I remember I bought initially was around rm400k on margin, then top up slowly until now.

No I don't see any definite link. A definite link would be either sign a mou, or grab buy a minority shareholding in cuscapi. Or better a moa or sign a JV. If this is investing, I must be doing things wrong the last 20 years.

Please show any documentation or proof that this is known and knowable. Other than analyst reports, verbal communication and press releases with the keyword "estimates".

FYI you do know IRR is not an actual formula right? it is merely a close approximation based on assumed factors to get at the figure you want.

In either case, I will stop commenting as there is no end to this. You dont have the power purchase agreement details, you think anyone that sells jaks shares is stupid (including CFO), and your figures are literally pluck from whatever figure you want it to be (ignore bearish analysts and cherrypick bullish analysts, not based on real results and performance).

Good luck all, up to you to hold it long term until the power plant becomes operational.

I really doubt JAKS can become your 4 billion market cap company the way you think it will.

If it does, I salute you, well done!

>>>>>>>>>>>>>>

Upon completion, its $ 150 m profits from the IPP net of tax.

Discounted at 12% divided by 600 million shares, its $ 2 per share.....and this not including any other assets they have.

I will take this as 12 months target price, not bad compared to 85 sen.

We refer to the fire incident that occurred on 12 April 2019, at approximately 1:25 a.m. at Pengerang Integrated Complex (PIC), Johor.

The said incident has no financial or operational impact to our current business.



This announcement is dated 15 April 2019.

have you been to the mall yet? other than basement food court and ground floor, 1st floor above all empty and you can do a scene from walking dead.

maybe you should stick to your own investments and stop hard sell and recommending you other "better buys" which always break down in the long term?

Your IPP gain is not knowable. Otherwise you would not get a TP from 2.5 to 7, giving it a market cap between 1.5 billion and 4 billion after all warrants are converted, an astounding number for a company which hasn't even started IPP operations.

This is not called analysis. This is called speculation.

Call it what it is.

>>>>>>
Jaks gain is known and knowable in advance. Its call analysis.

Come on qqq3, I was not born yesterday, 300 mortgage loan got fixed interest payment yearly.

600m book value got dividend payment based on 600? This is just an estimated valuation. If it is called at 600 who is it no one wants to buy the mall? This is because the real intrinsic value is not 600m. It is whatever someone wants to pay for it. And for him he will value the mall based on its income generation value. How much is it generating versus maintenance cost? Negative? That is why JAKS unable to sell the mall until today.

>>>>>>
As for the Mall.....$ 600 m book value, $ 300 mortgage loan, worry for what?

Like I said, still under construction, the risk is borne by contractors and installers.

>>>>>>>
We refer to the fire incident that occurred on 12 April 2019, at approximately 1:25 a.m. at Pengerang Integrated Complex (PIC), Johor.

The said incident has no financial or operational impact to our current business.



This announcement is dated 15 April 2019.

Let me put it into perspective.

1. Their power plant business is VERY badly managed and their concessions end in 2019. There goes 11 million in revenue and negative profits. Which is subject to renegotiation at tough rates. Sesb didn't like inconsistent power anymore than you or I do.
2. Their Eden restaurants are also VERY badly managed with outlets closing left right and centre.
3. Their manufacturing business of LV switchgears are in a really bad market right now, especially when there are specialists like kinta and central switchgear which sells lower prices and have bigger profits ( efficiently run).
4. Eden has not made a profit since 2012. Every year losing money, since it hasn't diluted it's shares the money has to found from assets.
5. The assets in question have dropped from 295 million 2012 to 247 million in 2019. It will continue to drop in the foreseeable future, bar a share dilution to stem the tide.
6. They do not have the capability, financial resources or management acumen to properly manage those land sales in kuantan at good rates. Even if they did, do you know exactly where the ecrl route will be and where the Eden lands will be in relation?

This is speculation, gambling, NOT investment.

Call it what it is.

