Revival of Temasya LRT station will be AQRS's

Even if it doubles from here over the next 1 year, KSL will still be very reasonably priced

Yinson is this scary behemoth that will generate so much cashflow by CY2026, not sure how market will look at it by then. IT's REALLY BIG.

Recently Lim Chern Yuan said he believes they can hit US$1B ebidta by 2025. That in itself is amazing. US$1B!!! I think he knows what he's talking about. If you have watched him before, this is a CEO full of humility and one who takes his job seriously. He is considered 1.5 Gen, and still very young. 1.5 Gen, since his father founded the business but it was him who ventured into FPSO and changed Yinson forever

Also there will be the RE part of the business that they are currently burning money and market doesnt give any valuation. Isn't this what the market wants, all these green business

The most unfortunate timing in my view...is the expiry of warrants by mid-2025, before all the super earnings come into full blast hehe

@RobertWaters This may not be true for Yinson. If we look at historical performance, Yinson does not only have a low correlation with oil price, but a negative correlation with oil. Here we are strictly referring to share price, not business earnings.

This does reflect the underlying business of Yinson. It will do what it does regardless of oil price. The strongest testament to its strength is its performance over the Covid era where oil futures once went negative - yet Yinson's earnings were stable as a rock.

Armada's share price tends to move with oil. It does not reflect its underlying business. But it is a liquid stock to trade. If I want to have real direct equity exposure to oil in Bursa, there's only Hibiscus. The others goreng with oil. Previously, Dialog was given a higher valuation - Dialog is another one that has a completely different model vs direct exposure to oil.

Yinson no longer needs anymore new contract to be worth wayyy more than current price, as OTB said. However it is understood it is still keen to take up the BP contract, and maybe 1 contract a year. FPSO market has never been this good for contractors. For FPSO market to continue to fluorish and remain tight, so long as Brent oil holds above $80, it's very bullish, and at $60-$70 it really isn't an issue. This is from diverse reading and tracking historical performance.

CIMB today

The stock has been consolidating for a month after hitting the RM0.405 high in
early September. Last Friday’s long white candle pushed prices up to close
above the 20-day EMA again, supported by a higher trading volume. The bullish
gap up and coupled with the higher lows formation from the RM0.26 low, suggest
that prices may continue its medium-to-longer term uptrend.
The Moving Average Convergence Divergence (MACD) showed easing
pressure while the Relative Strength Index (RSI) has strengthened further,
keeping the positive momentum intact.
We think that aggressive traders may want to go long now with a stop-loss set
at RM0.34 (a tick below the 50-day EMA). This breakout may lift prices towards
RM0.405 and our Fibonacci target RM0.42 (1.236)

Top quality brief, better than the IB reports. Kudos to OTB

We need more investors like this to protect small investors interest

I will support the cause, let me think of some fresh points and also send it to Yinson

Well done newbie, perfect timing

@speakup but but but...if there was one PM I personally really couldn't stand, it has to be Mahiaddin

@John is here giving naysayers a chance to make 10% guaranteed profit. Money from the sky ma 🤣

Johnzhang

I hold the view that the MGO is real.
Although NA may be just $1.28 /share, the realisable market value of the assets is 2-3 times higher than NA which is always kept at historical price. So, paying minority $1.55 is real cheap. Just look at the % disposal gain Bplant earned in the past many land disposals to convince yourself. Remember that land is scare and price is high.
After GO, the assets can be disposal in smaller parcels , quicker and out of the radar of the public.
LTAT /Boustead is chasing after time to resolve their heavy financial woes and to ensure annual 5% return to members from this year. With bridging finance from the government, LTAT has no time to waste but to do the deal fast .
If monority drag the "aborted" GO to the court, the trial will derail the transformation plan of LTAT which is the last thing they want to see.

