I dont get the acquitision logic, those lands are left with 41 years leasehold, and the production is falling year by year. Since its owned by related parties, why dont they just inject those asset by issuing shares to them?

I dont like the idea related party to transfer 30% cash holding into their own pocket with a lousy deal.

Personally I prefer they dont distribute the 900million and keep as warchest. There will be a lot of good deal when enter recession.

@juon 70 cent factor in huge margin of safety. I will just hold back now to see if any bad news come out, in the past, Skpres share price has down few times before news outburst. But its a pretty boring and solid company.

queue buy around 70 cents

after all the hooha fantasy from past few weeks, get trashed this morning...

tapi tak ada orang tahu operator sama ada akan goncang ke 67sen rebound 90 sen(25% return), atau goncang sampai 30 sen dan rebound 40 sen(33% return).

setakat ni, Operator goreng hingga 1.70, dan goncang hingga 60sen. dalam proses ni, dia sudah untung jauh lebih daripada marketcap asal Salutica.

Encouraging :
i. higher foreign exchange gain on retranslation of foreign currency bank balances denominated in
British Pound (“GBP”) as GBP strengthened against Ringgit Malaysia (“RM”);
ii. higher interest income from unit trust and fixed deposit following capital contribution repayments
from Eco World-Ballymore and Eco World London; from 4 million > 12 milliom
iii. most of borrowings in MYR.

Not so encouraging:
The current quarter’s reduction in LBT was offset by higher losses incurred on joint ventures resulting
from higher share of losses in Eco World London due to lower completions and increased construction
and defects rectification costs.

Financials compare to previous qtr
- amount owing by JV rises 100million
- net cash inscrease 200+miliion
- compare to previous quarter the NTA rises

Will sit until distribution finish by 2024. By then, if EWINT announce new project launches, share price should be going up again :)

i dont raise those as news to drive stock price, as investment logic whether retail investor should speculate in winning the case against apple.

The share price only reflect market force, not that piece of news. salutica share price actually hit year high the day after the news break out.

Technical trader can always find support and TP even the price is diving. good luck.

https://theedgemalaysia.com/node/663585

None of them acquire more shares too.
If you trade on this pattern case, just think about what if Salutica loses or drop the case vs they win the case.
Would your capital be better off deployed at a more certain investment.

The founders know best whats the chances of winning, if he is highly positive on winning, he would have buy shares, but he didnt, and one of the director even offloading.

The frenzy begins just because a Vitrox shareholder buying in bulk, but anyone knows him well enough?

Yet, there's a people here believe they know better than the founder and speculate winning the case.

From the Edge:
Amid the recent interest in the stock, Salutica chairman Leow Chan Khiang and several of its directors, including Chia Chee Hoong and Low Teng Lum, disposed of some of their shares. Leow and Chia sold 700,000 shares respectively, while Low offloaded 630,000 shares from April 6 to 14, according to bourse filings.

The first payout is targeted after August, many cant wait. :p

If GBP > MYR hold, it will constribute postively to the group.

As their gross margin is around 18%, if GBP strengthens 10%, would it pop up the Gross margin to 28% and provide higher distribution to shareholder?

i3 is indeed flooded with traders who monitor short term price movement.

Perhaps along the cash flow can sustain debt repayment and pay down borrowings, they will be doing fine.

4.5b avg 7.5% only 330million. armada operating cash flow is 1.4billion. They still have acces of 1billion to par down the debt, and further reduce the interest.

Based on Annual Report FY2022

With the receivables 4.5b just almost on par to pay off total borrowings of 4.5b in next few years, does it mean there wont be any dividend payout expected in next few years?

The borrowings interest seems quite high
USD Term loan - floating rate 7.85% (3.55% in 2021)
Sukuk 6.35% (fix rate)
And more than 50% of it has to be repaid within 2 years

Capital A agm is coming, are you ready?

@hng33 thanks for the point, before this I dont quite understand why cant EWINT declare capital reduction instead of dividend to pay shareholders, now I get it....lol

@ECCW business good doesnt means its worth the price.

looks like the commenters here doesnt have any vested interest in AAX, else someone would have provide some info from the AGM today. :p

anyone attended today AGM? please update

the targeted 400 million from fy2024 sales will be retained as working capital, they still got few billion GDV yet to launch project.

I like the management cautious behavior, when interest is low, net debt is high, when interest start running up, they turn into nett cash position within a short time frame. They have the patience to wait for good time to strike.

@ks5S why the funds have to defend the price? They comes in as investor, not share price defender.

Wonder why management and major shareholder not buying....

QL last 4Q ROCE is 13%.
Share price is diving today, but very thin volume, probably squeezing out margin traders.

@Eatcoconutcanwin when airasia business is injected into AAX, there will be heavy dilution and uncertainty what it will cause to it balancesheet. Airasia is so much bigger.

Just to share what WB says about airline stocks
1. It's a business where many player repeatedly goes bankrupt, and get bail out
2. It's a business where only way to grow is to buy more planes (high capex spending), which takes a long time to return it cost.
3. There's no pricing power (to sell more expensive tickets)


It has been shown regardless how well airline grows, one incident can destroy it balance sheet. pandemic, war. And its a desire to travel, not necessity, especially for Airasia case, which focus on leisure travel.

Note 26. There’s a capital commitment in aircrafts purchase yet to be provided.
How will that be funded?

@dumbMoney spot on.

@JohnD0ugh Do you agree with what TTB there's no bargain in the market in 6 years with 3 crisis unfold - trade war, pandemic, ukraine war.

And btw, he bought into Capital A, now look is AAX or capital A excelling?

@arsenal93 the working capital funding is mentioned during their recent AGM. you can write to the management for clarification.

From FY2017 - FY2022
> Investments + Cash Equivalent reduce (16 million)
> add back the 28 million dividend distributed last year, become 12 million
> Within the period, Total Fund management fee + Investment advisory fee is 40 million
> ICAP team gain more than Shareholder's equity gain

From FY2019 - FY2022
> Investments + Cash Equivalent grow 24 million
> add back the 28 million dividend distributed last year, become 42 million
> Within the period, Total Fund management fee + Investment advisory fee is (27 million)
> ICAP team makes around 60% of Shareholder's equity Gain
> The current Asset value is around 446million, 42million gain over 4 years is less than 10% growth!

With share price performance 30% below its NTA.

Personally, I prefer the fund be liquidated so shareholders get back an appropriate return.
Mr.TTB can compare performance since inception, but the recent years performance is very lousy.
Also I dont think its appropriate to benchmark against KLCI index, as % of icap portfolio holdings in the index is negligible. Don't think such performance is right to benchmark against KLCI index.

What's the criteria for COL to able to force the fund into liquidation?

targeting ~20mm operating cash flow for coming qtr announcement.

is there any announcement on how AAX plans to raise the capital for the flight business injection from Capital A?

@risk8888 where do you got the figure of 17 billions in sales and they are not making money?

from annual report, revenue recognised since 2017 ipo is around 1.4 billion. Generated Free Cash flow of 1.7 billion in total.
Financial position improves from net debt of 1 billion in 2019 to net cash in latest qtr
in FY2022 year end, total amount owed by JV is 1.7 billion which could translate to revenue pre write off.

Hopefully sustainable recovery on home sales
https://www.reuters.com/world/uk/uk-house-sales-pre-covid-levels-after-mini-budget-shock-rightmove-2023-04-11/
https://www.telegraph.co.uk/property/house-prices/uk-house-prices-rise-april-2023-nationwide/

Thanks for the ticket! am looking forward

@calvintaneng got free ticket? lol

What if Apple talks to plantronic and Logitec to stop business with Salutica?

@calvintaneng are you speaking at the Investment Summit 2023?

upside is 0.15, downside is 0.60, its not worth risking

the fair price is around 0.9~1.00 as of now.
There's no basis to benchmark against what's the ipo price, as the prospect back then and now are different.
The management just show they stick to their word, dividend is already proposed via capital reduction.

Salutica shares issued is ~420 million shares.
before April , the share price is just below 0.3, giving it a market cap of ~120million

Over past two weeks, Salutica total volume traded is ~500 millions shares, trading within 0.60 to 1.68. If the sharkgroup just make 30 cents from the 1.00 gap through active trading., It would have made ~ 150 miliions, more than salutica marketcap before the run.

Even the stock price tanked down back to 30 sen, The insider has basically make more than what the company initial market cap is worth.

The new shareholder owns 20 millions shares, out of 500 millions traded. great bait this is.

Waiting for foreign investor to buy in for the JV prospect

Sell value greater than buy value, yet price goes up? good luck

it went up and come down for speculative reasons. its only valid if you can come up with solid numbers to justify it.

Retail might justify the big investor go in at higher price, but be aware he would be able to average down even at high price through Infra day trading. You might see how much he might buy at one day, but you can’t know how much he buy and sell through proxy. His daily trading volume announced is just 5% off total volume.

Anyone attended AGM? why the company keep such high cash holdings?

@Julian1981 what role did MR CHEONG SIEW CHYUAN play in Vitrox?