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Wednesday, October 31, 2018

好事莫骄矜,坏事莫自弃。

当下的你觉得面对的事情是好是坏,不代表未来的你也对它也会有同样的观点。

苹果执行长Steve Jobs,如果没有休学的波折,他不可能创立苹果电脑;如果没有被赶出公司的打击,不会有之后的Pixar动画公司。他形容,在遭遇不遂的当下,他曾觉得人生面临无法挽回的严厉苦难,但事过境迁之后,他回想过去,才赫然发现这些坏事,竟然是他人生中遇过最棒的事。

固此,请紧记:好事莫骄矜,坏事莫自弃。

Gtronic - Q3 2018 Quarter Result Update. 2 years Target Price Raised to RM 4.50 (3) - YiStock

Author: YiStock | Publish date: Wed, 31 Oct 2018, 09:45 AM



On 30th Oct 2018, Gtronic released a set of stunning quarter result. The result is expected to be very good simply because Gtronic main customer, AMS AG released the result much earlier. You may like to refer this link: https://klse.i3investor.com/blogs/YiStock/179294.jsp

Sadly to say, the market is currently going through the October-Effect or else today Gtronic should breach RM 3.00 mark. Anyway, the value of the share will always reflected in the price when market return stable.

If you are a reader of mine, you should have read about my 1st and 2nd article. https://klse.i3investor.com/blogs/YiStock/161967.jsp

https://klse.i3investor.com/blogs/YiStock/168111.jsp

Till today, the business prospect of Gtronic on Face ID has not only stay on course but has turned even better after AMS won the project from android based phones Xiao Mi and Huawei.

However, please take note that in this article, there is change on assumption i made from the 1st article, in particular the Average Selling Price (ASP). I will explain why later.

Below Key Revenue & Profit up to Q3 2018:

Revenue Profit Inventory

2018 Q4
Q3 87,704 23,604 13,507
Q2 71,527 9,341 13,212
Q1 86,486 15,188 12,254
Total 245,717 48,133

2017 Q4 104,790 25,039 13,464
Q3 87,014 14,379 17,360
Q2 62,922 7,062 11,607
Q1 49,832 4,667 10,447
Total 304,558 51,147

2016 Q4 46,734 6,367 8,995
Q3 52,462 9,153 7,353
Q2 57,409 6,522 7,496
Q1 58,741 3,679 12,135
Total 215,346 25,721

2015 Q4 77,224 15,742 17,867
Q3 88,707 20,490 12,960
Q2 89,030 17,933 14,675
Q1 88,695 17,149 14,977
Total 343,656 71,314




Key Observation:

1) Superb Profit Growth

2) Rather Flat Revenue



I have same doubt too, but I have different opinion.

Normally, one of the key indicator for investors to keep track of the semiconductor companies is the "Inventory" carrying amoun.

If you have notice Gtronic's inventory level, it has been rather flat too.

REASON BEING:

Gtronic do not want to expose to the raw material risk! Therefore, in 2018, the raw material is supply direct by customer, not purchase by Gtronic. So, when the raw material is not factor into the cost, the revenue will stay rather flat. But Profit will still increases.

You may counter check the inventory level carrying amount. It is flat too.

The strongest evidence?

Listen to below interview. Pay attention to minute 6.00 to 7.00. Then you will understand what i trying to say.

https://klse.i3investor.com/blogs/bfm_podcast/155071.jsp

Now, remember in the early part of this article, i mentioned about the change of assumption. Please take note the ASP is no longer valid! Gtronic has changed their business model.

I hope this article help to clear the doubt. Please bear in mind, i'm making very very bold assumption, as usual.

Since Iphone Xr, Xs, Xs max, Xiao mi & huawei has now used optical path of heptagon, I would like to make assumption of Gtronic TTM profit at the region of RM 100 mil. That gives an EPS of 15 sen per share. This has not include the new laser headlamp project that start production in Oct 2018. The excitement maybe coming from the health devices. I will explain in coming quarters.

My target price? With highest PE of 25 to 30, i give my Gtronic target price of RM 3.75 to RM 4.50 for the next 2 years under normal market condition. I say 2 years, not 2 months.
2017 Gtronic's Light Sensor market share in iphone X:



2018 and beyond: Gtronic's Light Sensor market share in smart devices (Iphone, Xiam mi, huawei)??

Cheers!

YiStock

Note 1: none of the articles written by me in the past, present and future offer buy or sell call, is just some kopi-o research. Please take note.

Note 2:



My assumption: Gtronic is better closely associated with Heptagon and Apple, not AMS ag. AMS ag has way too many segment.

Tuesday, October 30, 2018

[转贴] KESM科技 – 公司要垮了吗?- RH Research

Author: Tan KW | Publish date: Tue, 30 Oct 2018, 09:42 AM

KESM的股东们经历一个难熬的10月份,其股价几乎每天都在下跌,从RM17.00急挫至RM10.00,相等于41%的跌幅。投资者想要捞底,但是却越捞越低,仿佛是个无底洞。早前更有一名股友问道,“KESM是不是要倒闭了?!

对于市场流通量非常低的股票,一旦引发恐慌性抛售,下跌的速度往往都会比较快,而幅度也比较大。KESM就是其中一支,其股票数量仅有43m。

回归基本面/价值,KESM的FY18收入按年增长3.5%,连续7年创下历史新高,主要归功于晶片烧焊和检测需求走高。然而,其盈利却按年下滑11%,主要因为客户受到晶圆 (Wafer) 供应短缺的冲击。

普遍上,Q4一直都是KESM的传统旺季,但是这一个现象却未在FY18出现。其客户面临晶圆供应短缺的问题,无法顺利生产和装配,因此无法及时把芯片交给KESM烧焊和监测,而导致后者的厂房使用率从80%下降至70%。值得一提,晶圆是制造集成电路 (IC) 芯片的关键基础材料。

此前,KESM预计其客户将以更快的速度推出新的创新芯片以满足市场的需求,但是情况却事与愿违。尽管如此,随着客户逐步提高产量,KESM的预烧和检测效率有望得到改善。我们认为,客户延迟把晶片交给KESM检测只是时间上的问题,目前整体订单仍然保持强劲。

换句话说,只要客户面临的问题获得改善或解决,KESM的业绩有望回到之前的水平,甚至更好。然而,全球晶圆供应吃紧却是不争的事实,何时能解决仍未知数。集团决定暂时推迟部分扩张计划,已经说明FY19或许不会有显著的增长。

另一方面,潜在风险包括中美贸易战影响原料供应,以及客户放缓生产,但是目前一切依然言之过早;是否会造成影响,仍未指数。然而,股价的暴跌似乎已反映出市场的担忧。

仅供参考,今年9月,本地3家投行一致给予KESM“买入”评级,并设下12个月内的目标价,如下:
- Affin Hwang Research – RM18.55,根据17倍PE推算
- Kenanga Research – RM18.20,根据15倍PE推算
- CIMB Research – RM18.50

现阶段的市场要钱,不要股票;无论其他个股的基本面好或坏,统统都遭到抛售。可以肯定的是,KESM的价值已经浮现,只不过不知道股价是否会进一步走低。可以承受高风险的股友,不妨考虑开始分批买入;

我们曾在上周发布一份KESM完整的分析报告;对于有兴趣了解更多关于KESM的股友,可以在留言中写下Email;我们会把报告免费发给大家。

#KESM
纯属分享!

