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2,896 comment(s). Last comment by miniminer at Dec 5, 2019 10:08 AM
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iryn20011
1 post

Posted by iryn20011 > Mar 6, 2019 4:38 PM | Report Abuse

Kudos, Ivan9511 re post dated 4/10/18! Don't be trapped when so called pro promote with such convincing details. Agreed onus on buy & sell is self. Suffered massive loss bcos I reasoned with such high NTA was a bargain then. Unforgettable expensive lesson!


Robinson
1293 posts

Posted by Robinson > Mar 12, 2019 5:57 PM | Report Abuse

to privatise at 10.0. insider news


Orson Chin
1229 posts

Posted by Orson Chin > Mar 14, 2019 8:31 PM | Report Abuse

Veron...... the joke in 2019


Tian Bao Ming
3 posts

Posted by Tian Bao Ming > Mar 16, 2019 10:04 PM | Report Abuse

Actually this counter is quite a good counter if you study on their strategy. Their portfolio are diversified thus if Malaysia economic goes worsen, this share will go up as a reason of translation gain. Keeping this share in your portfolio is strategically sound because firstly, it is profit making and secondly, it will give you good value if you are to dispose off and lastly, u can say whatever bad thing about the management as u want to drive down their price, the fact is that they do things right and their business is helping in our community. I don't see why should we discourage a company who help to take good care about welfare of elderly livings. We all would definitely get old some days. So let's not talk about whether the community support their business, at least shareholder should support their vision.


cllvintaneng
8 posts

Posted by cllvintaneng > Mar 20, 2019 12:50 PM | Report Abuse

Congratulations to those who been patient.

Just hold for another 2 years, no need worry everyday and check the price.
Watch youtube 小皮 楊心美 first. Watch for 1~2 years, then come back.


firehawk
2599 posts

Posted by firehawk > Apr 15, 2019 2:37 PM | Report Abuse

so terrible ....


chinaman
1503 posts

Posted by chinaman > May 1, 2019 7:11 PM | Report Abuse

Mr Grady declined to say how many parties had entered into due diligence and given non-binding indicative bids, but said it was a good number. Possible buyers are major investor Singapore-based Mulpha and China's largest insurer China Life Insurance. On price, he said potential acquirers were also talking about "indicative numbers higher than where we're trading at the moment" as they were focused on the long-term growth of Aveo's target market and the opportunity to export its model to other countries.

"They're also looking at what is, by world standards, really good practice in this area and thinking about whether they can export them to overseas," he said.

Aveo shares, which have lost 30 per cent of their value over the past 12 months, were trading 5¢, or almost 3 per cent higher, on Wednesday at $1.77.

Over the six months to December, Aveo's revenue dropped from $208 million to $144 million as revenue from sales of non-retirement assets - a process started in 2014 - slowed to $33.7 million from $85.7 million. A $63.2 million after-tax decrease in the valuation of Aveo's retirement portfolio plunged the group into a net loss of $44.7 million from a profit of $149.3 million.

The slowing residential market had affected the 50-year discounted cash flow valuation of retirement properties the company takes the capital gain on in its sales to, and subsequent repurchase from, residents, Mr Grady said.


chinaman
1503 posts

Posted by chinaman > May 7, 2019 7:26 PM | Report Abuse

Further to our announcements dated 11 April 2017 and 11 August 2017, we wish to announce that the reconstruction of Hayman Island following Tropical Cyclone Debbie is nearing completion with a formal re-opening of the property under the InterContinental brand now scheduled for 1 July 2019. Insurance proceeds due under the Group’s property and business interruption coverage have now been fully received. The resort will re-open as one of Australia’s most luxurious resort properties and the Group anticipates strong interest from both domestic and international leisure travellers.


firehawk
2599 posts

Posted by firehawk > May 30, 2019 8:00 PM | Report Abuse

1Q19,
EPS = 21.67sen,
Net asset /share =RM10.34 !!!


Anthony Shi
12 posts

Posted by Anthony Shi > Jul 11, 2019 5:37 PM | Report Abuse

Keen to hear your oppinions on my detailed writeup of Mulpha. Cheers!

https://sites.google.com/view/TheBadInvestor


absalom
14 posts

Posted by absalom > Jul 15, 2019 11:11 AM | Report Abuse

The whole purpose of investment is returns. If you don't give out dividends for years, what good does the nta do for investors. You are using the hard earned money of the investing public to enrich yourself. After some time people shun the shares, and you can then use it to your advantage to squeeze the minority out at even lower prices. It's a game many controling shareholders of listed companies play.


