Ambani’s and Adani’s wealth has multiplied almost five times and three times respectively in the last six years. The key to Ambani’s soaring wealth is not innovation but monopoly. He holds a monopoly in every sector, whereby his company Reliance has a presence whether it is telecoms, oil, retail or entertainment. There are many instances where he has used his political support within the ruling government to subvert laws into his favor

Dhirubhai Ambani is the father of Mukesh, and founder of Reliance Industries. He was credited for starting a global company from the poorest and most humble of beginnings. Widely admired for his motivational sayings and for how much he inspired those around him, Dhirubhai died in 2002 aged 69.

Mukesh Ambani is one of the wealthiest people in the world. As the largest shareholder of Reliance Industries Ltd., a business left to him by his father, Ambani holds a rare position. The company went public in 1977 by his tycoon father Dhirubhai Ambani, but he didn’t just rely on his inheritance. So, how did Mukesh Ambani get so rich?

He’s more than just a shareholder – Ambani is his company’s chairman and managing director. After withdrawing from an MBA program at Stanford, he spent a lot of time helping his father’s burgeoning business.

By that point, it was already a conglomerate, which he subsequently helped to expand into a variety of ventures.

Bob,
I am working hard here to promote selective information or misinformation for vested interest so that my BFF UM senior Philip can collect more Pchem cheaply and also me and many here to collect below his holding cost of RM 5.05 post dividend.


Urea
USD/T 307.50 drop another 2.50

So now instead of the the cheese stands alone it become the cheese will be eaten alive for breakfast by China Petrochemical company like what has happen to Malaysia glove industry.

KUALA LUMPUR (April 4): China’s Rongsheng Petrochemical Co Ltd will invest up to RM80 billion for a refining facility in Pengerang, Johor, according to Prime Minister Datuk Seri Anwar Ibrahim.

“The world’s largest petrochemical company Rongsheng has agreed to increase its activities in Malaysia with a petrochemical, oil and gas refining facility in Pengerang, with a project value of up to RM80 billion,” Anwar told the Dewan Rakyat on Tuesday (April 4).

My point is can a new start up company founded in single generation like BYD in 1995 be so successful in any other countries where big or small business are monopolies by the few elite business groups?

Can below happen in India?

Wang Chuanfu, a farmer's son, was orphaned early and raised by his elder siblings.

They lived a tough life in China’s Anhui province.
After completing his degree is Chemistry, Wang founded BYD (Build Your Dreams) Company in 1995

He is known today as the father of the "blade battery".
As of March 2023, Wang Chuanfu had a net worth of $19.9 billion, according to Forbes.

Wang Chuanfu is the 8th child of a peasant’s family. Orphaned early, Wang was raised by his brother and sister. They had a pretty tough life.

Through sheer hard work, he managed to finish university with a degree in Chemistry, and initially worked as a researcher.

In 1995, he founded the Chinese phone battery company BYD (Build Your Dreams), before going into electric vehicle manufacturing.

How Wang fought his way against great odds in his early life, and then became a phenomenal force in China’s push for electrification is a story of pure grit. He is often compared to Elon Musk, CEO of Tesla.

The biggest democracy is not US but India. So what had India' Democracy bring to its Citizen compare with what had CCP brought to China Citizen?

Part of AAX debts restructure:
AAX also proposed that if it were to garner more than 300 million ringgit in annual earnings before interest, tax, depreciation and amortisation, lease rentals and restructuring costs during its 2023-2026 financial years, all creditors except Airbus would be entitled to 20% of those earnings.

AAX already done the painful debts restructure, capital reduction and 10 to 1 share consolidation.

For reasons only knew to Stony CapitalA did not do the necessary debts restructure, capital reduction or share consolidation.

Stony current plan according to CapitalA briefing gave to IBs analyst:

The key takeaways from the analysts briefing yesterday are as follows:

1. The group plans to announce the details of its PN17 regularisation plan by mid-April 2023 with completion expected by end-3Q 2023. We gathered that the group plans to divest its aviation group to AirAsia X in exchange of shares for subsequent distribution to its shareholders

The problems is with CapitalA.
Can CapitalA fulfill the obligation of payables/sales in advance/lease and maintenance payment/borrowing and etc that due in 12 months time. Net current liabilities of RM (9,067,503,000)?

