I have verified Icon’s numbers to Jaks quarterly report. His calculated total revenue is also similar to The Edge’s new report. See below.

Extracted from The Edge (5 Dec 2018): As at October, the power plant was 41% completed. The overall construction works for the power plant remain on schedule for completion by the second half of 2020, Ang told The Edge Financial Daily in an interview here. The group has recognised a total revenue of RM590.6 million from the plant’s EPC Contract 2 since 2016.

Depending on exchange rate, the EPC contract has a value of approx RM1.85 billion. As at 30 Sept 2018, RM590.6 million work done is about 32% completed. Meaning 32% completion in 2.5 years.

I repeat. As at 30 Sept 2018, 32% completion in 2.5 years.

CFO Steven Ang said as at October (no exact date mentioned but let us just assume 31 Oct 2018) the construction has been 41% completed. That is 9% completion rate in 1 month. Earlier it took 2.5 years (30 months) to complete 32%. 9% progress work in 1 month is very unlikely. It is therefore very possible that revenue from Q3 2018 has been under-recognised. Significantly.

Will the said revenue be recognised in Q4 2018 then? This 9% revenue amount to RM166 million. At 25% profit margin, that works out to RM42 million profit.

Of course do discount that a portion of this 9% work done was actual work done in Oct 2018.

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Posted by Icon8888 > Dec 11, 2018 08:50 PM | Report Abuse

Vietnam project started in 2016

Vietnam 2016 revenue 150 mil, net profit 36 mil. Net margin 24%

Vietnam 2017 revenue 251 mil, net profit 55 mil. Net margin 22%

Vietnam 9 months of 2018 revenue 189 mil, net profit 49 mil. Net margin 26%

Total revenue so far 590 mil, total net profit so far 140 mil, net margin 23.7%

I have verified Icon’s numbers to Jaks quarterly report. His calculated total revenue is also similar to The Edge’s new report. See below.

Extracted from The Edge (5 Dec 2018): As at October, the power plant was 41% completed. The overall construction works for the power plant remain on schedule for completion by the second half of 2020, Ang told The Edge Financial Daily in an interview here. The group has recognised a total revenue of RM590.6 million from the plant’s EPC Contract 2 since 2016.

Depending on exchange rate, the EPC contract has a value of approx RM1.85 billion. As at 30 Sept 2018, RM590.6 million work done is about 32% completed. Meaning 32% completion in 2.5 years.

I repeat. As at 30 Sept 2018, 32% completion in 2.5 years.

CFO Steven Ang said as at October (no exact date mentioned but let us just assume 31 Oct 2018) the construction has been 41% completed. That is 9% completion rate in 1 month. Earlier it took 2.5 years (30 months) to complete 32%. 9% progress work in 1 month is very unlikely. It is therefore very possible that revenue from Q3 2018 has been under-recognised. Significantly.

Will the said revenue be recognised in Q4 2018 then? This 9% revenue amount to RM166 million. At 25% profit margin, that works out to RM42 million profit.

Of course do discount that a portion of this 9% work done was actual work done in Oct 2018.

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Posted by Icon8888 > Dec 11, 2018 08:50 PM | Report Abuse

Vietnam project started in 2016

Vietnam 2016 revenue 150 mil, net profit 36 mil. Net margin 24%

Vietnam 2017 revenue 251 mil, net profit 55 mil. Net margin 22%

Vietnam 9 months of 2018 revenue 189 mil, net profit 49 mil. Net margin 26%

Total revenue so far 590 mil, total net profit so far 140 mil, net margin 23.7%

i3lurker,

If you write about Sslee helping qqq3 a few more times, Sslee may post a blog article to feature you about this.

Also, don't call Sslee weird. He doesnt like it. Hahaha

Did anyone notice that in his latest article KYY did not once criticise the Vietnam power plant. That means his belief in the capability of the power plant to generate profits is still the same today as it was when he started buying Jaks.

The ultimate factor that drove KYY into investing > RM100 million into Jaks has not changed even at today's depressed share price.

Point to ponder.

idunwork,

You have answered your own question.

Do you think KYY threw > RM100 million into Jaks without doing his homework? He did not just do desk research, he went all the way to Vietnam a few times. We are talking about a successful businessman who built 3 big listed companies in Malaysia. He definitely understood what he was doing.

