ASB 1481 先进联营是一支 物美价廉股.

这样的数据,能不能買入自己决定吧,近2亿的繳足资本都高过市值了,其他有健康资产负债表 .

Saturday, 15 April 2017

Winds of change at Advance Synergy

BY GURMEET KAUR

image: http://www.thestar.com.my/~/media/online/2017/04/15/00/18/imager20170415t0817155527.ashx/?w=620&h=413&crop=1&hash=5802F948C4B8AFD558CBDC59026877D248ADBC91

Father and son: Ahmad controls ASB while son Anton is now a non-independent director at the company.

 

Two notable developments and the stock is up 70% since start of year

LOW-profile Advance Synergy Bhd (ASB) has been garnering investor interest since the end of February.

The stock is up close to 70% since the start of the year to close at 18.5 sen at last look.

Two notable developments are taking place in ASB, which is majority-controlled by 70-year-old Datuk Ahmad Sebi Bakar, a corporate high-flyer in the late 1980s.

Firstly, the diversified group with interests in hotels and resorts, among others, is seeing a recovery in its fortunes. It returned to the black in the financial year ended Dec 31, 2016 (FY16) with a net profit of RM4.07mil as opposed to a net loss of RM11.59mil previously.

In its fourth quarter of FY16, its revenue came in at RM90.65mil, its strongest in recent years.

The other development took place at the board level where Ahmad Sebi’s son, Anton Syazi Ahmad Sebi, was appointed as non-independent director.

Is the veteran corporate figure preparing to hand over a bigger role to his 39-year-old son in their family flagship company?

According to Bursa Malaysia filings, Anton holds 30.47 million shares of ASB via Eighth Review (M) Sdn Bhd “which were treated as his father’s interest in the ordinary shares of ASB pursuant to Section 59(11)(c) of the Companies Act 2016”.

image: http://www.thestar.com.my/business/business-news/2017/04/15/winds-of-change-at-advance-synergy/~/media/a3e18261bc99472bb5115483a3db3f56.ashx?h=388&w=300

Father and son: Ahmad  controls ASB while son Anton is now a non-independent director at the company.

A graduate from the London School of Economics, Anton is not new to the group, having served in various capacities in the group since joining ASB in 2001. He is currently general manager-corporate development of the company and chief executive of Singapore-listed Captii Ltd, in which ASB controls 58.3%.

However, his appointment to ASB’s board signals that Ahmad Sebi could be looking to pass on the reins to the next generation as part of succession planning, reckon industry observers.

Two years ago, Ahmad Sebi sold down his stake in textile manufacturer Kumpulan Powernet Bhd, sparking some talk that the corporate figure would be winding down and reorganising businesses under him.

With Anton on the board, some dealers speculate a process of unlocking value could begin for the asset-rich but undervalued company.

ASB carries a net asset value per share of 68.4 sen as compared to its share price of 18.5 sen, which is a discount of 72% to the former.

At the current price, the stock’s market capitalisation stands at RM129mil vis-a-vis its net assets of RM515mil.

Ahmad Sebi is currently the group executive chairman and ASB’s major shareholder. He owns a direct 11.57% in the company and another 13.91% indirectly, latest filings on Bursa Malaysia show.

The tycoon also has a daughter, Aryati Sasya Ahmad Sebi, on the board of ASB. She was appointed director in 2013.

The company declined to respond to queries on its plans from StarBizWeek.

ASB is a diversified group with interests in many industries, including hotels and resorts, information technology, property development, travel and tours, education and coach building and card and payment services. Its hotel and resorts division under the brand name of Holiday Villa, travel and tour business, and information and communications technology (ICT) division are the main revenue contributors to the group.

It, however, has been loss-making in the last few years.

“The company is seeing an earnings recovery and there is potential for growth. With the low ringgit environment expected to boost local tourism, the stock is proxy to a tourism play,” says a dealer.

ASB is also cash-rich. It had RM141.54mil in cash and short-term deposits as at the end of last year – higher than its RM129mil market cap.

Short-term borrowings stood at RM25.10mil, while long-term debt commitments were RM78.14mil as at that period. However, the attraction of the stock lies in its assets – land and property.

The group’s Holiday Villa Hotels and Resorts is a leading Malaysian brand name in the hospitality industry and has established itself in many locations worldwide such as the Asia Pacific, Africa, the Middle East, the United Kingdom, the People’s Republic of China and Switzerland.

In the technology space, its portfolio is led by Singapore Exchange-listed Captii, which has been showing improved profits in the last few years.

Captii made a net profit of S$6.4mil (RM20.2mil) in FY16. It has a market cap of S$19.2mil (RM60.5mil) and operates in the technology and telecommunications space in South-East Asia, South Asia, the Middle East and Africa.

Back to ASB, it has a strategic plan in place to grow its core business and explore new markets, according to its statement that accompanied its recently released fourth-quarter results. In the case of its non-core loss-making businesses, it says the focus will be on restructuring and divestment plans.

The company had divested its manufacturing unit in early 2016. .

As for prospects in 2017, the company says it is “cautiously optimistic” on the implementation of its business plan.

