The journey of finding golden eggs
【创二代分析】Bina Puri Holding Berhad
最近看到一位叫calvintan 的，不停的鼓吹大家购买Bina Puri 的股票，而我要分享的目的，是因为看着我周围的人陷入投资误区，炒股，听消息，亏了钱。
所以我就想，分享那些基本面非常强劲的股票和一些基本面比较普通的股，这样大家就能了解到公司的好坏。
所以，今天来说说Bina Puri Holding Berhad. Bina Puri 是一家大型建筑公司，基本上常常翻开报纸你就能看到他标到大project 的消息，但是公司真的可以投资吗？
最引起我兴趣的是债务和balance sheet, 594.01M 的债务，2.54M 的 net profit 和 48M 的Cash, Cash flow 发面，公司在这五年流失了约100M 的 Cash, 主要是在 account receivable 方面，也就是收不到钱。现金流可以说非常差，不是说没project, 没盈利，而是钱还没有收回来。这样的公司你会有信心投资吗，连所谓的 sifu 竟然recommend 这样一家高债务，现金流不顺的公司？还有就是 ROIC= 6%, 有些公司单是股息都4-5%了，而BP 整间公司的盈利才6%。
其他方面的因素就更不用考虑了，就算有再多的project, 如果公司无法解决这些问题，当风暴来时，不知会如何？
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Be the first to like this. Showing 28 of 28 comments
Well said GoldenEggs.
As bloggers, we must be consistent. Calvin Tan condemned Comcorp because it has 0.5 times gearing (60 mil loans divided by net assets of 120 mil). Now he recommended a stock with 3 times gearing ? (RM581 mil loans divided by net assets of 230 mil).
Not credible, right ?
2016-10-04 15:03
Maybe one is not able to earn rm250 in stock market, try out in stock education. At least got try
2016-10-04 15:04
So naysayers talking bad about Bpuri?
There is a vast difference between BPuri and Comcorp.
BPuri has Rm250 millions asset in Subang Shopping centre and many other assets. All very defensive. Its total assets minus total debt is still positive.
For concorp it has only one forlorn factory in faraway Kulim. So at such lofty price Comcorp has no margin of safety. Comcorp also stood guarantee for huge subsidiary borrowings.
While we talked The Balance of 81% free float will all be taken up.
So better hurry. Or else you guys will miss BPuri just like you did with Super Enterprize.
2016-10-04 15:15
We should not lie
Otherwise no matter go church how many times also no use
2016-10-04 15:31
Chill guys, this is not the report that worth RM 250, it's a complete analysis which i will provide a sample later on.
2016-10-04 15:33
How many times I need to remind that bins puri only has about 33% stake in usj main place mall.
2016-10-04 16:01
Calvin the more you said the more I feel not comfortable holding this counter....even I had hold it for more than 2 years...
2016-10-04 16:03
Hi ! Icon8888 bro,
must defence that Comcorp's genuine loan are much more lower, as much as 10mil out of the 60mil to serve as Capex expenditure for It's EMS / Communications Solution segment / New biz (Green Tech) . In another word it is a merely 0.08 gearing, while it is still healthy on the first glance at 0.50 yet still reducing .
Icon8888 bro aware of that certainly, juz to wipe off Calvin from copy & paste your posting and start to blur the newbies in i3.
2016-10-04 16:06
Calvin please comment on this
As I said, it is not good to lie
Gen2 How many times I need to remind that bins puri only has about 33% stake in usj main place mall.
04/10/2016 16:01
2016-10-04 16:22
I now in booming Iskandar.
Will reply more in detail later.
Once more, don't miss bpuri like you guys missed super enterprize and jaks which later shot up 200%
Just collect as free float is less than 19%.
Insiders already taken 81%.
When it's gone it's gone.
2016-10-04 16:28
Ladies & Gentlemen,
I am Calvintaneng here!
First I want to apologise to Gen2 for not replying to his specific request about BPuri has only 33% stake in USJ Main Place Mall.