Salute (0183) RM0.485 - Mercury Target Price RM0.63 - 29/08/18

Author: makubex718 | Publish date: Tue, 30 Oct 2018, 03:51 PM



1. 冷眼在最新公布的2018年报里晋升为30大股东,共持有2,000,000股,或0.51%的股权。

Cold Eye in 30 largest shareholders holds who 2 million shares / 0.51%

2. 公司主要业务是贩卖 FOBO Ultra (tire pressure monitoring system for multi-axle vehicles), 一种蓝牙装置可以监控轮胎的气压和其他。主要出口国美欧国家占了业务77%,亚洲国家18.4%。

Company main business is selling FOBO (tire pressure monitoring system for multi-axle vehicles), one kind of Bluetooth product. Company main export market is US and Europe which contribute 77% revenue and Asia region excluding Malaysia contribute 18.4% revenue in 2018.

3. 公司在第三和第四季度连续亏钱,总数大约马币一百万一十万。公司全年负债大约马币八十五万.现钱有马币九千一百万是一间净现钱公司,每股现金值RM0.23

Company suffer loss for 3Q18 and 4Q18 with total amount RM1.1 million. According to 2018 P&L company total borrowing around RM854,000 but cash has RM91.1 million. Therefore Salutica now is a net cash company with cash RM0.23 per share.

4. 产品有望在明年第二季度更新版本。最新ProtonX70 也将装置这种轮胎气压监控系统,这或许有望带领一股风潮在汽车方面。这是因为多数使用此系统装置的是运输公司,如果Proton选着Salutica来制造的话将有望提高公司盈利。

Its latest generation Bluetooth-related product has reach final stage of development and expected to start contributing by 2Q19. This product is well receive by US and Europe transportation company to monitor their vehicles. Recently new launch Proton X70 will use this technology as well, this might bring fashion towards private cars and if Proton select Salutica to manufacture locally this definitely will help to bring up is revenue and profit.

以上纯属个人分析与评论,如有任何疑问,欢迎与我交流讨论。任何股票买卖建议输赢绝对不负责。

From:林友志 (Lim Yu Chee) 012-7685809 / Makubex718@gmail.com

http://emergingasia188.blogspot.com/

Monday, October 29, 2018

[转贴] 香蕉的Simplicity原则 - 水星

Sunday, October 28, 2018

加入了美国军队的Seymour Cray,在1947年的时候来到了菲律宾协助当地的游击队寻找残留在丛林的日本兵。

某一日他们找到并押着8名日本兵走出森林,Seymour在好奇心的驱使下问他们,其他的同伴们都战死了吗?

某位日本兵以不太灵光的英文回应道:“能够战死沙场还算是一种荣耀,可惜他们都是被林中之物给害死。”

原来,在日本海军被美国海军击溃后的这几年来,他们一伙34人幸存活下的日本兵逃到从林后,很快就吃光了携带的干粮,好在丛林里到处都是香蕉树,还能够以它赖以维生。

起初大家都安分地吃着香蕉活着,渐渐的有人厌烦了,开始采摘其它的野果和猎杀蜥蜴之类的野生动物来满足口欲,在大家吃得津津有味的同时,唯有他们8位始终担心着食物的安全而只吃香蕉。即使他们被嘲笑胆小怕事,他们还是不置予否,亦不动心,坚持以香蕉果腹。

不久后,就陆续有人误吃有毒得野果或吃下野兽后引起剧烈的反应而丧命。

战争没有让他们失去性命,倒时丛林让他们告别了世界。

“在神秘而充满诱惑的热带丛林,坚持吃简单的香蕉或许不是最聪明的活法,但无疑是最保险的做法”日本兵最后这么总结着。这番话也在Seymour的脑海里留下深远的影响。

Seymour回国后从事起超级计算机的研究工作。当他为公司制定发展规划时,没有别人的洋洋大作,只有简单的寥寥几字:“建造世界上运算速度最快的计算机“,不禁惹来别人的贴笑大方,但他并不以为意。事实上,他此后的40年中也都为这个简单目标努力着。由他设计与建造了世界第一台晶体管的计算机,成了计算机发展史上的重要里程碑,也让Seymour Cray被称为”超级计算机之父“。

他生前常说的一句话就是:“人生中最简单的坚持,往往是最有效的策略“,Simplicity可谓他的中心思想。

股市的各种神秘赚钱学说与暴赚机会诱惑,并不亚于来自丛林的各种危机召唤,而能够抵受着当中的风险活下来的,还是十年如一日的老派价值面投资者居多。

简单的为股息坚持,以被动收入为原则,或许就像士兵们吃的香蕉一样平淡无味,容易让人厌烦,甚至被其他享受野味野果的人嘲笑讽刺,但请记得,在丛林寻找美食并不是我们的目标,活着离开才是,留得青山在,总能回到文明世界真正地享受美食。

守嘴不惹祸,守心不出错;简于此,得乐活。

Posted by 水星 at 7:08 PM

http://mercurychong.blogspot.com/2018/10/simplicity.html

开放市场加剧竞争 电信业估值被砍

2018年10月27日

(吉隆坡27日讯)随着政府将推行国家连通和光纤计划、开放电信领域给外国业者,以及持续发展5G,分析员认为,本地电信业者将面对不少挑战,估值也被下调。

日前,通讯及多媒体部长哥宾星指出,政府正与数家外国公司洽商,包括日本、韩国、法国和英国公司,探讨让他们在马提供服务的可能,以提高全国宽频连接度以及市场的竞争。

除了要开放电信领域给外国业者,哥宾星还说,该部将提出国家连通和光纤计划的一些初步目标。目前,只有18%的家庭使用高速宽频,所以政府认为这类基建设施非常有必要,以便支撑未来数字经济的增长。

赚幅高吸引外资

同时,政府也将开放网络设备和网络服务供应商的执照,提高市场竞争并确保电信领域增长,进而让消费者受惠,并放眼在2023年,人口稠密地区有98%固线宽频覆盖率,网速至少达到30Mbps。

