SOME ANXIOUS COMMENTS/RESERVATIONS SEEN IN i-forum on DAYANG :-


pussycats DAYANG.. D KWAP WTF??!
Author: OrlandoOIL | Publish date: Sun, 24 Feb 2019, 12:52 PM

KWAP may continue to sell Dayang due to Dayang as a group is considered technically insolvent as such KWAP no longer has a strong mandate to invest in Dayang



Whn its subsidiary Perdana defaulted on one of its loans it has triggered a cross default on all its loans and made all of them due for repayment immediately thus making it together wit Dayang group technically insolvent



pussycats KWAP may continue to sell Dayang due to Dayang as a group is considered technically insolvent as such KWAP no longer has a strong mandate to invest in Dayang

Whn its subsidiary Perdana defaulted on one of its loans it has triggered a cross default on all its loans and made all of them due for repayment immediately thus making it together wit Dayang group technically insolvent...
======
Oh my good ness,

With this type of news, who dares to goreng up Sayang.
Sad, sad,sad
24/02/2019 13:23


sense maker The ongoing loan restructuring scheme may result in significantly increased interest rate on its loans after the loan rescheduling, and/ or in a dilutive cash call to shareholders or worst, banks taking over the company.

That the company reduced its borrowings by rm200m in 2018 on the back of good results was a good thing. You should be aware that the huge profit improvements on big contracts may be an assistance from Petronas to the company to tide it over temporarily as the loan restructuring is ongoing. Or it could be a genuine turnaround due to vastly better operating environment. Insiders should know. If the 2018 profit trend continues the company may turn into net cash company in 6-7 years depending on capital expenditure.

No meaningful dividend in the next few years, if any. Those betting on Dayang need the loan rescheduling to be successful and it’s profit to be maintainable in the coming years.
24/02/2019 17:17


THIS WAS THE RESPONSE SEEN :-

calvintaneng OK OK
If you guys so afraid then Go
BUY PANTECH

PANTECH HAS A VERY VERY CLEAN BALANCE SHEET

AND ROCK SOLID TOO

Dayang got one source of Income by OGSE

PANTECH GOT 3 SOURCES!!!

1) PANTECH SELLS PIPES & FITTINGS TO DAYANG

Provision of Maintenance Services
Dayang’s subsidiary, Dayang Enterprise Sdn Bhd (DESB) undertakes the overall provision of maintenance services, which focuses on the following areas:

Maintenance of Topside structure
Maintenance of pipes and valves and
Electrical and instrumentation
The maintenance services are provided either on a routine or scheduled basis or during a breakdown or emergency, in which case maintenance works are undertaken due to fault or failure.

(((Maintenance of pipes and valves and)))


2) After Crude Oil is extracted they are Piped Into RAPID Refinery for Processing

SO THIS IS THE 2ND TIME THEY USE PANTECH PIPES & VALVES

3) AFTER CRUDE OIL IS PROCESSED THEY WILL THEN PIPED IT INTO DIALOG'S STORAGE TANK AND LATER PIPED DIRECTLY INTO RAPID CHEMICAL INDUATRIAL HUB

SO AT ALL LEVELS OF EXPLORATION, EXTRACTION, PRODUCTION, REFINING & DISTRIBUTING PANTECH PIPES & VALVES WILL BE IN USE

PANTECH (OR ALL TECH) THAT'S IT!!!
24/02/2019 17:18

QUARTER REVENUE PBT
31-Mar-2018 815,039 409,162 316,793 316,793

30-Jun-2018 794,141 124,934 85,686 85,686

30-Sep-2018 786,405 160,861 121,964 121,964

QUARTER REVENUE PBT NP

30-Jun-2018 794,141 124,934 85,686

30-Sep-2018 786,405 160,861 121,964

9 MONTH REVENUE RM2.39 BILLIONS
9 MONTH NP RM524 MILLIONS

EXPECT ITS 4Q NET PROFIT WILL BE VERY GOOD WITH THE BANK’S STATED AIM TO DISPOSE OFF ITS RM600M HARD CORE NON PERFORMING LOANS BY FYE 2018

ASSUMING IT GOT BACK 20% OR RM120M, THIS WILL BE WRIITEN BACK INTO ITS PROFIT & LOSS ACOUNTS AS RECOVERIES THEREBY BOOSTING ITS 4Q PROFITS BY ANOTHER RM120M.

ITS 3Q NP AT RM316M IS ALREADY GOOD.

ITS COMING 4Q NP WILL BE EVEN MUCH BETTER WITH THE WRITE BACKS.
STRONG 4Q/FULL YEAR PROFITS = HIGHER CASH DIVIDENDS TO BE ANNOUNCED THIS THURSDAY

Amendment : Potential risk of MACC .......investigations (not raids)

My Fear :-
A potential risk of MACC/Police Raids on Malton’s 51% owned Memang Perkasa S/B due to the increasing pressure by MPs and NGOs like C4 Centre . If the allegations are proven then the TTDI project may be legally stopped with significant negative impact arising from impairments on the business/financial results of Malton.

Khalid: Taman Rimba Kiara project will be axed if corruption is proven
Syauqi Jamil
-
November 29, 2018 5:47 PM
Probe Tengku Adnan over TTDI land deal, C4 tells MACC

GiGi Chua
/
theedgemarkets.com

January 22, 2019 19:46 pm +08

KUALA LUMPUR (Jan 22): C4 Center has urged the Malaysian Anti-Corruption Commission (MACC) to investigate former Federal Territories Minister Tengku Adnan Tengku Mansor and Yayasan Wilayah Persekutuan (YWP) over the land deal involving the Taman Rimba Kiara park in Taman Tun Dr Ismail (TTDI).
The anti-graft watchdog claims there were serious conflict of interest in the dealings between Tengku Adnan and the directors of a number of companies which were linked to the deal.
“The connection between Tengku Adnan and the directors of the companies will raise queries as to serious conflict of interest in the dealings.dvertisement
"It appears that Tengku Adnan could have abused his position by making decisions in ways that will provide personal benefit and favoritism for his associates and family members,” C4 Center executive director Cynthia Gabriel said in a statement today.
She said Tengku Adnan, being the Federal Territories Minister and chairman of YWP at that material time, had direct oversight of Kuala Lumpur City Hall (DBKL) and the then mayor, Tan Sri Mohd Amin Nordin Abdul Aziz, who was also a director of YWP.
Gabriel noted that TTDI residents had been protesting against the proposed high-rise development project in the park for the past two years, even calling for the park to be gazetted as public space to prevent development from taking place.
YWP had in 2014 procured the issuance of a title to itself for 12 acres out of the 25-acre Taman Rimba Kiara plot, It comprises a Hindu temple (0.6 acres), the Bukit Kiara longhouses (4.4 acres) and green park land (20 acres).
In April 2014, YWP entered into a joint venture development with a developer, Memang Perkasa Sdn Bhd, to develop the “carved out” land with an expected gross development value in excess of RM3 billion.
This development involves building eight blocks of 42 to 54 storey high end service apartments, which will be known as Pavilion Taman Tun, and building one 29-storey block of 350 units for the residents of the longhouse.
C4 Center wants the Government to explain why part of a park was allowed to be transferred to a foundation.
“Secondly, what was the reason for allowing a foundation meant to assist low income groups to be involved in a joint venture mega project?” asked Gabriel.
“Thirdly, was there any open tender process for this joint venture?
“Fourthly, was the joint venture deal made at arm’s length?”
Noting that Tengku Adnan had justified the mega project as necessary to subsidize affordable housing for the Bukit Kiara longhouse community, Gabriel asked: “What is the rationale for allowing a developer to build only one block of affordable housing units for the longhouse community while the developer benefits from eight blocks of high-end service apartments?”
Gabriel also noted that the current Federal Territories Minister Khalid Abdul Samad had said that there was no reason for DBKL to sell the land.
“They (the sales) do not follow the SOPs (standard operating procedures); they do not follow the developments that are approved; they do not follow the guidelines in terms of density, usage and so on and so forth,” Gabriel quoted Khalid as saying.
Last November, Tengku Adnan was charged with two counts of receiving RM3 million from property developers. On the first count, he was charged with accepting RM1 million from a developer as an inducement.
On the second charge, he was alleged to have received RM2 million and the sum was allegedly deposited into the bank account of Tadmansori Holdings Sdn Bhd, a company in which Tengku Adnan is the major shareholder.

To be fair we should note that recent reports cited some legal complications in the Taiwan project

But i think the Revised Dividend Policy will become negative bcos the TAE Group's PAT(the base on which TAE's dividend policy will be computed) will in fact be reduced since the dividend receivable from TAG (to be included) is much smaller than TAG's PAT (TO BE EXCLUDED)

JUST WONDERING ALL THE ABOVE JOBS WITH THEIR FINANCING REQUIREMENTS MEANS ANOTHER POTENTIAL CASH CALL OR RIGHTS ISSUE SINCE ITS BORROWINGS EXCEEDING RM4.3B IS ALREADY HIGHLY GEARED.
NOTE THAT MQREITS HAD ALREADY INDICATED THE SALE OF MENARA CELCOM (EST. 680M) IS 1.5 YEARS AWAY AS ITS CONSTRUCTION CAN ONLY BE COMPLETED IN LATE 2019. SIMILIARLY THE SALE OF ASCOTT FOR RM180M IS ALSO UNCERTAIN. FURTHER MORE THE EDL DEAL TERMS COULD BE JUST YEARLY COMPENSATIONS TO COVER LOSS OF TOLL RECEIPTS, SUKUK LOAN INTERESTS AND SOME PROFITS BUT NO ABSORPTION OF ITS RM1B LOAN BY THE GOVT. NOT REASONABLE TO EXPECT THAT. PLUS IT'S POLITICALLY NEGATIVE TO DO IT IN VIEW OF THE GENERAL ELECTIONS JUST CALLED. WISE NOT TO GIVE OPPOSITION PARTIES TO ATTACK BM GOVT AS BAILING OUT ITS GLC.

Trump proposes $100 billion in additional tariffs on Chinese products
President Donald Trump
Dow futures indicate more than 400 point drop at market open after Trump threatens more tariffs on China
U.S. President Donald Trump and China's President Xi Jinping leave a business leaders event at the Great Hall of the People in Beijing on November 9, 2017.
China's $1.2 trillion weapon that could be used in a trade war with the US
CHINA'S LATEST 25% TARIFFS ON THE HUGE SOY IMPORTS FROM USA CALCULATED TO HURT THE POLITICAL SUPPORT BASE OF TRUMP WHICH LIES IN THE AGRI HEARTLANDS

CHINA CANNOT BACK OFF IN THE FACE OF TRUMP'S AGGRESSIVE MOVES AGAINST CHINA, NOT ONLY IN TRADE BUT VERY SIGNIFICANTLY, IN GEO-POLITICS BCOS USA TRUMP IS OPENLY TRYING TO ENCOURAGE TAIWAN'S INDEPENDENCE AS SEEN IN USA PASSING ITS TAIWAN TRAVEL ACT. CHINA SAID IT WILL FIGHT TO THE DEATH ON ANY FOREIGN MOVES TO TAKE AWAY EVEN ONE INCH OF CHINESE TERRITORY. ALSO USA DISPUTING CHINA'S SOUTH CHINA MARITIME CLAIMS.
TRADE WARS EXPECTED TO INTENSIFY AND AGGRAVATED AS AN OVERALL RIVALRY BETWEEN USA AND CHINA IN BOTH TRADES, POLITICS AND MILITARY

MARKETS PRE-MARKETS
US WORLD HEAT MAP AMERICAS ASIA EU
DOW (MINI)

FUTURES
Index Close Cur Future Change
24505.22 24065.0 -403.00
FUTURES FAIR VALUE (5.22)
Fair Val Close Cur Future Implied Open
24473.22 24065.0 -408.22
Last Updated: Fri, 6 Apr '18 | 7:33 PM ET

BREAKING: Dow futures indicate more than 400 point drop at market open after Trump threatens more tariffs on China

Posted by richauthor > Apr 6, 2018 07:10 AM | Report Abuse

Trump just ordered more tariff. S&P tanked.


yoloisreal
157 posts
Posted by yoloisreal > Apr 6, 2018 07:37 AM | Report Abuse

Trump is competitive, i don't think can use normal login on him
Ah hawk thx for the call haha

Latest CNBC news Headlines.

President Trump called for another USD100 billions in ADDITIONAL TARIFFS on Chinese products (on top of the USD600B already announced and on top of the 25% to 35% tariffs already enforced on Steel and Aluminium).
China will definitely RETALIATE on more USA exports as already threatened as a tit for tat Trade War that Trump wants

Latest CNBC news Headlines.
President Trump called for another USD100 billions in ADDITIONAL TARIFFS on C

Likely need to call another Rights Issue

IMPRESSIONS GIVEN THAT THE DIRECTORS BOUGHT MORE SHARES WER INCORRECT.

THESE SHARES WERE ACTUALLY GRANTED TO THEM (FOC I THINK IF THE MEANING OF "GRANTS" IS GENERALLY UNDERSTOOD) . GIVEN TO THEM BY THE COMPANY AS INCENTIVES (AND WHERE THE COMPANY HAS TO ABSORB THE COSTS OF SUCH SHARE ISSUANCE (TO DEBIT P&L AC WITH THE COSTS COMPUTED AT QUANTUM OF SHARES ALLOTED MULTIPLIED BY RM1.07 EACH)

I AM NOT ACTUALLY PROMOTING. ONLY TRYING MY BEST TO ENSURE MORE ACCURATE INFO ARE PROVIDED IN THE FORUM SO THAT WE ALL MAKE BETTER INFORM INVESTMENT DECISIONS.

THE LATEST REPORT BY CIMB BANK ON THE PROPOSED SALE OF MENARA CELCOM FOR RM680M IS IMPORTANT. IT CAN ONLY BE COMPLETED IN 1 TO 1.5 YEARS TIME. ALSO A NEW LOAN OF RM738M IS BEING RAISED TO PAY EPF FOR J/V KWASA DAMANSARA. AND IF THE EDL LOAN IS NOT ABSORBRD BY THE GOVT THEN THE ACTUAL POSITION OF ITS HIGH GEARING IS NOT GOING TO IMPROVE FOR SOME YEARS.
BUT I DO NOT HAVE ANY IDEA OR INFO FOR R.I.

