Current price is at Middle 1/3 of valuation zone.
RISK: Upside 41% Downside 59%
One Year Appreciation Potential 5% Avg. yield 5%
Avg. Total Annual Potential Return (over next 5 years) 10%

CPE/SPE 1.11 P/NTA 5.47 NTA 3.27 SPE 15.00 Rational Pr 16.20


Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 17.88
(Figures in Malaysian Ringgits)
1 Week 0.7% 13 Weeks -1.4%
4 Weeks 22.1% 52 Weeks 54.1%

Dutch Lady Milk Industries Berhad Key Data:
Ticker: DBMS Country: MALAYSIA
Exchanges: KUL Major Industry: Food & Beverages
Sub Industry: Dairy Products

2009 Sales 691,847,000
(Year Ending Jan 2010).
Employees: 570

Currency: Malaysian Ringgits Market Cap: 1,144,320,000
Fiscal Yr Ends: December Shares Outstanding: 64,000,000
Share Type: Ordinary Closely Held Shares: 46,418,300


Day's Range: 17.60 - 17.90
52wk Range: 11.30 - 20.10
Volume: 3,600

Padini

Date announced 29/11/2010
Quarter 30/09/2010 Qtr 1 FYE 30/06/2011

STOCK  PADINI  C0DE  7052 

Price $ 4.98 Curr. ttm-PE 11.12 Curr. DY 4.52%
LFY Div 22.50 DPO ratio 49%
ROE 23.3% PBT Margin 18.8% PAT Margin 13.4%

Rec. qRev 136641 q-q % chg 19% y-y% chq -3%
Rec qPbt 25651 q-q % chg 38% y-y% chq -5%
Rec. qEps 13.95 q-q % chg 56% y-y% chq -9%
ttm-Eps 44.79 q-q % chg -3% y-y% chq 64%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 9.00 Avg. L PE 7.00
Forecast High Pr 5.14 Forecast Low Pr 3.73 Recent Severe Low Pr 3.73

Current price is at Upper 1/3 of valuation zone.
RISK: Upside 12% Downside 88%
One Year Appreciation Potential 1% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 6%

CPE/SPE 1.39 P/NTA 2.59 NTA 1.92 SPE 8.00 Rational Pr 3.58


Decision:
Already Owned: Buy, Hold, Sell, Filed; Review (future acq): Filed; Discard: Filed.
Guide: Valuation zones - Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 5.32
(Figures in Malaysian Ringgits)
1 Week -1.1% 13 Weeks 11.3%
4 Weeks 31.7% 52 Weeks 72.7%

Padini Holdings Berhad Key Data:
Ticker: PADINI Country: MALAYSIA
Exchanges: KUL Major Industry: Apparel & Textiles
Sub Industry: Apparel Manufacturers

2010 Sales 520,880,000
(Year Ending Jan 2011).
Employees: 1,762

Currency: Malaysian Ringgits Market Cap: 700,016,240
Fiscal Yr Ends: June Shares Outstanding: 131,582,000
Share Type: Ordinary Closely Held Shares: 59,124,294


Day's Range: 4.97 - 5.00
52wk Range: 3.03 - 5.52
Volume: 6,000

Boustead Holdings Berhad

Date announced 29/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK BSTEAD C0DE  2771 

Price $ 5.25 Curr. PE (ttm-Eps) 10.21 Curr. DY 2.79%
LFY Div 14.64 DPO ratio 36%
ROE 11.8% PBT Margin 10.2% PAT Margin 6.1%

Rec. qRev 1513900 q-q % chg 6% y-y% chq 7%
Rec qPbt 153700 q-q % chg -17% y-y% chq 22%
Rec. qEps 9.77 q-q % chg -38% y-y% chq -21%
ttm-Eps 51.40 q-q % chg -5% y-y% chq 41%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 9.00 Avg. L PE 6.00
Forecast High Pr 5.90 Forecast Low Pr 3.39 Recent Severe Low Pr 3.39

Current price is at Upper 1/3 of valuation zone.
RISK: Upside 26% Downside 74%
One Year Appreciation Potential 2% Avg. yield 5%
Avg. Total Annual Potential Return (over next 5 years) 7%

CPE/SPE 1.36 P/NTA 1.21 NTA 4.35 SPE 7.50 Rational Pr 3.86



Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 5.53
(Figures in Malaysian Ringgits)
1 Week -1.1% 13 Weeks -2.3%
4 Weeks 26.5% 52 Weeks 62.6%

