kcchongnz blog
Business Sense in FGVB: How to spot a lemon kcchongnz
In these few days, there are numerous articles in the newspapers, the business magazines about Felda Global Venture Berhad (FGVB). That is the hottest topic now in the mainstream media, hands down.
Why such a fuss? Can’t you see it many years ago?
Yes, one would have seen it years ago if he just uses some business sense. For your information, business sense is part of fundamental analysis, or commonly termed as FA.
Where got such thing as FA practitioners do not look at business? What business is it in, how it makes money, does it make more than its cost of capitals, is there cash flow, is it risky because owing a lot of money, etc., etc. FA practitioner invest in a stock as akin to invest in part of a business.
More importantly, using FA can avoid investing in lemons which can cause immense damage to one’s financial wellbeing. Below is just one of the scores of lemons to avoid that I had shared in i3investor over these few years.
I wrote an article on FGVB two and a half years ago in i3investor in the link below, and hence it is not just a 马后炮,
http://klse.i3investor.com/blogs/kcchongnz/66355.jsp
That was my true response three years ago in June 2014 to someone who asked my opinion of his intention to invest big time in FGVB with various reasons given by him as mentioned in the article.
Using FA and some simplistic business sense, I gave my very strong opinion against it when FGVB was trading at RM4.14 then.
My rationales were FGVB had a lot of plantation with old palms and they would require a lot of capital expenses in the near future. The return on capital was very low at just 4%, even taking huge amount of one-time-off gains into its earnings. Making a return much lower than the cost of capital is a huge shareholder value destroyer. It has had a messy balance sheet with many related parties’ transactions. With huge amount of cash available then with the IPO billions of Ringgit, and with all the political undertone, it wasn’t difficult to see from the crystal ball that huge leakage would result.
I would never agree that big, in FGVB’s case, is good, but the contrary.
Its price at a PE ratio of 15 then, with the huge one-time-off illusion gains was not cheap.
My strongest objection in investing in FGVB is as mentioned in my previous article as summarized below:
“But I won’t touch FGVB more of its corporate governance. Those at the helm appear to be all political appointments; especially the person at the very top has not shown any credibility in the past. These people were so used to handling the money and affair of the corporation as if it is their own. They talked about how they are going to build the company 8 folds to a 100 billion company. It is basically their quest of empire building all over the world. They want FGVB to be the biggest growth story in corporate Malaysia. It has shown that very rarely a company can be successful in enhancing shareholder value by acquisition trail. They will acquire businesses very different from their core business and beyond their competence level, often with high costs and associated leakages.”
This was not the only company I shared in i3investor on how to avoid lemons using FA, and of course, business sense. There were scores of companies I have shared in i3investor. For the record, I was seldom wrong in my assessment on lemons.
If one can avoid the lemons in investing, more than half the battle in this probability game of investing has already been won.
Business sense is not just some storytelling, mumbo jumbo, and changed whenever one feels like to suit his interest. It must be supported by the foundation, some numbers. Otherwise where is the business sense come from?
Why is that there are so many out there who keep on harping that FA practitioners have no business sense?
Well, maybe that is precisely why FA worked, and still works very well in investing now, and in the future.
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Discussions
14 people like this. Showing 50 of 93 comments
ks
promise me you will jump down when Jaks cross $ 2 and Sendai cross $ 1.50?
2017-06-11 22:23
Vietnam is not India
Jaks is not Mudajaya
now...that is definitely business sense, not maths.
2017-06-11 22:28
But one thing I can say speculating in Jaks, not investing, may make you money. That is when the naive are brought to buy the notion that accounting profit is something "real" when Jaks books in its construction "profit", taking it from left pocket to right pocket, and back to left pocket again.
This is a likely scenario.
But please don't brag about business sense. It is a speculative sense.
In fact, many have already made profit following the story, and money, when it was less than RM1 just a few months ago. No argument about that.
One does money money that way.
But in the future, hard to tell.
2017-06-11 22:32
Posted by stockmanmy > Jun 11, 2017 10:28 PM | Report Abuse
Vietnam is not India
Jaks is not Mudajaya
now...that is definitely business sense, not maths.
Doing business doesn't have less problem than India.
Mudajaya,in its hay days, is much much more established and capable than Jaks. Haven't you heard of how many power plants have Mudajaya build? No doubt about it. How many power plants has Jaks built? Jaks can't even smell its fart.
