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  Hustle That's impossible you left half of your teh tarik at table and go smoking 3m distance from your table 01/03/2019 11:48 AM NoobTrader88 Ham7 already .... lose 2k here .. close eye liao no hope wan this counter .. 01/03/2019 4:56 PM Midascapital Bought in Friday at RM0.09, when investors panic sold. Contra off yesterday RM0.15 when investors panic buy. Thank you for the coffee money :) 07/03/2019 10:22 AM commonsense I see a lot of investors turned bullish on Brahims when its chairman said that they are in discussions with potential partners to come up with a plan to bring the company out of the PN17 status. But I am a bit sceptic of this. If there was already a way to improve the company’s financial status, why does management would want to wait until Brahim falls into the PN17 status? Why not push the turnaround plan before that? One of the potential partners would most probably be SATS Ltd the other 49% owner of Brahim Airline Catering Holdings (BACH). I doubt they would want to put in more money into the company (they initially paid RM110mil for the 49%. They were supposed to pay another RM100mil but only when BACH reach a certain financial milestone which it never did). Being a PN17 company will put more pressure on the company’s financials as there will be lesser (or potentially zero) banks that will be willing to provide the company with loans especially for its working capital. Investors need to take note that the company has a RM73mil debt to be paid in the next 12 months. Brahim has a negative equity value of RM5.8mil at the moment. If you exclude the goodwill (51% of it as the other 49% is owned by SATS ltd), the net tangible asset value is a whopping negative RM58mil. Which means even if the company managed to come up with a regularisation plan, I doubt it will be good for the equity holders. Probably Brahim will try to convert the debt and payable into equity which would only mean a massive dilution for the current shareholders. If you are looking to hedge your portfolio outside of Brahim (due to its weak earnings outlook and risks relating to its PN17 status), I would recommend you to look at MBMR. (https://klse.i3investor.com/servlets/stk/pt/5983.jsp) MBMR is a direct proxy to Perodua via its 22.6% interest in the company. Valuation is cheap at only 6.1x PE based on FY18 profit of RM166mil. PB is low at only 0.7x BV. FY19 should deliver another profit growth year to the company. Profit growth will again be driven by the performance of Perodua (via MBMR 22.6% holdings in Perodua) from the still strong sales of new Myvi, sales of SUV Aruz and the introduction of the newly revamp Alza sometime in the 2H19. Aruz which commands a higher margin compared to other models, will help improve the total profit margin of Perodua (which will flow to MBMR’s bottom line as well). MBMR is expected to achieve a profit of RM200mil in 2019. At the current share price, the company is being valued at only 5.0x which is a lot lower than the industry average of 15x PE. As an example, UMW (another company with exposure to Perodua) is currently trading at a PE multiple of almost 20x. Good luck. 07/03/2019 10:39 AM  birkincollector may be its seasons to goreng pak lah related counters...scomies, scomi, brahims 04/04/2019 12:16 PM  lextcs itu hali boss ku gnomong cepat cepat kasi kluar pn17...sudah masok lobang mungkin masok lombong macam mana bolih cepat cepat naik balik …. boss ku cakap jer ka? 09/04/2019 2:18 PM birkincollector In order to ensure that the Group and the Company would have sufficient cash inflows within the next twelve months from the reporting date to repay the existing borrowings and meet working capital, the Directors have negotiated with a financial institution to defer the instalment payable by the Group and the Company in April 2019. In response to the Group and Company’s request, the financial institution has then agreed to defer the payment of instalment payable by the Group and the Company on 1 April 2019, subject to the Group and the Company appointing an advisor by 15 April 2019 on the regularisation plan to exit PN17 status, the Group and the Company arranging a meeting between the advisor and the financial institution to discuss the regularisation plan by 19 April 2019 and the advisor to provide the financial institution with a comprehensive regularization plan by 30 April 2019, which will entail a full settlement of the facility upon implementation of the regularisation plan.On 6 April 2019, the Group completed the appointment of the advisor and has engaged the advisor in establishing the framework to the regularization plan. The Group will put in place a process for thepreparation of the comprehensive regularisation plan. The Group has also engaged the financial institution to discuss the possible extension of the timelines, in view of the progress that the Group has made in working on the regularisation plan.The financial institution has indicated that it will work together with the Group and its advisor to reach an agreement on the proposed repayment terms for the term loan to the financial institution and will grant extension of timelines to the Group if necessary.In addition, the financial institution has also indicated that it will not call for the repayment of the entire outstanding loan amount of RM67.8 million immediately and will review the repayment terms together with the submission of the comprehensive regularisation plan. 16/04/2019 7:40 PM birkincollector at least u know the management really work towards leaving pn17......some other companies just keep quiet 17/04/2019 8:45 AM  |
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