This part I totally agree 100%. Value is what you get, price is what you pay. However how do you define a great company? Amazon and Netflix and topglove and harta was once a cheap company ( in price) but a great company ( management, market size, delivery, growth).

Just because JAKS is cheap ( by which estimation), doesn't make it good if you don't know what the risk is: let me outline.

1. CEO wants to control the board of directors with his own elected board. There is ZERO representation of the majority shareholder (70%+ ownership) who will protect their interests. When KYY wanted to do so, he was rejected. RISK.
2. JAKS is losing money on its property development business. RISK.
3. The IPP which is the reason everyone buys the stock is not operational and no profits yet. Everything is ASSUMED. RISK.
4. a lot of being spoken about an PPA contract that is profitable but very few have seen. RISK.
5. The projections for JAKS has gone from negative to very optimistic (tp7-9) such volatility is the same reason why most banks don't deal with bitcoin. RISK.
6. what will JAKS do with the money from IPP? Historically, they have not been sharing it's wealth and profits with its minority shareholders in terms of share buybacks, dividends etc. RISK.
7. If JAKS decides to go back into property development, this time in Vietnam with all your IPP money, knowing how it performed with its Malaysia development, will you be happy or sad? RISK. (inside knowledge says this will happen.)
8. Is JAKS management a capable management(that can grow its future business) or a one trick pony like INSAS which stumbled into inari ameritron? RISK.
9 do you know for a FACT that the IPP will be profitable? Three same thing was said about evolve mall( great location, lousy management. I was there).RISK.

If you can still buy Jaks after weighing ALL these risks, then I salute you. Either you know something the CFO doesn't, or you have only started your investing journey 3-5 years ago. In icon8888 case, you can't teach a dog new tricks.

>>>>>>>

Buying great companies is great, but doesn't mean buying cheap companies are stupid. IF everyone believe in that, there is more of a reason that buying cheap proves more profitable than buying great. All that matters is if Icon8888 think he is well compensated for taking the risk. If the expected value is positive where odds is in your favour, buying cheap can be as good as buying great.

My friend Shai went to Macau and made 600% in a few days at the Baccarat table. To bad he only brought 100k sgd to play.

Is that a source of pride icon8888? How much did you put into your 160% speculation?

Please don't mistake speculation with investment. In investment we look at long term wealth.

In speculation, one day you make short term money, the next you lose it all again in cut loss.

I read your article on imago and asianpac. While you were busy gambling there in 2014 onwards, I was busy building up my long term position in ql, topglove and yinson.

You obviously cannot evaluate risk. Most speculators don't.

That's why you can't build long term wealth.

Have fun at your Baccarat table. With your investing attitude, I doubt after 20 years of investing you have a growing portfolio of 160% a year. Much less 1m in portfolio assets.

>>>>>>>
@Philips

I made 160% return with my Jaks wb while you were busy talking days and night about your high quality investment

Anybody can talk

Thanks Calvin tan for sharing. Now I really know the quality of icon8888 investing, I was wondering since he likes to look down on 3iii and me so much what kind of companies he has bought historically.

Of all things imago mall? You could tell even at 100% occupancy the mall would barely break even need on the back breaking loan it took.

Ok time to ignore fake investment banker icon8888 like I do Stockraider.

>>>>>>>
qqq3 Philips...go buy some Jaks.

You need to understand the most important thing in investing is the protection of capital. I don't invest in one trick pony and companies with shoddy management. I would rather invest in well run companies long term instead of buying companies which I can't judge the long term prospects.

That's the difference between people like me and icon8888. He only looks at profit profit profit. I look at how much risk I am bearing versus how much profit I stand to gain.

You can tell by how he only looks at his total returns that he has no clue to evaluate risk.

I wonder how much losses he had to bear through the years. Or how much opportunity cost he lost because he invested in companies like Jaks and hengyuan instead of dumb dumb hold good companies like PCHEM, QL, topglove, Nestlé throughout the years.

My advise qqq3, learn to evaluate risk. Once you do, you will understand why I buy companies like gkent, yinson, pchem, ql and topglov throughout the years.

