By the way, ex-director's selling this year started from March 2014 while directors' selling started in April 2014.

So, sosfinance, you think the price would have discounted all the negatives because most of you knew about the negatives in January 2014? How did you know about the negatives when the Malay Mail report is dated 9 April while the RHB re-rating report is dated 24 April?

As per Bursa announcement, share buyback again yesterday to support the price (?). If you ask our famous stockraider, he will probably say that the share buyback is to support the share price so that insiders can sell.

sosfinance - I certainly did not know about the IPP captive coal allocation fraud allegations in January 2014 until johnny cash highlighted it with the Malay Mail report dated 9th April 2014. Did you?

Most of the readers here aren't even aware of the other negatives which were only highlighted recently in the RHB report. In fact, most still think that the ex-director sold shares to change cars/go on holidays, did not even know that one of the current directors is related to him and also think that the Kidex contract will be awarded very soon to Mudajaya when the tender hasn't even closed.

I doubt if many understand the implications of the ongoing problems with the RKM Powergen IPP project or the serious over-payment by 2.8 times for just a 26% stake.

Gambar tergendala! Have to wait again for 4pm ping pong show!

Bro newman was here to give this counter the stamp of approval! Huat arrr!!

wolfwolf - only golfers ofer you chocolate. just before they buaya you, hehe!!

Looks like Baharudin has some usable info there. I heard some recent rumors too. And what do you know, the stock has started moving! Huat arrrrrrrrrrrrrrrrrrr!!

johnny cash - A lot of the selling started after the Malay Mail report dated 9 April. Perhaps the game is up??

And yes, possible fraud in the captive coal production blocks in India.

As I read in the papers, even the IJM COO (India) had to lari kuat when fraud investigations started on their land purchases and property development tehre.

Depleting order book (no brainer, even the research articles say the same)
No new projects on the horizon (see all the mis-information in the newspapers on the Kidex)
Possible project losses (wait for the quarterly reporting)
Disclosed problems in Indian IPP (see the Malay Mail article)
Undisclosed problems in Indian IPP (may not see the light of day)
Fishy over-payment by 2.8 times for RKM Powergen stake of 26% (which doesn't even qualify for subsidiary reporting)
Selling by directors and ex-director (they just want to change cars and go on holidays)
Selling by directors/ex-director before latest ex-dividend date


I suppose all the above are considered bright prospects.

Like I said earlier, worry if Tabung Haji decides to sell.

When Ayam Tua shows up, then it is stock rally time - he knows how to steal a good buy!!!

Don't worry AhMoi - just keep waiting for the "catalysts" that the analysts are talking about. Who knows, when the stampede starts, you could buy from the market at a huge "discount" from the current price.

My observation is that PELIKAN keeps trending lower and everytime it gets up to 93 - 95sen, large volume selling occurs. I think the 6% substantial shareholder (LKO/ECM) is liquidating.

sirkevch - And, by the way, the share price has been dropping since 15 April 2014 with directors/ex-director selling before the ex-dividend date of 23 April 2014.

sirkevch - May be so, but let's track the share price over the next few days.

And with a forecast EPS of 15sen for 2014, are you expecting another 20sen dividend next year?

johnny cash - excellent and thanks for sharing the article.

I always suspected that there were big problems with the Indian IPPs based on what I know about doing business in India.

Points to note:
1. The replies are obviously from their Indian partners, looking at the language. If you read the replies, quite a number are evasive;
2. The IPP company is only an associate of Mudajaya (26%) ie it doesn't qualify for subsidiary reporting and inclusion in Mudajaya's accounts;
3. The real cruncher is the disclosure that Mudajaya paid for 74% of RKM Powergen but only gets 26% equity in return - sounds extremely fishy to me!
4. The Power Purchase Agreement is a long term fixed price contract and yet the Management claims that any increase in fuel price would be compensated by the Indian Govt.????
5. The element of fraud in the captive coal allocation has not been addressed at all by the Management;
6. If fuel price increase is compensated, then why bother with the captive coal allocation??!! On top of that, why the element of fraud as per point 5 above.

These are the only issues being raised at the moment and the Management is doing a very poor job of answering them.

Looks like we will have to wait for the real bombshell to be disclosed before the stampede starts.

When the play starts, no need to ask so many questions. Just jump in and enjoy the ride.

Technically, double top at 2.01-2.02. Probably in w4sw4 and can possibly retrace to 1.80. w5 won't be strong bcos of the double top formation.

Don't expect too much unless the sharks are actually playing. But it looks like this stock rally was built on hype.

Just ask yourself, if the DY is so good and the company is going to recover earnings soon, then why are the directors and the ex-ED selling.

Only one exit when the stampede starts!!

