Buying a listed entity solely because of its undervalued landbanks can be a risky strategy. While undervalued landbanks might seem like an attractive opportunity, there are several factors to consider:

Market Conditions: The real estate market can be highly volatile. Economic downturns, changes in government policies, and shifts in market demand can significantly impact the value of landbanks2.

Company's Financial Health: It's crucial to assess the overall financial health of the company. Even if the landbanks are valuable, the company might have other liabilities or operational issues that could affect its performance.

Development Potential: The potential for development and the company's ability to execute development plans are important. Not all landbanks are equal; their value depends on location, zoning laws, and the feasibility of development projects.

Management Quality: The quality of the company's management team and their track record in successfully developing landbanks can make a significant difference.

Regulatory and Legal Risks: There might be legal or regulatory challenges associated with the landbanks that could affect their value.

will EWINT declare a higher dividend in anticipate of dividend tax 2% by next year?

Land is considered a valuable investment for several reasons:

Appreciation in Value: Over time, the value of land tends to appreciate, especially in areas with growing demand due to population growth, urbanization, and economic development.

Scarcity: Land is a finite resource; there’s only so much of it available, which makes it inherently valuable.

Versatility: Land can be used for various purposes, such as residential, commercial, agricultural, or industrial developments, giving investors multiple options to generate income.

Tangible Asset: Unlike stocks or bonds, land is a physical asset that you can see and touch. This can provide a sense of security for some investors.

Hedge Against Inflation: Land often retains its value and even appreciates during periods of inflation, making it a good hedge against the declining purchasing power of money.

Passive Income: Land can generate passive income through rental yields or leasing, particularly in the case of agricultural land or properties developed for commercial use.

I like the concept of owning Kseng and enjoying the "free landbank " dated back in 1980. Why is the land bank considered "free"? This is because the cash per share of the company is about RM3.2. + the company investment in securities RM1.15 and recurring rental income RM2.65=RM7 which is already higher than the current share price RM5.8. Kseng owns 9000+ acres of land in Johor. For every 1000 share of Kseng share is equivalent of owing 0.02365 acres of land.

is foreign currency loss a non operation siisue?
Foreign currency losses can indeed be considered non-operational issues, depending on the context and the way a company's financial statements are prepared. Non-operational items are typically those that are not part of the company's core business activities. Foreign currency losses often fall into this category because they arise from fluctuations in exchange rates rather than the company's primary operations.

For example, if a company based in Malaysia has investments or operations in the United States, the value of these investments can fluctuate with the exchange rate between the Malaysian Ringgit (MYR) and the US Dollar (USD). These gains or losses from currency exchange would typically be classified as non-operational in the financial statements.

Kseng management can consider meeting up with analyst to cover its stock and employ professional investor relationship manager to deploy what is the company progress in landbank unlocking especially the converted landbank from TPGolf to industrial title for sell. Beside, most investor probably would like to know how will Kseng benefits from SEZ in the event that materalized. You don't have to tell MORE or tell LESS, you just have to tell the CORRECT picture what's the company progressing and let investor judge whether it's suitable to invest or not. At the end, what everyone hope for is the market better reflect the true value of the company.

For Kseng, the management might have to consider how do improve the liquidity of the share. Example can be share split or bonus issue, whichever way will helps!

Active vs. Passive Management: For active fund managers, liquidity is critical to executing strategies that involve frequent trading or rebalancing. Passive managers may be less affected but still consider liquidity for rebalancing purposes.
Market Capitalization: Larger companies generally offer better liquidity compared to smaller, less-established firms. Fund managers might favor stocks of larger companies for their better liquidity profiles.

I think Kseng will touch RM7/RM8/or even RM15 one day. But, what's your purpose to ask such a question? If Kseng is RM8 now, what would you do? 1) Buy More because it proved that what we compute on the value is correct and we bough quite undervalue? 2) HOLD, maybe sell 20% and feel happy about our instinct? 3)SELL, take profit and find another more undervalue counter? Just imagine, if you claim to be the shareholder/owner of the company, you know that how much your co. is worth, right? at least RM20? Why would we bother to see the price increase to RM7/RM8/RM9? And, why would we worry if price dropped back to RM5? Does this price matter to major shareholder? If you bought at RM3, you already make 100%. If your start buy at RM6 and hope for the SEZ, you hope price can goes to RM8? How about the major shareholder whom holding cost is RM0.20? Do your think he will sell it to other?......If you have RM5m FD at bank and your famous friend Mr. Calvin Tan shouted at you that you are a poor guy, would you be angry with him? So, you know very well that Mr. Calvin is wrong and you wont even bother about what he said?

