Activity 7

Semiconductors 101 –

A Beginner’s Guide

Date: 26 July 2025 (Saturday)

Time: 2:00PM – 4:30PM

A talk that is ideal for members who want to learn about the fast pace global semiconductor industry as a beginner. Capital Dynamics’ Fund Manager Tan Mun Lin will conduct this introductory talk in an afternoon tea setting.

My knowledge of the semiconductor industry was way back in the early 1990s, when the company I worked for supplied anti-static packaging materials to companies like Motorola, National Semiconductor, Carsem, Unisem, and Texas Instruments.

Little did I know, until I attended the Semiconductor 101 talk, that there were so many other players in the supply chain.

This session certainly broadened my knowledge, and now it's time to learn more about this subject as we move from landline telephones to mobile phones, from mainframe computers to notebooks, from accounting systems to ERP, and eventually to AI.

Semiconductor 101 built a great foundation, and now I'm ready for more exciting learning. I'm anxiously waiting to see what the fan club will offer next to help us gain more knowledge.

Ng Seow Yang
Member of ICAP Fan Club

Mention the semiconductor industry in Malaysia, and most people will immediately think of the OSAT (Outsourced Semiconductor Assembly and Test) sector. But as we learned at ICAP Fan Club’s recent "Semiconductors 101 – A Beginner’s Guide" session, OSAT is just one small—albeit important—part of a much larger and more complex value chain.

The presentation, led by Capital Dynamics’ Deputy Group CEO and Fund Manager Ms. Tan Mun Lin, was an eye-opening journey into the world of semiconductors.

Mun Lin also brought the topic closer to home, highlighting the crucial roles played by Malaysian companies in the IC design, wafer fabrication, and assembly, packaging, and testing phases of the value chain.

The session concluded with a lively Q&A and a well-deserved hi-tea spread, complete with coffee and tea to satisfy our hungry bellies. It was an invaluable experience, perfectly suited for both industry newcomers and those with existing knowledge.

A big thank you to Ms. Tan Mun Lin for her in-depth knowledge and to the ICAP Fan Club organizing committee for the arrangements.

Wong Wai Chun
Member of ICAP Fan Club

As a member of the ICAP Fan Club, I've had the privilege of participating in several activities and site visits with the members, and they have been an incredible experience. The ancient Chinese saying, "‘walking a thousand miles is better than reading thousand scrolls of literature读万卷书不如行万里路," perfectly captures the value of these events. The fan club doesn't just offer knowledge; it gives you the opportunity to see and understand things that go far beyond what you can learn from reading alone.

The site visits have been truly eye-opening. Seeing how a company like JF Technology creates wealth from semiconductor testing pins the size of a speck of dust gave me a new appreciation for the industry. Visiting Unisem provided a deeper understanding of the entire semiconductor supply chain, from assembly to testing. And at Asia Digital Engineering (ADE), I gained a fascinating look at the maintenance, repair, and overhaul sector of the aviation industry.

These activities have allowed me to gain valuable insights into the Malaysian economy, learn how fast-paced and efficient their business partners in China operate, and discover hidden gems in the stock market alongside our fellow members of ICAP Fan Club.

Beyond the site visits, the Semiconductors 101 talk and fireside chats on navigating today’s volatile global investment landscape provide a broader understanding of various industries directly from the people who work in them. I’ve learned from seasoned investors, heard their unique perspectives on different sectors, and made many new friends along the way.

This experience has proven that my simple equation is true: More activities = more knowledge = make better decision = increasing net worth. The best part is that all of this knowledge and growth compounds over time, making it a truly invaluable journey. The fan club is not only an insightful experience but also a fun and relaxing way to learn and grow.

Thank you ICAP Fan Club for the invaluable experience!

Tan Bing Yi
Committee of ICAP Fan Club

Activity 6

Asia Digital Engineering –

Understanding Capital A’s MRO Powerhouse

Date: 24 July 2025 (Thursday)

Time: 1:00PM – 6:00PM

KLIA

As an ICAP Fan Club member, I recently had the privilege of joining fellow enthusiasts on an exclusive site visit and research trip to Capital A’s Asia Digital Engineering (ADE), Maintenance, Repair, and Overhaul (MRO) hangar bay. The opportunity to witness firsthand the inner workings of one of Southeast Asia’s premier aviation engineering facilities was both informative and inspiring.

