Berjaya, yes, nobody is saying its easy to run conglomerate or big businesses, but those running are well paid and EXPECTED to be fired if businesses run south!

Berjaya, BJCorp share price going down has begun years ago, economic uncertainty and local issues clearly are only a small force behind it.... Failed property projects, from China, Jeju Island to Vietnam are the key reasons, delayed property projects in Malaysia (Menara Bangkok Bank/Ritz-Carlton Residences) and Japan (Four Season Hotel) are helping to squeeze the company cash flow, and high leveraging is not much help. Of course, the way BJCorp treats its shareholders exacerbate the situation...

bullwinds, thanks for the update... Guess will have to hold at least another year to two before seeing any improvement in BJCorp's performance, earning-wise and share price-wise.

CIMB's report can't even get the fact right, and you are citing his conclusion? LOL...

VT not good cook, what a joke! Anyway, based on share price after AGM, sincerely doubt anything good revealed by them...

awaiting someone to share the details of the AGM...

don't worry, our BODs value those shares at 0.72 per share, we just need them to 'buy' from us....

Hahaha... wonder if anyone could raise this to the board during the AGM - can we sell our dividend shares to the board at 0.72 per share?

roger, jay, yes, you are right, but don't worry, I won't sell my shares so long that the plantation is bought at this price and Puncak is committed to developing them. Would be great if Puncak is a pure plantation stock in a year or two.

And Jay, please go and read the quarter report, for the 6 months in operation, Puncak operation cash flow is a negative RM 45 million, rather than your said RM 100m.

I would rather Puncak dump all money this fashion... At least I know that land is not overpriced and value will emerge when the trees are matured. At least I know the business deal is real and requires only a performing management team. Of course, hope Puncak can make it.

Xinquan, at current price, I will hold. Above 2.50, most likely I will sell unless better news revealed. Between 2.30 and 2.50, depending on if I can find a better alternatives. This is assuming I have priced in additional 0.30 NTA losses and share price will at a discount to its NTA

the purchase is not bad, with plantation revenue expected to triple within the next 2 years (assuming palm oil price being constant and fruit yield being norm, immature plantation acreage is currently approximately 3 times matured acreage - below 18 months and above 18 months)

roger, Puncak is proposing to buy Sarawak plantation land at RM3,500 per acre of unplanted land (i.e., approximately 8,650 per hectare) and RM18,500 per acre of plnated land (i.e, approximately RM 45,700 per hectare). Is this price fair? Frankly, I am not an expert in oil palm business, but based on past transaction, its not expensive. At least better than the yet to be known TRIPLC deal that he himself has a part in it...

The said plantation has a total land bank of 46,674 hectare (43,100 hectares given that 3,534 hectares are flood zone - given free!) Out of 43,100 hectares, ONLY 9,766 hectares are planted and 2,508 hectares are MATURE and yielding fruit bunches in meaningful way. Surely, the plantation is not going to be offering much currently!

Quite frankly, I haven't gone through in details the deal yet, but its surely a relief compared to the TRIPLC deal that has yet to be known...

roger, haven't you figured out why I didn't reply any post lately? Many of you just blah blah blah here and nothing informative or analytical...

finally, Puncak announced the purchase of palm oil estate in Sarawak from Shin Yang Group

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5233369

Yes, Tan Si is 'very' charitable, indeed, so generous, he has, through his son and BJC's directors, made sure that we are a special class of philanthropist, 'forced philanthropist shareholders', by making sure that we are getting 3 shares per 1000 that's worth 0.0216 per share. Wonder when will the directors and his son(s)/daughter(s) be another class of philanthropist, 'forced philanthropist directors' by making sure they are paid with BJC's shares that's worth at least twice its market value and claimed that they are well paid?

Sigh! Probably this won't happen, but no harm shaming him here, and can only hope he or anyone related to him see this post, haha...

shame VT in the AGM, wahahaha...

Ricky Kiat, the SPV is formed to complete the transfer only after April, which the annual report is reporting for FY 2016...

Between May and July, bjcorp went through the completion of 2 property projects, namely Menara Bangkok Bank and Kyoto Four Season. Hopefully the two will either help with the cash flow or the bottom line profit figures... Awaiting end of September

hopefully, it will at least show .47 before AGM, real pity seeing such a low price despite good progress in selling non-performing assets and equity investments while grabbing a gaming license in Vietnam...

if Vietnam Toto so good, why's so many selling at .33 and below, sigh!

tt101, if there's no system of accountability, even the most talented people can become the lousiest person...

hope will reach .47 before quarter report... kind of hope the profit to be good, given the sale of Menara Bangkok Bank. Unfortunately, the annual report that pointed to handover of Menara Bangkok Bank to buyers in June didn't mention its profitability, except for the reaching a sale of over 500 million, sigh!

tt101, err... it has nothing to do if Robin is talented or not, the issue is if BJCorp has a system of taking responsibility...

Menara Bangkok Bank was handed over to owners in June, so there will be proceed coming in around 500million, just don't know if the project is profitable or not

believe its VT that made those investment decisions in Jeju and China that ended up with impairment losses... or, BJToto's impairment thanks to our police force not cracking down the illegals... though, since he's the CEO, he has to fire someone for it or best yet, himself...

