I do not think the management has any credibility issue, their reports for the past 2 years has been consistent.

thanks.

Sslee, seem to make more sense to ask the fund use for the feasibility studies. Thanks for the clarification.

Sslee, can you please ask the progress of fund utilization of last RI and what auditor works done to verify the utilization.

seem like the pandemic has affect on lots of company, salutica profit will take more time to recover.
sold some earlier when rebound, still hold some due to the company prospect for the next 1 to 2 years.

Thanks for taking the lead.

sslee, is the letter send?

With interest rate at record low in many countries, bank borrowing is a better option for Jaks to take.
Last agm Alp mentions the forecast profit of power plant is 100mil while the LD of property business should stop once they exit the business 2020.
The original RI meant to raise minimum 130mil while the revised RI 200mil. This amount should not be difficult if Jaks credit rating is good.

Please add me thanks.

DK66 thanks for another article with facts and figures.

DK66 thanks for another good write.

Salutica and many other stocks with good balance sheets and competitive business model has drop to attractive price for long term investors consideration.
Short term still many macro issues, long term 1 to 2 years company performance will matter more than current market condition.

This is not a recommendation to purchase or sell.

The domestic properties business is minimal effect to the company with the soon completion of pacific star.
With so much macroeconomic issues, USD will be stronger against RM for some times.
Jaks profit growth FY2020 onward will be amazing.

This is not a trader stock for short term, this stock is for medium to long term.
If one is easily affected by IB reports, then be ready to be pull by the nose.
IBs issue short term prospect to encourage trading to the benefit of IBs.

the share price is recovering from 0.3 to current 0.9~ 1.0 when the company is reporting - eps.
The market seem to anticipate the company returning to profit thus the share price growth.
The company is on profit recovering path and possible profit growth that would surpass the previous peak profit.
What share price will then be when the company go to profit growth mode.

This is not a recommendation to purchase or sale.

OTB, DK66 thanks for the factual articles, lots of fact and figure less emotional.

If there is supply chain disruption then the effect is applicable to almost all manufacturers.
Consumer electronics global supply chain is much linked with china no matter the final product is manufacture from which country.
Salute will not be spared.
This is not a trader stock for short term, this stock is for medium to long term.

I still think my earning estimate is too conservative.

Estimate profit 1.05 x 20 + 3.68 x 2 = 28.36 millions for 2020 Q2 ~ Q4 + 2021 Q1.

These estimate do not consider other profit from other products.

I am confident Salutica is on profit recoveries path for 2020 and 2021.
The recent check on online review, the headsets seem to continue receiving good review.

The volume purchase likely to pick up, if there are new product launch within the next 3 to 6 months (usually US consumer electronics will launch product before or during summer) then profit growth is almost certain.

These are estimate not recommendation to buy or sales.

The action taken is straight forward sold mother share to obtain cash to convert warrant to mother share thus resulting owning more shares. This reflect confident of the company future.

6500 hours is the government guarantee mechanism used to calculate for power sales post both unit 2 operational, whether the actual power output meet this number or not the government will pay this "minimum" amount. During AGM the project manager confirm this.
Actual power sales can be higher if the plant more efficient or there are more demand.

Most IBs work on short term horizon.
Personally from my own experience IB reports sometime reference for short term while most of the time not worth the reference.
Technological company prospects has to be view from 5 years horizon or more, the next 2 years salutica should be able back to recover profit phase and I think will surpass their previous peak profit of 24 millions just because of current wireless and wired headphones and mouse sales.
Beyond that the new customer could potential provide the profit growth, however this has to be monitor from their progress within 2 or 3 years.
Hearable devices are the next frontier which is difference type of product from simple current wireless headphones.
Salutica still not proven able to gain niche market of health product.
From their quarters reports, the management has secure few new customers and start works of new product mix which should be good to the company revenue growth.

This is opinion only, not a recommendation to purchase or sale of stock.

China state owned construction company are competent and competitive around the world, those that work alongside china contractor will understand how efficient these company are.

Those keyboard warrior that attack the credibility of china contractor either based on their personal agenda or due to prolong western media indoctrination will continue with the illusion and miss out the reality and truth. This deter the person from reaping the benefit.

The Hai Duong power plant is set out to be successful when this is BRI critical project and CPECC assigned to built the power plant.

Jaks domestic issues are short term hiccup, while the power plant is solid cash earner that will materialize.

I brought Jaks with average price of 1.7 and still waiting for the power plant to materialized.

