Rozali selling China water asset again, should be good?

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=73711&name=EA_GA_ATTACHMENTS

The Board of Directors of Puncak wishes to announce that the Company's 98.65% subsidiary, Sino Water Pte Ltd ("Sino Water") and Environmental Holding Pte Ltd ("EHPL") (collectively known as "the Vendors") had on 13 July 2016 entered into a Framework Agreement ("FA") with the Lushan County People's Government ("Lushan Government") for the proposed disposal of the Vendors' entire equity interests in Luwei (Pingdingshan) Water Co., Ltd ("Luwei Co Ltd") to a state-owned enterprise ("the Purchaser") to be identified by Lushan Government ("Proposed Disposal").

For full details of the announcement, kindly refer to the attached file.

This announcement is dated 13 July 2016.

latlut, hng33 is the most decisive trader I have encountered here, a skill I can only hope and dream...

1.20 the better, but that's for Chinese New Year gift next year? Only target 0.60 before AGM right now, of course, the higher the better...

err... I am actually waiting for 0.60

nice, nice, nice...

Good, great, Excellent! Its strange, BJToto is doing better lately compared to BJCorp while BJCorp has 80% stake in Vietnam Toto...

Bought some at 1.02, guess not really a right choice, sigh!

Icon, err... so little being written, sigh! When should I expect coming articles? Like the compulsive shopper comment, haha... but seems like more like compulsive gambling attitude shopper, heavily leverage to invest on risky ventures in risky countries... Sincerely hope BJCorp will be able to address China and Jeju property projects soon to free up cash and pare down debt. Hope to see interest cost of RM 400 over million pared down soon, especially given latest disposal of assets and shares in listed subsidiary/associate companies

Still, thanks...

when share price is below (especially so much like Puncak now) net cash per share, I would prefer share buy back before venturing into any new business, M&As, or special dividend... So, I will vote NO to any venture or M&A but keep quite about special dividend.

Focus on analysis and facts finding?

eddysurge, you would have to read the recent announcement. My understanding, BJCorp sold what's left of its BJAuto shares to the company in exchange of part cash part shares in the new company.

rkgfantasy, BJCorp inject the rest of its BJAuto shares into the company in exchange for about 33% shareholding in the company with the majority shareholders being the current management team in BJAuto...

thanks, latlut

paperplane, agree, all those lands have little value to the share price unless VT can turn them into cash generating assets... Wonder when will be the first Vietnam Toto drawing, I can't get confirmation on the date from Lydia.

Update from BJCorp investor relation:

Menara Bangkok Bank, Berjaya Central Park was completed and handed over to Purchasers in June 2015. It has achieved 95% sales with a total sales value of RM525 million to date and this project will generate a GDV of RM553mil.

For The Ritz-Carlton Residences Kuala Lumpur, construction work is at an advanced stage of 82% development and is targeted to see completion in the first quarter of 2017. A GDV of approximately RM1.0 billion is anticipated from the sale of the 288 units of exclusive, luxurious and prestigious branded residences.

Regards,

Lydia Lye

Bought some @ .35 too, but with an intention to trade short-term...

Great! Wonder if (1) the hotel residences were sold or will be owned by BJCorp as well? (2) there will be gain on property revaluation coming October quarterly report?

quite frankly, can't figure out why, given Menara Bangkok Bank is completed already (leaving only Ritz-Carlton Residences,) BJCorp has not received the proceed from the sale? Think half to a third of the building is bought by Bangkok Bank and Berjaya Sampoe Insurance...

Given that BJCorp is able to raise RM 1.2 billion in FY 2016, I have to say the prospect is rather good, at least compared to FY 2015. Think this is probably why I can't figure out why the share price has not recover to 0.45 - 0.60 level despite the improved balance sheet and progress in property development sector (completion of Menara Bangkok Bank and Kyoto Four Season and sale of GMOC)

alas, if you are buying this stock recently in hope of a successful Vietnam Toto business, you should ask more about this operation (I emailed BJCorp investor relation, was informed no fix date to launch yet the first drawing, probably that's why share price not moving at all, sigh!) If you are buying cause BJCorp will address its past woes from China GMOC, Jeju Airest City and delayed Menara Bangkok Bank project to reallocate funds efficiently, I suppose we are close to that now, given that GMOC sale has received half of the money already, Jeju's case in court now, while Menara Bangkok Bank is close to completion.