Jeffreyteck
1514 posts

Posted by Jeffreyteck > Jul 17, 2019 7:55 PM | Report Abuse

That's why all the way to holland as only majority SH, management and bod get most of whatever they did. Minority eat glasses is sufficient. Glad never buy this but just observing how they play around. Anyway, may be opportunities for trading.


absalom
14 posts

Posted by absalom > Jul 19, 2019 3:49 PM | Report Abuse

You can cheat the minority, use the loopholes in the system and law, manipulate the financials but eventually that easily accumulated wealth from cheating the public usually comes with a price. Karma's a bitch.


Jeffreyteck
1514 posts

Posted by Jeffreyteck > Jul 19, 2019 6:22 PM | Report Abuse

Avg price target 1.04 looks funny till now.


absalom
14 posts

Posted by absalom > Jul 19, 2019 8:26 PM | Report Abuse

They will bring it down to take it private cheap.


Anthony Shi
12 posts

Posted by Anthony Shi > Jul 19, 2019 8:42 PM | Report Abuse

Mulpha just sold the 4-star Esplanade Cairns hotel for 60% premium to book value. Increases NTA from 10.19RM to 10.32RM/Share (Share price 2.15RM). Reduces Gearings from 42% to 40%

In response to some of the above comments, the salary of the management here is much less than other less shareholder friendly companies in the space like KSL where the family gets compensated 10 mill while it is closer to 1.5 mill at Mulpha.

Never the less, I would like to hear of specific examples where members know that Mulpha has acted in the disinterest of shareholders. I know that there was talk of the company canceling non marketable during the consolidation 10:1 a few years back. Not sure if this was true


miniminer
301 posts

Posted by miniminer > Jul 27, 2019 6:15 PM | Report Abuse

I belives coming qauter will be another very profitable Q. Wish MULPHA gives interim-dividend to minority shareholders....hehehe.....


absalom
14 posts

Posted by absalom > Aug 6, 2019 12:47 PM | Report Abuse

What good people of high integrity to trust your money with. http://www.ytlcommunity.com/commnews/shownews.asp?newsid=14052


chinaman
1503 posts

Posted by chinaman > Aug 12, 2019 1:58 PM | Report Abuse

Aug 6 (Reuters) - Australia’s Aveo Group said on Tuesday that Brookfield Asset Management Inc had offered A$1.27 billion ($859.4 million) in cash to acquire the retirement-home operator.

The disclosure is the first time Aveo has put a value on the offer since it first revealed it was in talks with the Canadian firm nearly a month ago.

Brookfield’s proposal values Aveo at A$2.195 per share, representing a 8.1% premium to the company’s last close.


chinaman
1503 posts

Posted by chinaman > Aug 12, 2019 2:00 PM | Report Abuse

Mulfart has 22.6% stake in Aveo. Mulfart entitled for at least AUD287million CASH....


absalom
14 posts

Posted by absalom > Aug 26, 2019 12:07 PM | Report Abuse

Why buy-back at 2 when you can bring it down and do it at 1.


sell
1936 posts

Posted by sell > Aug 30, 2019 10:37 AM | Report Abuse

Agree. Loss RM 166 million 1.9+ not cheap.

absalom Why buy-back at 2 when you can bring it down and do it at 1.
26/08/2019 12:07 PM


miniminer
301 posts

Posted by miniminer > Sep 9, 2019 6:16 PM | Report Abuse

What a disgusting poor half year performance, someone got fired by now??......... or really want cheap cheap cheat "Buy back" ?.........hehehe...........


firehawk
2599 posts

Posted by firehawk > Sep 30, 2019 3:44 PM | Report Abuse

3 yrs ago sold the RI to small SH @2.50 .... now is ~2.00, very clever major SH .....


firehawk
2599 posts

Posted by firehawk > Sep 30, 2019 4:02 PM | Report Abuse

NTA =RM9.84 ... selling only ~2.00, is another very outstanding achievement!


chinaman
1503 posts

Posted by chinaman > Sep 30, 2019 7:46 PM | Report Abuse

OTHERS MULPHA INTERNATIONAL BHD ("MULPHA") PRIVATISATION OF AVEO GROUP LIMITED ("AVEO"), A 24.39% OWNED ASSOCIATE COMPANY OF MULPHA, BY HYDRA RL BIDCO PTY LTD AND HYDRA RL TOPCO PTY LTD, ENTITIES CONTROLLED BY BROOKFIELD ASSET MANAGEMENT INC, ON BEHALF OF ITS MANAGED FUNDS ("OFFEROR PARTIES") VIA A TRUST SCHEME AND A COMPANY SCHEME OF ARRANGEMENT ("SCHEMES")


Anthony Shi
12 posts

Posted by Anthony Shi > Oct 7, 2019 6:05 PM | Report Abuse

I suspect Brookfield is going to come in, clean up the business and exit in 3-5 years at a fair price. The independent valuation in the scheme booklet says that the medium to long term is bright for Aveo and that short term looks bad, but with Brookfield coming onboard as a financial backdrop for Aveo, we can expect good things from Aveo moving forward.