肯纳格投行指出,区域或全球业者对进军大马电信领域深感兴趣,这并不令人感到惊讶,因为我国的移动领域,业者的息、税、折旧与摊销前(EBITDA)赚幅,在区域内是少有的高。

该行分析员说,业者能够达到或超过45%以上的息、税务、折旧与摊销前赚幅,在区域内相当罕见,一般业者的相关赚幅仅介于20%至30%。

况且,大马的高速宽频目前的渗透率仍然偏低。

不过,与其颁发新的执照给外国业者,分析员不排除政府会以减持在本地电信公司的股权,来开放电信领域,加快该领域和科技发展。

消费者最大赢家

分析员认为,宽频降价、更快速和广泛覆盖率的政府宽频发展议程,将在中期到长期内,对用户和国家有利,但短期内将冲击该领域现有业者。

该行分析员指出,一旦政府决定要开放该领域给外国人,本地电信领域的竞争就会更加激烈。

“基于大马仅3300万人口、高达134%的手机渗透率或4400万用户、达118%的宽频渗透率,额外的电信业者,将导致本地的电信领域更加暗淡。”

分析员也说,若有新业者进入市场并掀起削价战,原本的业者在维持盈利时,也会面对很大的挑战。

此外,也将打乱固线业者的资本开销计划。

不过,若检讨资本开销,也将有利于基本建设服务供应商的发展,比如OCK集团(OCK,0172,主板电信和媒体股)。

湯文亮:要有覺好瞓 不要做沽空

文章日期:2018年10月29日

【明報專訊】大約10年前,有一個朋友聽了曾特首所言,認為樓價上升是由炒家炒起,只要政府出招炒家會立刻跪低,樓價就會跟着下跌,他當時膽粗粗將自住單位賣走,打算在樓價下跌三成之後再買回。過了不久,曾特首推出SSD,樓市應聲下挫,不過並不是三成,只有十多個百分點,他不理其他人恥笑,急急腳重新置業。

原來朋友自從賣走自住單位之後,終領略到什麼是「寐不安席,食不甘味」,擔心樓價突然掉頭回升,在買回自住單位之後就有一覺好瞓,後來他聽到任志剛話「出售自住單位等於沽空」,他同意到不得了,而且不時對其他人說,若要有覺好瞓,就千祈不要做沽空,很多人不明白,我是賭仔一名,當然明白。

賣走自住單位等於沽空

近日有學者話股市呈現跌勢,如果唔沽空就對唔住老祖宗,我翻查紀錄,原來在今年2月初,恒指大約在33,000點時,那位學者曾經撰文話股市尚有大幅上升空間,大家可以放膽入市,現在恒指已經下跌超過四分之一,這時又叫人沽空股票,是否推人入火坑?其實,在無論在任何時候,獨立投資者都不應沽空股票,如果手上有股票而他睇淡後市,他當然可以賣走一些甚至全部股票,但這不是叫沽空,最多是叫拋售,手上無貨而賣股票才叫沽空,那些人其實是賭白頭片,差不多是輸梗的人,賭場裏所說的跟紅頂白,就是賭白頭片的人,頂白就是賭他們的對家,不是很多人明白這個道理。

任何人在沽空股票之後,立刻要金睛火眼睇實個股市,因為稍一不慎,就會輸鑊金,就算好似橋水咁叻沽空匯豐控股(0005),亦只不過贏13%、14%,就已經放消息出來叫人跟沽,以便他可以購回,個別投資者絕對沒有這個本事,沽空之後賺7%至8%就立刻買回。

趕不及補倉 贏粒糖輸間廠

如果未能及時回購,隨時會贏粒糖輸間廠,所以,當投資者沽空某隻股票之後就沒有一覺好瞓,我需要足夠睡眠,所以我不敢沽空,沽空這種事,留待那些經常失眠的人去做就算了。

紀惠集團行政總裁

[湯文亮 敢說亮話]

https://www.mpfinance.com/fin/columnist2.php?col=1463481149913&node=1540754639936&issue=20181029

Sunday, October 28, 2018

(CHOIVO CAPITAL) The Art Of Valuing Insurance Companies and why Teh Hong Piow is a god (LPI)

Author: Jon Choivo | Publish date: Sun, 28 Oct 2018, 01:46 AM

My most popular post on i3 is currently,

“(CHOIVO CAPITAL) The valuation of financial institutions. And why Coldeye is wrong on MBSB”

In it, I stated that, In general, most companies fall into 3 categories when it comes to valuations. They are

1. Any company other than those in the other 2 category.

2. Banks and Non Deposit Taking Financial Institutions.

3. Insurance companies.

And created a rough guide on how to value financial institutions and what to look.

It was only recently I found the time to properly study how to value insurance companies, and do my own research on Malaysian Insurance Companies.

I originally planned to release this at the end of December, the same time as my previous financial institution article. But I figured, what the heck, market is bad, most retailers are in “No Eye See” mode, anyway. The only ones left in i3, tend to be more thoughtful, and these are the people I want to identify and interact with more.

For those interested in really studying the insurance indstry, I would suggest you start by reading every single letter by warren buffet from 1957 to 2018. It’s about 3,300 pages. When you’re done, you will wish it was 10,000 pages.

Berkshire is after all the biggest reinsurance company in the world, and GEICO is the second largest car insurance company in America. They are also the most profitable insurance companies in the world. You will learn a lot.

Let me warn you first, this will be long. Insurance companies like banks have many hidden complexities, and to think you can just roughly value it is a mistake. There is a reason why many funds refuse to buy shares of insurance companies.

My nickname is Jon Lohsoh, and I intend to live up to it!

So let’s start.

Overview on insurance industry

The insurance industry is a very unique kind of business. Like banks, it is a little similar, in that the business in one way or another, consist of creating money out of thin air.

In the case of an insurance business. It like this. The insurance company hands over a piece of paper to the customer. The customer signs the paper and gives them back the paper and a stack of money.

Needless to say, the nature of it, is therefore one of a highly competitive commodities business.

Now the money received, is in more ways than one, a loan. And the goal of an insurance business, is for the cost of the loan to not be higher than the average borrowing rate, or better yet, the risk free rate. The best of the best insurance companies, actually make money on the borrowed money. IE, people pay them money to borrow them money.

This borrowed money, in the insurance industry is called “Insurance Float”. For Malaysian companies, we can easily derive this by taking the net insurance liabilities. They are various categories in the balance sheet (both asset and liability) side that relates to the insurance float, and you basically need to get the net figure.