Let me explain my position:
What I wanted to highlight is that BPuri has Rm205,000,000 worth of Money in Main Place Mall. So it is inconsequential whether BPuri ouw 33%, 50% or 100%.
My Main Focus is If BPuri Needed CASH it can sell off this asset and convert it into CASH.
To me NTA (Net Tangible Asset) backing is VERY IMPORTANT AS A MARGIN OF SAFETY.
THIS IS THE REQUIREMENT MENTIONED IN THE BOOK
THE INTELLIGENT INVESTOR By Ben Graham
Ben Graham's criteria for picking a stock is
IT SHOULD BE SELLING AT AT LEAST 30% DISCOUNT TO NTA
That means that BPuri current NTA is 93 cts.
The Margin of safety if to buy up to 65 Cts. Why 65 Cts?
Because 65 cts is actually 70% of 93 cts.
SO I POINTED THE IMPORTANCE OF BPURI'S RM205,000,000 WORTH OF ASSET IN MAIN PLACE MALL.
So in time of emergency Main Place Mall (33%) Could be sold for RM205 MILLIONS TO PAY OFF DEBT. BPURI ALSO GOT OTHER REAL ESTATE VALUABLE ASSETS)
BPURI Also Own:
TOLL ROAD.
Again this is a recurring CASH COW.
And if needed This Can Also BE CONVERTED TO CASH.
POWER SUPPLY DIVISION
Again this could be sold off for cash just like 1MDB selling off Power Concession to China for cash.
QUARRY & READY MIX CONCRETE ASSET
HOSPITALITY DIVISION
SHOP/OFFICES FOR RECURRING INCOME
So these above constitute the 93 Cts NTA of Bpuri.
And all things being equal
All Assets - Debts show a NET NET of 93 CTS for BPuri
So at 42.5 cts BPuri is selling at a WHOPPING 55% DISCOUNT TO NTA!
I hope you all can SEE!
2016-10-04 20:15
Trading Market has discounted most Properties asset by 50% . For a small player in this section 50% discount considered very generous. There are much more efficient player in the market..eg . Hohup , Matrix , Tambun ...
2016-10-04 20:20
Again, pls leave your believing to yourself, and don't influence i3 newbies with such poor argument. Who going to pay in full for an asset while everyone run out of cash ?
2016-10-04 20:32
Posted by VenFx > Oct 4, 2016 08:32 PM | Report Abuse
Again, pls leave your believing to yourself, and don't influence i3 newbies with such poor argument. Who going to pay in full for an asset while everyone run out of cash ?
From the mouth of VenFx
"EVERYONE RUN OUT OF CASH?"
Only VenFx Run out of cash!!
My Johor Buddies who followed me to buy Pm Corp at 9 cts are laughing.
Those who followed Calvin to buy Super Enterprize at Rm1.25 are laughing
Those who bought Jaks at 39.5 cts are laughing all the way to the Bank
Those who bought My EG, Jerasia, Kheesan, Ajiya, Kimlun, Masteel, Prestar, Kulim, TMakmur, KPSCB and many others are making 30% to 200%
ALL FULL OF MONIES & LAUGHING ALL THE WAY TO THE BANK!
Where Got "Run out of Cash"?
AND LISTEN! LISTEN! LISTEN!
ALL WHO BUY BPURI WILL ALSO END UP LAUGHING AND LAUGHING SOMEDAY TOO!
2016-10-04 20:43
Don't twist my meaning Calvin, isn't you mentioned above Asset serve as your safety margin during bankrupt of Bpuri ... isn't that hint your Bpuri will sell all their asset by 50% ?
2016-10-04 20:46
Btw, how u can run to bank laughing all the way, while your porfolio flooded bloodily ?
U must be kidding , smoking kerosene ?
2016-10-04 20:48
Thank you Calvin, for the entertainment....laughter the best medicine ..hahahaha
2016-10-04 23:04
@Goldeneggs
Show us what your analysis covers, if it is the same as everyone else, there is no point for us to look into it, not to mention purchase. No offence, it is just that free information is everywhere now. Thanks
2016-10-04 23:16
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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2016-10-04 14:11