How Do I Choose A Stock To Buy?

A reader asked me how do I filter the stocks to buy. It's not easy to answer.

To make it short, I don't have a systematic way when it comes to selecting a company for investment. 

I'm not sure whether there is any established or better way to select or filter from a list of close to one thousand listed companies.

Basically, I have done it in many ways and I'll briefly discuss about them here.

First, I'll start with how I come to know a stock.

Screen through every single companies painstakingly

This was the method I used when I first joined the stock market back in year 2005. At that time, internet information was scarce. 

There was a thick book like a "Yellow Pages", which contained the information of all the listed companies in KLSE such as the business nature, historical revenue/profit, financial ratios such as EPS, ROE, PE ratio, debt/equity, as well as historical price chart.

I can't remember the name of this white & green colour book now as I have lost it many years ago.

Before I bought my first shares, I read a few investment books and I decided to follow their suggestion by looking at the fundamentals of the companies. So I made a stock selection criteria of ROE >15%, EPS growth >15% for at least 3 years & PE <10.

With these criteria, I screened through every companies in that thick book one by one. At last I came out with a few companies that matched the criteria. I still remember that the first 2 stocks I bought were Mahsing & WCT, and I made a profit from them.

Anyway, that kind of book is not published anymore due to the abundance of information which can be easily obtained on the internet.

Use KLSE Screener

Many years ago I came across this tool. I'm sure that most readers know what is it all about. You just need to key in your selection criteria (PE, ROE, DY, EPS etc) and the software will filter for you.

This is very easy and fast, and you can do it on your computer or smartphones. However, I seldom use it and don't really use it to select stocks since I started this blog.

From articles and news

Basically I do not actively look for a stock to buy, as investing in stock market is not a big part in my life, yet. I am quite passive.

I don't read business news and watch the stock market everyday. I do it sporadically when the interest comes and when I have the time.

You know, there are many articles that promote a stock in investment forum such as i3investor, some are very good and some are not. 

When a company secures a contract, reports good profit, ventures into new business or encounters headwinds, the news will certainly appear on online news portal such as The Star, The Edge and for Chinese, Sin Chew & Nan Yang. 

If the headlines of an article or news catch my attention, I will read them and sometimes it will lead me to study the company and then invest in it.

Analyst reports

I have trading accounts with Public Investment Bank & Hong Leong Investment Bank. However, I do not login to view all the reports because I only login when I plan to trade.

I read those analyst reports from i3investor, thanks to all the people that share them there. 

Analyst reports are a very important and useful tool for me. There are many information that retail investors like us have no access into. So, we need to depend on professional analysts who attend the company's AGM, investor briefing session or interview the management.

Regarding the target price derived by analysts, just take it as a reference and come out with your own target price. 

Of course different people have different opinion, and no one can predict the future with 100% accuracy. For Bumi Armada as example, someone gives it a target price of 10sen, while some value it at 56sen. That's a huge difference.

Now that Armada is at 26sen, who do you want to follow?

Quarterly Financial Reports

A listed company must release financial report every 3 months, we can get a lot of information from it.

Besides the revenue & profit, we can have a glimpse at its latest balance sheet & cash flow. The management will also explain the performance of the quarterly results and give a prospect of its business.

When a company has a good financial quarter, sometimes it catches my attention to further study it, IF I happen to bump into it as I only read 10-20 of those quarterly reports every 3 months.

I think this is a very common way for me to identify a stock to buy.

Before 2013, I only looked at the revenue and profit, EPS, ROE & PE ratio while making a decision.

After that, I include the balance sheet and cash flow, although not in a very detail fashion. I don't have accounting background, and have no one to ask except Mr Google when I have doubts.

I don't read annual reports unless from my invested companies or companies I plan to study. 

There is another way that can help me to find a good stock which I haven't use yet, which is subscribing to fundamental-based "Sifus" or other experienced investors.

I know that it might be a very good way to earn quick bucks from doing this. Many newbies and speculators pay the fee, and will surely buy when a stock is recommended as "buy call". This might push up the share price and quick profit can be made just like that.

Subscribing to such service can increase my chance of catching a stock with good potential, as I mention earlier that I'm quite passive in stock market and can't screen through all those listed companies and read all the announcement by myself.

At the moment, I still haven't join such groups. I'm still all alone.

