A Brief Look at Hing Yiap Group Bhd. & the take-over offer by Everest Hectare

Hing Yiap Group Berhad

Business Description:
Hing Yiap Group Berhad (Hing Yiap) is a Malaysia-based company engaged in property and investment holding, textile knitting and the manufacture of garments. The Company operates in three segments:

1. manufacturing, which includes textile knitting and the manufacture of garments; 
2. trading, which includes wholesaling, retailing and distribution of ready-made sports and casual wear, women intimate apparel and related accessories, and 
3. food and beverage, which includes the rights to operate gourmet chocolate cafe and retail outlets known as Theobroma Chocolate Lounge. 

It has nine subsidiaries, including Antioni Sdn. Bhd., which is engaged in retailing and distribution of the Antioni brand of ready-made sports and casual wear and related accessories; Hing Yiap Trading Sdn. Bhd., which is engaged in wholesaling of ready-made garments and fabrics, and Bumcity Sdn. Bhd., which is engaged as operator of specialty stores known as Bumcity, among others.

Current Price (7/1/2011): 1.74
2010 Sales 134,827,402
Employees: 1,675
Market Cap: 72,709,380
Shares Outstanding: 41,787,000
Closely Held Shares: 39,240,280

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
24-Nov-10		30-Jun-11		1	30-Sep-10		45,507		8,541		20.44		Amended
26-Aug-10		30-Jun-10		4	30-Jun-10		25,140		574		1.37		-
27-May-10		30-Jun-10		3	31-Mar-10		34,126		2,486		5.95		-
27-Aug-09		30-Jun-09		4	30-Jun-09		23,790		199		0.48		-

Year    DPS    EPS
2005    1.1      -4.1
2006    2.2       3.4
2007    3.7     10.8
2008    7.5     18.8
2009    8.1     22.4
1Q10   0.0     20.44   NAV 2.3500
2010    7.5E   29.3P  (SPG)

Historical 
5 Yr
PE range 4.8 - 8.4
DY range 10.3% - 5.5%

Estimated EPS for 2010 (SPG)  = 29.3 sen
At price of 1.74, its forward PE = 1.74 / 0.293 = 5.9 x

Un-audited financial results for the financial period ended 30 September 2010.  


Balance Sheet on 30.9.2010

Non-Current Assets 32.708 m
PPE 21.070m
Intangible assets 7.393m
Deferred tax assets 2.177m
Held-to-maturity investment 1.004m
Available-for-sale investment 1.064m

Current Assets 112.136m

Inventories 69.544m

Receivables 34.258m

Cash & bank balances 8.334m

Total Asset 144.844m

Shareholders' Equity  98.075m
Share capital 41.787m
Reserves 56.288m

Non-Current Liabilities 0.338m

Current Liabilities  46.631m
Payables 41.421m
Hire purchase payables 0.636m
Short term borrowings 4.374m

Total Liabilities 46.769m

Total Equity and Liabilities 144.844m

Net assets per share 2.35

Income Statement 1Q ending 30.9.2010

Revenue 45.507m
Profit from operations 11.564m
PBT 11.509m
PAT 8.541m
EPS 20.44 sen

Weighted average no. of ordinary shares 41.787m


Cash flow statement for period ended 30.9.2010


PBT 11.509m
Operating profit before WCC  12.276m
Cash from operations (4.868m)
Net CFO  (6.037m)

CFI (1.426m)

CFF (0.260m)


17.1.2011
HING YIAP GROUP BERHAD ["COMPANY"]
RECEIPT OF NOTICE OF UNCONDITIONAL TAKE-OVER OFFER FROM RHB INVESTMENT BANK BERHAD ON BEHALF OF EVEREST HECTARE SDN BHD ["EVEREST" OR OFFEROR"]


The Board of Directors of the Company ["Board"] wishes to announce the following:

1. On 17 January 2011, Everest Hectare Sdn Bhd had acquired an aggregate of 20,900,000 ordinary shares of RM1.00 each in the Company representing 50.02% of the issued and paid-up share capital of the Company, for a cash consideration of RM1.50 per share via an unconditional share sale agreement entered into with Chi Kuei Yung Sdn Bhd, Chi Oi Meng, Khoo Henn Kuan and Khoo Henn Kiew.

