Highlights
KLSE : PUNCAK       PUNCAK NIAGA HOLDINGS BHD Main : Construction
Last Price Today's Change   Day's Range   Trading Volume
0.985   -0.025 (2.48%)  0.98 - 1.01  1,105,100
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Overview

Market Cap: 442 Million
NOSH: 449 Million
P/E | EY: -1.66  |  -60.10%
DY | Payout %: 0.00%  |  - %
NAPS | P/NAPS: 3.41  |  0.29
Avg Volume (4 weeks):2,245,588
4 Weeks Range:0.915 - 1.07
52 Weeks Range:0.88 - 1.48
Average Price Target: 2.80
Price Target Upside/Downside: +1.815

Headlines

Latest Headlines
23/12/2016  Puncak Niaga: Misconception on Triplc deal
19/12/2016  Mplus Market Pulse - 19 Dec 2016
19/12/2016  PublicInvest Research Headlines - 19 Dec 2016
02/12/2016  PublicInvest Research Headlines - 2 Dec 2016
23/10/2016  王宝钦.商业高峰种油棕
18/10/2016  扩展至油棕种植.商业高峰收购价合理
18/10/2016  PublicInvest Research Headlines - 18 Oct 2016
23/09/2016  Daily Technical Highlights – ECONBHD | PUNCAK
07/09/2016  Daily Technical Highlights – PIE | PUNCAK
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  17 people like this.
 
angiess But why SC said many called whom want to attend ?? Or ask SC to choose 5 to attend... choose based on their complaints which they think is reasonable..

they should have their contact.. since Kah hoeng doesn't have their number and real names
10/02/2017 23:22
kahhoeng angiess, ok thanks for updating your status with SC. Will post further details once I have gotten in touch with SC on Monday.
10/02/2017 23:24
angiess If they really read through the complaints they should know who to look for to further clarify the information provided ..
10/02/2017 23:26
kahhoeng quite frankly, if Puncak board has presented deals or quarter reports that too hard to read like BJCorp's, I would have not complained. With little businesses left, quarter reports are easier to read. With level 3 investment that's so clear to mainly used to cover up PN 16 classification is plainly assuming minority shareholders could be set aside. Plantation deal that can be compared and shown to be expensive has assumed BOD can do however they like. TRIPLC deal assumes they are so powerful that they are untouchable. I guess that's really anger me and hope to slap them with legal actions. Unfortunately, I am just a small investor with little resources. That's why I have decided to seek SC assistance. Frankly, should this fail, I will personally write a letter to second Finance Minister, Datuk Johari, and seek his assistance. His appearance in the public has been rather positive and shown his willingness to right what's wrong.
10/02/2017 23:36
kahhoeng ks55 thanks for the advice. I have only added Puncak to make sure my average cost after including financing cost is around 1.80, and moved the rest to buy BJCorp. Frankly, BJCorp is not really a good choice for value investing. I have chosen it primarily because of improving balance sheet with a potential in Vietnam Toto while its share price has been ignored for the past few years.
10/02/2017 23:53
chonghai kahhoeng If Puncak and BJCorp are your major investment, I feel a bit worried for you.
11/02/2017 00:02
kahhoeng chonghai haha... indeed, I'm shaky now, not used to own so many high risk stocks... Primarily never thought Puncak to be one, given its net cash position. I have actually chosen this stock as my ride against the commodity cycle. I have forecasted correctly the commodity cycle during the 2nd half of 2015 but failed to realize Puncak is a con-stock... (I have initially invested in a basket of MNRB, Oriental, Hwang Capital and Puncak when I believed there's a commodity down cycle then. Sigh!)
11/02/2017 00:11
moneycashrich It have become a 'long long term' stock. Investors are stuck for now. Best to reduce. Traders are the real winners not long term investors.
12/02/2017 11:55
kahhoeng I received a call from Mr. Shashi just now. The meeting for tomorrow has been cancelled. Please let me know who's interested to meet SC again next week, probably between Monday and Wednesday in the morning? If the number interested is more than 5, we will need to select among ourselves to limit the number to 5, thanks.

Please add your username below if you are keen.

