Icon8888 Gossips About Stocks
(Icon) PRG Holdings (2) - The Journey Continues
1. Introduction
I first wrote about PRG on 27 March 2015 when it was trading at 66 sen.
http://klse.i3investor.com/blogs/icon8888/73391.jsp
The article generated a lot of interest among forum members.
Without fail, high profile article like that will attract scathing attack from certain parties. Optimus Prime launched a relentless campaign to attack me. The following are some of the samples.
Despite my numerous attempts to try to explain that it is supposed to be a 2016 play (PRG has very clearly stated in its Circular to Shareholders that Picasso Residence will only start contributing by end 2015), the attack went on and on for many months. It was very disturbing.
2. Subsequent Developments
Time flies. We are now in the month of December. It is time to take stock and provide some updates to forum members who bought PRG and still holding them.
(a) PRG Is now trading at 83 sen. Contrary to Optimus' prediction, it has not gone Holland yet.
(b) The group reported reasonable profit. Nothing to shout about, but they managed to keep it in the black.
Quarter Result:
| F.Y. | Quarter | Revenue ('000) | Profit before Tax ('000) | Profit Attb. to SH ('000) | EPS (Cent) |
|---|---|---|---|---|---|
| 2015-12-31 | 2015-09-30 | 30,013 | 1,564 | 1,638 | 1.13 |
| 2015-12-31 | 2015-06-30 | 32,450 | 1,675 | 1,517 | 1.05 |
| 2015-12-31 | 2015-03-31 | 26,821 | -480 | -361 | -0.25 |
| 2014-12-31 | 2014-12-31 | 30,025 | 1,928 | 2,123 | 1.47 |
I am not disappointed. I have always known that 2015 will not be superb.
(c) As at 30 September 2015, the group has RM21.8 mil cash, RM76.9 mil borrowings and RM113.3 mil net assets. As such, net gearing is 0.49 times.
(d) On 1 December 2015, Datuk Seri Yeoh Soo Ann, somebody I have very high regard (due to his track record), and one of the major reason I bought PRG, had stepped down from his post of Executive Director. He sold all his ordinary shares, but keeps 7.9 mil Warrants.
Managing Director Cheah Eng Chuan keeps his post. He holds 5.4% equity interest.
Executive Director Dato Lua Choon Hann increased his shareholding from 8% to 11% through open market purchases.
Executive Director Wee Cheng Kwan also increased his shareholding.
A new substantial shareholder Ng Yan Cheng surfaced, holding 9.4% equity interest.
It is a long list, I don't want to spend an entire day tracking them down one by one.
Overall, it looked like core management team remained more or less intact. Yeoh Soo Ann's selling down resulted in shuffling of equiy holding. But I don't think it is a boardroom tussle or crisis situation. Looked more to me like Yeoh acknowledging that his expertise might not be sufficient to lead the group to a new height, and he doesn't mind letting his friends / colleuages to take over from him.
(e) As we all know, PRG was originally involved in manufacturing of furniture webbing. It subsequently ventured into property development.
On 9 November 2015, the Company announced that it would like to venture into construction industry. The Company will be seeking shareholders' approval for the proposed diversification. EGM will be held at Hotel Armada, PJ, Selangor at 2 pm, Tuesday, 12 January 2016.
Please refer to the Circular if you are interested to find out more.
http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=172880&name=EA_DS_ATTACHMENTS
(f) Since I published my article in March 2015, I have not been able to get any update on Picasso Residence. As we all know, the biggest issue for developers nowadays is not lack of demand, but difficulty in getting end financing for buyers. I am sure Picasso Residence faces the same set of problems.
Do I panic ? Absolutely no. I can't really justify to you why I am so calm. But Picasso Residence does have certain strong points. Its location is superb, it is being priced cheaper than other properties in the surrounding areas, etc etc. We will just have to be patient to let the Company sort things out (at one point, there were news of En Block Sale).
You can't panic and jump off the building everytime your teacher didn't give you an "A".
3. Concluding Remark
I only have one thing to say - Optimus please don't attack me.
Please......
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Discussions
1 person likes this. Showing 45 of 45 comments
U so susah susah write article like this...later this counter up and he will come claim his credit said he bought at 40 cent now 80%
2015-12-22 14:00
oooh, can u guys please calm down ? U guys are behaving like u have just taken estacy pills and everything looked rosy...