2. The Company has today received a notice of unconditional take-over offer dated 17 January 2011 ["Notice"] from RHB Investment Bank Berhad on behalf of Everest Hectare Sdn Bhd to acquire all the remaining ordinary shares of RM1.00 each in the Company not already owned by Everest ("Offer Shares") for a cash consideration of RM1.50 for each Offer Share ("Offer").

The Board of Directors of the Company is not seeking any alternative person to make a take-over offer for the Company's shares.



Notice of Unconditional Take-Over Offer of Hing Yiap
Main points:

It is the intention of the Offeror to maintain the listing status of Hing Yiap.

The Offeror does not intend to invoke Section 222 of the CMSA to compulsorily acquire any outstanding Offer Shares for which valid acceptances hve not been received.

Information on the Offeror

Everest Hectare was incorporated in Malaysia under the Companies Act, 1965 as a private limited company on 2 July 2010.

The present directors and shareholders of Everest Hectare are Ng Chin Huat and Yap Su P'ing who each holds 50% equity interest in Everest Hectare.

Ng Chin Huat is currently the Managing Director and the major shareholder of Asia Brands Corporation Berhad, an investment holding company in which its subsidiaries are primarily involved in marketing, trading and retailing of lingerie, ladies' casual wear, children's wear, care and related products.  Some of the brands owned and currently carried by them include Anakku, Audrey, Disney and Mickey Mouse & Friends.

A Brief Look at QL Resources Bhd.

QL Resources Bhd

Business Description:
QL Resources Berhad is a Malaysia-based company engaged in investment holding and provision of management services. The Company operates in three segments:

1. marine products manufacturing segment, which is engaged in deep sea fishing, manufacture and sale of fishmeal, surimi and surimi-based products; 
2. palm oil activities segment, which is engaged in crude palm oil milling and oil palm cultivations, and 
3. integrated livestock farming segment, which is engaged in the distribution of animal feed raw materials, food related products and livestock farming. 

Its subsidiaries include QL Feedingstuffs Sdn. Bhd, QL Agrofood Sdn. Bhd., QL Agrobio Sdn. Bhd., QL Feedmills Sdn. Bhd., QL Poultry Farms Sdn. Bhd., QL Realty Sdn. Bhd., Pacific Vet Group (M) Sdn. Bhd. and Maxincome Resources Sdn. Bhd.

Current Price (7/1//2011): 5.84
2010 Sales 1,476,396,000
Employees: 3,557
Market Cap: 2,307,804,480
Shares Outstanding: 395,172,000
Closely Held Shares: 243,318,301

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
22-Nov-10		31-Mar-11		2	30-Sep-10		438,725		36,405		8.43		-
23-Aug-10		31-Mar-11		1	30-Jun-10		384,514		28,207		6.86		-
24-May-10		31-Mar-10		4	31-Mar-10		413,024		27,695		6.45#		-
22-Feb-10		31-Mar-10		3	31-Dec-09		370,133		33,674		7.80#		-

# adjusted for 2010 1/5 Bonus

Estimated EPS for 2011 = 2*15.28 = 30.56 sen
At price of 5.84, it is trading at forward PE = 5.84 / 0.3058 = 19.1 x

Historical
5 Yr
PE range 9.8 - 14.6
DY range 2.5% - 1.7%

10 Yr
PE range 9.2 - 13.8
DY range 2.6% - 1.7%

Year    DPS    EPS
2000    0.0     1.1
2001    1.0     4.6
2002    1.4     5.0
2003    1.4     6.0
2004    1.4     7.5
2005    2.3   10.0
2006    3.6   12.2
2007    4.1   16.0
2008    3.6   20.4
2009    5.8   22.6
1H10   0.0   15.28   NTA  1.400

Capital Changes

2000    1.4/10 Rights @ RM 1.20

2001   1/2 Bonus

2004   1/4 Bonus, 1 to 2 Share Split

2005   1/3 Bonus

2008   1/2 Bonus

2010   1/5 Bonus

A Brief Look at POS MALAYSIA BHD.

POS Malaysia BHD

Business Description:
Pos Malaysia Berhad (Pos Malaysia) is a Malaysia-based company engaged in the provision of postal and its related services, which include receiving and dispatching of postal articles, postal financials, dealing in philatelic products and sale of postage stamps. The Company operates in three segments:

1. Mail, which includes the provision of basic mail services for corporate and individual customers and customized solutions; 
2. Courier and logistic, which includes logistics and courier solutions by sea, air and land to both national and international destinations, and 
3. Retail, which includes over-the-counter services for payment of bills and certain financial products and services. 