How do I filter those stocks to decide whether to invest in them or not?

There are no strict rules now like I used to have in the past. Last time I set criteria for EPS growth, PE ratio, ROE, D/E ratio, DY etc. I usually don't go deeper into ROIC, FCF, PEG ratio & EV as I'm not a true value investor.

Let me show a few real examples of how I bought a stock in the past, if I still remember them correctly.

Latitude Tree

I first noticed Latitude after it released a very good quarterly results in Nov 2013. Then I studied its previous quarterly reports, annual reports and company website. I checked its previous announcement from Bursa Malaysia website. There was no analyst cover and not many news on this company. I found out from Bursa announcement that it was in the process of acquiring the remaining shares of its very profitable Vietnam operation. I projected the future earning and it's a no-brainer. 

Inari

If my memory serves me right, I first knew about Inari from a news article in Jun 2013. At that time, Inari was still a small little-known company and had proposed to acquire much bigger Amertron of the Philippines. It certainly caught my attention and the same process started. I checked its previous quarterly & annual reports, previous Bursa announcement, searched for online news and visited the company website. 

I remember that before I bought Inari shares at around 70sen (22sen now after adjustment), its share price has just rallied from 30-40sen to 70sen in a short period of time. Most investors commented that since it had already gone up 100%, it was very risky to buy at that time. I bought it anyway. Sometimes we have to ignore the noise of forummers and believe in our own judgement. Inari proves to be a big success for me. 

KESM

I came across an article or news shared by someone in i3investor about KESM in Jan 2016. It looked good to me and I decided to study it further. I saw that there was significant jump in its latest 2 quarters and by simple forward PE estimation, it was deemed undervalued for me. At that time its share price was falling from RM6 and I got it at RM4.80 and then around RM3.90 when it dropped further, with average price of RM4.42. 

It's lucky for me that its financial performance were good and share price kept increasing to over RM22. I sold some at RM20 and the rest at only RM8+. 

Geshen

I can't remember exactly how I came to know this company, which was a very cold and unknown company. From my record, I bought its shares on Mac 2015. I think may be from its previous quarterly result announcement in Feb 2015 which showed a significant jump in its net profit. It's not a very exciting result but I found out that it has just disposed its two loss-making subsidiaries and planned to acquire a growing profit-making peer. I felt that it would start a new page of growth and bought its shares. It was a great investment for me.

YOCB

This was just a coincidence. I was studying a company with a name of Yokohama in Aug 2013. When I searched for it in Bursa website, I saw another company alongside it with a strange name of "YOCB" which attracted my attention. That's how I started to study this company out of curiosity. I bought it because of its low PE ratio and good dividend. It was not a bad investment for me though I might have sold it too early.

Tambun

This is easy. I bought my first property from Tambun Indah and I certainly knew it well. As I was more focused in property investment at that time between 2008 and 2013, I knew a lot of other property companies and their projects.

At that time Tambun bought a vast landbank cheaply at Bandar Tasek Mutiara, which is located at Seberang Perai Selatan of Penang. We know that the nearby Batu Kawan is the next big thing. New projects were launched aggressively and each of them was rapidly sold out. So, it's also a no-brainer during such a property boom. 

Huayang 

Not every property stocks I bought at that time made money. Of all my completed buy-sell transaction up to today, the largest loss was Huayang, followed by Tropicana, both are property stocks. Huayang needs no introduction to investors at that time. Its revenue & profit was growing steadily, gave away mouth-watering dividends and multiple bonus issues. 

I felt like I missed the boat and always dreamed of owning its shares. Finally I became its shareholder in Sep 2014 at RM2.32, the price level which later proved to be at the peak. Even though subsequent quarterly results were good even with EPS of 11sen for 5 consecutive quarters, its share price just didn't go up but continued to drop instead. If we give a PE of 10x the share price should be at least RM4. Finally I cut loss at RM1.83 after 1 year and 4 months. Property was in the negative trend and we could not beat the trend.

PPHB

I found out this stock after it released its FY19Q1 results in May19. The result was nothing spectacular, just that the market gave it a low PE of around 5x. After studying it like usual, there seemed to be slow growth in this company and I believed that its products have more demand nowadays. I bought in May19 and only in the end of 2019, the stocks price started to jump.