@youarewelcome88

I don't think it's possible for the Boustead companies to go bust. Politically impossible whoever runs the Govt of the day. Only possible if Malaysia goes bust. 1MDB is so much larger and we survived. Plus, Boustead group is no 1MDB, not comparable at all. Boustead...it is perhaps unfortunate for poorly management. But to be clear, I think this has more to do with Govt run entities, than race. Put this in another country with a homogenous people, the same could happen. Govt officials have no direct interest and most of them are politicians not businessmen. Boustead's problem, in a nutshell, is a case of having a huge asset base, poorly managed, complacency and mismatch of cash generation vs loans. Think of it this way...say a rich man's grandson is given a huge estate plantation. The grandson knows he is rich, he will live a rich man's lifestyle and unlike his grandfather probably lack the hardiness and business acumen. When times are good, no problem. Times are bad, he starts borrowing money to fund expenses both business and personal. Surely the banks will lend to him based on his very rich assets. So he continues to spend freely and hardly do anything to enhance his business, and never thought of saving for a rainy day, expecting that things should go on as it has always been. But then over time cost increase, trees get old, he starts running out of cash again. Banks are not too happy to lend anymore - for risk management, or in the case of Ah Longs, to steal his assets for a song. Now if his grandfather is dead, I suppose this is it - he will probably survive richer than us but that would be the end of a great family fortune. In the case of Boustead, grandfather is the Govt and he lives forever - he will fund his cashflow problem instead of allowing his assets to be taken over cheap. Rich man's son and plantation...I suppose in your mind you see a Chinese, and that's the point I'm trying to make here in response to the racist comments lol - Bousted's predicament could easily fall onto anyone given something on a plate for free, Malay or Chinese no difference. So yeah no I can't see any possbility LTAT can go bust. Worst case scenario be like Tabung Haji transfer to MOF and done. It's tiny compare to our Govt's balance sheet.

It’s a great opportunity to absorb some shares however small we are compared to the big funds…and I must say if one has a risk appetite, the warrants is very attractive. Managed to get some today on the intra day steep declines. OTB’s explanation and the link he provided is very clear. Yinson is one of those counters you can sleep with. I know…it doesn’t break until it does. But this is stock investment afterall. Such impeccable track record such robust growth, what else investors can ask for? Yinson is testament to the right use of debt. Just like buying Yinson on margin for us now 😂😂

Flip it around there is zero sense for LTAT to let BPlant free fall after all this hoo ha. Why? To buy it cheap 2-3 years later? Cannot…it looks too bad. Can even sue for breach of directors fiduciary duties - how can you reject a $1.55 offer today and then offer to buy at $0.855 2 years later?

Also, PMX doesn’t only have LTAT to take care of. There’s a reputation to maintain la.

2B peanuts to our indebted Govt. Next year cut subsidy got $ already ma. Do this, everyone looks good, everyone happy except for some people here I don’t know why lol

Bringing BPlant value back to $1.55 also has accounting benefits for Boustead to distribute dividends to LTAT and then to its members. If LTAT let it crash there should be marked to market losses in asset valuation (unless fight like Top Glove don’t impair SBB ya ok irrelevant jk) and impedes dividend distraction.

Also, this industry there are windfall sometimes. After 2021-22 they should see the huge leakage of dividends given to outsiders (us shareholders) instead of 100% to their members

If u ask me, this deal going through even trumps SIME UMW…no EGM issue no other shareholder issue and judging from sentiment no issue of 1.55 being unfair

And most importantly for us stock traders - the market agrees. Pay some respect to the market - with months to go before pay out and no offer docs, they are buying it from you at circa 10% discount only. It reflects the certainty of a deal going through

In terms of the Thursday suspension and letter, Okla class act from LTAT this time

Really, they could have delayed just a bit, let it crash, and then even if LTAT themselves don’t buy, the people in the know and their family and friends would have made a killing

The way the offer is made reflects only on the haste in which it’s required.

But give them a break la…have to finish talking to KLK break the deal, have to get hold of PMX cum FM secure funding before dare to break

And market opens on Thursday, no time consult IB no time do up nice paperwork fast fast issue letter preempt any share crash first

Initially I was wondering how the PN small fry can affect PMX and this deal. Didn’t make sense. Low political threat.