And the profit or loss (usually loss) on this float, is seen in the “Combined Ratio”, which is essentially the profit or loss over the net premiums earned. A combined ratio of lower than 100, means the float is profitable, a combined ratio of more than 100 means the float is unprofitable.

Another tool people often use in valuing the insurance business, is identifying the “Cost of Float”. This is essentially the insurance loss or profit, over the insurance float. It is recognized as a %.

This float is then used to invest in financial assets, to earn a higher return than the cost of the borrowed money. This is how most insurance companies make their money. Historically, almost every insurance company loses money in their insurance business and make it in the investment business.

A tool we use to try and identify the investing acumen of the insurance company, is “Investment Return on Float” which is the investment income divided by the insurance float.

And we thus reach our second part. There are two parts to an insurance business.
The insurance business
The investment business.

Let’s dig into them.


Investment Companies – Insurance divisions.

There are various types of insurance businesses with various products. But by and large they mainly differ in these key areas.

1. Duration of contract and Counterparty risk

Depending on the product, travel insurance or reinsurance. The contract could have effects that last from either a few hours, or for a few decades.

Usually insurance like travel tend to have very short periods, vehicles, health, fire, life etc is usually one year.

While reinsurance contracts can sometimes last for decades. And the main risk here is counterparty risk. The longer the period, the higher the probability that the other party would not be able to pay up.

This is why we have things like T+3 in stock markets etc, because if it is T+120, the likelihood of the person being unable to pay becomes much higher.

Therefore, for things like reinsurance insurance, or catastrophe insurance. The thing most people look for is absolute financial strength. And this is the edge that Berkshire Hathaway has. The top 5 largest insurance premiums in the world were written by Berkshire.

Back in the day, people never really focused so much on the financial strength of the company, and tended to go for the lower offer. And since this is a business where someone signs a piece of paper and hands you over USD100million. Competition is naturally very cutthroat. With more and more people willing to take higher and higher risk.

And often, when these contracts turn out to be bad, and the Company is bleeding money. They are then forced into two choices.
  1. Go bankrupt
  2. Write more insurance contracts at ANY price, just so that more money can come in to cover the shortfall. Needless to say, the new contracts are even worse, and it’s a matter of time before the bleeding is too much for new contracts to cover.The insurance industry also has boom and bust cycles. So when one person is bleeding, the others usually are to. And when everyone is doing the same thing. Writing at any price to cover the increasing bleeding.When things end. You get catastrophic results. Which is why the insurance industry is in more ways than one much more regulated now.
2. The size of average premiums

For things like travel insurance etc, they tend to be very small.For things like reinsurance, they tend to be huge, with one or two, reaching premiums in the billions of dollars.

This result very different kind of risk for each company. Most is elaborated in the point above.

3. Predictability of the risks

For most of the products, the risk involved is very well known due to the sheer amount of data.

Car, health insurance, life insurance etc etc. All of these come with commonly available and well known actuarial tables.

The only edge most insurance companies of this kind, is to have an inherent business structure that cannot be beaten, economies of scale, better cost control, network effect and strong management.

What is strong management?

Any listed company will be subject to expectations of consistent growth in top line and bottom line. However, as the insurance industry is very cyclical like the stock markets. There are times, you must be willing to write nothing if the premium is wrong.

To allow your revenue and profit to drop by 50% or even 80%, because people are not paying you the right price for the risk being taken.

Many insurance bosses, know this, but needless to say, very few listed bosses dare to do this, other than Warren Buffet.

How about the rest? Network effect, Economies of Scale etc?

http://qr.ae/TUhTOV

I would strongly suggest you read this answer by Glenn Luk. It’s a brief study on GEICO, Warren Buffet’s car insurance company.

However, for the reinsurance business, special insurance and catastrophe insurance, large data samples are often not available.

What is probability of a hurricane hitting texas, and how has global warming affected your odds?

When selling catastrophe insurance, did you price in terrorist attacks? Or bio attacks? Berkshire lost USD2.1 bil in 9/11.

How much is Micheal Jordan's leg worth, and what kind of premium should we charge?

Very interesting question. And for these, you need extremely good management with a deep understanding of probabilities and risk.


Investment Companies – Investment divisions.

What about the investment portion of the business?

For many insurance companies, your ability to invest this float is make or break. If managed extremely well, you can turn USD17 a share to USD300,000 a share.

Berkshire Hathaway would not be where it is today, if Warren Buffet did not go into insurance companies and buy/develop so many of them.

He values the float so highly, that if someone offered him USD60 billion in cash (an asset), for the insurance float of USD 60billion (a liability in the balance sheet), he would say no.

Most insurance companies need to keep most of their float is low volatility and very safe investments, such as bonds, treasuries, government debt, fixed deposit etc. Not much return really.

One of the key advantage an insurance company can have here, is to have a strong parent company, with AAA rating, which would allow them to loan money at low rates, and also invest more freely into things like stocks, entire business etc

Unless it is a reinsurance company, chances are, if you’re talking about a health insurance company etc, this is like to be the division that has the highest risk, because your ability to know what the money is being invested in is very limited.

In 2008, a small subsidiary of AIG, called AIG Financial Products Corporation, basically sold insurance on Collateralized Debt Obligation (CDO) and Mortgage Backed Securities (MBO) at stupid prices, thinking they were really worth AAA. The profit from this was considered free money, and was not that significant for the group.

In addition, the company also bought a lot of these MBO’s and CDO’s because they were considered to be as safe as AAA bonds and recognized as such in the financial statements.

AIG lost USD 99.2 billion in 2008, and was essentially sold and nationalized by the government via an issuance of warrants amounting to 80% of the company.

Companies like Allianz, Manulife etc lost money as well during the crisis, but not as much.

This is really the main risk of investing in insurance companies these days.


Conditions unique to Malaysian insurers.

Unlike our American counterparts, our Bank Negara here, actually take steps to regulate the pricing instead of allowing a full on competition to the bottom and further. Ie, the Tariff Structure.

General insurance, car insurance etc is priced based on a table given by Bank Negara. This means in Malaysia, it’s mainly a question of who has the better business structure, economy of scale and cost control instead of who can offer stupider pricing.

This is also why Malaysians pay a little bit more on average for car insurance. At least when you have not fully gotten your NCD. Our system rewards those who are safe drivers very well.

Having said that, since July 2017, BNM have been deregulating the car insurance, general insurance and life/family insurance. So things are looking interesting.

Also, life and health insurance have very low penetration in Malaysia with less than 50% of the population having coverage. So it’s to an extent a growth industry.


Valuation

If you’ve read this far waiting for a “Rule of thumb” to value insurance stocks. Unfortunately, I cannot give you any. There are too many factors. It’s a lot more qualitative than most.

