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45 comment(s). Last comment by BingBong at Nov 13, 2015 9:38 PM
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Siew Jian Bin
234 posts

Posted by Siew Jian Bin > Feb 26, 2012 10:02 PM | Report Abuse

A good undervalue company with lands bought before 2005. NA easily more than RM3 per share if revalue yet the price is only RM1.05. 5 sen dividend means ard 5% DY.


jesry
39 posts

Posted by jesry > Aug 6, 2012 1:53 PM | Report Abuse

siew jian bin, good analysis.


JimYeoh
1512 posts

Posted by JimYeoh > Aug 16, 2012 9:55 AM | Report Abuse

Good call from Alex


JimYeoh
1512 posts

Posted by JimYeoh > Aug 16, 2012 9:55 AM | Report Abuse

Flying high now.


Steven Lee
147 posts

Posted by Steven Lee > Aug 22, 2012 9:25 AM | Report Abuse

It's good to add this counter into your watch list.


Kim Yap Lau
459 posts

Posted by Kim Yap Lau > Oct 28, 2012 11:04 AM | Report Abuse

shareholder buy in average 1.52


Steven Lee
147 posts

Posted by Steven Lee > Nov 20, 2012 10:56 PM | Report Abuse

wonder when will this stock release it's value? hold this stock since Aug.


Siew Jian Bin
234 posts

Posted by Siew Jian Bin > Dec 28, 2012 4:22 PM | Report Abuse

Most of the property company is facing LOW PE in second half of the year. I no longer hold this share but I still believe that this counter is a good counter in term of balance sheet and also value of the land plus second bridge in Penang!


johotin88
385 posts

Posted by johotin88 > Jan 12, 2013 12:13 AM | Report Abuse

Why Tambun moves but this one refuses to move?


Steven Lee
147 posts

Posted by Steven Lee > Jan 14, 2013 11:47 PM | Report Abuse

Johotin88: you may push the price if you willing to =)
Whether the price is moving or not, some time it depends on the market sentiment. No fundamentally changed so far foot the pass 1/2 a year.


Jian Bin Siew
237 posts

Posted by Jian Bin Siew > Jan 15, 2013 4:47 PM | Report Abuse

Tambun gives 50% earning to shareholder. I think is around 7 sen, means more than 7% base on RM0.88. Also supported by cold eyes though both company also supported by him.


Steven Lee
147 posts

Posted by Steven Lee > May 2, 2013 5:04 PM | Report Abuse

trying resistance @ 1.50


Steven Lee
147 posts

Posted by Steven Lee > Jun 26, 2013 5:02 PM | Report Abuse

why today so high volume??


iQBE189
454 posts

Posted by iQBE189 > Jul 30, 2013 6:32 PM | Report Abuse

又一家公司接获私有化献议,这一回将被私有化的公司公司是曾在去年被冷眼前辈点名的ASAS(雅沙斯世界,5975,主板產业股)。

这是一项联合收购计划,大股东出价每股1.70令吉以收购剩余的股权。

个人认为这收购价非常不合理。

原因一、收购价只比股价高一点
ASAS昨天(7月29日)的市价为1.63令吉,1.70令吉的收购价只比市价高出7仙或4.29%。

大股东出手不够大方之余,还显得有点小家子气,让人觉得诚意不足。

此外,对那些之前以高过1.70令吉买入该股的小股东也不利,不仅赚不到甜头,还要倒亏。


原因二、每股收购价低于每股净资产
根据该公司在截至2013年3月31日的季报,ASAS的每股净资产(NTA)为2.15令吉,1.70令吉的收购价整整比每股净资产低了20%。

要以每股1.70令吉收购账面上每股值得2.15令吉的资产,这对大股东来说未免过于划算。


原因三、土地多且未重估
该公司在2012年的年报里头提到,截至2012年12月31日为止拥有大约1158英亩的地皮,而且大部分是坐落在槟州威省一带。

这些地皮的地点良好,很多都是在十多年前买进的,而且这些土地重来没有重估过。现在这些土地的价值可能已涨了好几倍,要是重估这些土地,ASAS的资产何 止倍增。所以相对于在账面上所显示的每股2.15令吉净资产,就显得非常微不足道,ASAS实际的资产可能已远远超过这数目。