If your money's stuck in BJCorp long time ago caused bought at above 1 per share, there's no point to worry now, given the price is so low, you won't be seeing a recovery unless a successful Vietnam Toto is announced, which could be another year or two in the making...

What's in Rozali's mind?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5137593

The Board of Directors of Puncak wishes to announce that the Company had on 30 June 2016 subscribed for six thousand (6,000) new ordinary shares of RM1.00 each, representing 60% equity interest in Aspen Streams Sdn Bhd (Company No. 1180557-M) (“ASSB”) at a total cash consideration of RM6,000.00 only (“Shares Subscription”).

With the Shares Subscription, ASSB has become a 60% owned subsidiary of Puncak on 30 June 2016.

For full details of the announcement, please refer to the attached file.

This announcement is dated 30 June 2016.

angielim, I am not VT, can't tell you why no cash dividend, I am hoping for one myself, haha... anyway, the balance sheet is showing a much stronger position compared to last year despite the 'scary' losses... since you are still drinking starbucks, guess you should do just fine.

BTW, 3% share dividend not so bad, you can always sell some of the shares paid to you as dividend if you are in need of cash.

also, comparing the 3rd and 4th quarter report, the debt has reduced by RM 519 million while cash in hand increased by RM 639 million, i.e., RM 1,158 million cash raised in a quarter. On to of that, asset held for disposal is RM 1,362 million, meaning at least another RM 1,362 million cash is to be expected soon.

If to compare 4th quarter report to the 4th quarter of last year, the debt is reduced by RM 200 million while cash in hand increased by RM 996 million, i.e., RM 1,196 million cash raised in a year, with most of it done during the 4th quarter.

And please take note, the dividend is NOT cash. Rather, it will be 3 treasury shares per 100 shares owned, rather than RM 0.0216 cash per share! Slightly lower than what I thought, 4 treasury shares per 100 shares owned plus RM 0.01 cash dividend per share, sigh! Guess I am too greedy...

Angielim, the reported losses are mainly due to RM 632 million non-cash write-down (impairment) consisting of RM 473 million Malaysia gaming right, RM 131 million China property project disposal, and RM 28 million Phillipine (gaming right again, can't remember?) If you look at the operating cash flow and investing cash flow, though, figures are rather nice, with operating RM 365 million (less than RM 20 million fewer than last year) and investing RM 1,479 million (a stunningly great result showing VT is working hard improving cash in hand and reducing debt)

Share price? I am sorry, I am not VT, but I do believe BJCorp should be worth between RM 0.60 and RM 1.00, depending on how the Vietnam Toto project goes (hopefully not another Jeju or China property project). Based on recent activities, though, next quarter's cash in hand shall increase again with another close to RM 400 million disposal of listed companies' shares, completion of Menara Bangkok Bank/Ritz-Carlton (even to assume 40% sold shall bring in at least RM 800 million cash given the total project is estimated to be around RM 2 billion - my earlier guess of RM 3 billion should be wrong), disposal of China's property development (another RM 600 over million next year) and Jeju Airest City project court ruling.

cyphua, yes. Alas, I posted here before...


