Beegiinner

In Malaysia there is a Gaming Tax of 8% on the lottery ticket sales, a Pool Betting Tax of 8% on the net sales revenue and Corporate Tax of 25% on net business profits of the NFOs. In Sarawak and Sabah, the punters have to pay an extra 10% and 15%, respectively, in Sales Tax to their state governments.

In Vietnam, there is a Special Sales Tax of 15% imposed on lottery ticket sales and a Corporate Tax of 20% on business net profits.

There is GST in Malaysia and VAT in Vietnam.

Correct, firehawk.

Chaostrader, spot on.

It has been sliding since 14.04.2010 from the peak at 1.87.

I am seeing a double bottom formation in the chart which looks damn good enough to indicate a bullish trend reversal for the long term. First trough on 14 Dec 2015 at 345, peak on 28 Dec 2015 at 390 and second trough on 20 Jan 2016 at 340. Daily volume had been pretty even between the troughs and after the Vietnam news it did a one day spurt to 69m. Hopefully we shall see an increase in trading volume and a break through the 390 resistance to confirm the reversal.

http://timesofoman.com/article/76314/World/Asia/Trong-who-analysts-see-as-a-party-stalwart-who-will-stick-to-the-line-on-economic-reform-was-the-onl

Vietnam's old guards remain in power with another 5 year term.

Maybe he needs to buy more AirAsia shares first as part of his personal finance revamping exercise.

It may gyrate more violently in a choppy manner for a lengthy period which will cast off all those without resolve and the last few skeptics who are still lingering on this soon-to-be gravy train.

Good luck to everybody here.

I would trade on the way up and always maintain a core investment block for the longer term to enjoy the fruits along the growth path. Who knows if the Vietnam's business might be listed in Vietnam and here, and BJCorp's shareholders might be given rights to own shares in such a listed company one day?

The recent poor price may have been engineered to support a probable humongous compensation claim against Jeju Free International City Development Center for damages such as construction costs, loss of future profits and losses from falling share prices due to suspension of works at the Jeju resorts complex in Korea.

Also, granted that the lottery business will not be up and running until July this year and fully fledged only after 5 years from start of business operation, but a discounted potential value of this business opportunity has already kicked in for BJCorp with the issue of the business certificate to begin operation.

Being one of the best if not the best company in the world to setup and run a computerised number forecasting lottery business in Vietnam whole, a permit like this will definitely lead to a flourishing franchise worth billions in due time. Look at Malaysia's BJToto ... market cap over $4 billion, annual PAT nearly $400 million, over 80% of profits payout in dividends to shareholders, dividend yields around 7%. Remember how it has powered the entire Berjaya group during the bad times and pulled them through.

Look at the larger business parameters in Vietnam compared to Malaysia's. Effective punters population of 90 million against 12 million here. 1 operator against 4 here. How much can you imagine this franchise will eventually be worth?

Despite the doom and gloom in the world markets currently, you cant help but still see a golden path infront of BJCorp with this money printing franchise being set up in Vietnam.

BJCorp's fundamental profile has been upgraded several notches, a quantum leap.

During the last AGM, Robin Tan said for BJCorp's share price to rise up to $1, the Vietnam computetised lottery business must happen first.

It is a done deal now.

Population of 90 million, vibrant GDP growth of 6.5% in 2015, 18-year exclusive computerised lottery business nationwide, projected 10,000 terminals within 5 years, multiple gaming products with low or nil competition ...

Should be a money spinner.

For general listening ...

http://www.bloomberg.com/news/videos/2016-01-12/jim-rogers-says-china-is-a-victim-not-cause-of-problems?cmpid=yhoo.headline

China is a lot stronger than most people can imagine.

OSK Holdings swapped its 100% subsidiary, OSK Investment Bank, for part cash and part RHBCap shares valued at 7.36 each in 2012. The carrying value would have been diluted by the recent rights issue to around 6.93 each, ignoring the portion of rights that was not allowed to be picked up.

You can now buy RHBCap shares at much lower prices than super shrewd OLH did.

There had been 24 expired Call Warrants on BJCorp srarting with CA issued in 11.12.2009 expiring in 28.03.2011, Exercise Price 1.15, Conversion Ratio 2:1, Issue Size 50 million.

There will be 2 active Call Warrants on this counter remaining tomorrow.

None of the expired call warrants have ended in the money that I am aware of.

You know what you should do.

New call warrant CZ will be listed tomorrow 15.02.2016 maturing on 31.10.2016. Exercise price will be 37c, conversion ratio 1:1, issue size 50 million by CIMB Bank Bhd.

Whoever bought Aabar's block of 77.65 million ordinary rights at 30c, if I remember correctly, is holding about 2.53% of RHBCap. His costs are 5.12 per share plus expenses or around $400m in total. If he is having second thoughts now, he may be the one selling. If he is a deep pocketed investor or a 'stock stirrer' he may be taking advantage of the current market turmoil to build up a bigger stake or priming the field now for a later runup?

Started buying at 5.70 all the way down to 5.27.

It is obvious who can control the price movement.

That way we can stay invested for the long term.

Preferably to be merged with Maybank than Cimb.

Statistically, 2016 is too early for the economy bogeyman to appear. 2017 maybe or 2018.

Well, I hope it is just another non-major rough patch that we pass through so often these days. George Soros sounded a warning today saying that current environment has similarities reminiscent of the 2008 troubles.

My take. Because it happened on a day of high trading volume, it could be be part of a syndicate play to increase stock liquidity in the market and at the same time to move up the price. Interesting.

I noted that 30m shares were crossed in 3 direct off market deals yesterday at 29.5c ps.

No need to wait for the news. There won't be anything special or surprises. The only agenda in this EGM is obtaining sgareholders' approval for the name change to "Vivocom International Holdings Berhad". It will be duly approved.

That was a sale from EPF's direct holding on 30th December 2015. I guess Chaostrader meant EPF might be coming in as a big buyer in 2016. We don't know yet but he could be right.

Well. we can enjoy the dividends first next week.

Attaboy, I am in too. First bite 28c, second bite 27.5c. If the price is dragged down by an anticipated diving Xinquan, I shall be pleased to buy more at lower prices.

I am holding Keyasic too.

Any solid news from Vietnam?

If you trade a third of your holding and clear 1 - 1.5c each time for 8 times a year, you can net 10c or over 8% return on your total holding which will make your wait more bearable. If the counter bolted up after a trade sale, you still have 2 thirds of your stocks to ride on. A 5% return while waiting would be fairly good already.

To be fair, both AirAsia and RayaniAir begin under their current key players with 2 Boeing 737s each. AA with 2 used Boeing 737-300s and RA with 2 new Boeing 737-400s. TF had a cheap entry into the business scooping up an existing setup with 250 employees, $40m debts and a niche market with no competition for a Ringgit. RA however has to buy or lease the 2 new planes costing maybe $400m, set up shop from scratch and head into competition against the world's best low cost airline, Malindo and Firefly.

Better to have competition in any industry. Half past six operators will pack up and disappear. We pay fairer prices and get better services. Better for everybody and the country that way.

So who are Ravi Alagendran and Dato Karthiyani Govindan?

The first 2 operational aircrafts, Boeing 737-400, will be new. On order are, 7 used Boeing 737-800 and 1 new Boeing 777-200ER.

Information about Rayani Air in Malaysia ...

https://en.m.wikipedia.org/wiki/Rayani_Air#

corrections for earlier posting ... TP of 60c, hit 60.5c, fingers crossed

One thing we are quite certain of is that the price of this stock is unlikely to move significantly above 38c until the expiry of the 90m call warrants, CU this month's end and CY in early March 2016.

The sale of the GMOC does bring a sense of relief despite the book loss of $34m in the disposal but you still have to keep your fingers closed that the deal goes through smoothly.

One person made a good call. Bonescythe put out a piece of writeup on BJCorp on 22nd Sep 2014 with TP of 6.00. 4 days later, the volume kicked in and by the 5th day the price hit 6.05, exactly 10c higher than the close 5 days earlier.

The rest is a history full of trapped players. Most people should listen to uncle Koon's advices when investing in stocks.

Sounds like one of the chorus line from the song, Lady Marmalade.

"Giuchie, Giuchie, ya ya here (here)"

Possible uncleared shit still smelly ... QZ8501.

11 Victims' families have filed a collective lawsuit against Airbus. The number may escalate. Hopefully there will not be any spillover towards IAA.

"We have lost all the money that we had put in," Bhatia said.

"If I have a profit, may be (I can offload my entire stake)," he said when asked whether he plans to exit the venture.

Invested for less than 2 years only, he is already shaking because cannot see profit yet. However, AA and Tata Sons invested more to keep AAI going because they have will and confidence in the future while his Telestra Tradeplace's stake gets diluted to 10% from 21.

Btw, great way to value one's stake ... lose all capital but value still abive original capital.

I think maybe TF and Tata Sons are more comfortable with each other without a third party like Arun Bathia there. Tata Sons has already sounded its desire to increase their stake in IAA to just below AA's stake and are eyeing Arun's stake. Not much point in polishing up IAA's financials yet to make it more expensive. There may have been a falling out between TF and Amit Bathia. TF owns 66% while Amit's in-law, the Mittal family, owns 33% of QPR which is not doing well.

Just wildly guessing without facts.

Eventually, the more costly producers will shut down their wells. You can't survive for long selling below costs. Even for the big long established guys because it just won't make sense to continue production.

When the overhanging O&G stocks are pared down, prices will find their new natural levels. Until of course when non-oil producing players in the business begin to wind up the prices in the next long round of up creep.

Our Khazanah Nasional Berhad holds 27.53% of Key Asic Berhad. The CEO, Mr Eg Kah Yee, is a fellow Malaysian with credentials and extensive experience in this field. Mr Eg is also the current chairman of Malaysia Integrated Circuit Design Association.

The next generation of the SPG product line, SPG102 that has the USB2.0 and SD3.0, giving the chip the capability to expand into the USB market as well and the ability to support up to 2TB of Flash. This chip will be released to ODM customers in late Q3 and Q4 for design in, and we expect the product to contribute revenue in 2016.

Research & Development (R&D)

Innovation, Research & Development remains the core competency of the Group. The Group will continue to invest in the R&D to get the Group to the next level of capability, making the transformation to be one of the leading companies globally with APP to chip (or A2C) design capability.

In the space of IP development for ASIC, the team has made great breakthrough. We have received certification of our USB2.0 PHY and we also USB3.0 PHY to be certified soon, making Key ASIC one of the very few companies in the world that has the capability to develop PHY. We have also developed SD3.0 IP that is used in the SPG102 tape out and it is proven functional in real silicon. We will continue to develop IP blocks that are needed in the development of Internet of Things (IOT) products.

The volume forecasted for some of ASIC customers is running as expected. There will be two ASICs tape out on 65nm this year, and we expect some volume from these chips sometime next year. These chips are long life span chips, and we expect these chips to generate on going revenue for the next few years.

The Group has completed the design of Kcard and Kdrive and will be shipping the end user products to the market soon. The team will be looking at development of a few other IOT “smart” products in the next 12-18 months using SPG102 chips. We will also be looking at launching this SPG102 platform soon, making it available for other ODM customers to develop any other “smart” products.

Finally and most interestingly in the area of R&D, the Group has built the capability to develop Cloud and APP, completing the IOT eco-system. With this capability, we now can design and develop a complete IOT system from APP to chip (“A2C”).
This will allow us to extend our business model to include services beyond the Cloud.