When Mudajaya started its power plant construction, it made huge profit too.
2017-06-11 22:37
the best part is Jaks just sit back and collect money.
let their partner who has done more power plants than anyone else in the world bring in the cash.......
great business model, great business sense.
2017-06-11 22:45
Posted by stockmanmy > Jun 11, 2017 10:45 PM | Report Abuse
the best part is Jaks just sit back and collect money.
let their partner who has done more power plants than anyone else in the world bring in the cash.......
great business model, great business sense.
Oh, Alibaba.
So if the power plant time and cost overrun, the Chinese partner will still pay what was estimated as Jaks profit and cash flows?
So if there is a financial crisis and banks do not lend money any more, the Chinese partner will still pay what was estimated as Jaks profit and cash flows?
So if the Dong falls or inflation spikes, the Chinese partner will still pay what was estimated as Jaks profit and cash flows the same $?
So if the Vietnamese officials demand for more mmoney, the Chinese partner will pay all the extra but still pay what was estimated as Jaks profit and cash flows?
etc.
Great Alibaba
2017-06-11 22:53
xingquan shows big failure of KYY. It will be more failure. Open big eyes to see.
2017-06-11 23:13
people no business sense, argue no point ....time will tell.
but Jaks and Sendai, will surely perform.
2017-06-11 23:57
Can trust KSL, J Tiasa? Why never pay dividend? Creative acctg or director eat all the money?
2017-06-12 00:08
People still trying very hard to discredit KC bcos they feared kc is a threat to their intended share manipulation loh...!!
Yes...an educated investors with good fa insight would have spotted Jaks is a lemon in the making loh...!!
Learn from fgv....u can see similiarity to jaks loh...!!
A company....which only can talk only future promise....with no fa performance....do not deserve ur attention or investment loh..!!
Don make the mistake of the past loh...!!
U must value the company using FA to decide whether got margin of safety mah....!!
Remember business sense & financial sense are together n complement each other loh...!!
Financial sense must be right then business sense or business sense is right then financial sense loh...!!
Remember a sound & sustainable investment u must both settle for both financial and business sense b4 it qualify loh...!!
Not just shouting business sense...business sense without financial sense, like some jokers are doing loh...!!
2017-06-12 09:31
People still trying very hard to discredit KC bcos they feared kc is a threat to their intended share manipulation loh...!!
Yes...an educated investors with good fa insight would have spotted Jaks is a lemon in the making loh...!!
Learn from fgv....u can see similiarity to jaks loh...!!
A company....which only can talk only future promise....with no fa performance....do not deserve ur attention or investment loh..!!
Don make the mistake of the past loh...!!
U must value the company using FA to decide whether got margin of safety mah....!!
Remember business sense & financial sense are together n complement each other loh...!!
Financial sense must be right then business sense or business sense is right then financial sense loh...!!
Remember a sound & sustainable investment u must both settle for both financial and business sense b4 it qualify loh...!!
Not just shouting business sense...business sense without financial sense, like some jokers are doing loh...!!
2017-06-12 09:32
Posted by stockmanmy > Jun 11, 2017 11:57 PM | Report Abuse
people no business sense, argue no point ....time will tell.
but Jaks and Sendai, will surely perform.
The one with super biz sense bought Xinquan all the way from Rm1 to RM0.03 till the stock suspended and faced total loss
2017-06-12 09:34
In Bursa, mgmt is much important than market sense. to buy in govt. link stocks must be very be careful... and freaking china stocks. !!
2017-06-12 15:24
reading the article and comments trigger some thoughts
1. most of those who kept talking about biz sense has no idea what it means. if all business owners have biz sense we wouldn't see so many loss-making companies in Bursa. as investors have limited info and access to mgmt, the tried and tested way to gauge a management's quality is still through their qualification and track record.
2.investing (FA) vs trading (TA) has existed as long as investing has been around. I have seen practitioners of both disciplines done well so I'm not against either approach but one should not mistake one for another. kc is clearly talking about FA here but many others keep talking TA with "biz sense" as disguise.
3.many still cannot differentiate between investing/trading or stock price vs value. Some companies are suitable for long term investing while some just for short term trading. and rubbish companies don't turn good just bcos the share price went up, vice versa.