As at 31/12/2022
AAX net liabilities RM (599,891,000) of which net current liabilities RM (657,316,000)

As at 31/12/2022
CapitalA net liabilities is RM (9,427,491,000) of which net current liabilities is RM (9,067,503,000)

And please do not take my words literally. I just try to be sarcastic

According to i3lurker.
CapitalA will inject CapitalA' aviation with 10 billion debts to AAX for 10 billion AAX share. (CapitalA book is now debts free and no more PN17)

AAX will then record a goodwill of 20 billion as non current assets (10 billion debts + 10 billion capitalA aviation valuation)
AAX book now with 20 billion goodwill as non current asset is out of PN17 also.

This is how a bollywood dance style in cleaning the Balance Sheet.

Following the completion of the AirAsia X (AAX) Debt Restructuring (Scheme) in March 2022 and as outlined in the Explanatory Statement, AAX shall acknowledge and honour 0.50% of the amount (Settlement) owed to all eligible creditors including guests, on the first anniversary of the Scheme Restructuring Effective Date (March 2023).


1. Why are you only reimbursing 0.50% of the amount owed to creditors including passengers?

Under the Scheme, an amount equal to 0.50% of the outstanding accrued liabilities by AAX towards Scheme creditors (classes A and B), including passengers, suppliers, travel agents, shall be paid to them on the first anniversary of the Scheme Restructuring Effective Date which is in March 2023.

In addition, guests with outstanding flight bookings caused by the pandemic will have received the full amount of their unused flights which have been credited through the AAX Travel Voucher provided already to affected guests.


2. How will the 0.50% settlement be paid to eligible creditors?

The following scenarios are set out for clarification in relation to the Settlement sum to be paid by way of credit or in cash (via bank transfer):

Scenario
Amount Owed (RM): Settlement Sum (0.50% of Shortfall in RM):Amount to be paid* (RM):Mode of payment

Scenario A
2,000.00: 10.00: 10.00: Voucher

Scenario B
10,000.00: 50.00: 50.00: Cash

Scenario C
20,000.00: 100.00: 100.00: Cash


* The amounts to be paid to Scheme Creditors shall be rounded up or down to the nearest two (2) decimals.

If the settlement sum is less than RM50.00 in aggregate, the amount shall be credited to your airasia rewards account automatically as a Scheme Voucher by or before the end of March 2023 so you don’t need to do anything more. If the Settlement amount is more than RM50.00 in aggregate, the amount shall be paid in cash (via bank transfer).

https://www.instagram.com/reel/CqhrutsoPSc/?utm_source=ig_web_copy_link

Hope Stony able to do this Bollywoid dance.

US is ruled by big business lobbyist.

Finally mogas95 is more expensive than gasoil(diesel)

SINGAPORE MOGAS 95 UNLEADED (PLATTS) FUTURES (CONTINUOUS: NEXT CONTRACT IN FRONT)
NYMEXAV02!
Market open
103.993USDD
+5.508
+5.59%

NYMEX Singapore GASOIL PLATTS Futures - (SGBc1)
CME
Add to Watchlist
102.82
-0.11
(-0.11%)

Vincent8864 Capital A got a boss who knows Bollywood dance.

So just wait for mid April 2023 to see what Bollywood dance Stony will come out to pull AAX and CapitalA out of PN17.

AAX balance sheet is very much better than CapitalA.
As at 31/12/2022
AAX net liabilities RM (599,891,000) of which net current liabilities RM (657,316,000)

As at 31/12/2022
CapitalA net liabilities is RM (9,427,491,000) of which net current liabilities is RM (9,067,503,000)

From Kenanga:
The key takeaways from the analysts briefing yesterday are as follows:

1. The group plans to announce the details of its PN17 regularisation plan by mid-April 2023 with completion expected by end-3Q 2023. We gathered that the group plans to divest its aviation group to AirAsia X in exchange of shares for subsequent distribution to its shareholders

Remember the lesson learned.