Fake investment bankers and ex engineer like icon8888 will never be able to understand why a company like QL is still holding strong at 11 billion, instead of doing to the 3-5 billion mark.

Instead he continues buying cheap companies.

Yup, I talk so much but I have confidence to put my wife money my father in law money and my own money in huge numbers into a big investment in PCHEM.

Your Jaks wb is pure speculation and gambling. If not how many percent can you put into it? 5% of your networth? What is that?10k? 50k? Make 160% feeling good about yourself?

Funny little girl, make money on risky speculation you think it is investment.

I believe you also put money into PCHEM, so it makes it Our plant got blasted.

How about your LCTITAN? Put money into it at 4.15 more drop to 3.99. and dropping.

Lousy investor what is your risky total returns over the years Mr ex investment banker, ex engineer?I doubt you are any better than Calvin tan out 5% into 50 stocks and the rest into FD.

>>>>>>>>

Icon8888 Talk so much , I am already making 160% return from my Jaks wb

You pchem just blasted its plant
14/04/2019 8:44 PM

IPP will definitely move ahead.I am sure China and CEO Andy will be very profitable. Profit to minority shareholders like icon8888 however remains cloudy. Based on my experience, he will not be getting his tp7 anytime soon. If ever.

This is what happens when directors in a company are chosen for their allegiance to the CEO and not to the shareholders.

This is the exact reason why I no longer buy middling companies like LCTITAN, success, jaks, PPHB, sapnrg etc.

During bull market those shares can rise up fast, if you know exactly when to sell then you can trade successfully. But how many people can buy hengyuan at the bottom and sell at the top?

I buy quality companies for (2), as during bear markets those stocks will drop like the rest, but they recover much faster, and you have the confidence and conviction to buy more, instead of being locked in uncertainty.

The question remains, if the stocks of success,topglov,ql,LCTITAN,jaks pchem, and PBB dropped by half in 2020. Which will you put all your networth into?

Those who can think deep will realize what wealth preservation really means, and how moats really work.

>>>>>>

Long term Sustainable stockmrket performance comprises two key components :
(1) wealth creation. Your dayang did it this year; and
(2) wealth preservation , which you are pondering what to do now

Being an investor in bursa since 90's my only advice is to understand where the money is coming from. If bursa was stringent there would be far less companies being listed and more delisted, but this would reduce the market cap and volume of listing transactions from which bursa earns it's cash.

I would say if 1mdb and xinquan and protasco can continue to exist, I'd put less trust on third part auditing and more on the business performance itself.

Office furniture manufacturing companies does not have any long term competitive advantage. Id skip it.

>>>>>>
However, we should note that the company and its auditor is governed by the accounting standards and reporting guidelines as issued by Bursa Malaysia & SC which I believe are quite stringent....if needs be; upon these being triggered: a provision need to be done.

I think I need to elaborate your understanding of the word reader receivables.

If your trade receivables (DSO) it says outstanding is below 15 days, it is basically cash term, which is very good.
Below thirty days, is standard outstanding for collection.
Below 90 days, is credit limit and start to get phonecalls.
If you owe money more than 6 months don't pay, then we start to worry.
If your receivables take 1 year to collect, then it is similar to Sendai and it is very very bad.
If your receivables is l takes more than 18 months, then it might as well be impaired.

Normal companies should have a healthy spread between trade payables ( company got credit with suppliers) and trade receivables ( payment from customers) so they can use suppliers as adjust for delayed payment from customers.

Ahb is not healthy at all. That is why the share price drop so bad after 2017 and not much difference in earnings since 2014.

EPF? They are the same Jokers that invested in sapnrg and bumi armada. And also renong, Malaysia airlines, aokam perdana and many more.

You want to trust them blindly?