4. if you trade on a rubbish stock which price went up and you exit with a profit, congrats as you time the market right this round. repeat the trading enough times without clear risk reward management plan, you would soon join the herd who keep complaining that stock market is just a lie that cheat people's hard earned money
5. the most difficult thing about stock returns is not about how high % return, but consistency. why warren buffett is regarded as the greatest investor when he only generates slightly above 20% return a year? many in any investing competition would have beaten buffett hands down this year but can they repeat this return over 50+ years? gaining 50% a year and losing 50% the next year actually gives you 25% loss whereas someone who makes 10% a year would have made 21% return
in summary, kc is trying to teach the youngsters nowadays about long term fundamental investing principles but most are just interested in making a quick buck in the next week or month.
to kc, I share your experience. sometimes pointing out a lemon does makes lemon owners irritated. but as long as someone learns something or save him/herself from that lemon after reading your article, that would make it worthwhile. cheers
2017-06-12 21:47
Even Robert Kuek the most respectable Chinese Tycoon also pay huge losses from Dr. M's proxy Ling who was as the Transmile Board members.
Wondering if Kc did do a cover for this Lemon ?
Hooe to learn something from that article if any.
2017-06-12 21:50
Very well said jay. This year especially many 'Siifus ' made very good returns due to the bullish mart whether it's business sense, dynamite sense,goreng sense,tikaming sense etc so bound to see some 'sifus ' shouting on their returns n most of these siiputs when mart turns bearish will be no where to be seen for sure lol.
Kc has been very good at spotting longkang shares n sharing with us here for many years - one of them most famous was and still is General's KNM n till today at the all time low some braveheart still delusionally hoping for miracle despite many years of General Lee's antics.
Some jokers also making fun of his ' meager' return of 20+% in 6 months lol - honestly I'll be very happy to make 10% every year lol. Yep the key word is consistency.
2017-06-13 03:41
I agree w u. KC sifu taught me a lot through his threads. TQ KC.
TQ JAY - for your explanations above - good to take those remarks. Please do come in more often.
Jay ...in summary, kc is trying to teach the youngsters nowadays about long term fundamental investing principles but most are just interested in making a quick buck in the next week or month.
to kc, I share your experience. sometimes pointing out a lemon does makes lemon owners irritated. but as long as someone learns something or save him/herself from that lemon after reading your article, that would make it worthwhile. cheers
2017-06-13 05:18
STILL THIS STOCKRAIDER COCK-TALKER DARE TO CONTINUE HIS SMALL COCK STORIES PREACHING? ALREADY LOSE 9 MILES IN EVERGREEN.
2017-06-13 10:02
business sense means buy Jaks and buy Sendai................
re recent troubles with Saudi
we must understand Qatar is a creditor country, politically stable, little trade with its neigbors, main income from selling gas to Far East, Euro.
and Sendai can get more jobs as a percentage.
2017-06-13 12:35
business sense means buy Sendai....new high on new troubles is sure buy.
2017-06-13 12:36
Posted by stockmanmy > Jun 13, 2017 12:35 PM | Report Abuse
business sense means buy Jaks and buy Sendai................
re recent troubles with Saudi
we must understand Qatar is a creditor country, politically stable, little trade with its neigbors, main income from selling gas to Far East, Euro.
and Sendai can get more jobs as a percentage.
Oh, that is "business sense"!
Must have "recent trouble"!
Must have "little trade with neighbors"
Main income must be "selling gas"
But why "Sendai can get more jobs as a percentage.?
A great "business sense", from an 'accountant".
A great "dynamite" investor,
A great "panic moment"
What a great education on "Business sense"!
Keep it up, "Accountant"!
2017-06-13 14:26
kc
business sense is the ability to handle risk. Maths teacher cannot handle risk, better buy FD.
business sense knows why the bet, what is the bet, the odds, the rewards, the risk...maths teacher is like tikus, comes with the territory. ...but please don't buy Fibon.....there is no way to assess the risk of a listed company that only generates $1 million revenue a month...and don't even have any unique selling propositions.
84 years old maverick don't drive Rolls Royce because he is merely lucky, it lasted for decades, there is more than luck factor here.
There is some thing for ambitious young men to learn here.
2017-06-13 14:45
Posted by stockmanmy > Jun 13, 2017 02:45 PM | Report Abuse
kc
business sense is the ability to handle risk. Maths teacher cannot handle risk, better buy FD.
ME: FIRST THING, ONE MUST KNOW WHAT RISKS ARE, RECOGNIZE RISK FIRST, UNDERSTAND IT, MINIMIZE IT, HANDLE IT OR AVOID IT. DO YOU HAVE ANY IDEA AT ALL WHAT RISKS ARE ENTAILED IN SENDAI AND JAKS?
