@AhHuat01, the 12.3 m that passed 90 days are from long term customers of more than 5 years relationship with Cypark and any way the amount is not very significant. As rightly pointed out by you, Cypark will receive very good revenue and cash flow once those LSS 2, 3 and WTE projects are in operation.
Cypark expects WTE project at Ladang Tanah Merah to be commissioned at any time soon in the middle of this year and this project alone will generate around RM 80 m per year of revenue. In the space of renewable energy projects Cypark is the owner, developer and O&M operator not just as a contractor. In addition Cypark develop, construct. finance and operate some other companies renewable energy projects too.

Cypark is in the right biz of renewable energy and environmental services which is getting more important now and in the future. The high gearing is of no issue at all and expected in the sort of investments being done in Cypark. The income from these investments are very robust and long term and more than sufficient to pay the debts. In fact for say IPP type of business with guaranteed off take by a utility , the gearing of 3 or more times is normal.Again the negative cash flow is expected for company that invest in this heavy upfront capex kind of projects and also due to rapid growth and expansion of Cypark.
Cypark is currently very undervalued if we understand the company and its biz model even without factoring future growth and options. Current biz alone has value far above the current price level.
What make the current price very depressed mainly due to major shareholders/ Directors doing things detrimental to other share holders interest. This is the real perception. In addition many people don’t really understand the Cypark biz. Cypark is probably the only plc that involve in all kind of green/renewable energy projects except to this date small hydros.

Looking good!

As I wrote earlier the RI for RCUIDS at 75 sen is very attractive. The interest rate for the security (RCUIDS) is 8% per annum for 7 years, way above of what we can get from our FD, EPF or even unit most trusts. As additional benefit we can always convert it into ordinary share if we want at 1 to 1 without paying any additional money at 75 sen only, the cost of RCUIDS. Another additional benefit of subscribing to RCUIDS, we will get free warrants too.

RI is definitely fairer than PP as all shareholders are equally offered to participate or if they decline, they can always sell their rights. The terms for both the RCUIDS and warrant are equally attractive for those who have confident AA will some how able to survive this Covid 19 and prosper there after.
The yield of 8% is highly attractive especially for the current low interest period. Meanwhile the attractive part of the warrants are the long duration of 7 years and a capping of the proposed exercise price of RM 1.00. Just imagine if AA share price can some what able to exceed RM 1.00, the value of the warrants can only shoot upwards. Remember that the warrants have a long life of 7 years!

Tanco has a very good land bank in the strategic locations . With the right time and situation, these land bank can be developed or monetized.

@ wistleblower99, a good write up and advice

Having a negative net asset does not essentially means that a company has no value. There many well known companies that have negative net worth but performing very well. Good examples, Mc Donald's and Dominos Pizza, names most familiar to most people have negative equities. Most important assets in a company may not be captured in the balance sheet.

Big rewards will come to those who understand the air line biz in general and the way Air Asia going forward and have the patience to wait. Investing is always forward looking, not looking at the past or even the present.

Even if Boustead Group sell Boustead Plantation, very unlikely shareholders can get any benefit such as dividends. As of now BG has already experienced shortage of cash to comply with the requirements of their existing sukuk/bond requirements to deposit minimum requirement of principal balance into the Financial Service Reserve Account (FSRA). Any how any cash must go first to the lenders and Sukuk/Bond holders. If these people are not paid according to the agreements, share holders will suffer big losses.
Taking BG private may also trigger some of the lenders and Sukuk covenants and terms of agreements and they may have the rights to be paid in full or redeemed.

Foreigners are buying AA making foreign ownership to increase recently

Air Asia is a quite a safe stock to bet for investors who are willing to wait. The most likely scenario in the future will be a turn around for the better rather than for the worse, Air travel especially for leisure will quickly recover any time soon. The only uncertainty is exactly when ! Just be a bit patient and you will be well rewarded. Look to the distant future not the past or even current situations.

Personally I believe there are many other plc with much better balance sheets, profitability and in the right bz to be possible candidates for privatization rather than Boustead Group which has very heavy debts with hight interest rates and loosing big money on top. Just my view though.

For those who were worry of Cypark heavy borrowing and high gearing, please note that RM 166 m of debt shown in Q1 2021, the latest Q, which has with no fixed redemption date is classified as equity instead of liability or debt. This classification will make Cypark to appear to have lower debts and debt gearing ratio at least on paper and distorted other financial figures as well. This debt will very likely to increase further to up to maximum of RM 500 m as provided under the MTN Program. In fact the amount in the previous Q was only RM 118 m. However our accounting standards allow to classify such perpetual debts as equity rather than liability. Some countries like our neighbor Thailand has recently disallowed to classify such debt as equity. Just take note.