“Our group will continue to focus on measures to improve operational efficiencies and productivity, coupled with cost-reduction efforts.”

Elsewhere, Ahmad Sebi also controls SJ Securities Sdn Bhd through private vehicle Carta Bintang Sdn Bhd. The corporate figure, who has kept away from the public eye in recent years, once held top management posts in The New Straits Times Press (M) Bhd and Sistem Televisyen Malaysia Bhd.

He was also chairman of United Merchant Group Bhd, which was 39%-controlled by ASB from 1995 to 2002. With Anton on board as director, some reckon it could spell a new era for the asset-rich penny stock.

TAGS / KEYWORDS:advanced synergy , asb , ahmad sebi

Read more at http://www.thestar.com.my/business/business-news/2017/04/15/winds-of-change-at-advance-synergy/#jWx2eufvzkplofZW.99


感谢网友Calvin Tan,trader8899,SKLYTE之前对Asb 1481 的价值分析:

a)In the 2015 Annual Report of ASB Under Top 10 Properties 

A Freehold Industrial Land & Building Was Purchased In Section 22, Shah Alam, Selangor In Year 2003 for RM31,909,000 

The Land size is 61,492 sq meter. 

Now let's do a simple Calculation & Then Its Valuation 

Land is 61,402 sq. meter. 1 sq meter = 10.7639 sq ft 

So 61,402 x 10.7639 = 660,924 sq ft. 

According to PROPERTYGURU MY Listing. Industrial Land With Buildings are priced between RM200 psf to RM600 psf. For Section 22 Freehold Factories & Lands They are Priced around RM580 psf. 

Let's take a very conservative figure of The Very Lowest Price at Only RM200 psf 

So 660,924 x RM200 = RM132,184,800 

Now Minus Original Purchase Price of RM31,909,000 (Year Bought 2003 - 11 years ago) 

So RM132,184,800 - RM31,909,000 = A Surplus or Profit if Sold = RM100,275,000 

Now let's divide by outstanding shares of ASB - 513,720,000 shares 

So 100,275,000 divided by 513,720,000 = 19.5 Cts 


YES THIS WILL BE THE NET PROFIT IF THE SHAH ALAM SECTION 22 LAND & BUILDING IS SOLD. 

So at Current Price of 17 cts ASB IS SELLING FAR FAR BELOW NTA AND ALSO BELOW NET CASH VALUE IF JUST ONE PROPERTY IS SOLD. 

AND THERE ARE 7 MORE VERY HIGHLY VALUABLE PROPERTIES IN ASB'S TOTAL HOLDINGS. 

NOW CAN YOU SEE WHY ASB IS FAR MORE VALUABLE THAN LCTH MANY TIMES! 

Do Your Own Due Diligence. 

Get Accountants & Valuers To Double Check What I Say Whether It's True or Not 

Regards, 

Calvin Tan 

2.30a.m. 20.05.2014 Singapore Time 
b)Let's Look At Another Interesting Property By ASB 

In The Heart of Kuala Lumpur - The World Number 4 Shopping Destination according to CNN

ASB has an 18 Storey Hotel

Address is no. 69, Jalan Haji Hussein, 50300 Kuala Lumpur

It is Freehold with Land Area of 3,214 sq meter

1 sq meter is 10.7639 sq ft. So 3,214 x 10.7639 = 34,595 sq ft.

Date of Purchase or Last Value was 25/03/2005.

Purchase price was - RM29.077,000

Our Hotel Cum Restaurant in France Bought in Year 2009 for RM15 Mil Was Sold For A Huge Profit of Over RM30 Mil at A Sale Price of RM46.8 Mil

This KL Hotel Should Do Better Because:

1) KL Is In A Property Bull Run
2) Greater KL MRT Will Further Enhance Value
3) The World Famous Lonely Planet Has Included Malaysia as the Top 10 Tourism Nation
4) CNN mentioned Malaysia as World Number 4 Shopping Destination.

After MH370 bad patch is over Chinese Tourists will flock to Malaysia again.

SO WHAT IS THE CURRENT VALUE FOR ASB's 18 STOREY HOTEL IN THE HEART OF KUALA LUMPUR?

Since I am typing this in Singapore I think some one from KL can definitely do a better job

See you - leaving for Booming & Exciting Iskandar now

Regards,

Calvin Tan

20/05/2014 10:45

c)ASB potential take over target? 

ASB can be a potential takeover target with ample liquidity from the assets disposal of France properties and a free float shares of 62 percent. Based on 2012 Annual Report major shareholders hold about 38% of the share. 

In my previous article of July 28, 2013 posted on Trade Signum I had highlighted that we do not even have to evaluated the fixed assets of ASB because the current assets alone can cover for all their total debts outstandings. 

One just have to borrow RM 45-75 million to take majority control of the company. I was very surprised that it took close to a year for investors to take notice what this company is doing for the past few years. Restructuring and Reorganising. 

This counter like many said was the darling back then in 1999 when Mr. Quek Leng Chan and companies took a substantial stake in it. http://klse.i3investor.com/servlets/stk/annchsh/1481.jsp 

If that were the case, shouldn’t they have more knowledge what the shares price is worth now? 

