Up_down, can't agree with you on this. Given BJCorp's current debt of around 7 billion and financing cost of around 400 million per year, the interest cost is less than 6%. Should Toto Vietnam project materialize, the value of BJToto should be more than current depressing level around 2.90, given that BJToto also has a stake in it. It wouldn't make sense then for BJCorp to dispose BJToto just to pare down financing cost. Disposing shares in BJAuto, Magni-Tech, BJFood, though, could be deemed reasonable, given that they are not core to BJCorp (BJFood is a bit judgmental if it should be considered 'core')...

cksam, oil has rebounded! It has rebounded from a year low of less than 27 to currently above 48...

If you are a 'kind' commentator trying to warn investors, probably you could offer some insight how much SKPetro is worth when crude oil hovering between 40 - 50 in the future.

If you are some garbage trying to scare investors to sell so you can buy cheaply, probably you could have done a better job presenting your 'view' which apparently is biased!

eddysurge, this stock = bjcorp? jump = up, not down? your brother = technical analyst or fundamental analyst or insider information?

No wonder!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5121121

EPF selling

Disposed 07 Jun 2016 2,300,000

Eddysurge, I bought bjcorp because 1. Improved property projects conditions - china closed to being sold, Korea in court case, and Malaysia/ Japan close to completion 2. Vietnam Toto to begin business soon 3. Improved debt position from selling assets. No intention to hold for long term investment, knowing well VT has never been kind to shareholders

I like petronas for price support but dare not invest due to overpriced... skpetro seems diversified enough to test crude oil price trend

thought SKPetro share price shall correlate with crude oil price? or is it natural gas price falling?!?

eddysurge? I meant to ask if BJCorp trend bullish and able to break 0.40... BJLand disposing another 8 million shares of BJToto, wonder if this trend will continue?!?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5120337

hopefully will reach 2.00 before end of the month or am I too greedy?

firehawk, yes, agree...

hope menara Bangkok bank's office sale will show at least another 500 million operating cash flow in quarter report to be presented end of this month :)

BJCorp sold all Magni Tech shares for RM 56.7 million... If I were not wrong, BJCorp and BJLand have together sold more than RM 600 million worth of shares since Jan 31, 2016.

It can hardly happen at least for the next 2 years given so many inventories... I would be extremely happy to see a stable 50-60 range for the next 10 years. Boom bust cycle not necessarily good for business

sometimes really envy hng33, he can act real quick. I was looking to buy either skpetro at 1.60 or bjcorp at .36 last week but couldn't make up my mind then, took 2 days to decide invest 50%-50%. Ended up only able to buy an expensive 1.67 skpetro with a cancelled Q for bjcorp at .36 today, sigh!

speakup, I bought skpetro mainly because of its new found reserve and rising crude oil (most important) given that it would take another two years for skpetro to benefit from the gas reserve. Can't say I am long term or mid term here, but definitely not so active like hng33, he is real quick... I will sell the moment I am no longer confident with the crude oil price

hng33, you must be very confident to buy back at 1.75 - 1.76

hng33, you sold already?

oh, right, Rozali mentioned environment related industries, my best guess would be the garbage incinerator power generation project.

yongleosg, if his words during the AGM has any credibility, he would most likely (1) absorb TRIPLC to grab more government project (2) keeping current water concession and grab more if can in Malaysia (guess just water treatment plants) while trying to sell those in China (3) keeping current O&G business to test the water on how long the O&G downtrend can last (4) develop the 300 acres land (why else he has his son mentioned this during the AGM?) (5) plantation in Malaysia. He also mentioned a slow economy and will try to decide as 'slow' as possibly, most likely 3rd or 4th quarter this year.

If you were to ask if I like the above? Frankly, I don't care his strategy, though believe he should just focus on one 1-2 businesses while using excess cash for share buy back. Share buy back protects small shareholders interest given business environment and trying out new ventures test his entrepreneurship (or his son?). Nobody can really tell which business is good, though, too many new business at the same time is definitely bad. If he's not initiating share buy back, he would most likely trying to tie us all up together with his ship with no assurance if its a sinking one or a successful one.

hng33, I Q to buy at 1.65 Friday, didn't make it, planned 1.66 today, ended up buying at 1.67

yongleosg, Puncak is indeed still holding on to 1.2 billion cash awaiting investment equivalent to 2.67 per share. In addition, it's still holding on to 300 acres of Kuala Selangor land awaiting property development.

to be privatized soon? BJCorp already owns 75% of BJLand

haha... have always believe three major contributors to lackluster BJCorp share price performance (1) failed property projects around the world, from South Korea, China, to Vietnam (2) overly priced purchase of Cosway Hong Kong (am I right with the name?.) (3) slowing BJToto business. Nothing can be done with BJToto Malaysia's business unless police acts. That's why Toto Vietnam comes into picture. No way to tell how's Cosway performing right now, can't comment. Failed projects in China and South Korea are in the progress of being sold or metered out in court. Successful one shall help cushion the pain, i.e., Menara Bangkok Bank/Ritz-Carlton Residences and Kyoto Four Seasons Residences.

err... my understanding, in stock market, before you sell, its paper loss/gain; once sold, its real loss/gain. I am wrong failing to realize how low a valuation market can give to a cash rich company or how low market has valued Rozali's ability/character, but still believe Puncak should be valued at least somewhere between 2.30 - 2.80. I have decided to hold until I have found a better replacement or when Puncak reaches its fair valuation. Though, I will still voice up when seeing unfair comments.

err... I knew about the project, but never really has any idea when will it be completed. After visiting the site, I am at least sure that it will be completed before the opening...