PICORP is profitable and always pay reasonable dividends. It has a good and clean balance sheet: high amount of cash and current financial assets, and little borrowings. What makes it even more attractive to all shareholders especially outside minority shareholders, there is no dilutive exercises such as issuing of ESOS and PP which unlike many other companies are liberally doing. In addition we don't see directors and major shareholders selling down. What is appealing to shareholders, the company is in the right biz of laboratory testings and environmental services.

Looks good today !

Thank Johnzhang for you write up. Yes no obligation to redeem on the maturity which is normally after the end the fifth year. However if not redeemed, the interest will be increased substantially. The info on interest rates are from the latest annual report available.
Just for information, I think Thailand has recently classified perpetuals as liabilities , no longer as part of the equity. Personally I choose to classify perpetuals as debts.

Good ending today, indicating a start of a good journey?

The high yield for the sukuk indicate that basically it is a junk bond especially now in the era of very low interest rate.

Now Boustead paying the sukuk at as high as 9.6% pa and if not redeem the interest will go to as high as 15% pa.

Well done to those who keep their heads while others loss theirs !

This so called perpetual bond is like a hidden time bomb, not seen by most people but can caused a lot of damage especially when the company has to redeem it or pay ever increasing higher interest penalty if not redeemed as agreed. This perpetual will soon coming for redemption toward this year end ! With very high debts burden and continuing losses, the future scenario is quite scary to say the least.

Be extra careful of the balance sheet of Boustead. The Islamic Bond Sukuk. having a value of RM 609.3 m is considered part of equity instead of debt or liability. So on paper for example the gearing would appear low and causes other financial figures to be distorted as well. Just a reminder though.

Cypark has a very good biz but directors/major shareholders are making themselves rich at the expense of other shareholders via cheap ESOS and private placements.

Prices going up as I expected after FS by major shareholders

Since FS has been carried out for the major shareholders, there is likely much less downwards pressure on SD shares. I believe the share price will likely to be upwards rather than downwards going forwards.

Cypark should have raised funding via RI as it is fair to all shareholders especially if the issue is large such as this one, instead of PP which is only available to the chosen few and at the expense of other shareholders.

They will sell to lower the price so that Cypark can issue new shares at cheaper price via PP or ESOS to replace sold shares and still make very good profit from this kind of trading. And repeat it !

Price will be depressed so that Cypark can issue very cheap share at cheap price to those PP subscribers normally friendly to them or more cheap ESOS at even much lower price.

Clear lack of skill and tack in managing dispute especially in public domain like this one . Could have been done better with less damage done

Irrational exuberance over Pekat. Know deeply what you are buying and value it correctly and not carried away by the crowd

Bursa should suspend the quotation of SD so as to prevent insiders from profiting from this crisis. Not fair to the others not in the know.

We should not simply accuse any side being wrong since we are in the dark unless those parties involved explain what actually happened, just the facts without any opinion

All parties involved in the dispute including regulators should explain to the shareholders what actually the issues are. Otherwise the insiders with the info can use their knowledge to take advantage of the situation. We the outsiders are certainly will be the losers .

Continue to maintain strength with good volume!

The chairman is a bit unprofessional in his approach . SD should have some one else and can be any time better especially dealing with public.

Anyhow don’t expect any auditor to look after your interest as shareholders. They are running a biz just like other biz. They have their own interest first to take care. Too many scandals involving the big 4 all around the world. You have to make your own independent judgements. Even regulators can fail in their duty. Just read what has happened recently involving a big German company Wirecard!

All the big 4 have problems world wide! Auditors are no longer reliable .

More health care related biz for LYC looking after senior citizens , a definitely a fast growing future biz. LYC is involving in the right biz of health care and those who intend to grow with this kind of biz should invest for the future.

Back to be very active and up, good sign !

EPF has been selling Oriental Holdings shares continuously for some time till now too!

LYC to be a distributor for inactivated Covid 19 vaccine from China. This should be good for LYC

PP not fair to other shareholders especially when issued at very large percentage and at very cheap price. Only selected people close and known to the company will be offered. Many plc now abusing this privilege and SC seems to allow it to happen. Sad!

Price maintain and strengthening and volume continue to be very high. Good sign!

Most of the ESOS goes to the directors !

Securities Commission should not allowed huge % of PP at substantial discount. Many companies are abusing this PP.

Or buy via cheap ESOS

Yumchar, what you said is very true, sadly

Right Issues are fair to all share holders but private placement of 20% not fair as the selected few can only buy at discounted cheap price

Hope not followed by yet another round of cheap ESOS!!!