As the LTAT offer is revealed it is increasingly clear to me it has little to do w that PN guy. No credit should be given to him. It was firstly a decision of LTAT’s pride (especially the Veterans) and secondly a commercial decision.

Culturally the pride of Malays and Veterans is something to be mindful of. Did u see how it was phrased - LTAT selling off land which for a century the arm forces earned w their blood. Like that how to sell, hear already must respect…

If Govt can inject 2B, commercially it is obvious LTAT will be better off. LTAT is only selling because of cashflow problems and therefore it is getting the shorter end of the stock. No $ this KLK deal is very good. But it is a Govt entity afterall…if it has cashflow then they could turn around and privatise it first instead. Since they have 68% it’s easiest they do it. Also only they know what’s in their books. Also they don’t have to reveal books to KLK. Also it’s not difficult to think that BPlant can find something within BPlant to divest to Govt or Albukhary for $1B. Heck even gearing up w bank loans is possible w Govt backing. Didn’t SSLee mention about solar. PMX just committed UAE for RM38B in renewable energy. If you want land for solar farms, BPlant can offer some possibilities…

BPlant, I think the 2 days meeting was running simultaneously in many parts.

One of which is PMX’s assurance of funds. He already disclosed he gave them 300M on Monday - it coincided w the share collapse on fears deal off - precisely because Anwar is giving LTAT $.

Anwar further said he’ll look for 2B for them. Why 2B? 1.1B is to buy out BPlant, and 800M is to fund Boustead debts.

Connecting the dots, it’s very likely the deal was breaking on Monday because of Govt intervention. KLK was in the dark, as recent as the preceding Friday they were still buying and assuming deal is on.

So news would have leaked to the market as usual and sell off ensued.

However as much as KLK deal break was known, it wasn’t yet known of LTAT’s own intention.

That 2 days meeting firmed up their position to buy out BPlant themselves

Boustead Holdings buy out was cheap and indeed they flip flop.

The scenario however is markedly different.

Firstly they scrapped the plan on Covid grounds. In 2021, without the benefit of hindsight - it’s actually not that hard to empathise w them. Remember how we felt businesses would do in 2021?

Secondly they cited change in LTAT leadership and strategic review. Mind you, the change has resulted in today’s CEO and the 2023-25 strategic plan and that’s why they privatised BHoldings few months back.

In that episode it’s no longer about flip flop but about LTAT really underpaying and buying Boustead for a steep discount. No typical racist comments can be made, in fact if anything, they are the smart ones lor

It is clear LTAT has every intention to proceed w the offer. The only issue is money. Actually this isn’t a bail out per se. A bail out is more like MAS or Pharma, u inject the $ and it evaporates. BPlant, when Govt funds LTAT for the acquisition, they’re buying back hard assets for a song. Since the same people who condemn the Govt & LTAT are the people who think KLK is very smart, then it’s a contradiction to think KLK is paying $1.55 for rubbish.

John is right. Indeed there are quite many who are angry…or even eager to see the deal break + racist comments. Odd la you people.

Good job newbie

Ok lol



newbie9893

goreng up confirmed..buy now

17 minutes ago

Finally bought Vuse...must say, good product. Good enough to kill off their own Dunhill actually 😂

Nice recovery...

GENT, one of the few that is nearing 52wks low

Covering to 1.05 wor

Steadily holding at support. Short-term uptrend temporarily paused, mid-term outlook still great

KUALA LUMPUR, 4 OCTOBER 2023 – Lembaga Tabung Angkatan Tentera (“LTAT”)
wishes to announce that the Strategic Collaboration Agreement (“SCA”), signed on
24 August 2023 has been mutually terminated by the parties, effective today.
Following this termination, LTAT wishes to also announce that it aims to proceed with
the General Offer of Boustead Plantations Berhad (“BPlant”) at the offer price of
RM1.55 per share, subject to regulatory approvals.

