THE INVESTMENT APPROACH OF CALVIN TAN
Bina Puri - The Side Kick Discovery. What is it? Lesson from MG9231 - Benjamin Graham of i3 Forum
calvintaneng
Publish date: Tue, 18 Oct 2016, 11:31 PM
calvintaneng
0 1,801
Hi Guys,
I have An Investment Approach I which I would like to all.
I have An Investment Approach I which I would like to all.
Hi Guys/Gals, Men/Women & Fellow Investors if i3 nvestors' Forum,
I met my Johor Sifu 2 weeks ago, the guy with the MG9231 ID.
I called," MG9231, you are the Benjamin Graham of i3 Investor's Forum"
"No lah, not yet lah!" He replied with all humility. Very low profile indeed! A man whom I learnt great investment wisdom.
It was a nice long afternoon talking to him as he shared his life's experience.
Upon graduation from University Malaya he worked as an accountant. An auditor in chief over a Supermarket chain.
Ha! He said, "If receivables are still receivables in the balance sheet after 6 months it should be called"bad debt".
That's a new revelation to me that clear afternoon over coffee in JB City. He warned me about Megan Media - almost 10 years have passed now from year 2006.
In those days Megan Media looked like a great stock
Selling at around 67 cents
NTA is over Rm2.00
P/E only 3
And pay a small dividend.
All the characteristics point to a great growth stock with high NTA. Almost 95% of the people in the Stock Market bought and bought into the Megan Media story. Almost 100% of the people swallowed the Megan Media "Blue Ray Disc" story.
Except MG9231! He stood firm. One man against all. No wonder he is so lonely when I met him. I too, would have disagreed with him for all the printed facts proved that Megan Media was a great buy.
I questioned him, "Why, what's wrong with Megan Media?" He replied, "All the projected profits are quoted under receivables. And these receivables have been there for too long".
I wasn't sure. I had 30,000 shares of Megan Media at 67 cts or around Rm20,000.
Then one day I saw a Director sold 3 million Megan Media Shares - One Big Red Flag. Then another Director followed selling 5 million Megan Media shares - 2nd Big Red Flag.
I told my remisier, "Clear all my 30,000 Megan Media shares immediately, at whatever price!!" It was 65 cts. So I lost 2 cts.
After selling Megan Media shares, to my chagrin, the next day Megan Media, rebounded to 70 cts. "Ouch!" Why the haste? If I only sell one day later I would have made a profit? Never mind, what's done, it's done.
Months later. The bad news from Megan Media surfaced. Price went limit down. And limit down again. Then Megan Media gone bankrupt & delisted! All the profits with fictitious. The Blue Ray Disc Factories were not existent. Directors fled or were arrested.
Ha! Now I know that MG9231 is not just an accountant. He is also an auditor!! His 2 sons are also auditors.
Now! Among the lessons I learnt is called "Side Kick"
Ha! It's like this. If something you discovered in one Company. You can identify its positives or negatives in another similar company.
Today, MRCB has announced that it is disposing the EDL (Eastern Disperal Highway) for a cool Rm1.55 Billions. This EDL is 8.1 km long. I travelled on it quite often in my visits to Iskandar. MRCB built it for Rm1 Billions. Now with Coming General Election Govt is doing something for MRCB? That's why both Tabung Haji & EPF are loading up? Something brewing in MRCB soon? If not why EPF sold down so many companies and Loaded up 17 Million MRCB Shares?
Now, don't be diverted. My focus is on Bina Puri. What has MRCB's EDL got to do with BPuri.
Of course by "side kick" there is a link lah!
In Year 2008 When the 8.1km EDL was constructed Bpuri also constructed the 30km LATAR Highway from Templer Park to Kuala Selangor. For MRCB it was Rm1 Billion & for Bpuri jv with Mudajaya it was Rm958 Millions
Company Announcements
Since MRCB is asking a 50% premium for the EDL Highway from PLUS. By the way, both MRCB & PLUS are owned by EPF.
I owned PLUS shares until it was taken private later. And PLUS is a Cash Cow.
So by the same logic the LATAR Highway should be valued at 50% premium? So Rm958 Millions x 1.5 = Rm1.437 Billions.
But BPuri only got 50%(other 50% belongs to Mudajaya) in the 40 years concession. So Rm1.437 Billions divided by 2 = Rm718.5 Millions! And what is Bpuri's Rm580 millions debt? One highway can "kaw tim" all debts! And so many other hidden assets of great value!
WOW! WOW! WOW!
So now you know the hidden gold mines of Bpuri!! All these years they show very lousy profits. While the Golden Ingots are all hidden away! No wonder Insiders ARE LOADING UP LIKE NO TOMORROW!
Now I know Why I Will Be Rich!
This was told to me by another SIFU. His name is Warren Buffet
Remember the sequence
Eagle SEES First
Followed by other flying birds
The chicken on the earth see nothing until too late.
Warm Regards & Good Night,
Calvin Tan Research
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Discussions
2 people like this. Showing 32 of 32 comments
Not entirely correct about the receivables part.
You see, receivables can be categorized as short-term receivables and long-term receivables.
Any receivables due more than twelve months date are considered as long-term receivables, not bad debt.
When the company is unsure of collecting the receivable, they make an account called "allowance for doubtful debt". It is when they have ascertain the debt is not collectible, it be then categorized as bad debts.
2016-10-19 00:15
Actually, one glance is enough to notice that something is not right with Megan.
>Selling at around 67 cents
>NTA is over Rm2.00
>P/E only 3
>And pay a small dividend.
