Buying Kossan & Add Position to CIMB

I bought some Kossan. Nitrile glove is gaining more shift over momentum, especially from developed countries. It is money if you have the capacity to produce more nitrile gloves. Previously I always assumed Kossan as "kiasi" glove manufacturer due to its products mix of 50:50 between latex glove and nitrile glove. It is not as daring as Hartalega, its Management seem to be too conservative. However it surprised  the market with its latest aggressive expansion of plant mainly focus on nitrile glove. It is forecast to make more profits for years to come. I am convinced they will make it although its efficiency is no where close to Hartalega output of 45000 pieces of glove per hour. The price is not cheap, so can not consider as value buy, however profit increase will justify higher share price for years to come. There is no industry where production capacity is equal to money as compared to nitrile glove player. I repeat, it is MONEY if you have the capacity, the market is big enough to absorb any new nitrile glove capacity.

I also add my position of CIMB. Its Management has guided that 60% of future profit shall come from overseas (region). CIMB has never fail to deliver since 2003. Its share price is attractive currently at least to me, therefore bet big on it.

Update on My Portfolio

Another post only after 5 months, how to "cari makan"? However to my surprise the number of followers is increasing. What a boring blogger still manage to pull followers.

I disposed my Allianz due to it is fully valued currently based on my valuation, nothing wrong with the company.

I bought some CIMB as the dust already settled. Still opines that it is not fully appreciated as a regional bank by investors. I believe that a regional bank shall fetch a higher PE valuation as compared to a normal local bank. Although one can argue that Maybank is also on track to be a regional bank, which is traded at comparable PE with higher dividend. But one should notice that Maybank is following what is done by CIMB. So why want to buy a follower instead of a leader? CIMB is evolving constantly to realize its ambition to be a regional bank, which is still at infant stage. I foresee there is still more room to grow. Personally I like growth, I like a company able to grow meaningfully in years to come. It also keep streamlining is core businesses and improve its operational efficiency with CIMB 2.0 programme.

My favorite, Hartalega, is flying, hope that the sky is the limit. With NGC already move a big step forward, market appraised immediately with a even higher PE valuation. It is set to grow for years to come with this NGC, which is quantum leap. I said it is a quantum leap which it is, because instead of following what other glove makers did, it plan to multiply is capacity in a single plant. Other glove makers normally plan a plant follow by another plant with normal capacity expansion only. This how I valued Hartalega's management, I don't see a close fight in this sense. Some more NGC will also the most efficient plant by industry standard. Top notch management! It set the standard for others to follow, which I don't think others able to duplicate.

Stock Pick 2013 & Strategy

Things have been stagnant for months, no latest development for me. My strategy currently still waiting for the market correction to pick up some stocks I like. GE13 is around the corner, why not wait for it since I am waiting it for months. The bull market starting from early 2009 until today it is still not taking a break, market correction is unavoidable, only when.

Last year my stock pick were Hartalega & Allianz, both of them beat the market by decent margin. Hope that I am able to repeat the same call for this year and years to come. This year I don't have any stock call particularly at this moment, as I believe that the market will present a good chance to buy some good quality stocks that I admired like Hartalega, Allianz, CIMB, Public Bank, Jobstreet, and LPI.

Nothing cast in the stone, is all depend on the prices presented by "Mr. Market". Basically I like insurances, banks and nitrile glove makers, asset light company with solid recurrence cash flow. Although some consumer stocks like Nestle, Dutchlady and DIGI are solid with free cash flow but they are not cheap either. I also don't think that they will drop to PE below 18, this is the pricing I will enter.

Old Town is flying for last few months, it is eye catching. Its capacity expansion and China venture seem attractive. However, the customer experience at their outlet is suck, big time. It should be the worst customer service provided among all F&B. Every time I think of buying it, i not feel comfortable. With this kind of service, how it can retain its shore in the highly competitive environment.

HLFG is relative cheap entry as compared to Hong Leong Bank, however I dont like this method of investing.

Market Comment

The current state of market is very difficult to understand, we have some big banks like Maybank, CIMB & Public Bank traded at low teen PE. We also have some consumer related counters traded at very high PE. Are investors too cautious for business cycle related company but seeking for low risk dividend yield company?

Judge from the above, it seem like general investor already priced in any political shake-up might happen. If like this, I am of opinion that the correction after General Election may be very minor only. I hope I am wrong as I ready to capitalize on any correction.