If the power plant is so good, why exit at a loss? That doesnt make sense, right? Sometimes buying and selling shares is not simply about what has changed within the company. I think this article gives a good view:

https://klse.i3investor.com/blogs/financialpedia/185815.jsp

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Posted by idunwork > Dec 11, 2018 04:36 PM | Report Abuse

How a super investor could make such a big bet with so little home work done is beyond me

rogers123,

You are not reading in between the lines.

"Kps will receive lump sum of money, y still need to borrow money?"

Doesnt this tell you that the lump sum coming in has been designated for some other purposes? As dividends maybe?

Having read KYY’s article, I’d like to think he said it to spite Jaks and to save face.

KYY had no access to what was happening in Jaks. Not when his shareholding was at its highest and certainly not in the past few weeks.

If he had no information that the public do not already know, then his negative comments were not made base on facts.

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Posted by stockjobber > Dec 10, 2018 09:08 PM | Report Abuse

If KYY's forecast comes true. Jaks is in deep shit !

Good write up

Who is Icone8888?

I think there is another Icon8818.

And i remember “probability” created a fake Icon8888 account too in early 2018.

Why nobody asks who bought KYY’s shares?

He sold 50-60m shares. Say at average of 70sen per shares, that works out to RM35m to RM42m. It is highly unlikely that retailers are able to eat up that much.

CEO Andy? He is not known to have a thick wallet. Unless he arranged for new financing line. But no announcement has been made by him on any acquisition.

So who bought KYY’s shares?

dompeilee,

Up to their last announcements on 3 Dec, KYY and wife still have close to 50m shares in hand

Lets say this forcing of KYY to sell his shares is the gameplan of CEO Andy, At the current share price, wouldnt CEO Andy be hurt as well? And he has to fork out money for the warrants too.

How long will CEO Andy allow the current depressed share price to stay? He is also sufferring am sure. How is he then going to push the share price up again? A technical rebound will not last long. He must then have something up his sleeves in the near term.

PLC owners dont gamble their wealth because of emotions. They always have a gameplan. They time it out, they execute it, they must profit from it. There is no room for sentiments and there is definitely no room for charity.

I am really curious if KYY is indeed exiting Jaks. What is he going to do with the balance 20m shares in his hands and another 20m shares in his wife’s? Is he subscribing to the warrants?

What we do know is that he and CEO Andy cannot see eye to eye. They are trying to outfox each other. On surface it looks like CEO Andy has won. Is KYY too tired to fight this war using his wealth vs CEO Andy who has the controlling upperhand?

Why take a simplistic view that KYY is in financial difficulties just because he did not top up cash for his margin call? It could be as simple as he has an allocated fund for his investments and he is disciplined enough to work within the means of the allocated fund.

When he said sailang, you think a rich old man will really sailang his wealth to further enhance his wealth? Rich people dont think like that. This investment game is not for him to enrich himself, he is already rich. At his age, he needs to keep his brain active. He needs to have a continuous drive to push. His objectives are totally different from that of the most of us here - which is to enhance our personal financial wellbeing.

We should not see his actions from our perspective and mindset. He is on a different platform.

Cheoky,

I strongly suggest that you be man enough to write using your real name and not hide anonymously when you call other forumers derogatory terms.

Sslee,

There is nothing wrong in asking questions. But one has to understand what is relevant and acceptable questioning taking into the context of the event/environment. Simply, different lines of questions for different time and place. The questions you listed for the Hengyuan AGM were not suitable for an AGM. They were more like questions a manager will ask his support personnel during department meetings.

You have to understand that posing such petty questions to Board of Directors during AGM is not only annoying, it may even be seen as disrespectful towards the BoD and also towards the event. Also, do know that it was within the rights of the BoD not to have answered you and they have been graceful to have provided you a written reply later.

Another point that I wish to highlight is that the powers of shareholders are much limited by the Companies Act 2016. Many seem to miss this point. It is hence crucial that you also seek to know the integrity and capabilities of the BoD of the company you invest in.

Jon Choivo,

You think too highly of yourself.

Good luck to you.

Jon Choivo,

You just dont get it that a business is a team game; the leader of the pack will not and does not need to know everything or be skilled in every aspect. Keyword TEAM. I attribute this to you being a small scale guy who hasnt seen the world out there.

Note: If you take KYY's words literally that he doesnt know how to read financial statements, then it really shows your limited ability to comprehend and interpret.

