North Sabah segment
For every 10% increase in crude oil price, the company may have to pay 4.42% of Export duty plus Income Tax. In the end the company can only enjoy 5.58% extra profit from every 10% increase in selling prices.

Bear in mind, North Sabah may have to pay export duty of 10% for petroleum crude oil export from Malaysia plus Income tax levied on PSC is 38%.

GOT IT.

Net tax expenses incurred in the Current Year were due to taxes levied on profits generated from operations, partly off-set by reversal of deferred tax liabilities.

North Sabah segment taxation 25.5 million consists of:
1. Income tax - 49.2 million
The tax regime under which Malaysian oil and gas activities are governed, and is thus applicable to SEA Hibiscus, is the Petroleum (Income Tax) Act 1967 (“PITA”). The provisions of PITA are applied to net taxable petroleum income at the rate of 38%.

HIGH income tax could be partly due to EXPORT DUTY 10% Levied on export petroleum crude oil.

PBT about 40 million x 38% = 15.2 million. Don’t know why actual so high. It could be due to unallowable expenses for tax computation purpose. There’s an increase in Provision for Taxation about 49 million while comparing with Qtr 31 Mar 18.

2. Deferred Tax Assets - 23.68 million
Upon the Group’s completion of the acquisition of 50% participating interests under the 2011 North Sabah EOR PSC, deferred tax liabilities are recognised on intangible assets and inventories acquired. This was partly off-set by deferred tax assets recognised on provision for decommissioning costs. The net deferred tax liabilities will gradually reverse, generating a tax credit (i.e. a gain) in the profit or loss account.


Posted by brushsoo > Sep 1, 2018 07:26 PM | Report Abuse

Guess you tabulated the wrong number for tax of NS for the quarter. It is only RM25.5 mil. I encourage everyone to view the video, you can get a better picture of the QR concerned.
Net tax expenses incurred in the Current Year were due to taxes levied on profits generated from operations, partly off-set by reversal of deferred tax liabilities.

Agreed. Bursa is unique and alike a human created by us with collective consciousness of the participants. The mood of Bursa change faster than a girl....very very sensitive. Wakaka

=========
probability another thing is every personality is unique....as so do Bursa compared to other markets...

so one need not study thousands of humans..just to figure out the personality of a person he is about to meet.

just meet..interact..quarrel...make friends...then you know this individual better than all the thousands of books to predict his personality.

Bursa must have a distinct own personality like a girl you want court...

this no book can teach you.
02/09/2018 16:19

The article is informative. It’s rather confusing when the writer used EBITD to calculate EPS. No matter how, we have to use projected PAT for computation of EPS.

Let’s see the QR of Annjoo, MAsteel and Ssteel, all went into longkong. It’s the hope (low PER) and greedy holding investors back from liqudating their positions in LionInd. This is a very high risks bet for ignoring clue given by the market.

See how HY perform in next QR before joining the bandwagon. It seems many would migrate to Petronm due to lower valuations.

Another high dividend yield counter supported with growth in good profit growth.

Many companies has announced a lackluster QR recently. Hardly find growth company traded reasonable PER level now. Choices is getting lesser. SAM growth story is almost certainly on the back of huge order from Boeing and Airbus.

Got it.

Net tax expenses incurred in the Current Year were due to taxes levied on profits generated from operations, partly off-set by reversal of deferred tax liabilities.

North Sabah segment taxation 25.5 million consists of:
1. Income tax - 49.2 million
The tax regime under which Malaysian oil and gas activities are governed, and is thus applicable to SEA Hibiscus, is the Petroleum (Income Tax) Act 1967 (“PITA”). The provisions of PITA are applied to net taxable petroleum income at the rate of 38%.

PBT about 40 million x 38% = 15.2 million. Don’t know why actual so high. It could be due to unallowable expenses for tax computation purpose. There’s an increase in Provision for Taxation about 49 million while comparing with Qtr 31 Mar 18.

2. Deferred Tax Assets - 23.68 million
Upon the Group’s completion of the acquisition of 50% participating interests under the 2011 North Sabah EOR PSC, deferred tax liabilities are recognised on intangible assets and inventories acquired. This was partly off-set by deferred tax assets recognised on provision for decommissioning costs. The net deferred tax liabilities will gradually reverse, generating a tax credit (i.e. a gain) in the profit or loss account.


Posted by brushsoo > Sep 1, 2018 07:26 PM | Report Abuse

Guess you tabulated the wrong number for tax of NS for the quarter. It is only RM25.5 mil. I encourage everyone to view the video, you can get a better picture of the QR concerned.

Negative Goodwill explanation:
https://youtu.be/ENXKhSpnqQk

Negative goodwill is one off item for recognizing in Profit and Loss and it should be excluded in computing EPS to reflect the real business operation performance. It seems the adjusted profit far below investor expectation.

Posted by brushsoo > Sep 1, 2018 04:51 PM | Report Abuse

You can go to the company website and listen to a video clip on the latest quarter presentaion. It will help you understand the QR better.