Public Bank and Hartalega posted good financial results for quarter ended Sep 12, both companies will continue to grow for years to come, especially Hartalega. No point taking profit as future is still bright.

Allianz is yet to announced its financial result, another good quarter results will definitely boosted its share prices again.

Jobstreet posted a good set of financial result for quarter ended Sep 12. Based on its latest financial results, the share price seem acceptable, however it is also a tight liquidity counter.

Allianz - Revisit

I blog about Allianz 2 years ago, at that time it was traded below RM4.00, I keep highlighting Allianz after that but it share price only appreciated recently only. I vet through some of the recent analyst's reports on it, amazing to notice that they (so called analyst) still assume that Allianz is a smaller company as compare to LPI and Manulife. What a big mistake they made, indeed Allianz is the biggest general insurer in Malaysia in term of underwriting premium, and now also in term of net profit.

Although LPI is traded at around market capital around 3.0 billion and making around 40 million last financial quarter, by annualize it going to make around 160 million for FY12.

Allianz is making 57million for the last financial quarter, look like it going to make more that 200 million for FY12. And it only traded at market capital around 2.4 billion.

Investor priced LPI using dividend yield model, that is why it fetch a very high PE valuation.

Allianz is set to grow after rationalizing of business previously acquired from CIMB, and put in place better underwriting discipline. It is a matter of time Allianz will start to pay good dividend, then it will be traded at market capital higher that LPI. The logic is simple, end of the day it is the net profit that does matter. Although a friend of mine keep telling me that net asset is a more accurate measurement for insurer, but I choose to follow the net profit method. You can tell me anything, but to me net profit or better still cash flow

Previously I also mentioned that it is a matter time market capital of Hartalega will be higher that LPI, QL ........a bunch of them. Seem I am correct at the moment. The issue is still haunting Allianz is the tight liquidity.

As I had mentioned a couple of time that patience is the only advantage a retail investor possess.

CIMB - Revisit

Over the years, CIMB had transformed from an investment bank to universal bank, then from universal bank to a regional bank. It is a of the good foresighted company in Malaysia. In term of management competence I rank it the best in Bursa Malaysia. Its shareholders have enjoyed good profit for years. It is an ordinary business that well managed. Its success is partly due to political link, and currently overshadow by this link.

As general election is around the corner, investors priced in the potential outcome. After read through an interview appeared on The Star on 4 August 2012, I must say I am impressed by it. It is the most ambitious bank in the Asean region, not even Singapore banks are that ambitious. As guided by Nazir sometimes ago, its Indonesia operation had became the largest profit contributor, over times its oversea profit will outpace local profit contribution.

Its planning to list in Thailand or Indonesia will enhance it valuation in my view. Local investors still not priced in a valuation of Regional Bank.

Questions in my mind, 1st, do investor priced in the political risk? 2nd, do investor priced in regional bank valuation? The worst scenario of buying now or the potential price adjustment of buying after general election?  The bank still will be well managed or ambitious if Nazir is not around?

Common Stock Uncommon Profit

"Common Stock Uncommon Profit" by Philip Fisher. To me, this is the best stock investment book I ever read. I had benefited from this book by applying his philosophy and method in Bursa Malaysia. However, I will not provide any comment on this book here.

What I intend to share here are stock investing strategy and stock selection that in my opinion will result in uncommon profit.

1st is buying growth stock that its profit going to increase substantially for years to come, and hold this stock for years to enjoy the grow of business profit. As business profit jump, share price sooner or later will follow. Then there is the likelihood that investors will value it differently that resulted in change of appraisal. Once change of appraisal is happening this stock will fetch a higher PE valuation. Time is good friend for this type of stock. As time passed, share prices this company will outperform the market as a whole then resulted  above average profit or uncommon profit. I like this approach very much. This is the method suggested by Philip Fisher 80 years ago, as today this method still intact. My favourite, Hartalega, is this kind of stock that I hold for years, and will hold for years to come.

2nd is buying good or above average business or stock during bad time or market correction. This method will caused you buy at lower entry price for good stocks. As, Benjamin Graham taught us the stock market is higher volatile and fluctuated, we must mentally and financially prepared to face it. Instead of ride through the up and down, which we are impossible to avoid, why not we are prepared to capitalize on it. Stock market tend to have a correction every 3-5 years and major correction or crisis every 8-10 years. I can not fight the market force, however I am prepared to capitalize on it. To be greedy when other is fearful. I don't mind other call me speculator, to me it is the uncommon profit that count. I practised philosophy of Benjamin Graham.

