The market regionally has not been doing well since beginning of Oct2014. Many view this as the start of down turn. I see it differently. Yes, Fed is very prone to increase rates after better outlook, dropping jobless claims. But I do not expect any fast or rapid hike, and EU still in weak situation while Asia business seems robust still.


We sell down during 2008 because the economy is not doing well, too many uncovered debts and too many hazard trading. But now, situation is different, interest increase because economy outlook seems to do better! See? Better! It is the greatest news. Yes, rate hike, but the effect is expected to be longest 2 months for me. Great companies if you invest into with lots of cash in bank will be doing extremely well by doing nothing.

Thus, I have started buying in more shares recently after consistent 3 days dropping in large scale, especially in Malaysia. After relooking at BJCorp, I think RM0.52 can be a good starting point. Thus BJCorp is my latest NWC Stock! After PMCorp, Jobst, LionFIB, ILB, OSK.

I know most of us here has concern on its high debts, yet with recent active corporate actions, I see positive development in the company. I would see great future for this Conglo, it is definitely and seriously undervalued. A full valuation I have done would see BJCorp in the price range of RM1.80.


http://www.bursamalaysia.com/market/listed-companies/company-announcements/1757409
In the latest circulation to shareholders, we notice more interesting development, especially on MOL Global to be listing soon in Nasdaq US priced USD14.50. Annual reports of all subsidiaries of BJCorp are interesting as they cater a converted USD figures column in all their Annual Reports. BJCorp is ready for GLOBAL INVESTORS soon!

What I have noticed is BJCorp has increased stakes in BJLand, BJAuto, BJAssets etc. At the same time releasing its holdings in BJFood to spin off for cash, I would expect to pay some debts off knowing increasing interest. Also , I have redone the calculation of RNAV for total group. The figures are interesting. As more holdings in BJLand will only means higher income for coming quarters on contribution of sales.

My expectation is RM0.94 after discounting 20% its status as a group holdings company.

The future is only bright will more to come-COSWAY, UMOBILE.

Good luck investing.

			Mkt Price	Mkt Value
Berjaya Sports Toto	47.69%	1,337,500,000.00	3.82	2,436,601,325.00
Cosway	100.00%	3,365,829,834.00	0.43	1,447,306,828.62
Inter-Pacific	91.50%		-	-
BerjayaSompo Insuranc	30.00%		-	-
Berjaya Hotel&Resorts	100.00%		-	-
Golf Clubs&Recreation	100.00%		-	-
Property Development	100.00%		-	-
Property Investment	100.00%		-	-
Berjaya Auto	50.48%	773,886,000.00	2.64	1,031,336,203.39
China Car	100.00%			-
Berjaya Uni	100.00%			-
Berjaya Food	50.84%	263,132,800.00	2.81	375,912,570.61
Environmental+Clean	50.00%			-
Taiga Building	39.00%	32,414,278.00	2.49	31,477,505.37
Berjaya Media	19.14%	56,126,564.00	0.50	5,317,599.05
Berjaya Assets	21.35%	1,113,041,559.00	0.89	211,494,591.83
Berjaya Land	60.35%	4,976,300,000.00	0.84	2,522,685,522.00
High5	14.34%	406,681,704.00	0.03	1,749,544.69
Informatic Education	30.09%	1,444,292,658.00	0.18	76,052,840.64
Magni-Tech	28.17%	108,484,203.00	3.09	94,430,399.95
TMC Life	32.27%	802,373,002.00	0.48	122,989,739.68
Atlan Holdings	26.30%	253,650,409.00	4.60	306,866,264.81
7-Eleven	53.00%	530,325,000.00	1.80	505,930,050.00
MOL Global	36.96%	22,380,240.00	43.50	359,820,546.62
				9,529,971,532.27
			1.31	1.876

Cash	2,286,771.00	2,286,771.00
Trade receivables	1,261,808.00	630,904.00
Shortterm Invest	18,107.00	18,107.00
Inventories	1,322,757.00	661,378.50
Development Prop	1,819,565.00	1,364,673.75
Investment Prop	657,936.00	493,452.00
Land held	2,537,481.00	1,268,740.50
Subsidiary companies	9,529,971.53	7,623,977.23
Total Liabilities	(9,548,016.00)	(9,548,016.00)
	9,886,380.53	4,799,987.98
	1.95	0.94

An 80% discount as I see it.