Pos Malaysia operates its courier business through its two business units, namely PosLaju and PSH Express Sdn Bhd. The Company is also engaged in the business of Internet security products, solutions and services and rental income from investment properties.

Current Price (7/1/2011): 3.43
2009 Sales 902,561,000
Employees: 15,780
Market Cap: 1,841,999,180
Shares Outstanding: 537,026,000
Closely Held Shares: 269,900,099

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
29-Nov-10		31-Dec-10		3	30-Sep-10		227,441		31,301		5.83		-
24-Aug-10		31-Dec-10		2	30-Jun-10		229,122		28,101		5.23		-
31-May-10		31-Dec-10		1	31-Mar-10		231,079		1,625		0.30		-
25-Feb-10		31-Dec-09		4	31-Dec-09		224,581		16,499		2.78		-

Estimated EPS for 2011 =  2*(5.83 + 5.23) = 22.12 sen
At the price of 3.43, it is trading at a forward PE of = 3.43/0.2212 = 15.5 x

Historical 
5 Yr
PE range 12.8 - 18.9
DY range 4.6% - 3.0%

10 Yr
PE range 14.8 - 23.7
DY range 3.1% - 2.0%

Year      DPS     EPS
2003      1.9       7.8
2004      2.4       8.9
2005      3.6     21.3
2006      7.2     16.5
2007    10.8     20.0
2008    11.1     17.2
2009      7.5     13.3
9M10    0.0      11.36      NTA 1.5300

Capital Changes

2007   Capital Distribution of RM 1.50 per share

A Brief Look at Guan Chong

Guan Chong Berhad Company

Business Description:
Guan Chong Berhad is a Malaysia-based company engaged in investment holding and provision of management services. Through its subsidiaries, the Company is engaged in the manufacturing and trading of cocoa-derived food ingredients and cocoa related products, which is predominantly carried out in Malaysia. As of December 31, 2009, the Company's direct subsidiaries were Guan Chong Cocoa Manufacturer Sdn. Bhd., Guan Chong Trading Sdn. Bhd., Enrich Mix Sdn. Bhd., GCB Foods Sdn. Bhd., GCB Marketing Sdn. Bhd., GCB Specialty Chocolates Sdn. Bhd., GCB America, Inc. and GCB Oversea Holdings Corporations.

Current Price (7/1/2011): 2.49
2009 Sales 642,649,516
Employees: 180
Market Cap: 597,600,000
Shares Outstanding: 240,000,000
Closely Held Shares: 167,840,000

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
18-Nov-10		31-Dec-10		3	30-Sep-10		296,563		17,788		7.44		-
16-Nov-10		31-Dec-10		3	30-Sep-10		296,563		17,788		7.44		-
09-Aug-10		31-Dec-10		2	30-Jun-10		270,781		19,502		8.13		-
27-May-10		31-Dec-10		1	31-Mar-10		268,952		19,836		8.22		-

Estimated EPS for 2011 = 4*7.44 = 29.76 sen
At price of 2.49, it is trading at forward 2011 PE = 2.49 / 0.2976 = 8.4 x
Dividend to date 4.63 sen
At price of 2.49, the DY to date = 0.0463/2.49 = 1.86%

Year      DPS      EPS
2005      3.3        7.1
2006      4.0        7.3
2007      3.3        5.9
2008      1.0        2.9
2009      2.8        5.9
9M10    4.63    23.80     NTA   0.6060

Historical 
5 Yr
PE range 8.2 - 15.1
DY range 6.0% - 3.4%

10 Yr
PE range 8.2 - 14.2
DY range 6% - 3.6%

Capital changes

2004    1 to 4 Share Split, 7.4/10 Rights @ RM 0.25

2010   Proposed 1/3 Bonus and 1/4 free warrants

Commentary of prospects
The Board of Directors is optimistic about the performance of GCB in the current financial year since the global economy is showing signs of improvement. We believe GCB is well-positioned for growth as many initiatives to improve our competitiveness and profitability have been systematically carried out by the management team.

Barring any unforeseen circumstances, the Board of Directors of GCB expects that the Group’s financial performance for the financial year 2010 to be satisfactory.

Understanding Intrinsic Value

Intrinsic Value versus Market Price

Buffett's core investment measure is finding the intrinsic value of a company and being certain the price he pays for the company is justified by that intrinsic value.  The definition of intrinsic value is the discounted value of the cash that can be taken out of a business during its remaining life.

The key secret there is that the way to calculate intrinsic value is not precise.  It's based on a lot of assumptions, and those assumptions can be easily adjusted based on anticipated interest rate.

Buffett never gives investors the intrinsic value he has calculated for a company, but he will give details in his annual reports relating to the facts that he and Munger used to determine the intrinsic value of a company.

Buffett believes Berkshire Hathaway's book value far understates its intrinsic value because many of the businesses Berkshire Hathaway controls are worth much more than their carrying value.

Also read:

Fair Valuation of Berkshire Hathaway

Don't be afraid of risk. Learn how to manage it.

Don't be afraid of risk. You will face some kind of risk no matter what you do with your money. Fear of risk can sometimes paralyze your investing. You end up watching your money lose value solely because you missed investment opportunities and let the money sit in a safe savings account, earning less interest than the inflation rate.

The least you need to know:

1. Get to know the types of risks you face as  a value investor, but don't be afraid of them.
2. No investor can avoid risk, but you can learn how to manage it.
3. Time can heal many investment woes, as long as you have the patience to wait out an investment storm.

A Brief Look at Multi-Purpose Holdings Bhd. (MPHB)

Multi-Purpose Holdings Berhad

Business Description:
Multi-Purpose Holdings Berhad (MPHB) is a Malaysia-based company engaged in investment holding, provision of share registration and management services. The Company, though its subsidiaries, operates in four segments:

1. financial services, which include the provision of credit and related services and underwriting of all classes of general insurance business; 
2. securities broking and dealing, which include the provision of stock broking services; 
3. property investment and leisure, which include the ownership of buildings for rental income and 
4. hotel operation, and gaming, which include the operation and management of a licensed four digit numbers forecast betting game. 

Other activities include property development and property investment, provision of computer software and other related services, and investment holding and trading. It has 21 direct subsidiaries and 37 indirect subsidiaries.

Current Price (7/1/2011): 2.35

2009 Sales 3,322,126,000
Employees: 479
Market Cap: 2,532,707,800
Shares Outstanding: 1,077,748,000
Closely Held Shares: 363,037,361

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
23-Nov-10		31-Dec-10		3	30-Sep-10		850,703		126,498		8.10		-
26-Aug-10		31-Dec-10		2	30-Jun-10		871,360		95,977		5.70		-
21-May-10		31-Dec-10		1	31-Mar-10		992,620		105,589		6.30		-
25-Feb-10		31-Dec-09		4	31-Dec-09		874,959		148,228		10.10		-

Estimated EPS for 2011 = 20.1*4/3 = 26.8 sen
At price of 2.35, it is trading at prospective 2011 PE = 2.35 / 0.268 = 8.8 x

Historical
5 Yr
PE range 5.7 - 11.8
DY range 4.5% - 2.2%

10 Yr
PE range 23.7 - 46.7
DY range 2.3% - 1.1%

PRICE    DPS     EPS
2004        0.0      1.9
2005        0.0      7.5
2006        0.0     15.7
2007        3.3     13.9
2008        7.6     12.8
2009        6.4     30.4
9M10       4.0    20.10     NTA 2.1400

Capital changes

2003   1/10 Warrant

2009   1/10 Treasury Share

etkl

A Winning Stock Strategy: Sell on the Rumor

MARKETS & FINANCE
January 13, 2011, 5:00PM EST

A Winning Stock Strategy: Sell on the Rumor
Companies named as acquisition targets typically deliver disappointing returns for investors

By Tara Lachapelle

The surest way to profit from takeover speculation in the stock market is to bet it's wrong.

Bloomberg examined 1,875 rumors about pending buyouts of 717 companies from 2005 to 2010 and found a total of 104 of those companies were acquired. While stocks that were the subject of takeover speculation initially jumped, they tended to decline over ensuing weeks. An investor who sold such stocks short—selling borrowed shares in hopes of buying them back at a lower price later—would have earned average profits of 1.2 percent over the next month, an annualized gain of 14 percent.

It's a strategy John S. Orrico has used. "We see it as an opportunity to sell if we think the rumor is false or ridiculous, which in most cases" it is, says Orrico, who focuses on mergers and acquisitions at New York-based Water Island Capital, which oversees about $2.2 billion.