3rd is buying good new business or new product that will increase profit of a company substantially. The risk of this method is on the high side, but the reward can be very very high. Bursa Malaysia is short of this kind of company not like other countries. The best example I can think of locally is Jobstreet. If you vested since it listed, you are sitting on good return. Off course in US we have this Apple or Google.

4th is buying above average old economy industries. But you have to be quite sure that this type of company still able to achieve above average profit for years to come. Or this particular stock is undervalue or overlook by investors.

Market Comments

It had been quite sometimes I did not update my blog due to heavy load on my work and personal investment. Stock market, Bursa Malaysia, reached its all times high as above 1600. Hartalega, Public Bank and Allianz close to their all time high as well. Although I see no bubble on these counter, but I also realized that the whole stock market actually supported by "feel good" environment created by our Government. It is so unhealthy that the whole index is supported by these GLC or GLIC, further affected by the listing of heavy weight GLCs. My take is this situation would be "disappear" immediate after the election, it is better to reduce exposure and get ready for next wave of volatility. 

 Secondly, in my more than 10 years investing experience, I never seen investors priced the so called "dividend yield counters", consumer counters, defensive counters, telco or cellco so....so..... aggresive. It is hard to believe that general investors can accept dividend yield of 3-5%, and further more PE is more that 20. Look at PPB, BAT, F&N, Nestle, Carlsberg, GAB, TM, Digi, Axiata, Pavillion Reit, CMMT Reit......blah blah blah. Is it because of low interest rate? I dont think so, we had been in this low interest time since 2008. Instead joining the party, it is always better to leave the party early and get prepared for the aftermath. Stock market is a place where only minority can survive in long run. To be fearful when other is greedy. 

 I also opine that this is the correct time to offload the 2nd, 3rd grade or penny stocks. If as today these stocks still below your purchased prices or under perform the stock market as a whole, forget about it. They will not perform neither better in near future, under this environment it still not going up, there are slim changes it going to go up in future.

Capital required to grow

Normally a company able to achieve growth in its business/ profit via a few type of capital models.

1st, this type of companies possess pricing power, it able to generate more revenue by increase selling price, thus increase its profit. This type of companies do not required additional capital to grow its business. All the profits are able to return to shareholder. This is a fanta-bulous business.

2nd, this type of companies using its or part of its profit to grow its capacity. Some are able to grow by only retain less than half of its profit, excess cash will return to shareholder. Some are required by regulator to retain part of profit as business grow bigger, like bank. However there are some need to retain most of its cash flow just to expand business.

3rd, this type of companies using cash generated by its operation to buy other business. To them it is merely a capital game.

4th, this type of companies have to take debt or using using debt to grow their business. To them doing business, it is better to use other people money instead of own money. However excessive debt is showing more trouble ahead. The bigger a company grow, debt will escalating higher.

These are the reason how a company paying out dividend. Some investors are very happy because they are able to buy a growth company, however they are without consider the above. They told others that how their company able to grow year after year, especially when its share prices rally.

To me what is a big deal that a company that able to grow by taking debt and more debt.

Comment - My Portfolio

To me the reporting season is over. Public Bank reported satisfactory results, EPS growing at mid teen as expected. Dividend payout as per guidance given by the its Management. The immediate future of banking industry is not rosy, this can be observed by PE fetch by Maybank, CIMB and also Public Bank. To my surprise all the banks are traded at low teen level, this is not usual, unlike the situation of bearish market every is cheap. Investor always priced the immediate future into share prices, i don't want to talk about world economy, it is the booming of property price and stringent credit control do matter. Sales of newly launched properties are not snapped immediate like previous, secondary market is slowing down, all these mean loan growth will likely to slow also. Now we also heard about hire purchase is more stringent also. Based on the above, how investor willing to pay premium for banking stocks? CIMB is the stock to be avoided by most investors due to GE13 is not far from now. Experience of 2008 where the index plunged almost 100 point within 2 days and this counter is hammered down by the market. However it do survive and perform satisfactory there after is something to think about. Is the market already priced in this event?

