Miracle Streak : The first joint Winners for the first time in ages! {5th Jun '26}

 

With the marathon record baton passing from one solo equity to another for a long time, today a joint bearer for the first time in ages : Land & General takes it to 5 x while last year's own 5-timer Petronas Dagangan debuts to become a 7-consecutive-year contributor as new #58, vrooming the unbroken streak to 1,458 days!

Perstima could be near its lows of the decade

 

This company, which began manufacturing tinplate in 1982 & was listed for $2.30 in 1992, became an epitome of the greed-fueled market manipulation of small cap stocks in the M'sian market in the nineties. Corporate criminals, one of which has been jailed & two others who are still at large, bought & sold large stakes in it while purporting to hand 'lucrative' deals to the company, sending its stock soaring up to 6-fold its offer price in 1996 before it crashed to 21c in Aug 1998 under the weight of undisclosed loss-making share transactions that culminated red ink to the tune of almost $190 mil at the company level. 

At its worst in 1999, inventories of $40.694 mil & receivables of $67.648 mil [ vs $260.801 mil & $130.774 mil now ] supported payables of $100.12 mil & loans of $242.982 mil [ vs $79.618 mil & loans of $338.681 mil now], against cash of only $17.150 mil [ vs $82.614 mil now]. Working capital was an astounding ($229.449 mil) vs $67.323 mil now. Of course, the last figure was $139 mil just a year ago, reflecting the continued red ink from 4-year-old Philippines operations, but total liabilities have dropped 13.2%, or $65 mil, in the same period, accompanied by a 13.3%, or $51.46 mil, reduction in borrowings. Shareholder funds were in deficit to the tune of (13.893 mil) against $338.642 mil in the black now, albeit a -23.3% drop within a year. The net-net position of the company has shrunk from $107.781 mil to $56.604 mil currently, not helped by the ($39.23 mil) in red ink in the latest quarter.

  

This is reminiscent of M'sia Smelting Corp's quarterly losses of between $19 mil to $46 mil from 2012-2013 & between $22 mil & $37 mil in 3 of the 4 quarters in FY '10 as well as a massive $74.6 mil hit in the last quarter of FY '08. Yet its stock has risen from a range of 26c-71c in those years to a more than 3-fold rise since then.

Perstima recorded 22 consecutive years of 100% profitable quarters since it was cleaned up of its debts & losses in 2000 via rights issues & warrant conversions, but mainly due to its nascent Philippine operations, recorded losses of between 0.348 mil to $22.4 mil in 13 of the last 16 quarters since the quarter ended Jun 30th 2022, before the largest ever $27.1 mil hit in the 4th quarter ended Mar 31st 2026.ROE has never been particularly high, peaking out at 11.6% in 4Q '05 & 9% in 4Q '10 but more commonly ranging from 1-4% in the last 2 decades. Its properties are leasehold but have a book value of $96 mil vs $22.5 mil in 2001, with the Manila factory constituting the bulk at $80 mil. 

Free-float was 30.87% of its outstanding shares of 87.958 mil shares in June 2001 vs 32.52% of its outstanding shares of 129.096 mil shares today. Versalite, JFE & Mitsui of Japan have been shareholders almost from the beginning, holding at least 32%, 13% & 5% of the company over the years, with the percentages at 32.85%, 16.15% & 7.25% respectively in June 2025. The impressive track record from 2001-2022 even attracted value investors like Neoh Ee Choo & Co. to hold a 1.5 mil share stake last year, up from just 400,000 in 2018. Curiously, Lee Pineapple which belongs to the famous Lee Rubber family, used to hold of 1.709 mil share stake but has disappeared from the register, perhaps holding the same stake under OCBC Securities Pte Ltd. An individual, Ho Han Seng, has increased his holding from 1.35 mil shares in 2018, the year I exited my 1,300 stake, to 2.56 mil shares last year. 

Of course, way back in 2018, the company used to be net cash to the tune of $84 mil but also had $200 mil less in property, plant & equipment & a lower operating cash flow of $60.6 mil vs $95.6 mil now.