Opportunities to employ the strategy are increasing as the stock market climbs and merger activity picks up. The number of unconfirmed stories about possible mergers surged to 611 last year, a 71 percent increase from 2009, data compiled by Bloomberg from more than 50 news providers and brokerages show.

Stocks tracked by Bloomberg gained 2.9 percent on the day they were mentioned in a takeover story. They fell 0.2 percent, 0.6 percent, and 1.2 percent, on average, in the day, week, and month following a reported rumor. The Standard & Poor's 500-stock index rose 0.03 percent, 0.2 percent, and 0.5 percent, on average, during the same periods. That makes sense to Todd Salamone, an equity analyst at Schaeffer's Investment Research in Cincinnati, who says that by the time market chatter is publicly reported, it's been passed around trading desks via instant messages and e-mail and is usually old news. While "the rumors tend to create a pop," he says, "it's a very short-term event."

Akamai Technologies (AKAM) has been the subject of more buyout rumors than any other U.S. company since the beginning of 2005, Bloomberg research found. The provider of computing services that speed delivery of Internet content remains independent after being named 21 times. The most recent instance was Dec. 16. After rallying 1.7 percent when the speculation was reported, shares of the Cambridge (Mass.) company lost 3.8 percent in the next week, while the S&P 500 gained 1.1 percent. Spokesmen for all the companies in this story mentioned as takeover targets either declined to comment or did not respond to requests for comment.

NetList (NLST), a computer memory systems maker, rose 1.9 percent, to $5.52, when rumors were reported on Dec. 28, 2009 that Microsoft (MSFT) might buy it. The shares declined 2.2 percent a day later, 9.4 percent a week later, and 31 percent in 30 days. "NetList makes memory modules that go into servers, so Microsoft is not the type of company that would want to go and buy them," says Richard Kugele, an equity analyst at Needham & Co. "There's a difference between hardware companies and software companies, and it's just completely outside the bounds of what they do."

Even when they coincide with other bullish signals, rumors usually don't prove accurate. The volume of call options in Jefferies Group (JEF)—giving the holder the right to purchase the stock at a certain price—jumped amid unconfirmed takeover reports on Feb. 27, 2008. A deal never occurred, and Jefferies stock plummeted 3.4 percent the next day and 10 percent the next week. It had fallen a total of 20 percent 30 days later.


Some stocks are acquired after years of speculation. OSI Pharmaceuticals (OSIP) was the subject of takeover talk nine times from 2005 to 2009, and the shares slipped on eight of those occasions. The stock jumped 52 percent on Mar. 1, 2010, the day Tokyo-based Astellas Pharma said it would begin a hostile offer. There's no record of any takeover rumors in the days leading up to the announcement. Astellas bought OSI on June 9.

Many rumors are losers from the start. MetroPCS Communications (PCS), the wireless network, lost 1 percent on Sept. 21, 2009, after a news service reported chatter about a potential bid. The stock fell 34 percent over the next month and 49 percent for all of 2009, when the shares posted the fourth-biggest retreat in the S&P 500.

"The question that remains unanswered is: Where does the takeover story originate?" says Michael McCarty, managing partner at Differential Research in Austin, Tex. "It's most likely from someone who's interested in selling." Deliberately spreading false rumors may violate securities laws, especially if the intent is to sway prices, says James D. Cox, a professor at Duke University School of Law. Proving a market manipulation case is difficult, according to Peter J. Henning, a law professor at Wayne State University and a former federal prosecutor. "You might be able to see a unicorn before you see a market manipulation case established based on rumors," he says, adding that it is difficult to prove that someone started a rumor and then traded on it. "You get lots of investigations announced and very few cases brought," he says.

Overall, Bloomberg found that companies mentioned in takeover rumors were no more likely to be acquired than any other company. The safest strategy might be to avoid investing on gossip entirely. "Don't chase rumor stocks," says Michael Vogelzang, chief investment officer at Boston Advisors. "You never know where you are in the chain, whether you're the first to hear it or the last. You're just playing with fire."

The bottom line: Stocks that are the subject of takeover rumors jump, then fall, making short sales a winning strategy. Ignoring rumors works, too.

