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Overview
Financial Highlight
HeadlinesBusiness Background Protasco Bhd is a Malaysia-based company engaged in the business of investment holding. It operates in six business segments. The Maintenance segment is involved in the maintenance of federal and state roads. Its Construction segment consists of the development of buildings and other infrastructures facilities. The Property development segment includes construction of commercial and residential properties. Its Engineering services segment provides civil engineering and other related services. The Trading and manufacturing segment is in the production and marketing of construction materials and Education segment comprises of the provision of tertiary education services.
  Goldenhorse For 6MFY21, cumulative net profit stood at RM6.5m vs. a net loss of RM4.2m recorded in the previous corresponding quarter. Revenue for the period grew 29.7% YoY to RM398.5m. The reported net profit came within expectations, making up to 47.1% of our net profit forecast of RM13.6m. We expect further recovery is in store towards the remainder of the year with kitchen sinking exercises completed in FY20. 05/11/2021 8:07 PM Goldenhorse Protasco Decentrum City, one of the projects of Protasco Bhd KUALA LUMPUR: Protasco Bhd returned to the black in the second quarter, boosted by stronger contribution by its road maintenance division. The company made a net profit of RM6.4mil in the three-month ended June 30, 2021 compared with a loss of RM1.7mil a year ago. Revenue improved to RM189mil from RM172mil previously, Protasco said in a filing with Bursa Malaysia yesterday. Maintenance business generated a revenue of RM142.3mil and a pre-tax profit of RM11.7mil. 05/11/2021 11:15 PM Pek79 anyone know what/who is the Non-controlling Interest mentioned in the reports? Why profit need to go to this non-controlling interest before share to share holder? 19/11/2021 4:17 PM shortinvestor77 For example, if the organization owns 70% of the subsidiary and a minority partner owns 30% and subsidiaries net income say $1M. The non-controlling interest would be calculated as $1M x 30% = $300k. This $300k would be placed on a non-operating line item on the Income Statement. 23/11/2021 3:39 PM Pek79 Many thanks for the explanation. but this seem doesn't apply to PRTasco Non-controlling Interest. The Non-controlling interest not only share the profit, but they do have guaranteed return, their return will not lower than RM3,000,000 per quarter. Like happened in 2020 Mar & 2020 Jun, the Net profit before tax is not enough to pay the guaranteed return to Non-controlling interest, the owner was force to record in loss in order to pay the guaranteed return, even the Net profit before tax on that quarter was report positive.... the worst happened on 2020 Dec, the company report Net lost but still pay to these non-controlling interest..... 2020 Sep the pay to non controlling interest had increased to RM7,738,000! 24/11/2021 3:51 PM Goldenhorse flood just happened. so alot of the road will crack and have portholes. some errosions so maintenance work needed. the flood is so bad this time. good thing is the jobs all coming 20/12/2021 2:04 AM Goldenhorse minority interest means shareholders at the subsidiary level. it is fairly split even among based on percentage. so some subsi who made more pay more less the lesser. is fair one la. Lol. it is not preference share btw. minority interest is just the smaller shareholders at subsidiary 20/12/2021 2:07 AM mk88 after floods, many potholes everywhere and landslides, road maintenance should be getting more road maintenance contracts 22/12/2021 10:33 AM Goldenhorse Cash in bank RM100m ish, The land in Bangi/Kajang RM68m ish (havent revalued), This price trading at such discount, yummy, can buy the whole company over take Dato Sri in shareholding just need RM50m hehehe. D'Sri can sweat if someone take over and kick him as deputy chairman. If you calculate the assets over share count. perhaps around RM1 ish, hehehehe. time to raid this co and kick the founder out 07/07/2022 1:39 PM Goldenhorse can buy a RM1 company at 17 sens wohoho, Dato Sri, its just RM50m, hehehe get RM100m and kajang land 07/07/2022 1:40 PM ayra15 https://www.theedgemarkets.com/article/over-rm1b-allocated-maintenance-federal-roads-year 21/08/2022 7:58 PM ChongGuilt Old fart Chong Ket Pen dead yet? Else this counter is useless gone case. Full of sh it 13/12/2022 5:04 PM  speakup https://theedgemalaysia.com/node/681374 Fine only? Not enough lar. Must jail & whip too! 05/09/2023 8:32 PM Pek79 From the date it start to jump up, seem like main reason is legal action was proceed to the persons who were said cheated to the company during the Indonesia investment. 