Who said anything about Chairman disposing? Read the announcement.. Did not say dispose or acquiring.. Just dealing..

End of this month

11.5 close will be good enough for today.. did not hit 11 at all since opening, which is also a good sign.

its quite amusing to see DRwarrant's comments

Old news..

checked out the scomies announcement..guess it is related to their share of the RSC funding

beLIEve..I always thought that: Assets-Liability/number of free float shares = nett assets per share.. TP & NAPS are different. You may correct me if I am wrong.

Shareholderz..TP only 0.48?. Based on sum of parts valuation of Scomi's stake in Scomies & Scomien at today's closing price of 1.06 & 0.42, its stake in both that companies are worth 0.90. Apply a holding company discount of 30% & we arrive at 0.63 which in my humble opinion is the TP of Scomi Group at this moment. Basically the TP will depend mostly on the valuation of Scomies. If Scomies hit its target price of 1.24 that was called by HLB, then Scomi's TP will be 0.73 (after 30% discount applied to RM1.04)

You will come to a figure of between 8.00-9.50psf

mikeann.. rm8.40psf is actually the book value for mulpha's LFR land... you can get the info from the last annual report. You will need to do the math yourself. Divide the carrying cost of the land with the total size of the land.

yeah.. i bought all my mulpha's after reading calvin's post.. very good advice from him..this counter has lots of potential..

Its not very nice blaming Calvin for advise that he has given in the forum. We should all do our own research & make the final call as our money is our responsibility & no one else's. Nobody gets it right all the time. Even the top investors only hit 70-85% of their picks. We need to be responsible for our own investment decisions & not blame others if we follow blindly without conducting our own due diligence.

scomies up to 1.07 today.. this brings scomi TP up to 0.635 (after 30% holding discount). scomien went up to 0.41 as well, but at that price, its total contribution to scomi sop valuation is only 0.052 where as scomies contribution is 0.855. Even if scomien goes up to rm1, it will have minimal impact to scomi valuation(0.12). Like investeye said, we just need scomien to breakeven or make a small profit & just bank on scomies to push up scomi price.

Definitely not at 1.24.. Scomi currently holds about 66% of Scomies & 72% of scomien. Based on the current closing prices for both counters of 1.05 & 0.39 respectively, Scomi has a sop valuation of 0.88. Consider the normal 30% holding co discount & scomi group has a TP of just over 0.60. If scomies go up to its target at 1.30 (based on HLB research), then scomi group TP goes up to 0.76 (after 30% holding co discount). Contribution from scomien is minimal as its market value is very low.

Just need to wait. Scomies is already starting to creep up & has a target price of 1.30. Scomi at this current price will be a cheap proxy to scomies.

Come on Warrant.. Take it easy man..

direct route is coming Nallayak.. 5 mins from 2nd link to LFR soon

Iskandar prime landed properties like LFR will not be really affected by any slowdown in Malaysian property. The ones that will be affected are high rises in the Klang Valley & also JB highrises with Chinese Developers launching thousands of untis at one go & I heard that most of these high rises are given as freebies to purchasers of mainland China properties. This information is from my bank manager friend in JB. Any truth to this Calvin?

As for LFR properties, I was just in SIngapore several weeks back & most of the Singaporeans I spoke to are extremely keen on properties like LFR, especially those currently residing in the Tuas & surrounding areas.

Khlim..definitely international

If I am not mistaken, Mulpha Land purchased the land from Tropicana for 110mil n change to develop service residences with a gdv of 700mil. Launching at less than rm500 psf but its leasehold.

Another very important fact is that Mulpha Int owns nearly 10% of its own shares (est Rm100mil + depending on closing price) via share buybacks initiated during the past several years. It should hit the max 10% this year & will either cancel the shares or distribute it as dividends in a share re-investment scheme that was approved in the last AGM. The company did not give any dividend because buying back its own shares at very depressed values was the best way to reward shareholders & because it was a no brainer investment based on all the market value of assets owned by the company. Instead of buying more land or giving out dividends or paying down debts, Mulpha choose to buy its own shares as it is the BEST investment at current prices. You are basically buying Book value assets at 50 sen to the ringgit. This is before taking into account market value of land or the GDV of development in LFR, which as Calvin has highlighted, which is makes it more like 50sen to 4-5 ringgit (conservative est).

Most of the losses for the past few years were related to non-financial write downs of their Australian assets. Australian financial reporting regulations differ from what we have here. Assets have to be marked to market, instead of book. Anyway, the Australian property development assets have been disposed & restructured with the main focus now on retirement villages (Aveo group). Reading & understanding the past several years annual reports will give a better understanding on why losses were incurred during the past several years. The Australian operations has since been restructured(disposed the wildly fluctuating property development assets in Australia) & we should no longer see huge losses, but nett contributions from the Australian operations. This is an important factor as most of Mulpha's revenue are derived in Australia. We should expect better results this quarter onwards with positive contributions from all segments as Hayman Island will be fully operational, coupled with the rm 15mil dividend from Aveo group for 1H 14. The next milestone to look out for is the take up rate of the new launches in LFR which is scheduled for this month. A positive take up rate would be the next catalyst for increase in stock price.

In this world that we all live in, we should always strive to help others if we are fortunate. The questions posed above can also be asked to Warren Buffet who is among the top richest people in the world & has donated a bulk of his fortune to charitable causes. Do your do best & help others. In this case, Mr Koon has proven himself to be a philanthropist & is helping the unfortunate with the wealth that he has accumulated, because of his passion. It's not really about the money. It is doing what he is passionate about & making money in the process, which enables him to help others. We all should strive to contribute how ever we can. No need for hostile statements above. Just do your best, live life & help the unfortunate. Remember that our children will inherit this world. Do we want it to be filled with hate & distrust?

yes uchitech, can be considered as buying leisure farm land at less than rm 5/sq ft, instead of rm 200/sq ft... thrown in is 20% of Mudajaya that will see a 70 mil/yr bottomline contribution from the new indian power venture. Not forgetting Aveo group that has been restructured & will contribute 15/mil 1h dividends to Mulpha & also the leisure assets in Australia. Calvin has unearthed a real gem..

Thanks a lot Calvin. It was an excellent pick based on very strong arguments. Thanks man.

Calvin, thanks for bringing this uncut diamond to the attention of all..

as of 31 Dec 2013, the company was carrying 376.73 hectares of leisure farm land for rm369 million. This translates to 376.73 x 2.47 = 930 acres & change.@ approx rm9.10/sq ft.

So, there are still ample development land available in Leisure Farm & immense value to be unlocked.

hi beegiinner, Mulpha has exactly 131,174,775 shares in Aveo after last years entitlement issue that the company fully subscribed to (Dec 2013). This brings Mulpha's share of the dividend to:
131,174,775 x 0.04 = AUD 5,246,991 @ x3 MYR 15.74 million.

Another significant changing point for this company is profitability. The past several years has seen the company's Australian operations as a huge drag on profitability due to the numerous non cash write downs that was conducted during the disposal of Aveo's property development portfolio. Good news is that the Australian operations have been restructured & is starting to bear fruit as we can see with this proposed dividend from Aveo. Expect more contributions from the Australian operations.

This coupled with the points raised by calvintaneng will quickly propel this counter in the near future, barring any unforeseen events. I would not be surprised if this counter starts paying out dividends in the next 1 - 2 years.

DRwarrant.. I think everyone already gets your point.. No point repeating yourself all the time. Its getting old.

come on warrant.. the price is at 0.105, at the support level for the past 4 weeks. How low do you expect it to go? Current price is a good entry level.