The Company has been and will continue to diversify into various types of property development. Previously, the Company focused primarily on residential and commercial properties, but now the Company is expanding further into property investment, such as TD Point and TD Central. Moving forward, the Company will be starting industrial park projects and service apartments, broadening the range of products to buyers. In the next three years, the Company expects to significantly develop the BBKP township and initiate development in Taman Bukit Cahaya. The Company’s commercial properties, TD Central and BBKP Central, are expected to be more vibrant and mature. In addition, the Company will have developed a portion of the industrial segments, namely TPR Tech Park I and II.

(a)
How will the Company use its RM1.2 billion reserves?
(b)
Does the Company plan to distribute 50% of net profits as dividends or issue bonus shares? The dividend payout ratio of the Company is extremely low despite the Company’s high annual cash inflows and huge cash balance in the balance sheet. Loyal shareholders are not getting reasonable dividends based on the Company’s financial performance and standing.
A1)
(a)
The RM1.2 billion reserves are being maintained for several key reasons, to ensure the Company’s financial stability and to support its ongoing and future business developments and acquisitions. These reserves allow the Company to be both prudent, yet agile in seizing such opportunities.
(b)
The Company had demonstrated its commitment to shareholders’ returns by declaring a total dividend of 15 sen per share for 2023, which includes a special dividend of 5 sen per share. This reflects the Company’s effort to return value to shareholders.
While Management acknowledges and will consider various proposals on dividend payout and bonus shares, these must be evaluated within the broader context of the Company’s strategic objectives and prevailing market conditions. The Board remains committed to balancing immediate shareholder returns with the long-term sustainability and growth of the Company.

Another example of a company that monetizes their lands well is Crescendo.
Crescendo was one of the first companies that announced land sale to DC back in Nov 2023. Since
then, it has announced a total of four land sales to DCs to-date. In its latest quarterly results 1QFY25
(FYE: Jan), the group NTA was lifted significantly to RM4.36 (+24.2% from RM3.51 from the
preceding quarter) as it recognized substantial land sale gains to DC. There remains more land
sale to DCs that will be recognized in subsequent quarters. Other than this, the group also managed
to capitalize on the steep price rise near RTS station as it acquired a land near the station in Sep
2023 for a purchase price of RM72m. Since its acquisition, the GDV of the project was revised
upwards several times from RM700m to RM900m and most recently to RM1bn, indicating how rapid
house prices are rising in that area. At RM1bn, the land cost-to-GDV is only 7%, thus, the project
margin should be very lucrative. The project is slated to be launched soon in 2HFY25. .......can we suggest Kseng management do the same??

Execution is key. “It's not about the cards you are dealt with, but how you play the hand.” ― Randy
Pausch. In the case of property developers, having large landbanks at strategic locations is akin to
being dealt a good set of cards in a card game. Nonetheless, the value of the lands are only as
good as the hands that they are in. At the end of the day, the value of the lands depend on the
ability of a company management to monetize and maximize the yield of the lands. This is the
Property l Sector Outlook/Thematic
18 HLIB Research l www.hlebroking.com
reason why some of the developers continue to trade at steep discount to book value while some
companies are already trading at a premium to it

https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E3%80%90%E8%82%A1%E5%8A%BF%E5%85%88%E6%9C%BA%E3%80%91%E6%9F%94%E6%96%B0%E7%89%B9%E5%8C%BA%E6%88%BF%E4%BA%A7%E6%8A%95%E8%B5%843%E5%A4%A7%E8%80%83%E9%87%8F%E9%99%88%E8%BE%BE%E7%BB%B4

i like what have been written : 1) Value Is Mispriced By The Market. 2) Value Is Misplaced. 3) Value Is Overlooked 4) Value Is Created 5) Value Is Enhanced 7) THE HIGHEST VALUE IN LIFE IS WISDOM. If we apply it correctly!!!

$$Prudentinvestor, FYI, There were four plots of industrial land sold in TPR Tech Park at prices averaging RM70 per square foot. This is around RM3m per acres. Your valuation is a bit conservative? I think no one here question about how undervalue about Kseng landbank. The most important part is how the sell of landbanks or developments to unlock value?

agree that most johor based companies will do well next few years. Cresndo got EPS 1.03 and yet it's up only 3sen. Question is, any news that Kseng sell landbank to data center? I know that Pasir Gudang is a heavy industrial zone and maybe suitable for DC. But no news, right? If Kseng sell the industrial land in Pasir Gudang, maybe we will see EPS 1.00 extra? We can only hope!

what can we conclude the cash/share keeps increasing year over year?