13 Dec 2023 LEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant) 21 Dec 2023 BANKRUPTCY PROCEEDINGS AGAINST TEY POR YEE AND OOI KOCK AUN another reason could be the company finally gain positive profit on 3rd quarter. 28/12/2023 9:37 AM virgogo Both Tey and Ooi are former directors of Protasco Bhd. The company was misled by the 2 directors to invest in Indonesia. High court found them guilty. They are well to do individuals. If Protasco is able to recover just half of the judgment sum, will be good enough. 28/12/2023 11:15 AM Diamond7 Truth is revealed! Chong ket Pen honest businessman... Hope wil brin Prtasco back to glory days! 07/01/2024 10:00 AM virgogo Aiyo. Tun Daim has already lost his influence in awarding contracts. Businessman like Chong are pragmatic and will keep in touch with those in power so that he continue to do business and get contracts. Look at the new contracts awarded to the company the past 2 years. Same as Vincent Tan, who is friendly to all politicians past and present. Someone is intentionally trying to tarnish Chong name. Maybe because of the court case he won recently 02/02/2024 6:54 PM  JJPTR THE Securities Commission Malaysia (SC) has filed a civil suit in the Kuala Lumpur High Court against five individuals for allegedly perpetrating a scheme to defraud and/or causing wrongful losses valued at RM120.6 million to four public-listed companies. In a statement on Dec 12, the SC said it filed the suit on Nov 29, 2022 against Tey Por Yee (ASDION, IQZAN ,PRTASCO), Lim Chye Guan(NEXTGRAM}, See Poh Yee(NEXTGRAM, ASDION), Francis Tan Hock Leong (R&A) and Faizatul Ikmi Abdul Razak.(NEXTGRAM, IQZAN) It said the companies involved are 1. Nexgram Holdings Bhd 2. R&A Telecommunication Group Bhd (delisted) 3. Asdion Bhd 4. Ire-Tex Corp Bhd. (new name IQZAN) 01/03/2024 1:54 PM JJPTR Another messy company involving messy Sales and Purchase deal. YNH property Bursa Securities unearths RM150m oversight by YNH Property By Faiqah Kamaruddin January 18, 2024 @ 10:50am KUALA LUMPUR: Heavy selling pressure in YNH Property Bhd has led Bursa Malaysia Securities Bhd to unearth an oversight on YNH Property Bhd's part in not announcing a planned acquisition of a 2.06 hectare site in Desa Hartamas, Kuala Lumpur for RM150 million. When queried by Bursa Malaysia Securities Bhd on an announcement made in May 2023 that its subsidiary Kar Sin Bhd is to dispose of land in Desa Hartamas for RM170 million to Sunway Living Space Sdn Bhd, YNH Property said not announcing the proposed acquisition of the Desa Hartamas land from Great Wall Park Sdn Bhd (GWP) was an oversight on its part. Citing the company's response to a query by Bursa Securities on May 25, 2023 and a query from Bursa Securities on the proposed disposals dated Jan 16, 2024, Bursa Securities asked YNH Property to provide the details and update on the steps/actions taken in rectifying the oversight and ensure that an announcement on the said acquisition is made prior to seeking the approval of YNH's shareholders for the said acquisition. On April 18, 2022, the wholly-owned subsidiary of the YNH Property, Kar Sin Bhd (KSB) entered into a sale and purchase agreement with Great Wall Park Sdn Bhd (GWP) for the proposed acquisition of 2.06 hectare of land in Desa Hartamas, Kuala Lumpur for RM150 million. In April 2022, KSB and GWP entered into a supplemental agreement to use RM239.5 million owing to KSB by GWP following the termination of a turney construction agreement dated June 20, 2016 to be paid as purchase consideration for the land In September 2022, KSB and GWP agreed that KSB is not to to develop the Desa Hartamas land and KSB has sold the land to a third party purchaser. The remainder RM89.5 million is to be refunded by GWP to KSB by June 30, 2024. Questions... 1.Will GWP refund $RM89. 5million to YNH? 2.Original land purchase by YNH subs is RM $150m, than revised to RM170m, than revised to $RM239. 