Mulpha is expected to keep the stake in Aveo via the script as Brookfield works its magic. Mulpha shareholders will benefit when Brookfield exits Aveo after it cleans it up. Aveo shares were selling at a discount prior to the deal, but with Brookfield, the business should find itself reflecting the businesses true value sooner or later


Anthony Shi
12 posts

Posted by Anthony Shi > Oct 7, 2019 6:11 PM | Report Abuse

The the Brookfield takeover of Aveo, The scheme still needs to be voted for but the indicative timeline suggests the transaction will be completed before the end of the year.

Scheme meeting late October
Effective date Early November
Implementation date mid November

It is encouraging that management is taking steps to close the gap between Net Tangible Asset value and the price of the shares


Anthony Shi
12 posts

Posted by Anthony Shi > Oct 28, 2019 2:39 PM | Report Abuse

Mulpha has elected to take 1/3 of its ownership in Aveo as Cash (100m AUD, 285m MYR). The current market cap of Mulpha is 616M MYR. The additional liquid assets are very attractive to shareholders.

Mulpha can make land acquisitions in Sydneys depressed market (not a bad idea) or preferably, BUYBACK shares. Buying back shares at these depressed values would be equivalent to buying trophy Sydney properties at 70% off.


Anthony Shi
12 posts

Posted by Anthony Shi > Nov 4, 2019 6:07 PM | Report Abuse

FIRB approves Mulpha's election of script


Anthony Shi
12 posts

Posted by Anthony Shi > Nov 6, 2019 3:45 PM | Report Abuse

Shareholders approve the takeover bid. Court has to approve it and its through. 13th November 2019


Anthony Shi
12 posts

Posted by Anthony Shi > Nov 13, 2019 12:09 PM | Report Abuse

Sale of Rydges Esplanade Resort Located in Cairns Australia announced on the 17 July 2019 has been completed for a total consideration of A$35.8 million (equivalent to approximately
RM104.5 million)


Jeffreyteck
1514 posts

Posted by Jeffreyteck > Nov 30, 2019 1:22 PM | Report Abuse

Beautiful results. Is ok to make losses as it will take some times to fully deplete its NTA. May be the next impairment will be the current assets as it is too high.


mk00001
62 posts

Posted by mk00001 > Dec 2, 2019 2:37 PM | Report Abuse

The whopping RM315.38 million impairment on its investment in an Australia-listed associate, AVEO, widened Mulpha International Bhd's net loss substantially to RM299.32 million in the third quarter ended Sept 30, 2019 (3QFY19) from RM6.65 million in the previous corresponding quarter.

The hefty impairment offset the improved performance in the hospitality and property divisions, said the company in a filing with Bursa Malaysia.


chinaman
1503 posts

Posted by chinaman > Dec 2, 2019 8:21 PM | Report Abuse

This impairment loss is just a temporary loss but long term gain to let giant asset manager, Brookfield with USD330billion assets to deal with legal suit in aveo. which affects its image. Mulpha will still own 15.5% indirect shareholding in the newco. thus, good chance to recover back its impairment loss., eventually.


Anthony Shi
12 posts

Posted by Anthony Shi > Dec 3, 2019 9:06 AM | Report Abuse

This business is at maximum pesimism now. Moving forward, mulpha has a trove of trophy assets which are all performing well.

Commercial as expected and indexed to inflation, was not effected in property downturn in Australia. Real estate seeing stronger settlements in Brisbane. Enterprising management lending credit to distressed developers in aus, which in my oppinion is a better business than development. Hayman back up and running. Monetised cairs rydges. Leasure farm is struggling and will do so in the mid term until the market turns and they see more foreign investment.

Despite management/Brookfield ripping off shareholders, its undeniable that Brookfield is a specialist at cleaning up companies to sell or IPO. We will likely see aveo get monetised in the next 3-5 years. The write down is a short term accounting querk that is based on the quoted takeover bid from Brookfield (2.15 when nta is 3.5+ and at the trough of a property market and sentiment). The true economic value will be unlocked when Brookfield looks to exit.