Good luck my young friend. I hope your investments do well.

inilah muka sebenar penipu calvintaneng... penipu yg menggunakan nama jesus kristus utk menipu umat umat i3 yg sdh hidup susah, tetapi terus ditipu alasan ECRL calvin tan. Kompeni TalamT memanglah kompeni yg sdh lama rugi, tetap akan rugi di masa depan, dan dia masih terus menipu cakap ECRL cuma 16KM jauh. faham ke di mana tapak ini, tahap penipuan yg menyebabkan keluarga kerugian, dan merosakkan masa depan.

Percaya lagikah penipuan orang singapore ini yg tak fhm bahasa cina dan bahasa melayu?

Penipu yg jelas akan diberikan balasan di akhirat.

sarifah selinder nk baca tdk cerita power plant/desalination plant hyflux? lepas baca nanti mungkin lbh faham kut? klu cuma fikir nk profit profit profit ja, tak nk tengok risk risk risk nt ku risau seluar dalam pun hlng nt. kikikiki....

http://theindependent.sg/the-cautionary-tale-of-hyfluxs-olivia-lums-rags-to-riches-story/

inilah yg cuma tau untung untung untung gomen guarantee konon... tak fikir dulu kuda satu kaki klu patah macam mana? takde plan b dah... paham?

gud luck la klu nak main jaks counter. My rekomen, klu nak untung blh... main trading and go la. nak main long term investing long term profits TP 7 la, TP 10 la... pikir betul betul risk vs reward dulu. klu teda clarity baik jgn main sembarangan je. jgn salah faham speculation dan investment.

practising my kl malay, apologies if no comprendo.

you fail to make a note of the of the huge trade receivables of 11 million and its impairment losses (which is more than the company profit) and the effect of the late payment of customers for their products. Mind to elaborate more on that portion in your adjusted tp? As you did not touch on this subject at all. If the customer continues to not pay for goods sold (11 million so far and counting) which is half of the company market cap, how will it affect AHB?

In 2017, RM337K was impaired.
In 2018, RM344K was impaired.
what happens in 2019 if this amount increases?

Just realized there is a stockraider impostor on the loose. Double the trouble, double the headache.

It's sounds like a big savings until you realize all they did was remove double tracking to single track.

Then everybody happy happy joy joy.

But full disclosure, from my info so far ECRL will not involve any local companies for the major portions, most likely gkent will not get any contract from CCCC on this. this from the gkent technical manager that I am close with.

There are perpetual securities, and there are "perpetual securities". yinson perpetuals are protected by fpso charter contracts that are fixed period(minimum 8 years+x) with a penalty clause for early cancellation which is enough to cover the cost of FPSO conversion which can be used to bid for new projects. Hyflux was a debt fuel, and grew too fast without looking at the cost of growth.

But definitely you are right, there is a very small difference between a yinson and a bumi armada and sapura.

I remain confident that this malaysia-norwegian company can be prudent and wise in its investment. I remain confident in the long run.

this on the other hand is a very very old hand. I also have the same reasoning in why I dont invest much in smallcaps like rce and opensys etc.

>>>>>>
Junichiro Hi Jon, I notice that u have Petron in yr portfolio. What puzzle me is why do u invest big time in a company with little liquidity? Most of the time, the seller is at the mercy at the buyer.

When I was very young, I bought shares in a company which has little trading. When I wanted to sell, I found a big gap between the buyer price n seller price. My senior advised me not to trade in illiquid shares. That was my first lesson.

Truth. Reeeeeeaaaaaaaallllyyyyy long article little boy.
>>>>>
Patron i realize many of these fundamentalists like to write long essays quote this quote that but their results ain't that impressive. IMO
01/07/2018 1:51 PM

Despatch accountants are very funny these days.

Ok stockraider you win! You go and borrow rm10 to the beggar in the street tomorrow and tell him pay you back rm11 next year, see he Choi you or not ok? He take your money, say thank you and declare bankruptcy for you big big smile. Nothing to lose if poor.

Enough storytime with despatch kids who don't know how to handle money.

Yes... Everybody was a stockraider once. Luckily once is enough. Over and done with.
Whole stockraider continue to put money into counters like talamt and sapuranrg and make fun of me investing in gkent and pchem and STNE.

