TSH Resources Berhad

Date announced 18/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK TSH C0DE  9059 
Price $ 2.6 Curr. ttm-PE 16.84 Curr. DY 1.92%

LFY Div 5.00 DPO ratio 28%
ROE 8.7% PBT Margin 12.7% PAT Margin 8.5%

Rec. qRev 214265 q-q % chg 3% y-y% chq 5%
Rec qPbt 27131 q-q % chg 53% y-y% chq 1%
Rec. qEps 4.45 q-q % chg 61% y-y% chq -22%
ttm-Eps 15.44 q-q % chg -8% y-y% chq 83%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 10.00 Avg. L PE 8.00
Forecast High Pr 1.97 Forecast Low Pr 1.73 Recent Severe Low Pr 1.73
Current price is at Upper 1/3 of valuation zone.

RISK: Upside -262% Downside 362%
One Year Appreciation Potential -5% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years) -3%

CPE/SPE 1.87 P/NTA 1.46 NTA 1.78 SPE 9.00 Rational Pr 1.39



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

Gruesome Company

Coastal Contracts Bhd

Date announced 19/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK COASTAL C0DE  5071

Price $ 2.32 Curr. PE (ttm-Eps) 4.22 Curr. DY 1.29%
LFY Div 3.00 DPO ratio 7%
ROE 36.4% PBT Margin 27.9% PAT Margin 27.9%

Rec. qRev 192091 q-q % chg 39% y-y% chq 37%
Rec qPbt 53601 q-q % chg 10% y-y% chq 11%
Rec. qEps 14.80 q-q % chg 11% y-y% chq 11%
ttm-Eps 55.04 q-q % chg 3% y-y% chq 40%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 2% Avg.H PE 5.00 Avg. L PE 4.00
Forecast High Pr 3.04 Forecast Low Pr 1.90 Recent Severe Low Pr 1.90
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 63% Downside 37%
One Year Appreciation Potential 6% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years) 8%

CPE/SPE 0.94 P/NTA 1.53 NTA 1.51 SPE 4.50 Rational Pr 2.48



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

----

Prospects

Given that offshore shipbuilding activity is slowly perking up, Coastal Group has modest optimism of clinching new contracts to add to its vessel sales order book. The Group also expects steady income stream from its ship chartering division through continued utilisation of the Group’s fleet in coastal transportation and in various oil and gas support services. It is anticipated that future participation in the offshore structure fabrication business will be earnings-accretive and reduce the Group’s dependency on shipbuilding orders. The Group’s strong financial footing paired with low level of borrowings will further shield it from major financial distress.

With more deepwater oilfield developments off the western coast of Sabah coming on stream, Coastal Group is looking to enter a new phase of growth by diversifying into offshore structure fabrication to gain industry knowledge of the oil and gas engineering, procurement and construction business. Central to this plan are the Group’s strong foundation in marine structures and the geographical proximity of the Group’s 52-acre fabrication yard to the heart of Sabah’s growing oil and gas activities. Upgrading of infrastructure is currently at advanced stage to expand the fabrication yard’s capabilities.

Oil prices have risen above USD85 a barrel as improvement in the manufacturing sector in the U.S. and China, the world’s two biggest economies, boosted optimism that growth in global oil consumption will remain strong. Also, the U.S. Federal Reserve’s second round of quantitative easing to unleash more dollar into the economy had weakened the U.S currency’s value, which in turn made the dollar-denominated crude oil relatively cheaper for buyers using other currencies. This latest oil price development in the current environment of depleting oil reserves and increasing long-term energy demand will drive up offshore exploration, development and production activities going forward. The resultant capital investments in upstream oil and gas sector would spur additional requirements for offshore support vessels (“OSVs”).

Barring adverse changes in the global and regional economic outlook, Coastal Group is on track to deliver solid revenue and earnings growth in 2010, backed by the strong revenue visibility of the shipbuilding division’s vessel sales order book.