VT bought another 4 million shares, and BJCorp another 1 million shares, wonder why share price still not responding, sigh!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5136485

Acquired 23 Jun 2016 1,000,000
Acquired 24 Jun 2016 3,000,000

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5136761

Total number of shares purchased (units) 1,000,000
Minimum price paid for each share purchased ($$) 0.355
Maximum price paid for each share purchased ($$) 0.360

chickaboo, go read CIMB's report on Puncak Niaga and then read Puncak's quarter report and do some simple calculation, you will find the analyst's absurd... Oh, forgot to mention another, Airasia...

wonder how would we be able to force analysts accountable to their write up? They won't even correct their errors in the reports, fainted...

no idea, I only know the trading is rather heavy recently, even when its on a downward trend... sometimes I wonder if the same group of people manipulating the market, forcing others to sell by buying high to sell low.

wonder if BJCorp will announce a 4% special share dividend?

err... 0 fate in the possibility of blocking the deal... But I retain my belief, so long Puncak market price is less than 2.30, I will vote NO to any deal. Hopefully, when I walk out from the EGM that other shareholders will join me.

trust me, whatever deal, so long Puncak share price is below 2.30, I will vote NO! And I will voice NO in the EGM and walk out before voting, knowing well my vote won't be sufficient to stop the deal!

hng33, I also bought at .35 and .355 just now. Made a mistake though, should have queued all at .35 instead of part .35 part .355.

BJLand's cash increases RM 820 million this quarter, adding BJCorp's shares disposal, the cash shall increase by at least RM 1.37 billion this quarter, and that's before including the possibility that BJCorp will receive cash proceed from completion of Menara Bangkok Bank...

Another RM 400 million writedown on BJToto's gaming right this round... but cash position improves greatly

firehawk, are you referring to me? I deleted those posts either cause I found those conversation with you childish or certain posts are repeated and don't serve any purpose but wasting others time surfing here. And, I am still holding mine until I can see a clearer picture how Rozali will spend the billion and insist on Puncak should at least trade between 2.30 - 2.80 to reflect its cash position.

Up_down, you have a point, but when Triplc picture is clearer, Puncak's share price would have risen accordingly already...

seems like VT is buying today, should be good news?!? Eager to read the to-be-released quarter report...

Think its brexit killing oil price and oil price killing SKPetro share price...

roger, wonder what kind of mentality is that laughing at others' losses?!? neither am I selling nor buying this counter given lack of support from shitty Rozali and his board.

fossil fuel will stay lah... and whale oil can come back too, if alternatives couldn't be found when fossil fuel is gradually depleting, unless there's no whale to hunt anymore.

I think the Bursa oil counters falling even when oil price is hovering around 50 for a good reason. Oil rigs and OSV future prospects lies on the possibility of oil staying above 50 and best above 60. Its however, hard to see oil price seeing recovery within the next 2 years, meaning bad business environment for the affected industries coming 2 years.

Having said that, its not that bad a situation, given that demand for oil is gradually increasing rather than a future scenario of declining demand forecasted by certain people believing in the future of green energy (that's another story, I guess.) Hopefully, stranded oil theory will never happen...

angielim, BJCorp no longer owns Magni... Its good to know VT is buying back shares though.

quite frankly, doubt rozali is keen on special dividend again, given the fact that he won't even initiate share buy back...

haha... hopefully will be 0.80-0.90 before year end with a declared dividend of 0.02 - 0.03 per share...

I know, but the downward pressure is eating up my credit to purchase other shares, sigh!

Up_Down, just realize your JDC jeju payment of RM 300+ million was recorded on Jan quarter report already.

skpetro will certainly get some contracts from PETRONAS... would anyone believe the government will let skpetro to die? I think the bigger question is, how long would it need for skpetro to recover its share price to at least 2 - 2.20. One need only to read the Airasia story and how the company's perceived within the past 1 1/2 years. If there's any word to describe those analysts would be anal-ists

Alas, clear the disposal of China property project and settling the dispute on jeju project are minimum to pare down debt. Completion of menara Bangkok bank and kyoto four seasons are great ways to free up cash flow for future projects. Of course, sorting out cosway and making a successful Vietnam Toto business would be best....

alas, its months old news, plus 2 million shares less than RM 800k, what's that to VT family?

dare not add without seeing share buy back or big boss buying now, sigh! Rozali is really bad shit, wordless...