Technically, the price is hitting the lower trendline drawn in green[above] & this could be the springboard for a relatively quick rebound in the coming days. If not, the old low of 91c dating back to 2001 could attract technical buyers aiming for a retesting of $1 from the opposite direction. Buyers who have confidence in the eventual profitability of the Manila factory could mop up any distressed shares being sold below 89c now that there's a 66% discount to book, albeit a discount that could shrink if this operation continues to bleed red ink in the coming quarters.

Miracle Streak : Inch Kenneth Kajang secures the Quintet on Wednesday, followed by plantation giant KL Kepong on Thursday! {3rd-4th Jun '26}

 

Miracle Streak : Sunright forges ahead as the most frequent scorer in '26 with a TENTH win defying another market holiday! {2nd Jun '26}

 

With the 2nd straight local market break, the marathon baton flies fromTokyo to Singapore: to Sunright which leads the scoring frequency league in '26 with a TENTH paring @ triple my cost for another step in my personal loaves-&-fishes miracle!

Meanwhile, the previous two Japanese marathon securers during the previous two local market breaks drop by a combined $334 equivalent at current forex rates for just 100 shares sold apiece compared to their sold prices as at 11:30 am:

Miracle Streak : YKT is the 13th 🎌 scorer in '26 on a local market holiday to step the Miracle into Month #71 ! {1st Jun '26}

 

Disregarding the local public holiday, I returned to Tokyoyet again for today's record baton holder, 18-month absentee YKTwho secures a hat3rick in 9 years to step the loaves-&-fishes miracle marathon into month #71!

PS: It closes ~M$57.7 [VWAP]- M$65.8[¥407 closing] below my exit point, avoiding a 15% 'tax' on my earnings today & just M$12.2 below the intraday peak.

Miracle Streak : TKS 東京機记製作所 takes the reins as #55 midweek, then passes the baton to #40 Inch Kenneth Kajang for 2 days to round off 70 FULL months ! {27th-29th May '26}

 

As projected, the 55th winner crystallized on Wednesday as TKS 東京機械製作所, repeating from '25, subsequently passing the baton to surprise leaper Inch Kenneth Kajang Rubber, absent for 13 years, who goes 2 days running & takes the marathon to SEVENTY full months on Friday! May's earnings thus register a 166% increase over the same month in '25 & despite being a humdrum representative of this month, is still higher than the Mays of '23 & '19 on top of last year.The cumulative pickings since I kept detailed records in earnest from Jan '13 is now $772,722.93. Even if paper losses exceed $200,000 currently, I still have no regrets taking this occasionally arduous, challenging journey!

Miracle Streak : Next week's Plan: Buyout target MKH is scheduled to extend the marathon till Tuesday, when either YKT/TKS 東京機记製作所/Creative Technology will take over ! {25th-27th May '26}

 

On the agenda next week: takeover target MKH is likely to be further pared for a quartet / quintet on Monday & Tuesday, while the local market closure on Wednesday would likely compel either ascendant TKS 東京機记製作所 or YKT fromor alternatively Creative Technology of[all 3 sitting on huge capital gain buffers] to keep the marathon going as #55!

Miracle Streak : Plan change...MKH gets a surprise takeover offer so SMRT steps in on its suspension day, then hands the baton back, before it's passed to 9-timer Sunright ! {20th-22nd May '26}

 

A change of plans with a surprise TAKEOVER offer causing a Wednesday suspension of #54 MKH so #52 SMRT steps in instead for a hat3rick to reach 1,446 days, while the former's requotation Thursday sees more shares dribbled to the market closer to the $2 offer for 1,447, while today, Sunright strengthens its most frequent contributor position with a NINTH paring at a weaker 71 cts for 1,448 straight days!

Going into next week, I'm most excited  about YKT [the #153 of '17 contributing to 173 days in the 2nd-longest run & the #109 of '24 securing 1,098 straight days in the current record streak] which looks set to pass the ¥100,000 earnings mark, joining a very select group of only four Japanese equities as it rises to a +74% paper gain on my remaining 300 shares bought at the end of '24: