(Icon) Ivory Prop (1) - Pariah Company or Fallen Angel ?

need to study first. later revert.

2014-03-06 17:31

Up_down

Ivory would need more cash to finance its projects. They may call for another round of right issue. It is very unlikely to go for private placement since the amount of money raised may not justify for such exercise.

2014-03-06 17:44

stockoperator

if you just own 45% of the company while other 55% how can you incorporate the profit into your accounts even though the joint company and its projects are doing good?

2014-03-06 17:49

Up_down

It must be included in P/L through sharing of Associate profit/loss.

2014-03-06 17:51

Aiya why conclusion is a ?.....must be forceful lah....

2014-03-06 18:10

Up_down

I normally don't like a company to exercise a right issue requesting money from minority. I would ask myself where the substantial shareholders get the big chunk of money to subscribe the share.

2014-03-06 18:47

Saturn, my conclusion not forceful enough ?

2014-03-06 19:01

Actually the primary purpose of me blogging for it is to put down a marker to state that "icon had said it when it was 62 sen, and now it is 1.20". It is like a wild boar pissing on the ground to mark territory, so that next time can have bragging right if it goes up

2014-03-06 19:03

If doesn't go up, I will just keep quiet. Most likely no people will remember it, ke ke

2014-03-06 19:04

No it's not......conclude with the foreseeable end supported by your facts in the body of ur argument.....hope that helps....

2014-03-06 21:32

I purposely keep the conclusion weak to avoid unnecessary arguments. Just look at how uncle koon get whacked left right centre when he made a forceful case for jtiasa

2014-03-06 22:22

But ur title so strong.....pariah or fallen angel.....I expected gang fight.....lol

2014-03-06 22:24

Optimus1

uncle icon. i think ivory lificult to go up. if u know who owned it behind.
lificult no means impossible. when it go up it sure doubleeeeee. like trop. then back half price again.
u see la.

2014-03-06 22:26

Kakakaka here come the first one man gang.....

2014-03-06 22:28

Hongky tong man....here comes the hongky tong man......

2014-03-06 22:29

Hongky tong man is getting weak.....

2014-03-06 22:30

Ok ok for those who don't know what Optimus aka Hongky tonk man looks like.......

http://www.torontosketchfest.com/wp-content/uploads/2013/03/the-honky-tonk-man.jpg

2014-03-06 22:38

Optimus1

thambi, i have slim down a lot since...

2014-03-06 22:41

WAKAKAKAKAKAKAKAKAKAKAKAKA.....

2014-03-06 22:42

Yes I am sure u have..........

2014-03-06 22:43

In Malaysia even Ultraman is banned!.....I hope hongky tonk man survives the test of time.........

http://www.themalaysianinsider.com/malaysia/article/ultraman-not-the-ultra-power-the-home-ministry-is

2014-03-06 22:47

Conspiracy theory : Optimus is one of uncle koon son. After being ticked off by uncle koon, he surfaced as a giant robot to seek revenge. However, at the end of the day, blood is thicker than water. So he patched up with uncle koon. They forgive each other

2014-03-06 22:53

Wah like that also can......

2014-03-06 22:56

See ? Can't you feel the warmth between them ?

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Optimus1
179 posts
Posted by Optimus1 > Mar 6, 2014 10:55 PM | Report Abuse

congrates Uncle Koon.

2014-03-06 22:58

Optimus1

I like the theory.....wakakakaaaa

2014-03-06 22:58

i buy ivory early 2013 after cold eye recommended & sell end of 2013. bcos i found that penang world progress billing are very slow. until last month, still on foundation level(maybe sea side need more piling work).

Another thing i want to point out is property stock wont shoot up if unable to give good dividen yield , for example like KSL , huge GDV & good profit, very low PE(4.8). in contrast ,like Hua yang & tambun, price shoot up after increasing dividend yield. They able to give high dividend bcos of net cash position.

i am doubtful about Ivory can give good dividend this year or later eventhough profit from penang world are billing in bcos they needed huge capex for huge project like Plaza rakyat.