APM

Date announced 18/11/2010
Quarter 30/09/2010 Qtr 3 FYE 12/31/2010

STOCK APM C0DE  5015 

Price $ 5.3 Curr. ttm-PE 8.67 Curr. DY 3.02%
LFY Div 16.00 DPO ratio 43%
ROE 16.9% PBT Margin 16.3% PAT Margin 10.9%

Rec. qRev 291477 q-q % chg -7% y-y% chq 19%
Rec qPbt 47524 q-q % chg -12% y-y% chq 57%
Rec. qEps 16.18 q-q % chg -13% y-y% chq 65%
ttm-Eps 61.10 q-q % chg 12% y-y% chq 131%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 8.00 Avg. L PE 6.00
Forecast High Pr 6.24 Forecast Low Pr 3.61 Recent Severe Low Pr 3.61
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 36% Downside 64%
One Year Appreciation Potential 4% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 10%

CPE/SPE 1.24 P/NTA 1.47 NTA 3.61 SPE 7.00 Rational Pr 4.28



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

----

APM Automotive records higher Q3 profit
Published: 2010/11/18


APM Automotive Holdings Bhd reported a pre-tax profit of RM47.524 million for the third quarter-ended Sept 30, 2010, up 57.3 per cent from RM30.219 million in the same period last year.

The profit was achieved over an 18.6 per cent increase in revenue to RM291.477 million against RM245.746 million previously.

In a filing to Bursa Malaysia, the company said its Malaysian operations registered a 17 per cent increase in revenue on the back of higher vehicle production while its overseas revenue rose 39.2 per cent, contributed mainly by its Indonesian operations.

The company expects to maintain its current level of business for the remaining quarter and is optimistic that it will perform well for the whole year. -- Bernama



Read more: APM Automotive records higher Q3 profit http://www.btimes.com.my/Current_News/BTIMES/articles/20101118204734/Article/index_html#ixzz15dcIIHIx

Kossan

Date announced 18/11/2010
Quarter 30/12/2010 Qtr 3 FYE 31/12/2010

STOCK Kossan C0DE  7153 

Price $ 3.21 Curr. PE (ttm-Eps) 9.09 Curr. DY 0.80%
LFY Div 2.57 DPO ratio 12%
ROE 27.0% PBT Margin 13.8% PAT Margin 10.4%

Rec. qRev 275635 q-q % chg 7% y-y% chq 31%
Rec qPbt 38108 q-q % chg 5% y-y% chq 83%
Rec. qEps 8.93 q-q % chg -5% y-y% chq 86%
ttm-Eps 35.32 q-q % chg 13% y-y% chq 92%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 8.00 Avg. L PE 5.00
Forecast High Pr 3.61 Forecast Low Pr 2.45 Recent Severe Low Pr 2.45
Current price is at Middle 1/3 of valuation zone.

 RISK: Upside 34% Downside 66%
One Year Appreciation Potential 2% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years) 4%

CPE/SPE 1.40 P/NTA 2.45 NTA 1.31 SPE 6.50 Rational Pr 2.30



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

----

Kossan Q3 profit jumps on unit expansion
Published: 2010/11/18

Kossan Rubber Industries Bhd's pre-tax profit for the third quarter ended Sept 30, 2010 jumped to RM38 million from RM21 million in same quarter of 2009.

Revenue increased to RM276 million from RM210 million previously.

In a filing to Bursa Malaysia today, it said the better results were due to the expansion in the gloves division with better product mix and margin.

"The other contributor was the higher selling price in line with the increased in raw materials, it said.

Going forward, Kossan Rubber said, it was cautiously optimistic in the remaining quarter of the financial year, with demand for gloves expected to remain strong. -- Bernama


Read more: Kossan Q3 profit jumps on unit expansion http://www.btimes.com.my/Current_News/BTIMES/articles/20101118200243/Article/index_html#ixzz15ddHVyy3

IOI Corporation Berhad

Date announced 18/11/2010
Quarter 30/09/2010 Qtr 1 FYE 30/06/2011

STOCK IOICorp C0DE  1961 

Price $ 5.9 Curr. ttm-PE 18.05 Curr. DY 2.88%
LFY Div 17.00 DPO ratio 52%
ROE 19.8% PBT Margin 18.8% PAT Margin 14.2%