Hartalega reported results within expectation, and corporate proposal of 1 for 1 bonus issue and 1 for 5 free warrant is something the market like the most. No wonder its share price had appreciate more than 40% from beginning of the year. Construction of Plant 6 already started, and expected to commission 2 new lines by Sep 2012. Finally it is not undervalue any more. One of my friend called me saying that we should sell it as it is traded at PE 15, when i ask more the answer is only it is PE 15. Plenty of stock traded at PE more that 20 like DIGI, Maxis, Axiata, Nestle and blah blah...., and seem like he is not interested to ask. It is true that Hartalega never traded at PE 15, not like Topglove anytime investor willing to pay PE 18 and above. Some said margin is dropping due to new capacity from its competitors, this is valid. However eventually it is the low cost producer will win the game. Profit margin of bank is going down for years, but Public Bank still survive and making record profit year after year, this is because the market is still growing . Similar to nitrile glove, the market is growing and will grow further from developed countries. No point you going to sell the best nitrile glove producer which going to grow for years to come just because it is traded at PE 15. Name me a stock in Bursa Malaysia is possess superior quality than Hartalega, which happen to be in grow industry.

Financial results of Allianz is below my expectation, 15 mil out of court settlement and 10 mil losses for insurance pool, which affect its profit significantly. Dividend payout also at lower end. Its share price going to be side line as investor have nothing to shout about.

Comment and opinion

Happy CNY and Huat ar....

Look like Hartalega finally goes up, I had been holding this counter for 3 years. The return is not bad at all. Like what i had said previously sometime is purely luck and sometime you need a marathon to obtain satisfactory results.

Allianz is another counter I plan to increase my position for this year. Currently i only hold a little of it only, my concern is the liquidity problem of this counter. Therefore I must be sure that I need to hold it for very long in order to get good return, and selling it may be a issue since lack of liquidity. Allianz is not appeal to investors currently is due to dividend issue as compared to other insurers like LPI, once Allianz start paying good dividend its share price will reflect that. GAB, DIGI and LPI are traded at very high PE because of their dividend payout. Investor will priced their using dividend yield model instead of PE valuation. Allianz posses that potential as the mother company may want to recoup their investment. This was happen to Digi previously, it never pay dividend, its share price hardly move. However since it start paying good dividend and exercise capital management to return excess capital its share price shoot up for years.

It is very interesting to watch how Maxis perform from now, will investor priced it using dividend model and will it fetch a comparable PE or dividend yield to Digi.

Some ask me about plantation counter, however i did not follow any plantation stock currently.

Adding Position to Hartalega

My first purchase of year 2012 is Hartalega....again. Can't find better bet, still opine that Hartalega is attractively priced. Yes, latex price is low compared to months back, however this nothing new to Hartalega. If i not mistaken the current latex price, price of latex glove is almost on par with Hartalega's nitrile glove price. Therefore customer still can choose a better product at similar price. The foundamental of Hartalega is not affected.

My portfolio beat Index for year 2011, however is still below 15% of what i targeted. As i said previously, some times i need a marathon to get satisfactory results. I still stick to what i know better in term of stocks and strategy.

Since every week, paper is publishing stock pick for year 2012 or dragon year, do I have some? Yes, my pick will be Hartalega and Allianz. I also see Jobstreet is attractive at current price although it may be affected if the economy turn bad. No matter how it still a cyclical stock. I also think that celco is able to grow further since there are so many smart phones in the market. Few years back i thought that celco is a mature and saturated industry that purely for dividend play but i think the situation is changing.

I also think that Cypark is in a good industry, landfill management and solar energy however i don't know how reliable of their management. Further more, political issue may affect the company business.

Able to foresee and able to capitalize

It has been sometimes i did not update my blog, very sorry to all the viewers.For the past few months, thing has been stagnant until recently.

Yes i manage to foresee it is only the correction for stock market not the beginning of the bear market. However able to foresee and able to capitalize on it is a seperate issue. As i mentioned previously, i did not purchase any stock for past few months. Indeed my stock portfolio did not change for more than 1 year. My core holding - Hartalega, Public Bank and Allianz did not perform well in term of share prices, but their scorecard in term of financial results are satisfactory.In year 1929, Philip Fisher also managed to foresee the market was going to collapse however he did nothing. Instead he was looking for stock which was relatively cheap or stock that yet to go up. He was losing money, although he was rigth that market eventually collapsed few months after his prediction.I managed to foresee HLFG is going to be the winner of Hong Leong Bank - Eon Bank saga, but i failed to capitalize on it. I said Astro and Aeon Credit is attractive but i also failed to purchase any. I also made a few bad call like YTL Cement, and luckily i did not buy. All these are recorded down for me to review for my future investing decision making.Year to date i still barely making money but only dividend received.