You need to judge the “Combined Ratio”, “Insurance Float”, “Cost of Float” and “Investment Return on Investment Float” over a long period.

As well as various qualitative aspects, such as the business, the character of the management, its track record, the leverage and other things. All of which are far from easy.

And if you’re done with the above. The general rule of thumb, is somewhat similar to most companies.

ROE needs to be high enough to cover the cost of capital. And assuming it’s a fair decent one, below 1X book is probably cheap, and above 2x book is probably a bit expensive.

However good things are sometimes worth paying for, as I’ll show below.


Table for most insurance companies in Malaysia.

Here is a valuation table i made for most insurance companies in Malaysia approximately a month ago. It should prove useful as an initial starting point in valuing insurance companies.

Do note pretty much every bank in Malaysia have insurance operations, but other than Maybank, I could not extract meaningful data from their annual reports. In the case of BIMB, their insurance arm, Takaful is listed.

The biggest insurer in Malaysia by far is Maybank Etiqa.

Here is a link for your reference, and drive whatever conclusions you may.

https://docs.google.com/spreadsheets/d/1F4vx59k-F3h0McE7O4by0alhzM3M0UK_-LpgqPxJpq0/edit?usp=sharing

Why no pictures you ask? I have no idea why i cant post pictures into i3 for some reason. refer to the link above.

You may be wondering why certain insurance companies like MAA or E&O etc are not in? Its simple, the extraction takes alot of time.

Some companies are obviously rubbish, some companies have insurance operations, but is already disposed and classified under discontinued operations or asset held for sale. and some i like alot, so im not showing it.

On MNRB, i think its probably rubbish. I don't see why any insurance company worth a damn, would ever need such an insane right issue, when dividend have not been paid for a couple years to begin with

My guess, they fucked up their loss reserves/contract liabilities estimation or something, and now need capital to cover up the hole.

The right issue is to recapitalize the retakaful and reinsurance business. This business is largely global, with competitors coming from overseas. I doubt MNRB is in any shape to compete with Berkshire Hathaway.

As said previously, management is key in insurance business, and MNRB does not look like it has a good one to me.

One may then say, but its so cheap at 20% of book! They are better companies selling for cheaper now. If your book is rubbish, it will naturally be cheap.

Expenses wise, its roughly in line with other insurers.

But a major red flag for me, is they deferred RM320m payment of credit facility to Ambank. What kind of reinsurer are you, if this kind of payment also need to defer.

In reinsurance, you name and ability to pay is gold. For people to know, that you will be alive when everyone else dead to pay is one of the most important factor for a reinsurance company.


Why LPI and Tan Sri Teh Hong Piow is a god

From the table above, you may have, noticed a very significant outlier in LPI. Which has on average made a profit of 15% on its insurance float, and 28% investment gain on insurance float for the last year.

The reason why LPI excelled so much on the insurance front, was mainly because prices were fixed. And Tan Sri Teh Hong Piow, running LPI like how he runs PBBANK. Only writes insurance that is profitable, ie, from people who are likely to not cause much problems only.

He is willing to give up market share for profitability.

In addition, from conversations with LPI customers, one of the reason they buy LPI, is due to tie ups with PBBANK in certain areas, fast claims when anything happens, and its Tan Sri Teh Hong Piow. As long as its profitable, he can be flexible and understanding.

And like all companies Teh Hong Piow, cost is controlled by nobody business. Most banks and insurance companies undergo billion ringgit IT upgrades, and office refurbishment, new buildings (Affin’s new building is going to cost 13% of its Market Cap).

While PBBANK and LPI still uses pen and paper for some areas, extremely old furniture etc.

How great it is to an early PBBANK and LPI shareholder.

Just in case you’re wondering why LPI investment income is so high. Unlike most insurance companies, roughly 80% of the float is in equities, instead of Malaysian bond/treasuries or unit trust.

And most of the equity held is Public Bank Shares.

“The secret to investment is to find places that is safe and wise to be highly concentrated.” – Charlie Munger.

Teh Hong Piow clearly understands that.

Is LPI cheap? Well. It’s around fair value. I’ll leave it at that. I won’t say why, as the fun part is finding out on your own.

Also, I’m tired. Haha

Conclusion

I hope this was as useful to you as writing this was for me. I definitely learnt something new when crystalizing my thoughts. A company I thought wasn’t that great turned out to be fantastic.

As always, do let me know you thoughts. Especially if you think I’m wrong, or you have very different perspectives from me.

15 Best Torrent Sites

https://thebestvpn.com/torrent-sites/

Last updated: April 30, 2018



John Mason

Torrent sites come and go. But some of them stick around for a longer period of time. In this article, I’ve included 15 most popular torrenting sites and compared their size, formats and download speed towards each other.

Finding a site for torrenting can be very tricky.

First, the cat-and-mouse game between political authorities and some of the popular torrent sites often results in torrent sites shutting down really quickly.

Second, there are a lot of torrent sites riddled with ads and malware that provide low-quality torrent files or even fake torrents all together. To address this, we decided to compile a list of the best torrent sites for 2018 while providing the following information to give you a true assessment of the state of a torrent site:
  • Year established: This is a sort of “reliability gauge.” The older a site the more reliable it is. A popular torrent site that’s been able to survive five, 10, or more years without being shut down must be very reliable.
  • Popular content formats: We include some of the popular content formats available on the torrent sites we feature.
  • Banned in the following countries: If we have information that a torrent site has been banned in a particular country, we include this information.
  • Supports instant downloads: We indicate whether a torrent site supports instant download or not.
  • Mirrors/Alternate URLs/IPs: We include mirror sites and/or IP addresses to allow you other means of accessing a torrent site in case it has been blocked by your ISP.
  • Number of torrents: We include the total number of torrents available on a site at the time of compiling this list.
  • Speed test: We downloaded the same file from all of these websites using ExpressVPN and listed the results under each torrenting website (100MB/s connection out of Estonia).
1. Torrentz2

Torrentz2 is a popular torrent search engine that sprang up in 2016 when Torrentz shut down. Torrentz2 combines results from other search engines to provide one of the biggest databases of torrents. The torrent search engine boasts of having over 61 million torrents and our research shows that it has more movie torrents than other types of torrents.
  • Year established: 2016
  • Popular content formats: Movies, TV Series, Music, Applications, Games.
  • Banned in the following countries: None.
  • Supports instant downloads: No.
  • Mirrors/Alternate URLs/IPs: Torrentz2.me, Torrentz2.is, Torrentzwealmisr.onion
  • Number of torrents: 61 million+
  • Download Speed

