Unlike Telephone line, there will be only one power grid in Peninsula, all others need to connect to this Tenaga Grid. Due to this Advantage, Tenaga will survive although with further development of RE...

Happy New Year 2023 to all who participated in this thread, Tenaga will survive, Calamities or not...Happy Trading

Chinese proverb "一种米养百种人" meaning same type of rice eaten/survive by hundreds type of person. Every word and article posted shall be taken with a pinch of salt, just for Food for Thought. Same as Sarcasm or Compliment, see how we accept and by who? Many thanks for all the posting, it has become part of my pastime hobby..Happy Trading

My investment in 2022 turn negative to positive due to last minute surge of Tenaga. Manage to offload some at RM9.63, TQ Tenaga for the year end bonus..

Hi Mr Tan KW, As per your suggestion on "Can please write a short comments. why you pick the stock?", my mixture selection criterias will be on P/NAPS, speculative (upside can be much much higher compared to downside) and safe stocks.

Ageson P/NAPS of 0.25, Speculative.
Vinvest P/NAPS of 0.28, Speculative.
Iris P/NAPS of 1.27 only meeting upside criteria. Speculative due to border opening worldwide..
JAG P/NAPS of 1.04, Speculative.
Insas P/NAPS of 0.25, safe stock with very low downside.
MFCB P/NAPS of 1.19, safe stock with very low downside.
Long term invested in Ages, Iris, Insas and MFCB.

Thanks for accepting my participation..

Hi Mr Tan KW, My Stock Pick Contest for 2023 (1st time participate) as below:-

Ageson 30%
Vinvest 20%
Iris 20%
JAG 10%
Insas 10%
MFCB 10%

Thanks for organizing this Stock Pick Contest.

How can a refinery lost RM10 million a day in Q3 2022 result?

A very good question, the question shall applied for Q2 result also, how can an old refinery EARN RM10 million a day in Q2 2022 result? What EARN on paper just contra back? Just FOOD for thought, Happy Trading and TradeAtYourOwnRisk

@Philip: Yes sir you are correct if you look at it in the short term.

But if you look at it from a long term perspective like insas if pe is low over the last 7-8 years what does that tell you?

BLee: Hi @Philip, the longer Insas at low PE with P/NAPS dipping further below 1.0, could mean the potential to break up becomes much stronger. If there is no catalyst, it is very difficult for Insas to break up, just a matter to be patient. I still hold some Insas shares after taking profit from the last RCPS issuance. Some shares give out good dividends, but the price will be adjusted with money paid out from the coffer. Only good shares will recover in price over time. Others might not, especially those with one off gain when disposing assets for cash..no particular counters as reference as no intention to offend anyone or take sides.
Happy Trading and TradeAtYourOwnRisk

Quote: "Maksud PE ialah kepercayaan orang ramai terhadap kebolehan syarikat tersebut untuk menambah penjualan dan keuntungan syarikat dalam masa depan.

Voww that must be a very new insightful definition of PE and should have won an economy nobel prize." Unquote

A very good article and good discussion.
My take: Is it a "Chicken and Egg" story or "double edged knife" balancing act?
PE - Price over Earning per share, if Price Up, EPS down, PE high.
If Price Down, EPS Up, PE low; most investors should know no necessary logic in the market?
The statement "menambah penjualan dan keuntungan" is just a positive statement whereby a growth company with increased profit will balance back the High PE if Price increase in tandem? What if the Price not increase? The PE will drop and vice versa if Price increases..The glove stocks is a very good example during this pandemic. It defied all logic as Prices and EPS fluctuated in big ranges..
P/NAPS is a better indication of stocks performance as Net Asset Per Share is more stable comparing to Earning Per Share; IMHO.

I also believed in "Newton's Third Law Of Motion
Statement: To every action, there is an equal and opposite reaction."
Every Action will have an Equal Reaction, so be moderate and will have equal moderate reaction. Tq
Just sharing for discussion purposes only, Happy Trading and TradeAtYourOwnRisk

@8899EL8899: …2 TIMES SHARE CONSOLIDATION 10 TO 1 MEAN 100 TO 1 SHARE CONSOLIDATION,........
CHEW YOU TO PIECES, UNTIL YOU ARE TOTALLY WIPE- UP,.........

BLee: Hi @8899EL8899, how true since NOT even once on consolidation 10 to 1 since 2013? Below are details of the historic Capital Changes:
Date: 20 Oct 2020
Rights Issue/Offer Price: (MYR) 0.0500
Ratio (New:Existing): 1.0000 : 1.0000
FREE DETACHABLE WARRANTS IN KAG ("WARRANT(S)") ON THE BASIS OF 1 WARRANT FOR EVERY 1 RIGHTS SHARE SUBSCRIBED

Date: 12 Sep 2017
Entitlement subject: Share Consolidation
Ratio: 4 : 1 (not 10:1 as speculated?)

