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?!?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5088341

March 2016 March 2015
1 Revenue 1,869,951 2,480,823

2 Profit/(loss) before tax 101,972 84,231

3 Profit/(loss) for the period 101,650 84,231

5 Basic earnings/(loss) per share (Subunit) 33.88 28.08

voon, may be to you, RM 1 cash is worth RM 0.20 only, but to me, RM 1 is worth RM 1...

no face say anymore... right with valuation, wrong with character assessment.

don't think has to do with investor selling due to 'misty' direction. Like it or not, Puncak has a net cash per share (after deducting all bank debt) of 2.72 and other non-cash net asset (after deducting all non-bank liabilities) of 1.03. With a net cash of 1230 million, Puncak is now traded with a market cap of less than 450 millions!

If I were to hypothesize, its most likely dumping among funds to force down price so they can collect cheaply. As for how, frankly, I have no idea, given my lack of knowledge of the 'real' financial industry...

http://www.theedgemarkets.com/my/article/berjaya-related-stocks-see-substantial-stake-traded-market?type=Corporate

KUALA LUMPUR (April 29): Berjaya Corp Bhd (BCorp) saw nearly 3.6% of its shares traded off market today, for a total of RM61.29 million.

According to Bloomberg data, the shares moved in four blocks, ranging from 353,600 shares to 160 million per block, for a value of between RM134,370 and RM60.8 million.

The transaction price of 37.5 sen and 38 sen apiece, represents a discount of one sen or 0.5 sen to its closing price of 38.5 sen.

Meanwhile, BCorp's 16.38%-owned Berjaya Assets Bhd (BAssets) also saw 55 million shares or a nearly 5% stake, crossed off market today.

Bloomberg data showed the securities moved in two blocks — 22.2 million and 32.8 million — at 80 sen per share.

The total transacted value amounted to RM44 million.

As press time, it was unknown as to who the parties involved in the trades were.

According to Bloomberg, BCorp's largest shareholder is its founder Tan Sri Vincent Tan Chee Yioun, with a shareholding of 1.03 billion shares or 23.05%; followed by Hotel Resort Enterprise's 626.32 million shares or 13.95%.

In BAssets, Tan controls 511.45 million or a 45.95% stake, while BCorp holds 88.55 million or 7.96%. Puteri Access Sdn Bhd is the third largest shareholder, with 6.23% stake.

BCorp’s share price closed up one sen or 2.67% at 38.5 sen today, with 8.3 million shares traded, giving it a market capitalisation of RM1.73 billion.

BAssets closed unchanged at 80 sen, with 20,000 shares exchanging hands, giving it a market value of RM890.43 million.

lousy_result, you read lousy report with lousy eyes... Puncak's huge loss in last quarter is mainly due to impairment and hasn't had much impact on its cash flow. Read the cash flow statement before commenting, of course, only if you know

Interestingly, the article failed to point out that Puncak had a market cap of less than 600 million but in a net CASH position of 1200 million. Err... another 600 million in land/properties that's debt free?

Based on most recent quarter report, bjcorp has net loan of approximately 5.2 billions. The China property project disposal, completion of menara bangkok bank/ritz Carlton residence, recent disposal of listed subsidies/associated companies, and gain in RM against most other currencies, it's net debt should be reduced to below 2 billion. Should be good to quarter earnings, given that the interest expenses is so high for bjcorp.

very simple, to earn shareholders' trust, Rozali only needs to begin share buy back so long share price is below 2.70! Question is, will he?

hopeless, wonder if I can throw rotten eggs on those sitting on the BOD during AGM?

Has anyone asked about cash flow from menara bangkok bank/ritz Carlton?

Quite frankly, given share price, I would rather an cash out option at around RM 2.70 clause made available to us small shareholders when a buyout of TRIPLC needs shareholders' approval!

given that Rozali's the boss of both companies, if I were not wrong, he can't vote to agree or disagree on the acquisition. Meanwhile, both TRIPLC and Puncak are trading below their NTA. If the purpose is to merge both companies so TRIPLC can tap on Puncak's cash to get government projects, it would not be so bad (since Rozali's ownership in TRIPLC is only 27%)

In addition, TRIPLC is so much smaller than Puncak with a market cap that's less than 100 millions and NA of less than 160 millions

LD is RM 0.20 higher than BJCorp. Given BJCorp dividend is RM 0.01 and LD's interests RM 0.05, that difference is equivalent to 5 years of dividend/interests difference already. Guess buying LD or BJCorp has not much difference. I would personally prefer BJCorp than LD. If the difference is less than RM 0.10, then its another story...

