Highlights
KLSE: KNM (7164)       KNM GROUP BHD Main : Industrial Products
Last Price Today's Change   Day's Range   Trading Volume
0.24   0.00 (0.00%)  0.235 - 0.245  7,984,800
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News & Blogs

Date Subject
10-Jul-2017 “On Our Radar” Tracker Review - On Cautious Mode
13-Jun-2017 KNM - Challenging Outlook
01-Jun-2017 KNM - Tough Operating Environment Persists
01-Jun-2017 KNM - 1Q17 disappointed
01-Jun-2017 Mplus Market Pulse - 1 Jun 2017
31-May-2017 KNM - 1Q17 : In Line
15-May-2017 KNM - Thai’s RE Phase 2 Expansion Underway
15-May-2017 KNM Group Berhad - Phase 2 of Thai ethanol plant
15-May-2017 PublicInvest Research Headlines - 15 May 2017
15-May-2017 Mplus Market Pulse - 15 May 2017
27-Feb-2017 意外亏损.科恩马财测大砍
27-Feb-2017 KNM - FY16 Results Disappointed
27-Feb-2017 KNM Group Berhad - 2016 in sea of red…
27-Feb-2017 Mplus Market Pulse - 27 Feb 2017
27-Feb-2017 KNM - UnexpectedDip Into The Red
03-Jan-2017 Technical Buy: KNM (7164)
19-Dec-2016 Malaysia Oil & Gas - Upgrade to POSITIVE
25-Nov-2016 KNM - Missed expectations
25-Nov-2016 KNM Group Berhad - Further bleeding in the Americas…
25-Nov-2016 Mplus Market Pulse - 25 Nov 2016
17-Nov-2016 Malaysia Oil & Gas - PETRONAS 9M16 report card
28-Oct-2016 Malaysia Oil & Gas - A new investor at RAPID?
17-Oct-2016 Malaysia Oil & Gas - Looking back, looking ahead
11-Oct-2016 PublicInvest Research Headlines - 11 Oct 2016
02-Oct-2016 科恩马被低估?
27-Sep-2016 PublicInvest Research Headlines - 27 Sep 2016
26-Aug-2016 KNM Group - 1H16 a miss
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  48 people like this.
 
angelol Actually the time when KNM purchase Borsig, Borsig only has net asset of RM800m in the book, that is why Goodwill arouse through a PPA exercise or IFRS 3 exercise on Business Combination.
18/07/2017 14:45
angelol FYI, you can see goodwill as the additional purchase cost on top of the target company's net asset in the book.
18/07/2017 14:46
angelol chinaman, even if the full capacity of 500k litres per day and net profit of RM35m per year, it only covert to eps of RM0.02 (at max). Multiply whatever PE you want to get your TP, 15x PE, you got 0.30. Therefore the key is not Bioethanol but still Borsig order book. General Lee has been emphasizing they are downstream downstream downstream, but the fact is so obvious you are downstream, yes, but the industry must be interlinked that affected you and bring down your order book. You are downstream, if your customer pokai start retrenchment, is that matter you are downstream or not? Unless you tell me you also has shade oil technology.
18/07/2017 14:51
angelol You are expecting to get a buyer to pay what have you paid. This is a wrong concept. For example, Proton buy Lotus, can Proton sell back the same value as they bought previously to Geely? They can't.
18/07/2017 15:39
angelol Got contract doesnt mean got profit, many company take construction contract just because they want to break even and stay in the line. Incurring small loss to survive. Look at the thin profit of RM1.962, you cant even buy a Semi-D with that, enough to all shareholder? Then whether the profit can covert into cash is another issue. Got profit doesnt mean can generate cash. I doubt that your definition of "cash cow" is real giving in FY2016 the cash used in operating activities is RM189m a net cash outflow in genuine.
18/07/2017 16:39
simon2020 You misses the point ...."any additional Revenue from Borsig's ongoing China, Japan, Africa contracts and sale of Bioethanol from Thai business will just add on to it's road to profitability..."

Actually as of Qtr. 1, 31 March 2017 KNM already back in the black with profits of 1.962 million, so any additional Revenue from Borsig's ongoing China, Japan, Africa contracts and sale of Bioethanol from Thai business will just add on to it's road to profitability...

