Insas - A deeply undervalued company?

Inari's share price has appreciated more than 100% in 6 months time. However, its parent company -- Insas's share price is hovering in RM 0.80 to RM 0.95 region for nearly 5 months.

Apart from Inari, Insas is also the parent company to few listed company in Bursa, namely Hohup and FRB.

The performance of these companies are not bad. Based on the closing price as of 21st March 2014, the following table shows the market value of Insas's investment. It's amounted approximately RM 550 Millions.

Based on the sharing holding in Inari, it could give Insas total dividend of ~RM 10 Millions yearly.

Up to 31st Dec 2013, we can see in the 2nd Quater Report, Insas has RM 330 Millions cash on hand. After deducted the loans and borrowings of RM 180 Millions, the net cash is ~ RM 150 Millions.

Moreover, the NTA of Insas is RM 1.70, while the share is trading at RM 0.94, it's almost 81% discount to the NTA!! Given the NTA are liquidity assets like cash and shares. Not to forget other businesses like Stockbroking, Property, Car Rental, Fashion Retail, F&B, and Credit & Leasing.

With the market cap of RM 625 Millions, Insas is definitely undervalued !!