I’m going in. Obviously too many people using general statements and not looking at what they could be missing from this buying opportunity. The fact that you think it’s MS buying, means you don’t even understand that MS is buying of behalf of someone.

Bulk of shareholders are institutionals and this a national media company that they cannot afford to be non govt controlled.

Calvin has the Ironbank of Bravos supporting him. Market up don't sell. Market down add more.

This is the biggest con job.

https://www.thestar.com.my/business/business-news/2018/01/26/airasia-x-registers-better-operating-performance-in-q4/

For a moment, I thought this a q4 announcement of results but it talks about 'better' operating profit instead of actual profit so that means it most likely didnt make a profit, and they timed this article when q4 financials results internally are probably known to some people ( December closing figures ) but pending announcement by next month.

I will only say this for the benefit of those who are undecided. Airline industry is a terrible industry to be in due to many various factors from unions to rising costs to intense competition. Look like all the airlines worldwide ( SIA, Cathay even and they have low-cost carriers too ) and you hope that AA will do better.

Only reason AA is successful today is the Malaysian factor whereby they had cable/ connections to open up and do only the profitable routes with little competition and had access to financing and political support due to his business partners. Look at how AA has done overseas. Nothing to shout about and lost a lot of money too. AAX is even worse as long haul flights they have to compete with all the other airlines and some people actually prefer standard Economy paying up to 20-30% more to have full service on a standard Carrier since its a long flight and their flat beds are not cheap for the price

Oh and dont forget that people keep reminding us that oil price is now at 71 and is expecting to continue to rise. Im sure someone will come out and say that they are fully hedged but I doubt they are and even assuming if they are, eventually my question is do you think they can pass on higher costs to consumers in this kind of market

Unless there is a corporate exercise that we dont know about, this is a T+3 push and will drop later.

The problem with that view is that this company is undervalued not based on current earnings or future earnings potential but purely on its potential asset revaluation. So many what ifs especially when you look on how negative property related sectors are. If you like undervalued assets, they are plenty of property stocks that are at a all time low.

If they do sell assets, then the next question is whether Duta Yap is going to screw the company with more inter-company transactions as unlikely he will reward us with a hefty dividend.

Dont worry this company has some fundamentals and is in a cash position. Quite certain will bounce back. If drop some more, time to go in big.

I rather hold this than all the other O&G stocks that are still making losses and purely speculative.

TomYamGong, you been wrong so many times I think you better go back to cooking Thai food then cooking stories. The latter requires some substance to cook a good story.

Who actually follows recommendations especially by local research houses, they only tell you things you can google and find out in an instant and their financial analysis is usually very shallow anyway. Not to mention their target price which is normally 10 to 15% of current market price which makes you wonder why even bother publishing the paper in the first place.

MS is not buying, they are nominees and buying of behalf of their client.

Media has monopoly businesses and obviously some people valued them, some don’t. I believe Media will spike soon due to GLC play and majority of shareholders are govt funds and not small timer retailers like us here

Everyone busy at SAPRNG catching the falling knife for rebound

Not easy to 'fake push' this kind of counter with this kind of volume. Its normal to see some 'gurus' that miss the boat come out and give negative comments in hope that they can buy back if the price drops.

When prices continues to rise, they will suddenly disappear. Once price drops, you will see a busload of those sour grapes.

More like sapu la or some poor la

Hard to catch a falling knife. Could be anyone guess. Wanted to dabble a bit for fun but everytime I didnt it fell even more.. been watching from 90 cents all the way to now 70. If every time it hits new lows, systematically some will decided to cut loss as those is probably the max they are willing to lose.

Its true, if you still holding you should average else just sell. But if your already over exposed, you probably shouldnt. but if you dont, your going to miss half the ride up eventually.

What happened to the clever people saying WD will drop back to 17 cents due to contra force selling? I guess today must be contra players buying up so uptrend for the next T+3 then.

Normally when you see these type of jokers, just do the opposite. High chance you make more money.

Im waiting for 1.20 too. Time to clear stock and cover Xmas expenses :D

Price you bought doesnt really matter so much. What matters is how much you bought.

Smartinvestor1, MNC is a rubbish company my friend previously sold it to these bunch of syndicates. Just giving you the heads up ya

Benny, I hope your right but dont forget. Even if the sale goes through, what makes you certain that he will give a dividend and not reinvest into something else that doesnt enhance shareholder value.

Ivan19511, dont worry this stock will recover. I think its already much oversold and has upside will come when they start reporting operating profits. Business transformation takes time / costs and this a monopolistic business.

Do you blame them for losses from MNI ? Hong Leong Group also took an equal chunk of losses and had to write off the whole thing in the end

To me this development is worthless as KKP is still chairman. Who knows maybe his son got fired or got tired of working in the real world so daddy give him CEO post. Nothing changes as all reports back to Chairman anyway.