TIMELINE FOR RECEIPTS OF PROCEEDS FROM ASSET DISPOSALS :-

The timing of the completion of their disposals and the receipts of the sales proceeds can actually be several years away and thus will not be able to reduce MRCB's gearing any time soon. One case in point is the proposed sale of Menara Celcom indicated to be for rm680m :-


“A potential asset for acquisition by MRCB-QUILL REITS is Menara Celcom, Petaling Jaya (from its sponsor, MRCB). We gather from media reports that construction of the building is slated for completion in early-2018.

“Based on our understanding, MRCB has already inked a build-to-lease agreement of 15 years with Celcom for the property upon completion.

“Typically, due diligence and feasibility studies prior to an acquisition proposal can take c.9 months; hence, we do not expect it to happen any time before FY19F,” it said.
TAGS / KEYWORDS:
Analyst Reports , Corporate News , Property

BASED ON THE ABOVE, THE RM680M CAN ONLY BE RECEIVED AT THE EARLIEST 1 TO 1.5 YEARS AWAY. AND IF THE EDL TOLL DISPOSAL DO NOT INCLUDE OFF-LOADING ITS RELATED LOAN (VERY LIKELY TO REMAIN AS A SUKUK LOAN AT MRCB BCOS ITS NOT REALISTIC FOR THE GOVT TO PAY COMPENSATION FOR LOST TOLL COLLECTIONS AND ALSO ABSORB SUCH A HUGE LOAN AMOUNT. POLITICALLY NOT GOOD FOR BN GOVT NEAR G.E. TIME. )

THIS MEANS MRCB TOTAL BORROWINGS WILL REMAIN VERY HIGH FOR MANY YEARS
(ABOUT RM4.738B WHEN INCLUDE THE FRESH LOAN TO BE RAISED TO PAY EPF FOR ITS NEW TOD (KWASA DAMANSARA SENTRAL)

Generally true that business loans when used productively and in a strong economy can be positive. But highly geared companies carry higher risks :-
1) Reduced profit margins due to high interest costs
2) Rising interest rate environment (like now) will aggravate (1) above
3) Higher risks of loan defaulting when a company become highly geared with excessive borrowings especially during general economic recessions or hit by cyclical downturns in specific industries/economic sectors. Examples include our Oil & Gas sector which was very badly hit by the collapse of crude oil prices during the past few years. Many highly geared O&G companies incurred heavy losses and defaulted on their loans/bonds. Their share prices collapsed (some to only a fraction of their prices during good times. Many listed O&G company share prices are still very low even with some recovery in crude prices)

Now our Property Sector is currently in its downturn. Our Property Sector had been downgraded due to excessive over supplies and increasing unsold overhangs. Property companies with high gearings can be hit by the same problems that affected the O&G companies. Bank Negara and our Govt had already sounded their alarm over our property sector. Banks who gave excessive loans to O&G sector sufferred heavy losses on delinquent loans. Now Banks can also exposed to non performing loans given to the property developers.

PROPERTY SECTOR (LIKE O&G SECTOR) IS CYCLICAL IN ITS BUSINESS PROSPECTS
THE CURRENT PROPERTY SECTOR DOWNTURN ARE AFFECTING MANY PROPERTY DEVELOPERS’ BUSINESSES :-

The latest poorer 4Q results of MRCB-Quill Reits is a case in point :-
MRCB-Quill REIT's Q4 net profit down 80% on deficit in revaluation
Posted on 19 January 2018 - 01:32pm
Last updated on 19 January 2018 - 03:32pm
sunbiz@thesundaily.com
Print
PETALING JAYA: MRCB-Quill REIT's (MQREIT) net profit for the fourth quarter ended Dec 31, 2017 plunged 80% on a RM18.2 million deficit in revaluation of its investment properties.

Another case in point was Rating Agency’s recent report :-
MRCB Southern Link Sukuk on rating watch, negative outlook
KUALA LUMPUR: RAM Ratings has placed the BB3 rating of MRCB Southern Link Bhd’s RM845mil senior Sukuk on rating watch, with a negative outlook.

