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KLSE : BENALEC       BENALEC HOLDINGS BERHAD
Last Price Avg Target Price   Upside/Downside Price Call
0.90 1.21     +0.31 (34.44%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
02/04/2014 0.895 1.25 +0.355 (39.66%) BUY KENANGA Price Target News
21/03/2014 0.93 1.25 +0.32 (34.41%) BUY KENANGA Price Target News
21/03/2014 0.93 1.31 +0.38 (40.86%) BUY AMMB Price Target News
20/03/2014 0.925 0.90 -0.025 (2.70%) SELL CIMB Price Target News
14/03/2014 0.86 1.25 +0.39 (45.35%) BUY KENANGA Price Target News
04/03/2014 0.885 1.31 +0.425 (48.02%) BUY AMMB Price Target News
03/03/2014 0.885 1.25 +0.365 (41.24%) BUY KENANGA Price Target News
03/03/2014 0.885 0.83 -0.055 (6.21%) SELL CIMB Price Target News
18/12/2013 0.98 1.31 +0.33 (33.67%) BUY AMMB Price Target News
13/12/2013 1.01 1.25 +0.24 (23.76%) BUY KENANGA Price Target News
13/12/2013 1.01 0.93 -0.08 (7.92%) SELL CIMB Price Target News
13/12/2013 1.01 1.31 +0.30 (29.70%) BUY AMMB Price Target News
10/12/2013 1.03 1.31 +0.28 (27.18%) BUY AMMB Price Target News
27/11/2013 1.00 1.39 +0.39 (39.00%) BUY KENANGA Price Target News
27/11/2013 1.00 1.10 +0.10 (10.00%) HOLD CIMB Price Target News
27/11/2013 1.00 1.31 +0.31 (31.00%) BUY AMMB Price Target News
26/11/2013 1.01 1.31 +0.30 (29.70%) BUY AMMB Price Target News
29/10/2013 1.19 1.94 +0.75 (63.03%) BUY KENANGA Price Target News


Price Target Research Article/News (past 6 months)
02/04/2014  KENANGA CONSTRUCTION - Positives Yet to be Priced In
21/03/2014  KENANGA Benalec Holdings - On a Roll
21/03/2014  AMMB Benalec Holdings - Sizeable land sale in Malacca at RM42psf BUY
20/03/2014  CIMB Benalec Holdings - Land sales do not lift overhang
14/03/2014  KENANGA Benalec Holdings - Things started getting better
04/03/2014  AMMB Benalec Holdings - A far better 2Q Buy
03/03/2014  KENANGA Benalec Holdings - 1H14 Results On Track
03/03/2014  CIMB Benalec Holdings - Delay risks
18/12/2013  AMMB Benalec Holdings - Another Malacca land deal, at higher prices Buy
13/12/2013  KENANGA Benalec Holdings - No refund!
13/12/2013  CIMB Benalec Holdings - What a drag on Tanjung Piai
13/12/2013  AMMB Benalec Holdings - Waiting for value to emerge BUY
10/12/2013  AMMB Benalec Holdings - It’s all within the family
27/11/2013  KENANGA Benalec Holdings - Weaker Than Expected 1Q14
27/11/2013  CIMB Benalec Holdings - Stunted growth
27/11/2013  AMMB Benalec Holdings - First step is always the hardest BUY
26/11/2013  AMMB Benalec Holdings - Despite headwinds, long-term appeal of Tg.Piai remains Buy
29/10/2013  KENANGA Benalec Holdings - Sells More Land in Melaka



  40 people like this.
 
yeketou Not sure if i read correctly, why so many disposal by substantial shareholder recently?
15/04/2014 20:43
Taugeh Of course the price will drop lah, try to imagine these guys collectively disposed 45 millions @ 0.77 per share. isn't it wired? i would give it a second thought, why? Why at 0.77? To whom it may concern?