1. kahhoeng
13/02/2017 09:59
angiess 2.angiess (if Wednesday I'm ok )
13/02/2017 11:44
kahhoeng angiess, What I will do is to create an email so you guys can send me the days you will be free before presenting it to SC. The current list is to check the number of interested person.
13/02/2017 15:10
angiess Ok
13/02/2017 19:27
kahhoeng Any other besides angiess? Fairnreasonable, valour, r moi, stockraider, steveooikp, cljy, cheoky, valour?
14/02/2017 11:05
steveooikp r moi --- very beautiful ....
14/02/2017 11:39
cljy sorry i can't make it as i am based in Penang. i have emailed SC already.
14/02/2017 11:47
valour kahoemg
I m ok i stay in PJ
14/02/2017 12:27
valour Sori should b kahhoeng
14/02/2017 12:28
Tomchan Kahhoeng,

I have been reading the informative and insightful comments by you and a group of other Puncak's minority shareholders. I am totally agreed with you on the proposed actions to be taken. Just to let you know that there are no less than 10 other unhappy Puncak's shareholders in East Malaysia who will give you full support in whatever action you wish to take for the benefits of all Puncak's shareholders.
14/02/2017 16:10
kahhoeng angiess, is it OK if I try to schedule between Wed and Fri in the morning next week?

I have created an email account for this purpose. Please email me at kahhoeng@yahoo.com to let me know if you are keen to attend the meeting with SC and let me know if you will be free next week (if not all, please indicate the dates you will be free) to give SC the flexibility. If there are more than 5, I will announce here and we will decide later on whom should be attending. Your kind support will be much appreciated. Thanks.
14/02/2017 16:49
kahhoeng Tomchan, thanks. If possible, please let those whom you have contacts and also Puncak's minoority shareholders to call SC to seek at least 2.50 capital repayment for our shares.
14/02/2017 16:57
angiess Ok
14/02/2017 16:57
cheoky sry kahhoeng i wont be joining you on the SC meeting as i m in JB. Yet my puncak holding vote is with you. You just tell. Your spirit here is admirable. may positive surprise be with you.
14/02/2017 16:58
Tomchan Kahhoeng,

They read your comments as well. Will check with them to see if they call.
14/02/2017 17:05
r°Moi Kahhoeng


You go ahead.. you all are wave 1


If need be.. r°Moi shall be wave 2
14/02/2017 17:07
kahhoeng rMoi, even can't find 5 people for your so-called wave 1, and you think there could be a wave 2?
14/02/2017 17:54
r°Moi OMG... like that rosxli... see already... very happy... talk only... minorities
15/02/2017 08:30
kahhoeng angiess, cheoky, would you please email me at kahhoeng@yahoo.com the days (within next week, preferably more than 4 days, since we need to give them 3 days to choose) and time that you will be free? Thanks. Guess just the 3 of us keen to pay SC a visit now. Wonder who are those calling to SC saying wanting to meet?!?
15/02/2017 10:25
LilyLL Puncak move now to 1.05 lah stop again
15/02/2017 15:16
linges Mari mari...im waiting @ avg 1.11
15/02/2017 15:29
chonghai Looking at Puncak's share trend, there may be sweetener offered to encourage approving the deal.
15/02/2017 15:52
kahhoeng do you guys want to accept a deal, say 0.50 per share special dividend deal, that after deal completed, share price dropped to less than 0.50 to reflect the cash spent to 'lure' shareholders approval?

May I suggest we work harder to make sure a capital repayment option of 2.50 per share to make sure we can exit at cash level to avoid a future 'special' offer to privatize at 1.00 less special dividend citing not 'favor' by market and considered 'fair but unreasonable' or 'reasonable but unfair' by some independent investment bank adviser?
15/02/2017 16:00
angiess Totally agreed, previously I also got trap on 'special' dividend .. after that share price drop accordingly. Actually is also our money just like repayment only
15/02/2017 23:54
kahhoeng angiess, valour, please email me the days and times you will be free to meet SC next week at kahhoeng@yahoo.com. Please allow as many days for selection cause I will need to give 3 days for SC selection. Thanks.
16/02/2017 07:02
r°Moi .

Price gone up a bit lately... is this rosxlis counter strategy?