原因四、净现金公司
目前,收购方其实已持有41.13%股权,欲收购其余的股权需要付出约1亿9093万令吉的代价。

可是ASAS在目前拥有4164万令吉现金,而且无负债。在扣除这笔现金后,收购方其实只需要付出约1亿4929万令吉而已。



以不足1亿5000万令吉来换取超过4亿令吉的资产,而且实际的资产可能还不止4亿,大股东实在是太精明了!

再加上公司每年最少还可赚2000万令吉(去年净利2725万令吉),几年之后就可以回本。而且必要时还可以将一些资产脱售,到时后可以更快回本。

如意算盘打得响,好比拿糖换间厂。

佩服!佩服!


MG9231
620 posts

Posted by MG9231 > Jul 30, 2013 7:25 PM | Report Abuse

If $150,000,000 can buy $400,000,000 properties,then pls don't sell your shares.Let the major shareholders has a hard time.Look at HL cap,the major shareholders is asking a low price to take over the co, at the end, it does not succeed.So , pls don't sell your shares to thsi stingy major shareholders.


Hua Ann Lim
166 posts

Posted by Hua Ann Lim > Jul 30, 2013 8:47 PM | Report Abuse

本人曾经在asas dunia 当过地盘书记,其实,公司里是没什么运作,来来去去就只是那几个工地在运作,也没什么大工程。里头还有几个大超市是没运作,荒废几十年。最让人骄傲的只是他们是先建后售的。不过,这些都走得很慢。


Hua Ann Lim
166 posts

Posted by Hua Ann Lim > Jul 30, 2013 8:54 PM | Report Abuse

看来私有化是不可能的。。。只是可能大股东要拿便宜货。也可能是出货。大老板,tony chang...也没什么理啦。。只交给大儿子管理。最看好的接班人,老二也在前几年意外去世。兄弟也各有自己的承接公司在竞标母公司的工程。。


johotin88
385 posts

Posted by johotin88 > Jul 30, 2013 10:39 PM | Report Abuse

What a joke ! RM 1.70 is just ridiculous.


impartiality
427 posts

Posted by impartiality > Jul 31, 2013 12:34 PM | Report Abuse

It is way too cheap I agree. This company has a hell lot of landbank in Sebarang Perai Selatan within a reasonable distance from the second Bridge. These land has not been revalued yet. Revalued NTA can easily reach RM 3 something per share


Steven Lee
147 posts

Posted by Steven Lee > Jul 31, 2013 6:07 PM | Report Abuse

what a trick!
did I mentioned high vol. on 26 Jun? The vol. was 3M...
guess what? yesterday+today vol also 3M ^_^


impartiality
427 posts

Posted by impartiality > Aug 1, 2013 11:53 AM | Report Abuse

Minority shareholders that don't agree may try to push up the share price


Steven Lee
147 posts

Posted by Steven Lee > Aug 2, 2013 11:17 AM | Report Abuse

the vol. back to normal lvl ^ ^


fair_value
9 posts

Posted by fair_value > Aug 3, 2013 2:28 PM | Report Abuse

confirm yourself with accountants, new accounting standard for real estate/construction sector coming in 2014 (delayed from 2013), fair valuation of assets, NTA going to jump, this is why they want to take it private, list again in few years, check out annual report about land size, area and see mudah/lelong for average price, you can calculate fair value and be surprised at the number


Yikmeil
1 post

Posted by Yikmeil > Aug 3, 2013 11:11 PM | Report Abuse

Agreed we minority should hold out for a higher offer. Not much trade above 1.70 done.