Boustead Holdings Berhad Key Data:
Ticker: BOUS Country: MALAYSIA
Exchanges: KUL Major Industry: Diversified
Sub Industry: General Diversified

2009 Sales 5,392,000,000
(Year Ending Jan 2010).
Employees: 8,022

Currency: Malaysian Ringgits Market Cap: 5,199,095,860
Fiscal Yr Ends: December Shares Outstanding: 940,162,000
Share Type: Ordinary Closely Held Shares: 568,935,789


Day's Range: 5.20 - 5.28
52wk Range: 3.26 - 6.05
Volume: 878,800
Avg Vol (3m): 1,043,570

Note:  Boustead declared interim dividends for each quarter of this financial year.
Q1 2010 5 sen
Q2 2010 10 sen
Q3 2010 12 sen

KFC Holdings (Malaysia) Berhad

Date announced 24/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK KFC C0DE 3492

Price $ 3.95 Curr. ttm-PE 21.87 Curr. DY 1.52%
LFY Div 6.00 DPO ratio 36%
ROE 16.6% PBT Margin 8.9% PAT Margin 6.0%

Rec. qRev 631551 q-q % chg 4% y-y% chq 8%
Rec qPbt 56236 q-q % chg 8% y-y% chq 14%
Rec. qEps 4.82 q-q % chg 7% y-y% chq 9%
ttm-Eps 18.06 q-q % chg 2% y-y% chq 16%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 23.00 Avg. L PE 20.00
Forecast High Pr 5.30 Forecast Low Pr 3.26 Recent Severe Low Pr 3.26
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 66% Downside 34%
One Year Appreciation Potential 7% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years) 9%

CPE/SPE 1.02 P/NTA 3.62 NTA 1.09 SPE 21.50 Rational Pr 3.88



Decision:
Already Owned: Buy, Hold, Sell, Filed; Review (future acq): Filed; Discard: Filed.
Guide: Valuation zones - Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 4.25
(Figures in Malaysian Ringgits)
1 Week 2.2% 13 Weeks 30.4%
4 Weeks 59.2% 52 Weeks 129.7%

KFC Holdings (Malaysia) Berhad Key Data:
Ticker: KFC Country: MALAYSIA
Exchanges: KUL Major Industry: Recreation
Sub Industry: Restaurants & Fast Food Franchisers

2009 Sales 2,297,431,000
(Year Ending Jan 2010).
Employees: 13,217

Currency: Malaysian Ringgits Market Cap: 3,370,675,000
Fiscal Yr Ends: December Shares Outstanding: 793,100,000
Share Type: Ordinary Closely Held Shares: 594,819,200


Day's Range: 3.92 - 4.00
52wk Range: 2.70 - 11.50
Volume: 727,600
Avg Vol (3m): 2,204,970


Related:

US-based Carlyle makes higher bid for QSR

Genting Malaysia Berhad (GENM)

Date announced 25/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK GENM (Resorts) C0DE  4715 

Price $ 3.38 Curr. ttm-PE 15.12 Curr. DY 2.16%
LFY Div 7.30 DPO ratio 31%
ROE 11.4% PBT Margin 34.6% PAT Margin 28.0%

Rec. qRev 1202916 q-q % chg -2% y-y% chq -10%
Rec qPbt 416262 q-q % chg 1% y-y% chq -12%
Rec. qEps 5.92 q-q % chg 10% y-y% chq -6%
ttm-Eps 22.35 q-q % chg -2% y-y% chq 120%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 13.00 Avg. L PE 11.00
Forecast High Pr 3.71 Forecast Low Pr 2.49 Recent Severe Low Pr 2.49
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 27% Downside 73%
One Year Appreciation Potential 2% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 5%

CPE/SPE 1.26 P/NTA 1.72 NTA 1.96 SPE 12.00 Rational Pr 2.68



Decision:
Already Owned: Buy, Hold, Sell, Filed; Review (future acq): Filed; Discard: Filed.
Guide: Valuation zones - Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 3.46
(Figures in Malaysian Ringgits)
1 Week -1.1% 13 Weeks -3.1%
4 Weeks 12.0% 52 Weeks 18.5%

Genting Malaysia Berhad Key Data:
Ticker: RESORTS Country: MALAYSIA
Exchanges: KUL Major Industry: Miscellaneous
Sub Industry: Hotel & Motel Chains

