Hi guys 

I was in Booming Iskandar yesterday 

This morning I looked at the latest Qtr of Azrb 

And this is what I found out 

Stayed tuned as I type

Looking at the Accounts give an answer which is clear & solid 

Revenue increased from Rm178 mil to Rm266 mil from last year qtr 

SO REVENUE IS UP BY 49.4%

The NTA has dropped from 83 sen to 77 sen 

But you must remember that AZRB gave out 1 for 8 Bonus Issue last year end 

So let us calculate 

83 x 12/100 = 9.96 sen (bonus) 

Less 9.96 sen from 83 sen = 73 sen 

So the Adjusted Bonus NTA should be only 73 sen 

Why got 77 sen NTA still? 

ANSWER 

NTA HAS ACTUALLY INCREASED BY 4 SEN!! 

GODD!!

Now take a look more clearly into the Balance Sheet 

There is still a forex loss due to Rupiah residual weakness from USD debt & Indon operations 

It was forex lost of Rm4.1 millions 

If no forex impairment of Rm4.1 millions then AZRB should be in the black

More than that 

THE NET CASH POSITION HAS ACTUALLY INCREASED 

IT WAS RM200 MILLIONS 

NOW RM530 MILLIONS 

(((NET CASH HAS GONE UP BY RM330 MILLIONS))) 

This is only a brief look 

GO AND STUDY THE REST YOURSELVES 




NOW ALL MUST REMEMBER THIS 

AZRB WILL BE TOP BENEFICIARY OF ECRL 

TODAY IS MARCH 1ST 2019 

NEXT MONTH IS ECRL GOOD NEWS 

SO JUST WAIT 

AND BETTER LOAD UP KAW KAW NOW!!! 

The time to buy is when there is fear 

To be greedy when others are fearfully selling 

And one more thing 

THE 3 TOP COMMANDOs of OSGE ARE CARIMIN, PENERGY & DAYANG 

PENERGY EARNS MORE THAN CARIMIN BUT EARN LESS THAN DAYANG 

SO PENERGY IS IN A SWEET SPOT 

1) IT IS BETTER THAN CARIMIN (PPE Rm119 MILLIONS) BECAUSE IT EARNS MORE 

2) BUT PENERGY (PPE RM319 MILLIONS) 
PPE = Property/Plant/Equipment) EARN LESS THAN DAYANG (PPE RM1.4 BILLIONS) 

BUT DAYANG GOT RM1 BILLIONS BORROWINGS & ALSO ITS LIABILITY IN PEDANA 

PENERGY WITH SUCH CLEAN BALANCE SHEET & GROWTH IS THE BEST BUY NOW 

Have a nice day bargain hunting oversold stocks 

MAY ALL KEEP STRONG & PROSPER 

Please avoid contra trading BUT INVEST LONGER TERM

BEST REGARDS

Calvin Tan Research

Singapore