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never understand, why's so many 'care' about me and ask me to sell?

hng33, I am sorry if my statement has angered you. I just meant to express what I know. While I have disagreed with you on valuation, I never disagree with your trading success. Otherwise, I won't be trying to sell at 1.08 and buy back at 1.06 previously. Not a success story to tell, given spread and quantity involved though, haha...

Reporting another RM 18 million losses this quarter, what a great accounting and management!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5186601

As if less losses with each passing quarter, from almost RM 100 million 4Q2015, to over RM 45 million 1Q2016 and RM 18 million 2Q2016, should be a blessing?

Really in no mood to read the quarter report in detail now, will do that later tonight. Sigh!

wordless...

so hard to comprehend, BJCorp debt is on a downward trend, project projects that were in trouble earlier are either completed, close to completion or being dealt with (in court or being sold), and obtains Vietnam gambling license, yet share price in on a down trend?!?

Err... I did buy this morning at .335, wonder if I'm right?

bought some at .335, initially thought about Q at .33, hope that's not a bad decision...

LTH is buying again, even LTH is trading on Puncak now, sigh!

for your crisis to happen next year, there will have to be a rally first...

alas, previous low is also .34 and .335, also around end of august last year

hng33, my understanding goes like this, you are trying to describe to me the right way is to treat the market as is from a trader's perspective...

hng33, why? Just because we hold different viewpoint on the market functionality, it didn't forbid you from posting your perspective. Just because I insist on my view, it doesn't mean the market has to agree with me...

jacklintan, how's one evaluate a business? Its the future 'estimated' cash flow discounted to present value given 'investment rate'. The estimated cash flow may or may not come in, the investment rate could be higher or lower... When you value cash, though, you can't apply that concept because its present...

Surely, you may say salaries need to be paid, etc., undeniable. Though, if a listed company can't even defend its net cash position for his shareholders, who's to believe the manager of the firm? If market regulators can't defend investors at this stage, how're they going to defend the market mechanism?

Again, some citing Chinese companies listed on Bursa, which also priced at deep discount to cash. Though, they failed to realize two things, (1) those money is in China audited by China auditors with a business environment much different than Malaysia's (2) those companies have existing businesses that require cash reserve to run its businesses. All the while, Puncak is NOT only net cash company, but its existing business requires none of this net cash for support.

thought so long share price closes at .345, that would be a strong support of bottom at .345?

hng33, assets that's equivalent to cash but not cash surely can't be valued to its full cash value, not to mention lands that need to be sold before it can be called cash... BUT, cash is cash, there's no conversion. If market doesn't value it, BODs should, and if BODs not, market regulators should, particularly when the company has no core business that's sitting in search for 'new' businesses!

You kept mixing the cash with land and other cash equivalent assets while kept emphasizing the market pricing mechanism based on ROE, ROA. You have failed to realize that you don't need ROA or ROE to value cash, because cash is present value. AND, ROA and ROE come with uncertainties that the ROA and ROE could be lower leading to the present value based on discounted cash flow to be MUCH lower...

hng33, I agree that market does not always agree with the 'fundamental value' of the company. However, to a cash rich company trading too far below its net cash, it is a BIG issue, which is why I believe Puncak should trade between 2.30 - 2.80 before any deal is announced for shareholders' approval...

Since Puncak is still holding on to land and buildings free of debt of at least another RM 350 million, about RM 0.70 per share, its hard to believe Puncak BOD can offer better deal to its shareholders by acquiring other assets but not share buy back... And, if system doesn't allow shareholders to stop any attempt that apparently bad for its shareholders, our regulation needs attention. If none of our regulators is aware and act on it, our regulators need attention. Err... probably not, given our great politicians, from BN to PR/PH, who have sunk to new LOW in integrity and virtue...

Parkson, please go through the details of Puncak's quarter reports... Most of so-called losses are tied to write-down in 'goodwill' and 'concessionary rights'. And most cash drain is due to early payment to suppliers.

if you are shareholders, you have to learn to voice out to NO deal... If you are tryin to scare some small shareholders into selling, please forget it, cause those would sell have sold... If you are nonsense trying to ridicule investors just because you are too free, probably you should get a new hobby... 己所不欲，勿施于人，别老干损人不利己的事。。。

won't touch rozali's shares anymore, except for trading some Puncak until I make enough noise trying to make sure he won't get any deal unless Puncak is trading close to net cash...

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An article on bjcorp Ritz-carlton residences is available on Saturday's star paper bizproperty section, those interested can take a look... estimated to be completed next March with 288 units

Think there is a likelihood Puncak taking TRIPLC private...

http://www.theedgemarkets.com/my/article/triplc-scraps-sungai-buaya-land-disposal-worldwide-holdings

TRIplc scraps Sungai Buaya land disposal to Worldwide Holdings

hng33, I know, mostly, 900 over million kept in short-term investment, Though, there are still about 300 million not under this category. In the last quarter report, some of it is used to pare down payable, which is why the total cash in hand is lower. With this coming quarter, would the same happen again? If not, hopefully we will observe an increase in total cash in hand...

In addition, I was hoping before the end of this month, Puncak will provide details on the disposal of China water asset that will see an increase in net cash in hand post disposal

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5180677

Disposed Ordinary shares 15 Aug 2016 200,000

Disposed Ordinary shares 16 Aug 2016 100,000

hng33, actually, I am more interested to know the operating cash flow situation of Puncak in coming quarter report. Profit and loss statement can be misguiding sometimes...