Appreciation

I wish to express my sincere appreciation to all the members of the Board of Directors who have continuously providing us with invaluable guidance, Shareholders who have been patiently providing us with their support, dedicated employees who have been rendering their innovative effort into delivering the products, our indispensable business partners and associates, for their effort, contribution and their continuous support to the Company.

Thank you,

EG KAH YEE
Chairman

Just a refresher of the chairman said in May 2015 to keep ourselves grounded ...

Chairman's Statement, 2014 Annual Report

Financial Performance

The Group has been making investment into research and development of its own products namely SPG102 and also SD WiFi card and USB Wi-Fi drive and as a result, it has posted a net loss after taxation (“LAT”) of RM34.25 millions for the financial year ended (“FYE”) 31 December 2014, an increase of 353.78% compared to the previous financial year. The loss is largely attributed to lower revenue than expected and high fixed cost associated with the fabless IC design company where R&D engineering and EDA tools are the bulk of the cost. Despite of our success in the commercialization of Wi-Fi Secure Digital (“SD”) system-on-chip (“SoC”), SPG101, which goes into the SD Wi-Fi card that goes into the digital camera, the volume is lower than expected as the market for Digital Still Camera has declined substantially. There was also some delay last year in our new customers in launching this product. However, these products are all successfully developed and have gone into initial mass production. Additionally, we have co-developed with one of the customers the SD Transfer Jet card to be used with the Digital Still Camera, giving much higher data transfer speed. Nevertheless, as of the time that this statement is written, these new ODM customers have gone into initial mass production of their products. We expect the volume of these products to increase, making significant contribution to our future revenue.

Industry Trends and Development

The overall growth of semiconductor industry remains moderate as compared to previous years. However, Internet of Things (IOT) market is fast growing but the market trend is yet to stabilize. Recently, there are some wearable or smart devices that are coming into the market, namely the smart watches, smart glasses (or sunglasses) and smart pen. The market potential of these products is huge but it is yet to see how large this market could grow into at this time. Most of these devices are not equipped with Wi-Fi yet, and they are potential candidates that could adopt our SPG solutions. Currently most of these smart devices are pretty much standalone, i.e. not connecting to the Cloud and services, except with an APP running on the smart phones, and as soon as the application developers move into this market, these devices will be connected to the Cloud for various applications and services.

With the products taking shape and space in the market, there will be additional enhancement or features that will be added to these platforms, making these platforms targeting in more specific applications. We see these products are opportunities for our SPG product lines.

We also foresee these products will continue to grow in features and functionality extending to Cloud. Some of the intelligence and analysis will be growing in the Cloud, creating another set of business opportunities for players in the Cloud space. The combination or integration of wearable devices and the APP and Cloud will form a total solution for service providers or integrators to provide their services. IP camera with APP and Cloud will be integrated to traditional security companies that would like to offer services to monitor homes. Effectively, the market is moving and growing in the IOT space.

Prospects

The Board is of the opinion that the Group is at the turning point of improving performance in the coming years. Over the past 4 years, the Group has transformed from the ASIC design services to developing its down complete products, i.e. its own SoC, system board, Cloud and APP. There is a tremendous amount of effort in the past 6 months in completing our own SD Wi-Fi card and USB Wi-Fi drive and getting them into mass production in Q2-2015. We have also expanded the capability to develop the Cloud and APP as the center piece for the SD Wi-Fi card and USB Wi-Fi drive. We have completed development of an IOT solution or eco-system ranging from APP to chip (A2C).

In the design service business that Group currently has where we develop IP blocks and provide design services for ASIC/SoC, we are now capable of providing the complete solution design service ranging from APP, Cloud services, hardware system and chips. This is one of the very few companies in the world today that is capable of providing this total solution ranging from APP to chip design service. We plan to begin marketing this service at the second half of 2015.

While the Group continues to provide IP development, ASIC design service and sales of SPG chips, the Group will begin the shipment of Kcard at the end of Q2 2015 and Kdrive in Q3 2015. This will add another revenue stream to the Group with the product line of higher unit price.

Cont'd ...