Anyone have anything to share on the recent AGM ?

I think I have to go with Newbie2014 on this one.

Look at his profile
(a) Barrister-At-Law, Lincolns Inn, United Kingdom.
(b) AHMA Hotel Diploma Major in Sales & Marketing, London Hotel School, United Kingdom.
(c) Degree in Law, Master of Arts, Cambridge University, United Kingdom.
(d) Master of Business Administration, Seattle Pacific University, United States of America.
(e) Bachelor of Arts Major in Political Science, University of Victoria, Canada.
Working experience and occupation (a) 2016 - 2017: Chief Operating Officer of Swensens and Director of Group Business Development in ABR Holdings Ltd, Singapore.
(b) 2012 2015: Director, Food & Beverage Division in ABR Holdings Ltd, Singapore.
(c) 2009 - 2012: Non-Independent Non-Executive Director of Malayan United Industries Berhad, Malaysia.
(d) 2009 - 2012: Non-Independent Non-Executive Director of Pan Malaysia Corporation Berhad, Malaysia.
(e) 2009 2012: Executive Director of Network Foods International Ltd, Singapore.
(f) 2004 - 2009: President of Cambridge Alliance Holdings Ltd, Victoria, Canada.
(g) 2002 2003: Director of Corporate Affairs and Special Assistant to CEO in Laura Ashley Holdings plc, London.
(h) 2002 2003: Special Assistant to CEO in Corus Hotels Limited, Milton Keynes, United Kingdom.
(i) 2001: General Manager in County Hotel Epping Forrest, London, United Kingdom.

Hardly had a REAL job outside MUI Group, from Corus, Network Food, PM Corp, MUI positions. Also, shows that he is an academic lawyer with NO experience, Cambridge or not.

Catalyst would be hire a senior Goldman Sach banker as CEO of MUI Group. That will instantly give you a catalyst. KKP doesnt need to sell any assets actually to pay his wife. An old man like him who has been screwing shareholders the past 20+ years plus, would have definitely have had a cash pile somewhere and dont forget he cashed out BEA stake past few years.

If one of the UK assets have entered agreement, doesnt a formal announcement be required to be made ? Im a bit skeptical that this group especially will disclose anything material during an AGM, I would expect some general lip service standard responses.

Seriously? PE 12 for a bus company / terminal ? Everything I see is negative. NTA 17 cents and bank borrowings are also not low and share price already 28.5 cents. What are you paying a premium to NTA for ? Their bus operations or petrol stations ? I dont know which is worse. I hope your not thinking that the value is in a terminal which can be obsolete or redundant in the foreseeable future.

Worst part is PP after they are pushed up the share. For who to cash out ? If they had such viable business why not call for a RI and give shareholders a good discount / deal to invest more. Doesnt look like they can borrow much more.

People are moving into investing high tech and now we are talking about MRT / HSR.

This landsale to Greenland was already confirmed earlier so everyone knew that IWC would report this 'one-off' profit in this quarter and probably some in the next quarter. Investors dont give credit to 'one-off' extraordinary gains unless its a cash profit with dividends out.

Question is, is this real cash profit ? Dont forget that IWC has to inject 20% equity into JV with Greenland of which 20% of 2b+ is how much ?

Look at the cashflow and you'll see that the cash position didnt improve, in fact they increase bank borrowings by another 110m and they bought lands of about 200m+ ?

Someone who has studied the Greenland SPA including the terms of JV development profit should actually comment here. If Greenland delays the launch of development, how will this affect IWC

At the end of the day, if IWC was really so good..why didnt they just ask for RI to raise more funds if they have such a bright future. And what synergy is there really for restructuring with Ekovest.

I'm in. Anyone can tell me what is their Odyssey strategy

There is mention of quoted share invesments 200m+ above ( note 18 ) but no detail that it is OCBC in latest annual report 2017. Thats why I asked.

You can vote but i doubt your vote will matter. Before they made the announcement, they would have counted enough proxy votes to vote in their favor else they wouldnt have taken this risk to make this announcement.

PE seems high and property sector exposure is negative on market. There must be some other hidden reason why he wants to do this restructuring as i dont see it as good in any way.

Contrarian how did you confirm this ? The OCBC holding

Tricky counter. Market penalizing property counters and construction stocks are also getting hit despite infrastructure theme.

The question we need to ask is if there so much jobs / potential business opportunity why havent they called for the RI yet when its approved ? Everyone knows they are borrowed to the max and just becoz 'a few substantial shareholders' had a higher than preferred entry price, they dont want to sell too cheap ?