2015-12-22 14:08
koon bee is old and maybe half blind?
Calvin suggested PPG-Pelangi Publishing, not some funny PPG, he seldom suggest such kind of syndicate playing stocks
2015-12-22 14:15
Later i go check the hospital in singapore and iskandar, ask doctor is he the one came out from tanjung rambutan?
2015-12-22 14:15
I know koon bee old liao, let me copy paste Calvin bro article here:
Ok Koon Bee
These ones still on target:
11) Pm Corp at 24 cents (Cash pay out is 8 cents) T/P 50 cents
12) Mulpha at 26 cents When HSR Station confirmed T/P 80 cents
13) Mp Corp at 17 cents When Highway Ready T/P 70 cents
14) Bj Corp. Hmmm? Hope it crashes further for me to buy cheap.
15) GSB. Great Super Boss (Will buy on weakness)
You didn't notice or you deliberately miss out?
16) Jaks at 39 cents. Now Over Rm1.20 (Calvin hits jackpot up 200!)
17) My EG (My Emas Gold) at Rm2.00. Almost Rm4.00 )Up 100%)
18) Super Enterprize at Rm1.25 (taken private at Rm3.80. Up 200%!)
19) SILK at 40 cents on 2/12014. It gone crazy at Rm1.20. Up 200%
20) Ipmuda at 70 cents. After Bonescythe posted. Ipmuda went Limit Up!!
21) Supermax at Rm1.60. Now becomes Superman at almost Rm4.00 (Up 100!)
22) Kulim at Rm2.50 (J Corp taking Kulim private at Rm4.10. Up 60%)
23) Jerasia at 45 cents. Jerasia up 90 cents (Up 100%)
24) In case you forget Calvin First Call in i3 Forum was Pm Corp at 15 cents. Now at 24 cents Pm Corp is up 60%)
25) Next one to cross 100% gain?
KPSCB, NTPM, MPHBCAP, JTIASA, MUI BHD, GMUTUAL, WHITEHORSE, YILAI, MULTICO, PPG, KAMDAR or PM CORP?
Which One?
Mirror Mirror on the Wall. Which is the greatest of them all?
See www.eaglevisioninvest.com
2015-12-22 14:16
His pick so many...really longer that toilet paper inside jurong mrt jamban
2015-12-22 14:19
Koon bee I didn't say "buy" woh, if u read my article, it is meant to provide updates
2015-12-22 14:19
Icon8888, u have 20,000 reader, one reader buy 10 lots also can push until rm2 lah
2015-12-22 14:21
Please don't say like that, 2000 readers already made paperplane super jealous
U said 20,000 readers, he will angry until blood vessels burst
2015-12-22 14:24
Posted by Icon8888 > Dec 22, 2015 02:19 PM | Report Abuse
Koon bee I didn't say "buy" woh, if u read my article, it is meant to provide updates
Icon now chicken.........hahaha
2015-12-22 14:26
nolah, I don't need tht 20,000 readers. I stay with my sifu happy enough
2015-12-22 14:27
paperplane sifu is Dr Neo. He is his toy boy. You can tell from his "I love big daddy" attitude
2015-12-22 14:44
I know, out of respect for him, I purposely don't use his name
Why are u so thick ?
2015-12-22 18:52
Hi Koon Bee and Sifu Icon
With the modern technology , people are smarter now.
They know who is sincere and worth trusting.
I kena con once by him; now I'm not even bother to read what he wrote.
It's absolutely waste of time.
No one dare to tell u what to buy and what to sell.
The decision is your own call.
2015-12-22 19:27
Read my article before you open your mouth
Yeah Soo Ann resignation has been discussed in the article
2016-01-03 18:47
thanks ckwan, I don't know what to say. Didn't realise my articles can make a 22 yo giggle and giggle...
2016-01-03 21:17
Wah...when icon go penang eat penang laksa, sure surrounded by his fancy club all come purposely to see him and get his signature
2016-01-03 21:19
koonbee, ckwan pulling my legs only, he made fun of me to cure his love sick for RT...
2016-01-03 21:20
bone bone is a malatlou lah, go check his external blog profile
but if you guys like to fantasise, I won't stop u LOL
2016-01-03 21:27
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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....
KoonBee1
Sifu icon8888...great article
2015-12-22 13:32