Upon arrival, our group underwent a rigorous security screening process—similar to boarding an aircraft—underscoring ADE’s commitment to safety and confidentiality. Once cleared, we were warmly welcomed by Mr. Mahesh Kumar, CEO of ADE, and his dedicated team. Mr. Kumar began the session with a comprehensive presentation covering ADE’s history, core capabilities, and operational milestones. I was particularly impressed by how ADE launched at the height of the COVID-19 pandemic and, through Mr. Kumar’s team’s contrarian vision and determination, not only survived but expanded its business during challenging times.

Following the presentation, we enjoyed a networking Hi-Tea generously hosted by Santan. The spread featured Santan’s delicious specialties, including their signature Wantan Mee, Kaya Butter Toast, and Teh Tarik Kaw Kaw. The casual setting allowed us to exchange observations and questions directly with ADE staff, deepening our understanding of the facility’s day-to-day operations.

The highlight of the trip was undoubtedly the guided tour of ADE’s hangar bay. We had the rare opportunity to observe Airbus aircraft undergoing base maintenance up close. It was truly impressive to see the intricate structure of these advanced airframes and appreciate the level of precision and technical expertise required for each maintenance step. From the hydraulic systems to the composite panels, every component underscored the complexity of modern aviation engineering.

This site visit reinforced my admiration for ADE’s commitment to excellence and innovation in the MRO sector. I left with a deeper appreciation for the rigorous standards and collaborative teamwork necessary to keep commercial aircraft safe and operational.

I extend my sincere gratitude to Mr. Mahesh Kumar and his team at ADE, as well as the Santan hospitality staff, for organizing this exceptional experience. Participation in this site visit has significantly enriched my knowledge of aviation maintenance.

Special thanks also to Mr. Tan Teng Boo and the ICAP Fan Club organizing committee for coordinating the trip. The RM50 participation fee was more than worth the insights gained and the opportunity to connect with industry professionals. I eagerly await our next ICAP Fan Club adventure—wherever our curiosity takes us next!

Yap Shong Waey
Member of ICAP Fan Club

It’s not every day one gets to walk into, inside, and around an aircraft hangar of record proportions in Malaysia. This largest free column span hangar houses 14 planes (8+6). We gained an insight into how the service crew works to get the plane up in the air, allowing us to sit comfortably and safely. I now have a much better appreciation for the millions of things that could go wrong, but don’t because there is an “A-Team” on the ground that meticulously goes through every step in compliance with manuals and SOPs, performing check after check to ensure the big bird is tuned to fly again.

Kudos to the team at ADE for their long and far-sighted adventure to build an MRO business and bring a whole global supply chain back to our own backyard.

Congratulations to icapital.biz Berhad for bringing value and meaning to the dollars and cents that go into the portfolio. An understanding of where the money is put to work and intimate engagement with the business owners of ADE definitely adds depth to investors’ knowledge and skillsets in terms value investing. We can always watch a YouTube program, but being there, seeing is believing. As the CEO of ADE says, Capital A is all about EMOTIONS... either you are with me or you are out – a sentiment that mirrors the same passion for icapital.biz Berhad’s investors.

Tai Kim Fui
Member of ICAP Fan Club

Activity 5

Unisem –

Up Close with Semiconductor's Back-end Business

Date: 30 June 2025 (Monday)

Time: 8:00AM – 6:00PM

Unisem Gopeng

With over 20 years of experience in semiconductor IC design, I found the visit to UNISEM truly eye-opening. It significantly broadened my understanding of the semiconductor value chain beyond the design phase. The visit was well worth both the money and the time spent.

The insightful presentation by Mr. Kevin Khoo, COO of UNISEM, provided a comprehensive overview of the global semiconductor landscape, UNISEM’s business model, and the company’s competitive positioning within the OSAT (Outsourced Semiconductor Assembly and Test) sector. His sharing offered valuable perspectives on both global and local dynamics of the OSAT industry.