I SAY YOU CANNOT EVEN UNDERSTAND WHAT RISKS IS IN INVESTING.
business sense knows why the bet, what is the bet, the odds, the rewards, the risk...maths teacher is like tikus, comes with the territory. ...but please don't buy Fibon.....there is no way to assess the risk of a listed company that only generates $1 million revenue a month...and don't even have any unique selling propositions.
ME: TELL US IN CLEAR EXPLANATION; WHY THE BET? WHAT IS THE BET? WHAT ARE THE ODDS AND REWARDS, WHAT THE RISKS ARE ECT. IN YOUR BETS?
DON'T JUST SAY SOME VERY VAGUE THINGY.
84 years old maverick don't drive Rolls Royce because he is merely lucky, it lasted for decades, there is more than luck factor here.
ME: OH, YOUR "BUSINESS SENSE" IS JUST PLP, AND NOTHING ELSE.I BET YOU HAVE NOT THE FAINTEST IDEA WHAT OTHER HAD GONE THROUGH.
WHAT A GREAT RUNNER WITH THIS 'BUSINESS SENSE"?
There is some thing for ambitious young men to learn here.
ME: HA HA HA HA. I SAY, YOUNG MEN WHO WISH TO HAVE A GOOD OUTCOME FINANCIALLY IN LIFE, AVOID THIS "BUSINESS SENSE' FROM THIS SNAKE OIL SALESMAN, AT ALL COST.
2017-06-13 15:02
kc
Jaks from $ 1.00 now, $ 1.50...
Sendai from 50 sen , now $ 1.08
ok...that is the past...
when Jaks crosses $ 2.00
Sendai crosses $1.50.......you retire? stop misleading ambitious young people?
2017-06-13 15:06
AmCham is an independent association of companies with the objective of promoting trade and investment between Vietnam and the U.S. With two chapters, one in Ho Chi Minh City and one in Hanoi, our membership of 700 companies and 1,500 representatives is unified by a commitment to promote trade and investment between Vietnam and the United States.
http://www.amchamvietnam.com/2017-update-on-foreign-mega-investment-projects-in-vietnam/
Items 10, 13, 17 & 21 are related to Thermal Power Plants in Vietnam.
(Jaks is the most expensive among the pack for in term of capacity, risk of delay and cost escalation from the initial announced investment are common). Good Luck to business sense.
10) $2.26 billion Jaks Hai Duong thermal power plant
The 25-year BOT 2×600 MW project by Malaysian company Jaks Resources Bhd. was licensed in 2011. Preliminary construction work on the project has already started, with the land clearance and boundary walls completed.
In July 2015, Jaks Resources Bhd. inked agreements with China Power Engineering Consulting Group Co., Ltd. to jointly develop the plant through a 50:50 joint venture.
The project’s construction was kicked off in March 27, 2016. Since then, there was no progress. By the end of 2016, the Hai Duong People’s Committee was trying to find ways to urge the developer to continue with the project but there is no new development as of now.
13) $2.018 billion Vinh Tan 1 Thermal Power Plant in Binh Thuan
Licensed in 2013, the BOT plant is an investment of a consortium of two Chinese companies and Vietnam National Coal-Mineral Industries Holding Corporation Ltd. (Vinacomin). The plant is part of Vinh Tan Thermal Power Complex, which consists of four projects with a total capacity of 5,600 MW. This is the country’s largest coal-fired thermal power plant.
While Vinh Tan 1, 3, and 4 remain under construction, Vinh Tan thermal plant 2 has started operation in January 2014.
The operation of the plant sparked strong opposition from residents in the surrounding area on account of potential pollution hazards. Due to strong coastal winds, Vinh Tan Thermal Plant 2 is obscured by fumes and dust, despite efforts to regularly irrigate the area, as required by local authorities.
In April last year, thousands of people blockaded National Highway No. 1A, stopping traffic for hours to complain about coal dust and cinder from the power complex, especially the newly built Vinh Tan No 2.
The Binh Thuan People’s Committee urged the power complex management board to stop all executive work when wind speed reaches above level 8 (88 km per hour).