KSENG Net Cash RM per share
1998 79.37 0.3029
1999 169.19 0.7
2000 109.05 0.452
2001 147.73 0.611
2002 139.65 0.578
2003 149.34 0.618
2004 155.19 0.643
2005 225.35 0.933
2006 188.85 0.782
2007 136.8 0.567
2008 256.13 1.06
2009 327.96 1.36
2010 666.26 2.76
2011 705 1.96
2012 746.91 2.07
2013 917.83 2.55
2014 720 2.00
2015 797.2 2.22
2016 790.43 2.2
2017 780.94 2.17
2018 704.29 1.96
2019 770.38 2.14
2020 706.18 1.96
2021 795.58 2.21
2022 1033.14 2.875
2023 1106.4 3.079
2024 1252.8 3.46

compare to LBS-PA Revised Exercise/Conversion Ratio 10 : 11,
10x.92=9.2/11=0.83 vs mother price 0.705, premium 18%

One will pay a lower premium of 18% instead of 39% in call warrants.
On top of the lower premium, one also gets 6.6/.92 =7% of dividend p.a
Also, if the overall interest rate is dropping, it is worth it for the Board of LBS to consider redemption on RCPS and refinance with a cheaper rate sukuk

current market price 0.1+exercise price 0.88= 0.98 vs mother price 0.705, a premium of 39% , about 6months to maturity.

5789CD LBS-CD LBS-CD: CW LBS BINA GROUP BERHAD (KIBB)
Listing Information & Profile for Structured Warrants

Instrument Category : Structured Warrants
Instrument Type : CALL WARRANTS
Description : EUROPEAN STYLE NON-COLLATERALISED CASH-SETTLED CALL WARRANTS
Underlying Stock : LBS BINA GROUP BERHAD
Issuer : KENANGA INVESTMENT BANK BERHAD
Stock Code : 5789CD
Stock Short Name : LBS-CD
ISIN Code : MYL5789CDY97
Board : Structured Warrants
Sector : PROPERTY
Initial Listing Information :
Listing Date : 27/10/2023
Term Sheet Date : 26/10/2023
Issue Date : 26/10/2023
Issue / Ask Price : Malaysian Ringgit (MYR) 0.1500
Issue Size in Unit : 35,000,000.0000
Maturity Date : 23/09/2024
Name of Guarantor: Not Applicable
Name of Trustee: Not Applicable
Coupon/Profit/Interest/Payment Rate: Not Applicable
Coupon/Profit/Interest/Payment Frequency: Not Applicable
Redemption: Not Applicable
Exercise/ Strike/ Conversion Price : Malaysian Ringgit (MYR) 0.8800
Revised Exercise/ Strike/ Conversion Price :
Exercise/ Conversion Ratio : 1 : 1
Revised Exercise/ Conversion Ratio :
Settlement Type/ Convertible into : Cash

according to the terms sheet, nothing is exciting on the current yield, i.e. 5/0.875=5.7% p.a. You may get this type of yield in most good dividend-paying companies or REITs. The most interesting part is the redemption mode of the RCPS which stated Any outstanding RPS as at the Maturity Date which
have not already been redeemed by the Company shall be mandatorily redeemed by
the Company.Any outstanding RPS as of the Maturity Date which
have not already been redeemed by the Company shall be mandatorily redeemed by
the Company.Any outstanding RPS as at the Maturity Date which
have not already been redeemed by the Company shall be mandatorily redeemed by
the Company. That means with the current price of 0.875, RCPS shall get back RM1.00 in two years on maturity.
So, the actual YTM={(1-0.875)+0.05+0.05}/0.875=25.7% / 2= 12.85% p.a
The only risk the the risk of the company being unable to redeem the RCPS on redemption due to financial constraints.

(This serves as a academic sharing purpose and not a recommendation to buy or sell!!!)