The highlight of the visit was undoubtedly the factory tour, where I had the rare opportunity to witness the entire backend process (from wafer handling to the final packaged IC units). Observing this in action deepened my appreciation for the operational complexity, technological excellence, and the crucial roles that efficiency and productivity play in OSAT’s success.

This experience has greatly enriched my understanding of Malaysia’s semiconductor supply chain and will definitely help me make well-grounded investment decisions moving forward.

A special thank you to the team at Unisem (M) Berhad for generously hosting us, and to the ICAP Fan Club for organising such a valuable and exclusive visit. I look forward to more insightful events in the future.

Teoh Giap Seng
Member of ICAP Fan Club
7 July 2025

Activity 4

Understanding Semiconductors –

A Guided Research Trip with Teng Boo

Date: 21 April 2025 (Monday)

Time: 8:30AM – 1:00PM

JF Technology HQ, Kota Damansara

Before the visit, I took the time to read the company’s annual report, which gave me a general sense of its operations and financial performance. However, I must admit that my knowledge of the semiconductor industry was quite limited—apart from an appreciation of its critical role in powering the modern world.

That changed significantly during the visit. The presentation by Mr. Tan Teng Boo provided a valuable introduction to the semiconductor landscape. His clear breakdown of the complex global supply chain and the major players within it helped me better understand where this company fits in and how the industry functions as a whole.

The factory tour itself was equally insightful. Mr. Lee, the Chief Operating Officer, walked us through the company’s core activities and explained its business model in a way that made even the more technical aspects accessible. Seeing the operations firsthand added a new dimension to my understanding, complementing the information I had gathered from the annual report.

Overall, the visit deepened my appreciation for the intricacies of the semiconductor industry and gave me a clearer picture of the company’s role within it. It was an eye-opening and educational experience.

Goh Ser Heng
Committee of ICAP Fan Club
25 April 2025

A special thank you to the team at JF Technology Berhad for generously hosting us and offering such valuable insights into the semiconductor industry.

Activity 3

ICAP Fan Club - Fireside Chats

Session 1 (JB): 7 December 2024 (Saturday), 6:30pm to 8pm, MASTERPIECE Taman Molek

Session 2 (Penang): 8 December 2024 (Sunday), 1pm to 3pm, Hotel Neo+ Penang

Session 3 (KL): 11 January 2025 (Saturday), 10am to 1pm, Nucre Patisseries

As the Vice President of the ICAP Fan Club, I had the privilege of moderating three unforgettable Fireside Chats in December 2024 and January 2025 in Johor Bahru, Penang, and Kuala Lumpur. Each event was a perfect blend of diverse professional backgrounds, lively discussions, and invaluable insights on navigating today’s volatile global investment landscape.

Johor Bahru

In Johor Bahru on 7th December, we kicked off with a delightful dinner, providing a perfect setting for guests to network and share experiences. The evening saw a diverse mix of individuals, from young professionals and seasoned investors to experts from fields like healthcare, finance, and technology, each contributing to a very lively multifaceted discussion.

The session’s theme - “Navigating Global Uncertainty: Key Investment Lessons” - was timely and insightful. With the US presidential election results known and US-China tensions continuing, participants were eager to learn how to navigate in such unpredictable conditions.

Penang

Just one day later, we headed to Penang, where the ICAP Fan Club Fireside Chat at Hotel Neo+ on 8th December was another inspiring chat. The event kicked off with a delicious lunch, encouraging participants to mingle and exchange ideas.

What stood out to me in Penang was the energy in the room. The open-dialogue format of the Fireside Chat allowed for candid exchanges of personal stories, lessons and success earned the hard way.

Kuala Lumpur

Then, on 11th January 2025 the Fireside Chat at Nucre Patisseries, Petaling Street, Kuala Lumpur was attended by nearly 50 people. Due to the overwhelming reception, we had to close our registration early to maintain the intimate and cozy setting of the Fireside Chat. The continued enthusiasm and participation in KL reaffirmed how these sessions offer not just investment insights but a strong sense of community.

One of the most exciting aspects of all three events was the new members who joined the ICAP Fan Club after the sessions. As we all know, success is never a solo endeavour - it’s about creating networks, sharing wisdom, and learning from each other.