DK66 contribute the most to this counter with personal studies and quality blogs.

His quality posting make my decision to wait for power plant to materialized much easier, sincerely thanks DK66.

Continue the good works.

@DK66

Power grid management is planned yearly with quarter review and many consideration.
Hai Dong is only one of the many producers and there are many consumption forecast to manage,
If the power grid tie in is not plan for the year, highly likely that year even though electricity seller ready power grid owner will not allow tie in.
The registration of tie in to grid usually done one year or earlier.
Unit 1 seem to be in the 2020 plan not Unit 2.
I try search again, however if you can find otherwise please advice.

ya, power plant is simple. processing plant more things to check.

From the photos, there are only 1 photo with 1 stage of scaffold, no crane, no skylift mean the plant construction almost complete.
Commissioning realistic to complete from 3 to 6 months.

Unit 1 already in 2020 power grid contingent so if no hiccup electrical selling should be in 2020,
while Unit 2 not likely 2020 if not in power grid plan.

Whether Unit 2 can sell to the grid will depend on how project owner talk with grid owner.

@probability you are from power plant line?

@sslee is not a supporter of Jaks, most time negative comments.
However respect the logical assessment with facts and figure.

sources : https://halshs.archives-ouvertes.fr/halshs-02263898v2/document

Page 4 and 5 show that Hai Duong Unit 1 seem to be contingent 2020.

"Particularly, there were important works energized such as: Turn Branch of 220kV West Hanoi substation, 220kV Quang Chau substation, Thanh Cong - Thuong Dinh 110kV underground cable, 110kV transmission line for test power supply to Hai Duong BOT thermal power, etc"


Source:
https://en.evn.com.vn/d6/news/Operation-situation-of-Quarter-I-targets...

March 2019 physical transmission line and power test seem to be completed, substation management of load to grid seem not something not manage.

stock pick for 2020:
Salute 30%
Jaks 30%
APM 20%
Tunepro 10%
KGB 10%

This statement is from latest quarter report " The Group together with its European design partner have set a clear technology roadmap to embark on hearable devices with focus on micro-electronics encapsulation and miniaturisation. It is important that the Group have set this strategic roadmap to ensure continuity in terms of innovative product offerings to the market, highly capable resources and high end processes to successfully adapt to the challenging development of miniaturised products that can incorporate additional components for wider applications."

Thus far the prospects statement in past quarter reports are consistent with the company business development, in this regards the management delivered what they mentioned.

Salutica mentions clear technology roadmap which remind of the history of mobile phone.

The early stage of mobile phone development all companies are competing on the size of the phone, those smaller size and thin deem cool win market share.

Then came along smartphone that consumer demand large screen which make the phone bigger. Current stage company compete on large screen, camera, thin profile with big battery, the demand of size going toward thin dimension with minimal screen bezel.

Over the ear headsets used to be cool then later small earbuds become consumer demand.

Go online and check customer review for premium true wireless earbuds compare ipx rating, miniature size, light weight, well fit for fitness. None come close to Jaybird Vista.
Safe to estimate Jaybird Vista is the start while there will be other Jaybird model to be launch, which is the normal consumer electronics trending to remain relevant and competitive.

Tech wise Salute and Jaybird few months ahead of competitors.
The clear focus on electronics chips and fitting on encapsulation and miniaturisation also open other electronics product opportunities.

The company has visible near term earbuds and mouse sales prospect while there are potential growth from news business and new client.

Salutica is a rare competent malaysia company that has global sales.

This is not a recommendation to purchase or sell.

the forecast unit sales of true wireless hearables worldwide is 120 million units for 2019 and 230 millions units for 2020.
if the forecast for 2020 is 50% correct then about 175 millions units.

The following is my own estimate:
1) Jaybird has market share of 2 % and 30% of them made by Salute
that is 1.05 millions units.
2) Mouse unit sales estimate by IB estimate of 7 times, conservative estimate Salute can deliver half 2020 which is 3.68 millions units.
https://klse.i3investor.com/blogs/AmInvestResearch/2019-08-19-story220113-Salutica_Poised_for_a_Comeback.jsp
3) Each headsets unit Salute profit is USD 5 = RM 20
4) Each mouse unit Salute profit is USD 0.5 = RM 2

Estimate profit 1.05 x 20 + 3.68 x 2 = 28.36 millions for 2020 Q2 ~ Q4 + 2021 Q1.

These estimate do not consider other profit from other products.

I am confident Salutica is on profit recoveries path for 2020 and 2021, while profit growth has to depend on sales from new customer product.