Yes, the accounts look complicated to any non-accounting person. There are accounting rules for the below grouses on how to recognized the items. Overall the QR presented is true and fair by following the accounting rules. Pls bear in mind, the company has lots of foreign institution investors, it can’t “cook the book” too much.

Hibiscus accounts has given a lot of confusion to investors. Negative goodwill arisen due to delay in acquiring assets until 30 Jun 18. Neutralize Deferred tax assets parked under NCA. Huge income tax. No revenue and income recognition from Anasuria Cluster but this segment was incurred huge Income Tax and DeferredTax. High administration expenses. @@

Perstima is another cyclical stock that is offering potential high dividend yield on riding higher earnings in next few quarters.

Annjoo has fixed a dividend policy payout of 60% its of net profit. Any increase or decrease in future profit would impact the current dividend yield of 9%. Investors may factor in potential reduction future profit for next 2 quarters in steel sector given uncertainty in mega projects and dropping demand from property sector as well as depreciation of RM against USD.

Add me since I am a KoonBee supporter too. Haha

Posted by probability > Sep 1, 2018 11:30 AM | Report Abuse

aiyo dragon...this is the most important role and competitive edge of charles...if koon leave...charles cannot cari makan big big...i think he will say YES to stay..

gross misunderstanding by dragon


5. Charles T....the worst enemy of Dr. Uncle Kon…(must be say no lah)

After years of real life lessons (kongfu) learned from Uncle, we are proudly to announce that we are ready to compete in international market. Lol

Posted by stockraider > Sep 1, 2018 11:25 AM | Report Abuse

UNCLE KYY IS HERE FOR A PURPOSE, TO EDUCATE INVESTORS SO THAT ....MORE DIFFICULT BEING CON LOH....IT IS KYY PUBLIC SOCIAL SERVICE LOH...!!

U LEARN BETTER BCOS U LOSE BIG MONIES.....LOH....!!
IT IS LESSON WELL LEARN FOR THE WATER FISH MAH.....!!

No ending for debating who is a con man....joke of the day.

Uncle is smart in balancing karma through making a donation to the public for his winning. No matter how, bad karma is not likely to hit him. Wakaka

Exactly. Without his sifu helping, he seems attracting to invest in companies lacking management quality or integrity. Lolz

“ CharlesT I m the first here to ask u to appoint some fund managers to manage yr money few years ago...

I m also the first here to ask you not to believe xinquan's cash rm2+ in their bank ac

I m also the first here to ask u to forget abt jaks ipp wawasan 2020 story, reminding u on yr mudajaya ipp india story..

Yr worst enemy is yrself...not sslee
01/09/2018 09:48

“ Value investing is about thinking before doing, considering possible outcomes, not extrapolating, being aware of your own biases, know what you're doing, and know what you don't know. It is about decision making. Not the feeling you like to associate yourself with in the market. “

I like the conclusion of the writer in defining a proper approach to value investing.

Most of them are old birds in the market. They can simply make back whatever losses happened in the 1st half.

Posted by CharlesT > Aug 30, 2018 09:13 PM | Report Abuse

I believe most sifu made profit in real life..u really think icon8888 lose

Don’t make our own life difficult from judging Uncle either angle or evil in stock market. We don’t have to create headache in our investment life. Spend time wisely to do research or homework is more realistic. Lolz

Most of the picks kanasai. Hope we make money in real life this year.

This is a masterpiece from Ikan bilis point of views. But it doesn’t work Uncle even though you have listed out hundred or thousand of reasons. Investment is a business to him. In this world, some people do business in noble way whereas other may not. He won’t do a charitable business in stock market. You are very likely become his top enemy now.

Share price went up 50% in a week....very lucrative profit. why being so greedy before the QR announcement.

Ok. Nothing special. The results is consensus with other rebar counter. It is just kyy over goreng the share prices.

the company seems using ‘ Negative Goodwill ‘ in its accounting treatment to corner Ikan bilis after the share prices went up in past 3 months. Sigh....

Net profit surged due to huge Negative goodwill again? @@

That's the thrill in the stock market. I am out of the bet but still feel of excitement of its QR results. wakaka

Posted by Icon8888 > Aug 28, 2018 05:03 PM | Report Abuse

Like waiting for STPM result

QR announcement approaching. The excitement is much higher than Genting.

面對市場先生, 毫無" 尊严" 可言.

Betting is unavoidable in a business. Is it AnJoo placing a big bet on its inventory? Ssteel only placed a small bet 1: 1 against its Qtr turnover. LionInd is even lower. Lol

CharlesT. It could be raw materials imported with the intention to re-export after converting into rebars. Export margin is normally rather thin but it offers bigger economy of scale in production. We will know more in next Qtr.

Posted by CharlesT > Aug 28, 2018 09:45 AM | Report Abuse

Foreign currency trade loan increased from RM54M last year to RM221M now

What's the reason for the sharp increase? Is it something to do with their export? If so there will be some natural hedge

AnJoo’s USD denomination loan has increased to RM 221 million. Big impact to bottom line if RM drop further.

KB made so much money. I just earned a condo from HY and steels.