2009 Sales 4,991,700,000
(Year Ending Jan 2010).
Employees: 13,700
Currency: Malaysian Ringgits Market Cap: 20,447,107,522
Fiscal Yr Ends: December Shares Outstanding: 5,909,568,648
Share Type: Common Closely Held Shares: 2,670,000


Day's Range: 3.37 - 3.40
52wk Range: 2.46 - 3.72
Volume: 4,064,100
Avg Vol (3m): 8,538,920

Genting Berhad

Date announced 25/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK GENTING C0DE  3182 

Price $ 10.4 Curr. ttm-PE 19.38 Curr. DY 0.69%
LFY Div 7.20 DPO ratio 25%
ROE 13.2% PBT Margin 36.3% PAT Margin 19.6%

Rec. qRev 3909209 q-q % chg -4% y-y% chq 63%
Rec qPbt 1418393 q-q % chg -11% y-y% chq 76%
Rec. qEps 20.72 q-q % chg 4% y-y% chq 106%
ttm-Eps 53.65 q-q % chg 25% y-y% chq 192%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 17.00 Avg. L PE 15.00
Forecast High Pr 11.64 Forecast Low Pr 6.20 Recent Severe Low Pr 6.20
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 23% Downside 77%
One Year Appreciation Potential 2% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years) 4%

CPE/SPE 1.21 P/NTA 2.57 NTA 4.05 SPE 16.00 Rational Pr 8.58



Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 10.22
(Figures in Malaysian Ringgits)
1 Week 0.6% 13 Weeks -2.7%
4 Weeks 18.7% 52 Weeks 43.5%

Currency: Malaysian Ringgits Market Cap: 37,877,353,780
Fiscal Yr Ends: December Shares Outstanding: 3,706,199,000
Share Type: Ordinary Closely Held Shares: 684,598,840


Day's Range: 10.18 - 10.40
52wk Range: 6.20 - 10.82
Volume: 3,081,400
Avg Vol (3m): 7,254,500

Petronas Dagangan

Date announced 25/11/2010
Quarter 30/09/2010 Qtr 2 FYE 31/03/2011

STOCK PETDAG C0DE  5681 

Price $ 11.1 Curr. ttm-PE 14.64 Curr. DY 5.41%
LFY Div 60.00 DPO ratio 79%
ROE 16.3% PBT Margin 5.2% PAT Margin 3.7%

Rec. qRev 5496313 q-q % chg 1% y-y% chq 7%
Rec qPbt 284250 q-q % chg 3% y-y% chq 3%
Rec. qEps 20.70 q-q % chg 3% y-y% chq 3%
ttm-Eps 75.80 q-q % chg 1% y-y% chq 21%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 13.00 Avg. L PE 9.00
Forecast High Pr 12.58 Forecast Low Pr 8.66 Recent Severe Low Pr 8.66
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 38% Downside 62%
One Year Appreciation Potential 3% Avg. yield 7%
Avg. Total Annual Potential Return (over next 5 years) 10%

CPE/SPE 1.33 P/NTA 2.38 NTA 4.66 SPE 11.00 Rational Pr 8.34

The Board has declared an Interim Dividend of 30 sen per share less tax at 25% and Special Interim Dividend of 10 sen per share less tax at 25%.


Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 11.20
(Figures in Malaysian Ringgits)
1 Week 2.9% 13 Weeks 1.8%
4 Weeks 9.2% 52 Weeks 27.4%

Petronas Dagangan Berhad Key Data:
Ticker: PETD Country: MALAYSIA
Exchanges: KUL Major Industry: Oil, Gas, Coal & Related Services
Sub Industry: Miscellaneous Oil, Gas & Coal

2010 Sales 20,687,042,000
(Year Ending Jan 2011).
Employees: 1,311
Currency: Malaysian Ringgits Market Cap: 11,126,684,800
Fiscal Yr Ends: March Shares Outstanding: 993,454,000
Share Type: Ordinary Closely Held Shares: 762,064,700


Day's Range: 10.90 - 11.12
52wk Range: 8.50 - 11.90
Volume: 648,500
Avg Vol (3m): 228,805


6 months ended 30/09/2010
Cash Flow Statement


CFO  1,010.770 m
CFI  (151.474 m)
CFF (335.291 m)
Net Increase in Cash & Eq 524.005 m

Tong Herr Resources Berhad

Date announced 24/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK TONGHER C0DE  5010 