I would say that most of the time I find a company to invest through its quarterly financial report, while PE ratio and growth prospect are the main things I look at to decide whether to invest in it, although the debt ratio & simple cash flow still play a part.

So, how should you filter or select a company to invest in? The answer is read more, and do your own homework.

YOCB: Another Disappointing Quarter

YOCB FY15Q1 Financial Result

YOCB	FY15Q1	FY14Q4	FY14Q3	FY14Q2	FY14Q1
Revenue	43.9	53.5	47.2	50.7	46.5
PBT	4.6	2.4	7.8	9.8	7.1
PBT%	10.5	4.5	16.5	19.3	15.3
PAT	3.3	2.0	5.9	6.9	5.2
Total Equity	156.3	153.0	154.2	148.3	144.6
Total Assets	188.8	196.2	195.6	195.6	178.9
Trade Receivables	49.7	52.1	49.7	56.5	41.1
Inventories	66.8	65.8	69.2	68.6	62.3
Cash	29.5	35.0	32.6	31.8	36.4
Total Liabilities	32.5	43.2	41.4	47.3	34.3
Trade Payables	11.7	14.6	8.2	14.0	8.0
ST Borrowings	18.5	25.9	29.0	29.0	23.2
LT Borrowings	0.0	0.0	0.0	0.0	0.0
Net Cash Flow	-5.7	-6.4	-8.7	-9.6	-5.0
Operation	5.0	4.7	-0.8	-10.9	-0.7
Investment	-0.1	-6.4	-6.4	-0.3	-0.2
Financing	-10.6	-4.6	-1.6	1.7	-4.1
Dividend paid	3.2	6.4	6.4	3.2	3.2
EPS	2.07	1.24	3.68	4.34	3.27
NAS	0.98	0.96	0.96	0.93	0.90
Net D/E Ratio	Net Cash	Net Cash	Net Cash	Net Cash	Net Cash

YOCB made a rather bad start to its FY15 by posting a 36.5% reduction in net profit YoY from RM5.2mil to RM3.3mil. Revenue drops 5.6% to RM43.9mil in the same period.

The poorer result is mainly due to lower consignment and export sales, together with higher operating cost and again, "provision made for certain expenses".

Cash level drops mainly due to repayment of bank borrowings amounting to RM7.4mil in FY15Q1.

Out of its 3 major business segment, retailing segment is the only one that registers YoY earning growth with 15% increase in PBT. 

The other 2 segment which are design & manufacturing and distribution & trading suffer poorer PBT YoY with 52% & 35% reduction respectively.

Despite challenging & competitive local retail market, YOCB Board still "expects a satisfactory growth in the financial performance of the Group for the coming FY ending 30 June 2015".

It looks like this statement is cut & pasted to every quarterly financial reports.

YOCB earlier declared a final dividend of 2sen for its FY14, making it total 4sen or RM6.4mil dividend for the year, which represents a 32% dividend payout ratio.

Dividend yield will still be a good 4% at share price of RM1.00.

Despite poorer financial results for the past 2 quarters, YOCB will carry on with its expansion plan by commencing the construction of a new factory & warehouse on its recently acquired land.

The construction which cost RM9.3mil will begin in Dec14 and is expected to be completed in the second half of CY2015.

YOCB's inventory is getting higher while its sales and profit margin are getting lower this quarter compared to previous year.

This may indicate that it has poorer sales, and is forced to cut price or is unable to increase the selling price of its products to mitigate the rising cost at the moment in a competitive environment.

Nevertheless, why does the management still want to build a new factory & warehouse? Do they foresee better demand in the future?

I will lower net profit forecast for YOCB in FY15 to RM16mil, thus EPS will be 10sen and target price RM1.00.

As my shareholding in YOCB is very small, I may just treat it as a fixed deposit and hope for better result from year end sales.

If I have a chance to sell at a good price, then I will take it.

YOCB: A Dilemma...