“Should negotiations on a final settlement be prolonged and without shareholder support or any other external liquidity support thereafter, the rating of the senior Sukuk is expected to be downgraded in anticipation of a potential default by the end of this year,” it said.
Read more at https://www.thestar.com.my/business/business-news/2018/01/17/mrcb-southern-link-sukuk-on-rating-watch-negative-outlook/#wVtmDAjoSqBM3UTt.99

POINTS BY MARTIN NOTED

WOULD LIKE TO ADD ONE MORE POINT.
MRCB STILL NEEDS TO PAY EPF RM738M CASH FOR FOR ITS J/V WITH EPF FOR KUWASA
DAMANSARA BCOS THE LAND BELONGS TO EPF. ITS WAS REPORTED EARLIER BY MACQUARIE EQUITIES RESEARCH THAT MRCB WILL BE TAKING A NEW LOAN FOR THIS PAYMENT. HENCE ITS REVISED TOTAL BORROWINGS WILL INCREASE TO RM4.73B FIRST

“NOT LOGICAL AND UNREALISTIC FOR GOVT TO ABSORB MRCB’S SUKUK RM1B LOAN.
OTHERWISE GOVT ALSO HAVE TO ABSORB PLUSMALAYSIA’S DEBTS RELATED TO
ABOLISHMENTS OF PLUS’s 3 TOLL CONCESSIONS)

IF THE GOVT DO NOT TAKE OVER EDL’S RM1B LOAN IT WILL SIGNIFICANTLY ADVERSELY IMPACT MRCB’S RISKS PROFILE WHICH WILL REMAIN VERY HIGHLY GEARED AT RM4B “

I STILL BELIEVE MY ABOVE RATIONALE POINTING TO THE EDL RELATED SUKUK LOAN OF RM1 B WILL NOT BE ABSORBED BY THE GOVT.
IT IS TOO GLARING AND WILL BE SEVERELY CRITICISED BY THE POLITICAL OPPOSITION AND THE GENERAL PUBLIC THAT IT IS A BAILOUT.

HOW CAN THE GOVT COMPENSATE MRCB FOR LOSS OF TOLL COLLECTION AND STILL HAVE ITS EDL RELATED RM1B LOAN ABSORBED BY THE GOVT.
I AM SURE PLUS-MALAYSIA WILL ALSO DEMAND SUCH AN OVER GENEREOUS DEAL

UNLIKELY TO HAPPEN. IT IS TOO UNREASONABLE AND TOO GOOD TO BE TRUE

RE-ASSESSMENT OF THE PROSPECTS OF MRCB : A REALITY CHECK
(PROMPTED BY RECENT EXTREME VOLATILITY OF ITS SHARE PRICES DUE TO LATEST REPORTS)
MRCB still in talks with govt on EDL concession termination
=============================================
Asked how the compensation would impact MRCB’s financials, Affin Hwang Capital Research analyst Loong Chee Wei told SunBiz that the compensation is expected to improve the earnings and cash flow of the group, adding that the estimated RM70 million cash compensation per annum to MRCB should be sufficient to offset the group’s losses incurred due to interest expense, amortisation as well as operating costs.
Nevertheless, Loong said there is still uncertainty on whether the government will take over the debts of the EDL concession.
“If not, the compensation is just sufficient to defray the total costs of operating the expressway but does not generate a good return on investment,” he added.
The 8.1km EDL was built at a cost of RM1.2 billion.
The government will reportedly settle an amount of RM2.2 billion to PLUSMalaysia Bhd for the abolishment of tolls in three other locations, namely Batu Tiga, Sg Rasau in Selangor and Bukit Kayu Hitam in Kedah, as announced under Budget 2018.

(NOT LOGICAL AND UNREALISTIC FOR GOVT TO ABSORB MRCB’S SUKUK RM1B LOAN.
OTHERWISE GOVT ALSO HAVE TO ABSORB PLUSMALAYSIA’S DEBTS RELATED TO
ABOLISHMENTS OF PLUS’s 3 TOLL CONCESSIONS)

IF THE GOVT DO NOT TAKE OVER EDL’S RM1B LOAN IT WILL SIGNIFICANTLY ADVERSELY IMPACT MRCB’S RISKS PROFILE WHICH WILL REMAIN VERY HIGHLY GEARED AT RM4B

MRCB-Quill REIT's Q4 net profit down 80% on deficit in revaluation
===================================================
PETALING JAYA: MRCB-Quill REIT's (MQREIT) net profit for the fourth quarter ended Dec 31, 2017 plunged 80% on a RM18.2 million deficit in revaluation of its investment properties.
It made a net profit of RM3.3 million for the quarter under review, compared with Rm16.9 million for the same quarter in 2016.
The REIT comprises of 10 buildings worth a market value of RM2.2 billion as at Dec 31, 2017
(THIS PROVED THAT TOD/TRANSPORT HUB CONNECTED PROPERTIES CAN ALSO BE NEGATIVELY AFFECTED BY ANY PROPERTY DOWNTURN )

