THE INVESTMENT APPROACH OF CALVIN TAN

BINA PURI - THE MAGICIAN'S SLEIGHT OF HAND (Calvin Tan)

calvintaneng
Publish date: Tue, 04 Oct 2016, 10:28 PM
calvintaneng
0 1,854
Hi Guys,

I have An Investment Approach I which I would like to all.

Dear Friends of i3 Investors' Forum,

After the discovery of Pm Corp I think this BPuri Stock excites me the most.

Why?

Answer:

 

Because I SEE in the absence of good news INSIDERS are Buying and Buying Up BPuri shares like no tomorrow.

 

Refer again to Latest Annual Report. Scroll down to 30 Largest Substantial Holders

 

THIRTY LARGEST SHAREHOLDERS
 
No. of Shares % of Shares
 
1. RHB Nominees (Tempatan) Sdn. Bhd. 15,342,778 6.59  for Tan Sri Datuk Tee Hock Seng, JP...........6.59%
 
2. Ng Keong Wee ...........................14,093,600........................................................................................ 6.05
 
3. Jentera Jati Sdn. Bhd............... 10,388,000.......................................................................................... 4.46
 
4. Kittipat Songcharoen................. 10,000,000......................................................................................... 4.29
 
5  Jentera Jati Sdn Bhd (KLC)....... 10,000,000.......................................................................................... 4.29 
 
6. MSX Ventures Sdn. Bhd................ 8,467,600 ......................................................................................3.64
 
7. Datin Lee Kuan Chen.................... 8,000,000....................................................................................... 3.44
 
8. Datuk Henry Tee Hock Hin............. 5,594,668...................................................................................... 2.40
 
9. Dato Mohamad Feisal .....................5,238,000..................................................................................... 2.25 
 
10. Dr Tan Cheng Kiat....................... 5,000,000....................................................................................... 2.15 
 
11. Chan Fong Yun............................ 5,000,000....................................................................................... 2.15
 
12. Dr. Tan Cheng Kiat .......................4,368,902....................................................................................... 1.88
 
13.  San Tuan Sam ............................ 3,638,800....................................................................................... 1.56 
 
14. Cheo Chet Lan @ Chow Sak Nam, KNM.......... 3,126,884.................................................................. 1.34
 
15. Maju Offshore Sdn. Bhd.................................... 3,046,000.................................................................. 1.31
 
16. Taraf Cendana Sdn. Bhd................................... 3,000,000.................................................................. 1.29
 
17. Goh Kui Lian..................................................... 2,860,000................................................................... 1.23
 
18. Matthew Tee Kai Woon..................................... 2,818,925................................................................... 1.21
 
19. Lim Seng Chee .................................................2,425,500 ...................................................................1.04
 
20. Tay Hock Lee.................................................... 1,807,707.................................................................... 0.78
 
21. Tan Sri Datuk Tee Hock Seng, JP..................... 1,430,000.................................................................... 0.61
 
22. Foong Ai Lin...................................................... 1,426,000................................................................... 0.61
 
23. Siow Wng Yen @ Siow Kwang Hwa..................1,320,000................................................................... 0.57
 
 24. Tee Hock Loo................................................... 1,215,207................................................................... 0.52
 
25. Dato’ Razali Bin Daud, JP................................. 1,123,000................................................................... 0.48
 
26.  Ng Cheng Lean................................................ 1,038,000................................................................... 0.45
 
27.  Teo Geok Kiam (MY1156)................................ 1,000,000................................................................... 0.43
 
28. Lye Wee Ken..................................................... 1,000,000................................................................... 0.43
 
29. Tay Hock Soon (MY1055).................................. 898,900..................................................................... 0.39
 
30. Yeong Ah Sung.................................................. 880,600                                                                      0.38
 
                                                             Total............ 135,549,071.............................................................. 58.22
 
As you can SEE the total combined  Shares of 30 Top Hoders are 58.22
 
That was for Year 2015
 
A Throughout Search Tells Us A Different Story:
 
1. Tan Sri Datuk Tee Hock Seng is no. 1 & no. 21 top holders with a total of 7.2% shares of BPuri
 
Latest filing shows:
 