Rec. qRev 3519260 q-q % chg 15% y-y% chq 7%
Rec qPbt 661746 q-q % chg 7% y-y% chq 6%
Rec. qEps 7.81 q-q % chg -9% y-y% chq -2%
ttm-Eps 32.69 q-q % chg -1% y-y% chq 66%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 17.00 Avg. L PE 11.00
Forecast High Pr 7.09 Forecast Low Pr 5.31 Recent Severe Low Pr 5.31
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 67% Downside 33%
One Year Appreciation Potential 4% Avg. yield 4%
Avg. Total Annual Potential Return (over next 5 years) 8%

CPE/SPE 1.29 P/NTA 3.58 NTA 1.65 SPE 14.00 Rational Pr 4.58



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


----


Published: Thursday November 18, 2010 MYT 1:29:00 PM

IOI Corp 1Q net profit up RM19.7 million

PETALING JAYA: IOI Corp Bhd saw its first quarter net profit increase by 4.13% to RM498.13 million from a year ago while pre-tax profit was 6% higher at RM661.7 million due to higher profits from its plantation unit and higher unrealised translation gain on foreign currency denominated borrowings.

The company told Bursa Malaysia on Thursday that it expects satisfactory performance for its present fiscal year due to strong crude palm oil (CPO) prices and a resilient property market.

For the three-month period ended September 30 2010, the plantation segment recorded a 38% gain in operating profit to RM345.3million from a year ago due to higher CPO prices realised and a marginal increase in fresh fruit bunches production.

Average CPO price realised for the first quarter was RM2,598/MT compared to RM2,294/MT from the previous corresponding period.

IOI Corp's first quarter revenue grew by 7.4% to RM3.52 billion.

http://biz.thestar.com.my/news/story.asp?file=/2010/11/18/business/20101118133526&sec=business

----



IOI Corp 1QFY2011 net profit up 4.12% to RM498.13m
Written by Surin Murugiah
Thursday, 18 November 2010 13:36

KUALA LUMPUR: IOI CORPORATION BHD [] net profit for the first quarter ended Sept 30, 2010 rose 4.12% to RM498.13 million from RM478.38 million a year ago, due mainly to higher profit contribution from the PLANTATION [] segment and higher unrealised translation gain on foreign currency denominated borrowings.

The company recorded revenue RM3.52 billion for the quarter, compared to RM3.26 billion last year. Earnings per share was 7.81 sen, while net assets per share was RM1.65.

In a filing to Bursa Malaysia on Thursday, Nov 18, IOI Corp said the plantation segment reported a 38% increase in operating profit to RM345.3 million for Q1FY2011 as compared to RM249.8 million for Q1 FY2010.

The higher profit was due mainly to higher CPO prices realised as well as a marginal increase in FFB production, it said.

Average CPO price realised for Q1 FY2011 is RM2,598/MT compared to RM2,294/MT for Q1 FY2010, it said, IOI Corp said its property development and investment segment’s operating profit of RM160.3 million for Q1 FY2011 was in line with Q1 FY2010.

The resource-based manufacturing segment’s operating profit decreased from RM158.9 million in Q1FY2010 to RM40.4 million in Q1 FY2011 due mainly to lower volume and margins and fair value losses on the adoption of FRS 139, it said.

http://www.theedgemalaysia.com/business-news/177288-ioi-corp-1qfy2011-net-profit-up-412-to-rm49813m.html

Mamee-Double Decker (M) Berhad

Date announced 23/08/2010
Quarter 30/06/2010 Qtr 2 FYE 31/12/2010

STOCK Mamee C0DE  5282 

Price $ 3.53 Curr. ttm-PE 9.92 Curr. DY 2.99%
LFY Div 10.56 DPO ratio 30%
ROE 21.8% PBT Margin 11.0% PAT Margin 8.8%

Rec. qRev 120198 q-q % chg 4% y-y% chq 17%
Rec qPbt 13229 q-q % chg -17% y-y% chq -1%
Rec. qEps 7.24 q-q % chg -12% y-y% chq -1%
ttm-Eps 35.59 q-q % chg 0% y-y% chq 39%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 8.00 Avg. L PE 6.00
Forecast High Pr 3.63 Forecast Low Pr 2.01 Recent Severe Low Pr 2.01
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 6% Downside 94%
One Year Appreciation Potential 1% Avg. yield 4%
Avg. Total Annual Potential Return (over next 5 years) 5%