Lachapelle is a reporter for Bloomberg News.

http://www.businessweek.com/magazine/content/11_04/b4212036681349.htm?link_position=link1

Global Stock Markets Increase By 26% In 2010

Global Stock Markets Increase By 26% In 2010
By Mark Perry on January 15, 2011

The World Federation of Exchanges reported this week that the total value of equities trading on the world’s major stock exchanges reached $54.9 trillion in December, the highest world stock market capitalization since May 2008 (see chart above). During 2010 the world stock market value increased by 26%, or by $11.3 trillion over the 12-month period, from $43.6 trillion in December 2009. From the February 2009 cyclical low of $26.6 trillion, world equity values have more than doubled, and have gained back about $28.3 trillion of the $36.4 trillion lost during 2008 because of the global financial crisis.

Further evidence of a global stock market recovery is shown in the chart below of the daily MSCI World Stock Market Index, which closed yesterday at 1308, the highest closing value since early September 2008.

http://www.dailymarkets.com/economy/2011/01/15/global-stock-markets-increase-by-26-in-2010/

A Brief Look at Boustead Holdings Bhd.

Boustead Holdings Berhad

Business Description:
Boustead Holdings Berhad is engaged in investment holding and oil palm cultivation. It operates in seven segments:

1. Plantation, which is involved in the planting and processing of oil palm, and forestry and oil bulking installations; 
2. Heavy Industries, which is involved in shipbuilding, fabrication of offshore structures, and repair and maintenance of vessels and defense related products; 
3. Property Development; 
4. Property Investment; 
5. Finance and Investment, which is involved in the provision of commercial, Islamic and investment banking services, money broking and others; 
6. Trading, which is involved in warehousing and distribution of fast moving consumer products, and 
7. Manufacturing and Services, which is involved in manufacturing cellulose fiber cement boards and paints, and offering travel and tour related products. 

In 2009, the Company produced 1,106,000 metric tonne (MT) of fresh fruit bunches (FFB) and sold its entire stake in Associates Boustead Bulking Sdn Bhd and Riche Monde Sdn Bhd.

Current Price (1/7/2011): 5.54
2009 Sales 5,392,000,000
Employees: 8,022
Market Cap: 5,208,497,480
Shares Outstanding: 940,162,000
Closely Held Shares: 568,935,789

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
29-Nov-10		31-Dec-10		3	30-Sep-10		1,513,900		124,600		9.77		-
23-Aug-10		31-Dec-10		2	30-Jun-10		1,425,000		161,400		15.68		-
31-May-10		31-Dec-10		1	31-Mar-10		1,553,100		104,200		9.75		-
25-Feb-10		31-Dec-09		4	31-Dec-09		1,481,066		179,322		16.20		-

Estimated EPS for 2011 =  35.21*4/3  =  46.9 sen
At price of 5.54, it is trading at prospective 2011 PE = 5.54 / 0.469 =  11.8 x
Dividend given to date = 27 sen
DY to date = 0.27 / 5.54 = 4.9%

Historical
5 Yr
PE range 7.7 - 13.5
DY range 7.9% - 4.0%

10 Yr
PE range 7.4 - 11.9
DY range 6.3% - 3.6%


Year      DPS    EPS
2003      4.2      18.7
2004      9.0      24.7
2005    10.5      16.2
2006    10.5        8.8
2007    12.3      55.0
2008    20.2      66.9
2009    20.4     36.4
9M10   27.0     35.21    NTA   4.35

Capital changes

2003   1/2 Rights @ RM 1.60 followed by 1/3 Bonus

2009   2/5 Rights @ RM 2.80

Also read;

Boustead (Discussion in Investlah)

A Brief Look at Integrax

Integrax Berhad Company

Business Description:
Integrax Berhad is a Malaysia-based investment holding company. The Company, through its subsidiaries, operates in five segments:

1. port operations, 
2. marine services, 
3. investment holding, 
4. industrial property and 
5. mining. 

It owns and operates two port facilities, namely

1. Lumut Maritime Terminal, which is a port facility for dry and liquid bulk, breakbulk and containers, and 
2. Lekir Bulk Terminal, which is a port facility for dry and liquid bulk comprising Lumut Port. 

In addition, the Company also involved in the provision of luggage services, sale of industrial property and extraction and smelting of nickel ore. Its direct subsidiaries are Pelabuhan Lumut Sdn. Bhd., Integrax Resources Pte Ltd, Segmen Kembara Sdn Bhd, Trek Kembara Sdn Bhd, LBT Two Sdn. Bhd., P.T. Integra Jasa Energi, P.T. Integrax Indonesia, Integrax Philippines, Inc and P.T. Indoexchange Tbk.