Date: 27 Mar 2017
Rights Issue/Offer Price: (MYR) 0.0500
Ratio (New:Existing): 1.0000 : 1.0000
FREE WARRANTS IN KAG ("WARRANTS B") ON THE BASIS OF TWO (2) RIGHTS SHARES TOGETHER WITH ONE (1) FREE WARRANT B FOR EVERY TWO (2) EXISTING KAG SHARES

Date: 6 June 2013
Rights Issue/Offer Price: (MYR) 0.10
Ratio (New:Existing): 4.0000 : 2.0000
FREE DETACHABLE WARRANTS (“WARRANTS”) ON THE BASIS OF FOUR (4) RIGHTS SHARES TOGETHER WITH THREE (3) WARRANTS FOR EVERY TWO (2) EXISTING ORDINARY SHARES

As per details above, is it a 'bargain' at 1sen? Over almost 10 years, is it a consolidation of '2 TIMES SHARE CONSOLIDATION 10 TO 1 MEAN 100'? How about the gain from the Free Warrants? Is it true for other examples and NOT true for KAG? Time will tell, Happy Trading and TradeAtYourOwnRisk

@JJPTR: XOX pay $19.254m to buy up THERON,but also help pay $49.416m , for THERON debt. !!!!!!!!
so XOX cash gone to Theron via XOX HK deal?
NO REPLY TO SC !!!!!

BLee: Hi @JJPTR, I think you have missed the reply, replied in link: https://www.klsescreener.com/v2/announcements/view/3580963
Who will settle the debts? Answer as below:
"The Board of Directors of XOX Bhd (“XOX” or “the Company’”) wishes to further announce that:
1. Both the RHB Facilities of RM49,416,000.68 and Theron’s outstanding debts of RM44,318,000.00 will be settled by Theron upon completion of the Proposed Acquisition."
Just for clarification, no recommendation for this "risky" stock.
Happy Trading and TradeAtYourOwnRisk

@8899EL8899: THE RUBBISH BOSS SHAREHOLDING ONLY 6% NOW,.......IT IS ABOUT THE TIME FOR SHARE CONSOLIDATION,.......ANOTHER ROUND OF DUMPING, THEIR SHARE HOLDING WILL BE ZERO,.......

BLee: Hi @8899EL8899, how true is there any announcement of disposal until 6%? As per the last announcement of shareholding changes as at 10 Jan.,2022 is acquired by Director Roy Ho Yew Kee. The 7.354% holding could be diluted due to PP of 20% on 12 Apr.,2022.
Another round of dumping when the price moves North and buying volume increases? I might be dumb by not noticing the dumping? If it moves further North, I might be doing the dumping?
Happy Trading and TradeAtYourOwnRisk

@8899EL8899: BLEE,......DO YOU KNOW THAT MANY MINORITY INVESTORS BOUGHT LKL ABOVE RM1,.....THE LUCKY ONE ALSO COST 45SEN AFTER SHARE CONSOLIDATION,........HOW MANY OF THEM BOUGHT AT 25SEN,.......VERY FEW

BLee: Hi @8899EL8899, I didn't follow LKL and have NO intent to study the historic price. If bought at a much higher price, is it "pump and dump" stocks? Is it on the "pump" stage again? (definitely not for Fintec at half sen stage) Should "lesson learned and unlearned" can still be caught again? For investment in stocks, we should NOT enter blindly; just my opinion. Also have NO intention to defend any "defiance RUBBISH BUSINESSMAN RUNNING RUBBISH COMPANY !"
Happy Trading and TradeAtYourOwnRisk

@BILLC: So,,,,come next sinkalin will tell consolidation is actually very good to Fintech,,,,wakakaka,,,

BLee: Hi @BILLC, "sinkalin" could be neutral on consolidation as NO change in dilution…what happens in LKL NOT necessarily happens to any counter. So are any downturn counters that might NOT due to consolidation. All given are true facts and figures; it is up to the individual to analyze and TradeAtYourOwnRisk

@Musang King: Seeing LKL going up these few days give me much encouragement that Fintec will also go up one day.

BLee: Hi @Musang King, chances of LKL going up will has an effect on Fintec as Fintec holding "Indirect/deemed interest (units): 1,951,897,076
Indirect/deemed interest (%): 30.631" of Focus Dynamic Shares which in turn holding "Direct (units): 167,536,800
Direct (%): 17.477" of LKL shares.
Sources: https://www.klsescreener.com/v2/announcements/view/3422975
https://www.klsescreener.com/v2/announcements/view/3525617

Let's take from the consolidation point of LKL price of RM0.25 to RM0.465, a potential recovery of RM0.215.
Assume after consolidation, Focus Dynamic will hold 16,753,680 LKL shares and will have a gain of RM3,602,041. Fintec portion of 30.631% will be roughly RM1,103,341.
Fintec P/NAPS of 0.18 is very undervalued as shown in details below:
Friday 4th Nov., 2022 closing data:-
Market Cap: RM 30 Million
NOSH: 5,923 Million
Bid: 0.005 x 587,118,900
Ask: 0.01 x 36,906,000
T4Q NAPS | P/NAPS: 0.03 | 0.18
Just for sharing, Happy Trading and TradeAtYourOwnRisk

@8899EL8899: IF YOU HAVE BOUGHT KGROUP SHARE AT 1SEN,.........CAN YOU MAKE MONEY ?.......BELOW ARE THE EXPLANATION :-
1.........YOU BOUGHT KGROUP AT 1SEN
2.........SHARE CONSOLIDATION 20 TO 1
3...........RIGHT ISSUE 5 FOR 1 CONSOLIDATED SHARE
4...........PRICE THE RIGHT SHARE AT 5SEN,........NOT AT 20SEN
5............TO MAKE YOU NOT SUBSCRIBE TO RIGHT ISSUE,......THEY WILL HAMMER THE CONSOLIDATED SHARE PRICE DOWN TO 5SEN
6.............THE BIG SHOTS WILL TAKE ALL THE RIGHT ISSUE SHARE AT 5SEN
7..............YOUR COST IS 20SEN,...........THEIR COST IS 5SEN,........WHO WANT TO BUY FROM YOU AT 20SEN ?

BLee: Hi @8899EL8899, as per today's trend for LKL and Saudee, the above scenario is NOT the case. LKL after consolidation price of 25 sen, today up 14.5sen to 42sen. Another question, how much shares needed to release to "hammer down to below the proposed RI price"? Agreed that if we don't take up the RI or buy "the hammer down price", we will have losses in dilution…or if we don't sell the RI Offer Rights if we don't want to inject more capital. We must act accordingly to mitigate any dilution of our investment.
Happy Trading and TradeAtYourOwnRisk

@8899EL8899: WHEN K GROUP BOSSES DUMP THEIR SHARES TO YOU,
THEY WON`T BUY IT BACK FROM YOU,
THEY WILL BUY MORE SHARES FROM K GROUP & AGAIN SELL IT TO YOU,
LATER, THEY WILL CONSOLIDATE YOUR SHARES,
THIS IS HOW THEY FOOL YOUR MONEY,
THEY ARE VERY HAPPY DOING THAT !

BLee: Hi @8899EL8899, I have responded to your warning in the Fintec forum and don't mind repeating here.
"In a bear market when prices are dropping, how 'crooks' buy low to sell, making our money? Prices are now lower than the PP issuance, 'crooks' need to contribute $ to share capital for new shares from KGroup, I don't expect for 'crooks' to sell at a loss?? On consolidation, NAPS/share price will increase inverse proportion to ratio of the consolidation, so no issue. The direction of prices after consolidation will very much depend on market sentiment and investment performance which is a risk the investor needs to ponder…
Happy Trading and TradeAtYourOwnRisk"

I have being monitoring the last PP as below:
"613,000,000 new KAG Shares issued pursuant to the first tranche of the Proposed Private Placement were listed and quoted on the ACE Market of Bursa Malaysia Securities Berhad with effect from 9.00 a.m. on 13 April 2022, which marks the completion of the Proposed Private Placement."
I would NOT buy above the last PP price and if they pump up above that price, I will be the next "crook" to sell in the market.
Disclaimer: I don't belong to any "syndicate".. just a very small retailer investing for passing time and enjoyment.

Below was the fundamental of KGroup when trading at half sen yesterday:
Market Cap: RM 18 Million
NOSH: 3,678 Million
Best Buy
Price: 0.005, Volume Orders: 565,767,500
Best Sell
Price: 0.01, Volume Orders: 62,872,800
T4Q NAPS | P/NAPS: 0.03 | 0.15
What does all this data mean?
Let's say buying 50% of market cap will be able to control a company with current assets of Fixed deposits with licensed banks of RM 2.913mil and cash and bank balances of RM 24.410mil i.e. RM 9mil will control RM 27mil.. no wonder 565mil in Q buying. This is just theory, definitely will NOT be able to get 50% of NOSH at half a sen. Tq

@8899EL8899: BLEE,.......DO YOU KNOW THAT THEY BUY NEW SHARES FROM FINTEC AT PRICE 10 - 20% BELOW MARKET PRICE,......

BLee: Hi @8899EL8899, I know and been monitoring the last "ESOS as below:
No. of shares issued under this corporate proposal: 20,000,000
Issue price per share ($$): Malaysian Ringgit (MYR) 0.0100
Latest issued share capital after the above corporate proposal in the following
Units: 5,922,797,474
Issued Share Capital ($$): Malaysian Ringgit (MYR) 367,850,967.800
Listing Date: 15 Apr 2022"
I would NOT buy above the last ESOS price and if they pump up above that price, I will be the next "crook" to sell in the market.
Disclaimer: I don't belong to any "syndicate".. just a very small retailer investing for passing time and enjoyment. Tq

@8899EL8899: WHEN FINTEC CROOKS DUMPED THEIR SHARES TO YOU,..........
THEY WON`T BUY IT BACK FROM YOU,........
THEY WILL BUY NEW SHARES FROM FINTEC & AGAIN SELL IT TO YOU,.....
LATER, THEY WILL CONSOLIDATE YOUR SHARE,......
THEY ARE HAPPY DOING THAT,.......MAKING YOUR MONEY.

BLee: Hi @8899EL8899, please explain in a bear market when prices are dropping, when 'crooks' can buy low to sell, making our money? Prices are now lower than PP and ESOS issuances, 'crooks' need to contribute $ to share capital for new shares from Fintec, I don't expect for 'crooks' to sell at a loss?? On consolidation, NAPS/share price will increase inverse proportion to ratio of the consolidation, so no issue. The direction of prices after consolidation will very much depend on market sentiment and investment performance which is a risk the investor needs to ponder…
Happy Trading and TradeAtYourOwnRisk

@8899EL8899: IF YOU BUY AT 1 SEN,.......THEY CAN MAKE YOU LOSS MONEY,.......DO YOU WANT TO KNOW HOW ?

BLee: Hi @8899EL8899, truly can happen if No Action Taken to mitigate the dilution. I have written an article on how to mitigate the dilution with or without additional capital in actual situation as in link:
AGES RI: Dilution losses if No Action https://klse.i3investor.com/blogs/AGESPA/764419.jsp
Consolidation and RI issuances will Not have much effect on ICPS Fintec-PA as conversion price/ratio will be adjusted for any dilution…so far not happening after numerous scenario warnings. Anyway, thanks for the highlight for the potential investment risk.
Happy Trading and TradeAtYourOwnRisk

@8899EL8899: BLEE,.......THE REAL MAJOR SHAREHOLDER IS FROM HONG KONG, .....THEY ARE HIDDEN SHAREHOLDER

BLee: Hi @8899EL8899, thanks for the info. As per AR2022, only few foreign owners can be hidden in:-
1. Affin Hwang Nominees (Tempatan) Sdn Bhd EXEMPT AN FOR LAZARUS CORPORATE FINANCE PTY LTD 200,000,000 5.44%
10. M&A Nominee (Tempatan) Sdn Bhd EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED (ACCOUNT) CLIENT 35,300,000 0.96%
18. Citigroup Nominees (Tempatan) Sdn Bhd UBS AG FOR MAYBANK SECURITIES PTE. LTD. 20,100,000 0.55%
which is only around 7%.
On another data of shareholding:
- Holding of 100,001 to less than 5% of the shares = 3,912 holders = 27.04% = 3,139,671,096 = 85.36%
- Holding of 5% and above of issued shares = 1 holder = 0.00% = 200,000,000 = 5.44%, total of more than 90%
Happy Trading and TradeAtYourOwnRisk

@8899EL8899: BLEE,......FINTEC DIDN`T SELL FOCUS DURING THE PEAK BECAUSE THEY WANT THEIR BIG BOSSES TO MAKE MONEY FIRST,........FINTEC WILL SELL AT LOSS BUY AT PREMIUM PRICE FROM THEIR BIG BOSSES,........BECAUSE IT IS PUBLIC FUND

BLee: Hi @8899EL8899, the problem is accumulation at "premium price" and not selling at "pump up price" and not at all for the four so-called key incubatee companies. If they sell at losses, the paper loss wouldn't be so much..and the P/NAPS won't be at the undervalue figure of 0.36.
I agreed it is a public fund with ESOS and PP with each issuance at a discounted price, diluting NAPS. The question is, is it a bargain buying below those ESOS and PP prices considering the 0.36 P/NAPS??
For information, I have collected once at half sen for AGES-PA before consolidation and thrice for Focus-PA, hoping to get more for Fintec-PA/Fintec and KGroup…and can afford to hold for a longer period.
Happy Trading and TradeAtYourOwnRisk

@8899EL8899: FINTEC MAY SELL MORE THEIR INVESTMENT SHARES IN THEIR ASSOCIATE AT 90% LOSS,...

BLee: Hi @8899EL8899, agreeing that to sell at 90% loss is silly..more silly not selling Focus Dynamic when making close to RM726.5 million paper gain. "Portfolio investment - Profit before tax increased by RM652.9 million (8.9x) to RM726.5 million which was mainly due to the positive performance in market prices of the Group's strategic investments in Malaysia"
Source: https://www.klsescreener.com/v2/financial-reports/view/701853

Can this performance be repeated again? Most likely not? As per latest AR, Focus Dynamic is one of the "Group’s four (4) key incubatee companies. Based on the unaudited financial results for 18 months financial period ended 30 June 2022 (“FPE 30 June 2022), Focus, our investment with the highest return, recorded profits from operations totalling RM23.6 million on the back of RM60.2 million revenue for FPE 30 June 2022."
IMHO, there is still hope; but it could be better if "run" with the profit earlier...
Happy Trading and TradeAtYourOwnRisk

@8899EL8899: THE MAJOR SHAREHOLDERS HAVE SOLD DOWN KEY ALLIANCE TO 1SEN LEVEL,.......

BLee: Hi @8899EL8899, how true? One major shareholder/director holding 224.9 mil roughly at around 4.5sen since early 2021 and 225.4 mil roughly around 1sen now:
" 1. 04 Mar 2021 600,000 Acquired Direct Interest
Name of registered holder: Roy Ho Yew Kee
Acquisition through open market
Nature of interest: Direct Interest
Direct (units) : 224,900,000
Direct (%) : 9.553"
still holding..without disposing record as at
"1. 10 Jan 2022 500,000 Acquired Direct Interest
Name of registered holder: Roy Ho Yew Kee
Nature of interest: Direct Interest
Direct (units) : 225,400,000
Direct (%) : 7.354"
Source: https://www.klsescreener.com/v2/announcements/view/3487841
How much paper loss for this major shareholder/director?
I am just protecting my investment of paper loss around 50%, still TradeAtYourOwnRisk (My Risk)..