Total no of securities after change

Direct (units) 18,489,778
Direct (%) 7.64
Indirect (units) 4,863,925
Indirect (%) 2.01
Total (units) 23,353,703
Total (%) 9.65
Date of Notice 14-Jul-2016
 
He has increased his holdings to 9.65%
 
Datuk Tee Hock Seng has increased his shares by 2.45%
 
 
2.  Matthew Tee Kai Woon has only 1.21% according to Annual Report 2015. This Year he is Whacking Up BPuri shares!
 
Name MR MATTHEW TEE KAI WOON
Descriptions(Class & nominal value) Ordinary shares of RM0.50 each

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction
Date of change
No of securities
Price Transacted ($$)
Others
14/07/2016
1,560,000
0.500

 

Circumstances by reason of which change has occurred
ESOS
Nature of interest
Direct
Consideration (if any)
RM780,000

 

Total no of securities after change

Direct (units) 4,463,925
Direct (%) 1.844
Indirect/deemed interest (units) 18,889,778
Indirect/deemed interest (%) 7.803
Date of notice 14/07/2016
 
 
His share holdings JUMPED from a mere 1.21% to 9.65%
 
Matthew Tee has increased his share holding by 8.44%.
Matthew Tee is a Chartered Accountant. He sure knows that BPuri is too undervalue to ignore
 
 
3. Dr Tan Cheng Kiat is no 12 with 1.88%
 
See how much he added
 

Particulars of Director

Name DR TAN CHENG KIAT
Descriptions(Class & nominal value) Ordinary shares of RM0.50 each

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transaction
Date of change
No of securities
Price Transacted (RM)
Others
11/07/2016
300,000
0.540

Circumstances by reason of which change has occurred
ESOS
Nature of interest
Direct
Consideration (if any)
RM162,000.00

Total no of securities after change

Direct (units) 9,668,902
Direct (%) 4.048
Indirect/deemed interest (units)  
Indirect/deemed interest (%)  
Date of notice 11/07/2016

His share holdings Jumped from 1.88% to a new high of 4.048%!!

 

Dr Tan Cheng Kiat has increased his shares by 2.168%

 

So the Sum Total of Directors/Insiders purchase are 2.45% + 8.44% + 2.168% = 13.058

 

Now add this extra 13.058 with Year 2015 Total of 58.22 = 71.278%

 

So we can now SEE that 71.278% of BPuri paid up Shares are in the hands of Top 30 Share Holders.

And BPuri placed another 10% shares for private purchasers (name not mentioned) making it a Total of 81.278% in the Hands of Substantial Share Holders of BPuri.

 

That Means that 100% - 81.278% = a mere 18.722% Free Float Shares now still trading in the Market.

 

And Who knows? Maybe Insiders are using proxy names to buy up the remaining 18% shares in the open market quietly.

 

NOW WHAT IS THE REASON FOR INSIDERS TO BUY UP BPURI SHARES IN THE ABSENCE OF GOOD NEWS?

ONLY BAD NEWS FOR MANY QUARTERS WITH HIGH DEBT AND ANEMIC GROWTH.

WHAT'S WRONG WITH THESE INSIDERS? BUYING SUCH UNDER PERFORMING SHARES?

OR CAN WE THINK OUT OF THE BOX?

DID THEY ALL SEE SOMETHING YET FUTURE THAT WE DON'T AND SCOOPING UP CHEAP BPURI SHARES WHILE THE INVESTING CROWD IS TOTALLY OBLIVIOUS?

 

According to My Johor Sifu. There is a paradoxical secret of Accumulation & Distribution.

Accumulation is Done during down times with bad news after bad news. Bad news created on purpose?

And then Distribution!!  Distribution in times of Very Bullish Good News. So For Now Insiders are Accumulating & Accumulating! Some Future Day The Market Will Change From Bad to Good. Good news created on purpose?

 

Then? Then They Will Distribute?

When?

Answer:

When The Maddening Crowd Are Buying And Buying Like No Tomorrow on Good News!

 

SEE This Very Wise Post Below: ALL ARTICLES SAY,  "GOOD" & INSIDERS ARE SELLING!!

 

nocindycat distribution la, all article says gadang good, but owner sell, means run!
04/10/2016 18:21
 
nocindycat distribution la, all article says gadang good, but owner sell, means run!
04/10/2016 18:21
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bkt2008

what happen if BN lost the next election?