Current Price (7/1/2011): 1.72
2009 Sales 91,055,758
Employees: 14
Market Cap: 517,386,320
Shares Outstanding: 300,806,000
Closely Held Shares: 156,655,772

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
22-Nov-10		31-Dec-10		3	30-Sep-10		24,918		12,526		3.68		-
26-Aug-10		31-Dec-10		2	30-Jun-10		23,483		15,198		4.56		-
04-Jun-10		31-Dec-10		1	31-Mar-10		23,023		10,372		2.96		-
27-May-10		31-Dec-10		1	31-Mar-10		23,023		10,372		2.96		-

Estimated EPS for 2011 = (3.68+4.56+2.96)*4/3 = 11.2*4/3 = 14.93 sen
At price of 1.72, it is trading at a prospective 2011 PE = 1.72 / 0.1493 = 11.5 x

Historical
5 Yr
PE range 5.3 - 9.4
DY range 2.6% - 1.2%

10 Yr
PE range 7.4 - 14.5
DY range 1.3% - 0.6%

Year     DPS    EPS
2004     0.0      8.7
2005     0.0      9.2
2006     2.0    11.9
2007     1.7    12.2
2008     2.0    -1.0
2009     0.0    12.3
9M10    0.0    11.20    NTA  1.79

Capital changes

Nil

A Brief Look at Kossan

Kossan Rubber Industries Berhad

Business Description:
Kossan Rubber Industries Bhd. is a Malaysia-based company engaged in investment holding and manufacturing and sales of rubber products. The Company offers molded rubber products, extruded rubber products, engineered rubber products, colored ethylene propylene diene Monomer (EPDM), rollers, ethylene vinyl acetate (EVA), polyurethane (PU) products and gloves. It has 49 production lines with an annual production capacity of 3.9 billion pieces of gloves. Its ultimate holding company is Kossan Holdings (M) Sdn. Bhd. As of December 31, 2009, the Company's direct subsidiaries were Kossan Latex Industries (M) Sdn. Bhd., Perusahaan Getah Asas Sdn. Bhd., Hibon Corporation Sdn. Bhd., Doshin Rubber Products (M) Sdn. Bhd., Ideal Quality Sdn. Bhd., Kossan Engineering (M) Sdn. Bhd. and Top Calibre Sdn. Bhd.

Current Price (7/1/2011): 3.35
2009 Sales 842,135,011
Employees: 665
Market Cap: 1,071,108,900
Shares Outstanding: 319,734,000
Closely Held Shares: 183,367,192

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
18-Nov-10		31-Dec-10		3	30-Sep-10		275,635		28,531		8.93		-
26-Aug-10		31-Dec-10		2	30-Jun-10		256,495		30,123		9.43#		-
20-May-10		31-Dec-10		1	31-Mar-10		262,769		30,379		9.51#		-
24-Nov-09		31-Dec-09		3	30-Sep-09		210,088		15,286		4.78#		-

# adjusted for 2010  1/1 Bonus.


Estimated EPS for 2011  = 4*8.93 = 35.72 sen
At price of 3.35, it is trading at prospective 2011 PE = 3.35 / 0.3572 = 9.4x

Historical
5 Yr
PE range    7.6 - 14.4
DY range   2.2% -  1.1%

10 Yr

PE range    8.0 - 14.8

DY range   2.3% - 1.2%

Year    DPS   EPS

2000    0.6     0.2

2001    0.3     1.0

2002    0.3     4.7

2003    1.2     5.2

2004    0.8     6.9

2005    1.5     9.1

2006    2.3   12.4

2007    2.9   16.7

2008    3.5   19.2

2009    2.6   20.4

9M10   9.0   27.82    NTA  1.31

Capital Changes

2003   1/5 Bonus

2005   1 to 2 Share Split, 1/5 Bonus

2010   1/1 Bonus

A Brief Look at Supermax

Supermax Corporation Berhad

Business Description:
Supermax Corporation Berhad is a Malaysia-based investment holding company. The Company operates in three segments:

1. manufacturing of gloves; 
2. trading of gloves, and 
3. investment holding. 

It has nine factories that manufacture various types of latex gloves, which are exported to over 146 countries, including the United States, European Union, the Middle East, Asia and South Pacific countries. As of December 31, 2009, the Company's subsidiaries were Supermax Latex Products Sdn. Bhd., Supermax Glove Manufacturing Sdn. Bhd., Maxter Glove Manufacturing Sdn. Bhd., Supermax Incorporated, Spenser Glove Manufacturing Berhad, Supermax International Sdn. Bhd., Supermax Energy Sdn. Bhd., Seal Polymer Latex Products Sdn. Bhd. and SPI Gloves Sdn. Bhd.