In all the 3 Fireside Chats, I shared with all the participants some vital secrets to successful investing, based on my experience, especially during the volatile times. Based on the lively interactions, it was clear that none of the participants was aware of the importance of a company’s business model, one of the “vital secrets”.

As we wrapped up these events, I couldn’t help but feel immense gratitude to everyone who participated. Besides, more than just investment focus, these events were about connection, learning, and community-building.

As we look forward to future Fireside Chats, where we’ll continue to share our experiences and put our thoughts on pertinent topics, I would encourage members to suggest activities or topics they would like the ICAP Fan Club to conduct.

Until next time, here’s to investing in not just stocks, but in a better Malaysia and a better world.

Your vice president, Tan Teng Boo

Activity 2

Discovering Hidden Values at APM Automotive –

A Guided Research Trip with Teng Boo

Date: 16 July 2024 (Tuesday)

Time: 11:30AM – 3:30PM

Location: APM facilities at Pandamaran Industrial Estate, Port Klang.

As individual investors, one of the greatest challenges we face is understanding the companies we invest in beyond what financial statements can reveal. Meeting and talking to the management, seeing operations firsthand and grasping a company’s culture are typically luxuries reserved for institutional investors.

However, thanks to ICAP Fan Club, individual investors like you and me are breaking the barriers to become smarter investors.

On 16 July 2024, the ICAP Fan Club organised its inaugural research site visit to APM Automotive Holdings Berhad (“APM”), a Bursa Malaysia Main Market listed company that is a prominent player in Malaysia’s automotive parts manufacturing sector. Headquartered in the bustling Pandamaran Industrial Estate in Port Klang, APM has grown significantly since its humble beginnings in 1971 to become a leading supplier to major OEMs in Malaysia and beyond.

Guiding us through this insightful visit was Mr Tan Teng Boo, Designated Person of icapital.biz Berhad, seasoned Fund Manager of Capital Dynamics and Vice President of the ICAP Fan Club. His expertise in value investing and meticulous research methodologies set the stage for a profound learning experience.

The half-day visit commenced with a briefing by Teng Boo, setting expectations and equipping 17 of us participants with essential reading materials and insights into investment strategies. Armed with APM’s annual and quarterly reports courtesy of Capital Dynamics and recommended readings by Benjamin Graham and Philip Fisher, we delved into Teng Boo’s 3-stage investment process: Research, Analysis, and Decision-making.

“For Capital Dynamics, research is always the most important, taking 60% to 80% of our time and effort, followed by analysis, which takes 15% to 35%. When proper and sufficient research is done, it takes only 5% or less of our time and effort to make an investment decision,” said Teng Boo.

Welcomed graciously by Dato Robert Tan Eng Hwa, the CEO of APM and his team, we embarked on a comprehensive journey through APM’s history, divisions, and global footprint.

From suspension systems to heat exchange units and more, APM’s commitment to quality and innovation was evident throughout the corporate presentation. Despite the challenges of international expansion, APM remains steadfast, poised for future growth.

“The only way to know or determine where APM stands in terms of global market is to go outside Malaysia and compete.” said Dato’ Robert Tan with confidence.

A lively Q&A session followed, providing members with direct access to APM’s leadership team.

Dato Robert Tan and his team consisting of Group CFO Ms Catlyn Khoo, Head of Malaysia Operation, Mr Wolrence Siew, Senior General Manager, Suspension Division, Mr. Ng Boon Hooi, Deputy Finance Manager, Mr Christopher Kim, General Manager of APM Coil Springs, Mr Yeoh Lam Guan, and Executive Assistant to the Group CEO, Mr Kelvin Lee responded to the questions from our members patiently.

Their insights into market challenges, operational strategies, and future prospects enriched our understanding and investment perspectives.

The highlight of the visit was the plant tour, where members witnessed firsthand the intricate processes behind APM’s coil springs, suspension systems, and shock absorbers.

Most of APM’s facilities are automated. Some of the plants were rather hot due to the heat generated by the lines of machines. Even so, the facilities managers patiently toured the members of ICAP Fan Club and diligently explained the plant processes and products. My hats off to the APM team.

Back at Capital Dynamics’ office, a debriefing session allowed members to share their insights and further hone their research skills under Teng Boo’s guidance.