2016-10-05 12:42

calvintaneng

Posted by GoldenEggs > Oct 5, 2016 12:38 PM | Report Abuse

So scary man. Didn't even look at balance sheet then recommend buy~ You sure you will have good life by doing this?

What did you see?

GO LOOK CAREFULLY AT THE HIDDEN WEALTH IN ALL THE ASSETS OF BPURI

Rm205 Millions in Shopping Complex (USJ)
Many Valuable Real Estates & Businesses
Power Plant
Toll Road
Hospitality Business
Row of SHOPS FOR RENTAL
Many High End Condos & Villas
Quarry plant & Cement Mixer

So many you didn't see

Remember

The EAGLE SEES FIRST
Then followed by other flying birds
The chicken on the ground see nothing

2016-10-05 12:43

hpcp

That's my point. Other companies including GKENT and GADANG grow. But Bina Puri is still stuck there.

2016-10-05 12:46

calvintaneng

Posted by hpcp > Oct 5, 2016 12:46 PM | Report Abuse

That's my point. Other companies including GKENT and GADANG grow. But Bina Puri is still stuck there.

PRECISELY MY POINT HERE

BECAUSE GKENT & GADANG RUN AHEAD IT IS NOW TIME FOR LAGGARD BPURI TO RUN!!

Don't you SEE what I SEE!!!

2016-10-05 12:48

hpcp

Laugh die me. Please do homework. Have you compared their margins? Bina Puri should have won the award of best consistency in margin. Persistently below 1% most of the time.

2016-10-05 12:56

calvintaneng

Posted by hpcp > Oct 5, 2016 12:56 PM | Report Abuse

Laugh die me. Please do homework. Have you compared their margins? Bina Puri should have won the award of best consistency in margin. Persistently below 1% most of the time.

Answer:

I think it will be hard for you to understand what I SEE

Nothing is visible yet. Of course you are looking at historic records.

I SEE things coming ahead which others cannot see now.

I SEE:

1) A CHANGE IN EARNINGS GROWTH GOING INTO END 2016 & 2017 & BEYOND

2) I SEE Some Corp exercise - either BPuri being taken private, give bonus issues with Free warrants or suddenly declare huge gain with surprising dividend

3) I SEE Bpuri will be given the Lion Shares of Job Awards like GKent & Gadang

4) I SEE it Shooting up in price like Jaks to cross over Rm1.00

5) I AM SO HAPPY NOW THAT I CAN STILL BUY MORE BPURI ON THE CHEAP WHILE SO MANY OTHERS STILL CANNOT SEE.

Going for a nice lunch now

See all later!

2016-10-05 13:04

hpcp

If Bina Puri is good, why it had to go through par value reduction about 2 to 3 years ago, even though there was no crisis that time. How to explain that?

2016-10-05 13:38

Ricky Kiat

bro icon888, u are very funny. (^o^)

2016-10-05 13:48

Ricky Kiat

even thought sometime we have disagree with bro calvintaneng , but he is very hardworking & intelligent person. (^-^)

I have learn some info from his article. thanks bro.

2016-10-05 13:52

uncle

Calvin why so high profile lately?

2016-10-05 13:56

bkt2008

Bcause he recomend Bina puri lor

2016-10-05 14:01

calvintaneng

Uncle from Investlah?
Still holding your kpscb?
BPuri hasn't run yet. Better get some and wait for job awards!

2016-10-05 15:14

Gen2

Please also take notice that Jentera Jati once a largest shareholders has paired down their stakes from over 20% to less than 10% !

And, another prominent business man owned company Bumimaju Mawar has also sold their stakes from over 19% in year 2010 to almost 0% ( not even appeared in the 30 largest shareholders list ) !!

I believe we should also asked ourself why should we buy into Bina Puri if the riched has sold their's at loss ?

2016-10-05 15:58

hpcp

Calvin, waiting for you answer on this. If Bina Puri is good, why it had to go through par value reduction about 2 to 3 years ago, even though there was no crisis that time. How to explain that?