CIMB Research optimistic on YTL Corp securing HSR contract
================================================
KUALA LUMPUR (Jan 17): Following YTL Corp Bhd emerging as one of the five known joint venture (JV) consortiums bidding for the project delivery partner (PDP), operating company (OpCo) and assets company (AssetsCo) tenders for the Kuala Lumpur-Singapore high-speed rail (HSR), CIMB Research views this positively as it could increase its chances of securing an HSR contract.
According to its research note yesterday, the key catalysts for YTL Corp are the rail contract wins and the new HSR tender details.
The research house emphasised its optimism on YTL Corp’s chances to bid for the HSR’s rail operating company (OpCo) tender.
CIMB Research explained the OpCo tenders would be more relevant to YTL Corp, given its experience in the 45%-owned Express Rail Link (ERL) — the sole domestic high speed rail service concession built at only RM35 million per km cost — arguably the lowest cost in the region.
“As such, the OpCo would therefore be the most relevant tender for YTL Corp’s ERL, given ERL’s 14-year track record in operating its 57km high speed rail service (both direct airport express and transit service),” CIMB Research said.
“While the press had recently reported that the group secured the RM8.9 billion Gemas-JB rail project contract (via a JV with SIPP Rail Sdn Bhd), the group has yet to make an official announcement, which we suspect is pending finalisation of details of the contract,” the research house said.

THE ABOVE NEGATIVE REPORTS HAD MADE ME BECOME LESS OPTIMISTIC OF MRCB’S PROSPECTS. WILL REVIEW FURTHER WHEN MORE REPORTS ARE RECEIVED

Just happened to look at this Forum for Affin.
Wrong speculation that I had bought in Affin again. No. Not true at all. With my personal knowledge of the impending implementation of MFRS 9 from 1-1-18, I will not dare to touch any banking and Financial shares for a long time.
Previously I highlighted MFRS 9 for the benefit of those investors who intend to buy Bank n Finance shares without being aware of the significant negative impact of MFRS9 on their
loan impairement levels and therefore on their profits and dividends.
My conscience was clear. My philosophy has always been to disseminate BOTH positive and negative market news when such news are true . My intention is noble to create public awareness and hence help investors to avoid being hurt by wrong investing decisions.
It is dishonourable to put a lid on negative news just to protect one's portfolio positions.

(Disclaimers:- All the above postings and re-postings and other comments are purely for sharing n exchange of market info only. These DO NOT represent any Buy or SELL calls)

Technical Analysis (20/12/17)
MRCB
MQ Technical Rating
3.2 / 5
(good)
Rating Breakdown
Bullish: 2
Over sold: 0
Neutral: 7
Bearish: 0
Over bought: 0


Rising moving average NEUTRAL View Chart

Moving average crossover BULLISH View Chart

Relative Strength Index (RSI) NEUTRAL View Chart

Moving Average Convergence-Divergence (MACD) BULLISH View Chart

William %R NEUTRAL View Chart

Rate of Change (ROC) NEUTRAL View Chart

Money Flow Index (MFI) NEUTRAL View Chart

Stochastic Oscillator NEUTRAL View Chart

Average Directional Index (ADX) NEUTRAL View Chart
-------------------------------------------------------------------------------------------------------------------------

MRCB
Fundamental analysis (20/12/17)
MQ Fundamental Rating
2.5 / 5
Rating Breakdown
Pass: 4
Fail: 4
No result: 0
(BUT VERY FAST IMPROVING WITH ITS STRENGTHENED BALANCE SHEET AFTER ITS RECENT RI plus the impending proceeds from disposals of high value assets including Menara Shell, Menara Celcom, Ascott and the very significant impending disposal of its EDL (per 2018 Budget announcements) for estimated RM2.75B (inclusive of off-loading its SUKUK loan of rm1b) plus all its Transit Oriented Developments (TOD) especially for Kwasa Sentral, Bukit Jalil Sentral (expected receivable of rm1.14B cash from EPF for the latter’s 80% stake in it) will soon turn MRCB into a Net Cash Position which will be very positive for higher Dividend payouts.)

A re-posting of a recent review of its business and financials based on its 9M results by a IB pointed to its strong growth going forward :-
Highlights
• Strong property sales. 9M property revenue and EBIT fell YoY by 10% and 40% respectively. This was due to the higher base in FY16 from (i) agency fee earned for the sale of Nu Tower 2 and (ii) contribution from Menara Shell pre- disposal. MRCB achieved strong property sales of RM1.2bn for the 9M period (70% from Sentral Suites), a significant improvement from the RM192m achieved for the entire FY16. Unbilled sales stands at RM1.6bn, implying 1.4x cover on FY16 property revenue.
• Construction improves. Construction revenue increased 237% YoY for the 9M period due to lumpy recognition for the National Sports Complex (NSC). EBIT margin improved YoY from 2.1% to 2.9% but this was “artificially” suppressed as MRCB does not earn a profit from the NSC job (paid via land). YTD job wins now stands at RM468m, bringing its orderbook to RM5.3bn.
• Healthier balance sheet ahead. MRCB’s net gearing stood at 114% as of 3Q. However, with the rights issue (1 for 1) completed earlier this month, we estimate its profoma net gearing to have reduced to 36%. Management estimates that the disposal of EDL, Menara Celcom and Ascott could potentially transform its balance sheet into a net cash position.