I keep making money, and I try to look forward.

>>>>>>>
titus Wow....philips bought renong ah?...hehe....

You quarrel but based on stupidity I can't say anything... Let you say whatever you want. I lazy argue with office boys.

Injection Via Bonds

The S$40 million investment from RCE Capital comes via the purchase of five-year bonds issued by Credit Culture. The debt securities are in turn secured against loan receivables from Credit Culture.

The coupon rate on the first S$20 million is 10 per cent per annum, while the rate for the balance S$20 million has not been set, RCE Capital said. The bonds can be redeemed ahead of their maturity at the discretion of Credit Culture.

The Singapore fintech has also granted call options to RCE Capital, which give the latter the right to take a stake of up to 30 per cent in Credit Culture, on the fully enlarged shareholding basis.

Obviously when I say say oh god I back it up with facts.

Here is fact number 1. RCECAP is selling bonds at 10% to credit culture. Sounds good? Wait.

Here is fact number 2. Stop looking at profits, think on the risks ( as someone who borrowed and borrow money to others repayment is more important than profits). In this case there is no collateral or capital guarantee. The bond repayment is based on the loan portfolio receivables. Meaning upon collapse, rcecap will have to do the loan chasing themselves in Singapore. And these will be those b40 people, very hard up already. Got funds? Bankruptcy lo.

Here is fact number 3. What is the basis of lending? Basically it is based on their proprietary internally processed credit scoring system, which we are not privy to. As this is an online, quick lending system, I suspect credit culture will not have the capability to chase after major defaults, and their marketing tool in getting clients is based on lowered borrowing costs, faster approval, no collateral. That is the worst combination I will ever hear in the lending business ever. The best performing banks in Malaysia is public bank and Hong leong, they are successful because they are the most conservative and stringent lenders in town. How safe do you think credit culture will be?

Fact number 4? Look at the founders and the management team. They won after a pilot award from the government of Singapore. Young people and money management had never been a good mix. Ever. Just because it is a cool sounding proposition doesn't mean it will succeed. Especially since it has no track record and a good business fundamentals historically.

Fact number 5? Here is the killer. If you go to the website, the charges are as follows, rates are 0.8% monthly, with 1% setup fees. That means of you borrowed 10,000. You will pay back after 1 year 9.6% + 1% = 10.6% ON YOUR TOTAL LOAN. Let me put it mildly, if we round up and say you are paying 11%, basically credit culture is making 1% profit a year on its loan portfolio. Rce 10% right?

This is obviously ok if you are lending to the super rich or VIP to buy another house, buy that new Mercedes. Especially if it is covered with a huge current/savings/fixed deposit account at the bank. It's perfectly safe.

If you are making 1%, and lending to kids who can barely make ends meet, and need that "personal loan" to pay for things which they can't normally pay for? It's just stupid.

Especially when the chickens come home to roost.

Even rce isn't that stupid.

You don't have to be a genius to know Bitcoin bubble was going to burst, Warren Buffett called it a long time ago.

I buy fintech companies with a specifc purpose that fulfills a certain market need. I don't buy it just because it says fintech. I also don't think the management of RCECAP has the same level of financial acumen.

Maybe you can read more on my fintech investment here ( and the share price today)
https://klse.i3investor.com/blogs/philip2/191042.jsp

>>>>>>>

GLNT Philip just simply wanna whack the credit culture deal without without bothering to look at the terms of the deal. Everything RCE is rubbish. George Kent is the best. Got it. Thanks.
04/04/2019 7:30 AM

Totally agree! I usually wait until Westerly earnings come out before making my choice.

>>>>>>
probability i have some other reason (so far not disclosed) which i think pchem next earnings will be bad...i would like to verify this by seeing the earnings next qtr before concluding on pchem...

I have never bought lousy counters thrown away by shell to China companies before, or near bankrupt heavily in debt mergers like sapura. But I often read on the company in i3, and especially certain select individuals who say it is worth rm35 - rm45. Then quickly change their tune when it turns out their prognosis was incorrect to begin with.