Check the China listed counters in Bursa... see familiar trend?
2016-10-19 00:30
Ezra_Investor , u always has the quality. BIG LIKE !
In Megan truely no rocket science needed to spot the wrong doing.
2016-10-19 00:30
BINA PURI = Blossoming Pleasantly
http://www.theedgemarkets.com/my/article/bina-puri-acquire-more-ideal-heights
2016-10-19 09:01
Calvin, is that how you arrived the valuation of highway? Simply apply 50% premium? Analysts have to work out the DCF valuation using toll rate, traffic forecasts, repayments of borrowings, etc. You can do it in one step! All the analysts are rubbish! You are so sophisticated and analytical. You are the best analyst in the universe. Wow
2016-10-19 10:35
Calvin, who is MG9231? Never heard about him in i3. You are now the most famous one.
2016-10-19 10:37
KLCI King Calvin, who is MG9231? Never heard about him in i3. You are now the most famous one.
19/10/2016 10:37
Calvin replies:
When I first came to i3 Investors' Forum on Sept 2013 it was MG9231 who first mentioned that KcChongnz's writings have good value. Even OTB needs to learn from KCChongnz, according to Sifu MG9231.
Now if you want to know more about MG9231 you just go to
ICapbiz forum of Tan Teng Boo.
You will see his postings there.
He was a good friend of TTB who offered him ICapbiz shares at par of Rm1.00.
Now he is fed up that TTB is sitting idly, doing nothing with a big fat salary of Rm6 millions yearly.
My Johor Sifu MG9231 is 3 times better than TTB.
I think if he and KCchongnz starts an Investment Fund in Malaysia it might turn out to be the top.
He said Pheim's Boss Tan Chong Koay paid visits to over 600 companies yearly while TTB is doing nothing at all but waiting for market crash.
Both myself & MG9231 likes the book by Tan Chong Koay "RISING ABOVE FINANCIAL STORMS" I think I agree with 90% of Tan Chong Koay's writings. They are par excellence!
2016-10-19 11:13
I love your comment here:
He said Pheim's Boss Tan Chong Koay paid visits to over 600 companies yearly while TTB is doing nothing at all but waiting for market crash.
2016-10-19 11:19
Thank you for introducing this book, will take a look at it.
Both myself & MG9231 likes the book by Tan Chong Koay "RISING ABOVE FINANCIAL STORMS" I think I agree with 90% of Tan Chong Koay's writings. They are par excellence!
2016-10-19 11:21
Posted by blackealge1989 > Oct 19, 2016 06:34 PM | Report Abuse
I respect u Calvin,
I agree with the Ideology of ur investment
U timely remind on those over heat counters save many retails investors
May God bless u
CALVIN SAY "BIG THANK YOU"
YOU MADE MY DAY
MANY HAPPY RETURNS TO YOU AND TO ALL AT I3 FORUM
2016-10-19 18:36
blackealge1989, do you know that you are idiot, why? Because you just try to take out shit from your mouth & to put it into mine.
2016-10-19 21:08
If you want to worship calvin & lick his bxll, that's your choice, I am not interested of that.
2016-10-19 21:09
Normal people in i3 won't reply but calvin replied in very gentle way, so I have to respond in the same way, fair enough, right? Calvin?
KLCI King Calvin, who is MG9231? Never heard about him in i3. You are now the most famous one.
19/10/2016 10:37
2016-10-19 21:12
Even price has shoot up, I still think this company has too many things hidden inside & I will always avoid. All must have seen even a rubbish company can be limit up for no reason, why? Because this is stock market.
2016-10-19 21:14
Calvin, can I be friend with mg9231. Can we invite him to participate 2017 competition? It will be interesting one as many expecting financial crisis. He has lots of qualities that we can learn from.
2016-10-19 23:13
Posted by moneySIFU > Oct 19, 2016 11:18 PM | Report Abuse
Calvin, are you crazy? Disclose your phone here?
moneySIFU
3190 posts
Posted by moneySIFU > Oct 19, 2016 11:20 PM | Report Abuse
For safety reason, please avoid, email will be good enough.
Calvin replies:
Thank you for your concern. It's ok lah. People who called me from i3 forum are all very polite & nice. Whether whatsapp or phone directly.
It's only when they hide behind unknown ID that they changed into a totally different set of behavior.
See,
People like Kcchongnz, Ooi Teik Bee & Koon Yew Yin post with their real names & also pictures also.
I think i3 forumers should be more transparent for there is nothing to hide.
2016-10-19 23:25
Calvin sifu, besides Bpuri, what else u recommend for budget play?
Ur pick Bpuri very good.
2016-10-19 23:29
Posted by newbie92 > Oct 19, 2016 11:29 PM | Report Abuse
Calvin sifu, besides Bpuri, what else u recommend for budget play?
Ur pick Bpuri very good.
Calvin thinks Bpuri engine has just only started. Long way more upside.
For GE14 Stocks? Hmmm?
I think MRCB might have some catalyst going on there. They wanted to dispose EDL Highway & Menara Shell to pare down debts. Things are still in early stages. Need to see further development from EPF who is the main owner. I am still watching it.
2016-10-19 23:32
haha, got it, Mr Calvin, your Bina Puri is doing fine now, well done again.
2016-10-19 23:33
Yes, for Budget I think there will be more infrar projects as Govt needs money for coming GE14
2016-10-19 23:34
Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$â¬Â£Â¥
BINA PURI
7,10.2016 36 SEN
7.3.2024 7 SEN
2 months ago
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2016-10-19 00:00