LTAT and Boustead Holdings Berhad (“BHB”) as majority shareholders of BPlant will
refocus its effort on the restructuring of the company to ensure it gets back on a
stronger financial footing and chart a better business horizon moving forward. This
approach allows BPlant to retain agility and independence in charting its own course
to ensure a sustainable future.

“We are committed at addressing all the legacy issues within the BHB Group, in line
with the Strategic Plan 2023-2025 (MAMPAN25). For LTAT to discharge its duty, per
the mandate and function of a sustainable pension fund, it is vital for the legacy
issues to be addressed first. We remain confident that the restructuring of the BHB
Group will significantly improve LTAT’s position, particularly since almost 50% of our
investment remains unlocked within the Group,” says Dato’ Nazim Rahman, LTAT’s
Chief Executive

There are times to criticise, but we should be fair.

1. LTAT's statement is pretty clear. Can't say it's getting away with a sweeping statement. See below attached.

2. Can't blame them for not issuing offer doc immediately. They have just broke the deal with KLK. Would you rather they let the share free fall few days before announcing their sweeping intention without issuing offer doc, or would you rather they do what they did now.

3. LTAT is being fair to minorities. They reject KLK's $1.55, and buy from us at $1.55. They can always reject and keep it listed, then we should be mad.

4. LTAT has repeatedly spoke of its restructuring plans. Can't really blame PMX or management for running it into the ground. This LTAT CEO is the new guy, he wants to revamp LTAT with the 2023-25 strategic plan. First step privatise BHoldings. Now privatise BPlant. Ok.

5. LTAT isn't that racist to begin with, they took KLK's offer instead of Syed Mokhtar's. If they simply took Tradewinds offer, we wouldn't have even know KLK offered $1.55. And there wouldn't be $1.55 today.

6. Standing in their shoes, actually they were selling it cheap. They are taking back $1B only and retain 35% stake. Still, I think it's a good deal for LTAT under the circumstances - being that they are short of cash and desperately need to work it out. This is the best they can do, independantly, without Govt help. Now that PMX helps the Tentara, fair enough they redo it.

7. Importantly, they did not short change any of us. Can't keep running them down and blaming them right, everybody should be happy right. Consider ok la.

The 36% includes 33%+1 share deemed interest in the SCA, so it did not cross since condition precedents not met, and deposit will be refunded.

No rush, wait for 1.55, save commission, extra 10 cents u can donate to syed saddiq, he needs it



speakup

1.45 I'll sell all

20 minutes ago

Suspended. Announced takeover. Resume trading 10AM.

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=140885&name=EA_GA_ATTACHMENTS

@Chloe, done deal $1.55. Congrats

Congrats all BPlant minorities, from laosai to jackpot today 🤣

You know how the Edge is really never wrong. When was the last time they were wrong? If so LD 89 cents is a screaming buy. LTAT lets you make 74% you dont want?

Wow privitisation is still on for minority shareholders

Makes no sense at all for LTAT to abort the deal. What's next in their game plan. Maybe like you said, press it down privatise it like Boustead Holdings, cheap cheap

The Edge got it right again. When was the last time the Edge's "unidentified sources" got it wrong? Imagine Malaysia without the edge....

@Chloe

No news announced yet. Above we are sort of told, the delay now is because LTAT wants control. I am just throwing out the various scenarios for discussion

Looks like the deal is on - but there can be a WORST CASE scenario for us. Which is KLK buys from LTAT but does not trigger GO to privatise. So they pay LTAT $1.55, and share dive to 90 cents, 60 cents. This happened before in E&O Sime Darby Terry THam deal.

Also, it's not possible for KLK to buy shares in open market to hit 33% + 1 share to trigger GO, if LTAT does not sell to them. That will drive the price too high and without certainty, KLK simply wont do it

@Ravi

Cannot, then LTAT has no control. The delay now is LTAT wants control.