Discounting this Malton JV profits, what is the residue value of this company and mgmt ? You should think about this coz like many companies who will receive large cash payments ( or in kind ), they are most likely not going to give you a cash dividend and invest it into something that you might not agree as a shareholder

The truth is I doubt there is a takeover or anything. If its a real threat, KKP will definitely defend as his share price which is at the all time low and he has the financial capability. The reason he doesnt give a hoot about the rest of us is coz he and his proxies control a sufficiently big block.

If he was selling, do you think he will let the new shareholder buy at this price in the open market ? I would quickly push up my own share our start making revaluation calls.

I think its the syndicate that is taking advantage of circumstances and yes I also agree that TS Wong did not have to make that silly announcement and question the motive behind it.

If IWC is such a good company and receiving more than 2b+ from land sales through JV with Greenland, why bother to inject into Ekovest?

By the way, most of the value that they state is future earnings as IWC will only receive 200m-300m in the short term and balance to settled in 2-3 years as per SPA terms if i recall correctly.

Dont forget IWC has to a 20% stake in JV with Greenland company which means do they will probably need to come up to 20% of the 2b+ purchase

I like this counter but already sold since that silly announcement the other day. Have to face the fact that there are a lot of asset rich companies that are cash flow poor and still waiting for a real catalyst to unlock the value of this company.

When there is no story, some people dont mind still holding undervalued companies but once you feed people with a story and take it away, you take away hope and sentiment.

From the drop in volume since, it would appear game is over for now until later if price drops back to 16-18 cents.

Yes coz you will get it cheaper for now. That might change over the next 2 weeks.

But dont use those funds as reference coz they got big stake and wont affect their average cost anyway and they have people that help them with the trades

Only MUI Ind is moving but not PMC, PMH and MUIPROP which means the valuation must be in other businesses. The question is how to set a target price without figuring out this link.

Anyway kudos to Calvin. I wouldnt thought of buying this counter otherwise.

Beroh, if you dont have the funds to convert all, maybe consider taking half as loss and convert the rest ? If you take up and WCT bounces by 30 cents to 2.00 in the next 1-2 years, you should be able to recover all your losses with a profit.

Chua Zhi En, you have to understand that there are many in this forum that like people to lose money or they are envious whether others make. Go to any active stock you will often see people cursing and hope it drops when its on an upward trend or they will keep repeating negative comments either it goes up or down. After a while, you'll learn to ignore them and they wont bother you then. Just let karma do its job

Linges, I always have the view that there are smarter players in the market and most of us here are just small retail investors / traders that are not in a position to influence the price anyway. I dont any have negativity in me and just hope that everyone here makes some money. Hope WD recovers for you too, I still have some.

He he this why I don't believe short term trading, would have missed this ride

Anyone with news on whats going on apart from just Ts Wong + partner buying in ?

Calvin, no conspiracy theories on what the synergy or purpose of them to acquire a stake ?

There is actually a very big difference between call warrants and company issued warrants as the company itself can influence share price for conversion of company warrants whereas the company doesnt care about the outcome of 3rd party call warrants, as there is no benefit to them.

Linges, I have solution for you to make back on WD even with your limited capital. If your interested drop me your whatsapp contact / email here. I'll text you later.

Linges, buy WCT mother now and treat it as you converted. For whatever amount WD you bought, buy the same mother. You get a discount of 4 cents and whatever price u paid for WD cost, just add it your mother cost.

Hold 1 to 2 years, I'm sure you will make back.

If price surge the next 2 weeks, and WD is at a large enough negative premium, sell mother and convert WD to lower your effective cost.

Only TianTThuat can beat Calvin in the number of posts per day.

So know I can confirm he has some MUI at high costs too. When price down everyone so quiet, when prices go up all the super cheer leaders wake up.

Calvin is right all the way until this point. But there is something everyone is forgetting. We are valuing this company because of this cash inflow thinking that a debt free company like this will be some benefit to its shareholders.

Enter sleazy management. Unfortunately i think they will use up all these funds for development or buying over other related assets instead of giving us a cash dividend.

Unless you want to bet on 'them' to do development better than 'real developers' in the current challenging market environment, whats there to stick around for. There are plenty of companies that are asset rich but dont good in increasing shareholder value.

Now i know why some people dont bother to comment. Power96, if you bought WD at 23 cents had the money to convert and still held it when it was 1.5 cents to 2 cents, even an idiot would buy heavily and average. So why in your logic wouldnt anyone have done so ?

Today, WD presents the lowest premium and WE the highest premium. True we should look at expiry but do you know what your buying and paying for. WE premium is 68 cents roughly thats means its overvalued by this amount.