Morningstar a US based Independent Research Organization noted that KNM's fair value as of 18 July 2017 is RM0.28 and undervalued..

http://quotes.morningstar.com/stock/analysis-report?t=XKLS:7164&region=mys&culture=en-US&productcode=MLE&cur

You need to compare apples with apples...Borsig is a cash cow generating at least 75% income for KNM's business and.... not an lemon like Lotus/ Proton which is a losing concern...

Quote "Also looking up for Proton is that its loss-making, wholly-owned subsidiary Group Lotus plc is on track for a turnaround."

http://www.thestar.com.my/business/business-news/2016/08/15/proton-poser-for-drbhicom/

Actually as of Qtr. 1, 31 March 2017 KNM already back in the black with profits of 1.962 million, so any additional Revenue from Borsig's ongoing China, Japan, Africa contracts and sale of Bioethanol from Thai business will just add on to it's road to profitability...

KNM paid €350 million for Borsig In February 2008, a German company whose units develop, manufacture, install and maintain plants and processing equipment in the chemical, petrochemical, oil and gas, power and industrial services industries. At that time, the ringgit was going for RM4.77 to the euro.

Today 18/7/2017, the RM exchange rate has depreciated to RM4.94 for €1. So €350 million x RM4.94002 = RM1,729,007,000. This pricing has not taken into consideration of the time value of money for the 9 1/2 years which has passed since 2008 to present 2017...

http://www.xe.com/currencyconverter/convert/?Amount=1&From=EUR&To=MYR
18/07/2017 17:01
angelol Morningstar says KNM fair value only RM0.28, but just now you mentioned Borsig net asset value converted would be RM0.80, its either your valuation wrong or morningstar wrong. RM0.28, do you know how many people buy at RM0.6 0.7 RM1? if you want to quote, better quote Maybank la atleast got RM0.58.
18/07/2017 17:36
simon2020 The point is...currently KNM's share price is currently undervalued as compared to Morningstar's fair value of RM0.28 on 18/7/17...giving a market capitalisation of 522.5 Million as of 18/7/17

Recap on earlier "Food for Thought:"

KNM Market Valuation: 2.156 Billion X RM0.25 = 539 Million
* Borsig Market Value RM1.8 to RM1.9 Billion

Ratio of KNM market value to Borsig market value = 1:3.34

Means for every KNM share you own at RM0.25, you actually owns RM0.835 worth of Borsig once "it is listed" by KNM on the stock exchange either in Singapore or Bursa...

* Note: Indicative market capitalisation of between RM1.8 billion and RM1.9 billion for Borsig, as indicated by UOB Bank Ltd in the preliminary valuation for the company, which is at 15%-20% discount to the current sector average.
18/07/2017 18:02
ivan9511 knm boss not care people die one.小心被人扁
18/07/2017 19:10
masterkevin212 i agree with Simon2020
18/07/2017 21:47
masterkevin212 I have done the research into KNM. My research into medium term is always right.
18/07/2017 21:48
masterkevin212 Impairment and exchange currency is always misleading minority shareholders when the quarter result reported huge losses. KNM is one of that, the actual losses will normally give the significant impact to its NTA, but it did not.
18/07/2017 21:52
masterkevin212 you can see when the company is on the right track later, the next 1st or 2nd qrt report will show the profit. This 360 degree turn from huge losses to profit will always mislead people.
18/07/2017 21:55
masterkevin212 Do you think KNM will fall under PN company? with high NTA and Revenue......
18/07/2017 21:56
masterkevin212 See JOHAN, from its 30 over million losses (Impairment and exchange currency ALSO) has turned to 1st qtr 8 million over profit and the share has jumped up before the subsequent report is out.
18/07/2017 21:57
Frank Soweto yaya listen to master - General Lee say THANK YOU for all u bravehearts support - GoGo KNN :)
19/07/2017 02:29
riko talk 3 talk 4 , what small shareholder , borsig , blablabla....

simply ...no profit .. no talk.
19/07/2017 06:40
stonenut2 When oil price up.. no need do research..knm price automatic will up too.
19/07/2017 07:43
richardlee End of the day, this stock for me is no earnings no talk. Better safer than sorry since may still got bad news not discounted yet.
19/07/2017 08:16
simon2020 Thanks for everybody's interest in this forum...