Price $ 1.86 Curr. ttm-PE  9.70 Curr. DY 2.69%
LFY Div 5.00 DPO ratio 26%
ROE 8.4% PBT Margin 21.6% PAT Margin 7.7%

Rec. qRev 109005 q-q % chg 71% y-y% chq 125%
Rec qPbt 23498 q-q % chg 135% y-y% chq 499%
Rec. qEps 6.57 q-q % chg 32% y-y% chq 136%
ttm-Eps 19.18 q-q % chg 25% y-y% chq 83%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 10.00 Avg. L PE 4.00
Forecast High Pr 2.45 Forecast Low Pr 1.62 Recent Severe Low Pr 1.62
Current price is at Lower 1/3 of valuation zone.

RISK: Upside 71% Downside 29%
One Year Appreciation Potential 6% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 10%

CPE/SPE 1.39 P/NTA 0.81 NTA 2.29 SPE 7.00 Rational Pr 1.34



Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 1.81
(Figures in Malaysian Ringgits)
1 Week -1.6% 13 Weeks -1.6%
4 Weeks -3.7% 52 Weeks 7.7%

Tong Herr Resources Berhad Key Data:
Ticker: TONGHER Country: MALAYSIA
Exchanges: KUL Major Industry: Machinery & Equipment
Sub Industry: Miscellaneous Machinery & Equipment

2009 Sales 211,554,410
(Year Ending Jan 2010).
Employees: 183
Currency: Malaysian Ringgits Market Cap: 230,434,720
Fiscal Yr Ends: December Shares Outstanding: 127,312,000
Share Type: Ordinary Closely Held Shares: 78,455,794


Day's Range: 1.84 - 1.88
52wk Range: 1.65 - 2.04
Volume: 50,100
Avg Vol (3m): 54,798


Prospects for the current financial year (from its quarterly report)
Barring any unforeseen circumstances, the Group expects its business prospects for the current financial year to remain positive.

IJM Corporation Berhad

Date announced 23/11/2010
Quarter 30/09/2010 Qtr 2 FYE 31/03/2011

STOCK  IJM  C0DE  3336 

Price $ 5.69 Curr. ttm-PE 18.77 Curr. DY 1.93%
LFY Div 11.00 DPO ratio 44%
ROE 8.0% PBT Margin 25.3% PAT Margin 15.2%

Rec. qRev 785504 q-q % chg -20% y-y% chq -25%
Rec qPbt 198363 q-q % chg 11% y-y% chq 52%
Rec. qEps 8.86 q-q % chg 31% y-y% chq 74%
ttm-Eps 30.32 q-q % chg 14% y-y% chq 58%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 18.00 Avg. L PE 14.00
Forecast High Pr 6.97 Forecast Low Pr 4.43 Recent Severe Low Pr 4.43
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 50% Downside 50%
One Year Appreciation Potential 4% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 7%

CPE/SPE 1.17 P/NTA 1.51 NTA 3.78 SPE 16.00 Rational Pr 4.85



Decision:
Already Owned: Buy, Hold, Sell, Filed; Review (future acq): Filed; Discard: Filed.
Guide: Valuation zones - Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 5.69
(Figures in Malaysian Ringgits)
1 Week 3.5% 13 Weeks 3.8%
4 Weeks 13.6% 52 Weeks 22.6%

IJM Corporation Berhad Key Data:
Ticker: IJMS Country: MALAYSIA
Exchanges: KUL SIN Major Industry: Construction
Sub Industry: Miscellaneous Construction

2010 Sales 4,013,530,000
(Year Ending Jan 2011).
Employees: 4,320
Currency: Malaysian Ringgits Market Cap: 7,687,203,753
Fiscal Yr Ends: March Shares Outstanding: 1,351,002,417
Share Type: Ordinary Closely Held Shares: 413,013,832


Day's Range: 5.64 - 5.64
52wk Range: 4.28 - 5.72
Volume: 0
Avg Vol (3m): 4,512,800

Ajinomoto

Date announced 23/11/2020
Quarter 30/09/2010 Qtr 2 FYE 31/03/2011

STOCK Ajinomoto C0DE 2658

Price $ 4.22 Curr. ttm-PE 10.26 Curr. DY 4.27%
LFY Div 18.00 DPO ratio 46%
ROE 12.0% PBT Margin 9.2% PAT Margin 6.9%