5m. YNH overpaid by $239.5m- $150m=$89.5m. 02/03/2024 9:30 AM Dehcomic01 Some times companies look for new ventures because the existing ones are not able to scale up. But new venture use up funds. Take the case of Protasco. The company has reported 11 business segments even though the revenue for 2023 was only about 1 RM billion. You may be forgiven for wondering whether management is just trying many things to see what works. When you look at the chart, you can see that only one segment is driving revenue and earnings. https://i.postimg.cc/3wXQxfYW/Protasco.png It suggests that management is trying luck to see what else they can do. The worse part is that several of its historical ventures have lost money. And there are some which have ended up as legal cases as the company tried to recover what was paid. I would think that it may be better for the company to return the excess funds to shareholders than try luck. Protasco is a cash cow. But the cash is not well deployed. For more insights refer to https://www.youtube.com/watch?v=pBy8xOmH4Hs 10/04/2024 9:15 AM speakup what happen to court case involving corruption by MD and director? https://klse.i3investor.com/web/blog/detail/protascofraudsued/2020-01-21-story-h1482870669-Protasco_Bhd_s_MD_sued_for_RM368m_claims_is_on_trial_today_20_January_2 11/05/2024 9:50 AM HoChunFuat4u You ask for it. https://klse.i3investor.com/web/blog/detail/tundaimprotasco/2024-01-30-story-h-190091995-The_Protasco_Conundrum_Unveiling_the_Shadow_Empire_of_Tun_Daim_and_coho 16/05/2024 9:30 AM HoChunFuat4u The corrupted can bribe all the way to cover up crime. Chong Ket Pen MD Protasco = biggest corrupt in Tun Daim era. Sure can cover up all the way. Sure price goes up. Raid by MACC now only leaked in Singapore national news. Money all siphoned, paid everyone to cover himself, he forgot to cover Singapore news. https://www.malaysia-today.net/2024/05/11/in-focus-as-malaysia-corruption-dragnet-widens-pm-anwars-political-payback-threatens-to-hurt-business-sentiment/ 16/05/2024 9:33 AM 10xGoreng Not possible for rights issue. Company has cash Rm130mil. April 2023 already announced sale of the university infrastructure. Any successful disposal means shrink in balance sheet and theoretically share price should go up. If there is any profits from asset sale, a bonus issue is more likely as compared to rights issue. Retained earnings of Rm50mil is big enough for the company to do a one off bonus issue. Owner is old enough to retire. Bonus issue one big one before retirement is very possible. 24/06/2024 11:47 AM happylov3r @Speakup, when did Insas do right issue? Rights issue has few purposes to raise money. Company in cash trap and need fund, shareholders dilution etc. Did Insas do right issue?When and why? 24/06/2024 8:31 PM happylov3r I tend to agree with 10xGoreng that the company does not need any more money if there's an asset sale. And if you look into the accounts, there is a possibility they could do a bonus issue if the sale of asset is at premium, if not a one-off dividend. Worst come to worst, share price would benefit first before all these potential payouts. I saw some earlier comments that there is a privatisation offer of 60c. Not a surprise too as company is way undervalued. If we use RM336mil equity divide by 495mil number of shares, the liquidation price is at 67c, which is approximately double from current. This could be a hidden gem given that the property stocks are moving due to stability and proactive government. Malaysia Boleh!! 24/06/2024 8:49 PM 10xGoreng The asset sale is a right move. If the university not making money, they should sell it. For all these years it has been paying dividend to reward shareholders. Time to reward us again. 26/06/2024 11:12 AM happylov3r Today second day of rebounding upwards. TA looks promising for a return to uptrend. Once break above immediate resistant at 0.36, it will gain momentum. I’m glad I entered at 0.33. At least now is in the money ;) 01/07/2024 11:51 AM 10xGoreng breaking 0.40. gogogogo. Today volume starting to churn. Sky is the limit.... 03/07/2024 11:31 AM Dehcomic01 The history of the Group can be traced back to the 1990s when its founders started the road maintenance business. Since then, Protasco has diversified and restructured so that in 2023 it reported its performance under 11 business segments. https://i.postimg.cc/zXpHVP5p/Chart-1.png Protasco's performance had declined over the past 12 years. Although the Group had tried to diversify into other businesses, the road maintenance business is still the main revenue and profit contributor. While there is a margin of safety, (the stock is cheap) the business fundamentals are not that good. I think there are construction companies with similar margins of safety but better business fundamentals. For more insights refer to page 19 of INVEST https://notice.shareinvestor.com/email/newsletter/invest/pdf/Vol215-Invest-12Jul.pdf 16/07/2024 2:39 PM  | | ||||||||||||||||||||||||||||||||||||||||||||||||