2016-10-05 16:45

calvintaneng

hpcp Calvin, waiting for you answer on this. If Bina Puri is good, why it had to go through par value reduction about 2 to 3 years ago, even though there was no crisis that time. How to explain that?
05/10/2016 16:45

herb Can director refuse ESOS share and receive cash instead?
05/10/2016 16:49

hpcp,

Par value reduction was to facilitate Private placement of BPuri shares at 50 cts to 51.5 cts. Par value was reduced from Rm1.00 to 50 cts. All the 30 over million shares were placed out between 50 to 51.5 cts then.

ESOS is the offer to buy Company shares. Usually at 10% below 5 days of average trading price. So if the share traded in the market is 50 cts after being averaged out after 5 days. After discount the Staff or Emplyees get to buy ESOS shares at only 45 Cts (10% less than market).

However, since ESOS cannot fall below par value of 50 cts Insiders were offered 3.2 million BPuri shares at 50 to 54 cts.

So all the privately placed out and internally offered ESOS shares were all taken up at 50 cts.

I AM SO HAPPY TO BUY BPURI BETWEEN 41.5 to 42.5 cts AGAIN TODAY!

I have sold down other shares to buy more BPuri shares today in a time of weakness

I will continue to liquidate others & pile more into this potential Gold Mine of BPURI.

Give me a "FIVE". Haha!

2016-10-05 17:08

calvintaneng

Gen2 Please also take notice that Jentera Jati once a largest shareholders has paired down their stakes from over 20% to less than 10% !

And, another prominent business man owned company Bumimaju Mawar has also sold their stakes from over 19% in year 2010 to almost 0% ( not even appeared in the 30 largest shareholders list ) !!

I believe we should also asked ourself why should we buy into Bina Puri if the riched has sold their's at loss ?
05/10/2016 15:58

Yes, Gen2,

Jentera Jati is owned by MMC Boss privately.

fyi

Former Gamuda Director son also took up private placement of BPuri shares at Rm1.00. He is still the Top 2 shareholder of BPuri. His name is Ng Keong Wee.

So over the years substantial holders come and go.

BUT I AM MORE INTERESTED IN WHAT CURRENT DIRECTORS ARE DOING.

Last time I saw INSIDERS OF TN LOGIS BUYING AT RM1.50 & I FOLLOWED THEM. TN LOGIS LATER GAVE BONUS ISSUE, WARRANT AND SHARE SPLIT - PRICE SHOT UP TO RM7.00 and SPLIT UP 500%

SO I EXPECT SOMETHING GOOD TO HAPPEN FOR BPURI ALSO

2016-10-05 17:15

Gen2

.

Calvin, it is normal when substantial shareholders sold their shares with profit taking. But, if not one but two very substantial shareholders has sold theirs at a loss mean they see something we don't see.

.

2016-10-05 17:37

hpcp

Calvin, par value previously was RM1. Which mean IPO time it was at least RM1 or higher. Why the share price performed so badly that it had to do capital reduction? Didn't you ever give a thought to it? Gamuda, IJM do not have this problem. By right, after 40 years, it should have enough reserve to do bonus issue instead of capital reduction. No bonus issue according to Bursa website back to 1999. Do you know that it actually raised RM40mn from right issues in 2003. Where has all the money gone?

2016-10-05 20:09

Icon8888

Binapuri has high borrowings of RM581 mil while net assets is only RM230 mil.

If not careful, will become the next Perisai. Calvin bought Perisai at 46 sen, today it is 8.5 sen.

Perisai has RM900 mil borrowings

Can't you see the similarity ?

2016-10-05 20:18

calvintaneng

Gen2 .

Calvin, it is normal when substantial shareholders sold their shares with profit taking. But, if not one but two very substantial shareholders has sold theirs at a loss mean they see something we don't see.

.
05/10/2016 17:37

Gen2,

Last time when I bought Pm Corp from 15 cts down to 9 cts I saw PNB throwing Pm Corp shares like no tomorrow.

So? Does it mean that Pm Corp is bad?

Price & Shareholders buying or selling do not determine value.

What actually determine price is the INTRINSIC VALUE.

So we must find the INTRINSIC VALUE AND BUY BELOW IT.

I bought Pm Corp as low as 7.5 cts and it later shot up to 36 cts.

So BPuri to me is a great buy at 41.5 cts with NTA of 93 cts.