Ivory still in my watch list & i wait for good timing for entry.

2014-03-06 23:26

There is never a best time to enter. Share price is not purely driven by earnings, a positive move at plaza rakyat will cause the stock to spike by let's say 10 sen. If I don't dare to buy at 62, I will be even more scare to enter at 72. After taking into consideration the upside risk, I am entering now to avoid more confusion in the future.

That is me lah. I could be wrong. That is the risk of early bird.

2014-03-06 23:38

Good, we have same spirit . like last year i buy L&G LA. No anybody agree,but i still buy it .Today time already prove me i am right.

Now isnt my timing to entry ivory bcos i already run out of fund, i bet on jtiasa ,mudajaya & salcon. I guess salcon also may spike 10 sen after confirm to sell subsidiary at china within 2 month.

2014-03-07 08:37

leeyh

Icon 888,I have going through your postings recently (from Pjdev to Uncle Koon blog as well as Ivory) and I am happy to see you have the maturity level that I wish to see as I can feel it from the wordings. Keep it up buddy.

2014-03-07 09:01

leeyh

Lepeng 85,both Plenitude and Ivory are the good company. However,they possess different characteristics of growth catalyst. For Ivory,as noted,they are on large scale of multi-billion project together with together with the potential Plaza Rakyat project. To add on further, In addition to act as a co-developer in the Penang Project,they are also awarded a construction contract by the JV co and thus making them a double income stream.Borrowings are unavoidable for the company to growth as they are now transforming from the midscale player to become a landmark player. And thus for me I categorized them as a high growth player.

For the Plenitude site,they enjoyed stable growth over the pass few years. Although they had suffered a contraction in financial performance in last financial due to the delays in launching the new projects however sign of recovery has been noted starting from 2h2013.And now they are full-load on target of total GDV 1billion from different project.Although they might not have Mega project like Ivory but their ability should not be undermine as they focus on stable stream coupled with solid financial position as well as large cash pile. Thus,for me I categorized them as a value play in which they might not have a high growth potential in financial performance as per Ivory (if Ivory can make the whole project works) but to maintain a annual EPS of at least 20-30 cents (from current of 19cents) for over the next few years, the return should be satisfactory if not superb. Coupled with the strong financial position,makes the company more resilient.

The above just my opinion. Please do not let my opinion to affect your decisions.

2014-03-07 09:24

thanks Leeyh, for someone that demonstrating the level of maturity and savviness for investing, you have surprusingly 6 postings only. May I know why such low level of activities ?

2014-03-07 09:48

ricky kiat, as pointed out by Leeyh, Ivory is also the main contractor for Penang World City. This is actually one point that prompted me to enter earlier. Let me explain.

As you mentioned, you noticed that until now, they are just working on piling and foundation, so you are right to suspect that they are still a long way from booking in substantial progress billing for property sales. But the contracting part is the wild card. The few pilings you saw on their website could be generating profit next quarter. I simply dont have enough information, so I decided to move in erlier.

I guess different people have different mentality. You must act based on how comfortable you are. I fully respect that

2014-03-07 09:56

one of the point I forgot to highlight in the article is the check and balance in place for Penang World City, which gave me a lot of comfort when come to trusting / not trusting the management.

As mentioned in my article, there are allegations that they mismanaged the company (nobody can prove it, and I cannot disprove it). As Penang World City is 55% 45% owned by Trop and Ivory, it gives me certin comfort that things will be executed professionally (otherwise Trop will cry foul, right ?)

without the partnership with Trop, I am a bit hesitant to put my money there

2014-03-07 10:11

i still hold plenitude bcos i love their very low cost land. but the downside is management very stingy, low dividend yield.

2014-03-07 22:08

i dont concern about mismanagement , but instead of huge debt . property company are more fragile compare with plantation company when economy downturn.

2014-03-07 22:20