Just thinking aloud:

Old Fox Lee's shareholding has weakened to 18.2% shares in KNM...

With today's Market Cap of RM522.5, a big investor or "Assets Stripper" only need to spend slightly more than RM522.5 x 18.2% = RM90.095 Million to take control of the company...even uncle KYY has the financial means to do that...or even better, just spend RM522.5 million to acquire all the shares in KNM, take it private and relist later when market conditions is better with profit...

Why?

By just spending RM522.5 Million, you have the potential to own at least:
RM4,641 + RM419 - RM1,321 = RM3,739 Million! plus the extra bonus of owning Borsig with a minimum market valuation of * RM1.8 Billion!

If I am Chairman Lee, I better watch my back from now on...:)

* Note: Indicative market capitalisation of between RM1.8 billion and RM1.9 billion for Borsig, as indicated by UOB Bank Ltd in the preliminary valuation for the company, which is at 15%-20% discount to the current sector average.

Knm Group Bhd 7164
Fair Value RM0.28
Market Cap 522.5 Mil

http://quotes.morningstar.com/stock/analysis-report?t=XKLS:7164&region=mys&culture=en-US&productcode=MLE&cur

masterkevin212 UP TO DATE KNM HAS

Total borrowing RM 1321 Million
Total Asset RM 4641 Million
Cash In hand RM 419 Million.

Think about it your self....my signal is to buy more and collect it.
19/07/2017 10:04
angelol Your total asset should deduct the intangible asset and goodwill which is totally worthless. They are only recorded in the book/paper and not able to realize into money. The cash-in-hand purely came from the borrowing, you can check SOCF, the operating activities make a net cash outflow, then borrowing used to support operation.
19/07/2017 10:18
chinaman Borsig germany 175 years history brand really got no value which why got goodwill cost? really worthless and must deduct mei???
19/07/2017 11:04
simon2020 Here we go again...

Suddently there are many interested buyers in this forum today including "investment analysts" and goreng kakis. If KNM is such a bad stock...nobody would have even bothered to waste time here...

Even with an adjusted "* NTA of RM0.46" (less Goodwill/Intangible Assets & Liabilites) with 2.156 Billion shares = KNM is still worth RM0.46 X 2.156 Billion = 991,760,000 Million!

With a Market capitalization of only RM522.5 Million you get to own KNM, that is worth at least RM992 Million, a factor of 1:1.9...which is a very attractive proposition to a potential shareholder or market raider...even without considering Borsig's potential market valuation of RM1.8 to RM1.9 Billion once it is listed...

That's why Morningstar rated KNM as Undervalued with the current share price.

* Reference:
nikicheong Incorrect calculation:

Total Assets: RM4,.496bil
Total Liabilities: RM2.108bil
# Shares Outstanding: 2.156bil
NTA = (A - L)/(NOSH) = (4.496bil - 2.108bil)/(2.156bil) = RM1.11/share

Correct calculation:

Total Assets: RM4.496bil
Total Intangible Assets: Goodwill + "Other Intangible Assets" = RM1.395bil
Total Tangible Assets: RM4.496bil - RM1.395bil = RM3.101bil
Total Liabilities: RM2.108bil
# Shares Outstanding: 2.156bil
NTA = (TA - L)/(NOSH) = (3.101bil - 2.108bil)/(2.156bil) = RM0.46/share

Refer:
Btw the Goodwill and Other Intangible assets in KNM Balance Sheet as of 2016 Annual report arise from acquisition of (is still valuable to KNM to generate income for the company):

BORSIG GmbH Germany RM863,332,000 and Asia Bio-fuels Limited and Asia Biofuels II Ltd. (Thailand) RM31,170,000
Total Goodwill RM894,502,000 arising from acquisition German and Thailand Companies above.

BORSIG GmbH (German Engineering firm purchased by KNM for RM1.7 Billion in 2008) is renowned as possessing a high quality and best in class distinction as a German engineering and manufacturing supplier that offers customized solutions for process gas waste heat recovery systems, quench coolers, scraped surface exchangers, membrane technology, boiler systems, compressors and valves as well as comprehensive industrial solutions and services with 170 years of company history (Generates 70% of KNM revenue)

4.1 Goodwill
The goodwill recognised on acquisition is attributable mainly to the skills and technical talent of the acquired business’s work force and the synergies expected to be achieved from integrating the companies into the Group’s existing oil, gas, petrochemical and renewable energy industry.

