yes danyuenyu82, you are correct. The average value per tower for Axiata e.co is RM380k. That is how I derived the number. E.co pays premium for 700 towers in Pakistan, due to high tenancy of 1.4x (97% urban and 3& rural), and as a group e.co has a tenancy of 1.58x (based Kenanga report), which is higher than OCK's 1.27x. Nevertheless, OCK can attract more telcos, and they would benefit if there are new entrants in their key market (Vietnam, Myanmar, etc).

Ringgit weakens again to RM4.28/USD due to declining oil price and raising US interest rate. Believe that it would breach the previous high of RM2.23. This quarter ending 30 June would be good due to launching of new phones by Samsung and Apple iPhone in Q3. Inari cash flow has improved a lot in the last quarter. Hopefully they can increase some more for this quarter, and continue giving generous dividend every quarter.

Samsung S8+ would be launched in August. As usual they have to launch before iPhone launch their latest phone. The chart looks good to enter now.

Axiata e.co bought 700 towers in Pakistan for USD90.0 miillion or RM385million, which is simply RM550k per tower. This is significantly higher than the average tower owned by OCK. They pay premium probably due to huge population and also quite a number of telco companies.

Pakistan: 188 million (>10 telcos)
Vietnam: 91 million (6 telcos) (penetration more 100%, close to 25000 towers)
Myanmar: 54 million (4 telcos, penetration 90%, 11700 towers)
Malaysia: 32 million (4 major telcos) (penetration 137%, more than 15000 towers)

ICurrently OCK towers are valued at RM300k per tower (based on market cap/number of tower and effective stake of in SEA Tower - 1200 towers, grand total 2800 towers). If we were to put a valuation of RM 380k per tower as ascribed to e.co, the share price should be RM1.21, providing an upside of 24% from current share price of RM0.97. This is before they deliver another 310 towers to Telenor by end of this year, which would increase the share price to RM1.34.

Vietnam and Myanmar present a huge market for OCK, apart from the established market in . Indonesia. Btw, OCK-WA MACD is about to cross the line, which may indicate upward momentum.

Pchem has small debt around RM300 million. Their cash reserve of RM7 billion can easily pay off all of their liabilities of RM3.4 billion. LCT is investing RM 15.5 billion for their expansion in Indonesia, which 1/3 is funded by this IPO, whereas PChem has already spent some money for capex for their project in Johor. That is a plus point for Pchem, apart from a pending good news. Pchem would probably have a TA from mid July to early Sept, which may reduce the plant utilization form current record of 97%.

Many would shy away from LCT IPO due to its price, and also limited gain. Wait until it drops to reasonable price, then only you buy. Expected PER is 12x, the most it can rise is to RM10.20 (at par with Pchem PER 0f 16x). Since Pchem is bigger and more diverse, LCT will trail behind Pchem.

Ashtrow is also a rubbish. See their price now.

IPO nowadays overpriced. They price at top value with only some gain to spare for retailers.

LCT goes for listing when everything is perfect for them. Low oil price, GE sentiment, etc. Just like FGV when it is going for listing.

Can they put the same price when oil is USD140/barrel? Haha.

The business is cyclical, so sell when oil price increase. Buy when oil price drop.

During the last quarter, they produced 2.8 million iris scanning sensor. They only started production in Feb 17. Therefore this quarter the contribution would be more, assuming production for 3 months

Based on trend, Inari would rise until the launch of newest iPhone. This is due to the increase in order for chips, sensors and etc in 2nd Quarter prior to the launching. Believe that current quarter ending 30th June would be great and it would rebound. Usually Apple launch their iPhone in the 3rd week of September (between 16 to 23 September) annually.

Once they announce the partnership for Sg. Long, sure limit up.

towards 60 cent by end of 3Q..

1. Shares is highly tight-held. Free float less than 15%.

2. Based on AR, Kenanga owned 9.6million shares. Believe that they are the buyer for 7 million shares 2 days ago. Usually if LTH buy, they would have announced by today.'

3. Kenanga bet that the share price would stay the same for next six month, unless there is major development. If the BOD decides to reward shareholders with dividends, the share price would go upward. Currently, 3 directors which are KSL major shareholders earns about RM9 million each, which is why they can survive without dividends.

4. LTH can 'bully' Kenanga by pushing the share price while mopping up the share. If they cross 10%, they can demand a board seat and pressure the BOD to declare dividends. Too bad, LTH could not buy the Kenanga-issued warrant since it is not syariah compliant. Otherwise they can bet big. Haha

5. Kenanga give a TP of RM1.30, just like their warrant exercise price. They know that their TP is not reflecting true value of KSL. KSL mainstay is close to JB where the demand is there due to weak ringgit. A lot of Johorean are working in Singapore and their purchasing power is increasing due to strong SGD. KSL does not have presence in Medini which have seen oversupply and poor take up rate.

6. In latest QR, they managed to convert RM190million of receivables to cash (they have cash of RM230million from RM40million previously). A few other companies (export based) have also shown same trend. I suspect this is due to the regulations by BNM which insist the exporters to convert 75% of their cash to local currency. KSL does not have any project in Singapore but they have buyers from Singapore. This may explain why sudden jump in their cash holdings.