Rec. qRev 77686 q-q % chg -5% y-y% chq 13%
Rec qPbt 7129 q-q % chg -38% y-y% chq -6%
Rec. qEps 8.85 q-q % chg -38% y-y% chq -10%
ttm-Eps 41.15 q-q % chg -2% y-y% chq 23%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 10.00 Avg. L PE 6.00
Forecast High Pr 5.25 Forecast Low Pr 3.29 Recent Severe Low Pr 3.29
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 53% Downside 47%
One Year Appreciation Potential 5% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 11%

CPE/SPE 1.28 P/NTA 1.23 NTA 3.43 SPE 8.00 Rational Pr 3.29



Decision:
Already Owned: Buy, Hold, Sell, Filed; Review (future acq): Filed; Discard: Filed.
Guide: Valuation zones - Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data:
Current Price (11/19/2010): 4.26
(Figures in Malaysian Ringgits)

Recent Stock Performance:
1 Week -2.7% 13 Weeks 5.2%
4 Weeks 2.9% 52 Weeks 31.9%

Ajinomoto (Malaysia) Berhad Key Data:
Ticker: AJI Country: MALAYSIA
Exchanges: AMN Major Industry: Food & Beverages
Sub Industry: Miscellaneous Food

2010 Sales 284,616,880
(Year Ending Jan 2011).
 Employees: 380

Currency: Malaysian Ringgits Market Cap: 259,003,740
Fiscal Yr Ends: March Shares Outstanding: 60,799,000
Share Type: Ordinary Closely Held Shares: 34,430,813

Day's Range: 4.22 - 4.30
52wk Range: 3.18 - 4.97
Volume: 76,400
Avg Vol (3m): 63,365

Malaysian Bulk Carriers Bhd

Date announced 23/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK Maybulk C0DE  5077 

Price $ 2.95 Curr. ttm-PE 11.39 Curr. DY 5.08%
LFY Div 15.00 DPO ratio 62%
ROE 15.7% PBT Margin 80.8% PAT Margin 80.5%

Rec. qRev 109027 q-q % chg 13% y-y% chq 11%
Rec qPbt 88069 q-q % chg 164% y-y% chq 25%
Rec. qEps 8.77 q-q % chg 178% y-y% chq 26%
ttm-Eps 25.91 q-q % chg 8% y-y% chq 63%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 3% Avg.H PE 11.00 Avg. L PE 10.00
Forecast High Pr 3.30 Forecast Low Pr 2.13 Recent Severe Low Pr 2.13
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 30% Downside 70%
One Year Appreciation Potential 2% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 9%

CPE/SPE 1.08 P/NTA 1.78 NTA 1.65 SPE 10.50 Rational Pr 2.72



Decision:
Already Owned: Buy, Hold, Sell, Filed; Review (future acq): Filed; Discard: Filed.
Guide: Valuation zones - Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr


Stock Data: Recent Stock Performance:
Current Price (11/19/2010): 2.89
(Figures in Malaysian Ringgits)

Recent Stock Performance
1 Week -2.0% 13 Weeks -3.3%
4 Weeks 0.3% 52 Weeks -10.8%

Malaysian Bulk Carriers
Bhd Key Data:
Ticker: MAYBULK
Country: MALAYSIA
Exchanges: KUL
Major Industry: Transportation
Sub Industry: Shipping

2009 Sales 303,707,000 (Year Ending Jan 2010).
Employees: 371

Currency: Malaysian Ringgits
Market Cap: 2,890,000,000
Fiscal Yr Ends: December Shares Outstanding: 1,000,000,000
Share Type: Ordinary Closely Held Shares: 745,849,550

UMW Holdings Berhad

Date announced 22/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK UMW C0DE  4588 

Price $ 6.8 Curr. ttm-PE 12.89 Curr. DY 2.94%
LFY Div 20.00 DPO ratio 59%
ROE 14.7% PBT Margin 11.0% PAT Margin 4.8%

Rec. qRev 3087276 q-q % chg -6% y-y% chq 10%
Rec qPbt 340922 q-q % chg -23% y-y% chq 18%
Rec. qEps 13.17 q-q % chg -30% y-y% chq 15%
ttm-Eps 52.76 q-q % chg 3% y-y% chq 49%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 12.00 Avg. L PE 8.00
Forecast High Pr 8.08 Forecast Low Pr 5.50 Recent Severe Low Pr 5.50
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 50% Downside 50%
One Year Appreciation Potential 4% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 10%