Whatever.. dont care.. lets engage SC.. all lets go see SC

.
16/02/2017 08:32
kahhoeng rMoi, ask you to join, you said we go first wave, now you said go see together? If you are truly interested, please email me when you will be free next week. Thanks
16/02/2017 10:59
kahhoeng Currently, there are two who have emailed me their intent to meet SC together. Please let me know by the latest this evening if you are keen to join and do include your free schedule next week. I am hoping to call up SC tomorrow morning to schedule the meeting if possible. If there are more than 5, we will discuss further details later. Again, thanks.
16/02/2017 11:41
r°Moi Kahhoeng

Dont mind others going or not.. you just go see SC in wave 1

When the time comes... r°Moi would do it in wave 2

As the officer who responded to r°Moi email is not the same
16/02/2017 13:44
kahhoeng The number of participants heading to meet SC has reached 5. I won't be taking in any more interested shareholder seeking participation as the limit set by SC is 5.
17/02/2017 16:12
FAIRnREASONABLE Please go ahead Kahhoeng and team. I won't be able to join. Thanks.
17/02/2017 17:45
r°Moi .

Kahhoeng

What will you cover in wave 1?

So that r°Moi can plan wave 2

.
19/02/2017 10:02
kahhoeng rMoi, will let you and the rest know about the meeting once the meeting is over
19/02/2017 12:12
cheated QR not out? Loss again? See you 50 sen.
21/02/2017 21:06
Xinquan cheated why you so generous? Should be 10 sen like Xinquan.
21/02/2017 21:20
steveooikp r moi ... is that your photo?
you are gorgeous
24/02/2017 16:08
steveooikp r moi ... you don't hv to work, full time goring share?
Your gf / hubby is rich?
Your father is rich ?
24/02/2017 16:09
kahhoeng I have together with 3 others shareholders met with SC in the morning for approximately an hour. A discussion was made after meeting with SC (another hour or so?). After the discussion, I have also proceeded to contact with MSWG and met up with MSWG at 4:30 pm for approximately 1 1/2 hour.

Real apology, been really exhausted from the meetings. I will post the details of the meetings tomorrow.
24/02/2017 22:18
Tomchan Kahhoeng,

I am out of words for the efforts u have made.
25/02/2017 15:39
cheoky Geng, kahhoeng. My vote is yours. Have a good rest.
25/02/2017 15:42
kahhoeng Dear all Puncak Niaga concern shareholders,

The discussion with SC went smoothly. The director, Mr. Kamarul (or is it Mr. Kamarudin?) and Mr. Shashi met with us. Together with the rest, we have presented our concern to SC. Besides a promise to investigate, Mr. Kamarul has asked concerned shareholders to both call and email SC believing that numbers count. So, please call and email SC (Mr. Shashi at 03-6204 8999) and let them know your name and shareholding in Puncak Niaga.

In addition, upon the suggestion of one member, I have approached MSWG in the evening and met with Mr. Wong Kin Wing, Mr. Quah Ban Aik and Mr. Norhisam Side. You can reach them through 03-20709090. At the end of the meeting, Mr. Wong has suggested letting him and his team 1-2 weeks time to evaluate what I have presented. Upon completing the evaluation, he will, through MSWG email list, send out invitation for a forum to all Puncak shareholders interested to participate. He would then advise us on their view and suggestion on the next step.

Anyhow, I will attach my letter to SC. If, after reading, you agree with what I have written, you are welcome to use all or part of my write-up. BUT, please, do you own fact-checking. I do not want to be accused of misleading any of you.

Thanks you.
27/02/2017 00:00
kahhoeng 1. In Puncak Niaga’s second quarter report, the balance sheet is shown to have

Other investments 63,713
Cash & bank balances 280,358
Short-term investments 906,065
Total assets: 1,754,250

The 63.713 million investment is a L3 financial asset purchased during the second quarter that classified it as long-term asset. Had this L3 financial asset considered liquid, the cash & equivalent of Puncak Niaga would have crossed 70% threshold and be classified as PN 16 company ((63,713+280,358+906,065)/1754250)=71.26%. The issue is, what’s this other investments of 63.713 million so crucial to Puncak’s business development? Without doubt, if the significance of this investment can’t be explained, its nothing but an attempt to hide asset to avoid PN 16 classification.