One thing for certain, with that kind of premium price can go down and stay this way for a long time even if mother moves up as its at a very high premium to pay. Secondly, look at your expected return if WCT hits 1.7, 1.8, 1.9 and 2.0. Since everyone is 'gambling' in hope that WCT moves up, i would sell WE and buy WD, c3 or c4 that gives me lower premium and higher returns.

Its about expected return and what premium you are paying, not whether its a better structure or company. Before today WE was >70 cents premium.

Remember what i said about who might have the last laugh.

Funny how the people here think. Got large orderbook ppl say sure have to borrow money and gear up or call for capital injection so negative.

I guess their prefer to invest into stocks with limited order book with no / little gearing. Sure that will do a lot for ROE

Also, judging from the comments most people here are clueless about gearing and financing structure. I dont think WCT gearing is high i.e. against a networth of 2.7b how much are their borrowings and dont forget large projects are normally against contract financing which is deemed well secured / low risk with cashflows from awarder structured to payoff each loan.

Go study other construction companies with weaker profiles and track record, and some of these are bumi companies. Ever ask yourself why these profiles with lousy financials they can still borrow ?

Do you even understand the concept of borrowing and why all big companies in general borrow for short / long term financing. If you dont, do yourself a favor and stop being lazy and learn something.

Anyway lets see who has the last laugh on WCT, be interesting to see.

Also take note EPF and MS have been selling the past few days

I liked her article coz there are somethings i agree with. Media is really managed by a big bunch of idiots and i took notice coz one of my friends in a senior position was strongly promoting Media as a buy for his research house at 1.15-1.20 level on the basis on 'election stock' and monopoly for all the outdoor advertising including ALL the MRTs apparently.

I almost bought into it but got turn off buying a stupid business from Rev Asia at a ridiculous valuation. I hear what some people are saying about US comparables ( e.g. AOL example ), but this is Malaysian market so local market dynamics cannot be ignored and have you actually been to any of those sites that Media paid 100m+ for ? Rojaklah,etc is definitely not a Huffington Post in my honest opinion.

But the point is on what i learnt about equity that it is all a factor of price. At the current price i think its still attractive and if it drops further below 60 i would considering buying. MEdia is a good speculative play at this level but definitely dont bet your live savings here.

I want to speculate but too afraid of all the penny stocks so I speculate on high PE stocks like WCT with the view that PE valuation will reduce

No crows pushing property stocks in case you all havent noticed. That is why PE is low.

The critics of this counter is high PE. Otherwise, it has sufficient order book to keep them busy for the next 3 years assuming that Revenue stays at about 2b ( they have 6b+ jobs in hand now), reasonably good track record in construction and influential management with the Pavillion connection.

Is 28-30 PE high ? Yes it is. But it is temporary or going to be a recurring situation? Look at their historical performance except for 2016 which most companies didnt 'report healthy profits' due to various circumstances.. the average EPS is 14-15 cents ? If EPS bounces back to conservatively 10 cents this financial year 2017 would PE drop to 15 ?

Do you think for WCT to report a profit of 20M-30m a quarter based on a sales of 400-500m per quarter unreasonable ? If they report any higher PE will drop. Now remember WCT is mainly focusing on infrastructure / govt related jobs that 'reportedly have better margins'. You go figure.

You can buy low PE stocks but expect low PE stocks expected returns and capital gains, or you can buy high PE recovering stocks.

http://www.thestar.com.my/business/business-news/2017/10/09/suncon-wct-potential-candidates-in-johor-bus-rapid-transit-project/

I think it will continue to drop for a while as momentum hasnt stopped yet, so i think too soon to buy back if u want to get back in.

The biggest issue here is yes next quarter results from core operations will improve but no one knows what is really going on at Eastern Steel as we dont have enough disclosure here.

From another perspective, why did management choose to do a 100m+ impairment at the last quarter as these things dont happen overnight. You can impair over a period technically so why do it all last quarter? Is this a strategy for key shareholders to buy back cheap but i think funds will think twice to recover from the loss of confidence even if the next 2 quarters are good.

I heard there should be some outcome from Eastern Steel new shareholder soon.

Not that simple to just draw that conclusion when you dont know whats the margin and what is the amount that will be sub-contracted out.

Anyway look at the big picture, WCT already has order book for the next 3 years and you have potential upside from the 1.2b award from Meydan project still pending enforcement amongst other thing goodies coming.

If you think Sunway Con is better, then sell WCT buy Sunway Con tomorrow. I dont like the latter as i think its fully valued.

Nice story but to bet on property counter to take on M&A at this timing of the market.

Will large institution funds still invest in property counters at this juncture ? I heard quite the opposite

Tomorrow will be a big drop coz funds bought a fair bit of this stock and some of them have investment policies they have to follow, whether they like or believe in the company.

Despite what fundamentals you believe this counter has, this is likely scenario.