That 236 acres refer to that in Pulai only. This grossly understates KSL's johor exposure. KSL is through and through a Johor developer, then Klang. Improved connectivity to SG itself means a lot more to KSL Mall. Ordinarily it wouldn't mean much, for larger corps like SP Setia, Sunway, for instance. It's meaningful for KSL becasue it's market cap is still smallish, and the concentration in Johor exposure means the circa $100M quarterly profit could go further up. Further there's easy realisation value if they inject rental assets into a KSL REIT

There are not many ways to give LTAT control. This is what I thought the discussion is about. But it looks quite challenging.

1. LTAT retains 50% + 1 share, sell the balance (around 18%) to KLK. That's it. No GO triggered. KLK owns 18%. NO REASON KLK wants to do this. Also, LTAT needs KLK to be committed to shoulder the burden of running the company, replant and so on.

2. LTAT retains 50% + 1 share, sell balance to KLK. No MGO, but as parties acting in concert, they can still offer to buy out minorities at $1.55 and delist BPlant. This is ideal for minorities, same as existing deal, the difference within does not concern minorities. It may be more likely than 1st scenario above, KLK holding 50% less 1 share can still ensure its wellbeing. However this is really then national service. WHY WOULD KLK want to do that. $1.55 is a premium price paid for control

3. Maintain existing deal KLK65%/LTAT35%. Give LTAT separate voting/ veto power. This way KLK's financial interest remains the same, but give controlling say to LTAT.

Any other possibilties anyone?

Malaysia’s LTAT Weighs Keeping Control of Boustead Palm Unit in KLK Deal, Sources Say
***Price of 1.55 ringgit each wouldn’t change in reworked deal
Owners agreed in August to sell palm oil planter stake to KLK
By Elffie Chew October 4, 2023 at 3:54 PM GMT+8

Kuala Lumpur Kepong Bhd. is in talks with Malaysia’s military pension fund to rework a deal announced in August for the oil palm planter to buy a stake in rival Boustead Plantations Bhd., according to people familiar with the matter.

Lembaga Tabung Angkatan Tentera, the indirect owner of a majority of Boustead Plantations’ shares, and KLK are discussing a deal structure that would let the pension fund retain control of the company, the people said. The existing transaction, which hasn’t been completed, is set to trigger a mandatory offer for the remaining minority shares, potentially giving KLK a controlling stake.

LTAT and its unit Boustead Holdings Ltd. had agreed

in August to sell about a 33% stake in Boustead Plantations to KLK for around 1.15 billion ringgit ($243 million). The price per share of 1.55 ringgit each wouldn’t change as part of any revised deal, the people said, asking not to be identified as the process is private.

Shares of Boustead Plantations and KLK have been suspended since Tuesday.

Deliberations are ongoing and there is no certainty that the parties will proceed with a deal, the people said. A representative for LTAT said that, as Boustead Plantations and KLK are listed companies, they would make the requisite announcements on the decision via the Bursa Malaysia. A representative for KLK didn’t immediately respond to requests for comment.

My sharpe ratio is consistently below 1.0. I need a run to clear out everything and restart 😂

lol yes 300k only, this is to deal with itchy finger. I feel the same, maybe when it's over we should reveal our holdings 🤣 from years back going buffett style, very brave catching falling stocks and got burnt countless times. Now I am braver on the way up than down

@Zhuege_Liang we small fry.

Please ask star investor OTB publish this opinion give some advice to Yinson Lims and hopefully gain some traction. Also, before Agogo contract locked-in, they have been doing SBB as high as 2.48. Also, >100B contract value is unheard of in Bursa - and market cap less than 7B, how can.

I bought 300k shares @ 0.340. It feels like a mistake. But wt heck, sometimes when it feels like a mistake it turns out to be right and vice versa. In hindsight...mistake is relying on UEMS and linking UEMS & AQRS too heavily. UEMS too strong, I was watching UEMS, taking it as the leading indicator to consider whether AQRS will dive. Well, UEMS remains way stronger than AQRS, not a good indicator 😂