Back to reading financial statements. I have read some of your many postings in i3. Honestly, I find your accounting technical skills rather limited (in fact flawed many times) and your interpretations of financial statements generally average. You claim that you have an audit background. I dare say that you are not a product of the Big 4. (Yes, it shows.) Maybe a 2nd tier firm or maybe a medium sized. And you certainly did not spend a long time in audit - probably left after you obtain your MIA membership. Senior or Assistant Manager level at best. You do not show the skills, knowledge and maturity of at least a Big 4 manager. I stand to be corrected.

And I can tell that you are not trained at an investment bank. Again, I stand to be corrected but I am pretty confident.

What you write in i3 (with quotes and names throwing of so and so here and there) may impress the average layman. Some of us here who live in the financial industry however will not buy into your boasting and 'lagak pandai'.

There is nothing wrong with you writing your opinion in 13. It is after all a public site. But you should learn to handle your ego and arrogance. It is quite a pain to read your downright rude postings.

qqq3,

I dont always agree with what you write but on this statement, I concur.

I will always relate Sslee with his foolish Hengyuan dividend resolution and laughable list of AGM questions which obviously went ignored as they were mostly petty. He describes himself as someone of a certain management level but his actions make him appear as though he has not 'seen the world'. And very naive too.

I lay partial blame of Hengyuan share price fall on him as a way for the major shareholders to teach minority shareholders a lesson. Put it this way, I strongly believe he insulted them and they didnt like it one bit.

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Posted by qqq3 > Dec 2, 2018 09:02 PM | Report Abuse

I am not wrong...This SS guy is weird.

Jon Choivo, some pointers for you.

1. KYY may not be a master at reading financial statements but I am certain that he has a team of capable people doing that for him. You must be a little naive to think that he is a one man show. Dabbling in KLSE in not mere investing for KYY, it is a business.

2. You are looking for a big break from KYY. I think you are doing yourself a disservice by writing this letter as you have discredited yourself in public.

3. You are trying to do business with KYY however you word it; directly now or indirectly in the future. You see that he is a little beaten now with a few of his stock selections and you smell that here is an opportunity for you to sell your ware. Lets not fool any one that you are not trying to get him to allow you to manage some of his money. You surely look green when it comes to doing business. Your lack of maturity shows. The element of arrogance has likely gotten into you. Do reflect upon this.

4. You place too much emphasis on investment and financial literatures. Universally, investment and finance is the same everywhere. In practice, that is hardly the case. Also, making real money with a small portfolio vs a big portfolio is worlds apart. It is more than a simple extrapololation of numbers and strategy.

buah_kurma, Bursa is a casino to the average speculators because they dont understand valuations. The game is all about valuing a company. Even penggoreng have to come up with a story to justify the ‘increase’ in the value of the company they goreng.

On the other hand, fund managers do their homework. With knowledge, they reduce unnecessary risk exposure.

i3lurker,

GenM is not a counter that is affected by retailers’ action. This is a big boys counter played by fund managers and institutions; people with real financial knowledge and financial power.

I do expect maybe a slight retreat on Monday as there will be retailers who got spooked by this billion ringgit loss. It is a scary figure for most average investors and speculators.

The finance boys will them come in to start mopping up shares as the quarterly performance was probably better than most estimates.

Of course, the above is subject to Donald Trump and Xi Jinping behaving themselves this eventful weekend.

You guys who are not from financial industry, please dont scare the less knowledgeable. Please dont wreck people’s night sleep and weekend when you know nothing about valuations.

Those of you who are not from the finance and investment background, read properly. I will explain here.

1. Impairment is an accounting entry that has no impact on cash flow. Impairment affects the P&L but it does not affect the valuation of GenM. We have many different valuation models but most of them are cash flow based; meaning transactions that have no cash flow implications are ignored for our valuation purposes. We dont care about this impairment.

2. On the other hand, if the amount impaired is collected, the real cash in-flow actually increases our valuation of GenM.

3. A good example was seen today. MYEG posted good profit but was hit by huge impairment. Our valuation of MYEG improved after yesterday’s results because we ignored the impairments. MYEG’s share price went up today even though MYEG posted its 1st ever quarterly loss to the tune of RM97.5m.