Current Price (7/1/2011): 4.46
2009 Sales 803,632,619
Employees: 1,033
Market Cap: 1,514,004,980
Shares Outstanding: 339,463,000
Closely Held Shares: 253,143,204

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
08-Nov-10		31-Dec-10		3	30-Sep-10		235,104		38,117		11.24		-
26-Aug-10		31-Dec-10		2	30-Jun-10		234,825		45,856		13.51		-
19-Apr-10		31-Dec-10		1	31-Mar-10		220,652		51,473		15.18#		-
19-Feb-10		31-Dec-09		4	31-Dec-09		196,417		44,112		13.01#		-

# adjusted for 2010  1/4 Bonus


Estimated EPS for 2011 = 4*11.24 = 44.96 sen
At price of 4.46, it is trading at prospective 2011 PE  = 4.46 / 0.4496 = 9.92x

Historical
5 Yr
PE range   5.6 - 11.2
DY range   3.2% - 1.3%

10 Yr
PE range    6.5 - 14.5
DY range   2.9% - 1.2%

Year     DPS     EPS
2000     0.0       3.7
2001     0.7       2.1
2002     0,7       4.3
2003     0.9       7.0
2004     1.4     11.9
2005     2.6     12.9
2006     1.4     14.0
2007     3.8     16.9
2008     2.6     19.2
2009     3.4     37.8
9M10    0.0    39.91     NTA 2.0300

Capital changes

2000  3/5 Rights @ RM 1.10

2003  1/3 Bonus, 2/3 Rights @ RM 1.00

2006   1/4 Bonus

2007   1 to 2 Share Split

2010   1/4 Bonus

A Brief Look at Top Glove Corporation Bhd.

Top Glove Corporation Berhad

Business Description:
Top Glove Corporation Berhad is a Malaysia-based investment holding company providing management services. The Company's subsidiaries are engaged in the manufacture and trading of gloves; producing and selling latex concentrate, and property investment and trading of machinery. It operates in Malaysia, Thailand and People's Republic of China. The Company's subsidiaries include Top Glove Sdn. Bhd., TG Medical Sdn. Bhd., Great Glove Sdn. Bhd., Top Glove Engineering Sdn. Bhd. and TG Medical (U.S.A.) Inc. On March 25, 2010, the Company acquired Top Quality Glove Sdn. Bhd.

Current Price (7/1/2011): 5.42
2010 Sales 2,079,432,000
Employees: 11,500
Market Cap: 3,351,370,280
Shares Outstanding: 618,334,000
Closely Held Shares: 267,967,762

Recent Financial Results

Announcement Date		Financial Yr. End		Qtr	Period End		Revenue RM '000		Profit/Lost RM'000		EPS		Amended
15-Dec-10		31-Aug-11		1	30-Nov-10		491,509		36,333		5.83		-
06-Oct-10		31-Aug-10		4	31-Aug-10		541,386		46,235		7.30		-
17-Jun-10		31-Aug-10		3	31-May-10		555,851		65,380		10.66#		-
17-Mar-10		31-Aug-10		2	28-Feb-10		509,895		72,258		11.77#		-

# adjusted for 2010 1/1 Bonus


Estimated EPS for 2011 = 4*5.83 = 23.32 sen
At price of 5.42, it is trading at prospective PE for 2011 = 5.42 / 0.2332 = 23 x

Year     DPS     EPS
2001    0.8       3.1
2002    0.6       3.5
2003    1.8       4.9
2004    2.4       7.6
2005    2.7     11.0
2006    3.0     14.6
2007    4.6     17.3
2008    5.5     18.7
2009  11.0     28.5
2010  16.0     39.84
1Q11   0.0      5.83      NTA 1.90

Historical
5 Yr
PE range 11.8 - 23.4
DY range 3.1% - 1.5%

10 Yr
PE range 10.1 -= 19.6
DY range 3.5% - 1.7%

Capital changes

2001   5.99/10 Rights @ RM 1.16

2002   3/10 Bonus

2003   2/5 Bonus

2005   1 to 2 Share Split

2007   2/5 Bonus

2010   1/1 Bonus