At the end of 2016, Binh Thuan authorities stopped Vinh Tan 1 from pouring 1.5 million cubic metres of waste into the sea. As of January 2017, people living nearby still complained about the coal dust and cinder from the plant whenever wind blows heavily.
http://www.sourcewatch.org/index.php/Vinh_Tan_power_station
17) $2.018 billion Duyen Hai 2 thermal power plant in Tra Vinh
Licensed in 2015 by Malaysian Janakuasa (Malaysia), the Duyen Hai 2 thermal power project is going to be built in a BOT format.
The project has two turbines with a total capacity of 1,200 MW. Construction is going to start in the second quarter of 2016.
The plant, which is expected to go on stream before 2020, will be one of the four thermal power plants in Duyen Hai Power Centre. The remaining plants, representing a $6 billion investment by Electricity of Vietnam Group (EVN), are Duyen Hai 1, Duyen Hai 3, and Duyen Hai 3 extension.
Once completed, the power centre will contribute to the national power grid an additional capacity of 30 billion kWh annually.
On August 3, 2016, the Malaysian investor broke ground for this project.
21) $2 billion Nghi Son 2 Thermal Power project in Thanh Hoa
Nghi Son 2 was the first international tender for a large-scale coal-fired power plant in Vietnam. The project is going to be carried out under the build-operate-transfer (BOT) format. The $2-billion plant will be located in the province’s Nghi Son Economic Zone. It will have a capacity of 1,200 MW, produced by two 600 MW units.
In November 2016, the consortium of Japanese company Marubeni Corporation and Korea Electric Power Corporation (Kepco) signed with the Ministry of Industry and Trade the investment agreement for the project.
As of the end of 2016, the consortium was awaiting the investment certificate and was arranging the finances for the project. Though the ground-breaking ceremony was held in September 2015, the project has yet to secure a range of agreements to complete the BOT contract package.
http://www.sourcewatch.org/index.php/Cong_Thanh_power_station
2017-06-13 15:10
Firstly...it is a US$ 1.87 1.2GW project....making it the lowest among the approved IPP project.
This is a 30%/70% JV (US$ 1.87 billion project) between Jaks and China Power Engineering Consulting Group Co Ltd (CPECC) for the BOT ( Build Operate Transfer) of 2 X 600 Megawatts Coal Powered Electricity Plant in Vietnam.
finally...the project is progressing well, according to plan and schedule.
2017-06-13 15:24
AMCham is American Chamber of Commerce....it is a biased group for promoting American interests.
2017-06-13 15:27
Posted by stockmanmy > Jun 13, 2017 03:06 PM | Report Abuse
kc
Jaks from $ 1.00 now, $ 1.50...
Sendai from 50 sen , now $ 1.08
ME: WHEN SOMEONE APPEARS TO BE RICH, AND MONEY HAS NO VALUE AT ALL TO HIM, HE CAN BUY A ILLIQUID STOCK FROM RM1.00 TO RM1.75. THAT IS COMMON SENSE THAT YOU AS AN 'ACCOUNTANT", FAILED TO UNDERSTAND. OR RATHER UNDERSTAND, BUT PREFER TO BE AN ACCOMPLIANCE, OR A RUNNER. POOR YOU.
ok...that is the past...
when Jaks crosses $ 2.00
Sendai crosses $1.50.......you retire? stop misleading ambitious young people
I RETIRE? I RETIRED 20 YEARS AGO FROM ENGINEERING AND WENT TO NZ TO ENJOY MY LIFE ALREADY LOH.
RETIRING FROM TEACHING PEOPLE THE 'RIGHT PATH' IN INVESTING? YOU HAVE NO IDEA WHAT I HAVE CONTRIBUTED TO THE INVESTING COMMUNITY, UNLIKE YOUR JUST BARKING HERE AND THERE, WITH HUGE NEGATIVE VALUE TO THE YOUNGSTERS.
CAN JAKS CROSSED RM2.00 AND SENDAI RM1.50. VERY LIKELY IF THE THERE IS NO MAJOR CRISIS. IT IS NOT EASY TO PAKAT, I BELIEVE, IT HAS BEEN GOING ON, TO JACK UP JAKS SHARE PRICE, ESPECIALLY FOR PEOPLE WHOSE MONEY HAS NOT MUCH VALUE EXCEPT TO BOAST UP EGO.
SO WELL DONE 'ACCOUNTANT' AND YOUR 'BUSINESS SENSE'.