Mark Lee
37 posts

Posted by Mark Lee > Aug 4, 2013 12:13 AM | Report Abuse

just as few members has spoken, good landbank, positive sufficient capital but it's literally an inactive company, they intend to keep it this way. it's like we got a super powerful train, but the driver/pilot is unwilling to move it, what can we do as retail/passenger?


fair_value
9 posts

Posted by fair_value > Aug 4, 2013 10:36 AM | Report Abuse

just wait ... we have one inefficient market in Malaysia. I don't think any such company in US markets will be valued at 20% discount to NTA with assets at book value. When fair value reporting comes in later and revalue all landbank, market will start thinking why price at 1.7 when NTA is say 5? btw, 5 is very conservative! the catch is hope they don't reach 50% this round.


Steven Lee
147 posts

Posted by Steven Lee > Aug 5, 2013 1:48 PM | Report Abuse

well say fair_value ^ ^


fair_value
9 posts

Posted by fair_value > Aug 5, 2013 3:57 PM | Report Abuse

http://www.theedgemalaysia.com/in-the-edge-financial-daily-today/248840-deep-value-in-asas-dunia.html


fair_value
9 posts

Posted by fair_value > Aug 5, 2013 4:08 PM | Report Abuse

price is 1.74 now, message to other minority sharehodlers, DON'T SELL

the value is a lot more than NTA of 2.15!


fair_value
9 posts

Posted by fair_value > Aug 6, 2013 10:04 PM | Report Abuse

update:- announcement on Bursa website

In accordance with the Malaysian Code on Take-Overs and Mergers, 2010, the Board of Directors of Asas Dunia Berhad (save for Tony Chan Leong Foon, Dato' Jerry Chan Fook Sing, Chan Fook Sun and Chan Fook Hean) wishes to announce that Kenanga Investment Bank Berhad has been appointed to act as the Independent Adviser to advise the non-interested Directors and holders of the Offer Shares on the reasonableness and fairness of the Offer.


jimbeam
1 post

Posted by jimbeam > Aug 19, 2013 4:24 PM | Report Abuse

The offer price is daylight robber. I estimate that asas is worth at least 3.00 or up to 4.00. Land near penang 2nd bridge has gone up. Don't look at NTA because its based on its land valuation as long ago as 1995. Look at how well tambun share price have done. It is also penang 2nd bridge play. Asas mnorities should kick up a shit storm


fair_value
9 posts

Posted by fair_value > Sep 1, 2013 10:08 AM | Report Abuse

independent adviser report came out and said the offer value NOT fair.

using RNAV method, it should be 2.83 per share!


Steven Lee
147 posts

Posted by Steven Lee > Sep 2, 2013 9:50 PM | Report Abuse

thx for notification ^ ^


hepitrade
5295 posts

Posted by hepitrade > Oct 11, 2013 2:22 PM | Report Abuse

alot ppl acquired...


Michael Low
116 posts

Posted by Michael Low > Oct 13, 2013 9:46 PM | Report Abuse

Bursa just do nothing and could not stop such unfair deal ?


iafx
4632 posts

Posted by iafx > Oct 13, 2013 9:54 PM | Report Abuse

juz look at osk now... like nothing happen ;)


Chan Huat
6 posts

Posted by Chan Huat > Oct 14, 2013 1:43 PM | Report Abuse

Has not the GO expired on 23/9/13 ? Further extended ? Any one ?


Chan Huat
6 posts

Posted by Chan Huat > Oct 14, 2013 5:55 PM | Report Abuse

Dato Chan's direct & indirect share holdings at 89.43% (Bursa 14/10 announcement). Looks like privatization highly likely.


MG9231
620 posts

Posted by MG9231 > Oct 14, 2013 6:53 PM | Report Abuse

I just spoke to kumar of RHBInvestment cooperate finance head, I was informed final extension date will fall on 18-10-13. That means 3 more trading days n currently major shareholders still fall short of 0.03% .Minor shareholders please don't let go your shares so that privatization will fail.