YOCB FY14Q4 Financial Result

YOCB (RM mil)	FY14Q4	FY14Q3	FY14Q2	FY14Q1	FY13Q4
Revenue	53.5	47.2	50.7	46.5	40.6
PBT	2.4	7.8	9.8	7.1	5.2
PBT%	4.5	16.5	19.3	15.3	12.8
PAT	2.0	5.9	6.9	5.2	3.9
Total Equity	153.0	154.2	148.3	144.6	139.3
Total Assets	196.2	195.6	195.6	178.9	177.9
Trade Receivables	52.1	49.7	56.5	41.1	40.0
Inventories	65.8	69.2	68.6	62.3	57.2
Cash	35.0	32.6	31.8	36.4	41.4
Total Liabilities	43.2	41.4	47.3	34.3	38.6
Trade Payables	14.6	8.2	14.0	8.0	11.6
ST Borrowings	25.9	29.0	29.0	23.2	24.1
LT Borrowings	0.0	0.0	0.0	0.0	0.0
Net Cash Flow	-6.4	-8.7	-9.6	-5.0	11.5
Operation	4.7	-0.8	-10.9	-0.7	12.6
Investment	-6.4	-6.4	-0.3	-0.2	-2.0
Financing	-4.6	-1.6	1.7	-4.1	0.9
EPS	1.24	3.68	4.34	3.27	2.44
NAS	0.96	0.96	0.93	0.90	0.87
Net D/E Ratio	Net Cash	Net Cash	Net Cash	Net Cash	Net Cash

For YOCB's latest FY14Q4 results, there are 2 surprises, one positive & one negative.

The negative surprise is PBT crashed 69% & 54% both QoQ & YoY respectively to just RM2.4mil. This almost certainly means the share price might crash too.

The positive surprise is quarterly revenue reaches all-time high at RM53.5mil, despite the fact that Q4 is its weakest quarter traditionally.

If the profit falls like this because of less sales made, then it is a yellow flag and most probably I will sell.

If the profit falls but sales does not fall but instead rise to a record high, then it is a dilemma...

From YOCB super simple financial report, it just mentions that the lower profit in current quarter is due to higher operating cost, accruals & provision made for certain expenses. There is no breakdown of those expenses.

In this case I would like to know the gross margin but it is not available. Could it be due to some one-off expenses?

On the other hand, higher revenue is due to higher consignment, boutique and export sales, as well as fair & pre-Hari Raya sales.

This year Hari Raya falls on 28th & 29th July, which is only 10 days earlier than last year's 8th & 9th August. Nevertheless, FY13Q4 & FY14Q1 were its two weakest quarters in term of both revenue and profit.

YOCB Segmental Results (FY14 vs FY13)

YOCB (RM mil)	FY14 Rev	FY13 Rev	FY14 PBT	FY13 PBT
Investment	0	0	6.4	4.8
Design & Manufacturing	33.2	29.0	4.9	5.7
Retailing	31.0	26.9	4.3	2.6
Distribution & Trading	133.8	122.7	17.0	18.2

From the analysis of segmental reporting, all 3 main business segments register increasing revenue for FY14. However, PBT of design & manufacturing and distribution & trading segments fall compared to FY13, especially in FY14Q4.

Net cash flow enters negative territory this year, mainly due to investment for future expansion, as well as increasing inventories & receivables. The increasing working capital part does raise a bit of concern earlier but I think it is still manageable at the moment.

Cash & equivalent increases RM2.4mil to RM35mil while borrowing drops RM3.1mil to RM25.9mil.

Overall in FY14, revenue grows 11% but PATAMI falls 1%. ROE falls slightly to 13.1%.

YOCB Historical Financial Results

YOCB (RM mil)	FY14	FY13	FY12	FY11	FY10
Revenue	197.9	178.1	153.9	141.0	127.5
Revenue growth %	11.1	15.7	9.1	10.6
PBT	27.2	27.4	23.5	25.2	21.1
PBT%	-0.7	16.6	-6.7	19.4
PAT	20.0	20.2	17.3	18.3	15.1
PAT growth %	-1.0	16.8	-5.0	21.2
EPS	12.53	12.65	10.8	15.24	15.5
ROE	13.1	14.5

It is great to note that YOCB's revenue is in an uninterrupted increasing trend since listed in FY2010. However, net profit did take a slight dip in FY12 & latest, in FY14. 

EPS for FY14 is 12.5sen, so my own target price will be revised downward to RM1.25.

YOCB has declared a second interim single tier dividend of 2sen, which makes it total 4sen for FY14 which is similar to previous year.

This represents a 32% payout ratio and 3.4% dividend yield at share price of RM1.18.

On the prospect of FY15, the management expects a satisfactory growth in its financial performance, and they always mention this in their financial report.