In year 2008 i started to invest in property, and going aggresive by year 2010. What i want is to diversify my investment vehicle. I was lucky that the property market was booming starting from end 2009. Some of my investment still yet to see the result but what can said is property investing is profitable. You need to be selective and not over leverage.

Similar to my stock investment, although the result is not satisfactory currently but i still have confidence. This because i foresee my stocks holding going to make more money (business profit) than now for years to come.

Comment and Opinion

I did not manage to capitalize on the recent share price correction. Limited fund available at the moment and this fund also reserve for my property investment. I still of opinion that the sell off is only correction not the beginning of the bear market. I aware that many will think otherwise. Share market tend to correct every 3-5 years and this time should be also correction not recession. Some investors already feel the pain, especially those invested in the 2nd grade stocks. In order to survive in the stock market and make money always not an easy task. Over more than 10 years of investing experience tell me to only stick to really well managed companies is the way to weather through the market fluctuation. One should always take a long term perspective and prepared for the up and down of the market. If you ask me some of the stocks are quite attractive like CIMB and Aeon Credit. I sold one service apartment recently and reinvested into a terrace house. This is big investment for myself, hopefully i made a correct choice, instead of buying share i vested in property. Seldom people buy terrace house for renting purpose but i plan to do that. Recent property price hike make some of the landed sub-sale look attractive as compared to newly launched condo or landed.

Reporting season - comments

The reporting season is over. Quite sometimes i did not review my position, my share holding still the old ones, Hartalega, Public Bank and Allianz. Hartalega posted record quarterly profit of 55mil, the highest among glove players. What i foresee last year happened today as latex glove producers are all suffering but nitrile glove producer is enjoying. However, the market still fail to appreciate Hartalega....again. Although it had running a full capacity, people are blaming it lack of room to expand. For those are running at 60-70% capacity are regard as got room to improve. I really cannot understand the logic especially these arguments are from the so called "analyst". Hartalega had rolled out additional 2 lines at Plant 5 and is planning to build the capacity. After all these materialized, it would it capacity by 35% with the order is waiting to flow in immediately. Hartalega is not that kind of company able to grow by M&A due to its patented in-house production technology, which made them so efficient and lowest cost producer. If they decided to take more market share in future, it would kill off all competitor by lower its margin by a "few percent only". Yes.....is all its competitors. I truly not able to understand why Topglove is more pricier than Hartalega by close to market capital by almost 1 Billion. The market is so illogical!

Public Bank also posted wonderful results, it should be able to make EPS of 100sen this year. It is only trade at prospective PE of 13. Only PE of 13 for one of the best managed company. Once i joke with my friend, why he want to buy Well Fargo, since Public Bank is better? Growing profit quarter by quarter, some said "slow and steady" but i think it is not true. It is growing at the rate of mid teen and above for years you guys still called it slow and steady??

Allianz is making 70mil for 6 months ended 30 June 2011, it is now making more money than LPI, without taking into the account of any surplus transfer from life insurance. Which its market capital is also 1 Billion less than LPI. Is matter of time Allianz will fetch a comparable market capital with LPI.

Although the market is highly fluctuated currently, but i still confident that my share holding is able to withstand that and beat the market.

Owning Asset?

I am of opinion that the landscape of malaysia economy is evolving very fast. The wealth is transfer from the group of lower income to middle income, and from the middle income to group of rich. With asset (especially land and house) appreciated very high and fast, we may face the situation something like Hong Kong and Singapore, where lower income and middle income group struggle to own a shelter. While the rich enjoy the most as their asset being land, house or share appreciate substantially. If this situation persist for years, it is very dangerous to those did not own any asset. Keeping cash is something not wise, provided you are prepared to snatch some asset if prices corrected.

Some think that property market today is a bubble, i do agreed partially especially those recently launched high rises. However, material prices and land cost also increase recently although is not as high as the property prices. I will not surprise if Bank Negara implement more control on property purchase.

I am worrying for those do not own any asset being share or property. Asset free person going to lose the most as asset price keep on inflated. It is true that the market can move up and go down, but if you failed to capitalize, then how? Because property is trending up over long term. Similar to good stocks also, long term it is trending up.