This is an amazing set up and management should buy back stock. Quality set of assets for 1.90 when a fair value for the lot is 8+? Business is also cashflow positive thanks to resorts and commercial so not a melting ice cube.

Only risk is that management may enriches themselves rather than shareholders, but I think the risk is covered in that 75% discount. Would be a good asymetric bet here


miniminer
301 posts

Posted by miniminer > Dec 3, 2019 4:03 PM | Report Abuse

After AVEO contibutes RM 264.3 million lost last quarter now post another RM315.38 million impairments to Mulpha shareholder........


miniminer
301 posts

Posted by miniminer > Dec 3, 2019 4:07 PM | Report Abuse

Whoever close this deal, he/she had fails to identify these risks and mitigate it in the acquisition deal, so he/she should resign and subject for ethic investigation.


miniminer
301 posts

Posted by miniminer > Dec 3, 2019 4:15 PM | Report Abuse

This deal clearly had impacted MULPHA's market share price and inccur immediate $$ lost attributes to it shareholders, please do not "bet" our $$ but invest it profressionaly, for this case you should have invest it after all the loses and imparitments not before. Using discount to justify lost may not an ethical way to do biz.


Jeffreyteck
1514 posts

Posted by Jeffreyteck > Dec 3, 2019 6:00 PM | Report Abuse

One of few with high book price ratio, looks cheap but many just ignored it bcos cheap doesn't mean good. At best only for speculative play.


Anthony Shi
12 posts

Posted by Anthony Shi > Dec 4, 2019 6:18 AM | Report Abuse

I don't disagree with your views on the risks or management. The aveo deal was a joke, I also agree with you there. Looking at the situation objectively, the price justify the risk personally. Aveo was selling closer to 35% discount to assset value, you might argue that there wasnt enough marigin of safety there like there is here. Can't find any other set of assets of such high quality for this price. The assets are a solid investment, the management is speculative.

As far as using discount to true intrinsic value as a way to look at investments, this is an age old methodology from Ben Graham, father of value investing and used by Buffett.


chinaman
1503 posts

Posted by chinaman > Dec 4, 2019 10:08 AM | Report Abuse

Aveo is a baby giant which only giant manager like Brookfield able to handle it. Mulpha at this size level sure not able to come up with AUD1.7Billion to privatise whole aveo despite knowing AUD2.15 vs NTA AUD3.50 is a rip off of all aveo minority shareholders. Over 90% say yes to privitisation which mulpha no choice but to follow. However, not all is lost as the group opt for newco shareholdings 15.5% i/o of all cash. Aveo latest setback is reputation, image which only large giant able to handle challenging lawsuit by aveo old folks.


miniminer
301 posts

Posted by miniminer > Dec 4, 2019 11:02 AM | Report Abuse

So you think the "joke deal" is funny and entertaining to Public shareholder that management effort should be appreciated at the end? So you being adamant to realize this deal has been poorly done, fails to identify risks by costed in mitigation contingency plan, subsequently looting away all other segment profits that post a major loss of 2 consecutive quarters and cause immediate lost in share price to Public are worthwhile?
If your silly sells pitch works on high quality assets, why isn't the share price move up but going down instead?
Well, I don't knows both of your "quoted" fathers that well, but as far as I know Buffett has never fails his partners (investors/follower) in most of acquisition deal, comparing with them, this deal only show the half-witted had been hired on the job.


chinaman
1503 posts

Posted by chinaman > Dec 4, 2019 11:50 AM | Report Abuse

The best gift from Junior Lee is mudabangla dividend in specie which now rising up like dragon. Junior Lee did have give some return to minority disgruntled shareholders. Terima kasih junior Lee. Wakaka


Anthony Shi
12 posts

Posted by Anthony Shi > Dec 4, 2019 9:35 PM | Report Abuse

Miniminer what are some examples of businesses you like at today's prices?


miniminer
301 posts

Posted by miniminer > Dec 5, 2019 10:08 AM | Report Abuse

Anthony: To be at par, I would compare MULPHA against Robert's Shangri-la and his construction group but you may argue that Corp is an exception. If pick IWCity or Ekovest, you may argue they are not multinational yet. How about TAGB, it is perfect match junior that has been doing well, giving consistence/confidence dividend, share price is half of it NTA under current market condition, lately, even BJland has turn aggressive!
I personally do not think most of the investors will appreciate nor feel proud for lower share price & get cheaper by day, one must able to understand & sensitive to market senses for being a listed company.

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