Dsonic managed to break the Rm 1.65 level but closed only one sen above that level, not that convincing. One more green candlestick would seal Dsonic last chance of turning back. Sub-wave iii has to be more dynamic than sub-wave i. At least its volume must exceed that of i.
Insas Bhd (Rm 0.83)
Insas is forming the wave c of viii.
Since Inari has reported a much better quarterly result, its higher contribution should pave the way for Insas to report an earning much higher than its previous quarter of 5.07 sens.
Even with its previous earning of 5.07 sens a quarter, net assets of Rm 1.91, par value of Rm 1.00 and 0.322 share of Inari (worth Rm1.30) in it, I see no logic why it is at Rm 0.83. Unless it is going to announce a horrible quarterly earning within the next few days before end of November.
The threshold for triggering a mandatory offer is 33% and not 30% that I have mentioned previously. Based on Thong Kok Khee's announcement to Bursa Malaysia on 25/11/2015 its holding is 32.73%. I don't expect much selling from him for reason of triggering a mandatory offer. If he were to continue his selling, then it must be for some other reason.
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Hi Uncle Chan,
ReplyDeleteInsas has US$79.9M and SGD$25M of substantial borrowings in foreign currencies.
As of 1Jul2015, the USD/MYR is 3.767 and SGD/MYR is 2.783
As of 30Sep2015, the USD/MYR is 4.394 and SGD/MYR is 3.086
Due to the RM plunge, Insas will record a forex loss of RM50.1M for the US$ denominated loans and another RM7.6M for the SGD$ denominated loans. All in all a RM57.7M loss from forex.
Inari share price is relatively unchanged in the opening and closing quarter, thus not giving any gains from the share price standpoint.
Insas would however record RM12M from Inari (27% of Inari PAT of RM45M) with the latter being an associate co.
Assuming the other businesses made some gains that are cancelled out by losses, Insas would record a loss of RM45M this quarter which is explained by why the insiders are selling despite Inari's share price rising 20% lately.
RGds,
James
Hi James, thank you for the information.
ReplyDelete