sold back jaks at 1.27

bought back jaks at 1.22-1.23

bought back gbg-wb at 36.5sen

bought back hohup at 51.5-52sen

bought advcon at 40.5sen

Shareholder can look forward higehr profit in upcoming Q3 result.

Firstly, work on LRT3 have RECOMMENCED since May 2019 and the intensity of the site activities have been on the UPTREND every month and has already in FULL-SWING for bored pilling and substructure work.

Secondly, Gbg will record profit on completed unit in upcoming Q3 result.

Thirdly, Gbg will record maiden profit from its newly launched E'island lake heaven.

add gbg at 1.25

Add all i-Berhad at 24.5sen

sold back spsetia at 1.33

bought back AWC at 61sen

bought back gbg at 1.26

YESSSSSSSSSSSSSSSSS

SP setia include in MSCI Global Small Cap Indexes

add spsetia at 1.29

KUALA LUMPUR (Nov 8): MSCI has dropped Boustead Plantations Bhd, Eastern & Oriental Bhd, Hong Leong Industries Bhd and UOA Development Bhd from the MSCI Malaysia Index, following its November 2019 Semi-Annual Index Review.

Meanwhile, Alliance Bank Malaysia Bhd, Ekovest Bhd, Frontken Corp Bhd, Leong Hup International Bhd, MMC Corp Bhd, Pentamaster Corp Bhd, Sime Darby Property Bhd, S P Setia Bhd and Syarikat Takaful Malaysia Keluarga Bhd were added to the index.

https://www.theedgemarkets.com/article/msci-drops-four-constituents-and-adds-nine-malaysia-index

sold back YTLP at 69sen

sold back uzma at 1.05

sold back jaks at 1.14

bought SP setia at 1.35

If wish to know the detail on tax rate derive from Vietnam, Pohhuat is good example for reference.

Revenue Profit before Tax Taxation
Malaysia 77.426m 8.43m 1.69m
Vietnam 87.419m 5.94m 0.89m

Remark: Malaysia tax rate 20%; Vietnam tax rate 15%. The tax was lower in Malaysia statutory rate 24% and Vietnam statutory rate 20% due to export incentive granted by both Malaysia and Vietnam. Both country already have double Taxation Avoidance Agreement, therefore, profit only tax on respective country.

As part of effort to encourage development IPP and foreign investment, Vietnam government have granted incentive to Jaks to enjoy first 4 year tax free. Thus, once power plant start commercial operation early next year, all profit derive from power will be tax at 0% rate, so that, the profit before tax = profit after tax.

bought back Uzma at 98.5sen

Swap capital to add more I-berhad at 23.5sen

Thanks DK66 for prompt update on Mong Duong 2 result. It reassure Jaks bright prospect on Power plant profit

sold back PR at 3sen for 100% gain

DK66

Malaysia and Vietnam are under the Double Taxation Avoidance Agreement (DTA)

http://www.hasil.gov.my/bt_goindex.php?bt_kump=5&bt_skum=5&bt_posi=4&bt_unit=1&bt_sequ=1&bt_lgv=2

bought back jaks at 1.08

bought also I-berhad PR at 1.5sen

bought YTLP at 67.5sen

I berhad assets allocation

Property development land at cost: RM 978.7m (liability 680.7m)
Property investment : RM 418.8m ((liability 5.9m)
Leisure : RM 132.8m (liberality 1.2m)

It is very clear that majority liability bear by I berhad now mostly is due to land carry at cost and development cost now.

The Central i-city and other investment properties are mostly build my I-berhad through internal cash, worth 418.8m with very limited borrowing of only 5.9m.

Another asset carry in I-berhad is in leisure segment (water theme park, snow house) at 132.8m and negligible borrowing of only 1.2m

I berhad and WCE berhad both share similarity due to fund raising via preference share. Both share under serious downward when its PR was listed.

WCE went down as low as 29.5sen and recover back now at 38.5sen. I-berhad today went down to as low as 21sen, once PR overhang resolve, I-berhad will likely recover back too.

At first glance, the profit derive from mall about RM 10.6m seem too low in view of I-berhad have invested RM 340m (40% stake of RM 850m mall), the return of assets for i-berhad only 3.1%.

But, as the mall just newly open for operation, the rental rate still have large room to increase rental rate in future.

Remark: comparison with Midvalley, the rental is as high as RM 12-13 psqft, or Pavilion mall rate RM 16-17 psft, double and triple rate higher if compared to Central-icity.)

Central i-city now have occupancy 90% occupancy rate. The rental rate is between RM 6-RM 7 psf with some tenants rental are tied to their store performance via gross turnover rental. Based on net lettable area 940,000 sqft

Lets calculate the profit

940,000 sqft x RM 6.5 psf x 90% occupancy rate x 12 month = RM 65.9m

Assume mall profit margin 40%, RM 65.9m x 0.4 = RM 26.4m

I-berhad 40% stake, RM 26.4m x 0.4 = RM 10.6m, translate into ADDITIONAL EPS 1 sen/share

I-berhad market capital now only RM 233m. But, I-berhad have completed Central-icity mall at cost RM 850m, in which Iberhad have 40% stake or RM 340m, retain as investment. Just alone mall itself already far above i-berhad entire market share value

sold back uzma at 97.5-98sen

I berhad and WCE berhad both share similarity due to fund raising via preference share. Both share under serious downward when its PR was listed. WCE went down as low as 29.5sen and recover back now at 36sen. I-berhad today went down to as low as 21sen, once PR overhang resolve, I-berhad will likely recover back too.

The upcoming Q3 result will record maiden profit contribution from Central 1-city shopping mall, build at cost RM 850m, i bhd have 40% stake.

https://www.nst.com.my/news/nation/2019/06/496562/central-i-city-shopping-centre-opens-shah-alam

add more at 21.5sen

bought ibhd at 22sen

bought back uzma at 93.5sen

sold at 99-1.00, cut loss

After RTS announcement, next will be Bandar Malaysia and HSR

sold back malton at 50sen

sold back gbg at 1.32

sold back gbg-wb at 38sen

sold back homeritz at 68sen

Use all balance capital, fully in uzma at 1.04

bought back all Uzma at 1.05

balance order at 1.14, all matched

Still have last portion at 1.14 awaiting sold off all

sold back again at 1.13

bought back all at 1.10