Agreed. The warrant at $0.30 is better bet and look exciting.

CrapTree,

You don't have to trust what I said. Just use your brain to think.

Calvin, I also trust your good judgement on Talam and JTiasa . Hope to see return soon.

Hahaha .....Calvin, I said it before that you will have the last laugh!
Where are the jokers who criticize a lot ?

RM750 mil divide by 846 mil share = 88 cents cash per share just from the plantation sales alone !. Can safely expect windfall dividend.

I think the deal will safely go thru. BPlant desperately need to find a plantation asset to buy with the huge proceed from sales of 600+ ha land . Base on the letter of intent, looks like the completion of the deal will be within 1.5 months.

I think the gain for the Warrant may be even more.
Because warrant also entitle same bonus issue and at the same time exercise price will also be adjusted lower.

Many be can expect 30% gain in the short term.
Like MNRB, the gain is 30% after the bonus issue 1:2.
I hold MNRB, so I know.

BPuri has very high short term borrowing and in negative operational cashflow. Moreover,its margin is very very thin. Need to exercise a bit of caution in this areas.

At $4.88, its only 0.87X P/B. very cheap

Dutaland own about 30,000 acres or about 12,000 ha of good oil palm plantation. In recent years, planted area are commonly sold for $60-75,000 per ha. So, 12,000 ha should worth $720 mil.
Dutaland capitalisation based on friday closing is only $415 mil.
Dutaland has many other property and debt free!

Calvin, Don't bother to explain as I was just pulling your legs.
I think you really have some solid recommendation and more importantly you provided us the basis of your recommendation for us to further analyse.
I like your Dutaland and JTiasa.

Joetay and Patron,

Why do you waste time to analyse if my cost is really $0.68 or if I really hold 3.5 mil share of MBSB ?? All that really NOT your business as I have no intention to share my profit with you.

From this episode, I can see that you feel UNHAPPY to see people succeed and make money, be it small money. You feel UNHAPPY when you know people is "better" than you. This is sign of inferiority complex from psychology point of view.

You may still remember that I congratulated you for making $300,000/= profit a year base on $2mil capital (15% return). I mentioned to you that to achieve average 15% return on consistent basis over long term is really commendable.

So, don't get irritated when someone share the joy of making small profit. Be generous to share the experience and you will be rewarded along the way.

I am studying this stock and begin to like it a lot.
The market has totally mispriced this stock.

I think Tunepro and its insurance business is down but not out. The new management team may bring with them idea to revamp and turn around the business. I feel there is still good prospect of recovery , Be patient!

Calvin, seem you really have many enemy around . Why ah ?
hahaha ....

Joetay, 10% profit in 2 weeks is no good ?? You must be the biggest joker in town. It annualised to 280% . Hope you understand what is annualised return.

Why should you feel so great about having MBSB at $1 ? I hold 3 mil share of MBSB at $0.68 thru' buying the rights when the rights was traded. I bought further 500K share when the price slip to $1.18 on 11th Aug.

Don't be overly proud of yourself.

I 2Q 17 profit surge which I think will be , this stock will fly !

Dutaland surged to 49 sen ! Congratulation Calvin.

Calvin, you can have the last laugh. Dutaland is surging..
I bought it at 43.5 sen and enjoying 10% return in 2 weeks.

The Ong fellow is only thinking of himself. Will not create value for minority. See how he privatise PJ development!
Don't waste time in this counter!

What's wrong with his picks ? All seem solid undervalued companies.
Remember that every dog will have its day too.

I also like to see it going down to $0.80-$0.60 so that I can buy it real cheap.

EPF and KWAP has been well known as the biggest punter in Bursa. They can really drive price up and down. Look out for all the recently beaten down stock like MBSB, Ambank, RHB , MRCB and many more ...
No reason for stock like Ambank and RHB to go down to 0.88 -0.86 P/B multiple even the merger fail.

If MRCB is so good, why price drop such extend ? Purely because RI ?
I am concern of very low construction margin and property glut in major cities which will affect MRCB's earning in next few years.

Fantastic result! Our perseverance shall pay off.

I am also a shareholder of WCE. I wrote to Chairman of the Board last week to demand explanation why WCE is so "flexible" to CAC with regards to the disposal of Talam share to CAC. I asked how this "flexibility" benefits the company and shareholders, minority shareholders in particular. My letter was copied to the security commission and to the not-so-effective minority shareholder watchdog group too.