The average DL speed was 1.9MB/s


2. iDope

iDope is a torrent search engine that provides direct magnet links to torrents. Besides having a massive database of over 18 million torrents, it features a clean UI and has a mobile version that makes torrenting on smartphones easy.
  • Year established: 2016
  • Popular content formats: Movies, TV Shows, Music, Games.
  • Banned in the following countries: None.
  • Supports instant downloads: No.
  • Mirrors/Alternate URLs/IPs: idope.bypassed.bz
  • Number of torrents: 18,450,000+
  • Download Speed

The average DL speed was 3.7MB/s


3. Torrent Downloads

Torrent Downloads is a torrent index with one of the biggest databases out there. At the time of compiling this list, it features over 16 million torrents.
Year established: 2007
Popular content formats: TV Shows, Movies, Music, Books, Games, Software.
Banned in the following countries: United Kingdom.
Supports instant downloads: No.
Mirrors/Alternate URLs/IPs: torrentdownloads.unblockall.org, torrentdownloads.unblocker.cc
Number of torrents: 16,121,000+
Download Speed

The average DL speed was 1.8MB/s


4. LimeTorrents

With over 9.8 million torrents, LimeTorrents is one of the torrent sites with the biggest databases out there. It offers torrents for several content types such as movies, TV shows, games, and applications. It is currently banned in Australia and France.
  • Year established: 2009
  • Popular content formats: Movies, TV Series, Music, Games, Applications, Anime.
  • Banned in the following countries: Australia, France, United Kingdom.
  • Supports instant downloads: Yes.
  • Mirrors/Alternate URLs/IPs: limetorrents.asia, limetor.club, limetorrents.info
  • Number of torrents: 9,833,000+
Download Speed

The average DL speed was 2.8MB/s


5. Bit Torrent Scene

Bit Torrent Scene is one of the leading sources of torrents online. It allows users to torrent movies, TV series, music, games, software and ebooks.
Year established: 2017
Popular content formats: Movies, TV series, Music, Games, Software, Ebooks.
Banned in the following countries: None.
Supports instant downloads: Yes.
Mirrors/Alternate URLs/IPs: btsproxy.com, btscene.unblocker.cc, bittorrentstart.com
Number of torrents: 5,118,000+
Download Speed

The average DL speed was 3.6MB/s


6. Torlock

Torlock is a torrent index and search engine mainly focused on TV series and movies. Torlock is particular about ensuring that users have access to only genuine torrents, and it takes this so seriously that it once introduced a program that pays users $1 for every fake torrent they are able to find on its site.
  • Year established: 2010
  • Popular content formats: Movies, TV Series, Games, Music, Applications, eBook, Anime.
  • Banned in the following countries: Australia, India, United Kingdom.
  • Supports instant downloads: Yes.
  • Mirrors/Alternate URLs/IPs: torlock.unblocked.mx
  • Number of torrents: 4,440,000+
Download Speed

The average DL speed was 3.1MB/s


7. The Pirate Bay

The Pirate Bay is certainly the biggest torrent site in the world and one of the most controversial to ever exist. It has been blocked in at least 28 countries and has survived battles with some of the world’s most powerful governments. This site is over 15 years old, however, and as a result ranks high in terms of reliability. It allows users to torrent movies, TV series, books, applications, games and music. Our research shows that the majority of torrents on TPB are movies and TV shows.
Year established: 2003
Popular content formats: TV Shows, Movies, Music, Games, and Applications.
Banned in the following countries: Argentina, Australia, Austria, Belgium, China, Denmark, Finland, France, Germany, Iceland, India, Indonesia, Iran, Ireland, Italy, Kuwait, Malaysia, Netherlands, Norway, Russia, Saudi Arabia, Singapore, Spain, Sri Lanka, Sweden, Turkey, United Arab Emirates, United Kingdom.
Supports instant downloads: Yes.
Mirrors/Alternate URLs/IPs: ThePirateBay.red, Tbp.tw, TPBMirror.org
Number of torrents: 3,286,000+
Download Speed

The average DL speed was 3.1MB/s


8. Zooqle

Zooqle is relatively younger compared to most of the other torrent sites featured on this list. It’s a torrent index specializing in verified torrents, and with a database of over 3 million torrents it certainly shouldn’t be taken for granted. While it features content in a variety of categories, movies and TV series are especially popular on the site.
Year established: 2013
Popular content formats: TV Shows, Movies, Music, Games, Applications, Books.
Banned in the following countries: None.
Supports instant downloads: Yes.
Mirrors/Alternate URLs/IPs: zooqle.unblocked.mx, zoqle.bypassed.org
Number of torrents: 3,200,000+
Download Speed

The average DL speed was 3.5MB/s


9. 1337x

At the time of compiling this list, 1337x has been online for 11 years. That ranks it high in terms of reliability. It provides a directory of torrent files and magnet links, and is often touted as the best alternative to The Pirate Bay. Our analysis shows that over 90 percent of the top 100 torrents on 1337x are movies.
Year established: 2007
Popular content formats: Movies, TV Series, Games, Music, and Applications.
Banned in the following countries: Austria, Australia, Ireland, United Kingdom.
Supports instant downloads: No.
Mirrors/Alternate URLs/IPs: 1337x.st, x1337x.ws, x1337x.eu
Number of torrents: 2,375,000+
Download Speed

The average DL speed was 686.3KB/s


10. YourBittorrent

YourBittorrent has a somewhat controversial history. While founded in 2009, it really began operation in its original form in 2003 as a collaboration between two partners — the product of which was myBittorrent; one of the partners wanted the website eventually shut down while the other partner wanted it to become bigger. This led to a split, the product of which is YourBittorrent.
Year established: 2009
Popular content formats: Movies, TV Series, Software, Games, Music, Anime, Ebooks.
Banned in the following countries: Portugal, United Kingdom.
Supports instant downloads: Yes.
Mirrors/Alternate URLs/IPs: 104.31.17.3
Number of torrents: 1,190,000+
Download Speed

The average DL speed was 1MB/s


11. Demonoid

When it comes to reliability, you can count on Demonoid. The popular BitTorrent tracker was launched in 2003, the same year as The Pirate Bay, and it’s had its own fair share of downtime due to political pressure. The site with over 10 million users has over 800,000 torrent files and provides torrents for movies, TV series, music, books, applications, and games. Our research shows that Demonoid has more movies and TV series than other files, followed by music.
Year established: 2003
Popular content formats: Movies, TV series, Music, Books, Applications, Games.
Banned in the following countries: Ukraine, United Kingdom.
Supports instant downloads: Yes.
Mirrors/Alternate URLs/IPs: Dnoid.me, Demonoid.unblocked.bet
Number of torrents: 893,000+
Download Speed