I am of opinion owning asset is way to move ahead. At least you get hurt some and gain some.

The Market and Me

The market is highly fluctuated at the moment. Put it this way i am not well prepared at present. My cash level is not high enough to take advantage of it. I still not willing to lower further my cash level until that is really a big steal. If the steep drop of share market happen in September or October it would be better as my source of fund will flow in by then. To me this round of sell off is the correction at the bull market as the profitability of businesses is not affected, only the prices of share went down. It is an opportunity to be exploited.

Besides, i also need fund for my property investment. Although i decided to pull out one of the condo i booked earlier this year due to pricing issue, i am still looking for investment elsewhere. This year i still not buy any property yet as my decision is hold back by this earlier booking. Since this is off, i am prepared to move ahead. There are some similarity between share and property investment, there are only buy the good ones and hold until the market appreciate it. Although the selection criteria are different but the principles are the same.

Both Public Bank and Hartalega reported fabulous financial results but the market still did not appreciate them. As the market is not efficient, however it long term it will. I still believe in this if not i will out from share market long time ago. The price performance of Public Bank and Hartalega is nowhere close to the performance of GLIC companies. Some say they are vomit blood companies as their share prices barely move. I still long on both counters not because i want to prove them wrong but to make money. I wont sway my believe and strategy. As long as they deliver good financial result i am prepared to hold for long term.

I did not update my blog for months because i have nothing to say. Buying share is not day to day business, most of the time doing nothing is doing somethings. My family members and friends are also at the same boats, i rather being conservative to make sure the boats are safe.

YTL Cement

Construction materials are some of the items to be benifited from the ETP and to be specific Greater KL. If the above are successful implemented, Malaysia construction or infrastructure industry set to pick up or boom. My opinion is good time to buy YTL Cement with reasonable valuation. Talk in detail later

Patience and Time

Some of my closed friends had started grumbling on the share prices of Hartalega and Allianz, but not Public Bank as they dont own it. In fact, the share prices of Hartalega, Allianz and Public Bank are sideline for months, even though all of them reporting impressive financial results. Every time they grumble to me, i told them to be patient as once the share price go up it will not stop.

Moving of share prices is illogical and irrational in short term, as it purely depend on the "buying interest" of the mass investors, it had nothing to do with the financial performance of individual company. A company can produce a wonderful results but without "buying interest" their share price will be sidelined, until the mass investor realised its potential, then it will be traded at "fair value", after optimistic kicking in it will be traded at higher PE valuation, finally traded at premium when investor priced in the future prospect.

I have mentioned previously that the only advantage a tidy retail investor possess in order to outperform the market is time. To beat the market you need to have patience, if the companies you vested are good then time will be at your side. As Warren Buffett had said "time is friend to good company but foe to average or below average companies". So let time work for you, over a long duration, good company will make more and more money. A company that making more money year after year will "worth" more and more as time will work for it. Or time is money!

A closed check of the financial results is a must to ensure that the companies you vested is good or average only in order for the above principle can be applied. This is a separate issue, not in the discussion today.

A company that is unable to increase their profit over years, an example BAT, it share price hardly can move over years, as time is not working in its favour. Althought it still paying out good dividend, but please construct a discounted cash flow for BAT, it will not be a surprise if you noticed that the future value is lesser that today; even without considering the inflation.

Buy only company that able to grow over a long duration for "time" to work for you.

Add position to Public Bank & Hartalega

There is nothing happen to my portfolio for the past months. However received new source of fund recently, add position to Public Bank and Hartalega. Public Bank just announced a very Strong 1Qtr results yesterday, net profit up by 20%, look like it going to make EPS of 95sen for year 2011. At the current price, it deemed quite attractive, PE is less than 14 for a well managed company. Many may not like it but not me.

As for Hartalega, i am quite optimistic that it is going to announce another record net profit, EPS can be around 53sen easily. It is going to built its plant No. 6 to expand further. I like company that able to grow organically, Hartalega is one of that in Bursa Malaysia. As i mentioned previously that a company only can fetch a higher PE valuation if it able to grow (in term of net profit) and pay good dividend. I am still waiting for the market to appraise it as grow stock valuation.

For property, i booked one more condo, nothing conclusive yet. Able to know the outcome or selection by next month only.