For your information, the 2nd and the final tranche of about 400 mil share of Talam at $0.095 is due to be taken up by CAC this month per supplemental SSA.

I encourage all shareholders of WCE to put pressure on Management of WCE to see the immediate conclusion of the long-dragged SSA without further delay.

AGM of WCE is on 28 Aug 2017 . All shareholders of WCE should find time to attend and aggressively ask about this issue. Do not let the controlling shareholder/Management has too easy way.

Very unfortunately, I have an oversea business trip which can not be re-schedule.

Hoo, thanks.

There is huge amount of free float share in the market. As share price already lost 30% before RI, some existing shareholders are near margin call. Where to find money to subscribe the rights? Under present poor market sentiment, I suspect right's subscription may be very poor. Price after RI may even be below the RI price.
I prefer to wait for listing of the rights share.

It is very common to see insurance company change hand at 2x to 3x book value or even 3-4X P/B multiple for insurance company which has strong earning. If I am not mistaken, MPHB capital sold its general insurance at 2.5x P/B value for Generali.

What Tune protect is going thru' is temporary setback in earning. The real valuation can not be so bad

CrapTree, From how you address people "Sinkalan Sifu", I know you have character problem . Pls continue to bury your head in the sand.

TakeProfits, The auditor approved the impairment provision to the land/properties based on "valuer's report". The tax authority did't bother either to dispute any Management policy on impairment provision as there is no tax implication (that means impairement provision/loss on land/properties do not result tax liability). You know how easy just to get a valuer to give a valuation "in line with your expectation".

Then, we must look at how the huge impairment come about ! Pls bear with me to give you and other readers a bit more info and factual analysis as below.

What I am writing below are published fact obtained from Kumpulan Europlas (KEB) ,now WCE) circular to shareholders in relation to the disposal of 900 mil share in Talam to CAC. The circular was dated 8 Jan 2016 which is available in Bursa website.

1. On 21 Aug 2014, thru' a MOU, CAC offered to buy 840 mil Talam share from KEB at RM0.11. This arise from CAC having disposed all his stake in KEB to IJM, MWE and Pang of Mamee. I think CAC wanted to at least retain Talam, which is his only hope to make a come back. NTA of Talam at that point of time was $0.14. Would CAC offered to buy at $0.11 if Talam's net asset didn't worth that much ? I don't think CAC is a fool. Pls note that Talam share was trading at $0.12-0.14 during same period.

2. On 17 Oct 2014, SSA between CAC and KEB signed for 900 mil share in Talam at $0.11. Unfortunately Talam share softened to $0.10-0.12 during Oct-Nov 2014 period. Talam share when down further to $0.08 during Dec 2014 -May 2015

3. As Talam share price drifted lower after SSA, CAC ask for multiple extensions to perform the SSA.

4. On 28 Aug 2015, KEB and CAC enter into a supplemental agreement to vary the terms and price of SSA . Both KEB and CAC purportedly agree to a valuation exercise which assessed the NBV of the land/properties
reduce from $763 mil down to $606 mil, a drop of $158 mil. Consequently, the SSA price of Talam to CAC was reduced from $0.11 to $0.09 average. The NBV drop from $0.14 to $0.10.

How the assets revaluation exercise coinciding perfectly to the downturn of stock market whereby Talam share drop from $0.12-$0.14 when the MOU was inked to $0.06-0.08 in 2015.

Sense something funny now ??

5. The re-valuation exercise mentioned above resulted heavy impairment provision in the account base on "marked to Market" principle. Pls note that it is only a PROVISION and can be reversed.
Some impairment to asset and AR did actually reversed to profit in recent years.

6. Apart from the above, heavy impairment also made to AR and development cost. Total Impairmment provision in FY 2016 account were > RM300 mil.

That enough fact and analysis to digest.

Calvin, I see that your investment style is investing in undervalued companies with undervalued fixed assets such as land/property. They are long list of such companies around with some even hoarding more than 50% NTA as cash and with NO debts! Examples are : SPB, Keck Seng, MPHB capital and many more which you haven't touched on.

My investment style has been exactly like yours. But in the end of the day, my 10 years return holding such stocks see single digit annualised return. On the other hand, I also don't plunge into problem during crisis.