We extend our heartfelt thanks to Dato’ Robert Tan and the entire APM team for their warm hospitality and invaluable insights.

Special thanks also go to Capital Dynamics and the organising committee consisting of Mr Tan Teng Boo, Mr Teh Chong Leng, Mr Mok Zhen Yick, Ms Tan Mun Lin, Ms Che Hui Shan, Ms Teo Hui Xin and Ms Chang Yi Xin, for making this enriching experience possible.

The ICAP Fan Club looks forward to organising more insightful visits and activities, empowering members to make informed investment decisions and fostering a community of knowledgeable investors.

In conclusion, the APM site visit was not just a glimpse into a company but a transformative experience that underscored the importance of thorough research and informed decision-making in the world of investing. Here’s to more learning journeys ahead!

Loh Hang Pai
Your President

Activity 1

Inaugural ICAP Fan Club Meeting

Date: 13 July 2024 (Saturday)

Time: 9:30 AM - 1:30 PM

Venue: Nucre Patisseries, 121-123, Jalan Petaling, Kuala Lumpur

Our inaugural ICAP Fan Club Meeting was held on July 13, 2024, at Nucre Patisseries, Kuala Lumpur. It was truly a remarkable day filled with camaraderie, learning, and meaningful connections.

The morning commenced with a warm welcome from our President, Mr Loh Hang Pai, who set the tone for the day’s proceedings.

We were honoured to have Dato' Seri Mohd Ajib, the Chairman of icapital.biz Berhad, share his thoughts on the significance of our fan club in promoting long-term and value investing across Malaysia. His insights underscored the importance of our mission to educate and empower individual investors.

Mr Tan Teng Boo, the driving force behind ICAP Fan Club, passionately articulated his vision for the club. His words resonated deeply as he emphasised the club’s role in fostering positive values within Malaysian society and steering individuals away from investment scams through education.

After the introduction of committee members, as the Secretary of ICAP Fan Club, I had the privilege of outlining our club’s structure and plans, as summarised below:

Most of the club’s founding members are middle-aged and above,residing in Klang Valley.
The club adopts a freemium fee structure. A one-time entrance fee of RM100 and annual member fee of RM50. The club will plan for a combination of activities and events that are free or at minimal cost as well as paid events. The objective is to support engagement activities and subsidise the events for students and youngsters.
Upcoming events – research visit to APM and China Talk organised by Capital Dynamics. I encouraged members to volunteer and share their ideas on activities we can organise.

Ms Teo Hui Xin also briefly updated the members on the club’s income and expenditure. It was heartening to see the enthusiasm among our founding members all united in their commitment to icapital.biz Berhad and long-term value investing.

One of the highlights of the day was our engagement activity session, facilitated by yours truly. We kicked off with introductions where each member shared their background, interests, and reasons for joining the club, creating an immediate sense of belonging.

This was followed by a fun icebreaker where members identified others with the same birth month, forming twelve spirited teams which were then combined into 4 groups based on a year’s quarter.

The camaraderie continued to flourish as these groups competed in a lively game of adjectives, showcasing their collaborative spirit and strategic thinking. Laughter and friendly banter filled the room as members discussed and bonded over the game.

Of course, no memorable event is complete without capturing the moment. We immortalised our founding members with group photos that encapsulated the spirit of unity that defines ICAP Fan Club.

The day concluded with members enjoying lunch together, exchanging ideas and contacts, and forging new friendships.It was clear that the inaugural meeting had succeeded not only in educating and engaging but also in fostering a supportive community of like-minded individuals dedicated to ICAP and value investing.

Looking ahead, ICAP Fan Club promises more exciting events, workshops, and networking opportunities designed to enrich your journey in the world of investment. We invite each of you to stay connected, participate actively, and contribute to our growing community.

Thank you again to everyone who contributed to our inaugural meeting's success. Your enthusiasm and passion are the foundation upon which we will build a thriving community of informed investors. “If you want to go fast, go alone. If you want to go far, go together.” I strongly believe that with the support of each other, we can go very far.

Chong Yew Kong
Secretary of ICAP Fan Club

Important Notification

The FIRST corporate fan club in Asia Pacific