7. KSL is fundamentally good, and during the weak property market, they are still able to churn great profit thanks to investment property. Once property markt recover they would earn even more. In 2019, analyst would be talking about KSL REIT after completion of KSL Mall 2. Believe me.

8. KSL has low land cost, and they would benefit from extraordinary profit margin.

It is ridiculous to suspend a CEO over a receivable issue. The amount is not much compared to their revenue and nobody pay cash. last resort they can go to court to retrieve back the receivables.

How about previous CEO and which chairman had been with the company since its listing? Idris Jala? KPF bought 1 million shares? Hurm

agree with suregain. I don't trust bank-backed research house simply because they have big clients to be served. If they give negative TP, not only their brokering house reputation would be affected, but also other businesses within the bank would face problem.

Look at WCT. Eventhough their earnings is not interesting, nobody give a negative outlook simply because a lot of institutional fund invested in the company.

You may check which brokering house covered Vivocom and Cuscapi, and see where these companies are heading as opposed to the TP given by the brokering house. It is great to do our homework rather than rely on research houses analysis.

Hopefully they announce free warrant, if not for bonus issue. Great for funding their expansion. Q1 18' would probably announced on 21 June 2017, same day with their AGM.

T+3 day. Haha. It will consolidate before resuming uptrend.

Last 10 minutes, 500,000 shares easily taken up. RM2.00 before Q2 announcement. If I'm not mistaken, they can book profit from KSL Mall 2 construction according to completion progress.

wah, really up after KSL-CG expiry.

Next Resistance RM0.81, followed by R2 RM0.89. Comfort has much more leg for expansion as compared to Careplus since they have clean balance sheet. Careplus is highly geared, and may take a year or two to cleanup their balance sheet.

Both RHB and AMMB suspended. You know what is next. Haha

a strong no 4, just slightly behind public bank, if they succeed

Both RHB and AMMB suspended. You know what is next. Haha

as expected the provision would be lower for every quarter and by year end, their quarterly profit would go back to normalcy. Next year, expect some writebacks, which will increase their profit some more. expect gap up tomorrow.

Great Result! For FY18, if they maintain RM10 million per quarter, the EPS would easily reach 14cent. Believe the net profit will increase more than RM10 per quarter.

I can't reveal lor. Nanti kena tangkap. haha

If PChem rose to PE20, it would be good for the impending listing of Lotte Chemical Titan.

Agree that PChem would benefit from these factors:

1. Potential record profit provided oil price & MYR do not increase too much.
2. Impending listing of LCT
3. High plant utilization rate (99%). Avg during the FY might be lower due to planned shutdown.

Heard that there will be another factor that will compel the share price to rise further. Buy before it is too late. haha

Believe that Sukuk Wakalah would be used for landbanking purpose. They are preparing themselves for life after completion of Sendayan development. LOL.

EPF is increasing their stake in Matrix while Tabung Haji goes for KSL. Probably due to increasing optimism of property sector recovery. In addition current valuation is cheap and a far cry from 2013.

yesterday, got someone throwing 10k shares at RM0.72at 4.50PM, when the last price was RM0.73. LOL. Probably he regretted not to collect enough when it is cheaper.

Rubberex posted a lower profit yesterday. Nevermind, their profit margin is lower than Comfort. Probably, their result might be boosted after 3Q17'. Today, we would be watching the result from Kossan.

Symlife balance sheet is actually strong. Most of the borrowings you see, comes from their 51% JV, Alpine Stars, which develops the Star Residences. Once it is completed, the reduced borrowing would be reflected in their balance sheet as well.

I agree with kancs3118, as long as their landbank located in Selangor and Penang, their projects are easy to sell.

They can choose to develop the Sg. Long by themselves by dividing into several phases, or take a more aggressive approach by securing a partner. A great partner would not only bring money, but reputation and clients, as seen in partnership between E&O-EPF, Sime Darby-EPF, OSK Prop-EPF, etc. An strong balance sheet can release valuable working capital, enhance landbanking opportunity and most importantly is to reward shareholders the dividend. Sigh

Tabung Haji is actively buying. It is good if they can raise up to 10% and appoint a representative in BOD to encourage the BOD to declare dividends. Currently 3 of the directors earns almost RM9 million each, so they do not have the urgency to reward themselves via dividend.

In the latest guideline for annual report, BOD has to include the Management Discussion & Analysis, which I think missing from their latest AR. And every year their AR looks the same. Sigh

After Q1 result: RM1.40
After official announcement 50% of en bloc sale T3 to Ascott: RM1.70
After announcement of JV for Sg.Long land: RM3.00

Their Sg. Long is half the size of Bandar Malaysia. If they can't rope big partner like EPF, Khazanah or PNB, they can still attract Chinese developer, perhaps CREC? Haha. It is just that they need a JV since their balance sheet could not support the whole township development without stretching their pocket.