CPE/SPE 1.42 P/NTA 2.17 NTA 1.63 SPE 7.00 Rational Pr 2.49



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

Guan Chong Berhad

Date announced 16/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK Guanchg C0DE 5102

Price $ 1.78 Curr. ttm-PE 6.71 Curr. DY 1.83%
LFY Div 3.25 DPO ratio 54%
ROE 43.8% PBT Margin 9.1% PAT Margin 6.0%

Rec. qRev 296563 q-q % chg 10% y-y% chq 83%
Rec qPbt 27002 q-q % chg 7% y-y% chq 264%
Rec. qEps 7.44 q-q % chg -8% y-y% chq 246%
ttm-Eps 26.54 q-q % chg 25% y-y% chq 699%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 6.00 Avg. L PE 5.00
Forecast High Pr 2.03 Forecast Low Pr 0.45 Recent Severe Low Pr 0.45
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 16% Downside 84%
One Year Appreciation Potential 3% Avg. yield 10%
Avg. Total Annual Potential Return (over next 5 years) 13%

CPE/SPE 1.22 P/NTA 2.94 NTA 0.61 SPE 5.50 Rational Pr 1.46



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

Ajinomoto

Date announced 27/08/2010
Quarter 31/06/2010 Qtr 1 FYE 31/03/2011

STOCK Ajinomoto C0DE 2658

Price $ 4.19 Curr. ttm-PE 9.95 Curr. DY 4.30%
LFY Div 18.00 DPO ratio 46%
ROE 12.1% PBT Margin 13.9% PAT Margin 10.5%

Rec. qRev 82127 q-q % chg 14% y-y% chq 15%
Rec qPbt 11439 q-q % chg 470% y-y% chq 29%
Rec. qEps 14.19 q-q % chg 482% y-y% chq 24%
ttm-Eps 42.10 q-q % chg 7% y-y% chq 29%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 10.00 Avg. L PE 6.00
Forecast High Pr 5.37 Forecast Low Pr 3.18 Recent Severe Low Pr 3.18
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 54% Downside 46%
One Year Appreciation Potential 6% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 12%

CPE/SPE 1.24 P/NTA 1.20 NTA 3.49 SPE 8.00 Rational Pr 3.37



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

Mieco

Date announced 16/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK MIECO C0DE  5001 

Price $ 0.64 Curr. ttm-PE 17.68 Curr. DY 0.00%
LFY Div 0.00 DPO ratio 0%
ROE 2.4% PBT Margin 3.9% PAT Margin 4.0%

Rec. qRev 41954 q-q % chg -6% y-y% chq -11%
Rec qPbt 1645 q-q % chg 63% y-y% chq 47%
Rec. qEps 0.80 q-q % chg 67% y-y% chq -207%
ttm-Eps 3.62 q-q % chg 75% y-y% chq -123%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 19.00 Avg. L PE 17.00
Forecast High Pr 0.88 Forecast Low Pr 0.46 Recent Severe Low Pr 0.46
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 57% Downside 43%
One Year Appreciation Potential 7% Avg. yield 0%
Avg. Total Annual Potential Return (over next 5 years) 7%

CPE/SPE 0.98 P/NTA 0.42 NTA 1.53 SPE 18.00 Rational Pr 0.65



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

Hong Leong Bank

Date announced 16/11/2010
Quarter 30/09/2010 Qtr 1 FYE 30/06/2011

STOCK HLBank C0DE  5819 

Price $ 9.55 Curr. PE (ttm-Eps) 13.70 Curr. DY 2.51%
LFY Div 24.00 DPO ratio 35%
ROE 14.9% PBT Margin 58.8% PAT Margin 47.6%