EGM TODAY PASSED RESOLUTION FOR DISPOSALS OF 4 PIECES OF LAND TO SUNWAY GROUP FOR RM168M CASH. WILL REGISTER AN EXTRAORDINARY GAIN OF RM108M FOR THE 4Q RESULTS/PROFIT FOR JAKS.
PROFITS WILL JUMP UP FOR ITS 4Q AND FULL YEAR RESULTS.

Many positive catalysts coming into play to boost share price up soon.
Especially its disposal of EDL toll concession for rm2.75B which will reduce its gearing significantly. The other announcements will include its j/v with EPF to build KWASA SENTRAL as well as its being appointed the Master Developer for EPF's prime landbank in Sg Buloh (served by MRT n KTM and connected Toll Free to Kota Damansara, Tropicana n to Subang Jaya. etc.)

Near Term Catalyst to boost up MRCB
---------------------------------------------------
Impending announcements for the disposal its EDL Toll concession for RM2.75M (inclusive of its SUKUK loan RM1B taken over by the Govt) :-
The announced abolition of the various Tolls (including EDL) will be effective 1/1/2018)
Hence the EDL disposal will have to be completed before or on this year end

2018 IS A WORRISOME START FOR THE BANKING AND FINANCIAL SECTORS (including MBSB) DUE TO THE VERY STRINGENT AND NEGATIVE IMPACT ON THE EXPECTED SIGNIFICANT INCREASES IN LOAN IMPAIRMENTS DUE THE ENFORCEMENT OF MFRS 9 W.E.F. 1/1/2018 :-
With the adoption of the new International Reporting Standard 9 (IFRS 9) next year -- or MFRS 9 as the Malaysian equivalent is known -- the amounts banks have to set aside for expected loan liabilities or provisions could jump as high as 50%, which could hurt earnings, weigh on capital ratios and potentially affect dividend payout, experts say.
Under the new accounting standard, banks will be required to switch to an expected loss model, as opposed to the incurred loss model that is used now under the current accounting standard or MFRS 139.
Essentially, this means banks will have to make provisions in anticipation of future losses, rather than the current practice of making provisions only when loans have been classified as impaired.
Hence, for a performing loan, banks will have to make provisions on the basis of projected losses over 12 months. If there are signs that the loan's credit quality is weakening, then losses will have to be booked over the loan's entire lifetime.

Loan impairments/provisions for doubtful debts will cause declines in profits and lower dividends.
Indicative of the severe negative impact can be seen in the latest Q results of Affin Bank. The worst is yet to come as MFRS 9 will only be implemented from 1/1/2018.
(hence need to be aware of both the positive as well as the negative news flows)

Differring view point:
The worst is yet to come for 2018 with the more stringent loan impairemenst enforcement under the MFRS 9 (detailed posting above) w.e.f. 1/01/2018

WHAT TO DO WITH THE DOUBLE NEGATIVES FROM HE SERIOUS OVERSUPPLY OF PROPERTIES/DOWNGRADE PLUS THE COMING BANK INTEREST RATE HIKE ?


hng33 https://www.propertyguru.com.my/property-news/2017/11/164812/interest-...
29/11/2017 13:51

EXPECT DIVIDENDS FROM 2019 THEN

THEIR SENIOR MGT SAID EXPECT BETTER PROFITS ONLY FROM 2019 ONWARDS

: With the adoption of the new International Reporting Standard 9 (IFRS 9) next year -- or MFRS 9 as the Malaysian equivalent is known -- the amounts banks have to set aside for expected loan liabilities or provisions could jump as high as 50%, which could hurt earnings, weigh on capital ratios and potentially affect dividend payout, experts say.
Under the new accounting standard, banks will be required to switch to an expected loss model, as opposed to the incurred loss model that is used now under the current accounting standard or MFRS 139.
Essentially, this means banks will have to make provisions in anticipation of future losses, rather than the current practice of making provisions only when loans have been classified as impaired.
Hence, for a performing loan, banks will have to make provisions on the basis of projected losses over 12 months. If there are signs that the loan's credit quality is weakening, then losses will have to be booked over the loan's entire lifetime.