Posted by Koon Bee > Aug 26, 2018 12:33 PM | Report Abuse

These are some of the free tips earn me a few bungalow

Icon - Comcorp + sea cucumber/ AA / Supermx / HYC

Paper - Kesm / HYC / Dataprep

OTB - HYC / Lion / Mycon / Masteel

David - HYC

Leoting - Annjoo / Ssteel / Lion and his detail analysis in oil and gas influence me to bet big in Hibiscus

Harry - Frontkn

Kyy - HYC

Ask the writer to shoot more......what good deed he is accumulating for he himself. Do you think he would get immune from what he has written from making a good decision in investing or trading? Lolz

We see the opportunity for understanding more about the company or industry from the insight of articles. The article may be presented with unwarranted personal opinion or projections. If look from a wider perspective, normally it’s well supported with facts and conditions of the business at that time. I don’t think many would stay in i3 if those articles has vanished. We should appreciate sifus efforts and contributions.

Some people look short sighted or ignorant. They don’t know when and how to make use of the articles written by sifus. That’s most valuable resources in i3. The articles may or may not relevant at the time of writing but it certainly useful in future when the conditions is rightfully presented as most companies are cyclical in nature.

Probability. Hope to achieve that level in investing. Listen to your intuition....無招勝有招. Lolz

Listen to your intuition

https://youtu.be/UzRvKXiKbuw

That’s an ideal situation but we hardly can achieve that level of wisdom. Lol

Sadly, we can’t simply change our personalities as we wish in a short time. That’s how ‘I ‘ formed. Why being so greedy? We can make a good fortune when our personalities fit into environment if we mindful where we are and applying sailang style. The rest of unfit period....enjoying life lor.

3iii is the one WB loyal disciple here who is able to make money consistently in KLSE.

Raider. Good motivation talk. Lol. In reality, how many many people got the real passion or intentions in investing or trading shares? People surrounding us are mostly interested in making money but very reluctant to put much effort in learning or willing to face tough experiences during their way. There are many obstacles needed to overcome and involve value fine tuning in the real life.... It’s simply not their cup of tea.

Unit Trusts investing serves an indirect investment channel to the majority of the community. We don’t have doubts on its intentions but the main issue is their management capabilities and integrity.



Posted by stockraider > Aug 25, 2018 12:22 PM | Report Abuse

DON BE A PONDAN LOH....IF U KNOW URSELF INCAPABLE & U KNOW MASTERING INVESTMENT VERY IMPORTANT, WHY WASTE UR TIME PARK WITH UNIT TRUST & GIVE U NOT THAT GREAT MEDIOCRE RETURN LEH ???

START WORKING & LEARN HARD ON INVESTING & START YOUNG WHEN U HAVE TIME AND NOT MUCH CAPITAL LOH ....!!

THOSE NO BUSINESS SENSE ADVICE....WILL TELL U...DON INVEST...PUT IN UNIT TRUST...BCOS U R YOUNG & INCAPABLE LOH...!!
RAIDER SAYS BULLSHIT STUPID ADVICE LOH....!!

RAIDER SAYS INVESTMENT IS A VERY SERIOUS BUSINESS TO BE LEARN MAH...!!

Posted by 3iii > Aug 25, 2018 09:12 AM | Report Abuse

People can get excited easily when the company has reported a better QR during bull run. Nowadays, people look into every detail to make sure.....anymore realistic dreams in next few Qtr.

I have seen few male tabao back to their home country after enjoying such a good night life, golfing and playing gamble machines in hotel. Lolz

Posted by Speedy Boy > Aug 22, 2018 11:41 AM | Report Abuse

What a dumb rheotic! Why come back to Malaysia! Those who work in Senzhen can retire in few years while those stay back in Bolehland work their whole lives for peanut! My son's friend who listen to my recommendation to work in Senzhen already earning 6 figure salary in dollar in less than a year since moving there! There's no malay special rights, no 3rd class feeling and most important of all, no PAS holymen disturbing your drinking life! I flip when i saw how they sell beer in plastic bag in Senzhen! Dude, you can get bloody drunk with that 2kg plastic bag beer!
Coming back to Malaysia now is the worst career decision ever! Ringgit already projectedt to weaken to 5.00 by next year! There's no prospect in exports as Malaysia still a commodity based nation! Working prospect is zero and career advancement a complete joke!

It’s not possible to attract many overseas Malaysian to return home even in the next few years. What’s attractive in Malaysia now besides low costs of living at the expense of stagnation of salaries? Many working overseas are mainly due to lack of career prospects and depreciation of RM pressuring them to look for greener pastures. Don’t expect them to return immediately even though government is changed to PH. Back to reality again, Is it the future prospect better than our neighbor like Singapore, Vietnam, Indonesia, Cambodia, China? Think we have to wait until Indonesia, Philippines and Vietnam economy to catch up with Malaysia before consider returning home. By that time, it would be a good timing for them get back to enjoy retiring life. Lolz

Criterias are criterias...laser focus leads to success.

Probability. Geng. You still got so much time to crack your head even though you are working with others. Why not not full time in share market? You got big potential in this career. Wakaka