@Youngkid: Cannot even produce Ar on time better change name to Unfocus Dynamics

BLee: Hi @Youngkid, waiting for latest AR could be over by
"Type of Meeting: General
Indicator : Notice of Meeting
Description : Focus Dynamics Group Berhad 19th Annual General Meeting
Date of Meeting : 29 Nov 2022
Resolution 1 : To receive the Audited Financial Statements for the financial period ended 30 June 2022 and together with the Reports of the Directors and Auditors thereon"...
Happy Trading and TradeAtYourOwnRisk

@Anaconder: Shenanigan going on. Sooner or later share I think share consolidation is on the way just like LKL

@Youngkid: In this IT world, cannot produce Ar on time..

@JJPTR: …b4 ex 200 big lots x 2c =$4000 rgt after ex 10 big lots x 20c=$2000 rgt ,lost 50%
Now you have it ,50% wipe out on first day after ex 20:1..

BLee: Hi @Anaconder, @Youngkid and @JJPTR, I am NOT defending Focus D as I don't have any inside info. As a company changed the financial period, most likely "a delay tactic, but only can hide for a further six months". Audit is a very tedious task, it is a manual process verifying "IT process" such as stock taking which NO gadget can do. As in LKL opening ex-price today after consolidation, there is NO 50% wipe out..So are many others counters after consolidation. I cannot guarantee it will NOT drop back to a few sen, but fundamentals will improve per share basis..
Happy Trading and TradeAtYourOwnRisk

@Anaconder: Yr2023 is coming ,yet Ar2021 not out yet ?

BLee: Hi @Anaconder, as per link https://www.klsescreener.com/v2/announcements/view/3539537
Details extracted below:-
"Remarks :
The Directors of Focus has approved the change of financial year end from 31 Dec 2021 to 30 June 2022 ("Change"). The COVID-19 pandemic is causing unexpected disruption in the workplace and due to shortage of manpower which has affected the timeline for preparation and audit of the financial statements of the Company and its subsidiaries. The first set of accounts after the Change shall be for a period of 18 months from 1 Jan 2021 to 30 June 2022.", therefore AR for the 18 months period most likely won't extend until year 2023..Rgds

@JJPTR: Focus drop from 95c to 1.5c now. Should you buy?

BLee: Hi @JJPTR, a very good question in this tumultuous time..I think we should analyze a few data to weigh the pros and cons before any investment decision.
Source of data:
https://klse.i3investor.com/web/stock/overview/0116
and
https://www.klsescreener.com/detail.php?code=0116

@JJPTR: How a newbie can lose 95% of his capital buying penny stocks @12c ?

BLee: This can happen NOT only to penny stocks, some high flyer darling stocks of few ringgits at one time are penny stocks now or even delisted..So it is just investment risk.

Focus Dynamic Fundamental as at around Noon 12 Oct.,2022
Market Cap: 96 Million
NOSH: 6,372 Million
4 Weeks Range: 0.015 - 0.02
52 Weeks Range: 0.015 - 0.055
T4Q P/E | EY: -1.08 | -92.19%
T4Q NAPS | P/NAPS: 0.03 | 0.59

Last Financial exercise:-
Entitlement: Preference Rights Ratio (New:Existing): 2.0000 : 6.0000
Rights Crediting Date: 04 Nov 2020

What did the above data represent?
The 4 weeks range is NOT volatile and NO PP, ESOS and others fundraising for the last 2 years.
The P/NAPS is less than 1, which means still undervalue ..the data don't lie. The cons are the few quarters losses due to investment in others counters, the FnB businesses are doing well..

For information, I am only holding Focus-PA and my average cost is less than 1 sen.

Happy Trading and TradeAtYourOwnRisk

More details on Pumped Storage Hydropower (PSH) in link:
https://www.energy.gov/eere/water/pumped-storage-hydropower
Just for sharing. Tq

It is 1.5 sen, not 0.15 cent nor 15 cent..tq

What is "The 344-MW Kokhav Hayarden pumped storage hydropower plant"? First time reading this type of renewable energy!! Brief understanding:
- two natural reservoirs at two different heights.
- potential energy from the top reservoir will drive turbines near the bottom reservoir in a controlled closed environment?
- the bottom reservoir is "the lower reservoir, which lies 236 meters below sea level and with a storage capacity of 3.16 million cubic meters over 200,000 square meters of white impervious geomembrane."
- potential energy to kinetic energy to electric energy with balance back to potential energy in a closed environment bottom reservoir?
- "Pumped storage hydropower provides an economical, efficient and stable way of hydroelectric energy storage. Acting similarly to a giant battery, it can store power and then release it when needed", but how? Closed environment in pipelines back to top reservoir and again through turbine? Not explained..
Really a good read. TQ

Answer to latest queries at:
https://www.klsescreener.com/v2/announcements/view/3617441

One new info from the queries and the answer:
"8. In addition to the profit guarantee of RM10 million, please clarify and state whether Kobena will be entitled to any profit sharing from the Proposed Development.
Ans: Kobena will not be entitled to any profit sharing from the Proposed Development apart from the profit guarantee of RM10 million."