CPE/SPE 1.29 P/NTA 1.89 NTA 3.59 SPE 10.00 Rational Pr 5.28



Decision:
Already Owned: Buy, Hold, Sell, Filed; Review (future acq): Filed; Discard: Filed.
Guide: Valuation zones - Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr

Integrax Berhad

Date announced 22/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK Integra C0DE  9555 
Price $ 1.6 Curr. ttm-PE 11.01 Curr. DY 1.88%
LFY Div 3.00 DPO ratio 21%
ROE 8.1% PBT Margin 61.6% PAT Margin 44.4%

Rec. qRev 24918 q-q % chg 6% y-y% chq 4%
Rec qPbt 15340 q-q % chg -15% y-y% chq 9%
Rec. qEps 3.68 q-q % chg -19% y-y% chq 13%
ttm-Eps 14.53 q-q % chg 3% y-y% chq 26%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 8.00 Avg. L PE 4.00
Forecast High Pr 1.48 Forecast Low Pr 0.94 Recent Severe Low Pr 0.94
Current price is at Upper 1/3 of valuation zone.

RISK: Upside -21% Downside 121%
One Year Appreciation Potential -1% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years) 1%

CPE/SPE 1.84 P/NTA 0.89 NTA 1.79 SPE 6.00 Rational Pr 0.87



Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr

PPB Group Berhad

Date announced 22/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK PPB C0DE  4065 

Price $ 18.8 Curr. PE (ttm-Eps) 10.70 Curr. DY 3.88%
LFY Div 73.00 DPO ratio 54%
ROE 15.9% PBT Margin 55.2% PAT Margin 50.1%

Rec. qRev 574531 q-q % chg -1% y-y% chq -38%
Rec qPbt 317086 q-q % chg -3% y-y% chq -51%
Rec. qEps 24.29 q-q % chg -9% y-y% chq -52%
ttm-Eps 175.67 q-q % chg -13% y-y% chq 28%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 10.00 Avg. L PE 7.00
Forecast High Pr 22.42 Forecast Low Pr 16.00 Recent Severe Low Pr 16.00
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 56% Downside 44%
One Year Appreciation Potential 4% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 10%

CPE/SPE 1.26 P/NTA 1.70 NTA 11.03 SPE 8.50 Rational Pr 14.93



Decision:
Already Owned: Buy Hold Sell Filed Review (future acq): Filed Discard: Filed
Guide: Valuation zones Lower 1/3 Buy Mid. 1/3 Maybe Upper 1/3 Sell

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr

KPJ Healthcare Berhad

Date announced 30/08/2010
Quarter 30/06/2010 Qtr 2 FYE 31/12/2010

STOCK KPJ C0DE  5878 

Price $ 3.73 Curr. ttm-PE 17.50 Curr. DY 2.14%
LFY Div 8.00 DPO ratio 41%
ROE 16.4% PBT Margin 10.1% PAT Margin 7.1%

Rec. qRev 410237 q-q % chg 9% y-y% chq 11%
Rec qPbt 41305 q-q % chg 9% y-y% chq 15%
Rec. qEps 5.54 q-q % chg 7% y-y% chq 16%
ttm-Eps 21.32 q-q % chg 4% y-y% chq 32%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 12.00 Avg. L PE 9.00
Forecast High Pr 3.26 Forecast Low Pr 2.67 Recent Severe Low Pr 2.67
Current price is at Upper 1/3 of valuation zone.

RISK: Upside -78% Downside 178%
One Year Appreciation Potential -2% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 0%

CPE/SPE 1.67 P/NTA 2.87 NTA 1.30 SPE 10.50 Rational Pr 2.24



Decision:
Already Owned: Buy, Hold, Sell, Filed; Review (future acq): Filed; Discard: Filed.
Guide: Valuation zones - Lower 1/3 Buy; Mid. 1/3 Maybe; Upper 1/3 Sell.

Aim:
To Buy a bargain: Buy at Lower 1/3 of Valuation Zone
To Minimise risk of Loss: Buy when risk is low i.e UPSIDE GAIN > 75% OR DOWNSIDE RISK <25%
To Double every 5 years: Seek for POTENTIAL RETURN of > 15%/yr.
To Prevent Loss: Sell immediately when fundamentals deteriorate
To Maximise Gain & Reduce Loss: Sell when CPE/SPE > 1.5, when in Upper 1/3 of Valuation Zone & Returns < 15%/yr