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Hi guys,
AMAZING POWER!!\
Calvin posted a buy call on Naim on Feb 7th 2019. Just one month & 6 days NAIM IS UP 140% to Rm1.20 today
Please read till the end
Author: calvintaneng   |   Latest post: Wed, 13 Mar 2019, 09:41 AM   |  >> Go to Blog Dashboard
  

NAIM is Firing Up on All Four Engines just like the 747 Jumbo Plane, Calvin Tan Research

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NAIM is Firing Up on All Four Engines just like the 747 Jumbo Plane, Calvin Tan Research

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Hi guys,
Today Dayang suddenly spiked up due to the momentum triggered in O&G interest in Carimin.
And Naim followed close behind in its price surge
But Naim has 3 other engines of growth even without Dayang
So what are the Other 3?
The other three are Pan Borneo Highway, Construction & Real Estate
Altogather NAIM has four engines of growth like 4x4 cylinders firing now. The macro picture looks good
Now let's take a closer look at the micro level
1)  The Latest Table of content gave a Resounding Turnaround

UMMARY OF KEY FINANCIAL INFORMATION
30 Sep 2018

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30 Sep 2018
30 Sep 2017
30 Sep 2018
30 Sep 2017
$$'000
$$'000
$$'000
$$'000
1 Revenue
178,760
53,654
438,949
260,950
2 Profit/(loss) before tax
33,865
-86,065
31,128
-118,094
3 Profit/(loss) for the period
30,530
-94,828
24,505
-130,385
4 Profit/(loss) attributable to ordinary equity holders of the parent
30,323
-95,014
23,398
-130,949
5 Basic earnings/(loss) per share (Subunit)
12.80
-40.10
9.87
-55.27
6 Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00
AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7 Net assets per share attributable to ordinary equity holders of the parent ($$)
4.2800
4.1800
All revenue, profit & Nta increased from last year quarter
2) NAIM IS SELLING AT HUGE DISCOUNT TO NAV
At 52.5 sen with NTA of Rm2.40 (adjusted 2 for 3 bonus) is selling at almost 80% discount to NTA
Naim at its recent peak was over Rm6.00 & now price has fallen by 90% near historic low....making this a great bargain
3) POWERFUL EARNINGS PER SHARE (EPS)
So good. Naim has not only High NTA it has also got Powerful Earnings
And this is not just a one off
Refer to Qtr result
The Group recorded higher revenue of RM438.9 million for the period under review, as compared to RM261.0 million reported in the corresponding period of 2017. The increase was contributed by both Property and Construction divisions, which recorded a 78% increase in their revenue when compared against that achieved in the corresponding period of 2017, due to increased work progress and additional new property sales [see Note 17.1 (b) for details].
Property segment recorded an increase in its revenue and profit during the current period under view. The increase was partly contributed by increased work progress achieved. Higher new sales of about RM100.6 million (January to September 2017: RM92.9 million) also had led to the increase in the property revenue and profit during the 9-month period.
17.2 Review of performance of major associate Our associate, Dayang Enterprise Holdings Bhd. (“DEHB”), reported an unaudited profit after tax attributable to owners of about RM66.5 million, against a loss of RM89.7 million registered in the corresponding period of 2017. The improvement in the DEHB performance wasmainly due to higher maintenance work orders performed during the period under review.
So from here we can see that all three
Construction
Property
Oil & Gas (Dayang)
are doing well
Resulting is a nice 12.8 sen profit this last quarter
4) PAN BORNEO HGHWAY
This single connecting highway will increase the Value of NAIM LANDBANKS By manifold
In the 1950s One Acre Land in Shah Alam was worth only Rm5,000. After KL - Klang Federal Highway was built the Lands in Shah Alam increased by manifold.
Like the wild wild West of USA in its pioneer days those lands were given free to settlers. Same goes for those Lands in Pahang in early days. After the KL - Karak Highway was built land prices soared in Pahang. And the PLUS- North South Highway unlocked the land Value from Perlis to Perak... from Seremban to the Southernmost part of Johor.
Since NAIM is the Largest Real Estate Land Owner in Sarawak it stands to gain the most in Land Value appreciation
And spearheading its future
See
Naim Holdings Berhad has accepted the award of Pan Borneo Highway Project which is the package work for Pantu Junction to Batang Skrang in Sarawak. The contract is estimated to worth at least RM 1.1 Billion for Naim Holdings Berhad.
5)NAIM CASHING IN ON AFFORDABLE HOUSING
KUCHING: Naim Holdings Bhd, which has a huge landbank in Sarawak’s major towns, expects to build at least 1,000 units of affordable houses in three years to cash in on market demand.
Managing director Datuk Hasmi Hasnan said Naim’s main focus was to build more affordable houses in Miri, Kuching and Bintulu where it has over 2,500 acres of prime land.
The land has an average book value of RM170,000 per acre and RM4 per square foot.
Hasmi said Naim had in the past several years switched to undertaking high-end residential property projects like high-rise condominiums because the government was very aggressive in building affordable houses like 1Malaysia People’s Housing or 1PRIMA nationwide.
He said as the new Pakatan Harapan government would like to see the private sector’s participation in providing affordable homes, “we see we can play our role here”.
Hasmi said Naim had received good market response to its newly launched affordable housing scheme Primrose Terraces in SouthLake Permyjaya in Miri.
“The single-storey terrace houses there are offered at about RM300,000 each,” he told StarBiz after the company’s AGM here.
NOTE: NAIM COST OF LAND ONLY RM4 PER SQ FT
ONE ACRE LAND CAN BUILD 10 HOUSES OR RM3 MILLIONS
THE PROFIT WILL BE PHENOMENAL
6) PROXIMITY TO BRUNEI (NAIM'S MIRI LANDBANKS
NAIM'S HOUSING ENCLAVE IN MIRI IS ONLY 2 HOURS BY CAR TO BRUNEI
It takes more than 8 Hours by Car from Brunei to Kota Kinabalu
Just like the Strong Singapore Dollar the Brunei Dollar is worth Rm3.00 each
So expect NAIM's Properties to sell well in Miri
NAIM ALSO HAS INVESTMENT IN DAYANG
For that I quote from post of one i3 Forumer:

 

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There is no misleading or bullshit here, so I will put a link there for your reference. I list down only 5 reasons why Dayang Enterprise is a good proxy for Carimin Petroleum, especially for now.
1) 84% vessel utilization rate. Yup, it is 84%
How much the vessel utilization rate in March 2018? It was only 27%. Then it had increased to 70% in Jun 2018. Now the vessel utilization rate of Dayang is as high as 84%. What it means by such high vessel utilization rate? It means the worst is over for Dayang, so they had recorded very good results in second and third quarter 2018.
2) Secured multiple MCM contracts last year, NOT only one
Yes, multiple MCM contracts has secured last year. These projects are secured from Petronas Carigali and other oil & gas players in local industry. This year they will bid for the contracts worth RM600 million, both local and overseas. 
3) Sustainable EPS but share price lagging behind
As you know, Carimin Petroleum had been shot up from RM0.205 to RM0.85 just in few months. And for Dayang, it has ranged from RM0.50 to RM3.90 within this 5 years. Too early to say it will return to its glory time but I’m sure that the downside risk is very very very limited now. (The important thing must say 3 times)
4) The group "firmly believe" the worst is over
“We firmly believe that 2018 will be a real turnaround for the group after experiencing poor results over the past two financial years…” You can read this statement on their latest quarter prospects. Looks like they are very confident that they will turnaround this year. 
5) Improving balance sheet in next few quarters/years
Dayang's management very confident that their balance sheet will continue to improve "significantly" as the impressive financial performance in the third quarter has indirectly demonstrated the financial discipline undertaken to turn around the company. 
If you missed the Carimin Petroleum, maybe Dayang is another good proxy to you. But please do your homework before buying. Please feel free to comment. Thank you for reading.
So what should be the Intrinsic Value of Naim
Uncle KYY has calculated the price of carimin due to its one quarter result
And i quote 

Carimin: Waiting for Correction Strategy - Koon Yew Yin

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Mon, 4 Feb 2019, 12:30 PM 
""In my previous article namely Carimin-is doing what business, I said that just based on its 1st Q EPS of 5 sen, I have projected the company will most likely report 4 X 5 = 20 sen EPS and its share price can be selling at Rm 2.00, equal to P/E 10.""
In the simplistic (simpleton) way of projecting carimin share price at P/E 10 Kyy used the forward EPS of 5x4 for carimin
Should we use this to calculate NAIM?
Then it will be 12.8 x 4 = 51.2 sen
And if PE 10 then NAIM should be Rm5.12 target price?
Of course not! This is not maths. This is madness
BEST REGARDS
Calvin Tan
Singapore
STOP PRESS!
A more realistic Value of Naim at this juncture would be:
1) The 30% Discount from NTA method by Ben Graham
Ben Graham & Walter Schloss look for at least 30% discount to Value of Assets
So Rm2.40 X .7 = Rm1.68 would present a 30% discount
So is the Target Price of NAIM at Rm1.68?
2) Marks Howard does not predict future earnings. He works from the present
So take this latest quarter true EPS of 12.8 sen
So 10 times PRESENT P/E would be Rm1.28
3) So wil the Target Range for NAIM be Rm1.28 to Rm1.68?
No one knows exactly how things will turn out as it is yet future
But these are some pointers
Have a fruitful & profitable day!
ADDITIONAL COMMENTS ON MARCH 13TH 2019 TODAY NAIM WENT LIMIT UP TO RM1.20!!
NOW IF YOU HAVE MISSED NAIM AT 50 SEN???
DON'T WORRY
THERE IS VELESTO!!
JUST LIKE NAIM GOING THROUGH A RIGHTS ISSUE AT 45 SEN WHICH DEMORALISED PEOPLE
VELESTO ALSO GAVE A CAPITAL EXERCISE RECENTLY AROUND 30 SEN
JUST AS CALVIN ISSUED A BUY CALL FOR NAIM AROUND 50 SEN THEN
NOW VELESTO IS ONLY 30.5 SEN
ALL THE POTENT POWER FOUND IN NAIM IS ALSO FOUND IN VELESTO (5243)
BEST REGARDS
Calvin Tan Research
THIS VELESTO WILL BE ANOTHER VERY VERY VERY CHUN CHUN BUY CALL
CHUN CHUN?
NAIM = N AIM
N = Nice
Aim = Aim
SO NAIM WAS A REALLY NICE AIM
CHUN CHUN ONE!!
Image result for picture of arrow on bulls eye
NOW NEW MEANING FOR VELESTO
VE as in VALUE
Les as in lest
To can sound like GO
SO VELESTO GOT VALUE LET'S GO AND WALLOP KAW KAW!!

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/197768.jsp
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