Rec. qRev 539787 q-q % chg 4% y-y% chq 5%
Rec qPbt 317381 q-q % chg -8% y-y% chq 10%
Rec. qEps 17.72 q-q % chg -15% y-y% chq 10%
ttm-Eps 69.73 q-q % chg 2% y-y% chq 13%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 12.00 Avg. L PE 10.00
Forecast High Pr 10.68 Forecast Low Pr 8.31 Recent Severe Low Pr 8.31
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 48% Downside 52%
One Year Appreciation Potential 2% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 6%

CPE/SPE 1.25 P/NTA 2.04 NTA 4.69 SPE 11.00 Rational Pr 7.67



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

Jobstreet

Date announced 16/11/2010
Quarter 30/09/2010 Qtr 3 FYE 31/12/2010

STOCK Jobstreet C0DE 0058

Price $ 2.9 Curr. ttm-PE 25.48 Curr. DY 1.03%
LFY Div 3.00 DPO ratio 35%
ROE 23.7% PBT Margin 48.9% PAT Margin 31.7%

Rec. qRev 30425 q-q % chg 2% y-y% chq 24%
Rec qPbt 14867 q-q % chg -6% y-y% chq 42%
Rec. qEps 3.06 q-q % chg -13% y-y% chq 25%
ttm-Eps 11.38 q-q % chg 6% y-y% chq 59%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 21.00 Avg. L PE 12.00
Forecast High Pr 3.05 Forecast Low Pr 1.40 Recent Severe Low Pr 1.40
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 9% Downside 91%
One Year Appreciation Potential 1% Avg. yield 2%
Avg. Total Annual Potential Return (over next 5 years) 3%

CPE/SPE 1.54 P/NTA 6.04 NTA 0.48 SPE 16.50 Rational Pr 1.88


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

Parkson

Date announced 15/11/2010
Quarter 30/09/2010 Qtr 1 FYE 30/06/2011

STOCK Parkson C0DE  5657 
Price $ 5.76 Curr. ttm-PE 20.01 Curr. DY 1.04%
LFY Div 6.00 DPO ratio 22%
ROE 14.6% PBT Margin 25.6% PAT Margin 11.6%

Rec. qRev 656485 q-q % chg 6% y-y% chq 2%
Rec qPbt 168360 q-q % chg 12% y-y% chq 9%
Rec. qEps 7.28 q-q % chg 33% y-y% chq 14%
ttm-Eps 28.79 q-q % chg 3% y-y% chq -3%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 20.00 Avg. L PE 17.00
Forecast High Pr 7.35 Forecast Low Pr 4.64 Recent Severe Low Pr 4.64
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 59% Downside 41%
One Year Appreciation Potential 6% Avg. yield 1%
Avg. Total Annual Potential Return (over next 5 years) 7%

CPE/SPE 1.08 P/NTA 2.92 NTA 1.97 SPE 18.50 Rational Pr 5.33



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

Poh Kong

Date announced 28/09/2010
Quarter 31/07/2010 Qtr 4 FYE 31/07/2010

STOCK POHKONG C0DE  5080 

Price $ 0.485 Curr. PE (ttm-Eps) 6.29 Curr. DY 2.89%
LFY Div 1.40 DPO ratio 18%
ROE 10.3% PBT Margin 7.3% PAT Margin 5.9%

Rec. qRev 131906 q-q % chg -1% y-y% chq 6%
Rec qPbt 9609 q-q % chg -1% y-y% chq -18%
Rec. qEps 1.90 q-q % chg 20% y-y% chq -15%
ttm-Eps 7.71 q-q % chg -4% y-y% chq 11%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 6.00 Avg. L PE 5.20
Forecast High Pr 0.59 Forecast Low Pr 0.41 Recent Severe Low Pr 0.41
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 58% Downside 42%
One Year Appreciation Potential 4% Avg. yield 4%
Avg. Total Annual Potential Return (over next 5 years) 8%

CPE/SPE 1.12 P/NTA 0.65 NTA 0.75 SPE 5.60 Rational Pr 0.43



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

Fraser & Neave Holdings Berhad

Date announced 11-Aug-10
Quarter 30/09/2010 Qtr 4 FYE 30/09/2010

STOCK  F&N  C0DE  3689 

Price $ 15.66 Curr. ttm-PE 17.86 Curr. DY 2.91%
LFY Div 45.50 DPO ratio 55%
ROE 17.4% PBT Margin 10.3% PAT Margin 46.7%