so long crude oil price didn't rise like helicopters and above USD 60, both Petron and Shell shall do exceptionally well. The only issue left is, will Shell outperforms Petron due to its bigger refinery size or Petron outperforms Shell due to its better balance sheet and owning both refinery and retails.

hng33 pointing out Petron's investment cost shall be much less than Shell given its upgrade has pretty much completed... On the other hand, Shell's price is so much lower compared to Shell. Sigh! Going to be hard choice, but guess have another 10-20 days to think before any decision.

hng33,

thanks! didn't realize that Petron had already completed its EURO 4 transition, thought Petron and Shell are about the same pace. Personally, like Petron for its balance sheet too, but like Shell's heavily undervalued share price contributed by China's purchase and EPF's selling.
Puncak's share price has been slow to move, wonder if should sell those bought at 1.14 to buy back either Petron or Shell.

hng33, do you think petron or shell a better stock to keep for refinery?

err... eddysurge, I bought and intend to hold for 2 years max until Vietnam toto seeing good growth. Though, if there will be a rally before meeting, don't mind buying slightly more than I can shoulder for short term gain :) read somewhere here that there's usually a small rally before meeting, that's why I asked

if funds buy, then its symmetrical triangle, if no funds buying then its resistance lah... aiyo, to me, technical are after fact!

wakong, april's one is EGM or (GM?) not AGM, purpose is to seek approval to buy VT's BJLand stake...

BJCorp proposed to buy BJLand @ 0.70 per share, totaling RM 419.11 millions and 598.73 million shares. Given that BJLand was mostly trading between 0.68 and 0.72, I suppose the purchase price is 'fair', except that BJLand has nothing great to talk about except its BJToto ownership. Its projects in South Korea's Jeju Island China's Hebei are in terrible shape.

BJCorp proposed to purchase BJLand using (1) CASH RM 65.86 millions (2) RM 353.25 millions of 10 years 2% interests ICULS (these ICULS will eventually turn into 353.25 million BJCorp shares) should they not bought back by BJCorp. (3) 706.5 million FREE warrants that can be converted into BJCorp shares with RM 1 per share.

The ICULS will increase interest cost of RM 7.065 millions per year to BJCorp. Meanwhile, 706.5 million FREE warrants basically has 0 value unless BJCorp share price crosses RM 1.

If one believe that Vietnam toto to value-add significantly to BJCorp and will result in BJCorp share price to worth more than RM 1, then the deal is not that great, given that the deal assumes BJCorp is worth RM 1 per share while BJLand RM 0.70 per share. However, if one believe the sale of China project and settlement of Jeju project will drive BJLand in profitable position in the near future, the exchange shall offer value enhancement to BJCorp shareholders.

Personally, the deal is at best neutral and only because VT is trying to consolidate his ownership and nothing to do with us (neither does he care...)

* Just my personal opinion.

VT seeking approval to exchange his BJLand shares with BJCorp shares, wonder if he will goreng the share before or after EGM to get support?


http://www.bursamalaysia.com/market/listed-companies/company-announcements/5045309

Type of Meeting Extraordinary General Meeting
Indicator Notice of Meeting
Description Notice of Extraordinary General Meeting.

Date of Meeting 19 Apr 2016
Time 10:00 AM
Venue Perdana Ballroom, Bukit Jalil Golf & Country Resort, Jalan Jalil Perkasa 3, Bukit Jalil, 57000 Kuala Lumpur

Date of General Meeting Record of Depositors 12 Apr 2016

Hopefully, something good coming soon...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5045385

The Board of Directors of the Company wishes to inform the Exchange that the Company had on 31 March 2016, acquired a dormant company, Anugerah Prasarana Sdn Bhd (Company No. 1144303-P) (“Anugerah Prasarana”), comprising two (2) ordinary shares of RM1.00 each, representing 100% of the total issued and paid up share capital of Anugerah Prasarana at a total cash consideration of Ringgit Malaysia Two (RM2.00) only (the “Acquisition”).

Up-down, my apology, you were right. I was comparing the same quarter result, and the right approach should actually to compare this quarter to the previous one.

I am actually a bit disappointed with the numbers... The cash in hand not increases by much and debt level actually increased... Wonder when will the proceed from menara Bangkok bank will come in? But agree with yjinvy, mainly buy for the Vietnam lottery business, followed by completion of Menara Bangkok Bank/Ritz-Carlton Residences, Japan property, and disposal of China business, then solution for South Korea property project.