Impressive!

http://www.pursuitist.in/new-four-seasons-hotel-kyoto-is-accepting-reservations-for-october-opening/

The Four Seasons has announced that they are accepting reservations for the opening of their hotel in Kyoto, Japan on October 15th. The brand new building is located within an 800-year-old traditional Japanese garden that itself lies at the foot of Higashiyama Mountain in the city’s historic temple district.

The hotel contains 123 suites decorated in a contemporary style informed by traditional Japanese design. Amenities include an exclusive sushi restaurant, a garden tea house, and an indoor swimming pool with an adjacent spa. Event spaces include a one-of-a-kind chapel which is sure to make the hotel a destination for wedding parties. There are also breathtaking views in all directions, including a view of the Kiyomizu-dera Temple which was built in the early 17th century. “Kyoto is one of the world’s most alluring cities, but she can be shy in revealing her secrets,” said Alex Porteous, general manager at the Four Seasons. “Our mission at Four Seasons is to help our guests discover her wonders and experience all the city has to offer.”

firehawk, are you sure what you are writing? You annualize loss to be 300 millions, and assume this loss to be equivalent to cash drain. Then, you think I am emotional because I am trying to point out your number is inaccurate? When I am suggesting you not to go around and tell what you don't even know or sure, you want me to report you if I find it violating?

Did I find your post annoying and violating? Frankly, not sure myself. You could be an investor losing money in this counter like me, posting what you fear the most, cash gone empty before long. If you are in this camp, I felt sorry for you and try to calm you by informing you what I know. You could also be an investor hoping to buy cheaply by posting nonsense finding by scaring others to sell. If you are in this camp, then you are a coward hiding behind a pseudonym. Which camp do you belong to? I have no idea. I merely respond to what I find inaccurate on counters that I am investing or interested to invest.

I believe in investing through time spent understanding the macro and micro of business cycles, not by cheating others to buy because I want to sell or scaring others to sell because I want to buy...

firehawk latest 2Q loss~150m, annualized ~300m. if this trend persist, 1.2b cash pile can be finished in 4-5 years time!

01/06/2016 17:01

Please, you stated the above, while I am trying to point out that the losses are mainly due to impairment. The cash in hand remains around 1.2 billion, while you claim that the cash pile can be finished in 4-5 years time given reported figures. So, are you stating opinion? Apparently NO. And, I am merely responding to your claim.

Did I lose a lot of money in this? YES - but I am still holding. Am I too sensitive? NO.

firehawk, I can understand every individual has his/her own investment preferences, just don't go around and tell people what you are not even sure or know yet pretend to know or be sure...

firehawk, read CIMB's analyst or Edge's report on Puncak, both are deemed incorrect on both (1) number of share outstanding, with CIMB citing over 520 million shares (it assumes the sukuk has not been redeemed yet while Edge citing 477 million shares and (2) the cash in hand is less than 1.2 billion - if I were not wrong, both had assumed cash of less than 1.1 billion... Err, how many actually read them anyway?!?

babu, don't understand your question. Don't see a correlation between share buy back and market depth at all. Current share price reflects (1) there are way too many wanting to sell than wanting to buy and in a desperate mood (why else its traded at less than 45% of NET CASH?) or (2) concern Rozali and his team will squander money! or (3) somebody is manipulating the market to force shareholders to sell cheaply through free falling share price, no board response and lack of regulation to protect small shareholders when a company is in a cash rich position. Or all three factors at play - that's what I believe.

The purpose of share buy back is to protect shareholders interest, i.e., not letting share price to drop too much below its cash position as well as an option to store wealth. Current share price is traded as if Rozali and his team will squander the money and making shareholder unease. In addition, shareholders' value is reflected through how much he/she can collect on dividend and can sell in the market. If share price can't even reflect its value, why should any shareholder invest?!?