2017-06-13 15:30
But don't forget, when there is a problem (out of scores of potential problems) surfaces, or an economic or financial crisis, or just high inflation, devaluation of Dong etc., with the huge bet with huge leverage, I bet Jaks will fall like a Niagara Falls, and nobody can stop it.
2017-06-13 15:34
1) Pahang Consolidated -H (Holland) factor (total loss of 30M+???)
2) Xinquan -H (Holland) factor (total loss of 60M+??)
3) JAKS - H or X Factor ?? (RM200M+ inside)
No prize for those who made a correct guess...sorry
2017-06-13 15:58
For those who follows him, L (Luck) Factor is very important if u simply hentam
2017-06-13 16:01
do your homework and see what risk you can accept. buying trading stocks are different from holding dividend counters. penny stocks have their own players. play big win (loss) big. rich assets counters tend to be slow moving. you hold 2 -3 years not necessary equal profit. your holding hosts ??? sometimes we are trapped in asset rich counters. there are plenty property counters who fall into this category
2017-06-13 16:01
Another potential problem is the lack of investment by Vietnam into Coal Mines.
Vietnam is going ahead with plans to build a new coal-fired power plant despite experts’ warnings over the nation’s coal depletion and the dangers of depending on imported fuel.
Energy analyst Dr Nguyen Tien Chinh has advised that Vietnam is taking a risk in setting up new thermal power plants without clear sources of coal supply, news outlet Vietnam.net reports.
The nation’s domestic coal production has been falling below government targets, and the government announced that it would consider adjusting its plan for coal imports to begin earlier and import more. Vietnam Energy Association chair Tran Viet Ngai said at the time that the nation would likely begin importing coal in early 2015, two years ahead of schedule.
"It's not easy for Vietnam to increase its coal output now, given that production cost is higher while there hasn't been sufficient investment in the coal mining sector," Ngai said in an interview with the Wall Street Journal. "We now have to dig deeper to get coal and importing is inevitable."
Vietnam face the same problem as India, coal production falling behind and imported coal too costly. Another issue is the investment in the power distribution network may affect the off-take of electricity. Mudajaya 26% interest Power plant in India is facing delayed and cost overrun. Risk of construction progress & cost escalation is one part, interest & currency risks, and finally risk of capacity off-take.
2017-06-13 16:03
Business sense...Jaks has the best location, coal coming from up stream by barge. coal mine being just up stream from plant.
and Jaks not even a pioneer.....US$ 2 billion for 1.2 GW plant is fair and normal, the agreements comes with adjustments for coal price fluctuations, just like YTL.
other US$ 2 billion plant already online and profitable.
it is national interest of Vietnam that Jaks succeeds and national electricity plan succeeds.
2017-06-13 17:17
kc
you don't like word business sense? How about instinct?
How to develop killer instinct? Killer instinct to enable one to drive Rolls Royce.
learn by observing maverick.
.
2017-06-13 20:19
Koon's attack dog is out to attack KC again
Whether KC right or wrong doesn't matter, just attack
Then master will be happy and throw him a bone
2017-06-13 20:25
icon
I think it is good ambitious young men learn how a maverick operates. How to have a chance at Rolls Royce, enough of math teacher that goes no where.
2017-06-13 20:50
Sendai rally shows how important improving earnings is to share price.
Successful investors have the killer instinct whenever such opportunities present itself.
2017-06-14 09:35
the interactions between world news and successful investors is a subject far more interesting , far more rewarding than maths teacher.
not easy to teach or to learn....some calls it business sense. Or instincts.
but can starting the lesson using Sendai as case study.
2017-06-14 09:49
Unbelievable, there's more stocknanny's post than anyone else's in this thread, and probably in the entire i3 forum.
2017-06-14 20:32
just say bad management and corruption at high place resulted in business failure, sumed it up all the long-winded story.
2017-07-11 15:36
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Posted by stockmanmy > Jun 11, 2017 09:45 PM | Report Abuse
argue no point, kc
if you try to convince people that for a $ 2 billion IPP, the cashflow projections shows no money to make....provided the project is completed on time and according to schedule........no one will believe you.
the truth is...it is very profitable.
How much was Mudajaya's power plant project in India? How much did they make?
"Provide the project is completed on time and according to schedule"
Completed already ah? On schedule ah? When did Jaks first got the project?
"profitable"? How profitable?
Actually you still have no idea what the issue we are talking about.
It is about if that is so great with an IRR of 12% with all the risks.
2017-06-11 22:14