Relevant points to cinsider.
Treated as new purchase. Land will niw be subjected to tax liability if sell now

In view of the recent downgrade of the property sector, its current share price can now be considered too high. To wait for is price to correct down further and maybe re-enter after property mart had consolidated. No hurry as got no near term catalysts

This fear had been at the back of my mind during my earlier comments above (about Lofty Share prices . A sharp correction is overdue )
"Fed officials fear financial market 'imbalances' and possibility of 'sharp reversal' in prices
Minutes from the Oct. 31-Nov. 1 Federal Open Market Committee meeting indicate some worry about rising financial markets."

This fear had been at the back of my mind during my earlier comments above (about Lofty Share prices . A sharp correction is overdue )
"Fed officials fear financial market 'imbalances' and possibility of 'sharp reversal' in prices
Minutes from the Oct. 31-Nov. 1 Federal Open Market Committee meeting indicate some worry about rising financial markets."

Had punted quite heavily on Trop several times over the past 2 years. Started it after it had fallen down to the 1.22 to 0.98 range. Recalled that it was very heavily geared at that time and its share prices gyrated with every news/announcements on its degearing moves (eg sale of its Mall in SS2 for rm540m, etc) and its quarterly results/Dividends announcements, My 1st venture was very profitable. Subsequent rounds were slightly profitable to breaking even only,
I am now completely out of Trop. (fundamentals, profits and dividends are intact but its share pricing valuation do not seem to be able to make any headway).

L&G : Entry prices 0.215 to 0.22 post RI. Holding them for long term as its various catalysts (Tg Malim landbank near the proposed New Proton City under China's Geely and the proposed redevelopment of its prime lands currently housing its Sports Club in Sri Damansara, etc) will take some time to eventuate. Meanwhile its fundamentals remain sound n continues to be profitable in the midst of the property sect slowdown/downgrade. I think its latest 2 projects (senaparc in Senawang is being priced right while its Foresster2 in Sri Damansara should also do well being in a prime location and riding on the success of its Foresster1). Lets hope we will get at least 1 sen Dividend for the current Fin Year (taking into account its RI dilution).

Was very lucky to have taken profit on NOTION about 2 weeks before its fire incident.
So sorry to see his kind of unfortunate event.

Generally somewhat cautious towards the general stock market in view of the lofty valuations of the foreign bourses (many hitting all time highs). Waiting for a clearer picture on Bursa during the 1st 3 months of 2018 before deciding whether to be more active/aggressive.

Took my family to a 3 week holiday in Sydney and a 5 day visit to Jakarta.
Sydney is very nice. Plenty to see and do but expensive due to our poor RM.
Jakarta has nothing much to offer alto surprisingly the people there are very nice and helpful.

Just taking this opportunity to blah blah. Excuse me

In view of the many uncertainties going to have significant impact arising from the recent downgrade of our property sector and the impending enforcement of MFRS 9 on our Banking industry, decided not to have any further investments in these 2 sectors until more facts and figures are available by the 1Q OF 2018

Supermarket now very competitive and quite a number of outlets had actually closed. Tesco has got a good lease option for another 1+ 30 years and hence will not tie itself down with a heavy financial investment to buy it.

Due to latest Govt freeze for approval of new malls this option is not viable for the next few years.

Provisions for impairments will now include those loans under R &R (Restructuring and Rescheduling) even tho these have not defaulted under their existing terms & conditions..
Hence MFRS9 's negative impact the the banks' bottom lines can be substantial and pervasive

The increasing glut of unsold properties resulting in the downgrade of the Property Sector will adversely affect all property Developers. The Govt approval freeze on specific categories of new projects will aggravate their business prospects and profits. Situation will deteriorate going forward.

Agree with Vin. The negative impact from the double whammy of Property Sector downgrade (which affects its lending business to the housing and construction industries) and the impending enforcement of the much stricter provisions for loan impairments under MFRS9 (which will hit its profitability and hence reduce its Dividend payouts) can gradually push down its share price to its previous support price range of 2.00 to 2.15 which hovered around here at the beginning of the year.

But according to accounting rules and Bursa guidelines, need to make reversal entry for capital gains booked in earlier quarters

• Still a bit perplexed.
• Sold subsidiary Midah Jaya Realty and booked a capital of RM8M. But later aborted.
• Symphony Life Bhd has been forced to re-acquire a property investment company sold to Octane Capital Sdn Bhd (OCSB) after failing to complete a land transfer condition in its original sale agreement. Both parties has inked a share sale agreement (SSA) on 13th October 2017 to buy back Midah Jaya Realty Sdn Bhd from OCSB for RM9.0 mln. Symphony is also expected to compensate OCSB for the legal fee and stamp duty OCSB had incurred in the initial SSA amounting to RM30,000, and up to RM300,000 funding cost. (The Edge Daily)

Any info on what happened with its Cheras Land leased to Tesco ?
Heard that deal aborted that will result in a reversal of capital gain RM8.5M thus affecting its coming Q's profitability.