If Puncak doesn't have the capacity to do so, surely I can understand it. The truth is, though, Puncak's holding on to 1.2 billion without addressing shareholders' interest.

eddysure, wrt to the 5 trillion won, I merely responded to cyphua's question. I am still holding to my BJCorp and waiting for Vietnam Toto to materialize (actually, I did buy some more at .37 - not much though). BJCorp has been selling subsidiaries' shares in the market. In between Feb 01 and Apr 30, BJCorp has sold approximately RM 500 million worth of shares, mainly BJAuto. With Menara Bangkok Bank/Ritz-Carlton Residences and Kyto Five Season Hotel close to completion (approximately July?,) the balance sheet should not deteriorate further, guess safe to hold until Vietnam Toto is running well.

cyphua, 5 trillion won is approximately RM 17 billion...

firehawk, cash could be used for share buy back, that will shrink the supply while increase the demand. The slide shall stop and begin to rise while net cash per share will increase (even best, those shares kept in treasury could be sold for profit when market recovers), a better solution to current nonsense dive...

bomb here, bomb there, got bombed already, don't even know where should I switch if I were to restructure my portfolio now, sigh! Shall wait for another quarter to see how things pan out...

Big joke, a 1.2 billion CASH company traded at less than 500 million market cap, LOL! Wonder why the sudden selloff during the last minute?!? margin call?

2.67 cash traded at 1.15, doubt there's much downside risk, problem is when will the price recover to reflect cash level, sigh!

The quarter report didn't reveal details and misleading in nature. The reported loss is 45 millions, but the cash in hand has only dropped 28 millions. Most other losses were actually recognized through PPE and service concession asset (isn't that an impairment?!?) The last quarter sees the takeover of Sabah Beaufort's water treatment plant of which the expenses are not revealed, making me wonder if the cash outlay has anything to do with that. Moreover, the income statement didn't offer the figure on the income from its cash hoard of over 1.2 billion!

The sad thing is, I decided to switch to a cash rich company to ride through the downturn in economy 3 years back that turns out to be even rockier.

Mulpha should actually try to sell asset rather than raising equity when its traded so much below its NTA, a clear abuse of management power to bully small shareholders!

very upsetting quarter result with net cash per share dropped to 1,206 millions or 2.67 per share (1,262 million cash/short-term investment - 56 millions loans) ... Don't understand why the property, plant & equipment values dropped by 11 millions while service concession assets took another hit of 7 millions... Also, fail to find the part where the return on its cash in hand and short-term investment of over 10 millions per quarter is recognized in the quarter report. Another missing piece of information is with regards to the takeover of Beaufort, Sabah's water treatment plant. Have to wonder if the quarter report is poorly reported on purpose to justify the purchase of TRIPLC...

would still like to see Puncak trading between 2.30 and 2.80 reflecting its net cash per share... Interestingly, the quarter report has yet to be released, thought it would be released yesterday?!?

hng33, you should change your name to sifu33, real respect seeing your trade history post

Sigh! Read the Edge, Rozali didn't mention share buyback as an option. Can only hope he will...

I think so long crude oil price is not rising above 70 and no sharp rise or fall in crude oil price, PetronM should be fine going forward. Still believe in PetronM value for mid-term despite my position in it has been sold earlier.

Despite the much lower profit, the operating cash flow is actually holding up... the sharp correction is really unwarranted

Well, I have made my efforts to express my concern and suggestion, it's all up to rozali now. It will be his integrity tested going forward...

Attended AGM just now, proposed and allocation of RM 200 million for share buyback, was said a good idea and will look into. I also asked him to initiate purchase himself. Hope both will be taken into action.

Q1'16 Q1'15
1 Revenue
1,658,182 1,839,618

2 Profit/(loss) before tax
22,727 82,351

3 Profit/(loss) for the period
16,613 56,822

4 Profit/(loss) attributable to ordinary equity holders of the parent
16,613 56,822

5 Basic earnings/(loss) per share (Subunit)
6.15 21.05

Hwang Capital taking private by owner at 2.65 @ approximately 29% discount to NA, wonder if something similar will be offered by Puncak? If so, a 29% discount would mean an offer price of approximately 3.00...

It's positive, but no details to offer insight... sigh!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5097101

Reference is made to the Company's earlier announcement dated 29 January 2016 in relation to the tender secured for the operation and maintenance of a water treatment plant in Beaufort, Sabah ("Project") by the Company's wholly-owned subsidiary, Puncak Niaga Construction Sdn Bhd ("PNCSB") called by Jabatan Bekalan Air, Kementerian Tenaga, Teknologi Hijau dan Air (KeTTHA).

Puncak wishes to announce that the Company’s wholly-owned subsidiary, Puncak Niaga Construction Sdn Bhd (“PNCSB”) had on 19 May 2016 signed the Contract Agreement with the Government of Malaysia for PNCSB’s appointment as the operator for the project known as “Kerja-Kerja Operasi Dan Penyelenggaraan Secara Komprehensif Loji Rawatan Air Di Kampung Lawa Gadong, Beaufort Sabah” (“Contract”).

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

This announcement is dated 19 May 2016.

don't think Petron can make more than Shell, given that its refinery is about 2/3 of Shell's size... anyway, should still be good to excellent. Not understanding why Shell's operating cash flow so low though?!?