4.2 Other intangible assets
Other intangible assets comprise technology including patents and software, customers related intangibles including customer contracts and supply agreement and marketing related intangibles including tradenames. These intangible assets with finite useful lives are amortised over their useful lives ranging from 1 to 20 years while the others with infinite useful lives are tested for impairment annually or shorter if there is an indication of impairment.

Refer Page 80-81
http://www.knm-group.com/annual-reports/knm-group-annual-report-2016.pdf

MASB 23 Impairment of Assets
http://www.masb.org.my/pdf.php?pdf=!masb23.pdf&file_path=pdf
19/07/2017 11:32
AzerothJr Wondering why some people is so short sighted. They seems to think only when they have the stocks / interested in the stock can they have the right to comment for the stocks. There is many ways to skin a cat. You can grill, can baked, can barbecue can use knife, can use hands. It is only limited by your imaginations. So the stock falls does not mean some of us cannot make money, the stock rise does not means all of us make money as well.
19/07/2017 11:40
winmal whatever reflected in reports just to shown his past performance... investment is not for short term trading, perhaps we need to have business sense on what the company is doing.,, whether there stay competitive advange in industry..
19/07/2017 12:05
richardlee Aiyoh still debating NTA, NAV, goodwill, intangibles - firstly these are accounting numbers only and secondly, you should be careful about their real value when fundamentals of the company has deteriorated so much. No earnings no talk.
19/07/2017 13:12
simon2020 Some reference on Borsig GmbH activities for clearer business sense on company's activities and investment purpose.

Borsig/ Realtech Success Story
https://www.realtech.com/pdf/en/referenzen/REALTECH-success-Borsig-SAP-HANA-en.pdf

Borsig Group
www.borsig.de/uploads/tx_empageflip/BORSIG_Group.pdf

Jobs and Vacancies at Borsig
https://jobspotting.com/en/company/borsig

175 years of Borsig
http://www.borsig.de/uploads/tx_bcpageflip/175_Years_BORSIG_02.pdf
19/07/2017 15:32
masterkevin212 no need to explain lah....sai lang......
19/07/2017 19:00
riko 走了..rocket GT...KNM ... 又请了几只小丑来...talk 3 talk 4...

the more it goes for 3 or 4 .... the share price will go lower.
19/07/2017 19:16
richardlee No earnings no talk
20/07/2017 08:17
AzerothJr Let them win.. winning in words is their intention. I only want to win money and that is my intention. The most is they will hear I told you so. Anyway maybe they also talk talk talk only, just to send others to holland.. It is not important to me. I only care whats in my pocket and goes into my pocket end of the day. If one is stuck to their stubborn ideas and will not be willing to accept other opinion then so be it. So let them talk NAV, NTA, net price, undervalue, cheap for all they wanted. Who ever listen to them going to holland or sky high also is their own responsibility. End of the day its your own money that you are gambling with. Just don't ever forget that you had been warned months ago!!!
Seeing others going to holland is not my intention, but if one insist to go holland to save us all then I will merely congratulate them for being our saviour. Anyway thanks KNM diehard. You will know why i thank you in the future, without you the future will would be possible.
20/07/2017 10:39
angelol Simon2020, quoting MASB23 showing that you have limited knowledge in accounting as MASB23 is an old standard that no longer apply anymore. For listed co like this they are applying MFRS/IFRS. For impairment, you should refer to MRFS 136/IAS 36 impairment of asset. For intangible you can refer to MFRS138/IAS38, for goodwill arise from acquisition you should refer to IFRS 3/MFRS 103. Don't quote anything if you don't even know how it is accounted for, or how is it arise.
20/07/2017 12:39
simon2020 Don't Nit Pick or be Personal...

Let's not forget the purpose of this Investor's Forum is to share opinions on the share investment and nothing else. It's beneficial in the long term for everybody to adopt a Win-Win rather that a confrontational Win-Lose strategy...As everybody wants to make money and nobody wants to go to "Holland"....

Let's summarise again....