2016-10-05 20:22

calvintaneng

Hippo Buy Signal Is it still good buy that the INSIDERS were not buying as much as what was published in this article?

Any clarification that the below statements are wrong?

Datuk Tee Hock Seng has increased his shares by 2.45%
Matthew Tee has increased his share holding by 8.44%.
Dr Tan Cheng Kiat has increased his shares by 2.168%

Matthew Tee Kai Woon is the son of Tan Sri Datuk Tee Hock Seng, JP
Last year May 2015 he already have so much
Direct (units) 3,380,925
Direct (%) 1.570
Indirect/deemed interest (units) 17,199,778
Indirect/deemed interest (%) 7.970
Date of notice 21/05/2015
05/10/2016 18:54

I think there may be less ownership of shares as some are cross holdings.
I need to check up on this.

2016-10-05 20:24

calvintaneng

hpcp Calvin, par value previously was RM1. Which mean IPO time it was at least RM1 or higher. Why the share price performed so badly that it had to do capital reduction? Didn't you ever give a thought to it? Gamuda, IJM do not have this problem. By right, after 40 years, it should have enough reserve to do bonus issue instead of capital reduction. No bonus issue according to Bursa website back to 1999. Do you know that it actually raised RM40mn from right issues in 2003. Where has all the money gone?
05/10/2016 20:09

It's ok. Par value reduction was done in Pm Corp to write off debt & give Cash payout.

The single most important factor is

Am I buying a share below ITS INTRINSIC VALUE?

2016-10-05 20:28

hpcp

From track record, instead of maximising shareholders' value, it has been minimising shareholders' value. And you are still the state of denial...

2016-10-05 20:53

calvintaneng

last time mui group only devastated the value of pm corp by diluting it with mui iculs a, b and c.

So?

So there is a value. And price fell below intrinsic value so I loaded up.

All the negative news about bpuri is already factored into its price.

If not how could bpuri be only 41.5 cts when gadang and gkent above rm2.50?

2016-10-05 21:12

traderman

If not how could bpuri be only 41.5 cts when gadang and gkent above rm2.50?

-------------------------------------

It means the company are in shit.

but hope you buy more

2016-10-05 21:17

Wing50

You don't have the courage to defend your arguments right at the beginning when facts were presented - 'Bursa Stock Talk' 'Is Bina Puri cheap'. Remarks like" Eagle see from high" and "made 6 figures sum from PM Corp" won't help your arguments. On the other hand, comments from fellow investors in I3 are sharp and relevant. You have certainly lost your case. as this is now reflected in the share price and trading volume today.

2016-10-05 21:51

calvintaneng

Wing50,
I still in Booming Iskandar now.
Will give a full answer this weekend when I am back in Spore.

2016-10-05 21:58

calvintaneng

Traderman,

Yes, I bought more today between 41.5 cts to 42.5 cts.

Will add more if price should weaken further.

I firmly believe at this price I am getting good value. After all I am happy to buy at 42 cts when Insiders are paying much higher at 50 cts both by Private placement and ESOS.

2016-10-05 22:02

Eternal

Then why insiders should pay higher? They can just buy from market, right?

2016-10-06 04:16

promote

Brother of Charlie, Why not promote MULPHA now? It is 21 sen.

You DID promote MULPHA so so hardly @ 41.5 to 42.5 cts

(MULPHA 41.5-42.5, year 2014, where this Charlie's brother promote so hard hard de)

2016-10-06 05:13

hpcp

Since 2003, bina Puri has raised RM100m from rights issue and private placement. Was this additional money raised put to good use? Market cap now only RM100m. The shareholders must be crying. Not enriching minority shareholders. If you have bought Gamuda and Ijm instead, you are much richer. Bina Puri management ok ah?

2016-10-06 05:54

calvintaneng

Eternal,

Good question,

Why Insiders buy through ESOS and private placement at 50 cts when they can get it cheaper from open market at 20% less?

Answer:

Because they can get 3.2 million shares through Esos and 21 million shares through private placement. Far more that they can get through the open market which very little is sold on certain days.

See Matthew Tee only managed to get 10,000 shares a day.

2016-10-06 07:10

calvintaneng

Promote,
Why not promote Mulpha instead of BPuri,

Answer:

There is a season for everything and a time to every purpose under the sun.