Despatch boys and accountants are always like that, they can always give you whatever delivery time you want ( or intrinsic value you can dream of) without putting in the reality of the acting on that promise.

I bought PCHEM for the value of it's existing business at rm8.15, not only for it's future valuations, which if comes is wonderful, but if it doesn't come, I can still enjoy 3.9% dividends@50% earnings.

You on the other hand, buy loss making companies like sapnrg and talamt hoping that the future will come save you.

It won't.
>>>>>>>

...u soh soh like Philip advice u to buy Hengyuan when it fall at Rm 11.00 to Rm 12.00....u will end up bankrupt loh...!! This is bcos the fall is not so little loh....!!

The real money is not in the buying or selling... But in the waiting.
The question always remains, once you sell, buy what?

I have always struggled to push my investment philosophy, buy when you see a company has a distinct competitive advantage, sell only when that competitive advantage changes, the company changes, the management deteriorates, or when your financial circumstance changes.

If the business fundamentals did not change when you guys bought the stock, or you found a more compelling stock to purchase that you do not have enough funds for, why sell at all?

It's like selling your house just because there is a +/-15% change in value.

Why bother the small changes in share price?
>>>>>>>

i sold at 9.10...break even with the dividend at 18 cents

From office boy to accountant, very impressive. Almost as impressive as fake engineer to investment banker specializing in sukuk and m&a.

Clap clap clap.

No wonder stoneraider is such a bad investor keep buying sape and talamt etc... He reads pundits from Malay mail. Can suddenly come out so many unconfirmed theories from something that happened at 130 am this morning. Clap clap clap!

No one told you that pic is not operational yet? No earnings from here yet little kid. What accounting policy, yours?

>>>>>>
This means u will see lower earnings for pchem for q2 30 june 2019 result loh....!!
Beside Pchem will also suffer from project delay too, which the operations will be affected by higher overheads and financial cost loh....!!

Can't you just let Simon RIP? I really feel like running you over now in my Hitachi 350.

It is in very poor taste to bring up investar in this forum. Icon8888 you are really a piece of shit.

Yeah, because not fully operational. If fully operational the fire will not be so small.

Ok thank God, just called up my friends working there. Its from a leaking gas tank at the petrochemical (PIC) facility not the main refinery ( which would be catastrophic). Fire contained in 30 minutes, thank God no one died ( 2 injured). Luckily good ERT at 130 am still alert as it was still running monitoring for the testing and commissioning phase.

Let's all not catch the falling knife and pick up only in may when the earnings come out. This is why I always only buy when the quarterly results come out. Most likely this will not affect earnings as still under construction and not operational. So no losses to PCHEM ( insured and still under construction), however there will definitely be a big delay and will miss September q4 earnings date.

As my daughter is so fond of those poster t shirts these days, "Keep calm and Carry on".

Buying opportunity arises.

Omg such a huge explosion. Testing and commissioning really not easy... Share price will definitely drop today.

This is actually a very very well written article. I like it! I totally agree.

Wow, the consistent share buyback is impressive. Just like Berkshire share of American express, without buying a single new share, their shareholdings of YINSON can grow and grow and grow. I am blessed.

I wish I can buy more, so sad... Ran out of money. Have to wait for next dividend run.

Yes I realized that, people like icon8888 only hear what they want to hear, alternative views are heavily discouraged. I at least spent some time to dig further and meet with Steven Ang himself directly for drinks and q&a session. Maybe I should charge 5k to show JAKS investors the salient details of my discussion line that choivo boy.

Bye, this is a toxic counter I won't be commenting here anymore. Everyone is only interested in getting confirmation bias. And not discussing what issues are pertinent.

Probably dK66 is the only real investor here.

>>>>>>

aiyo Unker Philip I thought you know better lah, you can't argue with people who has skin in game de mah! It's like this de lo!!! I not saying JAKS is bad ah don't shoot me!!!