1. KNM is currently undervalued, according to Morningstar (as of 19/7/17) KNM's fair price is RM0.28 compared to it's current price of RM0.24 to RM0.245

http://quotes.morningstar.com/stock/analysis-report?t=XKLS:7164&region=mys&culture=en-US&productcode=MLE&cur=

2. Local Share Analysts such as MIdf, HLG, Maybank gives a Hold or Buy recommendation on KNM with a target price (TP) of (RM0.27 to RM0.58)

https://klse.i3investor.com/servlets/ptg/7164.jsp

3. KNM has returned to the black as of Qtr. 1, 31/3/2017 with a Revenue of RM326,775,000 and Earnings of RM1,962,000 and expected to have increased earnings from Borsig's China, Japan, Africa contracts and Bioethanol sales from Thai operations etc...

4. Even with an adjusted "* NTA of RM0.46" (less Goodwill/Intangible Assets & Liabilites) with 2.156 Billion shares = KNM is still worth RM0.46 X 2.156 Billion = 991,760,000 Million!

5. With a Market capitalization of only RM522.5 Million you get to own KNM, that is worth at least RM992 Million, a factor of 1:1.9...which is a very attractive proposition to a potential shareholder or market raider...even without considering Borsig's potential market valuation of RM1.8 to RM1.9 Billion once it is listed...

This is not a call to Buy or Sell, as the final decision is yours alone to make based on the information presented above for reference only. TQ
20/07/2017 16:37
ivan9511 knm boss not care people die one.小心被人扁
21/07/2017 00:23
riko knm volume getting low and low N definitely need someone to hype here to allure you think it is a good buy.

dont forgot my advise : you buy you die, sell pun die.
21/07/2017 07:56
richardlee No earnings no talk. With this stock better safe than sorry.
21/07/2017 08:14
Friendship Just buy and hold for 5 year
21/07/2017 09:43
winmal Lower Oil will spur downstream business ... why KNM is not benefiting
21/07/2017 12:05
AzerothJr Hi simon,
Thanks for clearing the matter and its good that we merely wanted to share.
Now lets analyze the risk analysis.
Is it worth it to buy a stock that merely is 15% below the fundamental value? What risk are you looking at? If the stock continue down south to 20c or maybe 15c, you know how much you are losing against a potential growth of 28c or even 32c fair value?
A year ago someone would say KNM fair value was at 50c and look what happen to it a year later.
Looking at the value maybe you say its break even but looking at percentile you will know only the house gains.
So despite how undervalue you claim it is worth. Does it justify the risk?
I am not saying KNM cannot be bought and is a totally rubbish stock that is only awaiting death, if that is the case we wont even be here at all or show interest in the stock.
22/07/2017 14:27
Sales L&G is better than KNM?????
23/07/2017 10:39
4444 KNM(or O&G counters) depend on Petronas contracts whereas L&G depend on public money to buy property. Which 1 has more money Petronas or public(rakyat)?
23/07/2017 10:44
miker Forget it for this year, come again next year (2018) after BOD proved what they said through numbers.
23/07/2017 11:07
miker No dividend for the last 8 years. Better taken private and run it as Sdn. Bhd. company. Lousy counter.
23/07/2017 11:09
4444 15-20 sen by Aug-Sep?
23/07/2017 11:45
Sales This type of price, go for L&G...
23/07/2017 12:14
simon2020 The following positive opinions is noted with much thanks:
1. "Thanks for clearing the matter and its good that we merely wanted to share."
2. "I am not saying KNM cannot be bought and is a totally rubbish stock that is only awaiting death, if that is the case we wont even be here at all or show interest in the stock."

For those who are Risk Averse, I would like to share the following observations with relevant quotes by Maybank Research and Empayar Saham Admin on KNM for all investors' decision making purpose)

A. KNM has suffered a loss of RM330 million, which was one-off loss (announced Feb. 28. 2017) for Qtr. 4, 31.12.2016. this matter has been already priced in by Mr. Market, hence the current "historic low share price" of RM0.24 - RM0.245.
B. For Qtr. 1, 31.03.2017, KNM is already back in the black with Revenue of RM326,775,000 with Earnings of RM1,962,000 and NTA of RM1.11
C. Quote from Maybank Research Report dated 31/05/2017

"KNM reported a core net loss of MYR1m in 1Q17 (vs. +MYR12m in 1Q16), over an 18% YoY fall in revenue (to MYR327m, its lowest since Asia Financial Crisis).
We however deem this to be in line, for the soft topline was partly due to timing differences (in Recognition of Revenue by KNM). Its Europe division (Borsig Gmbh ) remained its financial anchor, accounting for 72% of Group’s EBITDA. Balance sheet wise, its net gearing level remained steady at 0.5x as at end-Mar 2017.