Thus, we urge SC to investigate into this matter and classify Puncak as a PN 16 company regardless how Q3 and future financial reports are presented.

2. Misinformed Expensive Plantation Deal

Seller: Shin Yang Holding Sdn. Bhd. (shareholders include Tan Sri Datuk Ling Chiong Ho)
Acquisition price: RM 446,505,690.45 (Puncak Niaga’s stake of 60% is RM 267,903,414)
Date of announcement: Oct 17, 2016
Palm Oil price during the month: Should be about RM 2,600
Land (location): Murum District and Silat District, Sarawak (Lot 13-15, 18, 20-23, Murum District, Lot 1, Silat District).
Land (size): 43,139.5 hectares (planted: 9,766.9 hectares, unplanted: 33,372.6 hectares)
Palm age: Less than 18 months 7,258.10 hectares
More than 18 months 2,508.80 hectares

A recent transaction deal announced on Bursa: Sarawak Oil Palm Berhad

Seller: Shin Yang Oil Palm (Sarawak) Sdn. Bhd. (Shareholders include Tan Sri Datuk Ling Chiong Ho)
Acquisition price: RM 873,005,875.00
Date of announcement: July 04, 2016
Palm Oil price during the month: Should be about RM 2,300
Land (location): Between Batang Belaga and Sungai Murum, Belaga District, Kapit Division, Sarawak. (Lot 30-42 Murum Land District, Lot 40-64 Punan Land District)
Land (size): 47,000 hectares (planted: 23,798 hectares, unplanted: 6,772 hectares)
Palm age: Less than 4 years: 6,716 hectares
4 years – 10 years: 12, 388 hectares
11 – 16 years: 4,694 hectares

Puncak Niaga’s purchase is extremely expensive compared to what’s presented by Sarawak Oil Palm. Sarawak Oil Palm purchase prices its planted acreage at RM 34,224 per hectare while Puncak Niaga is paying RM 45,714 per hectare, a premium of 33.57%!

In addition, 52% of Sarawak Oil Palm purchase has trees between 4 – 10 years old while 74% of Puncak purchase has trees less than 18 months that the Board of Puncak considered as ‘matured’ trees that has clearly misled minority shareholders!

Finally, given trees planted are mostly less than 18 months, it is possible that the deal has been leaked to seller that has incentivized the seller to plant at a speed of at least 400 hectares per month (the planting speed of Sarawak Oil palm’s is 140 hectares per month for trees less than 4 years)!

3. Puncak Niaga is offering to purchase TRIPLC at RM 210 million while at the announcement date on Dec 16, 2016, TRIPLC has a market capitalization of RM 139 million at RM 2.03 per share. That’s a premium of 51%. What’s more, when the Head of Agreement was announced on April 18, 2016, TRIPLC was ONLY trading and closed at RM 1.41 per share with a market capitalization of RM 96,549,869. That’s a premium of 117% .

Since the conclusion of the Selangor water asset disposal and distribution of special dividend of RM 1.00 per share, the share price of Puncak Niaga has dropped to new low. As of Feb 24, Puncak Niaga’s closing price is 0.985 with a market capitalization of RM 442 million, less than 40% of its cash in hand. The phenomenon is not temporary, in fact, it’s on a declining trend from RM 1.70 per share right after the special dividend is distributed. We are urging SC to intervene to defend minority shareholders by requiring Puncak Niaga to offer minority shareholders an exit option at a minimum price of 2.68 per share (the cash position of Puncak Niaga at the 2016 Q3 financial report (63.713 million other investment, 913.735 million short term investments, and 229.990 million cash and bank balances divided by shares outstanding of 449,283,784) on the following grounds:

1. Dubious purchase of level 3 financial asset to avoid PN 16 classification.
2. Expensive plantation and TRIPLC deals that clearly disregard minority shareholders interest (a clear case of Puncak Niaga suffering from principal agent problem.)
3. Given recent cases of majority shareholders offering a heavy discount to net asset citing unfavorable market condition, it is better to let minority shareholders an option to leave when the cash is in the company and the asset easier to evaluate. Please do not let us suffer financial losses after being humiliated by independent adviser trying to educate us the terminology ‘reasonable’ but ‘unfair’ or ‘unreasonable’ but ‘fair.’
27/02/2017 00:02


 

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