Fool me once, shame on you. Fool me twice, shame on me. Fool me three times, shame on both of us.- Stephen King

Becareful as at 31.12.2022 the outstanding refining margin swap contracts is net liabilities of RM 723,271,000

In Q3 2017 when HRC Q3 Net profit of RM 361.77 million is due to 2017 hurricane Harvey shuttered about 20 percent of U.S. refining capacity causing refining margin spike and HRC enjoyed the full benefit of the hike without financial derivatives gain/loss.

But today HRC is like casino betting heavily on derivative hedge that look like, smell like and sound like profit transfer to xxxxx.

Contract/
Notional amount :Assets : (Liabilities)
USD’000: RM’000: RM’000
Financial assets/(liabilities) – Level 2

31.12.2022
Forward foreign currency contracts: 181,500 :- :(12,659)
Commodity swap contracts 119,734: - :(40,158)
Refining margin swap contracts 235,068: 116,530: (839,801)

By right all oil refinery should make good profit bacause the crack spread is still very good. Abou USD 15+ per barrel.
Price different between Mogas92 and Brent is USD 15+ per barrel.

The only thing unknow is HRC purchase their crude at what premium to Brent?


SINGAPORE MOGAS 92 UNLEADED (PLATTS) BRENT CRACK SPREAD FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)

NYMEXD1N1!

Market open
15.198USDD
−0.152
−0.99%

Part of AAX PN17 regularisation plan is debts restructure, capital reduction and 10 to 1 share consoludation follow by a renounceable rights issue of new shares to raise gross proceeds of up to RM300 million from its existing shareholders, and an issuance and allotment of new AAX shares to raise another RM200 million.

Stony did not carried out the RM 500 million capital cash call and now intent to inject CapitalA aviation with its billions in net liabilities into AAX for maybe billions of AAX share to CapitalA which will then be distributed to all the CapitalA shareholders.

So AAX will then need another round debts restructure, capital reduction, share consolidation and capical cash call again to get out of PN17.

AirAsia X announces the final completion of its debt restructuring and a write back of RM33 billion to profits
March 16, 2022 M A
SEPANG, 16 March 2022 - AirAsia X (AAX) has today lodged the Sanction Order for its debt restructuring with the Registrar of Companies with the formalities of the restructuring now completed.

The debt restructuring proposal was approved by its creditors on 12 November 2021 and by the High Court of Malaya on 16 December 2021.

The lodgement of the Sanction Order means that the financial effects can be recognised in the financial statements of the Company and, as a result, AAX will be able to reverse RM33 billion of liabilities and provisions for liabilities which have been waived under the scheme. The full effects on the income statement and balance sheet of the company will be reflected in the next quarterly Bursa Announcement.

The lodgement of the Sanction Order will now pave the way for the completion of the proposed fund raising.

All three groups of creditors of Malaysian long-haul low-cost airline AirAsia X (AAX) have agreed to a restructuring scheme that proposes to pay just 0.5%

The first class of AAX creditors includes airports, financial institutions and maintenance providers.

The second class includes engine suppliers, lessors, trade creditors, travel agents and passengers.

The final group is planemaker Airbus

The 0.5% of debt owed to each creditor will be paid from operating cash flow one year after the debt restructuring goes into effect, the airline said in the document.

HRC buy crude oil at premium to Brent. Hence raw mat cost increase is bad news for HRC.

The only bright spot is HRC keep about 1 to 1 1/2 months crude.

DUBAI, April 2 (Reuters) - Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable.

Brent: 84.271: 4.381: 5.48%
Brent is on uptrend.

Today: 03 April 2023 JET A1 Price in Singapore
JET FUELS RATE USD
Jet fuel a1 price per barrel $112.1.

My fault typo error.
Correction.
Quarter end 31th Dec 2022 the NP margin is 5.56%, the 1.23 % is ROE.
For the next two quarters the NP margin% will/should be lower if urea, polymers and olefins price do not improve.

As of Philip claims below, it is most likely his misjudgement/misinformed/misunderstood at best or at worst a misinformation on purpose for vested interest.
What do you think? Am I right to say so?