Transformation into a RE group is a major catalyst:
Our earnings forecasts are unchanged. 2017 will be the year for KNM to progressively catalyse its efforts in the RE space. Its 200k-litres/day (LPD) cassava-based bio-ethanol plant in Chachaengsao has started operations and is expected to contribute about MYR10m-15m in earnings p.a., based on its 72% stake. KNM will subsequently expand its Phase 2 operations with a MYR159m capex for a 300k-LPD capacity. Meanwhile, its 80%-owned Peterborough Phase 1 (£151m capex) is scheduled to commission operations in 4Q18, with the first power export planned in 1Q19. The Phase 1 is projected to deliver MYR50m p.a. in earnings.

Managing expectations and perception is key too:
Managing costs remains the key. To-date, KNM has successfully lowered its overhead, manpower and rentals by MYR9m/qtr. Order backlog is at MYR1.3b (ex-Peterborough project) as at end-May 2017, 13% below its end-FY16’s MYR1.6b. It targets to match FY17’s replenishment with FY16."

https://klse.i3investor.com/servlets/ptres/41374.jsp

D. (Translated Quotes By Empayar Saham Admin dated 18 June 2017)
"There are some people asking questions about knm. Personally admin somewhat wonder also why for interest. But, it's okay."
KNM business is in the O&G, Petrochemical Industry and Renewable Energy Industry. Since O&G segment is down, KNM had to concentrate more attention to the renewable energy projects (e.g Ethanol production in Thailand).

Here are some interesting things about renewable energy.

1. Already prepared ethanol plant in Thailand with 200,000 bpd capacity. Revenue will start in this July.
2. The Ethanol Business will also reduce the dependency against short term projects and provide a more stable source of income.
3. Revenue has not been recorded yet, but KNM has started expansion project on the ethanol plant to increase the production capacity to 500,000 BPD.
4. The logistics problems that had bogged down KNM earlier in the last quarter has been cleared and the KNM could now focus on the ethanol business.

However, the KNM had to slow down for the projects that had to do with oil and gas until the price of oil is stable.

Looking at the latest price of KNM:
* It is already at a discount due to negative market perception against KNM (due to earlier loss in Qtr. 4, 31.12.2016)
* KNM cash position is positive, not yet on a healthy stage but whatever it is, it's under control.
* Liquidity is satisfactory.
* In short words, KNM balance sheet and cash flow is still fine.

If KNM invites you to invest, what's your decision?

For Admin, OFFER PRICE THAT KNM OFFER IS INTERESTING BECAUSE THERE IS SO MUCH DISCOUNT.

Even KNM is willing to invest in his own business when starting the process of share buyback. It's a clue that KNM SHARE price is already on a pretty cheap level.
At the same time, admin likes with business on renewble energy because for admin it's the future business.

Do you know?
The pressure to reduce the greenhouse gas has begun to cause the option on ethanol to be taken seriously. At the same time, the modern economy is getting dependent on the transport industry has caused the world to start looking for a replacement for raw oil so less dependency against the countries of the gulf war. In addition, some countries have initiated the police ban on gasoline which has increased the sales of ethanol.
https://www.facebook.com/EmpayarSaham/posts/484870161844844
24/07/2017 01:22
Bullhunter Time for celebration ! KNM has reached the lowest price in its history... from once RM10 to the like of penny stock... good example for authors of stock market books
24/07/2017 10:04
richardlee When fundamentals are weak, stock price often more accurate than NTA or NAV. No earnings no talk.
24/07/2017 12:29
AzerothJr One more thing, KNM had been known in the past to manipulate accounting in order to push up share price. Lets hope KNM is not desperate enough to repeat the same mistake again this upcoming quarter.
24/07/2017 17:12
masterkevin212 knm will start hitting in 2 months time
24/07/2017 17:14


 

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