The average download speed was 1.8MB/s


12. RARBG

RARBG is a popular torrent site that was established in 2008. Our research shows that the popular torrent site that provides torrent files and magnet links has more movies than other types of files.
Year established: 2008
Popular content formats: Movies, TV Shows, Games, Music, Software.
Banned in the following countries: Bulgaria, Denmark, Indonesia, Ireland, Morocco, Pakistan, Portugal, Saudi Arabia, United Kingdom.
Supports instant downloads: No.
Mirrors/Alternate URLs/IPs: 185.37.100.122
Number of torrents: 811,000+

Download Speed

The average DL speed was 1.3MB/s


13. TorrentsGroup

This torrent site was established in 2016 and has since grown to host over 225,000 torrents. It allows users to torrent movies, TV series, apps, and documentaries amongst other types of files.
Year established: 2016
Popular content formats: Movies, TV Series, Anime, Apps, Documentaries, Games.
Banned in the following countries: None.
Supports instant downloads: No.
Mirrors/Alternate URLs/IPs: 104.18.52.165
Number of torrents: 225,000+
Download Speed

The average DL speed was 5.5MB/s


14. EZTV

Many avid torrenters will know EZTV, a popular TV torrent distribution site that was founded in 2005. After experiencing a hostile takeover, EZTV was claimed by a new group operating at EZTV.AG. While many popular torrent sites ban releases from EZTV due to its history, many have found its torrents to be of great quality.
Year established: 2015
Popular content formats: TV Series/Movies.
Banned in the following countries: Australia, Ireland, United Kingdom.
Supports instant downloads: Yes.
Mirrors/Alternate URLs/IPs: eztv.red, eztv.unblocked.mx, eztv.unblocked.bet
Number of torrents: 153,000+
Download Speed

ExpressVPN Review

https://thebestvpn.com/reviews/expressvpn/

Last updated: April 17, 2018


Brad Smith · Read user reviews

After reviewing dozens of VPNs, I can say that ExpressVPN can be considered as “all around” VPN. Their biggest con is their current pricing…


ExpressVPN is rated 1st out of 74 VPNs on TheBestVPN.com

I was curious to put together this ExpressVPN review as I just couldn’t believe the hype around it.

Most “comparison” sites claim them to be fast, secure and fully anonymous.

But I was wondering…

Is it really as fast and secure as promised? Can I use it for torrenting and streaming Netflix?

Does it really cost that much or is there a cheaper way to get it?

These are just some of the questions I answer in this review.

Ready? Let’s get started…
ExpressVPN Overview
OVERALL RANK: #1st out of 74 VPNs
USABILITY Very Easy
LOG FILES: Strict No Logging
LOCATIONS: 94 countries, 2000+ servers
SUPPORT: Live Chat
TORRENTING: P2P & Torrenting Allowed
NETFLIX: Unblocks Netflix
ENCRYPTION: OpenVPN, IPSec & IKEv2
JURISDICTION: Out of 14 eyes
COST: $6.67
OFFICIAL WEBSITE: www.ExpressVPN.com

ExpressVPN Pros
1. Strict “No Logging” PolicyInformation on: https://www.expressvpn.com/what-is-vpn/policy-towards-logs

Keep in mind that vast of majority of VPN providers try to explain in their TOS that they don’t keep log files, but we’ve seen some VPN services that have VERY questionable logging policy (hint: PureVPN & F-Secure Freedome).

Luckily, ExpressVPN isn’t that suspicious at all…

ExpressVPN also operates under a rather stringent “No Logging” policy.

Basically, this means that they do not track or store your personal data whenever you are using their services. From the second that you log onto your ExpressVPN server, your information (or at least most of it) is encrypted and hidden from hackers, government agencies, and yes, even ExpressVPN themselves.

However, ExpressVPN does collect some data as outlined in their privacy policy. According to the companies website, they do collect:
Apps and app versions successfully activated
Dates (not times) when connected to the VPN service
Choice of VPN server location
Total amount (in MB) of data transferred per day

And after reviewing dozens of other VPNs, I have found that this is a pretty standard practice that is actually necessary to ensure an optimal user experience.
2. Speed Test: One of The Fastest VPNs

Probably the most important strength that ExpressVPN has is their fast upload and download speeds.

Without VPN, we had the following results:

With a 100 Mbps connection, we’re able to get a download speed of 83.15 Mbps which makes them one of the fastest VPNs we’ve reviewed till date.

Of the 70+ of VPN providers that I have tested, only a few offer upload and download speeds comparable to ExpressVPN’s (such as PIA & Private Tunnel, but they lack in every other aspect).

See the complete results yourself:

US Server (New York)
Ping: 110ms / Download: 60.04 Mbps / Upload: 30.41 Mbps

EU Server (Amsterdam)
Ping: 40ms / Download: 83.15 Mbps / Upload: 51.81Mbps

Asia Server (Hong Kong)
Ping: 292ms / Download: 30.26 Mbps / Upload: 12.46 Mbps

Always take speed testing with a grain of salt because it relies on too many variables, such as your physical location, your computer specs, your Internet connection etc.

But since I compare VPNs with the same method (same computer & Internet connection), I can truly say that ExpressVPN is very fast.
3. Lots of Servers and Privacy Features
Anonymous IP: Yes
Kill-Switch: Yes
Netflix compatibility: Yes
P2P servers
3 simultaneous connections
2000+ servers
94 countries (last verified on 1st of May, 2018)

Where ExpressVPN really shines is in their wide selection of servers, so you can easily change or hide your IP.

With over 2000 servers operating in 94 countries across 148 different cities (and counting), ExpressVPN is rivaled only by NordVPN, PIA and TorGuard in terms of the sheer volume of servers they offer.



If there is a server you need, chances are, ExpressVPN has got it. You can also check their server locations in real time.
Kill Switch

For anyone using location-specification specific activities (like gambling), ExpressVPN also offers a very handy Kill Switch that will automatically kill whatever software or websites you were using in the event that your network connection is lost.

Meaning that even when you’ve lost your protection, you are still protected.
Works on Multiple Devices

Their services are supported on:
Windows
Mac
Android
Linux (best UI in the industry)
iPhone and iPad
Different routers
Different web browsers

While I am sure there is some device out there that remains unsupported, you would be hard-pressed to find it.
4. Located in Safe Jurisdiction: British Virgin Islands

Founded in 2009, ExpressVPN International Ltd is located in the sun-kissed and (almost) the tax-free British Virgin Islands.

The fact that they located in a tax haven and have almost no information regarding their founders or employees can raise a few red flags for the cautious consumer.

However, ExpressVPN’s secrecy should not be a cause for alarm.

Due to the very nature of their services, most VPN companies go to great lengths to hide their identities and impede unwanted investigations.