4. Another example was seen in Hibiscus in the quarter prior to this. In that quarter, Hibiscus registered a huge profit but most of the profit was contributed by a negative goodwill - a non-cash item. As a result, the share price did not go up even though Hibiscus registered its biggest ever quarterly profit then. Why? Because the non-cash profit did not cause the valuation of Hibiscus to improve. Remember, if it does not affect the cash flow of the company, it doesnt matter to us.

5. Key numbers from this quarter that you must know:
- GenM’s operational profit (i.e. less impairment) for this quarter was RM424.9 million
- GenM’s EBITDA was RM814.8 million

Now everyone who bought WR lost every thing

tok_jeff, it was someone selling of 90,000 lots. Not buying

Bastards!

Wah Jon Choivo so nice entertain calvintaneng. Since you are at it, can you please also entertain AlanNga at Lay Hong. That volcano erupt cannot stop

This tug of war is frustrating.

One party is trying to push the price up but another party sells every time a buy queue comes up.

Andy buying but Conman Koon selling?

Or Conman Koon buying but Andy selling?

Looks like one party is trying to make money from the WR by working on the mother share but the other party trying to prevent.

Who is the asshole causing both mother and OR to fall so drastically?

The major shareholders will soon realise that having a listed company that has no trades and is one where retailers stay away like a plague is a nightmare.

Your share price will go down as there is no demand.

Your can forget about raising further funds such as from rights issue.

Whenever you want to push it up, there is no interest.

The major shareholders will be stuck with a listed company with lots of compliant requirements and high costs.

The major shareholders of Smetric are greedy and stupid to have hired such an operator. Short term gain. They think investors are stupid and will forget about this after 100 days.

If lose money because of investing, we bite the bullet. But if we lose money because you con and defraud us, we stay away. Without us investors and speculators, why do you bother to get listed?

This operator has no foresight. You manipulate until so ugly at IPO, in the future no matter how good the company performs also investors will not buy. The trust and confidence is burnt. Just like red chip companies - however well your results are, investors stay away.

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Posted by BetterTomorrow > Nov 15, 2018 09:20 AM | Report Abuse

Is anyone know him? Can tell him stop doing that ? Too artificial .

Well said

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Posted by BetterTomorrow > Nov 15, 2018 09:19 AM | Report Abuse

This guy was told only good in cheating owner can't market making,. He does not even know how to market making but instead manipulating

This counter not approved in short selling list

Unbelievable that at today's digital world still got such old school blatant manipulative strategy being utilised in broad daylight

1,000,000 ESOS at 30.5 sen again

Do bear in mind that for private placements, the shares are not offerred to anyone. Usually close associates of the major shareholders/directors

Usually for private placements, there is a gentleman agreement for the subscriber not to throw the shares. There may even an agreement for the major shareholder to buy the shares at pre-determined time and/or date

This private placement already announced on 2 Nov. Today's announcement is tell that the shares will be listed tomorrow. Nothing new, nothing to get excited about

Looks like finished selling

Cease coverage but maintain Target Price of RM1.19

paulthesotong,

Why rhb team so lousy dont know how to do valuation? At Maybank, Seacera is 100% margin. I see this in itself as a vote of confidence by Maybank in Seacera.

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Posted by paulthesotong > Nov 7, 2018 07:07 PM | Report Abuse

Rhb even treated Sea as face value..marginless counter.

Seacera is difficult for Tan Boon Seng to control. He probably didnt know that Seacera is a MITI approved bumiputra-controlled public listed company. That status is needed to tender for government projects allocated for bumiputra companies

Ikan bilis where got money to but the 28.7 million shares he disposed? It is only logical that somebody with backing must have bought it

Could it be directors have settled their financing and now buying back their shares?

If he was the seller, then who is the new big buyer?

Tan Boon Seng was the seller on Fri and Mon

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5967361

On 31 Oct, when the 1st new substantial shareholder was announced, Seacera was 0.235. Within the next 2 days, it touched 0.34.

Today, another new substantial shareholder announced. How high will the share price go this week?

Lets see it another way.

The company now has NTA of RM1.87. The share price is trading at a small fraction of that value. A really small fraction. If the new shareholder can bring some fresh money and with what else that he can put on the table, and the share price of Seacera gets closer to its NTA (even if it is a diluted NTA of RM1.69), then why not?

The other option is to do nothing and sit on a piece of land which has tremendous value but is not reflected on the share price of the company.

I choose to share the pie and benefit together.