nibble first

STAR 16 June
Muda Holdings - Asiafile bought 17.5M shares (6.15%)@ 78 sen (total RM 11.8 M) closing @ 80.5 sen on 13 june, asiafile chairman & major SH also appears as 3rd biggest SH with 9.6 M shares (3.4%)@ 8 May. Price range 35 sen to 60 sen (early Jan to early May. 1. Asiafile long time customer of Muda from whom it buys paperboard (knows the business well) 2. Able to pass some costs increase to customers and prices of core product - test liners andcorrugating medium remains buoyant. 3. 1stQ profit - RM 18.8M eps 6.6 sen, likely sustainable over subsequent quarters = 26 sen or PE of 3. Low valuation even for cyclical industry.

Ancom - Pacific & Orient bought 32 M warrants before suspension on 5June @ 1 to 1.5 sen. exercise price RM 1. Currently owns 6.6 M warrants, 26.9 M shares + 32 M warrants = 65 M shares upon full exercise (= 20%). Close at 96 sen on 13 June. Special dividend or capital repayment in offing. Received special dividend of 68 sen/share (RM 79 M)from Tamco Corporate (a related Coy)+ 30 sen a share capital repayment from Tamco. With this inflow, expected to offer same to shareholders.