@opportunist88: Thanks Blee reported recent land transaction added 33m
current down just big volume came after rally early of week the clean profit of 33m cud add 10 sen per share will stimulate coming QR

BLee: Welcome, just for sharing and my own interest as I hold both mother and ICPS AGES-PA. Most likely the deal will not be completed in this and next QR as 'the MOU was intended to provide additional time for Kobena to do all necessary due diligence as well as to obtain its board’s approval' and 'The MOU will come into effect on the date of signing and will remain in the effect for a period of six (6) months'

BSKL and some of the regional markets are going through a rough phase, and will most likely have a long wait for any potential gain…
I do not have any inside info, therefore will wait for further announcement on Perak Land.
Happy trading and TradeAtYourOwnRisk

Digesting the MOU:
"1. INTRODUCTION 
The Board of Directors of Ageson (“Board”) wishes to announce that Solidvest Properties Sdn Bhd (“SPSB”), an indirect 99%-owned subsidiary of the Company, had on 28 September 2022, entered into a memorandum of understanding (“MOU”) with Koperasi Belia Nasional Berhad (“Kobena”) to sell a piece of land measuring 9.325 acres held at Lot 9348, Mukim Batu, Daerah Gombak, Selangor Darul Ehsan (“Land”) to Kobena with a purchase consideration of RM35.0 million"

Salient points:
- Audited net book value as at 30 June 2021: Approximately RM1.55 million
RM35 million - RM1.55 million roughly a gain of RM33.45 million in book value.
- Kobena intends to appoint SPSB as the developer to plan, develop, complete and procure potential purchasers for the Proposed Development.
- Estimated gross development value ("GDV”): Approximately RM95.20 million.
- Estimated gross development cost ("GDC”): Approximately RM41.20 million.
- SPSB shall be able to secure a profit of RM10.0 million to Kobena from the sale of the Proposed Development.

Happy Trading and TradeAtYourOwnRisk

Nice sharing. "If you fail to plan, you plan to fail." if you see the market as "static".

"If you evolve to plan, your plan will evolve", I say that. Haha..that's why I like to trade in an evolving share market.

Happy Trading and TradeAtYourOwnRisk

@Peace99: …Method a) 1PA 0.95, meaning PA is regarded as 0.08
b) 13 PA, 0.08*13=1.04, 0.01 more than exercise price but obviously can't be helped as cannot have fractional PA.

BLee: Hi @Peace99, I wonder why the Exercise/Conversion ratio NOT revised as the 2 examples below, based on the subscription price of 15 sen?

Example of Fintec-PA adjustment:
2.1 Adjustment pursuant to the Rights Issue with Warrants…
Based on the above, the conversion price of the ICPS would be adjusted from RM0.16 to RM0.11.
From revised Profile for securities:
Exercise/Strike/Conversion Price Malaysian Ringgit (MYR): 0.1600
Revised Exercise/Strike/Conversion Price Malaysian Ringgit (MYR): 0.1100
Exercise/Conversion Ratio: 11:8 (before 16:8)

Example of ARBB-PA adjustment from revised Profile for securities:
Exercise/Strike/Conversion Price    Malaysian Ringgit (MYR):  0.2000
Revised Exercise/Strike/Conversion Price Malaysian Ringgit (MYR): 0.1400
Exercise/Conversion Ratio:  14:1 (before 20:1)

As in the two examples, the old ratio of 195:15 could be revised to 103:15??

Happy Trading and TradeAtYourOwnRisk

@Peace99: Is there another way of changing PA to share? Before consolidation, i think can use 13 PAs to get one share.

BLee: Hi @Peace99, details of conversion spelt out in PDF file in link https://www.klsescreener.com/v2/announcements/view/3559803

" “ICPS” : 254,281,099 outstanding irredeemable convertible preference shares in AGESON which are expiring on 10 March 2030

2.1 Adjustment
The adjustment to the conversion price of ICPS is as follows:
…Save for the abovementioned Adjustment, the rights and obligations of ICPS Holders will remain unchanged."

Therefore remain unchanged meaning "the 2 methods of conversion remain and each ICPS before consolidation subscribed at 1 sen and after consolidation at 15 sen"??

Happy Trading and TradeAtYourOwnRisk

@Peace99: @BLee Thanks to your correction, I hold mine even tighter.
Wonder can share some insight into its PA?