Matrix is different from symlife since it builds affordable housing, while symlife focus on mid-end and high-end housing. In this current market, people would go for affordable housing. However the beauty of symlife is their landbank are located in Klang Valley, which only some portion in Kedah.

directors are buying. Probably good result

What if Axiata do RTO of OCK via injection of edotco. Saves time rather than do the IPO, and instantly expand their presence in Vietnam & Myanmar. Their share price would double or triple from now. But not until Mr OCK tighten his grip via issuance of bonus shares. Axiata has completed few fundraising via private placement, and probably ready for a listing next year.

AGM is on 24 May 2017. Usually QR would be announced same day with AGM.

1 million shares queue to buy at 0.915 just before market closing. Fund buying?

current price is fair considering they are among market leaders.

Hartalega kicks start the quarterly result announcement today, adn they posted stellar result. All glove making companies would follow suit the market leader.

Hopefully Comfort posts better result in the latest quarter.

Even with the increase of rubber prices, they managed to increase their net profit and profit margin because the cost would be passed to customers, albeit some time lag. Besides, Hartalega produces almost all nitrile gloves, which makes them less susceptible to rubber price.

Wow, amazing result. Other glove manufacturers will follow suit. Cheaper options would be Supermax, Comfort Glove and Rubberex. Kossan, and Topglove are not cheap. haha

In FocusMalaysia yesterday, it is confirmed that there are 230 bookings for Union Suites, mostly on the smaller size units. It says that S&P would be signed this week. It is 1/3 of the total units. Let say all the bookings managed to be converted as sales, that would be RM160 million of unbilled sales (assuming the smallest studio price of RM700,000)

I think they should sell the Encorp Mall, and their concession assets, and pay off the sukuk. Then, they can channel balance monies to their Bukit Katil project. I suspect that there will be one or 2 affordable housing projects awarded to them before GE.

those two announcements may be related. Maybe M&A

undervalued by 6% (1.5 cent) gap to mother share

undervalued by 6% (2.0 cent) gap to mother share.

When I wrote on 1st March 2017, I have indicated that the share price would reach RM0.30 to RM0.40 by the time Q1 result announcement. It was only RM0.17 at that time, and now have reached RM0.315. Probably would rose to RM0.35 few days before result announcement.

Nevertheless, the warrants, WA and WB are undervalued by 6%. Cheaper entry rather than mother share. Expected to rise to RM0.21 if the mother increased to RM0.33 in this week.

Last year loss was due to fire outbreak at their factory. They have to make impairment for machinery and damaged finished gloves.

Worry about latex price increment? They will pass some of the cost increment to their customers, and the rest to be absorbed. They may experience some dip in net profit but they are effective in containing cost and improving efficiency.

confirmed tabung haji as the buyer. need some patience. Once their KSL Mall 2 is completed, they would resume the dividend distribution once again. During the time, bankers and analyst will talk about KSL REIT/business trust since their investment property would be sizeable enough to be listed, just like WCT.

OCK is one of the contractors that fabricate and install telecommunication towers. Apart from edotco, their competitors are Weida, R&A Telecommunications and also Rohas Tecnic. What set them apart from these companies, OCK also owns 3,000 telecommunication towers, 2nd biggest only to edotco, which have 17,000 towers under their belt, with another 8000 which they manage for other. There are many telecommunication tower companies in the region, especially in Indonesia (you can google all of them)

OCK was listed in 2012 at RM0.36 per share. From a humble beginning, it rose to RM1.60, before announcing bonus and right issue. At RM0.90, the company is worth RM800 million, which is a shy away from RM1 billion market cap. The company has grown through Merger and acquisition and it looks like it wont stop there. I believe that apart from traditional way of funding acquisition via right issue, they can also buy towers from Digi/Maxis/Celcom through issuance of shares and leaseback to them. So they can rope right partners/client, earns income and increase market capitalization without burdening current shareholders to fork money. Once they break RM1 billion market capitalization, more funds will be coming and they will grow faster then. In addition to that, OCK has a strong balance sheet as opposed to Axiata, which provide them huge leg for expansion.

Worry about their price earning ratio? Look at GDEX, IHH and etc, They were valued more than 50 times because their revenue and profit are growing very very fast. What is 50 times today might come down to 25 times next year and so on. The beauty of telecommunication tower company is their earning is recurring without having to invest as much as telco. Telcos have to constantly upgrade and maintain their quality of network to retain their subscribers.

Eventhough OCK is smaller than edotco, it has an advantage of being independent. Axiata own 62% of edotco, and also 100% Celcom, which require a lot of convincing to lure their competitors to rent telecommunication tower from edotco. Not the case for OCK.

My friend once told me that he missed the opportunity to buy Digi shares when it was few ringgits, (It rose to almost RM30 before share split). I told him that OCK is new Digi and ask him to hold them tight, probably for the next 10 years..Their shares that is worth RM0.90 now might be RM7 or even RM10 in next 10 years.

someone woke up this morning just to throw 100 shares at 1 cent lower. Cheapskate wolf. Sigh. hahah