Now I give more weightage to whether the companies have a sound on-going business/venture that generate strong and sustainable profit and cashflow. I begin to emphasize on the quality of management and if the controlling shareholders has track record rewarding shareholders with dividend within the companies' financial capability.

Buying base on undervalued fixed asset proposition( esp land/property) may not guarantee anything if companies do not monetise the asset and even if companies do monetise the asset but refuse to reward shareholders. It may just be a waiting game.

Just share my thought

TheContrarian, Thanks for the information. Is the information published anywhere ?

Cheshirecat, welcome to joining us in Holland. We must make the best out of it. Dont worry ! Every dog will have its day.

Paperplane, That is very rude to call people IDIOT. You are the biggest idiot!

You must have lost your pants puntering on Tunepro!

Cash/share of this company is $0.46 as at 31/12/16 and $0.30 as at 31/2/17. NTA as at 31/3/17 is $1.02.

All assets are very liquid - cash and listed shares which is near cash.
Today's price represent about 40% discount to liquid assets!
Seem a bargain deal.

TheContrarian, why are you so bullish for 2nd Q results ?
Just by feeling or you know something not published.

The market sentiment is really bad. It is affecting the whole market. Even good share are not spared.

only a total of 517,000 share done today. If I am not mistaken, very few share done at $0.045. No panic. Someone try to press the price down to buy. I have been trying too.

Ya, Dutaland and Kwantas are in Sabah.

To wrest Management control of Talam from CAC may not be expensive.

Talam at $0.05-0.06 give market capitalisation of about RM210-250 mil only (base on 4,217 mil share). There are a lot of free float shares. Some of the top 30 shareholders may be working quitely together to gain management control . I notice all $0.05 sell orders are snapped up everyday by someone. Someone is accumulating.

CAC and all his friendly parties, including WCE, hold only about 30%

If a group of investors can gain Management control and scrap sell the asset piece by piece, shareholders may get back $0.20-$0.30 per share. Return can be very lucrative for the takeover exercise.

Talam can be a easy target for hostile takeover as CAC don't have the financial muscle to defend.

Somehow I don't like VT's counter. BJ Corp also too diversified like "ROjak". Base on NTA, it is undervalued.

Calvin, you don't talk about SOP ? Why not on your radar ?
I know the Management who are good people and credible. Almost pure plantation play, very focus.

Joetay, You are damn good to make RM300K/year with RM2 mil capital, if it is consistently over a long period.
I definitely have a lot to learn from you to retire earlier.

Looks like $0.8 -0.90 is going to come when so many of you are talking it down.

Joetay, If you don't mind to share, is fully time trading really can support living during good and bad times? How much capital required to earn say $30,000 a month consistently ?

I may want to join you into full time trading.

Calvin, Totally agreed with you. The difference between a real expert and an ordinary fellow is that the expert is able to anticipate risk/opportunity and respond ahead.

Unfortunately, most of the time we are just trend followers.

Tunepro is undergoing some bump and hence cause the stock price to plunge due to some regulatory changes. If you don't trust the business model and capability/ integrity of the Management, pls don't put in your money.

If you have faith in them, don't miss this golden opportunity to buy at this low price.

Don't try to be expert to predict how low the price can go. Don't try to buy the lowest as the lowest may not come.

John Lu, hope you can be more mature and constructive.

Calvin, despite UP and cepat strong earnings, their stock price don't fly too ?

How ah ? Hahaha......

Joetay, I don't hide from you. It is just that I have a full time job and not so free to participate in the forum at any time like you and Calvin.

I guess you and some of us have different investing objective. You look for quick return and high flyer, eg tech stock . Bear in mind such stock are also very volatile and risky.

Some of us are more conservative, investing in undervalued stock of the old economy which are not roller-coastering during volatile economic situation. Plantation stock at today's price and earning prospect fit in very well. Plantation stock are not high flyers!

You have seen the good earning growth of plantation counters like UP, Cepat and many more to be released this month. And the jump in earning will make a difference to the value of the company.

I must remind you the global market may be due for major correction anytime soon. I may be wrong. I am a believer of 10-years cycle and that saved me from the last 2 crisis.

1986/1987 - serious recession
1997 - Asian financial crisis
2008 - Lehman's crisis
2018 - ???

When the next crisis strikes, I think plantation stock will give better shelter that any other stock. Of course you can keep cash too.