BLee: Hi @Peace99, welcome..just for info sharing. I have written quite a lot on Ages-PA, won't mind sharing again; would admit I have strongly shared ICPS (PA,PB,..) as an alternative to company share warrants (not call warrants). Below links are articles sharing my opinion:
https://klse.i3investor.com/web/blog/detail/BLee_AGES/2021-07-16-story-h1568014371-ICPS_My_investment_stretagy

https://klse.i3investor.com/web/blog/detail/BLee_AGES/2021-09-12-story-h1571499077-Focus_PA_and_Fintec_PA_Negative_ICPS

As at today, 23 Sept., 2022, only my investment in Ages-PA in positive territory..averaging below 4 sen. As seen in today's closing, 4 sen to 5 sen equals 25% gain vs mother share of 14.49% due to:
- low cost investment, high percentage gain?
- number of outstanding Ages-PA (volume) depleted by 15 times during consolidation, therefore demand will be more than supply if mother share price increases in tandem??
Please highlight other positive or negative opinions for discussion..
Happy Trading and TradeAtYourOwnRisk

Viola!! up almost 16% when others still in doldrums..Happy Trading and TradeAtYourOwnRisk

@Peace99:...Since consolidation is 6 to 1, right issue is 2OR to 1 share and basically fully subscripted, the Net Asset per share now should be doubled =0.23x2=0.46

BLee: Hi @Peace99, the consolidation was 15 to 1. The Net Asset per share already reported in QR June22 as stated:
7) Net assets per share attributable to ordinary equity holders of the parent ($$) = 1.2200
Happy trading and TradeAtYourOwnRisk

@Musang King: BLee. Queue everyday by placing buy call at 0.005 on GTD till month end. So far, none collected…

BLee: Hi @Musang King, when we have taken an investment position, either way, we will not be too concerned. Up, we can collect the bounty. Down, we can average down or take a quick profit if we get buyers at higher value.
I noticed some bids prior to Morning or Noon Trade, purposely putting a buy bid of 1 sen at lower volume than seller bid of half sen, hoping for a matching at half sen. The risk will be if the half sen bid pulls out in the last few seconds, the trade will be matched at 1 sen. Don't mind doing that if I intend to "hedge" more…
Happy Trading and TradeAtYourOwnRisk

@Musang King: BLee. looks like Ageson and Mtronic going backward again. They were strong only for a while.

BLee: Hi @Musang King, for the last few days I have been busy discussing/learning on hedging, putting aside Ageson and have not studied on Mtronic. After UMA, Ageson momentum slowed, and needed "News" to regain the momentum. How is your queue buying half sen for Fintec and it's PA? No luck as no seller for quite awhile?
I had some luck with Focus-D PA yesterday, managed to "hedge" some at half sen during the sell down. No luck today as I could not get any from my other IB account.
Happy Trading and TradeAtYourOwnRisk

@probability: @BLee, FYI on core principle of hedging (how it works)

BLee: @probability, thanks for sharing. There are too many parameters which can affect the crack spread!! I believe we are still "guessing HY hedging position". "If" still can go from positive/negative "if the trader takes a view that current crack spread levels are relatively high, and will probably decline in the future" is correct/wrong. I hope HY makes the "right gamble" and the majority will benefit..We shall learn from all this discussion, Happy Trading and TradeAtYourOwnRisk.

@probability: @Blee, FYI on risks..
Infact, hedging is to reduce risk (not the other way).

BLee: @probability, agreed hedging is to reduce risk if for input/feedstock as it will control production cost. Likewise, petroleum products shall only be hedged by consumers. Non-consumer hedging shall upset supply and demand, and finally will affect the products prices. Is this "gambling"? I might be wrong as I am more Engineering incline and have some experience in procurement/material prices. Tq

@probability, noted. If product hedging based on projected output capacity, maybe the risk is moderated? Looking at the increased revenue vs the decrease in Manufacturing Expenses, will it be a concern? Your guess is as good as mine? Maybe as a refiner of petroleum products, HY has an added advantage to "gamble" with hedging wrt crack spread? Concerning my few questions above and others billion$ Trade receivables/Trade and other payables/Derivative financial liabilities/Borrowings (current liabilities more than current assets),  I will await the answers in due course..Tq

@probability: Guys take note of the following: .."HY can always do this as they have unlimited physical product"..

BLee: Hi @probability, I doubt the "unlimited physical product" as the Manufacturing Expenses for the period JuneQ22 of value RM43,293k was less than JuneQ21 of value RM55,521k, most likely decrease in physical product generated despite consumption should pick up on economy recovery.
The tankage also could be a bottleneck comparing 11 crude tanks vs 78 product tanks (link: http://hrc.com.my/operations-products.html
,each tank size is not defined??) for feedstock and storage..
Happy Trading and TradeAtYourOwnRisk

@stockraider: Blee, My advice to u is stay very clear of Hengyuan loh!

BLee: Hi @stockraider, thanks for the advice. Things alway change with time. I believe in equilibrium, yesterday's price and tomorrow's price will make a lot of difference in investment strategy.
Happy Trading and TradeAtYourOwnRisk

I have not taken any investment position in these two PD refineries, only have read some of their Invitation To Bid (ITB) dossier and site visiting. That is my only interest for sharing…no malaise intended and to follow some of the jargon to stay in tune.