Philip ( buy what you understand)'s Portfolio: PHILIP FARMS TRACKED PORTFOLIO ON I3INVESTOR
Sep 11, 2022 7:26 PM | Report Abuse

Firstly. Pchem has 25% profit margins. Which is far more than every other comparable major petrochemical company.

Secondly 50% of pchem revenues comes from urea or fertilizer. They have an ungodly gross margins on fertilizer. Why?

Thirdly, neither basf, the Koreans, Japanese or the Americans have a major petrochemical processing center in South East Asia. Which means with the delay and difficulty and distance of transportation and logistics, the cheese stands alone.
02/04/2023 8:26 AM

Shouldn't Taiwan ROC seek reunion of mainland China PROC with mother land Taiwan ROC thro' peaceful negotiation or by force if necessary?

Posted by IDQWE001 > Apr 2, 2023 7:21 PM | Report Abuse
Taiwan also said 1 China ie. ROC.

@IDWE001 mind telling us why so fast changing your mind/stand on one China priciple/policy?

Posted by IDQWE001 > Apr 2, 2023 7:21 PM | Report Abuse
Taiwan also said 1 China ie. ROC.

Posted by IDQWE001 > Apr 2, 2023 7:26 PM | Report Abuse
except evil axis nobody agree it is internal affairs.

So now everyone agree Taiwan ROC is the internal affair of China.

Guatemalan President, Alejandro Giammattei, describes Taiwan as "the only true China" during a visit by the island nation's President Tsai Ing-wen to Guatemala City

So yes Taiwan is China.

China is still at civil war between CCP and KMT as most of the world countries only regconised one China principle/policy

Post removed.Why?

"When I first started working as an engineer in 1993, my salary was RM1,800. My son graduated in 2019 and joined a private company as an engineer too. His salary is RM2,300.

"Can you imagine, in the span of almost 30 years, the increment has been so minimal. How can we expect to retain our professionals?"

My starting salarly as an engineer was RM 1,000 in 1986.
In 1991 after 5 year working experience, I join Tioxide Malaysia and working in kemaman Terengganu
In 1996 I rejoin SAB.
In 2001 I join an Indonesia Company PT Musim Mas and started an Oleochemical plant in Medan.

I would not have progress and earned so much more for my family if I remain in Malaysia.

I0 years ago in 2013 the NTA is only RM 1.54 and no inari yet and I would not considered Insas as value buy.
Today the BOD and Management must have done something right to grow NTA to RM 3.39 and still holding 537,008,575 Inari share. Just inari alone will contribute how much tax free dividend income?

Correction typo error.
Urea is now falling from USD1,000+ in April 2022 to USD 310 now.

Hope Philip will fully use his margin finance to buy more Pchem on the cheap.

By the way someone did not know of Jurong Island in Singapore.

Jurong Island is home to many companies such as LANXESS, Afton Chemical, BASF, BP, Celanese, Evonik, ExxonMobil, DuPont, Mitsui Chemicals, Chevron Oronite, Shell, Singapore Petroleum Company Singapore Refining Company, Stepan Company, Petrochemical Corporation of Singapore, The Polyolefin Company, Chevron Phillips, Mitsui Elastomer, Baker Hughes and Sumitomo

In 2021, the output from petrochemicals manufacturing amounted to 38.61 billion Singapore dollars. In that year, the value of total chemicals manufacturing output was 92.39 billion Singapore dollars.

According to Philip:
Pchem has 25% profit margins
50% of pchem revenues comes from urea or fertilizer. They have an ungodly gross margins on fertilizer.

Just wonder why quarter end 31th Dec 2022 NP Margin only a poor 1.23%?

50% of pchem revenues comes from urea and urea is now falling from USD1,000+ in May 2021 to USD 310 now. Not hard to see Pchem next 2 quarter result will be?

Philip ( buy what you understand)'s Portfolio: PHILIP FARMS TRACKED PORTFOLIO ON I3INVESTOR
Sep 11, 2022 7:26 PM | Report Abuse

Firstly. Pchem has 25% profit margins. Which is far more than every other comparable major petrochemical company.

