No point to argue on the adventages or disadvantage of asset play vs profit growth play, since both are FA. Its just different investment strategies suit for different investors' preferences and risk appetite.

If this share is so great, why bother to sell at certain price? Its the same argument. no right no wrong

Since when uncle change his strategy? Scare the existing shareholders that he is targeting the shares, so he can collect cheap? Interesting...

Cos uncle knows well after next month quarter result is out, his golden rules no more applicable. Last chance for him to escape.

Teoseng long term investors are seasoned enough to know the cyclical eggs price effects on the coming quarter profit. Uncle picks the wrong stock this round...

He seems desperate

haha based on uncle koon's understanding, the demand is the only factor affected the price. Egg price goes up cos more aged ppl in malaysia & they like to eat eggs. Wondering whats the reason the egg price dropped so much last year?

Can you imagine if both shares he promoted also dropped? He will lost his credit even to his loyal fans. Just imagine it’s like the burst of money game even at the beginning stage.

KYY made a fast u-turn on PCCS. To maintain his reputation, he is trying to push teoseng. Teoseng definitely has a stronger fundamentals than pccs.

KYY is giving bias facts again in his latest post today. For comparison, teoseng should be compared with Ltkm & tpc which mainly focus on eggs production industry. One of the reason of high PE for poultry industry eg LayHong & LHI is due to recent low chicken price.

Congrats TeoSeng shareholders. Share price will be very exciting when KYY is in. Agreed that the result should be around 3Q18 figures. Just the right time to sell in mid Aug before 2Q19 result is out.

sold all. realised losses... This stock is the proxy of property sector. Downturn is coming which reflected in this quarter's sales no. Sales drop faster than aluminium price.

High growth normally only happend to small company, cos their base is small. & it comes with high risk due to their small base.

It's a natural progress to move to Philip's way of investment when you have big capital. If you have 100m, 10% gain a year is equivalent to 500% return for someone with only 2m capital. Why waste so much time to filter,understand & chase the new good stocks? Warren Buffet cant apply the same approach like junior warrent when he was young.

I am in. Steel price has dropped from the peak & on the way down.
The recent land JV with Platinum Victory to develop affordable homes is a good deal. They got the land with discount.

Will SCGM turn around with good profit in the coming quarter result? Let keep our fingers crossed... ;-)

Same TP before & after the F&B Nutrition disposal? It shows MIDF is only good at assess current P&L instead of the co business. Instead Mr Yeoh has all in in can-packaging business by switching from dairy.

Yes, it makes me think of Karex too. Sales keep going down. The issues are structural instead of cyclical.

RM40m & RM26m has been reserved for dividend and capital repayment from this disposal proposal (about 30-40 sen per share). Hopefully these will be distributed to the shareholders for the coming group re-organisation proposal.

Haha, recycled posts? All assumptions based on stale information when Brent crude oil drops to USD 50 in end Dec 18. Get prepared for the coming -ve profit quarterss

The annual AGM has been postponed to end of June from mid Apr in previous years. No EGM is required for the disposal as they just need to add this as an additional agenda for the coming AGM.
A well planned move?? ;-)

Great jobs everyone! Appreciate on all kinds of effort to reveal the truth!

In contrast, PetronM does not entered into any commodity swap contracts. Hence, the 1Q19 result yet to announced will be good.

Yes. Pls refer to last para in pg 24. This is due to the commodity swap contracts entered to hedge against the price of crude oil. By doing this, we can expect much less volatility of the P&L, not like the previous 1 - 2 years.

Economy of scale is a moat, especially in a low margin business that only requires simple technology. It is similar like top glove.

This offer is not conditional upon any minimum level of acceptance. Meaning, they will accept any shareholders' acceptance, with the intention to increase their stake in the company. If the acceptance is not more than 90%, there wont be any mandatory de-listing like what going to happened to Kian Joo.

Checkmate

Highlights from the AGM: Profit margin is recovering & about the same like 4Q18. The co is facing margin compression since US vs China trade war, as US is selling their products here instead of China.

I will expect another bad quarter results.

Believe some (small %) of the KianJoo shareholders total RM917 mil will swift to Canone after they receive their payout as suggested by Pharker above.

High gearing of Canone after acquisition of KianJoo will not be a major concern based on the followings:

a) The aluminium price has dropped 20% from the peak 2400USD/MT to <1900USD/MT & tin has been stablized
b) In anticipating of b) above, global metal packaging stocks have rebounded to price higher than early 2018
c) Based on interest rate of 6% on MGO price of RM3.10 (max RM917 mil), total quarterly interest is only RM13.8 mil, which is still below gross profit earned in 4Q18
d) Mr. Yeoh is a master in metal commodity cycles. He has gone through few cycles in his business experience. The acquisition of Alcom is the solid evident on how he time it to buy the company cheap. The profit of the company turned around from -ve after that.

https://www.oaktreecapital.com/insights/howard-marks-memos

You can easily find Howard Marks' historical memos since 1996 from the above link. He has shared his view on where we stand on current cycle via his memo "The Seven Worst Words in the World" dated Sep 26, 2018.

In additional, he never advise us to time the cycle, but prepare for it.

The below are few examples preparations we could do during down cycle (based on my limited understanding) :

1) lower exposures/ lower leveraging; and/or
2) holding portfolio with lower beta, i.e. have a zero or -ve co-relationship with market; and/or
3) shorter investment period, e.g. +ve return in short period of time

You may find some of the answers from analyst report from Phillip Capital Management dated 12th April.

Here are some of the summaries:

1. Expected progress of completion is 46% - 50% vs 46% as at Dec 18.
2. Target to reach 90% completion by end of 2019
3. To recognize at least RM240m of construction profit from this power plant in FY19 and FY20.
4. Once the power plant reaches a full year of production, is estimated to be RM120m per year, equivalent to 3.5x FY18 core earnings
5. Electricity tariff is adjusted depending on coal price to yield the fixed return to the power plant. It is tax free for first five years and then 5% for the remaining 20 years. PAT margin is estimated to be around 20%.
6. Operation of first turbine (600MW) is expected to start in 2Q20 which is six months ahead of schedule and second turbine (600MW) in 2H20.

The majority of this is from the reversal of amortisation provided in the previous 9 months

This is the further adjustment on 1st year adoption of new Malaysian Financial Reporting Standards (MFRS) in the financial statement reporting.

The core PBT should be lesser than the reported 6.9m. This is due to an adjustment -4.5m on costs of sales, following the adoption of MFRS.

Agreed with Icon, EGM tomorrow will pass. Mr Yeoh & his friendly business alliance, Mr Teh hold total about 50%

From the price movement these few days, the last querter profit for FY18 will be one of the highest of the recent years. Canone business model is very similar to Johotin. Please refer to Johotin Q3 financial statement notes to gain some insights. ;-)

The intention of YJH & PAC is clear. They wanna proceed with MGO & accumulate KianJoo shares in current weak sentiment. Else they wont incurred cost & time to engage AmInvestment Bank to undertake the exercise. They can easily pare down their shareholding to <30% in the market to comply with SC sanctions imposed.