Rec. qRev 990251 q-q % chg 11% y-y% chq 9%
Rec qPbt 102105 q-q % chg 13% y-y% chq 51%
Rec. qEps 22.29 q-q % chg 13% y-y% chq 30%
ttm-Eps 87.69 q-q % chg 6% y-y% chq 39%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 15.00 Avg. L PE 13.00
Forecast High Pr 16.79 Forecast Low Pr 10.34 Recent Severe Low Pr 10.34
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 17% Downside 83%
One Year Appreciation Potential 1% Avg. yield 4%
Avg. Total Annual Potential Return (over next 5 years) 5%

CPE/SPE 1.28 P/NTA 3.11 NTA 5.03 SPE 14.00 Rational Pr 12.28



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

Genting Berhad

Date announced 26/08/2010
Quarter 30/06/2010 Qtr 2
FYE 31/12/2010

STOCK GENTING
C0DE  3182 

Price $ 10.16 Curr. ttm-PE 23.64 Curr. DY 0.71%
LFY Div 7.20 DPO ratio 25%
ROE 11.5% PBT Margin 39.0% PAT Margin 18.1%

Rec. qRev 4085070 q-q % chg 31% y-y% chq 94%
Rec qPbt 1593130 q-q % chg 696% y-y% chq 179%
Rec. qEps 20.00 q-q % chg 218% y-y% chq 245%
ttm-Eps 42.98 q-q % chg 49% y-y% chq 496%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 17.00 Avg. L PE 15.00
Forecast High Pr 9.33 Forecast Low Pr 6.89 Recent Severe Low Pr 6.89
Current price is at Upper 1/3 of valuation zone.

RISK: Upside -34% Downside 134%
One Year Appreciation Potential -2% Avg. yield 1%
Avg. Total Annual Potential Return (over next 5 years) 0%

CPE/SPE 1.48 P/NTA 2.71 NTA 3.75 SPE 16.00 Rational Pr 6.88


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

Genting Malaysia Berhad (GENM)

Date announced 26/08/2010
Quarter 30/06/2010 Qtr 2
FYE 31/12/2010

STOCK GENM (Resorts)
C0DE  4715 

Price $ 3.5 Curr. ttm-PE 15.40 Curr. DY 2.09%
LFY Div 7.30 DPO ratio 31%
ROE 12.8% PBT Margin 33.8% PAT Margin 24.9%

Rec. qRev 1226492 q-q % chg -9% y-y% chq 2%
Rec qPbt 414130 q-q % chg 4% y-y% chq -6%
Rec. qEps 5.36 q-q % chg 12% y-y% chq -7%
ttm-Eps 22.73 q-q % chg -2% y-y% chq 132%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 13.00 Avg. L PE 11.00
Forecast High Pr 3.77 Forecast Low Pr 2.49 Recent Severe Low Pr 2.49
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 21% Downside 79%
One Year Appreciation Potential 2% Avg. yield 3%
Avg. Total Annual Potential Return (over next 5 years) 4%

CPE/SPE 1.28 P/NTA 1.98 NTA 1.77 SPE 12.00 Rational Pr 2.73


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

Maybulk

Date announced 24/08/2010
Quarter 30/06/2010 Qtr 2
FYE 31/12/2010

STOCK Maybulk
C0DE  5077 

Price $ 2.95 Curr. ttm-PE 12.24 Curr. DY 5.08%
LFY Div 15.00 DPO ratio 62%
ROE 14.7% PBT Margin 34.7% PAT Margin 32.9%

Rec. qRev 96067 q-q % chg -16% y-y% chq 36%
Rec qPbt 33369 q-q % chg -38% y-y% chq -55%
Rec. qEps 3.16 q-q % chg -39% y-y% chq -56%
ttm-Eps 24.10 q-q % chg -14% y-y% chq 4%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 3% Avg.H PE 11.00 Avg. L PE 10.00
Forecast High Pr 3.07 Forecast Low Pr 2.13 Recent Severe Low Pr 2.13
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 13% Downside 87%
One Year Appreciation Potential 1% Avg. yield 6%
Avg. Total Annual Potential Return (over next 5 years) 7%