I'm still undecided whether to keep or sell YOCB. Since it only makes up a small percentage of my portfolio, it is unwise to sell partially. Perhaps I need to wait for another 3 months for next quarter's result. 

Anyway, how will other investors react towards YOCB's latest result?

Brief Portfolio Updates

Last Friday was a black Friday for many stock market players, but it can also be a good day for some.

KLCI fell almost 1.5% (27.45 points) in a single day, which is the most this year.

Can anyone sniff the bear?

Out of my total 7 stocks in portfolio, it is a surprise that 3 of them still manage to close in green.

However, these 3 stocks YOCB (+4.3%), Scientex (+3.5%) & Matrix (+0.6%) only make up 25% of my portfolio.

So, overall, I still can't escape from suffering big paper loss with the retreat of my 3 largest stocks held: Tambun (-4.9%), Latitude (-3.4%) & Inari (-2.2%).

For someone who has no excess cash to buy shares like me, yesterday was a bad day indeed.

Anyway, I hope the market can rebound next week on "bargain hunting".

Here are some brief updates on the stocks in my portfolio.

Tambun

Pearl Avenue shop offices in Pearl City are almost done in which the progress is quite fast. Ground work has just started for GEMS International school & Pearl City Mall.

FY14Q2 result will be announced soon and anything better than last quarter could be a bonus. Anyway, this year it is already late to announce its final 4.4sen dividend which traditionally ex-ed in August.

Latitude

Latitude will also announce its final quarter result for FY14 this month. It is closely watched because this particular quarter was affected by Vietnam riot.

No matter what, overall FY14 will be a big leap from FY13.

It is a small surprise that Latitude's share price was pushed up by good volume to test its resistance of RM3.25 last week, even though it might post a poorer result. Unfortunately it was also succumbed to the "Black Friday" and failed to break out.

Is it a chance to grab?

Inari

Another company to announce its financial result this month (FY14Q4). Similar to Latitude, overall FY14 will at least double the earning performance in FY13. Professional analysts mention that there might be positive surprise. So I'm eagerly awaiting that.

Regarding its rights issue & warrants, most likely I'll subscribe to them.

Globetronics

It has announced a record-breaking quarterly result last week. As I would expect, its share price did not rise, due to relatively high valuation at the moment.

Supported by good dividend and expected better 2HFY14, I think it's still worth to hold.

Matrix

Share price is able to break new high after bonus issue. HLIB has given a clue of 10.4% improvement in sales in FY14Q2. How will this translate into the financial result of FY14Q2 which will also be announced this month?

Scientex

Scientex has entered into a Strategic Alliance Agreement with Futamura Chemical Co.Ltd to build a biaxially orientated polyprophylene (BOPP) film manufacturing plant and to develop and grow the consumer packaging markets.

Futamura is Japan's largest BOPP film manufacturer. That's why its share price has finally moved upward amid falling market.

Though it's still early to see the financial contribution from this agreement, I think it's a good step taken by Scientex to further enhance its leadership in packaging business in the region.

YOCB

A relatively unknown small company with slow & steady growth, and good dividend too. It will also announce its final quarter result for FY14 this month.

As FY14Q4 is historically its weakest quarter, anything better than corresponding quarter of last year should be ok. I will be very happy if it can achieve a 10% increase in PATAMI for the whole FY14.

YOCB: Slow & Steady

YOCB FY14Q3 Financial Result

YOCB	FY14Q3	FY14Q2	FY14Q1	FY13Q4	FY13Q3
Revenue	47.2	50.7	46.5	40.6	45.1
PBT	7.8	9.8	7.1	5.2	7.6
PBT%	16.5	19.3	15.3	12.8	16.8
PAT	5.9	6.9	5.2	3.9	5.6
Total Equity	154.2	148.3	144.6	139.3	138.4
Total Assets	195.6	195.6	178.9	177.9	165.4
Trade Receivables	49.7	56.5	41.1	40.0	46.8
Inventories	69.2	68.6	62.3	57.2	50.1
Cash	32.6	31.8	36.4	41.4	28.8
Total Liabilities	41.4	47.3	34.3	38.6	27.0
Trade Payables	8.2	14.0	8.0	11.6	8.7
ST Borrowings	29.0	29.0	23.2	24.1	15.1
LT Borrowings	0.0	0.0	0.0	0.0	0.0
Net Cash Flow	-8.7	-9.6	-5.0	11.5	-1.1
Operation	-0.8	-10.9	-0.7	12.6	8.9
Investment	-6.4	-0.3	-0.2	-2.0	-1.8
Financing	-1.6	1.7	-4.1	0.9	-8.1
EPS	3.68	4.34	3.27	2.44	3.51
NAS	0.96	0.93	0.90	0.87	0.87
Net D/E Ratio	Net Cash	Net Cash	Net Cash	Net Cash	Net Cash

As YOCB's business is seasonal, it is better to compare the results YoY.