Ideally, production and consumption of hydrocarbons shall match. IMHO, any over hedging and interruption of supply & demand will upset the equilibrium of prices/crack spread. Below are comparison of Gasoline vs Diesel vs Jet Fuel usage in year 2019 and 2020 (figure in million litres)

Gasoline (Carbon chain C5 to C10)
2019 - 18,400 and 2020 - 15,919

Diesel (Carbon chain C14 to C20)
2019 - 11,287 and 2020 - 10,059

Jet Fuel (Carbon chain C10 to C16)
2019 - 4,526 and 2020 - 2,549

Link: https://www.statista.com/statistics/1078403/malaysia-fuel-use-by-type-of-fuel/

Gasoline Mogas 95
https://www.tradingview.com/symbols/NYMEX-SMU1!/

Diesel
https://www.tradingview.com/symbols/NYMEX-GOC1!/

Jet fuel
https://www.tradingview.com/symbols/NYMEX-ASD1!/

WTI Crude Oil
https://www.tradingview.com/symbols/NYMEX-CL1%21/

Brent Oil
https://www.tradingview.com/symbols/CURRENCYCOM-OIL_BRENT/

Crack spread surfed details:
- 3 barrels of WTI crude oil produce 2 barrels of reformulated gasoline blend-stock for oxygen blending (RBOB) and 1 barrel of heating oil.
Crack spread = 2 * RBOB + 1 * HO - 3 * WTI

- Crack spread usually leads crude oil price by 1 month.

- Crack spread widens when demand for gas or heating oil increases. Because refineries need to buy more crude oil to increase production to meet demand. Crack spread narrows when gas or heating oil inventories are high.

- What is the 3 2 1 crack spread?
3:2:1 crack spreads — three crude oil futures contracts versus two gasoline futures contracts and one ULSD diesel futures contract. Further, professional traders may consider using diversified crack spreads as a directional trade as part of their overall portfolio.

- How do you calculate crack spread?
The 3:2:1 crack spread is calculated by subtracting the price of 3 barrels of oil from the price of 2 barrels of gasoline and 1 barrel of distillate. Additional ratios used for multiple-product crack spreads include 5:3:2 and 2:1:1

- The WTI-Brent spread is the difference between the prices of two types of crude oil, West Texas Intermediate (WTI) on the long side and Brent Crude (Brent) on the short side.

- What are derivative losses?
Basis: losses from adverse movement in the differential between two reference assets that are related but not perfectly fungible. Mishedging is a frequent source of losses in the derivatives market, particularly among active derivative intermediaries that deal in complex products.
Food for Thought..

Reference:
Handbook Malaysia Energy Statistics
https://meih.st.gov.my/documents/10620/bcce78a2-5d54-49ae-b0dc-549dcacf93ae

https://en.macromicro.me/collections/19/mm-oil-price/4376/crude-oil-cracking-spread-vs-wti

https://investingmalaysia.com/brent-crack-spread/

Happy trading and TradeAtYourOwnRisk

@PureBULL: ...Crude OIL Refinery is a superb challenging biz

i.e. the core REASON WHY,
Shell sold away HY at fire sale of rm1.80 n
Esso sold away Petron.,.

Refiner has 3 components:
Inventory profit Refinery profit Retailing profit

BLee: Hi @PureBULL, agreed on challenging, especially for both SRC (HRC) PD and EMB (Petron) PD of more than 60 years old refineries.
Both sold their refinery almost at the same time during the EURO5 requirements, which requires very extensive capital investment. Details in link: https://paultan.org/2016/02/02/shell-sells-malaysian-refining-unit-to-chinese-company/

1) A statement from the oil major said that it is MHIL’s intention for SRC to invest in the upgrades needed to meet the Euro 4M and Euro 5 requirements.
2) Shell has been exploring options for SRC including the sale of the Port Dickson refinery or converting it to a storage terminal since at least January 2015.
What will be the ROI with their very stringent specification of BS/European, American and Petronas PTS? I believed with the new owners, will installed own countries cheaper components.
On hedging, usually companies will hedge on the feedstock and not on the products?? I might be wrong on this very hotly debatable subject..
The 3 components for Petron and 2 for HRC (excluding retailers) is also very challenging as prices fluctuate with a very wide band…
The data for petrochemical consumption at link: Handbook Malaysia Energy Statistics
https://meih.st.gov.my/documents/10620/bcce78a2-5d54-49ae-b0dc-549dcacf93ae

Happy Trading and TradeAtYourOwnRisk

@whistlebower99: FOR NEWBIES

MNC is the latest high NOSH low price penny stock proposing to do shares consolidation !!!

BLee: Hi Bro @whistlebower99, thanks for the info. There are two sides of a coin, IMHO, due diligence needed before any shares purchase. A good example is the recent QR of AGESON; details as below..
"The salient points (June22QR vs June21QR) are:-
- NTA of 1.22 vs 0.24, improved by 0.98, 408.3% (due to consolidation and RI?).
- Revenue of RM116,664k vs RM51,281k, improved by RM65,383k, 127.5%.
- Gross profit of RM29,933k vs RM9,312k, improved by RM20,621k, 221.4%
- Net profit of RM4,594k vs RM7,751k, declined by RM−3,157k, -40.7% (mostly contributed by the impairment of goodwill on consolidation in a subsidiary)
Earnings per share (Basic (sen)) of 2.74 vs 0.57, improved by 2.17, 380%
Cash and bank balances of RM41,671k vs RM9,059k, improved by RM32,612k, 360%"
I am very much interested in counters having ICPS due to the anti-dilution, two methods of conversion and auto-convert upon maturity features. High NOSH low price penny stock proposing to do shares consolidation should NOT be a problem for such counters…
Happy Trading and TradeAtYourOwnRisk