With the current landscape of data security becoming more tumultuous by the day, it is almost a requirement for VPN providers to limit the accessibility of their more private information.
5. Strong Encryption (AES-256) + OpenVPN

In order to ensure that your data protection is at the highest levels, ExpressVPN uses a strong 256-bit AES encryption… Like a super strong encryption.

Known as Advanced Encryption Standard or AES, the 256-bit cipher that ExpressVPN utilizes all but eliminates the possibility of a brute force attack (and most other attacks for that matter).

I won’t bore you with all of the jargon and technical details about the AES 256 key that is used to protect your internet experience, but I will suffice it to say this:

When the CIA or FBI decides that they want to protect the transmission of sensitive data, they use an AES-256 encryption.

If security is one of your primary concerns, you can rest soundly knowing that ExpressVPN is not at risk of being compromised anytime soon.

VPN tunneling protocols are the method that your device uses to connect to a VPN server. While most users will only need the default (and most secure) “OpenVPN”, ExpressVPN also supports SSTP, L2Tp/IPsec, and PPTP protocols.

For users with more technical requirements, this is a great feature to have because it allows you to establish a connection that is tailored to meet your specific needs (typically, speed vs. security).

By de-jargonizing everything I wrote above, I can safely say that yes, ExpressVPN is secure and safe VPN.

You can safely use a public Wi-Fi to protect your data
6. ExpressVPN Allows Torrenting

This is a huge plus for many users.

While other companies like TunnelBear have officially stated that they do not allow torrenting, ExpressVPN has made no such statements.

Although I was unable to find an example where ExpressVPN blatantly condoned torrenting, you don’t have to read far between the lines to realize that, at the very least, they aren’t opposed to it.

Everything about their service, from the military-grade encryption to the unlimited bandwidth and admirable download times scream “Torrent Friendly”.
7. Unblock Netflix Feature

As Netflix’s security protocols and procedures continue to evolve, it is becoming increasingly rare to find VPN providers with Netflix compatibility.

After setting up my service with ExpressVPN, the first (and clearly most important) thing that I wanted to find out was whether or not their Netflix compatibility worked as advertised. Much to my surprise (and delight), I was presented with a queue of films and TV shows that was wildly different from my regularly scheduled programming.

It should be noted that not all servers are compatible with Netflix and you will probably run into a few proxy errors when trying to stream Netflix from non-U.S. servers.

The following servers worked perfectly fine for bypassing Netflix:
USA (NY)
Canada (Toronto)
UK (London)
8. 24/7 Live Customer Support

In an industry that suffers from notoriously bad customer service, ExpressVPN’s 24/7 live support is one of its biggest selling points. Unlike many providers who rely on outdated contact forms and laggy email chains, ExpressVPN boasts a 24/7 365 live chat feature that has been consistently rated one of the best in the business.

But, for whatever reason, ExpressVPN decided that it would be beneficial to continue offering the more traditional contact forms and support emails. So it’s important to note that if you do run into any issues when you opt for one of these archaic methods, ExpressVPN will be quick to redirect you to their live support team (as they do in the following correspondence).
9. TOR Compatibility

The Orion Router or TOR is a network designed for one thing and one thing only.

Security.

When using TOR, your traffic information is encrypted across multiple servers and your data is relayed so that it is difficult (bordering on impossible) to track your actual location.

If you are extremely concerned about your personal security, ExpressVPN allows you to combine the TOR networks on top of your existing VPN in order to maximize your privacy and all but eliminate vulnerabilities in your data’s security.

In countries with Draconian censorship laws, this added layer of security can (literally) be a lifesaver.

To access the TOR network, simply use their official browser on a Windows, Mac OS, Linux, or Android device then launch your connection using the following address: http://expressobutiolem.onion
10. No IP or DNS leaks found

Last, but not least, we also tested ExpressVPN towards multiple DNS, WebRTC and IP leaks.

Luckily, we couldn’t find any (5 different sites tested).

I also uploaded their installer file to VirusTotal.com which indicated no viruses found.
ExpressVPN Cons
1. Only 3 Devices Can be Connected Simultaneously

If there is one other complaint I had about ExpressVPN it is that they only allow you to simultaneously use their services on three devices.

While it’s unlikely that this is an issue for users who are only interested in personal security, the limit can become frustrating whenever you are trying to ensure the security of your entire family’s data and devices.

This is especially bothersome when you compare ExpressVPN’s device limit to those of other companies who consistently offer 5-7 simultaneous connections.

While it’s far from a deal breaker, it is an issue that I would like to see resolved sooner rather than later.
2. Not Very Transparent Company

Similarly to NordVPN, ExpressVPN remains pretty anonymous company. There are no visible phone numbers nor business contacts on the website, yet they serve millions of customers.

However, remaining anonymous in the VPN business is a pretty common thing. Businesses tend to do that because of the different laws and their motive to protect their customer’s data.
ExpressVPN Pricing, Plans & Facts

When a company boasts as many features and perks as ExpressVPN, it shouldn’t shock you to find out that they charge a premium price for their services.

With their packages going as high as $12.95/month, ExpressVPN is far from a “budget service” (although every plan comes with a 30-day money back guarantee)

Here’s how the pricing plans break down.

Month-to-Month Plan: $12.95 per month
6 Months Plan: $9.99/month (billed $59.95 every six months)
12-Months Plan: $8.32/Month (Billed $99.95 every 12 months)

However, if you are willing to keep a watchful eye on their website, you can occasionally find great sales that reduce the total cost to $6.67/month or lower.

This might seem expensive to some of you, especially when you compare the cost of ExpressVPN to some free VPN services.

But it’s important to remember that, as the old adage goes, “You get what you pay for”.

And there are no exceptions to this rule when it comes to VPN providers.

If you want to buy ExpressVPN, you can use all major credit cards, PayPal as well as anonymous payment methods, such as Bitcoin.
No logging: Yes.
Ease of the VPN software: Very beginner friendly and simple.
Hidden fees & clauses: None found.
Upsells: No upsells.
Instant access after payment: Yes.
DNS leaks: DNS Leak Protection feature (free).
Jurisdiction: British Virgin Islands.
Tunneling Protocols: OpenVPN, IPSec, PPTP & L2TP.
Kill-switch: Yes.
P2P servers: Yes
Do I Recommend ExpressVPN?

Yes, I do recommend ExpressVPN.

They offer a fantastic service that is filled with the wide array of features sure to delight both novice and expert web-surfers alike.

They keep you fully anonymous, safe and secure.

And with such a large pool of servers (2000+) to choose from and an effective team of customer service agents at your disposal, I feel that you get what you pay for – which is a lot!

It’s fast, safe and secure. Hands down, my experience with this VPN was solid, hence I recommend this.