Friends or Foes this counter is going to generate more excitements once it break the 22 sen major resistance level with volume support never seen before in the last 2 days. 

It is now high time for many analysts to take a second look at this counter that has so many business interests all over the world and in particular their undervalued properties asset. 

Just because earnings were not fantastic, this counter is only valued at RM70mio in 2013 Wakey! Wakey! Guys. RE RATE THIS COUNTER. 


-------------------------------------------------------------my posting in tradesignum in 2013...... 

Market capitalisation of ASB as at 26 July 2013 is only RM 75 mio. 

Assuming u take a loan of RM 75 mio and buy over all the shares of this company. 

Now after you have acquired the company start the assets stripping exercise. 

1. Use the Current Assets of RM 286 mio to settle all the liabilities of RM 137 mio. 

Now you still have a balance of RM 149 mio and use this to settle your initial loan of RM 75 mio. 

2. Now you have a cool RM 74 mio of Current Assets. 

3. That's not all. Take a quick look at the FIxed and Long Term Assets ,- 

Property, plant and Equip............ RM 156 mio 
Long Term Investment.................RM 69 mio 
Other Long Term Assets...............RM 11 mio 
Other Intangible...........................RM 8 mio 

So basically you are taking home over RM 318 mio or 62 sen a share without the goodwill of RM100 mio. 

This is a highly illiquid shares so patience is the virtue. 

Happy Investing! Invest at your own risk. 
by trader8899 28-Jul-2013 9:34 AM reply

D)I recommended ASB to Regain Choco Ship people in hope that they make some money. You see ASB was traded range bound between 13 cts to 17 cts. So at 14.5 cts the downside is very limited. 

And since ASB has sold a property to unlock Cash I calculated its asset value. To my surprise I found them very undervalued.

I bought 50,000 shares at 14.5 cts & 50,000 shares at 15 cts. A total of only 100,000 shares or 100 lots only. As Price Has Surged So Much I had Taken Some Profit. The Rest I Will Keep For Long Term As They Are My Profit. Let the profit run...

We should buy below Intrinsic Value & Sell When Market Is Overvalued.

As For ASB I have yet to fathom its True Value. I Think Longer Term ASB Should Rise Above 50 Cts to RM1.00

Short term I really cannot tell. Please trade carefully

Regards,

Calvin Tan

26/05/2014 22:35

E)

I recommended ASB to Regain Choco Ship people to buy ASB at 14.5 cts & Mulpha at 43.5 Cts.

Since then ASB has gone wild and flew up to touch 26 cts. I am definitely a very insignificant small fry to push up ASB. I think there may be 3 reasons

1) Many have opened their eyes to see the Highly Undervalued Assets of ASB so they chased up the shares.

2) Maybe some syndicate also joined in to goreng up.

3) Or some funds or individuals are accumulating Big Time because there is no Controlling Major Shareholder in ASB. If so the substantial share holder is in danger of losing his majority position to someone else.

As of now I really don't know. What I do know is ASB is a very undervalued counter. Long Term Investors are encourage to take position. Short term make or loss I cannot tell.

So please do your own due diligence.

Yes, Mulpha is also very undervalued. Please invest & not speculate too much

Regards,

Calvin Tan

27/05/2014 19:55

F)

1. 15 acres freehold Pahang land - Last revaluation Year 2005 RM32.5m (Should be close to RM50m)
2. 15 acres industrial land in Shah Alam - 2003 - RM32m (Using RM80psf, should be close to RM55m)
3. 1.5 acre 18 storeyhotel building in KL - 2005 - RM29m (Using RM1000psf, should be close to RM65m)
4.Sudan land with hotel - 2005, RM15m (Not sure, should be close to RM20m)
5. Paris hotel building -2009, RM13m (Gonna sell at RM45m?)
6. 9.7 acres industrial land in Tebrau - 2005, RM9m (At RM40psf, should be RM17m)
Other 4 buildings total RM15m valued, assuming no upside

Conservatively, all assets should be valued about RM270m, with cash 130million - debt RM70m ) = RM330m + remaining working capital RM100m =RM430m

RM430m/ 930million shares = RM 0.46 fair value
Correct me if I am wrong, my valuation super cheap only..

28/05/2014 00:56

注:(第五,六的资产己出售)

G)

For Shah Alam The Industrial Land & Building is in Prime Area of Section 22. According To Property Advertised For Sale in PROPERTYGURU MY.COM Factories here are around RM200 to RM600 psf. What I saw In Section 22, Shah Alam, Selangor is around RM580 psf.

And For Tebrau Industrial Land in Iskandar It Should Be Around RM100 psf to RM200 psf according to Mr. Ong who is The Boss of A Brick Factory. He supplies bricks for Major Construction projects in Iskandar.

I think ASB NTA Should Be Around RM1.50 to RM2.00 at the very least. Again the Best Answer Is Company Should Go For A Complete Revaluation by Professional Valuers to Give Exact Figures

28/05/2014 10:18

只供参考,进出自负