After forming a double-bottom in 2009, Insas has been moving in an up-trend and has completed its major waves 1-2-3-4 by August 2015. Very likely it has started its major wave 5, which may take another 12 to 15 months to complete.
Since its low of 60 sens in August 2015, Insas has completed its sub-wave i-ii and mini wave 1-2. It gained 4.5 sen (+6%) to 79 sens on Friday with high volume. Very likely this is the first candlestick for its mini wave 3.
Its latest quarter earning ending June 2015 is 5.07 sens a share with net assets of Rm1.91 a share.
In its 2014 annual report, its CEO's statement mentioned the following :
" ..... our shares in Inari Amertron including warrants is Rm529 million compared to our book value of Rm119 million (including share of associate profits and reserves), giving us an unrealised revaluation gain of Rm410 million, or Rm0.60 per share."
Inari is Insas's associate company (29.4%).
In the first 6 months of 2015, its CEO, Thong Kok Khee, through subscription of Redeemable Preference Share and through acquisition in the open market (at an average price of about 90 sens), he has increased his holding in Insas from 23.76% to 43.59%. However, since mid-September, he has slowly reduced his holding to 34.65%. He may need to further reduce his holding to below 33%, the trigger point for mandatory takeover offer, if he has no interest to take Insas into private.
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