CPE/SPE 1.17 P/NTA 1.80 NTA 1.64 SPE 10.50 Rational Pr 2.53


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

Petronas Gas

Date announced 27/08/2010
Quarter 30/06/2010 Qtr 1
FYE 31/03/2011

STOCK  PETGAS 
C0DE  6033 

Price $ 11 Curr. PE (ttm-Eps) 20.63 Curr. DY 4.55%
LFY Div 50.00 DPO ratio 105%
ROE 12.6% PBT Margin 58.8% PAT Margin 43.9%

Rec. qRev 872645 q-q % chg 9% y-y% chq 11%
Rec qPbt 513213 q-q % chg 85% y-y% chq 45%
Rec. qEps 19.35 q-q % chg 90% y-y% chq 42%
ttm-Eps 53.31 q-q % chg 12% y-y% chq 17%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 20.00 Avg. L PE 18.00
Forecast High Pr 13.61 Forecast Low Pr 9.60 Recent Severe Low Pr 9.60
Current price is at Middle 1/3 of valuation zone.

RISK: Upside 65% Downside 35%
One Year Appreciation Potential 5% Avg. yield 7%
Avg. Total Annual Potential Return (over next 5 years) 11%

CPE/SPE 1.09 P/NTA 2.59 NTA 4.24 SPE 19.00 Rational Pr 10.13


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

Tenaga

Date announced 28/10/2010
Quarter 31/08/2010 Qtr 4
FYE 31/08/2010

STOCK Tenaga
C0DE  5347 

Price $ 8.51 Curr. PE (ttm-Eps) 11.53 Curr. DY 3.06%
LFY Div 26.00 DPO ratio 35%
ROE 11.2% PBT Margin 6.4% PAT Margin 4.9%

Rec. qRev 7869400 q-q % chg 2% y-y% chq 5%
Rec qPbt 499900 q-q % chg -61% y-y% chq 92%
Rec. qEps 8.94 q-q % chg -65% y-y% chq 136%
ttm-Eps 73.78 q-q % chg 8% y-y% chq 249%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 3% Avg.H PE 12.00 Avg. L PE 11.00
Forecast High Pr 10.26 Forecast Low Pr 7.73 Recent Severe Low Pr 7.73
Current price is at Lower 1/3 of valuation zone.

RISK: Upside 69% Downside 31%
One Year Appreciation Potential 4% Avg. yield 4%
Avg. Total Annual Potential Return (over next 5 years) 8%

CPE/SPE 1.00 P/NTA 1.29 NTA 6.61 SPE 11.50 Rational Pr 8.48


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

KAF

Date announced 28/10/2010
Quarter 31/08/2010 Qtr 1
FYE 31/05/2011

STOCK KAF
C0DE  5096 

Price $ 1.53 Curr. PE (ttm-Eps) 8.47 Curr. DY 4.90%
LFY Div 7.50 DPO ratio 43%
ROE 9.6% PBT Margin 96.8% PAT Margin 71.8%

Rec. qRev 10406 q-q % chg 21% y-y% chq 3%
Rec qPbt 10077 q-q % chg 83% y-y% chq 22%
Rec. qEps 6.23 q-q % chg 56% y-y% chq 14%
ttm-Eps 18.06 q-q % chg 4% y-y% chq 158%

Using VERY CONSERVATIVE ESTIMATES:
EPS GR 5% Avg.H PE 7.00 Avg. L PE 5.00
Forecast High Pr 1.61 Forecast Low Pr 1.19 Recent Severe Low Pr 1.19
Current price is at Upper 1/3 of valuation zone.

RISK: Upside 20% Downside 80%
One Year Appreciation Potential 1% Avg. yield 7%
Avg. Total Annual Potential Return (over next 5 years) 8%

CPE/SPE 1.41 P/NTA 0.81 NTA 1.89 SPE 6.00 Rational Pr 1.08



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