Yes, all technical indicators have turned positive. Next wave up can be explosive with a TP of at least 40sen

sosfinance - The Kidex tender has been extended to the last week of May and there are 5 contenders. You can do your own check (I can see that you are quite meticulous) and see if the news articles are correct or just selling hype.

The Manjung IPP is well in progress(that is the main contributor at the moment to Mudajaya's turnover)and the civil works should be completed by end of this year.

All other purported projects are just speculation.

You may call us "experts" or any other names that you wish but the reality right in front of you is that the directors and ex-ED are all selling. But before you do that, get your facts right.

johnny cash: Just fairy tales, but I wouldn't blame Uncle Koon - he may not have been told the truth.

Real selling starts when the truth about the Indian IPP comes out? Only one exit, woh!!

Cud be a bullish reversal into sw4 the next few days.

CT: agreed, asiapac doesn't look good. doji ysday and hammer 2day.

connie: can even bring 1 carton good red wine if you will also cook for us! :D:D

dofazdu8 - Just be patient, the play will come. Like Stevecheahsw observed, another big player must have bought the shares sold by mtronic including collecting a huge quantity from 20 to 23 sen.

When they play, you can expect that the TP is at least 40sen (I heard 60sen, but that is just rumor).

Look at XDL - quiet for so long, about 2 months, and play just started. This time, I think XDL will really fly.

connie: I'm definitely still in MPay so when it reaches kuya hawk's target, I'll bring the red wine, ok!

Ken Lim - you are right on that count. All indicators pointing down.

AhMoi - The COO is a career manager (again) previously from the Renong group, and certainly no political heavyweight. I believe he and the present ED/CEO were in the Renong group with the ex-ED - that's why they all seem to have ended up in Mudajaya. Good salaries and perks perhaps??

Sorry, connie, no position in Ivory. Not very keen on property stocks as downturn is materialising.

But according to matrixcool, Ivory starting Stage 2 - should be running up strongly very soon.

DreamM - Good strategy on Tanco. I know the company too well - owed people I know a lot of money for a few years and still haven't paid to date.

Baharudin - Congrats, u d man!!! I would agree that something big is happening in XDL but the stock is really volatile.

I am always happy with 1k gains.

DreamM - I always in Mpay - waiting for 56sen. XDL have to trade - cannot hold too long, otherwise get trixckedby operators.

My advice, don't buy Tanco (near bankrupt company and overvalued "resort" land). Buy Tanco only if you like subscribing to over-priced rights issue - they need the rights issue to pay for month to month expenses, haha!!

Wah, connie, celebrating? Today must have been a good day for you. Hope the big push at MPay helped!! :D:D

Baharuddin - if fly like Harvest, then TP >>>>> RM 1.00!!!

And connie is our champion resident wave trader!!

Yes, bro newman is the champion daytrader

No more 4pm ping pong show. This time the operators are serious - TP1 30sen, TP2 42sen and TP3 - fly past 60sen??!! :D:D:D

AhMoi - I remember he mentioned somewhere in the forum that he has a few million shares in this counter. Anyway, good luck with your investment.

I do not think that the IPP delay is so straight forward. Normally, in a coal fired plant, you have the long term coal supply agreement and for power distribution, the transmission line construction.

There are reported problems with the coal quality - what about all the other unreported problems (which perhaps only the company officials know and choose not to disclose).

This is India, and a much more savvy operator AirAsia is already having so many problems even with a very strong local partner.

sosfinance - The price has been flat because of buyback support. This time directors and the ex-ED are all selling. The fear is when Tabung Haji also gets into the act.

smallfish - that will be a drop of another 80sen. so TP of 1.50 can be reached by then??

newman - For me it's ok. I have a base position (very much lower entry) and now trading the counter but mostly, the WA.

MPay - a lot of contra kakis taken out. Shud close higher 2moro

connie: now waiting to see if your silky gal can do the same!

valuelurker - I am in the construction industry. Do hear a lot of stuff! Anyway, I do not have any investment in this counter.

It saddens me to see retailers getting conned by so-called analysts. I have been conned before on other counters such as Daya, so just sharing here and hoping that all of you can see through the hype.

Invest at your own risk, ok!

connie: sometimes just track buying/selling volumes and wait for the breakout (feels like cumming)

AhMoi - Uncle Koon didn't tell fairy tales. I think he was told fairy tales also. He has a significant amount of shares in the company and he can be a very long term holder, so feel free to join him but don't blame him.

smallfish - The current ED/CEO already wants to retire and also wants to enjoy his riches. His designated successor, the current COO, also 'boh liau'.

connie: 5 min where got enuf? shud b 1 hour chart!!

Baharudin - Sometimes, director's appointment just for show and that is to give the public a good impression. But since he is starting t get more involved, then like I said, it is a very big positive.