Bursa Stock Talk
Bina Puri - Keep asking for money but where has the value gone?
bursastocktalk
Publish date: Mon, 10 Oct 2016, 08:54 PM
Bina Puri had its IPO in November 1994. Based on IPO price of RM2.80/share, it carried a market value of RM112m. It has been about 22 years since its listing. However, its current market cap is below the value of the group during IPO time (based on IPO offer price).
Let's not forget after IPO, Bina Puri has raised a total of RM150.4m from rights issue (RM40m), private placement (RM93.3m) and ESOS (RM17.1m). This has not taken into consideration that the group had capitalised RM20m of debt in 2009.
And last Friday, Bina Puri proposed a private placement of not more than 10% of enlarged share capital of the group. Again?
The company has been profitable since 2000. But why is it still stucked as a micro cap company? Furthermore, the total proceeds raised over the years after IPO alone (RM150.4m, excluding RM20m debt capitalisation) were already greater than its current market cap, even after deducting total dividend paid out since 2003!(historical records of dividend payout before 1999 were not available at Bursa website)
Despite it has been profitable since 2000, it had to carry out capital reduction (from par value per share of RM1 to RM0.50) in 2014 in order to new shares as the share price then was way below RM1. As highlighted above, the IPO offer price was RM2.80/share. What has gone wrong?
Is this company too undervalued that investors failed to appreciate the assets owned by the group and its earnings potential or is it something not right within the company that caused value destruction to the minority shareholders? Something for existing shareholders of Bina Puri and potential investors to look further into.
You may be interested to find out previous writing about Bina Puri: Is Bina Puri Cheap?
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Discussions
Be the first to like this. Showing 10 of 10 comments
I think Calvin can enlighten us as he has lately been strongly promoting this counter.
2016-10-10 21:52
choop818
I think Calvin can enlighten us as he has lately been strongly promoting this counter.
10/10/2016 21:52
All the monies gone?
Go and SEE Bina Puri Annual Report year 2014
Nothing much. Except Rm30 millions in Real Estate
Then in Year 2015 Annual Report of BPuri
ZOOM! Main Place Mall appeared. AND?
AND WHOOPIE: RM205,000,000 (RM205 MILLIONS) ASSET VALUE APPEARED THERE!!
Many Other ASSETS WILL APPREAR
See this OPUS Worth Rm338,000,000 (RM338 MILLIONS) Appearing Some Day
See
http://www.opus.com.my/
And Many More ASSETS OF HIGH HIGH VALUE WILL APPEAR ONE BY ONE TO THE GASP AND SURPRISE OF ALL!!
2016-10-10 22:05
Hallo Calvin, you really think the RM205mn Main Place all belongs to Bina Puri? It has 33% of about RM68m only la
2016-10-10 22:13
hpcp You are behind time & missed these posts
Gen2 .
Calvin, please post the proof here to justify what you said of 205m. Thanking in advance.
.
08/10/2016 15:08
X
calvintaneng Gen2
Do you know how to access Annual Report of Bpuri?
Go to Bursa Saham website.
Search under Bpuri
Click annual report 2015.
Got it?
Then scroll all the way down.
You will see 2 things
1) 30 Top share holders
2) Properties ownen by Bpuri
Now look carefully under Usj Main place mall
It stated there - Bpuri assets is worth rm205,000,000
08/10/2016 15:11
X
calvintaneng I am now sitting in McDonald restaurant in Iskandar. Just looking at my handphone to confirm it with my eyes again.
Yes,it' s stated clearly that Main Place Mall
Bpuri net value in assets is rm205,000,000
Wish you are now sitting beside me so that I can show it to you
08/10/2016 15:18
2016-10-10 22:21
If you mean the 33% stake held by Bina Puri is worth RM205m, are you trying to say Main Place shopping mall is worth RM615m? You laugh die me. Thought you are an expert in property
2016-10-10 22:28
hpcp If you mean the 33% stake held by Bina Puri is worth RM205m, are you trying to say Main Place shopping mall is worth RM615m? You laugh die me. Thought you are an expert in property
10/10/2016 22:28
hpcp,
I don't wish to argue or split hair with you here.
The Book Value in Bpuri's Annual Report 2015
Clearly stated that BPuri has Rm205 millions worth of asset listed there and not any other figure.
If you are not sure go ask Icon8888 or Adam Khoo or your Remisier please? Ok?
2016-10-10 22:46
Main Place is owned by a subsidiary of Bina Puri's subsidiary. You please go and check with people familiar with this matter. Insisting RM205m belongs entirely to Bina Puri reveal your stubbornness and stupidity
2016-10-10 23:06
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