MG9231
620 posts

Posted by MG9231 > Oct 14, 2013 6:54 PM | Report Abuse

Sorry, should be abt0.6% n not 0.03%


Steven Lee
147 posts

Posted by Steven Lee > Oct 23, 2013 5:49 PM | Report Abuse

ASAS-Suspension Of Trading
ASAS DUNIA BERHAD

LISTING'S CIRCULAR NO. L/Q : 69009 OF 2013


Kindly be advised that trading in ASAS' shares will be suspended with effect from 9.00 a.m., Monday, 28 October 2013, pursuant to Paragraph 16.02(3) of the Main Market Listing Requirements.

Your attention is drawn to the Company's announcement dated 18 October 2013.


fair_value
9 posts

Posted by fair_value > Jul 8, 2014 2:02 PM | Report Abuse

Owners offering 1.89 for each share not owned by them, below NTA and below RNAV of 2.83 last September


Runners On
317 posts

Posted by Runners On > Aug 21, 2014 1:00 AM | Report Abuse

So is this a private company now?


BingBong
4 posts

Posted by BingBong > Nov 13, 2015 9:38 PM | Report Abuse

Penang property market to be resilient on sustained demand

PETALING JAYA (Nov 13): Penang’s property market is expected to stay resilient on the back of sustained demand, especially from Penangites working abroad planning to return and prospective retirees eyeing homes in the state.

“There has been a slowdown in the last year. There are a few categories of investors in Penang; those who are owner occupiers, those who are investors for the cultural developments, those who are in the Malaysia My Second Home (MM2H) and Penangites who work abroad but would like to settle in Malaysia,” said Penang Institute CEO and head of economics studies Dr Lim Kim Hwa (pictured) at the National Real Estate Convention (NREC) 2015 yesterday.

“For the last two categories, the properties in Penang would be priced significantly cheaper, thus I believe the demand in the property sector in Penang would remain rather constant,” concluded Lim during his presentation entitled “Penang: The Next Metropolis”.

In terms of the wider economy, Penang is expected to register a 5% to 6% growth in its gross domestic product (GDP), outpacing the overall country’s growth by 1%, he said, noting that last year, Penang’s GDP grew by 7.4% while Malaysia’s grew by 6%.

According to Lim, Penang contributes 21.8% of the balance of Malaysia’s trade surplus, specialising in machinery, transport equipment and miscellaneous manufactured articles.

“Penang’s economy is more export-orientated, and now there is a better demand for electrical and electronic goods,” he said.

The export sector is expected to improve with the recovery of the US economy and the weaker ringgit, he added.

“It is important that Penang provides the best environment to attract more investments. Penang is the main manufacturing and economic hub for electronic and electrical items. Bayan Lepas is already full. It is important to provide more space for industrial growth.”

Some of the projects and initiatives that are expected to contribute to this growth is the IT-BPO at Bayan Lepas, BPO Prime at Bayan Baru and Changkat Byram, south of Batu Kawan.

Other projects that will benefit Penang overall include the Penang Transport Master Plan, Penang Heritage Arts District – Ilham Penang at Sia Boey, Creative Animation Triggers at Wisma Yeap Chor Ee, and Komtar refurbishment. “All of these projects involve the private sector,” added Lim.

“The Penang Transport Master Plan (PTMP) is the catalyst to [turning Penang into a] metropolis, as it involves alleviating a lot of the problems locally in Penang, especially traffic congestion,” said Lim.

Expected to be completed in 2030, the RM27 billion project would include amenities such as trams for the heritage zones, LRT for the island and mainland, and water taxis.

Lim said Penang is on track to achieving its metropolis status.

“It is an ongoing process, and there is no deadline. Penang aims to transform into an international, intelligent city filled with life. To create a great metropolis, it has to be unique, and it has to attract people to want to live and expand the growth of the city,” he said.

NREC 2015 saw more than 250 participants from the banking, development, property and consultancy industries.

NREC is organised by the Royal Institution of Surveyors Malaysia (RISM) and co-organised by the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS).

Themed “Homes For Generations – Redefining Development Trends”, the convention highlighted concerns for the future of the real estate industry in Malaysia.
http://www.theedgeproperty.com.my/my/content/penang-property-market-be-resilient-sustained-demand

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