Secondly 50% of pchem revenues comes from urea or fertilizer. They have an ungodly gross margins on fertilizer. Why?

Thirdly, neither basf, the Koreans, Japanese or the Americans have a major petrochemical processing center in South East Asia. Which means with the delay and difficulty and distance of transportation and logistics, the cheese stands alone.

Quarter
Revenue
PBT
NP
NP to SH
NP Margin
ROE
EPS
DPS
NAPS
QoQ
31-Dec-2022 8,704,000 561,000 484,000 481,000 5.56% 1.23% 6.00 16.00 4.8800 -74.62%

https://tradingeconomics.com/commodity/urea

Urea is now at record low USD310 perton.

I just return a requested favor.

By the way I was the first from my kampung: Loring Keriang, Jalan Langgar, Alor Star, Kedah to study engineering in MU. Fortunately I managed to graduate.

Income Ahyah no fair we talked down Insas, Sslee buy cheap cheap.
Sslee since I already helped you here… Sslee, you at least help me to talk down PChem for me to buy cheap cheap. Ok kah?

Counting down to mid-April 2023.

Date: Open Price: Target Price: Upside/Downside: Price Call:Source
30/03/2023: 0.755: 0.67:-0.085: (11.26%): SELL: KENANGA

CAPITALA’s regularisation plans to exit PN17 in the works. The group plans to announce the details of its PN17 regularisation plan by mid-April 2023 with completion expected by end-3QCY23. While we continue to like CAPITALA for being a beneficiary of the recovery in air travel as the pandemic comes to an end, we are mindful of it still being under the PN17 status.

Source: Kenanga Research - 30 Mar 2023

Is petrochemical boom and bust cycle will be getting more serious?

Saudi Aramco and its Chinese joint venture (JV) partners NORINCO Group and Panjin Xincheng Industrial Group have signed an agreement to build an oil refinery and petrochemical plant in northeast China.

The project is estimated to cost $12.2bn, reported Reuters citing Panjin Xincheng Industrial Group’s statement on WeChat.

Joint venture Huajin Aramco Petrochemical Company (HAPCO), will be responsible for the construction and operation of the oil refinery and petrochemical plant to be located in Liaoning province’s city of Panjin.

The refinery will comprise a 300,000 barrels per day (bpd) oil refinery and a petrochemical plant with an annual production capacity of 1.65 million tonnes (mt) of ethylene and 2mt of paraxylene. Construction of the refinery is planned to commence in the second quarter of 2023.

Aramco will supply up to 210,00bpd of crude oil feedstock to the integrated refining and petrochemical complex, which is expected to be operational by 2026.

Post removed.Why?

PetChem MD and CEO Mohd Yusri Mohamed Yusof already said: We expect the first half of 2023 to be challenging, as we continue to face slow demand and higher costs due to inflation, particularly for our business in Europe and the US.

So just be patient and wait for next two quarter to collect Pchem.

On Malaysian operations, he added that the group achieved higher production and sales volumes, while the plant utilisation rate reached 100%, from 97% in 3QFY2022. However, margins were significantly compressed in 4QFY2022, as prices of all products declined due to lower global demand.

“Higher operational costs also added to the pressure. Despite the market volatility, PetChem achieved commendable full-year net earnings that we are able to distribute to our shareholders,” it said.

Mohd Yusri said the reopening of China and relaxation of its Covid Zero policy are positive for the chemicals sector, especially for polymers and olefins, which have seen a slight recovery in recent weeks.

"Nevertheless, we remain cautious, as prices of petrochemical products will continue to fluctuate.

“For example, prices of urea have unexpectedly declined sharply, despite the ongoing Russia-Ukraine war. We expect the first half of 2023 to be challenging, as we continue to face slow demand and higher costs due to inflation, particularly for our business in Europe and the US.”

Shoundn't those holding CapitalA and beleive in CapitalA potential welcome me to present figures from the already available Balance Sheet repeatedly in the forum so that CapitalA can remain at low price for them to continues collect cheaply?

Or are they having other hidden motive?