$$$ 3.40 before Jan 07?

Does anyone has any idea how much MNRB will be affected by the flood?

hng33, thanks for the update :)

Spoke to a friend who is an auditor yesterday. Was told that a dilution of BJAuto, while improve BJCorp balance sheet, actually may have a negative impact on income statement. Reason being a sell means minority interests of BJAuto has increased, thus, BJCorp income due from BJAuto will reduce accordingly. Meanwhile, due to consolidation, the gain from BJAuto sale will only be reflected in reserves until a change in the status BJAuto in BJCorp. In this case, since BJCorp still has management control over BJAuto, BJAuto will remain a subsidiary of BJCorp, thus, the sale of BJAuto will build reserve that will not be reflected in income statement of BJCorp.

Guess, investors of BJCorp has to hang on until a sale of the plantation land is completed before we can see an increased profit in income statement.

hng33, kindly emphasize that Puncak net cash of 2.55/fully diluted share after special dividend has not included additional cash piled up since FY2013... :)

hng33, sure hope that happens. thanks for your analysis thus far

hng33, indeed, I have more than 50% of my portfolio in Puncak, can't express exactly my shock when it tumbled to below 2.30 few days back, especially after adding more at 3.025, 2.70 and 2.54 respectively... With EGM notice out and price recovering, guess I can at least sleep soundly at night

so happy, wahahaha....

My friend use banker cheque, don't think can use cash

I use margin account, my brokerage firm did everything for me

Hope to c at least 3.55 :)

I tried conversion before, at least 8 working days, very lousy

hng33, its hard to gauge VT crocodile move, sigh

hng33, given Kulim case, think its better to convert Puncak warrant. Think the formula is (1 - (special dividend/current share price))*conversion price, i.e., (1- (.9094/4.81))*3.85. So, in Puncak case, say Puncak price reaches 3 then, (1 - (1/3))*1 = 0.33, where conversion price will become 0.33.

Guess the higher Puncak share price is, the better the warrant holder will get out of this.

Hng33, what's with Kulim case? With at least RM 1 dividend while warrant conversion cost also RM1, does that mean free conversion will be offered?

guess either too much shares hanging or investors have little faith in how Puncak will spend the rest of the money. Its so close to getting paid by the government and yet share price at such a low level, sigh!

Ignissimia, how could I take comfort from your losses? The 1c dividend from BJCorp is puny at my cost of investment, a 2c - 3c dividend is more reassuring Though I have to admit that I have never taken BJCorp as dividend play, more like an asset play. I guess should BJCorp has consistently buying back shares everyday since its fall from 0.50, I would have no complains about the company's management team. Its not as if BJCorp has no money in its pocket, it has just disposed BJAuto for over 600 mln. Also, some pro-BJCorp extremist might suggest BJCorp management could have better invest that money in something else. Truth is, at current level, with market price to NA ratio of less than 40%, what could be a better investment? Especially when its holding of other assets in its book are also undervalued to some extent!

Best wishes to TS would be his death with no will, so bjcorp will be liquidated n cash distributed to us small shareholders, oops, thats my best wishes

alas, there is nothing happening with BJCorp + share price at this low, where got energy to comment, except hoping share buy back. Sigh, I have an average cost of 0.49, wonder how long it will take to recover to even that price. So many hanging news, from land disposal in Selangor to property project disposal in China. Guess the only thing BJCorp is selling well is BJAuto's shares...

Both plantation n o&g are still! relatively pricey, I would rather puncak distributing the cash to us. Or, at least actively buy back shares

Hng33, thanks

With puncak cash after special dividend, it can still afford to buy 100% of both barakkah n alam yet keeping some over 300 mln of cash...

hng33, I think the dividend will be RM 1 per share. Should sukuk not converted and shares outstanding is less, the rest of money not distributed will be kept as working capital. Not sure about warrant, though, given nothing specific is offered yet.

Sigh!

The market either has no faith in how rozali will spend the rest of money, testing the patience of small investors, or cashing out on what they have earned handsomely (some owned puncak at cost way below 2) fearing about the future prospects of the company given economy situation

yes, bjcorp should consider selling off assets and return money to all, particularly small holders like us!

Hope will see 3.75 again and soon

I need 3.7 to make 20% return sigh

Hng33, real brave. Best wishes to us all

hng33, if so, then my earlier estimate of 3.95 could be real then, wahahaha.... but then looking at its share price, I think sobbing should be a better expression

tornado, this EGM is about water asset disposal, though, the utilization of $ is mentioned on page 11.

Yilai has a change in the ownership lately. The results and dividend policy of the past may not be repeated. Be careful when reading it. Used to like this stock, but didn't buy due to small cap, personal preference is company with NA or market cap above 500 millions.

hng33, hopefully by mid Jan, Puncak share price will rise above 3.30. Otherwise, will have to utilize higher margin to finance the conversion, something I hope not to happen...

http://announcements.bursamalaysia.com/EDMS/subweb.nsf/all/602B5C21E22A593948257DB00018CE59/$File/PUNCAK-Part%201.pdf

To all interested with the balance sheet of Puncak before and after asset disposal and warrants/sukuk conversion, refer to page 84/85 of the above document with stamp for identification by KPMG (no idea what that means myself, haha...)

Post exercise, it shall have 532,517,000 shares with total asset of 2,858,348,000, of which 531,654,000 of non-current asset and 2,082,723,000 of cash and short-term investments. The total liability shall be 490,215,000 ONLY, of which the short-term and long-term loans total MERELY 191,861,000. Net asset per share will be 4.45, of which 3.55 is cash after ALL loans are paid off!

hng33, before getting the BIG ANGPAU, I have yet to come up with the money to convert my warrants (I have 70% warrants and 30% shares in Puncak) Hopefully, they will announce no need to spend time for conversion with those warrant holders will be getting conversion without dividend instead. Otherwise, big head for me, already fully invested...

the disposal circular is out already, on page 18 of part 1, the cash and cash equivalent after disposal will be (based on FY 2013 annual report) 2,041,930,000, per share basis will be at least 3.82 before settling any debt except sukuk (assumed converted here). Page 26 of part 1 suggested a borrowing of 191,861,000 after disposal of asset/conversion of warrant/sukuk, net cash should be 1,890,861,000, that's 3.54 per share before RM 1 special dividend. Its slight higher than earlier hng33's estimate of 3.30, but lower than my 3.95 per share. Given that the financial data provided is based on FY 2013, the eventual cash position should be slightly higher 3.54, hopefully around 3.65...

frankly, interest rate is not a threat at all, given low crude oil price and high government debt, there is not point, actually is harmful, to raise interest rate...

heavy selling, so hard to trend up, sigh!

i am thinking about alam myself, seems to be among the most beaten oil related stock... sigh, no money to invest though

now can only hope Puncak rises back to at least 3.20

hng33, shouldn't that puncak provide details on balance sheet after disposal to shareholdeds?

Real disaster...

I don't think rozali owns the sukuk, otherwise it would have been announced, his cronies? That I can't say... if its truly bond investors, they may not necessary convert,n possibly request for a buyback instead? Given poor sentiment about Malaysia

guess crocodiles won't stop until they have accumulated the desired position?

its real bad seeing bjcorp falling while no share buy back is in sight yet

if no rm 1 dividend, good luck to us all...

no bullet left to fire, sigh!

alas, when market is in a correction mode, there isn't much we, small fishes, can do. Only the big bosses make the call on what's 'fair market price'

hng33, based on your valuation, think I have overvalued Puncak myself...

hng33, are you a financial analyst in KL? well written... Guess my guesstimate of 3.80 - 4.20 is not too bad