Mulpha's time will come when HSR station is ready. Just like durian season is just over.

So BPuri's time has come.

2016-10-06 07:13

calvintaneng

hpcp,

Last time there was value destruction. Now is the time for value creation.

The left hand of losses is now compensated by the right hand of gain.

If you understand what I mean

2016-10-06 07:15

hpcp

The same managament, the same major shareholders. What have changed to make it a value creation company from a value destructive one

2016-10-06 07:36

hpcp

I think Asia Media has done rights issue 2 times. Major shareholder put in money but the company didn't turn out to be better. He lost money as well.

2016-10-06 07:37

calvintaneng

Go to Pm Corp forum. Scroll back to My first post on Sept 20 2013.

How Pm Corp turned from value destruction to value creation. Same for bpuri now. I don't know about Asia Media. No comment

2016-10-06 07:46

calvintaneng

Why is Calvin so excited about bpuri. Do you wonder why

Answer:

I am like a child having found a jar of candy. So I want to share my joy.

I am like a fisherman having found the best fishing spot. So I am telling friends of a nice discovery.

So I am here to spread happiness
..

2016-10-06 07:55

andy87

bpuri could end up like asia media. beware of those insider accumulation story.

2016-10-06 08:15

hpcp

vacumming minorities wealth

2016-10-06 10:17

Wing50

It is very obvious now that this is "salesman patter" attempting to promote a share!

2016-10-06 16:50

promote

YOU HAVEN'T ANSWER: MULPHA NOW 20 SEN? STAGE 1 AGAIN? OR YOU HAVE TO ADMIT YOUR THEORIES:

STAGE 1 THEORY: ACCUMULATION OF MULPHA = 42 SEN MPER MULPHA?

STAGE 2 BLABLALBA..

is WRONG.

2016-10-06 21:05

cresbinvest

Buy SENDAI better

2016-10-06 21:06

calvintaneng

Posted by calvintaneng > Oct 7, 2016 01:58 PM | Report Abuse X

Ok guys,

I have updated the Rm1.35 Billions Pan Borneo Award of which BPuri stated its total then was Rm480.66 Millions.

Will keep all updated as and when Company Announce More New Project awards.

Btw,

I spoke to one Johor Buddy today. He mentioned that he missed buying GKent because it was thought that GKent is only a mediocre company dealing with water meters. Never expected GKent to win MRT project awards.

He mentioned that it was a political link that got GKent such projects. And GKent price shot past Rm2.00

And this same thing is now being done for BPuri. After all BPuri is also politically linked and with General Election expected latest by year 2018 BPuri should be doing well.

That's all for the time being.

See you all.

Please buy or sell according to your own discretion

Final decision is yours

2016-10-07 14:04

calvintaneng

Post removed.Why?

2016-10-10 23:06

VitaminM

Calvin, Matthew Tee indirect shareholding is via the father stake. So he does not increase his stake as much as you mentioned, have to deduct 7.8% stake out. Wonder why their profit margin so thin?

2016-10-11 21:16

calvintaneng

VitaminM

I think you are correct. Matthew's major stake is through his father's.

However, it doesn't matter now.

Focus on these 2 things:

1) Next few coming quarters should report better results.

2) More project awards for Bpuri just like they gave Gadang & GKent.

What a happy day today.

I am so happy for all and also tired

Good night

ZZZZzzzzzz,,,,.......

2016-10-11 22:10

shafie

calvintaneng you are full time trader ,everyday post at blog

2016-10-11 22:14

calvintaneng

Posted by shafie > Oct 11, 2016 10:14 PM | Report Abuse

calvintaneng you are full time trader ,everyday post at blog

About to turn off my computer now

Calvin answers:

A Big No!

No trading or gambling for me. I only invested less than 3% of my capital in the share market.

I am here to

1) Share my joy.
2) To learn from every one
3) To warn newbies & innocent lambs from getting slaughtered by conman or sharks or syndicates (Oh they really hate me by posting with fake id!)

4) To show safe stocks for long term investments
5) To offer help to guide the way

That's all

Good night now

ZZZZZZZzzzzzz,,,,.....

2016-10-11 22:19

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

BINA PURI
15.9.2016 29 SEN
7.3.2024 7 SEN

2024-03-07 15:23

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