From Jan-Mac 2014, both revenue and profit after tax improve marginally about 4-5% YoY, while profit margin remain almost the same.

For its balance sheet, the worrying part of fast increasing trade receivables in previous quarter is eased slightly, and the pace of increase in inventories also reduces.

Operation cash flow improves QoQ but overall cash flow year-to-date is still negative, mainly because of expense in investment. It is still in a net cash position though.

An interim dividend of 2 sen is declared. I expect another 2 sen dividend for FY14, with total 4 sen similar to FY13. The dividend yield will be 3.3% at RM1.20 a share.

There is nothing to shout about regarding this set of financial result. Next quarter will be YOCB's weakest quarter. However, there should be a slight improvement overall in FY14 compared to FY13.

Perhaps I should sell YOCB now, as it seems fully valued and the growth is slow. 

However, I can see more of its brands and products in the market compared to 2-3 years back, mainly in Aeon which is currently expanding its presence in Malaysia aggressively.

I think with this reason, I will continue to hold YOCB's shares until I need cash one day.

Anyway, I hope that it can make a breakthrough in local hypermarkets as well as overseas market.

YOCB: So Far So Good

YOCB FY14Q2 Financial Result

YOCB (RM mil)	FY14Q2	FY14Q1	FY13Q4	FY13Q3	FY13Q2
Revenue	50.7	46.5	40.6	45.1	50.1
PBT	9.8	7.1	5.2	7.6	7.6
PBT%	19.3	15.3	12.8	16.8	15.1
PAT	6.9	5.2	3.9	5.6	5.6
Total Equity	148.3	144.6	139.3	138.4	132.8
Total Assets	195.6	178.9	177.9	165.4	163.4
Trade Receivables	56.5	41.1	40.0	46.8	45.7
Inventories	68.6	62.3	57.2	50.1	51.9
Cash	31.8	36.4	41.4	28.8	25.7
Total Liabilities	47.3	34.3	38.6	27.0	30.6
Trade Payables	14.0	8.0	11.6	8.7	11.6
ST Borrowings	29.0	23.2	24.1	15.1	16.0
LT Borrowings	0.0	0.0	0.0	0.0	0.0
Net Cash Flow	-9.6	-5.0	11.5	-1.1	-4.2
Operation	-10.9	-0.7	12.6	8.9	2.1
Investment	-0.3	-0.2	-2.0	-1.8	-1.5
Financing	1.7	-4.1	0.9	-8.1	-4.8
EPS	4.34	3.27	2.44	3.51	3.53
NAS	0.93	0.90	0.87	0.87	0.83
Net D/E Ratio	Net Cash	Net Cash	Net Cash	Net Cash	Net Cash

YOCB registers a marginal 1% increase in revenue YoY in its FY14Q2. However, PAT rises 23% in the same periods.

The better result is due to higher consignment and export sales, as well as lower operating cost.

Nevertheless, operation cash flow is rather poor with significant increase in trade receivables and to a lesser extent, inventories.

As a result, cash on hands reduces slightly but it still manage to stay in a net cash position.

For cumulative 6 months period, revenue increases 5.4% and net profit increases 14% to RM97.2mil and RM12.2mil respectively compared to corresponding period of last FY.

YOCB plans to increase its bed sheets production capacity by 50% by year 2015 after it acquired land for expansion last year.

As YOCB's brands are not market leader in Malaysia, its growth might be slow and limited domestically.

Oversea markets might have more potential to improve YOCB's top and bottom lines. However, it will still face stiff competition from local and China "low-cost" manufacturers. For FY2013, oversea sales accounted for 18% of its total revenue.

At the moment I'll keep my target price of RM1.31 for YOCB.