My appologies, a careless mistake.

BJLand's pbt is 5.53% of turnover, still fairly healthy considering all expenses, interests, depreciation n amortisation have been fully covered.

BJLand's nta attributable to ordinary shareholders of parent as at 31.10.2014 was $1.07 and improved to $1.08 as at 31.01.2015 despite reporting a loss of $26.636m attributable to ordinary shareholders of parent for the last quarter. That is not even a mosquito bite since it is still a gain Q-Q, net assets wise. Cummulative earnings attributable to ordinary shareholders of parent for the FY2015 is still $95m+ With 1 more quarter to go.

BJLand's pbt is a healthy 19+% of turnover.

Who is really worried For BJCorp ?

cyphua,
Im glad you have researched comprehensively and are clear about the 2 loan stocks now.

I have a fair amount invested in BJCorp but not enough to make me very apprehensive should the market take a deep dive. That means i can and may increase my holdings several folds if the price drops crazily. I think the corp is strong and sound enough to survive another super crisis.

The $6b+ intangible assets is a concern but more than compensated by the apparent undervaluations of its booked assets. Business turnover has moved up to over $10b pa, business operations make more than enough to cover overheads and borrowings costs while the landed assets value compounds upwards at a faster rate than the rise in business costs.

VT has a reputation of being a shrewd dealmaker and also of making a lot of money while many others banking on him fails. I don't see that a fault. Recent years, he has become visibly philanthropic. You can't criticize that. He rub shoulders with ppl in the corridors of power. On the surface, he is stepping back in the running of the businesses with his children slowly doing more. Maybe, with a new generation, the management style may turn more conventional which is what investors are familiar and comfortable with. Like, market prices rise when profits, net assets, n growth prospects rise, giving decent dividens regularly, etc, etc.

When all those things happen, how do you imagine its share price will behave?

I have seen VT buying BJCorp-LC at 6 or 7c apiece in 2006.

Anybody want to quit now?

The BJCorp-LC coupon is zero-rated, so it is not correct to say that holders of this paper are getting interests at 5% pa.

The pricing advantage is not significant enough to persuade ppl to buy 2 LCs to convert into 1 Corp.

Whoever wants to see higher Corp prices will also need for the LC to be lifted correspondingly.

I just checked and found that the total number of outstanding shares of BJCorp-LC listed on KLSE is only 589,739,505 not 9,794,902,878. So even with full conversion of all outstanding LC shares, the dilution effect will be negligible cos its only additional <295m BJCorp shares.

One by one, old warriors are re-appearing.

You can smell blood in the air.

There is tension, anguish and fear in the air.

Will opportunity presents itself this round?

Already have 6 weeks of distribution and price has moved down 3 or 4 cents in the last 3 weeks. A sudden sharp drop in price, if it happens next week, can prompt punters n short term speculators to cut their losses especially if the drop is sustained over a number of days.

I am buying all the way down but not aggressively. Will load up more at lower levels. May appear to breakthrough 38c support level next week.

I am more inclined to think that Goldman Sachs and Credit Suisse are front men only for some investor clients owning accounts with them rather than they themselves investing in BJCorp. Their company policies probably would prohibit them from such an investment.

Technically speaking and based on the disclosed last 4 rolling Qtrs results, Up_down is correct about the PER. Infact, it is -38+ times.

However, we are also aware of other performance data and the directions a lot of the subsidiaries are moving towards which translate into much improved balance sheet and results.

I don't think reverse psychology can work on VT. Maybe it can push some short term punters to capitulate Which may be positive for movement of this counter.

When I invest in good land, I expect to double my money every 5 years or less?

I believe the return from my investment in BJCorp will be higher than my investment in good land. It is the more convenient way of investing, the asset is more liquid, the cost of transactions is very much less and there is no capital gains tax if you make a swift gain.

Two things are certain in this world. The taxes that you are paying and your imminent death.

So get used to GST which will be here to stay. Other countries started having it about 3 decades ago. It is only a different way of collecting taxes by the government. Life must and will go on regardless of how you feel about it now. GST is a non-issue and all your qualms will fade away with time.

KLSE Disclosure rules dictate that quarterly results must be announced publicly within the 2 calendar months following the close date of each financial quarter.

VT is a maestro in this business ... and a maverick as well.

Be detached in your expectations lest you be hurt ehen your expections do not materialise timely.

Unless ....

Let's ponder the near impossible things that can happen.

For instance, what if the corp fails to make 2015Q3 results announcement in time?

Cyphua,

Treasury shares reported in 2014 Annual Report amounted to $82,882,000. If you refer to Shares Buy Back indicated under Disclosures in the i3Investor, the total number of treasury shares held before FY2014 after the last buy back on 13.05.2013 was 83.7 million. That means an average price of $0.9923 each up to that time.

Based on info supplied by i3Investor, between 20.05.2014 to 26.11.2014, total 'shares buy back' was to 98.3m in number altogether costing $47,315,419 therefore averaging $0.48134 each for the block purchased in this period. For this block, cost of buy backs has been calculated based on mid price range of each disclosure as reported.

Therefore, the average price of the 182m treasury shares currently held is approximately $0.71537 each.

It does lend some comfort to those holding long term. Short term, the boss can play it any which way he wants and that is a real challenge.

The path ahead over the over the next few years will be peppered with so many potential manoeuvres of wealth unlocking via paper shuffling, value adding & enhancement via earnings growth & public listings, cashing out on mature investments, accumulating market-undermarked good related counters, assets revaluation, ...

The option to par down debts is there or to build up a bigger war chest for pickings in the next downturn.

You can get drunk just thinking about it.

Well done, Calvin and hng33.

Muchisimas gracias!

Beautiful opening highlights for the new year, Calvin!

Happiness & prosperity to all in the new year!

Beautiful opening highlights for the new goat's year, Calvin.

Calvin's BJCorp's song is humming happily in my head.

If you are talking about the once-in-a-decade show starting, I think it will more likely be a roller-coaster ride, up, down, sideways, fast, slow, euphoric, harrowing and more, all these blended in, the whole repertoire repeated over and over in random order before reaching the pinnacle, perhaps after a year or more unlike the usual 100-day episodes.

It will be more of a helicopter ride, not that comfortable and feeling somewhat insecure, flying like a bird, perching here and there, high and low all over the places before the long journey ends.

Just my take, if I may.

Worse thing is, it does not happen sooner but later.

What a quiet day. Are people going to hold their breath for the next few days or is apathy finally setting in?

We are all amateurs here because we dont give professional advice for people to act on and get paid for it. We may sound like complete idiots or experts but whichever it is, we are just sharing our humble opinions in this forum and hopefully get some response which can help us make better decisions. We only listen and make up our minds on our own, no favour owed from us and equally no liability on our hands.

When one makes a positive comment about a stock here, remember it is not a solicitation to get you to buy into the stock and the stock price may go down just as it may go up, and vice-versa.

Let us be a happy community. Gandhi said, "An eye for an eye only makes the world go blind."

By the way, although MOLG may drop back even below its all time low of 1.53, I am nkt selling yet. Capisce?

Why have to knock MOLG? Last 2 sessions, it went up more than 25% ending at 2.36 after a high of 2.52. It is doing just fine although the picture on the legal front isn't clear yet.

And, the language here is not pretty with all the swearings and demeaning words thrown around to nobody's benefit.

Peace be with you all. Namaste.

Why worry? Most long term stockists are holding at prices much higher than 56.5c. Only recent ones have the opportunities to purchase at these ridiculous price levels.

It is no secret that whoever is still in this forum must be a fan of BJCorp and damn keen to hold some of its equity. It is not easy to time the market. I wouldn't wait for the price to drop much lower to start buying in. I would do myself a favour to buy now and if it goes down, great, buy some more.

Anyone looking at MOLG? Still floundering around the USD2 level. It has been an unusually bad start and run since. Nevertheless, it is still the first Malaysian counter listed on the Nasdaq, no mean feat. You don't get there if you are a nobody. I am betting on a splendid recovery within the first year and great growth in the years ahead. Don't think the legal eagles can inflict much harm on MOLG.

Right, we should continue to accumulate slowly and patiently together with VT & friends. Be careful not to over extend yourselves. Cheers.

Still simmering at best. Not the time for tossing and toasting yet. Contain your frustrations.

I bought some at 39.5c & 40c again in the last few days.

CHHB's dragon is starting to stir after laying low during the last 17/18 years. LKY has big plans ahead. Don't miss out on the initial easy gains. Fairly long term play, 3 to 10 years.

Let me digress for a little while.

Oftentimes, things do not turnout the way we expected despite our most meticulous plans. Outcomes do not enfold as we have predicted even after the most thorough and learned considerations. The results can be mostly disappointing and, once in a blue moon, surprising pleasant.

We invest with our eyes and ears wide open because our money is at stake. We look at news, rumours, listen to opinions whether right or wrong, crack our heads and make a careful decision based on all we know, percieve, what our intuition tells us, and weighed by our trusty experience.
Sometimes, we raise the stakes and our future and maybe our family's too are on the line. But we ourselves freely choose and decide what we do when we take the plunge, for better or for worse.

Man proposes but God disposes. 'Ren suan bu ru tian suan'.

Sometimes, it's just not meant to be, whatever. It's not your fault or your neighbour's. It's just destiny.

In the end, we can say as St Paul did, "I have fought the good fight, I have finished the race, I have kept the faith".

Let us be happy in what we do and wish everybody the best.

Look at it this way. Buying an asset at a huge discount giving an nominal yield of 2.5% p.a. without the usual hassle of picking tenants n rent collection, property management n maintenance, worrying about dropping value of cash, etc, etc... When VT decides the time is ripe to unlock the latent wealth in BJCorp, you can reap your rewards.

I'm collecting slowly like Calvin, more if the price goes lower.

The plus side is you know the value is there and a 1c dividen payout will probably happen yearly.

For a while, the 50c level looked like the floor for a rally to spring from but the price tanked again to a new low of 38c. We have had some damn good announcements lately, but unfortunately amid a deteriorating and hostile general market outlook. Hopefully the market improves in the next month or two and we get more good news flow of BJCorp. We may see some action then. If it doesnt happen in the next 2 years, we shall be stepping into the 2017 & 2018 arena with the bogeyman.

Then it may get to be a really long term play.

A piece of old news relating to the 7.5b Great Mall of China dated April 25. 2012 (by PropertyGuru Malaysia)

Berjaya Land targeting further China market penetration

Following the recent construction of the Great Mall of China (GMOC) at Yanjiau City in Heberi Province, Berjaya Land Bhd (BLand) targets to dominate China’s property market further with more projects in the future.

"We are keen on the tier-two cities such as Xiamen, X’ian, Chengdu and Tianjin as the land cost is relatively cheaper compared with the tier-one cities such as Beijing, Shanghai, Shenzhen and Guangzhou," said Francis Ng, Chief Executive Officer at BLand.

"China’s economy has over the last three years grown by over 30 percent in real terms to become the world’s second largest economy," he said, adding that "the market sentiment is still potentially strong across all major real estate sectors in China."

BLand’s 51 percent owned Berjaya Great Mall of China Co Ltd (BGM) embarked on the 18.5 million sq ft GMOC project, leaving the other 49 percent to Tan Sri Vincent Tan, Berjaya Group founder, through his private division, Berjaya Times Square Cayman Ltd.

Back in 2004, Tan bought the 76 acres for RM30 million and in 2008, he sold 51 percent of his investment to BLand for RM15.3 million, despite the increase in market value to RM2.5 billion.

Since construction started in 2010, almost 40 percent of the project’s phase one has been completed. Phase one, which comprises a shopping mall and three theme parks, is expected to be completed by October 2013.

Publicised as the world’s largest entertainment and commercial mall development, GMOC is set to be completed in 2017.

One of C's mentioned by Datuk was a future mega trend of 500 million Chinese tourists travelling all over the world and BJCorp will be positioned to benefit from it. How is VT going to cream off these tourists methodically?

I don't think there are many contra players on this counter. All their fingers have been burnt.

alivetoinvest, how very true, all your comments!
Im game whichever direction the price moves. I believe for long term value investors, we are standing on the higher grounds now. It is hard to lose from here onwards.

I shall keep some to ride on untill BJCorp reaches the hot air balloon stage. See some of u there.

Exactly my view too. 1st time here too.

kahhoeng,
Yes, it's paper losses meantime but not that dire relative to the treasury shares' avg price. Im still holding on n intend to stay invested for the long haul or until there s obvious cause for alarm. Im quite certain BJCorp s in better shape now than ever before. We could well be at the bottom of a 56-month price slide. If it slides further, we can opt to accumulate or average down. Nobody in this forum has bothered to attempt a comprehensive valuation of the co but a number of us concedes that the RNAV most definitely outsize the NAB. I was drawn in by the 450m vol of the last 3 days of Sep but he call was still out after waiting all these years. Im pretty comfortable n ready to batten down for a long ride.

Incidently, Bonescythe did a writeup on BJCorp released on 22 Sep in his weblog. His short term target? Almost spot on at 60c. Long term target $1. See this link ... http://bonescythe.blogspot.com/2014/09/september-special-bjcorp-rise-of-empire.html

Kahhoeng,
Dont know it is any comfort to u but I hv a substantial block averaging more than 50c which I hv to tag long term investment n keep for years if needed so. The 1c dividend thzt the co dish out almost yearly will ease the pain.
I also hv another smaller block averaging below 40c which can be traded at these lower levels to beat the boredom.
Only applying a bit of creativity in investment n trading.

Correction; Dr Yu buying into PMHdlg not PMCorp. My apologies.

Wow, stalwart corporate warrior in the HLCapital privatisation debacle, Dr Yu Guan Chon, has appeared n is ready to become the major shareholder in PMCorp. Could there be more to it than just a simple business transaction?

Dr Yu also owns 1,876,200 shares or approx 1.58% of Zecon listed on the KLSE. Dtk Zainal A n some others have recently tried and subsequently aborted a privatisation attempt @68c/share of Zecon when one of its major shareholder/director vowed vigorous resistance against it. It is a small holding and so was what he had to start with in the HLCap thingi.

Since Zecon has made some notable announcements of late, the may be excitement in store ahead.

Thousand apologies, chaps, i posted in wrong forum

Wow, stalwart corporate warrior in the HLCapital privatisation debacle, Dr Yu Guan Chon, has appeared n is ready to become the major shareholder in PMCorp. Could there be more to it than just a simple business transaction?

Dr Yu also owns 1,876,200 shares or approx 1.58% of Zecon listed on the KLSE. Dtk Zainal A n some others have recently tried and subsequently aborted a privatisation attempt @68c/share of Zecon when one of its major shareholder/director vowed vigorous resistance against it. It is a small holding and so was what he had to start with in the HLCap thingi.

Since Zecon has made some notable announcements of late, the may be excitement in store ahead.

Unless u dont mind increasing your long holdings.

tt101
U may be right. With VT, to trade requires more than logic n gut feeling. Safer to act when there is higher volume.