Instrument Category : Securities of PLC
Instrument Type : Preference Shares
Description : 106,441,367 NEW REDEEMABLE PREFERENCE SHARES IN OMESTI BERHAD
("OMESTI") ("RPS") ISSUED PURSUANT TO THE RENOUNCEABLE RIGHTS ISSUE ("RIGHTS
ISSUE OF RPS WITH WARRANTS")
Initial Listing Information :
Listing Date : 07/04/2021
Issue Date : 01/04/2021
Issue / Ask Price : Malaysian Ringgit (MYR) 1.0000
Issue Size in Unit : 106,441,367.0000
Maturity Date : 31/03/2026
Revised Maturity Date :
Name of Guarantor: Not Applicable
Name of Trustee: Not Applicable
Coupon/Profit/Interest/Payment Rate: Cumulative gross preferential dividend
rate out of the distributable profits of Omesti, at a fixed rate of 5.0% per
annum based on the issue price of RM1.00 per RPS.
Coupon/Profit/Interest/Payment Frequency: The dividends for the RPS shall be
paid every 6 months period ending 30th June and 31st December of each year,
with the first dividend payment to be paid either on 30th June or 31st
December, commencing on or after 30th June 2021, wherein the dividend rate of
5.0% per annum shall be pro-rated from the date of issuance of the RPS. The
last dividend payment shall be made on the Maturity Date.
Redemption: The Company may at its option and discretion redeem any of the RPS
on a pro-rata basis at 100% of the Issue Price at any time during the tenure of
the RPS up to the Maturity Date by giving not less than 7 business days notice
of its intention to do so.Any outstanding RPS as at the Maturity Date which
have not already been redeemed by the Company shall be mandatorily redeemed by
the Company.
Exercise/Conversion Period : 5.00 Year(s)
Revised Exercise/Conversion Period : Not Applicable
Exercise/ Strike/ Conversion Price : Malaysian Ringgit (MYR) 0.0000
Revised Exercise/ Strike/ Conversion Price :
Exercise/ Conversion Ratio : 0
Revised Exercise/ Conversion Ratio :
Mode of Satisfaction of Exercise/Conversion Price : Not Applicable
Settlement Type/ Convertible into : Cash
Remarks : This announcement is dated 6 April 2021.

LBS BINA GROUP BERHAD
Instrument Category Securities of PLC
Instrument Type Preference Shares
Description Adjustments to the conversion ratio of the existing redeemable convertible preference shares ("RCPS") in LBS Bina Group Berhad ("LBGB" or "Company") issued on 8 August 2017 in accordance with the Constitution of LBGB pursuant to the subdivision of every 1 existing ordinary share in LBGB into 2 ordinary shares in LBGB ("Subdivided Share(s)") ("Subdivision") and the bonus issue of new ordinary shares ("Bonus Shares") on the basis of 1 Bonus Share for every 10 Subdivided Shares held by the shareholders of LBGB at 5.00 p.m. on 26 February 2018 ("Entitlement Date") ("Bonus Issue") ("Adjustment")
Listing Date 11 Aug 2017
Issue Date 08 Aug 2017
Issue/ Ask Price Malaysian Ringgit (MYR) 1.1000
Issue Size Indicator Unit
Issue Size in Unit 115,448,037
Maturity Non Mandatory
Maturity Date Not Applicable
Name of Guarantor Not Applicable
Name of Trustee Not Applicable
Coupon/Profit/Interest/Payment Rate The Company shall at its discretion and subject to the availability of distributable profits pay out a targeted preferential dividends of 6% in each financial year calculated on the Issue Price of the RCPS from and including the Issue Date until the date of redemption of the RCPS.
Coupon/Profit/Interest/Payment Frequency The preferential dividends, if declared, shall be payable annually in arrears, subject to availability of distributable profits. Although annual payments are anticipated as disclosed above, the Company may defer, in part or in whole, such payments depending on availability of distributable profits ("Deferred Dividends"). For avoidance of doubt, the Company is not obliged to pay any dividends or Deferred Dividends, as the case may be, in the event that it has insufficient distributable profits.
Redemption Subject to the provisions of the Companies Act, 2016, and any other applicable legislation, the Company may at any time on or after the 5th anniversary of the Issue Date, at its discretion, redeem all (and not some only) of the outstanding RCPS by giving notice in writing not less than 30 days prior to the redemption date to the holders of RCPS of its intention to do so.
Exercise/Conversion Period Not Applicable
Exercise/Strike/Conversion Price Malaysian Ringgit (MYR) 2.2000
Revised Exercise/Strike/Conversion Price Malaysian Ringgit (MYR) 1.0000
Exercise/Conversion Ratio 2 : 1
Revised Exercise/Conversion Ratio 10 : 11
Mode of satisfaction of Exercise/ Conversion price Tendering of securities
Settlement Type/ Convertible into Physical (Shares)

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2832365