9 Apr 2014 BENALEC Foo Polin Disposed 45,000,000
9 Apr 2014 BENALEC Datuk Leaw Ah Chye Disposed 45,000,000
9 Apr 2014 BENALEC Oceanview Cove Sdn Bhd Disposed 45,000,000
9 Apr 2014 BENALEC Oceancove Sdn Bhd Disposed 45,000,000
9 Apr 2014 BENALEC Dato' Leaw Seng Hai Disposed 45,000,000

can someone generous enough to broaden my horizon here. :)
15/04/2014 21:00
Taugeh I couldn't figure it out thus far; therefore, I am just sitting on the sideline hoping for the durian to drop until it touches ~0.77 or else I just keep watching. I wouldn’t be surprised if it down trenches any further before it actually rebounds in the future.
15/04/2014 21:11
Taugeh I mean - when it really rebounds 20 to 30 % based on the current closing price....
15/04/2014 21:13
taciturn The 45 million shares disposed was only by Oceancove Sdn Bhd. The four other parties listed above include Oceancove's ultimate holding company (Oceanview Cove Sdn Bhd), as well as the shareholders of both Oceancove directly (Foo Polin, Leaw Ah Chye & Leaw Seng Hai) and shareholders of Oceanview Cove (Leaw Ah Chye & Leaw Seng Hai).

The way you listed it above makes it seem like each of them disposed off 45 million shares individually. :P

If it was one single party/company buying the shares, we should find out over bursa announcements tomorrow after the end of trading (bursa regulations require disclosures within 7 days).

It is also possible that it could be delayed to Friday as some parties interpret the disclosure rulings to be 7 working days instead of 7 days flat.

Until then, it's purely guesswork as to why the shares were transacted at a 15% discount to market price. These are following (plausible) reasons that are possible. Take your pick:

The Good
1) Strategic investor - not unheard of for large stakes to be sold at a discount if they'll bring brand name/expertise to the table
2) Institutional investor - as per above, but more for credibility purposes.
3) Royalty - considering the fact that Benalec's Johor concessions are shared 70-30 with members of the Johor royal family, also plausible that they might come in at the holding company level. And if it's royalty, heh discounts is very plausible.

The Bad
1) The major shareholders require a cash call of some sort for their _personal_ (not Benalec) needs. I.e. they could have loan facilities at either holding company or directly in their names. If it's only in one of their names, such a sale would of course require the agreement of the other two members of the family who own shares. Note that any such facilities doesn't seem to involve margin/pledging of their shares (almost all their shares are directly owned by Oceancove Sdn Bhd - not under a nominee account). A direct business transaction (unlike 2 below) is preferable since it doesn't cause as many waves as an open market sale.
2) Cashing out of the major shareholders - whilst unlikely, it's possible. I.e. if they were to dispose it off over the open market, upon disclosing it to bursa everyone would know. An open market sale (for a company rebuilding it's credibility) is usually a prelude to a cash out. But selling it through a direct business transaction to just a few buyers (in this case up to 4, since the 45 million was done through 4 trades) at a discount might be used to cloak this.

If you're a rabid naysayer for this company (a certain troll on this forum is one of them) you'd probably take option number 2 under "The Bad".

Take your pick. I've probably missed out some other plausible explanation (can't think of any others though).

Will throw in a bone for those who believe in one of The Good" options though. If the major shareholders really are cashing out, it was rather foolish of them to report the sale to bursa announcements the very same day it happened. (the earliest they could have done so - although a certain troll seems to believe that the announcement should have been done the very second it went through)

They could have taken on the 7 day disclosure rules and continued to sell out (direct business trades or open market) on April 10, 11, 14, 15 and 16 and then disclosed their initial sale at the end of trading on April 16. By then with a bit of fiddling they could have reduced their stake substantially.

Finally, they sold it at 77 sen. Has the share come down near that level since then? Keep in mind, buying a substantial stake in a company at premium does not necessarily mean the share price will advance to that level. Neither does selling at a discount mean that it should go down there either.
15/04/2014 23:11
wanderabara Buy only when I breaks the triggering line...
http://chartian.com/traders-note-11/
15/04/2014 23:40
wave5505 Lets start the wave...
16/04/2014 07:48
kurangmanis taciturn, thank you so much for the explanation.
16/04/2014 09:40
Kukuman Disposing 45 mil shares is to save their own arse. it is shareholding realignment to resolve their bitter mess. there are more than meet the eyes on the shares disposal. it is stupid to believe the contrary.
16/04/2014 10:34
jenabchen123 Kena squeezeddd...............
16/04/2014 11:52


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