Investalks 302 – Advanced Financial Statement Analysis @ Penang

Overview

This course aims to provide participants with a thorough understanding of how to perform advanced analysis on financial statement. This course brings together the key elements of financial statement analysis to help participants develop their skills in this area and enable them to ask the right questions to really get under the skin and see the real risks facing businesses and investors in these challenging times. The reference reporting framework used will be IFRS.

During the course, participants also gain an insight into how to interpret warning signals in financial statement and identify many of the creative accounting techniques used by companies.

Duration: Two days

Date: 9-10 Sep 2017, 9am to 5pm

Course Fee:

  1. Investalks Student: RM680.00
  2. Public: RM750.00

Registration:

  1. Bank in
    • Bank: Maybank
    • Account No.: 514383562062
    • Account Name: Ivestalks Enterprise
  2. Send the payment receipt to investalksacademy@gmail.com or Whatsapp to +6016-773 9114

Location: Somewhere in George Town, Penang

Program Level

Program Level: Advanced

Prerequisites: As an “advanced” course, a reasonable grounding in the fundamental concepts of financial accounting and some experience of having carried out or reviewed financial analysis will be assumed. Participants are expected to understand concepts such how the key financial statements (Profit and Loss, Balance Sheet and Cash Flow Statement) link together, how they are structured, how to analyse financial statements using simple ratios and accounting principles such as accruals and provisions.

This training assumes a sound grasp of fundamental finance concepts and analysis. Although the analysis will be structured around key aspects such as “Liquidity” and “Gearing”, these principles are assumed to be familiar to participants, thereby enabling this session to focus on analysis and interpretation rather than definition and calculation.

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FBMKLCI 10 Years Data (until 27 Jul 2017) – A small gift from me

A small gift from me: FBMKLCI 10 Years Data (until 27 Jul 2017). I am not allowed to upload csv file to wordpress, so you need to join the Facebook group to download the file.

DIGI Updates – 24 Jul 2017

DIGI Analysis File – http://wp.me/a17Hxk-2IA

As a follow up to DIGI Updates – 21 Apr 2017, based on Q1 and Q2 FY17 results, I have updated financial modelling for DIGI by making couple of major adjustments, such as:

  1. Higher depreciation
  2. Higher capex
  3. Lower revenue projection 😦

After the adjustments, fair value of DIGI is around 4.6 which is overvalued (4.8 as of 24 Jul 2017). As of now, I won’t consider to accumulate DIGI, but to hold it for extremely high dividend yield as my average cost for DIGI is almost free.

VITROX Updates – 23 Jul 2017

VITROX Analysis File – http://wp.me/a17Hxk-2Iw

I sold off my VITROX shares in May 2015 at around 3.6-3.7 as I didn’t expect 46% revenue growth in FY16. As of 14 Jul 2017, VITROX share price was at 7.78 (before issue bonus 1:1). Hindsight is always 20/20, so I won’t regret my action.

Moving forward, I still bet on good growth drivers in VITROX business as Global Sales Report 2017 by World Semiconductor Trade Statistics shows positive outlook in the Semiconductor industry. The uptrend market outlook in the semiconductor and electronics assembly manufacturing sectors in the next 2-3 years coupled with ViTrox’s strong line-up of innovative, advanced and cost effective machine vision inspection products, and dedicated sales channel partners worldwide, ViTrox is well positioned to capture bigger market shares in both sectors in the next few years.

To be conservative, I don’t project 30%-50% revenue growth in VITROX business, but approx. +17% and +6% growth rate for FY17 and FY18 respectively. With this assumption, fair value of VITROX range from 7.1 to 8.1 (after 1:1 bonus issue, around 3.3 to 4.05). In my opinion, as of 21 Jul 2017, at RM4.00, I believe investors has already factored in its growth drivers. Thus, VITROX is fully valued.

Join my FB group: https://www.facebook.com/groups/285121298359919 for more collaboration.

Investalks 302 – Advanced Financial Statement Analysis @ KL

Overview

This course aims to provide participants with a thorough understanding of how to perform advanced analysis on financial statement. This course brings together the key elements of financial statement analysis to help participants develop their skills in this area and enable them to ask the right questions to really get under the skin and see the real risks facing businesses and investors in these challenging times. The reference reporting framework used will be IFRS.

During the course, participants also gain an insight into how to interpret warning signals in financial statement and identify many of the creative accounting techniques used by companies.

Duration: Two days

Date: 12-13 Aug 2017, 9am to 5pm

Course Fee:

  1. Investalks Student: RM680.00
  2. Public: RM750.00

Registration:

  1. Bank in
    • Bank: Maybank
    • Account No.: 514383562062
    • Account Name: Ivestalks Enterprise
  2. Send the payment receipt to investalksacademy@gmail.com or Whatsapp to +6016-773 9114

Location:

Super Space, No. 1-2, Jalan PJS8/10, Dataran Mentari,, Bandar Sunway, 46150 Petaling Jaya, Selangor, Malaysia

https://goo.gl/maps/5zYNjdKkjXT2

Pre-course work: There is no pre-course work.

Class size: The recommended class size is a maximum of 15 participants. This is so that each participant can obtain sufficient one-on-one attention and support from the course instructor.

Medium of Teaching: By default, English unless all students can comprehend Mandarin and agree to use Mandarin in class.

Laptop: Participants should either bring a laptop computer or tablet, so they can take part in the hands-on exercises. The laptop or tablet should have software to view Microsoft Excel files and PDF files.

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KMLOONG Updates – 11 Jul 2017

KMLOONG Analysis File – http://wp.me/a17Hxk-2He

In my opinion, KMLOONG is overvalued where its fair value range from 3.2 to 3.4.

At 3.9 (11 Jul 2017),

  1. if based on fair value projection for FY17, investors assume CPO production of KMLOONG is 289,634MT and average selling price of CPO is 2,782-2,882. However, in FY17, the actual CPO production is 250,197MT and average selling price of CPO is 2,682. This is a strong signal of overvalue.
    KMLOONG Sensitivity 2
  2. if based on fair value projection for FY19, investors assume CPO production of KMLOONG is 355,448MT which is unrealistic for the size of plantable area owned by KMLOONG. This is a strong signal of overvalue.

KMLOONG Sensitivity

As of now, I won’t consider to accumulate KMLOONG, and offload KMLOONG gradually. CPO industry is cyclical, so no point to hold for long term.

Join my FB group: https://www.facebook.com/groups/285121298359919 for more collaboration.

Financial Key Ratios by Industry

There are so many different financial key ratios. Ever wonder how to select relevant financial key ratios when analyzing a company?

I have compiled information from Moody’s into this document: Financial Key Ratios by Industry (Non-financial).

You can use this reference to select relevant financial key ratios for a specific industry. For more details, you can click the link to view respective document.