These are estimate not recommendation to buy or sales.

if referring to latest wireless headsets, then the review is good.
Can check major US retailer Amazon and Bestbuy customer review. Those that familiar with US consumer behavior generally use Amazon and Bestbuy customer review as reference for consumer electronics reception.

@MingGoon, what reference for Mr Fong share purchase is above 0.7?

During commissioning the power plant will recognize lower revenue due to later stage of construction works.
Once commissioning complete then construction last few milestone claim will be recognized, post commissioning complete tie in to grid will happen.
Tie in to gird electric billing start, sales of electricity began instantly with payment terms follow the BOT contract.
Jaks management has mentions that the yearly guarantee minimum power purchase is 6500hrs.

There will be no substantial duration difference between construction sales and electric sales.

Those that work with foreign company either at local project or oversea project generally understand the difference between China and Western company.
I work as far as Africa continent and witness how country develop with project partner from China and Western company.

Summary China company put emphasize on short term and long term profit and social benefit for their china company, host country and project partner, seldom I heard any cheating from China company on project that is crucial to China and host country relationship.

Western company put emphasize on short term more than long term.

The difference is due to their company structure, China company mostly not listed while Western company mostly listed thus western company chase for short term profit to meet their near term reporting.

This power plant is critical for BRI thus I think CPECC will aligned their benefit with host country and their partner Jaks.

Capital commitment should not be an issue for Jaks.

The problem with Jaks is their lousy property development department, the urgency is to complete all project then exited to stop the LD.

Without the property division, Jaks current price will be much higher.

There are no perfect company to invest, the difference is what prospect of a company and the investment horizon.

If target is for short terms trade then Jaks is not the best choice.

I found difficult to evaluate the immediate price for this company since the business operation still at recovery stage.

I purchased this counter at average price 0.59 exclude dividend based on expectation the company business profit recoveries for financial year end 2020 while wait clues for profit growth for financial year end 2021.

Short terms macro too fluid with current domestic issue, US market making new high while bursa seem to range bound trade.

This is not recommendation to either purchase or sell.

the power plant require unit 2 to commissioned and the balance of the plant like the jetty, coal handling storage, road access, power station etc before handover to operation then claim 100%.
unit 2 probably will complete near to end 2020.
Jaks really not good at property development, there will be further delay from qtr report.
Hopefully JRB exited the property development fast.
Domestic effect is reducing, look forward to unit 1 start operation early 2020 then unit 2 later.

@119.
I will not made any attempt to explain any of your misunderstanding.
Personal attack is unacceptable.

@119
We are discussing a topic of salutica business performance and practise of qtr reports.
The focus is topic not person.
When did I talk about who made or lost monies in salutica?
This uncalled personnel attack is unacceptable and will be reported.

@119 you seem too eager to justify your missed expectation of salutica. I understand how many things work.
I point out how salutica reporting works based on how their business works and their past reporting practises, yet you insists a company business and reporting are done based on your own interpretation not how the owner operate and manage the company all along.
False expectation lead to distort assessment.
Understanding listed company reporting practises and owner business management habit are practical and realistic method to conclude proper expectation.

Established company like apm has to be assess from annual basis. Qtr evaluation not reflective of the company performance.

This counter attract lots of short term traders.

Pro rata basis has lots of retrotracking. When future sales do not match actual production and delivered number, then management has lots of explaining which is not good for reputation.

Most listed company has their practise , thus understanding company practises would help aligned expectation.

Simple account practises is what the management enforced which is easy to read.

@119, salutica do not had such practise in past qtrs, cost deployed and sales recognized are records at time of such happen, thus their qtr reports expectation are to aligned to such practises.

Salutica main sales were from sony and jaybird from 2016 and 2017 when the profit peak then profit drop till lost thus the share price respond accordingly.
The new headsets success and mouse are catalyst for profit recoveries, a reasonable expectation from new orders start setup then productions till delivered to client follow by sales recognized is 6 to 9 months thus any meaningful profit should between 6 to 9 months from July 2019 when the headsets and mouse first order.
The 2018 q4 and 2019 q1 report seem to indicate there are more new orders for new product ongoing development these whether are profit growth will be something to be monitor.

There are no such practises for pro rata of staff salary and sales from production. Reading qtr reports has to be realistic, new orders will always has new production lines cost, materials cost to be recognised then follow by production and logistics cost before sales recognized that can be declared as receivables. False timing expectation distort logical assessment.